Document:

Exhibit 4.1

  

   

  

   

  

  
    

    

    

    

    

    

    
      

      

      

      

      

      

      

      

      

      

      

      

      STOCKHOLDERS’ RIGHTS AGREEMENT

      

      

      

      

      between

      

      

      PERFORMANCE SHIPPING INC.

      

      

      and

      

      

      COMPUTERSHARE INC.,

      as Rights Agent

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      Dated as of December 20, 2021

      
        
          

      

      
      Table of Contents

      Page

      	
              1.

            	
              Certain Definitions

            	
              2

            
	
              2.

            	
              Appointment of Rights Agent

            	
              8

            
	
              3.

            	
              Issuance of Rights Certificates

            	
              9

            
	
              4.

            	
              Form of Rights Certificates

            	
              10

            
	
              5.

            	
              Countersignature and Registration

            	
              12

            
	
              6.

            	
              Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates

            	
              12

            
	
              7.

            	
              Exercise of Rights; Exercise Price; Expiration Date of Rights

            	
              13

            
	
              8.

            	
              Cancellation and Destruction of Rights Certificates

            	
              15

            
	
              9.

            	
              Reservation and Availability of Preferred Shares

            	
              16

            
	
              10.

            	
              Record Date

            	
              17

            
	
              11.

            	
              Adjustment of Exercise Price, Number of Shares or Number of Rights

            	
              17

            
	
              12.

            	
              Certificate of Adjusted Exercise Price or Number of Shares

            	
              24

            
	
              13.

            	
              Consolidation, Merger or Sale or Transfer of Assets or Earning Power

            	
              25

            
	
              14.

            	
              Fractional Rights and Fractional Shares

            	
              29

            
	
              15.

            	
              Rights of Action

            	
              30

            
	
              16.

            	
              Agreement of Rights Holders

            	
              31

            
	
              17.

            	
              Rights Certificate Holder Not Deemed a Stockholder

            	
              31

            
	
              18.

            	
              The Rights Agent

            	
              32

            
	
              19.

            	
              Merger or Consolidation or Change of Name of Rights Agent

            	
              32

            
	
              20.

            	
              Rights and Duties of Rights Agent

            	
              33

            
	
              21.

            	
              Change of Rights Agent

            	
              35

            
	
              22.

            	
              Issuance of New Rights Certificates

            	
              36

            
	
              23.

            	
              Redemption

            	
              37

            
	
              24.

            	
              Exchange

            	
              37

            
	
              25.

            	
              Notice of Certain Events

            	
              39

            
	
              26.

            	
              Notices

            	
              39

            
	
              27.

            	
              Supplements and Amendments

            	
              40

            
	
              28.

            	
              Successors

            	
              41

            
	
              29.

            	
              Determinations and Actions by the Board, etc

            	
              41

            

       

      

      
        i

        
          

      

      

      

      	
              30.

            	
              Benefits of this Rights Agreement

            	
              41

            
	
              31.

            	
              Severability

            	
              41

            
	
              32.

            	
              Governing Law

            	
              42

            
	
              33.

            	
              Counterparts

            	
              42

            
	
              34.

            	
              Descriptive Headings

            	
              42

            
	
              35.

            	
              Force Majeure

            	
              42

            
	
              36.

            	
              Miscellaneous

            	
              42

            

      
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      This Stockholders’ Rights Agreement (this “Rights Agreement” or “Agreement”) is made and entered into as of December 20, 2021, by and between
        Performance Shipping Inc., a Marshall Islands corporation (the “Company”), and Computershare Inc., a Delaware corporation, as Rights Agent (the “Rights Agent”).

      WHEREAS, the Board of Directors of the Company (the “Board”) has (a) authorized and declared a dividend of one right (the “Right”) for each share
        of the Company’s common stock, par value $0.01 per share (the “Common Stock”) held of record as of the Close of Business (as hereinafter defined) on December 30, 2021 (the “Record Date”) and (b) has further authorized the issuance of one
        Right in respect of each share of Common Stock that shall become outstanding (i) at any time between the Record Date and the earliest of the Distribution Date, the Redemption Date or the Final Expiration Date (as such terms are hereinafter defined)
        or (ii) upon the exercise or conversion, prior to the earlier of the Redemption Date or the Final Expiration Date, of any option or other security exercisable for or convertible into shares of Common Stock, which option or other such security is
        outstanding on the Distribution Date;

      WHEREAS, each Right represents the right of the holder thereof to purchase one one-thousandth of a share of Series A Participating Preferred Stock (as such
        number may hereafter be adjusted pursuant to the provisions hereof), upon the terms and subject to the conditions set forth herein, having the rights, preferences and privileges set forth in the Certificate of Designations of Series A Participating
        Preferred Stock, attached hereto as Exhibit A; and

      NOW THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the parties hereto hereby agree as follows:

      1.     Certain Definitions.  For purposes of this Rights Agreement, the following terms have the meanings indicated:

      “Aliki Paliou Group” shall mean Aliki Paliou and her immediate family members and any entities controlled by Aliki Paliou or such immediate family
        members.

      “Aliki Paliou Affiliates and Associates” shall mean the Affiliates and Associates of Aliki Paliou.

      “Acquiring Person” shall mean any Person (as hereinafter defined) who or which, together with all Affiliates and Associates (as such terms are
        hereinafter defined) of such Person, shall be the Beneficial Owner (as hereinafter defined) of 10% or more of the shares of Common Stock then outstanding, but shall not include the Company, any Subsidiary (as hereinafter defined) of the Company or
        any employee benefit plan of the Company or of any Subsidiary of the Company, or any Person holding shares of Common Stock for or pursuant to the terms of any such plan.  Notwithstanding the foregoing, no Person shall be deemed to be an Acquiring
        Person if such Person shall become the Beneficial Owner of 10% or more of the shares of Common Stock then outstanding solely as a result of a grant under a Company equity incentive plan, a dividend or distribution paid or made by the Company on the
        outstanding shares of Common Stock in shares of Common Stock or pursuant to a split or subdivision of the outstanding shares of Common Stock; provided, however, that a Person who (i) becomes the Beneficial Owner of

      
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      10% or more of the shares of Common Stock of the Company then outstanding by reason of a grant under a Company equity incentive plan, dividend or distribution paid or made by the
        Company on the outstanding shares of Common Stock in shares of Common Stock or pursuant to a split or subdivision of the outstanding shares of Common Stock and (ii) becomes the Beneficial Owner of any additional shares of Common Stock of the
        Company (other than pursuant to an additional grant under a Company equity incentive plan, dividend or distribution paid or made by the Company on the outstanding shares of Common Stock in shares of Common Stock or pursuant to a split or
        subdivision of the outstanding shares of Common Stock), shall be deemed to be an Acquiring Person unless upon becoming the Beneficial Owner of such additional shares of Common Stock of the Company such Person does not beneficially own 10% or more
        of the shares of Common Stock of the Company then outstanding.  Notwithstanding the foregoing, no Person shall be deemed to be an Acquiring Person as the result of an acquisition of shares of Common Stock by the Company or any subsidiary of the
        Company or an employee benefit plan of the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares beneficially owned by such Person to 10% or more of the shares of Common Stock of the Company then
        outstanding; provided, however, that a Person who (i) becomes the Beneficial Owner of 10% or more of the shares of Common Stock of the Company then outstanding by reason of share purchases by the Company or any Subsidiary of the Company or an
        employee benefit plan of the Company and (ii) after such share purchases, becomes the Beneficial Owner of any additional shares of Common Stock of the Company (other than pursuant to a grant under a Company equity incentive plan, a dividend or
        distribution paid or made by the Company on the outstanding shares of Common Stock in shares of Common Stock or pursuant to a split or subdivision of the outstanding shares of Common Stock), shall be deemed to be an Acquiring Person unless upon
        becoming the Beneficial Owner of such additional shares of Common Stock of the Company such Person does not beneficially own 10% or more of the shares of Common Stock of the Company then outstanding.  Notwithstanding the foregoing, if the Board
        determines in good faith that a Person who would otherwise be an “Acquiring Person,” as defined pursuant to the foregoing provisions of this paragraph, has become such inadvertently (including, without limitation, because (A) such Person was
        unaware that it beneficially owned a percentage of the shares of Common Stock that would otherwise cause such Person to be an “Acquiring Person,” as defined pursuant to the foregoing provisions of this paragraph, or (B) such Person was aware of the
        extent of the shares of Common Stock it beneficially owned but had no actual knowledge of the consequences of such beneficial ownership under this Rights Agreement) and without any intention of changing or influencing control of the Company, and if
        such Person divested or divests as promptly as practicable a sufficient number of shares of Common Stock so that such Person would no longer be an Acquiring Person, as defined pursuant to the foregoing provisions of this paragraph, then such Person
        shall not be deemed to be or have ever been an Acquiring Person for any purposes of this Rights Agreement.  Notwithstanding the foregoing, if, as of the date hereof, any Person is the Beneficial Owner of 10% or more of the shares of Common Stock
        outstanding, such Person shall not be or become an “Acquiring Person,” as defined herein, unless and until such time as such Person shall become the Beneficial Owner of additional shares of Common Stock in an amount in excess of 1% of the Company’s
        then outstanding common stock, (excluding shares acquired pursuant to a grant under a Company equity incentive plan, a dividend or distribution paid or made by the Company on the outstanding shares of Common Stock in shares of Common Stock

      
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      or pursuant to a split or subdivision of the outstanding shares of Common Stock), unless upon becoming the Beneficial Owner of such additional shares of Common Stock, such Person is not then the
        beneficial owner of 10% or more of the shares of Common Stock then outstanding. Notwithstanding the foregoing, (i) none of the Aliki Paliou Group shall be considered an Acquiring Person, and (ii) none of the Aliki Paliou Affiliates and Associates
        shall be considered an Acquiring Person, except to the extent that such Aliki Paliou Affiliates and Associates would otherwise be deemed an Acquiring Person after excluding any Beneficial Ownership of Common Stock that is attributable to such Aliki
        Paliou Affiliates and Associates solely by virtue of their relationship as Affiliates and Associates of Aliki Paliou.

       

      

      “Adjustment fraction” shall have the meaning set forth in Section 11(a)(i) hereof.

      “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under
        the Exchange Act (as hereinafter defined), as in effect on the date of this Rights Agreement.

      A Person shall be deemed the “Beneficial Owner” of, and shall be deemed to “Beneficially Own,” any securities:

        (i)     which such Person or any of such Person’s Affiliates or Associates beneficially owns, directly or indirectly, for purposes of Section 13(d) of the
        Exchange Act and Rule 13d-3 thereunder (or any comparable or successor law or regulation);

       

      

      (ii)     which such Person or any of such Person’s Affiliates or Associates has (A) the right to acquire or direct the acquisition of (whether such right is
        exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering
        of securities), or upon the exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or options, or otherwise; provided, however, that a Person shall not be deemed pursuant to this subsection (ii)(A)
        to be the beneficial owner of, or to beneficially own, (1) securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of such Person’s Affiliates or Associates until such tendered securities are accepted
        for purchase or exchange, or (2) securities which a Person or any of such Person’s Affiliates or Associates may be deemed to have the right to acquire pursuant to any merger or other acquisition agreement between the Company and such Person (or one
        or more of its Affiliates or Associates) if such agreement has been approved by the Board prior to there being an Acquiring

      
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      Person; or (B) the right to vote pursuant to any agreement, arrangement or understanding or otherwise; provided, however, that a Person shall not be deemed the beneficial owner of, or to beneficially own, any security under
        this subsection (ii)(B) if the agreement, arrangement or understanding to vote such security (1) arises solely from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and in
        accordance with, the applicable rules and regulations of the Exchange Act and (2) is not also then reportable on Schedule 13D under the Exchange Act (or any comparable or successor report); or

       

      

      (iii)     which are beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with which
        such Person or any of such Person’s Affiliates or Associates has any agreement, arrangement or understanding, whether or not in writing (other than customary agreements with and between underwriters and selling group members with respect to a bona
        fide public offering of securities) for the purpose of acquiring, holding, voting (except to the extent contemplated by the proviso to subsection (ii)(B) above) or disposing of any securities of the Company; provided, however, that
        in no case shall an officer or director of the Company be deemed (x) the beneficial owner of any securities beneficially owned by another officer or director of the Company solely by reason of actions undertaken by such persons in their capacity as
        officers or directors of the Company or (y) the beneficial owner of securities held of record by the trustee of any employee benefit plan of the Company or any Subsidiary of the Company for the benefit of any employee of the Company or any
        Subsidiary of the Company, other than the officer or director, by reason of any influence that such officer or director may have over the voting of the securities held in the plan.

      “Book Entry Shares” shall have the meaning set forth in Section 3 hereof.

      “Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in New Jersey or New York are authorized or
        obligated by law or executive order to close.

      “Close of Business” on any given date shall mean 5:00 P.M., New York time, on such date; provided, however, that if such date is not a
        Business Day it shall mean 5:00 P.M., New York time, on the next succeeding Business Day.

      “Common Stock” shall have the meaning set forth in the preamble.  Common Stock when used with reference to any Person other than the Company shall mean
        the capital stock (or equity interest) with the greatest voting power of such other Person or, if such other Person is a Subsidiary of another Person, the Person or Persons which ultimately control such first-mentioned Person.

      
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      “Common Stock Equivalents” shall have the meaning set forth in Section 11(a)(iii) hereof.

      “Company” shall have the meaning set forth in the preamble, subject to the terms of Section 13(a)(iii)(C) hereof.

      “Current Per Share Market Price” of any security (a “Security” for purposes of this definition), for all computations other than those made pursuant to
        Section 11(a)(iii) hereof, shall mean the average of the daily closing prices per share of such Security for the thirty (30) consecutive Trading Days immediately prior to but not including such date, and for purposes of computations made pursuant
        to Section 11(a)(iii) hereof, the Current Per Share Market Price of any Security on any date shall be deemed to be the average of the daily closing prices per share of such Security for the ten (10) consecutive Trading Days immediately prior to but
        not including such date; provided, however, that in the event that the Current Per Share Market Price of the Security is determined during a period following the announcement by the issuer of such Security of (i) a dividend or
        distribution on such Security payable in shares of such Security or securities convertible into such shares or (ii) any subdivision, combination or reclassification of such Security, and prior to the expiration of the applicable thirty (30) Trading
        Day or ten (10) Trading Day period, after the ex-dividend date for such dividend or distribution, or the record date for such subdivision, combination or reclassification, then, and in each such case, the Current Per Share Market Price shall be
        appropriately adjusted to reflect the current market price per share equivalent of such Security.  The closing price for each day shall be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the
        closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if the Security is not
        listed or admitted to trading on the New York Stock Exchange, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Security is listed or
        admitted to trading or, if the Security is not listed or admitted to trading on any national securities exchange, the last sale price or, if such last sale price is not reported, the average of the high bid and low asked prices in the
        over-the-counter market, as reported by Nasdaq or such other system then in use, or, if on any such date the Security is not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market
        maker making a market in the Security selected by the Board.  If on any such date no market maker is making a market in the Security, the fair value of such shares on such date as determined in good faith by the Board shall be used.  If the
        Preferred Shares are not publicly traded, the Current Per Share Market Price of the Preferred Shares shall be conclusively deemed to be the Current Per Share Market Price of the shares of Common Stock as determined pursuant to this definition, as
        appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof, multiplied by 1000.  If the Security is not publicly held or so listed or traded, Current Per Share Market Price shall mean
        the fair value per share as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes.

      “Current Value” shall have the meaning set forth in Section 11(a)(iii) hereof.

      
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      “Distribution Date” shall mean the earlier of (i) the Close of Business on the tenth calendar day after the Shares Acquisition Date (or, if the tenth
        calendar day after the Shares Acquisition Date occurs before the Record Date, the Close of Business on the Record Date) or (ii) the Close of Business on the tenth Business Day (or such later date as may be determined by action of the Board) after
        the date that a tender or exchange offer by any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or of any Subsidiary of the Company, or any Person or entity organized, appointed or established
        by the Company for or pursuant to the terms of any such plan) is first published or sent or given within the meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act, if, assuming the successful consummation thereof,
        such Person would be an Acquiring Person.

      “Equivalent Shares” shall mean Preferred Shares and any other class or series of capital stock of the Company which is entitled to the same rights,
        privileges and preferences as the Preferred Shares.

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

      “Exchange Ratio” shall have the meaning set forth in Section 24(a) hereof.

      “Exercise Price” shall have the meaning set forth in Section 4(a) hereof.

      “Expiration Date” shall mean the earliest to occur of: (i) the Close of Business on the Final Expiration Date, (ii) the Redemption Date, or (iii) the
        time at which the Board orders the exchange of the Rights as provided in Section 24 hereof.

      “Final Expiration Date” shall mean December 20, 2031.

      “Nasdaq” shall mean the National Association of Securities Dealers, Inc. Automated Quotations System.

      “Person” shall mean any individual, firm, corporation, limited liability company, partnership, trust or other entity, and shall include any successor
        (by merger or otherwise) thereof or thereto.

      “Post-Event Transferee” shall have the meaning set forth in Section 7(e) hereof.

      “Preferred Shares” shall mean shares of Series A Participating Preferred Stock, $0.01 par value, of the Company having the rights and preferences set
        forth in the Form of Certificate of Designation, Preferences and Rights included as Exhibit A to this Stockholders’ Rights Plan.

      “Pre-Event Transferee” shall have the meaning set forth in Section 7(e) hereof.

      “Principal Party” shall have the meaning set forth in Section 13(b) hereof.

      “Record Date” shall have the meaning set forth in the recitals at the beginning of this Rights Agreement.

      
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      “Redemption Date” shall have the meaning set forth in Section 23(a) hereof.

      “Redemption Price” shall have the meaning set forth in Section 23(a) hereof.

      “Rights Agent” shall mean Computershare Inc., or its successor or replacement as provided in Sections 19 and 21 hereof.

      “Rights Certificate” shall mean a certificate substantially in the form attached hereto as Exhibit B.

      “Section 11(a)(ii) Trigger Date” shall have the meaning set forth in Section 11(a)(iii) hereof.

      “Section 13 Event” shall mean any event described in clause (i), (ii) or (iii) of Section 13(a) hereof.

      “SEC” shall mean the U.S. Securities and Exchange Commission or any successor thereto.

      “Securities Act” shall mean the Securities Act of 1933, as amended.

      “Shares Acquisition Date” shall mean the first date of public announcement (which, for purposes of this definition shall include, without limitation, a
        report filed pursuant to Section 13(d) under the Exchange Act) by the Company or an Acquiring Person that an Acquiring Person has become such; provided that, if such Person is determined not to have become an Acquiring Person as defined herein,
        then no Shares Acquisition Date shall be deemed to have occurred.

      “Spread” shall have the meaning set forth in Section 11(a)(iii) hereof.

      “Subsidiary” of any Person shall mean any corporation or other entity of which an amount of voting securities sufficient to elect a majority of the
        directors or Persons having similar authority of such corporation or other entity is Beneficially Owned, directly or indirectly, by such Person, or any corporation or other entity otherwise controlled by such Person.

      “Substitution Period” shall have the meaning set forth in Section 11(a)(iii) hereof.

      “Summary of Rights” shall mean a summary of this Rights Agreement substantially in the form attached hereto as Exhibit C.

      “Total Exercise Price” shall have the meaning set forth in Section 4(a) hereof.

      “Trading Day” shall mean a day on which the principal national securities exchange on which a referenced security is listed or admitted to trading is
        open for the transaction of business or, if a referenced security is not listed or admitted to trading on any national securities exchange, a Business Day.

      
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      A “Triggering Event” shall be deemed to have occurred upon any Person, becoming an Acquiring Person.

      2.     Appointment of Rights Agent.  The Company hereby appoints the Rights Agent to act as rights agent for the Company in accordance with the express
        terms and conditions hereof (and no implied terms and conditions), and the Rights Agent hereby accepts such appointment.  The Company may from time to time appoint such co-Rights Agent as it may deem necessary or desirable, upon ten (10) days’
        prior written notice to the Rights Agent setting forth the respective duties of the Rights Agent and any co-Rights Agent.  The Rights Agent shall have no duty to supervise, and in no event shall be liable for, the acts or omissions of any such
        co-Rights Agent appointed by the Company.

      3.     Issuance of Rights Certificates.

      (a)     Until the Distribution Date, (i) the Rights will be evidenced (subject to the provisions of Sections 3(b) and 3(c) hereof) by the certificates for
        shares of Common Stock registered in the names of the holders thereof or, in the case of uncertificated Common Stock registered in book entry form (“Book Entry Shares”), by notation in book entry accounts reflecting the ownership of such
        Common Stock (which certificates and Book Entry Shares, as applicable, shall also be deemed to be Rights Certificates) and not by separate Rights Certificates and (ii) the right to receive Rights Certificates will be transferable only in connection
        with the transfer of shares of Common Stock.  Until the earlier of the Distribution Date or the Expiration Date, the transfer of shares of Common Stock shall also constitute the transfer of the Rights associated with such shares of Common Stock. 
        As soon as practicable after the Distribution Date, the Company will prepare and execute, the Rights Agent will countersign, and the Company will send or cause to be sent (or the Rights Agent will, if requested to do so by the Company and provided
        with all necessary information and documentation, in form and substance reasonably satisfactory to the Rights Agent, send) by first-class, postage-prepaid mail, to each record holder of shares of Common Stock as of the Close of Business on the
        Distribution Date, at the address of such holder shown on the records of the Company, or the transfer agent or registrar for the Common Stock, a Rights Certificate, in substantially the form of Exhibit B hereto, evidencing one Right for each share
        of Common Stock so held, subject to adjustment as provided herein.  In the event that an adjustment in the number of Rights per share of Common Stock has been made pursuant to Section 11 hereof, then at the time of distribution of the Rights
        Certificates, the Company shall make the necessary and appropriate rounding adjustments (in accordance with Section 14(a) hereof) so that Rights Certificates representing only whole numbers of Rights are distributed and cash is paid in lieu of any
        fractional Rights.  As of the Distribution Date, the Rights will be evidenced solely by such Rights Certificates and may be transferred by the transfer of the Rights Certificates as permitted hereby, separately and apart from any transfer of shares
        of Common Stock, and the holders of such Rights Certificates as listed in the records of the Company or any transfer agent or registrar for the Rights shall be the record holders thereof.

      The Company shall promptly notify the Rights Agent of the occurrence of the Distribution Date and, if such notification is given orally, the Company shall
        confirm same in writing on or prior to the next Business Day.  Until such notice is received by the Rights Agent, whether written or oral, the Rights Agent may presume conclusively for all purposes that the Distribution Date has not occurred.

      
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      (b)     On the Record Date or as soon as practicable thereafter, the Company will send a copy of the Summary of Rights by first-class, postage-prepaid mail, to
        each record holder of shares of Common Stock as of the Close of Business on the Record Date, at the address of such holder shown on the records of the Company or the transfer agent or registrar for the Common Stock.  With respect to certificates
        for shares of Common Stock and Book Entry Shares, as applicable, outstanding as of the Record Date, until the Distribution Date, the Rights will be evidenced by such certificates or Book Entry Shares, registered in the names of the holders thereof
        together with the Summary of Rights.  Until the Distribution Date (or, if earlier, the Expiration Date), the transfer of any shares of Common Stock outstanding on the Record Date, with or without a copy of the Summary of Rights, shall also
        constitute the transfer of the Rights associated with such shares of Common Stock.

      (c)     Unless the Board by resolution adopted at or before the time of the issuance of any shares of Common Stock specifies to the contrary, Rights shall be
        issued in respect of all shares of Common Stock that are issued after the Record Date but prior to the earlier of the Distribution Date or the Expiration Date or, in certain circumstances provided in Section 22 hereof, after the Distribution Date. 
        Certificates and Book Entry Shares representing such shares of Common Stock shall also be deemed to be certificates for Rights, and shall bear a legend in substantially the following form:

      THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN RIGHTS AS SET FORTH IN THE STOCKHOLDERS’ RIGHTS AGREEMENT BETWEEN PERFORMANCE
        SHIPPING INC. AND COMPUTERSHARE INC. (OR ANY SUCCESSOR RIGHTS AGENT), AS THE RIGHTS AGENT, DATED AS OF DECEMBER 20, 2021, AS THE SAME MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME (THE “RIGHTS AGREEMENT”), THE TERMS OF WHICH ARE HEREBY
        INCORPORATED HEREIN BY REFERENCE AND A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF PERFORMANCE SHIPPING INC.  UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS WILL BE EVIDENCED BY SEPARATE
        CERTIFICATES AND WILL NO LONGER BE EVIDENCED BY THIS CERTIFICATE. PERFORMANCE SHIPPING INC. WILL MAIL TO THE HOLDER OF THIS CERTIFICATE A COPY OF THE RIGHTS AGREEMENT WITHOUT CHARGE AFTER RECEIPT OF A WRITTEN REQUEST THEREFOR.  UNDER CERTAIN
        CIRCUMSTANCES SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS ISSUED TO, OR HELD BY, ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING PERSON OR ANY AFFILIATE OR ASSOCIATE THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT), WHETHER CURRENTLY HELD
        BY OR ON BEHALF OF SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BECOME NULL AND VOID.

      With respect to such certificates or Book Entry Shares, as applicable, containing a legend in substantially the form as the foregoing legend, until the earlier of (i) the
        Distribution Date or (ii) the Expiration Date, the Rights associated with the shares of Common Stock represented by such certificates or Book Entry Shares, as applicable, shall be evidenced by such certificates or Book Entry Shares, as applicable,
        alone, and the transfer of any such certificate or Book Entry Shares, as applicable, shall also constitute the transfer of the Rights associated with the shares of Common Stock represented thereby.

      (d)     In the event that the Company purchases or acquires any shares of Common Stock after the Record Date but prior to the Distribution Date, any Rights
        associated with such shares of Common Stock shall be deemed canceled and retired so that the Company shall not be entitled to exercise any Rights associated with the shares of Common Stock which are no longer outstanding.

      
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      (e)     Notwithstanding the provisions of this section, neither the omission of a legend nor the failure to deliver the notice of such legend required hereby
        shall affect the enforceability of any part of this Agreement or the rights of any holder of Rights.

      4.     Form of Rights Certificates.

      (a)     The Rights Certificates (and the forms of election to purchase shares of Series A Preferred Stock and of assignment to be printed on the reverse
        thereof) shall be substantially in the form of Exhibit B hereto and may have such marks of identification or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate (but which do not
        affect the rights, duties, liabilities, protections or responsibilities of the Rights Agent hereunder) and as are not inconsistent with the provisions of this Rights Agreement, or as may be required to comply with any applicable law or with any
        rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange or a national market system, on which the Rights may from time to time be listed or traded, or to conform to usage.  Subject to the provisions of Section
        11 and Section 22 hereof, the Rights Certificates, whenever distributed, shall be dated as of the Record Date (or in the case of Rights issued with respect to shares of Common Stock issued by the Company after the Record Date, as of the date of
        issuance of such shares of Common Stock) and on their face shall entitle the holders thereof to purchase such number of one one-thousandth of a Preferred Share as shall be set forth therein at the price set forth therein (such exercise price per
        one one-thousandth of a Preferred Share being hereinafter referred to as the “Exercise Price” and the aggregate Exercise Price of all Preferred Shares issuable upon exercise of one Right being hereinafter referred to as the “Total
          Exercise Price”), but the number and type of securities purchasable upon the exercise of each Right and the Exercise Price shall be subject to adjustment as provided herein.

      (b)     Any Rights Certificate issued pursuant to Section 3(a) or Section 22 hereof that represents Rights beneficially owned by: (i) an Acquiring Person or
        any Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such or (iii) a transferee of an Acquiring Person (or of
        any such Associate or Affiliate) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person to
        holders of equity interests in such Acquiring Person or to any Person with whom such Acquiring Person has any continuing agreement, arrangement or understanding regarding the transferred Rights or (B) a transfer which the Board has determined is
        part of a plan, arrangement or understanding which has as a primary purpose or effect avoidance of Section 7(e) hereof, and any Rights Certificate issued pursuant to Section 6 or Section 11 hereof upon transfer, exchange, replacement or adjustment
        of any other Rights Certificate referred to in this sentence, shall contain (to the extent the Rights Agent has received written notice thereof and to the extent feasible) a legend in substantially the following form:

      
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      THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR
        ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT).  ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE RIGHTS
        AGREEMENT

      5.     Countersignature and Registration.

      (a)     The Rights Certificates shall be duly executed on behalf of the Company by its Chairman of the Board, its Chief Executive Officer, its Chief Financial
        Officer, its President or any Vice President, either manually or by facsimile signature, and by the Secretary or an Assistant Secretary of the Company, either manually or by facsimile signature, and shall have affixed thereto the Company’s seal (if
        any) or a facsimile thereof.  The Rights Certificates shall be either manually or by facsimile signature countersigned by an authorized signatory of the Rights Agent and shall not be valid for any purpose unless countersigned.  In case any officer
        of the Company who shall have signed any of the Rights Certificates shall cease to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Rights Certificates, nevertheless, may be
        countersigned by the Rights Agent and issued and delivered by the Company with the same force and effect as though the person who signed such Rights Certificates on behalf of the Company had not ceased to be such officer of the Company; and any
        Rights Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution of such Rights Certificate, shall be a proper officer of the Company to sign such Rights Certificate, although at the date of the
        execution of this Rights Agreement any such person was not such an officer.  In case any authorized signatory of the Rights Agent who has countersigned any Rights Certificate ceases to be an authorized signatory of the Rights Agent before issuance
        and delivery by the Company, such Rights Certificate, nevertheless, may be issued and delivered by the Company with the same force and effect as though the person who countersigned such Rights Certificate had not ceased to be an authorized
        signatory of the Rights Agent; and any Rights Certificate may be countersigned on behalf of the Rights Agent by any person who, at the actual date of the countersignature of such Rights Certificate, is properly authorized to countersign such Rights
        Certificate, although at the date of the execution of this Rights Agreement any such person was not so authorized.

      (b)     Following the Distribution Date, upon receipt by the Rights Agent of notice to that effect and all other relevant information and documents referred to
        in Section 3(a), the Rights Agent will keep or cause to be kept, at its office designated for such purposes, books for registration and transfer of the Rights Certificates issued hereunder.  Such books shall show the names and addresses of the
        respective holders of the Rights Certificates, the number of Rights evidenced on its face by each of the Rights Certificates and the date of each of the Rights Certificates.

      6.     Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates.

      (a)     Subject to the provisions of Sections 7(e), 14 and 24 hereof, at any time after the Close of Business on the Distribution Date, and at or prior to the
        Close of Business on the Expiration Date, any Rights Certificate or Rights Certificates may be transferred, split up,

      
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      combined or exchanged for another Rights Certificate or Rights Certificates, entitling the registered holder to purchase a like number of one one-thousandth of a Preferred Share (or, following a
        Triggering Event, other securities, cash or other assets, as the case may be) as the Rights Certificate or Rights Certificates surrendered then entitled such holder to purchase.  Any registered holder desiring to transfer, split up, combine or
        exchange any Rights Certificate or Rights Certificates shall make such request in writing delivered to the Rights Agent, and shall surrender the Rights Certificate or Rights Certificates to be transferred, split up, combined or exchanged at the
        office of the Rights Agent designated for such purpose, along with a signature guarantee (if required) and such other and further documentation as the Company or the Rights Agent may reasonably request.  The Rights Certificates are transferable
        only on the registry books of the Rights Agent.  Neither the Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Rights Certificate or Rights Certificates until the
        registered holder shall have properly completed and duly signed the certificate contained in the form of assignment on the reverse side of such Rights Certificate and shall have provided such additional evidence of the identity of the Beneficial
        Owner (or former Beneficial Owner) thereof and of the Rights evidenced thereby and the Affiliates and Associates of such Beneficial Owner (or former Beneficial Owner) as the Company or the Rights Agent shall reasonably request.  Thereupon the
        Rights Agent shall, subject to Sections 7(e), 14 and 24 hereof, countersign and deliver to the person entitled thereto a Rights Certificate or Rights Certificates, as the case may be, as so requested.  The Company may require payment of a sum
        sufficient to cover any tax or charge that may be imposed in connection with any transfer, split up, combination or exchange of Rights Certificates as required by Section 9(e) hereof. If and to the extent the Company does require payment of any
        such taxes or charges, the Company shall give the Rights Agent prompt written notice thereof and the Rights Agent shall not deliver any Rights Certificate unless and until it is satisfied that all such payments have been made. The Rights Agent
        shall forward any such sum collected by it to the Company or to such Persons as the Company shall specify by written notice.  The Rights Agent shall have no duty or obligation under any Section of this Agreement requiring the payment of taxes and
        charges, unless and until it is satisfied that all such taxes and/or charges have been paid.

       

      

      (b)     Upon receipt by the Company and the Rights Agent of evidence satisfactory to them of the loss, theft, destruction or mutilation of a Rights
        Certificate, and, in case of loss, theft or destruction, of indemnity or security satisfactory to them, along with such other and further documentation as the Company or the Rights Agent may reasonably request and reimbursement to the Company and
        the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation of the Rights Certificate if mutilated, the Company will make and deliver a new Rights Certificate of like tenor to the Rights
        Agent for countersignature and delivery to the registered holder in lieu of the Rights Certificate so lost, stolen, destroyed or mutilated.

      7.     Exercise of Rights; Exercise Price; Expiration Date of Rights.

      (a)     Subject to Sections 7(e), 23(b) and 24(b) hereof, the registered holder of any Rights Certificate may exercise the Rights evidenced thereby (except as
        otherwise provided herein) in whole or in part at any time after the Distribution Date and prior to the Close of Business on the Expiration Date by surrender of the Rights Certificate, with the form of election to purchase and the certificate on
        the reverse side thereof properly completed and duly executed

      
        13

        
          

      

      (with such signature duly guaranteed, if required), to the Rights Agent at the office of the Rights Agent designated for such purpose, together with payment of the Exercise Price for each one
        one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) as to which the Rights are exercised, and an amount equal to any tax or charge required to be paid under Section 9(e)
        hereof, by certified check, cashier’s check, bank draft or money order payable to the order of the Company.  Except for those provisions herein that expressly survive the termination of this Rights Agreement, this Rights Agreement shall terminate
        at such time as the Rights are no longer exercisable hereunder.

       

      

      (b)     The Exercise Price for each one one-thousandth of a Preferred Share issuable pursuant to the exercise of a Right shall be fifty U.S. Dollars ($50.00),
        shall be subject to adjustment from time to time as provided in Sections 11 and 13 hereof and shall be payable in lawful money of the United States of America in accordance with paragraph (c) below.

      (c)     Upon receipt of a Rights Certificate representing exercisable Rights, with the form of election to purchase and the certificate on the reverse side
        thereof properly completed and duly executed, accompanied by payment of the Exercise Price for the number of one one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) to be
        purchased and an amount equal to any applicable tax or charge required to be paid by the holder of such Rights Certificate in accordance with Section 9(e) hereof, the Rights Agent shall, subject to Section 20(k) hereof, thereupon promptly (i) (A)
        requisition from any transfer agent of the Preferred Shares (or make available, if the Rights Agent is the transfer agent for the Preferred Shares) a certificate or certificates for the number of one one-thousandth of a Preferred Share (or,
        following a Triggering Event, other securities, cash or other assets as the case may be) to be purchased and the Company hereby irrevocably authorizes its transfer agent to comply with all such requests or (B) if the Company shall have elected to
        deposit the total number of one one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) issuable upon exercise of the Rights hereunder with a depositary agent, requisition
        from the depositary agent depositary receipts representing such number of one one-thousandth of a Preferred Share (or, following a Triggering Event, other securities, cash or other assets as the case may be) as are to be purchased (in which case
        certificates for the Preferred Shares (or, following a Triggering Event, other securities, cash or other assets as the case may be) represented by such receipts shall be deposited by the transfer agent with the depositary agent) and the Company
        hereby directs the depositary agent to comply with such request, (ii) when necessary to comply with this Rights Agreement, requisition from the Company the amount of cash to be paid in lieu of issuance of fractional shares in accordance with
        Section 14 hereof, (iii) after receipt of such certificates or depositary receipts, cause the same to be delivered to or upon the order of the registered holder of such Rights Certificate, registered in such name or names as may be designated by
        such holder and (iv) when necessary to comply with this Rights Agreement, after receipt thereof, deliver such cash to or upon the order of the registered holder of such Rights Certificate.  The payment of the Exercise Price (as such amount may be
        reduced (including to zero) pursuant to Section 11(a)(iii) hereof) and an amount equal to any applicable tax or charge required to be paid by the holder of such Rights Certificate in accordance with Section 9(e) hereof, may be made in cash or by
        certified bank check, cashier’s check or bank draft payable to the order of the Company.  In the event that the Company is obligated to issue securities of the Company other than Preferred Shares, pay cash and/or distribute other property pursuant
        to Section 11(a) hereof, the Company will make all arrangements necessary so that such other securities, cash and/or other property are available for distribution by the Rights Agent, if and when necessary to comply with this Rights Agreement, and
        until so received, the Rights Agent shall have no duties or obligations with respect to such securities, cash and/or property.

      
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      (d)     In case the registered holder of any Rights Certificate shall properly exercise less than all the Rights evidenced thereby, a new Rights Certificate
        evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent to the registered holder of such Rights Certificate or to his or her duly authorized assigns, subject to the provisions of Section 14 hereof.

      (e)     Notwithstanding anything in this Rights Agreement to the contrary, from and after the first occurrence of a Triggering Event, any Rights beneficially
        owned by (i) an Acquiring Person or an Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such (a “Post-Event

          Transferee”), (iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a
        transfer (whether or not for consideration) from the Acquiring Person to holders of equity interests in such Acquiring Person or to any Person with whom the Acquiring Person has any continuing agreement, arrangement or understanding regarding the
        transferred Rights or (B) a transfer which the Board has determined is part of a plan, arrangement or understanding which has as a primary purpose or effect the avoidance of this Section 7(e) (a “Pre-Event Transferee”) or (iv) any subsequent
        transferee receiving transferred Rights from a Post-Event Transferee or a Pre-Event Transferee, either directly or through one or more intermediate transferees, shall become null and void without any further action and no holder of such Rights
        shall have any rights whatsoever with respect to such Rights, whether under any provision of this Rights Agreement or otherwise.  The Company shall use all reasonable efforts to ensure that the provisions of this Section 7(e) and Section 4(b)
        hereof are complied with, but neither the Company nor the Rights Agent shall have any liability to any holder of Rights Certificates or to any other Person as a result of the Company’s failure to make any determinations with respect to an Acquiring
        Person or any of such Acquiring Person’s Affiliates, Associates or transferees hereunder.

      (f)     Notwithstanding anything in this Rights Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any action
        with respect to a registered holder upon the occurrence of any purported exercise as set forth in this Section 7 unless such registered holder shall, in addition to having complied with the requirements of Section 7(a), have (i) properly completed
        and duly signed the certificate contained in the form of election to purchase set forth on the reverse side of the Rights Certificate surrendered for such exercise and (ii) provided such additional evidence of the identity of the Beneficial Owner
        (or former Beneficial Owner) thereof and of the Rights evidenced thereby or Affiliates and Associates of such Beneficial Owner (or former Beneficial Owner) as the Company or the Rights Agent shall reasonably request.

      
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      8.     Cancellation and Destruction of Rights Certificates.  All Rights Certificates surrendered for the purpose of exercise, transfer, split up,
        combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it, and no Rights Certificates
        shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Rights Agreement.  The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel and retire, any
        Rights Certificate purchased or acquired by the Company otherwise than upon the exercise thereof.  The Rights Agent shall deliver all canceled Rights Certificates to the Company, or shall, at the written request of the Company, destroy such
        canceled Rights Certificates, and in such case shall deliver a certificate of destruction thereof to the Company.

      9.     Reservation and Availability of Preferred Shares.

      (a)     The Company covenants and agrees that it will use its best efforts to cause to be reserved and kept available out of its authorized and unissued
        Preferred Shares not reserved for another purpose (and, following the occurrence of a Triggering Event, out of its authorized and unissued shares of Common Stock and/or other securities), the number of Preferred Shares (and, following the
        occurrence of the Triggering Event, Common Stock and/or other securities) that will be sufficient to permit the exercise in full of all outstanding Rights.

      (b)     If the Company shall hereafter list any of its Preferred Shares on a national securities exchange, then so long as the Preferred Shares (and, following
        the occurrence of a Triggering Event, shares of Common Stock and/or other securities) issuable and deliverable upon exercise of the Rights may be listed on such exchange, the Company shall use its best efforts to cause, from and after such time as
        the Rights become exercisable (but only to the extent that it is reasonably likely that the Rights will be exercised), all shares reserved for such issuance to be listed on such exchange upon official notice of issuance upon such exercise.

      (c)     The Company shall use its best efforts to (i) file, as soon as practicable following the earliest date after the first occurrence of a Triggering Event
        in which the consideration to be delivered by the Company upon exercise of the Rights is described in Section 11(a)(ii) or Section 11(a)(iii) hereof, or as soon as is required by law following the Distribution Date, as the case may be, a
        registration statement under the Securities Act with respect to the securities purchasable upon exercise of the Rights on an appropriate form, (ii) cause such registration statement to become effective as soon as practicable after such filing and
        (iii) cause such registration statement to remain effective (with a prospectus at all times meeting the requirements of the Securities Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for such securities and
        (B) the date of expiration of the Rights.  The Company may temporarily suspend, for a period not to exceed ninety (90) days after the date set forth in clause (i) of the first sentence of this Section 9(c), the exercisability of the Rights in order
        to prepare and file such registration statement and permit it to become effective.  Upon any such suspension, the Company shall issue a public announcement and notify the Rights Agent that the exercisability of the Rights has been temporarily
        suspended, as well as issue a public announcement and notification to the Rights Agent at such time as the suspension is no longer in effect.  The Company will also take such action as may be appropriate under, or to ensure compliance with, the
        securities or “blue sky” laws of the various states in connection with the exercisability of the Rights.  Notwithstanding any provision of this Rights Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction, unless the
        requisite qualification in such jurisdiction shall have been obtained, or an exemption therefrom shall be available, and until a registration statement has been declared effective.

      
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      (d)     The Company covenants and agrees that it will take all such action as may be necessary to ensure that all Preferred Shares (or other securities of the
        Company) delivered upon exercise of Rights shall, at the time of delivery of the certificates for such securities (subject to payment of the Exercise Price), be duly and validly authorized and issued and fully paid and non-assessable shares.

      (e)     The Company further covenants and agrees that it will pay when due and payable any and all federal and state taxes or charges which may be payable in
        respect of the original issuance or delivery of the Rights Certificates or of any Preferred Shares (or other securities of the Company) upon the exercise of Rights.  The Company shall not, however, be required to pay any tax which may be payable in
        respect of any transfer or delivery of Rights Certificates to a person other than, or the issuance or delivery of certificates or depositary receipts for the Preferred Shares (or other securities of the Company) in a name other than that of, the
        registered holder of the Rights Certificate evidencing Rights surrendered for exercise or to issue or to deliver any certificates or depositary receipts for Preferred Shares (or other securities of the Company) upon the exercise of any Rights until
        any such tax or charge shall have been paid (any such tax or charge being payable by the holder of such Rights Certificate at the time of surrender) or until it has been established to the Company’s or the Rights Agent’s satisfaction that no such
        tax or charge is due.

      10.     Record Date.  Each Person in whose name any certificate for a number of one one-thousandth of a Preferred Share (or other securities of the
        Company) is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of Preferred Shares (or other securities of the Company) represented thereon, and such certificate shall be dated, the date upon
        which the Rights Certificate evidencing such Rights was duly surrendered and payment of the Total Exercise Price with respect to which the Rights have been exercised (and any applicable taxes) was made; provided, however, that if
        the date of such surrender and payment is a date upon which the transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding
        Business Day on which the transfer books of the Company are open.  Prior to the exercise of the Rights evidenced thereby, the holder of a Rights Certificate shall not be entitled to any rights of a holder of Preferred Shares (or other securities of
        the Company) for which the Rights shall be exercisable, including, without limitation, the right to vote, to receive dividends or other distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice of any
        proceedings of the Company, except as provided herein.

      11.     Adjustment of Exercise Price, Number of Shares or Number of Rights.  The Exercise Price, the number and kind of shares or other property
        covered by each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section 11.

      (a)     (i) Notwithstanding anything in this Rights Agreement to the contrary, in the event the Company shall at any time after the date of this Rights
        Agreement (A) declare a dividend on the Preferred Shares payable in Preferred Shares, (B) subdivide the outstanding Preferred Shares, (C) combine the outstanding Preferred Shares (by reverse stock split or otherwise) into a smaller number of

      
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      Preferred Shares, or (D) issue any shares of its capital stock in a reclassification of the Preferred Shares (including any such
        reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), then, in each such event, except as otherwise provided in this Section 11 and Section 7(e) hereof: (1) the Exercise
        Price in effect at the time of the record date for such dividend or of the effective date of such subdivision, combination or reclassification shall be adjusted so that the Exercise Price thereafter shall equal the result obtained by dividing the
        Exercise Price in effect immediately prior to such time by a fraction (the “Adjustment Fraction”), the numerator of which shall be the total number of Preferred Shares (or
        shares of capital stock issued in such reclassification of the Preferred Shares) outstanding immediately following such time and the denominator of which shall be the total number of Preferred Shares outstanding immediately prior to such time; provided, however, that in no event shall the consideration to be paid upon the exercise of one Right
        be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of such Right; and (2) the number of one one-thousandth of a Preferred Share (or share of such other capital stock) issuable upon the exercise
        of each Right shall equal the number of one one-thousandth of a Preferred Share (or share of such other capital stock) as was issuable upon exercise of a Right immediately prior to the occurrence of the event described in clauses (A)-(D) of this
        Section 11(a)(i), multiplied by the Adjustment Fraction; provided, however, that, no such
        adjustment shall be made pursuant to this Section 11(a)(i) to the extent that there shall have simultaneously occurred an event described in clause (A), (B), (C) or (D) of Section 11(n) with a proportionate adjustment being made thereunder.  Each
        share of Common Stock that shall become outstanding after an adjustment has been made pursuant to this Section 11(a)(i) shall have associated with it the number of Rights, exercisable at the Exercise Price and for the number of one one-thousandth
        of a Preferred Share (or shares of such other capital stock) as one share of Common Stock has associated with it immediately following the adjustment made pursuant to this Section 11(a)(i).

       

      

      (ii) Subject to Section 24 of this Rights Agreement, in the event a Triggering Event shall have occurred, then promptly following such Triggering Event each
        holder of a Right, except as provided in Section 7(e) hereof, shall thereafter have the right to receive for each Right, upon exercise thereof in accordance with the terms of this Rights Agreement and payment of the Exercise Price in effect
        immediately prior to the occurrence of the Triggering Event, in lieu of a number of one one-thousandth of a Preferred Share, such number of shares of Common Stock of the Company as shall equal the result obtained by multiplying the Exercise Price
        in effect immediately prior to the occurrence of the Triggering Event by the number of one one-thousandth of a Preferred Share for which a Right was exercisable (or would have been exercisable if the Distribution Date had occurred) immediately
        prior to the first occurrence of a Triggering Event, and dividing that product by 50% of the Current Per Share Market Price for shares of Common Stock on the date of occurrence of the Triggering Event; provided, however, that the
        Exercise Price and the number of shares of Common Stock of

      
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      the Company so receivable upon exercise of a Right shall be subject to further adjustment as appropriate in accordance with Section
        11(e) hereof to reflect any events occurring in respect of the shares of Common Stock of the Company after the occurrence of the Triggering Event.

       

      

      From and after the occurrence of such event, any Rights that are or were acquired or Beneficially Owned by any Acquiring Person (or any Associate or Affiliate
        of such Acquiring Person) shall be null and void without any further action and any holder of such Rights shall thereafter have no right whatsoever with respect to such Rights, under any provision of this Agreement or otherwise.  No Rights
        Certificate shall be issued pursuant to Section 3 that represents Rights Beneficially Owned by an Acquiring Person whose Rights would be null and void pursuant to the preceding sentence or any Associate or Affiliate or nominee thereof; no Rights
        Certificate shall be issued at any time upon the transfer of any Rights to an Acquiring Person whose Rights would be null and void pursuant to the preceding sentence or any Associate or Affiliate thereof or to any nominee of such Acquiring Person,
        Associate or Affiliate; and any Rights Certificate delivered to the Rights Agent for transfer to an Acquiring Person whose Rights would be null and void pursuant to the preceding sentence or any Associate or Affiliate thereof or to any nominee of
        such Acquiring Person, Associate or Affiliate shall be cancelled.  The Company shall give the Rights Agent written notice of the identity of any such Acquiring Person, Associate or Affiliate, or the nominee of any of the foregoing, and the Rights
        Agent may rely on such notice in carrying out its duties under this Agreement and shall be deemed not to have any knowledge of the identity of any such Acquiring Person, Associate or Affiliate, or the nominee of any of the foregoing unless and
        until it shall have received such notice.

      (iii) In lieu of issuing shares of Common Stock in accordance with Section 11(a)(ii) hereof, the Company may, if the Board determines that such action is
        necessary or appropriate and not contrary to the interest of holders of Rights and, in the event that the number of shares of Common Stock which are authorized by the Company’s Certificate of Incorporation but not outstanding or reserved for
        issuance for purposes other than upon exercise of the Rights are not sufficient to permit the exercise in full of the Rights, or if any necessary regulatory approval for such issuance has not been obtained by the Company, the Company shall: (A)
        determine the excess of (1) the value of the shares of Common Stock issuable upon the exercise of a Right (the “Current Value”) over (2) the Exercise Price (such excess, the “Spread”) and (B) with respect to each Right, make adequate
        provision to substitute for such shares of Common Stock, upon exercise of the Rights, (1) cash, (2) a reduction in the Exercise Price, (3) other equity securities of the Company (including, without limitation, shares or units of shares of any
        series of preferred stock which the Board has deemed to have the same value as Common Stock (such shares or units of shares of preferred stock are herein called “Common Stock Equivalents”)), except to the extent that the Company has not

      
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      obtained any necessary stockholder or regulatory approval for such issuance, (4) debt securities of the Company, except to the extent
        that the Company has not obtained any necessary stockholder or regulatory approval for such issuance, (5) other assets or (6) any combination of the foregoing, having an aggregate value equal to the Current Value, where such aggregate value has
        been determined by the Board based upon the advice of a nationally recognized investment banking firm selected by the Board; provided, however, if the Company shall not have made adequate provision to deliver value pursuant to clause (B) above within thirty (30) days following the later of (x) the first occurrence of a Triggering Event and
        (y) the date on which the Company’s right of redemption pursuant to Section 23(a) expires (the later of (x) and (y) being referred to herein as the “Section 11(a)(ii) Trigger Date”),

        then the Company shall be obligated to deliver, upon the surrender for exercise of a Right and without requiring payment of the Exercise Price, Common Stock (to the extent available), except to the extent that the Company has not obtained any
        necessary stockholder or regulatory approval for such issuance, and then, if necessary, cash, which shares and/or cash have an aggregate value equal to the Spread.  If the Board shall determine in good faith that it is likely that sufficient
        additional Common Stock could be authorized for issuance upon exercise in full of the Rights or that any necessary regulatory approval for such issuance will be obtained, the thirty (30) day period set forth above may be extended to the extent
        necessary, but not more than ninety (90) days after the Section 11(a)(ii) Trigger Date, in order that the Company may seek stockholder approval for the authorization of such additional shares or take action to obtain such regulatory approval (such
        period, as it may be extended, the “Substitution Period”).  To the extent that the Company determines that some action need be taken pursuant to the first and/or second
        sentences of this Section 11(a)(iii), the Company (x) shall provide, subject to Section 7(e) hereof, that such action shall apply uniformly to all outstanding Rights and (y) may suspend the exercisability of the Rights until the expiration of the
        Substitution Period in order to seek any authorization of additional shares, to take any action to obtain any required regulatory approval and/or to decide the appropriate form of distribution to be made pursuant to such first sentence and to
        determine the value thereof.  In the event of any such suspension, the Company shall issue a public announcement (and provide prompt written notice to the Rights Agent) stating that the exercisability of the Rights has been temporarily suspended,
        as well as a public announcement (and provide prompt written notice to the Rights Agent) at such time as the suspension is no longer in effect.  For purposes of this Section 11(a)(iii), the value of the Common Stock shall be the Current Per Share
        Market Price of the Common Stock on the Section 11(a)(ii) Trigger Date and the value of any Common Stock Equivalent shall be deemed to have the same value as the Common Stock on such date.

       

      

      (b)     In case the Company shall, at any time after the date of this Rights Agreement, fix a record date for the issuance of rights, options or warrants to
        all holders of Preferred Shares entitling such holders (for a period expiring within forty-five (45) calendar days after such record date) to subscribe for or purchase Preferred Shares or Equivalent Shares or securities convertible into Preferred
        Shares or Equivalent Shares at a price per share (or having a conversion price per share, if a security convertible into Preferred Shares or Equivalent Shares) less than the then Current Per Share Market Price of the Preferred Shares or Equivalent
        Shares

      
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      on such record date, then, in each such case, the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such
        record date by a fraction, the numerator of which shall be the number of Preferred Shares and Equivalent Shares (if any) outstanding on such record date, plus the number of Preferred Shares or Equivalent Shares, as the case may be, which the
        aggregate offering price of the total number of Preferred Shares or Equivalent Shares, as the case may be, to be offered or issued (and/or the aggregate initial conversion price of the convertible securities to be offered or issued) would purchase
        at such current market price, and the denominator of which shall be the number of Preferred Shares and Equivalent Shares (if any) outstanding on such record date, plus the number of additional Preferred Shares or Equivalent Shares, as the case may
        be, to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible); provided, however, that in no event shall the consideration to be paid upon the exercise of one
        Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right.  In case such subscription price may be paid in a consideration part or all of which shall be in a form other than cash,
        the value of such consideration shall be as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights.  Preferred
        Shares and Equivalent Shares owned by or held for the account of the Company shall not be deemed outstanding for the purpose of any such computation.  Such adjustment shall be made successively whenever such a record date is fixed, and in the event
        that such rights, options or warrants are not so issued, the Exercise Price shall be adjusted to be the Exercise Price which would then be in effect if such record date had not been fixed.

       

      

      (c)     In case the Company shall, at any time after the date of this Rights Agreement, fix a record date for the making of a distribution to all holders of
        the Preferred Shares or of any class or series of Equivalent Shares (including any such distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation) of evidences of indebtedness or
        assets (other than a regular quarterly cash dividend, if any, or a dividend payable in Preferred Shares) or subscription rights, options or warrants (excluding those referred to in Section 11(b)), then, in each such case, the Exercise Price to be
        in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the Current Per Share Market Price of a Preferred Share or an
        Equivalent Share on such record date, less the fair market value per Preferred Share or Equivalent Share (as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent) of the portion of
        the cash, assets or evidences of indebtedness so to be distributed or of such subscription rights or warrants applicable to a Preferred Share or Equivalent Share, as the case may be, and the denominator of which shall be such Current Per Share
        Market Price of a Preferred Share or Equivalent Share on such record date; provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of
        capital stock of the Company issuable upon exercise of one Right.  Such adjustments shall be made successively whenever such a record date is fixed, and in the event that such distribution is not so made, the Exercise Price shall be adjusted to be
        the Exercise Price which would have been in effect if such record date had not been fixed.

      
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      (d)     Notwithstanding anything to the contrary, no adjustment in the Exercise Price shall be required unless such adjustment would require an increase or
        decrease of at least 1% in the Exercise Price; provided, however, that any adjustments which by reason of this Section 11(d) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. 
        All calculations under this Section 11 shall be made to the nearest cent or to the nearest ten-thousandth of a share of Common Stock or other share or one hundred-thousandth of a Preferred Share, as the case may be.  Notwithstanding the first
        sentence of this Section 11(d), any adjustment required by this Section 11 shall be made no later than the earlier of (i) three (3) years from the date of the transaction which requires such adjustment or (ii) the Expiration Date.

      (e)     If as a result of an adjustment made pursuant to Section 11(a) or 13(a) hereof, the holder of any Right thereafter exercised shall become entitled to
        receive any shares of capital stock of the Company other than Preferred Shares, thereafter the number of such other shares so receivable upon exercise of any Right and, if required, the Exercise Price thereof, shall be subject to adjustment from
        time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Shares contained in Sections 11(a), 11(b), 11(c), 11(d), 11(g), 11(h), 11(i), 11(j), 11(k) and 11(l), and the provisions of
        Sections 7, 9, 10, 13 and 14 with respect to the Preferred Shares shall apply on like terms to any such other shares.

      (f)     All Rights originally issued by the Company subsequent to any adjustment made to the Exercise Price hereunder shall evidence the right to purchase, at
        the adjusted Exercise Price, the number of one one-thousandth of a Preferred Share purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided herein.

      (g)     Unless the Company shall have exercised its election as provided in Section 11(h), upon each adjustment of the Exercise Price as a result of the
        calculations made in Section 11(b) and (c), each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Exercise Price, that number of Preferred Shares (calculated to
        the nearest one hundred-thousandth of a share) obtained by (i) multiplying (x) the number of Preferred Shares covered by a Right immediately prior to this adjustment, by (y) the Exercise Price in effect immediately prior to such adjustment of the
        Exercise Price, and (ii) dividing the product so obtained by the Exercise Price in effect immediately after such adjustment of the Exercise Price.

      (h)     The Company may elect on or after the date of any adjustment of the Exercise Price as a result of the calculations made in Section 11(b) or (c) to
        adjust the number of Rights, in substitution for any adjustment in the number of Preferred Shares purchasable upon the exercise of a Right.  Each of the Rights outstanding after such adjustment of the number of Rights shall be exercisable for the
        number of one one-thousandth of a Preferred Share for which a Right was exercisable immediately prior to such adjustment.  Each Right held of record prior to such adjustment of the number of Rights shall become that number of Rights (calculated to
        the nearest one hundred-thousandth) obtained by dividing the Exercise Price in effect immediately prior to adjustment of the Exercise Price by the Exercise Price in effect immediately after adjustment of the Exercise Price.  The Company shall make
        a public announcement (with prompt

      
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      written notice thereof to the Rights Agent) of its election to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to
        be made.  This record date may be the date on which the Exercise Price is adjusted or any day thereafter, but, if the Rights Certificates have been issued, shall be at least ten (10) days later than the date of the public announcement.  If Rights
        Certificates have been issued, upon each adjustment of the number of Rights pursuant to this Section 11(h), the Company shall, as promptly as practicable, cause to be distributed to holders of record of Rights Certificates on such record date
        Rights Certificates evidencing, subject to Section 14 hereof, the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record in
        substitution and replacement for the Rights Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Company, new Rights Certificates evidencing all the Rights to which such holders shall be
        entitled after such adjustment.  Rights Certificates so to be distributed shall be issued, executed and delivered by the Company, and countersigned and delivered by the Rights Agent, in the manner provided for herein (and may bear, at the option of
        the Company, the adjusted Exercise Price) and shall be registered in the names of the holders of record of Rights Certificates on the record date specified in the public announcement.

       

      

      (i)     Irrespective of any adjustment or change in the Exercise Price or the number of Preferred Shares issuable upon the exercise of the Rights, the Rights
        Certificates theretofore and thereafter issued may continue to express the Exercise Price per one one-thousandth of a Preferred Share and the number of one one-thousandth of a Preferred Share which were expressed in the initial Rights Certificates
        issued hereunder.

      (j)     Before taking any action that would cause an adjustment reducing the Exercise Price below the par or stated value, if any, of the number of one
        one-thousandth of a Preferred Share issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue as fully paid and
        nonassessable shares such number of one one-thousandth of a Preferred Share at such adjusted Exercise Price.

      (k)     In any case in which this Section 11 shall require that an adjustment in the Exercise Price be made effective as of a record date for a specified
        event, the Company may elect to defer (with prompt written notice thereof to the Rights Agent) until the occurrence of such event the issuing to the holder of any Right exercised after such record date of the number of one one-thousandth of a
        Preferred Share and other capital stock or securities of the Company, if any, issuable upon such exercise over and above the number of one one-thousandth of a Preferred Share and other capital stock or securities of the Company, if any, issuable
        upon such exercise on the basis of the Exercise Price in effect prior to such adjustment; provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive such
        additional shares (fractional or otherwise) upon the occurrence of the event requiring such adjustment.

      
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      (l)     Notwithstanding anything in this Section 11 to the contrary, prior to the Distribution Date, the Company shall be entitled to make such reductions in
        the Exercise Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it in its sole discretion shall determine to be advisable in order that any (i) consolidation or subdivision of the Preferred
        Shares or Common Stock, (ii) issuance wholly for cash of any Preferred Shares or Common Stock at less than the current market price, (iii) issuance wholly for cash of Preferred Shares or Common Stock or securities which by their terms are
        convertible into or exchangeable for Preferred or Common Stock, (iv) stock dividends or (v) issuance of rights, options or warrants referred to in this Section 11, hereafter made by the Company to holders of its Preferred Shares or Common Stock
        shall not be taxable to such stockholders.

      (m)     The Company covenants and agrees that, after the Distribution Date, it will not, except as permitted by Sections 23, 24 or 27 hereof, take (or permit
        to be taken) any action if at the time such action is taken it is reasonably foreseeable that such action will diminish substantially or otherwise eliminate the benefits intended to be afforded by the Rights.

      (n)     In the event the Company shall at any time after the date of this Rights Agreement (A) declare a dividend on the Common Stock payable in shares of
        Common Stock, (B) subdivide the outstanding shares of Common Stock, (C) combine the outstanding Common Stock (by reverse stock split or otherwise) into a smaller number of shares of Common Stock, or (D) issue any shares of its capital stock in a
        reclassification of the shares of Common Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), then, in each such event, except as otherwise
        provided in this Section 11(a) and Section 7(e) hereof: (1) each share of Common Stock (or shares of capital stock issued in such reclassification of the Common Stock) outstanding immediately following such time shall have associated with it the
        number of Rights as were associated with one share of Common Stock immediately prior to the occurrence of the event described in clauses (A)-(D) above; (2) the Exercise Price in effect at the time of the record date for such dividend or of the
        effective date of such subdivision, combination or reclassification shall be adjusted so that the Exercise Price thereafter shall equal the result obtained by multiplying the Exercise Price in effect immediately prior to such time by a fraction,
        the numerator of which shall be the total number of shares of Common Stock outstanding immediately prior to the event described in clauses (A)-(D) above, and the denominator of which shall be the total number of shares of Common Stock outstanding
        immediately after such event; provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon
        exercise of such Right; and (3) the number of one one-thousandth of a Preferred Share (or shares of such other capital stock) issuable upon the exercise of each Right outstanding after such event shall equal the number of one one-thousandth of a
        Preferred Share (or shares of such other capital stock) as were issuable with respect to one Right immediately prior to such event.  Each share of Common Stock that shall become outstanding after an adjustment has been made pursuant to this Section
        11(n) shall have associated with it the number of Rights, exercisable at the Exercise Price and for the number of one one-thousandth of a Preferred Share (or shares of such other capital stock) as one share of Common Stock has associated with it
        immediately following the adjustment made pursuant to this Section 11(n).  If an event occurs which would require an adjustment under both this Section 11(n) and Section 11(a)(ii) hereof, the adjustment provided for in this Section 11(n) shall be
        in addition to, and shall be made prior to, any adjustment required pursuant to Section 11(a)(ii) hereof.

