Document:

Exhibit

        
        
Exhibit 10.1
Execution Version

THIRD AMENDMENT TO 
AMENDED AND RESTATED CREDIT AGREEMENT

THIS THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of October 25, 2017, by and among NATIONAL RETAIL PROPERTIES, Inc., a corporation formed under the laws of the State of Maryland (the “Borrower”), each of the Lenders party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (together with its successors and assigns, the “Administrative Agent”).

WHEREAS, the Borrower, the Lenders, the Administrative Agent and certain other parties have entered into that certain Amended and Restated Credit Agreement dated as of May 25, 2011, as amended by that First Amendment dated as of October 31, 2012, as further amended by that Second Amendment dated as of October 27, 2014 (as so amended and as in effect immediately prior to the effectiveness of this Amendment, the “Credit Agreement”); and

WHEREAS, the Borrower, the Lenders party hereto and the Administrative Agent desire to amend certain provisions of the Credit Agreement on the terms and conditions contained herein;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows:

Section 1.  Specific Amendments to Credit Agreement.  The parties hereto agree that the Credit Agreement is amended as follows:

(a)    The Credit Agreement is amended by replacing the table in the definition of “Applicable Margin” contained in Section 1.1. thereof in its entirety with the following:

	
			
	Level
	Borrower's Credit Rating (S&P/Moody's or equivalent)
	Applicable Margin 

	1
	A-/A3 (or equivalent) or better
	0.825%

	2
	BBB+/Baa1 (or equivalent)
	0.875%

	3
	BBB/Baa2 (or equivalent)
	1.000%

	4
	BBB-/Baa3 (or equivalent)
	1.200%

	5
	Lower than BBB-/Baa3 (or equivalent)
	1.550%

(b)    The Credit Agreement is further amended by restating clause (d) of the definition of “Defaulting Lender” set forth in Section 1.1. thereof as follows:

(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, 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;    
 

(c)    The Credit Agreement is further amended by inserting the following defined terms into Section 1.1. in the appropriate alphabetical order:

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.

“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.

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

“Eurodollar Reserve Percentage” means, for any day, the percentage which is in effect for such day as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any basic, supplemental or emergency reserves) in respect of eurocurrency liabilities or any similar category of liabilities for a member bank of the Federal Reserve System in New York City.

“Material Acquisition” means any acquisition (whether by direct purchase, merger or otherwise and whether in one or more related transactions) by the Borrower or any Subsidiary in which the purchase price of the assets acquired exceeds 10.0% of Total Asset Value as of the last day of the most recently ending fiscal quarter of the Borrower for which financial statements are publicly available.

“Swingline Availability” has the meaning given that term in Section 2.2.(a).

“Third Amendment Effective Date” means October 25, 2017.

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

 
Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

(d)    The Credit Agreement is further amended by restating the definitions in Section 1.1. set forth below in their entireties to read as follows: 

“Capitalization Rate” means 7.25%.

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal Funds brokers of recognized standing selected by the Administrative Agent.  If the Federal Funds Rate determined as provided above would be less than zero, the Federal Funds Rate shall be deemed to be zero.

“Issuing Bank Commitment” means, with respect to an Issuing Bank, the aggregate Stated Amount of Letters of Credit that such Issuing Bank has agreed, in writing, to provide subject to the terms and conditions set forth in this Agreement.  As of the Third Amendment Effective Date the amount of the Issuing Bank Commitment of each of Wells Fargo and Bank of America, N.A. is $30,000,000.

“L/C Commitment Amount” equals $60,000,000.

“LIBOR” means, with respect to any LIBOR Loan for any Interest Period, the rate of interest obtained by dividing (a) the rate of interest per annum determined on the basis of the rate as set by the ICE Benchmark Administration (“ICE”)(or the successor thereto if ICE is no longer making such rate available) for deposits in Dollars for a period equal to the applicable Interest Period which appears on Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m. (London time) two Business Days prior to the first day of the applicable Interest Period by (b) a percentage equal to 1 minus the Eurodollar Reserve Percentage.  If, for any reason, the rate referred to in the preceding clause (a) does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page), then the rate to be used for such clause (a) shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) two Business Days prior to the first day of the applicable Interest Period for a period equal to such Interest Period.  Any change in the maximum rate of reserves described in the preceding clause (b) shall result in a change in LIBOR on the date on which such change in such maximum rate becomes effective.  If LIBOR determined as provided above would be less than zero, LIBOR shall be deemed to be zero.    

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“S&P” means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business, and its successors.

     “Swingline Commitment” means the Swingline Lender’s obligation to make Swingline Loans pursuant to Section 2.2. in an amount up to, but not exceeding, 
$90,000,000, as such amount may be reduced from time to time in accordance with the terms hereof.

“Swingline Lender” means each of Wells Fargo Bank, National Association and Bank of America, N.A., each in its capacity as a Swingline Lender hereunder, together with their respective successors and assigns.  Any reference to “the Swingline Lender” herein shall be deemed to refer to each Swingline Lender, the applicable Swingline Lender or all Swingline Lenders, as the context may require.    

“Termination Date” means January 31, 2022, or such later date to which the Termination Date may be extended pursuant to Section 2.11.

“Total Asset Value” means (without duplication): (a) Real Property Value plus (b) 50.0% of the undepreciated cost of Properties that are developed but that are unleased and vacant plus (c) the book value of construction and undeveloped land plus (d) unrestricted cash and cash equivalents plus (e) book value of Mortgage Receivables plus (f) book value of notes and accounts receivables.  Borrower’s pro rata share of assets held by Unconsolidated Affiliates will be included in Total Asset Value calculations consistent with the above described treatment for wholly owned assets. Notwithstanding the foregoing, for purposes of determining Total Asset Value (i) to the extent that the amount of Total Asset Value attributable to Unconsolidated Affiliates would exceed 15.0% of the Total Asset Value, such excess shall be excluded, (ii) to the extent that the amount of Total Asset Value attributable to (A) Mezzanine Investments, Securitization Investments and Mortgage Receivables (including without limitation, Eligible Mortgage Notes Receivable) would exceed 10.0% of the Total Asset Value and/or (B) Mezzanine Investments and Securitization Investments would exceed 5.0% of the Total Asset Value, such excess shall be excluded, (iii) to the extent that the amount of Total Asset Value attributable to the book value of (A) Unimproved Land and the aggregate Construction Budget for all Real Property would exceed 10.0% of the Total Asset Value and/or (B) Unimproved Land would exceed 5.0% of the Total Asset Value, such excess shall be excluded, (iv) to the extent that the amount of Total Asset Value attributable to Investments in Equity Interest of any Person (other than their respective Subsidiaries and Unconsolidated Affiliates) exceeds 5.0% of the Total Asset Value, such excess shall be excluded and (v) to the extent that the amount of Total Asset Value attributable to Investments of the type described in clauses (ii), (iii) and (iv) would collectively exceed 20.0% of Total Asset Value, such excess will be excluded.

“Unencumbered Asset Value” means the sum (without duplication) of (a) the Real Property Value attributable to Unencumbered Assets which are not Excluded Assets; plus (b) aggregate book value of all Eligible Mortgage Notes Receivable; plus (c) all of the cash and cash equivalents (excluding tenant deposits and other cash and cash equivalents the disposition of which is restricted in any way) of the Borrower and its Wholly Owned Subsidiaries; provided, however, that if the aggregate value of such cash and cash equivalents would exceed 10.0% of Unencumbered Asset Value, the value 

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of such cash and cash equivalents in excess of 10.0% of Unencumbered Asset Value shall be excluded in the determination of Unencumbered Asset Value hereunder; plus (d) 50.0% of the book value of all Unencumbered Assets which are vacant but which have not been vacant for more than 12 months; all as determined in accordance with GAAP.  If the aggregate value of the items described in the preceding clauses (b), (c) and (d) above exceeds 10.0% of Unencumbered Asset Value, the value in excess of 10.0% of Unencumbered Asset Value shall be excluded in the determination of Unencumbered Asset Value.

(e)    The Credit Agreement is further amended by restating Section 2.2. thereof in its entirety to read as follows:

Section 2.2.  Swingline Loans.

(a)    Swingline Loans.  Subject to the terms and conditions hereof, including without limitation Section 2.15., during the period from the Effective Date to but excluding the Swingline Termination Date, each the Swingline Lender severally but not jointly agrees to make Swingline Loans to the Borrower in an aggregate principal amount at any one time outstanding up to, but not exceeding, the lesser (such lesser amount being referred to as the “Swingline Availability” of a given Swingline Lender) of (i) $45,000,000, as such amount may be reduced from time to time in accordance with the terms hereof and (ii) the Commitment of such Swingline Lender in its capacity as a Lender minus the aggregate outstanding principal amount of Loans of such Swingline Lender in its capacity as a Lender.  If at any time the aggregate principal amount of the Swingline Loans made by a Swingline Lender outstanding at such time exceeds the Swingline Availability in effect at such time, the Borrower shall immediately pay the Administrative Agent for the account of such Swingline Lender the amount of such excess.  Subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow Swingline Loans hereunder.  The borrowing of a Swingline Loan shall not constitute usage of any Lender’s Commitment for purposes of calculation of the fee payable under Section 3.6.(b).

(b)    Procedure for Borrowing Swingline Loans.  The Borrower shall give the Administrative Agent notice pursuant to a Notice of Swingline Borrowing or telephonic notice of each borrowing of a Swingline Loan.  Each Notice of Swingline Borrowing shall be delivered to the Administrative Agent no later than 9:00 a.m. on the proposed date of such borrowing and designate the applicable Swingline Lender selected by the Borrower to make such Swingline Loan.  Any telephonic notice shall include all information to be specified in a written Notice of Swingline Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline Borrowing sent to the Administrative Agent by telecopy on the same day of the giving of such telephonic notice.  Promptly after receipt of a Notice of Swingline Borrowing from the Borrower, the Administrative Agent shall give prompt notice of such borrowing to the Swingline Lender selected by the Borrower to make such Swingline Loan.  Not later than 10:00 a.m. Eastern time on the date of the requested Swingline Loan and subject to satisfaction of the applicable conditions set forth in Section 5.2. for such borrowing, the applicable Swingline Lender will make the proceeds of such Swingline Loan available to the Administrative Agent at its Principal Office in Dollars, in immediately available funds for the account of the Borrower.  The amount so received by the Administrative Agent shall, subject to satisfaction of the applicable conditions set forth in Section 5.2. 

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for such borrowing, be made available to the Borrower no later than 11:00 a.m. Eastern time on such date by depositing same, in immediately available funds, in an account of the Borrower designated by the Borrower in the Disbursement Instruction Agreement.  

(c)    Interest.  Swingline Loans shall bear interest at a per annum rate equal to the Base Rate as in effect from time to time plus the Applicable Margin (or at such other rate or rates as the Borrower and the applicable Swingline Lender may agree (with written notice thereof to the Administrative Agent) from time to time in writing).  Interest payable on a Swingline Loan is solely for the account of the Swingline Lender that made such Swingline Loan (except to the extent a Lender acquires a participating interest in such 

Swingline Loan pursuant to the immediately following subsection (e)).  All accrued and unpaid interest on Swingline Loans shall be payable on the dates and in the manner provided in Section 2.4. with respect to interest on Base Rate Loans (except as the applicable Swingline Lender and the Borrower may otherwise agree in writing (with written notice thereof to the Administrative Agent) in connection with any particular Swingline Loan made by such Swingline Lender).

(d)    Swingline Loan Amounts, Etc.  Each Swingline Loan shall be in the minimum amount of $500,000 and integral multiples of $50,000 in excess thereof, or such other minimum amounts agreed to by a Swingline Lender and the Borrower.  Any voluntary prepayment of a Swingline Loan must be in integral multiples of $100,000 or the aggregate principal amount of all outstanding Swingline Loans (or such other minimum amounts upon which the Swingline Lender that made such Swingline Loan and the Borrower may agree) and in connection with any such prepayment, the Borrower must give the Swingline Lender that made such Swingline Loan and the Administrative Agent prior written notice thereof no later than 10:00 a.m. on the date of such prepayment.  The Swingline Loans owing to a Swingline Lender shall, in addition to this Agreement, be evidenced by a Swingline Note in favor of such Swingline Lender.

(e)    Repayment and Participations of Swingline Loans.  The Borrower agrees to repay each Swingline Loan within one Business Day of demand therefor by the Swingline Lender that made such Swingline Loan and, in any event, within five (5) Business Days after the date such Swingline Loan was made; provided, that the proceeds of a Swingline Loan may not be used to repay a Swingline Loan.  Any Swingline Lender making demand for repayment of a Swingline Loan made by such Swingline Lender shall notify the Administrative Agent of such demand on the date such demand is made.  Notwithstanding the foregoing, the Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Swingline Loans on the Swingline Termination Date (or such earlier date as a Swingline Lender and the Borrower may agree in writing (with notice thereof to the Administrative Agent) with respect to Swingline Loans made by such Swingline Lender).  In lieu of demanding repayment of any outstanding Swingline Loan from the Borrower, the Swingline Lender that made such Swingline Loan may, on behalf of the Borrower (which hereby irrevocably directs each applicable Swingline Lender to act on its behalf for such purpose), request a borrowing of Revolving Loans that are Base Rate Loans from the Lenders in an amount equal to the principal balance of such Swingline Loan.  The amount limitations contained in Section 3.5.(a) shall not apply to any borrowing of Revolving Loans made pursuant to this subsection.  Such Swingline Lender shall give notice to the Administrative Agent of any such borrowing of Revolving Loans not later than 9:00 a.m. at least one Business Day prior to the proposed date of such borrowing.  Promptly after receipt of such notice 

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of borrowing of Revolving Loans from a Swingline Lender under the immediately preceding sentence, the Administrative Agent shall give prompt notice of such borrowing to the Lenders.  Not later than 9:00 a.m. on such date, each Lender will make available to the Administrative Agent at the Principal Office for the account of the applicable Swingline Lender, in immediately available funds, the proceeds of the Revolving Loan to be made by such Lender, and, to the extent of such Revolving Loan, such Lender’s participation in the Swingline Loan so repaid shall be deemed to be funded by such Revolving Loan.  The Administrative Agent shall pay the proceeds of such Revolving Loans to the applicable Swingline Lender, which shall apply such proceeds to repay such Swingline Loan.  At the time each Swingline Loan is made, each Lender shall automatically (and without any further notice or action) be deemed to have purchased from the Swingline Lender, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage in such Swingline Loan.  If the Lenders are prohibited from making Revolving Loans required to be made under this subsection for any reason whatsoever, including without limitation, the occurrence of any of the Defaults or Events of Default described in Sections 10.1.(f) or 10.1.(g), upon notice from the Administrative Agent or the applicable Swingline Lender, each Lender severally agrees to purchase from the applicable Swingline Lender, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of such Swingline Loan, by directly purchasing a participation in such Swingline Loan in such amount and paying the proceeds thereof to the Administrative Agent for the account of the applicable Swingline Lender in Dollars and in immediately available funds.  If such amount is not in fact made available to the applicable Swingline Lender by any Lender, such Swingline Lender shall be entitled to recover such amount on demand from such Lender, together with accrued interest thereon for each day from the date of demand thereof, at the Federal Funds Rate.  If such Lender does not pay such amount forthwith upon demand therefor by the applicable Swingline Lender, and until such time as such Lender makes the required payment, the applicable Swingline Lender shall be deemed to continue to have outstanding Swingline Loans in the amount of such unpaid participation obligation for all purposes of the Loan Documents (other than those provisions requiring the other Lenders to purchase a participation therein).  Further, such Lender shall be deemed to have assigned any and all payments made of principal and interest on its Loans, and any other amounts due such Lender hereunder, to the applicable Swingline Lender to fund Swingline Loans in the amount of the participation in Swingline Loans that such Lender failed to purchase pursuant to this Section until such amount has been purchased (as a result of such assignment or otherwise).  A Lender’s obligation to make payments in respect of a participation in a Swingline Loan shall be absolute and unconditional and shall not be affected by any circumstance whatsoever, including without limitation, (i) any claim of setoff, counterclaim, recoupment, defense or other right which such Lender or any other Person may have or claim against the Administrative Agent, any Swingline Lender or any other Person whatsoever, (ii) the occurrence or continuation of a Default or Event of Default (including without limitation, any of the Defaults or Events of Default described in Sections 10.1.(f) or 10.1.(g), or the termination of any Lender’s Commitment, (iii) the existence (or alleged existence) of an event or condition which has had or could have a Material Adverse Effect, (iv) any breach of any Loan Document by the Administrative Agent, any Lender, the Borrower or any other Loan Party, or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.  

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(f)    The Credit Agreement is further amended by restating Section 2.11. thereof in its entirety as follows:

Section 2.11.  Extension of Termination Date.  

Subject to the terms of this Section, the Borrower shall have the right, exercisable up to two times, to request that the Administrative Agent and the Lenders extend the Termination Date by six-months in the case of each such extension.  The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 30 days but not more than 90 days prior to the current Termination Date, a written request for such extension (an “Extension Request”).  The Administrative Agent shall forward to each Lender a copy of the Extension Request delivered to the Administrative Agent promptly upon receipt thereof.  Subject to satisfaction of the following conditions, the Termination Date shall be extended for six-months effective upon receipt by the

Administrative Agent of the Extension Request and payment of the fee referred to in the following clause (c): (a) immediately prior to such extension and immediately after giving effect thereto, no Default or Event of Default shall exist, (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party would be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty will be true and correct in all respects) immediately after giving effect to the requested extension of the Termination Date, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty is true and accurate in all respects) on and as of such earlier date) and (c) the Borrower shall have paid the Fees payable under Section 3.6. (d).  At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Responsible Officer of the Borrower certifying the matters referred to in the immediately preceding clauses (a) and (b).

(g)    The Credit Agreement is further amended by replacing the reference to “$1,000,000,000” in Section 2.14. thereof with “$1,600,000,000”.  

(h)    The Credit Agreement is further amended by restating Section 3.6.(d) thereof in its entirety to read as follows:

(d)    Extension Fee.  If the Borrower exercises its right to extend the Termination Date in accordance with Section 2.11., the Borrower agrees to pay to the Administrative Agent for the account of each Lender a fee equal to 0.075% of the amount of such Lender’s Commitment (whether or not utilized) payable in connection with each such extension.  Such fee shall be due and payable in full on or before the date that is 30 days prior to the current Termination Date.
 
(i)    The Credit Agreement is further amended by adding Section 6.1.(z) immediately following Section 6.1.(y) thereof.

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(z)    EEA Financial Institution.  None of the Borrower, any other Loan Party or any other Subsidiary is an EEA Financial Institution.

(j)    The Credit Agreement is further amended by restating Section 9.1.(a) thereof in its entirety to read as follows:

(a)    Maximum Leverage Ratio.  The ratio of (i) Total Liabilities to (ii) Total Asset Value, to exceed 0.60 to 1.00 at any time; provided, however, that if such ratio is greater than 0.60 to 1.00 but is not greater than 0.65 to 1.00, then the Borrower shall be deemed to be in compliance with this subsection (a) so long as (i) the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect to such Material Acquisition) exceeding 0.60 to 1.00 during the fiscal quarter in which such ratio first exceeded 0.60 to 1.00, (ii) such ratio does not exceed 0.60 to 1.00 for a period of more than three consecutive fiscal quarters immediately following the fiscal quarter in which such Material Acquisition was completed, (iii) the Borrower has not maintained compliance with this subsection (a) in reliance on this proviso more than two times during the term of this Agreement and (iv) such ratio is not greater than 0.65 to 1.00 at any time.  For purposes 
of calculating the ratio contained in this subsection (a) only, as of any date of determination “Total Liabilities” shall be adjusted by deducting therefrom the lesser of (x) the amount of unrestricted cash and cash equivalents in excess of $30,000,000 and (y) the amount of Total Liabilities that matures within 24 months of such date of determination (such lesser amount is referred to as the “Total Liabilities Adjustment”).  If, as of any date of determination, Total Liabilities is adjusted as set forth in the preceding sentence, then, as of such date of determination, “Total Asset Value” shall be reduced by an amount equal to the Total Liabilities Adjustment.

(k)    The Credit Agreement is further amended by restating Section 9.1.(c) thereof in its entirety to read as follows: 

(c)    Unencumbered Asset Ratio.  The ratio of (i) Unencumbered Asset Value to (ii) Unsecured Indebtedness of the Borrower and its Subsidiaries, to be less than 1.67 to 1.00 at any time; provided, however, that if such ratio is less than 1.67 to 1.00 but is not less than 1.54 to 1.00, then the Borrower shall be deemed to be in compliance with this subsection (c) so long as (i) the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect to such Material Acquisition) being less than 1.67 to 1.00 during the fiscal quarter in which such ratio first was less than 1.67 to 1.00, (ii) such ratio is not less than 1.67 to 1.00 for a period of more than three consecutive fiscal quarters immediately following the fiscal quarter in which such Material Acquisition was completed, (iii) the Borrower has not maintained compliance with this subsection (c) in reliance on this proviso more than two times during the term of this Agreement and (iv) such ratio is not less than 1.54 to 1.00 at any time.  For purposes of this subsection (c), during any period that the ratio of Total Liabilities to Total Asset Value is greater than 0.50 to 1.00, the amount of Secured Indebtedness of the Borrower and its Subsidiaries that is not Nonrecourse Indebtedness in excess of 5.00% of Total Asset Value shall be deemed to be Unsecured Indebtedness.

(l)    The Credit Agreement is further amended by restating Section 9.1.(e) thereof in its entirety to read as follows:

(e)    [Reserved].  

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(m)    The Credit Agreement is further amended by restating Section 9.4. thereof in its entirety to read as follows:

Section 9.4.  [Reserved].

(n)    The Credit Agreement is further amended by replacing the references to “$25,000,000” set forth in Section 10.1(e), Section 10.1.(f), Section 10.1.(g), Section 10.1.(i) and Section 10.1.(j) thereof with “$50,000,000”.  

(o)    The Credit Agreement is further amended by restating Section 10.1.(m)(ii) thereof in its entirety to read as follows:

(ii)    During any period of 12 consecutive months ending after the Agreement Date, individuals who at the beginning of any such 12‐month period constituted the Board of Directors of the Borrower (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Borrower was approved by a vote of a majority of the directors then still in office who were either 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 Board of Directors of the Borrower then in office.

(p)    The Credit Agreement is further amended by adding the following Section 12.22 immediately after Section 12.21. thereof:

Section 12.22.  Acknowledgement and Consent to Bail-In of EEA Financial Institutions.

Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

(b)    the effects of any Bail-in Action on any such liability, including, if applicable:

(i)    a reduction in full or in part or cancellation of any such liability;
    
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, 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

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 accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

(iii)    the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.

(q)    The Credit Agreement is further amended by deleting Schedule I attached thereto and replacing it with Schedule I attached hereto.

(r)    The Credit Agreement is further amended by deleting Exhibit F attached thereto and replacing it with Exhibit F attached hereto

Section 2.  Conditions Precedent.  The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:

(a)    The Administrative Agent shall have received each of the following, each in form and substance satisfactory to the Administrative Agent:

(i)    A counterpart of this Amendment duly executed by the Borrower, the Administrative Agent and all of the Lenders;

(ii)    Replacement Revolving Notes executed by the Borrower, payable to any existing Lenders increasing their Commitments pursuant to this Amendment in the amount of the Commitment of such Lender and Swingline Notes executed by the Borrower in favor of each Swingline Lender;

(iii)    An opinion of counsel to the Borrower and the other Loan Parties addressed to the Administrative Agent and the Lenders regarding such matters as the Administrative Agent may reasonably request; 

(iv)    a Certificate of Status with respect to the Borrower issued as of a recent date by the Department of Assessments and Taxation of the State of Maryland and certificates of qualification to transact business or other comparable certificates issued as of a recent date by each Secretary of State (and any state department of taxation, as applicable) of each state in which the Borrower is required to be so qualified and where failure to be so qualified could reasonably be expected to have a Material Adverse Effect; 

(v)    The articles of incorporation of the Borrower certified as of a recent date by the Secretary of State of the State of Maryland;

(vi)    a certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar functions) of the Borrower with respect to each of the officers of the Borrower authorized to execute and deliver this Amendment and any other agreements or documents executed by the Borrower in connection with this Amendment (collectively, the “Amendment Documents”);

(vii)    copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of the Borrower of (A) the by-laws of the Borrower and (B) all corporate, partnership or other necessary action taken by the Borrower to authorize its execution

11

 and delivery of this Amendment, the performance of this Amendment and the Credit Agreement as amended by this Amendment, and the increase in the Commitments contemplated by this Amendment;

(viii)    a Compliance Certificate calculated on a pro forma basis for the Borrower’s fiscal quarter ending June 30, 2017;

(ix)    A certificate from the Borrower’s chief executive officer, chief legal officer, chief financial officer or chief accounting officer certifying as of the date hereof, and after giving effect to the transactions hereby, that (i) no Default or Event of Default shall be in existence and (ii) the representations and warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty is true and correct in all respects) on the date hereof except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Credit Agreement;

(x)    Evidence that all fees payable by the Borrower to the Administrative Agent and the Lenders in connection with this Amendment have been paid; and

(xi)    Such other documents, instruments and agreements as the Administrative Agent may reasonably request.

(b)    In the good faith judgment of the Administrative Agent:

(i)    Since December 31, 2016, there has not been any material adverse condition or material adverse change in or affecting, nor has any circumstance or condition occurred that could reasonably be expected to result in a material adverse change in, or have a material adverse effect on, the business, assets, liabilities, financial condition or results of operations of the Borrower and its subsidiaries, taken as a whole;

(ii)    No litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding shall be pending or threatened which could reasonably be expected to (1) result in a Material Adverse Effect or (2) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect, the ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party;

(iii)    The Borrower and its Subsidiaries shall have received all approvals, consents and waivers, and shall have made or given all necessary filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under, conflict with or violation of (1) any Applicable Law or (2) any agreement, document or instrument to which the Borrower or any other Loan Party is a party or by which any of them or their respective properties is bound, except for such approvals, consents, waivers, filings and notices the receipt, making or giving of which would not reasonably be likely to (A) have a Material Adverse Effect, or (B) restrain or enjoin, impose materially burdensome conditions on,

12

 or otherwise materially and adversely affect the ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party; 

(iv)    The Borrower and each other Loan Party shall have provided all information requested by the Administrative Agent and each Lender in order to comply with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)); and

(v)    There shall not have occurred or exist any other material disruption of financial or capital markets that could reasonably be expected to materially and adversely affect the transactions contemplated by the Loan Documents.

Section 4.  Representations.  The Borrower represents and warrants to the Administrative Agent and the Lenders that:

(a)    Authorization.  The Borrower has the right and power, and has taken all necessary action to authorize it, to execute and deliver this Amendment and to perform its obligations hereunder and under the Credit Agreement, as amended by this Amendment, in accordance with their respective terms.  This Amendment has been duly executed and delivered by a duly authorized officer of the Borrower and each of this Amendment and the Credit Agreement, as amended by this Amendment, is a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its respective terms except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations contained herein or therein and as may be limited by equitable principles generally.

(b)    Compliance with Laws, etc.  The execution and delivery by the Borrower of this Amendment and the performance by the Borrower of this Amendment and the Credit Agreement, as amended by this Amendment, in accordance with their respective terms, do not and will not, by the passage of time, the giving of notice or otherwise:  (i) require any Governmental Approval or violate any Applicable Law (including Environmental Laws) relating to the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute a default under (1) the organizational documents of the Borrower or any other Loan Party, or (2) any indenture, agreement or other instrument to which the Borrower or any other Loan Party is a party or by which it or any of its respective properties may be bound, the violation of which indenture, agreement or other instrument could reasonably be expected to have a Material Adverse Effect; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by the Borrower or any other Loan Party, other than in favor of the Administrative Agent for its benefit and the benefit of the Lenders and the Issuing Banks.

(c)    No Material Adverse Change.  Since December 31, 2016, there has not been any material adverse condition or material adverse change in or affecting, nor has any circumstance or condition occurred that could reasonably be expected to result in a material adverse change in, or have a material adverse effect on, the business, assets, liabilities, financial condition or results of operations of the Borrower and its subsidiaries, taken as a whole.

(d)    No Default.  No Default or Event of Default has occurred and is continuing as of the date hereof or will exist immediately after giving effect to this Amendment.

Section 5.  Reaffirmation of Representations and Borrower.  The Borrower hereby reaffirms that the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party are true and correct in all material respects on and as 

13

of the date hereof with the same force and effect as if made on and as of the date hereof except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and correct in all material respects on and as 
of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Credit Agreement or the other Loan Documents.

Section 6.  Allocations. The Administrative Agent, the Borrower and each Lender agree that upon the effectiveness of this Amendment (the date of such effectiveness, the “Amendment Effective Date”), the outstanding Revolving Loans and the participation interests of the Lenders in any outstanding Letters of Credit and Swingline Loans shall be allocated among the Lenders in accordance with their respective Commitment Percentages calculated based on the Commitments of the Lenders set forth on Schedule I attached hereto (the “Post-Amendment Commitment Percentage”). To effect such allocations, each Lender whose Post-Amendment Commitment Percentage exceeds the amount of such Lender’s Commitment Percentage immediately prior to the effectiveness of this Amendment and any Lender providing a new Commitment shall make a Revolving Loan in such amount as is necessary so that the aggregate principal amount of Revolving Loans held by such Lender shall equal such Lender’s Post-Amendment Commitment Percentage of the aggregate outstanding principal amount of the Revolving Loans as of the Amendment Effective Date.  The Administrative Agent shall make such amounts of the proceeds of such Revolving Loans available (a) to each Lender whose Post-Amendment Commitment Percentage is less than the amount of such Lender’s Commitment Percentage immediately prior to the effectiveness of this Amendment as is necessary so that the aggregate principal amount of Revolving Loans held by such Lender shall equal such Lender’s Post-Amendment Commitment Percentage of the aggregate outstanding principal amount of the Revolving Loans as of the Amendment Effective Date and (b) to the Exiting Lender (as defined below) as is necessary to repay in full the Revolving Loans owing to the Exiting Lender.  The parties hereto confirm that the aggregate outstanding principal amount of the Revolving Loans immediately
prior to the Amendment Effective Date is equal to the aggregate outstanding principal amount of the Revolving Loans immediately after giving effect to the Amendment. Except for any Revolving Notes to be provided to the Lenders in the principal amount of their respective Commitments, no other documents, instruments or fees (other than fees set forth in Section 2(e) above) shall be, or shall be required to be, executed or paid in connection with such allocations (all of which are hereby waived, as necessary).

TD Bank, N.A., as a new Lender under the Credit Agreement on the Amendment Effective Date (the “New Lender”), hereby agrees to provide a new Commitment in the amount set forth for such New Lender on Schedule I attached hereto.  On the Amendment Effective Date, the New Lender agrees to become and shall be deemed a Lender for all purposes of the Credit Agreement, and each reference to the Lenders in the Credit Agreement shall be deemed to include the New Lender. The New Lender hereby appoints Wells Fargo Bank, National Association as the Administrative Agent and authorizes the Administrative Agent to take such action on its behalf and to exercise such powers under the Credit Agreement and other Loan Documents as are delegated to the Administrative Agent by the terms thereof. 