      
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      12.     Certificate of Adjusted Exercise Price or Number of Shares.  Whenever an adjustment is made or any event affecting the Rights or their
        exercisability (including, without limitation, an event which causes Rights to become null and void) occurs as provided in Sections 11 and 13 hereof, the Company shall promptly (a) prepare a certificate setting forth such adjustment or describing
        such event, and a brief statement of the facts, computations and methodology, to the extent applicable, accounting for any such adjustment, (b) file with the Rights Agent and with each transfer agent for the Preferred Shares a copy of such
        certificate and (c) mail a brief summary thereof to each holder of a Rights Certificate in accordance with Section 26 hereof.  Notwithstanding the foregoing sentence, the failure of the Company to make such certification or give such notice shall
        not affect the validity of such adjustment or the force or effect of the requirement for such adjustment.  The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment or statement contained therein and shall
        have no duty or liability with respect to, and shall not be deemed to have knowledge of any adjustment or any such event unless and until it shall have received such certificate.

      13.     Consolidation, Merger or Sale or Transfer of Assets or Earning Power.

      (a)     In the event that, following a Shares Acquisition Date, directly or indirectly:

      (i) the Company shall consolidate with, or merge with or into, any other Person (other than a wholly-owned Subsidiary of the Company in a transaction the
        principal purpose of which is to change the state of incorporation of the Company and which complies with Section 11(m) hereof);

      (ii) any Person shall consolidate with the Company, or merge with or into the Company and the Company shall be the continuing or surviving corporation of such
        consolidation or merger and, in connection with such merger, all or part of the shares of Common Stock shall be changed into or exchanged for stock or other securities of any other person (or the Company); or

      (iii) the Company shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer), in one or more transactions, assets
        or earning power aggregating 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company or one or more of its wholly owned Subsidiaries in one or more
        transactions, each of which individually (and together) complies with Section 11(m) hereof),

      then, concurrent with and in each such case:

      (a)     each holder of a Right (except as provided in Section 7(e) hereof) shall thereafter have the right to receive, upon the exercise thereof, at a price
        equal to the Total Exercise Price applicable immediately prior to the occurrence of the Section 13 Event in accordance with the terms of this Rights Agreement, such number of validly authorized and

      
        25

        
          

      

      issued, fully paid, nonassessable and freely tradeable shares of Common Stock of the Principal Party (as hereinafter defined), free of
        any liens, encumbrances, rights of first refusal or other adverse claims, as shall be equal to the result obtained by dividing such Total Exercise Price by 50% of the Current Per Share Market Price of the shares of Common Stock of such Principal
        Party on the date of consummation of such Section 13 Event, provided, however, that the Exercise
        Price and the number of shares of Common Stock of such Principal Party so receivable upon exercise of a Right shall be subject to further adjustment as appropriate in accordance with Section 11(e) hereof;

       

      

      (b)     such Principal Party shall thereafter be liable for, and shall assume, by virtue of such Section 13 Event, all the obligations and duties of the
        Company pursuant to this Rights Agreement;

      (c)     the term “Company” shall thereafter be deemed to refer to such Principal Party, it being specifically intended that the provisions of Section 11
        hereof shall apply only to such Principal Party following the first occurrence of a Section 13 Event;

      (d)     such Principal Party shall take such steps (including, but not limited to, the reservation of a sufficient number of its Common Stock) in connection
        with the consummation of any such transaction as may be necessary to ensure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to its shares of Common Stock thereafter deliverable upon the
        exercise of the Rights; and

      (e)     upon the subsequent occurrence of any consolidation, merger, sale or transfer of assets or other extraordinary transaction in respect of such
        Principal Party, each holder of a Right shall thereupon be entitled to receive, upon exercise of a Right and payment of the Total Exercise Price as provided in this Section 13(a), such cash, shares, rights, warrants and other property which such
        holder would have been entitled to receive had such holder, at the time of such transaction, owned the shares of Common Stock of the Principal Party receivable upon the exercise of such Right pursuant to this Section 13(a), and such Principal Party
        shall take such steps (including, but not limited to,

      
        26

        
          

      

      reservation of shares of stock) as may be necessary to permit the subsequent exercise of the Rights in accordance with the terms hereof
        for such cash, shares, rights, warrants and other property.

       

      

      (f)     For purposes hereof, the “earning power” of the Company and its Subsidiaries shall be determined in good faith by the Board on the basis of the
        operating earnings of each business operated by the Company and its Subsidiaries during the three fiscal years preceding the date of such determination (or, in the case of any business not operated by the Company or any Subsidiary during three full
        fiscal years preceding such date, during the period such business was operated by the Company or any Subsidiary).

      (b)     For purposes of this Rights Agreement, the term “Principal Party” shall mean:

      (i) in the case of any transaction described in clause (i) or (ii) of Section 13(a) hereof: (A) the Person that is the issuer of the securities into which the shares of Common
        Stock are converted in such merger or consolidation, or, if there is more than one such issuer, the issuer the shares of Common Stock of which have the greatest aggregate market value of shares outstanding, or (B) if no securities are so issued,
        (x) the Person that is the other party to the merger, if such Person survives said merger, or, if there is more than one such Person, the Person the shares of Common Stock of which have the greatest aggregate market value of shares outstanding or
        (y) if the Person that is the other party to the merger does not survive the merger, the Person that does survive the merger (including the Company if it survives) or (z) the Person resulting from the consolidation; and

      

      

      (ii) in the case of any transaction described in clause (iii) of Section13(a) hereof, the Person that is the party receiving the greatest portion of the assets
        or earning power transferred pursuant to such transaction or transactions, or, if more than one Person that is a party to such transaction or transactions receives the same portion of the assets or earning power so transferred and each such portion
        would, were it not for the other equal portions, constitute the greatest portion of the assets or earning power so transferred, or if the Person receiving the greatest portion of the assets or earning power cannot be determined, whichever of such
        Persons is the issuer of shares of Common Stock having the greatest aggregate market value of shares outstanding; provided, however, that in any such case described in the foregoing clause (b)(i) or (b)(ii), if the shares of Common
        Stock of such Person are not at such time or have not been continuously over the preceding 12-month period registered under Section 12 of the Exchange Act, then (1) if such Person is a direct or indirect Subsidiary of another Person the shares of
        Common Stock of

      
        27

        
          

      

      which are and have been so registered, the term “Principal Party” shall refer to such other Person, or (2) if such Person is a
        Subsidiary, directly or indirectly, of more than one Person, the Common Stock of which are and have been so registered, the term “Principal Party” shall refer to whichever of such Persons is the issuer of shares of Common Stock having the greatest
        aggregate market value of shares outstanding, or (3) if such Person is owned, directly or indirectly, by a joint venture formed by two or more Persons that are not owned, directly or indirectly by the same Person, the rules set forth in clauses (1)
        and (2) above shall apply to each of the owners having an interest in the venture as if the Person owned by the joint venture was a Subsidiary of both or all of such joint venturers, and the Principal Party in each such case shall bear the
        obligations set forth in this Section 13 in the same ratio as its interest in such Person bears to the total of such interests.

       

      

      (c)     The Company shall not consummate any Section 13 Event unless the Principal Party shall have a sufficient number of authorized shares of Common Stock
        that have not been issued or reserved for issuance to permit the exercise in full of the Rights in accordance with this Section 13 and unless prior thereto the Company and such issuer shall have executed and delivered to the Rights Agent a
        supplemental agreement confirming that such Principal Party shall, upon consummation of such Section 13 Event, assume this Rights Agreement in accordance with Sections 13(a) and 13(b) hereof, that all rights of first refusal or preemptive rights in
        respect of the issuance of shares of Common Stock of such Principal Party upon exercise of outstanding Rights have been waived, that there are no rights, warrants, instruments or securities outstanding or any agreements or arrangements which, as a
        result of the consummation of such transaction, would eliminate or substantially diminish the benefits intended to be afforded by the Rights and that such transaction shall not result in a default by such Principal Party under this Rights
        Agreement, and further providing that, as soon as practicable after the date of such Section 13 Event, such Principal Party will:

      (i) prepare and file a registration statement under the Securities Act with respect to the Rights and the securities purchasable upon exercise of the Rights on
        an appropriate form, use its best efforts to cause such registration statement to become effective as soon as practicable after such filing and use its best efforts to cause such registration statement to remain effective (with a prospectus at all
        times meeting the requirements of the Securities Act) until the Expiration Date, and similarly comply with applicable state securities laws;

      (ii) use its best efforts to list (or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on a national securities
        exchange or to meet the eligibility requirements for quotation on Nasdaq and list (or continue the listing of) the Rights and the securities purchasable upon exercise of the Rights on Nasdaq; and

      
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      (iii) deliver to holders of the Rights historical financial statements for such Principal Party which comply in all respects with the requirements for
        registration on Form F-1 (or any successor form) under the Exchange Act.

      In the event that at any time after the occurrence of a Triggering Event some or all of the Rights shall not have been exercised at the time of a transaction described in this
        Section 13, the Rights which have not theretofore been exercised shall thereafter be exercisable in the manner described in Section 13(a) (without taking into account any prior adjustment required by Section 11(a)(ii)).

      (d)     In case the “Principal Party” for purposes of Section 13(b) hereof has provision in any of its authorized securities or in its certificate of
        incorporation or by-laws or other instrument governing its corporate affairs, which provision would have the effect of (i) causing such Principal Party to issue (other than to holders of Rights pursuant to Section 13 hereof), in connection with, or
        as a consequence of, the consummation of a Section 13 Event, shares of Common Stock or Equivalent Shares of such Principal Party at less than the then Current Per Share Market Price thereof or securities exercisable for, or convertible into, shares
        of Common Stock or Equivalent Shares of such Principal Party at less than such then Current Per Share Market Price, or (ii) providing for any special payment, tax or similar provision in connection with the issuance of the shares of Common Stock of
        such Principal Party pursuant to the provisions of Section 13 hereof, then, in such event, the Company hereby agrees with each holder of Rights that it shall not consummate any such transaction unless prior thereto the Company and such Principal
        Party shall have executed and delivered to the Rights Agent a supplemental agreement providing that the provision in question of such Principal Party shall have been canceled, waived or amended, or that the authorized securities shall be redeemed,
        so that the applicable provision will have no effect in connection with or as a consequence of, the consummation of the proposed transaction.

      (e)     The Company covenants and agrees that it shall not, at any time after the Distribution Date, effect or permit to occur any Section 13 Event, if (i) at
        the time or immediately after such Section 13 Event there are any rights, warrants or other instruments or securities outstanding or agreements in effect which would substantially diminish or otherwise eliminate the benefits intended to be afforded
        by the Rights, (ii) prior to, simultaneously with or immediately after such Section 13 Event, the stockholders of the Person who constitutes, or would constitute, the “Principal Party” for purposes of Section 13(b) hereof shall have received a
        distribution of Rights previously owned by such Person or any of its Affiliates or Associates or (iii) the form or nature of organization of the Principal Party would preclude or limit the exercisability of the Rights.

      (f)     The provisions of this Section 13 shall similarly apply to successive mergers or consolidations or sales or other transfers.

      14.     Fractional Rights and Fractional Shares.

      (a)     The Company shall not be required to issue fractions of Rights or to distribute Rights Certificates which evidence fractional Rights.  In lieu of such
        fractional Rights, there shall be paid to the registered holders of the Rights Certificates with regard to which such fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a whole
        Right.  For the purposes of this Section 14(a), the current market value of a whole Right shall be the closing price of the Rights for the Trading Day immediately prior to the date on which such fractional Rights would have been otherwise issuable,
        as determined pursuant to this Rights Agreement.

      (b)     The Company shall not be required to issue fractions of Preferred Shares (other than fractions that are integral multiples of one one-thousandth of a
        Preferred Share) upon exercise of the Rights or to distribute certificates which evidence fractional Preferred Shares (other than fractions that are integral multiples of one one-thousandth of a Preferred Share).  Interests in fractions of
        Preferred Shares in integral multiples of one one-thousandth of a Preferred Share may, at the election of the Company, be evidenced by depositary receipts, pursuant to an appropriate agreement between the Company and a depositary selected by it;
        provided, that such agreement shall provide that the holders of such depositary receipts shall have all the rights, privileges and preferences to which they are entitled as beneficial owners of the Preferred Shares represented by such depositary
        receipts.  In lieu of fractional Preferred Shares that are not integral multiples of one one-thousandth of a Preferred Share, the Company shall pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein
        provided an amount in cash equal to the same fraction of the current market value of a Preferred Share.  For purposes of this Section 14(b), the current market value of a Preferred Share shall be one thousand times the closing price of a share of
        Common Stock (as determined pursuant to the terms hereof) for the Trading Day immediately prior to the date of such exercise.

      
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      (c)     The Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional shares of Common
        Stock upon the exercise or exchange of Rights.  In lieu of such fractional shares of Common Stock, the Company shall pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein provided an amount in cash
        equal to the same fraction of the current market value of a share of Common Stock.  For purposes of this Section 14(c), the current market value of a share of Common Stock shall be the closing price of a share of Common Stock (as determined
        pursuant to the terms hereof) for the Trading Day immediately prior to the date of such exercise.

      (d)     The holder of a Right by the acceptance of the Right expressly waives his or her right to receive any fractional Rights or any fractional shares (other
        than fractions that are integral multiples of one one-thousandth of a Preferred Share) upon exercise of a Right.

      (e)     Whenever a payment for fractional Rights or fractional Preferred Shares is to be made by the Rights Agent, the Company shall (i) promptly prepare and
        deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such payments and the prices and/or formulas utilized in calculating such payments, and (ii) provide sufficient monies to the Rights Agent in the form
        of fully collected funds to make such payments.  The Rights Agent shall be fully protected in relying upon such a certificate and shall have no duty with respect to, and shall not be deemed to have knowledge of, any payment for fractional Rights or
        fractional Preferred Shares under any Section of this Rights Agreement relating to the payment of fractional Rights or fractional Preferred Shares unless and until the Rights Agent shall have received such a certificate and sufficient monies.

      15.     Rights of Action.  (a)     All rights of action in respect of this Rights Agreement, excepting the rights of action given to the Rights Agent
        hereunder, including Section 18 and Section 20 hereof, are vested in the respective registered holders of the Rights Certificates (and, prior to the Distribution Date, the registered holders of the shares of Common Stock); and any registered holder
        of any Rights Certificate (or, prior to the Distribution Date, of the shares of Common Stock), without the consent of the Rights Agent or of the holder of any other Rights Certificate (or, prior to the Distribution Date, of the shares of Common
        Stock), may, in his or her own behalf and for his or her own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, his or her right to exercise the Rights
        evidenced by such Rights Certificate in the manner provided in such Rights Certificate and in this Rights Agreement.  Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the
        holders of Rights would not have an adequate remedy at law for any breach by the Company of this Rights Agreement and will be entitled to specific performance of the obligations under, and injunctive relief against, actual or threatened violations
        of the obligations of the Company.

      
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      (b)     Notwithstanding anything in this Rights Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder of a
        Right or other Person as a result of its inability to perform any of its obligations under this Rights Agreement by reason of any preliminary or permanent injunction or other order, judgment, decree or ruling (whether interlocutory or final) issued
        by a court or by a governmental, regulatory, self-regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority, prohibiting or otherwise restraining
        performance of such obligation; provided, however, that the Company shall use all reasonable efforts to have any such injunction, order, judgment, decree or ruling lifted or otherwise overturned as soon as possible.

      16.     Agreement of Rights Holders.  Every holder of a Right, by accepting the same, consents and agrees with the Company and the Rights Agent and
        with every other holder of a Right that:

      (a)     prior to the Distribution Date, the Rights will be transferable only in connection with the transfer of the shares of Common Stock;

      (b)     after the Distribution Date, the Rights Certificates are transferable only on the registry books of the Rights Agent if surrendered at the office or
        offices of the Rights Agent designated for such purposes, duly endorsed or accompanied by a proper instrument of transfer and with the appropriate forms and certificates fully executed; and

      (c)     subject to Sections 6(a) and 7(f) hereof, the Company and the Rights Agent may deem and treat the person in whose name the Rights Certificate (or,
        prior to the Distribution Date, the associated Common Stock certificate or Book Entry Shares, as applicable) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on
        the Rights Certificates or the associated Common Stock certificate or Book Entry Shares, as applicable, made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent shall be
        affected by any notice to the contrary.

      17.     Rights Certificate Holder Not Deemed a Stockholder.  No holder, as such, of any Rights Certificate shall be entitled to vote, receive dividends
        or be deemed for any purpose to be the holder of the Preferred Shares or any other securities of the Company which may at any time be issuable on the exercise of the Rights represented thereby, nor shall anything contained herein or in any Rights
        Certificate be construed to confer upon the holder of any Rights Certificate, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting
        thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in Section 25 hereof), or to receive dividends or subscription rights, or otherwise, until
        the Right or Rights evidenced by such Rights Certificate shall have been exercised in accordance with the provisions hereof.

      
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      18.     The Rights Agent.

      (a)     The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time to time, on demand of
        the Rights Agent, its reasonable expenses and counsel fees and other disbursements incurred in the preparation, delivery, negotiation, amendment, administration and execution of this Rights Agreement and the exercise and performance of its duties
        hereunder.  The Company also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost or expense (including, without limitation, the reasonable
        fees and expenses of legal counsel), incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable order or
        judgment of a court of competent jurisdiction), for any action taken, suffered or omitted to be taken by the Rights Agent in connection with the acceptance, administration, exercise and performance of its duties under this Rights Agreement,
        including the costs and expenses of defending against any claim of liability in the premises.  The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company.  The provisions of this Section 18 and Section
        20 below shall survive the termination of this Rights Agreement, the exercise or expiration of the Rights and the resignation, replacement or removal of the Rights Agent.

      (b)     The Rights Agent shall be authorized and protected and shall incur no liability for, or in respect of any action taken, suffered or omitted to be taken
        by it in connection with, its acceptance and administration of this Rights Agreement and the exercise and performance of its duties hereunder, in reliance upon any Rights Certificate or certificate (including in the case of uncertificated shares,
        by notation in book entry accounts reflecting ownership) for the Preferred Shares or shares of Common Stock or for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice,
        direction, consent, certificate, statement or other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel
        as set forth in Section 20 hereof.  The Rights Agent shall not be deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall be fully protected and shall incur no liability for
        failing to take action in connection therewith, unless and until it has received such notice in writing, which shall be sufficiently given or made if sent by facsimile when a confirmation is received by the transmitting person and the transmitting
        person has also made a telephone call in connection therewith to the telephone number specified in Section 26 hereof, or by first-class mail or overnight delivery service, postage prepaid or hand delivery when received.

      
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      19.     Merger or Consolidation or Change of Name of Rights Agent.

      (a)     Any Person into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any Person resulting from
        any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any Person succeeding to the shareholder services business of the Rights Agent or any successor Rights Agent, shall be the successor to the
        Rights Agent under this Rights Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided, that such Person would be eligible for appointment as a successor Rights Agent under
        Section 21 hereof.  In case at the time such successor Rights Agent shall succeed to the agency created by this Rights Agreement, any of the Rights Certificates shall have been countersigned but not delivered, any such successor Rights Agent may
        adopt the countersignature of the predecessor Rights Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not have been countersigned, any successor Rights Agent may countersign
        such Rights Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates and in this
        Rights Agreement.

      (b)     In case at any time the name of the Rights Agent shall be changed and at such time any of the Rights Certificates shall have been countersigned but not
        delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not have been countersigned, the Rights Agent may
        countersign such Rights Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates and in this Rights Agreement.

      20.     Rights and Duties of Rights Agent.  The Rights Agent undertakes to perform only the duties and obligations expressly imposed by this Rights
        Agreement (and no implied duties)  upon the following terms and conditions, by all of which the Company and the holders of Rights Certificates, by their acceptance thereof, shall be bound:

      (a)     The Rights Agent may consult with legal counsel (who may be legal counsel for the Company or an employee of the Rights Agent), and the advice or
        opinion of such counsel shall be full and complete authorization and protection to the Rights Agent and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it in accordance with such
        advice or opinion.

      
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      (b)     Whenever in the performance of its duties under this Rights Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter
        (including, without limitation, the identity of any Acquiring Person and the determination of Current Per Share Market Price) be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or
        matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by any one of the Chairman of the Board, the Chief Executive Officer, the President,
        any Vice President, the Chief Financial Officer, the Secretary or any Assistant Secretary of the Company and delivered to the Rights Agent; and such certificate shall be full and complete authorization and protection to the Rights Agent and the
        Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it under the provisions of this Rights Agreement in reliance upon such certificate.

      (c)     The Rights Agent shall be liable hereunder to the Company and any other Person only for its own gross negligence, bad faith or willful misconduct
        (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable order or judgment of a court of competent jurisdiction).  Anything to the contrary notwithstanding, in no event shall the Rights Agent be liable
        for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damage.  Any liability of
        the Rights Agent under this Rights Agreement will be limited to an amount equal to the product of (1) the annual fees paid by the Company to the Rights Agent hereunder and (2) ten (10).

      (d)     The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Rights Agreement or in the Rights
        Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only.

      (e)     The Rights Agent shall not have any liability for or be under any responsibility in respect of the validity of this Rights Agreement or the execution
        and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Rights Certificate (except its countersignature thereof); nor shall it be liable or responsible for any breach by the
        Company of any covenant or condition contained in this Rights Agreement or in any Rights Certificate; nor shall it be liable or responsible for any change in the exercisability of the Rights (including the Rights becoming null and void pursuant to
        Section 11(a)(ii) hereof) or any change or adjustment in the terms of the Rights (including the manner, method or amount thereof) provided for in Sections 3, 11, 13, 23 or 24, or the ascertaining of the existence of facts that would require any
        such change or adjustment (except with respect to the exercise of Rights evidenced by Rights Certificates after receipt by the Rights Agent of a certificate furnished pursuant to Section 12 hereof, upon which the Rights Agent may rely, describing
        such change or adjustment); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Preferred Shares to be issued pursuant to this Rights Agreement or any Rights Certificate
        or as to whether any Preferred Shares will, when issued, be validly authorized and issued, fully paid and nonassessable.

      
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      (f)     The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such
        further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Rights Agreement.

      (g)     The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from any one of the
        Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer, the Secretary or any Assistant Secretary of the Company, and to apply to such officers for advice or instructions in connection with
        its duties, and such instructions shall be full authorization and protection to the Rights Agent and the Rights Agent shall not be liable for or in respect of any action taken, suffered or omitted to be taken by it in accordance with instructions
        of any such officer or for any delay in acting while waiting for those instructions.  The Rights Agent shall be fully authorized and protected in relying upon the most recent instructions received by any such officer.  Any application by the Rights
        Agent for written instructions from the Company may, at the option of the Rights Agent, set forth in writing any action proposed to be taken, suffered or omitted to be taken by the Rights Agent under this Rights Agreement and the date on and/or
        after which such action shall be taken or suffered or such omission shall be effective.  The Rights Agent shall not be liable for any action taken or suffered by, or omission of, the Rights Agent in accordance with a proposal included in any such
        application on or after the date specified in such application (which date shall not be less than five (5) Business Days after the date any officer of the Company actually receives such application, unless any such officer shall have consented in
        writing to an earlier date) unless, prior to taking any such action (or the effective date in the case of an omission), the Rights Agent shall have received written instructions in response to such application specifying the action to be taken,
        suffered or omitted to be taken.

      (h)     The Rights Agent and any stockholder, affiliate, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or other
        securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Rights Agent under this
        Rights Agreement.  Nothing herein shall preclude the Rights Agent or any such stockholder, affiliate, director, officer or employee from acting in any other capacity for the Company or for any other Person.

      (i)     The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself (through its
        directors, officers and employees) or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company or
        any other Person resulting from any such act, default, neglect or misconduct, absent gross negligence or bad faith in the selection and continued employment thereof (which gross negligence, willful misconduct or bad faith must be determined by a
        final, non-appealable judgment of a court of competent jurisdiction).

      
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      (j)     No provision of this Rights Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability in the
        performance of any of its duties hereunder or in the exercise of its rights if it believes that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.

      (k)     If, with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, the certificate contained in the form of
        assignment or form of election to purchase, as the case may be, has either not been properly completed or indicates an affirmative response to clause 1 and/or 2 thereof, the Rights Agent shall not take any further action with respect to such
        requested exercise or transfer without first consulting with the Company.

      21.     Change of Rights Agent.  The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this Rights
        Agreement upon thirty (30) days’ written notice to the Company and to each transfer agent of the Preferred Shares and the Common Stock known to the Rights Agent, in the event that the Rights Agent or one of its Affiliates is not also the transfer
        agent for the Company.  In the event the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned automatically and be discharged from its duties under this
        Agreement as of the effective date of such termination, and the Company shall be responsible for sending any required notice.  The Company may remove the Rights Agent or any successor Rights Agent upon written notice to the Rights Agent or
        successor Rights Agent, as the case may be, and to each transfer agent of the Preferred Shares and the Common Stock and to the holders of the Rights Certificates by public announcement or written notice.  If the Rights Agent shall resign or be
        removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Rights Agent.  If the Company shall fail to make such appointment within a period of thirty (30) days after giving notice of such removal or after
        receiving written notice of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Rights Certificate (who shall, with such notice, submit his or her Rights Certificate for inspection by the Company),
        then the registered holder of any Rights Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights Agent.  Any successor Rights Agent, whether appointed by the Company or by such a court, shall be (a) a Person
        organized and doing business under the laws of the United States or of any state of the United States, in good standing, which is authorized under such laws to exercise stock transfer powers and is subject to supervision or examination by federal
        or state authority and which has at the time of its appointment as Rights Agent a combined capital and surplus of at least $50 million or (b) an Affiliate of such a Person.  After appointment, the successor Rights Agent shall be vested with the
        same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held
        by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose.  Not later than the effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor
        Rights Agent and each transfer agent of the Preferred Shares and the Common Stock, and mail a written notice thereof to the registered holders of the Rights Certificates.  Failure to give any notice provided for in this Section 21, however, or any
        defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be.

      
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      22.     Issuance of New Rights Certificates.  Notwithstanding any of the provisions of this Rights Agreement or of the Rights to the contrary, the
        Company may, at its option, issue new Rights Certificates evidencing Rights in such form as may be approved by its Board to reflect any adjustment or change in the Exercise Price and the number or kind or class of shares or other securities or
        property purchasable under the Rights Certificates made in accordance with the provisions of this Rights Agreement.  In addition, in connection with the issuance or sale of shares of Common Stock following the Distribution Date and prior to the
        redemption or expiration of the Rights, the Company (a) shall, with respect to shares of Common Stock so issued or sold pursuant to the exercise of stock options or under any employee plan or arrangement or upon the exercise, conversion or exchange
        of other securities of the Company outstanding at the date hereof or upon the exercise, conversion or exchange of securities hereinafter issued by the Company and (b) may, in any other case, if deemed necessary or appropriate by the Board, issue
        Rights Certificates representing the appropriate number of Rights in connection with such issuance or sale; provided, however, that (i) no such Rights Certificate shall be issued and this sentence shall be null and void ab initio
        if, and to the extent that, such issuance or this sentence would create a significant risk of or result in material adverse tax consequences to the Company or the Person to whom such Rights Certificate would be issued or would create a significant
        risk of or result in such options’ or employee plans’ or arrangements’ failing to qualify for otherwise available special tax treatment and (ii) no such Rights Certificate shall be issued if, and to the extent that, appropriate adjustment shall
        otherwise have been made in lieu of the issuance thereof.

      23.     Redemption.

      (a)     The Company may, at its option and with the approval of the Board, at any time prior to the Close of Business on the earlier of (i) the Distribution
        Date and (ii) the Final Expiration Date, redeem all but not less than all the then outstanding Rights at a redemption price of $0.01 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after
        the date hereof (such redemption price being herein referred to as the “Redemption Price”) and the Company may, at its option, pay the Redemption Price either in shares of Common Stock (based on the Current Per Share Market Price thereof at
        the time of redemption) or cash.  Such redemption of the Rights by the Company may be made effective at such time, on such basis and with such conditions as the Board in its sole discretion may establish.  The date on which the Board elects to make
        the redemption effective shall be referred to as the “Redemption Date”.

      (b)     Immediately upon the action of the Board ordering the redemption of the Rights, written notice of which shall have been filed with the Rights Agent,
        and without any further action and without any notice, the right to exercise the Rights shall terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price.  The Company shall promptly give public notice
        of any such redemption; provided, however, that the failure to give or any defect in, any such notice shall not affect the legality or validity of such redemption.  Within ten (10) days after the action of the Board ordering the
        redemption of the Rights, the Company shall promptly mail a notice of such redemption to the Rights Agent and the holders of

      
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      the then outstanding Rights at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the
        transfer agent for the Common Stock.  Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice.  Each such notice of redemption will state the method by which the payment of the
        Redemption Price will be made.  Neither the Company nor any of its Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in Section 24
        hereof, and other than in connection with the purchase of shares of Common Stock prior to the Distribution Date.

      24.     Exchange.

      (a)     Subject to applicable laws, rules and regulations, and subject to subsection 24(c) below, the Company may, at its option, by action of the Board, at
        any time after the occurrence of a Triggering Event, exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become null and void pursuant to the provisions of Section 7(e) hereof) for shares of
        Common Stock at an exchange ratio of one share of Common Stock per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such exchange ratio being hereinafter referred to as
        the “Exchange Ratio”).  Notwithstanding the foregoing, the Board shall not be empowered to effect such exchange at any time after any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or
        any such Subsidiary, or any entity holding Common Stock for or pursuant to the terms of any such plan), together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the Common Stock then outstanding.

      (b)     Immediately upon the action of the Board ordering the exchange of any Rights pursuant to subsection 24(a) of this Section 24 and without any further
        action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of shares of Common Stock equal to the number of such Rights held by such
        holder multiplied by the Exchange Ratio.  The Company shall give public notice of any such exchange; provided, however, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange.  The
        Company shall promptly mail a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent.  Any notice which is mailed in the manner herein provided shall be
        deemed given, whether or not the holder receives the notice.  Each such notice of exchange will state the method by which the exchange of the shares of Common Stock for Rights will be effected and, in the event of any partial exchange, the number
        of Rights which will be exchanged.  Any partial exchange shall be effected pro rata based on the number of Rights (other than Rights which have become null and void pursuant to the provisions of Section 7(e) hereof) held by each holder of Rights.

      (c)     In the event that there shall not be sufficient shares of Common Stock issued but not outstanding or authorized but unissued to permit any exchange of
        Rights as contemplated in accordance with Section 24(a), the Company shall either take such action as

      
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      may be necessary to authorize additional shares of Common Stock for issuance upon exchange of the Rights or alternatively, at the option of a majority of the Board, with respect
        to each Right (i) pay cash in an amount equal to the Current Value (as hereinafter defined), in lieu of issuing shares of Common Stock in exchange therefor, or (ii) issue debt or equity securities or a combination thereof, having a value equal to
        the Current Value, in lieu of issuing shares of Common Stock in exchange for each such Right, where the value of such securities shall be determined by a nationally recognized investment banking firm selected by majority vote of the Board, or (iii)
        deliver any combination of cash, property, shares of Common Stock and/or other securities having a value equal to the Current Value in exchange for each Right.  For purposes of this Section 24(c) only, the Current Value shall mean the product of
        the Current Per Share Market Price of shares of Common Stock on the date of the occurrence of the event described above in subparagraph (a), multiplied by the number of shares of Common Stock for which the Right otherwise would be exchangeable if
        there were sufficient shares available.  To the extent that the Company determines that some action need be taken pursuant to clauses (i), (ii) or (iii) of this Section 24(c), the Board may temporarily suspend the exercisability of the Rights for a
        period of up to sixty (60) days following the date on which the event described in Section 24(a) shall have occurred, in order to seek any authorization of additional shares of Common Stock and/or to decide the appropriate form of distribution to
        be made pursuant to the above provision and to determine the value thereof.  In the event of any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended (with
        prompt written notice thereof, including a copy of such public announcement, to the Rights Agent).

      (d)     The Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional shares of Common
        Stock.  In lieu of such fractional shares of Common Stock, there shall be paid to the registered holders of the Rights Certificates with regard to which such fractional shares of Common Stock would otherwise be issuable, an amount in cash equal to
        the same fraction of the current market value of a whole share of Common Stock (as determined pursuant to the terms hereof).

      (e)     The Company may, at its option, by majority vote of the Board, at any time before the Share Acquisition Date, exchange all or part of the then
        outstanding Rights for rights of substantially equivalent value, as determined reasonably and with good faith by the Board, based upon the advice of one or more nationally recognized investment banking firms.

      (f)     Immediately upon the action of the Board ordering the exchange of any Rights pursuant to subsection 24(e) of this Section 24 and without any further
        action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of rights in exchange therefor as has been determined by the Board in
        accordance with subsection 24(e) above.  The Company shall give public notice of any such exchange; provided, however, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange.  The
        Company shall promptly mail a notice of any such exchange to the Rights Agent and all of the holders of such Rights at their last addresses as they appear upon the registry books of the transfer agent for the shares of Common Stock of the Company. 
        Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice.  Each such notice of exchange will state the method by which the exchange of the Rights will be effected.

      
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      25.     Notice of Certain Events.

      (a)     In case the Company shall propose to effect or permit to occur any Triggering Event or Section 13 Event, the Company shall give notice thereof to the
        Rights Agent and each holder of Rights in accordance with Section 26 hereof at least twenty (20) days prior to occurrence of such Triggering Event or such Section 13 Event.

           (b)     In case any Triggering Event set forth in Section 11(a)(ii) hereof shall occur, then the Company shall as soon as practicable thereafter give to the Rights Agent and to each holder of a
        Rights Certificate, in accordance with Section 26 hereof, a notice of the occurrence of such event, which notice shall describe such event and the consequences of such event to holders of Rights under Section 11(a)(ii) hereof.

      

      

      26.     Notices.  Notices or demands authorized by this Rights Agreement to be given or made by the Rights Agent or by the holder of any Rights
        Certificate to or on the Company shall be sufficiently given or made if sent by facsimile when a confirmation is received by the transmitting person, or by first-class mail or overnight delivery service, postage prepaid or hand delivery when
        received and addressed (until another address is filed in writing with the Rights Agent) as follows:

      Performance Shipping Inc.

        Pendelis 16, 175 64 Palaio Faliro

      Athens, Greece

        Attention: Andreas Michalopoulos

      Facsimile: 011 30210 947 0101

      

      

      with a copy to:

      Seward & Kissel LLP

      One Battery Park Plaza

      New York, New York 10004

      Attention: Gary J. Wolfe

        Facsimile: 212-480-8421

      

      

      Subject to the provisions of Section 21 hereof, any notice or demand authorized by this Rights Agreement to be given or made by the Company or by the holder of any Rights Certificate to or on the
        Rights Agent shall be sufficiently given or made if sent by first-class mail or overnight delivery service, postage prepaid or hand delivery when received and addressed (until another address is filed in writing with the Company) as follows:

      

      

      Computershare Inc.

      250 Royall Street

      Canton, MA 02021

      Attention: Client Services

      

      

      
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      Notices or demands authorized by this Rights Agreement to be given or made by the Company or the Rights Agent to the holder of any Rights Certificate shall be sufficiently given
        or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company.

      27.     Supplements and Amendments.  Prior to the occurrence of a Distribution Date, the Company may supplement or amend this Rights Agreement in any
        respect without the approval of any holders of Rights.  From and after the occurrence of a Distribution Date, the Company and the Rights Agent may from time to time supplement or amend this Rights Agreement without the approval of any holders of
        Rights in order to (i) cure any ambiguity, (ii) correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, (iii) shorten or lengthen any time period hereunder or (iv) to change or
        supplement the provisions hereunder in any manner that the Company may deem necessary or desirable and that shall not adversely affect the interests of the holders of Rights (other than an Acquiring Person or an Affiliate or Associate of an
        Acquiring Person); provided, this Rights Agreement may not be supplemented or amended to lengthen, pursuant to clause (iii) of this sentence, (A) a time period relating to when the Rights may be redeemed at such time as the Rights are not then
        redeemable or (B) any other time period unless such lengthening is for the purpose of protecting, enhancing or clarifying the rights of, and/or the benefits to, the holders of Rights (other than an Acquiring Person or an Affiliate or Associate of
        an Acquiring Person).  Any such supplement or amendment shall be evidenced by a writing signed by the Company and the Rights Agent.  Upon the delivery of a certificate from an appropriate officer of the Company and, if reasonably requested by the
        Rights Agent, an opinion of counsel, that states that the proposed supplement or amendment is in compliance with the terms of this Section 27, the Rights Agent shall execute such supplement or amendment.  Notwithstanding anything contained in this
        Rights Agreement to the contrary, the Rights Agent may, but shall not be obligated to, enter into any supplement or amendment that affects the Rights Agent’s own rights, duties, obligations or immunities under this Rights Agreement.  Prior to the
        Distribution Date, the interests of the holders of Rights shall be deemed coincident with the interests of the holders of Common Stock.

      28.     Successors.  All the covenants and provisions of this Rights Agreement by or for the benefit of the Company or the Rights Agent shall bind and
        inure to the benefit of their respective successors and assigns hereunder.

      29.     Determinations and Actions by the Board, etc.  For all purposes of this Rights Agreement, any calculation of the number of shares of Common
        Stock outstanding at any particular time, including for purposes of determining the particular percentage of such outstanding shares of Common Stock of which any Person is the Beneficial Owner, shall be made in accordance with the last sentence of
        Rule 13d-3(d)(1)(i) of the General Rules and Regulations under the Exchange Act.  The Board shall have the exclusive power and authority to administer this Rights Agreement and to exercise all rights and powers specifically granted to the Board, or
        the Company, or as may be necessary or advisable in the administration of this Rights Agreement, including, without limitation, the right and power to (i) interpret the provisions of this Rights Agreement and (ii) make all determinations deemed
        necessary or advisable for the

      
        41

        
          

      

      administration of this Rights Agreement (including a determination to redeem or not redeem the Rights or to amend the Rights Agreement).  All such actions, calculations,
        interpretations and determinations (including, for purposes of clause (y) below, all omissions with respect to the foregoing) which are done or made by the Board in good faith, shall (x) be final, conclusive and binding on the Company, the Rights
        Agent, the holders of the Rights Certificates and all other parties and (y) not subject the Board to any liability to the holders of the Rights.  The Rights Agent is entitled always to assume the Board acted in good faith and shall be fully
        protected and incur no liability in reliance thereon.

      30.     Benefits of this Rights Agreement.  Nothing in this Rights Agreement shall be construed to give to any Person other than the Company, the
        Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the shares of Common Stock) any legal or equitable right, remedy or claim under this Rights Agreement; but this Rights Agreement shall be for
        the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the shares of Common Stock).

      31.     Severability.  If any term, provision, covenant or restriction of this Rights Agreement is held by a court of competent jurisdiction or other
        authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Rights Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated; provided,
        however, that notwithstanding anything in this Rights Agreement to the contrary, if any such term, provision, covenant or restriction is held by such court or authority to be invalid, void or unenforceable and the Board determines in its
        good faith judgment that severing the invalid language from this Rights Agreement would adversely affect the purpose or effect of this Rights Agreement, the right of redemption set forth in Section 23 hereof shall be reinstated and shall not expire
        until the Close of Business on the tenth Business Day following the date of such determination by the Board; provided further, however, that if any such excluded term, provision, covenant or restriction shall adversely affect the
        rights, immunities, liabilities, duties or obligations of the Rights Agent, the Rights Agent shall be entitled to resign immediately, upon prior written notice to the Company.  Without limiting the foregoing, if any provision requiring a specific
        group of directors to act is held by any court of competent jurisdiction or other authority to be invalid, void or unenforceable, such determination shall then be made by the Board in accordance with applicable law and the Company's Certificate of
        Incorporation and bylaws.

      32.     Governing Law.  This Rights Agreement and each Right and each Rights Certificate issued hereunder shall be deemed to be a contract made under
        the laws of the State of New York and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State.

      33.     Counterparts.  This Rights Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be
        deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.  A signature to this Rights Agreement executed and/or transmitted electronically shall have the same authority, effect, and
        enforceability as an original signature.

      
        42

        
          

      

      

      

      34.     Descriptive Headings.  Descriptive headings of the several Sections of this Rights Agreement are inserted for convenience only and shall not
        control or affect the meaning or construction of any of the provisions hereof.

      35.     Force Majeure.  Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any delays or failures in
        performance resulting from acts beyond its reasonable control including, without limitation, acts of God, epidemics, pandemics, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or
        loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest.

      36.     Miscellaneous.

      (a)     The Company acknowledges that the Rights Agent is subject to the customer identification program (“Customer Identification Program”) requirements under
        the USA PATRIOT Act and its implementing regulations, and that the Rights Agent must obtain, verify and record information that allows the Rights Agent to identify the Company.  Accordingly, prior to accepting an appointment hereunder, the Rights
        Agent may request information from the Company that will help the Rights Agent to identify the Company, including without limitation the Company’s physical address, tax identification number, organizational documents, certificate of good standing,
        license to do business, or any other information that the Rights Agent deems necessary.  The Company agrees that the Rights Agent cannot accept an appointment hereunder unless and until the Rights Agent verifies the Company’s identity in accordance
        with the Customer Identification Program requirements.

      (b)     The Rights Agent has adopted an incentive compensation program designed (i) to facilitate clients gaining access to and being provided with explanations about the full
        range of products and services offered by the Rights Agent and its subsidiaries and (ii) to expand and develop client relationships.  This program may lead to the payment of referral fees and/or bonuses to employees of the Rights Agent or its
        subsidiaries who may have been involved in a referral that resulted in the execution of obtaining of products or services by the Company covered by this Agreement or which may be ancillary or supplemental to such products or services.  Any such
        referral fees or bonuses are funded solely out of fees and commissions payable by the Company under this Rights Agreement or with respect to such ancillary or supplemental products or services. Under no circumstances will the payment of such fees
        and/or bonuses contemplated under this Section 36(b) increase the amount payable by the Company under any other provision of this Rights Agreement.

      

      

      [Signature Page Follows]

      
        43

        
          

      

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

      

      

      	 	
              PERFORMANCE SHIPPING INC.

               

               

            
	 	
              By: /s/ Andreas Michalopoulos

                Name:  Andreas Michalopoulos

                Title:    Chief Executive Officer

               

               

               

               

               

            
	 	
              COMPUTERSHARE INC., 

              as Rights Agent

               

              

               

            
	 	
              By: /s/ Dennis V. Moccia

                Name: Dennis V. Moccia

                Title: Senior Manager, Contract Operations

              

               

            

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      [Signature Page to Stockholders’ Rights Agreement]

      

      

      
        
          

      

      
      

      

      Exhibit A

      

      

      CERTIFICATE OF DESIGNATIONS OF RIGHTS, PREFERENCES AND PRIVILEGES OF SERIES A PARTICIPATING PREFERRED STOCK OF DIANA CONTAINERSHIPS INC. (SINCE RENAMED PERFORMANCE SHIPPING INC.)

      

      

      The undersigned, Mr. Anastasios Margaronis and Mr. Ioannis Zafirakis, do hereby certify:

      

      

      1.     That they are the duly elected and acting President and Secretary, respectively, of Diana Containerships Inc., a Marshall Islands corporation (the “Company”).

      

      

      2.     That pursuant to the authority conferred by the Company’s Amended and Restated Articles of Incorporation, the Company’s Board of Directors on June 1, 2010 adopted the following resolution
        designating and prescribing the relative rights, preferences and limitations of the Company’s Series A Participating Preferred Stock:

      

      

      RESOLVED, that pursuant to the authority vested in the Board of Directors (the “Board”) of the Company by the Amended and Restated Articles of
        Incorporation, the Board does hereby establish a series of preferred stock, par value $0.01 per share, and the designation of certain powers, preferences and other special rights of the shares of such series, and certain qualifications, limitations
        and restrictions thereon, are hereby fixed as follows:

      Section 1.     Designation and Amount.  The shares of such series shall be designated as “Series A Participating Preferred Stock”.  The Series A
        Participating Preferred Stock shall have a par value of $0.01 per share, and the number of shares constituting such series shall initially be 1,250,000, which number the Board may from time to time increase or decrease (but not below the number
        then outstanding).

      Section 2.     Proportional Adjustment.  In the event the Company shall at any time after the issuance of any share or shares of Series A Participating
        Preferred Stock (i) declare any dividend on the common stock of the Company par value $0.01 per share (the “Common Stock”) payable in shares of Common Stock, (ii) subdivide the outstanding Common Stock or (iii) combine the outstanding Common
        Stock into a smaller number of shares, then in each such case the Company shall simultaneously effect a proportional adjustment to the number of outstanding shares of Series A Participating Preferred Stock.

      Section 3.     Dividends and Distributions.

      (a)     Subject to the prior and superior right of the holders of any shares of any series of preferred stock ranking prior and superior to the shares of
        Series A Participating Preferred Stock with respect to dividends, the holders of shares of Series A Participating Preferred Stock shall be entitled to receive when, as and if declared by the Board out of funds legally available for the purpose,
        quarterly dividends payable in cash on the last day of January,

      
        A-1

        
          

      

      April, July and October in each year (each such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment
        Date after the first issuance of a share or fraction of a share of Series A Participating Preferred Stock, in an amount per share (rounded to the nearest cent) equal to 1,000 times the aggregate per share amount of all cash dividends, and 1,000
        times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or
        otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A
        Participating Preferred Stock.

      (b)     The Company shall declare a dividend or distribution on the Series A Participating Preferred Stock as provided in paragraph (a) above immediately after
        it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock).

      (c)     Dividends shall begin to accrue on outstanding shares of Series A Participating Preferred Stock from the Quarterly Dividend Payment Date immediately
        preceding the date of issue of such shares of Series A Participating Preferred Stock, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall
        begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series A Participating Preferred Stock entitled
        to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue from such Quarterly Dividend Payment Date.  Accrued but unpaid dividends shall not bear interest. 
        Dividends paid on the shares of Series A Participating Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such
        shares at the time outstanding.  The Board may fix a record date for the determination of holders of shares of Series A Participating Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date
        shall be no more than 30 days prior to the date fixed for the payment thereof.

      Section 4.     Voting Rights.  The holders of shares of Series A Participating Preferred Stock shall have the following voting rights:

      (a)     Each share of Series A Participating Preferred Stock shall entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the
        stockholders of the Company.

      (b)     Except as otherwise provided herein or by law, the holders of shares of Series A Participating Preferred Stock and the holders of shares of Common
        Stock shall vote together as one class on all matters submitted to a vote of stockholders of the Company.

      (c)     Except as required by law, holders of Series A Participating Preferred Stock shall have no special voting rights and their consent shall not be
        required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action.

      
        A-2

        
          

      

      

      

      Section 5.     Certain Restrictions.

      (a)     The Company shall not declare any dividend on, make any distribution on, or redeem or purchase or otherwise acquire for consideration any shares of
        Common Stock after the first issuance of a share or fraction of a share of Series A Participating Preferred Stock unless concurrently therewith it shall declare a dividend on the Series A Participating Preferred Stock as required by Section 3
        hereof.

      (b)     Whenever quarterly dividends or other dividends or distributions payable on the Series A Participating Preferred Stock as provided in Section 3 are in
        arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series A Participating Preferred Stock outstanding shall have been paid in full, the Company shall not (i) declare or pay
        dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Participating
        Preferred Stock; (ii) declare or pay dividends on, make any other distributions on any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with Series A Participating Preferred Stock, except
        dividends paid ratably on the Series A Participating Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares are then entitled; (iii) redeem
        or purchase or otherwise acquire for consideration shares of any stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Participating Preferred Stock, provided that the Company  may at
        any time redeem, purchase or otherwise acquire shares of any such parity stock in exchange for shares of any stock of the Company ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series A Participating
        Preferred Stock; (iv) purchase or otherwise acquire for consideration any shares of Series A Participating Preferred Stock, or any shares of stock ranking on a parity with the Series A Participating Preferred Stock, except in accordance with a
        purchase offer made in writing or by publication (as determined by the Board) to all holders of such shares upon such terms as the Board, after consideration of the respective annual dividend rates and other relative rights and preferences of the
        respective series and classes, shall determine in good faith will result in fair and equitable treatment among the respective series or classes.

      (c)     The Company shall not permit any subsidiary of the Company to purchase or otherwise acquire for consideration any shares of stock of the Company unless
        the Company could, under paragraph (a) of this Section 5, purchase or otherwise acquire such shares at such time and in such manner.

      Section 6.     Reacquired Shares.  Any shares of Series A Participating Preferred Stock purchased or otherwise acquired by the Company in any manner
        whatsoever shall be retired and canceled promptly after the acquisition thereof.  All such shares shall upon their cancellation become authorized but unissued shares of preferred stock and may be reissued as part of a new series of preferred stock
        to be created by resolution or resolutions of the Board, subject to the conditions and restrictions on issuance set forth herein and, in the Amended and Restated Articles of Incorporation, as then amended.

      
        A-3

        
          

      

      

      

      Section 7.     Liquidation, Dissolution or Winding Up.  Upon any liquidation, dissolution or winding up of the Company, the holders of shares of Series
        A Participating Preferred Stock shall be entitled to receive an aggregate amount per share equal to 1,000 times the aggregate amount to be distributed per share to holders of shares of Common Stock plus an amount equal to any accrued and unpaid
        dividends on such shares of Series A Participating Preferred Stock.

      Section 8.     Consolidation, Merger, etc.  In case the Company shall enter into any consolidation, merger, combination or other transaction in which
        the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case the shares of Series A Participating Preferred Stock shall at the same time be similarly exchanged or
        changed in an amount per share equal to 1,000 times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged.

      Section 9.     No Redemption.  The shares of Series A Participating Preferred Stock shall not be redeemable.

      Section 10.     Ranking.  The Series A Participating Preferred Stock shall rank junior to all other series of the Company’s preferred stock as to the
        payment of dividends and the distribution of assets, unless the terms of any such series shall provide otherwise.

      Section 11.     Amendment.  The Amended and Restated Articles of Incorporation of the Company shall not be further amended in any manner which would
        materially alter or change the powers, preference or special rights of the Series A Participating Preferred Stock so as to affect them adversely without the affirmative vote of the holders of a majority of the outstanding shares of Series A
        Participating Preferred Stock, voting separately as a class.

      Section 12.     Fractional Shares.  Series A Participating Preferred Stock may be issued in fractions of a share which shall entitle the holder, in
        proportion to such holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights of holders of Series A Participating Preferred Stock.

      We further declare under penalty of perjury that the matters set forth in the foregoing Certificate of Designation are true and correct of our own knowledge.

      Executed in Athens, Greece on                    , 2010.

      	 	
               

              ________________________________

              Anastasios Margaronis

            
	 	
              President

              ________________________________

              Ioannis Zafirakis

              Secretary

               

            

      [Signature Page to Certificate of Designation]

      
        A-4

        
          

      

      
      Exhibit B

      

      

      FORM OF RIGHTS CERTIFICATE

      Certificate No. R- Rights

      

      

      

      

      NOT EXERCISABLE AFTER DECEMBER 20, 2031, UNLESS EXTENDED PRIOR THERETO BY THE BOARD OF DIRECTORS OF THE COMPANY, OR EARLIER IF REDEMPTION OR EXCHANGE OCCURS. THE RIGHTS ARE SUBJECT TO REDEMPTION AT
        THE OPTION OF THE COMPANY, AT $0.01 PER RIGHT ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON (AS SUCH TERM IS DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER
        OF SUCH RIGHTS MAY BECOME NULL AND VOID. [IF THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE
        DEFINED IN THE RIGHTS AGREEMENT), THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF THE RIGHTS AGREEMENT.]1

      

      

      

      

      RIGHTS CERTIFICATE

      

      

      PERFORMANCE SHIPPING INC.

      

      

      This certifies that [______________], or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to
        the terms, provisions and conditions of the Rights Agreement, dated as of December 20, 2021 (the “Rights Agreement”), between Performance Shipping Inc., a Marshall Islands corporation (the “Company”), and Computershare Inc., as Rights Agent (the
        “Rights Agent”), to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior to 5:00 P.M., New York time, on December 20, 2031 at the office of the Rights Agent, or at the office
        of its successor as Rights Agent, one one-thousandth of a fully paid non-assessable share of Series A Participating Preferred Stock, $0.01 par value per share (the “Preferred Shares”), of the Company, at a purchase price of $50.00 per one
        one-thousandth of a Preferred Share (the “Purchase Price”), upon presentation and surrender of this Rights Certificate with the Form of Election to Purchase duly executed.  The number of Rights evidenced by this Rights Certificate (and the number
        of one one-thousandths of a Preferred Share which may be

      

      

      

      1 The portion of the legend in brackets shall be inserted only if applicable and shall replace
        the preceding sentence.

      
        B-1

        
          

      

      purchased upon exercise hereof) set forth above, and the Purchase Price set forth above, are the number and Purchase Price as of [___________] based on the Preferred Shares as
        constituted at such date.  As provided in the Rights Agreement, the Purchase Price and the number of one one-thousandths of a Preferred Share which may be purchased upon the exercise of the Rights evidenced by this Rights Certificate are subject to
        modification and adjustment upon the happening of certain events.

      This Rights Certificate is subject to all of the terms, covenants and restrictions of the Rights Agreement, which terms, covenants and restrictions are hereby
        incorporated herein by reference and made a part hereof, and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights Agent, the
        Company and the holders of the Rights Certificates.  Copies of the Rights Agreement are on file at the principal executive offices of the Company.

      This Rights Certificate, with or without other Rights Certificates, upon surrender at the office of the Rights Agent designated for such purpose, may be
        exchanged for another Rights Certificate or Rights Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate number of Preferred Shares as the Rights evidenced by the Rights Certificate or Rights
        Certificates surrendered shall have entitled such holder to purchase.  If this Rights Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender hereof another Rights Certificate or Rights Certificates for the
        number of whole Rights not exercised.

      Subject to the provisions of the Rights Agreement, the Rights evidenced by this Certificate (i) may be redeemed by the Company at a redemption price of $0.01
        per Right or (ii) may be exchanged in whole or in part for Preferred Shares or shares of the Company’s Common Stock, par value $0.01 per share.

      No fractional Preferred Shares will be issued upon the exercise of any Right or Rights evidenced hereby (other than fractions which are integral multiples of
        one one-thousandth of a Preferred Share, which may, at the election of the Company, be evidenced by depositary receipts), but in lieu thereof a cash payment will be made, as provided in the Rights Agreement.

      No holder of this Rights Certificate shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the Preferred Shares or of any
        other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a stockholder of
        the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting
        stockholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Rights Certificate shall have been exercised as provided in the Rights Agreement.

      This Rights Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Rights Agent.

      

      

      WITNESS the facsimile signature of the proper officers of the Company and its corporate seal.

      

      

      Dated as of __________ ___, _____.

      

      

      	
              ATTEST:

               

               

               

              ___________________________________

              Name:

              Title:

               

            	
              PERFORMANCE SHIPPING INC.

               

               

              By ___________________________________

              Name:

              Title:

               

            
	
              Countersigned:

              Computershare Inc., as Rights Agent

              By  _______________________________

              Authorized Signature

            	 

      

      

      

      

      

      

      

      

      

      

      
        B-2

        
          

      

      

      

      FORM OF REVERSE SIDE OF RIGHTS CERTIFICATE

      

      

      FORM OF ASSIGNMENT

      

      

      (To be executed by the registered holder if such

      holder desires to transfer the Rights Certificate.)

      

      

      FOR VALUE RECEIVED 

      hereby sells, assigns and transfers unto 

       

      

      (Please print name and address of transferee)

      

      

      this Rights Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint __________________ Attorney, to transfer the within Rights
        Certificate on the books of the within-named Company, with full power of substitution.

      

      

      

      

      Dated: __________ ___, _____.  

      Signature

      

      

      Signature Guaranteed:

      

      

      Signatures must be guaranteed by a participant in the Securities Transfer Agent Medallion Program, the Stock Exchanges Medallion Program or the New York Stock Exchange, Inc. Medallion Signature Program.

      

      

      Certificate

      The undersigned hereby certifies by checking the appropriate boxes that:

      

      

      (1)     this Rights Certificate [ ] is [ ] is not being sold, assigned or transferred by or on behalf of a Person who is or was an Acquiring Person or an Affiliate or Associate of any Acquiring Person
        (as such terms are defined in the Rights Agreement); and

      

      

      (2)     after due inquiry and to the best knowledge of the undersigned, it [ ] did [ ] did not acquire the Rights evidenced by this Rights Certificate from any Person who is, was or subsequently became
        an Acquiring Person or an Affiliate or Associate thereof.

      

      

      

      

      	
              Dated: __________ ___, _____.

            	
              ________________________________

            

      Signature

      Signature Guaranteed:

      

      

      Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company's transfer agent.

      
        B-3

        
          

      

      FORM OF ELECTION TO PURCHASE

      

      

      (To be executed by the registered holder if such holder

      desires to exercise Rights represented by the Rights Certificate.)

      

      

      	TO:	
              PERFORMANCE SHIPPING INC.

            

      

      

      The undersigned hereby irrevocably elects to exercise ____________ Rights represented by this Rights Certificate to purchase the Preferred Shares issuable upon the exercise of such Rights and
        requests that certificates for such Preferred Shares be issued in the name of and delivered to:

      

      

      ________________________________

      ________________________________

      ________________________________

      (Please print name and address)

      ________________________________

      Please insert social security

      or other tax identifying number

      

      

      If such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the balance remaining of such Rights shall be registered in the name of and
        delivered to:

      

      

      ________________________________

      ________________________________

      ________________________________

      (Please print name and address)

      ________________________________

      Please insert social security

      or other tax identifying number

      

      

      

      

      	
              Dated: __________ ___, _____.

            	
              ________________________________

            

      Signature Guaranteed:

      

      

      Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company's transfer agent.

      

      

      Certificate

      

      

      The undersigned hereby certifies by checking the appropriate boxes that:

      

      

      (1) this Rights Certificate [ ] is [
          ] is not being sold, assigned or transferred by or on behalf of a Person who is or was an Acquiring Person or an Affiliate or Associate of an Acquiring Person (as such terms are defined in the Rights Agreement); and

      

      

      (2) after due inquiry and to the
          best knowledge of the undersigned, it [ ] did [ ] did not acquire the Rights evidenced by this Rights Certificate from any Person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate of an Acquiring Person.

      

      

      

      

      	
              Dated: __________ ___, _____.

            	
              ________________________________

            

      Signature

      Signature Guaranteed:

      

      

      Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company's transfer agent.

      

      

      

      

      NOTICE

      

      

      The signature in the Form of Assignment or Form of Election to Purchase, as the case may be, must conform to the name as written upon the face of this Rights Certificate in every particular, without
        alteration or enlargement or any change whatsoever.

      

      

      In the event the certification set forth above in the Form of Assignment or the Form of Election to Purchase, as the case may be, is not completed, the Company and the Rights Agent will deem the
        beneficial owner of the Rights evidenced by this Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) and such Assignment or Election to Purchase will not be honored.

      

      

      
        B-4

        
          

      

      
      

      

      Exhibit C

      SUMMARY OF RIGHTS

      The Board of Directors (the “Board”) of Performance Shipping Inc., (the “Company”), authorized and declared a dividend distribution of one right (a “Right”)
        for each outstanding share of the common stock of the Company, par value $0.01 per share (the “Common Stock”), to stockholders of record at the close of business on December 30, 2021 (the “Record Date”). Each Right entitles the registered holder to
        purchase from the Company a unit consisting of one one-thousandth of a share (a “Unit”) of Series A Participating Preferred Stock, par value $0.01 per share (the “Preferred Stock”), at a purchase price of $50.00 per Unit, subject to adjustment (the
        “Purchase Price”). The terms of the Rights are set forth in the stockholders’ rights agreement (the “Agreement”) to which this exhibit is a part.

      Initially, the Rights will be attached to all Common Stock certificates (or with respect to uncertificated shares, by notation in book entry accounts
        reflecting ownership) representing shares then outstanding, and no separate rights certificates (“Rights Certificates”) will be distributed. Subject to certain exceptions specified in the Agreement, the Rights will separate from the Common Stock
        and a distribution date (a “Distribution Date”) will occur upon the earlier of (i) 10 calendar days (or such later date as the Board shall determine) after a person or group of affiliated or associated persons (an “Acquiring Person”) has acquired
        beneficial ownership, or obtained the right to acquire for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, and Rule 13d-3 thereunder (or any comparable or successor law or regulation), ten percent (10%) or more of the
        outstanding shares of Common Stock (the “Stock Acquisition Date”), or (ii) 10 business days (or such later date as the Board shall determine) after a person or group announces a tender or exchange offer, the consummation of which would result in
        such person or group becoming an Acquiring Person. Under certain circumstances, described in detail in the Agreement, a person or group of affiliated or associated persons, who beneficially own ten percent (10%) or more of the outstanding Common
        Stock, may not be deemed Acquiring Persons.

      Until the Distribution Date: (i) the Rights will be evidenced by the Common Stock certificates (including in the case of uncertificated shares, by notation in
        book entry accounts reflecting ownership) and will be transferred with, and only with, such Common Stock certificates (including in the case of uncertificated shares, by notation in book entry accounts reflecting ownership); (ii) new Common Stock
        certificates issued after the Record Date will contain a notation incorporating the Agreement by reference; and (iii) the surrender or transfer of any certificates of Common Stock outstanding will also constitute the transfer of the Rights
        associated with the Common Stock represented by such certificates.

      As soon as practicable after the Distribution Date, Rights Certificates will be mailed to holders of record of the Common Stock (and in the case of
        uncertificated shares, by notation in book entry accounts reflecting ownership) as of the close of business on the Distribution Date and, thereafter, the separate Rights Certificates alone will represent the Rights. The Rights are not exercisable
        prior to the Distribution Date and will expire on December 20, 2031 (the “Final Expiration Date”), unless such date is amended by the Board or the Rights are redeemed or exchanged by the Company.

      
        C-1

        
          

      

      In the event that a person or group of affiliated or associated persons becomes an Acquiring Person, each holder of a Right will thereafter have the right to
        receive, upon exercise, Common Stock (or, in certain circumstances, cash, property or other securities of the Company) having a value equal to two times the exercise price of the Right. Notwithstanding any of the foregoing, following the occurrence
        of the event set forth in this paragraph, all Rights that are, or were (under certain circumstances specified in the Agreement), beneficially owned by any Acquiring Person will be null and void. However, Rights are not exercisable following the
        occurrence of the event set forth above until such time as the Rights are no longer redeemable by the Company as set forth below.

      In the event that, at any time following the Stock Acquisition Date, (i) the Company engages in a merger or other business combination transaction in which the
        Company is not the surviving corporation, (ii) the Company engages in a merger or other business combination transaction in which the Company is the surviving corporation and the Common Stock of the Company is changed or exchanged, or (iii) 50% or
        more of the Company’s assets, cash flow or earning power is sold or transferred, each holder of a Right (except Rights which have previously been voided as set forth above) shall thereafter have the right to receive, upon exercise, common stock of
        the acquiring company having a value equal to two times the exercise price of the Right. The events set forth in this and the preceding paragraph are referred to as “Triggering Events.”

      At any time after a person becomes an Acquiring Person and prior to the acquisition by such person or group of fifty percent (50%) or more of the outstanding
        Common Stock, the Board may exchange the Rights (other than Rights owned by such person or group which have become null and void), in whole or in part, at an exchange ratio of one share of Common Stock per Right.

      At any time until ten business days following the Stock Acquisition Date, the Final Expiration Date or such earlier or later date as may be determined by the
        Board in an amendment to the Agreement, the Company may redeem the Rights in whole, but not in part, at a price of $0.01 per Right.  Immediately upon the action of the Board ordering redemption of the Rights, the Rights will terminate and the only
        right of the holders of Rights will be to receive the $0.01 redemption price.

      Until a Right is exercised, the holder thereof, as such, will have no separate rights as a stockholder of the Company, including, without limitation, the right
        to vote or to receive dividends in respect of the Rights.

      

      

      

      

      

      

      

      

      

      

    

    

    

    

    

    

  

  C-2Exhibit 10.1

 

AMENDMENT NO. 4 

TO 

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS AMENDMENT NO. 4 TO FOURTH
AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is made as of December 17, 2021 (the “Effective
Date”) by and among POLARIS INC., formerly known as Polaris Industries Inc. (the “Company”), certain of its
Affiliates listed on the signature pages hereto, the Lenders listed on the signature pages hereto and U.S. BANK NATIONAL ASSOCIATION,
as Administrative Agent (in such capacity, the “Administrative Agent”), under that certain Fourth Amended and Restated
Credit Agreement, dated as of July 2, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among the Company, certain of its Affiliates, the Lenders party thereto and the Administrative Agent. Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Credit Agreement.

 

WHEREAS, the Company has requested
certain modifications to the Credit Agreement; and

 

WHEREAS, the Lenders party
to this Amendment, the LC Issuer and the Administrative Agent agree to make such modifications pursuant to the terms and conditions hereof.

 

NOW, THEREFORE, in consideration
of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Loan Parties, the Lenders party hereto, the LC Issuer and the Administrative Agent hereby
agree as follows.

 

SECTION 1.     Amendments
to Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 3 below, the Credit
Agreement is hereby amended in its entirety pursuant to Exhibit A hereto. Each of (i) the Company, the Administrative
Agent and the LC Issuer hereby approve each 2021 Incremental Term Lender extending a 2021 Incremental Term Loan Commitment under Section 2.25
of the Credit Agreement, and (ii) the Required Lenders hereby approve the amendments to Section 2.25 of the Credit Agreement
as modified pursuant to Exhibit A hereto which specifically exclude the 2021 Incremental Term Loans from the requirement that
any Incremental Term Loans shall not mature earlier than the Facility Termination Date. No Lender is extending a 2021 Incremental Term
Loan other than those executing and delivering signature pages to this Amendment and that have 2021 Incremental Term Loan Commitments
included in Schedule 1.1, as modified hereby. The Company, the Administrative Agent, the LC Issuer and the 2021 Incremental Term Lenders,
which constitute Required Lenders under the Credit Agreement, hereby agree that this Amendment has been delivered in place of increasing
lender supplements in the form of Exhibit F to the Credit Agreement.

 

     

     

    

 

SECTION 2.     Representations
and Warranties. Each Borrower hereby represents and warrants as follows:

 

(a)            This
Amendment and the Credit Agreement as amended hereby constitute legal, valid and binding obligations of such Borrower enforceable against
such Borrower in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting
the enforcement of creditors’ rights generally.

 

(b)            There
exists no Default or Event of Default, nor will a Default or Event of Default result from the modifications contemplated hereby.

 

(c)            The
representations and warranties contained in Article V of the Credit Agreement are (x) with respect to any representations or
warranties that contain a materiality qualifier, true and correct in all respects and (y) with respect to any representations or
warranties that do not contain a materiality qualifier, true and correct in all material respects, in each case, as of the Effective Date,
except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation
or warranty shall have been true and correct on and as of such earlier date.

 

SECTION 3.     Conditions
Precedent. The effectiveness of this Amendment is subject to the conditions precedent that:

 

(a)            The
Administrative Agent shall have received counterparts of this Amendment duly executed by the Loan Parties, the Lenders required to execute
and deliver this Amendment, and the Administrative Agent.

 

(b)            The
Administrative Agent shall have received evidence reasonably satisfactory to it that the Loan Parties are authorized to execute and deliver
this Amendment.

 

(c)            The
Administrative Agent shall have received payment and/or reimbursement of the Administrative Agent’s reasonable and documented out-of-pocket
expenses (including, without limitation, actual reasonable and documented out-of-pocket fees, disbursements and other charges of outside
counsel to the Administrative Agent) in connection with preparation, negotiation and execution of this Amendment and any other document
required to be furnished herewith.

 

SECTION 4.     General.

 

(a)            Expenses.
The Company agrees to reimburse the Administrative Agent upon demand for all reasonable and documented out-of-pocket expenses incurred
by the Administrative Agent, including, without limitation, actual reasonable and documented out-of-pocket fees, disbursements and other
charges of outside counsel to the Administrative Agent, in connection with preparation, negotiation and execution of this Amendment and
any other document required to be furnished herewith.

 

(b)            Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature
page of this Amendment by facsimile or by email as a “.pdf” or “.tif” attachment shall be effective
as delivery of a manually executed counterpart of this Amendment. The words “execution,” “signed,” “signature,”
 “delivery,” and words of like import in or relating to any document to be signed in connection with this Amendment, the
documents delivered together herewith, and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and
as provided for in any applicable law, the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that, in
respect of documents to be signed by entities established within the European Union, the Electronic Signature qualifies as a “qualified
electronic signature” within the meaning of the Regulation (EU) n°910/2014 of the European parliament and of the Council of
23 July 2014 on electronic identification and trust services for electronic transaction in the internal market as amended from time
to time and provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or
format without its prior consent. For purposes hereof, “Electronic Signature” means electronic symbol or process attached
to, or associated with, a contract or other record and adopted by a person or entity with the intent to sign, authenticate or accept such
contract or record.

 

    2

     

    

 

(c)            Severability.
To the extent permitted by applicable law, any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the
validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction.

 

(d)            GOVERNING
LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS) OF
THE STATE OF MINNESOTA, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

 

(e)            Successors;
Enforceability. The terms and provisions of this Amendment shall be binding upon the Loan Parties, the Administrative Agent, the LC
Issuer and the Lenders and their respective successors and assigns, and shall inure to the benefit of the Loan Parties, the Administrative
Agent, the LC Issuer and the Lenders and the successors and assigns of the Administrative Agent and the Lenders.

 

(f)            Reference
to and Effect on the Credit Agreement.

 

(i)            Upon
the effectiveness of this Amendment, on and after the date hereof, each reference in the Credit Agreement to “this Agreement,”
 “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Credit
Agreement, as amended and modified hereby.

 

(ii)            Except
as specifically amended above, the Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection
therewith (including, without limitation, all of the Loan Documents) shall remain in full force and effect and are hereby ratified and
confirmed.

 

    3

     

    

 

(iii)            Except
as expressly set forth herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement or any other
documents, instruments and agreements executed and/or delivered in connection therewith.

 

(g)            Affirmation.
Each Loan Party, by its execution hereof, hereby ratifies and reaffirms its duties and obligations under each Loan Document to which it
is a party, and confirms that each such Loan Document remains in full force and effect, as amended or modified hereby, and enforceable
against it, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’
rights generally.

 

(h)            Headings, etc.
Section headings in this Amendment are for convenience of reference only, are not part of this Amendment and shall not affect the
construction of, or be taken into consideration in interpreting, this Amendment. This Amendment constitutes a Loan Document.

 

(i)            Release.
The matters set forth in this Amendment have been agreed to by the Administrative Agent and the Lenders as an accommodation to the Company.
In consideration of such accommodation, and acknowledging that the Administrative Agent and the Lenders will be specifically relying on
the following provisions as a material inducement in entering into this Amendment, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Company, on behalf of itself and each of its Subsidiaries and Affiliates,
and all of the successors and assigns of each of the foregoing (collectively, the “Releasors”), hereby completely,
voluntarily, knowingly, unconditionally and irrevocably releases and forever discharges each of the Administrative Agent and each Lender
and each of their respective agents, partners, servants, employees, directors, officers, attorneys, accountants, consultants, advisors,
professionals, principals, trustees, representatives, receivers, trustees, affiliates, subsidiaries and shareholders, each affiliate of
the foregoing and all of their respective predecessors, successors and assigns (collectively, the “Releasees”), from
any and all claims, actions, suits, damages, losses, obligations, remedies, causes of action, and other liabilities, including, without
limitation, any so-called “lender liability” claims or defenses (collectively, “Claims”), whether arising
in contract or in tort and whether at law or in equity, whether known or unknown, suspected or claimed, matured or contingent, liquidated
or unliquidated, which any of the Releasors ever had, now has or hereinafter can, shall or may have against any of the Releasees for,
upon or by reason of any matter, cause or thing whatsoever that shall have occurred on or prior to the date of this Amendment, in any
way concerning, relating to, or arising from (a) the Credit Agreement, the other Loan Documents, or any other agreements, documents,
or instruments executed and delivered in connection therewith, or any of the obligations thereunder, (b) the financial condition,
business operations, business plans, prospects or creditworthiness of the Company and its Subsidiaries, and/or (c) the negotiation,
documentation and execution of this Amendment and any documents relating hereto. This release shall be and remain in full force and effect
notwithstanding the discovery by any Releasor after the date hereof (w) of any new or additional claim against any Releasee, (x) of
any new or additional facts in any way relating to the subject matter of this release, (y) that any fact relied upon by it was incorrect
or (z) that any representation made by any Releasee was untrue. The Company, on behalf of itself and the other Releasors, acknowledges
and agrees that this release is intended to, and does, fully, finally and forever release all matters described herein, notwithstanding
the existence or discovery of any such new or additional Claims or facts, incorrect facts, misunderstanding of law or misrepresentation.
The Company, on behalf of itself and the other Releasors, covenants and agrees not to, commence, voluntarily aid in any way, prosecute
or cause to be commenced or prosecuted against any of the Releasees any action or other proceeding based upon any of the Claims released
hereby. Notwithstanding the foregoing, in no event shall the foregoing be interpreted, construed or otherwise deemed as an admission or
suggestion by the Administrative Agent or any Lender of any wrongdoing or liability owed to the Company or any other Person. The Company,
on behalf of itself and the other Releasors, understands, acknowledges and agrees that the release set forth above may be pleaded as a
full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted,
prosecuted or attempted in breach of the provisions of such release. The Company, on behalf of itself and the other Releasors, hereby
acknowledges that they collectively have been advised by legal counsel of the meaning and consequences of this release.

 

(signature pages follow)

 

    4

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the date first written above.

 

	 	POLARIS INC., formerly known as Polaris Industries Inc., as the Company
	 	 	 
	 	By:	/s/ Robert P. Mack
	 	Name: 	Robert P. Mack
	 	Title:	Chief Financial Officer
	 	 	 
	 	POLARIS SALES INC., as a Borrower
	 	 	 
	 	By: 	/s/ John G. Springer
	 	Name: 	John G. Springer
	 	Title:	Vice President and Assistant Treasurer

 

Signature Page to

Polaris Amendment No. 4

 

     

     

    

 

	 	POLARIS SALES EUROPE S. À R.L., as a Borrower
	 	 
	 	By: 	/s/ Laurent Kuhlmann 
	 	Name: 	Laurent Kuhlmann
	 	Title: 	Director
	 	 
	 	By:	    
	 	Name: 	 
	 	Title:	 

 

    2

     

    

 

	 	POLARIS ACCEPTANCE INC.
	 	POLARIS INDUSTRIES INC.
	 	TETON OUTFITTERS, LLC
	 	HIGHWATER MARINE LLC
	 	PONTOON BOAT, LLC
	 	 
	 	Each as a Guarantor
	 	 
	 	By:	 /s/ John G. Springer 
	 	Name:	 John G. Springer
	 	Title: 	Vice President and Assistant Treasurer
	 	 
	 	POLARIS BOATS LLC, as a Guarantor
	 	 
	 	By:	 /s/ Robert P. Mack 
	 	Name:	 Robert P. Mack
	 	Title: 	President
	 	 
	 	TAP AUTOMOTIVE HOLDINGS, LLC, as a Guarantor
	 	 
	 	By: 	/s/ John G. Springer 
	 	Name: 	John G. Springer
	 	Title: 	Vice President and Assistant Treasurer
	 	 
	 	NORTH 54 INSURANCE, INC., as a Guarantor
	 	 
	 	By:	 /s/ John G. Springer 
	 	Name: 	John G. Springer
	 	Title: 	Vice President and Treasurer
	 	 
	 	POLARIS SALES EUROPE INC., as a Guarantor
	 	 
	 	By: 	/s/ John G. Springer 
	 	Name: 	John G. Springer
	 	Title: 	Vice President and Treasurer

 

Signature Page to

Polaris
Amendment No. 4

 

     

     

    

 

	 	INDIAN MOTORCYCLE COMPANY
	 	INDIAN MOTORCYCLE INTERNATIONAL, LLC
	 	INDIAN MOTORCYCLE USA LLC
	 	 
	 	Each as a Guarantor
	 	 
	 	By: 	/s/ John G. Springer 
	 	Name:	 John G. Springer
	 	Title:	 Assistant Treasurer

 

Signature Page to

Polaris
Amendment No. 4

 

     

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender, LC Issuer and as Administrative Agent
	 	 
	 	By: 	/s/ Tim Landro 
	 	Name:	 Tim Landro
	 	Title: 	Senior Vice President

 

Signature Page to

Polaris
Amendment No. 4

 

     

     

    

 

	 	BANK OF AMERICA, N.A., as an LC Issuer and a Lender
	 	 
	 	By: 	/s/ Stephen J. D’Elia 
	 	Name: 	Stephen J. D’Elia
	 	Title: 	Vice President

 

Signature Page to

Polaris
Amendment No. 4

 

     

     

    

 

	 	MUFG BANK, LTD., as a Lender
	 	 
	 	By: 	/s/ Eric Hill 
	 	Name: 	Eric Hill
	 	Title: 	Authorized Signatory

 

Signature Page to

Polaris
Amendment No. 4

 

     

     

    

 

	 	WELLS FARGO BANK, NATIONAL
	 	ASSOCIATION, as a Lender
	 	 
	 	By:	 /s/ Bradley Magnus 
	 	Name: 	Bradley Magnus
	 	Title: 	Vice President

 

Signature Page to

Polaris
Amendment No. 4

 

     

     

    

 

	 	BANK OF THE WEST, as a Lender
	 	 
	 	By: 	/s/ David Wang 
	 	Name:	 David Wang
	 	Title: 	Director

 

Signature Page to

Polaris
Amendment No. 4

 

     

     

    

 

	 	BMO HARRIS BANK N.A., as a Lender
	 	 
	 	By: 	/s/ Sean T. Ball  
	 	Name: 	Sean T. Ball
	 	Title: 	Managing Director

 

Signature Page to

Polaris
Amendment No. 4

 

     

     

    

 

	 	FIFTH THIRD BANK, as a Lender
	 	 
	 	By: 	/s/ Kurt Marsan  
	 	Name: 	Kurt Marsan
	 	Title: 	Vice President

 

Signature Page to

Polaris
Amendment No. 4

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as a Lender
	 	 
	 	By: 	/s/ Heather Hoopingarner  
	 	Name: 	Heather Hoopingarner
	 	Title: 	Vice President

 

Signature Page to

Polaris
Amendment No. 4

 

     

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION,
	 	as a Lender
	 	 
	 	By: 	/s/ Donna Benson  
	 	Name: 	Donna Benson
	 	Title: 	Assistant Vice President

 

Signature Page to

Polaris
Amendment No. 4

 

     

     

    

 

	 	TRUIST BANK (f/k/a Branch Banking & Trust Company), as a Lender
	 	 
	 	By: 	/s/ Steve Curran  
	 	Name: 	Steve Curran
	 	Title: 	Director

 

Signature Page to

Polaris
Amendment No. 4

 

     

     

    

 

	 	CITIBANK, N.A., as a Lender
	 	 
	 	By: 	/s/ Andrew Stella  
	 	Name: 	Andrew Stella
	 	Title: 	Vice President

 

Signature Page to

Polaris
Amendment No. 4

 

     

     

    

 

Exhibit A

 

Credit Agreement, as amended

 

Attached

 

     

     

    

 

Deal CUSIP: 73107FAD7

Revolving Loan CUSIP: 73107FAE5

Initial Term Loan CUSIP: 73107FAF2

2021 Incremental Term Loan CUSIP: 73107FAG0

 

FOURTH AMENDED AND RESTATED

CREDIT AGREEMENT

 

DATED AS OF JULY 2, 2018

 

AMONG

 

POLARIS INC. (FORMERLY KNOWN AS POLARIS INDUSTRIES
INC.), POLARIS 

SALES INC., POLARIS SALES EUROPE S. À R.L., ONE OR MORE DOMESTIC 

SUBSIDIARIES DESIGNATED HEREAFTER AS DOMESTIC BORROWERS
AND 

ONE OR MORE FOREIGN SUBSIDIARIES DESIGNATED HEREAFTER AS 

FOREIGN BORROWERS,

 

THE LENDERS,

 

U.S. BANK NATIONAL ASSOCIATION,

AS ADMINISTRATIVE AGENT,

 

U.S. BANK NATIONAL ASSOCIATION,

AS LEFT LEAD ARRANGER AND LEAD BOOK RUNNER,

 

BOFA SECURITIES, INC. (FORMERLY KNOWN AS MERRILL
LYNCH, PIERCE, 

FENNER & SMITH INCORPORATED),

WELLS FARGO SECURITIES, LLC, and

MUFG BANK, LTD.,

AS JOINT LEAD ARRANGERS, JOINT BOOK RUNNERS AND SYNDICATION 

AGENTS,

 

AND

 

BANK OF THE WEST, TRUIST BANK (FORMERLY KNOWN
AS BRANCH 

BANKING & TRUST COMPANY), FIFTH THIRD BANK, NATIONAL ASSOCIATION, 

JPMORGAN CHASE BANK, N.A., PNC BANK, NATIONAL ASSOCIATION,
and BMO HARRIS BANK N.A.,

AS DOCUMENTATION AGENTS

 

     

     

    

 

Table of Contents

 

Page

 

	ARTICLE I	DEFINITIONS	1

 

		1.1.	Definitions	1

 

		1.2.	Loan Classes	48

 

		1.3.	Divisions	48

 

		1.4.	LIBOR Notifications	48

 

	ARTICLE II	THE CREDITS	48

 

		2.1.	Commitments	48

 

		2.2.	Determination of Dollar Amounts; Required Payments; Termination	49

 

		2.3.	Ratable Loans; Types of Advances	49

 

		2.4.	Swing Line Loans	50

 

		2.5.	Facility Fees	51

 

		2.6.	Minimum Amount of Each Advance	51

 

		2.7.	Reductions in Aggregate Commitment; Optional and Mandatory Principal Payments	52

 

		2.8.	Method of Selecting Types, Classes and Interest Periods for New Advances	52

 

		2.9.	Conversion and Continuation of Outstanding Advances; Maximum Number of Interest Periods	53

 

		2.10.	Interest Rates	54

 

		2.11.	Rates Applicable After Event of Default	55

 

		2.12.	Method of Payment; Repayment of Term Loans	56

 

		2.13.	Noteless Agreement; Evidence of Indebtedness	57

 

		2.14.	Telephonic Notices	57

 

		2.15.	Interest Payment Dates; Interest and Fee Basis	58

 

		2.16.	Notification of Advances, Interest Rates, Prepayments and Commitment Reductions	58

 

		2.17.	Lending Installations	58

 

		2.18.	Non-Receipt of Funds by the Administrative Agent	59

 

		2.19.	Facility LCs	59

 

		2.20.	Replacement of Lender	65

 

		2.21.	Limitation of Interest	66

 

		2.22.	Defaulting Lenders	66

 

		2.23.	Market Disruption	70

 

		2.24.	Judgment Currency	70

 

		2.25.	Increase Option	71

 

		2.26.	Foreign Borrowers	72

 

		2.27.	Liability of the Borrowers	72

 

		2.28.	Extensions of Commitments	75

 

    i

     

    

 

	ARTICLE III	YIELD PROTECTION; TAXES	76

 

		3.1.	Yield Protection	76

 

		3.2.	Changes in Capital Adequacy Regulations	77

 

		3.3.	Availability of Types of Advances; Adequacy of Interest Rate	77

 

		3.4.	Funding Indemnification	82

 

		3.5.	Taxes	83

 

		3.6.	Selection of Lending Installation; Mitigation Obligations; Lender Statements; Survival of Indemnity	87

 

		3.7.	Non-U.S. Reserve Costs or Fees	87

 

		3.8.	Illegality	88

 

	ARTICLE IV	CONDITIONS PRECEDENT	88

 

		4.1.	Effectiveness	88

 

		4.2.	Each Credit Extension	91

 

		4.3.	Initial Advance to Each Borrower	91

 

	ARTICLE V	REPRESENTATIONS AND WARRANTIES	92

 

		5.1.	Existence and Standing	92

 

		5.2.	Authorization and Validity	92

 

		5.3.	No Conflict; Government Consent	93

 

		5.4.	Financial Statements; Internal Control Event	93

 

		5.5.	Material Adverse Change	93

 

		5.6.	Taxes	93

 

		5.7.	Litigation	94

 

		5.8.	Non-Bank Rules	94

 

		5.9.	ERISA	94

 

		5.10.	Accuracy of Information	95

 

		5.11.	Intellectual Property	96

 

		5.12.	Affected Financial Institution	96

 

		5.13.	Compliance With Laws	96

 

		5.14.	Ownership of Properties	96 

 

		5.15.	Plan Assets; Prohibited Transactions	96

 

		5.16.	Environmental Matters	97

 

		5.17.	Government Regulation	97

 

		5.18.	Insurance	97

 

		5.19.	Solvency	98

 

		5.20.	No Default	98

 

		5.21.	Foreign Borrowers	98

 

		5.22.	Foreign Employee Benefit Matters	99

 

		5.23.	Sanctioned Persons	99

 

    ii

     

    

 

	ARTICLE VI	COVENANTS	99

 

		6.1.	Financial Reporting	99

 

		6.2.	Material Subsidiaries	101

 

		6.3.	Use of Proceeds	102

 

		6.4.	Notice of Material Events	102

 

		6.5.	Conduct of Business	102

 

		6.6.	Taxes	103

 

		6.7.	Insurance	103

 

		6.8.	Compliance with Laws and Material Contractual Obligations	103

 

		6.9.	Maintenance of Properties	103

 

		6.10.	Books and Records; Inspection	103

 

		6.11.	Payment of Obligations	104

 

		6.12.	Indebtedness	104

 

		6.13.	[Intentionally Omitted]	104

 

		6.14.	Merger	104

 

		6.15.	Sale of Assets	105

 

		6.16.	Investments	106

 

		6.17.	Liens	106

 

		6.18.	Affiliates	108

 

		6.19.	Sale and Leaseback Transactions	108

 

		6.20.	[Reserved]	108

 

		6.21.	Fiscal Year; Accounting; Organizational Documents	109

 

		6.22.	No Other Negative Pledges	109

 

		6.23.	PAI Assets	109

 

		6.24.	No Limitations	109

 

	 	6.25.	Financial Covenants 	109

 

		6.26.	Anti-Corruption Compliance	110

 

		6.27.	Non-Bank Rules	110

 

		6.28.	Most-Favored Lender	110

 

    iii

     

    

 

	ARTICLE VII	DEFAULTS	112

 

	ARTICLE VIII	ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES	114

 

		8.1.	Acceleration; Remedies	114

 

		8.2.	Application of Funds	115

 

		8.3.	Amendments	116

 

	ARTICLE IX	GENERAL PROVISIONS	118

 

		9.1.	Survival of Representations	118

 

		9.2.	Governmental Regulation	118

 

		9.3.	Headings	118

 

		9.4.	Entire Agreement	118

 

		9.5.	Several Obligations; Benefits of this Agreement	118

 

		9.6.	Expenses; Indemnification	119

 

		9.7.	Numbers of Documents	120

 

		9.8.	Accounting	120

 

		9.9.	Severability of Provisions	120

 

		9.10.	Nonliability of Lenders	121

 

		9.11.	Confidentiality	121

 

		9.12.	Nonreliance	122

 

		9.13.	Disclosure	122

 

		9.14.	USA PATRIOT ACT NOTIFICATION	122

 

		9.15.	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	122

 

		9.16.	Erroneous Payments	123

 

		9.17.	Acknowledgement Regarding Any Supported QFCs	124

 

    iv

     

    

 

	ARTICLE X	THE ADMINISTRATIVE AGENT	125

 

		10.1.	Appointment; Nature of Relationship	125

 

		10.2.	Powers	126

 

		10.3.	General Immunity	126

 

		10.4.	No Responsibility for Loans, Recitals, etc.	126

 

		10.5.	Action on Instructions of Lenders	126

 

		10.6.	Employment of Administrative Agents and Counsel	127

 

		10.7.	Reliance on Documents; Counsel	127

 

		10.8.	Administrative Agent’s Reimbursement and Indemnification	127

 

		10.9.	Notice of Event of Default	128

 

		10.10.	Rights as a Lender	128

 

		10.11.	Lender Credit Decision, Legal Representation	128

 

		10.12.	Successor Administrative Agent	129

 

		10.13.	Administrative Agent and Arranger Fees	129

 

		10.14.	Delegation to Affiliates	130

 

		10.15.	Collateral Releases	130

 

		10.16.	Co-Agents, Documentation Agent, Syndication Agent, etc.	130

 

		10.17.	No Advisory or Fiduciary Responsibility	130

 

		10.18.	Certain ERISA Matters	131

 

	ARTICLE XI	SETOFF; RATABLE PAYMENTS	132

 

		11.1.	Setoff	132

 

		11.2.	Ratable Payments	133

 

	ARTICLE XII	BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS	133

 

		12.1.	Successors and Assigns	133

 

		12.2.	Participations	134

 

		12.3.	Assignments	136

 

		12.4.	Dissemination of Information	137

 

		12.5.	Tax Treatment	137

 

	ARTICLE XIII	NOTICES	138

 

		13.1.	Notices; Effectiveness; Electronic Communication	138

 

    v

     

    

 

	ARTICLE XIV	COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION; ELECTRONIC RECORDS	139

 

		14.1.	Counterparts; Effectiveness	139

 

		14.2.	Electronic Execution of Assignments	139

 

		14.3.	Electronic Records	139

 

	ARTICLE XV	EFFECT OF AMENDMENT	140

 

		15.1.	Effect of Amendment and Restatement	140

 

	ARTICLE XVI	CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	140

 

		16.1.	CHOICE OF LAW	140

 

		16.2.	CONSENT TO JURISDICTION	140

 

		16.3.	WAIVER OF JURY TRIAL	141

 

    vi

     

    

 

EXHIBITS

 

EXHIBIT A – Form of Opinion

 

EXHIBIT B – Form of Compliance Certificate

 

EXHIBIT C – Form of Assignment and Assumption
Agreement 

 

EXHIBIT D – Form of Borrowing Notice

 

EXHIBIT E-1 – Form of Domestic Borrower
Revolving Note 

 

EXHIBIT E-2 – Form of Foreign Borrower
Revolving Note 

 

EXHIBIT E-3 – Form of Domestic Borrower
Term Note 

 

EXHIBIT E-4 – Form of Foreign Borrower
Term Note 

 

EXHIBIT F – Form of Increasing Lender
Supplement 

 

EXHIBIT G – Form of Augmenting Lender
Supplement 

 

EXHIBIT H – Form of Assumption Letter

 

SCHEDULES

 

PRICING SCHEDULE

 

SCHEDULE 1.1 – Commitments 

 

SCHEDULE 2.1.1 – Existing Loans 

 

SCHEDULE 5.14 – Properties 

 

SCHEDULE 6.16 – Investments 

 

SCHEDULE 6.17 – Liens

 

    vii

     

    

 

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

This Agreement, dated as of
July 2, 2018, is among Polaris Inc. (formerly known as Polaris Industries Inc.), Polaris Sales Inc., any other Domestic Subsidiary that
hereafter becomes a party to this Agreement as a Domestic Borrower, Polaris Sales Europe S. à r.l., as a Foreign Borrower, any
other Foreign Subsidiary that hereafter becomes a party to this Agreement as a Foreign Borrower, the Lenders and U.S. Bank National
Association, a national banking association, as LC Issuer, Swing Line Lender and as Administrative Agent. The parties hereto agree as
follows:

 

ARTICLE
I

DEFINITIONS

 

1.1.           
Definitions.

 

As used in this Agreement:

 

“10 Non-Bank Rule”
means the rule that the aggregate number of Lenders under this Agreement (or respectively under any Class of Loan if the Swiss Federal
Tax Administration has confirmed that each applicable Class of Loans can be considered as a separate financing for Swiss Withholding Tax
purposes) which are not Qualifying Banks must not at any time exceed ten (10), all in accordance with the meaning of the Guidelines or
legislation or explanatory notes addressing the same issues that are in force at such time.

 

“20 Non-Bank Rule”
means the rule that the aggregate number of creditors (including the Lenders), other than Qualifying Banks, of a Swiss Borrower under
all its outstanding debts relevant for classification as debenture (Kassenobligation) must not at any time exceed twenty (20), all in
accordance with the meaning of the Guidelines or legislation or explanatory notes addressing the same issues that are in force at such
time.

 

“2021 Incremental
Term Lender” means, as of any date of determination, a Lender having a 2021 Incremental Term Loan Commitment.

 

“2021 Incremental
Term Loan” means, with respect to a Lender, such Lender’s loan made pursuant to its commitment to lend set forth in Section 2.1.3
(or any conversion or continuation thereof).

 

“2021 Incremental
Term Loan Commitment” means, for each 2021 Incremental Term Lender, the obligation of such 2021 Incremental Term Lender to make
2021 Incremental Term Loans to the Company in an aggregate amount not exceeding the amount set forth on Schedule 1.1, as it
may be modified as a result of any assignment that has become effective pursuant to Section 12.3.3 or as otherwise modified from
time to time pursuant to the terms hereof.

 

“2021 Incremental
Facility Termination Date” means December 16, 2022.

 

“Acceptance Partnership”
means Polaris Acceptance, an Illinois general partnership.

 

     

     

    

 

“Acceptance Partnership
Agreement” means that certain Amended and Restated Partnership Agreement, dated as of February 28, 2011, between PAI and
CDF Joint Ventures, Inc., pursuant to which the Acceptance Partnership is governed, as the same may be amended, restated or otherwise
modified from time to time.

 

“Acquisition”
means the acquisition by any Person of (a) all or substantially all of the Equity Interests of another Person, (b) all or substantially
all of the assets of another Person or (c) all or substantially all of a line of business of another Person, in each case whether or not
involving a merger or consolidation with such other Person.

 

“Adjusted Covenant
Holiday” means, in connection with any Material Acquisition, the Company’s written request (sent by the Company to the
Administrative Agent at least ten (10) Business Days’ prior to consummating such Material Acquisition) to increase the Net Leverage
Ratio then in effect to the level set forth in the proviso in Section 6.25.2; provided, that (i) the Borrower may not request an
Adjusted Covenant Holiday until there has been at least two (2) full fiscal quarters since the last Adjusted Covenant Period ended, (ii)
no Default or Event of Default shall be in existence immediately before or after (including for the avoidance of doubt, after giving effect
to the increase in the Net Leverage Ratio level then in effect pursuant to such requested Adjusted Covenant Holiday) the consummation
of the applicable Material Acquisition, (iii) such request shall be given effect concurrently with the consummation of the applicable
Material Acquisition and (iv) no more than three (3) such increases may occur during the term of this Agreement.

 

“Adjusted Covenant
Period” is defined in Section 6.25.2.

 

“Administrative Agent”
means U.S. Bank in its capacity as contractual representative of the Lenders pursuant to Article X, and not in its individual
capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article X.

 

“Advance”
means a borrowing hereunder, (i) made by some or all of the Lenders on the same Borrowing Date, or (ii) converted or continued
by the Lenders on the same date of conversion or continuation, consisting, in either case, of the aggregate amount of the several Loans
of the same Type and Class and, in the case of Eurocurrency Loans (other than RFR Loans), for the same Interest Period. The term “Advance”
shall include Swing Line Loans unless otherwise expressly provided.

 

“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affected Lender”
is defined in Section 2.20.

 

“Affiliate”
of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person, including,
without limitation, such Person’s Subsidiaries. A Person shall be deemed to control another Person if the controlling Person owns
10% or more of any class of Equity Interests of the controlled Person or possesses, directly or indirectly, the power to direct or cause
the direction of the management or policies of the controlled Person, whether through ownership of Equity Interests, by contract or otherwise.

 

    2 

     

    

 

“Aggregate Commitment”
means the aggregate of the Commitments of all the Lenders, as reduced from time to time pursuant to the terms hereof. As of the Amendment
No. 4 Effective Date, the Aggregate Commitment (including, for purposes hereof, the fully funded Initial Term Loans and the 2021 Incremental
Term Loans outstanding on such date) is $2,376,000,000.

 

“Aggregate Initial
Term Loan Commitment” means the aggregate of the Initial Term Loan Commitments of all the Lenders. As of the Amendment No. 4
Effective Date, such commitments were fully funded, and the aggregate outstanding principal amount of the Initial Term Loans equals $876,000,000.

 

“Aggregate 2021 Incremental
Term Loan Commitment” means the aggregate of the 2021 Incremental Term Loan Commitments of all the Lenders. As of the 2021 Incremental
Term Loan Effective Date, the Aggregate 2021 Incremental Term Loan Commitment is $500,000,000.

 

“Aggregate Outstanding
Credit Exposure” means, at any time, the aggregate of the Outstanding Credit Exposure of all the Lenders.

 

“Aggregate Outstanding
Revolving Credit Exposure” means, at any time, the aggregate of the Outstanding Revolving Credit Exposure of all the Lenders.

 

“Aggregate Outstanding
Term Loan Credit Exposure” means, at any time, the aggregate of the Outstanding Initial Term Loan Credit Exposure and the Outstanding
2021 Incremental Term Loan Credit Exposure of all the Lenders.

 

“Aggregate Revolving
Commitment” means the aggregate of the Revolving Commitments of all the Lenders, as reduced from time to time pursuant to the
terms hereof. As of the Amendment No. 3 Effective Date, the Aggregate Revolving Commitment is $1,000,000,000.

 

“Agreed Currencies”
means (i) Dollars, (ii) so long as such currencies remain Eligible Currencies, Pounds Sterling, Canadian Dollars, Swiss Francs,
Euros and Australian Dollars, and (iii) any other Eligible Currency which the Borrowers request the Administrative Agent to include
as an Agreed Currency hereunder and which is acceptable to all of the Lenders.

 

“Agreement”
means this Fourth Amended and Restated Credit Agreement, as it may be amended or modified and in effect from time to time.

 

“Alternate Base
Rate” means, for any day, a rate of interest per annum equal to the highest of (a) 0%, (b) the Prime Rate for such day,
(c) the sum of the Federal Funds Effective Rate for such day plus 0.50% per annum and (d) the Daily LIBO Rate (without giving
effect to the Applicable Margin but adjusted for Reserve Requirements) for a one-month Interest Period on such day (or if such day
is not a Business Day, the immediately preceding Business Day) for Dollars plus 1.00%; provided that the Daily LIBO
Rate for such day shall be based on the LIBO Screen Rate for such day (or, if unavailable for a one-month period, the LIBO
Interpolated Rate for such day) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a
change in the Prime Rate, the Federal Funds Effective Rate, or the Daily LIBO Rate shall be effective from the effective date of
such change. If the Alternate Base Rate is being used when Advances accruing interest at the LIBO Rate are unavailable pursuant to
the terms hereof, then the Alternate Base Rate shall be the highest of clauses (a), (b) and (c) above, without reference to clause
(d) above.

 

    3 

     

    

 

“Amendment No. 1”
means Amendment No. 1 to this Agreement, dated as of the Amendment No. 1 Effective Date, by and among the Borrowers party thereto, the
Lenders party thereto, and the Administrative Agent.

 

“Amendment No. 1
Effective Date” means May 26, 2020.

 

“Amendment No. 2”
means Amendment No. 2 to this Agreement, dated as of the Amendment No. 2 Effective Date, by and among the Borrowers party thereto, the
Lenders party thereto, and the Administrative Agent.

 

“Amendment No. 2
Effective Date” means January 15, 2021.

 

“Amendment No. 3”
means Amendment No. 3 to this Agreement, dated as of the Amendment No. 3 Effective Date, by and among the Borrowers party thereto, the
Lenders party thereto, and the Administrative Agent.

 

“Amendment No. 3
Effective Date” means June 30, 2021.

 

“Amendment No. 4”
means Amendment No. 4 to this Agreement, dated as of December 17, 2021, by and among the Company, the Lenders party thereto, and the Administrative
Agent.

 

“Amendment No. 4
Effective Date” means December 17, 2021.

 

“Anti-Corruption
Laws” means, all laws, rules, and regulations of any jurisdiction applicable to the Company or its Subsidiaries, if any, from
time to time concerning or relating to bribery or corruption.

 

“Applicable Facility
Fee Rate” means, at any time, the percentage rate per annum at which Facility Fees are accruing on the Revolving Commitment
(without regard to usage) at such time as set forth in the Pricing Schedule.

 

“Applicable Insolvency
Laws” is defined in Section 2.27.9.

 

“Applicable Margin”
means, with respect to Advances of any Type and any Class at any time, the percentage rate per annum which is applicable at such time
with respect to Advances of such Type and such Class as set forth in the Pricing Schedule.

 

“Approved Fund”
means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate
of an entity that administers or manages a Lender.

 

“Approximate Equivalent
Amount” of any currency with respect to any amount of Dollars shall mean the Equivalent Amount of such currency with respect
to such amount of Dollars on or as of such date, rounded up to the nearest amount of such currency as determined by the Administrative
Agent from time to time.

 

    4 

     

    

 

“Arranger”
means U.S. Bank, and its successors, in its capacity as Lead Arranger and Lead Book Runner.

 

“Article”
means an article of this Agreement unless another document is specifically referenced.

 

“Asset Sale”
means the sale, lease, transfer, or other voluntary disposition (in one transaction or in a series of related transactions, and whether
effected pursuant to a division or otherwise) of any Property by any Person, including any sale, assignment, transfer or other disposal,
with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith; provided, that those
sales, leases, transfers, or other dispositions described in clauses (i) through (vi) of Section 6.15 shall not constitute Asset Sales
for purposes hereof.

 

“Assumption Letter”
means a letter of a Foreign Subsidiary of the Company addressed to the Lenders in substantially the form of Exhibit H hereto
pursuant to which such Foreign Subsidiary agrees to become a Foreign Borrower and agrees to be bound by the terms and conditions hereof
as applicable to a Foreign Borrower and as if originally a party hereto.

 

“Attributable Indebtedness”
means, on any date, (a) in respect of any Capital Lease of any Person, the amount required to be listed as a finance lease that would
appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, (b) in respect of any Synthetic Lease,
the amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person as a finance lease
prepared as of such date in accordance with GAAP if such lease were accounted for as a Capital Lease, (c) in respect of any Securitization
Transaction of such Person, the outstanding principal amount of such financing, after taking into account reserve accounts and making
appropriate adjustments, determined by the Administrative Agent in its reasonable judgment and (d) in respect of any Sale and Leaseback
Transaction, the present value (discounted in accordance with GAAP at the debt rate implied in the applicable lease) of the obligations
of the lessee for rental payments during the term of such lease).

 

“AUD Screen Rate”
means, with respect to any Interest Period, the average bid reference rate administered by the Australian Financial Markets Association
(or any other Person that takes over the administration of such rate) for Australian dollars bills of exchange with a tenor equal in length
to such Interest Period as displayed on page BBSY of the Reuters screen or, in the event such rate does not appear on such Reuters page,
on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service
that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion, shall be the
greater of (i) 0% and (ii) a rate as selected by the Administrative Agent from time to time in its reasonable discretion.

 

“Augmenting Lender”
is defined in Section 2.25.

 

“Australian Dollars,”
 “AUD” and “A$” denote the lawful currency of the Commonwealth of Australia.

 

“Authorized Officer”
means, with respect to any Borrower, any of the president, chief financial officer, vice president of finance, treasurer or assistant
treasurer of such Borrower, acting singly.

 

    5 

     

    

 

“Auto-Extension Facility
LC” means a Facility LC that includes provisions to provide for the automatic extension of the expiry date thereof without further
action by the LC Issuer.

 

“Available Aggregate
Revolving Commitment” means, at any time, the Aggregate Revolving Commitment then in effect minus the Aggregate Outstanding
Revolving Credit Exposure at such time.

 

“Available Aggregate
2021 Incremental Term Loan Commitment” means, at any time, the Aggregate 2021 Incremental Term Loan Commitment then in effect
minus the aggregate Outstanding 2021 Incremental Term Loan Credit Exposures at such time.

 

“Available Aggregate
Initial Term Loan Commitment” means, at any time, the Aggregate Initial Term Loan Commitment then in effect minus the aggregate
Outstanding Initial Term Loan Credit Exposures at such time.

 

“Available Aggregate
Term Loan Commitment” means the sum of the Available Aggregate 2021 Incremental Term Loan Commitment and the Available Aggregate
Initial Term Loan Commitment.

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark for any Agreed Currency, as applicable, any tenor
for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof),
as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining
any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance
of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to Section 3.3.6.

 

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

 

“Bail-In Legislation”
means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time
to time that is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United
Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating
to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through
liquidation, administration or other insolvency proceedings).

 

“Base Rate”
means, for any day, a rate per annum equal to (i) the Alternate Base Rate for such day plus (ii) the Applicable Margin, in each
case changing when and as the Alternate Base Rate or the Applicable Margin changes.

 

“Base Rate Advance”
means an Advance which, except as otherwise provided in Section 2.11, bears interest at the Base Rate.

 

    6 

     

    

 

“Base Rate Loan”
means a Loan which, except as otherwise provided in Section 2.11, bears interest at the Base Rate.

 

“Benchmark”
means, initially, with respect to any Loan in any Agreed Currency, the applicable Relevant Rate for such Agreed Currency; provided
that if a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable,
and its related Benchmark Replacement Date have occurred with respect to the applicable Relevant Rate or the then-current Benchmark for
such Agreed Currency, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement
has replaced such prior benchmark rate pursuant to Sections 3.3.2 and 3.3.3.

 

“Benchmark Replacement”
means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent
for the applicable Benchmark Replacement Date; provided that, in the case of any Loan denominated in an Agreed Currency other than
Dollars or in the case of an Other Benchmark Rate Election, “Benchmark Replacement” shall mean the alternative set forth in
(3) below:

 

(1)       in
the case of any Loan denominated in Dollars, the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

(2)       in
the case of any Loan denominated in Dollars, the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

(3)       the
sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Company as the replacement for the
then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement
benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing
market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated
in the applicable Agreed Currency at such time in the United States and (b) the related Benchmark Replacement Adjustment;

 

provided that, in the case of clause (1),
such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time
as selected by the Administrative Agent in its reasonable discretion; provided further that, in the case of clause (3), when such
clause is used to determine the Benchmark Replacement in connection with the occurrence of an Other Benchmark Rate Election, the alternate
benchmark rate selected by the Administrative Agent and the Company shall be the term benchmark rate that is used in lieu of a LIBOR-based
rate in the relevant other Dollar-denominated syndicated credit facilities; provided further that, notwithstanding anything to
the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term SOFR Transition Event, and the delivery of
a Term SOFR Notice, on the applicable Benchmark Replacement Date, the “Benchmark Replacement” shall revert to and shall
be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1) of this definition
(subject to the first proviso above).

 

    7 

     

    

 

If the Benchmark Replacement as determined pursuant
to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes
of this Agreement and the other Loan Documents.

 

“Benchmark Replacement
Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for
any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1)       for
purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order
below that can be determined by the Administrative Agent:

 

(a)       the
spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero)
as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the
Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable
Corresponding Tenor;

 

(b)       the
spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set
for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective
upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

 

(2)       for
purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining
such spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the
Company for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment,
or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted
Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing
market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in the applicable
Agreed Currency at such time;

 

provided that, in the case of clause (1)
above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from
time to time as selected by the Administrative Agent in its reasonable discretion.

 

    8 

     

    

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Business
Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of
interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the
applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent
decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration
thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent
decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent
determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of
administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement
and the other Loan Documents).

 

“Benchmark Replacement
Date” means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current
Benchmark:

 

(1)       in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement
or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component
used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component
thereof);

 

(2)       in
the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published
component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such
Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by
reference to the most recent statement or publication referenced in such clause (3) and even if any Available Tenor of such Benchmark
(or such component thereof) continues to be provided on such date;

 

(3)       in
the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR Notice is provided to the Lenders
and the Borrower pursuant to Section 3.3.3; or

 

(4)       in
the case of an Early Opt-in Election or an Other Benchmark Rate Election, the sixth (6th) Business Day after the date notice of such Early
Opt-in Election or Other Benchmark Rate Election, as applicable, is provided to the Lenders, so long as the Administrative Agent has not
received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election or Other
Benchmark Rate Election, as applicable, is provided to the Lenders, written notice of objection to such Early Opt-in Election or Other
Benchmark Rate Election, as applicable, from Lenders comprising the Required Lenders.

 

For the avoidance of doubt, (i) if the event
giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any
determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and
(ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to
any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available
Tenors of such Benchmark (or the published component used in the calculation thereof).

 

    9 

     

    

 

“Benchmark Transition
Event” means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current
Benchmark:

 

(1) a public statement or publication
of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing
that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently
or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue
to provide any Available Tenor of such Benchmark (or such component thereof);

 

(2) a public statement or publication
of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation
thereof), the Federal Reserve Board, the NYFRB, the central bank for the Agreed Currency applicable to such Benchmark, an insolvency official
with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator
for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator
for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased
or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor
of such Benchmark (or such component thereof); or

 

(3) a public statement or publication
of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation
thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future
date will no longer be, representative.

 

For the avoidance of doubt, a “Benchmark
Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information
set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the
calculation thereof).

 

“Benchmark Unavailability
Period” means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date
pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.3 and (y) ending at the time that a Benchmark
Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section
3.3.

 

    10 

     

    

 

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

 

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

 

“Boat Holdings Deferred
Payments” means the deferred payments payable under Section 2.5 of the Boat Holdings Merger Agreement when and in the amount
payable.

 

“Boat Holdings Merger
Agreement” means that certain Agreement and Plan of Merger among Polaris Inc. (formerly known as Polaris Industries Inc.), Polaris
Sales Inc., Beam Merger Sub, LLC, Boat Holdings, LLC and Jonathan Victor as the Holder Representative dated as of May 29, 2018.

 

“BofA”
means Bank of America, N.A., a national banking association (or any subsidiary or affiliate of BofA designated by BofA).

 

“Borrowers”
means the Domestic Borrowers and the Foreign Borrowers.

 

“Borrowing Date”
means a date on which an Advance is made or a Facility LC is issued hereunder.

 

“Borrowing Notice”
is defined in Section 2.8.

 

“Business Day”
means, any day (other than a Saturday or a Sunday) on which banks are open for business in New York City, New York and Minneapolis, Minnesota;
provided that, (a) in relation to Loans denominated in Sterling and in relation to the calculation or computation of LIBOR, any
day (other than a Saturday or a Sunday) on which banks are open for business in London, England (b) in relation to Loans denominated in
Euros and in relation to the calculation or computation of EURIBOR, any day which is a TARGET Day, (c) in relation to RFR Loans and any
interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings in the applicable
Agreed Currency of such RFR Loan, any such day that is only an RFR Business Day, (d) in relation to Loans denominated in Canadian Dollars,
any day (other than a Saturday or a Sunday) on which banks are open for business in Toronto, Ontario and (e) in relation to Loans denominated
in an Agreed Currency other than Dollars and not covered by clauses (a), (b), (c) or (d), such other business day as determined by the
Administrative Agent in consultation with the Company, giving effect to market conventions for business-day determinations in respect
of such Agreed Currency.

 

“Canadian Dollar”
and “CAD” means the lawful currency of Canada.

 

“Capital Lease”
of a Person means any lease of Property by such Person as lessee which would be required to be listed as a finance lease on a balance
sheet of such Person prepared in accordance with GAAP.

 

“Cash
Collateralize” means to deposit in the Facility LC Collateral Account or to pledge and deposit with or deliver to the
Administrative Agent, for the benefit of one or more of the LC Issuer or Lenders, as collateral for LC Obligations or obligations of
Lenders to fund participations in respect of LC Obligations, cash or deposit account balances or, if the Administrative Agent and
the LC Issuer shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and
substance satisfactory to the Administrative Agent and the LC Issuer.

 

    11 

     

    

 

“Cash Collateral”
shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

 

“Cash Equivalent
Investments” means (i) securities issued directly and fully guaranteed or insured by the United States of America or any
agency or instrumentality thereof (provided that the full faith and credit of the United States of America is pledged in support thereof)
having maturities of not more than twelve months from the date of acquisition, (ii) time and demand deposits, certificates of deposit
and banker’s acceptances of (a) any Lender, (b) any commercial bank (whether domestic or foreign) having capital and surplus
in excess of $500,000,000 or any bank whose short-term commercial paper rating from S&P is at least A-1 or the equivalent thereof
or from Moody’s I at least P-1 or the equivalent thereof (any such bank being an “Approved Bank”), (iii) commercial
paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued
by, or guaranteed by, any domestic corporation rated A-1 (or the equivalent thereof) or better by S&P or P-1 (or the equivalent
thereof) or better from Moody’s, (iv) repurchase agreements with a bank or trust company (including any of the Lenders) or
recognized securities dealer having capital and surplus in excess of $500,000,000 for direct obligations issued by or fully guaranteed
by the United States of America in which a Borrower shall have a perfected first priority security interest (subject to no other Liens)
and having, on the date of purchase thereof, a fair market value of at least 100% of the amount of the repurchase obligations, (v) Investments
in tax exempt municipal bonds rated AA (or the equivalent thereof) or better by S&P or Aa2 (or the equivalent thereof) or better by
Moody’s, (vi) Investments, classified in accordance with GAAP as current assets, in money market investment programs registered
under the Investment Company Act of 1940, as amended, which are administered by reputable financial institutions having capital of at
least $500,000,000 and the portfolios of which are limited to Investments of the character described in the foregoing subdivisions (i) through
(v) and (vii) shares of money market mutual funds that are rated at least “AAAm” or “AAA-G” by S&P or
 “P-1” or better by Moody’s.

 

“Cash Management
Services” means any banking services that are provided to the Company or any of its Subsidiaries by the Administrative Agent
or any of its Affiliates (other than pursuant to this Agreement) or any other Lender or any of its Affiliates, including without limitation:
(a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase cards, (e) stored value
cards, (f) automated clearing house or wire transfer services, or (g) treasury management, including controlled disbursement, consolidated
account, lockbox, overdraft, return items, sweep and interstate depository network services.

 

“CDOR
Rate” means, with respect to the relevant Interest Period, the per annum rate equal to the greater of (a) 0% and
(b) arithmetic average of the annual yield rates applicable to Canadian Dollar bankers’ acceptances for such Interest
Period (or if such Interest Period is not equal to a number of months, for a term equivalent to the number of months closest to such
Interest Period) on the “CDOR Page” (or any display substituted therefor) of Reuters Monitor Money Rates Services
(or if the CDOR Page (or substitution therefor) is not available to the Administrative Agent for any reason, such other generally
recognized financial information service reporting Canadian interbank bid rates for Canadian Dollar bankers’ acceptances as
may be designated by the Administrative Agent from time to time) at or about 10:00 a.m. (Toronto, Ontario time) two
(2) Business Days prior to the commencement of such Interest Period; provided, that if such CDOR rate is
unavailable at any time pursuant to the foregoing methodology, such rate shall be the greater of (i) 0% and (ii) an
alternative published interest rate reported by a generally recognized financial information service selected by the Administrative
Agent using its reasonable judgment.

 

    12 

     

    

 

 

“Central Bank Rate”
means, (A) the greater of (i) for any Loan denominated in (a) Sterling, the Bank of England (or any successor thereto)’s “Bank
Rate” as published by the Bank of England (or any successor thereto) from time to time, (b) Euros, one of the following three rates
as may be selected by the Administrative Agent in its reasonable discretion: (1) the fixed rate for the main refinancing operations of
the European Central Bank (or any successor thereto), or, if that rate is not published, the minimum bid rate for the main refinancing
operations of the European Central Bank (or any successor thereto), each as published by the European Central Bank (or any successor thereto)
from time to time, (2) the rate for the marginal lending facility of the European Central Bank (or any successor thereto), as published
by the European Central Bank (or any successor thereto) from time to time or (3) the rate for the deposit facility of the central banking
system of the Participating Member States, as published by the European Central Bank (or any successor thereto) from time to time, (c)
Swiss Francs, the policy rate of the Swiss National Bank (or any successor thereto) as published by the Swiss National Bank (or any successor
thereto) from time to time and (d) any other Agreed Currency determined on or after the Effective Date, a central bank rate as determined
by the Administrative Agent in its reasonable discretion and (ii) 0%; plus (B) the applicable Central Bank Rate Adjustment.

 

“Central Bank
Rate Adjustment” means, for any day, for any Loan denominated in (a) Euros, a rate equal to the difference (which may be a
positive or negative value or zero) of (i) the average of the EURIBOR Rate for the five most recent Business Days preceding such day
for which the EURIBOR Screen Rate was available (excluding, from such averaging, the highest and the lowest EURIBOR Rate applicable
during such period of five Business Days) minus (ii) the Central Bank Rate in respect of Euros in effect on the last Business
Day in such period, (b) Sterling, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the
average of SONIA for the five most recent RFR Business Days preceding such day for which SONIA was available (excluding, from such
averaging, the highest and the lowest SONIA applicable during such period of five RFR Business Days) minus (ii) the Central
Bank Rate in respect of Sterling in effect on the last RFR Business Day in such period, (c) Swiss Francs, a rate equal to the
difference (which may be a positive or negative value or zero) of (i) the average of SARON for the five most recent RFR Business
Days preceding such day for which SARON was available (excluding, from such averaging, the highest and the lowest SARON applicable
during such period of five RFR Business Days) minus (ii) the Central Bank Rate in respect of Swiss Francs in effect on the
last RFR Business Day in such period, and (d) any other Agreed Currency (other than Dollars and those described above) determined
after the Amendment No. 3 Effective Date, a Central Bank Rate Adjustment as determined by the Administrative Agent in its reasonable
discretion. For purposes of this definition, (x) the term Central Bank Rate shall be determined disregarding clause (B) of the
definition of such term and (y) the EURIBOR Rate on any day shall be based on the EURIBOR Screen Rate on such day at approximately
the time referred to in the definition of such term for deposits in the applicable Agreed Currency for a maturity of one month (or,
in the event the EURIBOR Screen Rate for deposits in the applicable Agreed Currency is not available for such maturity of one month,
shall be based on the EURIBOR Interpolated Rate as of such time); provided that if such rate shall be less than 0%, such rate shall
be deemed to be 0%.

 

    13 

     

    

 

“Change in Law”
means the adoption of or change in any law, governmental or quasi- governmental rule, regulation, policy, guideline, interpretation, or
directive (whether or not having the force of law) or in the interpretation, promulgation, implementation or administration thereof by
any Governmental or quasi-Governmental Authority, central bank or comparable agency charged with the interpretation or administration
thereof, including, notwithstanding the foregoing, all requests, rules, guidelines or directives (x) in connection with the Dodd-Frank
Wall Street Reform and Consumer Protection Act or (y) promulgated by the Bank for International Settlements, the Basel Committee
on Banking Supervision (or any successor or similar authority) or the United States financial regulatory authorities, in each case of
clauses (x) and (y), regardless of the date enacted, adopted, issued, promulgated or implemented, or compliance by any Lender or
applicable Lending Installation or the LC Issuer with any request or directive (whether or not having the force of law) of any such authority,
central bank or comparable agency.

 

“Change of Control”
means either of the following events: (a) any “person” or “group” (within the meaning of Section 13(d)
or 14(d) of the Exchange Act) has become, directly or indirectly, the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Exchange Act), by way of merger, consolidation or otherwise of 25% or more of the voting Equity Interests of the Company on
a fully-diluted basis, after giving effect to the conversion and exercise of all outstanding warrants, options and other securities of
the Company convertible into or exercisable for voting Equity Interests of the Company (whether or not such securities are then currently
convertible or exercisable); (b) during any period of twelve calendar months, individuals who at the beginning of such period constituted
the board of directors of the Company together with any new members of such board of directors whose elections by such board of directors
or whose nomination for election by the stockholders of the Company was approved by a vote of a majority of the members of such board
of directors then still in office who either were directors at the beginning of such period or whose election or nomination for election
was previously so approved cease for any reason to constitute a majority of the directors of the Company then in office, or (c) the
Company shall cease to own, directly or indirectly, 100% of the Equity Interests of each other Borrower, other than as a result of any
transaction permitted by this Agreement.

 

“Class”
when used in reference to any Loan or Advance, refers to whether such Loan, or the Loans comprising such Advance, are Revolving Loans,
Initial Term Loans or 2021 Incremental Term Loans.

 

“Code”
means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time.

 

“Collateral Shortfall
Amount” is defined in Section 8.1(a).

 

“Commitments”
means, for each Lender, the sum of such Lender’s Revolving Commitment, Initial Term Loan Commitment and 2021 Incremental Term Loan
Commitment.

 

    14 

     

    

 

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

 

“Company”
means Polaris Inc. (formerly known as Polaris Industries Inc.), a Minnesota corporation, and its successors and assigns.

 

“Computation Date”
means each date that is (a) three (3) Business Days prior to a Borrowing Date, (b) three (3) Business Days prior to the date
of the conversion or continuation of an Advance, (c) three (3) Business Days prior to the issuance or Modification of a Facility LC, (d) three
(3) Business Days prior to any Non-Extension Notice Date (e) the date of any draw under a Facility LC, (f) the last Business
Day of each month, or (g) any other Business Day elected by the Administrative Agent in its discretion or upon instruction by the
Required Lenders.

 

“Consolidated EBIT”
means, for any period, Consolidated Net Income for such period (excluding the effect of any extraordinary, non-recurring or unusual gains
or losses (including any gain or loss from the sale of Property or any impairment charges or inventory write-offs)) plus, to the
extent deducted from revenues in determining Consolidated Net Income for such period (excluding the effect of any extraordinary, non-recurring
or unusual gains or losses (including any gain or loss from the sale of Property or any impairment charges or inventory write-offs)),
(i) Consolidated Interest Expense for such period, and (ii) total Federal, state, foreign or other income taxes for such period
for the Company and its Subsidiaries on a consolidated basis.

 

“Consolidated EBITDA”
means, for any period, Consolidated EBIT for such period plus, to the extent deducted from revenues in determining Consolidated
Net Income for such period, depreciation and amortization for such period. If, during the period for which Consolidated EBITDA of the
Company is being calculated, the Company or any Subsidiary has (x) acquired sufficient Equity Interests of a Person to cause such
Person to become a Subsidiary; (y) acquired all or substantially all of the assets or operations, division or line of business of
a Person; or (z) disposed of one or more Subsidiaries (or disposed of all or substantially all of the assets or operations, division or
line of business of a Subsidiary or other Person), Consolidated EBITDA shall be calculated after giving pro forma effect thereto
as if all such acquisitions and dispositions had occurred on the first day of such period.

 

“Consolidated Funded
Indebtedness” means at any time, without duplication, the sum of (a) the principal amount of all obligations of the Company
and its Subsidiaries for borrowed money, (b) all purchase money Indebtedness of the Company and its Subsidiaries, (c) the principal
portion of all obligations of the Company and its Subsidiaries under Capital Leases and (d) all drawn but unreimbursed amounts under
all Letters of Credit (other than Letters of Credit supporting trade payables in the ordinary course of business) issued for the account
of the Company or any of its Subsidiaries.

 

“Consolidated Interest
Expense” means, with reference to any period, the interest expense of the Company and its Subsidiaries for such period determined
in accordance with GAAP.

 

“Consolidated Net
Income” means, with reference to any period, the net income (or loss) of the Company and its Subsidiaries calculated on a consolidated
basis for such period.

 

    15 

     

    

 

“Consolidated Net
Worth” means stockholders’ equity of the Company and its Subsidiaries, determined on a consolidated basis in accordance
with GAAP.

 

“Consolidated Revenue”
means, with reference to any period, the revenue of the Company and its Subsidiaries for such period calculated on a consolidated basis.

 

“Controlled Group”
means all members of a controlled group of corporations or other business entities and all trades or businesses (whether or not incorporated)
under common control which, together with the Company or any of its Subsidiaries, are treated as a single employer under Section 414
of the Code.

 

“Conversion/Continuation
Notice” is defined in Section 2.9.

 

“Corresponding Tenor”
with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately
the same length (disregarding business day adjustment) as such Available Tenor.

 

“Credit Extension”
means the making of an Advance or the issuance of a Facility LC hereunder.

 

“Daily LIBO Base
Rate” means, for any Business Day, the greater of (a) 0% and (b) the LIBO Rate for a one-month Interest Period as
reported as of 11:00 a.m. (London time) for such day. For purposes of determining any interest rate hereunder or under any other
Loan Document which is based on the Daily LIBO Base Rate, such interest rate shall change as and when the Daily LIBO Base Rate shall change.

 

“Daily LIBO Loan”
means a Swing Line Loan which, except as otherwise provided in Section 2.11, bears interest at the Daily LIBO Rate.

 

“Daily LIBO Rate”
means, with respect to a Swing Line Loan, the sum of (a) the quotient of (i) the Daily LIBO Base Rate, divided by (ii) one
minus the Reserve Requirement (expressed as a decimal) applicable to an Interest Period of one month, plus (b) the Applicable Margin.