The Administrative Agent, the Borrower and each Lender confirms the amount of each such Lender’s Commitment is as set forth on Schedule I attached hereto.

Section 7.  Certain References.  Each reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit Agreement as amended by this Amendment.  

Section 8.  Expenses.  The Borrower shall reimburse the Administrative Agent upon demand for all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) incurred by the

14

 Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and the other agreements and documents executed and delivered in connection herewith.

Section 9.  Benefits.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

Section 10.  GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

Section 11.  Effect.  Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect.  The amendments contained herein shall be deemed to have prospective application only from the date as of which this Amendment is dated, unless otherwise specifically stated herein.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. On and after the effectiveness of this Amendment, this Amendment shall for all purposes constitute a Loan Document.

Section 12.  Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns.

Section 13.  Definitions.  All capitalized terms not otherwise defined herein are used herein with the respective definitions given them in the Credit Agreement.

[Signatures on Next Page]

15

IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to Amended and Restated Credit Agreement to be executed as of the date first above written.

BORROWER:

NATIONAL RETAIL PROPERTIES, INC.

                    	
			
	By:
	/s/ Kevin B. Habicht

	 
	Name:
	Kevin B. Habicht

	 
	Title:
	Executive Vice President and

	 
	 
	Chief Financial Officer

STATE OF GEORGIA

COUNTY OF FULTON

BEFORE ME, a Notary Public in and for said County, personally appeared Kevin B. Habicht, known to me to be a person who, as Executive Vice President and Chief Financial Officer of National Retail Properties, Inc., the entity which executed the foregoing Second Amendment to Amended and Restated Credit Agreement, signed the same, and acknowledged to me that he did so sign said instrument in the name and upon behalf of said corporation as an officer of said corporation.

IN TESTIMONY WHEREOF, I have subscribed my name, and affixed my official seal, as of October 24, 2017. 

                        	
		
	 
	/s/ Julie Rensink

	 
	Notary Public

	 
	My Commission Expires: September 11, 2018

	 
	[NOTARIAL SEAL]

[Signatures Continued on Next Page]

[Signature Page to Third Amendment to Amended and Restated Credit Agreement
for National Retail Properties, Inc.]

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and as a Lender

                    	
			
	By:
	/s/ Matthew Ricketts

	 
	Name:
	Matthew Ricketts

	 
	Title:
	Managing Director

	 
	 
	 

[Signatures Continued on Next Page]

[Signature Page to Third Amendment to Amended and Restated Credit Agreement
for National Retail Properties, Inc.]

BANK OF AMERICA, N.A., as a Lender

                    	
			
	By:
	/s/ Asad Rafiq

	 
	Name:
	Asad Rafiq

	 
	Title:
	Vice President

	 
	 
	 

[Signatures Continued on Next Page]

[Signature Page to Third Amendment to Amended and Restated Credit Agreement
for National Retail Properties, Inc.]

PNC BANK, NATIONAL ASSOCIATION, as a Lender

	
			
	By:
	/s/ Cory Clement

	 
	Name:
	Cory Clement

	 
	Title:
	Senior Vice President

	 
	 
	 

[Signatures Continued on Next Page]

[Signature Page to Third Amendment to Amended and Restated Credit Agreement
for National Retail Properties, Inc.]

U.S. Bank National Association, as a Lender

	
			
	By:
	/s/ Lori Y. Jensen

	 
	Name:
	Lori Y. Jensen

	 
	Title:
	Senior Vice President

	 
	 
	 

[Signatures Continued on Next Page]

[Signature Page to Third Amendment to Amended and Restated Credit Agreement
for National Retail Properties, Inc.]

ROYAL BANK OF CANADA, as a Lender

	
			
	By:
	/s/ Sheena Lee

	 
	Name:
	Sheena Lee

	 
	Title:
	Authorized Signatory

	 
	 
	 

[Signatures Continued on Next Page]

[Signature Page to Third Amendment to Amended and Restated Credit Agreement
for National Retail Properties, Inc.]

SUNTRUST BANK, as a Lender

	
			
	By:
	/s/ Courtney W. Jones

	 
	Name:
	Courtney W. Jones

	 
	Title:
	Vice President

	 
	 
	 

[Signatures Continued on Next Page]

[Signature Page to Third Amendment to Amended and Restated Credit Agreement
for National Retail Properties, Inc.]

CITIBANK, N.A., as a Lender

	
			
	By:
	/s/ John C. Rowland

	 
	Name:
	John C. Rowland

	 
	Title:
	Vice President

	 
	 
	 

[Signatures Continued on Next Page]

[Signature Page to Third Amendment to Amended and Restated Credit Agreement
for National Retail Properties, Inc.]

BRANCH BANKING AND TRUST COMPANY, as a Lender

	
			
	By:
	/s/ Steve W. Whitcomb

	 
	Name:
	Steve W. Whitcomb

	 
	Title:
	Senior Vice President

	 
	 
	 

[Signatures Continued on Next Page]

[Signature Page to Third Amendment to Amended and Restated Credit Agreement
for National Retail Properties, Inc.]

MORGAN STANLEY BANK, N.A., as a Lender

	
			
	By:
	/s/ Michael King

	 
	Name:
	Michael King

	 
	Title:
	Authorized Signatory

	 
	 
	 

[Signatures Continued on Next Page]

[Signature Page to Third Amendment to Amended and Restated Credit Agreement
for National Retail Properties, Inc.]

TD BANK, N.A., as a Lender

	
			
	By:
	/s/ Sean C. Dunne

	 
	Name:
	Sean C. Dunne

	 
	Title:
	Vice President

	 
	 
	 

[Signatures Continued on Next Page] 

[Signature Page to Third Amendment to Amended and Restated Credit Agreement
for National Retail Properties, Inc.]

CAPITAL ONE, N.A., as a Lender

	
			
	By:
	/s/ Frederick Denecke

	 
	Name:
	Frederick Denecke

	 
	Title:
	Senior Vice President

	 
	 
	 

[Signatures Continued on Next Page]

[Signature Page to Third Amendment to Amended and Restated Credit Agreement
for National Retail Properties, Inc.]

RAYMOND JAMES BANK, N.A., as a Lender

	
			
	By:
	/s/ Matt Stein

	 
	Name:
	Matt Stein

	 
	Title:
	Vice President

	 
	 
	 

SCHEDULE I

Commitments

	
		
	Lender
	Commitment

	Wells Fargo Bank, National Association
	$110,000,000

	Bank of America, N.A.
	$110,000,000

	PNC Bank, National Association
	$87,500,000

	U.S. Bank National Association
	$87,500,000

	Royal Bank of Canada
	$87,500,000

	SunTrust Bank
	$68,500,000

	Citibank, N.A.
	$68,500,000

	Branch Banking and Trust Company
	$68,500,000

	Morgan Stanley Bank, N.A.
	$68,500,000

	TD Bank, N.A.
	$68,500,000

	Capital One, N.A.
	$40,000,000

	Raymond James Bank, N.A.
	$35,000,000

	Total:
	$900,000,000

 

EXHIBIT F

FORM OF NOTICE OF SWINGLINE BORROWING

____________, 20___

Wells Fargo Bank, National Association,
as Administrative Agent
608 Second Avenue S., 11th Floor, 
Minneapolis, Minnesota 55402‐1916

Ladies and Gentlemen:

Reference is made to the Amended and Restated Credit Agreement dated as of May 25, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among National Retail Properties, Inc. (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.6. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto.  Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement.

		
	1.
	Pursuant to Section 2.2(b) of the Credit Agreement, the Borrower hereby requests that [Wells Fargo Bank, National Association][Bank of America, N.A.], in its capacity as Swingline Lender, make a Swingline Loan to the Borrower in an amount equal to $___________________.

		
	2.
	The Borrower requests that such Swingline Loan be made available to the Borrower on ____________, 20___.

		
	3.
	The proceeds of this Swingline Loan will be used for the following purpose: _________________________________________________________________________________________________________________________________________.

		
	4.
	The Borrower requests that the proceeds of the borrowing of this Swingline Loan be made available to the Borrower by ________________________________________.

The Borrower hereby certifies to the Administrative Agent, the Swingline Lender making such Swingline Loan and the Lenders that as of the date hereof, as of the date of the making of the requested Swingline Loan, and after making such Swingline Loan, (a) no Default or Event of Default exists or will exist, and none of the limits specified in Section 2.2(a) and Section 2.16. will be violated; and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, are and shall be true and correct in all material respects, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents.  In addition, the Borrower certifies to the Administrative Agent and the Lenders that all conditions to the making of the requested Swingline Loan contained in Article V. of the Credit Agreement will have been satisfied at the time such Swingline Loan is made.

[Continued on next page]

If notice of the requested borrowing of this Swingline Loan was previously given by telephone, this notice is to be considered the written confirmation of such telephone notice required by Section 2.2(b) of the Credit Agreement.

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Swingline Borrowing as of the date first written above.

NATIONAL RETAIL PROPERTIES, INC.

By: __________________________
     Name: ___________________    
     Title: ____________________    

2Exhibit 10.1

 

 

[EXECUTION COPY]

 

 

 

 

 

 

CREDIT AGREEMENT

 

Dated as of October 24, 2017

 

among

 

ANIKA THERAPEUTICS, INC.,

as the Borrower,

 

CERTAIN SUBSIDIARIES OF THE BORROWER PARTY HERETO,

as the Subsidiary Guarantors,

 

BANK OF AMERICA, N.A.,

as Administrative Agent, Swingline Lender and

L/C Issuer,

 

and

 

THE LENDERS PARTY HERETO

 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

as Sole Lead Arranger and Sole Bookrunner

 

 

 

 

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS AND ACCOUNTING TERMS	1
	1.01	Defined Terms	1
	1.02	Other Interpretive Provisions	36
	1.03	Accounting Terms	37
	1.04	Rounding	38
	1.05	Times of Day	38
	1.06	Letter of Credit Amounts	38
	1.07	UCC Terms	38
	1.08	Rates; Currency Equivalents	38
	 	 	 
	ARTICLE II	COMMITMENTS AND CREDIT EXTENSIONS	39
	2.01	Loans	39
	2.02	Borrowings, Conversions and Continuations of Loans	39
	2.03	Letters of Credit	41
	2.04	Swingline Loans	50
	2.05	Prepayments	54
	2.06	Termination or Reduction of Commitments	55
	2.07	Repayment of Loans	56
	2.08	Interest and Default Rate	56
	2.09	Fees	57
	2.10	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate	58
	2.11	Evidence of Debt	58
	2.12	Payments Generally; Administrative Agent’s Clawback	59
	2.13	Sharing of Payments by Lenders	61
	2.14	Cash Collateral	62
	2.15	Defaulting Lenders	64
	2.16	Increase in Commitments	66
	 	 	 
	ARTICLE III	TAXES, YIELD PROTECTION AND ILLEGALITY	69
	3.01	Taxes	69
	3.02	Illegality	74
	3.03	Inability to Determine Rates	75
	3.04	Increased Costs; Reserves on Eurodollar Rate Loans	75
	3.05	Compensation for Losses	77
	3.06	Mitigation Obligations; Replacement of Lenders	78
	3.07	Survival	78
	 	 	 
	ARTICLE IV	CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	79
	4.01	Conditions of Initial Credit Extension	79
	4.02	Conditions to all Credit Extensions	82
	 	 	 
	ARTICLE V	REPRESENTATIONS AND WARRANTIES	83
	5.01	Existence, Qualification and Power	83
	 	 	 
	

    i 

     

    

	 	 	 
	5.02	Authorization; No Contravention	83
	5.03	Governmental Authorization; Other Consents	83
	5.04	Binding Effect	84
	5.05	Financial Statements; No Material Adverse Effect	84
	5.06	Litigation	85
	5.07	No Default	85
	5.08	Ownership of Property	85
	5.09	Environmental Compliance	85
	5.10	Insurance	86
	5.11	Taxes	86
	5.12	ERISA Compliance	87
	5.13	Margin Regulations; Investment Company Act	87
	5.14	Disclosure	88
	5.15	Compliance with Laws	88
	5.16	Solvency	91
	5.17	Casualty, Etc	91
	5.18	Sanctions Concerns and Anti-Corruption Laws	91
	5.19	Responsible Officers	91
	5.20	Subsidiaries; Equity Interests; Loan Parties	91
	5.21	Collateral Representations	92
	5.22	Compliance with Material Contracts	94
	5.23	Intellectual Property; Licenses, Etc	94
	5.24	Warning Letters	94
	5.25	EEA Financial Institutions	94
	5.26	Regulation H	94
	 	 	 
	ARTICLE VI	AFFIRMATIVE COVENANTS	95
	6.01	Financial Statements	95
	6.02	Certificates; Other Information	96
	6.03	Notices	98
	6.04	Payment of Obligations	99
	6.05	Preservation of Existence, Etc	99
	6.06	Maintenance of Properties	100
	6.07	Maintenance of Insurance	100
	6.08	Compliance with Laws	101
	6.09	Books and Records	101
	6.10	Inspection Rights	101
	6.11	Use of Proceeds	101
	6.12	Material Contracts	101
	6.13	Covenant to Guarantee Obligations	102
	6.14	Covenant to Give Security	102
	6.15	Further Assurances	104
	6.16	Reserved	104
	6.17	Compliance with Environmental Laws	104
	6.18	Anti-Corruption Laws	105
	6.19	Post-Closing Covenants	105
	 	 	 
	

    ii 

     

    

	 	 	 
	ARTICLE VII	NEGATIVE COVENANTS	105
	7.01	Liens	106
	7.02	Indebtedness	108
	7.03	Investments	109
	7.04	Fundamental Changes	111
	7.05	Dispositions	111
	7.06	Restricted Payments	113
	7.07	Change in Nature of Business	114
	7.08	Transactions with Affiliates	114
	7.09	Burdensome Agreements	114
	7.10	Use of Proceeds	114
	7.11	Financial Covenants	115
	7.12	Amendments of Organization Documents; Fiscal Year; Legal Name, State of Formation; Form of Entity and Accounting Changes	115
	7.13	Sale and Leaseback Transactions	115
	7.14	Prepayments, Etc	115
	7.15	Amendment, Etc	116
	7.16	Sanctions	116
	7.17	Massachusetts Security Corporation	116
	7.18	Anti-Corruption Laws	116
	 	 	 
	ARTICLE VIII	EVENTS OF DEFAULT AND REMEDIES	116
	8.01	Events of Default	116
	8.02	Remedies Upon Event of Default	119
	8.03	Application of Funds	120
	 	 	 
	ARTICLE IX	ADMINISTRATIVE AGENT	121
	9.01	Appointment and Authority	121
	9.02	Rights as a Lender	122
	9.03	Exculpatory Provisions	122
	9.04	Reliance by Administrative Agent	124
	9.05	Delegation of Duties	124
	9.06	Resignation of Administrative Agent	124
	9.07	Non-Reliance on Administrative Agent and Other Lenders	126
	9.08	No Other Duties, Etc	126
	9.09	Administrative Agent May File Proofs of Claim; Credit Bidding	127
	9.10	Collateral and Guaranty Matters	128
	9.11	Secured Cash Management Agreements and Secured Hedge Agreements	129
	 	 	 
	ARTICLE X	CONTINUING GUARANTY	129
	10.01	Guaranty	129
	10.02	Rights of Lenders	130
	10.03	Certain Waivers	130
	10.04	Obligations Independent	131
	10.05	Subrogation	131
	10.06	Termination; Reinstatement	131
	 	 	 
	

    iii 

     

    

	 	 	 
	10.07	Stay of Acceleration	131
	10.08	Condition of Borrower	132
	10.09	Appointment of Borrower	132
	10.10	Right of Contribution	132
	10.11	Keepwell	132
	 	 	 
	ARTICLE XI	MISCELLANEOUS	133
	11.01	Amendments, Etc	133
	11.02	Notices; Effectiveness; Electronic Communications	135
	11.03	No Waiver; Cumulative Remedies; Enforcement	137
	11.04	Expenses; Indemnity; Damage Waiver	138
	11.05	Payments Set Aside	141
	11.06	Successors and Assigns	142
	11.07	Treatment of Certain Information; Confidentiality	147
	11.08	Right of Setoff	149
	11.09	Interest Rate Limitation	149
	11.10	Counterparts; Integration; Effectiveness	150
	11.11	Survival of Representations and Warranties	150
	11.12	Severability	150
	11.13	Replacement of Lenders	151
	11.14	Governing Law; Jurisdiction; Etc	151
	11.15	Waiver of Jury Trial	153
	11.16	Subordination	153
	11.17	No Advisory or Fiduciary Responsibility	154
	11.18	Electronic Execution	154
	11.19	USA PATRIOT Act Notice	155
	11.20	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	155
	11.21	ENTIRE AGREEMENT	156

 

 

    iv 

     

    

 

SCHEDULES

 

	Schedule 1.01(a)	Address for Notices
	Schedule 1.01(b)	Commitments
	Schedule 1.01(c)	Responsible Officers
	Schedule 1.01(d)	Material Contracts
	Schedule 1.01(e)	Non-Core Assets
	Schedule 5.09(b)	Environmental Matters
	Schedule 5.12	Pension Plans
	Schedule 5.20(a)	Subsidiaries, Joint Ventures, Partnerships and Other Equity Investments
	Schedule 5.20(b)	Loan Parties
	Schedule 5.21(b)	Intellectual Property
	Schedule 5.21(c)	Documents, Instrument, and Tangible Chattel Paper
	Schedule 5.21(d)(i)	Deposit Accounts & Securities Accounts
	Schedule 5.21(d)(ii)	Electronic Chattel Paper & Letter-of-Credit Rights
	Schedule 5.21(e)	Commercial Tort Claims
	Schedule 5.21(f)	Pledged Equity Interests
	Schedule 5.21(g)(i)	Mortgaged Properties
	Schedule 5.21(g)(ii)	Other Properties
	Schedule 7.01	Existing Liens
	Schedule 7.02	Existing Indebtedness
	Schedule 7.03	Existing Investments
	Schedule 7.08	Transactions with Affiliates
	 	 
	EXHIBITS
	 
	Exhibit A	Form of Administrative Questionnaire
	Exhibit B	Form of Assignment and Assumption
	Exhibit C	Form of Compliance Certificate
	Exhibit D	Form of Joinder Agreement
	Exhibit E	Form of Loan Notice
	Exhibit F	Form of Permitted Acquisition Certificate
	Exhibit G	Form of Revolving Note
	Exhibit H	Form of Secured Party Designation Notice
	Exhibit I	Form of Solvency Certificate
	Exhibit J	Form of Swingline Loan Notice
	Exhibit K	Forms of U.S. Tax Compliance Certificates
	Exhibit L	[Intentionally Omitted]
	Exhibit M	Form of Landlord Waiver
	Exhibit N	Form of Authorization to Share Insurance Information
	Exhibit O	Form of Notice of Loan Prepayment

 

    v 

     

    

 

CREDIT AGREEMENT

 

This CREDIT AGREEMENT is entered into
as of October 24, 2017, among ANIKA THERAPEUTICS, INC., a Massachusetts corporation (the “Borrower”),
the Subsidiaries of the Borrower as are or may from time to time become parties to this Agreement as Subsidiary Guarantors (defined
herein), the Lenders (defined herein), and BANK OF AMERICA, N.A., as Administrative Agent, Swingline Lender and L/C Issuer.

 

PRELIMINARY STATEMENTS:

 

WHEREAS, the Borrower has requested that
the Lenders, the Swingline Lender and the L/C Issuer make loans and other financial accommodations to the Borrower in an aggregate
amount of $50,000,000, in the form of a revolving credit facility.

 

WHEREAS, the Lenders, the Swingline Lender
and the L/C Issuer have agreed to make such loans and other financial accommodations to the Borrower on the terms and subject to
the conditions set forth herein.

 

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

 

ARTICLE
I

DEFINITIONS AND ACCOUNTING TERMS

 

		1.01	Defined Terms.

 

As used in this Agreement, the following terms
shall have the meanings set forth below:

 

“Acquisition” means the acquisition,
whether through a single transaction or a series of related transactions, of (a) a majority of the Voting Stock or other controlling
ownership interest in another Person (including the purchase of an option, warrant or convertible or similar type security to acquire
such a controlling interest at the time it becomes exercisable by the holder thereof), whether by purchase of such equity or other
ownership interest or upon the exercise of an option or warrant for, or conversion of securities into, such equity or other ownership
interest, or (b) assets of another Person which constitute all or substantially all of the assets of such Person or of a division,
line of business or other business unit of such Person.

 

“Additional Secured Obligations”
means (a) all obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements and (b) to the extent provided
for in this Agreement and the Loan Documents, all out-of-pocket costs and expenses incurred in connection with enforcement and
collection of the foregoing, including the fees, charges and disbursements of outside counsel, in each case whether direct or indirect
(including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including
interest, expenses and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding
under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest, expenses
and fees are allowed claims in such proceeding; provided that (i) Additional Secured Obligations of a Loan Party shall exclude
any Excluded Swap Obligations with respect to such Loan Party, (ii) any obligations or liabilities pursuant to any Secured Cash
Management Agreement or Secured Hedge Agreement shall be guaranteed pursuant to the Loan Documents only to the extent that, and
for so long as, the other Obligations are guaranteed and (iii) any release of any Guarantor effected in the manner permitted by
this Agreement shall not require the consent of holders/lenders party to any Secured Cash Management Agreement or Secured Hedge
Agreement.

 

    	1

     

    

 

“Administrative Agent” means
Bank of America (in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

 

“Administrative Agent’s Office”
means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 1.01(a), or such other
address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders.

 

“Administrative Questionnaire”
means an Administrative Questionnaire in substantially the form of Exhibit A or any other form approved by the Administrative
Agent.

 

“Affiliate” means, with respect
to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with the Person specified.

 

“Aggregate Commitments” means
the Commitments of all the Lenders.

 

“Agreement” means this Credit
Agreement.

 

“Applicable Percentage” means
the percentage (carried out to the ninth decimal place) of the Revolving Facility represented by such Revolving Lender’s
Revolving Commitment at such time, subject to adjustment as provided in Section 2.15. If the Commitment of all of the Revolving
Lenders to make Revolving Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant
to Section 8.02, or if the Revolving Commitments have expired, then the Applicable Percentage of each Revolving Lender shall be
determined based on the Applicable Percentage of such Revolving Lender in respect of the Revolving Facility most recently in effect,
giving effect to any subsequent assignments. The Applicable Percentage of each Lender in respect of the Revolving Facility is set
forth opposite the name of such Lender on Schedule 1.01(b) or in the Assignment and Assumption pursuant to which such
Lender becomes a party hereto or in any documentation executed by such Lender pursuant to Section 2.16.

 

“Applicable Rate” means,
for any day, the rate per annum set forth below opposite the applicable Level then in effect (based on the Consolidated Leverage
Ratio), it being understood that the Applicable Rate for (a) Revolving Loans that are Base Rate Loans shall be the percentage
set forth under the column “Base Rate Loans”, (b) Revolving Loans that are Eurodollar Rate Loans shall be the
percentage set forth under the column “Eurodollar Rate Loans & Letter of Credit Fee”, (c) the Letter of Credit
Fee shall be the percentage set forth under the column “Eurodollar Rate Loans & Letter of Credit Fee”, and (d) the
Commitment Fee shall be the percentage set forth under the column “Commitment Fee”:

 

    	2

     

    

 

	Applicable Rate
	Level	Consolidated Leverage Ratio	Eurodollar Rate Loans

& Letter of Credit Fee	Base Rate Loans	Commitment Fee
	1	< 1.00:1.00	1.25%	0.25%	0.25%
	2	> 1.00:1.00 and

< 2.00:1.00	1.50%	0.50%	0.25%
	3	> 2.00:1.00	1.75%	0.75%	0.25%

 

Any increase or decrease in the Applicable Rate resulting from a
change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date a
Compliance Certificate is delivered pursuant to Section 6.02(b); provided, however, that (i) if a Compliance Certificate
is not delivered when due in accordance with such Section, then, upon the election of the Administrative Agent, or at the request
of the Required Lenders, Level 3 shall apply, in each case as of the first Business Day after the date on which such Compliance
Certificate was required to have been delivered and in each case shall remain in effect until the first Business Day following
the date on which such Compliance Certificate is delivered and (ii) at the election of the Administrative Agent or the Required
Lenders, while the Default Rate is in effect, the highest rate set forth in each column of the Applicable Rate shall apply.

 

Notwithstanding anything to the contrary contained in this definition,
(x) the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b), and (y) the
initial Applicable Rate shall be set forth in Level 1 until the first Business Day immediately following the date a Compliance
Certificate is delivered pursuant to Section 6.02(b) for the fiscal quarter ending September 30, 2017. Any adjustment in the Applicable
Rate shall be applicable to all Credit Extensions then existing or subsequently made or issued.

 

“Applicable Revolving Percentage”
means with respect to any Revolving Lender at any time, such Revolving Lender’s Applicable Percentage in respect of the Revolving
Facility at such time.

 

“Appropriate Lender” means,
at any time, (a) with respect to the Revolving Facility, a Lender that has a Commitment with respect to the Revolving Facility
or holds a Revolving Loan thereunder at such time, (b) with respect to the Letter of Credit Sublimit, (i) the L/C Issuer and (ii)
if any Letters of Credit have been issued pursuant to Section 2.03, the Revolving Lenders and (c) with respect to the Swingline
Sublimit, (i) the Swingline Lender and (ii) if any Swingline Loans are outstanding pursuant to Section 2.04(a), the Revolving Lenders.

 

“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.

 

“Arranger” means Merrill
Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation
to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking,
commercial lending services or related businesses may be transferred following the date of this Agreement), in its capacity as
sole lead arranger and sole bookrunner.

 

    	3

     

    

 

“Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent
is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit B or any
other form (including an electronic documentation form generated by use of an electronic platform) approved by the Administrative
Agent.

 

“Attributable Indebtedness”
means, on any date, (a) in respect of any Capitalized Lease of any Person, the capitalized amount thereof that would appear on
a balance sheet of such Person prepared as of such date in accordance with GAAP, (b) in respect of any Synthetic Lease Obligation,
the capitalized amount of the remaining lease or similar payments under the relevant lease or other applicable agreement or instrument
that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease or other agreement
or instrument were accounted for as a Capitalized Lease, (c) all Synthetic Debt of such Person, 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.

 

“Audited Financial Statements”
means the audited Consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2015,
and the related Consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year
of the Borrower and its Subsidiaries, including the notes thereto.

 

“Authorization to Share Insurance Information”
means the authorization substantially in the form of Exhibit N (or such other form as required by each of the Loan Party’s
insurance companies).

 

“Availability Period” means
the period from and including the Closing Date to the earliest of (a) the Maturity Date, (b) the date of termination
of the Revolving Commitments pursuant to Section 2.06, and (c) the date of termination of the Commitment of each Revolving
Lender to make Revolving Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02.

 

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

 

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

 

“Bank of America” means Bank
of America, N.A. and its successors.

 

“Base Rate” means for any
day a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the rate of interest
in effect for such day as publicly announced from time to time by the Administrative Agent as its “prime rate,” and
(c) the Eurodollar Rate plus 1.00%, provided that if the Base Rate shall be less than zero, such rate shall be deemed zero for
purposes of this Agreement. The “prime rate” is a rate set by the Administrative Agent based upon various factors including
the Administrative Agent’s costs and desired return, general economic conditions and other factors, and is used as a reference
point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced
by the Administrative Agent shall take effect at the opening of business on the day specified in the public announcement of such
change.

 

    	4

     

    

 

“Base Rate Loan” means a
Revolving Loan that bears interest based on the Base Rate.

 

“Borrower” has the meaning
specified in the introductory paragraph hereto.

 

“Borrower Materials” has
the meaning specified in Section 6.02.

 

“Borrowing” means a Revolving
Borrowing or a Swingline Borrowing, as the context may require.

 

“Business Day” means any
day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact
closed in, the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan,
means any such day that is also a London Banking Day.

 

“Capital Expenditures” means,
with respect to any Person for any period, any expenditure in respect of the purchase or other acquisition of any fixed or capital
asset (excluding normal replacements and maintenance which are properly charged to current operations). For purposes of this definition,
“Capital Expenditures” shall exclude (a) expenditures made in connection with the acquisition, replacement,
substitution or restoration of assets to the extent (i) financed with insurance proceeds (or other similar recoveries) paid on
account of the loss of or damage to the assets being replaced or restored, up to the amount so financed, (ii) financed with
cash awards of compensation arising from the condemnation or other taking for public us of the assets being replaced, up to the
amount so financed or (iii) simultaneously made with the trade-in of existing equipment, up to the credit granted by the seller
of such equipment for the equipment being traded in at such time, and (b) expenditures made to fund the purchase price for assets
acquired in Permitted Acquisitions.

 

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

 

“Cash Collateralize” means,
to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the L/C Issuer or Swingline Lender (as applicable)
or the Lenders, as collateral for L/C Obligations, the Obligations in respect of Swingline Loans, or obligations of the Revolving
Lenders to fund participations in respect of either thereof (as the context may require), (a) cash or deposit account balances,
(b) backstop letters of credit entered into on terms, from issuers and in amounts satisfactory to the Administrative Agent and
the applicable L/C Issuer, and/or (c) if the Administrative Agent and the L/C Issuer or Swingline Lender shall agree, in their
sole discretion, other credit support, in each case, in Dollars and pursuant to documentation in form and substance satisfactory
to the Administrative Agent and the L/C Issuer or Swingline Lender (as applicable). “Cash Collateral” shall
have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

 

    	5

     

    

 

“Cash Equivalents” means
any of the following types of Investments, to the extent owned by the Borrower or any of its Subsidiaries free and clear of all
Liens (other than Permitted Liens):

 

(a)       readily
marketable obligations issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality
thereof having maturities of not more than three hundred sixty days (360) days from the date of acquisition thereof; provided
that the full faith and credit of the United States is pledged in support thereof;

 

(b)       time
deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (A) is a Lender
or (B) is organized under the laws of the United States, any state thereof or the District of Columbia or is the principal banking
subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the District of Columbia,
and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described
in clause (c) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities
of not more than one hundred eighty (180) days from the date of acquisition thereof;

 

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

 

(d)       Investments,
classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market investment programs
registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating
obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character,
quality and maturity described in clauses (a), (b) and (c) of this definition.

 

“Cash Management Agreement”
means any agreement that is not prohibited by the terms hereof to provide treasury or cash management services, including deposit
accounts, overnight draft, credit cards, debit cards, p-cards (including purchasing cards and commercial cards), funds transfer,
automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation
and reporting and trade finance services and other cash management services.

 

“Cash Management Bank” means
any Person in its capacity as a party to a Cash Management Agreement that, (a) at the time it enters into a Cash Management
Agreement with a Loan Party or any Subsidiary, is a Lender or an Affiliate of a Lender, or (b) at the time it (or its Affiliate)
becomes a Lender, is a party to a Cash Management Agreement with a Loan Party or any Subsidiary, in each case in its capacity as
a party to such Cash Management Agreement (even if such Person ceases to be a Lender or such Person’s Affiliate ceased to
be a Lender); provided, however, that for any of the foregoing Cash Management Agreements to be included as a “Secured
Cash Management Agreement” on any date of determination by the Administrative Agent, the applicable Cash Management Bank
(other than the Administrative Agent or an Affiliate of the Administrative Agent) must have delivered a Secured Party Designation
Notice to the Administrative Agent prior to such date of determination.

 

    	6

     

    

 

“CERCLA” means the Comprehensive
Environmental Response, Compensation and Liability Act of 1980.

 

“CERCLIS” means the Comprehensive
Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental Protection Agency.

 

“CFC” means a Person that
is a controlled foreign corporation under Section 957 of the Code.

 

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

 

“Change of Control” means
an event or series of events by which:

 

(a)       any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its
capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as
defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have
“beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is
exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly,
of thirty percent (30)% or more of the Equity Interests of the Borrower entitled to vote for members of the board of directors
or equivalent governing body of the Borrower on a fully-diluted basis (and taking into account all such securities that such “person”
or “group” has the right to acquire pursuant to any option right); or

 

(b)       during
any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing
body of the Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on
the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by
individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that
board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body
was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at
least a majority of that board or equivalent governing body; or

 

    	7

     

    

 

(c)       a
“change of control” or any comparable term under, and as defined in, any Subordinated Debt Document or other Material
Indebtedness shall have occurred.

 

“Closing Date” means the
date hereof.

 

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

 

“Collateral” means all of
the “Collateral” and “Mortgaged Property” referred to in the Collateral Documents and all
of the other property that is or is intended under the terms of the Collateral Documents to be subject to Liens in favor of the
Administrative Agent for the benefit of the Secured Parties. For the avoidance of doubt, “Collateral” does not
include Excluded Property.

 

“Collateral Documents” means,
collectively, the Security Agreement, any Mortgages, any related Mortgaged Property Support Documents, each Joinder Agreement,
each of the other mortgages, collateral assignments, security agreements, pledge agreements or other similar agreements delivered
to the Administrative Agent pursuant to Section 6.14, and each of the other agreements, instruments or documents that creates or
purports to create a Lien in favor of the Administrative Agent for the benefit of the Secured Parties.

 

“Commitment” means a Revolving
Commitment.

 

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

 

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

 

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

 

“Consolidated” means, when
used with reference to financial statements or financial statement items of the Borrower and its Subsidiaries or any other Person,
such statements or items on a consolidated basis in accordance with the consolidation principles of GAAP.

 

    	8

     

    

 

“Consolidated EBITDA” means,
for any period, the sum of the following determined on a Consolidated basis, without duplication, for the Borrower and its Subsidiaries
in accordance with GAAP, (a) Consolidated Net Income for the most recently completed Measurement Period plus (b) the following
to the extent deducted in calculating such Consolidated Net Income (without duplication): (i) Consolidated Interest Charges, (ii)
the provision for federal, state, local and foreign income taxes payable, (iii) depreciation and amortization expense, (iv) non-cash
stock-based compensation expense (net of any cash payments related to stock-based compensation), (vi) non-cash charges and losses,
including, without limitation, non-cash charges and losses relating to accounts receivable, inventory and intangibles and other
asset charges and/or write-offs (but excluding any such non-cash charges or losses to the extent (A) there were cash charges with
respect to such charges and losses in past accounting periods or (B) there is a reasonable expectation that there will be cash
charges with respect to such charges and losses in future accounting periods), (vii) transaction fees and expenses incurred on
or prior to the Closing Date in connection with the transactions contemplated under this Agreement and the other Loan Documents
(including fees paid to the Administrative Agent, the Arranger or any Lender pursuant to this Agreement or the Fee Letter) in an
aggregate amount not to exceed $500,000, (viii) transaction fees and expenses incurred in connection with any Permitted Acquisition,
provided that the aggregate amount added back pursuant to this clause (viii) for any Measurement Period shall not exceed 10% of
Consolidated EBITDA for such Measurement Period (prior to giving effect to the add-back in this clause (viii)), and (ix) transaction
fees and expenses incurred in connection with any amendment, modification or waiver in respect of this Agreement or any other Loan
Document, less (c) without duplication and to the extent reflected as a gain or otherwise included in the calculation of
Consolidated Net Income for such period non-cash gains (excluding any such non-cash gains to the extent (A) there were cash gains
with respect to such gains in past accounting periods or (B) there is a reasonable expectation that there will be cash gains with
respect to such gains in future accounting periods).

 

“Consolidated Funded Indebtedness”
means, as of any date of determination, for the Borrower and its Subsidiaries on a Consolidated basis, the sum of (a) the outstanding
principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and all
obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments; (b) all purchase money Indebtedness;
(c) the maximum amount available to be drawn under issued and outstanding letters of credit (including standby and commercial),
bankers’ acceptances, bank guaranties, surety bonds and similar instruments; (d) all obligations in respect of the deferred
purchase price of property or services (other than trade accounts payable in the ordinary course of business); (e) all Attributable
Indebtedness; (f) all obligations to purchase, redeem, retire, defease or otherwise make any payment prior to the Maturity Date
in respect of any Equity Interests 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;
(g) without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through
(f) above of Persons other than the Borrower or any Subsidiary thereof; and (h) all Indebtedness of the types referred to in clauses
(a) through (g) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability
company) in which the Borrower or a Subsidiary thereof is a general partner or joint venturer, unless such Indebtedness is expressly
made non-recourse to the Borrower or such Subsidiary.

 

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

 

    	9

     

    

 

“Consolidated Interest Coverage Ratio”
means, as of any date of determination, the ratio of (a) Consolidated EBITDA for the most recently completed Measurement Period
to (b) Consolidated Interest Charges for the most recently completed Measurement Period

 

“Consolidated Leverage Ratio”
means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA
for the most recently completed Measurement Period.

 

“Consolidated Net Income”
means, at any date of determination, the net income (or loss) of the Borrower and its Subsidiaries on a Consolidated basis for
the most recently completed Measurement Period; provided that Consolidated Net Income shall exclude (a) extraordinary non-cash
gains and extraordinary non-cash losses for such Measurement Period, (b) the net income of any Subsidiary during such Measurement
Period to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary of such income is
not permitted by operation of the terms of its Organization Documents or any agreement, instrument or Law applicable to such Subsidiary
during such Measurement Period, except that the Borrower’s equity in any net loss of any such Subsidiary for such Measurement
Period shall be included in determining Consolidated Net Income, and (c) any income (or loss) for such Measurement Period of any
Person if such Person is not a Subsidiary, except that the Borrower’s equity in the net income of any such Person for such
Measurement Period shall be included in Consolidated Net Income up to the aggregate amount of cash actually distributed by such
Person during such Measurement Period to the Borrower or a Subsidiary as a dividend or other distribution (and in the case of a
dividend or other distribution to a Subsidiary, such Subsidiary is not precluded from further distributing such amount to the Borrower
as described in clause (b) of this proviso).

 

“Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking
to which such Person is a party or by which it or any of its property is bound.

 

“Control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through
the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto. Without limiting the generality of the foregoing, a Person shall be deemed to be Controlled
by another Person if such other Person possesses, directly or indirectly, power to vote ten percent (10%) or more of the securities
having ordinary voting power for the election of directors, managing general partners or the equivalent.

 

“Cost of Acquisition” means,
with respect to any Acquisition, as at the date of entering into any agreement therefor, the sum of the following (without duplication):
(a) the value of the Equity Interests of the Borrower or any Subsidiary to be transferred in connection with such Acquisition,
(b) the amount of any cash and fair market value of other property (excluding property described in clause (a) and the unpaid principal
amount of any debt instrument) given as consideration in connection with such Acquisition, (c) the amount (determined by using
the face amount or the amount payable at maturity, whichever is greater) of any Indebtedness incurred, assumed or acquired by the
Borrower or any Subsidiary in connection with such Acquisition, (d) all additional purchase price amounts in the form of earnouts,
milestone payments, royalty payments, working capital adjustments and other contingent obligations that should be recorded on the
financial statements of the Borrower and its Subsidiaries in accordance with GAAP in connection with such Acquisition, (e) all
amounts paid in respect of covenants not to compete and consulting agreements that should be recorded on the financial statements
of the Borrower and its Subsidiaries in accordance with GAAP, and other affiliated contracts in connection with such Acquisition,
and (f) the aggregate fair market value of all other consideration given by the Borrower or any Subsidiary in connection with such
Acquisition. For purposes of determining the Cost of Acquisition for any transaction, the Equity Interests of the Borrower shall
be valued in accordance with GAAP.

 

    	10

     

    

 

“Credit Extension” means
each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

 

“Debt Issuance” means the
issuance by any Loan Party or any Subsidiary of any Indebtedness other than Indebtedness permitted under Section 7.02(a), (b) and
Section 7.02(d) - (f).

 

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

 

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

 

“Default Rate” means (a)
with respect to any Obligation (other than fees under Secured Cash Management Agreements and Secured Hedge Agreements) for which
a rate is specified, a rate per annum equal to two percent (2%) in excess of the rate otherwise applicable thereto and (b) with
respect to any Obligation (other than fees under Secured Cash Management Agreements and Secured Hedge Agreements) for which a rate
is not specified or available, a rate per annum equal to the Base Rate plus the Applicable Rate for Revolving Loans that
are Base Rate Loans plus two percent (2%), in each case, to the fullest extent permitted by applicable Law.

 

“Defaulting Lender” means,
subject to Section 2.15(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2)
Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent
and the Borrower 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 (ii) pay to the Administrative Agent, the L/C Issuer, the Swingline Lender or any other
Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or
Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent,
the L/C Issuer or the Swingline 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 Borrower, to confirm in writing to the Administrative Agent and the Borrower 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 Borrower), 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, 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, and the effective date of such status, shall be conclusive and binding
absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15(b)) as of the date established
therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative
Agent to the Borrower, the L/C Issuer, the Swingline Lender and each other Lender promptly following such determination.

 

    	11

     

    

 

“Designated Jurisdiction”
means any country or territory to the extent that such country or territory is the subject of any Sanction.

 

“Disposition” or “Dispose”
means the sale, transfer, license, lease or other disposition (including any Sale and Leaseback Transaction) of any property by
any Loan Party or Subsidiary thereof (or the granting of any option or other right to do any of the foregoing), including any sale,
assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims
associated therewith, but excluding any Involuntary Disposition.

 

“Disqualified Stock” shall
mean, with respect to any Person, any Equity Interests of such Person that, by its terms (or by the terms of any security or other
Equity Interest into which it is convertible or for which it is exchangeable) or upon the happening of any event or condition or
pursuant to any agreement, (a) matures or is mandatorily redeemable (other than solely for Qualified Stock), pursuant to a sinking
fund obligation or otherwise (except as a result of a Change of Control or asset sale so long as any rights of the holders thereof
upon the occurrence of a Change of Control or asset sale event shall be subject to the prior occurrence of the Facility Termination
Date), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Stock) (except as a result of a Change
of Control or asset sale so long as any rights of the holders thereof upon the occurrence of a Change of Control or asset sale
event shall be subject to the prior occurrence of the Facility Termination Date), in whole or in part, (c) provides for the scheduled
payments of dividends in cash or (d) is or may be convertible into or exchangeable for Indebtedness or any other Equity Interest
that would constitute Disqualified Stock, in each case, prior to the date that is ninety-one (91) days after the Maturity Date;
provided, that Equity Interests issued pursuant to a plan for the benefit of directors, officers, employees and consultants
of Borrower or its Subsidiaries or by any such plan to such employees shall not constitute Disqualified Stock solely because it
may be required to be repurchased by Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations.

 

    	12

     

    

 

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

 

“Domestic Subsidiary” means
any Subsidiary that is organized under the laws of any political subdivision of the United States.

 

“Eligible Assignee” means
any Person that meets the requirements to be an assignee under Section 11.06 (subject to such consents, if any, as may be required
under Section 11.06(b)(iii)).

 

“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.

 

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

 

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

 

“Environmental Permit” means
any permit, approval, identification number, license or other authorization required under any Environmental Law.

 

    	13

     

    

 

“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.

 

“Equity Issuance” means,
any issuance by any Loan Party or any Subsidiary thereof to any Person of its Equity Interests, other than (a) any issuance of
its Equity Interests pursuant to the exercise of options or warrants, (b) any issuance of its Equity Interests pursuant to the
conversion of any debt securities to equity or the conversion of any class of equity securities to any other class of equity securities,
(c) any issuance of options or warrants relating to its Equity Interests, and (d) any issuance by the Borrower of its Equity Interests
as consideration for a Permitted Acquisition. The term “Equity Issuance” shall not be deemed to include any Disposition
or any Debt Issuance.

 

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

 

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

 

“ERISA Event” means (a) a
Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Borrower or any ERISA Affiliate from a Pension Plan
subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in
Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c)
a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer
Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination
under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event
or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer,
any Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered or critical
status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; (h) the imposition of
any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the
Borrower or any ERISA Affiliate or (i) a failure by the Borrower or any ERISA Affiliate to meet all applicable requirements under
the Pension Funding Rules in respect of a Pension Plan, whether or not waived, or the failure by the Borrower or any ERISA Affiliate
to make any required contribution to a Multiemployer Plan.

 

“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.

 

    	14

     

    

 

“Eurodollar Rate” means:

 

(a)       for
any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”),
or a comparable or successor rate which rate is approved by the Administrative Agent, as published on the applicable Bloomberg
screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent
from time to time) (in such case, the “LIBOR Rate”) at or about 11:00 a.m., London time, two (2) Business Days
prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period; and

 

(b)       for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the LIBOR Rate, at or about
11:00 a.m., London time, two (2) Business Days prior to such date for Dollar deposits with a term of one (1) month commencing that
day;

 

provided that: (i) to the extent a comparable or successor
rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent
with market practice; provided, further that to the extent such market practice is not administratively feasible
for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative
Agent and (ii) if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

 

“Eurodollar Rate Loan” means
a Revolving Loan that bears interest at a rate based on clause (a) of the definition of “Eurodollar Rate”.

 

“Event of Default” has the
meaning specified in Section 8.01.

 

“Excluded Property” has the
meaning set forth in the Security Agreement.

 

“Excluded Swap Obligation”
means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such
Loan Party of, or the grant by such Loan Party of a Lien to secure, such Swap Obligation (or any Guarantee thereof) is or becomes
illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application
or official interpretation thereof) by virtue of such Loan Party’s failure for any reason to constitute an “eligible
contract participant” as defined in the Commodity Exchange Act (determined after giving effect to Section 10.11 and any other
“keepwell, support or other agreement for the benefit of such Loan Party and any and all guarantees of such Loan Party’s
Swap Obligations by other Loan Parties) at the time the Guaranty of such Loan Party, or grant by such Loan Party of a Lien, becomes
effective with respect to such Swap Obligation. If a Swap Obligation arises under a Master Agreement governing more than one Swap
Contract, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swap Contracts for which
such Guaranty or Lien is or becomes excluded in accordance with the first sentence of this definition.

 

    	15

     

    

 

“Excluded Taxes” means any
of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to a Recipient,
(a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,
(i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of
any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that
are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the
account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on
which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower
under Section 11.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section
3.01(a)(ii), (a)(iii) or (c), 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 Office, (c) Taxes attributable
to such Recipient’s failure to comply with Section 3.01(e) and (d) any U.S. federal withholding Taxes imposed pursuant to
FATCA.

 

“Facility Termination Date”
means the date as of which all of the following shall have occurred: (a) the Aggregate Commitments have terminated, (b) all Obligations
have been paid in full (other than contingent indemnification obligations), and (c) all Letters of Credit have terminated or expired
(other than Letters of Credit that have been Cash Collateralized or as to which other arrangements with respect thereto satisfactory
to the Administrative Agent and the L/C Issuer shall have been made).

 

“FASB ASC” means the Accounting
Standards Codification of the Financial Accounting Standards Board.

 

“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
agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreements implementing the foregoing.

 

“Federal Funds Rate” means,
for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members
of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day;
provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions
on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published
on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary,
to a whole multiple of 1/100 of 1%) charged to the Administrative Agent on such day on such transactions as determined by the Administrative
Agent.

 

“Fee Letter” means the letter
agreement, dated the Closing Date, between the Borrower, the Administrative Agent and the Arranger.

 

“FIRREA” means the Financial
Institutions Reform, Recovery and Enforcement Act of 1989, as amended.

 

    	16

     

    

 

“Foreign Lender” means (a)
if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that
is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For
purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a
single jurisdiction.

 

“Foreign Subsidiary” means
any Subsidiary that is not a Domestic Subsidiary.

 

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

 

“Flood Hazard Property” means
any Mortgaged Property that is in an area designated by the Federal Emergency Management Agency as having special flood or mudslide
hazards.

 

“Fronting Exposure” means,
at any time there is a Defaulting Lender that is a Revolving Lender, (a) with respect to the L/C Issuer, such Defaulting Lender’s
Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s
participation obligation has been reallocated to other Revolving Lenders or Cash Collateralized in accordance with the terms hereof,
and (b) with respect to the Swingline Lender, such Defaulting Lender’s Applicable Percentage of Swingline Loans other than
Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving Lenders
or Cash Collateralized in accordance with the terms hereof.

 

“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 activities.

 

“GAAP” means generally accepted
accounting principles in the United States set forth from time to time in the opinions and pronouncements of the Accounting Principles
Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board (or agencies with similar functions of comparable stature and authority within the accounting profession) including,
without limitation, the FASB Accounting Standards Codification, that are applicable to the circumstances as of the date of determination,
consistently applied and subject to Section 1.03.

 

“Governmental Authority”
means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including, without limitation,
the Financial Conduct Authority, the Prudential Regulation Authority and any supra-national bodies such as the European Union or
the European Central Bank).

 

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

 

    	17

     

    

 

“Guaranteed Obligations”
has the meaning set forth in Section 10.01.

 

“Guarantors” means, collectively,
(a) the Subsidiary Guarantors, and (b) with respect to Additional Secured Obligations owing by any Loan Party or any of its Subsidiaries
and any Swap Obligation of a Specified Loan Party (determined before giving effect to Sections 10.01 and 10.11) under the Guaranty,
the Borrower.

 

“Guaranty” means, collectively,
the Guarantee made by the Guarantors under Article X in favor of the Secured Parties, together with each other guaranty delivered
pursuant to Section 6.13.

 

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

 

“Hedge Bank” means any Person
in its capacity as a party to a Swap Contract that, (a) at the time it enters into a Swap Contract not prohibited under Article
VI or VII, is a Lender or an Affiliate of a Lender, or (b) at the time it (or its Affiliate) becomes a Lender, is a party
to a Swap Contract not prohibited under Article VI or VII, in each case, in its capacity as a party to such Swap Contract (even
if such Person ceases to be a Lender or such Person’s Affiliate ceased to be a Lender); provided, in the case of a
Secured Hedge Agreement with a Person who is no longer a Lender (or Affiliate of a Lender), such Person shall be considered a Hedge
Bank only through the stated termination date (without extension or renewal) of such Secured Hedge Agreement and provided further
that for any of the foregoing Secured Hedge Agreements to be included as a “Secured Hedge Agreement” on any date of
determination by the Administrative Agent, the applicable Hedge Bank (other than the Administrative Agent or an Affiliate of the
Administrative Agent) must have delivered a Secured Party Designation Notice to the Administrative Agent prior to such date of
determination.

 

    	18

     

    

 

“Honor Date” has the meaning
set forth in Section 2.03(c).

 

“Increasing Revolving Lender”
has the meaning specified in Section 2.16(a).

 

“Incremental Revolving Facility”
has the meaning specified in Section 2.16(a).

 

“Indebtedness” means, as
to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities
in accordance with GAAP:

 

(a)       all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;

 

(b)       the
maximum amount of all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial),
bankers’ acceptances, bank guaranties, surety bonds and similar instruments;

 

(c)       net
obligations of such Person under any Swap Contract;

 

(d)       all
obligations (including, without limitation, earnouts, milestone payments, royalty payments, working capital adjustments and other
contingent payment obligations) of such Person to pay the deferred purchase price of property or services (other than trade accounts
payable in the ordinary course of business and not past due for more than ninety (90) days after the date on which such trade account
was created);

 

(e)       indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness
arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed
by such Person or is limited in recourse;

 

(f)       all
Attributable Indebtedness in respect of Capitalized Leases and Synthetic Lease Obligations of such Person and all Synthetic Debt
of such Person;

 

(g)       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; and

 

(h)       all
Guarantees of such Person in respect of any of the foregoing.

 

For all purposes hereof, the Indebtedness of
any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation
or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly
made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the
Swap Termination Value thereof as of such date.

 

    	19

     

    

 

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

 

“Indemnitees” has the meaning
specified in Section 11.04(b).

 

“Information” has the meaning
specified in Section 11.07.

 

“Intellectual Property” has
the meaning set forth in the Security Agreement.

 

“Intercompany Debt” has the
meaning specified in Section 7.02.

 

“Interest Payment Date” means,
(a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date; provided,
however, that if any Interest Period for a Eurodollar Rate Loan exceeds three (3) months, the respective dates that fall every
three (3) months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate
Loan or Swingline Loan, the last Business Day of each March, June, September and December and the Maturity Date.

 

“Interest Period” means,
as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued
as a Eurodollar Rate Loan and ending on the date one (1), two (2), three (3) or six (6) months thereafter (in each case, subject
to availability), as selected by the Borrower in its Loan Notice, or such other period that is twelve (12) months or less requested
by the Borrower and consented to by all of the Appropriate Lenders; provided that:

 

(a)       any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business
Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding
Business Day;

 

(b)       any
Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end
of such Interest Period; and

 

(c)       no
Interest Period shall extend beyond the Maturity Date.

 

“Investment” means, as to
any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition
of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase
or other acquisition of any other debt or interest in, another Person (including any partnership or joint venture interest in such
other Person and any arrangement pursuant to which the investor guarantees Indebtedness of such other Person), or (c) the purchase
or other acquisition (in one transaction or a series of transactions) of assets of another Person which constitute all or substantially
all of the assets of such Person or of a division, line of business or other business unit of such Person. For purposes of covenant
compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or
decreases in the value of such Investment.

 

    	20

     

    

 

“Investment Policy” means
the Investment Policy of the Borrower and its Subsidiaries, dated August 30, 2016, as amended, restated, supplemented or otherwise
modified as of the date hereof, with further changes as approved by the Borrower with the consent of the Administrative Agent,
which consent shall not be unreasonably withheld.

 

“Involuntary Disposition”
means any loss of, damage to or destruction of, or any condemnation or other taking for public use of, any property of any Loan
Party or any Subsidiary thereof.

 

“IRS” means the United States
Internal Revenue Service.

 

“ISP” means, with respect
to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking
Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

 

“Issuer Documents” means
with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered
into by the L/C Issuer and the Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to such Letter of Credit.

 

“Joinder Agreement” means
a joinder agreement substantially in the form of Exhibit D executed and delivered in accordance with the provisions of Section
6.13.

 

“Landlord Waiver” means a
landlord or warehouse waiver substantially in the form of Exhibit M.

 

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

 

“L/C Advance” means, with
respect to each Revolving Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its
Applicable Revolving Percentage.

 

“L/C Borrowing” means an
extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or
refinanced as a Revolving Borrowing.

 

“L/C Credit Extension” means,
with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount
thereof.

 

    	21

     

    

 

“L/C Issuer” means Bank of
America, through itself or through one of its designated Affiliates or branch offices, in its capacity as issuer of Letters of
Credit hereunder, or any successor issuer of Letters of Credit hereunder.

 

“L/C Obligations” means,
as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate
of all Unreimbursed Amounts (including all L/C Borrowings). For purposes of computing the amount available to be drawn under any
Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of
this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder
by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the
amount so remaining available to be drawn.

 

“Lender” means each of the
Persons identified as a “Lender” on the signature pages hereto, each other Person that becomes a “Lender”
in accordance with this Agreement and, their successors and assigns and, unless the context requires otherwise, includes the Swingline
Lender.

 

“Lending Office” means, as
to the Administrative Agent, the L/C Issuer or any Lender, the office or offices of such Person described as such in such Person’s
Administrative Questionnaire, or such other office or offices as such Person may from time to time notify the Borrower and the
Administrative Agent; which office may include any Affiliate of such Person or any domestic or foreign branch of such Person or
such Affiliate.

 

“Letter of Credit” means
any standby letter of credit issued hereunder.

 

“Letter of Credit Application”
means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by
the L/C Issuer.

 

“Letter of Credit Expiration Date”
means the day that is seven (7) days prior to the Maturity Date (or, if such day is not a Business Day, the next preceding Business
Day).

 

“Letter of Credit Fee” has
the meaning specified in Section 2.03(h).

 

“Letter of Credit Sublimit”
means an amount equal to the lesser of (a) $10,000,000 and (b) the Revolving Facility. The Letter of Credit Sublimit is part of,
and not in addition to, the Revolving Facility.

 

“LIBOR” has the meaning specified
in the definition of Eurodollar Rate.

 

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

 

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

 

    	22

     

    

 

“Loan Documents” means, collectively,
(a) this Agreement, (b) the Notes, (c) the Guaranty, (d) the Collateral Documents, (e) the Fee Letter, (f) each Issuer Document,
(g) each Joinder Agreement, (h) any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section
2.14, (i) each Compliance Certificate, and (j) any other certificates, agreements, documents and instruments now or hereafter executed,
acknowledged and/or delivered by or on behalf of any Loan Party pursuant to the foregoing (but specifically excluding any Secured
Hedge Agreement or any Secured Cash Management Agreement); provided, however, that for purposes of Section 11.01, “Loan
Documents” shall mean this Agreement, the Guaranty and the Collateral Documents.

 

“Loan Notice” means a notice
of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant
to Section 2.02(a), which shall be substantially in the form of Exhibit E or such other form as may be approved by the Administrative
Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative
Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

 

“Loan Parties” means, collectively,
the Borrower and each Subsidiary Guarantor.

 

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

 

“Massachusetts Security Corporation”
means a Person that qualifies as a Massachusetts “security corporation” under Mass. Gen. L. c. 63, §38B, but only
to the extent, and during the time period, it so qualifies. As of the Closing Date, Anika Securities, Inc. is a Massachusetts Security
Corporation.

 

“Master Agreement” has the
meaning set forth in the definition of “Swap Contract.”

 

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

 

“Material Contract” means,
with respect to any Person, each contract or agreement of the Borrower and its Subsidiaries as to which the breach, nonperformance,
cancellation or failure to renew by any party thereto, individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect. As of the Closing Date, all Material Contracts are set forth on Schedule 1.01(d).

 

“Material Indebtedness” means
any Indebtedness in an aggregate principal amount in excess of the Threshold Amount.

 

    	23

     

    

 

“Material Intellectual Property”
means, as of any date of determination, Intellectual Property of the Loan Parties and their Subsidiaries that as of such date is
considered to have a material financial value to the operation or business of the Loan Parties and their Subsidiaries as conducted
as of the date of determination, taken as a whole; provided, however, that any Intellectual Property that would otherwise
be considered Material Intellectual Property, which is developed or acquired by the Borrower or its Subsidiaries after the Closing
Date, shall be considered to be Material Intellectual Property as of the date of determination described above.

 

“Maturity Date” means October
24, 2022; provided, however, that, in each case, if such date is not a Business Day, the Maturity Date shall be the
next preceding Business Day.

 

“Measurement Period” means,
at any date of determination, the most recently completed four (4) fiscal quarters of the Borrower (or, for purposes of determining
Pro Forma Compliance, the most recently completed four (4) fiscal quarters of the Borrower for which financial statements have
been delivered pursuant to Section 6.01).

 

“Medicaid” means that government-sponsored
entitlement program under Title XIX, P.L. 89-97 of the Social Security Act, which provides federal grants to states for medical
assistance based on specific eligibility criteria, as set forth on Section 1396, et seq. of Title 42 of the United States Code.

 

“Medicare” means that government-sponsored
insurance program under Title XVIII, P.L. 89-97, of the Social Security Act, which provides for a health insurance system for eligible
elderly and disabled individuals, as set forth at Section 1395, et seq. of Title 42 of the United States Code.

 

“Minimum Collateral Amount”
means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances provided to reduce or eliminate
Fronting Exposure during any period when a Lender constitutes a Defaulting Lender, an amount equal to 100% of the Fronting Exposure
of the L/C Issuer with respect to Letters of Credit issued and outstanding at such time, (b) with respect to Cash Collateral consisting
of cash or deposit account balances provided in accordance with the provisions of Section 2.14(a)(i), (a)(ii) or (a)(iii), an amount
equal to 103% of the Outstanding Amount of all L/C Obligations, and (c) otherwise, an amount determined by the Administrative Agent
and the L/C Issuer in their sole discretion.

 

“Moody’s” means Moody’s
Investors Service, Inc. and any successor thereto.

 

“Mortgage” or “Mortgages”
means, individually and collectively, as the context requires, each of the fee mortgages, deeds of trust and deeds executed by
a Loan Party that purport to grant a Lien to the Administrative Agent (or a trustee for the benefit of the Administrative Agent)
for the benefit of the Secured Parties in any Mortgaged Properties, in form and substance reasonably satisfactory to the Administrative
Agent.

 

“Mortgaged Property” means
any owned property of a Loan Party listed on Schedule 5.21(g)(i) and any other owned real property of a Loan Party that
is subject to a Mortgage in favor of the Administrative Agent in accordance with the terms of this Agreement.

 

    	24

     

    

 

“Mortgaged Property Support Documents”
means with respect to any owned real property subject to a Mortgage, the following, each of which shall be in form and substance
reasonably satisfactory to the Administrative Agent: (a) to the extent requested by the Administrative Agent, a favorable opinion
of counsel to the Loan Parties covering such matters as to the applicable Mortgage as the Administrative Agent may reasonably request,
(b) a mortgagee title policy (or binder therefor) covering the Administrative Agent’s interest under the Mortgage, in a form
and amount and by an insurer reasonably acceptable to the Administrative Agent, which must be fully paid on such effective date
of the Mortgage, (c) such assignments of leases, rents, estoppel letters, attornment agreements, consents, waivers and releases
as the Administrative Agent may require with respect to other Persons having an interest in the real property, (d) to the extent
requested by the Administrative Agent, a current, as-built survey of the real property, containing a metes and bounds property
description and flood plain certification, and certified by a licensed surveyor reasonably acceptable to the Administrative Agent,
(e) to the extent requested by the Administrative Agent, a current appraisal of the Real Estate of such real property complying
with the requirements of FIRREA by a third party appraiser reasonably acceptable to the Administrative Agent, (f) to the extent
requested by the Administrative Agent, a Phase I (and to the extent appropriate, Phase II) environmental assessment report, prepared
by an environmental consulting firm reasonably satisfactory to the Administrative Agent, and accompanied by such reports, certificates,
studies or data as Administrative Agent may reasonably require, (g) the results of title searches, (h) (x) completed “Life-of-Loan”
Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property (together with
a notice about special flood hazard area status and flood disaster assistance duly executed by each Loan Party relating thereto
and (y) flood insurance in an amount, with endorsements and by an insurer reasonably acceptable to the Administrative Agent, if
the real property is within a flood zone; and (i) such other documents, instruments, reports, surveys and information as may be
reasonably requested by the Administrative Agent in its reasonable discretion, including, without limitation, such as may be necessary
to comply with FIRREA.