 

“Daily
Simple RFR” means, for any day (an “RFR Interest Day”), an interest rate per annum equal to the greater of
(a) for any RFR Loan denominated in (i) Sterling, SONIA for the day that is 5 Business Days prior to (A) if such RFR Interest Day is a
Business Day, such RFR Interest Day or (B) if such RFR Interest Day is not a Business Day, the Business Day immediately preceding such
RFR Interest Day and (ii) Swiss Francs, SARON for the day that is 5 Business Days prior to (A) if such RFR Interest Day is a Business
Day, such RFR Interest Day or (B) if such RFR Interest Day is not a Business Day, the Business Day immediately preceding such RFR Interest
Day and (b) 0%. Any change in Daily Simple RFR due to a change in the applicable RFR shall be effective from and including the effective
date of such change in the RFR without notice to the Company.

 

“Daily Simple
SOFR” means, for any day, SOFR, with the conventions for this rate (which may include a lookback) being established by the
Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for
determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agent decides that any
such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another
convention in its reasonable discretion.

 

    16 

     

    

 

“Debtor Relief Laws”
means the Bankruptcy Code of the United States of America, 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.

 

“Default”
means an event which but for the lapse of time or the giving of notice, or both, would constitute an Event of Default.

 

“Defaulting Lender”
means, subject to Section 2.22(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business
Days after the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrowers
in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each
of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied
or waived, or (ii) pay to the Administrative Agent, the LC Issuer, the Swing Line Lender or any other Lender any other amount required
to be paid by it hereunder (including in respect of its participation in Facility LCs or Swing Line Loans) within two (2) Business
Days after the date when due, (b) has notified the Borrowers, the Administrative Agent, the LC Issuer or the Swing Line Lender in
writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless
such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is
based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable
default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three
(3) Business Days after written request by the Administrative Agent or the Borrowers, to confirm in writing to the Administrative
Agent and the Borrowers that it will comply with its prospective funding obligations hereunder (provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent
and the Borrowers), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding
under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for
the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets (other than an Undisclosed
Administration), including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such
a capacity, or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely
by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a
Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction
of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or
such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination
by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be
conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.22(b))
upon delivery of written notice of such determination to the Borrowers, the LC Issuer, the Swing Line Lender and each Lender.

 

    17 

     

    

 

“Deposits”
is defined in Section 11.1.

 

“Designated Currencies”
means, with respect to (a) Polaris Sales Europe S. à r.l., Dollars, Swiss Francs and Euros and (b) each other Foreign
Borrower, the Agreed Currencies designated for such Foreign Borrower in the Assumption Letter applicable to such Foreign Borrower.

 

“Discretionary Currency”
means any currency other than an Agreed Currency which is requested by the Borrowers and acceptable to an LC Issuer in its sole discretion
at the time of each issuance of a Facility LC to be denominated in such other currency. For the avoidance of doubt, the decision by an
LC Issuer to issue a Facility LC denominated in a particular currency (other than an Agreed Currency) shall not imply any agreement by
such LC Issuer to issue future Facility LCs in the same currency.

 

“Dollar,”
 “$” and “USD” means the lawful currency of the United States of America.

 

“Dollar Amount”
means, on any date of determination, (a) with respect to any amount in Dollars, such amount and (b) with respect to any amount
in an Agreed Currency or Discretionary Currency, the equivalent in Dollars of such amount, determined by the Administrative Agent pursuant
to Section 2.2 using the Exchange Rate with respect to such Agreed Currency or Discretionary Currency at the time in effect or determined
by the LC Issuer pursuant to Section 2.12(a) based on its actual cost of funds and in accordance with its standard practices.

 

“Domestic Borrower”
means the Company, Polaris Sales, Inc., a Minnesota corporation, and each other Subsidiary of the Company incorporated or organized under
the laws of the United States of America, any State thereof or the District of Columbia that is approved as a Domestic Borrower by the
Required Lenders, and any such Domestic Borrower’s respective successors and assigns.

 

“Domestic Borrower
Obligations” means all Obligations, including without limitation all unpaid principal of and accrued and unpaid interest on
any Advances made to any Borrower, all LC Obligations, all obligations in connection with Cash Management Services, all Rate Management
Obligations, all accrued and unpaid fees related to any of the foregoing and all expenses, reimbursements, indemnities and other obligations
of the Borrowers to the Lenders or to any Lender, the Administrative Agent, the LC Issuer or any indemnified party arising under the Loan
Documents.

 

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

 

“Early Opt-in Election”
means, if the then current Benchmark with respect to Dollars is the LIBO Rate, the occurrence of:

 

(1)       a
notification by the Administrative Agent to (or the request by the Company to the Administrative Agent to notify) each of the other
parties hereto that at least five currently outstanding Dollar denominated syndicated credit facilities at such time contain (as a
result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as
a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review),
and

 

    18 

     

    

 

(2)       the
joint election by the Administrative Agent and the Company to trigger a fallback from the LIBO Rate and the provision, as applicable,
by the Administrative Agent of written notice of such election to the Company and the Lenders.

 

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

 

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

 

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

 

“Effective Date”
means July 2, 2018.

 

“Eligible Assignee”
means (i) a Lender; (ii) an Approved Fund; (iii) a commercial bank organized under the laws of the United States, or any
state thereof, and having total assets in excess of $3,000,000,000, calculated in accordance with the accounting principles prescribed
by the regulatory authority applicable to such bank in its jurisdiction of organization; (iv) a commercial bank organized under the
laws of any other country that is a member of the Organisation for Economic Co-operation and Development (“OECD”),
or a political subdivision of any such country, and having total assets in excess of $3,000,000,000, calculated in accordance with the
accounting principles prescribed by the regulatory authority applicable to such bank in its jurisdiction of organization, so long as such
bank is acting through a branch or agency located in the country in which it is organized or another country that is described in this
clause (iv); or (v) the central bank of any country that is a member of the OECD; provided, however, that none of the following
shall qualify as an Eligible Assignee: the Company, any Affiliate of the Company, any Defaulting Lender or any of its Subsidiaries, or
any natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural
Person).

 

    19 

     

    

 

“Eligible
Currency” means any lawful currency other than Dollars that is not restricted, readily available, freely traded, in which
deposits are customarily offered to banks in the London interbank market (or other applicable interbank market designated by the
Administrative Agent), convertible into Dollars in the international interbank market available to the Lenders in such market and as
to which a Dollar Amount may be readily calculated. If, after the designation by the Lenders of any currency as an Agreed Currency,
currency control or other exchange regulations are imposed in the country in which such currency is issued, or any other event
occurs, in each case with the result that different types of such currency are introduced, such country’s currency is
(i) in the determination of the Administrative Agent, no longer readily available or freely traded, or (ii) as to which,
in the determination of the Administrative Agent, a Dollar Amount is not readily calculable a “Disqualifying Event”),
then the Administrative Agent shall promptly notify the Lenders, the Domestic Borrowers and any applicable Foreign Borrower, and
such country’s currency shall no longer be an Agreed Currency until such time as the Disqualifying Event(s) no longer exist,
but in any event within five (5) Business Days after receipt of such notice from the Administrative Agent, the Domestic
Borrowers or such applicable Foreign Borrower shall repay all Loans in such currency to which the Disqualifying Event applies or
convert such Loans into the Dollar Amount of Loans in Dollars, subject to the other terms contained in Article II.

 

“Environmental Claim”
means any claim for injury, damages or harm to the environment, natural resource damages, personal injury, clean-up costs, clean-up work,
corrective action, or any other remedy available under Environmental Laws or other applicable laws related to the release or threatened
release of Hazardous Materials, including, but not limited to any remedy under civil, criminal or administrative laws and procedures.

 

“Environmental Laws”
means any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations, ordinances, rules, judgments, orders,
decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other governmental restrictions relating
to (i) the protection of the environment, (ii) the effect of the environment on human health, (iii) emissions, discharges
or releases of Hazardous Materials in, on or about surface water, ground water or land, or (iv) the manufacture, processing, distribution,
use, treatment, storage, disposal, transport or handling of pollutants, contaminants, Hazardous Materials or the clean-up or other remediation
thereof.

 

“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.

 

“Equivalent
Amount” of any currency at any date means the equivalent in U.S. Dollars of such currency, calculated on the basis of the
arithmetic mean of the buy and sell spot rates of exchange of the Administrative Agent in the London interbank market (or other
market where the Administrative Agent’s foreign exchange operations in respect of such currency are then being conducted) for
such other currency at or about 11:00 a.m. (local time applicable to the transaction in question) on the date on which such
amount is to be determined, rounded up to the nearest amount of such currency as determined by the Administrative Agent from time to
time; provided, however, that if at the time of any such determination, for any reason, no such spot rate is being quoted, the
Administrative Agent may use any reasonable method it deems appropriate to determine such amount, and such determination shall be
conclusive absent manifest error.

 

    20 

     

    

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder.

 

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

 

“ERISA Event”
means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with
respect to a Plan (other than an event for which the 30- day notice period is waived); (b) any failure by any Plan to satisfy the
minimum funding standard (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Plan, whether
or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(c) of ERISA of an application for a
waiver of the minimum funding standard with respect to any Plan; (d) a determination that any Plan is, or is expected to be, in “at
risk” status (as defined in Section 430(i)(4) of the Code or Section 304(i)4 of ERISA); (e) the incurrence by the
Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (f) the
receipt by the Company or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate
any Plan or Plans or to appoint a trustee to administer any Plan; (g) the incurrence by the Company or any of its Subsidiaries or
ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal of the Company or any of its ERISA Affiliates from
any Plan or Multiemployer Plan; (h) the receipt by the Company, any Subsidiary of the Company or any ERISA Affiliate of any notice,
or the receipt by any Multiemployer Plan from the Company, any Subsidiary of the Company or any ERISA Affiliate of any notice, concerning
the imposition upon the Company, any Subsidiary of the Company or any ERISA Affiliate of withdrawal liability under Sections 4201
or 4204 of ERISA or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning
of Title IV of ERISA or, in endangered or critical status, within the meaning of Section 432 of the Code or Section 305
of ERISA, or (i) the adoption of an amendment to any Plan requiring the provision of security to such Plan pursuant to Section 307
of ERISA.

 

“ESG” has
the meaning set forth in the Pricing Schedule.

 

“ESG Amendment”
has the meaning set forth in the Pricing Schedule.

 

“ESG Pricing Provisions”
has the meaning set forth in the Pricing Schedule.

 

“EU” means
the European Union.

 

“EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in
effect from time to time.

 

    21 

     

    

 

“EURIBOR
Interpolated Rate” means, at any time, with respect to any Term Benchmark Advance denominated in Euros and for any
Interest Period, the rate per annum (rounded to the same number of decimal places as the EURIBOR Screen Rate) determined by the
Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that
results from interpolating on a linear basis between: (a) the EURIBOR Screen Rate for the longest period (for which the EURIBOR
Screen Rate is available for Euros) that is shorter than the Impacted EURIBOR Rate Interest Period; and (b) the EURIBOR Screen Rate
for the shortest period (for which the EURIBOR Screen Rate is available for Euros) that exceeds the Impacted EURIBOR Rate Interest
Period, in each case, at such time; provided that, if any EURIBOR Interpolated Rate shall be less than 0%, such rate shall be
deemed to be 0% for the purposes of this Agreement.

 

“EURIBOR Rate”
means, with respect to any Term Benchmark Advance denominated in Euros and for any Interest Period, the EURIBOR Screen Rate at approximately
11:00 a.m., Brussels time, two TARGET Days prior to the commencement of such Interest Period; provided that, if the EURIBOR Screen Rate
shall not be available at such time for such Interest Period (an “Impacted EURIBOR Rate Interest Period”) with respect
to Euros then the EURIBOR Rate shall be the EURIBOR Interpolated Rate.

 

“EURIBOR Screen Rate”
means the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration
of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page EURIBOR01
of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other
information service which publishes that rate from time to time in place of Thomson Reuters as of 11:00 a.m. Brussels time two TARGET
Days prior to the commencement of such Interest Period. If such page or service ceases to be available, the Administrative Agent may specify
another page or service displaying the relevant rate after consultation with the Company. If the EURIBOR Screen Rate shall be less than
0%, the EURIBOR Screen Rate shall be deemed to be 0% for purposes of this Agreement. “Euro” and “EUR”
means the single currency of the participating member states of the EU.

 

“Eurocurrency Advance”
means an Advance which, except as otherwise provided in Section 2.11, bears interest at the applicable Eurocurrency Rate (which,
for Eurocurrency Advances other than RFR Advances, also shall have a corresponding Interest Period).

 

“Eurocurrency Base
Rate” means, with respect to a Eurocurrency Advance:

 

(i)        the
AUD Screen Rate for Advances in Australian Dollars (determined as of the Quotation Date therefor);

 

(ii)       the
CDOR Rate for Advances in Canadian Dollars (determined as of the Quotation Date therefor);

 

(iii)       the
EURIBOR Rate for Advances in Euro (determined as of the Quotation Date therefor);

 

(iv)       the
LIBO Rate for Advances in Dollars (determined as of the Quotation Date therefor);

 

    22 

     

    

 

(v)       the
applicable Daily Simple RFR for Advances in Sterling and Swiss Francs (determined as of the Quotation Date therefor); or

 

(vi)       in
any Agreed Currency other than the foregoing, the greater of (a) 0% and (b) the applicable interest settlement rate for deposits
in the applicable Agreed Currency administered by ICE Benchmark Administration (or any other Person that takes over the administration
of such rate) appearing on the applicable Reuters Screen (or on any successor or substitute page on such screen) for such Agreed Currency
as of 11:00 a.m. (London time) on the Quotation Date for the applicable Interest Period, and having a maturity equal to such Interest
Period; provided, that, if the applicable Reuters Screen (or on any successor or substitute page) for such Agreed Currency is not
available to the Administrative Agent for any reason, the applicable Eurocurrency Base Rate for the relevant Interest Period shall instead
be the greater of (i) 0% and (ii) the applicable interest settlement rate for deposits in the applicable Agreed Currency administered
by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) as reported by any other generally
recognized financial information service selected by the Administrative Agent as of 11:00 a.m. (London time) on the Quotation Date
for such Interest Period, and having a maturity equal to such Interest Period.

 

“Eurocurrency Loan”
means a Loan which, except as otherwise provided in Section 2.11, bears interest at the applicable Eurocurrency Rate.

 

“Eurocurrency Rate”
means, with respect to a Eurocurrency Advance, the sum of (i) the quotient of (a) the Eurocurrency Base Rate applicable thereto,
divided by (b) one minus the Reserve Requirement (expressed as a decimal) applicable thereto (where such Reserve Requirement if applicable
for the relevant Agreed Currency), plus (ii) the Applicable Margin, with such determination being tied to an Interest Period for
Eurocurrency Advances other than RFR Advances.

 

“Event of Default”
is defined in Article VII.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Exchange Rate”
means on any day, for purposes of determining the Dollar Amount of any other currency, the rate at which such other currency may be exchanged
into Dollars at the time of determination on such day on the Reuters WRLD Page for such currency. In the event that such rate does not
appear on any Reuters WRLD Page, the Exchange Rate shall be determined by reference to such other publicly available service for displaying
exchange rates as may be agreed upon by the Administrative Agent and the Borrowers, or, in the absence of such an agreement, such Exchange
Rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative Agent in the market where its foreign
currency exchange operations in respect of such currency are then being conducted, at or about such time as the Administrative Agent shall
elect after determining that such rates shall be the basis for determining the Exchange Rate, on such date for the purchase of Dollars
for delivery two (2) Business Days later; provided that if at the time of any such determination, for any reason, no such spot
rate is being quoted, the Administrative Agent may use any reasonable method it deems appropriate to determine such rate, and such determination
shall be presumed correct absent manifest error.

 

    23 

     

    

 

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

 

“Excluded Taxes”
means, in the case of each Lender or applicable Lending Installation, the LC Issuer, and the Administrative Agent, (i) Taxes imposed
on its overall net income, franchise Taxes, and branch profits Taxes imposed on it, by the respective jurisdiction under the laws of which
such Lender, the LC Issuer or the Administrative Agent is incorporated or is organized or in which its principal executive office is located
or, in the case of a Lender, in which such Lender’s applicable Lending Installation is located, (ii) in the case of a Non-U.S.
Lender, any U.S. federal withholding Tax that is imposed on amounts payable to such Non-U.S. Lender pursuant to the laws in effect
at the time such Non-U.S. Lender becomes a party to this Agreement or designates a new Lending Installation, except in each case to the
extent that, pursuant to Section 3.5(a), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately
before such Lender became a party hereto or to such Lender immediately before it changed its Lending Installation, (iii) is attributable
to the Non-U.S. Lender’s failure to comply with Section 3.5(f), (iv) any U.S. federal withholding Taxes imposed by
FATCA and (v) any Swiss Withholding Taxes to be deducted from payments to a specific Lender (but without prejudice to the rights
of the remaining Lenders) imposed as a direct result of such Lender having made (or having become a Lender respectively a Participant
as a result of) an assignment or transfer by Participation without the consent of the Company (if so required pursuant to Section 12)
or which would not have been imposed if on the date on which the payment falls due the Lender had been a Qualifying Bank, but on that
date that Lender is not or has ceased to be a Qualifying Bank other than as a result of any change after the date it became a Lender under
this Agreement in (or in the interpretation, administration, or application of) any law or treaty, or any published practice or published
concession of any relevant taxing authority.

 

“Exhibit”
refers to an exhibit to this Agreement, unless another document is specifically referenced.

 

“Existing Commitment” means
the Commitment (as such term is defined in the Existing Credit Agreement) of an Existing Lender under and pursuant to the Existing Credit
Agreement.

 

“Existing Credit
Agreement” means that certain Third Amended and Restated Credit Agreement dated November 9, 2016 by and among the Borrowers
party thereto, the Lenders party thereto and U.S. Bank National Association, as administrative agent and as further amended, supplemented
or otherwise modified prior to the Effective Date.

 

    24 

     

    

 

“Existing Lender”
means the financial institutions party to the Existing Credit Agreement as lenders.

 

“Existing Revolving
Loans” means the Revolving Loans (as such term is defined in the Existing Credit Agreement) of an Existing Lender under and
pursuant to the Existing Credit Agreement.

 

“Existing Term Loans”
means the Term Loans (as such term is defined in the Existing Credit Agreement) of an Existing Lender under and pursuant to the Existing
Credit Agreement.

 

“Extended Termination
Date” is defined in Section 2.28(a).

 

“Extending Lender”
means an Existing Lender that, on or prior to the Effective Date, executes and delivers to the Administrative Agent (or its counsel) a
counterpart of this Agreement.

 

“Extension”
is defined in Section 2.28(a).

 

“Extension Amendments”
is defined in Section 2.28(b).

 

“Extension Offer”
is defined in Section 2.28(a).

 

“Facility Fees”
means fees payable to the Lenders pursuant to Section 2.5.

 

“Facility LC”
is defined in Section 2.19.1.

 

“Facility LC Application”
is defined in Section 2.19.3.

 

“Facility LC Collateral
Account” is defined in Section 2.19.11.

 

“Facility LC Sublimit”
means $100,000,000.

 

“Facility Termination
Date” means June 30, 2026, or any earlier date on which the Aggregate Commitment is reduced to zero or otherwise terminated
pursuant to the terms hereof.

 

“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 and
any agreement entered into pursuant to Section 1471(b)(1) of the Code.

 

“Federal Funds
Effective Rate” means, for any day, the greater of (a) zero percent (0%) and (b) the rate per annum calculated by the
Federal Reserve Bank of New York based on such day’s federal funds transactions by depository institutions (as determined in
such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the
next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate or, if such rate is not so
published for any day which is a Business Day, the average of the quotations at approximately 10:00 a.m. (Central time) on such day
on such transactions received by the Administrative Agent from three (3) Federal funds brokers of recognized standing selected by
the Administrative Agent in its sole discretion.

 

    25 

     

    

 

“Financial Covenant”
is defined in Section 6.28.

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the LIBO Rate, the EURIBOR Rate, each Daily Simple RFR, or any other
applicable Eurocurrency Rate, as the case may be. As of the Amendment No. 3 Effective Date, the Floor equals 0% for all interest rate
determinations.

 

“Foreign Borrower”
means Polaris Sales Europe S. à r.l. and any other Foreign Subsidiary of the Company which is designated by the Company and has
become a Foreign Borrower pursuant to the terms of Section 2.26 and their respective successors and assigns.

 

“Foreign Borrower
Obligations” means with respect to any given Foreign Borrower all unpaid principal of and accrued and unpaid interest on any
Advances made to such Foreign Borrower, all LC Obligations associated with Facility LCs for which such Foreign Borrower is the account
party, all obligations in connection with Cash Management Services provided to such Foreign Borrower, all Rate Management Obligations
of such Foreign Borrower, all accrued and unpaid fees related to any of the foregoing and all expenses, reimbursements, indemnities and
other obligations of such Foreign Borrower to the Lenders or to any Lender, the Administrative Agent, the LC Issuer or any indemnified
party arising under the Loan Documents.

 

“Foreign Employee
Benefit Plan” means any employee benefit plan as defined in Section 3(3) of ERISA which is maintained or contributed to
for the benefit of the employees of the Company, any of its Subsidiaries or any members of its Controlled Group and is not covered by
ERISA pursuant to ERISA Section 4(b)(4).

 

“Foreign Pension
Plan” means any employee benefit plan as described in Section 3(3) of ERISA for which the Company or any member of its
Controlled Group is a sponsor or administrator and which (i) is maintained or contributed to for the benefit of employees of the
Company, any of its Subsidiaries or any member of its Controlled Group, (ii) is not covered by ERISA pursuant to Section 4(b)(4)
of ERISA, and (iii) under applicable local law, is required to be funded through a trust or other funding vehicle.

 

“Foreign Subsidiary”
means any Subsidiary organized under the laws of a jurisdiction not located in the United States of America.

 

“Fronting Exposure”
means, at any time there is a Defaulting Lender, (a) with respect to the LC Issuer, such Defaulting Lender’s ratable share
of the LC Obligations with respect to Facility LCs issued by the LC Issuer other than LC Obligations as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with
respect to the Swing Line Lender, such Defaulting Lender’s ratable share of outstanding Swing Line Loans made by the Swing Line
Lender other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders.

 

    26 

     

    

 

“Fund”
means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its business.

 

“GAAP”
means generally accepted accounting principles as in effect from time to time in the United States, applied in a manner consistent with
that used in preparing the financial statements referred to in Section 5.4, subject at all times to Section 9.8.

 

“Government Acts”
is defined in Section 2.19.9.

 

“Governmental Authority”
means the government of the United States of America 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, without limitation, any supra-national
bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory
capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements
or the Basel Committee on Banking Supervisory Practices or any successor or similar authority to any of the foregoing).

 

“Guarantor”
means the Subsidiaries party to the Guaranty from time to time.

 

“Guaranty”
means that certain Amended and Restated Guaranty dated as of July 2, 2018 executed by the Guarantors in favor of the Administrative Agent,
for the ratable benefit of the Lenders, as it may be amended or modified (including, without limitation, by the joinder of additional
Guarantors) and in effect from time to time.

 

“Guaranty Obligations”
means, with respect to any Person, without duplication, any obligations (other than endorsements in the ordinary course of business of
negotiable instruments for deposit or collection) guaranteeing any Indebtedness of any other Person in any manner, whether direct or indirect,
and including without limitation any obligation, whether or not contingent, (a) to purchase any such Indebtedness or other obligation
or any Property constituting security therefor, (b) to advance or provide funds or other support for the payment or purchase of such
Indebtedness or obligation or to maintain working capital, solvency or other balance sheet condition of such other Person (including,
without limitation, maintenance agreements, comfort letters, take or pay arrangements, put agreements or similar agreements or arrangements)
for the benefit of the holder of Indebtedness of such other Person, (c) to purchase or lease Property, securities or services for
the purpose of assuring the obligee in respect of such Indebtedness of the payment or performance of such Indebtedness, or (d) to
otherwise assure or hold harmless the owner of such Indebtedness against loss in respect thereof. The amount of any Guaranty Obligation
hereunder shall (subject to any limitations set forth therein) be deemed to be an amount equal to the outstanding principal amount (or
maximum principal amount, if larger) of the Indebtedness in respect of which such Guaranty Obligation is made, or, if less, the maximum
amount for which such Person may be liable under the terms of the instruments evidencing such Guaranty Obligation.

 

    27 

     

    

 

“Guidelines”
means, together, guideline S-02.123 in relation to interbank loans of 22 September 1986 (Merkblatt “Verrechnungssteuer
auf Zinsen von Bankguthaben, deren Gläubiger Banken sind (Interbankguthaben)” vom 22. September 1986), guideline
S-02.122.1 in relation to bonds of April 1999 (Merkblatt “Obligationen” vom April 1999), guideline S-02.130.1
in relation to money market instruments and book claims of April 1999 (Merkblatt vom April 1999 betreffend Geldmarktpapiere und Buchforderungen
inländischer Schuldner), guideline S-02.128 in relation to syndicated credit facilities of January 2000 (Merkblatt “Steuerliche
Behandlung von Konsortialdarlehen, Schuldscheindarlehen, Wechseln und Unterbeteiligungen” vom Januar 2000), circular
letter No. 34 of 26 July 2011 (1-034-V-2011) in relation to deposits (Kreisschreiben Nr. 34 “Kundenguthaben”
vom 26. Juli 2011) and the circular letter No. 15 of 7 February 2007 (1-015-DVS-2007) in relation to bonds and derivative
financial instruments as subject matter of taxation of Swiss federal income tax, Swiss withholding tax and Swiss stamp taxes (Kreisschreiben
Nr. 15 “Obligationen und derivative Finanzinstrumente als Gegenstand der direkten Bundessteuer, der Verrechnungssteuer und
der Stempelabgaben” vom 7. Februar 2007), in each case as issued, amended or replaced from time to time, by the Swiss
Federal Tax Administration or as substituted or superseded and overruled by any law, statute, ordinance, court decision, regulation or
the like as in force from time to time.

 

“Hazardous Material”
means any pollutant, contaminant, petroleum or petroleum product, dangerous or toxic substance, hazardous or extremely hazardous substance
or chemical, solid or hazardous waste, special, liquid, industrial or other waste, asbestos, hazardous material, or other material, substance
or agent, whether in solid, liquid or gaseous form, (i) that is regulated in connection with the protection of the environment, (ii) the
presence of which requires investigation or remediation under any Environmental Laws, (iii) that is defined or listed as a “hazardous
waste,” “hazardous substance,” “extremely hazardous substance,” “hazardous or deleterious substance,”
 “pollutant or contaminant” or the equivalent under any Environmental Laws; (iv) that is toxic, explosive, corrosive,
flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise hazardous (including any substance that contains polychlorinated
biphenols (PCBs), asbestos or urea formaldehyde foam insulation); or (v) the presence of which causes or threatens to cause a nuisance
or poses or threatens to pose a threat to human health, safety or the environment.

 

“Highest Lawful Rate”
means, on any day, the maximum non-usurious rate of interest permitted for that day by applicable federal or state law stated as a rate
per annum.

 

“Home Country”
is defined in Section 5.20.

 

“Impacted EURIBOR Rate Interest Period”
has the meaning assigned to such term in the definition of “EURIBOR Rate.”

 

“Impacted LIBO Rate Interest Period”
has the meaning assigned to such term in the definition of “LIBO Rate.”

 

“Increasing Lender”
is defined in Section 2.25.

 

“Incremental Term
Loan” is defined in Section 2.25.

 

“Incremental Term
Loan Amendment” is defined in Section 2.25.

 

    28 

     

    

 

“Indebtedness”
of a Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person
evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made, (c) all obligations
of such Person under conditional sale or other title retention agreements relating to Property purchased by such Person to the extent
of the value of such Property (other than customary reservations or retentions of title under agreements with suppliers entered into in
the ordinary course of business), (d) all obligations, other than intercompany items, of such Person issued or assumed as the deferred
purchase price of Property or services purchased by such Person which would appear as liabilities on a balance sheet of such Person, (e) all
Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be
secured by) any Lien on, or payable out of the proceeds of production from, Property owned or acquired by such Person, whether or not
the obligations secured thereby have been assumed, (f) all Guaranty Obligations of such Person, (g) the Attributable Indebtedness
of such Person, (h) all 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; provided, however, that if such purchase, redemption, retirement, defeasance, payment, right, option,
or acquisition requirement only may be consummated 180 or more days after the occurrence of the scheduled Facility Termination Date, then
such obligation in respect of an Equity Interest (including accrued and unpaid dividends) shall not constitute Indebtedness hereunder,
(i) all net obligations of such Person in respect of Rate Management Transactions, (j) the maximum amount of all performance
and standby Letters of Credit issued or bankers’ acceptances facilities created for the account of such Person and, without duplication,
all drafts drawn thereunder (to the extent unreimbursed), and (k) the aggregate amount of uncollected accounts receivable of such
Person subject at such time to a sale of receivables (or similar transaction) unless such transaction is effected without recourse to
such Person. The Indebtedness of any Person shall include the Indebtedness of any partnership or unincorporated joint venture to the extent
such Indebtedness is recourse to such Person.

 

“Indemnified Taxes”
means Taxes imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document,
other than Excluded Taxes and Other Taxes.

 

“Initial Term Lender”
means, as of any date of determination, a Lender having an Initial Term Loan Commitment.

 

“Initial Term Loan
Commitment” means, for each Lender, the obligation of such Lender to make Initial Term Loans to the Borrowers in an aggregate
amount not exceeding the amount set forth on Schedule 1.1, as it may be modified as a result of any assignment that has become
effective pursuant to Section 12.3.3 or as otherwise modified from time to time pursuant to the terms hereof.

 

“Initial Term Loan”
means, with respect to a Lender, such Lender’s loan made pursuant to its commitment to lend set forth in Section 2.1.2 (or
any conversion or continuation thereof).

 

“Intellectual Property”
is defined in Section 5.11.

 

    29 

     

    

 

“Interest Coverage
Ratio” has the meaning set forth in Section 6.25.1.

 

“Interest Differential”
is defined in Section 3.4.

 

“Interest Period”
means, with respect to Eurocurrency Advances other than those constituting RFR Advances, (a) if denominated in Dollars, a period
of one week or one, three, or six months, (b) if denominated in Euros, a period of one or three months and (c) if denominated
in any other Agreed Currency (other than Sterling and Swiss Francs, which are subject to provisions governing RFR Advances), a period
of one or three months, in each case commencing on a Business Day selected by the Borrowers of such Advance pursuant to this Agreement.
Any Interest Period of one week or one, three, or six months shall end on the day which corresponds numerically to such date one week
or one, three, or six months thereafter, as applicable; provided, however, that if there is no such numerically corresponding
day in such next, third, or sixth succeeding month, such Interest Period shall end on the last Business Day of such next, third, or sixth
succeeding month. If an Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the
next succeeding Business Day, provided, however, that if said next succeeding Business Day falls in a new calendar month,
such Interest Period shall end on the immediately preceding Business Day. The Eurocurrency Rate for a one-week Interest Period shall be
determined using the Eurocurrency Rate for a one-month Interest Period that would otherwise start on the same day as the requested one-week
period. Notwithstanding anything to the contrary set forth herein, as a result of a Benchmark Replacement, an Advance may no longer correspond
with an Interest Period, and this definition of Interest Period shall be modified pursuant to Benchmark Replacement Conforming Changes
to address such change.

 

“Internal Control
Event” means a material weakness in, or fraud that involves management or other employees who have a significant role in, the
Company’s or any of its Subsidiaries’ internal controls over financial reporting, in each case as described in the Securities
Laws.

 

“Investment”
in any Person means (a) the acquisition (whether for cash, Property, services, assumption of Indebtedness, securities or otherwise,
but excluding capital expenditures and acquisitions of inventory in the ordinary course of business) of assets, Equity Interests, bonds,
notes, debentures, partnership, joint ventures or other ownership interests or other securities of such other Person or (b) any deposit
with, or advance, loan or other extension of credit to, such Person (other than deposits made in connection with the lease or purchase
of equipment, inventory or other assets in the ordinary course of business) or (c) any other capital contribution to or investment
in such Person, including, without limitation, any Guaranty Obligation (including any support for a letter of credit issued on behalf
of such Person) incurred for the benefit of such Person.

 

“IRS” means
the Internal Revenue Service.

 

“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any
successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives
published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

    30 

     

    

 

“ISP98”
means the “International Standby Practices 1998” published by the International Chamber of Commerce in ICC publication No. 590
(1998), or such later version thereof as may be in effect at the time of issuance of a Letter of Credit stated to be governed by the ISP98.

 

“Joint Venture Basket”
means Indebtedness incurred by, Guaranties made by, or Investments made by, the Company or its Subsidiaries to support the Company’s
consumer finance program (other than Acceptance Partnership) or other joint ventures in an aggregate amount not to exceed the greater
of $750,000,000 or twenty percent (20%) of Consolidated Net Worth. For the avoidance of doubt, the Joint Venture Basket shall include
obligations to purchase the Property of another Person from a creditor of such other Person who has repossessed such Property as a result
of a default by such other Person under a retail consumer finance program financing arrangement with such creditor.

 

“KPI” has
the meaning set forth in the Pricing Schedule.

 

“LC Fee”
is defined in Section 2.19.4.

 

“LC Issuer”
means U.S. Bank (or any subsidiary or affiliate of U.S. Bank designated by U.S. Bank) or BofA in their respective capacities
as issuers of Facility LCs hereunder.

 

“LC Obligations”
means, at any time, the sum, without duplication, of (i) the aggregate undrawn stated amount under all Facility LCs (including, for
the avoidance of doubt, all Existing Letters of Credit) outstanding at such time plus (ii) the aggregate unpaid amount at such time
of all Reimbursement Obligations. For the avoidance of doubt, a Facility LC which would have expired by its terms, but which has been
extended due to the effect of Rule 3.14 of ISP98, will deemed to be outstanding for the purposes of determining the LC Obligations.

 

“LC Payment Date”
is defined in Section 2.19.5.

 

“Lenders”
means the lending institutions listed on the signature pages of this Agreement and their respective successors and assigns. Unless otherwise
specified, the term “Lenders” includes U.S. Bank in its capacity as Swing Line Lender.

 

“Lending Installation”
means, with respect to a Lender or the Administrative Agent, the office, branch, subsidiary or affiliate of such Lender or the Administrative
Agent listed on the signature pages hereof (in the case of the Administrative Agent) or otherwise selected by such Lender or the Administrative
Agent pursuant to Section 2.17.

 

“Letter of Credit”
of a Person means a letter of credit or similar instrument which is issued upon the application of such Person or upon which such Person
is an account party or for which such Person is in any way liable.

 

    31 

     

    

 

“LIBO
Interpolated Rate” means, at any time, with respect to any Term Benchmark Advance denominated in Dollars and for any
Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO Screen Rate) determined by the
Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that
results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period (for which the LIBO Screen
Rate is available for the applicable Agreed Currency) that is shorter than the Impacted LIBO Rate Interest Period; and (b) the LIBO
Screen Rate for the shortest period (for which the LIBO Screen Rate is available for the applicable Agreed Currency) that exceeds
the Impacted LIBO Rate Interest Period, in each case, at such time; provided that if any LIBO Interpolated Rate shall be less than
0%, such rate shall be deemed to be 0% for the purposes of this Agreement.

 

“LIBO Rate”
means, with respect to any Term Benchmark Advance denominated in Dollars and for any Interest Period, the LIBO Screen Rate at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen
Rate shall not be available at such time for such Interest Period (an “Impacted LIBO Rate Interest Period”) with respect
to such Agreed Currency, then the LIBO Base Rate shall be the LIBO Interpolated Rate.

 

“LIBO Screen Rate”
means, for any day and time, with respect to any Term Benchmark Advance denominated in Dollars and for any Interest Period, the London
interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such
rate) for such Agreed Currency for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01
or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any
successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that
publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided that if the
LIBO Screen Rate as so determined would be less than 0%, such rate shall be deemed to be 0% for the purposes of this Agreement.

 

“LIBOR”
means the London interbank offered rate.

 

“Lien”
means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority
or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest
of a vendor or lessor under any conditional sale, Capital Lease or other title retention agreement).

 

“Loan”
means a Revolving Loan, a Swing Line Loan, an Initial Term Loan, a 2021 Incremental Term Loan, or an Incremental Term Loan.

 

“Loan Documents”
means this Agreement, the Facility LC Applications, the Guaranty, any Pledge Agreements, any note or notes executed by the Borrowers in
connection with this Agreement and payable to a Lender, and any other document or agreement, now or in the future, executed by any Borrower
for the benefit of the Administrative Agent or any Lender in connection with this Agreement.

 

“Loan Party”
or “Loan Parties” means, individually or collectively, the Borrowers, the Pledgors and the Guarantors.

 

    32 

     

    

 

  

“Material Acquisition”
means any Permitted Acquisition that involves the payment of consideration (including, without limitation, the assumption of Indebtedness)
by the Company and its Subsidiaries equal to or greater than $250,000,000.

 

“Material Adverse
Effect” means a material adverse effect on (i) the business, Property, liabilities (actual and contingent), operations,
financial condition, or results of operations of the Company and its Subsidiaries taken as a whole, (ii) the ability of any Loan
Party to perform its obligations under the Loan Documents to which it is a party, or (iii) the validity or enforceability of any
of the Loan Documents or the rights or remedies of the Administrative Agent, the LC Issuer or the Lenders under the Loan Documents.

 

“Material Indebtedness”
means Indebtedness in an outstanding principal amount of $125,000,000 or more in the aggregate (or the equivalent thereof in any currency
other than U.S. dollars).

 

“Material Indebtedness
Agreement” means any agreement under which any Material Indebtedness was created or is governed or which provides a commitment
for the incurrence of Indebtedness in an amount which would constitute Material Indebtedness (whether or not an amount of Indebtedness
constituting Material Indebtedness is outstanding thereunder).

 

“Material Subsidiary”
means a Subsidiary that is a Guarantor or a Pledged Subsidiary.

 

“Minimum Collateral
Amount” means, with respect to a Defaulting Lender, at any time, (i) with respect to Cash Collateral consisting of cash or deposit
account balances, an amount equal to 105% of the Fronting Exposure of the LC Issuer with respect to such Defaulting Lender for all Facility
LCs issued and outstanding at such time and (ii) otherwise, an amount determined by the Administrative Agent and the LC Issuer in
their sole discretion.

 

“Modify”
and “Modification” are defined in Section 2.19.1.

 

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

 

“Most Favored Lender
Notice” means a written notice from the Company to Administrative Agent delivered promptly, and in any event within five (5)
Business Days after the inclusion of any Financial Covenant or any event of default, definition or other provision relating to such Financial
Covenant in a Note Agreement (including by way of amendment or other modification of any existing provision thereof), pursuant to Section
6.28, by an Authorized Officer of the Company in reasonable detail, including reference to Section 6.28, a verbatim statement of such
Financial Covenant, event of default, definition, or other provision relating to such Financial Covenant and related to explanatory calculations,
as applicable.

 

“Multiemployer Plan”
means a Plan maintained pursuant to a collective bargaining agreement or any other arrangement to which the Company or any member of the
Controlled Group is a party to which more than one employer is obligated to make contributions.

 

“Net Leverage
Ratio” means, as of any date of calculation, the ratio of (i) Consolidated Funded Indebtedness outstanding on such
date minus the unrestricted and unencumbered cash and Cash Equivalent Investments of the Company and its Subsidiaries on such
date, as such amount appears on the Company’s balance sheet; provided, that (x) no more than $300,000,000 in the
aggregate of such cash and Cash Equivalent Investments shall be subtracted from Consolidated Funded Indebtedness at any time and (y)
this clause (i) shall at no time be less than $0, to (ii) Consolidated EBITDA for the Company’s then most-recently ended
four (4) fiscal quarters.

 

    33 

     

    

 

“New Lender”
means any Lender that is not an Extending Lender.

 

“Non-Defaulting Lender”
means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Non-Extending Lender”
means an Existing Lender that elects not to execute this Agreement.

 

“Non-Extension Notice
Date” is defined in Section 2.19.1(c).

 

“Non-Bank Lender”
means any Lender that is not a Qualifying Bank.

 

“Non-Bank Rules”
means, together, the 10 Non-Bank Rule and the 20 Non-Bank Rule.

 

“Non-U.S. Lender”
means a Lender that is not a United States person as defined in Section 7701(a)(30) of the Code.

 

“Note”
is defined in Section 2.13(d).

 

“Note Agreement”
is defined in Section 6.28.

 

“Noteholders”
means the holders from time to time of the Company’s Notes (for purposes of this definition only, as such term is defined in the
NPAs) issued pursuant to the NPAs.

 

“NPAs”
means that certain Master Note Purchase Agreement entered into as of the date hereof or as either may be modified hereafter without breach
of the provisions of this Agreement and such other Master Note Purchase Agreement as may hereafter be made by the Company and the holders
from time to time of the notes issued thereunder on substantially the same terms as the initial NPAs or supplement thereto as may be made
by the Company with respect to additional Private Placement Indebtedness issued after the date hereof not to exceed Two Hundred Million
Dollars ($200,000,000) as the same may thereafter be modified thereafter without breach of the provisions of this Agreement.

 

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

 

“Obligations”
means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Obligations, all obligations in connection with Cash
Management Services, all obligations with respect to Rate Management Transactions with a Lender or any Affiliate of a Lender, all accrued
and unpaid fees and all expenses, reimbursements, indemnities and other obligations of the Borrowers to the Lenders or to any Lender,
the Administrative Agent, the LC Issuer or any indemnified party arising under the Loan Documents; provided, that, “Obligations”
shall not, in any event, include Excluded Swap Obligations.

 

    34 

     

    

 

“OFAC”
means, the U.S. Department of the Treasury’s Office of Foreign Assets Control, and any successor thereto.

 

“Original Currency”
is defined in Section 2.12(b).

 

“Other Benchmark
Rate Election” means, with respect to any Loan denominated in Dollars, if the then-current Benchmark is the LIBO Rate, the occurrence
of:

 

(a) a request by the Company
to the Administrative Agent to notify each of the other parties hereto that, at the determination of the Company, Dollar-denominated syndicated
credit facilities at such time contain (as a result of amendment or as originally executed), in lieu of a LIBOR-based rate, a term benchmark
rate that is not a SOFR-based rate as a benchmark rate, and

 

(b) the joint election by
the Administrative Agent and the Company to trigger a fallback from the LIBO Rate and the provision, as applicable, by the Administrative
Agent of written notice of such election to the Company and the Lenders.

 

“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.

 

“Outstanding Credit
Exposure” means, as to any Lender at any time, the Dollar Amount of the sum of (i) such Lender’s Outstanding Revolving
Credit Exposure, plus (ii) such Lender’s Outstanding Initial Term Loan Credit Exposure and Outstanding 2021 Incremental Term
Loan Credit Exposure.

 

“Outstanding 2021
Incremental Term Loan Credit Exposure” means, as to any Lender at any time, the Dollar Amount of the aggregate principal amount
of its 2021 Incremental Term Loans outstanding at such time.

 

“Outstanding Initial
Term Loan Credit Exposure” means, as to any Lender at any time, the Dollar Amount of the aggregate principal amount of its Initial
Term Loans outstanding at such time.

 

“Outstanding Term
Loan Credit Exposure” means, as to any Lender at any time, the Dollar Amount of the sum of its Outstanding 2021 Incremental
Term Loan Credit Exposure and its Outstanding Initial Term Loan Credit Exposure.

 

“PAI” means
Polaris Acceptance, Inc., a Minnesota corporation.

 

“PAI Basket”
means Guaranties made by, or Investments made by, (i) PAI as a general partner of Acceptance Partnership and (ii) the Company
and PAI consisting of capital contributions or obligations to make capital contributions, in an amount not to exceed $750,000,000.

 

“Participant Register”
is defined in Section 12.2.3.

 

    35 

     

    

 

“Participants”
is defined in Section 12.2.1.

 

“PATRIOT Act”
means, the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as amended from time to time, and
any successor statute.

 

“Payment Date”
means (a) with respect to any Base Rate Loan (other than a Swingline Loan), the last day of each fiscal quarter of the Company,
(b) with respect to any RFR Loan, each date that is on the numerically corresponding day in each calendar month that is one month after
the date such Loan is made (or, if there is no such numerically corresponding day in such month, then the last day of such month), (c) with
respect to any Term Benchmark Loan or other Eurocurrency Loan (other than an RFR Loan), as applicable, the last day of each Interest Period
applicable to the Advance of which such Loan is a part and, in the case of a Term Benchmark Advance or other applicable Eurocurrency Advance
with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs
at intervals of three months’ duration after the first day of such Interest Period, (d) with respect to any Swingline Loan,
the day that such Loan is required to be repaid, (e) with respect to any other payment not specified above or otherwise herein, the last
day of each fiscal quarter of the Company, and (f) the Facility Termination Date.

 

“PBGC”
means the Pension Benefit Guaranty Corporation, or any successor thereto.

 

“Permitted Acquisition”
means an Acquisition by the Company or any of its Subsidiaries with respect to which all of the following are satisfied: (a) the
Equity Interests, assets or line of business acquired are in a line of business complementary or similar to or a reasonable extension
of the Company’s current line of business; (b) in the case of an Acquisition of the Equity Interests of another Person, the
board of directors (or other comparable governing body) of such other Person shall have duly approved such Acquisition; (c) if the
aggregate consideration to be paid for such Acquisition equals or exceeds $250,000,000 (including, without limitation, the amount of any
Indebtedness assumed in connection with such Acquisition), the Company shall have delivered to the Administrative Agent, prior to the
closing of such Acquisition, a certificate of an Authorized Officer of the Company (i) providing calculations on a pro forma
basis of each of the financial covenants set forth in Section 6.25 after giving effect to such Acquisition both as of the actual
date of such Acquisition and (B) as of the first day of the most recently ended fiscal quarter, which calculations shall demonstrate
that, as of each such date, the Borrowers are or would have been in compliance with all of the financial covenants set forth in Section 6.25,
and (ii) both before and after giving effect to such Acquisition, no Default or Event of Default exists; (d) as a result of
the Acquisition, the Company or one of its Wholly-Owned Subsidiaries becomes the owner of the Equity Interests, assets or line of business
acquired pursuant to the Acquisition; (e) both before and after giving effect to such Acquisition, no Default or Event of Default
exists; (f) the Net Leverage Ratio, on a pro forma basis reflecting consummation of such Acquisition shall be in compliance
with Section 6.25.2; (g) the representations and warranties made by the Loan Parties in any Loan Document shall be true and
correct in all material respects at and as if made as of the date of such Acquisition (after giving effect thereto) except to the extent
such representations and warranties expressly relate to an earlier date; and (h) such Acquisition is undertaken in accordance with
all laws, rules, regulations, orders, writs, judgments, injunctions, decrees and awards to which any party to such Acquisition may be
subject.

 

    36 

     

    

 

“Permitted Investment”
is defined in Section 6.16.

 

“Participating Member
State” means any member state of the European Union that has the Euro as its lawful currency in accordance with legislation
of the European Union relating to Economic and Monetary Union.

 

“Person”
means any natural person, corporation, firm, joint venture, partnership, limited liability company, association, enterprise, trust or
other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof.

 

“Plan”
means an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412
of the Code as to which the Company or any member of the Controlled Group may have any liability.

 

“Pledge Agreement”
means an agreement, however called, incorporating relevant foreign law to effect the pledge of Equity Interests of a Pledged Subsidiary
as required by Section 6.2 and complying with Section 10.4 of the NPAs.

 

“Pledged Subsidiary”
means a Foreign Subsidiary of the Company (i) with respect to which (A) sixty-five percent (65%) of the voting Equity Interests and
(B) one hundred percent (100%) of the non-voting Equity Interests of such Foreign Subsidiary has been pledged to the Administrative Agent
pursuant to a Pledge Agreement for the ratable benefit of the Lenders and, to the extent required by the NPAs, the Noteholders or (ii) which
is a Wholly- Owned Subsidiary of a Pledged Subsidiary.

 

“Pledgor”
means the Company or any other Subsidiary of the Company that enters into a Pledge Agreement.

 

“Pounds Sterling”,
 “Sterling” and “GBP” means the lawful currency of the United Kingdom of Great Britain and Northern
Ireland.

 

“Pricing Schedule”
means the Schedule attached hereto identified as such.

 

“Prime Rate”
means a rate per annum equal to the prime rate of interest announced from time to time by U.S. Bank or its parent (which is not necessarily
the lowest rate charged to any customer), changing when and as said prime rate changes.

 

“Priority Debt”
has the meaning provided in the NPAs.

 

“Private
Placement Indebtedness” means Indebtedness of the Borrowers incurred pursuant to the NPAs or a private placement of senior
notes issued after the Effective Date; provided, that any such Indebtedness issued after the Effective Date shall be issued
either (i) pursuant to the NPAs as in effect on the Effective Date, or (ii) pursuant to definitive documentation which
shall not contain representations, warranties, covenants or other provisions, including without limitation financial covenants, more
restrictive than the representations, warranties, covenants and other provisions of this Agreement as of the date such Indebtedness
is incurred, or provisions requiring security for such Indebtedness other than provisions requiring that such Indebtedness be
secured equally and ratably with the Obligations (which shall be no more favorable to the holders of such Indebtedness than those
set forth in the NPAs as of the Effective Date).

 

    37 

     

    

 

“Property”
of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or other assets owned,
leased or operated by such Person.

 

“Pro Rata Share”
means, with respect to a Lender, (a) with respect to Revolving Loans, a portion equal to a fraction the numerator of which is such
Lender’s Revolving Commitment and the denominator of which is the Aggregate Revolving Commitments, provided, however, if all of
the Revolving Commitments are terminated pursuant to the terms of this Agreement, then “Pro Rata Share” means the percentage
obtained by dividing (i) such Lender’s Outstanding Revolving Credit Exposure at such time by (ii) the Aggregate Outstanding
Revolving Credit Exposure at such time; provided, further, that when a Defaulting Lender shall exist, “Pro Rata Share” shall
mean the percentage of the Aggregate Revolving Commitment (disregarding any Defaulting Lender’s Revolving Commitment) represented
by such Lender’s Revolving Commitment and (b) with respect to Term Loans, a portion equal to a fraction the numerator of which
is such Lender’s Term Loan Commitment and the denominator of which is the aggregate Term Loan Commitment, provided, however, if
all of the Term Loan Commitments are terminated pursuant to the terms of this Agreement, then “Pro Rata Share” means the percentage
obtained by dividing (i) such Lender’s Outstanding Term Loan Credit Exposure at such time by (ii) the Aggregate Outstanding
Term Loan Credit Exposure at such time; provided, further, that when a Defaulting Lender shall exist, “Pro Rata Share” shall
mean the percentage of the aggregate Term Loan Commitments of all Term Lenders (disregarding any Defaulting Lender’s Term Loan Commitment)
represented by such Lender’s Term Loan Commitment (except that no Lender is required to fund Term Loans to the extent that, after
giving effect thereto, the aggregate amount of its outstanding Term Loans and funded would exceed the amount of its Term Loan Commitment
(determined as though no Defaulting Lender existed)).

 

“Purchasers”
is defined in Section 12.3.1.

 

“Qualifying Bank”
means any person acting on its own account which is licensed as a bank under the banking laws in force in its jurisdiction of incorporation
and any branch of a legal entity, which is licensed as a bank under the banking laws in force in the jurisdiction where such branch is
situated, and which, in each case, exercises as its main purpose a true banking activity, having its own bank personnel, premises, communication
devices and decision making power, all in accordance with the Guidelines.

 

“Quotation
Date” means, in relation to any Interest Period for which an interest rate is to be determined, or for any Eurocurrency
Advance, (a) if the related Advance is a Term Benchmark Advance denominated in Dollars, two (2) Business Days before the first
day of that Interest Period, (b) if the related Advance is a Term Benchmark Advance denominated in Euros, the earlier of two
TARGET Days and two London Business Days (to the extent the two are not the same) before the first day of such Interest Period,
(c) if the related Advance is an RFR Advance denominated in Pounds Sterling, five London Business Days before the day the
applicable Advance is extended, (d) if the related Advance is an RFR Advance denominated in Swiss Francs, five (5) Business
Days before the first day the applicable Advance is extended, (e) if the related Advance is denominated in Australian Dollars, three
Business Days before the first day of such Interest Period and (f) if the related Advance is denominated in any other Agreed
Currency, the date which is agreed to by the Lenders when they agree that such currency may be an Agreed Currency.

 

    38 

     

    

 

“Rate Management
Transaction” means any transaction (including an agreement with respect thereto) now existing or hereafter entered by the Company
or any Subsidiary which is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index
swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction,
collar transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other
similar transaction (including any option with respect to any of these transactions) or any combination thereof, whether linked to one
or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures.

 

“Real Properties”
is defined in Section 5.16.

 

“Receivables
Securitization Transaction” means any sale, factoring or securitization transaction involving accounts receivable (and
related assets) that may be entered into by the Company or any Subsidiary pursuant to which the Company or any Subsidiary may sell,
convey or otherwise transfer, or may grant a security interest in, any accounts receivable (whether existing on the Effective Date
or arising thereafter) of the Company or any Subsidiary, and any assets related thereto including, without limitation, all
collateral securing such accounts receivable, all bank accounts specifically designated for the collection of such accounts
receivable, all contracts and all guarantees or other obligations in respect of such accounts receivable, the proceeds of such
accounts receivable and other assets which are customarily transferred, or in respect of which security interests are customarily
granted, in connection with sales, factoring or securitizations involving accounts receivable. Without limiting the foregoing,
 “Receivables Securitization Transaction” includes the transactions pursuant to the following agreements and any
replacement arrangement with the same economic effect: (i) Amended and Restated Manufacturer’s Repurchase Agreement
between Acceptance Partnership and the Company, Polaris Industries Inc., a Delaware corporation, and Polaris Sales Inc., a Minnesota
corporation, dated February 28, 2011, or any amendment, restatement, renewal, novation or replacement thereof; (ii) Second
Amended and Restated Manufacturer’s Financing Agreement between Polaris Industries Ltd. and GE Commercial Distribution Finance
Canada (a predecessor in interest to Wells Fargo Capital Finance Corporation Canada) dated December 7, 2015 or any amendment,
restatement, renewal, novation or replacement thereof; (iii) Purchase, Sale, Assignment and Amending Agreement by and between
Polaris Industries Ltd. and GE Commercial Distribution Finance Canada dated July 21, 2006 or any amendment, restatement,
renewal, novation or replacement thereof; (iv) Distributor’s Agreement between GE Commercial Corporation (Australia) Pty
Ltd. and Polaris Sales Australia Pty Ltd. dated April 3, 2000, or any amendment, restatement, renewal, novation or replacement
thereof; (v) Financial Agreement between Wells Fargo Bank International Unlimited Company (as novated from G.E. Capital Bank
Unlimited (previously Transamerica Commercial Finance France)) and Polaris France S.A. dated April 20, 2001, or any amendment,
restatement, renewal, novation or replacement thereof; (vi) Agreement between Wells Fargo Bank International Unlimited Company
(as novated from G.E. Capital Bank Limited (previously Transamerica Commercial Finance Limited)) and Polaris Britain Limited dated
June 14, 2002, as supplemented by a Supplemental Agreement dated June 14, 2002, or any amendment, restatement, renewal,
novation or replacement thereof; (vii) Master Factoring Agreement between Wells Fargo Bank International Unlimited Company (as
novated from G.E. Capital Bank Limited (previously GE Commercial Distribution Finance Europe Limited)) and Polaris Britain Limited
dated February 29, 2008, or any amendment, restatement, renewal, novation or replacement thereof; (viii) Finance Sale Agreement
between Polaris Scandinavia AB and Transamerica Commercial Finance Limited (n/k/a GE Commercial Distribution Finance Europe Limited)
dated September 4, 2003 (Sweden), or any amendment, restatement, renewal, novation or replacement thereof; (ix) Finance Sale
Agreement between Polaris Scandinavia AB and Transamerica Commercial Finance Limited (n/k/a GE Commercial Distribution Finance
Europe Limited) dated September 4, 2003 (Norway), or any amendment, restatement, renewal, novation or replacement thereof; (x)
Master Factoring Agreement between Wells Fargo Bank International Unlimited Company (as novated from G.E. Capital Bank Limited
(previously G.E. Commercial Distribution Finance GmbH)) and Polaris Germany GmbH dated July 27, 2007, or any amendment,
restatement, renewal, novation or replacement thereof; (xi) Collaboration Agreement dated June 10, 2009 by and between
Banco Español de Credito S.A. and Polaris Sales Spain S. L., or any amendment, restatement, renewal, novation or replacement
thereof; (xii) Agreement for the Purchase and Sale of Accounts Receivable between Polaris Sales Inc, a Minnesota Corporation, and
Polaris Acceptance, an Illinois general partnership, dated June 18, 2014, or any amendment, restatement, renewal, novation or
replacement thereof; (xiii) Master Factoring Agreement between Polaris Limited, China and Wells Fargo CDF Commercial Factoring
(China) Company Limited (previously known as GE Factoring Company Limited) dated June 14, 2013 or any amendment, restatement,
renewal, novation or replacement thereof; (xiv) Distributor Agreement among Wells Fargo International (Australia Pty Limited, Wells
Fargo International Finance (New Zealand) Limited and Polaris Sales Australia Pty Ltd. dated February 16, 2018, or any amendment,
restatement, renewal, novation or replacement thereof; and (xv) Exclusive Program Agreement, dated May 1, 2017, by and among the
Boat Holdings, LLC, Highwater Marine LLC, Pontoon Boat, LLC, TCF Inventory Finance, Inc. and TCF Commercial Finance Canada, Inc., as
amended by the First Amendment to Exclusive Program Agreement dated August 20, 2017, and as supplemented by that certain Exclusive
Program Letter, dated as of May 1, 2017 or any amendment, restatement, renewal, novation or replacement thereof.

 

    39 

     

    

 

“Reference Time”
with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the LIBO Rate, 11:00 a.m. (London time) on the
day that is two London banking days preceding the date of such setting, (2) if such Benchmark is the EURIBOR Rate, 11:00 a.m. Brussels
time two TARGET Days preceding the date of such setting, (3) if the RFR for such Benchmark is SONIA, then 4 Business Days prior to such
setting, (4) if the RFR for such Benchmark is SARON, then 4 Business Days prior to such setting or (5) if such Benchmark is none of the
LIBO Rate, the EURIBOR Rate, SONIA or SARON, the time determined by the Administrative Agent in its reasonable discretion.

 

“Register”
is defined in Section 12.3.4.

 

“Regulation D”
means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor thereto or
other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of
the Federal Reserve System.

 

    40 

     

    

 

“Regulation U”
means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor or other regulation
or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying
margin stocks applicable to member banks of the Federal Reserve System.

 

“Reimbursement Obligations”
means, at any time, the aggregate of all obligations of the Borrowers then outstanding under Section 2.19 to reimburse the LC Issuer
for amounts paid by the LC Issuer in respect of any one or more drawings under Facility LCs.

 

“Relevant Governmental
Body” means (i) with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Federal Reserve Board
and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor
thereto, (ii) with respect to a Benchmark Replacement in respect of Loans denominated in Sterling, the Bank of England, or a committee
officially endorsed or convened by the Bank of England or, in each case, any successor thereto, (iii) with respect to a Benchmark Replacement
in respect of Loans denominated in Euros, the European Central Bank, or a committee officially endorsed or convened by the European Central
Bank or, in each case, any successor thereto, (iv) with respect to a Benchmark Replacement in respect of Loans denominated in Swiss Francs,
the Swiss National Bank, or a committee officially endorsed or convened by the Swiss National Bank or, in each case, any successor thereto,
and (v) with respect to a Benchmark Replacement in respect of Loans denominated in any other currency, (a) the central bank for the currency
in which such Benchmark Replacement is denominated or any central bank or other supervisor which is responsible for supervising either
(1) such Benchmark Replacement or (2) the administrator of such Benchmark Replacement or (b) any working group or committee officially
endorsed or convened by (1) the central bank for the currency in which such Benchmark Replacement is denominated, (2) any central bank
or other supervisor that is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark
Replacement, (3) a group of those central banks or other supervisors or (4) the Financial Stability Board or any part thereof.

 

“Relevant Rate”
means (i) with respect to any Term Benchmark Advance denominated in Dollars, the LIBO Rate, (ii) with respect to any Term Benchmark Advance
denominated in Euros, the EURIBOR Rate, (iii) with respect to any Advance denominated in Sterling or Swiss Francs, the applicable Daily
Simple RFR, as applicable, and (iv) with respect to any Advance in any other Agreed Currency, the Eurocurrency Rate therefor.

 

“Relevant Screen
Rate” means (i) with respect to any Term Benchmark Advance denominated in Dollars, the LIBO Screen Rate, or (ii) with respect
to any Term Benchmark Advance denominated in Euros, the EURIBOR Screen Rate.

 

“Reportable
Event” means a reportable event as defined in Section 4043 of ERISA and the regulations issued under such section,
with respect to a Plan, excluding, however, such events as to which the PBGC has by regulation waived the requirement of
Section 4043(a) of ERISA that it be notified within thirty (30) days of the occurrence of such event, provided, however,
that a failure to meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a
Reportable Event regardless of the issuance of any such waiver of the notice requirement in accordance with either
Section 4043(a) of ERISA or Section 412(d) of the Code.

 

    41 

     

    

 

“Reports”
is defined in Section 9.6(a).

 

“Required Lenders”
means Lenders in the aggregate having greater than 50% of the Aggregate Commitment or, if the Aggregate Commitment has been terminated,
Lenders in the aggregate holding greater than 50% of the Aggregate Outstanding Credit Exposure. The Commitments and Outstanding Credit
Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.

 

“Reserve Requirement”
means, with respect to an Interest Period, any day on which interest is determined for an RFR Loan or any other Advance where legal or
regulatory requirements include the following type of reserve, the maximum aggregate reserve requirement (including all basic, supplemental,
marginal and other reserves) which is imposed on Eurocurrency liabilities (i) under Regulation D or (ii) by any governmental
or quasi-governmental rule, regulation, policy, guideline or directive of any jurisdiction outside of the United States of America or
any subdivision thereof (whether or not having the force of law).

 

“Resolution Authority” means
an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Restricted Payment”
or “restricted payment” means any dividend or other distribution (to be paid in cash) with respect to any Equity Interest
in the Company or any Subsidiary of the Company other than a Wholly-Owned Subsidiary, or any payment (to be paid in cash), including any
sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such
Equity Interests in the Company or any Subsidiary thereof or any option, warrant or other right to acquire any such Equity Interests in
the Company or any such Subsidiary.

 

“Revolving Commitment”
means, for each Lender, the obligation of such Lender to make Revolving Loans to, and participate in Facility LCs issued upon the application
of, the Borrowers in an aggregate amount not exceeding the amount set forth on Schedule 1.1, as it may be modified as a result
of any assignment that has become effective pursuant to Section 12.3.3 or as otherwise modified from time to time pursuant to the
terms hereof.