 

“Multiemployer Plan” means
any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes
or is obligated to make contributions, or during the preceding five (5) plan years, has made or been obligated to make contributions.

 

“Multiple Employer Plan”
means any employee benefit plan which has two or more contributing sponsors (including the Borrower or any ERISA Affiliate) at
least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.

 

“Non-Consenting Lender” means
any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all Lenders or all affected
Lenders, in accordance with the terms of Section 11.01 and (b) has been approved by the Required Lenders.

 

“Non-Core Assets” means any
line or lines of business, or assets relating thereto, set forth on Schedule 1.01(e) (it being understood and agreed that
such Schedule 1.01(e) may be updated from time to time upon request of the Borrower or the Administrative Agent (upon the
mutual good faith agreement of the Borrower and the Administrative Agent and without any further consent or approval of any Lender
other Person) to include therein any line or lines of business, or assets relating thereto, that are immaterial to the business
operations of the Loan Parties or to remove therefrom any such line or lines of business, and assets relating thereto, that are
material to the business operations of the Loan Parties, as applicable).

 

    	25

     

    

 

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

 

“Non-Extension Notice Date”
has the meaning specified in Section 2.03(b)(iv).

 

“Note” means a Revolving
Note, as the context may require.

 

“Notice of Loan Prepayment”
means a notice of prepayment with respect to a Loan, which shall be substantially in the form of Exhibit O or such other
form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system
as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer.

 

“NPL” means the National
Priorities List under CERCLA.

 

“Obligations” means (a) all
advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise
with respect to any Loan, or Letter of Credit and (b) to the extent provided for in this Agreement and the Loan Documents, all
out-of-pocket costs and expenses incurred in connection with enforcement and collection of the foregoing, including the fees, charges
and disbursements of outside counsel, in each case whether direct or indirect (including those acquired by assumption), absolute
or contingent, due or to become due, now existing or hereafter arising and including interest, expenses and fees that accrue after
the commencement by or against any Loan Party or any Affiliate thereof pursuant to any proceeding under any Debtor Relief Laws
naming such Person as the debtor in such proceeding, regardless of whether such interest, expenses and fees are allowed claims
in such proceeding; provided that Obligations of a Loan Party shall exclude any Excluded Swap Obligations with respect to
such Loan Party.

 

“OFAC” means the Office of
Foreign Assets Control of the United States Department of the Treasury.

 

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

 

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

 

    	26

     

    

 

“Other Taxes” means all present
or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from
the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under,
or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment (other than an assignment made pursuant to Section 3.06).

 

“Outstanding Amount” means
(a) Revolving Loans and Swingline Loans on any date, the aggregate outstanding principal amount thereof after giving effect to
any borrowings and prepayments or repayments of Revolving Loans and Swingline Loans, as the case may be, occurring on such date;
and (b) with respect to any L/C Obligations on any date, the aggregate outstanding amount of such L/C Obligations on such date
after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C
Obligations as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts.

 

“Participant” has the meaning
specified in Section 11.06(d).

 

“Participant Register” has
the meaning specified in Section 11.06(d).

 

“PBGC” means the Pension
Benefit Guaranty Corporation.

 

“Pension Act” means the Pension
Protection Act of 2006.

 

“Pension Funding Rules” means
the rules of the Code and ERISA regarding minimum required contributions (including any installment payment thereof) to Pension
Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code
and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Section 412, 430, 431, 432 and 436 of the
Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Pension Plan” means any
employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed
to by the Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards
under Section 412 of the Code.

 

“Perfection Certificate”
means a Perfection and Information Certificate, dated as of the Closing Date, executed by the Borrower and the other Loan Parties,
in form and substance reasonably satisfactory to the Administrative Agent.

 

“Permitted Acquisition” means
an Acquisition by a Loan Party (the Person or division, line of business or other business unit of the Person to be acquired in
such Acquisition shall be referred to herein as the “Target”), in each case that is a type of business (or assets used
in a type of business) permitted to be engaged in by the Borrower and its Subsidiaries pursuant to the terms of this Agreement,
in each case so long as:

 

    	27

     

    

 

(a)       no
Default or Event of Default shall then exist or would exist after giving effect thereto;

 

(b)       the
Loan Parties shall demonstrate to the reasonable satisfaction of the Administrative Agent that, after giving effect to such Acquisition
on a Pro Forma Basis, the Loan Parties are in Pro Forma Compliance, including, without limitation, with each financial covenant
set forth in Section 7.11; provided, however, that the Consolidated Leverage Ratio on a Pro Forma Basis shall not
exceed 2.50 to 1.00;

 

(c)       the
Administrative Agent, on behalf of the Secured Parties, shall have received (or shall receive in connection with the closing of
such Acquisition) a first priority perfected security interest (subject to Permitted Liens) in all property (including, without
limitation, Equity Interests) acquired with respect to the Target to the extent required by the terms of Section 6.14 and the Target,
to the extent such Acquisition results in a Loan Party acquiring the Equity Interests of the Target or any other Person, shall
have executed a Joinder Agreement to the extent required by the terms of Section 6.13;

 

(d)       in
the case of any Acquisition (i) for which the Cost of Acquisition paid by or on behalf of the Borrower and its Subsidiaries exceeds
$30,000,000 or (ii) which on a Pro Forma Basis results in a decrease in the Consolidated EBITDA in excess of ten percent (10%)
of the Consolidated EBITDA calculated in the Compliance Certificate most recently delivered to the Administrative Agent pursuant
to Section 6.02, the Administrative Agent shall have received not less than ten (10) days, or such shorter period as may be approved
by the Administrative Agent in its sole discretion, prior to the consummation of any such Acquisition a description of any proposed
earn-outs, milestone payments, royalty payments, working capital adjustments and other similar payments or other deferred or contingent
liabilities to be incurred by (including any such liabilities of the Target to be assumed by) the Borrower and its Subsidiaries
in connection with such Acquisition shall be reasonably acceptable to the Administrative Agent, and (ii) historical financial statements
relating to the business of the Target and financial projections relating to the Borrower and its Subsidiaries after giving effect
to such Acquisition as reasonably requested by the Administrative Agent;

 

(e)       prior
to the consummation of any Permitted Acquisition (or simultaneously in connection therewith), a Permitted Acquisition Certificate,
executed by a Responsible Officer of the Borrower certifying that such Permitted Acquisition complies with the requirements of
this Agreement;

 

(f)       [reserved];

 

(g)       such
Acquisition shall not be a “hostile” Acquisition and shall have been approved by the board of directors (or equivalent)
and/or shareholders (or equivalent) of the applicable Loan Party and the Target; and

 

(h)       the
Administrative Agent and the Lenders shall have received such other information (including, without limitation, drafts of any acquisition
documents) related to such Acquisition as the Administrative Agent may reasonably request.

 

    	28

     

    

 

“Permitted Acquisition Certificate”
means a certificate substantially the form of Exhibit F or any other form reasonably approved by the Administrative Agent.

 

“Permitted Liens” has the
meaning set forth in Section 7.01.

 

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

 

“Plan” means any employee
benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees of the Borrower or
any ERISA Affiliate or any such Plan to which the Borrower or any ERISA Affiliate is required to contribute on behalf of any of
its employees.

 

“Platform” has the meaning
specified in Section 6.02.

 

“Pledged Equity” has the
meaning specified in the Security Agreement.

 

“Pro Forma Basis” and “Pro
Forma Effect” means, for any Disposition of all or substantially all of a division or a line of business, for any Acquisition
or any other transaction specified herein, whether actual or proposed, for purposes of determining compliance with the financial
covenants set forth in Section 7.11, each such transaction or proposed transaction shall be deemed to have occurred on and as of
the first day of the relevant Measurement Period, and the following pro forma adjustments shall be made:

 

(a)       in
the case of an actual or proposed Disposition, all income statement items (whether positive or negative) attributable to the line
of business or the Person subject to such Disposition shall be excluded from the results of the Borrower and its Subsidiaries for
such Measurement Period;

 

(b)       in
the case of an actual or proposed Acquisition, income statement items (whether positive or negative) attributable to the property,
line of business or the Person subject to such Acquisition shall be included in the results of the Borrower and its Subsidiaries
for such Measurement Period;

 

(c)       interest
accrued during the relevant Measurement Period on, and the principal of, any Indebtedness repaid or to be repaid or refinanced
in such transaction shall be excluded from the results of the Borrower and its Subsidiaries for such Measurement Period; and

 

(d)       any
Indebtedness actually or proposed to be incurred or assumed in such transaction shall be deemed to have been incurred as of the
first day of the applicable Measurement Period, and interest thereon shall be deemed to have accrued from such day on such Indebtedness
at the applicable rates provided therefor (and in the case of interest that does or would accrue at a formula or floating rate,
at the rate in effect at the time of determination) and shall be included in the results of the Borrower and its Subsidiaries for
such Measurement Period.

 

    	29

     

    

 

“Pro Forma Compliance” means,
with respect to any transaction, that such transaction does not cause, create or result in a Default after giving Pro Forma Effect,
based upon the results of operations for the most recently completed Measurement Period to (a) such transaction and (b) all other
transactions which are contemplated or required to be given Pro Forma Effect hereunder that have occurred on or after the first
day of the relevant Measurement Period.

 

“Public Lender” has the meaning
specified in Section 6.02.

 

“Qualified ECP Guarantor”
means, at any time, each Loan Party with total assets exceeding $10,000,000 or that qualifies at such time as an “eligible
contract participant” under the Commodity Exchange Act and can cause another Person to qualify as an “eligible contract
participant” at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Qualified Stock” shall mean
any Equity Interest that is not Disqualified Stock.

 

“Qualifying Control Agreement”
means an agreement, among a Loan Party, a depository institution or securities intermediary and the Administrative Agent, which
agreement is in form and substance reasonably acceptable to the Administrative Agent and which provides the Administrative Agent
with “control” (as such term is used in Article 9 of the UCC) over the deposit account(s) or securities account(s)
described therein.

 

“Recipient” means the Administrative
Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of any Loan
Party hereunder.

 

“Register” has the meaning
specified in Section 11.06(c).

 

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

 

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

 

“Request for Credit Extension”
means (a) with respect to a Borrowing, conversion or continuation of Revolving Loans, a Loan Notice, (b) with respect to an L/C
Credit Extension, a Letter of Credit Application, and (c) with respect to a Swingline Loan, a Swingline Loan Notice.

 

“Required Lenders” means,
at any time, Revolving Lenders having Total Revolving Credit Exposures representing more than 50% of the Total Revolving Credit
Exposures of all Revolving Lenders, provided, however, that at any time there shall be two (2) or fewer Revolving
Lenders, Required Lenders shall mean all Non-Defaulting Lenders. The Total Revolving Credit Exposure of any Defaulting Lender shall
be disregarded in determining Required Lenders at any time; provided that, the amount of any participation in any Swingline
Loan and Unreimbursed Amounts that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another
Lender shall be deemed to be held by the Revolving Lender that is the Swingline Lender or L/C Issuer, as the case may be, in making
such determination.

 

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“Resignation Effective Date”
has the meaning set forth in Section 9.06.

 

“Responsible Officer” means
the chief executive officer, president, chief financial officer or treasurer of a Loan Party (or by the manager or member of such
Loan Party, as applicable), and solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary
or any assistant secretary of a Loan Party (or by the manager or member of such Loan Party, as applicable) and, solely for purposes
of notices given pursuant to Article II, any other officer or employee of the applicable Loan Party so designated by any of the
foregoing officers in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party designated
in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent. Any document delivered hereunder
that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary
corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed
to have acted on behalf of such Loan Party and any document delivered hereunder that is signed by a Responsible Officer of the
Borrower shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on
the part of each Subsidiary Guarantor and such Responsible Officer shall be conclusively presumed to have acted on behalf of such
Subsidiary Guarantor. To the extent requested by the Administrative Agent, each Responsible Officer will provide an incumbency
certificate and to the extent requested by the Administrative Agent, appropriate authorization documentation, in form and substance
reasonably satisfactory to the Administrative Agent.

 

“Restricted Payment” means
(a) any dividend or other distribution, direct or indirect, on account of any shares (or equivalent) of any class of Equity Interests
of the Borrower or any of its Subsidiaries, now or hereafter outstanding, (b) any redemption, retirement, sinking fund or similar
payment, purchase or other acquisition for value, direct or indirect, of any shares (or equivalent) of any class of Equity Interests
of the Borrower or any of its Subsidiaries, now or hereafter outstanding, and (c) any payment made to retire, or to obtain the
surrender of, any outstanding warrants, options or other rights to acquire shares of any class of Equity Interests of any Loan
Party or any of its Subsidiaries, now or hereafter outstanding.

 

“Revolving Borrowing” means
a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same
Interest Period made by each of the Revolving Lenders pursuant to Section 2.01(b).

 

“Revolving Commitment” means,
as to each Revolving Lender, its obligation to (a) make Revolving Loans to the Borrower pursuant to Section 2.01(b), (b) purchase
participations in L/C Obligations, and (c) purchase participations in Swingline Loans, in an aggregate principal amount at any
one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1.01(b) under the
caption “Revolving Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The
Revolving Commitment of all of the Revolving Lenders on the Closing Date shall be $50,000,000.

 

“Revolving Exposure” means,
as to any Lender at any time, the aggregate principal amount at such time of its outstanding Revolving Loans and such Lender’s
participation in L/C Obligations and Swingline Loans at such time.

 

    	31

     

    

 

“Revolving Facility” means,
at any time, the aggregate amount of the Revolving Lenders’ Revolving Commitments at such time.

 

“Revolving Facility Increase Effective
Date” has the meaning specified in Section 2.16(a)(iv).

 

“Revolving Lender” means,
at any time, (a) so long as any Revolving Commitment is in effect, any Lender that has a Revolving Commitment at such time or (b)
if the Revolving Commitments have terminated or expired, any Lender that has a Revolving Loan or a participation in L/C Obligations
or Swingline Loans at such time.

 

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

 

“Revolving Note” means a
promissory note made by the Borrower in favor of a Revolving Lender evidencing Revolving Loans or Swingline Loans, as the case
may be, made by such Revolving Lender, substantially in the form of Exhibit G.

 

“S&P” means Standard
& Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., and any successor thereto.

 

“Sale and Leaseback Transaction”
means, with respect to any Loan Party or any Subsidiary, any arrangement, directly or indirectly, with any Person whereby such
Loan Party or such Subsidiary shall sell or transfer any property used or useful in its business, whether now owned or hereafter
acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose
or purposes as the property being sold or transferred.

 

“Sanction(s)” means any sanction
administered or enforced by the United States Government (including, without limitation, OFAC), the United Nations Security Council,
the European Union, Her Majesty’s Treasury (“HMT”) or other relevant sanctions authority.

 

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

 

“Secured Cash Management Agreement”
means any Cash Management Agreement between any Loan Party and any of its Subsidiaries and any Cash Management Bank.

 

“Secured Hedge Agreement”
means any interest rate, currency, foreign exchange, or commodity Swap Contract not prohibited under Article VII between any Loan
Party and any of its Subsidiaries and any Hedge Bank.

 

“Secured Obligations” means
all Obligations and all Additional Secured Obligations.

 

“Secured Parties” means,
collectively, the Administrative Agent, the Lenders, the L/C Issuer, the Hedge Banks, the Cash Management Banks, the Indemnitees
and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05.

 

    	32

     

    

 

“Secured Party Designation Notice”
means a notice from any Lender or an Affiliate of a Lender substantially in the form of Exhibit H.

 

“Securities Act” means the
Securities Act of 1933, including all amendments thereto and regulations promulgated thereunder.

 

“Security Agreement” means
the security and pledge agreement, dated as of the Closing Date, executed in favor of the Administrative Agent by each of the Loan
Parties.

 

“Social Security Act” means
the Social Security Act of 1965.

 

“Solvency Certificate” means
a solvency certificate in substantially in the form of Exhibit I.

 

“Solvent” and “Solvency”
mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the property of such Person
is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair saleable
value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person
on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur
debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature, (d) such Person is not
engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property
would constitute an unreasonably small capital, and (e) such Person is able to pay its debts and liabilities, contingent obligations
and other commitments as they mature in the ordinary course of business. The amount of contingent liabilities at any time shall
be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that
can reasonably be expected to become an actual or matured liability.

 

“Specified Loan Party” means
any Loan Party that is not then an “eligible contract participant” under the Commodity Exchange Act (determined prior
to giving effect to Section 10.11).

 

“Subordinated Debt” means
Indebtedness incurred by any Loan Party which by its terms (a) is expressly subordinated in right of payment to the prior payment
of the Obligations and (b) contains other terms, including without limitation, standstill, interest rate, maturity and amortization,
and insolvency-related provisions, in all respects reasonably acceptable to the Administrative Agent, including, without limitation,
Intercompany Debt (but only to the extent required pursuant to Section 7.02(d)).

 

“Subordinated Debt Documents”
means all agreements (including, without limitation, intercreditor agreements, instruments and other documents) pursuant to which
Subordinated Debt has been issued or otherwise setting forth the terms of any Subordinated Debt.

 

“Subsidiary” of a Person
means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the
shares of Voting Stock is at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly
through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary”
or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Loan Parties.

 

    	33

     

    

 

“Subsidiary Guarantors” means,
collectively, the Subsidiaries of the Borrower set forth on Schedule 5.20(a) (other than the Massachusetts Security Corporation
and Anika Therapeutics S.r.l.) and each other Subsidiary of the Borrower that shall execute and delivery a Joinder Agreement or
otherwise become party to this Agreement from time to time pursuant to the requirements of Section 6.13.

 

“Swap Contract” means (a)
any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity
options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options
or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to
enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b)
any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed
by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign
Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master Agreement.

 

“Swap Obligations” 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.

 

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

 

“Swingline Borrowing” means
a borrowing of a Swingline Loan pursuant to Section 2.04.

 

“Swingline Lender” means
Bank of America, in its capacity as provider of Swingline Loans, or any successor swingline lender hereunder.

 

“Swingline Loan” has the
meaning specified in Section 2.04(a).

 

“Swingline Loan Notice” means
a notice of a Swingline Borrowing pursuant to Section 2.04(b), which shall be substantially in the form of Exhibit J
or such other form as approved by the Administrative Agent (including any form on an electronic platform or electronic transmission
system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

 

    	34

     

    

 

“Swingline Sublimit” means
an amount equal to the lesser of (a) $5,000,000 and (b) the Revolving Facility. The Swingline Sublimit is part of, and not in addition
to, the Revolving Facility.

 

“Synthetic Debt” means, with
respect to any Person as of any date of determination thereof, all obligations of such Person in respect of transactions entered
into by such Person that are intended to function primarily as a borrowing of funds (including any minority interest transactions
that function primarily as a borrowing) but are not otherwise included in the definition of “Indebtedness” or as a
liability on the Consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP.

 

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

 

“Target” has the meaning
set forth in the definition of “Permitted Acquisition.”

 

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

 

“Threshold Amount” means
$7,500,000.

 

“Total Revolving Credit Exposure”
means, as to any Revolving Lender at any time, the unused Commitments and Revolving Exposure of such Revolving Lender at such time.

 

“Total Revolving Outstandings”
means the aggregate Outstanding Amount of all Revolving Loans, Swingline Loans and L/C Obligations.

 

“Type” means, with respect
to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.

 

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

 

“UCP” means, with respect
to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce (“ICC”)
Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

 

    	35

     

    

 

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

 

“Unreimbursed Amount” has
the meaning specified in Section 2.03(c)(i).

 

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

 

“U.S. Tax Compliance Certificate”
has the meaning specified in Section 3.01(e)(ii)(B)(3).

 

“Voting Stock” means, with
respect to any Person, Equity Interests issued by such Person the holders of which are ordinarily, in the absence of contingencies,
entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right
to so vote has been suspended by the happening of such contingency.

 

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

 

		1.02	Other Interpretive Provisions.

 

With reference to this Agreement and each other
Loan Document, unless otherwise specified herein or in such other Loan Document:

 

(a)               
The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.”
The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the
context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including the Loan
Documents and any Organization Document) shall be construed as referring to such agreement, instrument or other document as from
time to time amended, amended and restated, modified, extended, restated, replaced or supplemented from time to time (subject to
any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,”
“herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document,
shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references
in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be construed to refer to Articles
and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Loan Document in which such references appear, (v)
any reference to any law shall include all statutory and regulatory rules, regulations, orders and provisions consolidating, amending,
replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such
law or regulation as amended, modified, extended, restated, replaced or supplemented from time to time, and (vi) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.

 

    	36

     

    

 

(b)              
In the computation of periods of time from a specified date to a later specified date, the word “from” means
“from and including;” the words “to” and “until” each mean “to but excluding;”
and the word “through” means “to and including.”

 

(c)               
Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect
the interpretation of this Agreement or any other Loan Document.

 

		1.03	Accounting Terms.

 

(a)               
Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with,
and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this
Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in
a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein.
Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial
covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding
principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.

 

(b)              
Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement
set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the
Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof
in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio
or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide
to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably
requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving
effect to such change in GAAP. Notwithstanding the foregoing if at any time any change in GAAP would require operating leases or
real estate leases to be capitalized, the GAAP treatment of operating and real estate leases on the Closing Date shall continue
to apply for purposes of this Agreement and the other Loan Documents, including for purposes of the definitions of “Consolidated
EBITDA”, “Consolidated Interest Charges” and “Consolidated Funded Indebtedness” and the calculation
of the financial covenants under this Agreement.

 

(c)               
Pro Forma Treatment. Each Disposition of all or substantially all of a line of business, and each Acquisition, by
the Borrower and its Subsidiaries that is consummated during any Measurement Period shall, for purposes of determining compliance
with the financial covenants set forth in Section 7.11 and for purposes of determining the Applicable Rate, be given Pro Forma
Effect as of the first day of such Measurement Period.

 

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		1.04	Rounding.

 

Any financial ratios required to be maintained
by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying
the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down
to the nearest number (with a rounding-up if there is no nearest number).

 

		1.05	Times of Day.

 

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

 

		1.06	Letter of Credit Amounts.

 

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

 

		1.07	UCC Terms.

 

Terms defined in the UCC in effect on the Closing
Date and not otherwise defined herein shall, unless the context otherwise indicates, have the meanings provided by those definitions.
Subject to the foregoing, the term “UCC” refers, as of any date of determination, to the UCC then in effect.

 

		1.08	Rates; Currency Equivalents.

 

(a)               
The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability
with respect to the administration, submission or any other matter related to the rates in the definition of “Eurodollar
Rate” or with respect to any comparable or successor rate thereto.

 

(b)              
Any amount specified in this Agreement (other than in Articles II, IX and X) or any of the other Loan Documents to be in
Dollars shall also include the equivalent of such amount in any currency other than Dollars, such equivalent amount thereof in
the applicable currency to be determined by the Administrative Agent at such time on the basis of the Spot Rate (as defined below)
for the purchase of such currency with Dollars. For purposes of this Section 1.08, the “Spot Rate” for a currency means
the rate determined by the Administrative Agent to be the rate quoted by the Person acting in such capacity as the spot rate for
the purchase by such Person of such currency with another currency through its principal foreign exchange trading office at approximately
11:00 a.m. on the date two (2) Business Days prior to the date of such determination; provided that the Administrative Agent may
obtain such Spot Rate from another financial institution designated by the Administrative Agent if the Person acting in such capacity
does not have as of the date of determination a spot buying rate for any such currency.

 

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ARTICLE
II

COMMITMENTS AND CREDIT EXTENSIONS

 

		2.01	Loans. Subject to the terms and conditions set forth herein,
each Revolving Lender severally agrees to make loans (each such loan, a “Revolving Loan”) to the Borrower, in
Dollars from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time
outstanding the amount of such Lender’s Revolving Commitment; provided, however, that after giving effect to
any Revolving Borrowing, (i) the Total Revolving Outstandings shall not exceed the Revolving Facility, and (ii) the Revolving Exposure
of any Lender shall not exceed such Revolving Lender’s Revolving Commitment. Within the limits of each Revolving Lender’s
Revolving Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow Revolving Loans, prepay under
Section 2.05, and reborrow under this Section 2.01(b). Revolving Loans may be Base Rate Loans or Eurodollar Rate Loans, as further
provided herein.

 

		2.02	Borrowings, Conversions and Continuations of Loans.

 

(a)               
Notice of Borrowing. Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of
Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given
by: (A) telephone or (B) a Loan Notice; provided that any telephonic notice must be confirmed promptly by delivery to the
Administrative Agent of a Loan Notice. Each such Loan Notice must be received by the Administrative Agent not later than 12:00
p.m. (i) three (3) Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate
Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of Base
Rate Loans; provided, however, that if the Borrower wishes to request Eurodollar Rate Loans having an Interest Period
other than one (1), two (2), three (3) or six (6) months in duration as provided in the definition of “Interest Period”,
the applicable notice must be received by the Administrative Agent not later than 12:00 p.m. four (4) Business Days prior to the
requested date of such Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the
Appropriate Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later
than 12:00 p.m., three (3) Business Days before the requested date of such Borrowing, conversion or continuation, the Administrative
Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented
to by all the Lenders . Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount
of $1,000,000 or a whole multiple of $500,000 in excess thereof. Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing
of or conversion to Base Rate Loans shall be in a principal amount of $250,000 or a whole multiple of $100,000 in excess thereof.
Each Loan Notice and each telephonic notice shall specify (A) whether the Borrower is requesting a Borrowing, a conversion of Loans
from one Type to the other, or a continuation of Loans, as the case may be, (B) the requested date of the Borrowing, conversion
or continuation, as the case may be (which shall be a Business Day), (C) the principal amount of Loans to be borrowed, converted
or continued, (D) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (E) if applicable, the duration
of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower
fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted
to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period
then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or
continuation of Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have
specified an Interest Period of one (1) month. Notwithstanding anything to the contrary herein, each Swingline Loan shall be made
as a Base Rate Loan and may not be converted to a Eurodollar Rate Loan.

 

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(b)              
Advances. Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each Appropriate Lender
of the amount of its Applicable Percentage of the applicable Loans, and if no timely notice of a conversion or continuation is
provided by the Borrower, the Administrative Agent shall notify each Appropriate Lender of the details of any automatic conversion
to Base Rate Loans described in Section 2.02(a). In the case of a Borrowing, each Appropriate Lender shall make the amount of its
Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later
than 1:00 p.m. on the Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions set
forth in Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make
all funds so received available to the Borrower in like funds as received by the Administrative Agent either by (i) crediting the
account of the Borrower on the books of the Administrative Agent with the amount of such funds or (ii) wire transfer of such funds,
in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower;
provided, however, that if, on the date a Loan Notice with respect to a Revolving Borrowing is given by the Borrower,
there are L/C Borrowings outstanding, then the proceeds of such Revolving Borrowing, first, shall be applied to the payment
in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided above.

 

(c)               
Eurodollar Rate Loans. Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted
only on the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of an Event of Default, no Loans
may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders, and the Required
Lenders may demand that any or all of the outstanding Eurodollar Rate Loans be converted immediately to Base Rate Loans.

 

(d)              
Notice of Interest Rates. The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest
rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base
Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in Bank of America’s
prime rate used in determining the Base Rate promptly following the public announcement of such change.

 

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(e)               
Interest Periods. After giving effect to all Revolving Borrowings, all conversions of Revolving Loans from one Type
to the other, and all continuations of Revolving Loans as the same Type, there shall not be more than six (6) Interest Periods
in effect in respect of the Revolving Facility.

 

(f)               
Cashless Settlement Mechanism. Notwithstanding anything to the contrary in this Agreement, any Lender may exchange,
continue or rollover 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 Borrower, the
Administrative Agent and such Lender.

 

		2.03	Letters of Credit.

 

(a)               
The Letter of Credit Commitment.

 

(i)                
Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the
Revolving Lenders set forth in this Section, (1) from time to time on any Business Day during the period from the Closing Date
until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars for the account of the Borrower or
any of its Domestic Subsidiaries or, in the L/C Issuer’s sole and absolute discretion, any of its Foreign Subsidiaries, and
to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b), and (2) to honor drawings under
the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account
of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension
with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Revolving Facility, (y) the Revolving
Exposure of any Revolving Lender shall not exceed such Lender’s Revolving Commitment, and (z) the Outstanding Amount of the
L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a
Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with
the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions
hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during
the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and
reimbursed.

 

(ii)              
The L/C Issuer shall not issue any Letter of Credit if:

 

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(A)            
subject to Section 2.03(b)(iv), the expiry date of the requested Letter of Credit would occur more than twelve (12) months
after the date of issuance or last extension, unless the Administrative Agent and the L/C Issuer have approved such expiry date;
or

 

(B)             
the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless the Administrative
Agent and the L/C Issuer have approved such expiry date (it being understood that in the event the expiry date of any requested
Letter of Credit would occur after the Letter of Credit Expiration Date, from and after the Letter of Credit Expiration Date, the
Borrower shall Cash Collateralize the then Outstanding Amount of all L/C Obligations in respect of such Letters of Credit in accordance
with Section 2.14).

 

(iii)            
The L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

 

(A)            
any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain
the L/C Issuer from issuing the Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether
or not having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request
that the L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose
upon the L/C Issuer with respect to the Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer
is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed
loss, cost or expense which was not applicable on the Closing Date and which the L/C Issuer in good faith deems material to it;

 

(B)             
the issuance of the Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit
generally;

 

(C)             
except as otherwise agreed by the Administrative Agent and the L/C Issuer, the Letter of Credit is in an initial stated
amount less than $100,000;

 

(D)            
except as otherwise agreed by the Administrative Agent and the L/C Issuer, the Letter of Credit is to be denominated in
a currency other than Dollars;

 

(E)             
any Revolving Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including
the delivery of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower or such Revolving Lender
to eliminate the L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.15(a)(iv)) with respect
to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other
L/C Obligations as to which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion;

 

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(F)              
the Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder;
or

 

(G)            
the L/C Issuer does not as of the issuance date of the requested Letter of Credit issue Letters of Credit in the requested
currency.

 

(iv)            
The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue the Letter
of Credit in its amended form under the terms hereof.

 

(v)              
The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation
at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of
Credit does not accept the proposed amendment to the Letter of Credit.

 

(vi)            
The L/C Issuer shall act on behalf of the Revolving Lenders with respect to any Letters of Credit issued by it and the documents
associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent
in Article IX with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued
by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative
Agent” as used in Article IX included the L/C Issuer with respect to such acts or omissions, and (B) as additionally
provided herein with respect to the L/C Issuer.

 

(b)              
Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.

 

(i)                
Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the
L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and
signed by a Responsible Officer of the Borrower and/or such Subsidiary, as required by the L/C Issuer. Such Letter of Credit Application
may be sent by fax transmission, by United States mail, by overnight courier, by electronic transmission using the system provided
by the L/C Issuer, by personal delivery or by any other means acceptable to the L/C Issuer. Such Letter of Credit Application must
be received by the L/C Issuer and the Administrative Agent not later than 12:00 p.m. at least five (5) Business Days (or such later
date and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior
to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter
of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed
issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof;
(D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing
thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the
purpose and nature of the requested Letter of Credit; and (H) such other matters as the L/C Issuer may require. In the case of
a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail
satisfactory to the L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall
be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the L/C Issuer may require. Additionally,
the Borrower shall furnish to the L/C Issuer and the Administrative Agent such other documents and information pertaining to such
requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative Agent
may require.

 

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(ii)              
Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent (by
telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower
and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has received written
notice from any Revolving Lender, the Administrative Agent or any Loan Party, at least one (1) Business Day prior to the requested
date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article IV
shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue
a Letter of Credit for the account of the Borrower (or the applicable Subsidiary) or enter into the applicable amendment, as the
case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the
issuance of each Letter of Credit, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees
to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Revolving
Lender’s Applicable Revolving Percentage times the amount of such Letter of Credit.

 

(iii)            
Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect
thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and
complete copy of such Letter of Credit or amendment.

 

(iv)            
If the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole discretion,
agree to issue a standby Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of
Credit”); provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such
extension at least once in each twelve (12) month period (commencing with the date of issuance of such Letter of Credit) by giving
prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such
twelve (12) month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer,
the Borrower shall not be required to make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension
Letter of Credit has been issued, the Revolving Lenders shall be deemed to have authorized (but may not require) the L/C Issuer
to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date;
provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that
it would not be permitted, or would have no obligation at such time to issue such Letter of Credit in its revised form (as extended)
under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(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 (7) 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 Revolving Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02
is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension.

 

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(c)               
Drawings and Reimbursements; Funding of Participations.

 

(i)                
Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C
Issuer shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment by
the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse the
L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing. If the Borrower fails to so reimburse
the L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Lender of the Honor Date, the amount
of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Revolving Lender’s Applicable
Revolving Percentage thereof. In such event, the Borrower shall be deemed to have requested a Revolving Borrowing of Base Rate
Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples
specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the
Revolving Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given
by the L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed
in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect
of such notice.

 

(ii)              
Each Revolving Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and the Administrative
Agent may apply Cash Collateral provided for this purpose) for the account of the L/C Issuer at the Administrative Agent’s
Office in an amount equal to its Applicable Revolving Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business
Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Revolving
Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative
Agent shall remit the funds so received to the L/C Issuer.

 

    	45

     

    

 

(iii)            
With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Borrowing of Base Rate Loans because
the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred
from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall
be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving
Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed
payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction
of its participation obligation under this Section.

 

(iv)            
Until each Revolving Lender funds its Revolving Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the L/C
Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Revolving Percentage
of such amount shall be solely for the account of the L/C Issuer.

 

(v)              
Each Revolving Lender’s obligation to make Revolving Loans or L/C Advances to reimburse the L/C Issuer for amounts
drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected
by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against
the L/C Issuer, the Borrower, any Subsidiary thereof or any other Person for any reason whatsoever; (B) the occurrence or continuance
of a Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided,
however, that each Revolving Lender’s obligation to make Revolving Loans pursuant to this Section 2.03(c) is subject
to the conditions set forth in Section 4.02 (other than delivery by the Borrower of a Loan Notice). No such making of an L/C Advance
shall relieve or otherwise impair the obligation of the Borrower to reimburse the L/C Issuer for the amount of any payment made
by the L/C Issuer under any Letter of Credit, together with interest as provided herein.

 

(vi)            
If any Revolving Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount
required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section
2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer shall be entitled to recover from such
Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such
payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the
greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank
compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the
foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s
Revolving Loan included in the relevant Revolving Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case
may be. A certificate of the L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any
amounts owing under this Section 2.03(c)(vi) shall be conclusive absent manifest error.

 

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(d)              
Repayment of Participations.

 

(i)                
At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Lender
such Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives
for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly
from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative
Agent will distribute to such Lender its Applicable Revolving Percentage thereof in the same funds as those received by the Administrative
Agent.

 

(ii)              
If any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(i) is
required to be returned under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered
into by the L/C Issuer in its discretion), each Revolving Lender shall pay to the Administrative Agent for the account of the L/C
Issuer its Applicable Revolving Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of
such demand to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to
time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination
of this Agreement.

 

(e)               
Obligations Absolute. The obligation of the Borrower to reimburse the L/C Issuer for each drawing under each Letter
of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance
with the terms of this Agreement under all circumstances, including the following:

 

(i)                
any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 

(ii)              
the existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at
any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any
such transferee may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement or by such Letter
of Credit, the transactions contemplated hereby or any agreement or instrument relating thereto, or any unrelated transaction;

 

    	47

     

    

 

(iii)            
any draft, demand, endorsement, certificate or other document presented under or in connection with such Letter of Credit
proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in
any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit;

 

(iv)            
waiver by the L/C Issuer of any requirement that exists for the L/C Issuer’s protection and not the protection of
the Borrower or any waiver by the L/C Issuer which does not in fact materially prejudice the Borrower;

 

(v)              
honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form
of a draft;

 

(vi)            
any payment made by the L/C Issuer in respect of an otherwise complying item presented after the date specified as the expiration
date of, or the date by which documents must be received under, such Letter of Credit if presentation after such date is authorized
by the UCC, the ISP or the UCP, as applicable;

 

(vii)          
any payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly
comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person
purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or
other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection
with any proceeding under any Debtor Relief Law; or

 

(viii)        
any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance
that might otherwise constitute a defense available to, or a discharge of, the Borrower or any of its Subsidiaries.

 

The Borrower shall promptly examine a copy of
each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the
Borrower’s instructions or other irregularity, the Borrower will immediately notify the L/C Issuer. The Borrower shall be
conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless such notice is given as
aforesaid.

 

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(f)               
Role of L/C Issuer. Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the
L/C Issuer shall not have any responsibility to obtain any document (other than any sight or time draft, certificates and documents
expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the
authority of the Person executing or delivering any such document. None of the L/C Issuer, the Administrative Agent, any of their
respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any Lender for (i)
any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders,
as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution,
effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The
Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter
of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower’s
pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None
of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee
of the L/C Issuer shall be liable or responsible for any of the matters described in Section 2.03(e); provided, however,
that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against the L/C Issuer, and the L/C
Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary,
damages suffered by the Borrower which the Borrower proves, as determined by a final nonappealable judgment of a court of competent
jurisdiction, were caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure
to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight or time draft and certificate(s) strictly
complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer
may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of
any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument
transferring, endorsing or assigning or purporting to transfer, endorse or assign a Letter of Credit or the rights or benefits
thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. The L/C Issuer
may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial
Telecommunication (“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating
with a beneficiary.

 

(g)              
Applicability of ISP and UCP; Limitation of Liability. Unless otherwise expressly agreed by the L/C Issuer and the
Borrower when a Letter of Credit is issued, the rules of the ISP shall apply to each standby Letter of Credit. Notwithstanding
the foregoing, the L/C Issuer shall not be responsible to the Borrower for, and the L/C Issuer’s rights and remedies against
the Borrower shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any law, order, or
practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order
of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or
in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association
for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law
& Practice, whether or not any Letter of Credit chooses such law or practice.

 

(h)              
Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Revolving Lender
in accordance, subject to Section 2.15, with its Applicable Revolving Percentage, a Letter of Credit fee (the “Letter
of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under
such Letter of Credit (determined in accordance with Section 1.06). Letter of Credit Fees shall be (1) due and payable on the first
Business Day following each fiscal quarter end, commencing with the first such date to occur after the issuance of such Letter
of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (2) computed on a quarterly basis in arrears. If
there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit
shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate
was in effect.

 

    	49

     

    

 

(i)                
Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrower shall pay directly to the
L/C Issuer for its own account a fronting fee with respect to each Letter of Credit, at the rate per annum specified in the Fee
Letter , computed on the daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting
fee shall be due and payable on or prior to the date that is ten (10) Business Days following each fiscal quarter end, commencing
with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter
on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter
of Credit shall be determined in accordance with Section 1.06. In addition, the Borrower shall pay directly to the L/C Issuer for
its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges,
of the L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges
are due and payable on demand and are nonrefundable.

 

(j)                
Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer
Document, the terms hereof shall control.

 

(k)              
Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder
is in support of any obligations of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse the L/C
Issuer hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters
of Credit for the account of Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives
substantial benefits from the businesses of such Subsidiaries.

 

		2.04	Swingline Loans.

 

(a)               
The Swingline. Subject to the terms and conditions set forth herein, the Swingline Lender, in reliance upon the agreements
of the other Lenders set forth in this Section, may in its sole discretion make loans to the Borrower (each such loan, a “Swingline
Loan”). Each such Swingline Loan may be made, subject to the terms and conditions set forth herein, to the Borrower,
in Dollars, from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time
outstanding the amount of the Swingline Sublimit, notwithstanding the fact that such Swingline Loans, when aggregated with the
Applicable Revolving Percentage of the Outstanding Amount of Revolving Loans and L/C Obligations of the Lender acting as Swingline
Lender, may exceed the amount of such Lender’s Revolving Commitment; provided, however, that (i) after giving
effect to any Swingline Loan, (A) the Total Revolving Outstandings shall not exceed the Revolving Facility at such time, and (B)
the Revolving Exposure of any Revolving Lender at such time shall not exceed such Lender’s Revolving Commitment, (ii) the
Borrower shall not use the proceeds of any Swingline Loan to refinance any outstanding Swingline Loan, and (iii) the Swingline
Lender shall not be under any obligation to make any Swingline Loan if it shall determine (which determination shall be conclusive
and binding absent manifest error) that it has, or by such Credit Extension may have, Fronting Exposure. Within the foregoing limits,
and subject to the other terms and conditions hereof, the Borrower may borrow under this Section, prepay under Section 2.05, and
reborrow under this Section. Each Swingline Loan shall bear interest only at a rate based on the Base Rate plus the Applicable
Rate. Immediately upon the making of a Swingline Loan, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the Swingline Lender a risk participation in such Swingline Loan in an amount equal to the product of
such Revolving Lender’s Applicable Revolving Percentage times the amount of such Swingline Loan.

 

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(b)              
Borrowing Procedures.

 

Subject to the terms and conditions
hereof, each Swingline Borrowing shall be made upon the Borrower’s irrevocable notice to the Swingline Lender and the Administrative
Agent, which may be given by: (A) telephone or (B) a Swingline Loan Notice; provided that any telephonic notice must be
confirmed promptly by delivery to the Swingline Lender and the Administrative Agent of a Swingline Loan Notice. Each such Swingline
Loan Notice must be received by the Swingline Lender and the Administrative Agent not later than 2:00 p.m. on the requested borrowing
date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $100,000, and (ii) the requested date of the
Borrowing (which shall be a Business Day). Promptly after receipt by the Swingline Lender of any Swingline Loan Notice, the Swingline
Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received
such Swingline Loan Notice and, if not, the Swingline Lender will notify the Administrative Agent (by telephone or in writing)
of the contents thereof. Unless the Swingline Lender has received notice (by telephone or in writing) from the Administrative Agent
(including at the request of any Revolving Lender) prior to 3:00 p.m. on the date of the proposed Swingline Borrowing (A) directing
the Swingline Lender not to make such Swingline Loan as a result of the limitations set forth in the first proviso to the first
sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article IV is not then satisfied,
then, subject to the terms and conditions hereof, the Swingline Lender may, make the amount of its Swingline Loan available to
the Borrower at its office by crediting the account of the Borrower on the books of the Swingline Lender in immediately available
funds.

 

(c)               
Refinancing of Swingline Loans.

 

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(i)                
The Swingline Lender at any time in its sole discretion may request, on behalf of the Borrower (which hereby irrevocably
authorizes the Swingline Lender to so request on its behalf), that each Revolving Lender make a Base Rate Loan in an amount equal
to such Lender’s Applicable Revolving Percentage of the amount of Swingline Loans then outstanding. Such request shall be
made in writing (which written request shall be deemed to be a Loan Notice for purposes hereof) and in accordance with the requirements
of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans,
but subject to the unutilized portion of the Revolving Facility and the conditions set forth in Section 4.02. The Swingline Lender
shall furnish the Borrower with a copy of the applicable Loan Notice promptly after delivering such notice to the Administrative
Agent. Each Revolving Lender shall make an amount equal to its Applicable Revolving Percentage of the amount specified in such
Loan Notice available to the Administrative Agent in immediately available funds (and the Administrative Agent may apply Cash Collateral
available with respect to the applicable Swingline Loan) for the account of the Swingline Lender at the Administrative Agent’s
Office not later than 1:00 p.m. on the day specified in such Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Revolving
Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative
Agent shall remit the funds so received to the Swingline Lender.

 

(ii)              
If for any reason any Swingline Loan cannot be refinanced by such a Revolving Borrowing in accordance with Section 2.04(c)(i),
the request for Base Rate Loans submitted by the Swingline Lender as set forth herein shall be deemed to be a request by the Swingline
Lender that each of the Revolving Lenders fund its risk participation in the relevant Swingline Loan and each Revolving Lender’s
payment to the Administrative Agent for the account of the Swingline Lender pursuant to Section 2.04(c)(i) shall be deemed payment
in respect of such participation.

 

(iii)            
If any Revolving Lender fails to make available to the Administrative Agent for the account of the Swingline Lender any
amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in
Section 2.04(c)(i), the Swingline Lender shall be entitled to recover from such Lender (acting through the Administrative Agent),
on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment
is immediately available to the Swingline Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate
determined by the Swingline Lender in accordance with banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by the Swingline Lender in connection with the foregoing. If such Lender pays such
amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in
the relevant Revolving Borrowing or funded participation in the relevant Swingline Loan, as the case may be. A certificate of the
Swingline Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause
(iii) shall be conclusive absent manifest error.

 

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(iv)            
Each Revolving Lender’s obligation to make Revolving Loans or to purchase and fund risk participations in Swingline
Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including
(A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swingline Lender, the Borrower
or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or (C) any other occurrence, event
or condition, whether or not similar to any of the foregoing; provided however, that each Revolving Lender’s obligation
to make Revolving Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery
by the Borrower of a Loan Notice). No such funding of risk participations shall relieve or otherwise impair the obligation of the
Borrower to repay Swingline Loans, together with interest as provided herein.

 

(d)              
Repayment of Participations.

 

(i)                
At any time after any Revolving Lender has purchased and funded a risk participation in a Swingline Loan, if the Swingline
Lender receives any payment on account of such Swingline Loan, the Swingline Lender will distribute to such Revolving Lender its
Applicable Revolving Percentage thereof in the same funds as those received by the Swingline Lender.

 

(ii)              
If any payment received by the Swingline Lender in respect of principal or interest on any Swingline Loan is required to
be returned by the Swingline Lender under any of the circumstances described in Section 11.05 (including pursuant to any settlement
entered into by the Swingline Lender in its discretion), each Revolving Lender shall pay to the Swingline Lender its Applicable
Revolving Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date
such amount is returned, at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon
the request of the Swingline Lender. The obligations of the Lenders under this clause shall survive the payment in full of the
Obligations and the termination of this Agreement.

 

(e)               
Interest for Account of Swingline Lender. The Swingline Lender shall be responsible for invoicing the Borrower for
interest on the Swingline Loans. Until each Revolving Lender funds its Base Rate Loan or risk participation pursuant to this Section
to refinance such Revolving Lender’s Applicable Revolving Percentage of any Swingline Loan, interest in respect of such Applicable
Revolving Percentage shall be solely for the account of the Swingline Lender.

 

(f)               
Payments Directly to Swingline Lender. The Borrower shall make all payments of principal and interest in respect
of the Swingline Loans directly to the Swingline Lender.

 

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		2.05	Prepayments.

 

(a)               
Optional.

 

(i)                
The Borrower may, upon notice to the Administrative Agent pursuant to delivery to the Administrative Agent of a Notice of
Loan Prepayment, at any time or from time to time voluntarily prepay Revolving Loans in whole or in part without premium or penalty
subject to Section 3.05; provided that, unless otherwise agreed by the Administrative Agent, (A) such notice must be received
by the Administrative Agent not later than 12:00 p.m. (1) three (3) Business Days prior to any date of prepayment of Eurodollar
Rate Loans and (2) on the date of prepayment of Base Rate Loans; (B) any prepayment of Eurodollar Rate Loans shall be in a principal
amount of $1,000,000 or a whole multiple of $500,000 in excess thereof; and (C) any prepayment of Base Rate Loans shall be in a
principal amount of $250,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal
amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans
to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will
promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion of such
prepayment (based on such Lender’s Applicable Percentage). If such notice is given by the Borrower, the Borrower shall make
such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment
of principal shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required
pursuant to Section 3.05. Subject to Section 2.15, such prepayments shall be paid to the Lenders in accordance with their respective
Applicable Percentages.

 

(ii)              
The Borrower may, upon notice to the Swingline Lender pursuant to delivery to the Swingline Lender of a Notice of Loan Prepayment
(with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swingline Loans in whole or in
part without premium or penalty; provided that, unless otherwise agreed by the Swingline Lender, (A) such notice must be
received by the Swingline Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (B) any
such prepayment shall be in a minimum principal amount of $100,000 or a whole multiple of $100,000 in excess hereof (or, if less,
the entire principal thereof then outstanding). Each such notice shall specify the date and amount of such prepayment. If such
notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall
be due and payable on the date specified therein. Any prepayment of principal shall be accompanied by all accrued interest on the
amount prepaid, together with any additional amounts required pursuant to Section 3.05.

 

(b)              
Mandatory.

 

(i)                
If for any reason the Total Revolving Outstandings at any time exceed the Revolving Facility at such time, the Borrower
shall promptly (and, in any event, within one (1) Business Day) prepay Revolving Loans, Swingline Loans and L/C Borrowings (together
with all accrued but unpaid interest thereon) and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such
excess; provided, however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant
to this Section 2.05(b)(i) unless, after the prepayment of the Revolving Loans and Swingline Loans, the Total Revolving Outstandings
exceed the Revolving Facility at such time.

 

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(ii)              
Except as otherwise provided in Section 2.15, prepayments of the Revolving Facility made pursuant to this Section 2.05(b),
first, shall be applied ratably to the L/C Borrowings and the Swingline Loans, second, shall be applied to the outstanding
Revolving Loans, and, third, shall be used to Cash Collateralize the remaining L/C Obligations. Upon the drawing of any
Letter of Credit that has been Cash Collateralized, the funds held as Cash Collateral shall be applied (without any further action
by or notice to or from the Borrower or any other Loan Party or any Defaulting Lender that has provided Cash Collateral) to reimburse
the L/C Issuer or the Revolving Lenders, as applicable.

 

Within the parameters of the applications
set forth above in Section 2.05(b), prepayments pursuant to Section 2.05(b) shall be applied first to Base Rate Loans and then
to Eurodollar Rate Loans in direct order of Interest Period maturities. All prepayments under Section 2.05(b) shall be subject
to Section 3.05, but otherwise without premium or penalty, and shall be accompanied by interest on the principal amount prepaid
through the date of prepayment.

 

		2.06	Termination or Reduction of Commitments.

 

(a)               
Optional. The Borrower may, upon notice to the Administrative Agent, terminate the Revolving Facility, the Letter
of Credit Sublimit or the Swingline Sublimit, or from time to time permanently reduce the Revolving Facility, the Letter of Credit
Sublimit or the Swingline Sublimit; provided that (i) any such notice shall be received by the Administrative Agent not
later than 12:00 p.m. five (5) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall
be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the Borrower shall not
terminate or reduce (A) the Revolving Facility if, after giving effect thereto and to any concurrent prepayments hereunder, the
Total Revolving Outstandings would exceed the Revolving Facility, (B) the Letter of Credit Sublimit if, after giving effect thereto,
the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, or
(C) the Swingline Sublimit if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstanding Amount
of Swingline Loans would exceed the Swingline Sublimit.

 

(b)              
Mandatory.If after giving effect to any reduction or termination of Revolving Commitments under this Section
2.06, the Letter of Credit Sublimit or the Swingline Sublimit exceeds the Revolving Facility at such time, the Letter of Credit
Sublimit or the Swingline Sublimit, as the case may be, shall be automatically reduced by the amount of such excess.

 

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(c)               
Application of Commitment Reductions; Payment of Fees. The Administrative Agent will promptly notify the Lenders
of any termination or reduction of the Letter of Credit Sublimit, Swingline Sublimit or the Revolving Commitment under this Section
2.06. Upon any reduction of the Revolving Commitments, the Revolving Commitment of each Revolving Lender shall be reduced by such
Lender’s Applicable Revolving Percentage of such reduction amount. All fees in respect of the Revolving Facility accrued
until the effective date of any termination of the Revolving Facility shall be paid on the effective date of such termination.

 

		2.07	Repayment of Loans.

 

(a)               
Revolving Loans. The Borrower shall repay to the Revolving Lenders on the Maturity Date the aggregate principal amount
of all Revolving Loans outstanding on such date.

 

(b)              
Swingline Loans. The Borrower shall repay each Swingline Loan on the earlier to occur of (i) the date ten (10) Business
Days after such Loan is made and (ii) the Maturity Date.

 

		2.08	Interest and Default Rate.

 

(a)               
Interest. Subject to the provisions of Section 2.08(b), (i) each Eurodollar Rate Loan under the Revolving Facility
shall bear interest on the outstanding principal amount thereof for each Interest Period from the applicable borrowing date at
a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; (ii) each Base Rate Loan
under the Revolving Facility shall bear interest on the outstanding principal amount thereof from the applicable borrowing date
at a rate per annum equal to the Base Rate plus the Applicable Rate; and (iii) each Swingline Loan shall bear interest on
the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus
the Applicable Rate. To the extent that any calculation of interest or any fee required to be paid under this Agreement shall be
based on (or result in) a calculation that is less than zero, such calculation shall be deemed zero for purposes of this Agreement.

 

(b)              
Default Rate.

 

(i)                
If any amount of principal of any Loan is not paid when due (subject to any applicable grace periods), whether at stated
maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at
all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(ii)              
If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (subject
to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then at the election of the Administrative
Agent or upon the request of the Required Lenders such amount shall thereafter bear interest at a fluctuating interest rate per
annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

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(iii)            
At the election of the Administrative Agent or upon the request of the Required Lenders, while any Event of Default exists
(other than an Event of Default under Section 8.01(a) and other than events described in Section 2.08(b)(i) and Section
2.08(b)(ii) above), all outstanding fees (including Letter of Credit Fees and commitment fees) may accrue at a fluctuating
interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

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

 

(c)               
Interest Payments. Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable
thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the
terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

 

		2.09	Fees.

 

In addition to certain fees described in subsections
(h) and (i) of Section 2.03:

 

(a)               
Commitment Fee. The Borrower shall pay to the Administrative Agent for the account of each Revolving Lender in accordance
with its Applicable Revolving Percentage, a commitment fee equal to the Applicable Rate times the actual daily amount by which
the Revolving Facility exceeds the sum of (i) the Outstanding Amount of Revolving Loans and (ii) the Outstanding Amount of L/C
Obligations, subject to adjustment as provided in Section 2.15. For the avoidance of doubt, the Outstanding Amount of Swingline
Loans shall not be counted towards or considered usage of the Revolving Facility for purposes of determining the commitment fee.
The commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of
the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March,
June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability
Period for the Revolving Facility. The commitment fee shall be calculated quarterly in arrears, and if there is any change in the
Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately
for each period during such quarter that such Applicable Rate was in effect.

 

(b)              
Other Fees.

 

(i)                
The Borrower shall pay to the Persons entitled thereto, for their own account, fees in the amounts and at the times specified
in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

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(ii)              
The Borrower shall pay to the Lenders, such fees as shall have been separately agreed upon in writing and disclosed to the
Administrative Agent in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable
for any reason whatsoever.

 

		2.10	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate.

 

(a)               
Computation of Interest and Fees. All computations of interest for Base Rate Loans (including Base Rate Loans determined
by reference to the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days
elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which
results in more fees or interest, as applicable, being paid than if computed on the basis of a 365 day year). Interest shall accrue
on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which
the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section
2.12(a), bear interest for one (1) day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall
be conclusive and binding for all purposes, absent manifest error.

 

(b)              
Financial Statement Adjustments or Restatements. If, as a result of any restatement of or other adjustment to the
financial statements of the Borrower and its Subsidiaries or for any other reason, the Borrower, or the Lenders determine that
(i) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation
of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively
be obligated to pay to the Administrative Agent for the account of the applicable Lenders or the L/C Issuer, as the case may be,
promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with
respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative
Agent, any Lender or the L/C Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid
for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of
the Administrative Agent, any Lender or the L/C Issuer, as the case may be, under any provision of this Agreement to payment of
any Obligations hereunder at the Default Rate or under Article VIII. The Borrower’s obligations under this paragraph shall
survive the termination of the Aggregate Commitments and the repayment of all other Obligations hereunder.

 

		2.11	Evidence of Debt.

 

(a)               
Maintenance of Accounts. The Credit Extensions made by each Lender shall be evidenced by one or more accounts or
records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained
by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made
by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not,
however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations.
In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative
Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest
error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender
(through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records.
Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans
and payments with respect thereto.

 

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(b)              
Maintenance of Records. In addition to the accounts and records referred to in Section 2.11(a), each Lender and the
Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales
by such Lender of participations in Letters of Credit and Swingline Loans. In the event of any conflict between the accounts and
records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts
and records of the Administrative Agent shall control in the absence of manifest error.

 

		2.12	Payments Generally; Administrative Agent’s Clawback.

 

(a)               
General. All payments to be made by the Borrower shall be made free and clear of and without condition or deduction
for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower
hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at
the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified
herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as
provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments
received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable
interest or fee shall continue to accrue. Except with respect to the payment of Obligations on the Maturity Date or as otherwise
specifically provided for in this Agreement, if any payment to be made by the Borrower shall come due on a day other than a Business
Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest
or fees, as the case may be.

 

(b)              
(i)Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received
notice from a Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of
Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender will not make available to the Administrative
Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available
on such date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such
share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available
to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available
to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith
on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date
such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case
of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily
charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower,
the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative
Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest
paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then
the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without
prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative
Agent.

 

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(ii)              
Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice
from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the
L/C Issuer hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made
such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Appropriate Lenders
or the L/C Issuer, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each
of the Appropriate Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith
on demand the amount so distributed to such Lender or the L/C Issuer, in immediately available funds with interest thereon, for
each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation.

 

A notice of the Administrative Agent to any
Lender or the Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error.

 

(c)               
Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any
Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available
to the Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are
not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as
received from such Lender) to such Lender, without interest.

 

(d)              
Obligations of Lenders Several. The obligations of the Lenders hereunder to make Revolving Loans, to fund participations
in Letters of Credit and Swingline Loans and to make payments pursuant to Section 11.04(c) are several and not joint. The failure
of any Lender to make any Loan, to fund any such participation or to make any payment under Section 11.04(c) on any date required
hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible
for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 11.04(c).

 

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(e)               
Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular
place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any
particular place or manner.

 

(f)               
Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing (other than Swingline
Borrowings) shall be made from the Appropriate Lenders, each payment of fees under Section 2.09 and 2.03(h) and (i) shall be made
for account of the Appropriate Lenders, and each termination or reduction of the amount of the Commitments shall be applied to
the respective Commitments of the Lenders, pro rata according to the amounts of their respective Commitments; (ii) each Borrowing
shall be allocated pro rata among the Lenders according to the amounts of their respective Commitments (in the case of the making
of Revolving Loans) or their respective Loans that are to be included in such Borrowing (in the case of conversions and continuations
of Loans); (iii) each payment or prepayment of principal of Loans by the Borrower shall be made for account of the Appropriate
Lenders pro rata in accordance with the respective unpaid principal amounts of the Loans held by them; and (iv) each payment of
interest on Loans by the Borrower shall be made for account of the Appropriate Lenders pro rata in accordance with the amounts
of interest on such Loans then due and payable to the respective Appropriate Lenders.

 

		2.13	Sharing of Payments by Lenders.

 

If any Lender shall, by exercising any right
of setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations in respect of the Revolving Facility due and
payable to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the
proportion of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount of the
Obligations in respect of the Revolving Facility due and payable to all Lenders hereunder and under the other Loan Documents at
such time) of payments on account of the Obligations in respect of the Revolving Facility due and payable to all Lenders hereunder
and under the other Loan Documents at such time obtained by all the Lenders at such time or (b) Obligations in respect of any of
the Revolving Facility owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time
in excess of its ratable share (according to the proportion of (i) the amount of such Obligations owing (but not due and payable)
to such Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Revolving Facility owing (but not
due and payable) to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations
in respect of the Revolving Facility owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents
at such time obtained by all of the Lenders at such time, then, in each case under clauses (a) and (b) above, the Lender receiving
such greater proportion shall (A) notify the Administrative Agent of such fact, and (B) purchase (for cash at face value) participations
in the Loans and subparticipations in L/C Obligations and Swingline Loans of the other Lenders, or make such other adjustments
as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate
amount of Obligations in respect of the Revolving Facility then due and payable to the Lenders or owing (but not due and payable)
to the Lenders, as the case may be, provided that:

 

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(1)              
if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto
is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such
recovery, without interest; and

 

(2)              
the provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of the Borrower pursuant
to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of
a Defaulting Lender), (y) the application of Cash Collateral provided for in Section 2.14, or (z) any payment obtained by a Lender
as consideration for the assignment of or sale of a participation in any of its Revolving Loans or subparticipations in L/C Obligations
or Swingline Loans to any assignee or participant, other than an assignment to any Loan Party or any Affiliate thereof (as to which
the provisions of this Section shall apply).

 

Each Loan Party consents to the foregoing and
agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation pursuant to the
foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.

 

		2.14	Cash Collateral.

 

(a)               
Certain Credit Support Events. If (i) the L/C Issuer has honored any full or partial drawing request under any Letter
of Credit and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation
for any reason remains outstanding, (iii) the Borrower shall be required to provide Cash Collateral pursuant to Section 2.05 or
8.02(c), or (iv) there shall exist a Defaulting Lender, the Borrower shall on the same day (in the case of clause (iii) above)
or within one (1) Business Day (in all other cases) following any written request by the Administrative Agent or the L/C Issuer,
provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral
provided pursuant to clause (iv) above, after giving effect to Section 2.15(a)(iv) and any Cash Collateral provided by the Defaulting
Lender).

 

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(b)              
Grant of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender,
hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C
Issuer and the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances
therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security
for the obligations to which such Cash Collateral may be applied pursuant to Section 2.14(c). 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 or the
L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the
Borrower will, promptly upon written demand by the Administrative Agent, pay or provide to the Administrative Agent additional
Cash Collateral in an amount sufficient to eliminate such deficiency. All Cash Collateral (other than credit support not constituting
funds subject to deposit) shall be maintained in one or more blocked, non-interest bearing deposit accounts at Bank of America.
The Borrower shall pay on written demand therefor from time to time all customary account opening, activity and other administrative
fees and charges in connection with the maintenance and disbursement of Cash Collateral.