 

“Revolving Lender”
means, as of any date of determination, a Lender with a Revolving Commitment or, if the Revolving Commitments have terminated or expired,
a Lender with Outstanding Revolving Credit Exposure.

 

“Revolving Loan”
means, with respect to a Lender, such Lender’s loan made pursuant to its commitment to lend set forth in Section 2.1(a) (or
any conversion or continuation thereof).

 

“RFR” means,
for any RFR Loan denominated in (a) Sterling, SONIA and (b) Swiss Francs, SARON.

 

“RFR Administrator”
means the SONIA Administrator or the SARON Administrator.

 

    42 

     

    

 

“RFR Advance”
means, as to any Advance, the RFR Loans comprising such Advance.

 

“RFR Business Day”
means, for any Loan denominated in (a) Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are
closed for general business in London and (b) Swiss Francs, any day except for (i) a Saturday, (ii) a Sunday or (iii) a
day on which banks are closed for the settlement of payments and foreign exchange transactions in Zurich.

 

“RFR Interest Day”
has the meaning specified in the definition of “Daily Simple RFR”.

 

“RFR Loan”
means a Loan that bears interest at a rate based on Daily Simple RFR.

 

“Risk-Based Capital
Guidelines” means (i) the risk-based capital guidelines in effect in the United States on the date of this Agreement, including
transition rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities outside the United States,
including transition rules, and, in each case, any amendments to such regulations.

 

“S&P”
means Standard and Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc.

 

“Sale and Leaseback
Transaction” means any sale or other transfer of Property by any Person with the intent to lease such Property as lessee.

 

“Sanctioned Country”
means at any time, any country or territory which is itself the subject or target of any comprehensive Sanctions.

 

“Sanctioned Person”
means at any time, (a) any Person or group listed in any Sanctions- related list of designated Persons maintained by OFAC or the
U.S. Department of State, the United Nations Security Council, the European Union, any EU member state or Her Majesty’s Treasury
of the United Kingdom, (b) any Person or group operating, organized or resident in a Sanctioned Country, (c) any agency, political
subdivision or instrumentality of the government of a Sanctioned Country, or (d) any Person 50% or more owned, directly or indirectly,
by any of the above.

 

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

 

“SARON”
means, with respect to any Business Day, a rate per annum equal to the Swiss Average Rate Overnight
for such Business Day published by the SARON Administrator on the SARON Administrator’s Website.

 

“SARON Administrator”
means the SIX Swiss Exchange AG (or any successor administrator of the Swiss Average Rate Overnight).

 

    43 

     

    

 

“SARON Administrator’s
Website” means SIX Swiss Exchange AG’s website, currently at https://www.six-group.com, or any successor source for the
Swiss Average Rate Overnight identified as such by the SARON Administrator from time to time.

 

“Securities Laws”
means the Securities Act of 1933, the Exchange Act, Sarbanes-Oxley Act of 2002, in each case as amended, and the rules and regulations
and applicable accounting and auditing principles, rules, standards and practices promulgated, approved or incorporated thereunder.

 

“Securitization Transaction”
means, with respect to any Person, any financing transaction or series of financing transactions (including factoring arrangements) pursuant
to which such Person or any Subsidiary of such Person may sell, convey or otherwise transfer, or grant a security interest in, accounts,
payments, receivables, rights to future lease payments or residuals or similar rights to payment to a special purpose subsidiary or affiliate
of such Person or any other Person.

 

“Schedule”
refers to a specific schedule to this Agreement, unless another document is specifically referenced.

 

“Section”
means a numbered section of this Agreement, unless another document is specifically referenced.

 

“Single Employer
Plan” means a Plan maintained by the Company or any member of the Controlled Group for employees of the Company or any member
of the Controlled Group.

 

“SOFR”
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published
by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

 

“SOFR Administrator”
means the NYFRB (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s
Website” means the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight
financing rate identified as such by the SOFR Administrator from time to time.

 

“SONIA”
means, with respect to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published
by the SONIA Administrator on the SONIA Administrator’s Website on the immediately succeeding Business Day.

 

“SONIA Administrator”
means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).

 

“SONIA Administrator’s
Website” means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor source for
the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

 

“Specified Lien”
is defined in Section 2.27.9.

 

    44 

     

    

 

“Stated Rate”
is defined in Section 2.21.

 

“Subsidiary”
of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at
the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one
or more of its Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture or similar business organization
more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise
expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of the Company.

 

“Substantial Portion”
means, with respect to the Property of the Company and its Subsidiaries, Property which represents more than 10% of the consolidated assets
of the Company and its Subsidiaries taken as a whole or Property which is responsible for more than 10% of the Consolidated Net Income
of the Company and its Subsidiaries taken as a whole, in each case, as would be shown in the consolidated financial statements of the
Company and its Subsidiaries as at the beginning of the twelve-month period ending with the month in which such determination is made
(or if financial statements have not been delivered hereunder for that month which begins the twelve-month period, then the financial
statements delivered hereunder for the quarter ending immediately prior to that month).

 

“Swap Counterparty”
means, with respect to any swap with any Lender, any person or entity that is or becomes a party to such swap.

 

“Swap Obligation”
means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a
 “swap” within the meaning of section 1a(47) of the Commodity Exchange Act between a Lender and one or more Swap Counterparties.

 

“Swing Line Borrowing
Notice” is defined in Section 2.4.2.

 

“Swing Line Lender”
means U.S. Bank or such other Lender which may succeed to its rights and obligations as Swing Line Lender pursuant to the terms of
this Agreement.

 

“Swing Line Loan”
means a Loan made available to the Company by the Swing Line Lender pursuant to Section 2.4.

 

“Swing Line Sublimit”
means the maximum principal amount of Swing Line Loans the Swing Line Lender may have outstanding to the Company at any one time, which,
as of the Effective Date, is $100,000,000.

 

“Swiss Borrower”
means a Borrower that is incorporated in Switzerland or, if different, is considered to be tax resident in Switzerland for Swiss Withholding
Tax purposes.

 

“Swiss Federal Withholding
Tax Act” means the Swiss Federal Withholding Tax Act (Bundesgesetz uber die Verrechnungssteuer vom 13. Oktober 1965); together
with the related ordinances, regulations and guidelines, all as amended and applicable from time to time.

 

    45 

     

    

 

“Swiss Franc”
and “CHF” means the lawful currency of the Swiss Confederation.

 

“Swiss Withholding
Tax” means the tax imposed based on the Swiss Federal Act on Withholding Tax of 13 October 1965 (Bundesgesetz über
die Verrechnungssteuer).

 

“Synthetic Lease”
means any synthetic leases, tax retention operating lease, off-balance sheet loans or similar off-balance sheet financing arrangement
whereby the arrangement is considered borrowed money indebtedness for tax purposes but is classified as an operating lease or does not
otherwise appear on a balance sheet under GAAP.

 

“TARGET”
means Trans-European Automated Real-time Gross Settlement Express Transfer payment system.

 

“TARGET Day”
means any day on which TARGET is open for settlement of payments in Euro.

 

“Taxes”
means any and all present or future taxes, duties, levies, imposts, deductions, fees, assessments, charges or withholdings, and any and
all liabilities with respect to the foregoing, including interest, additions to tax and penalties applicable thereto.

 

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

 

“Term Lender”
means, as of any date of determination, a Lender having an Initial Term Loan Commitment or a 2021 Incremental Term Loan Commitment.

 

“Term Loan Commitment”
means, for each Lender, the obligation of such Lender to make Initial Term Loans or 2021 Incremental Term Loans.

 

“Term Loan”
means, with respect to a Lender, such Lender’s Initial Term Loan or 2021 Incremental Term Loan.

 

“Term SOFR”
means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has
been selected or recommended by the Relevant Governmental Body.

 

“Term SOFR Notice”
means a notification by the Administrative Agent to the Lenders and the Company of the occurrence of a Term SOFR Transition Event.

 

“Term SOFR Transition
Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental
Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event
or an Early Opt-in Election, as applicable (and, for the avoidance of doubt, not in the case of an Other Benchmark Rate Election), has
previously occurred resulting in a Benchmark Replacement in accordance with Section 3.3 that is not Term SOFR.

 

    46 

     

    

 

“Total Assets”
means, as of any date, the total assets of the Company and its Subsidiaries on such date, determined on a consolidated basis in accordance
with GAAP.

 

“Transferee”
is defined in Section 12.4.

 

“Type”
means, with respect to any Advance, its nature as a Base Rate Advance or a Eurocurrency Advance (which also may differentiate between
Term Benchmark Advances, RFR Advances and other Eurocurrency Advances) and with respect to any Loan, its nature as a Base Rate Loan or
a Eurocurrency Loan (which also may differentiate between Term Benchmark Loans, RFR Loans and other Eurocurrency Loans).

 

“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom
Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated
by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates
of such credit institutions or investment firms.

 

“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

 

“U.S. Bank”
means U.S. Bank National Association, a national banking association, in its individual capacity, and its successors.

 

“Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“Undisclosed Administration”
means in relation to a Lender the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or
other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender is subject to
home jurisdiction supervision if applicable law requires that such appointment is not to be publicly disclosed.

 

“Wholly-Owned Subsidiary”
of a Person means (i) any Subsidiary of which 100% of the beneficial ownership interests shall at the time be owned or controlled,
directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned
Subsidiaries of such Person, or (ii) any partnership, limited liability company, association, joint venture or similar business organization
of which 100% of the beneficial ownership interests shall at the time be so owned or controlled.

 

“Write-Down and
Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of
such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which
write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United
Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the
form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all
or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such
contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

    47 

     

    

 

1.2.           
Loan Classes. The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined
terms. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type
(e.g., a “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving Loan”). Advances also may
be classified and referred to by Class (e.g., a “Revolving Advance”) or by Type (e.g., a “Eurocurrency Advance”)
or by Class and Type (e.g., a “Eurocurrency Revolving Advance”).

 

1.3.           
Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware
law (or any comparable event under a different jurisdiction’s laws): (i) if any asset, right, obligation or liability of any Person
becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original
Person to the subsequent Person, and (ii) if any new Person comes into existence, such new Person shall be deemed to have been organized
and acquired on the first date of its existence by the holders of its Equity Interests at such time

 

1.4.           
LIBOR Notifications. The interest rate for certain Eurocurrency Advances and Daily LIBO Loans is determined by reference
to the Eurocurrency Base Rate and Daily LIBO Base Rate, respectively, which is derived from LIBOR. Section 3.3 provides a mechanism for
(a) determining an alternative rate of interest if LIBOR is no longer available or in the other circumstances set forth in Section 3.3,
and (b) modifying this Agreement to give effect to such alternative rate of interest. The Administrative Agent does not warrant or accept
any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to
LIBOR or other rates in the definition of Eurocurrency Base Rate, Daily LIBO Base Rate, or any other similar definition in respect of
interest rates, as applicable, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without
limitation, whether any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section
3.3, will have the same value as, or be economically equivalent to, the Eurocurrency Base Rate or Daily LIBO Base Rate, as applicable.

 

ARTICLE
II

THE CREDITS

 

2.1.           
Commitments. 

 

2.1.1.
        Revolving Facility. From and including the Effective Date and prior to the Facility
Termination Date, each Lender severally agrees, on the terms and conditions set forth in this Agreement, to make Revolving Loans to
the Borrowers in Agreed Currencies, participate in Facility LCs issued in Agreed Currencies, and participate in Facility LCs issued
in Discretionary Currencies at the discretion of an LC Issuer, in each case upon the request of the Borrowers; provided, that
(i) after giving effect to the making of each such Revolving Loan and the issuance of each such Facility LC, the Dollar Amount
of each Lender’s Outstanding Revolving Credit Exposure shall not exceed its Revolving Commitment, and (ii) all Base Rate
Loans shall be made in Dollars. Subject to the terms of this Agreement, each Borrower may borrow, repay and reborrow the Revolving
Loans at any time prior to the Facility Termination Date; provided, that a Foreign Borrower may only borrow in its respective
Designated Currencies. The Revolving Commitments shall expire on the Facility Termination Date. The LC Issuer will issue Facility
LCs hereunder on the terms and conditions set forth in Section 2.19.

 

    48 

     

    

 

2.1.2.        Initial
Term Loan Facility. Various term loans were outstanding under the Agreement prior to the Amendment No. 3 Effective Date. As of the
Amendment No. 3 Effective Date, the Lenders agreed that all such term loans would constitute Term Loans of the same Class hereunder (the
 “Initial Term Loans”). Provisions regarding the accrual of interest and fees, and payment of principal, are the same
for all such Initial Term Loans as of the Amendment No. 3 Effective Date. Each Lender agreed that the Administrative Agent could make
such adjustments and reallocations as necessary to give effect to the foregoing (including implementing a cashless settlement mechanism
as needed). Schedule 1.1 sets forth the principal amounts owing to the Lenders in respect of the Initial Term Loans as of the Amendment
No. 3 Effective Date. Amounts repaid in respect of Initial Term Loans may not be reborrowed. All Initial Term Loans are and shall be denominated
in Dollars.

 

2.1.3. 2021 Incremental
Term Loan Facility. Subject to the terms and conditions hereof, each Lender agrees to make available loans in the amount of such Lender’s
2021 Incremental Term Loan Commitment to the Company in Dollars (each, a “2021 Incremental Term Loan” and, collectively,
the “2021 Incremental Term Loans”) on the 2021 Incremental Term Loan Effective Date. Amounts repaid in respect of 2021
Incremental Term Loans may not be reborrowed.

 

2.2.           
Determination of Dollar Amounts; Required Payments; Termination. The Administrative Agent will determine the Dollar Amount
of all outstanding and requested Advances and Facility LCs on each Computation Date. If at any time (a) the Dollar Amount of the
Aggregate Outstanding Credit Exposure exceeds the Aggregate Commitment, the Borrowers shall immediately make a payment on the Obligations
sufficient to eliminate such excess and the Dollar Amount of the aggregate amount of outstanding Facility LCs (less any amount already
held by the Administrative Agent in the Facility LC Collateral Account) exceeds one hundred five percent (105%) of the Facility LC Sublimit,
the Borrowers shall immediately pay the Administrative Agent an amount in immediately available funds, which funds shall be held in the
Facility LC Collateral Account, equal to the excess of the aggregate amount of outstanding Facility LCs (less any amount already held
by the Administrative Agent in the Facility LC Collateral Account) over the Facility LC Sublimit. The Aggregate Outstanding Credit Exposure
and all other unpaid Obligations shall be paid in full by the Borrowers on the Facility Termination Date or, as to Outstanding Revolving
Credit Exposure as to which there shall have been an Extension, the Extended Termination Date, as the case may be.

 

2.3.            Ratable
Loans; Types of Advances. Each Revolving Advance hereunder (other than any Swing Line Loan) shall consist of Revolving Loans
made from the several Revolving Lenders ratably according to their Pro Rata Shares. The Revolving Advances may be Base Rate Advances
or Eurocurrency Advances, or a combination thereof, selected by a Borrower in accordance with Sections 2.8 and 2.9, or Swing
Line Loans selected by a Borrower in accordance with Section 2.4. Each Term Loan Advance hereunder shall consist of Term Loans
made from the several Term Lenders ratably according to their Pro Rata Shares. The Term Loan Advances may be Base Rate Advances or
Eurocurrency Advances.

 

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2.4.           
Swing Line Loans.

 

2.4.1. Amount
of Swing Line Loans. Subject to the conditions precedent set forth in Section 4.2 and, if such Swing Line Loan is to be made
on the date of the initial Advance hereunder, the satisfaction of the conditions precedent set forth in Section 4.1 as well, from
and including the date of this Agreement and prior to the Facility Termination Date, the Company may request that the Swing Line Lender,
on the terms and conditions set forth in this Agreement, make Swing Line Loans in Dollars to the Company from time to time in an aggregate
principal amount not to exceed the Swing Line Sublimit; provided, that (a) the Aggregate Outstanding Credit Exposure shall
not at any time exceed the Aggregate Commitment, and (b) at no time shall the sum of (i) the Swing Line Lender’s Pro Rata
Share of the Swing Line Loans, plus (ii) the outstanding Revolving Loans made by the Swing Line Lender pursuant to
Section 2.1, plus (iii) the Swing Line Lender’s Pro Rata Share of the LC Obligations, exceed the Swing Line
Lender’s Revolving Commitment at such time. Subject to the terms of this Agreement, the Company may borrow, repay and reborrow Swing
Line Loans at any time prior to the Facility Termination Date. Swing Line Loans shall only be made in Dollars. The making of Swing Line
Loans shall be in the discretion of the Swing Line Lender.

 

2.4.2. Borrowing
Notice. Any request by the Company for a Swing Line Loan shall be in writing, or by telephone promptly confirmed in writing or by
e-mail (a “Swing Line Borrowing Notice”), and must be given to the Administrative Agent and the Swing Line
Lender not later than 2:00 p.m. (Central time) on the Borrowing Date of any requested Swing Line Loan. The Swing Line Borrowing Notice
must specify (a) the applicable Borrowing Date (which date shall be a Business Day), (b) the aggregate amount of the requested
Swing Line Loan, which shall be an amount not less than $100,000 or the equivalent amount and (iii) whether such Swing Line Loan
shall bear interest at the Base Rate, the Daily LIBO Rate or such other rate of interest agreed to by the Company and the Swing Line Lender.

 

2.4.3. Making
of Swing Line Loans; Participations. Not later than 3:00 p.m. (Central time) on the applicable Borrowing Date, the Swing Line
Lender shall make available the Swing Line Loan, in funds immediately available, to the Administrative Agent at its address specified
pursuant to Article XIII. The Administrative Agent will promptly make the funds so received from the Swing Line Lender available
to the Company on the Borrowing Date at the Administrative Agent’s aforesaid address. Each time that a Swing Line Loan is made by
the Swing Line Lender pursuant to this Section 2.4.3, the Swing Line Lender shall be deemed, without further action by any party
hereto, to have unconditionally and irrevocably sold to each Lender and each Lender shall be deemed, without further action by any party
hereto, to have unconditionally and irrevocably purchased from the Swing Line Lender a participation in such Swing Line Loan in proportion
to its Pro Rata Share.

 

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2.4.4. Repayment
of Swing Line Loans. Each Swing Line Loan shall be paid in full by the Company on the date selected by the Administrative Agent upon
at least one (1) Business Day’s notice in writing, or by telephone promptly confirmed in writing or by e- mail to the Company. In
addition, the Swing Line Lender may at any time in its sole discretion with respect to any outstanding Swing Line Loan, require each Lender
to fund the participation acquired by such Lender pursuant to Section 2.4.3 or require each Lender (including the Swing Line Lender)
to make a Revolving Loan to the Company in the amount of such Lender’s Pro Rata Share of such Swing Line Loan (including, without
limitation, any interest accrued and unpaid thereon), for the purpose of repaying such Swing Line Loan. Not later than 1:00 p.m.
(Central time) on the date of any notice received pursuant to this Section 2.4.4, each Lender shall make available its required Revolving
Loan, in funds immediately available to the Administrative Agent at its address specified pursuant to Article XIII. Revolving Loans
made pursuant to this Section 2.4.4 shall initially be Base Rate Loans and thereafter may be continued as Base Rate Loans or converted
into Eurocurrency Loans in the manner provided in Section 2.9 and subject to the other conditions and limitations set forth in this
Article II. Unless a Lender shall have notified the Swing Line Lender, prior to the Swing Line Lender’s making any Swing Line
Loan, that any applicable condition precedent set forth in Sections 4.1 or 4.2 had not then been satisfied, such Lender’s obligation
to make Revolving Loans pursuant to this Section 2.4.4 to repay Swing Line Loans or to fund the participation acquired pursuant to
Section 2.4.3 shall be unconditional, continuing, irrevocable and absolute and shall not be affected by any circumstances, including,
without limitation, (a) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Company,
the Administrative Agent, the Swing Line Lender or any other Person, (b) the occurrence or continuance of a Default or Event of Default,
(c) any adverse change in the condition (financial or otherwise) of the Company, or (d) any other circumstances, happening or
event whatsoever. In the event that any Lender fails to make payment to the Administrative Agent of any amount due under this Section 2.4.4,
interest shall accrue thereon at the Federal Funds Effective Rate for each day during the period commencing on the date of demand and
ending on the date such amount is received and the Administrative Agent shall be entitled to receive, retain and apply against such obligation
the principal and interest otherwise payable to such Lender hereunder until the Administrative Agent receives such payment from such Lender
or such obligation is otherwise fully satisfied. On the Facility Termination Date, the Borrowers shall repay in full the outstanding principal
balance of the Swing Line Loans.

 

2.5.           
Facility Fees. The Borrowers agree to pay to the Administrative Agent for the account of each Lender according to its Pro
Rata Share of the Revolving Loans a facility fee in Dollars (the “Facility Fee”) at a per annum rate equal to the Applicable
Facility Fee Rate on the average daily Aggregate Revolving Commitment from the Effective Date to and including the Facility Termination
Date, payable in arrears on each Payment Date hereafter and on the Facility Termination Date.

 

2.6.            Minimum
Amount of Each Advance. Each Eurocurrency Advance shall be in the minimum amount of $5,000,000 and incremental amounts in
integral multiples of $1,000,000, and each Base Rate Advance (other than an Advance to repay Swing Line Loans) shall be in the
minimum amount of $1,000,000 and incremental amounts in integral multiples of $1,000,000, provided, however, that any
Revolving Base Rate Advance may be in the amount of the Available Aggregate Revolving Commitment and any Term Base Rate Advance may
be in the amount of the Available Aggregate Term Loan Commitment.

 

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2.7.           
Reductions in Aggregate Commitment; Optional and Mandatory Principal Payments. The Borrowers may permanently reduce the
Revolving Commitment in whole, or in part ratably among the Lenders, in each case, in integral multiples of $50,000,000, upon at least
five (5) Business Days’ prior written notice to the Administrative Agent, which notice shall specify the amount of any such reduction;
provided, however, that the amount of the Revolving Commitment may not be reduced below the Aggregate Outstanding Revolving Credit
Exposure and the Term Loan Commitment may not be reduced below the Aggregate Outstanding Term Loan Credit Exposure. All accrued Facility
Fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions hereunder.
The Borrowers may from time to time pay, without penalty or premium, all outstanding Base Rate Advances (other than Swing Line Loans),
or, if less, in integral multiples of $1,000,000, any portion of the outstanding Base Rate Advances (other than Swing Line Loans) upon
same day notice to the Administrative Agent (by 11:00 a.m.(Central time)). The Borrowers may at any time pay, without penalty or
premium, all outstanding Swing Line Loans, or any portion of the outstanding Swing Line Loans, with notice to the Administrative Agent
and the Swing Line Lender by 10:00 a.m. (Central time) on the date of repayment. The Borrowers may from time to time pay, subject
to the payment of any funding indemnification amounts required by Section 3.4 but without penalty or premium, all outstanding Eurocurrency
Advances, or, in an aggregate amount of $5,000,000 and incremental amounts in integral multiples of $1,000,000, any portion of the outstanding
Eurocurrency Advances upon three (3) Business Days’ prior written notice to the Administrative Agent. All voluntary prepayments
of Term Loans pursuant to this Section 2.7 shall be applied to scheduled principal installments of the Term Loans as directed by
the Borrowers; provided that, upon the occurrence and during the continuation of any Event of Default, all voluntary prepayments
of Term Loans pursuant to this Section 2.7 shall be applied to scheduled principal installments of the Term Loans in inverse order
of maturity.

 

2.8.           
Method of Selecting Types, Classes and Interest Periods for New Advances. The Borrower requesting an Advance shall select
the Type and Class of Advance and, in the case of the applicable Eurocurrency Advance, the Agreed Currency applicable thereto and, other
than for an RFR Advance, the Interest Period therefor. Such Borrower shall give the Administrative Agent irrevocable notice in the form
of Exhibit D (a “Borrowing Notice”) not later than (1) 11:00 a.m. (Central time) on the Borrowing
Date of each Base Rate Advance (other than a Swing Line Loan), (2) three (3) Business Days before the Borrowing Date for each Term Benchmark
Advance in Dollars, (3) three (3) Business Days before the Borrowing Date for each Term Benchmark Advance in Euros, (4) five (5) Business
Days before the Borrowing Date for each RFR Advance in Sterling, (5) five (5) Business Days before the Borrowing Date for each RFR Advance
in Swiss Francs, and (6) and four (4) Business Days before the Borrowing Date for each Eurocurrency Advance in an Agreed Currency other
than those listed above, specifying:

 

		(i)	the Borrowing Date, which shall be a Business Day, of such Advance,

 

		(ii)	the aggregate amount of such Advance,

 

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		(iii)	the Type of Advance selected,

 

		(iv)	the Class of Advance selected, and

 

		(v)	in the case of each Eurocurrency Advance, the Agreed Currency therefor, whether such Advance is a Term
Benchmark Advance, an RFR Advance or another Type of Eurocurrency Advance, and, if applicable, the Interest Period therefor (which, in
the case of a Foreign Borrower in respect of Agreed Currencies, shall be in one of the Designated Currencies applicable to such Foreign
Borrower).

 

Not later than 1:00 p.m. (Central time) on
each Borrowing Date, each Lender shall make available its Loan or Loans in funds immediately available to the Administrative Agent at
its address specified pursuant to Article XIII. The Administrative Agent will make the funds so received from the Lenders available
to such Borrower at the Administrative Agent’s aforesaid address.

 

2.9.            Conversion
and Continuation of Outstanding Advances; Maximum Number of Interest Periods. Base Rate Advances shall continue as Base Rate
Advances unless and until such Base Rate Advances (other than Swing Line Loans) are converted into Eurocurrency Advances pursuant to
this Section 2.9 or are repaid in accordance with Section 2.4.4 or 2.7. RFR Advances shall continue as RFR Advances unless
and until such RFR Advances are converted into Eurocurrency Advances of a different Type pursuant to this Section 2.9 or are
repaid in accordance with Section 2.4.4 or 2.7. Each Term Benchmark Advance denominated in Dollars shall continue as a Term
Benchmark Advance until the end of the then applicable Interest Period therefor, at which time such Term Benchmark Advance shall be
automatically converted into a Base Rate Advance unless (x) such Term Benchmark Advance is or was repaid in accordance with
Section 2.7 or (y) the Borrower of such Term Benchmark Advance shall have given the Administrative Agent a
Conversion/Continuation Notice (as defined below) requesting that, at the end of such Interest Period, such Eurocurrency Advance
continue as a Eurocurrency Advance for the same or another Interest Period. Each Term Benchmark Advance denominated in Euros and
each other Eurocurrency Advance other than those denominated in Dollars, Sterling or Swiss Francs shall automatically continue as a
Eurocurrency Advance in the same Agreed Currency with an Interest Period of one month unless (x) such Eurocurrency Advance is
or was repaid in accordance with Section 2.7 or (y) the Borrower of such Eurocurrency Advance shall have given the
Administrative Agent a Conversion/Continuation Notice (as defined below) requesting that, at the end of such Interest Period, such
Eurocurrency Advance continue as a Eurocurrency Advance for the same or another Interest Period or that such Eurocurrency Advance be
converted to an Advance in Dollars. Subject to the terms of Section 2.6, the Borrowers may elect from time to time to convert
all or any part of a Base Rate Advance (other than a Swing Line Loan) into a Eurocurrency Advance, or an RFR Advance into a
different Type of Eurocurrency Advance or a Base Rate Advance. The Borrower of an Advance shall give the Administrative Agent
irrevocable notice (a “Conversion/Continuation Notice”) of each conversion of a Base Rate Advance into a
Eurocurrency Advance, conversion of a Eurocurrency Advance to a Base Rate Advance, or continuation of a Eurocurrency Advance (where
applicable) not later than 11:00 a.m. (Central time) at least (x) five (5) Business Days prior to the date of a requested
conversion if to be made as an RFR Advance, (y) four (4) Business Days for any Eurocurrency Advance in an Agreed Currency other than
Dollars and not constituting an RFR Advance, whether in respect of a conversion or continuation, and (z) three (3) Business Days for
any other Advance prior to the date of the requested conversion or continuation, specifying:

 

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		(i)	the requested date, which shall be a Business Day, of such conversion or continuation,

 

		(ii)	the Agreed Currency amount and Type of the Advance which is to be converted or continued, and

 

		(iii)	the amount of such Advance which is to be converted into or continued as a Eurocurrency Advance and the
duration of the Interest Period (if applicable to the relevant Agreed Currency) applicable thereto.

 

After giving effect to all Advances, all conversions
of Advances from one Type to another and all continuations of Advances of the same Type, there shall be no more than ten (10) Interest
Periods in effect hereunder (which, for purposes hereof, shall include each RFR Advance as utilizing one of such Interest Periods); provided
that there shall be no more than five (5) Interest Periods (including RFR Advances for purposes hereof) in effect with respect
to all of the Advances denominated in Agreed Currencies (other than Dollars) at any time.

 

Notwithstanding anything to
the contrary in this Agreement, any Lender may exchange, continue or roll over all or a portion of its Loans in connection with any refinancing,
extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism
approved by the Borrowers, the Administrative Agent and such Lender.

 

2.10.        Interest
Rates. Each Base Rate Advance (other than a Swing Line Loan) shall bear interest on the outstanding principal amount thereof,
for each day from and including the date such Advance is made or is automatically converted from a Eurocurrency Advance into a Base
Rate Advance pursuant to Section 2.9, to but excluding the date it becomes due or is converted into a Eurocurrency Advance
pursuant to Section 2.9 hereof, at a rate per annum equal to the Base Rate for such day. Each RFR Advance shall bear interest
on the outstanding principal amount thereof, for each day from and including the date such Advance is made or is automatically
converted from an RFR Advance into another Type of Eurocurrency Advance or into a Base Rate Advance pursuant to Section 2.9, to
but excluding the date it becomes due or is converted into such a Eurocurrency Advance pursuant to Section 2.9 hereof, at a
rate per annum equal to the Daily RFR Rate for such day. Each Swing Line Loan shall bear interest on the outstanding principal
amount thereof, for each day from and including the day such Swing Line Loan is made to but excluding the date it is paid, at a rate
per annum equal to the Base Rate, the Daily LIBO Rate or such other interest rate as agreed to by the Company and the Swing Line
Lender. Changes in the rate of interest on that portion of any Advance maintained as a Base Rate Advance, RFR Advance or Daily LIBO
Loan will take effect simultaneously with each change in the Alternate Base Rate, Daily RFR Rate, Daily LIBO Base Rate or Applicable
Margins, respectively. Each Eurocurrency Advance (other than RFR Advances) shall bear interest on the outstanding principal amount
thereof from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such
Interest Period at the interest rate determined by the Administrative Agent as applicable to such Eurocurrency Advance based upon
the Borrower’s selections under Sections 2.8 and 2.9 and the Pricing Schedule. Any Term Benchmark Loan converted to
another Type of Loan prior to the end of the current Interest Period therefor shall have accrued interest in respect thereof paid on
the effective date for such conversion. No Interest Period may end after the Facility Termination Date.

 

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2.11.       
Rates Applicable After Event of Default. Notwithstanding anything to the contrary contained in Sections 2.8, 2.9 or
2.10, but subject to the remainder of this Section 2.11, during the continuance of a Default or Event of Default the Required Lenders
may, at their option, by notice from the Administrative Agent to the Borrowers (which notice may be revoked at the option of the Required
Lenders notwithstanding any provision of Section 8.3 requiring unanimous consent of the Lenders to changes in interest rates), declare
that no Advance may be made as, converted into or continued as a Eurocurrency Advance. During the continuance of an Event of Default,
the Required Lenders may, at their option, by notice from the Administrative Agent to the Borrowers (which notice may be revoked at the
option of the Required Lenders notwithstanding any provision of Section 8.3 requiring unanimous consent of the Lenders to changes
in interest rates), declare that, unless repaid:

 

2.11.1. each RFR
Advance shall be converted to a Base Rate Advance in Dollars;

 

2.11.2. each Term
Benchmark Advance denominated in Dollars shall be converted to a Base Rate Advance at the end of the Interest Period applicable thereto;

 

2.11.3. each Term
Benchmark Advance and other Eurocurrency Advance denominated in an Agreed Currency other than Dollars but not constituting an RFR Advance
shall bear interest at the Central Bank Rate for the applicable Agreed Currency plus the Applicable Margin; provided that,
if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank
Rate for the applicable Agreed Currency cannot be determined, any outstanding affected Term Benchmark Loans or other Eurocurrency Loans
denominated in any Agreed Currency other than Dollars shall either be (i) converted to a Base Rate Loan denominated in Dollars (in an
amount equal to the Approximate Dollar Amount of such Agreed Currency) at the end of the Interest Period, as applicable, therefor or (ii)
prepaid at the end of the applicable Interest Period, as applicable, in full;

 

2.11.4. each Base
Rate Advance shall bear interest at a rate per annum equal to the Base Rate in effect from time to time plus 2.00% per annum; and

 

2.11.5. the LC
Fee shall be increased by 2.00% per annum.

 

If no election is made by
the applicable Borrower by the earlier of (x) the date that is three Business Days after receipt by the applicable Borrower of such
a notice and (y) the last day of the current Interest Period if in respect of a Term Benchmark Loan or other Eurocurrency Loan that
is not an RFR Loan, the applicable Borrower shall be deemed to have elected to convert the applicable Loan to a Base Rate Loan.
Notwithstanding the foregoing or anything to the contrary set forth herein, during the continuance of an Event of Default under
Section 7.9 or 7.10, the increases by 2.00% in interest rates and the LC Fee shall be applicable automatically to all Credit
Extensions without any election or action on the part of the Administrative Agent or any Lender. After an Event of Default has been
cured or waived, the interest rate applicable to advances and the LC Fee shall revert to the rates applicable prior to the
occurrence of an Event of Default.

 

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2.12.       
Method of Payment; Repayment of Term Loans.

 

(a) Each Advance shall be repaid
and each payment of interest thereon shall be paid in the currency in which such Advance was made. All payments of the Obligations hereunder
shall be made, without setoff, deduction, or counterclaim, in immediately available funds to the Administrative Agent at the Administrative
Agent’s address specified pursuant to Article XIII, or at any other Lending Installation (or Lending Installations in the event
different Lending Installations are designated for Obligations denominated in different Agreed Currencies) of the Administrative Agent
specified in writing by the Administrative Agent to the Borrowers, by 1:00 p.m. (Central time) on the date when due and shall (except
(i) with respect to repayments of Swing Line Loans, (ii) in the case of Reimbursement Obligations for which the LC Issuer has
not been fully indemnified by the Lenders, or (iii) as otherwise specifically required hereunder) be applied ratably by the Administrative
Agent among the Lenders. Each payment delivered to the Administrative Agent for the account of any Lender shall be delivered promptly
by the Administrative Agent to such Lender in the same type of funds that the Administrative Agent received at its address specified pursuant
to Article XIII or at any Lending Installation specified in a notice received by the Administrative Agent from such Lender. The Administrative
Agent is hereby authorized to charge accounts of the Borrowers maintained with U.S. Bank for each payment of principal, interest,
Reimbursement Obligations and fees as they becomes due hereunder. Each reference to the Administrative Agent in this Section 2.12
shall also be deemed to refer, and shall apply equally, to the LC Issuer, in the case of payments required to be made by the Borrowers
to the LC Issuer pursuant to Section 2.19.6. Notwithstanding anything to the contrary herein, reimbursements pursuant to Section 2.19.5
and Section 2.19.6 of amounts paid by the LC Issuer in respect of Facility LCs shall be paid in Dollars in an amount equal to the
Dollar Amount of such amounts determined by such LC Issuer as of the applicable LC Payment Date.

 

(b)    The Borrowers hereby unconditionally promise to pay to the Administrative Agent for the account of each Lender the then unpaid
principal amount of each Revolving Loan on the Facility Termination Date or, as to Outstanding Revolving Credit Exposure as to which there
shall have been an Extension, the Extended Termination Date, as the case may be. Beginning with the first Payment Date occurring after
the Effective Date on each Payment Date thereafter (or, if such date is not a Business Day, on the immediately preceding Business Day),
the Borrowers shall make quarterly payments of principal on the Initial Term Loans in an amount equal to one and one quarter percent (1.25%)
of the aggregate of the Outstanding Initial Term Loan Credit Exposures. To the extent not previously paid, all unpaid Initial Term Loans
shall be paid in full in cash by the Borrowers on the Facility Termination Date. Subject to any prepayments from time to time made by
the Company, the 2021 Incremental Term Loans shall be repaid in full in cash by the Borrowers on the 2021 Incremental Facility Termination
Date.

 

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(c) Notwithstanding the
foregoing provisions of this Section, if, after the making of any Advance in any currency other than Dollars, currency control or
exchange regulations are imposed in the country which issues such currency with the result that the type of currency in which the
Advance was made (the “Original Currency”) no longer exists or the Borrower of such Advance is not able to make
payment to the Administrative Agent for the account of the Lenders in such Original Currency, then all payments to be made by such
Borrower hereunder in such currency shall instead be made when due in Dollars in an amount equal to the Dollar Amount (as of the
date of repayment) of such payment due, it being the intention of the parties hereto that the Borrowers take all risks of the
imposition of any such currency control or exchange regulations.

 

2.13.       
Noteless Agreement; Evidence of Indebtedness.

 

(a)         
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of each Borrower
to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable
and paid to such Lender from time to time hereunder.

 

(b)        
The Administrative Agent shall also maintain accounts in which it will record (i) the amount of each Loan made hereunder,
the Agreed Currency and Type thereof and, if applicable, the Interest Period with respect thereto, (ii) the amount of any principal
or interest due and payable or to become due and payable from each Borrower to each Lender hereunder, (iii) the original stated amount
of each Facility LC and the amount of LC Obligations outstanding at any time, and (d) the amount of any sum received by the Administrative
Agent hereunder from the Borrowers and each Lender’s share thereof.

 

(c)         
The entries maintained in the accounts maintained pursuant to paragraphs (a) and (b) above shall be prima facie evidence
of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Administrative Agent
or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrowers to repay the
Obligations in accordance with their terms.

 

(d)          
Any Lender may request that its Loans be evidenced by a promissory note or, in the case of the Swing Line Lender, promissory notes
representing its Revolving Loans, Swing Line Loans and Term Loans, respectively, substantially in the form of Exhibit E-1 and E-3
in the case of the Domestic Borrowers or Exhibit E-2 and E-4, in the case of any Foreign Borrower, with appropriate
changes for notes evidencing Swing Line Loans and notes evidencing 2021 Incremental Term Loans (each a “Note”). In
such event, the Borrowers shall prepare, execute and deliver to such Lender such Note or Notes payable to the order of such Lender in
a form supplied by the Administrative Agent. Thereafter, the Loans evidenced by such Note or Notes and interest thereon shall at all times
(prior to any assignment pursuant to Section 12.3) be represented by one or more Notes payable to the order of the payee named therein,
except to the extent that any such Lender subsequently returns any such Note for cancellation and requests that such Loans once again
be evidenced as described in clauses (b) (i) and (ii) above.

 

2.14.        Telephonic
Notices. The Borrowers hereby authorize the Lenders and the Administrative Agent to extend, convert or continue Advances, effect
selections of Agreed Currencies and Types of Advances and to transfer funds based on telephonic notices made by any person or
persons the Administrative Agent or any Lender in good faith believes to be acting on behalf of a Borrower, it being understood that
the foregoing authorization is specifically intended to allow Borrowing Notices and Conversion/Continuation Notices to be given
telephonically. Each Borrower agrees to deliver promptly to the Administrative Agent a written confirmation (which may include
e-mail) of each telephonic notice made by such Borrower authenticated by an Authorized Officer. If the written confirmation
differs in any material respect from the action taken by the Administrative Agent and the Lenders, the records of the Administrative
Agent and the Lenders shall govern absent manifest error. The parties agree to prepare appropriate documentation to correct any such
error within ten (10) days after discovery by any party to this Agreement.

 

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2.15.       
Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Base Rate Advance, each RFR Advance and each Swing
Line Loan shall be payable on each Payment Date, commencing with the first such Payment Date to occur after the Effective Date and at
maturity. Interest accrued on each Eurocurrency Advance (other than RFR Advances) shall be payable on the last day of its applicable Interest
Period, on any date on which the Eurocurrency Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued
on each Eurocurrency Advance having an Interest Period longer than three (3) months shall also be payable on the last day of each three
(3) month interval during such Interest Period. Interest on all Advances and fees shall be calculated for actual days elapsed on the basis
of a 360-day year, except that (i) interest on Advances denominated in Pounds Sterling, (ii) interest on Advances denominated in Australian
Dollars and (iii) interest at the Base Rate shall each be calculated for actual days elapsed on the basis of a 365 or 366-day year, as
the case may be. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment
is received prior to 12:00 noon (local time) at the place of payment. If any payment of principal of or interest on an Advance shall become
due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day.

 

2.16.       
Notification of Advances, Interest Rates, Prepayments and Commitment Reductions. Promptly after receipt thereof, the Administrative
Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Swing Line Borrowing Notice,
Conversion/Continuation Notice, and repayment notice received by it hereunder. Promptly after notice from the LC Issuer, the Administrative
Agent will notify each Lender of the contents of each request for issuance of a Facility LC hereunder. The Administrative Agent will notify
each Lender of the currency and interest rate applicable to each Eurocurrency Advance promptly upon determination of such interest rate
and will give each Lender prompt notice of each change in the Alternate Base Rate.

 

2.17.       
Lending Installations. Each Lender may book its Advances and its participation in any LC Obligations and the LC Issuer may
book the Facility LCs at any Lending Installation selected by such Lender or the LC Issuer, as the case may be, and may change its Lending
Installation from time to time. All terms of this Agreement shall apply to any such Lending Installation and the Loans, Facility LCs,
participations in LC Obligations and any Notes issued hereunder shall be deemed held by each Lender or the LC Issuer, as the case may
be, for the benefit of any such Lending Installation. Each Lender and the LC Issuer may, by written notice to the Administrative Agent
and the Borrowers in accordance with Article XIII, designate replacement or additional Lending Installations through which Loans
will be made by it or Facility LCs will be issued by it and for whose account Loan payments or payments with respect to Facility LCs are
to be made.

  

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2.18.       
 Non-Receipt of Funds by the Administrative Agent. Unless a Borrower or a Lender, as the case may be, notifies the Administrative
Agent prior to the date on which it is scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the
proceeds of a Loan or (ii) in the case of a Borrower, a payment of principal, interest or fees to the Administrative Agent for the
account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been made.
The Administrative Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance
upon such assumption. If such Lender or Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the
recipient of such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available
together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the
Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (x) in the case of
payment by a Lender, the Federal Funds Effective Rate for such day for the first three (3) days and, thereafter, the interest rate applicable
to the relevant Loan or (y) in the case of payment by a Borrower, the interest rate applicable to the relevant Loan.

 

2.19.       
Facility LCs.

 

2.19.1. Issuance;
Facility LC Amounts. (a) Each LC Issuer hereby agrees, on the terms and conditions set forth in this Agreement, to issue standby
and commercial Letters of Credit denominated in Dollars, any other Agreed Currency, or any Discretionary Currency acceptable to such LC
Issuer (each Letter of Credit issued on and after the Effective Date pursuant to this Section 2.19, a “Facility LC”)
and to renew, extend, increase, decrease or otherwise modify each Facility LC (“Modify,” and each such action a “Modification”),
from time to time from and including the Effective Date and prior to the Facility Termination Date upon the request of a Borrower; provided
that immediately after each such Facility LC is issued or Modified (as confirmed by such LC Issuer with the Administrative Agent in writing
prior to the issuance or Modification of such Facility LC), (i) the aggregate Dollar Amount of the outstanding LC Obligations shall
not exceed the Facility LC Sublimit and (ii) the Aggregate Outstanding Credit Exposure shall not exceed the Aggregate Commitment.
Subject to the foregoing and the remainder of this Section 2.19, each LC Issuer agrees to issue Facility LCs up to the amount of the Facility
LC Sublimit; provided, that the amount available to be issued by one LC Issuer shall be reduced by the outstanding face amount
of Facility LCs issued by the other LC Issuer (by way of example only, if U.S. Bank issues Facility LCs with an aggregate outstanding
face amount equal to $75,000,000, then BofA may only issue Facility LCs with an aggregate outstanding face amount equal to $25,000,000).
Unless approved by all the Lenders, no Facility LC shall have an expiry date later than one year after its issuance.

 

(b)         No
LC Issuer shall be under any obligation to issue any Facility LC if any order, judgment or decree of any Governmental Authority or
arbitrator shall by its terms purport to enjoin or restrain such LC Issuer from issuing such Facility LC, or any law applicable to
such LC Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with
jurisdiction over such LC Issuer shall prohibit, or request that the LC Issuer refrain from, the issuance of letters of credit
generally or such Facility LC in particular or shall impose upon the LC Issuer with respect to such Facility LC any restriction,
reserve or capital requirement (for which the LC Issuer is not otherwise compensated hereunder) not in effect on the Effective Date,
or shall impose upon the LC Issuer any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which
the LC Issuer in good faith deems material to it; or (ii) the issuance of such Facility LC would violate one or more policies
of the LC Issuer applicable to Letters of Credit generally.

 

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(c)         
 If a Borrower so requests, an LC Issuer may, in its sole and absolute discretion, agree to issue an Auto-Extension Facility LC;
provided that any such Auto-Extension Facility LC must permit the LC Issuer to prevent any such extension at least once in each twelve-month
period (commencing with the date of issuance of such Facility LC) by giving prior notice to the beneficiary thereof not later than a day
(the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Facility LC is
issued. Unless otherwise directed by such LC Issuer, the applicable Borrower shall not be required to make a specific request to the LC
Issuer for any such extension. Once an Auto-Extension Facility LC has been issued, the Lenders shall be deemed to have authorized (but
may not require) such LC Issuer to permit the extension of such Facility LC at any time; provided, however, that the LC Issuer shall not
permit any such extension if (A) the LC Issuer has determined (or has been advised by the Administrative Agent on or before the day
that is seven Business Days before the Non-Extension Notice Date) that it would not be permitted, or would have no obligation, at such
time to issue such Facility LC in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (i)
or (ii) of Section 2.19.1(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before
the day that is seven Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders
have elected not to permit such extension or (2) from the Administrative Agent, any Lender or any Borrower that one or more of the
applicable conditions specified in Section 4.2 is not then satisfied, and in each such case directing the LC Issuer not to permit
such extension.

 

(d)         
Unless otherwise specified herein, the amount of a Facility LC at any time shall be deemed to be the Dollar Amount of the stated
amount of such Facility LC in effect at such time; provided, however, that with respect to any Facility LC that by its terms provides
for one or more automatic increases in the stated amount thereof, the amount of such Facility LC shall be deemed to be the Dollar Amount
of the maximum stated amount of such Facility LC after giving effect to all such increases, whether or not such maximum stated amount
is in effect at such time.

 

2.19.2. Participations.
Upon the satisfaction of the conditions precedent set forth in Section 4.l, in the case of the Existing Letters of Credit, or otherwise
upon the issuance or Modification by the LC Issuer of a Facility LC in accordance with this Section 2.19, the LC Issuer shall be
deemed, without further action by any party hereto, to have unconditionally and irrevocably sold to each Lender, and each Lender shall
be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from the LC Issuer, a participation
in such Facility LC (and each Modification thereof) and the related LC Obligations in proportion to its Pro Rata Share.

 

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2.19.3. Notice.
Subject to Section 2.19.1, a Borrower shall give the Administrative Agent notice prior to 10:00 a.m. (Central time) at
least two (2) Business Days prior to the proposed date of issuance or Modification of each Facility LC, specifying the beneficiary,
the proposed date of issuance (or Modification) and the expiry date of such Facility LC, and describing the proposed terms of such
Facility LC and the nature of the transactions proposed to be supported thereby. Upon receipt of such notice, the Administrative
Agent shall promptly notify the LC Issuer and each Lender, of the contents thereof and of the amount of such Lender’s
participation in such proposed Facility LC. The issuance or Modification by the LC Issuer of any Facility LC shall, in addition to
the conditions precedent set forth in Article IV, be subject to the conditions precedent that such Facility LC shall be
satisfactory to the LC Issuer and that such Borrower shall have executed and delivered such application agreement and/or such other
instruments and agreements relating to such Facility LC as the LC Issuer shall have reasonably requested (each, a “Facility
LC Application”). The LC Issuer shall have no independent duty to ascertain whether the conditions set forth in
Article IV have been satisfied; provided, however, that the LC Issuer shall not issue a Facility LC if, on or before the
proposed date of issuance, the LC Issuer shall have received notice from the Administrative Agent or the Required Lenders that any
such condition has not been satisfied or waived. In the event of any conflict between the terms of this Agreement and the terms of
any Facility LC Application, the terms of this Agreement shall control.

 

2.19.4. LC Fees.
Each Borrower shall pay to the Administrative Agent, for the account of the Lenders ratably in accordance with their respective Pro Rata
Shares, with respect to each Facility LC issued for the account of such Borrower, a letter of credit fee at a per annum rate equal to
the Applicable Margin for Eurocurrency Loans constituting Term Benchmark Loans in effect from time to time on the original face amount
of the Facility LC for the period from the date of issuance to the scheduled expiration date of such Facility LC, such fee to be payable
in arrears on each Payment Date (the “LC Fee”). Such Borrower shall also pay to the LC Issuer for its own account (x) a
fronting fee in an amount agreed upon between the LC Issuer and such Borrower and (y) on demand, all amendment, drawing and other
fees regularly charged by the LC Issuer to its letter of credit customers and all out-of-pocket expenses incurred by the LC Issuer in
connection with the issuance, Modification, administration or payment of any Facility LC.

 

2.19.5. Administration;
Reimbursement by Lenders. Upon receipt from the beneficiary of any Facility LC of any demand for payment under such Facility LC,
the LC Issuer shall notify the Administrative Agent and the Administrative Agent shall promptly notify the Company and the Borrower
for which such Facility LC was issued and each other Lender as to the amount to be paid by the LC Issuer as a result of such demand
and the proposed payment date (the “LC Payment Date”). The responsibility of the LC Issuer to the Company and any
such Borrower and each Lender shall be only to determine that the documents (including each demand for payment) delivered under each
Facility LC in connection with such presentment shall be in conformity in all material respects with such Facility LC. The LC Issuer
shall endeavor to exercise the same care in the issuance and administration of the Facility LCs as it does with respect to letters
of credit in which no participations are granted, it being understood that in the absence of any gross negligence or willful
misconduct by the LC Issuer (as determined by a court of competent jurisdiction by final and non-appealable judgment), each Lender
shall be unconditionally and irrevocably liable without regard to the occurrence of any Event of Default or any condition precedent
whatsoever, to reimburse the LC Issuer through the Administrative Agent on demand for (i) such Lender’s Pro Rata Share of
the amount of each payment made by the LC Issuer under each Facility LC to the extent such amount is not reimbursed by the Borrowers
pursuant to Section 2.19.6 below and there are not funds available in the Facility LC Collateral Account to cover the same,
plus (ii) interest on the foregoing amount to be reimbursed by such Lender, for each day from the date of the LC Issuer’s
demand for such reimbursement (or, if such demand is made after 11:00 a.m. (Eastern time) on such date, from the next
succeeding Business Day) to the date on which such Lender pays the amount to be reimbursed by it, at a rate of interest per annum
equal to the Federal Funds Effective Rate for the first three (3) days and, thereafter, at a rate of interest equal to the rate
applicable to Base Rate Advances.

 

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2.19.6. Reimbursement
by Borrowers. The Domestic Borrowers and any Foreign Borrower for which a Facility LC was issued shall be irrevocably and unconditionally
obligated to reimburse the LC Issuer through the Administrative Agent on or before the applicable LC Payment Date for any amounts to be
paid by the LC Issuer upon any drawing under any Facility LC, without presentment, demand, protest or other formalities of any kind; provided
that neither any Domestic Borrower, nor such Foreign Borrower nor any Lender shall hereby be precluded from asserting any claim for
direct (but not consequential) damages suffered by such Domestic Borrower, such Foreign Borrower or such Lender to the extent, but only
to the extent, caused by (i) the willful misconduct or gross negligence of the LC Issuer (as determined by a court of competent jurisdiction
by final and non-appealable judgment) in determining whether a request presented under any Facility LC issued by it complied with the
terms of such Facility LC or (ii) the LC Issuer’s failure to pay under any Facility LC issued by it after the presentation
to it of a request strictly complying with the terms and conditions of such Facility LC. All such amounts paid by the LC Issuer and remaining
unpaid by any Domestic Borrower or such Foreign Borrower shall bear interest, payable on demand, for each day until paid at a rate per
annum equal to (x) the rate applicable to Base Rate Advances for such day if such day falls on or before the applicable LC Payment
Date and (y) the sum of 2.00% per annum plus the rate applicable to Base Rate Advances for such day if such day falls after such
LC Payment Date. The Administrative Agent will pay to each Lender ratably in accordance with its Pro Rata Share all amounts received by
it from a Domestic Borrower or a Foreign Borrower for application in payment, in whole or in part, of the Reimbursement Obligation in
respect of any Facility LC issued by the LC Issuer, but only to the extent such Lender has made payment to the LC Issuer through the Administrative
Agent in respect of such Facility LC pursuant to Section 2.19.5. Subject to the terms and conditions of this Agreement (including
without limitation the submission of a Borrowing Notice in compliance with Section 2.8 and the satisfaction of the applicable conditions
precedent set forth in Article IV), the Domestic Borrowers or a Foreign Borrower may request an Advance hereunder for the purpose
of satisfying any Reimbursement Obligation.

 

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2.19.7. Obligations
Absolute. Each of the Domestic Borrower’s and any applicable Foreign Borrower’s obligations under this
Section 2.19 shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim
or defense to payment which the Borrowers may have or have had against the LC Issuer, any Lender or any beneficiary of a Facility
LC. The Borrowers further agree with the LC Issuer and the Lenders that the LC Issuer and the Lenders shall not be responsible for,
and each Borrower’s Reimbursement Obligation in respect of its Facility LCs issued shall not be affected by, among other
things, the validity or genuineness of documents or of any endorsements thereon, even if such documents should in fact prove to be
in any or all respects invalid, fraudulent or forged, or any dispute between or among such Borrower, any of their Affiliates, the
beneficiary of any Facility LC or any financing institution or other party to whom any Facility LC may be transferred or any claims
or defenses whatsoever of any Borrower or of any of their Affiliates against the beneficiary of any Facility LC or any such
transferee. The LC Issuer shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery
of any message or advice, however transmitted, in connection with any Facility LC. The Domestic Borrowers and each applicable
Foreign Borrower agrees that any action taken or omitted by the LC Issuer or any Lender under or in connection with each Facility LC
and the related drafts and documents, if done without gross negligence or willful misconduct (as determined by a court of competent
jurisdiction by final and non-appealable judgment), shall be binding upon such Borrower(s) and shall not put the LC Issuer or any
Lender under any liability to any Borrower. Nothing in this Section 2.19.7 is intended to limit the right of a Borrower to make
a claim against the LC Issuer for damages as contemplated by the proviso to the first sentence of Section 2.19.6.

 

2.19.8. Actions
of LC Issuer. The LC Issuer shall be entitled to rely, and shall be fully protected in relying, upon any Facility LC, draft, writing,
resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, facsimile, telex, teletype or electronic mail message,
statement, order or other document believed by it to be genuine and correct and to have been signed, sent or made by the proper Person
or Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by the LC Issuer. The
LC Issuer shall be fully justified in failing or refusing to take any action under this Agreement unless it shall first have received
such advice or concurrence of the Required Lenders as it reasonably deems appropriate or it shall first be indemnified to its reasonable
satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to
take any such action. Notwithstanding any other provision of this Section 2.19, the LC Issuer shall in all cases be fully protected
in acting, or in refraining from acting, under this Agreement in accordance with a request of the Required Lenders, and such request and
any action taken or failure to act pursuant thereto shall be binding upon the Lenders and any future holders of a participation in any
Facility LC.

 

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2.19.9. Indemnification.
In addition to their other obligations under this Agreement, the Borrowers hereby agree to protect, indemnify, pay and hold the LC
Issuer harmless from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including
reasonable counsel fees and disbursements) that the LC Issuer may incur or be subject to as a consequence, direct or indirect, of
(A) the issuance of any Letter of Credit or (B) the failure of the LC Issuer to honor a drawing under a Letter of Credit
as a result of any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or
Governmental Authority (all such acts or omissions, herein called “Government Acts”). As between the Borrowers
and the LC Issuer, the Borrowers shall assume all risks of the acts, omissions or misuse of any Letter of Credit by the beneficiary
thereof. In the absence of gross negligence or willful misconduct (as determined by a court of competent jurisdiction by final and
non-appealable judgment), the LC Issuer shall not be responsible for: (A) the form, validity, sufficiency, accuracy,
genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any Letter
of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged;
(B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of
Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, that may prove to be invalid or ineffective
for any reason; (C) failure of the beneficiary of a Letter of Credit to comply fully with conditions required in order to draw
upon a Letter of Credit; (D) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail,
cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms;
(F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under a Letter of
Credit or of the proceeds thereof; and (G) any consequences arising from causes beyond the control of the LC Issuer, including,
without limitation, any Government Acts. None of the above shall affect, impair, or prevent the vesting of the LC Issuer’s
rights or powers hereunder.

 

2.19.10. Lenders’
Indemnification. Each Lender shall, ratably in accordance with its Pro Rata Share, indemnify the LC Issuer, its Affiliates and their
respective directors, officers, agents and employees (to the extent not reimbursed by the Borrowers) against any cost, expense (including
reasonable counsel fees and disbursements), claim, demand, action, loss or liability (except such as result from such indemnitees’
gross negligence or willful misconduct or the LC Issuer’s failure to pay under any Facility LC (as determined by a court of competent
jurisdiction by final and non-appealable judgment) after the presentation to it of a request strictly complying with the terms and conditions
of the Facility LC) that such indemnitees may suffer or incur in connection with this Section 2.19 or any action taken or omitted
by such indemnitees hereunder.

 

2.19.11. Facility
LC Collateral Account. The Company agrees that it will, upon the request of the Administrative Agent or the Required Lenders and
until the final expiration date of any Facility LC and thereafter as long as any amount is payable to the LC Issuer or the Lenders
in respect of any Facility LC issued for the account of any Borrower, maintain a special collateral account pursuant to arrangements
satisfactory to the Administrative Agent (each, a “Facility LC Collateral Account”), in the name of the Company
but under the sole dominion and control of the Administrative Agent, for the benefit of the Lenders and in which neither the Company
nor any other Borrower shall have an interest other than as set forth in Section 8.1. The Company hereby pledges, assigns and
grants to the Administrative Agent, on behalf of and for the ratable benefit of the Lenders and the LC Issuer, a security interest
in all of the Company’s right, title and interest in and to all funds which may from time to time be on deposit in a Facility
LC Collateral Account to secure the prompt and complete payment and performance of the Obligations of the Company and the Foreign
Borrowers. The Administrative Agent will invest any funds on deposit from time to time in the Facility LC Collateral Account in
certificates of deposit of U.S. Bank having a maturity not exceeding thirty (30) days. No later than the fifth Business
Day prior to the Facility Termination Date, the Borrowers will deposit into the Facility LC Collateral Account Cash Collateral in an
amount equal to the sum of (a) 105% of the Dollar Amount of LC Obligations with respect to Facility LCs denominated in Agreed
Currencies, plus (b) 115% of the Dollar Amount of LC Obligations with respect to Facility LCs denominated in Discretionary
Currencies. Except as specifically required in the preceding sentence, nothing in this Section 2.19.11 shall require, or
obligate the Administrative Agent to require, the Company or any other Borrower to deposit any funds in a Facility LC Collateral
Account, or limit the right of the Administrative Agent to release any funds held in a Facility LC Collateral Account in each case
other than as required by Section 8.1.

 

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2.19.12. Rights
as a Lender. In its capacity as a Lender, the LC Issuer shall have the same rights and obligations as any other Lender.

 

2.20.       
Replacement of Lender. If the Borrowers are required pursuant to Section 3.1, 3.2 or 3.5 to make any additional payment
to any Lender or if any Lender’s obligation to make or continue, or to convert Base Rate Advances into Eurocurrency Advances shall
be suspended pursuant to Section 3.3 or if any Lender defaults in its obligation to make a Loan, reimburse the LC Issuer pursuant
to Section 2.19.5 or the Swing Line Lender pursuant to Section 2.4.4 or declines to approve an amendment or waiver that is approved
by the Required Lenders or otherwise becomes a Defaulting Lender (any Lender so affected an “Affected Lender”), the
Company may elect, if such amounts continue to be charged or such suspension is still effective, to replace such Affected Lender as a
Lender party to this Agreement; provided that no Default or Event of Default shall have occurred and be continuing at the time
of such replacement; and provided further that, concurrently with such replacement, (i) another bank or other entity which
is reasonably satisfactory to the Company and the Administrative Agent shall agree, as of such date, to purchase for cash the Advances
and other Obligations due to the Affected Lender pursuant to an assignment substantially in the form of Exhibit C and to become
a Lender for all purposes under this Agreement and to assume all obligations of the Affected Lender to be terminated as of such date and
to comply with the requirements of Section 12.3 applicable to assignments, and (ii) the Borrowers shall pay to such Affected
Lender in same day funds on the day of such replacement (A) all interest, fees and other amounts then accrued but unpaid to such
Affected Lender by the Borrowers hereunder to and including the date of termination, including without limitation payments due to such
Affected Lender under Sections 3.1, 3.2 and 3.5, and an amount, if any, equal to the payment which would have been due to such Lender
on the day of such replacement under Section 3.4 had the Loans of such Affected Lender been prepaid on such date rather than sold
to the replacement Lender.

 

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2.21.        Limitation
of Interest. The Borrowers, the Administrative Agent and the Lenders intend to strictly comply with all applicable laws,
including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other
provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.21, even if such
provision declares that it controls. As used in this Section 2.21, the term “interest” includes the aggregate of
all charges, fees, benefits or other compensation which constitute interest under applicable law; provided that, to the
maximum extent permitted by applicable law, any non-principal payment shall be characterized as an expense or as compensation for
something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time
contracted for, reserved, charged or received shall be amortized, prorated, allocated and spread, in equal parts during the full
term of the Obligations. In no event shall the Borrowers or any other Person be obligated to pay, or any Lender have any right or
privilege to reserve, receive or retain, (i) any interest in excess of the maximum amount of non-usurious interest permitted
under the applicable laws (if any) of the United States or of any applicable state, or (ii) total interest in excess of the
amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been
calculated for the full term of the Obligations at the Highest Lawful Rate. On each day, if any, that the interest rate (the
 “Stated Rate”) called for under this Agreement or any other Loan Document exceeds the Highest Lawful Rate, the
rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that
day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the total amount of interest accrued equals the
total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter,
interest shall accrue at the Stated Rate unless and until the Stated Rate again exceeds the Highest Lawful Rate when the provisions
of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates
to be used in calculating interest at the Highest Lawful Rate shall be determined by dividing the applicable Highest Lawful Rate per
annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions
contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed
without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of
money at an interest rate in excess of the Highest Lawful Rate. If the term of any Obligation is shortened by reason of acceleration
of maturity as a result of any Event of Default or by any other cause, or by reason of any required or permitted prepayment, and if
for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives
(and/or has received) interest in excess of interest calculated at the Highest Lawful Rate, then and in any such event all of any
such excess interest shall be canceled automatically as of the date of such acceleration, prepayment or other event which produces
the excess, and, if such excess interest has been paid to such Lender, it shall be credited pro tanto against the
then-outstanding principal balance of the Borrowers’ obligations to such Lender, effective as of the date or dates when the
event occurs which causes it to be excess interest, until such excess is exhausted or all of such principal has been fully paid and
satisfied, whichever occurs first, and any remaining balance of such excess shall be promptly refunded to its payor.