 

(c)               
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under
any of this Section 2.14 or Sections 2.03, 2.05, 2.15 or 8.02 in respect of Letters of Credit shall be held and applied to the
satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided
by a Revolving Lender that is a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the
Cash Collateral was so provided, prior to any other application of such property as may be provided for herein.

 

(d)              
Release. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other
obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving
rise thereto (including by the termination of Defaulting Lender status of the applicable Revolving Lender (or, as appropriate,
its assignee following compliance with Section 11.06(b)(vi))) or (ii) the determination by the Administrative Agent and the L/C
Issuer that there exists excess Cash Collateral; provided, however, (A) any such release shall be without prejudice
to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to, any other Lien conferred under the
Loan Documents and the other applicable provisions of the Loan Documents, and (B) the Person providing Cash Collateral and the
L/C Issuer may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure
or other obligations.

 

(e)               
Release of Lenders’ Obligations. Notwithstanding anything to the contrary contained herein or in any other
Loan Document, in the event that (i) the L/C Issuer shall have issued, in accordance with Section 2.03(a)(ii)(B), a Letter of Credit
with an expiry date occurring after the Letter of Credit Expiration Date and (ii) the Borrower shall have Cash Collateralized the
Outstanding Amount of all such L/C Obligations in respect of such Letter of Credit pursuant to Section 2.14(a) above, then, upon
the provision of such Cash Collateral and without any further action, each Lender hereunder shall be automatically released from
any further obligation to such L/C Issuer in respect of such Letter of Credit, including, without limitation, any obligation of
any such Lender to reimburse such L/C Issuer for amounts drawn under such Letter of Credit or to purchase any risk participation
therein; provided, however, that all such obligations of each Lender hereunder to such L/C Issuer in respect of such
Letter of Credit shall be revived if any Cash Collateral provided by the Borrower in respect of such Letter of Credit is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into
by the Administrative Agent or the L/C Issuer) to be repaid to a trustee, receiver or any other party, in connection with any proceeding
under any Debtor Relief Laws or otherwise, all as if such Cash Collateral had not been provided. The obligations of the Lenders
under this paragraph shall survive the Facility Termination Date.

 

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		2.15	Defaulting Lenders.

 

(a)               
Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting
Lender, then, until such time as that 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” and Section
11.01.

 

(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 VIII or otherwise)
or received by the Administrative Agent from a Defaulting Lender pursuant to Section 11.08 shall be applied at such time or times
as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting
Lender to the L/C Issuer or Swingline Lender hereunder; third, to Cash Collateralize the L/C Issuer’s Fronting Exposure
with respect to such Defaulting Lender in accordance with Section 2.14; fourth, as the Borrower may request (so long as
no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund
its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by
the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (A) satisfy such Defaulting
Lender’s potential future funding obligations with respect to Loans under this Agreement and (B) Cash Collateralize the L/C
Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued
under this Agreement, in accordance with Section 2.14; sixth, to the payment of any amounts owing to the Lenders, the L/C
Issuer or Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the L/C Issuer
or the Swingline 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 Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such
Defaulting Lender or as otherwise as may be required under the Loan Documents in connection with any Lien conferred thereunder
or directed by a court of competent jurisdiction; provided that if (1) such payment is a payment of the principal amount
of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (2) such
Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied
or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on
a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until
such time as all Loans and funded and unfunded participations in L/C Obligations and Swingline Loans are held by the Lenders pro
rata in accordance with the Commitments hereunder without giving effect to Section 2.15(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 2.15(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)            
Fees. No Defaulting Lender shall be entitled to receive any fee payable under Section 2.09(a) for any period during
which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have
been required to have been paid to that Defaulting Lender).

 

(B)             
Letter of Credit Fees. Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during
which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Revolving Percentage of the stated amount
of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.14.

 

(C)             
Defaulting Lender Fees. With respect to any fee payable under Section 2.09(a) or any Letter of Credit Fee not required
to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (1) 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 L/C Obligations or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (2)
pay to the L/C Issuer and Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender
to the extent allocable to such L/C Issuer’s or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and
(3) not be required to pay the remaining amount of any such fee.

 

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(iv)            
Reallocation of Applicable Revolving Percentages to Reduce Fronting Exposure. All or any part of such Defaulting
Lender’s participation in L/C Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance
with their respective Applicable Revolving Percentages (calculated without regard to such Defaulting Lender’s Revolving Commitment)
but only to the extent that such reallocation does not cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed
such Non-Defaulting Lender’s Revolving Commitment. Subject to Section 11.20, 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 Swingline Loans. If the reallocation described in clause (a)(iv) above cannot, or can
only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable
Law, (A) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and (B) second, Cash
Collateralize the L/C Issuer’s Fronting Exposure in accordance with the procedures set forth in Section 2.14.

 

(b)              
Defaulting Lender Cure. If the Borrower, the Administrative Agent, Swingline Lender and the L/C 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 Letters of Credit and Swingline Loans to be held on a pro rata basis by the Lenders in accordance with
their Applicable Percentages (without giving effect to Section 2.15(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 the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise
expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release
of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

		2.16	Increase in Commitments.

 

(a)               
Increase in Revolving Facility.

 

(i)                
Provided there exists no Default or Event of Default, upon notice to the Administrative Agent (which shall promptly notify
the Revolving Lenders), the Borrower may from time to time after the Closing Date, request an increase in the Revolving Facility
by an aggregate amount (for all such requests) not to exceed $50,000,000 (any such increase in the Revolving Facility, an “Incremental
Revolving Facility”); provided that (i) any such request for an Incremental Revolving Facility shall be in a minimum
amount of $10,000,000, and in increments of $5,000,000 in excess thereof, or, if less, the entire remaining amount available for
such Incremental Revolving Facility, (ii) in no event shall the Revolving Facility (after giving effect to all requested increases
therein) exceed $100,000,000, and (iii) the Borrower may only make a maximum of five (5) requests for an increase of the Revolving
Facility during the term of this Agreement. At the time of sending such notice, the Borrower (in consultation with the Administrative
Agent) shall specify the time period within which each Revolving Lender is requested to respond (which shall in no event be less
than ten (10) Business Days from the date of delivery of such notice to the Revolving Lenders).

 

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(ii)              
Revolving Lender Elections to Increase. Each Revolving Lender shall notify the Administrative Agent within such time
period whether or not it agrees to increase its Revolving Commitment and, if so, whether by an amount equal to, greater than, or
less than its Applicable Percentage of such requested increase. Any Revolving Lender not responding within such time period shall
be deemed to have declined to increase its Revolving Commitment.

 

(iii)            
Notification by Administrative Agent; Additional Revolving Lenders. The Administrative Agent shall notify the Borrower
and each Revolving Lender of the Revolving Lenders’ responses to each request made hereunder. To achieve the full amount
of a requested increase (to the extent the existing Revolving Lenders do not agree to provide the entire amount of the requested
increase), and subject to the approval of the Administrative Agent, the L/C Issuer and the Swingline Lender, the Borrower may also
invite additional Eligible Assignees to become Revolving Lenders (together with any existing Revolving Lender participating in
such increase, each, an “Increasing Revolving Lender”) pursuant to a joinder agreement in form and substance
reasonably satisfactory to the Administrative Agent and its counsel. Nothing contained herein shall constitute, or otherwise be
deemed to be, a commitment on the part of any Revolving Lender to participate in any increase in the Revolving Facility.

 

(iv)            
Effective Date and Allocations. If the Revolving Facility is increased in accordance with this Section, the Administrative
Agent and the Borrower shall determine (x) the effective date of any such increase (the “Revolving Facility Increase Effective
Date”) and (y) the final allocation of such increase among the Increasing Revolving Lenders and Schedule 1.01(b)
attached hereto shall be automatically updated to reflect the same. The Administrative Agent shall promptly notify the Borrower
and the Revolving Lenders of the final allocation of such increase and the Revolving Facility Increase Effective Date.

 

(b)              
Conditions to Effectiveness of Increase. As a condition precedent to each such increase in the Revolving Facility
pursuant to this Section 2.16:

 

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(i)                
as of the Revolving Increase Effective Date, before and after giving effect to such increase, (A) no Default or Event of
Default shall then exist or would exist after giving effect thereto, (B) the Loan Parties shall demonstrate to the reasonable satisfaction
of the Administrative Agent that, after giving effect to such increase on a Pro Forma Basis, the Loan Parties are in Pro Forma
Compliance, including without limitation with the financial covenants set forth in Section 7.11, calculated using the same Measurement
Period used to determine Pro Forma Compliance, and (C) the representations and warranties contained in Article V and each
other Loan Documents shall be true and correct in all material respects (or in the case of a representation or warranty that is
already subject to a materiality condition, in all respects), except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they shall be true and correct in all material respects (or in the case of a representation
or warranty that is already subject to a materiality condition, in all respects) as of such earlier date, and except that for purposes
of this Section 2.16, the representations and warranties contained in clauses (a) and (b) of Section 5.05
shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of
Section 6.01.

 

(ii)              
the Borrower shall have delivered to the Administrative Agent a certificate of each Loan Party dated as of the Revolving
Facility Increase Effective Date, signed by a Responsible Officer of such Loan Party (x) certifying and attaching the resolutions
adopted by such Loan Party approving or consenting to such increase, and (y) certifying (and attaching calculations, as appropriate,
in reasonable detail necessary to demonstrate) that, before and after giving effect to such increase each, of the conditions set
forth in clause (i) above are satisfied; and

 

(iii)            
the Borrower shall have delivered, or cause to be delivered, any other customary documents (including, without limitation,
legal opinions) as reasonably requested by the Administrative Agent in connection with each such increase in the Revolving Facility.

 

The Borrower shall prepay any Revolving
Loans outstanding on the Revolving Increase Effective Date (and pay any additional amounts required pursuant to Section 3.05)
to the extent necessary to keep the outstanding Revolving Loans ratable with any revised Applicable Revolving Percentages arising
from any nonratable increase in the Revolving Commitments under this Section 2.16.

 

(c)               
Terms of Increase. Any increase in the Revolving Facility shall be made on the same terms (including, without limitation,
interest, payment, amortization and maturity terms), and shall be subject to the same conditions as existing Revolving Commitments
except customary arrangement or commitment fees payable to the Arranger or one or more Increasing Revolver Lenders may be different
from those paid with respect to the existing Commitments of the existing Lenders on or prior to the Closing Date or with respect
to any other Increasing Revolver Lender in connection with any other increase in the Revolving Facility pursuant to this Section
2.16.

 

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(d)              
Conflicting Provisions. This Section 2.16 shall supersede any provisions in Section 2.13 or 11.01 to the contrary.

 

ARTICLE
III

TAXES, YIELD PROTECTION AND ILLEGALITY

 

		3.01	Taxes.

 

(a)               
Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

 

(i)                
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 Laws. If any applicable Laws (as determined in the good
faith discretion of the Administrative Agent) require the deduction or withholding of any Tax from any such payment by the Administrative
Agent or a Loan Party, then the Administrative Agent or such Loan Party shall be entitled to make such deduction or withholding,
upon the basis of the information and documentation to be delivered pursuant to subsection (e) below.

 

(ii)              
If any Loan Party or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both
United States federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold
or make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation
it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted
to the relevant Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is
made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after
any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under
this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding
or deduction been made.

 

(iii)            
If any Loan Party or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold or
deduct any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold
or make such deductions as are determined by it to be required based upon the information and documentation it has received pursuant
to subsection (e) below, (B) such Loan Party or the Administrative Agent, to the extent required by such Laws, shall timely pay
the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent
that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be
increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable
to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have
received had no such withholding or deduction been made.

 

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(b)              
Payment of Other Taxes by the Loan Parties. Without limiting the provisions of subsection (a) above, 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)               
Tax Indemnifications.

 

(i)                
Each of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment
in respect thereof within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified
Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient or required
to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or the L/C Issuer
(with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the L/C
Issuer, shall be conclusive absent manifest error. Each of the Loan Parties shall also, and does hereby, jointly and severally
indemnify the Administrative Agent, and shall make payment in respect thereof within ten (10) days after demand therefor, for any
amount which a Lender or the L/C Issuer for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant
to Section 3.01(c)(ii) below.

 

(ii)              
Each Lender and the L/C Issuer shall, and does hereby, severally indemnify and shall make payment in respect thereof within
ten (10) days after demand therefor, (A) the Administrative Agent against any Indemnified Taxes attributable to such Lender or
the L/C Issuer (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified
Taxes and without limiting the obligation of the Loan Parties to do so), (B) the Administrative Agent and the Loan Parties, as
applicable, against any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.06(d) relating
to the maintenance of a Participant Register and (C) the Administrative Agent and the Loan Parties, as applicable, against any
Excluded Taxes attributable to such Lender or the L/C Issuer, in each case, that are payable or paid by the Administrative Agent
or a Loan Party 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 and the L/C Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time
owing to such Lender or the L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount
due to the Administrative Agent under this clause (ii).

 

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(d)              
Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority,
as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a
receipt issued by such Governmental Authority evidencing such payment, a copy of any return reporting such payment or other evidence
of such payment reasonably satisfactory to the Administrative Agent.

 

(e)               
Status of Lenders; Tax Documentation.

 

(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 Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower
or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender,
if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable
Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower 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 3.01(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of such Lender.

 

(ii)              
Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person,

 

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

 

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

 

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

 

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

 

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

 

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

 

(C)             
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), executed copies (or originals, as required) 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 Borrower or the Administrative Agent to determine the withholding or deduction required to be made;
and

 

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(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 Borrower and the Administrative Agent at the time
or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower or the Administrative Agent as may be necessary for the 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.

 

(iii)            
Each Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative
Agent in writing of its legal inability to do so.

 

(f)               
Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have
any obligation to file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender
or the L/C Issuer, any refund of Taxes withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as
the case may be. If any Recipient 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 by any Loan Party or with respect to which any Loan Party has paid additional amounts
pursuant to this Section 3.01, it shall pay to such Loan Party an amount equal to such refund (but only to the extent of indemnity
payments made, or additional amounts paid, by such Loan Party under this Section 3.01 with respect to the Taxes giving rise to
such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, as the case may be, and without interest
(other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that each Loan Party,
upon the request of the Recipient, agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other
charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund
to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient
be required to pay any amount to such Loan Party pursuant to this subsection the payment of which would place the Recipient in
a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving
rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts
with respect to such Tax had never been paid. This subsection shall not be construed to require any Recipient to make available
its Tax returns (or any other information relating to its taxes that it deems confidential) to any Loan Party or any other Person.

 

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(g)              
Survival. Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of
the Administrative Agent or any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of
the Commitments and the repayment, satisfaction or discharge of all other Obligations.

 

		3.02	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 Lending Office
to perform any of its obligations hereunder or to make, maintain or fund or charge interest with respect to any Credit Extension
or to determine or charge interest rates based upon the Eurodollar 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, then, on notice
thereof by such Lender to the Borrower through the Administrative Agent, (a) any obligation of such Lender to issue, make, maintain,
fund or charge interest with respect to any such Credit Extension or continue Eurodollar Rate Loans or to convert Base Rate Loans
to Eurodollar Rate Loans shall be suspended, and (b) if such notice asserts the illegality of such Lender making or maintaining
Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest
rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative
Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative
Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (i)
the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all
Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary
to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base
Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar
Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (ii)
if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Eurodollar Rate, the
Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference
to the Eurodollar 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 Eurodollar Rate. Upon any such prepayment or conversion,
the Borrower shall also pay accrued interest on the amount so prepaid or converted.

 

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		3.03	Inability to Determine Rates.

 

(a)               
If in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof, (i) the Administrative
Agent determines that (A) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable
amount and Interest Period of such Eurodollar Rate Loan, or (B) adequate and reasonable means do not exist for determining the
Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing
or proposed Base Rate Loan (in each case with respect to clause (i), “Impacted Loans”), or (ii) the Administrative
Agent or the Required Lenders determine that for any reason Eurodollar Rate for any requested Interest Period with respect to a
proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative
Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar
Rate Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods), and (y) in the event of
a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization
of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon
the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending
request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate
Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base
Rate Loans in the amount specified therein.

 

(b)              
Notwithstanding the foregoing, if the Administrative Agent has made the determination described in clause (a)(i) of this
Section, the Administrative Agent, in consultation with the Borrower and the Required Lenders, may establish an alternative interest
rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until
(1) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (a)(i) of this Section,
(2) the Administrative Agent or the Required Lenders notify the Administrative Agent and the Borrower that such alternative interest
rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines
that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its
applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of
interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions
on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice
thereof.

 

		3.04	Increased Costs; Reserves on Eurodollar Rate Loans.

 

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

 

(i)                
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve
requirement contemplated by Section 3.04(d)) or the L/C Issuer;

 

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

 

(iii)            
impose on any Lender or the L/C Issuer or the London interbank market any other condition, cost or expense affecting this
Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein;

 

and the result of any of the foregoing shall be to increase the
cost to such Lender of making, converting to, continuing or maintaining any Loan (or of maintaining its obligation to make any
such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of
Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum
received or receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon
request of such Lender or the L/C Issuer, the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional
amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such additional costs incurred or reduction
suffered.

 

(b)              
Capital Requirements. If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or
the L/C Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding
capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the L/C
Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence
of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swingline Loans
held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer
or such Lender’s or the L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration
such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding
company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or the L/C Issuer, as the
case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C
Issuer’s holding company for any such reduction suffered.

 

(c)               
Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer setting forth the amount or amounts necessary
to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of
this Section and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the
L/C Issuer, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

 

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(d)              
Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, (i) as long as such Lender shall be required
to maintain reserves with respect to liabilities or assets consisting of or including eurocurrency funds or deposits (currently
known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan
equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which
determination shall be conclusive absent manifest error), and (ii) as long as such Lender shall be required to comply with any
reserve ratio requirement or analogous requirement of any central banking or financial regulatory authority imposed in respect
of the maintenance of the Commitments or the funding of the Loans, such additional costs (expressed as a percentage per annum and
rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan
by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error), which
in each case shall be due and payable on each date on which interest is payable on such Loan, provided the Borrower shall have
received at least ten (10) days’ prior notice (with a copy to the Administrative Agent) of such additional interest or costs
from such Lender. If a Lender fails to give notice ten (10) days prior to the relevant Interest Payment Date, such additional interest
shall be due and payable ten (10) days from receipt of such notice.

 

(e)               
Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to
the foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or the L/C Issuer’s right
to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant
to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than nine (9) months prior
to the date that such Lender or the L/C Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such
increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except
that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9) month period referred
to above shall be extended to include the period of retroactive effect thereof).

 

		3.05	Compensation for Losses.

 

Upon demand of any Lender (with a copy to the
Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from
any loss, cost or expense incurred by it as a result of:

 

(a)               
any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last
day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b)              
any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue
or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower ; or

 

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(c)               
any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of
a request by the Borrower pursuant to Section 11.13;

 

including any loss of anticipated profits and any loss or expense
arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the
deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by such Lender
in connection with the foregoing.

 

For purposes of calculating amounts payable by the Borrower to the
Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar
Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and
for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded.

 

		3.06	Mitigation Obligations; Replacement of Lenders.

 

(a)               
Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or requires the
Borrower to pay any Indemnified Taxes or additional amounts to any Lender, the L/C Issuer, or any Governmental Authority for the
account of any Lender or the L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then
at the request of the Borrower, such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a different
Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or assignment (i) would eliminate
or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice
pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or the L/C Issuer, as the case
may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the
case may be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection
with any such designation or assignment.

 

(b)              
Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is required to
pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 3.01 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance
with Section 3.06(a), the Borrower may replace such Lender in accordance with Section 11.13.

 

		3.07	Survival.

 

All of the Borrower’s obligations under
this Article III and the Lenders’ obligations under Section 3.01(c)(ii) shall, in each case, survive termination of the Aggregate
Commitments, repayment of all other Obligations hereunder, resignation of the Administrative Agent and the Facility Termination
Date.

 

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ARTICLE
IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

		4.01	Conditions of Initial Credit Extension.

 

The obligation of the L/C Issuer and each Lender
to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent (in each case,
subject to Section 6.19):

 

(a)               
Execution of Credit Agreement; Loan Documents. The Administrative Agent shall have received (i) counterparts of this
Agreement, executed by a Responsible Officer of each Loan Party and a duly authorized officer of each Lender, (ii) for the account
of each Lender requesting a Note, a Note executed by a Responsible Officer of the Borrower, (iii) counterparts of the Security
Agreement, each Mortgage (if any) and any related Mortgaged Property Support Document (if any) and each other Collateral Document,
executed by a Responsible Officer of the applicable Loan Parties and a duly authorized officer of each other Person party thereto,
as applicable and (iv) counterparts of any other Loan Document, executed by a Responsible Officer of the applicable Loan Party
and a duly authorized officer of each other Person party thereto, each of which shall be in form and substance reasonably satisfactory
to the Administrative Agent, the Arranger and each of the Lenders.

 

(b)              
Officer’s Certificate. The Administrative Agent shall have received a certificate of a Responsible Officer
of each Loan Party dated as of the Closing Date, certifying as to the Organization Documents of such Loan Party (which, to the
extent filed with a Governmental Authority, shall be certified as of a recent date by such Governmental Authority), the resolutions
of the governing body of such Loan Party, the good standing, existence or its equivalent of such Loan Party and of the incumbency
(including specimen signatures) of the Responsible Officers of such Loan Party, each in form and substance reasonably satisfactory
to the Administrative Agent.

 

(c)               
Legal Opinions of Counsel. The Administrative Agent shall have received a favorable opinion of K&L Gates LLP,
counsel for the Loan Parties, dated as of the Closing Date and addressed to the Administrative Agent and the Lenders, in form and
substance reasonably acceptable to the Administrative Agent, covering such matters relating to the Loan Documents and the transactions
contemplated thereby as the Administrative Agent and the Lenders shall reasonably request.

 

(d)              
Financial Statements. The Administrative Agent and the Lenders shall have received copies of the financial statements
referred to in Section 5.05, each in form and substance reasonably satisfactory to each of them.

 

(e)               
Personal Property Collateral. The Administrative Agent shall have received, in form and substance satisfactory to
the Administrative Agent:

 

(i)                
(A) searches of UCC filings in the jurisdiction of incorporation or formation, as applicable, of each Loan Party and each
jurisdiction where any Collateral is located or where a filing would need to be made in order to perfect the Administrative Agent’s
security interest in the Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens
exist other than Permitted Liens and (B) tax lien, judgment and litigation searches;

 

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(ii)              
[reserved];

 

(iii)            
completed UCC financing statements for each appropriate jurisdiction as is necessary, in the Administrative Agent’s
sole discretion, to perfect the Administrative Agent’s security interest in the Collateral;

 

(iv)            
stock or membership certificates, if any, evidencing the Pledged Equity and undated stock or transfer powers duly executed
in blank; in each case to the extent such Pledged Equity is certificated;

 

(v)              
[reserved];

 

(vi)            
to the extent required to be delivered, filed, registered or recorded pursuant to the terms and conditions of the Collateral
Documents, all instruments, documents and chattel paper in the possession of any of the Loan Parties, together with allonges or
assignments as may be necessary or appropriate to create and perfect the Administrative Agent’s and the Lenders’ security
interest in the Collateral;

 

(vii)          
Qualifying Control Agreements satisfactory to the Administrative Agent to the extent required to be delivered pursuant to
Section 6.14; and

 

(viii)        
evidence satisfactory to the Administrative Agent that (x) all other actions that the Administrative Agent may deem necessary
or desirable in order to perfect the Liens created under the Security Agreement have been taken (including receipt of duly executed
payoff letters, UCC-3 termination statements, and bailee waivers and consent agreements) and (y) all filing and recording fees
and taxes shall have been duly paid.

 

(f)               
Liability, Casualty, Property, Terrorism and Business Interruption Insurance. The Administrative Agent shall have
received copies of insurance policies, declaration pages, certificates, and endorsements of insurance or insurance binders evidencing
liability, casualty, property, terrorism and business interruption insurance meeting the requirements set forth herein or in the
Collateral Documents or as required by the Administrative Agent. The Loan Parties shall have delivered to the Administrative Agent
an Authorization to Share Insurance Information.

 

(g)              
Solvency Certificate. The Administrative Agent shall have received a Solvency Certificate signed by a Responsible
Officer of the Borrower as to the financial condition, Solvency and related matters of (x) the Borrower, individually and (y) the
Loan Parties and their Subsidiaries, on a consolidated basis, in each case, after giving effect to the initial borrowings under
the Loan Documents and the other transactions contemplated hereby.

 

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(h)              
Officer’s Certificate; Compliance Certificate; Perfection Certificate. The Administrative Agent shall have
received (i) a certificate or certificates executed by a Responsible Officer of the Borrower as of the Closing Date, certifying
as to the matters set forth in clauses (j) and (k) of this Section 4.01 and the matters set forth in Section 4.02(a) and (b), (ii)
a Compliance Certificate dated as of the Closing Date, setting forth calculations demonstrating that (on a Pro Forma Basis) after
giving effect to the incurrence of Indebtedness under the Loan Documents, the borrowing of Loans to be made on the Closing Date
and the other transactions occurring on the Closing Date, that the Borrower is in Pro Forma Compliance with the financial covenants
set forth in Section 7.11, (iii) the Perfection Certificate executed by a Responsible Officer of the Borrower and (iv) true and
complete copies, certified by an officer of the Borrower as true and complete, of all Material Contracts, together with all exhibits
and schedules.

 

(i)                
Loan Notice. The Administrative Agent shall have received a Loan Notice with respect to the Loans to be made on the
Closing Date.

 

(j)                
Existing Indebtedness of the Loan Parties. All of the existing Indebtedness for borrowed money of the Borrower and
its Subsidiaries (other than Indebtedness permitted to exist pursuant to Section 7.02) shall be repaid in full and all security
interests related thereto shall be terminated substantially concurrently with the Closing Date.

 

(k)              
Material Adverse Effect. (i) There shall have been no event or circumstance since the date of the Audited Financial
Statements that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect
and (ii) there shall exist no action, suit, investigation or proceeding pending or, to the actual knowledge of the Loan Parties,
threatened in writing in any court or before any arbitrator or governmental authority that could reasonably be expected to have
a Material Adverse Effect.

 

(l)                
Consents. The Administrative Agent shall have received a certificate of a Responsible Officer of each Loan Party
either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance
by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses
and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required, in
each case, excluding the consents of the board of directors (or equivalent governing body) that will be attached to the Officer’s
Certificates referenced in Section 4.01(h).

 

(m)            
Fees and Expenses. The Administrative Agent, the Lenders and the Arranger shall have received all fees and out-of-pocket
expenses (including the reasonable fees and out-of-pocket expenses of outside counsel (including any local counsel) for the Administrative
Agent), if any, owing pursuant to the Fee Letter, Section 2.09 and the other Loan Documents; provided that in the case of
any such expenses, such expenses shall be invoiced at least two (2) business days prior to the Closing Date.

 

(n)              
Due Diligence. The Lenders and the Administrative Agent shall have completed a due diligence investigation of the
Borrower, the other Loan Parties and their Subsidiaries and Affiliates, including customary “know your customer”, PATRIOT
Act, sanctions, OFAC, and FCPA diligence, in scope, and with results, satisfactory to the Administrative Agent. The Loan Parties
shall have provided to the Administrative Agent and the Lenders the documentation and other information requested by the Administrative
Agent and the Lenders in order to comply with applicable law, including without limitation, the PATRIOT Act.

 

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(o)              
Other Documents. All other documents provided for herein or which the Administrative Agent or any other Lender may
reasonably request or require.

 

(p)              
Additional Information. Such additional information and materials which the Administrative Agent and/or any Lender
shall reasonably request or require.

 

Without limiting the generality of the provisions of the last paragraph
of Section 9.03, for purposes of determining compliance with the conditions specified in this Section, 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 proposed Closing Date specifying its objection thereto.

 

		4.02	Conditions to all Credit Extensions.

 

The obligation of each Lender and the L/C Issuer
to honor any Request for Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type, or
a continuation of Eurodollar Rate Loans) is subject to the following conditions precedent:

 

(a)               
Representations and Warranties. The representations and warranties of the Borrower and each other Loan Party contained
in Article II, Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection
herewith or therewith, shall (i) with respect to representations and warranties that contain a materiality qualification, be true
and correct on and as of the date of such Credit Extension (except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they shall be true and correct as of such earlier date) and (ii) with respect to representations
and warranties that do not contain a materiality qualification, be true and correct in all material respects on and as of the date
of such Credit Extension (except to the extent that such representations and warranties specifically refer to an earlier date,
in which case they shall be true and correct in all material respects as of such earlier date), and except that for purposes of
this Section 4.02, the representations and warranties contained in Sections 5.05(a) and (b) shall be deemed to refer to the most
recent statements furnished pursuant to Sections 6.01(a) and (b), respectively.

 

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

 

(c)               
Request for Credit Extension. The Administrative Agent and, if applicable, the L/C Issuer or the Swingline Lender,
shall have received a Request for Credit Extension in accordance with the requirements hereof.

 

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Each Request for Credit Extension (other than
a Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar Rate Loans) submitted by
the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have
been satisfied on and as of the date of the applicable Credit Extension.

 

ARTICLE
V

REPRESENTATIONS AND WARRANTIES

 

Each Loan Party represents and warrants to the
Administrative Agent and the Lenders, as of the date made or deemed made, that:

 

		5.01	Existence, Qualification and Power.

 

Each Loan Party and each of its Subsidiaries
(a) is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its
incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations,
consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations
under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in good standing
under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires
such qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent that failure to do so could
not reasonably be expected to have a Material Adverse Effect.

 

		5.02	Authorization; No Contravention.

 

The execution, delivery and performance by each
Loan Party of each Loan Document to which such Person is or is to be a party have been duly authorized by all necessary corporate
or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents;
(b) result in the imposition or the creation of any Lien (other than any Liens permitted pursuant to the terms of this Agreement)
on any asset of any Loan Party or any Subsidiary of a Loan Party, (c) conflict with or result in any breach or contravention, of
or require any payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person
or the properties of such Person or any of its Subsidiaries, except, in each case, to the extent that any such conflict, breach,
contravention or requirement of payment could not reasonably be expected to have a Material Adverse Effect or (ii) any order, injunction,
writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (d) violate
any Law in any material respect.

 

		5.03	Governmental Authorization; Other Consents.

 

No approval, consent, exemption, authorization,
or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection
with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan
Document, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or
maintenance of the Liens created under the Collateral Documents (including the first priority nature thereof, subject only to non-consensual
Permitted Liens having priority as a matter of law) or (d) the exercise by the Administrative Agent or any Lender of its rights
under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, other than (i) authorizations,
approvals, actions, notices and filings which have been duly obtained and which are in full force and effect and (ii) filings (which
filings and other actions have either (x) been made or taken, as applicable, on or prior to the Closing Date or (y) are being (or,
will be) made in accordance with the terms of the Loan Documents) to perfect the Liens created by the Collateral Documents.

 

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		5.04	Binding Effect.

 

This Agreement has been, and each other Loan
Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto. This
Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of
such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general
principles of equity.

 

		5.05	Financial Statements; No Material Adverse Effect.

 

(a)               
Audited Financial Statements. The Audited Financial Statements (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition
of the Borrower and its Subsidiaries as of the date thereof and their results of operations, cash flows and changes in shareholder’s
equity for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except
as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of
the Borrower and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness.

 

(b)              
Quarterly Financial Statements. The unaudited Consolidated balance sheet of the Borrower and its Subsidiaries dated
March 31, 2017 and June 30, 2017, and the related Consolidated statements of income or operations, shareholders’ equity and
cash flows for the fiscal quarter, as applicable, ended on that date (i) were prepared in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition
of the Borrower and its Subsidiaries as of the date thereof and their results of operations, cash flows and changes in shareholders’
equity for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal
year-end audit adjustments.

 

(c)               
Material Adverse Effect. Since the date of the balance sheet included in the Audited Financial Statements, there
has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have
a Material Adverse Effect.

 

(d)              
Forecasted Financials. The Consolidated forecasted balance sheets, statements of income and cash flows of the Borrower
and its Subsidiaries delivered pursuant to Section 4.01 or Section 6.01 were prepared in good faith on the basis of the assumptions
stated therein, which assumptions were fair in light of the conditions existing at the time of delivery of such forecasts, and
represented, at the time of delivery, the Borrower’s reasonable estimate of its future financial condition and performance
(it being understood that such forecasts are subject to uncertainties and contingencies, and that actual results during any period
or periods covered thereby may materially differ from the forecasted results).

 

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		5.06	Litigation.

 

There are no actions, suits, proceedings, claims
or disputes pending or, to the knowledge of the Loan Parties, after due and diligent investigation, threatened in writing or contemplated
in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or any Subsidiary
of any Loan Party or against any of their properties or revenues that (a) purport to affect or pertain to this Agreement or any
other Loan Document or any of the transactions contemplated hereby, or (b) either individually or in the aggregate, if determined
adversely, could reasonably be expected to have a Material Adverse Effect.

 

		5.07	No Default.

 

Neither any Loan Party nor any Subsidiary thereof
is in default under or with respect to, or a party to, any Contractual Obligation that could, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation
of the transactions contemplated by this Agreement or any other Loan Document.

 

		5.08	Ownership of Property.

 

Each Loan Party and each of its Subsidiaries
has good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in
the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

 

		5.09	Environmental Compliance.

 

(a)               
The Loan Parties and their respective Subsidiaries conduct in the ordinary course of business a review of the effect of
existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on
their respective businesses, operations and properties, and as a result thereof the Loan Parties have reasonably concluded that
such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

(b)              
Except as set forth on Schedule 5.09(b), (i) None of the properties currently or, to the knowledge of the Loan Parties,
formerly owned or operated by any Loan Party or any of their respective Subsidiaries is listed or proposed for listing on the NPL
or on the CERCLIS or any analogous foreign, state or local list or is adjacent to any such property; (ii) there are no and, to
the knowledge of the Loan Parties, never have been any underground or above-ground storage tanks or any surface impoundments, septic
tanks, pits, sumps or lagoons in which Hazardous Materials are being or have been treated, stored or disposed on any property currently
owned or operated by any Loan Party or any of their respective Subsidiaries or, to the knowledge of the Loan Parties, on any property
formerly owned or operated by any Loan Party or any of their respective Subsidiaries; (iii) to the knowledge of the Loan Parties,
there is no asbestos or asbestos-containing material on any property currently owned or operated by any Loan Party or any of their
respective Subsidiaries; and (iv) Hazardous Materials have not been released, discharged or disposed of on any property currently
or, to the knowledge of the Loan Parties, formerly owned or operated by any Loan Party or any of their respective Subsidiaries,
except to the extent such release, discharge or disposal could not be reasonably be expected to result in a Material Adverse Effect.

 

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(c)               
Neither any Loan Party nor any of their respective Subsidiaries is undertaking, and has not completed, either individually
or together with other potentially responsible parties, any investigation or assessment or remedial or response action relating
to any actual or threatened release, discharge or disposal of Hazardous Materials at any site, location or operation, either voluntarily
or pursuant to the order of any Governmental Authority or the requirements of any Environmental Law; and all Hazardous Materials
generated, used, treated, handled or stored at, or transported to or from, any property currently or formerly owned or operated
by any Loan Party or any of their respective Subsidiaries have been disposed of in a manner not reasonably expected to result in
material liability to any Loan Party or any of their respective Subsidiaries.

 

		5.10	Insurance.

 

The properties of the Borrower and its Subsidiaries
are insured with financially sound and reputable insurance companies not Affiliates of the Borrower, in such amounts, with such
deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties
in localities where the applicable Loan Party or the applicable Subsidiary operates. Such insurance coverage complies with the
requirements set forth in this Agreement and the other Loan Documents.

 

		5.11	Taxes.

 

Each Loan Party and their respective Subsidiaries
have filed all federal, state and other material tax returns and reports required to be filed, and have paid all federal, state
and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income
or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently
conducted and for which adequate reserves have been provided in accordance with GAAP. There is no proposed tax assessment against
any Loan Party or any of their respective Subsidiaries that could, if made, have a Material Adverse Effect, nor is there any tax
sharing agreement applicable to any Loan Party or any of their respective Subsidiaries.

 

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		5.12	ERISA Compliance.

 

(a)               
Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other federal
or state laws. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable
determination letter or is subject to a favorable opinion letter from the IRS to the effect that the form of such Plan is qualified
under Section 401(a) of the Code and the trust related thereto has been determined by the IRS to be exempt from federal income
tax under Section 501(a) of the Code, or an application for such a letter is currently being processed by the IRS. To the best
knowledge of the Loan Parties, nothing has occurred that would prevent or cause the loss of such tax-qualified status.

 

(b)              
There are no pending or, to the knowledge of the Loan Parties, 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. There has
been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or
could reasonably be expected to result in a Material Adverse Effect.

 

(c)               
(i) No ERISA Event has occurred, and no Loan Party nor any ERISA Affiliate is aware of any fact, event or circumstance that
could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan or Multiemployer Plan;
(ii) as of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section
430(d)(2) of the Code) is 60% or higher and no Loan Party nor any ERISA Affiliate knows of any facts or circumstances that could
reasonably be expected to cause the funding target attainment percentage for any such plan to drop below 60% as of the most recent
valuation date; (iii) no Loan Party nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of
premiums, and there are no premium payments which have become due that are unpaid; (iv) neither the Borrower nor any ERISA Affiliate
has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (v) no Pension Plan has been
terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that could reasonably
be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan.

 

(d)              
Neither the Borrower nor any ERISA Affiliate maintains or contributes to, or has any unsatisfied obligation to contribute
to, or liability under, any active or terminated Pension Plan other than (i) on the Closing Date, those listed on Schedule 5.12
hereto and (ii) thereafter, Pension Plans not otherwise prohibited by this Agreement.

 

		5.13	Margin Regulations; Investment Company Act.

 

(a)               
Margin Regulations. The Borrower is not engaged and will not engage, principally or as one of its important activities,
in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit
for the purpose of purchasing or carrying margin stock. Following the application of the proceeds of each Borrowing or drawing
under each Letter of Credit, not more than twenty-five percent (25%) of the value of the assets (either of the Borrower only or
of the Borrower and its Subsidiaries on a Consolidated basis) subject to the provisions of Section 7.01 or Section 7.05 or subject
to any restriction contained in any agreement or instrument between the Borrower and any Lender or any Affiliate of any Lender
relating to Indebtedness and within the scope of Section 8.01(e) will be margin stock.

 

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(b)              
Investment Company Act. None of the Borrower, any Person Controlling the Borrower, or any Subsidiary is or is required
to be registered as an “investment company” under the Investment Company Act of 1940.

 

		5.14	Disclosure.

 

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

 

		5.15	Compliance with Laws.

 

(a)               
Each Loan Party and each Subsidiary thereof is in compliance with the requirements of all Laws and all orders, writs, injunctions
and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ,
injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply
therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

(b)              
No director, manager, officer, employee or any agent of (or any consultant to) any Loan Party or any Subsidiary, or any
other person authorized to act on behalf of any Loan Party or any Subsidiary, has unlawfully offered, paid or agreed to pay, directly
or indirectly, any money or anything of value to or for the benefit of any individual who is or was an official or employee or
candidate for office of the government of any country or any political subdivision, agency or instrumentality thereof or any employee
or agent of any customer or supplier of any Loan Party or any Subsidiary.

 

(c)               
Each Loan Party and each Subsidiary thereof is in compliance in all material respects with all applicable Laws, statutes,
codes, rules, regulations or ordinances promulgated or enforced by the United States Food and Drug Administration (“FDA”)
(or analogous foreign, state or local Governmental Authority), having regulatory authority over any Loan Party’s or any Subsidiary’s
products or operations (the “Business”), including, but not limited to, the following: (i) the Federal Food,
Drug, and Cosmetic Act, as amended (“FFDCA”), and the regulations promulgated thereunder; (ii) any applicable
FDA premarket approval, or 510(k) premarket notification; (iii) the anti-kickback provisions of the Social Security Act, 42 U.S.C.
§ 1320a-7b(b), the Civil Monetary Penalty Statute (42 U.S.C. § 1320a-7a), the Stark Law (42 U.S.C. § 1395nn), the
False Claims Act (31 U.S.C. § 3729 et seq.), or has been excluded or threatened with exclusion under state or federal statutes
or regulations, including under 42 U.S.C. § 1320a-7 or relevant regulations in 42 C.F.R. Part 1001, or assessed or threatened
with assessment of civil money penalties pursuant to 42 C.F.R. Part 1001; and (iv) applicable state Laws and regulations governing
the distribution of medical devices (collectively, the “Regulatory Laws”).

 

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(d)              
Each Loan Party and each Subsidiary holds all permits, licenses, certificates, consents, product listings, registrations
and other authorizations issued by any Governmental Authority necessary and material to operate the Business as currently conducted
in compliance with the Regulatory Laws (collectively, the “Permits”) and all such Permits are in full force and effect,
and none of such Permits have been withdrawn, revoked, suspended or cancelled, and no withdrawal, revocation, suspension or cancellation
is pending or threatened in writing, except for any such withdrawal, revocation, suspension or cancellation that has not had and
could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, and each Loan Party
and each Subsidiary is in compliance in all material respects with the terms of such Permits and any conditions placed thereon.

 

(e)               
No Governmental Authority has issued any written notice, warning letter, untitled letter, FDA Form 483 or other written
communication or correspondence in the past five (5) years to any Loan Party or any Subsidiary and/or, to any of such Loan Party’s
or such Subsidiary’s suppliers, contract manufacturers, and/or third-party manufacturers in connection with the Loan Parties’
and their Subsidiaries’ products alleging that any Loan Party or any Subsidiary and/or any such Loan Party’s or such
Subsidiary’s suppliers, contract manufacturers, and/or third-party manufacturers in connection with the Loan Parties’
and their Subsidiaries’ products are or were in violation of any Regulatory Law applicable to the Business, or alleging that
any Loan Party, any Subsidiary and/or any of such Loan Party’s or Subsidiary’s suppliers, contract manufacturers, and/or
third-party manufacturers in connection with the Loan Parties’ and their Subsidiaries’ products are or were the subject
of any pending, threatened or anticipated administrative agency or Governmental Authority investigation, proceeding, review or
inquiry, or that there are circumstances currently existing which might reasonably be expected to lead to any loss of or refusal
to renew any Permits.

 

(f)               
No Loan Party, nor any Subsidiary nor any employee nor any agent of any Loan Party or any Subsidiary acting on any Loan
Party’s or any Subsidiary’s behalf has made a material untrue statement or fraudulent statement to, or filed a false
claim or report with, any Governmental Authority, or failed to disclose a material fact required to be disclosed to any Governmental
Authority, or, (solely as it relates to any employee or any agent of any Loan Party or any Subsidiary, limited to the knowledge
of each Loan Party), has ever been investigated by the FDA (or analogous foreign, state or local Governmental Authority), Office
of the Inspector General for the Department of Health and Human Services, Department of Justice or other comparable federal or
foreign governmental authority for data or healthcare program fraud.

 

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(g)              
To the knowledge of each Loan Party, no action, suit, proceeding, hearing, investigation, charge, complaint, claim, demand,
data integrity review, or other review or inquiry relating to the Business has been filed, or is pending against any Loan Party
or any Subsidiary, and no such action, suit, proceeding, hearing, investigation, charge, complaint, claim or demand is pending
or has been threatened in writing, except, in each case, for any such action, suit, proceeding, hearing, investigation, charge,
compliant, claim, demand, data integrity review, or other review or inquiry that could not reasonably be expected to have a Material
Adverse Effect.

 

(h)              
No Loan Party, nor any Subsidiary nor any of their members, managers, officers or employees has been convicted of a crime
or engaged in any conduct that has resulted, or would reasonably be expected to result, in debarment under the FFDCA, including
21 U.S.C. §§ 335a, 335b, or 335c. No Loan Party and no Subsidiary of the any Loan Party: (i) is employing or contracting
with any person who is currently debarred under the FFDCA; and (ii) is employing or contracting with any person who is the subject
of a proceeding that would reasonably be expected to lead to becoming debarred under the FFDCA.

 

(i)                
No Loan Party, nor any Subsidiary nor any individual employed by any Loan Party or any Subsidiary is (i) debarred, disqualified,
suspended or excluded from participation in Medicare, Medicaid or any other state or federal health care program or is listed on
the excluded individuals list published by the United States Department of Health and Human Services Office of the Inspector General
and the System for Award Management’s excluded parties data, nor is any such debarment, disqualification, suspension or exclusion
threatened or pending, or (ii) convicted of a criminal offense that falls within the scope of 42 U.S.C. § 1320a-7b(b) but
has not yet been excluded, debarred, suspended or otherwise declared ineligible to participate in any state or federal healthcare
program.

 

(j)                
There is no pending, proposed or final Medicare national or local coverage determination that, if finalized, would restrict
coverage for any Loan Party’s or any Subsidiary’s products, except for any such determination that could not reasonably
be expected to result in a Material Adverse Effect. Neither any Loan Party nor any Subsidiary of any Loan Party has established
any reimbursement support program such that payment for any product is contingent upon a purchaser’s receipt of payment from
a third party payer. No Loan Party or any Subsidiary of any Loan Party has or does furnish any coverage, coding, or billing advice
to any health care professionals regarding off-label indications of any of its products.

 

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		5.16	Solvency.

 

The Borrower is, individually and together with
its Subsidiaries on a Consolidated basis, Solvent.

 

		5.17	Casualty, Etc.

 

Neither the businesses nor the properties of
any Loan Party or any of their Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute,
drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance)
that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

		5.18	Sanctions Concerns and Anti-Corruption Laws.

 

(a)               
Sanctions Concerns. No Loan Party, nor any Subsidiary, nor, to the knowledge of the Loan Parties and their Subsidiaries,
any director, officer, employee, agent, Affiliate or representative thereof, is an individual or entity that is, or is owned or
controlled by any individual or entity that is (i) currently the subject or target of any Sanctions, (ii) included on OFAC’s
List of Specially Designated Nationals, HMT’s Consolidated List of Financial Sanctions Targets and the Investment Ban List,
or any similar list enforced by any other relevant sanctions authority or (iii) located, organized or resident in a Designated
Jurisdiction.

 

(b)              
Anti-Corruption Laws. The Loan Parties and their Subsidiaries have conducted their business in compliance with the
United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other
jurisdictions, and have instituted and maintained policies and procedures designed to promote and achieve compliance with such
laws.

 

		5.19	Responsible Officers.

 

Set forth on Schedule 1.01(c) are Responsible
Officers of each Loan Party, holding the offices indicated next to their respective names, as of the Closing Date and as of the
last date such Schedule was required to be updated in accordance with Section 6.02 and such Responsible Officers are duly elected
and qualified officers of such Loan Party and are duly authorized to execute and deliver, on behalf of the respective Loan Party,
this Agreement, the Notes and the other Loan Documents to which such Loan Party is a party.

 

		5.20	Subsidiaries; Equity Interests; Loan Parties.

 

(a)               
Subsidiaries, Joint Ventures, Partnerships and Equity Investments. Set forth on Schedule 5.20(a), is the following
information which is true and complete in all respects as of the Closing Date and as of the last date such Schedule was required
to be updated in accordance with Section 6.02: (i) a complete and accurate list of all Subsidiaries, joint ventures and partnerships
and other equity investments of the Loan Parties as of the Closing Date and as of the last date such Schedule was required to be
updated in accordance with Section 6.02, (ii) the number of shares of each class of Equity Interests in each Subsidiary outstanding,
(iii) the number and percentage of outstanding shares of each class of Equity Interests owned by the Loan Parties and their Subsidiaries
and (iv) the class or nature of such Equity Interests (i.e. voting, non-voting, preferred, etc.). The outstanding Equity Interests
in all Subsidiaries of the Borrower are validly issued, fully paid and non-assessable and are owned free and clear of all Liens.
There are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options
granted to employees or directors and directors’ qualifying shares) of any nature relating to the Equity Interests of any
Loan Party or any Subsidiary thereof (other than the Borrower), except as contemplated in connection with the Loan Documents.

 

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(b)              
Loan Parties. Set forth on Schedule 5.20(b) is a complete and accurate list of all Loan Parties, showing as
of the Closing Date, or as of the last date such Schedule was required to be updated in accordance with Section 6.02, (as to each
Loan Party) (i) the exact legal name, (ii) any former legal names of such Loan Party in the four (4) months prior to the Closing
Date (or as of the last date such Schedule was required to be updated in accordance with Section 6.02), (iii) the jurisdiction
of its incorporation or organization, as applicable, (iv) the type of organization, (v) the jurisdictions in which such Loan Party
is qualified to do business, (vi) the address of its chief executive office, (vii) the address of its principal place of business,
(viii) its U.S. federal taxpayer identification number, (ix) the organization identification number, (x) ownership information
(e.g. publicly held or if private or partnership, the owners and partners of each of the Loan Parties) and (xi) the industry or
nature of business of such Loan Party.

 

		5.21	Collateral Representations.

 

(a)               
Collateral Documents. The provisions of the Collateral Documents are effective to create in favor of the Administrative
Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Permitted Liens) on
all right, title and interest of the respective Loan Parties in the Collateral described therein. Except for filings completed
prior to the Closing Date and as contemplated hereby and by the Collateral Documents, no filing or other action will be necessary
to perfect or protect such Liens.

 

(b)              
[Reserved].

 

(c)               
Documents, Instrument, and Tangible Chattel Paper. Set forth on Schedule 5.21(c), as of the Closing Date and
as of the last date such Schedule was required to be updated in accordance with Section 6.02, is a description of all Documents,
Instruments, and Tangible Chattel Paper of the Loan Parties (including the Loan Party owning such Document, Instrument and Tangible
Chattel Paper and such other information as reasonably requested by the Administrative Agent).

 

(d)              
Deposit Accounts, Electronic Chattel Paper, Letter-of-Credit Rights, and Securities Accounts.

 

(i)                
Set forth on Schedule 5.21(d)(i), as of the Closing Date and as of the last date such Schedule was required to be
updated in accordance with Section 6.02, is a description of all Deposit Accounts and Securities Accounts of the Loan Parties,
including the name of (A) the applicable Loan Party, (B) in the case of a Deposit Account, the depository institution and whether
such account is a zero balance account or a payroll account, and (C) in the case of a Securities Account, the Securities Intermediary
or issuer.

 

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(ii)              
Set forth on Schedule 5.21(d)(ii), as of the Closing Date and as of the last date such Schedule was required to be
updated in accordance with Section 6.02, is a description of all Electronic Chattel Paper (as defined in the UCC) and Letter-of-Credit
Rights (as defined in the UCC) of the Loan Parties, including the name of (A) the applicable Loan Party, (B) in the case of Electronic
Chattel Paper (as defined in the UCC), the account debtor and (C) in the case of Letter-of-Credit Rights (as defined in the UCC),
the issuer or nominated person, as applicable.

 

(e)               
Commercial Tort Claims. Set forth on Schedule 5.21(e), as of the Closing Date and as of the last date such
Schedule was required to be updated in accordance with Section 6.02, is a description of all Commercial Tort Claims of the Loan
Parties (detailing such Commercial Tort Claim in such detail as reasonably requested by the Administrative Agent).

 

(f)               
Pledged Equity Interests. Set forth on Schedule 5.21(f), as of the Closing Date and as of the last date such
Schedule was required to be updated in accordance with Section 6.02, is a list of (i) all Pledged Equity and (ii) all other Equity
Interests required to be pledged to the Administrative Agent pursuant to the Collateral Documents (in each case, detailing the
Loan Party pledging such Equity Interests, the Person whose Equity Interests are pledged, the number of shares of each class of
Equity Interests, the certificate number and percentage ownership of outstanding shares of each class of Equity Interests and the
class or nature of such Equity Interests (i.e. voting, non-voting, preferred, etc.).

 

(g)              
Properties. Set forth on Schedule 5.21(g)(i), as of the Closing Date and as of the last date such Schedule
was required to be updated in accordance with Section 6.02, is a list of all Mortgaged Properties (including (i) the name of the
Loan Party owning such Mortgaged Property, (ii) the number of buildings located on such Mortgaged Property, (iii) the property
address, and (iv) the city, county, state and zip code which such Mortgaged Property is located. Set forth on Schedule 5.21(g)(ii),
as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 6.02, is a list
of (A) each headquarter location of the Loan Parties, (B) each other location where any significant administrative functions are
performed, (C) each other location where the Loan Parties maintain any books or records (electronic or otherwise) and (D) each
location where any material personal property Collateral is located at any premises owned or leased by a Loan Party (in each case,
including (1) an indication if such location is leased or owned, (2), if leased, the name of the lessor, and if owned, the name
of the Loan Party owning such property, (3) the address of such property (including, the city, county, state and zip code) and
(4) to the extent owned, the approximate fair market value of such property).

 

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		5.22	Compliance with Material Contracts.

 

Each Loan Party (a) has performed and observed
all the terms and provisions of each Material Contract to be performed or observed by it, subject to any waiver of, or immaterial
deviation from, any term or provision of such Material Contract to the extent such waiver or other deviation is commercially reasonable
under the circumstances and in the ordinary course of business consistent with past practices or otherwise consistent with a commercially
reasonable course of dealing between such Loan Party and the counterparty to such Material Contract, and (b) has maintained each
such Material Contract in full force and effect.

 

		5.23	Intellectual Property; Licenses, Etc.

 

(a)       Each
Loan Party and each of its Subsidiaries own, or possess the right to use, all of the trademarks, service marks, trade names, copyrights,
patents, patent rights, franchises, licenses and other intellectual property rights that are reasonably necessary for the operation
of their respective businesses, without conflict with the rights of any other Person, except for any failure to do so that does
not have a material impact on the fair market value of the Intellectual Property as a whole. To the knowledge of the Borrower,
no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated
to be employed, by any Loan Party or any of their Subsidiaries infringes upon any rights held by any other Person, except for any
such infringement that does not have a material impact on the fair market value of the Intellectual Property as a whole. No claim
or litigation regarding any of the foregoing is pending or, to the best knowledge of the Loan Parties, threatened, which, either
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

(b)       Each
Loan Party owns or has the right to use all Material Intellectual Property used in the operation of their respective businesses
and all material economic rights derived therefrom.

 

		5.24	Warning Letters.

 

Neither the Borrower, nor any of its Subsidiaries
has received any so called “Warning Letters”, “Untitled Letter”, FDA Form 483 or similar notifications,
from the FDA (or any analogous foreign, state or local Governmental Authority) for which such Borrower or such Subsidiary has not
provided a response to or which has not otherwise been satisfied.

 

		5.25	EEA Financial Institutions.

 

No Loan Party is an EEA Financial Institution.

 

		5.26	Regulation H.

 

No Mortgaged Property is a Flood Hazard Property
unless the Administrative Agent shall have received the following: (a) the applicable Loan Party’s written acknowledgment
of receipt of written notification from the Administrative Agent (i) as to the fact that such Mortgaged Property is a Flood Hazard
Property, (ii) as to whether the community in which each such Flood Hazard Property is located is participating in the National
Flood Insurance Program and (iii) such other flood hazard determination forms, notices and confirmations thereof as requested
by the Administrative Agent and (b) copies of insurance policies or certificates of insurance of the applicable Loan Party
evidencing flood insurance reasonably satisfactory to the Administrative Agent and naming the Administrative Agent as loss payee
on behalf of the Lenders. All flood hazard insurance policies required hereunder have been obtained and remain in full force and
effect, and the premiums thereon have been paid in full.

 

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ARTICLE
VI

AFFIRMATIVE COVENANTS

 

Each of the Loan Parties hereby covenants and
agrees that on the Closing Date and thereafter until the Facility Termination Date, such Loan Party shall, and shall cause each
of its Subsidiaries to:

 

		6.01	Financial Statements.

 

Deliver to the Administrative Agent (for distribution
to each Lender), in form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders:

 

(a)               
Audited Financial Statements. As soon as available, but in any event within ninety (90) days after the end of each
fiscal year of the Borrower a Consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year,
and the related Consolidated statements of income or operations, changes in shareholders’ equity and cash flows for such
fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail
and prepared in accordance with GAAP, audited and accompanied by a report and opinion of an independent certified public accountant
of nationally recognized standing reasonably acceptable to the Administrative Agent, which report and opinion shall be prepared
in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification
or exception or any qualification or exception as to the scope of such audit.

 

(b)              
Quarterly Financial Statements. As soon as available, but in any event within fifty (50) days after the end of each
of the first three (3) fiscal quarters of each fiscal year of the Borrower (commencing with the fiscal quarter ended September
30, 2017), a Consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related
Consolidated statements of income or operations, changes in shareholders’ equity and cash flows for such fiscal quarter and
for the portion of the Borrower’s fiscal year then ended, setting forth in each case in comparative form the figures for
the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in
reasonable detail and prepared in accordance with GAAP, such Consolidated statements to be certified by the chief executive officer,
chief financial officer or treasurer who is a Responsible Officer of the Borrower as fairly presenting the financial condition,
results of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries, subject only to normal year-end
audit adjustments and the absence of footnotes.

 

(c)               
Business Plan and Budget. As soon as available, but in any event within sixty (60) days after the end of each fiscal
year of the Borrower, an annual business plan and budget of the Borrower and its Subsidiaries on a Consolidated basis, including
forecasts prepared by management of the Borrower, in form satisfactory to the Administrative Agent and the Required Lenders, of
Consolidated balance sheets and statements of income or operations and cash flows of the Borrower and its Subsidiaries on a quarterly
basis for the immediately following fiscal year.

 

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As to any information contained in materials furnished pursuant
to Section 6.02(g), the Borrower shall not be separately required to furnish such information under Section 6.01(a) or (b) above,
but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described
in Sections 6.01(a) and (b) above at the times specified therein.

 

		6.02	Certificates; Other Information.

 

Deliver to the Administrative Agent (for distribution
to each Lender), in form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders:

 

(a)               
[Reserved].

 

(b)              
Compliance Certificate. Concurrently with the delivery of the financial statements referred to in Sections 6.01(a)
and (b), a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer or treasurer which
is a Responsible Officer of the Borrower, and in the event of any change in generally accepted accounting principles used in the
preparation of such financial statements, the Borrower shall also provide, if necessary for the determination of compliance with
Section 7.11, a statement of reconciliation conforming such financial statements to GAAP. Unless the Administrative Agent requests
executed originals, delivery of the Compliance Certificate may be by electronic communication including fax or email and shall
be deemed to be an original and authentic counterpart thereof for all purposes.

 

(c)               
Updated Schedules. Within fifteen (15) days of the Administrative Agent’s request therefor, the following updated
Schedules to this Agreement (which may be attached to the Compliance Certificate) to the extent required to make the representation
related to such Schedule true and correct in all material respects as of the date of such update is provided: 5.10, 5.20(a),
5.20(b), 5.21(b), 5.21(c), 5.21(d)(i), 5.21(d)(ii), 5.21(e), 5.21(f), 5.21(g)(i),
and 5.21(g)(ii).

 

(d)              
[Reserved].

 

(e)               
Changes in Entity Structure. Within twenty (20) days prior to any merger, consolidation, dissolution or other change
in entity structure of any Loan Party or any of its Subsidiaries permitted pursuant to the terms hereof, provide notice of such
change in entity structure to the Administrative Agent, along with such other information as reasonably requested by the Administrative
Agent. Provide notice to the Administrative Agent, not less than twenty (20) days prior (or such extended period of time as agreed
to by the Administrative Agent) of any change in any Loan Party’s legal name, state of organization, or organizational existence.

 

(f)               
Management Letters; Recommendations. Promptly after any request by the Administrative Agent or any Lender, copies
of any management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors)
of any Loan Party within the preceding five (5) years by independent accountants in connection with the accounts or books of any
Loan Party or any of its Subsidiaries, or any audit of any of them.

 

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(g)              
Annual Reports; Etc. Promptly after the same are publicly available, copies of each annual report, proxy or financial
statements sent to the stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration
statements which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange
Act of 1934, or with any national securities exchange, and in any case not otherwise required to be delivered to the Administrative
Agent pursuant hereto.

 

(h)              
Debt Securities Statements and Reports. Promptly after the furnishing thereof, copies of any statement or report
furnished to any holder of debt securities of any Loan Party or of any of its Subsidiaries pursuant to the terms of any indenture,
loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or any other
clause of this Section.

 

(i)                
Regulatory Notices. Promptly, and in any event within three (3) Business Days after receipt thereof by any Loan Party
or any of their Subsidiaries, copies of (i) each notice or other correspondence of a non-routine nature received from the SEC (or
comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry
by such agency regarding financial or other operational results of any Loan Party or any Subsidiary thereof or (ii) each notice
from the FDA (or comparable agency in any applicable non-U.S. jurisdiction or state or local Governmental Authority) concerning
any investigation or other material inquiry, or adverse finding or determination with respect to any product manufactured, sold
or distributed by any Loan Party or any of their Subsidiaries (including any notification seeking a recall, removal or corrective
action affecting the products manufactured, sold or distributed by such Loan Party or such Subsidiary), including, without limitation,
the receipt by any Loan Party or any of their Subsidiaries of any so called “warning letter”, “untitled letter”,
FDA Form 483 or similar notification, in each case, from the FDA (or analogous foreign, state or local Governmental Authority).

 

(j)                
Material Contracts. Promptly after occurrence thereof or after any Loan Party or any of their Subsidiary’s
receipt thereof, as applicable, copies of any notice of default, notice of termination or termination under any Material Contract.

 

(k)              
Additional Information. Promptly, such additional information regarding the business, financial, or corporate affairs
of any Loan Party or any of their Subsidiaries, or compliance with the terms of the Loan Documents, as the Administrative Agent
or any Lender may from time to time reasonably request.