  

2.22.       
Defaulting Lenders.

 

(a)           
Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes
a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

 

		(i)	Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment,
waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders.

 

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		(ii)	Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received
by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII
or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 11.1 shall be applied at such
time or times as may be determined by the Administrative Agent
as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second,
to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the LC Issuer and Swing Line Lender hereunder;
third, to Cash Collateralize the LC Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with
Section 2.22(d); fourth, as the Borrowers may request (so long as no Default or Event of Default exists), to the funding of
any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined
by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrowers, to be held in a deposit account
(including the Facility LC Collateral Account) and released pro rata in order to (x) satisfy such Defaulting Lender’s
potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the LC Issuer’s
future Fronting Exposure with respect to such Defaulting Lender with respect to future Facility LCs issued under this Agreement, in accordance
with Section 2.22(d); sixth, to the payment of any amounts owing to the Lenders, the LC Issuer or Swing Line Lender as a result
of any judgment of a court of competent jurisdiction obtained by any Lender, the LC Issuer or Swing Line Lender against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default
or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction
obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under
this Agreement; eighth, if so determined by the Administrative Agent, distributed to the Lenders other than the Defaulting Lender
until the ratio of the Outstanding Credit Exposure of such Lenders to the Aggregate Outstanding Credit Exposure of all Revolving Lenders
equals such ratio immediately prior to the Defaulting Lender’s failure to fund any portion of any Loans or participations in Facility
LCs or Swing Line Loans; and ninth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided
that if (x) such payment is a payment of the principal amount of any Loans or Facility LC issuances in respect of which such
Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Facility LCs were issued
at a time when the conditions set forth in Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the
Credit Extensions of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Credit Extensions
of such Defaulting Lender until such time as all Loans and funded and unfunded participations in LC Obligations and Swing Line Loans are
held by the Lenders pro rata in accordance with the Commitments without giving effect to Section 2.22(a)(iv). Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender
or to post Cash Collateral pursuant to this Section 2.22(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender,
and each Lender irrevocably consents hereto.

 

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		(iii)	Certain Fees.

 

(A)            
[reserved];

 

(B)             
Each Defaulting Lender shall be entitled to receive a Facility Fee for any period during which that Lender is a Defaulting Lender
only to extent allocable to the sum of (1) the outstanding principal amount of the Revolving Loans funded by it, and (2) its
ratable share of the stated amount of Facility LCs for which it has provided Cash Collateral pursuant to Section 2.22(d);

 

(C)             
Each Defaulting Lender shall be entitled to receive LC Fees for any period during which that Lender is a Defaulting Lender only
to the extent allocable to its ratable share of the stated amount of Facility LCs for which it has provided Cash Collateral pursuant to
Section 2.22(d); and

 

(D)            
With respect to any fees not required to be paid to any Defaulting Lender pursuant to clauses  (B) or (C) above, the
Borrowers shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with
respect to such Defaulting Lender’s participation in LC Obligations or Swing Line Loans that has been reallocated to such Non-Defaulting
Lender pursuant to clause (iv) below, (y) pay to the LC Issuer and Swing Line Lender, as applicable, the amount of any such
fee otherwise payable to such Defaulting Lender to the extent allocable to the LC Issuer’s or Swing Line Lender’s Fronting
Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

 

		(iv)	Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting
Lender’s participation in LC Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance
with their respective Pro Rata Shares (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent
that (x) the conditions set forth in Section 4.2 are satisfied at the time of such reallocation (and, unless the Borrowers shall
have otherwise notified the Administrative Agent at such time, each Borrower shall be deemed to have represented and warranted that such
conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Outstanding Credit Exposure of any
Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. No reallocation hereunder shall constitute a waiver or
release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including
any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

		(v)	Cash Collateral, Repayment of Swing Line Loans. If the reallocation described in clause (iv)
above cannot, or can only partially, be effected, each Borrower shall, without prejudice to any right or remedy available to it hereunder
or under law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lender’s Fronting Exposure and (y) second,
Cash Collateralize the LC Issuer’s Fronting Exposure in accordance with the procedures set forth in Section 2.22(d).

  

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(b)          
Defaulting Lender Cure. If the Borrowers, the Administrative Agent, the Swing Line Lender and the LC Issuer agree in writing
that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective
date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash
Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take
such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations
in Facility LCs and Swing Line Loans to be held pro rata by the Lenders in accordance with the Commitments (without giving effect
to Section 2.22(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be
made retroactively with respect to fees accrued or payments made by or on behalf of any Borrower while that Lender was a Defaulting Lender;
and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder
from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s
having been a Defaulting Lender.

 

(c)          New Facility LCs.
So long as any Lender is a Defaulting Lender, the LC Issuer shall not be required to issue, extend, renew or increase any Facility LC
unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

 

(d)         
Cash Collateral. At any time that there shall exist a Defaulting Lender, within one (1) Business Day following the
written request of the Administrative Agent or the LC Issuer (with a copy to the Administrative Agent) the Borrowers shall Cash Collateralize
the LC Issuer’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.22(a)(iv)
and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

 

		(i)	Grant of Security Interest. Each Borrower, and to the extent provided by any Defaulting Lender,
such Defaulting Lender, hereby grants to the Administrative Agent, for the benefit of the LC Issuer, and agrees to maintain, a first priority
security interest in all such Cash Collateral as security for the Defaulting Lender’s obligation to fund participations in respect
of LC Obligations, to be applied pursuant to clause (ii) below. If at any time the Administrative Agent determines that Cash Collateral
is subject to any right or claim of any Person other than the Administrative Agent and the LC Issuer as herein provided, or that the total
amount of such Cash Collateral is less than the Minimum Collateral Amount, each Borrower will, promptly upon demand by the Administrative
Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after
giving effect to any Cash Collateral provided by the Defaulting Lender).

 

		(ii)	Application. Notwithstanding anything to the contrary
contained in this Agreement, Cash Collateral provided under this Section 2.22 in respect of Facility LCs shall be applied to the
satisfaction of the Defaulting Lender’s obligation to fund participations in respect of LC Obligations (including, as to Cash Collateral
provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any
other application of such Property as may otherwise be provided for herein.

 

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		(iii)	Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce
the LC Issuer’s Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 2.22(d)
following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the
applicable Lender), or (ii) the determination by the Administrative Agent and the LC Issuer that there exists excess Cash Collateral;
provided that, subject to this Section 2.22 the Person providing Cash Collateral and the LC Issuer may agree that Cash Collateral
shall be held to support future anticipated Fronting Exposure or other obligations.

 

2.23.       
Market Disruption. Notwithstanding the satisfaction of all applicable conditions referred to in Article II and Article IV
with respect to any Advance or Facility LC in any Agreed Currency other than Dollars, if there shall occur on or prior to the date of
such Advance or the date of issuance of such Facility LC any change in national or international financial, political or economic conditions
or currency exchange rates or exchange controls which would in the reasonable opinion of the Administrative Agent or the Required Lenders
make it impracticable for the Eurocurrency Loans comprising such Advance or Facility LC to be denominated in the Agreed Currency specified
by a Borrower, then the Administrative Agent shall forthwith give notice thereof to such Borrower and the Lenders, and such Loans or Facility
LC shall not be denominated in such Agreed Currency but shall be made on such Borrowing Date in Dollars, in an aggregate principal amount
equal to the Dollar Amount of the aggregate principal amount specified in the related Borrowing Notice or Conversion/Continuation Notice,
as the case may be, as Base Rate Loans, unless such Borrower notifies the Administrative Agent at least one (1) Business Day before such
Borrowing Date (in the event that the Administrative Agent has given such notice to such Borrower no later than two (2) Business Days
prior to such Borrowing Date and otherwise as soon as practicable in the circumstances but in any case prior to the making of such Advance
or issuance of such Facility LC) that (i) it elects not to borrow on such date or (ii) it elects to borrow on such date in a
different Agreed Currency, as the case may be, in which the denomination of such Loans would in the opinion of the Administrative Agent
and the Required Lenders be practicable and in an aggregate principal amount equal to the Dollar Amount of the aggregate principal amount
specified in the related Borrowing Notice or Conversion/Continuation Notice, as the case may be.

  

2.24.        Judgment
Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from any Borrower
hereunder in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties
hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in
accordance with normal banking procedures the Administrative Agent could purchase the specified currency with such other currency at
the Administrative Agent’s offices on the Business Day preceding that on which final, non-appealable judgment is given. The
obligations of each Borrower in respect of any sum due to any Lender or the Administrative Agent hereunder shall, notwithstanding
any judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following
receipt by such Lender or the Administrative Agent (as the case may be) of any sum adjudged to be so due in such other currency such
Lender or the Administrative Agent (as the case may be) may in accordance with normal, reasonable banking procedures purchase the
specified currency with such other currency. If the amount of the specified currency so purchased is less than the sum originally
due to such Lender or the Administrative Agent, as the case may be, in the specified currency, each Borrower agrees, to the fullest
extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or
the Administrative Agent, as the case may be, against such loss, and if the amount of the specified currency so purchased exceeds
(a) the sum originally due to any Lender or the Administrative Agent, as the case may be, in the specified currency and
(b) any amounts shared with other Lenders as a result of allocations of such excess as a disproportionate payment to such
Lender under Section 11.2, such Lender or the Administrative Agent, as the case may be, agrees to remit such excess to such
Borrower.

 

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2.25.        Increase
Option. The Borrowers may from time to time elect to increase the Revolving Commitments or enter into one or more tranches of
term loans (each an “Incremental Term Loan”), in each case in minimum increments of $10,000,000 or such
lower amount as the Borrowers and the Administrative Agent agree upon, so long as, after giving effect thereto, the aggregate amount
of such increases in the Revolving Commitments and all such Incremental Term Loans does not exceed $950,000,000; provided,
that the amount available under this Section 2.25 after giving effect to Amendment No. 4 and the 2021 Incremental Term Loans shall
equal $450,000,000. The Borrowers may arrange for any such increase or tranche to be provided by one or more Lenders (each Lender so
agreeing to an increase in its Revolving Commitment or to participate in such Incremental Term Loans, an “Increasing
Lender”), or by one or more new banks, financial institutions or other entities that are Eligible Assignees (each such new
bank, financial institution or other entity, an “Augmenting Lender”), agreeing to increase their existing
Revolving Commitments, participate in Incremental Term Loans, or extend new Revolving Commitments, as the case may be; provided, that
(i) each Augmenting Lender and each Increasing Lender shall be subject to the reasonable approval of the Company, the
Administrative Agent and the LC Issuer and (ii) (x) in the case of an Increasing Lender, the Borrowers and such Increasing
Lender execute an agreement substantially in the form of Exhibit F hereto, and (y) in the case of an Augmenting
Lender, the Borrowers and such Augmenting Lender execute an agreement substantially in the form of Exhibit G hereto. No
consent of any Lender (other than the Lenders participating in the increase in Revolving Commitments or any Incremental Term Loans)
shall be required for any increase in Revolving Commitments or Incremental Term Loans pursuant to this Section 2.25. For the
avoidance of doubt, no Lender shall be under any obligation to become an Increasing Lender and any such decision whether to increase
its Revolving Commitment or make an Incremental Term Loan shall be in such Lender’s sole and absolute discretion. Increases
and new Revolving Commitments and Incremental Term Loans created pursuant to this Section 2.25 shall become effective on the
date agreed by the Company, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the
Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Revolving Commitments (or
in the Revolving Commitment of any Lender) or tranche of Incremental Term Loans shall become effective under this paragraph unless,
(i) on the proposed date of the effectiveness of such increase or Incremental Term Loan, (A) the conditions set forth in
paragraphs (i) and (ii) of Section 4.2 shall be satisfied or waived by the Required Lenders and the Administrative Agent
shall have received a certificate to that effect dated such date and executed by an Authorized Officer of each Borrower and
(B) the Borrowers shall be in compliance (on a pro forma basis reasonably acceptable to the Administrative Agent) with the
covenants contained in Section 6.25 as of the last day of the most recent fiscal quarter for which financial statements have
been provided pursuant to Section 6.1 ended prior to giving effect to the applicable increase under this Section 2.25, and
(ii) the Administrative Agent shall have received documents consistent with those delivered on the Effective Date as to the
corporate power and authority of the Borrowers to borrow hereunder after giving effect to such increase. On the effective date of
any increase in the Revolving Commitments or any Incremental Term Loans being made, (i) each relevant Increasing Lender and
Augmenting Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative
Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such
increase and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding
Revolving Loans of all the Lenders to equal its Pro Rata Share of such outstanding Revolving Loans, and (ii) for any increase
in the Revolving Commitments, the Borrowers shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the
date of any increase in the Revolving Commitments (with such reborrowing to consist of the Types of Revolving Loans, with related
Interest Periods if applicable, specified in a notice delivered by the Borrowers, in accordance with the requirements of
Section 2.8). The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied
by payment of all accrued interest on the amount prepaid and, in respect of each Eurocurrency Loan with an Interest Period or
otherwise subject to the benefit of Section 3.4, shall be subject to indemnification by the Borrowers pursuant to the provisions of
Section 3.4 if the deemed payment occurs other than on the last day of the related Interest Periods or as otherwise
contemplated by Section 3.4. The Incremental Term Loans (a) shall rank pari passu in right of payment with the Revolving
Loans and the Term Loans, (b) may mature earlier than the Facility Termination Date (and may have amortization prior to such
date), and (c) shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loans and the
Term Loans; provided that (i) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the
Facility Termination Date may provide for material additional or different financial or other covenants or prepayment requirements
applicable only during periods after the Facility Termination Date, (ii) the Incremental Term Loans may be priced differently
from the Revolving Loans, Term Loans and from previously issued Incremental Term Loans, and (iii) Incremental Term Loans may mature
earlier than Revolving Loans, Term Loans or other previously-extended Incremental Term Loans. Incremental Term Loans may be made
hereunder pursuant to an amendment or restatement (an “Incremental Term Loan Amendment”) of this Agreement and, as
appropriate, the other Loan Documents, executed by the Borrowers, each Increasing Lender participating in such tranche, each
Augmenting Lender participating in such tranche, if any, and the Administrative Agent. The Incremental Term Loan Amendment may,
without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary
or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.25. On the
effective date of the issuance of the Incremental Term Loans, each Lender that has agreed to extend such an Incremental Term Loan
shall make its ratable share thereof available to the Administrative Agent, for remittance to the Borrowers, on the terms and
conditions specified by the Administrative Agent at such time. Nothing contained in this Section 2.25 shall constitute, or
otherwise be deemed to be, a commitment on the part of any Lender to increase its Revolving Commitment hereunder, or provide
Incremental Term Loans, at any time.

 

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This Section shall supersede any provisions in
Section 8.3 or 11.2 to the contrary.

 

2.26.          Foreign Borrowers. The Company may at any time or from time to time, with the consent of the Administrative Agent and all
of the Lenders, add as a party to this Agreement any Foreign Subsidiary to be a Foreign Borrower hereunder by (a) the execution and
delivery to the Administrative Agent and the Lenders of a duly completed Assumption Letter by the Company and such Foreign Subsidiary
(which Assumption Letter shall include a designation of the Agreed Currencies in which such Foreign Borrower may borrow Advances hereunder),
with the consent and acknowledgement of the Administrative Agent, (b) the satisfaction of the conditions set forth in Section 4.3
and (c) delivery to the Administrative Agent and the Lenders of such other opinions, agreements, documents, certificates or other
items as may reasonably be required by the Administrative Agent. Upon such execution, delivery and consent, such Foreign Subsidiary shall
for all purposes be a party hereto as a Foreign Borrower, authorized to borrow in its Designated Currencies, as fully as if it had executed
and delivered this Agreement. So long as the principal of and interest on any Advances made to any Foreign Borrower under this Agreement
and all other Foreign Borrower Obligations of such Foreign Borrower under this Agreement shall have been fully performed, the Company
may, by not less than five (5) Business Days’ prior notice to the Administrative Agent (which shall promptly notify the Lenders
thereof), terminate such Foreign Subsidiary’s status as a “Foreign Borrower” (it being understood and agreed that such
Foreign Borrower shall remain liable with respect to indemnification and similar obligations incurred prior to such termination). The
Administrative Agent shall give the Lenders written notice of the addition of any Foreign Borrower to this Agreement.

 

2.27.          Liability of the Borrowers.

 

2.27.1. Liability.
EACH DOMESTIC BORROWER AGREES THAT IT IS LIABLE FOR THE PAYMENT OF ALL OBLIGATIONS OF THE BORROWERS UNDER THIS AGREEMENT, AND THAT THE
ADMINISTRATIVE AGENT, THE LENDERS AND THE L/C ISSUER CAN ENFORCE SUCH OBLIGATIONS AGAINST ANY DOMESTIC BORROWER IN THEIR SOLE AND UNLIMITED
DISCRETION. EACH FOREIGN BORROWER IS LIABLE ONLY FOR ITS FOREIGN BORROWER OBLIGATIONS, NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS
AGREEMENT OR ANY LOAN DOCUMENT.

 

2.27.2. Borrowers’
Agent. Each Borrower, by executing this Agreement or by entering into an Assumption Letter becoming a party to this Agreement, appoints
the Company as its agent for purposes of carrying out the obligations and enforcing the rights of the Borrowers hereunder. All notices
to be given to the Borrowers hereunder may be delivered to the Company as agent for the Borrowers and all actions to be taken by a Borrower
hereunder may be taken by such Borrower or by the Company as agent for such Borrower.

 

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2.27.3. Waivers
of Defenses. The Obligations of each Domestic Borrower for the Domestic Borrower Obligations or the Foreign Borrower Obligations
shall not be released, in whole or in part, by any action or thing which might, but for this provision of this Agreement, be deemed
a legal or equitable discharge of a surety or guarantor, other than irrevocable payment and performance in full of such Obligations
(except for contingent indemnity and other contingent Obligations not yet due and payable) at a time after any obligation of the
Administrative Agent, the Lenders or the LC Issuer hereunder to extend credit shall have expired or been terminated. The purpose and
intent of this Agreement is that the Domestic Borrower Obligations and the Foreign Borrower Obligations constitute the direct and
primary obligations of the Domestic Borrowers, and that the covenants, agreements and all obligations of the Domestic Borrowers with
respect thereto hereunder be absolute, unconditional and irrevocable. Each Borrower shall be and remain liable for any deficiency
remaining after foreclosure of any mortgage, deed of trust or security agreement securing all or any part of the Obligations for
which it is liable, whether or not the liability of any other Person for such deficiency is discharged pursuant to statute, judicial
decision or otherwise.

 

2.27.4. Actions
Not Required. Each Borrower, to the extent permitted by applicable law, hereby waives any and all right to cause a marshaling of the
assets of any other Borrower or any other action by any court or other governmental body with respect thereto or to cause the Administrative
Agent, the Lenders or the LC Issuer to proceed against any security for the Obligations or any other recourse which they may have with
respect thereto and further waives any and all requirements that the Administrative Agent, the Lenders or the LC Issuer institute any
action or proceeding at law or in equity, or obtain any judgment, against any other Borrower or any other Person, or with respect to any
collateral security for the Obligations, as a condition precedent to making demand on or bringing an action or obtaining and/or enforcing
a judgment against, such Borrower under this Agreement.

 

2.27.5. Subrogation.
Notwithstanding any payment or payments made by any Borrower hereunder or any setoff or application of funds of any Borrower by the Administrative
Agent, the Lenders or the LC Issuer, no Borrower shall be entitled to be subrogated to any of the rights of the Administrative Agent,
the Lenders or the LC Issuer against any other Borrower or any Guarantor or any collateral security or guaranty or right of offset held
by the Administrative Agent, any Lender or the LC Issuer for the payment of the Obligations, nor shall such Borrower seek or be entitled
to seek any contribution or reimbursement from any other Borrower or any Guarantor in respect of payments made by such Borrower hereunder,
until all amounts owing to the Administrative Agent, the Lenders and the LC Issuer by the Borrowers on account of the Obligations are
irrevocably paid in full.

 

2.27.6. Recovery
of Payment. If any payment received by the Administrative Agent, the Lenders or the LC Issuer and applied to the Obligations is
subsequently set aside, recovered, rescinded or required to be returned for any reason (including, without limitation, the
bankruptcy, insolvency or reorganization of a Borrower or any other obligor), the Obligations to which such payment was applied
shall, to the extent permitted by applicable law, be deemed to have continued in existence, notwithstanding such application, and
each Borrower liable on such Obligations shall be jointly and severally liable for such Obligations as fully as if such application
had never been made. References in this Agreement to amounts “irrevocably paid” or to “irrevocable payment”
refer to payments that cannot be set aside, recovered, rescinded or required to be returned for any reason.

 

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2.27.7. Borrowers’
Financial Condition. Each Domestic Borrower is familiar with the financial condition of each other Borrower, and each Domestic Borrower
has executed and delivered this Agreement based on its own judgment and not in reliance upon any statement or representation of the Administrative
Agent, any Lender or the LC Issuer. None of the Administrative Agent, any Lender or the LC Issuer shall have any obligation to provide
any Borrower with any advice whatsoever or to inform any Borrower at any time of its actions, evaluations or conclusions on the financial
condition or any other matter concerning the Borrowers.

 

2.27.8. Bankruptcy
of the Borrowers. Each Borrower expressly agrees, to the extent permitted by applicable law, that the liabilities and obligations
of that Borrower under this Agreement shall not in any way be impaired or otherwise affected by the institution by or against any other
Borrower or any other Person of any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or any other similar
proceedings for relief under any bankruptcy law or similar law for the relief of debtors and that any discharge of any of the Obligations
pursuant to any such bankruptcy or similar law or other law shall not diminish, discharge or otherwise affect in any way the Obligations
of that Borrower under this Agreement, and that upon the institution of any of the above actions, such Obligations shall be enforceable
against that Borrower.

 

2.27.9. Limitation;
Insolvency Laws. As used in this Section: (a) the term “Applicable Insolvency Laws” means the laws of
the United States of America or of any State, province, nation or other governmental unit relating to bankruptcy, reorganization,
arrangement, adjustment of debts, relief of debtors, dissolution, insolvency, fraudulent transfers or conveyances or other similar
laws (including, without limitation, 11 U. S. C. 547, 548, 550 and other “avoidance” provisions of Title 11 of the
United Stated Code) as applicable in any proceeding in which the validity and/or enforceability of this Agreement against any
Borrower, or any Specified Lien is in issue; and (b) “Specified Lien” means any security interest,
mortgage, lien or encumbrance granted by the Company or any of its Subsidiaries securing the Obligations, in whole or in part.
Notwithstanding any other provision of this Agreement, if, in any proceeding, a court of competent jurisdiction determines that with
respect to the Domestic Borrowers, any of the Obligations or any Specified Lien would, but for the operation of this Section, be
subject to avoidance and/or recovery or be unenforceable by reason of Applicable Insolvency Laws, the Obligations and each such
Specified Lien shall be valid and enforceable against the Domestic Borrowers, to the maximum extent that would not cause the
Obligations or such Specified Lien to be subject to avoidance, recovery or unenforceability. To the extent that any payment to, or
realization by, the Administrative Agent, the Lenders or the LC Issuer on the Obligations exceeds the limitations of this Section
and is otherwise subject to avoidance and recovery in any such proceeding, the amount subject to avoidance shall in all events be
limited to the amount by which such actual payment or realization exceeds such limitation, and this Agreement as limited shall in
all events remain in full force and effect and be fully enforceable against the Domestic Borrowers. This Section is intended solely
to reserve the rights of the Administrative Agent, the Lenders and the LC Issuer hereunder against the Domestic Borrowers with
respect to the Foreign Borrower Obligations, in such proceeding to the maximum extent permitted by Applicable Insolvency Laws and
neither the Borrowers, any Guarantor nor any other Person shall have any right, claim or defense under this Section that would not
otherwise be available under Applicable Insolvency Laws in such proceeding.

 

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2.28.       
Extensions of Commitments.

 

(a)                    
The Borrowers may from time to time, pursuant to the provisions of this Section 2.28 and with the consent of the Required
Lenders, agree with one or more Revolving Lenders to extend by one year the termination date of the Revolving Commitments or any portion
thereof (each such modification, an “Extension”) pursuant to one or more written offers (each, an “Extension Offer”)
made from time to time by the Borrowers to all Revolving Lenders, in each case on a pro rata basis (based on their respective Pro
Rata Shares) and on the same terms to each such Revolving Lender. The Borrowers shall not request more than two Extensions; the first
Extension may be not be requested earlier than a date that is more than four years prior to the Facility Termination Date and the second
Extension may be not be requested earlier than a date that is more than four years prior to the then Extended Termination Date. In connection
with each Extension, the Borrowers will provide notification to the Administrative Agent (for distribution to the Lenders), no later than
thirty (30) days prior to the Facility Termination Date of the requested new termination date for the extended Revolving Commitments
(each an “Extended Termination Date”) and the due date for Lender responses. In connection with any Extension, each Lender
wishing to participate in such Extension shall, prior to such due date, provide the Administrative Agent with a written notice thereof
in a form reasonably satisfactory to the Administrative Agent. Any Lender that does not respond to an Extension Offer by the applicable
due date shall be deemed to have rejected such Extension. The Outstanding Revolving Credit Exposure of any Lender that rejects an Extension
shall be paid in full by the Borrowers (i) as to any Outstanding Revolving Credit Exposure for which there has been no prior Extension,
on the Facility Termination Date, (ii) as to Outstanding Revolving Credit Exposure for which there shall have been a previous Extension,
on the existing Extended Termination Date for such Outstanding Revolving Credit Exposure. The Borrowers shall not make any Extension Offer
if (i) any Default or Event of Default shall have occurred and be continuing, or (ii) there shall have occurred since the Effective
Date a change in the business, Property, liabilities (actual and contingent), operations, condition (financial or otherwise), results
of operations or prospects of the Company and its Subsidiaries taken as a whole, which could reasonably be expected to have a Material
Adverse Effect.

 

(b)                       
The Administrative Agent, with the consent of the Required Lenders, may enter into amendments (collectively, “Extension Amendments”)
to this Agreement and the other Loan Documents as may be necessary in order to establish new classes of Revolving Commitments and Revolving
Loans created pursuant to an Extension, in each case on terms consistent with this Section 2.28. Without limiting the foregoing,
in connection with any Extension, the Borrowers and any Subsidiary shall execute such agreements, confirmations or other documentation
as the Administrative Agent shall reasonably request to accomplish the purposes of this Section 2.28. This Section 2.28 shall
supersede any provision in Section 8.3 to the contrary.

 

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ARTICLE III

YIELD PROTECTION; TAXES

 

3.1.          Yield
Protection. If, on or after the Effective Date, there occurs any Change in Law which:

 

(a) subjects any Lender or any
applicable Lending Installation, the LC Issuer, or the Administrative Agent to any Taxes (other than with respect to Indemnified Taxes,
Excluded Taxes, and Other Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits,
reserves, other liabilities or capital attributable thereto, or

 

(b)  imposes or increases or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement against
assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation or the LC Issuer
(other than reserves and assessments taken into account in determining the interest rate applicable to Eurocurrency Advances and Daily
LIBO Loans), or

 

(c)  imposes any other condition
(other than Taxes) the result of which is to increase the cost to any Lender or any applicable Lending Installation or the LC Issuer of
making, funding or maintaining its Eurocurrency Loans or Daily LIBO Loans, or of issuing or participating in Facility LCs, or reduces
any amount receivable by any Lender or any applicable Lending Installation or the LC Issuer in connection with its Eurocurrency Loans,
or Daily LIBO Loans, Facility LCs or participations therein, or requires any Lender or any applicable Lending Installation or the LC Issuer
to make any payment calculated by reference to the amount of Eurocurrency Loans, or Daily LIBO Loans, Facility LCs or participations therein
held or interest or LC Fees received by it, by an amount deemed material by such Lender or the LC Issuer as the case may be, and the result
of any of the foregoing is to increase the cost to such Person of making or maintaining its Loans or Commitment or of issuing or participating
in Facility LCs or to reduce the amount received by such Person in connection with such Loans or Commitment, Facility LCs or participations
therein, then, within fifteen (15) days after demand by such Person, the Borrowers shall pay such Person, as the case may be, such
additional amount or amounts as will compensate such Person for such increased cost or reduction in amount received. Failure or delay
on the part of any such Person to demand compensation pursuant to this Section 3.1 shall not constitute a waiver of such Person’s
right to demand such compensation; provided that the Borrowers shall not be required to compensate a Person pursuant to this Section 3.1
for any increased costs or reductions suffered more than 90 days prior to the date that such Person notifies any Borrower of the
Change in Law giving rise to such increased costs or reductions and of such Person’s intention to claim compensation therefor; provided
further, that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 90-day period referred
to above shall be extended to include the period of retroactive effect thereof.

 

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3.2.          Changes
in Capital Adequacy Regulations. If a Lender or the LC Issuer determines that the amount of capital or liquidity required or expected
to be maintained by such Lender or the LC Issuer, any Lending Installation of such Lender or the LC Issuer, or any corporation or holding
company controlling such Lender or the LC Issuer is increased as a result of (i) a Change in Law or (ii) any change on or after
the Effective Date in the Risk-Based Capital Guidelines, then, within fifteen (15) days after demand by such Lender or the LC Issuer,
the Borrowers shall pay such Lender or the LC Issuer the amount necessary to compensate for any shortfall in the rate of return on the
portion of such increased capital or liquidity which such Lender or the LC Issuer determines is attributable to this Agreement, its Outstanding
Credit Exposure or its Commitment to make Loans and issue or participate in Facility LCs, as the case may be, hereunder (after taking
into account such Lender’s or the LC Issuer’s policies as to capital adequacy or liquidity), in each case that is attributable
to such Change in Law or change in the Risk-Based Capital Guidelines, as applicable. Failure or delay on the part of such Lender or the
LC Issuer to demand compensation pursuant to this Section 3.2 shall not constitute a waiver of such Lender’s or the LC Issuer’s
right to demand such compensation; provided that the Borrowers shall not be required to compensate any Lender or the LC Issuer
pursuant to this Section 3.2 for any shortfall suffered more than 90 days prior to the date that such Lender or the LC Issuer
notifies any Borrower of the Change in Law or change in the Risk-Based Capital Guidelines giving rise to such shortfall and of such Lender’s
or the LC Issuer’s intention to claim compensation therefor; provided further, that if the Change in Law or change in Risk-Based
Capital Guidelines giving rise to such shortfall is retroactive, then the 90-day period referred to above shall be extended to include
the period of retroactive effect thereof.

 

3.3.          Availability
of Types of Advances; Adequacy of Interest Rate.

 

3.3.1. Subject
to Sections 3.3.2 through 3.3.7 hereof:

 

(a) the Administrative Agent
determines (which determination shall be conclusive absent manifest error) (i) prior to the commencement of any Interest Period for a
Term Benchmark Advance or other Eurocurrency Advance (excluding RFR Advances), that adequate and reasonable means do not exist for ascertaining
the applicable Eurocurrency Rate for such Advance (including because the Relevant Screen Rate or other similar method of quotation or
determination is not available or published on a current basis) in the applicable Agreed Currency for such Interest Period, (ii) at any
time, that adequate and reasonable means do not exist for ascertaining the applicable Daily Simple RFR or RFR for the applicable Agreed
Currency or (iii) at any time, for Agreed Currencies not covered by clauses (a)(i) and (ii) hereof, that adequate and reasonable means
do not exist for ascertaining the applicable Eurocurrency Rate for such Advance; or

 

(b) the
Administrative Agent is advised by the Required Lenders that (i) prior to the commencement of any Interest Period for a Term Benchmark
Advance, the Eurocurrency Rate for the applicable Agreed Currency and relevant Interest Period will not adequately and fairly reflect
the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Advance for the applicable Agreed
Currency and such Interest Period, (ii) at any time, the applicable Daily Simple RFR or RFR for the applicable Agreed Currency will not
adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such
Advance for the applicable Agreed Currency or (iii) at any time for Agreed Currencies not covered by clause (i) and (ii) hereof, at any
time the applicable Eurocurrency Rate for the applicable Agreed Currency will not adequately and fairly reflect the cost to such Lenders
(or Lender) of making or maintaining their Loans (or its Loan) included in such Advance for the applicable Agreed Currency;

 

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then the Administrative Agent shall give
notice thereof to the Company and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and,
until the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer
exist, (A) any request to convert a Loan to, or continuation of any Loan as, a Term Benchmark Advance shall be ineffective,
(B) if any request for a Loan seeks a Term Benchmark Advance in Dollars, such Advance shall be made as a Base Rate Advance and
(C) if any request for a Loan seeks a Term Benchmark Advance, an RFR Advance or another type of non-Dollar Eurocurrency Rate Advance
for the applicable rate above in an Agreed Currency (other than Dollars), then such request shall be ineffective; provided,
that if the circumstances giving rise to such notice affect only one Type of Borrowings, then all other Types of Advances shall
be permitted. Furthermore, if any Term Benchmark Loan, RFR Loan or any other Eurocurrency Rate Loan in any Agreed Currency is
outstanding on the date of the Company’s receipt of the notice from the Administrative Agent referred to in this Section 3.3
with respect to a Relevant Rate applicable to such Term Benchmark Loan, RFR Loan or other Eurocurrency Rate Loan, then until the
Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist, (i) if
such Term Benchmark Loan is denominated in Dollars, then on the last day of the Interest Period applicable to such Loan (or the next
succeeding Business Day if such day is not a Business Day), such Loan shall be converted by the Administrative Agent to, and shall
constitute, a Base Rate Loan denominated in Dollars on such day, (ii) if such Term Benchmark Loan is denominated in any Agreed
Currency other than Dollars, then such Loan shall, on the last day of the Interest Period applicable to such Loan (or the next
succeeding Business Day if such day is not a Business Day) bear interest at the Central Bank Rate for the applicable Agreed Currency plus
the Applicable Margin; provided that, if the Administrative Agent determines (which determination shall be conclusive and
binding absent manifest error) that the Central Bank Rate for the applicable Agreed Currency cannot be determined, any outstanding
affected Term Benchmark Loans denominated in any Agreed Currency other than Dollars shall, at the Company’s election prior to
such day: (A) be prepaid by the Company or other applicable Borrower on such day or (B) solely for the purpose of calculating the
interest rate applicable to such Term Benchmark Loan, such Term Benchmark Loan denominated in any Agreed Currency other than Dollars
shall be deemed to be a Term Benchmark Loan denominated in Dollars and shall accrue interest at the same interest rate applicable to
Term Benchmark Loans denominated in Dollars at such time, (iii) if such RFR Loan is denominated in any Agreed Currency other than
Dollars, then such Loan shall bear interest at the Central Bank Rate for the applicable Agreed Currency plus the Applicable
Margin; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent
manifest error) that the Central Bank Rate for the applicable Agreed Currency cannot be determined, any outstanding affected RFR
Loans denominated in any Agreed Currency other than Dollars, at the Company’s election, shall either (A) be converted into
Base Rate Loans denominated in Dollars (in an amount equal to the Equivalent Amount of such Agreed Currency) immediately or (B) be
prepaid in full immediately; and (iv) if such Loan is denominated in an Agreed Currency other than Dollars and is not a Term
Benchmark Loan or an RFR Loan, then such Loan shall bear interest at the Central Bank Rate for the applicable Agreed Currency plus
the Applicable Margin; provided that, if the Administrative Agent determines (which determination shall be conclusive and
binding absent manifest error) that the Central Bank Rate for the applicable Agreed Currency cannot be determined, any outstanding
affected Eurocurrency Loans denominated in the applicable Agreed Currency, at the Company’s election, shall either (A) be
converted into Base Rate Loans denominated in Dollars (in an amount equal to the Equivalent Amount of such Agreed Currency)
immediately or (B) be prepaid in full immediately.

 

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3.3.2. Notwithstanding
anything to the contrary herein or in any other Loan Document (and any Swap Agreement shall be deemed not to be a “Loan Document”
for purposes of this Section 3.3), if a Benchmark Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable,
and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark,
then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement”
with respect to Dollars for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder
and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further
action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in
accordance with clause (3) of the definition of “Benchmark Replacement” with respect to any Agreed Currency for such Benchmark
Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect
of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark
Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or
any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark
Replacement from Lenders comprising the Required Lenders.

 

3.3.3. Notwithstanding
anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, with respect to a Loan
denominated in Dollars, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference
Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current
Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings,
without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; provided
that, this Section 3.3.3 shall not be effective unless the Administrative Agent has delivered to the Lenders and the Company a Term SOFR
Notice. For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term SOFR Notice after the occurrence
of a Term SOFR Transition Event and may do so in its sole discretion.

 

3.3.4. In connection
with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming
Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing
such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement
or any other Loan Document.

 

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3.3.5. The
Administrative Agent will promptly notify the Company and the Lenders of (a) any occurrence of a Benchmark Transition Event, an
Early Opt-in Election or an Other Benchmark Rate Election, as applicable, (b) the implementation of any Benchmark Replacement, (c)
the effectiveness of any Benchmark Replacement Conforming Changes, (d) the removal or reinstatement of any tenor of a Benchmark
pursuant to Section 3.3.6 below and (e) the commencement or conclusion of any Benchmark Unavailability Period. Any determination,
decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to
this Section 3.3, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of
an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and
binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this
Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 3.3.

 

3.3.6. Notwithstanding
anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark
Replacement), (a) if the then-current Benchmark is a term rate (including Term SOFR, the LIBO Rate or the EURIBOR Rate) and either (i)
any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected
by the Administrative Agent in its reasonable discretion or (ii) the regulatory supervisor for the administrator of such Benchmark has
provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative,
then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time
to remove such unavailable or non-representative tenor and (b) if a tenor that was removed pursuant to clause (i) above either (i) is
subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (ii) is not, or is no
longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement),
then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time
to reinstate such previously removed tenor.

 

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3.3.7. Upon
the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Company may revoke any request
for a Term Benchmark Advance, RFR Advance or other Eurocurrency Rate Advance of, conversion to or continuation of Term Benchmark
Loans or other Eurocurrency Loans (excluding RFR Loans) to be made, converted or continued during any Benchmark Unavailability
Period and, failing that, either (x) the Company (or the applicable Borrower) will be deemed to have converted any request for a
Term Benchmark Advance denominated in Dollars into a request for an Advance of or conversion to Base Rate Loans or (y) any Term
Benchmark Advance, RFR Advance or other Eurocurrency Advance denominated in an Agreed Currency other than Dollars shall be
ineffective. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an
Available Tenor, the component of the Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as
applicable, will not be used in any determination of the Alternate Base Rate. Furthermore, if any Term Benchmark Loan, RFR Loan or
other Eurocurrency Loan in any Agreed Currency is outstanding on the date of the Company’s receipt of notice of the
commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan, RFR Loan
or other Eurocurrency Loan, then until such time as a Benchmark Replacement for such Agreed Currency is implemented pursuant to this
Section 3.3, (a) if such Term Benchmark Loan is denominated in Dollars, then on the last day of the Interest Period applicable to
such Loan (or the next succeeding Business Day if such day is not a Business Day), such Loan shall be converted by the
Administrative Agent to, and shall constitute, a Base Rate Loan denominated in Dollars on such day, (b) if such Term Benchmark Loan
is denominated in any Agreed Currency other than Dollars, then such Loan shall, on the last day of the Interest Period applicable to
such Loan (or the next succeeding Business Day if such day is not a Business Day) bear interest at the Central Bank Rate for the
applicable Agreed Currency plus the Applicable Margin; provided that, if the Administrative Agent determines (which
determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed Currency
cannot be determined, any outstanding affected Term Benchmark Loans denominated in any Agreed Currency other than Dollars shall, at
the Company’s (or applicable Borrower’s) election prior to such day: (i) be prepaid by the Company (or the applicable
Borrower) on such day or (ii) solely for the purpose of calculating the interest rate applicable to such Term Benchmark Loan, such
Term Benchmark Loan denominated in any Agreed Currency other than Dollars shall be deemed to be a Term Benchmark Loan denominated in
Dollars and shall accrue interest at the same interest rate applicable to Term Benchmark Loans denominated in Dollars at such time,
(c) if such RFR Loan is denominated in any Agreed Currency other than Dollars, then such Loan shall bear interest at the Central
Bank Rate for the applicable Agreed Currency plus the Applicable Margin; provided that, if the Administrative Agent
determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable
Agreed Currency cannot be determined, any outstanding affected RFR Loans denominated in any Agreed Currency, at the Company’s
(or the applicable Borrower’s) election, shall either (i) be converted into Base Rate Loans denominated in Dollars (in an
amount equal to the Equivalent Amount of the Agreed Currency) immediately or (ii) be prepaid in full immediately, or (d) if such
Loan is a Eurocurrency Rate Loan not covered by clauses (a), (b) or (c) above, then such Loan shall bear interest at the Central
Bank Rate for the applicable Agreed Currency plus the Applicable Margin; provided that, if the Administrative Agent
determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable
Agreed Currency cannot be determined, any outstanding affected Eurocurrency Loans denominated in the applicable Agreed Currency, at
the Company’s (or the applicable Borrower’s) election, shall either (i) be converted into Base Rate Loans denominated in
Dollars (in an amount equal to the Equivalent Amount of the Agreed Currency) immediately or (ii) be prepaid in full immediately.

 

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3.4.          Funding
Indemnification.

 

3.4.1. Other
than RFR Loans, which are covered in Section 3.4.2 below, if (a) any payment of a Eurocurrency Advance occurs on a date which
is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, (b) a
Eurocurrency Advance is not made on the date specified by the Borrower of such Advance for any reason other than default by the
Lenders, a Eurocurrency Loan is converted other than on the last day of the Interest Period applicable thereto, (d) the
Borrower of a Eurocurrency Loan fails to borrow, convert, continue or prepay such Eurocurrency Loan on the date specified in any
notice delivered pursuant hereto, or (e) any Eurocurrency Loan is assigned other than on the last day of the Interest Period
applicable thereto as a result of a request by the Borrower of such Eurocurrency Loan pursuant to Section 2.20, the Domestic
Borrowers and such Borrower will indemnify each Lender for such Lender’s costs, expenses and Interest Differential (as
determined by such Lender) incurred as a result of such prepayment. The term “Interest Differential” shall mean
that sum equal to the greater of zero or the financial loss incurred by the Lender resulting from prepayment, calculated as the
difference between the amount of interest such Lender would have earned (from the investments in money markets as of the Borrowing
Date of such Advance) had prepayment not occurred and the interest such Lender will actually earn (from like investments in money
markets as of the date of prepayment) as a result of the redeployment of funds from the prepayment. Because of the short-term nature
of this facility, the Borrowers agree that Interest Differential shall not be discounted to its present value. The Borrowers hereby
acknowledge that the Borrowers shall be required to pay Interest Differential with respect to any portion of the principal balance
paid or that becomes due before its scheduled due date, whether voluntarily, involuntarily, or otherwise, including, without
limitation, any principal payment made following default, demand for payment, acceleration, collection proceedings, foreclosure,
sale or other disposition of collateral, bankruptcy or other insolvency proceedings, eminent domain, condemnation or otherwise. Such
prepayment fee shall at all times be an Obligation as well as an undertaking by the Borrowers to the Lenders whether arising out of
a voluntary or mandatory prepayment. The Borrowers shall pay such Lender the amount due within 10 days after receipt thereof.

 

3.4.2. With respect
to RFR Loans, in the event of (i) the payment of any principal of any RFR Loan other than on the Payment Date applicable thereto
(including as a result of an Event of Default or an optional or mandatory prepayment of Loans), (ii) the failure to borrow or prepay
any RFR Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section
2.7 and is revoked in accordance therewith), (iii) the assignment of any RFR Loan other than on the Payment Date applicable thereto
as a result of a request by the Borrower pursuant to the terms hereof or (iv) the failure by the applicable Borrower to make any payment
of any Loan or drawing under any Letter of Credit (or interest due thereof) denominated in an Agreed Currency on its scheduled due date
or any payment thereof in a different currency, then, in any such event, the Borrowers shall compensate each Lender for the loss, cost
and expense attributable to such event. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to
receive pursuant to this Section shall be delivered to the Company or applicable Borrower and shall be conclusive absent manifest
error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 

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3.5.          Taxes.

 

(a)       Any and all payments
by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any
Taxes, except as required by applicable law. If any applicable law requires the deduction or withholding of any Tax from any such
payment, then the applicable Loan Party shall be entitled to make such deduction or withholding and shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax
or Other Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or
withholding has been made (including such deductions and withholdings applicable to additional sums payable under this
Section 3.5) the applicable Lender, the LC Issuer or the Administrative Agent receives an amount equal to the sum it would have
received had no such deduction or withholding been made; provided, that no Swiss Borrower shall have any obligation to pay
such additional sums with respect to Swiss Withholding Tax; but provided further, that the foregoing proviso shall not limit
in any way the obligation of the Domestic Borrowers to pay such additional sums with respect to Swiss Withholding Tax applicable to
payments made by Swiss Borrowers.

 

(b)      The
Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law or at the option of the Administrative
Agent timely reimburse it for the payment of, any Other Taxes.

 

(c)       The Loan Parties shall indemnify
each Lender, each LC Issuer and the Administrative Agent, within thirty (30) days after demand therefor, for the full amount of any
Indemnified Taxes and Other Taxes (including Indemnified Taxes and Other Taxes imposed or asserted on or attributable to amounts payable
under this Section 3.5) payable or paid by such Lender, such LC Issuer or the Administrative Agent or required to be withheld or
deducted from a payment to such Lender, such LC Issuer or the Administrative Agent and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes and Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority; provided, that no Swiss Borrower shall be obligated to indemnify the Lenders, the LC Issuers or the Administrative Agent
with respect to amounts for which they are excluded from liability under Section 3.5(a) by the first proviso thereof. A certificate
as to the amount of such payment or liability delivered to any Borrower by a Lender or LC Issuer (with a copy to the Administrative Agent),
or by the Administrative Agent on its own behalf or on behalf of a Lender or LC Issuer, shall be conclusive absent manifest error.

 

(d)      Each Lender shall severally indemnify the Administrative Agent, within thirty (30) days after demand therefor, for (i) any
Indemnified Taxes and Other Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified
the Administrative Agent for such Indemnified Taxes and Other Taxes and without limiting the obligation of the Loan Parties to do so),
(ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.2.3 relating to the maintenance
of a Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the
Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether
or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender
hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document
or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent
under this paragraph (d).

 

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(e)        As soon as practicable after
any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 3.5, such Loan Party shall deliver to
the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment,
a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

(f)       (i) Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall
deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested by the Borrowers or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrowers or the Administrative Agent that will
permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested
by the Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested
by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent to determine whether or not such
Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding
two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 3.5(f)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission
would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position
of such Lender.

 

		(ii)	Without limiting the generality of the foregoing,

 

(A)            any
Lender that is a United States Person for U.S. federal income Tax purposes shall deliver to the Borrowers and the Administrative
Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrowers or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt
from U.S. federal backup withholding Tax.

 

(B)            any Non-U.S. Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers and the Administrative Agent
(in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent), whichever
of the following is applicable:

 

(1)                in
the case of a Non-U.S. Lender claiming the benefits of an income Tax treaty to which the United States is a party (x) with
respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E
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;

 

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

 

(3)                in
the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a
certificate to the effect that such Non-U.S. Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the
Code, a “10 percent shareholder” of any Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled
foreign corporation” described in Section 881(c)(3)(C) of the Code and (y) executed copies of IRS Form W- 8BEN or
IRS Form W-8BEN-E; or

 

(4)                to
the extent a Non-U.S. 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, IRS Form W-8IMY or IRS Form W-9, and/or other certification documents
from each beneficial owner, as applicable.

 

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

 

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

 

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(iii)         
Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect,
it shall update such form or certification or promptly notify the Borrowers and the Administrative Agent in writing of its legal inability
to do so.

 

(g)             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 3.5 (including by the payment of additional amounts pursuant to this Section 3.5),
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 3.5
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 indemnification payments or additional amounts giving rise to such refund 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)             Each
party’s obligations under this Section 3.5 shall survive the resignation or replacement of the Administrative Agent or any
assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge
of all obligations under any Loan Document.

 

(i)              For purposes of Sections 3.5(d) and (f), the term “Lender” includes the LC Issuer.

 

(j)             
 For purposes of determining withholding Taxes imposed under FATCA, from and after the Effective Date, the Borrowers, the other
Loan Parties and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Loans and
the Facility LCs as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

(k)             If
Swiss Federal Withholding Tax becomes due in respect of any interest payable by a Swiss Borrower under this Agreement, the
applicable interest rate in relation to that interest payment shall be (i) the interest rate which would have applied to that
interest payment (as provided for in Sections 2.10 and 2.11 in the absence of this Section 3.5(k) divided by (ii) 1
minus the rate at which the deduction of Swiss Federal Withholding Tax is required to be made and (a) that the Swiss Borrower
shall be obliged to pay the relevant interest at the adjusted rate in accordance with this Section 3.5(k) and (b) all
references to a rate of interest in Sections 2.10 and 2.11 shall be construed accordingly.

 

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3.6.         
Selection of Lending Installation; Mitigation Obligations; Lender Statements; Survival of Indemnity. To the extent reasonably
possible, each Lender shall designate an alternate Lending Installation with respect to its Eurocurrency Loans or Daily LIBO Loan (in
the case of Swing Line Lender) to reduce any liability of the Borrowers to such Lender under Sections 3.1, 3.2 and 3.5 or to avoid
the unavailability of Eurocurrency Advances or Daily LIBO Loans under Section 3.3, so long as such designation is not, in the judgment
of such Lender, materially disadvantageous to such Lender. Each Lender shall deliver a written statement of such Lender to the Borrowers
(with a copy to the Administrative Agent) as to the amount due, if any, under Section 3.1, 3.2, 3.4 or 3.5. Such written statement
shall set forth in reasonable detail the calculations upon which such Lender determined such amount and shall be final, conclusive and
binding on the Borrowers in the absence of manifest error. Determination of amounts payable under such Sections in connection with a Eurocurrency
Loan or Daily LIBO Loan shall be calculated as though each Lender funded its Eurocurrency Loan and the Swing Line Lender funded its Daily
LIBO Loans through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining
the Eurocurrency Rate or Daily LIBO Rate applicable to such Loan, whether in fact that is the case or not. Unless otherwise provided herein,
the amount specified in the written statement of any Lender shall be payable on demand after receipt by the Borrowers of such written
statement. The obligations of the Borrowers under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the Obligations and termination
of this Agreement.

 

3.7.         
Non-U.S. Reserve Costs or Fees. If any law or any governmental or quasi- governmental rule, regulation, policy, guideline
or directive of any jurisdiction outside of the United States of America or any subdivision thereof (whether or not having the force of
law), imposes or deems applicable any reserve requirement against or fee with respect to assets of, deposits with or for the account of,
or credit extended by, any Lender or any applicable Lending Installation, and the result of the foregoing is to increase the cost to such
Lender or applicable Lending Installation of making or maintaining its Eurocurrency Loans to any Foreign Borrower or its Commitment to
any Foreign Borrower or to reduce the return received by such Lender or applicable Lending Installation in connection with such Eurocurrency
Loans to any Foreign Borrower or Commitment to any Foreign Borrower, then, within 15 days of demand by such Lender, such Foreign
Borrower shall pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduction in
amount received; provided that such Foreign Borrower shall not be required to compensate any Lender for such non-U.S. reserve costs
or fees to the extent that an amount equal to such reserve costs or fees is received by such Lender as a result of the calculation of
the interest rate applicable to Eurocurrency Advances pursuant to the definition of “Eurocurrency Rate.”

 

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3.8.          Illegality.
If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for
any Lender or its applicable lending office to make, maintain, or fund Advances whose interest is determined by reference to the
Eurocurrency Rate, or to determine or charge interest rates based upon the Eurocurrency Rate, or any Governmental Authority has
imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London
interbank market or other applicable interbank market, then, upon notice thereof by such Lender to the Borrower (through the
Administrative Agent), (a) any obligation of such Lender to make or continue Eurocurrency Advances or to convert Base Rate
Advances to Eurocurrency Advances shall be suspended, and (b) if such notice asserts the illegality of such Lender making or
maintaining Base Rate Advances the interest rate on which is determined by reference to the Daily LIBO Rate component of the Base
Rate, the interest rate on which Base Rate Advances of such Lender shall, if necessary to avoid such illegality, be determined by
the Administrative Agent without reference to the Daily LIBO Rate component of the Base Rate, in each case until such Lender
notifies the Administrative Agent and the Company that the circumstances giving rise to such determination no longer exist. Upon
receipt of such notice, (i) the Company shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay
or, if applicable, convert all Eurocurrency Advances of such Lender to Base Rate Advances (the interest rate on which Base Rate
Advances of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to
the Daily LIBO Rate component of the Base Rate), either on the last day of the Interest Period therefor (or, for an RFR Loan, the
next Business Day after receipt of such notice), if such Lender may lawfully continue to maintain such Eurocurrency Advances to such
day, or immediately, if such Lender may not lawfully continue to maintain such Eurocurrency Advances and (ii) if such notice
asserts the illegality of such Lender determining or charging interest rates based upon the Eurocurrency Rate, the Administrative
Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the
Eurocurrency Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal
for such Lender to determine or charge interest rates based upon the Eurocurrency Rate. Upon any such prepayment or conversion, the
Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required
pursuant to Section 3.4.

 

ARTICLE
IV

CONDITIONS PRECEDENT

 

		4.1.	Effectiveness. This Agreement shall be effective as of
the Effective Date upon the satisfaction of each of the following conditions:

 

		(i)	The Administrative Agent shall have received a counterpart of this Agreement, duly executed and delivered
on behalf of an Authorized Officer of each Borrower, the Extending Lenders, any New Lenders, each LC Issuer, the Swing Line Lender and
the Administrative Agent.

 

		(ii)	The Administrative Agent shall have received Notes executed by the Domestic Borrowers and executed by
Polaris Sales Europe S. à r.l. in favor of each of the Lenders, if any, which has requested notes pursuant to Section 2.13(d)
of this Agreement.

 

		(iii)	The Administrative Agent shall have received counterparts of the Guaranty, in form and substance reasonably
satisfactory to the Administrative Agent, duly executed and delivered by each of the Guarantors.

 

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		(iv)	The Administrative Agent shall have received for the account of the Existing Lenders unpaid accrued interest
on the Existing Revolving Loans and the Existing Term Loans together with all unpaid accrued fees thereon and other amounts due and payable
with respect thereto (including, for the avoidance of doubt, any amounts payable with respect to any “Eurocurrency Advances”
(under and as defined in the Existing Credit Agreement) pursuant to Section 3.4 of the Existing Credit Agreement as a result of the
Effective Date occurring on any day other than the last day of the Interest Period for any such Eurocurrency Advance).

 

		(v)	The Administrative Agent shall have received a certificate of the Secretary or an Assistant Secretary
of the each Domestic Borrower certifying (i) that there have been no changes in the charter document of such Person, as attached
thereto and as certified as of a recent date by the Secretary of State of the jurisdiction of its organization, since the date of the
certification thereof by such governmental entity, (ii) the by-laws, as attached thereto, of such Person as in effect on the date
of such certification, (iii) resolutions of the Board of Directors of such Person authorizing the execution, delivery and performance
of this Agreement and each other Loan Document to which it is a party, (iv) the Good Standing Certificate for such Person from the
Secretary of State of the jurisdiction of its organization, and (v) the names and true signatures of the incumbent officers of such
Person authorized to sign this Agreement and the other Loan Documents to which it is a party, and authorized to request an Advance or
the issuance of a Facility LC under this Agreement.

 

		(vi)	The Administrative Agent shall have received a certificate of the Secretary or an Assistant Secretary
of each Loan Party other than the Domestic Borrowers certifying that (i)  there have been no changes in the charter document of such
Person, as attached thereto and as certified as of a recent date by the Secretary of State (or equivalent) of the jurisdiction of its
organization, since the date of the certification thereof by such governmental entity, (ii) the by-laws (or equivalent), as attached
thereto, of such Person as in effect on the date of such certification, (iii) resolutions of the Board of Directors of such Person
authorizing the execution, delivery and performance of this Agreement and each other Loan Document to which it is a party, (iv) the
Good Standing Certificate (or equivalent) for such Person from the Secretary of State (or equivalent) of the jurisdiction of its organization,
and (v)  the names and true signatures of the incumbent officers of such Person authorized to sign the Loan Documents to which
it is a party, and (in the case of Polaris Sales Europe S. à r.l.) authorized to request an Advance or the issuance of a Facility
LC under this Agreement.

 

		(vii)	The Administrative Agent shall have received a Certificate signed by the chief financial officer of the
Company certifying the following: on the Effective Date (1) no Default or Event of Default has occurred and is continuing and (2) the
representations and warranties contained in Article V of this Agreement are (x) with respect to any representations or warranties
that contain a materiality qualifier, true and correct in all respects and (y) with respect to any representations or warranties
that do not contain a materiality qualifier, true and correct in all material respects, except to the extent
any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall
have been true and correct in all material respects on and as of such earlier date.

 

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		(viii)	The Administrative Agent shall have received a written opinion of the Borrowers’ counsel (which
may include local counsel and in-house counsel), addressed to the Lenders substantially covering the opinions set forth in Exhibit A.

 

		(ix)	[Reserved].

 

		(x)	The Administrative Agent shall have received all fees and other amounts due and payable on or prior to
the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed
or paid by the Borrowers hereunder.

 

		(xi)	There shall not have occurred a change in the business, Property, liabilities (actual and contingent),
operations, condition (financial or otherwise), results of operations or prospects of the Company and its Subsidiaries taken as a whole,
since December 31, 2017, which could reasonably be expected to have a Material Adverse Effect.

 

		(xii)	The Administrative Agent shall have received all governmental, equity holder and third party consents
and approvals necessary in connection with the contemplated financing and all applicable waiting periods shall have expired without any
action being taken by any authority that would be reasonably likely to restrain, prevent or impose any material adverse conditions on
the Company and its Subsidiaries, taken as a whole, and no law or regulation shall be applicable which in the reasonable judgment of the
Administrative Agent could have such effect.

 

		(xiii)	No action, suit, investigation or proceeding is pending or, to the knowledge of the Borrowers, threatened
in any court or before any arbitrator or Governmental Authority that would reasonably be expected to result in a Material Adverse Effect.

 

		(xiv)	The Administrative Agent shall have received: (a) pro forma financial statements giving effect
to the Credit Extensions contemplated hereby, which demonstrate, in the Administrative Agent’s reasonable judgment, together with
all other information then available to the Administrative Agent, that the Company and its Subsidiaries can repay their debts and satisfy
their other obligations as and when they become due, and can comply with the financial covenants set forth in Section 6.25, (b) such
information as the Administrative Agent may reasonably request to confirm the tax, legal, and business assumptions made in such pro forma
financial statements, and (c) audited consolidated financial statements of the Company and its Subsidiaries for the fiscal years
ended December 31, 2015, December 31, 2016, and December 31, 2017. The Administrative Agent will be deemed to have received
the financial statements described in clauses (c) and (d) if the same are on file with the Securities and Exchange Commission.

 

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		(xv)	The Administrative Agent shall have received evidence reasonably satisfactory to it of current insurance
coverage for the Company and its Subsidiaries conforming to the requirements of Section 5.18.

 

		(xvi)	The Administrative Agent shall have received payoff letters from each Non-Extending Lender in form and
substance reasonably acceptable to the Company and the Administrative Agent.

 

		(xvii)	At least five (5) days prior to the Effective Date, if any of Company or Polaris Sales Europe S. à
r.l. qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Company and Polaris Sales Europe
S. à r.l. must deliver a Beneficial Ownership Certification in relation to the Company and Polaris Sales Europe S. à r.l.,
as applicable.

 

4.2.          Each Credit Extension. The Lenders shall not (except as otherwise set forth in Section 2.4.4 with respect to Revolving
Loans for the purpose of repaying Swing Line Loans) be required to make any Credit Extension unless on the applicable Borrowing Date:

 

		(i)	There exists no Default or Event of Default, nor would a Default or Event of Default result from such
Credit Extension.

 

		(ii)	The representations and warranties contained in Article V are (x) with respect to any representations
or warranties that contain a materiality qualifier, true and correct in all respects and (y) with respect to any representations
or warranties that do not contain a materiality qualifier, true and correct in all material respects, in each case, as of such Borrowing
Date except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation
or warranty shall have been true and correct on and as of such earlier date.

 

Each Borrowing Notice or Swing Line Borrowing
Notice, as the case may be, or request for issuance of a Facility LC with respect to each such Credit Extension shall constitute a representation
and warranty by the Company and the Borrowers thereof that the conditions contained in Sections 4.2(i) and (ii) have been satisfied.

 

4.3.          Initial Advance to Each Borrower. No Lender shall be required to make any Advance to any Borrower that becomes party to
this Agreement after the Effective Date unless the Company or such Borrower has furnished or caused to be furnished to the Administrative
Agent with sufficient copies for the Lenders:

 

		(i)	The Assumption Letter executed and delivered by such Borrower and containing the written consent of the
Company thereon, as contemplated by Section 2.26;

 

		(ii)	Copies of the articles or certificate of incorporation (or the equivalent thereof) of such Borrower together
with all amendments, and a certificate of good standing (or the equivalent thereof), each certified by the appropriate governmental officer
in its jurisdiction of organization, as well as any other information required by Section 326 of the USA PATRIOT Act or necessary
for the Administrative Agent or any Lender to verify the identity of
such Borrower as required by Section 326 of the USA PATRIOT Act;

 

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		(iii)	Copies, certified by the Secretary or Assistant Secretary (or the equivalent thereof) of such Borrower
of its by-laws (or the equivalent thereof) and of its Board of Directors’ (or the equivalent thereof) resolutions and of resolutions
or actions of any other body authorizing the execution of the Assumption Letter and the other Loan Documents to which such Borrower is
a party;

 

		(iv)	An incumbency certificate, executed by the Secretary or Assistant Secretary (or the equivalent thereof)
of such Borrower, which shall identify by name and title and bear the signature of the officers of such Borrower authorized to sign the
Assumption Letter and the other Loan Documents to which such Borrower, as applicable, is a party, upon which certificate the Administrative
Agent and the Lenders shall be entitled to rely until informed of any change in writing by such Borrower;

 

		(v)	An opinion of counsel to such Borrower in a form reasonably acceptable to the Administrative Agent and
its counsel; and

 

		(vi)	Such other instruments, documents or agreements as the Administrative Agent or its counsel may reasonably request, all in form and
substance reasonably satisfactory to the Administrative Agent and its counsel.

 

ARTICLE
V

REPRESENTATIONS AND WARRANTIES

 

The Borrowers represent and warrant to the Lenders
that:

 

5.1.           
Existence and Standing. The Company and each of its Subsidiaries (a) is a corporation, partnership (in the case of
Subsidiaries only) or limited liability company (in the case of Subsidiaries only) duly and properly incorporated or formed, as the case
may be and is validly existing and (to the extent such concept applies to such entity) in good standing under the laws of its jurisdiction
of incorporation or organization, (b) is duly qualified and in good standing as a foreign organization and authorized to do business
in every other jurisdiction where its ownership or operation of Property or the conduct of its business would require it to be qualified,
in good standing and authorized, unless the failure to be so qualified, in good standing or authorized would not have or would not reasonably
be expected to have a Material Adverse Effect and (c) has all requisite authority to conduct its business in each jurisdiction in
which its business is now conducted.

 

5.2.            Authorization
and Validity. Each Loan Party has the power and authority and legal right to execute and deliver the Loan Documents to which it
is a party and to perform its obligations thereunder. The execution and delivery by each Loan Party of the Loan Documents to which
it is a party and the performance of its obligations thereunder have been duly authorized by proper corporate, limited liability
company or partnership proceedings, and the Loan Documents to which each Loan Party is a party constitute legal, valid and binding
obligations of such Loan Party enforceable against such Loan Party in accordance with their terms, except as enforceability may be
limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally.

 

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5.3.           
No Conflict; Government Consent. Neither the execution and delivery by each Loan Party of the Loan Documents to which it
is a party, nor the consummation of the transactions therein contemplated, nor compliance with the provisions thereof will (i) violate,
contravene or conflict with any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the Company or any
of its Subsidiaries, (ii) violate, contravene or conflict with the Company’s or any of its Subsidiary’s articles or certificate
of incorporation, partnership agreement, certificate of partnership, articles or certificate of organization, by-laws, or operating or
other management agreement, as the case may be, or (iii) violate, contravene or conflict with, or cause an event of default under,
the provisions of any indenture, instrument or agreement to which the Company or any of its Subsidiaries is a party or is subject, or
by which it, or its Property, is bound, or result in, or require, the creation or imposition of any Lien in, of or on the Property of
the Company or any of its Subsidiaries pursuant to the terms of any such indenture, instrument or agreement. No order, consent, adjudication,
approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, or other action in respect
of any governmental or public body or authority, or any subdivision thereof, which has not been obtained by the Company or any of its
Subsidiaries, is required to be obtained by the Company or any of its Subsidiaries in connection with the execution and delivery of the
Loan Documents, the borrowings under this Agreement, the payment and performance by the Loan Parties of the Obligations or the legality,
validity, binding effect or enforceability of any of the Loan Documents.

 

5.4.           
Financial Statements; Internal Control Event.

 

(a)                       
The December 31, 2020, audited consolidated financial statements of the Company and its Subsidiaries heretofore delivered
to the Lenders were prepared in accordance with GAAP in effect on the date such statements were prepared and fairly present the consolidated
financial condition and operations of the Company and its Subsidiaries at such date and the consolidated results of their operations for
the period then ended.

 

(b)                       
To the best knowledge of the Company, no Internal Control Event exists or has occurred since the date of the financial statements
delivered pursuant to Section 6.1(i) that has resulted in or could reasonably be expected to result in a misstatement in any material
respect, in any financial information delivered or to be delivered to the Administrative Agent or the Lenders, of (i) covenant compliance
calculations provided hereunder or (ii) the assets, liabilities, financial condition or results of operations of the Company and
its Subsidiaries on a consolidated basis.

 

5.5.           
Material Adverse Change. Since December 31, 2020, there has been no change in the business, Property, liabilities (actual
or contingent), operations, financial condition or results of operations of the Company and its Subsidiaries which would reasonably be
expected to have a Material Adverse Effect.

 

5.6.            Taxes.
The Company and its Subsidiaries have filed all United States federal tax returns and all other tax returns which are required to be
filed by them and have paid all taxes due pursuant to said returns or pursuant to any assessment received by the Company or any of
its Subsidiaries, except such taxes, if any, as are being contested in good faith and as to which adequate reserves have been
provided in accordance with GAAP and as to which no Lien exists. No tax liens have been filed and no claims are being asserted with
respect to any such taxes. The charges, accruals and reserves on the books of the Company and its Subsidiaries in respect of any
taxes or other governmental charges are adequate in accordance with GAAP.

 

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5.7.           
Litigation. There is no litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the knowledge
of any of their officers, threatened against or affecting the Company or any of its Subsidiaries which could reasonably be expected to
have a Material Adverse Effect or which seeks to prevent, enjoin or delay this Agreement or the making of any Credit Extensions.

 

5.8.           
Non-Bank Rules. Each Swiss Borrower represents and warrants that it is in compliance with the Non-Bank Rules; provided that
a Swiss Borrower shall not be in breach of this representation if its number of creditors in respect of either the 10 Non-Bank Rule or
the 20 Non-Bank Rule is exceeded solely by reason of a failure by one or more Lenders to comply with its obligations under Section 12
or having lost its status as Qualifying Bank. For the purpose of its compliance with the 20 Non-Bank Rule under this Section 5.8,
the number of Lenders under this Agreement which are not Qualifying Banks shall be deemed to be ten (10) (irrespective of whether
or not there are, at any time, any such Lenders).

 

5.9.           
ERISA. Except as would not result in or would not reasonably be expected to result in a Material Adverse Effect.

 

(a)                    
(i) No ERISA Event has occurred, and, to the best knowledge of the Company, each of its Subsidiaries and each ERISA Affiliate,
no event or condition has occurred or exists as a result of which any ERISA Event could reasonably be expected to occur, with respect
to any Plan; (ii) each Plan has been maintained, operated, and funded in compliance with its own terms and in material compliance
with the provisions of ERISA, the Code, and any other applicable federal or state laws; (iii) each Plan that is intended to qualify
under Section 401(a) of the Code has received a favorable determination letter from the IRS or an application for such a letter is
currently being processed by the IRS with respect thereto and, to the best knowledge of the Company, each of its Subsidiaries and each
ERISA Affiliate, nothing has occurred which would prevent, or cause the loss of, such qualification; and (iv) no Lien in favor or
the PBGC or a Plan has arisen or is reasonably likely to arise on account of any Plan.

 

(b)                       
The actuarial present value of all “benefit liabilities” (as defined in Section 4001(a)(16) of ERISA), whether
or not vested, under each Single Employer Plan, as of the last annual valuation date prior to the date on which this representation is
made or deemed made (determined, in each case, in accordance with Financial Accounting Standards Board Statement 87, utilizing the actuarial
assumptions used in such Plan’s most recent actuarial valuation report), did not exceed as of such valuation date the fair market
value of the assets of such Plan allocated to such accrued liabilities.

 

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(c)                     Neither
the Company nor any Subsidiary of the Company nor any ERISA Affiliate has incurred, or, to the best of each such party’s
knowledge, is reasonably expected to incur, any liability under Title IV of ERISA with respect to any Single Employer Plan
(other than contributions to the Plan or premiums to the PBGC in the ordinary course and without default), or any withdrawal
liability under ERISA to any Multiemployer Plan or Multiple Employer Plan. Neither the Company nor any Subsidiary of the Company nor
any ERISA Affiliate would become subject to any withdrawal liability under ERISA if any such party were to withdraw completely from
all Multiemployer Plans and Multiple Employer Plans as of the valuation date most closely preceding the date on which this
representation is made or deemed made. Neither the Company nor any Subsidiary of the Company nor any ERISA Affiliate has received
any notification that any Multiemployer Plan is in reorganization (within the meaning of Section 4241 of ERISA), is insolvent
(within the meaning of Section 4245 of ERISA), or has been terminated (within the meaning of Title IV of ERISA), and no
Multiemployer Plan is, to the best of each such Person’s knowledge, reasonably expected to be in reorganization, insolvent, or
terminated. Neither the Company nor any Subsidiary of the Company nor any ERISA Affiliate has engaged in a transaction that could be
subject to Sections 4069 or 4212(c) of ERISA.

 

(d)                       
No prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) or breach of fiduciary
responsibility has occurred with respect to a Plan which has subjected or may subject the Company, any Subsidiary of the Company or any
ERISA Affiliate to any liability under Sections 406, 409, 502(i), or 502(l) of ERISA or Section 4975 of the Code, or under any
agreement or other instrument pursuant to which the Company, any Subsidiary of the Company or any ERISA Affiliate has agreed or is required
to indemnify any person against any such liability. There are no pending or, to the best knowledge of the Company, each of its Subsidiaries
and each ERISA Affiliate, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that
could reasonably be expected to have a Material Adverse Effect.

 

(e)                         Neither the Company nor
any Subsidiary of the Company nor any ERISA Affiliate has any material liability with respect to “expected post-retirement benefit
obligations” within the meaning of the Financial Accounting Standards Board Statement 106. Each Plan that is a welfare plan (as
defined in Section 3(1) of ERISA) to which Sections 601-609 of ERISA and Section 4980B of the Code apply has been administered
in compliance in all material respects with such sections.

 

5.10.       
Accuracy of Information.

 

5.10.1. No information,
exhibit or report furnished by the Company or any of its Subsidiaries to the Administrative Agent or to any Lender in connection with
the negotiation of, or compliance with, the Loan Documents contained any material misstatement of fact or omitted to state a material
fact or any fact necessary to make the statements contained therein not misleading; provided, however, that any projections
and pro forma financial information contained in the materials referenced above are based upon good faith estimates and assumptions believed
by the Company to be reasonable at the time made, it being recognized by the Lenders that such financial information as it relates to
future events is not to be viewed as fact and that actual results during the period or periods covered by such financial information may
differ from the projected results set forth therein by a material amount.

 

5.10.2. As of the
Effective Date, the information included in the Beneficial Ownership Certification is true and correct in all respects.

 

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5.11.       
 Intellectual Property. The Company and each of its Subsidiaries owns, or has the legal right to use, all patents, trademarks,
tradenames, copyrights, technology, know-how and processes (the “Intellectual Property”) necessary for each of them
to conduct its business as currently conducted, except where failure to own or have such legal right to use would not have or would not
reasonably be expected to have a Material Adverse Effect. No claim has been asserted and is pending by any Person challenging or questioning
the use of any Intellectual Property owned by the Company or any of its Subsidiaries or that the Company or any of its Subsidiaries has
a right to use or the validity or effectiveness of any such Intellectual Property, nor does the Company or any of its Subsidiaries have
knowledge of any such claim, and, to the knowledge of the Company and its Subsidiaries, the use of any Intellectual Property by the Company
and its Subsidiaries does not infringe on the rights of any Person, except for such claims and infringements that in the aggregate, would
not have or would not reasonably be expected to have a Material Adverse Effect.

 

5.12.       
Affected Financial Institution. Neither the Company nor any of its Subsidiaries is an Affected Financial Institution.

 

5.13.       
Compliance With Laws. The Company and its Subsidiaries are in compliance in all material respects with all applicable statutes,
rules, regulations, permits, orders and restrictions of any domestic or foreign government or any instrumentality or agency thereof having
jurisdiction over the conduct of their respective businesses or the ownership of their respective Property. The Company, its Subsidiaries
and their respective officers and employees and to the knowledge of the Company, its directors and agents, are in compliance with Anti-
Corruption Laws and applicable Sanctions in all material respects. No Credit Extension, use of the proceeds of any Credit Extension or
other transactions contemplated hereby will violate Anti-Corruption Laws or applicable Sanctions. The Company and its Subsidiaries are
in compliance in all material respects with the PATRIOT Act. Neither the making of any Loan nor the use of the proceeds thereof will violate
the PATRIOT Act, the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury
Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor
statute thereto.

 

5.14.       
Ownership of Properties. Except as set forth on Schedule 5.14, on the Effective Date, the Company and its Subsidiaries
will have good title, free of all Liens other than those permitted by Section 6.17, to all of the Property and assets reflected in
the Company’s most recent consolidated financial statements provided to the Administrative Agent as owned by the Company and its
Subsidiaries.

 

5.15.       
Plan Assets; Prohibited Transactions. Neither the Company nor any of its Subsidiaries is an entity deemed to hold “plan
assets” within the meaning of 29 C.F.R. § 2510.3- 101 of an employee benefit plan (as defined in Section 3(3) of
ERISA) which is subject to Title I of ERISA or any plan (within the meaning of Section 4975 of the Code), and neither the execution
of this Agreement nor the making of Credit Extensions hereunder gives rise to a prohibited transaction within the meaning of Section 406
of ERISA or Section 4975 of the Code.

 

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5.16.        Environmental
Matters. In the ordinary course of its business, the officers of the Company consider the effect of Environmental Laws on the
business of the Company and its Subsidiaries, in the course of which they identify and evaluate potential risks and liabilities
accruing to the Company and its Subsidiaries due to Environmental Laws. On the basis of this consideration, the Company has
concluded that Environmental Laws cannot reasonably be expected to have a Material Adverse Effect. Neither the Company nor any
Subsidiary has received any notice to the effect that its operations are not in material compliance with any of the requirements of
applicable Environmental Laws or are the subject of any federal or state investigation evaluating whether any remedial action is
needed to respond to a release of any toxic or hazardous waste or substance into the environment, which non-compliance or remedial
action could reasonably be expected to have a Material Adverse Effect. The Company and its Subsidiaries have adopted procedures that
are reasonably designed to (i) ensure that the Company and its Subsidiaries, and of their operations and each of the real
properties owned, leased or operated by the Company or any of its Subsidiaries (the “Real Properties”) complies
with applicable Environmental Laws and (ii) minimize any liabilities or potential liabilities that the Company, any Subsidiary,
any of their respective operations or any of the Real Properties may have under applicable Environmental Laws.

 

5.17.       
Government Regulation.

 

(a)                       
No Borrower is engaged or will engage, principally or as one of its important activities, in the business of purchasing or carrying
margin stock (within the meaning of Regulation U), or extending credit for the purpose of purchasing or carrying margin stock. Following
the application of the proceeds of each Advance or drawing under each Facility LC, not more than 25% of the value of the assets (either
of the applicable Borrower only or of such Borrower and its Subsidiaries on a consolidated basis) will be margin stock.

 

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

 

5.18.       
Insurance. The Company maintains, and has caused each Subsidiary to maintain, with financially sound and reputable insurance
companies that are not Affiliates of the Company insurance on all their Property, liability insurance and environmental insurance in such
amounts, subject to such deductibles and self-insurance retentions and covering such properties and risks as are customarily carried by
companies engaged in similar businesses and owning similar properties in localities where the Company or its Subsidiaries operate; provided,
that the Loan Parties and their Subsidiaries may maintain a program of self-insurance with respect to product liability and worker’s
compensation liability.

 

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5.19.       
Solvency.

 

(a)                        Immediately
after the consummation of the transactions to occur on the Effective Date and immediately following the making of each Credit
Extension, if any, made on the Effective Date and after giving effect to the application of the proceeds of such Credit Extensions,
(a) the fair value of the assets of the Company and its Subsidiaries on a consolidated basis, at a fair valuation, will exceed
the debts and liabilities, subordinated, contingent or otherwise, of the Company and its Subsidiaries on a consolidated basis;
(b) the present fair saleable value of the Property of the Company and its Subsidiaries on a consolidated basis will be greater
than the amount that will be required to pay the probable liability of the Company and its Subsidiaries on a consolidated basis on
their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and
matured; (c) the Company and its Subsidiaries on a consolidated basis will be able to pay their debts and liabilities,
subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured in the normal course of business;
and (d) the Company and its Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct
the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted after the Effective
Date giving due consideration to the prevailing practice in the industries in which the Company and its Subsidiaries are engaged or
are to engage. In computing the amount of contingent liabilities at any time, it is intended that such liabilities will be computed
at the amount which, in 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.

 

(b)                       
The Company does not intend to, or to permit any of its Subsidiaries to, and does not believe that it or any of its Subsidiaries
will, incur debts beyond its ability to pay such debts as they mature in their ordinary course.

 

5.20.       
No Default. No Default or Event of Default has occurred
and is continuing.

 

5.21.       
Foreign Borrowers.

 

(a)                       
To ensure the enforceability or admissibility in evidence of this Agreement and each other Loan Document to which a Foreign Borrower
is a party in the laws of the jurisdiction of such Foreign Borrower’s organization (such jurisdiction being hereinafter referred
to as the “Home Country”), it is not necessary that this Agreement or any other Loan Document to which such Foreign
Borrower is a party or any other document be filed or recorded with any court or other authority in its Home Country or that any stamp
or similar tax be paid to or in respect of this Agreement or any other Loan Document of such Foreign Borrower, other than documents which
have been so filed or recorded and stamp or similar taxes which have been so paid.

 

(b)                       
No Foreign Borrower nor any of their respective assets is entitled to immunity from suit, execution, attachment or other legal
process. Each Foreign Borrower’s execution and delivery of the Loan Documents to which it is a party constitute, and the exercise
of its rights and performance of and compliance with its obligations under such Loan Documents will constitute, private and commercial
acts done and performed for private and commercial purposes.

 

(c)                       
It is understood and agreed by the parties hereto that the representations and warranties in this Section 5.21 of each Foreign
Borrower shall only be applicable to such Foreign Borrower on and after the date of its execution of its Assumption Letter.

 

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5.22.        Foreign
Employee Benefit Matters. (a) Each Foreign Employee Benefit Plan is in compliance in all material respects with all laws,
regulations and rules applicable thereto and the respective requirements of the governing documents for such Plan; (b) the
aggregate of the accumulated benefit obligations under all Foreign Pension Plans does not exceed to any material extent the current
fair market value of the assets held in the trusts or similar funding vehicles for such Plans; (c) with respect to any Foreign
Employee Benefit Plan maintained or contributed to by the Company or any of its Subsidiaries or any member of its Controlled Group
(other than a Foreign Pension Plan), reasonable reserves have been established in accordance with prudent business practice or where
required by ordinary accounting practices in the jurisdiction in which such Plan is maintained; and (d) there are no material
actions, suits or claims (other than routine claims for benefits) pending or, to the knowledge of the Company and its Subsidiaries,
threatened against the Company or any of its Subsidiaries or any member of its Controlled Group with respect to any Foreign Employee
Benefit Plan. For purposes of this Section 5.22, the term “material” means any noncompliance or basis for liability
which could reasonably be likely to subject the Company or any of its Subsidiary to liability, individually or in the aggregate, in
excess of $25,000,000.

 

5.23.       
Sanctioned Persons. None of the Company, its Subsidiaries or, to the knowledge of the Company and its Subsidiaries, any
of their respective directors, officers or employees is a Sanctioned Person.

 

ARTICLE
VI

COVENANTS

 

During the term of this Agreement,
unless the Required Lenders shall otherwise consent in writing:

 

6.1.           
Financial Reporting. The Company will maintain, for itself and each Subsidiary, a system of accounting established and administered
in accordance with GAAP, subject to Section 9.8, and furnish to the Administrative Agent and the Lenders:

 

		(i)	Within ninety (90) days after the close of each of its fiscal years, for the Company and its Subsidiaries,
a consolidated balance sheet and income statement as of the end of such fiscal year, together with related consolidated statements of
operations, retained earnings, changes in shareholders’ equity and cash flows for such fiscal year, setting forth in comparative
form consolidated figures for the preceding fiscal year, all such consolidated financial information described above to be in reasonable
form and detail and accompanied by an unqualified opinion of independent certified public accountants of recognized national standing,
which opinion shall state that such financial statements present fairly, in all material respects, the financial condition of the companies
being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination
of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards,
and that such audit provides a reasonable basis for such opinion in the circumstances.

 

		(ii)	Within forty-five (45) days after the close of the first three quarterly periods of each of its
                                                                fiscal years, for the Company and its Subsidiaries, an unaudited consolidated balance sheet and income statement, as of the end of
                                                                such fiscal quarter, together with related consolidated statements of operations and consolidated statements of retained earnings
                                                                and of cash flows for such fiscal quarter in each case setting forth in comparative form consolidated figures for the corresponding
                                                                period of the preceding fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial
                                                                statements generally, and certified by an Authorized Officer as fairly presenting, in all material respects, the financial condition
                                                                of the companies being reported on and their results of operations and cash flows, subject to changes resulting from year- end
                                                                adjustments.

 

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		(iii)	Together with the financial statements required under Sections 6.1(i) and (ii), a compliance certificate
in substantially the form of Exhibit B signed by its chief financial officer showing the calculations necessary to determine
compliance with this Agreement and stating that no Default or Event of Default exists, or if any Default or Event of Default exists, stating
the nature and status thereof.

 

		(iv)	Promptly upon the furnishing thereof to the shareholders of the Company, copies of all financial statements,
reports and proxy statements so furnished.

 

		(v)	Promptly upon the filing thereof, copies of all registration statements and annual, quarterly, monthly
or other regular reports which the Company or any of its Subsidiaries files with the Securities and Exchange Commission.

 

		(vi)	Upon the Company, any Subsidiary of the Company or any ERISA Affiliate obtaining knowledge thereof, such
Person shall give written notice to the Administrative Agent and each of the Lenders promptly (and in any event within two (2) Business
Days) of: (i) any event or condition, including, but not limited to, any Reportable Event, that constitutes, or might reasonably
lead to, an ERISA Event; (ii) with respect to any Multiemployer Plan, the receipt of notice as prescribed in ERISA or otherwise of
any withdrawal liability assessed against the Company, any Subsidiary of the Company or any ERISA Affiliate, or of a determination that
any Multiemployer Plan is in reorganization or insolvent (both within the meaning of Title IV of ERISA); (iii) the failure to
make full payment on or before the due date (including extensions) thereof of all amounts which the Company, any Subsidiary of the Company
or any ERISA Affiliate is required to contribute to each Plan pursuant to its terms and as required to meet the minimum funding standard
set forth in ERISA and the Code with respect thereto; or (iv) any change in the funding status of any Plan that could have a Material
Adverse Effect; in each case together with a description of any such event or condition or a copy of any such notice and a statement by
an Authorized Officer of the Company briefly setting forth the details regarding such event, condition, or notice, and the action, if
any, which has been or is being taken or is proposed to be taken by such Person with respect thereto. Promptly upon request, the Company
shall furnish the Administrative Agent and the Lenders with such additional information concerning any Plan as may be reasonably requested,
including, but not limited to, copies of each annual report/return (Form 5500 series), as well as all schedules and attachments thereto
required to be filed with the Department of Labor and/or the Internal Revenue Service pursuant to ERISA and the Code, respectively, for
each “plan year” (within the meaning of Section 3(39) of ERISA).

 

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		(vii)	During the existence of an Event of Default, and upon the written request of the Administrative Agent,
the Company will furnish or cause to be furnished to the Administrative Agent, at the Company’s expense, a report of an environmental
assessment of reasonable scope, form and depth, including, where appropriate, invasive soil or groundwater sampling, by a consultant reasonably
acceptable to the Administrative Agent regarding any release or threat of release of Hazardous Materials on any Real Properties and the
compliance by the Company and its Subsidiaries with Environmental Laws. If the Company fails to deliver such an environmental report within
seventy-five (75) days after receipt of such written request, then the Administrative Agent may arrange for same, and the Company
and its Subsidiaries hereby grants to the Administrative Agent and its representatives access to the Real Properties and a license of
a scope reasonably necessary to undertake such an assessment (including, where appropriate, invasive soil or groundwater sampling). The
reasonable cost of any assessment arranged for by the Administrative Agent pursuant to this provision will be payable by the Borrowers
on demand.

 

		(viii)	Such other information (including both financial and non-financial information (including monthly reporting)
and environmental reports) as the Administrative Agent or any Lender may from time to time reasonably request.

 

If any information which is required to be furnished
to the Lenders under this Section 6.1 is required by law or regulation to be filed by the Company with a government body on an earlier
date, then the information required hereunder shall be furnished to the Lenders at such earlier date. Any financial statement required
to be furnished pursuant to Section 6.1(i) or Section 6.1(ii) shall be deemed to have been furnished on the date on which the
Lenders receive notice that the Company has filed such financial statement with the Securities and Exchange Commission and is available
on the EDGAR website on the Internet at www.sec.gov or any successor government website that is freely and readily available to
the Administrative Agent and the Lenders without charge; provided, that the Company shall give notice of any such filing to the
Administrative Agent (who shall then give notice of any such filing to the Lenders), which notice may be given by e-mail. Notwithstanding
the foregoing, the Company shall deliver paper copies of any such financial statement to the Administrative Agent if the Administrative
Agent requests the Company to furnish such paper copies until written notice to cease delivering such paper copies is given by the Administrative
Agent.

 

6.2.           
Material Subsidiaries. The Company shall cause Subsidiaries to be Material Subsidiaries such that, at all times, (a) the
Property of the Company and its Material Subsidiaries shall be at least eighty percent (80%) of the aggregate Property of the Company
and its Subsidiaries on a consolidated basis, (b) the revenue of the Company and its Material Subsidiaries for the most recent four
(4) fiscal quarters shall be at least eighty percent (80%) of the Consolidated Revenue for such four (4) fiscal quarters and (c) the
net income of the Company and its Material Subsidiaries for the most recent four (4) fiscal quarters shall be at least eighty percent
(80%) of the Consolidated Net Income for such four (4) fiscal quarters; provided once a Subsidiary is a Material Subsidiary it shall remain
a Material Subsidiary unless such Material Subsidiary is the subject of a disposition permitted pursuant to Section 6.15.

 

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6.3.           
 Use of Proceeds. Each Borrower will and will cause each Subsidiary to, use the proceeds of the Credit Extensions for working
capital, capital expenditures, share repurchases, other lawful general corporate purposes in a manner not in conflict with any of any
Borrower’s covenants in this Agreement. Without limitation of the above sentence, no Borrower will request any Credit Extension,
and no Borrower shall use, and each Borrower shall ensure that its Subsidiaries, and its or their respective directors, officers, employees
and agents shall not use, the proceeds of any Credit Extension (a) to purchase or carry any “Margin Stock” (as defined
in Regulation U), (b) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or
anything else of value, to any Person in violation of any Anti- Corruption Laws or (c) in any manner that would result in the violation
of any applicable Sanctions.

 

6.4.           
Notice of Material Events. The Company will, and will cause each Subsidiary to, give notice in writing to the Administrative
Agent and each Lender, promptly and in any event within two (2) Business Days, of the occurrence of any of the following:

 

		(i)	any Default or Event of Default;

 

		(ii)	the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental
Authority (including pursuant to any applicable Environmental Laws) against or affecting any Borrower or any Affiliate thereof that, if
adversely determined, would reasonably be expected to result in a Material Adverse Effect;

 

		(iii)	the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred
since the Effective Date, would reasonably be expected to result in a Material Adverse Effect;

 

		(iv)	any material change in accounting policies of, or financial reporting practices by, any Borrower or any
Subsidiary;

 

		(v)	any change in the information provided in the Beneficial Ownership Certification that would result in
a change to the list of beneficial owners identified in parts (c) or (d) of such certification; and

 

		(vi)	any other development, financial or otherwise, which would reasonably be expected to have a Material Adverse
Effect.

 

Each notice delivered under this Section shall
be accompanied by a statement of an Authorized Officer of the Company setting forth the details of the event or development requiring
such notice and any action taken or proposed to be taken with respect thereto.

 

6.5.            Conduct
of Business. Except as otherwise permitted by Section 6.14, the Company will, and will cause each Subsidiary to, carry on
and conduct its business in substantially the same manner and in substantially the same, complementary, similar or reasonably
related fields of enterprise as it is presently conducted and do all things necessary to remain duly incorporated or organized,
validly existing and (to the extent such concept applies to such entity) in good standing as a domestic corporation, partnership or
limited liability company in its jurisdiction of incorporation or organization, as the case may be, and maintain all requisite
authority to conduct its business in each jurisdiction in which its business is conducted.

 

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6.6.           
Taxes. The Company will, and will cause each Subsidiary to, timely file complete and correct United States federal and applicable
foreign, state and local tax returns required by law and pay when due all taxes, assessments and governmental charges and levies upon
it or its income, profits or Property; provided that neither the Company nor any Subsidiary need pay any such tax, assessment,
governmental charge or levy if it is being contested in good faith by appropriate proceedings, with respect to which adequate reserves
have been set aside in accordance with GAAP unless the failure to make any such payment (i) would give rise to an immediate right
to foreclose or collect on a Lien securing such amounts or (ii) would have or would reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect.

 

6.7.           
Insurance. The Company will, and will cause each of its Subsidiaries to, with financially sound and reputable insurance
companies that are not Affiliates of the Company, maintain insurance on all their Property, liability insurance and environmental insurance
in such amounts, subject to such deductibles and self-insurance retentions and covering such properties and risks as are customarily carried
by companies engaged in similar businesses and owning similar properties in localities where the Company or its Subsidiaries operate,
and the Borrowers will furnish to any Lender upon request full information as to the insurance carried; provided, that the Company
may maintain a program of self-insurance with respect to product liability and worker’s compensation liability.

 

6.8.           
Compliance with Laws and Material Contractual Obligations. The Company will, and will cause each of its Subsidiaries to,
(i) comply in all material respects with all laws, rules, regulations, orders, permits, writs, judgments, injunctions, decrees or
awards to which it may be subject including, without limitation, all Environmental Laws, Anti-Corruption Laws and applicable Sanctions
and (ii) perform in all material respects its obligations under material agreements to which it is a party to the extent necessary
to ensure that non- compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
The Company will maintain in effect and enforce policies and procedures designed to ensure compliance by the Company, its Subsidiaries
and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

 

6.9.           
Maintenance of Properties. The Company will, and will cause each of its Subsidiaries to, do all things necessary to maintain,
preserve, protect and keep its Property in good repair, working order and condition (ordinary wear and tear and damages from casualty
excepted), and make all necessary and proper repairs, renewals and replacements so that its business carried on in connection therewith
may be properly conducted at all times; provided, that this Section shall not prevent the Company or any Subsidiary from discontinuing
the operation and maintenance of any of its Property if such discontinuance is desirable in the conduct of its business and the Company
has concluded that such discontinuance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

6.10.        Books
and Records; Inspection. (i) The Company will, and will
cause each of its Subsidiaries to, keep proper books of record and account in conformity with GAAP and all applicable requirements
of any Governmental Authority having legal or regulatory jurisdiction over the Company or such Subsidiary, as the case may be.

 

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(ii)             
The Company will, and will cause each of its Subsidiaries to, permit the Administrative Agent and the Lenders, by their respective
representatives and agents, to inspect any of the Property, books and financial records of the Company and each of its Subsidiaries, to
examine and make copies of the books of accounts and other financial records of the Company and each of its Subsidiaries, and to discuss
the affairs, finances and accounts of the Company and each Subsidiary with, and to be advised as to the same by, their respective officers
at such reasonable times and intervals as the Administrative Agent or any Lender may designate.

 

6.11.       
Payment of Obligations. The Company will, and will cause each of its Subsidiaries to, pay its obligations, that, if not
paid, would reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent or in default, except
where the validity or amount thereof is being contested in good faith by appropriate proceedings, with respect to which adequate reserves
have been set aside in accordance with GAAP unless the failure to make any such payment (i) would give rise to an immediate right
to foreclose or collect on a Lien securing such amounts or (ii) would have or would reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect.

 

6.12.       
Indebtedness. The Company will not, nor will it permit any of its Subsidiaries to, create, incur or suffer to exist any:

 

		(i)	Priority Debt in an aggregate amount in excess of the greater of (x) $375,000,000.00 and (y) twenty percent
(20%) of Consolidated Net Worth as of the end of the most recently completed fiscal quarter of the Company; or

 

		(ii)	Any Indebtedness which would cause the Company to violate the provisions of Section 6.25.

 

6.13.       
[Intentionally Omitted].

 

6.14.       
Merger. The Company will not, nor will it permit any of its Subsidiaries to, merge or consolidate with or into any other
Person or liquidate, wind up or dissolve itself, or suffer any such liquidation, wind-up or dissolution; provided, that the Company
or any of its Subsidiaries may merge or consolidate with or into, be dissolved or liquidated into, or amalgamate into another Person if
all of the following conditions are satisfied:

 

		(i)	The Administrative Agent is given prior written notice of such action;

 

		(ii)	If the merger, consolidation, dissolution, liquidation or amalgamation involves a Loan Party, the surviving
entity of such merger, consolidation, dissolution, liquidation or amalgamation shall either (a) be such Loan Party or (b) be
the Company or a Wholly-Owned Subsidiary of the Company that in either case expressly assumes in writing all of the obligations of such
Loan Party under the Loan Documents; provided, that if the transaction is between the Company and another Person, the Company must
be the surviving entity;

 

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		(iii)	The Loan Parties execute and deliver such documents, instruments and certificates as the Administrative
Agent may request;

 

		(iv)	Immediately after giving effect to such transaction, no Default or Event of Default shall have occurred
and be continuing; and

 

		(v)	The Company delivers to the Administrative Agent an Authorized Officer’s certificate stating that
such consolidation or merger, and any written agreement entered into in connection therewith, comply with this Section 6.14.

 

6.15.       
Sale of Assets. The Company will not, nor will it permit any of its Subsidiaries to, convey, sell, lease, transfer or otherwise
voluntarily dispose of, in one transaction or a series of transactions, all or any part of its business or Property whether now owned
or hereafter acquired, including, without limitation, inventory, receivables, equipment, Real Property and securities, other than a sale,
lease, transfer or other disposal:

 

		(i)	By a Loan Party of any or all of its assets to another Loan Party;

 

		(ii)	Of inventory in the ordinary course of business;

 

		(iii)	Of obsolete, slow-moving, idle or worn-out assets no longer used or useful in the business of such Loan
Party or the trade-in of equipment for equipment in better condition or of better quality;

 

		(iv)	Which constitutes a Permitted Investment in the ordinary course of business;

 

		(v)	By PAI of its partnership interest in Acceptance Partnership if required by Section 3.4 of the Acceptance
Partnership Agreement (without regard to any amendment of such section);

 

		(vi)	Of accounts receivable pursuant Receivables Securitization Transactions; and

 

		(vii)	Other leases, sales or other dispositions of its Property; provided, that (a) the transfer
is for fair market value, (b) no Default or Event of Default exists either prior to or after giving effect thereto and (c) together
with all other Property of the Company and its Subsidiaries previously leased, sold or disposed of (other than as otherwise permitted
by this Section) during the fiscal year in which any such lease, sale or other disposition occurs, do not exceed 10% of Total Assets,
as determined on the last day of the most recently ended fiscal year of the Company.

 

Notwithstanding the foregoing provisions of this
Section 6.15, the Company may, or may permit any Subsidiary to, make a disposition and the assets subject to such disposition shall
not be subject to or included in any of the foregoing limitations or the computation contained in Section 6.15(vii)(c) of the preceding
sentence if the net proceeds from such disposition are, within 270 days of such disposition, reinvested in productive assets used
in carrying on the business of the Company and its Subsidiaries.

 

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6.16.       
 Investments. The Company will not, nor will it permit any of its Subsidiaries to, make or suffer to exist any Investments
(including without limitation, loans and advances to, and other Investments in, Subsidiaries), or commitments therefor, or to create any
Subsidiary or to become or remain a partner in any partnership or joint venture, except the following (each, a “Permitted Investment”):

 

		(i)	Cash and Cash Equivalent Investments;

 

		(ii)	Trade accounts receivable created, acquired or made in the ordinary course of business and payable or
dischargeable in accordance with customary trade terms;

 

		(iii)	Inventory, raw materials and general intangibles acquired in the ordinary course of business (including
inventory repurchased in connection with wholesale financing arrangements);

 

		(iv)	Investments by a Loan Party in another Loan Party;

 

		(v)	Investments in existence on the Effective Date and described in Schedule 6.16;

 

		(vi)	Investments constituting Permitted Acquisitions;

 

		(vii)	Travel advances to management personnel and employees in the ordinary course of business;

 

		(viii)	Additional Investments in Foreign Subsidiaries;

 

		(ix)	Investments constituting part of the PAI Basket;

 

		(x)	Boat Holdings Deferred Payments; and

 

		(xi)	Other Investments in an aggregate amount, together with any Investments constituting part of the Joint
Venture Basket, not to exceed, collectively, the greater of (x) $750,000,000 and (y) twenty percent (20%) of Consolidated Net Worth as
of the end of the most recently completed fiscal quarter of the Company.

 

6.17.       
Liens. The Company will not, nor will it permit any of its Subsidiaries to, create, incur, or suffer to exist any Lien in,
of or on the Property of the Company or any of its Subsidiaries, except:

 

		(i)	Liens for taxes, assessments or governmental charges or levies on its Property if the same shall not at
the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings
and for which adequate reserves in accordance with GAAP shall have been set aside on its books (and as to which the Property subject to
any such Lien is not yet subject to foreclosure, sale, collection, levy or loss on account thereof) or the nonpayment of which is permitted
by Section 6.6;

 

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		(ii)	Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ liens and other
similar liens arising in the ordinary course of business which secure payment of obligations which are not yet due and payable or which
are being contested in good faith by appropriate proceedings and for which adequate reserves shall have been set aside on its books (and
as to which the Property subject to any such Lien is not yet subject to foreclosure, sale, collection, levy or loss on account thereof);

 

		(iii)	Liens (other than Liens imposed under ERISA) arising out of pledges or deposits made in the ordinary course
of business under worker’s compensation laws, unemployment insurance, old age pensions, or other social security or retirement benefits,
or similar legislation;

 

		(iv)	Liens arising from good faith deposits in connection with or to secure performance of tenders, bids, leases,
government contracts, trade contracts and performance and return-of-money bonds, statutory or regulatory obligations and other similar
obligations incurred in the ordinary course of business (other than obligations in respect of the payment of borrowed money);

 

		(v)	Liens arising from good faith deposits in connection with or to secure performance of statutory obligations
and surety and appeal bonds;

 

		(vi)	Utility easements, building restrictions and such other encumbrances or charges against Real Property
as are of a nature generally existing with respect to properties of a similar character and which do not in any material way affect the
marketability of the same or interfere with the use thereof in the business of the Company or its Subsidiaries;

 

		(vii)	Judgment Liens that would not constitute an Event of Default;

 

		(viii)	Liens (a) existing on Property at the time of its acquisition by the Company or a Subsidiary and
not created in contemplation thereof, whether or not the Indebtedness secured by such Lien is assumed by the Company or a Subsidiary;
or (b) created contemporaneously with the acquisition of Property (including Capital Leases) or within 180 days of the acquisition
or completion of construction thereof or of improvements thereto to secure or provide for all or a portion of the acquisition price or
cost of construction or improvements of such Property after the Effective Date; (c) existing on Property of a Person at the time
such Person is merged or consolidated with, or becomes a Subsidiary of, or substantially all of its assets are acquired by, the Company
or a Subsidiary and not created in contemplation thereof; or (d) securing Indebtedness comprised of Synthetic Leases, to the extent
the related Indebtedness does not exceed, in the aggregate, ten percent (10%) of the Consolidated Net Worth as of the end of the most
recently completed fiscal quarter of the Company; provided that such Liens do not extend to additional Property of the Company or any
Subsidiary and that the aggregate principal amount of Indebtedness secured by each such Lien does not exceed the fair market value of
the Property subject thereto;

 

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		(ix)	Liens securing Priority Debt permitted pursuant to Section 6.12(i);

 

		(x)	Liens arising solely by virtue of any statutory or common law provision relating to bankers’ liens,
rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution;

 

		(xi)	Liens existing on the Effective Date and described in Schedule 6.17 and any renewals, extensions
and replacements thereof not otherwise prohibited by this Agreement; provided, that with respect to Liens identified on Schedule 6.17,
(a) no such Lien shall extend to any Property other than the Property subject thereto on the Effective Date and (b) the principal
amount of the Indebtedness secured by such Liens shall not be increased;

 

		(xii)	Liens in favor of the Administrative Agent, securing the Obligations for the benefit of the Lenders and,
to the extent required by the final provision of Section 10.4 of the NPAs, the obligations of the Company in respect of the Senior
Notes issued thereunder;

 

		(xiii)	Liens incidental to the conduct of business or the ownership of the Property (whether arising by contract
or operation of law) incurred in the ordinary course of business and not in connection with the borrowing of money and that do not, in
the aggregate, materially impair the use of that Property in the operation of the business of the Company and its Subsidiaries taken as
a whole or the value of such Property for the purpose of such business; and

 

		(xiv)	Encumbrances in the nature of leases, subleases, zoning restrictions, easements, rights of way, minor
survey exceptions and other rights and restrictions of record on the use of Real Property and defects in title arising or incurred in
the ordinary course of business, which, individually and in the aggregate, do not materially impair the use of such Property or assets
subject thereto in the business of the Company and its Subsidiaries taken as a whole.

 

6.18.       
Affiliates. The Company will not, and will not permit any of its Subsidiaries to, enter into any transaction (including,
without limitation, the purchase or sale of any Property or service) with, or make any payment or transfer to, any Affiliate except in
the ordinary course of business and pursuant to the reasonable requirements of the Company’s or such Subsidiary’s business
and upon fair and reasonable terms, substantially as favorable to the Company or such Subsidiary as the Company or such Subsidiary would
obtain in a comparable arms-length transaction.

 

6.19.       
Sale and Leaseback Transactions. The Company will not, nor will it permit any of its Subsidiaries, to enter into or suffer
to exist Sale and Leaseback Transactions, that result in an aggregate amount of Attributable Indebtedness arising from all such transactions
entered into in any fiscal year to be in excess of $25,000,000.

 

6.20.       
[Reserved].

 

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6.21.       
 Fiscal Year; Accounting; Organizational Documents. No Borrower will, nor will it permit its Subsidiaries to, (a) change
its fiscal year, (b) change its accounting procedures, except as a result of changes in GAAP and in accordance with Section 9.8
or (c) in any manner that would reasonably be likely to adversely affect the rights of the Lenders, change its organizational or
governing documents.

 

6.22.       
No Other Negative Pledges. Except with respect to any Property subject to a Lien permitted pursuant to Section 6.17(viii),
the Company will not, nor will it permit its Subsidiaries to, enter into, assume or become subject to any agreement prohibiting or otherwise
restricting the creation or assumption of any Lien upon its properties or assets, whether now owned or hereafter acquired, or requiring
the grant of any security for such obligation if security is given for some other obligation except as set forth in (a) the Loan
Documents, (b) the NPAs as in effect on the Effective Date or (c) the definitive documentation applicable to any other Private
Placement Indebtedness, to the extent no more restrictive than those set forth in the Loan Documents.

 

6.23.       
PAI Assets. The Company will not, nor will it permit any Subsidiary to, allow PAI to own any assets other than Equity Interests
in Acceptance Partnership and dividends or other distributions derived therefrom; provided, that PAI shall transfer any such dividends
or distributions to the Company within fifteen (15) Business Days of receipt.

 

6.24.       
No Limitations. The Company will not, nor will it permit its Subsidiaries to, directly or indirectly, create or otherwise
cause, incur, assume, suffer or permit to exist or become effective any consensual encumbrance or restriction of any kind on the ability
of any such Person to (a) pay dividends or make any other distribution on any of such Person’s Equity Interests, (b) pay
any Indebtedness owed to any other Loan Party, (c) make loans or advances to any other Loan Party or (d) transfer any of its
Property to any other Loan Party, except for encumbrances or restrictions existing under or by reason of (i) customary non-assignment
provisions in any lease governing a leasehold interest, (ii) any agreement governing Indebtedness and/or granting Liens on the property
of the Company or such Subsidiary to the extent permitted by this Agreement, so long as such encumbrance or restriction relates solely
to the property financed by or securing such Indebtedness, (iii) any agreement with respect to the sale or disposition of any assets or
Investments held by the Company or such Subsidiary in accordance with Section 6.15 above, so long as such restriction is limited to the
assets or Investment being sold, (iv) any other licenses entered into by the Company or a Subsidiary in the ordinary course of business,
so long as such encumbrance or restriction applies solely to the asset or other property subject to such license, (v) this Agreement
and the other Loan Documents, or (vi) any documents, instruments or agreements evidencing the Private Placement Indebtedness (with this
Section 6.24 being subject to the requirements of Section 6.28 below).

 

6.25.       
Financial Covenants.

 

6.25.1. Interest
Coverage Ratio. The Company will not permit the ratio, determined as of the end of each of its fiscal quarters for the then most-recently
ended four (4) fiscal quarters, of (i) Consolidated EBIT to (ii) Consolidated Interest Expense (the “Interest Coverage
Ratio”) to be less than 3.00 to 1.0 (or so long as the ratio in the comparable covenant in the NPAs is higher, such higher ratio).

 

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6.25.2. Net
Leverage Ratio. The Company will not permit the Net Leverage Ratio, determined as of the end of each of its fiscal quarters for the
then most-recently ended four (4) fiscal quarters, to be greater than 3.50 to 1.0 (or so long as the ratio in the comparable covenant
in the NPAs is lower, such lower ratio); provided that, if the Adjusted Covenant Holiday has been exercised, and the request therefor
has been given effect, the Company will not permit the Net Leverage Ratio, determined as of the end of each of its four (4) consecutive
fiscal quarters beginning with the fiscal quarter in which the applicable Material Acquisition is consummated (the “Adjusted
Covenant Period”), to be greater than 4.0 to 1.0.

 

6.26.       
Anti-Corruption Compliance. The Company and each of its Subsidiaries shall take such actions reasonably requested by the
Administrative Agent or any Lender in order to assist the Administrative Agent and the Lenders in maintaining compliance with Anti-Corruption
Laws and the PATRIOT Act.

 

6.27.       
Non-Bank Rules. Each Swiss Borrower shall ensure that it is at all times in compliance with the Non-Bank Rules; provided
that a Swiss Borrower shall not be in breach of this covenant if its number of creditors in respect of either the 10 Non-Bank Rule or
the 20 Non-Bank Rule is exceeded solely by reason of a failure by one or more Lenders to comply with their obligations under Section 12
or having lost its status as Qualifying Bank. For the purpose of its compliance with the 20 Non-Bank Rule under this Section 6.27,
the number of Lenders under this Agreement which are not Qualifying Banks shall be deemed to be ten (10) (irrespective of whether
or not there are, at any time, any such Lenders).

 

6.28.       
Most-Favored Lender.

 

6.28.1. If the
Borrowers shall at any time amend, supplement or otherwise modified the NPAs or become a party, as a borrower or guarantor, to any other
credit agreement or other agreement, instrument, or document evidencing or issuing Indebtedness (collectively with the NPAs, the “Note
Agreements”) that, in either case, requires a Borrower to comply with any financial covenant, undertaking, restriction, or other
provision that limits or measures indebtedness, interest expense, shareholders’ equity, investment balances, debt service coverage,
fixed charges, net worth, assets, asset sales, sale and leasebacks, liens, subsidiary indebtedness, restricted payments (whether paid
in cash or otherwise), dividends, or any similar items (however expressed and whether stated as a ratio, as a fixed threshold, as an event
of default, as a right to be prepaid or offered to be prepaid or otherwise) (each a “Financial Covenant”) that is not
at such time included or is more restrictive than what is included in this Agreement, then the Company shall provide a Most Favored Lender
Notice to the Administrative Agent. Unless waived in writing by the Required Lenders within five (5) Business Days after the date on which
such notice is required to be sent, each such Financial Covenant and each event of default, definition, and other provision relating to
such Financial Covenant in the Note Agreement shall be deemed to be incorporated by reference in this Agreement, mutatis mutandis, as
if then set forth herein in full.

 

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6.28.2. The incorporation of any Financial
Covenant pursuant to this Section 6.28 shall:

 

(a)              
 automatically (without any further action being taken by the Borrowers or any Lender) take effect simultaneously with the effectiveness
of such Financial Covenant under the applicable Note Agreement;

 

(b)              
so long as no Default or Event of Default shall then exist under or in respect of such incorporated Financial Covenant, such financial
covenants automatically (without any further action being taken by the Borrowers or any Lender other than as set forth below) shall be
deleted or further modified if such Financial Covenant, definition, event of default or other provision relating thereto is deleted or
made less restrictive on the Company and its Subsidiaries by way of a permanent written amendment or modification of such Note Agreement
(and not by temporary waiver of rights thereunder) or a termination of any Note Agreement that had such incorporated Financial Covenant;
provided that:

 

(i)                
if any fee or other consideration is paid or given to any bank or other party to any Note Agreement in connection with such deletion
or modification, each Lender receives equivalent consideration on a pro rata basis, and such deletion or modification shall not be effective
until such consideration is received by each such holder; provided, however, that no consideration shall be due any Lender
if the Financial Covenant shall have been deleted or modified in accordance with the terms of the underlying Note Agreement as a result
of a reduction of the outstanding balance or other previously agreed to provision of such Note Agreement, or shall cease to exist as a
result of the termination of the underlying Note Agreement and prepayment of all amounts due and payable in connection therewith, including,
without limitation the payment of any make-whole premium or other prepayment fee; and

 

(ii)             
in no event shall any deletion or relaxation of any such Financial Covenant have the effect of deleting or making less restrictive
any covenant or other provision specifically set forth in this Agreement.

 

6.28.3. For the
avoidance of doubt, this Section 6.28 also shall apply to all Note Agreements outstanding as of the Amendment No. 3 Effective Date; provided,
that to the extent that any financial covenant set forth herein is used to determine the Applicable Margin, the Applicable Fee Rate or
any other amount contemplated by the Pricing Schedule (including, without limitation, the use of the Net Leverage Ratio set forth in Section
6.25), then such financial covenant as set forth herein shall be used to make such determination, and no effect shall be given to any
incorporated Financial Covenant in any Note Agreement (by way of example only, a total leverage ratio test in a Note Agreement shall not
replace the Net Leverage Ratio set forth herein for purposes of the Pricing Schedule).

 

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ARTICLE
VII

DEFAULTS

 

The occurrence of any one
or more of the following events shall constitute an Event of Default (each an “Event of Default”):

 

7.1       Any
representation or warranty made or deemed to be made by or on behalf of any Borrower or any of their respective Subsidiaries to the Lenders
or the Administrative Agent under or in connection with this Agreement, any Credit Extension, or any certificate or information delivered
in connection with this Agreement or any other Loan Document shall be materially false on the date as of which made or confirmed;

 

7.2       Nonpayment
of (i) principal of any Loan when due, (ii) any Reimbursement Obligation within one (1) Business Day after the same becomes
due, or (iii) interest upon any Loan or of any commitment fee, LC Fee or other obligations under any of the Loan Documents within
three (3) Business Days after the same becomes due;

 

7.3       The
breach by a Borrower of any of the terms or provisions of Sections 6.2, 6.3, 6.4, 6.5, 6.8, 6.10(ii), 6.12, 6.14, 6.15, 6.16, 6.17,
6.18, 6.19, 6.21, 6.22, 6.23, 6.24, 6.25, 6.26 or 6.28;

 

7.4       The
breach by a Borrower in the due performance or observance by it of any term, covenant or agreement contained in Section 6.1 and such
default shall continue unremedied for a period of five (5) Business Days;

 

7.5       The
breach by a Borrower (other than a breach which constitutes an Event of Default under another Section of this Article VII) of any
of the terms or provisions of this Agreement which is not remedied or waived within thirty (30) days after the earlier of the President,
Chief Executive Officer, Chief Financial Officer or Treasurer of the Company becoming aware of any such breach or notice thereof given
by the Administrative Agent;

 

7.6       (i)
Any Loan Party shall default in the due performance or observance of any term, covenant or agreement in any of the other Loan Documents
and such default shall continue unremedied for a period of at least thirty (30) days after the earlier of the President, Chief Executive
Officer, Chief Financial Officer or Treasurer of the Company, becoming aware of such default or notice thereof given by the Administrative
Agent, (ii) any Loan Document shall fail to be in full force and effect or any Loan Party shall so assert or (iii) any Loan
Document shall fail to give the Administrative Agent and/or the Lenders the liens, rights, powers and privileges purported to be created
by such Loan Document;

 

7.7       The
Guaranty or any provision thereof shall cease to be in full force and effect, or any Guarantor or any Person acting by or on behalf of
such Guarantor shall deny, disaffirm or revoke such Guarantor’s obligations under such Guaranty (including without limitation pursuant
to Section 19 thereof) or such Guarantor shall default in the due payment or performance of such Guaranty;

 

7.8       Failure
of the Company or any of its Subsidiaries to pay when due any Material Indebtedness (beyond any applicable grace period with respect
thereto); or the default by the Company or any of its Subsidiaries in the performance of any term, provision or condition contained
in any Material Indebtedness Agreement (beyond any applicable grace period with respect thereto), or any other event shall occur or
condition exist, the effect of which default, event or condition is to cause, or to permit the holder(s) of such Material
Indebtedness or the lender(s) under any Material Indebtedness Agreement to cause, such Material Indebtedness to become due prior to
its stated maturity or any commitment to lend under any Material Indebtedness Agreement to be terminated prior to its stated
expiration date; or any Material Indebtedness of the Company or any of its Subsidiaries shall be declared to be due and payable or
required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof; or the
Company or any of its Subsidiaries shall not pay, or admit in writing its inability to pay, its debts generally as they become
due;

 

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7.9       The
Company or any of its Subsidiaries shall (i) have an order for relief entered with respect to it under the Federal bankruptcy laws
as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce
in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion of its
Property, (iv) institute any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in effect
or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment
or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file
an answer or other pleading denying the material allegations of any such proceeding filed against it, (v) take any corporate or partnership
action to authorize or effect any of the foregoing actions set forth in this Section 7.9, or (vi) fail to contest in good faith
any appointment or proceeding described in Section 7.10;

 

7.10       Without
the application, approval or consent of the Company or any of its Subsidiaries, a receiver, trustee, examiner, liquidator or similar official
shall be appointed for the Company or any of its Subsidiaries or any Substantial Portion of its Property, or a proceeding described in
Section 7.9(iv) shall be instituted against the Company or any of its Subsidiaries and such appointment continues undischarged or
such proceeding continues undismissed or unstayed for a period of sixty (60) consecutive days;

 

7.11       [Reserved];

 

7.12       (a)
One or more judgments, orders, or decrees shall be entered against the Company or any one or more of its Subsidiaries involving a liability
of $125,000,000 (or so long as the comparable default in the NPAs states a lesser amount, such lesser amount) or more, in the aggregate,
(to the extent not paid or covered by insurance provided by a carrier who has acknowledged coverage) and such judgments, orders or decrees
(i) are the subject of any enforcement proceeding commenced by any creditor or (ii) shall continue unsatisfied, undischarged
and unstayed for a period ending on the first to occur of (A) the last day on which such judgment, order or decree becomes final
and unappealable or (B) sixty (60) days;

 

7.13       If
(a) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a
waiver of such standards or extension of any amortization period is sought or granted under Section 412 of the Code, (b) a
notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have
instituted proceedings under ERISA Section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have
notified the Company or any ERISA Affiliate that a Plan may become a subject of any such proceedings, (c) the aggregate
 “amount of unfunded benefit liabilities” (within the meaning of Section 4001(a)(18) of ERISA) under all Plans
determined in accordance with Title IV of ERISA, shall exceed $125,000,000 (or so long as the comparable default in the NPAs
states a lesser amount, such lesser amount), (d) the Company or any ERISA Affiliate shall have incurred or is reasonably
expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating
to employee benefit plans, (e) the Company or any ERISA Affiliate withdraws from any Multiemployer Plan, or (f) the
Company or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in
a manner that would increase the liability of the company or any Subsidiary thereunder; and any such event or events described in
clauses (a) through (f) above, either individually or together with any other event or events, would reasonably be
expected to have a Material Adverse Effect;

 

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7.14       Nonpayment
by the Company or any Subsidiary of any obligation in connection with a Rate Management Transaction when due or the breach by the Company
or any Subsidiary of any term, provision or condition contained in any Rate Management Transaction or any transaction of the type described
in the definition of “Rate Management Transactions,” whether or not any Lender or Affiliate of a Lender is a party thereto
(in each case, beyond any applicable grace period with respect thereto);

 

7.15       Any
Change of Control shall occur;

 

7.16       Except
as permitted pursuant to Section 8.3.1(iv), any Pledge Agreement shall for any reason fail to create a valid and perfected first
priority security interest in any collateral purported to be covered thereby, except as permitted by the terms of any Pledge Agreement,
or any Pledge Agreement shall fail to remain in full force or effect or any action shall be taken to discontinue or to assert the invalidity
or unenforceability of any Pledge Agreement, or any Subsidiary of the Company shall fail to comply with any of the terms or provisions
of any Pledge Agreement to which it is a party; or

 

7.17       All
or substantially all of the Property of the Company or any of its Subsidiaries shall become subject to a condemnation, taking or other
appropriation action by any Governmental Authority.

 

ARTICLE
VIII

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

 

8.1.           
Acceleration; Remedies.

 

(a)           If any Event of
Default described in Section 7.9 or 7.10 occurs with respect to a Borrower, the obligations of the Lenders to make Loans
hereunder and the obligation and power of the LC Issuer to issue Facility LCs shall automatically terminate and the Obligations
shall immediately become due and payable without any election or action on the part of the Administrative Agent, the LC Issuer or
any Lender and the Borrowers will be and become thereby unconditionally obligated, without any further notice, act or demand, to pay
to the Administrative Agent an amount in immediately available funds, which funds shall be held in the Facility LC Collateral
Account, equal to the difference of (x) the amount of LC Obligations at such time, less (y) the amount on deposit in the
Facility LC Collateral Account at such time which is free and clear of all rights and claims of third parties and has not been
applied against the Obligations (such difference, the “Collateral Shortfall Amount”). If any other Event of
Default occurs, the Required Lenders (or the Administrative Agent with the consent of the Required Lenders) may (a) terminate
or suspend the obligations of the Lenders to make Loans hereunder and the obligation and power of the LC Issuer to issue Facility
LCs, or declare the Obligations to be due and payable, or both, whereupon the Obligations shall become immediately due and payable,
without presentment, demand, protest or notice of any kind, all of which the Borrowers hereby expressly waive, and (b) upon
notice to the Borrowers and in addition to the continuing right to demand payment of all amounts payable under this Agreement, make
demand on the Borrowers to pay, and the Borrowers will, forthwith upon such demand and without any further notice or act, pay to the
Administrative Agent the Collateral Shortfall Amount, which funds shall be deposited in the Facility LC Collateral Account.

 

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(b)          
The Administrative Agent may at any time or from time to time after funds are deposited in a Facility LC Collateral Account, apply
such funds to the payment of the Obligations and any other amounts as shall from time to time have become due and payable by the Borrowers
to the Lenders or the LC Issuer under the Loan Documents, as provided in Section 8.2; provided, that funds deposited in a
Facility LC Collateral Account by a Foreign Borrower may only be applied by the Administrative Agent to the Foreign Borrower Obligations
of such Foreign Borrower.

 

(c)           At any time while any Event
of Default is continuing, neither a Borrower nor any Person claiming on behalf of or through a Borrower shall have any right to withdraw
any of the funds held in the Facility LC Collateral Account. After all of the Obligations have been indefeasibly paid in full and the
Aggregate Commitment has been terminated, any funds remaining in the Facility LC Collateral Account shall be returned by the Administrative
Agent to the Company or paid to whomever may be legally entitled thereto at such time.

 

(d)          
If, within thirty (30) days after acceleration of the maturity of the Obligations or termination of the obligations of the
Lenders to make Loans and the obligation and power of the LC Issuer to issue Facility LCs hereunder as a result of any Event of Default
(other than any Event of Default as described in Section 7.9 or 7.10 with respect to a Borrower) and before any judgment or decree
for the payment of the Obligations due shall have been obtained or entered, the Required Lenders (in their sole discretion) shall so direct,
the Administrative Agent shall, by notice to the Borrowers, rescind and annul such acceleration and/or termination.

 

(e)          Upon the occurrence and
during the continuation of any Event of Default, the Administrative Agent may, subject to the direction of the Required Lenders, exercise
all rights and remedies under the Loan Documents and enforce all other rights and remedies under applicable law.

 

8.2.           
Application of Funds. After the exercise of remedies provided for in Section 8.1 (or after the Obligations have automatically
become immediately due and payable as set forth in the first sentence of Section 8.1(a)), any amounts received by the Administrative
Agent on account of the Obligations shall be applied by the Administrative Agent in the following order:

 

8.2.1. First, to
payment of fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent
and amounts payable under Article III) payable to the Administrative Agent in its capacity as such;

 

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8.2.2. Second,
to payment of fees, indemnities and other amounts (other than principal, interest, LC Fees, Facility Fees) payable to the Lenders and
the LC Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the LC Issuer as required by Section 9.6
and amounts payable under Article III);

 

8.2.3. Third, to
payment of accrued and unpaid LC Fees, Facility Fees and interest on the Loans and Reimbursement Obligations, ratably among the Lenders
and the LC Issuer in proportion to the respective amounts described in this Section 8.2.3 payable to them;

 

8.2.4. Fourth,
to payment of the unpaid principal of the Loans and Reimbursement Obligations, ratably among the Lenders in proportion to their Pro Rata
Shares;

 

8.2.5. Fifth, to
the Administrative Agent for deposit to the Facility LC Collateral Account to Cash Collateralize the LC Obligations;

 

8.2.6. Sixth, to
payment of all other Obligations, ratably among the Lenders; and

 

8.2.7. Last, the
balance, if any, to the Borrowers or as otherwise required by Law;

 

provided, however, that notwithstanding
anything to the contrary set forth above, Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received
from such Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve
the allocation to Obligations otherwise set forth above in this section.

 

8.3.           
Amendments.

 

8.3.1. Subject
to the provisions of this Section 8.3, the Required Lenders (or the Administrative Agent with the consent in writing of the Required
Lenders) and the Company may enter into agreements supplemental hereto for the purpose of adding or modifying any provisions to the Loan
Documents or changing in any manner the rights of the Lenders or the Borrowers hereunder or waiving any Event of Default hereunder; provided,
however, that no such supplemental agreement shall:

 

		(i)	without the consent of each Lender directly affected thereby, extend the final maturity of any Loan, or
extend the expiry date of any Facility LC to a date after the Facility Termination Date or postpone any regularly scheduled payment of
principal of any Loan or forgive all or any portion of the principal amount thereof or any Reimbursement Obligation related thereto, or
reduce the rate or extend the time of payment of interest or fees thereon or Reimbursement Obligations related thereto or increase the
amount of the Commitment of such Lender hereunder; provided, that an ESG Pricing Amendment shall only require the approval of the
Required Lenders;

 

		(ii)	without the consent of all of the Lenders other than any Defaulting Lender, reduce the percentage specified
in, or otherwise amend, the definition of Required Lenders or any other provision of this
Agreement specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination
or grant any consent hereunder;

 

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		(iii)	without the consent of all of the Lenders other than any Defaulting Lender, amend this Section 8.3;

 

		(iv)	without the consent of all of the Lenders other than any Defaulting Lender, release all or substantially
all of the Guarantors of the Obligations or, all or substantially all of the Equity Interests pledged pursuant to any Pledge Agreement;
provided that the foregoing shall not imply or be construed to permit the release of any Domestic Borrower from its obligations under
Section 2.27 without the consent of all of the Lenders; provided further that the Administrative Agent may, without the consent of
any Lender, release all of the Equity Interests pledged pursuant to any Pledge Agreement upon the consent by the Noteholders to such release,
terminate any such Pledge Agreement as necessary to give effect thereto;

 

		(v)	without the consent of all of the Lenders other than any Defaulting Lender, amend the definition of Pro
Rata Share or Sections 2.5, 2.19.4 or 11.2; or

 

		(vi)	without the consent of all of the Lenders, amend the definitions of “Agreed Currencies”, “Eligible
Currency”, “Foreign Borrower”, or amend Section 2.26.

 

8.3.2. No amendment
of any provision of this Agreement relating to the Administrative Agent shall be effective without the written consent of the Administrative
Agent, and no amendment of any provision relating to the LC Issuer shall be effective without the written consent of the LC Issuer. No
amendment to any provision of this Agreement relating to the Swing Line Lender or any Swing Line Loans shall be affective without the
written consent of the Swing Line Lender. The Administrative Agent may (i) waive payment of the fee required under Section 12.3.3
and (ii) implement any flex provisions contained in the fee letter described in Section 10.13. Notwithstanding anything to the
contrary herein, the Administrative Agent may, with the consent of the Company only, amend, modify or supplement this Agreement or any
of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency of a technical or immaterial nature, as
determined in good faith by the Administrative Agent. For the avoidance of doubt, no amendment or amendment and restatement of this Agreement
which is in all other respects approved by the Lenders in accordance with this Section 8.3 shall require the consent of
any Lender (i) which, immediately after giving effect to such amendment or amendment and restatement, shall have no Commitment and
(ii) which, substantially contemporaneously with the effectiveness of such amendment or amendment and restatement, is paid in full
all amounts owing to it hereunder.

 

8.3.3. Preservation
of Rights. No delay or omission of the Lenders, the LC Issuer or the Administrative Agent to exercise any right under the Loan
Documents shall impair such right or be construed to be a waiver of any Event of Default or an acquiescence therein, and the making
of a Credit Extension notwithstanding the existence of an Event of Default or the inability of the Borrowers to satisfy the
conditions precedent to such Credit Extension shall not constitute any waiver or acquiescence. Any single or partial exercise of any
such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or
other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by
the Lenders required pursuant to Section 8.3, and then only to the extent in such writing specifically set forth. All remedies
contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Administrative Agent, the
LC Issuer and the Lenders until the Obligations have been paid in full.

 

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ARTICLE
IX

GENERAL PROVISIONS

 

9.1.           
Survival of Representations. All representations and warranties of the Borrowers contained in this Agreement shall survive
the making of the Credit Extensions herein contemplated for so long as any Obligation or the Commitments hereunder shall remain unpaid,
unsatisfied or outstanding.

 

9.2.           
Governmental Regulation. Anything contained in this Agreement to the contrary notwithstanding, neither the LC Issuer nor
any Lender shall be obligated to extend credit to a Borrower in violation of any limitation or prohibition provided by any applicable
statute or regulation.

 

9.3.           
Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation
of any of the provisions of the Loan Documents.

 

9.4.           
Entire Agreement. The Loan Documents embody the entire agreement and understanding among the Borrowers, the Administrative
Agent, the LC Issuer and the Lenders and supersede all prior agreements and understandings among the Borrowers, the Administrative Agent,
the LC Issuer and the Lenders relating to the subject matter thereof other than those contained in the fee letter described in Section 10.13,
which shall survive and remain in full force and effect during the term of this Agreement.

 

9.5.           
Several Obligations; Benefits of this Agreement. The respective obligations of the Lenders hereunder are several and not
joint and no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to
act as such). The failure of any Lender to perform any of its obligations hereunder shall not relieve any other Lender from any of its
obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties
to this Agreement and their respective successors and assigns, provided, however, that the parties hereto expressly agree that
the Arranger shall enjoy the benefits of the provisions of Sections 9.6, 9.10 and 10.11 to the extent specifically set forth therein
and shall have the right to enforce such provisions on its own behalf and in its own name to the same extent as if it were a party to
this Agreement.

 

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9.6.           
Expenses; Indemnification.

 

(a)          The Domestic Borrowers shall
reimburse the Administrative Agent and the Arranger upon demand for all reasonable out-of-pocket expenses paid or incurred by the Administrative
Agent or the Arranger, including, without limitation, filing and recording costs and fees, costs of any environmental review, and consultants’
fees, travel expenses and reasonable fees, charges and disbursements of outside counsel to the Administrative Agent and the Arranger,
in connection with the due diligence, preparation, administration, negotiation, execution, delivery, syndication, distribution (including,
without limitation, via DebtX and any other internet service selected by the Administrative Agent), review, amendment and modification
of the Loan Documents. The Borrowers also agree, subject to Section 2.27.1 with respect to the Foreign Borrowers, to reimburse the
Administrative Agent, the Arranger, the LC Issuer and the Lenders for any costs, internal charges and out-of-pocket expenses, including,
without limitation, filing and recording costs and fees, costs of any environmental review, and consultants’ fees, travel expenses
and reasonable fees, charges and disbursements of outside counsel to the Administrative Agent, the Arranger, the LC Issuer and the Lenders
and/or the allocated costs of in-house counsel incurred from time to time, paid or incurred by the Administrative Agent, the Arranger,
the LC Issuer or any Lender in connection with the collection and enforcement of the Loan Documents. Expenses being reimbursed by the
Domestic Borrowers under this Section include, without limitation, costs and expenses incurred in connection with the Reports described
in the following sentence. Each Borrower acknowledges that from time to time U.S. Bank may prepare and may distribute to the Lenders
(but shall have no obligation or duty to prepare or to distribute to the Lenders) certain audit reports (the “Reports”)
pertaining to the assets of the Company and its Subsidiaries for internal use by U.S. Bank from information furnished to it by or
on behalf of the Company and its Subsidiaries, after U.S. Bank has exercised its rights of inspection pursuant to this Agreement.

 

(b)         
The Borrowers, subject to Section 2.27.1 with respect to the Foreign Borrowers, hereby further agree to indemnify and hold
harmless the Administrative Agent, the Arranger, the LC Issuer, each Lender, their respective officers, directors, employees, agents,
advisors, controlling persons, members and successors and assigns (each, an “Indemnified Person”) from and against
any and all losses, claims, damages, liabilities and expenses, joint or several, to which any such Indemnified Person may become subject
arising out of or in connection with the Loan Documents or any related transaction or any claim, litigation, investigation or proceeding
relating to any of the foregoing, regardless of whether any such Indemnified Person is a party thereto (and regardless of whether such
matter is initiated by a third party or by the Company or any of its Affiliates or shareholders), and to reimburse each such Indemnified
Person upon written demand for any reasonable legal or other expenses incurred in connection with investigating or defending any of the
foregoing; provided, that such indemnity shall not, as to any Indemnified Person, be available to the extent that such losses,
claims, damages, liabilities or expenses (a) are determined by a court of competent jurisdiction by final and non-appealable judgment
to have resulted from the gross negligence or willful misconduct of such Indemnified Person, (b) result from a claim brought by the
Company or any Subsidiary against an Indemnified Person for breach in bad faith of such Indemnified Person’s obligations under the
Loan Documents, if the Company or such Subsidiary has obtained a final and non-appealable judgment in its favor on such claim as determined
by a court of competent jurisdiction or (c) are to reimburse an Indemnified Person for any claims, damages, actual losses, liabilities
or expenses related to an investigation, litigation or proceeding solely between or among Indemnified Persons.

 

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(c)        
 The obligations of the Borrowers under this Section 9.6 shall survive the termination of this Agreement.

 

9.7.           
Numbers of Documents. All statements, notices, closing documents, and requests hereunder shall be furnished to the Administrative
Agent with sufficient counterparts so that the Administrative Agent may furnish one to each of the Lenders.

 

9.8.           
Accounting. Except as provided to the contrary herein, all accounting terms used herein shall be interpreted and all accounting
determinations hereunder shall be made in accordance with GAAP in a manner consistent with that used in preparing the financial statements
referred to in Section 5.4; provided, however that, notwithstanding any other provision contained herein, all terms
of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall
be made without giving effect to any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification
or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Company or any
of its Subsidiaries at “fair value”, as defined therein, or (ii) without giving effect to any treatment of Indebtedness
in respect of convertible debt instruments under Financial Accounting Standards Codification 470-20 (or any other Accounting Standards
Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated
manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof. If at any
time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and the Company,
the Administrative Agent or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrowers shall negotiate
in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the
approval of the Required Lenders); provided, that, until so amended, such ratio or requirement shall continue to be computed in
accordance with GAAP prior to such change therein and the Company shall provide to the Administrative Agent and the Lenders reconciliation
statements showing the difference in such calculation, together with the delivery of monthly, quarterly and annual financial statements
required hereunder. In addition, notwithstanding any other provision contained herein, in the event of a change of the treatment of operating
leases under GAAP (e.g. Financial Accounting Standards Board Accounting Standards Codification 842), thereafter the definitions set forth
in this Agreement and any financial calculations required by the Loan Documents shall be computed to exclude any change to operating lease
accounting rules and all lease liabilities and right of use assets related to operating leases shall be excluded from all calculations
made for the purpose of determining compliance with the financial ratios and financial covenants contained in this Agreement.

 

9.9.           
Severability of Provisions. Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid
in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions
in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions
of all Loan Documents are declared to be severable.

 

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9.10.        Nonliability
of Lenders. The relationship between the Borrowers on the one hand and the Lenders, the LC Issuer and the Administrative Agent
on the other hand shall be solely that of borrower and lender. Neither the Administrative Agent, the Arranger, the LC Issuer nor any
Lender shall have any fiduciary responsibilities to the Borrowers. Neither the Administrative Agent, the Arranger, the LC Issuer nor
any Lender undertakes any responsibility to the Borrowers to review or inform the Borrowers of any matter in connection with any
phase of the Borrowers’ business or operations. The Borrowers agree that neither the Administrative Agent, the Arranger, the
LC Issuer nor any Lender shall have liability to the Borrowers (whether sounding in tort, contract or otherwise) for losses suffered
by the Borrowers in connection with, arising out of, or in any way related to, the transactions contemplated and the relationship
established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a
final non-appealable judgment by a court of competent jurisdiction that such losses resulted from the gross negligence or willful
misconduct of the party from which recovery is sought. Neither the Administrative Agent, the Arranger, the LC Issuer nor any Lender
shall have any liability with respect to, and the Borrowers hereby waive, release and agree not to sue for, any special, indirect,
consequential or punitive damages suffered by the Borrowers in connection with, arising out of, or in any way related to the Loan
Documents or the transactions contemplated thereby. It is agreed that the Arranger shall, in its capacity as such, have no duties or
responsibilities under the Agreement or any other Loan Document. Each Lender acknowledges that it has not relied and will not rely
on the Arranger in deciding to enter into the Agreement or any other Loan Document or in taking or not taking any action.

 

9.11.        Confidentiality.
The Administrative Agent and each Lender agrees to hold any confidential information which it may receive from the Borrowers in
connection with this Agreement in confidence, except for disclosure to (i) its Affiliates and to the Administrative Agent and
any other Lender and their respective Affiliates (it being understood that such Persons to whom disclosure is made will be informed
of the confidential nature of such information and will be instructed to keep such information confidential), (ii) legal
counsel, accountants, and other professional advisors to the Administrative Agent or such Lender provided any such parties agree to
be bound by this Section 9.11 or comparable confidentiality provisions (iii) the extent requested by any regulatory
authority purporting to have jurisdiction over it, (iv) the extent the Administrative Agent or the Lender in good faith
believes that such disclosure is required to effect compliance with any applicable law, rule, regulation or order or in response to
any subpoena or other legal process, (v) any Person in connection with any legal proceeding to which it is a party,
(vi) its direct or indirect contractual counterparties in swap agreements or to legal counsel, accountants and other
professional advisors to such counterparties, provided such parties agree to be bound by this Section 9.11 or comparable
confidentiality provisions, (vii) as permitted by Section 12.4, (viii) to rating agencies if required by such
agencies in connection with a rating relating to the Advances hereunder, (ix) in connection with the exercise of any remedies
hereunder or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights
hereunder or thereunder, and (x) to the extent such information (1) becomes publicly available other than as a result of a
breach of this Section 9.11 or (2) becomes available to the Administrative Agent, the LC Issuer, the Swing Line Lender or any
other Lender on a non-confidential basis from a source other than the Borrowers not known by the recipient after due inquiry to be
bound by a duty or other obligation of confidentiality to a Borrower. Without limiting Section 9.4, the Borrowers agree that
the terms of this Section 9.11 shall set forth the entire agreement between the Borrowers and the Administrative Agent and each
Lender with respect to any confidential information previously or hereafter received by the Administrative Agent or such Lender in
connection with this Agreement, and this Section 9.11 shall supersede any and all prior confidentiality agreements entered into
by the Borrowers and the Administrative Agent or any Lender with respect to such confidential information.

 

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9.12.       
Nonreliance. Each Lender hereby represents that it is not relying on or looking to any margin stock (as defined in Regulation
U of the Board of Governors of the Federal Reserve System) for the repayment of the Credit Extensions provided for herein.

 

9.13.       
Disclosure. The Borrowers and each Lender hereby acknowledge and agree that U.S. Bank and/or its Affiliates from time to
time may hold investments in, make other loans to or have other relationships with the Borrowers and their Affiliates.

 

9.14.       
USA PATRIOT ACT NOTIFICATION. The following notification is provided to the Borrowers pursuant to Section 326 of the
USA Patriot Act of 2001, 31 U.S.C. Section 5318:

 

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

 

9.15.       
Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any
Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any
liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject
to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees
to be bound by:

 

(a)                       
the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)                       
the effects of any Bail-In Action on any such liability, including, if applicable:

 

		(i)	a reduction in full or in part or cancellation of any such liability;

 

		(ii)	a conversion of all, or a portion of, such liability into shares or other instruments of ownership in
such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it,
and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other Loan Document; or

 

		(iii)	the variation of the terms of such liability in connection with the exercise of the write-down and conversion
powers of any Resolution Authority.

 

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9.16.       
 Erroneous Payments.

 

(a)              
If the Administrative Agent notifies a Lender, LC Issuer or other holder of any Obligations (each, a “Lender Party”),
or any Person who has received funds on behalf of a Lender Party (any such Lender Party or other recipient, a “Payment Recipient”),
that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately
succeeding clause (b)) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously
transmitted to, or otherwise erroneously received by, such Payment Recipient (whether or not such error is known to any Payment Recipient)
(any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually
and collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof),
such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient
and held in trust for the benefit of the Administrative Agent, and such Payment Recipient shall promptly, but in no event later than one
Business Day thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which
such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and
including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid
to the Administrative Agent in same day funds at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative
Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

 

(b)              
Without limiting immediately preceding clause (a), if any Payment Recipient receives a payment, prepayment or repayment (whether
received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent
(or any of its Affiliates) that (x) is in a different amount than, or on a different date from, that specified in a notice of payment,
prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment,
(y) was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates),
or (z) such Payment Recipient otherwise becomes aware was transmitted, or received, in error (in whole or in part):

 

		i.	(A) in the case of immediately preceding clause (x) or (y), an error shall be presumed to have been made
(absent written confirmation from the Administrative Agent to the contrary) or (B) in the case of immediately preceding clause (z), an
error has been made, in each case, with respect to such payment, prepayment or repayment; and

 

		ii.	such Payment Recipient shall promptly (and, in all events, within one Business Day of its knowledge of
such error) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the
details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 9.16(b).

 

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(c)              
Each Lender Party hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to
such Lender Party under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Lender Party from
any source, against any amount due to the Administrative Agent under immediately preceding clause (a) or under the indemnification provisions
of this Agreement.

 

(d)              
An Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations, except to the extent such Erroneous
Payment comprises funds received by the Administrative Agent from a Loan Party for the purpose of making such Erroneous Payment.

 

 

(e)              
To the extent permitted by applicable law, each Payment Recipient hereby agrees not to assert any right or claim to an Erroneous
Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment, including without
limitation any defense based on “discharge for value” or any similar doctrine, with respect to any demand, claim or counterclaim
by the Administrative Agent for the return of any Erroneous Payment.

 

Each party’s agreements under this Section
9.16 shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement
of, a Lender or LC Issuer, the termination of the Commitments, or the repayment, satisfaction or discharge of any or all Obligations.

 

9.17.       
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee
or otherwise, for Rate Management Transactions or any other agreement or instrument that is a QFC (such support “QFC Credit Support”
and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power
of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform
and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”)
in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents
and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other
state of the United States):

 

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In the event a Covered
Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S.
Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and
obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or
such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the
U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in
property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act
Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan
Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered
Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the
United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect
to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit
Support.

 

For purposes hereof, the following terms have the
following meanings:

 

“BHC Act Affiliate” of a party means an
 “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

 

“Covered Entity” means:

 

		(i)	a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

		(ii)	a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

		(iii)	a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Default Right” has
the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

 

“QFC” has the meaning
assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

ARTICLE
X

THE ADMINISTRATIVE AGENT

 

10.1.        Appointment;
Nature of Relationship. U.S. Bank National Association is hereby appointed by each of the Lenders as its contractual
representative (herein referred to as the “Administrative Agent”) hereunder and under each other Loan Document,
and each of the Lenders irrevocably authorizes the Administrative Agent to act as the contractual representative of such Lender with
the rights and duties expressly set forth herein and in the other Loan Documents. The Administrative Agent agrees to act as such
contractual representative upon the express conditions contained in this Article X. Notwithstanding the use of the defined term
 “Administrative Agent,” it is expressly understood and agreed that the Administrative Agent shall not have any fiduciary
responsibilities to any Lender by reason of this Agreement or any other Loan Document and that the Administrative Agent is merely
acting as the contractual representative of the Lenders with only those duties as are expressly set forth in this Agreement and the
other Loan Documents. In its capacity as the Lenders’ contractual representative, the Administrative Agent (i) does not
hereby assume any fiduciary duties to any of the Lenders, is a “representative” of the Lenders within the meaning of the
term “secured party” as defined in the Minnesota Uniform Commercial Code and (iii) is acting as an independent
contractor, the rights and duties of which are limited to those expressly set forth in this Agreement and the other Loan Documents.
Each of the Lenders hereby agrees to assert no claim against the Administrative Agent on any agency theory or any other theory of
liability for breach of fiduciary duty, all of which claims each Lender hereby waives.

 

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10.2.       
Powers. The Administrative Agent shall have and may exercise such powers under the Loan Documents as are specifically delegated
to the Administrative Agent by the terms of each thereof, together with such powers as are reasonably incidental thereto. The Administrative
Agent shall have no implied duties to the Lenders, or any obligation to the Lenders to take any action thereunder except any action specifically
provided by the Loan Documents to be taken by the Administrative Agent.

 

10.3.       
General Immunity. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable
to the Borrowers or any Borrower, the Lenders or any Lender for any action taken or omitted to be taken by it or them hereunder or under
any other Loan Document or in connection herewith or therewith except to the extent such action or inaction is determined in a final non-appealable
judgment by a court of competent jurisdiction to have arisen from the gross negligence or willful misconduct of such Person.

 

10.4.       
No Responsibility for Loans, Recitals, etc. Neither the Administrative Agent nor any of its directors, officers, agents
or employees shall be responsible for or have any duty to ascertain, inquire into, or verify (a) any statement, warranty or representation
made in connection with any Loan Document or any borrowing hereunder; (b) the performance or observance of any of the covenants or
agreements of any obligor under any Loan Document, including, without limitation, any agreement by an obligor to furnish information directly
to each Lender; (c) the satisfaction of any condition specified in Article IV, except receipt of items required to be delivered
solely to the Administrative Agent; (d) the existence or possible existence of any Default or Event of Default; (e) the validity,
enforceability, effectiveness, sufficiency or genuineness of any Loan Document or any other instrument or writing furnished in connection
therewith; (f) the value, sufficiency, creation, perfection or priority of any Lien in any collateral security; or (g) the financial
condition of the Company or any of its Subsidiaries.

 

10.5.        Action
on Instructions of Lenders. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from
acting, hereunder and under any other Loan Document in accordance with written instructions signed by the Required Lenders, and such
instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders. The Lenders hereby
acknowledge that the Administrative Agent shall be under no duty to take any discretionary action permitted to be taken by it
pursuant to the provisions of this Agreement or any other Loan Document unless it shall be requested in writing to do so by the
Required Lenders. The Administrative Agent shall be fully justified in failing or refusing to take any action hereunder and under
any other Loan Document unless it shall first be indemnified to its satisfaction by the Lenders pro rata against any and all
liability, cost and expense that it may incur by reason of taking or continuing to take any such action. The Administrative Agent
may, at any time, request instructions from the Required Lenders with respect to any actions or approvals which, by the terms of
this Agreement or any of the Loan Documents, the Administrative Agent is permitted to take or to grant without consent or approval
from the Required Lenders, and if such instructions are promptly requested, the Administrative Agent will be absolutely entitled to
refrain from taking any action or to withhold any approval under any of the Loan Documents and will not have any liability for
refraining from taking any action or withholding any approval under any of the Loan Documents until it has received such
instructions from the Required Lenders.

 

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10.6.       
Employment of Administrative Agents and Counsel. The Administrative Agent may execute any of its duties as Administrative
Agent hereunder and under any other Loan Document by or through employees, agents, and attorneys-in-fact and shall not be answerable to
the Lenders, except as to money or securities received by it or its authorized agents, for the default or misconduct of any such agents
or attorneys-in-fact selected by it with reasonable care. The Administrative Agent shall be entitled to advice of counsel concerning the
contractual arrangement between the Administrative Agent and the Lenders and all matters pertaining to the Administrative Agent’s
duties hereunder and under any other Loan Document.

 

10.7.       
Reliance on Documents; Counsel. The Administrative Agent shall be entitled to rely upon any Note, notice, consent, certificate,
affidavit, letter, telegram, facsimile, telex, electronic mail message, statement, paper or document believed by it to be genuine and
correct and to have been signed or sent by the proper person or persons, and, in respect to legal matters, upon the opinion of counsel
selected by the Administrative Agent, which counsel may be employees of the Administrative Agent. For purposes of determining compliance
with the conditions specified in Sections 4.1 and 4.2, each Lender that has signed this Agreement shall be deemed to have consented
to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by
or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the applicable
date specifying its objection thereto.

 

10.8.        Administrative
Agent’s Reimbursement and Indemnification. The Lenders agree to reimburse and indemnify the Administrative Agent ratably
in proportion to their respective Commitments (or, if the Commitments have been terminated, in proportion to their Commitments
immediately prior to such termination) (i) for any amounts not reimbursed by the Borrowers for which the Administrative Agent
is entitled to reimbursement by the Borrowers under the Loan Documents, (ii) for any other expenses incurred by the
Administrative Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and
enforcement of the Loan Documents (including, without limitation, for any expenses incurred by the Administrative Agent in
connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders) and
(iii) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent in any way
relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions
contemplated thereby (including, without limitation, for any such amounts incurred by or asserted against the Administrative Agent
in connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders), or the
enforcement of any of the terms of the Loan Documents or of any such other documents; provided, that (i) no Lender shall
be liable for any of the foregoing to the extent any of the foregoing is found in a final non-appealable judgment by a court of
competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Administrative Agent and
(ii) any indemnification required pursuant to Section 3.5(g) shall, notwithstanding the provisions of this
Section 10.8, be paid by the relevant Lender in accordance with the provisions thereof. The obligations of the Lenders under
this Section 10.8 shall survive payment of the Obligations and termination of this Agreement.

 

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10.9.       
Notice of Event of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of
any Default or Event of Default hereunder unless the Administrative Agent has received written notice from a Lender or the Borrowers referring
to this Agreement describing such Default or Event of Default and stating that such notice is a “notice of default”. In the
event that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders;
provided that, except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and
shall not be liable for the failure to disclose, any information relating to the Company or any of its Subsidiaries that is communicated
to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity.

 

10.10.   
Rights as a Lender. In the event the Administrative Agent is a Lender, the Administrative Agent shall have the same rights
and powers hereunder and under any other Loan Document with respect to its Commitment and its Loans as any Lender and may exercise the
same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, at any time when
the Administrative Agent is a Lender, unless the context otherwise indicates, include the Administrative Agent in its individual capacity.
The Administrative Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of trust, debt,
equity or other transaction, in addition to those contemplated by this Agreement or any other Loan Document, with the Company or any of
its Subsidiaries in which the Company or such Subsidiary is not restricted hereby from engaging with any other Person.

 

10.11.   
Lender Credit Decision, Legal Representation.

 

(a)                 Each
Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, the Arranger or any other Lender
and based on the financial statements prepared by the Borrowers and such other documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Agreement and the other Loan Documents. Each Lender also
acknowledges that it will, independently and without reliance upon the Administrative Agent, the Arranger or any other Lender and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under this Agreement and the other Loan Documents. Except for any notice, report, document or other
information expressly required to be furnished to the Lenders by the Administrative Agent or Arranger hereunder, neither the
Administrative Agent nor the Arranger shall have any duty or responsibility (either initially or on a continuing basis) to provide
any Lender with any notice, report, document, credit information or other information concerning the affairs, financial condition or
business of any Borrower or any of its Affiliates that may come into the possession of the Administrative Agent or Arranger (whether
or not in their respective capacity as Administrative Agent or Arranger) or any of their Affiliates.

 

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(b)               
Each Lender further acknowledges that it has had the opportunity to be represented by legal counsel in connection with its execution
of this Agreement and the other Loan Documents, that it has made its own evaluation of all applicable laws and regulations relating to
the transactions contemplated hereby, and that the counsel to the Administrative Agent represents only the Administrative Agent and not
the Lenders in connection with this Agreement and the transactions contemplated hereby.

 

10.12.   
Successor Administrative Agent.

 

The Administrative Agent may
resign at any time by giving written notice thereof to the Lenders and the Borrowers, such resignation to be effective upon the appointment
of a successor Administrative Agent or, if no successor Administrative Agent has been appointed, forty-five (45) days after the retiring
Administrative Agent gives notice of its intention to resign. The Administrative Agent may be removed at any time that it constitutes
a Defaulting Lender by written notice received by the Administrative Agent from the Required Lenders, such removal to be effective on
the date specified by the Required Lenders. Upon any such resignation or removal, the Required Lenders shall have the right to appoint,
on behalf of the Borrowers and the Lenders, a successor Administrative Agent. If no successor Administrative Agent shall have been so
appointed by the Required Lenders within thirty (30) days after the resigning Administrative Agent’s giving notice of its intention
to resign, then the resigning Administrative Agent may appoint, on behalf of the Borrowers and the Lenders, a successor Administrative
Agent. Notwithstanding the previous sentence, the Administrative Agent may at any time without the consent of the Borrowers or any Lender,
appoint any of its Affiliates which is a commercial bank as a successor Administrative Agent hereunder. If the Administrative Agent has
resigned and no successor Administrative Agent has been appointed, the Lenders may perform all the duties of the Administrative Agent
hereunder and the Borrowers shall make all payments in respect of the Obligations to the applicable Lender and for all other purposes
shall deal directly with the Lenders. No successor Administrative Agent shall be deemed to be appointed hereunder until such successor
Administrative Agent has accepted the appointment. Any such successor Administrative Agent shall be a commercial bank having capital and
retained earnings of at least $100,000,000. Upon the effectiveness of the resignation or removal of the Administrative Agent, the resigning
or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the Loan Documents. After the
effectiveness of the resignation or removal of an Administrative Agent, the provisions of this Article X shall continue in effect
for the benefit of such Administrative Agent in respect of any actions taken or omitted to be taken by it while it was acting as the Administrative
Agent hereunder and under the other Loan Documents. In the event that there is a successor to the Administrative Agent by merger, or the
Administrative Agent assigns its duties and obligations to an Affiliate pursuant to this Section 10.12, then the term “Prime
Rate” as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the new Administrative Agent.

 

10.13.    Administrative
Agent and Arranger Fees. The Borrowers agree to pay to the Administrative Agent and the Arranger, for their respective accounts,
the fees agreed to by the Company, the Administrative Agent and the Arranger pursuant to that certain letter agreement dated July 2,
2018, or as otherwise agreed from time to time.

 

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10.14.   
Delegation to Affiliates. The Borrowers and the Lenders agree that the Administrative Agent may delegate any of its duties
under this Agreement to any of its Affiliates. Any such Affiliate (and such Affiliate’s directors, officers, agents and employees)
which performs duties in connection with this Agreement shall be entitled to the same benefits of the indemnification, waiver and other
protective provisions to which the Administrative Agent is entitled under Articles IX and X.

 

10.15.   
Collateral Releases. The Lenders hereby empower and authorize the Administrative Agent to execute and deliver to the Borrowers
on their behalf any agreements, documents or instruments as shall be necessary or appropriate to effect any releases of Collateral which
shall be permitted by the terms hereof or of any other Loan Document or which shall otherwise have been approved by the Required Lenders
(or, if required by the terms of Section 8.3, all of the Lenders) in writing.

 

10.16.   
Co-Agents, Documentation Agent, Syndication Agent, etc. Neither any of the Lenders identified in this Agreement as a “co-
agent” nor the Documentation Agent or the Syndication Agent shall have any right, power, obligation, liability, responsibility or
duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of such Lenders shall
have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgments with respect to
such Lenders as it makes with respect to the Administrative Agent in Section 10.11.

 

10.17.   
No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrowers acknowledge and agree
that: (i) (A) the arranging and other services regarding this Agreement provided by the Lenders are arm’s-length commercial
transactions between the Company and its Affiliates, on the one hand, and the Lenders, on the other hand, (B) the Borrowers have
consulted their own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrowers
are capable of evaluating, and understand and accept, the terms, risks and conditions of the transactions contemplated hereby and by the
other Loan Documents; (ii) (A) each of the Lenders is and has been acting solely as a principal and, except as expressly agreed
in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Company or
any of its Affiliates, or any other Person and (B) no Lender has any obligation to the Company or any of its Affiliates with respect
to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii)
each of the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ
from those of the Company and its Affiliates, and no Lender has any obligation to disclose any of such interests to the Company or its
Affiliates. To the fullest extent permitted by law, each Borrower hereby waives and releases any claims that it may have against each
of the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction
contemplated hereby.

 

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10.18.   
Certain ERISA Matters.

 

10.18.1                     
 Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from
the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the
Administrative Agent and the Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the
Borrower or any other Loan Party, that at least one of the following is and will be true: (i) such Lender is not an entity deemed to hold
 “plan assets” within the meaning of 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA, of an employee benefit
plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan (within the meaning of Section 4975 of the
Code) which is subject to Section 4975 of the Code in connection with the Loans, the Letters of Credit or the Commitments, (ii) the transaction
exemption set forth in one or more prohibited transaction exemptions issued by the Department of Labor (each, a “PTE”),
such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60
(a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions
involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective
investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with
respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit,
the Commitments and this Agreement, (iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager”
(within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of
such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement,
(C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender,
the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or (iv) such other representation,
warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

 

10.18.2                      In
addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not
provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such
Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the
Administrative Agent and the Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of
the Borrower or any other Loan Party, that: (i) none of the Administrative Agent or the Arranger or any of their respective
Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any
rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto), (ii) the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Facility LCs, the Commitments and this Agreement is independent (within the meaning of 29
C.F.R. § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or
has under management or control, total assets of at least $50 million, in each case as described in 29 C.F.R. §
2510.3-21(c)(1)(i)(A)-(E),(iii) the Person making the investment decision on behalf of such Lender with respect to the entrance
into, participation in, administration of and performance of the Loans, the Facility LCs, the Commitments and this Agreement is
capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment
strategies (including in respect of the Obligations), (iv) the Person making the investment decision on behalf of such Lender with
respect to the entrance into, participation in, administration of and performance of the Loans, the Facility LCs, the Commitments
and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Facility LCs, the Commitments and
this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and (v) no fee or
other compensation is being paid directly to the Administrative Agent or the Arranger or any of their respective Affiliates for
investment advice (as opposed to other services) in connection with the Loans, the Facility LCs, the Commitments or this
Agreement.

 

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10.18.3                       
The Administrative Agent and the Arranger hereby informs the Lenders that each such Person is not undertaking to provide impartial
investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person
has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest
or other payments with respect to the Loans, the Facility LCs, the Commitments and this Agreement, (ii) may recognize a gain if it extended
the Loans, the Facility LCs or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Facility
LCs or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby,
the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting
fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit
fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance
fees, breakage or other early termination fees or fees similar to the foregoing.

 

ARTICLE
XI

SETOFF; RATABLE PAYMENTS

 

11.1.        Setoff.
Each Borrower hereby grants each Lender a security interest in all deposits, credits and deposit accounts (including all account
balances, whether provisional or final and whether or not collected or available) of such Borrower with such Lender or any Affiliate
of such Lender (the “Deposits”). In addition to, and without limitation of, any rights of the Lenders under
applicable law, if any Borrower becomes insolvent, however evidenced, or any Event of Default occurs, such Borrower authorizes each
Lender to offset and apply all such Deposits toward the payment of the Obligations owing to such Lender, whether or not the
Obligations, or any part thereof, shall then be due and regardless of the existence or adequacy of any collateral, guaranty or any
other security, right or remedy available to such Lender or the Lenders; provided, that in the event that any Defaulting
Lender shall exercise such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative
Agent for further application in accordance with the provisions of Section 2.22 and, pending such payment, shall be segregated
by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the LC Issuer,
and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in
reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. With respect to the
Foreign Borrowers such right of setoff is limited to its Foreign Borrower Obligations.

 

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11.2.       
Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it upon its Outstanding Credit Exposure
(other than payments received pursuant to Section 3.1, 3.2, 3.4 or 3.5) in a greater proportion than that received by any other Lender,
such Lender agrees, promptly upon demand, to purchase a portion of the Aggregate Outstanding Credit Exposure held by the other Lenders
so that after such purchase each Lender will hold its Pro Rata Share of the Aggregate Outstanding Credit Exposure. If any Lender, whether
in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other protection for its Obligations
or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all
Lenders share in the benefits of such collateral ratably in proportion to their respective Pro Rata Shares of the Aggregate Outstanding
Credit Exposure. In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made.

 

ARTICLE
XII

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

 

12.1.       
Successors and Assigns. The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit of
the Borrowers and the Lenders and their respective successors and assigns permitted hereby, except that (i) the Borrowers shall not
have the right to assign their rights or obligations under the Loan Documents without the prior written consent of each Lender, (ii) any
assignment by any Lender must be made in compliance with Section 12.3, and (iii) any transfer by Participation must be made
in compliance with Section 12.2. Any attempted assignment or transfer by any party not made in compliance with this Section 12.1
shall be null and void, unless such attempted assignment or transfer is treated as a Participation in accordance with the terms of this
Agreement. The parties to this Agreement acknowledge that clause (ii) of this Section 12.1 relates only to absolute assignments
and this Section 12.1 does not prohibit assignments creating security interests, including, without limitation, (x) any pledge
or assignment by any Lender of all or any portion of its rights under this Agreement and any Note to a Federal Reserve Bank or (y) in
the case of a Lender which is a Fund, any pledge or assignment of all or any portion of its rights under this Agreement and any Note to
its trustee in support of its obligations to its trustee; provided, however, that no such pledge or assignment creating a security
interest shall release the transferor Lender from its obligations hereunder unless and until the parties thereto have complied with the
provisions of Section 12.3. The Administrative Agent may treat the Person which made any Loan or which holds any Note as the owner
thereof for all purposes hereof unless and until such Person complies with Section 12.3; provided, however, that the Administrative
Agent may in its discretion (but shall not be required to) follow instructions from the Person which made any Loan or which holds any
Note to direct payments relating to such Loan or Note to another Person. Any assignee of the rights to any Loan or any Note agrees by
acceptance of such assignment to be bound by all the terms and provisions of the Loan Documents. Any request, authority or consent of
any Person, who at the time of making such request or giving such authority or consent is the owner of the rights to any Loan (whether
or not a Note has been issued in evidence thereof), shall be conclusive and binding on any subsequent holder or assignee of the rights
to such Loan.

 

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Any reference in this Agreement or any Loan Document
to “Bank of America Merrill Lynch International Limited” is a reference to its successor in title Bank of America Merrill
Lynch International Designated Activity Company (including, without limitation, its branches) pursuant to and with effect from the merger
between Bank of America Merrill Lynch International Limited and Bank of America Merrill Lynch International Designated Activity Company
that takes effect in accordance with the Cross-Border Mergers Directive (2005/56/EC) (as codified) as implemented in the United Kingdom
and Ireland.  Notwithstanding anything to the contrary in this Agreement or any Loan Document, a transfer of rights and obligations
from Bank of America Merrill Lynch International Limited to Bank of America Merrill Lynch International Designated Activity Company pursuant
to such merger shall be permitted.

 

12.2.       
Participations.

 

12.2.1. Permitted
Participants; Effect. Any Lender may at any time sell to one or more banks or other entities (“Participants”) participating
interests in any Outstanding Credit Exposure owing to such Lender, any Note held by such Lender, any Commitment of such Lender or any
other interest of such Lender under the Loan Documents. So long as no Event of Default has occurred and is continuing, the prior written
consent of the Company (such consent not to be unreasonably withheld or delayed) shall be required for any transfer by Participation unless
(i) the relationship between the Lender and the Participant is that of a debtor and creditor (including in the bankruptcy or similar
event of the Lender), (ii) the Participant will have no proprietary interest in the benefit of this Agreement or in any monies received
by the Lender under or in relation to this Agreement, and (iii) the Participant will under no circumstances (y) be subrogated
to, or substituted in respect of, the Lender’s claims under this Agreement and (z) have otherwise any contractual relationship
with, or rights against, any Borrower under or in relation to this Agreement; provided that the Company shall be deemed to have consented
to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days
after having received notice thereof. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s
obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for
the performance of such obligations, such Lender shall remain the owner of its Outstanding Credit Exposure and the holder of any Note
issued to it in evidence thereof for all purposes under the Loan Documents, all amounts payable by the Borrowers under this Agreement
shall be determined as if such Lender had not sold such participating interests, and the Borrowers and the Administrative Agent shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under the Loan Documents.
Any purported participation made without complying with the terms of this Section 12.2.1 shall be of no effect under this Agreement
and such purported participant shall not have any of the rights of a Participant hereunder and shall be deemed to be only a creditor to
the Lender effecting such purported participation.

 

12.2.2. Voting
Rights. Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment, modification
or waiver of any provision of the Loan Documents provided that each such Lender may agree in its participation agreement with its
Participant that such Lender will not vote to approve any amendment, modification or waiver with respect to any Outstanding Credit
Exposure or Commitment in which such Participant has an interest which would require consent of all of the Lenders pursuant to the
terms of Section 8.3 or of any other Loan Document.

 

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12.2.3. Benefit
of Certain Provisions. The Borrowers agree that each Participant shall be deemed to have the right of setoff provided in Section 11.1
in respect of its participating interest in amounts owing under the Loan Documents to the same extent as if the amount of its participating
interest were owing directly to it as a Lender under the Loan Documents, provided that each Lender shall retain the right of setoff
provided in Section 11.1 with respect to the amount of participating interests sold to each Participant. The Lenders agree to share
with each Participant, and each Participant, by exercising the right of setoff provided in Section 11.1, agrees to share with each
Lender, any amount received pursuant to the exercise of its right of setoff, such amounts to be shared in accordance with Section 11.2
as if each Participant were a Lender. The Borrowers further agree that each Participant shall be entitled to the benefits of Sections 3.1,
3.2, 3.4, 3.5, 9.6 and 9.10 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 12.3,
provided that (i) a Participant shall not be entitled to receive any greater payment under Section 3.1, 3.2 or 3.5 than
the Lender who sold the participating interest to such Participant would have received had it retained such interest for its own account,
unless the sale of such interest to such Participant is made with the prior written consent of the Borrowers, and (ii) a Participant
shall not be entitled to receive any greater payment under Section 3.5 than the Lender who sold the participating interest to such
Participant would have received had it retained such interest for its own account (A) except to the extent such entitlement to receive
a greater payment results from a change in treaty, law or regulation (or any change in the interpretation or administration thereof by
any Governmental Authority) that occurs after the Participant acquired the applicable participation and (B), in the case of any Participant
that would be a Non-U.S. Lender if it were a Lender, such Participant agrees to comply with the provisions of Section 3.5 to the
same extent as if it were a Lender (it being understood that the documentation required under Section 3.5(f) shall be delivered to
the participating Lender). Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrowers,
maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in any Outstanding Credit Exposure, any Note, any Commitment or any other obligations under the Loan Documents
(the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion
of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in
any Outstanding Credit Exposure, any Note, any Commitment or any other obligations under the Loan Documents) to any Person except to the
extent that such disclosure is necessary to establish that such Outstanding Credit Exposure, any Note, any Commitment or any other obligations
under the Loan Documents is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in
the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in
the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.
For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining
a Participant Register.

 

    135 

     

    

 

12.3.       
 Assignments.

 

12.3.1. Permitted
Assignments. Any Lender may at any time assign to one or more Eligible Assignees (“Purchasers”) all or any part
of its rights and obligations under the Loan Documents. Such assignment shall be substantially in the form of Exhibit C or
in such other form reasonably acceptable to the Administrative Agent as may be agreed to by the parties thereto. Each such assignment
with respect to a Purchaser which is not a Lender or an Affiliate of a Lender or an Approved Fund shall either be in an amount equal to
the entire applicable Commitment and Outstanding Credit Exposure of the assigning Lender or (unless each of the Company and the Administrative
Agent otherwise consents) be in an aggregate amount not less than $5,000,000. The amount of the assignment shall be based on the Commitment
or Outstanding Credit Exposure (if the Commitment has been terminated) subject to the assignment, determined as of the date of such assignment
or as of the “Trade Date,” if the “Trade Date” is specified in the assignment.

 

12.3.2. Consents.
The consent of the Company shall be required prior to an assignment becoming effective unless the Purchaser is a Lender or an Affiliate
of a Lender or an Approved Fund and such Purchaser is a Qualifying Bank; provided, that the consent of the Company shall not be required
if an Event of Default has occurred and is continuing; provided further that the Company shall be deemed to have consented to any such
assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having
received notice thereof. In such consent request, the assigning Lender shall indicate whether or not the Purchaser is a Qualifying Bank,
and if no respective indications are made, the Purchaser shall be treated as a Non-Bank Lender. The Company shall have the right to
request from the Lender a tax ruling issued by the Swiss Federal Tax Administration if it has reasonable doubt to believe that the designated
Purchaser is not a Qualifying Bank or, as the case may be, may count as more than one Non-Bank Lenders. The consent of the Administrative
Agent shall be required prior to an assignment becoming effective unless the Purchaser is a Lender, an Affiliate of a Lender or an Approved
Fund. The consent of the LC Issuer shall be required prior to an assignment of a Revolving Commitment becoming effective unless the Purchaser
is a Lender with a Revolving Commitment. Any consent required under this Section 12.3.2 shall not be unreasonably withheld or delayed,
whereas consent shall not be deemed to have been unreasonably withheld if such transfer would result in a violation of the 10 Non-Bank
Rule.

 

    136 

     

    

 

12.3.3. Effect;
Effective Date. Upon (i) delivery to the Administrative Agent of an assignment, together with any consents required by
Sections 12.3.1 and 12.3.2, and (ii) payment of a $3,500 fee to the Administrative Agent for processing such assignment
(unless such fee is waived by the Administrative Agent), such assignment shall become effective on the effective date specified in
such assignment. The assignment shall contain a representation by the Purchaser to the effect that none of the consideration used to
make the purchase of the Commitment and Outstanding Credit Exposure under the applicable assignment agreement constitutes
 “plan assets” as defined under ERISA and that the rights and interests of the Purchaser in and under the Loan Documents
will not be “plan assets” under ERISA. On and after the effective date of such assignment, such Purchaser shall for all
purposes be a Lender party to this Agreement and any other Loan Document executed by or on behalf of the Lenders and shall have all
the rights and obligations of a Lender under the Loan Documents, to the same extent as if it were an original party thereto, and the
transferor Lender shall be released with respect to the Commitment and Outstanding Credit Exposure assigned to such Purchaser
without any further consent or action by the Borrowers, the Lenders or the Administrative Agent. In the case of an assignment
covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a Lender
hereunder but shall continue to be entitled to the benefits of, and subject to, those provisions of this Agreement and the other
Loan Documents which survive payment of the Obligations and termination of the applicable agreement. Any assignment or transfer by a
Lender of rights or obligations under this Agreement that does not comply with this Section 12.3 shall be null and void,
ab initio and the Administrative Agent shall have the right to cause the unwinding of any such purported assignment. Upon the
consummation of any assignment to a Purchaser pursuant to this Section 12.3.3, the transferor Lender, the Administrative Agent
and the Borrowers shall, if the transferor Lender or the Purchaser desires that its Loans be evidenced by Notes, make appropriate
arrangements so that new Notes or, as appropriate, replacement Notes are issued to such transferor Lender and new Notes or, as
appropriate, replacement Notes, are issued to such Purchaser, in each case in principal amounts reflecting their respective
Commitments, as adjusted pursuant to such assignment, and upon return and cancellation of any existing Notes, as applicable.

 

12.3.4. Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrowers, shall maintain at one of its offices
in the United States of America, a copy of each assignment agreement delivered to it and a register for the recordation of the names and
addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender, and
participations of each Lender in Facility LCs, pursuant to the terms hereof from time to time (the “Register”). The
entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent and the Lenders may treat each Person whose name
is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice
to the contrary. The Register shall be available for inspection by the Borrowers or any Lender at any reasonable time and from time to
time upon reasonable prior notice.

 

12.4.       
Dissemination of Information. The Borrowers authorize each Lender to disclose to any Participant or Purchaser or any other
Person acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) and any prospective Transferee
any and all information in such Lender’s possession concerning the creditworthiness of the Company and its Subsidiaries, including
without limitation any information contained in any Reports; provided that each Transferee and prospective Transferee agrees to
be bound by Section 9.11 of this Agreement.

 

12.5.       
Tax Treatment. If any interest in any Loan Document is transferred to any Transferee which is not incorporated under the
laws of the United States or any State thereof, the transferor Lender shall cause such Transferee, concurrently with the effectiveness
of such transfer, to comply with the provisions of Section 3.5(f).

 

    137 

     

    

 

ARTICLE XIII 

NOTICES

 

13.1.       
Notices; Effectiveness; Electronic Communication.

 

(a)Notices Generally.
Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in paragraph (b)
below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by facsimile as follows:

 

		(i)	if to any Borrower, to it at 2100 Highway
                                            55, Medina, MN 55340- 9770, Attention: Robert P. Mack, Chief Financial Officer, Facsimile:
                                            763-542-0558, E-mail: bob.mack@polaris.com;

 

		(ii)	if to the Administrative Agent, to it
                                            at 800 Nicollet Mall, Minneapolis, MN 55402, Attention: Timothy Landro, Facsimile: 612-303-2265,
                                            E-mail: timothy.landro@usbank.com;

 

		(iii)	if to U.S. Bank, as an LC Issuer,
                                            to it at 800 Nicollet Mall, Minneapolis, MN 55402, Attention: Julie M. Seaton, Facsimile:
                                            612.303-5226, E-mail: julie.seaton@usbank.com;

 

		(iv)	if to BofA, as an LC Issuer, to it at
                                            2001 Clayton Rd., Bldg. B, Concord, CA 94520, Attention: Saquib Equbal, Facsimile: 312.453.3609,
                                            E-mail: tradeclientserviceteamus@baml.com;

 

		(v)	if to a Lender, to it at its address, facsimile number or email address set forth under its signature
to this Agreement or as otherwise provided to the Administrative Agent.

 

Notices sent by
hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices
sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient,
shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices delivered through electronic
communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

(b)                        Electronic
Communications. Notices and other communications to the Lenders and the LC Issuer hereunder may be delivered or furnished by
electronic communication (including e-mail and internet or intranet websites such as DebtX) pursuant to procedures approved by
the Administrative Agent or as otherwise determined by the Administrative Agent, provided that the foregoing shall not apply to
notices to any Lender or the LC Issuer pursuant to Article II if such Lender or the LC Issuer, as applicable, has notified the
Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative
Agent or the Borrowers may, in their respective discretion, agree to accept notices and other communications to it hereunder by
electronic communications pursuant to procedures approved by it or as it otherwise determines, provided that such determination or
approval may be limited to particular notices or communications.

 

    138 

     

    

 

Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function,
as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not given during
the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business
on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed
received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of
notification that such notice or communication is available and identifying the website address therefor.

 

(c)                       
Change of Address, Etc. Any party hereto may change its address or facsimile number for notices and other communications
hereunder by notice to the other parties hereto given in the manner set forth in this Section 13.1.

 

ARTICLE
XIV

COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION; ELECTRONIC RECORDS

 

14.1.       
Counterparts; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Except
as provided in Article IV, this Agreement shall become effective when it shall have been executed by the Administrative Agent, and
when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the parties
hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy or pdf shall be effective as delivery of a manually
executed counterpart of this Agreement.

 

14.2.       
Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and
words of like import in any assignment and assumption agreement shall be deemed to include electronic signatures or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the
use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, or any other state laws based on the Uniform Electronic Transactions
Act.

 

14.3.        Electronic
Records. Each Borrower hereby acknowledges the receipt of a copy of this Agreement and all other Loan Documents. The
Administrative Agent and each Lender may, on behalf of the Borrowers, create a microfilm or optical disk or other electronic image
of this Agreement and any or all of the Loan Documents. The Administrative Agent and each Lender may store the electronic image of
this Agreement and Loan Documents in its electronic form and then destroy the paper original as part of the Administrative
Agent’s and each Lender’s normal business practices, with the electronic image deemed to be an original and of the same
legal effect, validity and enforceability as the paper originals. The Administrative Agent and each Lender are authorized, when
appropriate, to convert any note into a “transferable record” under the Uniform Electronic Transactions Act.

 

    139 

     

    

 

ARTICLE
XV

EFFECT OF AMENDMENT

 

15.1.       
Effect of Amendment and Restatement. This Agreement, including the Schedules and Exhibits hereto, shall, except as otherwise
expressly set forth herein, supersede the Existing Credit Agreement, including the Schedules and Exhibits thereto, from and after the
Effective Date with respect to the Advances and Facility LCs outstanding under the Existing Credit Agreement as of the Effective Date.
The parties hereto acknowledge and agree, however, that (a) this Agreement and all other Loan Documents executed and delivered herewith
do not constitute a novation, payment and reborrowing or termination of the Obligations (under and as defined in the Existing Credit Agreement)
and the other Loan Documents as in effect prior to the Effective Date and (b) such Obligations are in all respects continuing with
only the terms being modified as provided in this Agreement and the other Loan Documents. The parties hereto further acknowledge and agree
that (i)  the guaranties in favor of the Administrative Agent and the Lenders securing payment of the Obligations (under and as defined
in the Existing Credit Agreement) are in all respects continuing and in full force and effect with respect to all Obligations and (ii) all
references in the other Loan Documents to the Existing Credit Agreement shall be deemed to refer without further amendment to this Agreement.

 

ARTICLE
XVI

CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL

 

16.1.       
CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED
IN ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS) OF THE STATE OF MINNESOTA, BUT GIVING EFFECT
TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

 

16.2.        CONSENT
TO JURISDICTION. EACH BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR
STATE COURT SITTING IN MINNEAPOLIS, MINNESOTA IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND EACH
BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH
COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE
AGENT, THE LC ISSUER OR ANY LENDER TO BRING PROCEEDINGS AGAINST ANY BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL
PROCEEDING BY THE BORROWERS AGAINST THE ADMINISTRATIVE AGENT, THE LC ISSUER OR ANY LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE
AGENT, THE LC ISSUER OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED
WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN MINNEAPOLIS, MINNESOTA.

 

    140 

     

    

 

16.3.       
WAIVER OF JURY TRIAL. THE BORROWERS, THE ADMINISTRATIVE AGENT, THE LC ISSUER AND EACH LENDER HEREBY WAIVE TRIAL BY JURY
IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY
ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.

 

[Signature Pages Follow]

 

    141 

     

    

 

[Signature pages on file with
Administrative Agent]

 

     

     

    

 

PRICING SCHEDULE

 

INITIAL TERM LOAN ADVANCES

 

	APPLICABLE 
 MARGIN	 	TIER I 
 STATUS	 	 	TIER II 
 STATUS	 	 	TIER III 
 STATUS	 	 	TIER IV 
 STATUS	 	 	TIER V 
 STATUS	 
	Eurocurrency Rate	 	 	1.75	%	 	 	1.50	%	 	 	1.25	%	 	 	1.125	%	 	 	1.00	%
	Base Rate	 	 	0.75	%	 	 	0.50	%	 	 	0.25	%	 	 	0.125	%	 	 	0.00	%

 

2021 INCREMENTAL TERM LOAN ADVANCES

 

	APPLICABLE 
 MARGIN	 	TIER I 
 STATUS	 	 	TIER II 
 STATUS	 	 	TIER III 
 STATUS	 	 	TIER IV 
 STATUS	 	 	TIER V 
 STATUS	 
	Eurocurrency Rate	 	 	1.50	%	 	 	1.25	%	 	 	1.00	%	 	 	0.875	%	 	 	0.75	%
	Base Rate	 	 	0.50	%	 	 	0.25	%	 	 	0.00	%	 	 	0.00	%	 	 	0.00	%

 

REVOLVING ADVANCES

 

	APPLICABLE 
 MARGIN	 	TIER I 
 STATUS	 	 	TIER II 
 STATUS	 	 	TIER III 
 STATUS	 	 	TIER IV 
 STATUS	 	 	TIER V 
 STATUS	 
	Eurocurrency Rate	 	 	1.50	%	 	 	1.30	%	 	 	1.10	%	 	 	1.00	%	 	 	0.90	%
	Base Rate	 	 	0.50	%	 	 	0.30	%	 	 	0.10	%	 	 	0.00	%	 	 	0.00	%
	RFR Loans denominated in Pounds Sterling	 	 	1.5326	%	 	 	1.3326	%	 	 	1.1326	%	 	 	1.0326	%	 	 	0.9326	%
	RFR Loans denominated in Swiss Francs	 	 	1.4429	%	 	 	1.2429	%	 	 	1.0429	%	 	 	0.9429	%	 	 	0.8429	%

 

FACILITY FEE

 

	APPLICABLE 
 FACILITY FEE 
 RATE	 	TIER I 
 STATUS	 	 	TIER II 
 STATUS	 	 	TIER III 
 STATUS	 	 	TIER IV 
 STATUS	 	 	TIER V 
 STATUS	 
	Facility Fee	 	 	0.25	%	 	 	0.20	%	 	 	0.15	%	 	 	0.125	%	 	 	0.10	%

 

For the purposes of this portion
of the Schedule, the following terms have the following meanings, subject to the final paragraph of this Schedule:

 

     

     

    

 

“Financials”
means the annual or quarterly financial statements of the Company delivered pursuant to Section 6.1(i) or (ii).

 

“Status”
means either Tier I Status, Tier II Status, Tier III Status, Tier IV Status or Tier V Status.

 

“Tier I Status”
exists at any date if, as of the last day of the fiscal quarter of the Company referred to in the most recent Financials, the Borrowers
have not qualified for Tier II Status, Tier III Status, Tier IV Status or Tier V Status.

 

“Tier II Status”
exists at any date if, as of the last day of the fiscal quarter of the Company referred to in the most recent Financials, (i) the
Borrowers have not qualified for Tier III Status, Tier IV Status or Tier V Status and (ii) the Net Leverage Ratio is less than 3.25
to 1.00.

 

“Tier III Status”
exists at any date if, as of the last day of the fiscal quarter of the Company referred to in the most recent Financials, (i) the
Borrowers have not qualified for Tier IV Status or Tier V Status and (ii) the Net Leverage Ratio is less than 2.50 to 1.00.

 

“Tier IV Status”
exists at any date if, as of the last day of the fiscal quarter of the Company referred to in the most recent Financials, (i) the
Borrowers have not qualified for Tier V and (ii) the Net Leverage Ratio is less than 1.75 to 1.00.

 

“Tier V Status”
exists at any date if as of the last day of the fiscal quarter of the Company referred to in the most recent Financials the Net Leverage
Ratio is less than 1.00 to 1.00.

 

The Applicable Margin and Applicable Facility
Fee Rate shall be determined in accordance with the foregoing table based on the Borrowers’ Status as reflected in the then most
recent Financials. Adjustments, if any, to the Applicable Margin or Applicable Facility Fee Rate shall be effective from and after the
first day of the first fiscal month immediately following the date on which the delivery of such Financials is required until the first
day of the first fiscal month immediately following the next such date on which delivery of such Financials of the Company and its Subsidiaries
is so required. If the Company fails to deliver the Financials to the Administrative Agent at the time required pursuant to Section 6.1,
then the Applicable Margin and Applicable Facility Fee Rate shall be the highest Applicable Margin and Applicable Facility Fee Rate set
forth in the foregoing table until five (5) days after such Financials are so delivered. Tier IV Status is in effect as of the Amendment
No. 4 Effective Date.

 

     

     

    

 

The Company has notified the Administrative
Agent and the Lenders that it or its Subsidiaries may establish specified Key Performance Indicators
(“KPI’s”) with respect to certain Environmental, Social and Governance (“ESG”)
objectives subsequent to the Amendment No. 3 Effective Date. The Administrative Agent and the Company may amend this Agreement (such
amendment, an “ESG Pricing Amendment”) solely for the purpose of incorporating the KPI’s and other related
provisions (the “ESG Pricing Provisions”) into this Agreement. Any such amendment shall become effective at 5:00
p.m. on the fifth Business Day to occur after the Administrative Agent posts such proposed amendment to all Lenders and the Company
unless, prior to such time, Lenders comprising the Required Lenders deliver to the Administrative Agent (which shall promptly notify
the Company thereof) written notice that such Required Lenders object to such ESG Pricing Amendment. In the event that Required
Lenders deliver such a written notice, an alternative ESG Pricing Amendment may be effectuated with the consent of the Required
Lenders, the Company and the Administrative Agent. Upon the effectiveness of any such ESG Pricing Amendment, certain adjustments
(increase, decrease or no adjustment) to the Applicable Facility Fee Rate and Applicable Margin for Base Rate Advances and
Eurocurrency Rate Advances will be made based on the Company’s performance against the KPI’s; provided that the
amount of such adjustments shall not exceed a 3 basis point increase or decrease in the Applicable Margin and a 1 basis point
increase or decrease in the Applicable Facility Fee Rate; provided, further that no Applicable Margin or Applicable Facility
Fee Rate shall equal less than zero as a result of such adjustment. Pricing adjustments in respect of KPI’s will be made in a
manner acceptable to the Company and the Administrative Agent (subject to the Required Lenders’ negative consent right
described above). Reporting and validation of the measurement of the KPI’s shall be made in a manner that is aligned with the
Sustainability Linked Loan Principles1.
The Company shall establish and monitor its KPI’s and no independent third-party sustainability coordinator or similar agent
shall be required. Following the effectiveness of an ESG Amendment, any modification to the ESG Pricing Provisions which does not
have the effect of reducing the Applicable Margin or Applicable Facility Fee Rate beyond the three- and one-basis point decreases
described above shall automatically become effective at 5:00 p.m. on the fifth Business Day to occur after the Administrative Agent
posts such proposed modification to all Lenders and the Company unless, prior to such time, Lenders comprising the Required Lenders
deliver to the Administrative Agent (which shall promptly notify the Company thereof) written notice that such Required Lenders
object to such modification.

 

 

 

1
         The Sustainability Linked Loan Principles were published in May 2020 by the Loan Market Association, Asia Pacific Loan Market Association
and Loan Syndications & Trading Association

 

     

     

    

 

SCHEDULE 1.1

COMMITMENTS

 

	LENDER	 	REVOLVING LOAN

    COMMITMENT2	 	 	INITIAL TERM LOAN

    COMMITMENT3	 	 	2021

    INCREMENTAL 

    TERM LOAN 

    COMMITMENT	 
	U.S. Bank National Association	 	$	144,736,842.11	 	 	$	130,263,157.89	 	 	$	72,368,421.06	 
	Bank of America, N.A.	 	$	131,578,947.37	 	 	$	118,421,052.63	 	 	$	65,789,473.69	 
	Wells Fargo Bank, National Association	 	$	107,631,578.95	 	 	$	96,868,421.05	 	 	$	53,815,789.48	 
	MUFG Bank, Ltd.	 	$	107,631,578.95	 	 	$	96,868,421.05	 	 	$	53,815,789.48	 
	Bank of the West	 	$	72,631,578.95	 	 	$	65,368,421.05	 	 	$	36,315,789.47	 
	BMO Harris Bank N.A.	 	$	72,631,578.95	 	 	$	65,368,421.05	 	 	$	36,315,789.47	 
	Fifth Third Bank, National Association	 	$	72,631,578.95	 	 	$	65,368,421.05	 	 	$	36,315,789.47	 
	JPMorgan Chase Bank, N.A.	 	$	72,631,578.95	 	 	$	65,368,421.05	 	 	$	36,315,789.47	 
	PNC Bank, National Association	 	$	72,631,578.95	 	 	$	65,368,421.05	 	 	$	36,315,789.47	 
	Truist Bank (f/k/a Branch Banking & Trust Company)	 	$	72,631,578.95	 	 	$	65,368,421.05	 	 	$	36,315,789.47	 
	Citibank, N.A.	 	$	72,631,578.95	 	 	$	65,368,421.05	 	 	$	36,315,789.47	 
	Total	 	$	1,000,000,000.00	 	 	$	900,000,000.00	 	 	$	500,000,000.00	 

 

 

 

2
          Lenders will participate in Facility LCs based on their Pro Rata Shares of LC Obligations as contemplated by Section 2.19 hereof.

 

3         Other than Citibank, N.A., the Initial Term Loan Commitments were funded prior to the Amendment No. 3 Effective Date. Such funded amounts
were reallocated as of the Amendment No. 3 Effective Date as set forth in this Schedule of Commitments (reflecting the principal amount
of the Initial Term Loans owing to each Lender as of such date). The aggregate outstanding principal amount of the Initial Term Loans
equals $876,000,000 as of the Amendment No. 4 Effective Date.

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