 

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Documents required to be delivered pursuant to Section 6.01(a)
or (b) or Section 6.02(g) (to the extent any such documents are included in materials otherwise filed with the SEC)
shall be deemed to have been furnished if such information, or one or more annual or quarterly reports containing such information,
shall have been posted by the Administrative Agent on a Platform to which the Lenders have been granted access or shall be available
on the website of the SEC at http://www.sec.gov, and shall be deemed to have been delivered on the date (a) on which the Borrower
posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed
on Schedule 1.01(a), provided that the Borrower shall have notified the Administrative Agent in writing of the posting
thereof or (b) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to
which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the
Administrative Agent), provided that the Borrower shall have notified the Administrative Agent in writing of the posting
thereof. Notwithstanding the foregoing, the Borrower shall deliver paper copies of such documents to the Administrative Agent or
any Lender upon its request to the Borrower to deliver such paper copies until a written request to cease delivering paper copies
is given by the Administrative Agent or such Lender. The Administrative Agent shall have no obligation to request the delivery
of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance
by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery
to it or maintaining its copies of such documents.

 

The Borrower hereby acknowledges that (A) the Administrative Agent
and/or an Affiliate thereof may, but shall not be obligated to, make available to the Lenders and the L/C Issuer materials and/or
information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting
the Borrower Materials on IntraLinks, Syndtrak, ClearPar or a substantially similar electronic transmission system (the “Platform”)
and (B) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material
non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and
who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Borrower
hereby agrees that it will use commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed
to the Public Lenders and that (1) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which,
at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (2) by marking
Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, any Affiliate
thereof, the Arranger, the L/C Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public
information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United
States federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute
Information, they shall be treated as set forth in Section 11.07); (3) all Borrower Materials marked “PUBLIC” are permitted
to be made available through a portion of the Platform designated “Public Side Information;” and (4) the Administrative
Agent and any Affiliate thereof and the Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC”
as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” Notwithstanding
the foregoing, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC”.

 

		6.03	Notices.

 

Promptly, but in any event within three (3)
Business Days, notify the Administrative Agent (which will promptly furnish such information to each Lender):

 

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(a)               
of the occurrence of any Default;

 

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

 

(c)               
of the occurrence of any ERISA Event;

 

(d)              
of any material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiary thereof,
including any determination by the Borrower referred to in Section 2.10(b).

 

Each notice pursuant to this Section 6.03 shall
be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein
and, to the extent applicable, stating what action the Borrower has taken and proposes to take with respect thereto. Each notice
pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document
that have been breached.

 

		6.04	Payment of Obligations.

 

Pay and discharge as the same shall become due
and payable, all its obligations and liabilities, including (a) all tax liabilities, assessments and governmental charges
or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently
conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary; (b) all lawful
claims which, if unpaid, would by law become a Lien upon its property unless the same are being contested in good faith by appropriate
proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary,
and solely to the extent that (x) such Liens do not (and will not) have priority over the Liens on the assets of the Loan Parties
securing the Secured Obligations and (y) no enforcement action on account of any such Lien has been taken by (or on behalf of)
the holder of such Lien; and (c) all Indebtedness in excess of $5,000,000 or all other Indebtedness where the failure to so
pay and discharge could reasonably be expected to have a Material Adverse Effect, as and when due and payable, but subject to any
subordination provisions contained in any instrument or agreement evidencing such Indebtedness.

 

		6.05	Preservation of Existence, Etc.

 

(a)               
Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction
of its organization except in a transaction permitted by Section 7.04 or 7.05;

 

(b)              
take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in
the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect; and

 

(c)               
preserve or renew all of the registered patents, trademarks, trade names and service marks of the Borrower and its respective
Subsidiaries, the non-preservation of which could reasonably be expected to have a Material Adverse Effect.

 

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		6.06	Maintenance of Properties.

 

(a)               
Maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in
good working order and condition, ordinary wear and tear excepted;

 

(b)              
make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably
be expected to have a Material Adverse Effect; and

 

(c)               
use the standard of care typical in the industry in the operation and maintenance of its facilities.

 

		6.07	Maintenance of Insurance.

 

(a)               
Maintenance of Insurance. Maintain with financially sound and reputable insurance companies not Affiliates of the
Borrower, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against
by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar
circumstances by such other Persons, including, without limitation, (i) terrorism insurance and (ii) flood hazard insurance on
all Mortgaged Properties that are Flood Hazard Properties, on such terms and in such amounts as required by the National Flood
Insurance Reform Act of 1994 or as otherwise required by the Administrative Agent.

 

(b)              
Evidence of Insurance. Cause the Administrative Agent to be named as lenders’ loss payable, loss payee or mortgagee,
as its interest may appear, and/or additional insured with respect of any such insurance providing liability coverage or coverage
in respect of any Collateral, and cause, unless otherwise agreed to by the Administrative Agent, each provider of any such insurance
to agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to the Administrative
Agent that is reasonably satisfactory to the Administrative Agent. Upon the written request of the Administrative Agent on an annual
basis with respect to each respective insurance policy, the Loan Parties shall provide, or cause to be provided, to the Administrative
Agent, such evidence of insurance as reasonably required by the Administrative Agent, including, but not limited to: (i) copies
of such insurance policies, (ii) evidence of such insurance policies (including, without limitation and as applicable, ACORD Form
28 certificates (or similar form of insurance certificate), and ACORD Form 25 certificates (or similar form of insurance certificate)),
(iii) declaration pages for each insurance policy and (iv) lender’s loss payable endorsement if the Administrative Agent
for the benefit of the Secured Parties is not on the declarations page for such policy. As requested by the Administrative Agent,
the Loan Parties agree to deliver to the Administrative Agent an Authorization to Share Insurance Information.

 

(c)               
Redesignation. Promptly notify the Administrative Agent of any Mortgaged Property that is, or becomes, a Flood Hazard
Property.

 

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		6.08	Compliance with Laws.

 

Comply with the requirements of all Laws and
all orders, writs, injunctions and decrees applicable to it or to its business or property, except (to the extent not constituting
a breach of any representation or warranty made pursuant to Section 5.15) in such instances in which (a) such requirement of Law
or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the
failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.

 

		6.09	Books and Records.

 

(a)               
Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently
applied shall be made of all financial transactions and matters involving the assets and business of such Loan Party or such Subsidiary,
as the case may be; and

 

(b)              
maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority
having regulatory jurisdiction over such Loan Party or such Subsidiary, as the case may be.

 

		6.10	Inspection Rights.

 

Permit the Administrative Agent and representatives
and independent contractors of the Administrative Agent to visit and inspect any of its properties, to examine its corporate, financial
and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its
directors, officers, and independent public accountants, all at the expense of the Borrower and at such reasonable times during
normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower; provided,
however, that (a) absent an Event of Default, the Borrowers shall only be required to pay for one such visit and/or inspection
in any twelve month period and there shall only be one such visit and/or inspection in any twelve month period and (b) when an
Event of Default exists the Administrative Agent (or any of its representatives or independent contractors) or any Lender (who
is accompanied by the Administrative Agent) may do any of the foregoing at the expense of the Borrower at any time during normal
business hours and without advance notice. At any time prior to an Event of Default, any Lender may accompany the Administrative
Agent or its representatives and independent contractors with any inspection at such Lender’s expense.

 

		6.11	Use of Proceeds.

 

Use the proceeds of the Credit Extensions for
general corporate purposes (including, without limitation, Permitted Acquisitions) not in contravention of any Law or of any Loan
Document.

 

		6.12	Material Contracts.

 

(a) Perform and observe all the terms and provisions
of each Material Contract to be performed or observed by it, subject to any waiver of, or other immaterial deviation from, any
term or provision of such Material Contract to the extent such waiver or other deviation is commercially reasonable under the circumstances
and in the ordinary course of business consistent with past practices or otherwise consistent with a commercially reasonable course
of dealing between such Loan Party and the counterparty to such Material Contract, and (b) maintain each such Material Contract
in full force and effect.

 

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		6.13	Covenant to Guarantee Obligations.

 

The Loan Parties will cause each of their Subsidiaries
(other than any CFC) whether newly formed, after acquired or otherwise existing to promptly (and in any event within thirty (30)
days after such Subsidiary is formed or acquired (or such longer period of time as agreed to by the Administrative Agent in its
reasonable discretion)) become a Guarantor hereunder by way of execution of a Joinder Agreement; provided, however,
no Foreign Subsidiary shall be required to become a Guarantor. In connection therewith, the Loan Parties shall give notice to the
Administrative Agent not less than ten (10) days prior to creating a Subsidiary (or such shorter period of time as agreed to by
the Administrative Agent in its reasonable discretion), or acquiring the Equity Interests of any other Person. In connection with
the foregoing, the Loan Parties shall deliver to the Administrative Agent (unless otherwise waived by the Administrative Agent
in its sole discretion in the case of Section 4.01(c)), with respect to each new Subsidiary Guarantor to the extent applicable,
substantially the same documentation required pursuant to Sections 4.01(b), (c), (e), (f), (n) (including, “know your customer”,
PATRIOT Act, sanctions, OFAC, and FCPA diligence, in scope, and with results, satisfactory to the Administrative Agent) and 6.14
and such other documents or agreements as the Administrative Agent may reasonably request.

 

		6.14	Covenant to Give Security.

 

Except with respect to Excluded Property:

 

(a)               
Equity Interests and Personal Property. Subject to the provisions of the last sentence of this Section 6.14(a), each
Loan Party will cause the Pledged Equity and all of its tangible and intangible personal property now owned or hereafter acquired
by it to be subject at all times to a first priority, perfected Lien (subject to Permitted Liens to the extent permitted by the
Loan Documents) in favor of the Administrative Agent for the benefit of the Secured Parties to secure the Secured Obligations pursuant
to the terms and conditions of the Collateral Documents. At the request of the Administrative Agent, each Loan Party shall provide
opinions of counsel and any filings and deliveries reasonably necessary in connection therewith to perfect the security interests
therein, all in form and substance reasonably satisfactory to the Administrative Agent. In the event that solely as a result of
any failure by the Administrative Agent to take action within its control to maintain the perfected status of its Lien (other than
to the extent resulting from of any action or inaction by any Loan Party not permitted under the Loan Documents), including without
limitation, (A) failure to maintain possession of any stock certificate, promissory note or other instrument delivered to
it under the Security Agreement or (B) failure to file continuation statements under the applicable UCC (or similar provisions
under applicable law), the Loan Parties shall, within five (5) Business Days of the occurrence of any such event, take all such
action as may be reasonably necessary to cause all such Collateral to be subject to a first priority, perfected Lien (subject to
Permitted Liens to the extent permitted by the Loan Documents) in favor of the Administrative Agent for the benefit of the Secured
Parties to secure the Secured Obligations pursuant to the terms and conditions of the Collateral Documents.

 

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(b)              
Real Property. Upon the Administrative Agent’s request therefor after the occurrence of any Event of Default,
any Loan Party that owns or acquires a fee ownership interest in any real property with a fair market value in excess of $1,000,000
(“Real Estate”) at the time of such request shall provide to the Administrative Agent, at such Loan Party’s
expense, within thirty (30) days (or such extended period of time as agreed to by the Administrative Agent) a Mortgage and such
Mortgaged Property Support Documents as the Administrative Agent may request to cause such Real Estate to be subject at all times
to a first priority, perfected Lien (subject in each case to Permitted Liens) in favor of the Administrative Agent for the benefit
of the Secured Parties to secure the Secured Obligations pursuant to the terms and conditions of the Collateral Documents.

 

(c)               
Landlord Waivers. In the case of (i) each headquarter location of the Loan Parties, each other location where any
significant administrative functions are performed and each other location where the Loan Parties maintain any material books or
records (electronic or otherwise) and (ii) any personal property Collateral located at any other premises leased by a Loan Party
containing a material amount of personal property Collateral, the Loan Parties will provide the Administrative Agent, on or prior
to the date that is 60 days after the Closing Date (or such later date as the Administrative Agent may agree in its sole discretion),
with such consents and waivers from the landlords on such real property to the extent (A) requested by the Administrative Agent
and (B) the Loan Parties are able to secure such consents and waivers after using commercially reasonable efforts (such consents
and waivers shall be in form and substance reasonably satisfactory to the Administrative Agent, it being acknowledged and agreed
that any Landlord Waiver is satisfactory to the Administrative Agent).

 

(d)              
Account Control Agreements. From and after 90 days after the Closing Date (or such later date as the Administrative
Agent may agree in its sole discretion), each of the Loan Parties shall not open, maintain or otherwise have any deposit or other
accounts (including securities accounts) at any bank or other financial institution, or any other account where money or securities
are or may be deposited or maintained with any Person, other than (a) deposit accounts that are maintained at all times with Bank
of America or a depositary institutions as to which the Administrative Agent shall have received a Qualifying Control Agreement,
(b) securities accounts that are maintained at all times with financial institutions as to which the Administrative Agent shall
have received a Qualifying Control Agreement, (c) deposit accounts established solely as payroll and other zero balance accounts
and such accounts are held at Bank of America and (d) other deposit accounts, so long as at any time (x) the balance in any one
such account does not exceed $500,000 and (y) the aggregate balance in all such accounts do not exceed $1,000,000.

 

(e)               
Further Assurances. At any time upon request of the Administrative Agent, each Loan Party and each of their respective
Subsidiaries shall promptly execute and deliver any and all further instruments and documents and take all such other action (including
promptly completing any registration or stamping of documents as may be applicable) as the Administrative Agent may deem reasonably
necessary or desirable to maintain in favor of the Administrative Agent, for the benefit of the Secured Parties, Liens and insurance
rights on the Collateral that are duly perfected in accordance with the requirements of, or the obligations of the Loan Parties
under, the Loan Documents and all applicable Laws.

 

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Notwithstanding anything to the contrary contain in this
Section 6.14, the Loan Parties and their Subsidiaries shall not be required to grant a Lien in specific Collateral or perfect a
Lien on specific Collateral, if the Administrative Agent determines in writing, in its reasonable discretion, that the costs and
burdens to the Loan Parties and their Subsidiaries of obtaining or perfecting a Lien in such Collateral are excessive in relation
to value to the Secured Parties afforded by the grant of a Lien in or perfection of a Lien on such specific Collateral.

 

		6.15	Further Assurances.

 

Promptly upon written request by the Administrative
Agent, or any Lender through the Administrative Agent, each Loan Party and each of their respective Subsidiaries shall (a) correct
any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation
thereof, and (b) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such
further acts, deeds, certificates, assurances and other instruments (including promptly completing any registration or stamping
of documents as may be applicable) as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably
require from time to time in order to (i) carry out the purposes of the Loan Documents, (ii) to the fullest extent permitted by
applicable Law, subject any Loan Party’s or any of their respective Subsidiaries’ properties, assets, rights or interests
to the Liens now or hereafter intended to be covered by any of the Collateral Documents, (iii) perfect and maintain the validity,
effectiveness and priority of any of the Collateral Documents and any of the Liens intended to be created thereunder and (iv) assure,
convey, grant, assign, transfer, preserve, protect and confirm unto the Secured Parties the rights granted or now or hereafter
intended to be granted to the Secured Parties under any Loan Document or under any other instrument executed in connection with
any Loan Document to which any Loan Party or any of their respective Subsidiaries is or is to be a party, and cause each of its
Subsidiaries to do so.

 

		6.16	Reserved.

 

		6.17	Compliance with Environmental Laws.

 

Comply and take reasonable actions to cause
other Persons operating or occupying its properties to comply, in all material respects, with all applicable Environmental Laws
and Environmental Permits; obtain and renew all Environmental Permits material for its operations and properties; and conduct any
investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to remove and
clean up all Hazardous Materials from any of its properties, in accordance with the requirements of all Environmental Laws; provided,
however, that neither the Borrower nor any of its Subsidiaries shall be required to undertake any such cleanup, removal,
remedial or other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings
and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP.

 

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		6.18	Anti-Corruption Laws.

 

Conduct its business in compliance in all material
respects with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption
legislation in other jurisdictions and maintain policies and procedures designed to promote and achieve compliance with such laws.

 

		6.19	Post-Closing Covenants.

 

(a)               
Within thirty (30) days of the Closing Date (or such later date as the Administrative Agent may agree in its sole discretion),
the Borrower shall deliver to the Administrative Agent copies of insurance policies, declaration pages, certificates, and endorsements
of insurance or insurance binders evidencing liability, casualty, property, terrorism and business interruption insurance meeting
the requirements set forth herein or in the Collateral Documents or as required by the Administrative Agent.

 

(b)              
Within forty-five (45) days of the Closing Date (or such later date as the Administrative Agent may agree in its sole discretion),
the Administrative Agent shall have received evidence that all actions that the Administrative Agent may deem necessary or desirable
in order to perfect the Liens created under the Security Agreement in respect of the stock or membership interests of the Borrower
in Anika Therapeutics S.r.l., if any, shall have been taken or made.

 

(c)               
Within sixty (60) days of the Closing Date (or such later date as the Administrative Agent may agree in its sole discretion),
the Borrower shall deliver to the Administrative Agent with respect to each headquarters location of the Loan Parties and each
other location required by Section 6.14(c), a landlord waiver and consent (in form and substance reasonably satisfactory to the
Administrative Agent) from the landlords on such real property to the extent the Loan Parties are able to secure such landlord
waiver and consent after using commercially reasonable efforts.

 

(d)              
Within ninety (90) days of the Closing Date (or such later date as the Administrative Agent may agree in its sole discretion),
the Borrower shall to deliver to the Administrative Agent Qualifying Control Agreements with respect to each of the deposit accounts
and securities accounts of the Loan Parties, in compliance with Section 6.14(d).

 

ARTICLE
VII

NEGATIVE COVENANTS

 

Each of the Loan Parties hereby covenants and
agrees that on the Closing Date and thereafter until the Facility Termination Date, no Loan Party shall, nor shall it permit any
of its Subsidiaries to, directly or indirectly:

 

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		7.01	Liens.

 

Create, incur, assume or suffer to exist any
Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except for the following (collectively,
“Permitted Liens”):

 

(a)               
Liens pursuant to any Loan Document;

 

(b)              
Liens existing on the Closing Date and listed on Schedule 7.01 and any renewals or extensions thereof, provided that
(i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except as contemplated
by Section 7.02(b), (iii) the direct or any contingent obligor with respect thereto is not changed, and (iv) any renewal or extension
of the obligations secured or benefited thereby is permitted by Section 7.02(b);

 

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

 

(d)              
statutory liens such as carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s
or other like Liens arising in the ordinary course of business which are not overdue for a period of more than thirty (30) days
or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect
thereto are maintained on the books of the applicable Person;

 

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

 

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

 

(g)              
easements, rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are
not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially
interfere with the ordinary conduct of the business of the applicable Person;

 

(h)              
Liens securing judgments for the payment of money (or appeal or other surety bonds relating to such judgments) not constituting
an Event of Default under Section 8.01(h);

 

(i)                
Liens securing Indebtedness permitted under Section 7.02(c); provided that (i) such Liens do not at any time encumber any
property other than the property financed by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost
or fair market value, whichever is lower, of the property being acquired on the date of acquisition;

 

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(j)                
bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents
on deposit in one or more accounts maintained by any Loan Party or any Subsidiary thereof, in each case in the ordinary course
of business in favor of the bank or banks with which such accounts are maintained, securing solely the customary amounts owing
to such bank with respect to cash management and operating account arrangements; provided, that in no case shall any such
Liens secure (either directly or indirectly) the repayment of any Indebtedness;

 

(k)              
Liens arising out of judgments or awards not resulting in an Event of Default; provided the applicable Loan Party
or Subsidiary shall in good faith be prosecuting an appeal or proceedings for review;

 

(l)                
any interest or title of a lessor, licensor or sublessor under any lease, license or sublease entered into by any Loan Party
or any Subsidiary thereof in the ordinary course of business and covering only the assets so leased, licensed or subleased;

 

(m)            
Liens of a collection bank arising under Section 4-210 of the UCC on items in the course of collection;

 

(n)              
any zoning, building or similar laws or rights reserved to or vested in any Governmental Authority;

 

(o)              
Liens arising from precautionary uniform commercial code financing statements (or equivalent filings or registrations in
foreign jurisdictions) filed under any operating lease not prohibited by this Agreement;

 

(p)              
Liens arising out of consignment or similar arrangements for the sale of goods entered into by any Loan Party or any Subsidiary
thereof in the ordinary course of business;

 

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

 

(r)                
Liens solely on any cash earnest money deposits, escrow arrangements or similar arrangements made by any Loan Party or any
Subsidiary thereof in connection with any letter of intent or purchase agreement for a Permitted Acquisition or other Investment
permitted under Section 7.03;

 

(s)               
Liens on property of a Person acquired in connection with a Permitted Acquisition existing at the time such Person merged
into or consolidated with any Loan Party or any Subsidiary thereof or becomes a Subsidiary of any Loan Party; provided (i)
such Liens were not created in contemplation of such merger, consolidation, Investment or acquisition, (ii) such Liens do not encumber
any property other than the property encumbered at the time of such merger, consolidation, Investment or acquisition, and the proceeds
and products thereof, and (iii) such Liens do not extend to any assets other than those assets initially subject to such Liens
of the Person merged into or consolidated with any Loan Party or any Subsidiary thereof or acquired by any Loan Party; and

 

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(t)                
other Liens securing Indebtedness outstanding in an aggregate principal amount not to exceed $2,000,000.

 

Notwithstanding the foregoing to the
contrary, no Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly create, incur, assume or
suffer to exist any Lien upon any of its Intellectual Property to secure any Indebtedness.

 

		7.02	Indebtedness.

 

Create, incur, assume or suffer to exist any
Indebtedness, except:

 

(a)               
Indebtedness under the Loan Documents;

 

(b)              
Indebtedness outstanding on the date hereof and listed on Schedule 7.02 and any refinancings, refundings, renewals
or extensions thereof; provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding,
renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably
incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder and the
direct or any contingent obligor with respect thereto is not changed, as a result of or in connection with such refinancing, refunding,
renewal or extension; and, still further, that the terms relating to principal amount, amortization, maturity, collateral (if any)
and subordination, standstill and related terms (if any), and other material terms taken as a whole, of any such refinancing, refunding,
renewing or extending Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are
no less favorable in any material respect to the Loan Parties or the Lenders than the terms of any agreement or instrument governing
the Indebtedness being refinanced, refunded, renewed or extended and the interest rate applicable to any such refinancing, refunding,
renewing or extending Indebtedness does not exceed the then applicable market interest rate;

 

(c)               
Indebtedness in respect of Capitalized Leases, Synthetic Lease Obligations and purchase money obligations for fixed or capital
assets within the limitations set forth in Section 7.01(i); provided, however, that the aggregate amount of all such
Indebtedness at any one time outstanding shall not exceed $6,000,000;

 

(d)              
Unsecured Indebtedness of a Subsidiary of the Borrower owed to the Borrower or a wholly-owned Subsidiary of the Borrower,
(i) such Indebtedness shall be evidenced by promissory notes (which may be in the form of a single global intercompany note) and
shall be pledged to the Administrative Agent as Collateral for the Secured Obligations in accordance with the terms of the Security
Agreement, (ii) such Indebtedness shall be on terms and conditions reasonably acceptable to the Administrative Agent, including,
without limitation, being subordinated to the Obligations on terms and conditions reasonably acceptable to the Administrative Agent
and (iii) which Indebtedness shall be otherwise permitted under the provisions of Section 7.03 (“Intercompany Debt”);

 

(e)               
(i) Guarantees of the Borrower or any Subsidiary Guarantor in respect of Indebtedness otherwise permitted hereunder of the
Borrower or any other Subsidiary Guarantor and (ii) Guarantees of any Loan Party in respect of Indebtedness otherwise permitted
hereunder of any non-Loan Party (provided that any such Guarantee shall also be an Investment permitted under Section 7.03(c));

 

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(f)               
obligations (contingent or otherwise) existing or arising under any Swap Contract, provided that (i) such obligations are
(or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated
with fluctuations in interest rates or foreign exchange rates or other non-speculative purposes and (ii) such Swap Contract does
not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions
to the defaulting party;

 

(g)              
contingent obligations arising with respect to customary indemnification obligations in favor of in connection with Dispositions
permitted under Section 7.05;

 

(h)              
Indebtedness relating to premium financing arrangements for property and casualty insurance plans and health and welfare
benefit plans (including health and workers compensation insurance, employment practices liability insurance and directors and
officers insurance), if incurred in the ordinary course of business;

 

(i)                
Indebtedness incurred and owed in respect of any overdrafts or similar protections and related liabilities arising from
treasury, depository and cash management services and related obligations or in connection with any automated clearing-house transfers
of funds, in each case, in connection with deposit accounts in the ordinary course of business;

 

(j)                
Indebtedness in respect of surety and appeal bonds, performance and reclamation bonds and obligations of a like nature in
respect of contracts entered into by the Borrower or any Subsidiary in the ordinary course of business consistent with past practice,
including, without limitation, performance guarantees by the Borrower or any Subsidiary in the ordinary course of business consistent
with past practice;

 

(k)              
Subordinated Debt (other than Intercompany Debt) in an aggregate principal amount not to exceed $10,000,000; and

 

(l)                
other unsecured Indebtedness of one or more Loan Parties not contemplated by the above provisions in an aggregate principal
amount not to exceed $20,000,000 at any time outstanding; provided that (x) no Default shall exist or would result therefrom,
(y) the Loan Parties are in Pro Forma Compliance with each of the financial covenants set forth in Section 7.11, and (z) the terms
and conditions of such Indebtedness shall be reasonably acceptable to the Administrative Agent.

 

		7.03	Investments.

 

Make or hold any Investments, except:

 

(a)               
Investments held by the Borrower and its Subsidiaries in the form of cash or Cash Equivalents or other Investments permitted
by the Borrower’s Investment Policy;

 

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(b)              
loans and advances to officers, directors and employees of the Borrower and its Subsidiaries in an aggregate amount not
to exceed $1,000,000 at any time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes;

 

(c)               
(i) Investments by the Borrower and its Subsidiaries in their respective Subsidiaries outstanding on the date hereof, (ii)
additional Investments by the Borrower and its Subsidiaries in Loan Parties, (iii) additional Investments by Subsidiaries of the
Borrower that are not Loan Parties in other Subsidiaries that are not Loan Parties and (iv) so long as no Event of Default
has occurred and is continuing or would result from such Investment, additional Investments by the Loan Parties in wholly-owned
Subsidiaries of the Borrower that are not Loan Parties in an aggregate amount invested from the date hereof not to exceed $20,000,000;

 

(d)              
Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the
grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof
from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss;

 

(e)               
Guarantees permitted by Section 7.02;

 

(f)               
Investments existing on the Closing Date (other than those referred to in Section 7.03(c)(i)) and set forth on Schedule
7.03;

 

(g)              
Permitted Acquisitions (other than of (x) CFCs and Subsidiaries held directly or indirectly by a CFC or (y) Foreign Subsidiaries
that would not be required to be a Subsidiary Guarantor pursuant to Section 6.13, which Investments are covered by Section 7.03(c)(iv)));

 

(h)              
Investments (including debt obligations) received in connection with the bankruptcy or reorganization of suppliers and customers
and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course
of business;

 

(i)                
bank deposits in the ordinary course of business;

 

(j)                
Investments consisting of non-cash loans made by the Borrower to directors, officers, employees or consultants of any Loan
Party which are used by such Persons to simultaneously purchase Equity Interests of the Borrower in an aggregate outstanding amount
not to exceed $3,000,000;

 

(k)              
to the extent constituting Investments, Capital Expenditures permitted hereunder;

 

(l)                
Swap Contracts permitted by this Agreement; and

 

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(m)            
other Investments of the Borrower and its Subsidiaries not contemplated by the above provisions not exceeding $5,000,000
at any time outstanding; provided that no Event of Default shall exist or would result therefrom.

 

		7.04	Fundamental Changes.

 

Merge, dissolve, liquidate, consolidate with
or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its
assets (whether now owned or hereafter acquired) to or in favor of any Person, except that:

 

(a)               
any Subsidiary of the Borrower may merge with (i) the Borrower; provided that the Borrower shall be the continuing
or surviving Person, or (ii) any one or more other Subsidiaries, provided that (x) when any Loan Party is merging with another
Subsidiary, a Loan Party shall be the continuing or surviving Person and (y) no such merger shall cause any then existing Loan
Party to become a CFC or Foreign Subsidiary that would not be required to be a Subsidiary Guarantor pursuant to Section 6.13;

 

(b)              
any Loan Party (other than the Borrower) may Dispose of all or substantially all of its assets (upon voluntary liquidation
or otherwise) to the Borrower or to another Loan Party;

 

(c)               
any Subsidiary of the Borrower that is not a Loan Party may dispose of all or substantially all its assets (including any
Disposition that is in the nature of a liquidation) to (i) another Subsidiary of the Borrower that is not a Loan Party or (ii)
to a Loan Party;

 

(d)              
so long as no Default or Event of Default exists or would result therefrom, in connection with any Permitted Acquisition,
any Subsidiary of the Borrower may merge into or consolidate with any other Person or permit any other Person to merge into or
consolidate with it; provided that (i) the Person surviving such merger shall be a wholly-owned Subsidiary of the Borrower,
(ii) in the case of any such merger to which any Loan Party (other than the Borrower) is a party, such Loan Party is the surviving
Person and (iii) no such merger shall cause any then existing Loan Party to become a CFC or Foreign Subsidiary that would not be
required to be a Subsidiary Guarantor pursuant to Section 6.13; and

 

(e)               
so long as no Default or Event of Default exists or would result therefrom, each of the Borrower and any of its Subsidiaries
may merge into or consolidate with any other Person or permit any other Person to merge into or consolidate with it; provided,
however, that in each case, immediately after giving effect thereto (i) in the case of any such merger to which the Borrower
is a party, the Borrower is the surviving Person and (ii) in the case of any such merger to which any Loan Party (other than the
Borrower) is a party, such Loan Party is the surviving Person.

 

		7.05	Dispositions.

 

Make any Disposition or enter into any agreement
to make any Disposition, except:

 

(a)               
Dispositions of inventory in the ordinary course of business;

 

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(b)              
Dispositions of surplus, obsolete or worn out property, whether now owned or hereafter acquired;

 

(c)               
Dispositions of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase
price of similar replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase
price of such replacement property;

 

(d)              
Dispositions permitted by Section 7.04;

 

(e)               
Dispositions of property by any Subsidiary of the Borrower to the Borrower or to a wholly-owned Subsidiary of the Borrower;
provided that if the transferor of such property is a Subsidiary Guarantor, the transferee thereof must either be the Borrower
or a Subsidiary Guarantor;

 

(f)               
the non-exclusive licensing or sublicensing (except for exclusivity as to specific fields and/or jurisdictions in the ordinary
course of business consistent with past practices) of rights in any Intellectual Property pursuant to licensing, joint marketing,
distribution, or development arrangements in the ordinary course of business in the life science industry and substantially consistent
with past practice (provided that none of the foregoing (either individually or in the aggregate) (x) could reasonably be expected
to result in a Material Adverse Effect or (y) materially interfere with the business of the Loan Parties and their Subsidiaries,
taken as a whole);

 

(g)              
sales, forgiveness or discounting, on a non-recourse basis and in the ordinary course of business, of past due accounts
or other Contractual Obligations in connection with the collection or compromise thereof or the settlement of delinquent accounts
or in connection with the bankruptcy or reorganization of suppliers or customers;

 

(h)              
Dispositions in the ordinary course of business consisting of the abandonment or allowing to lapse of Intellectual Property
(other than Material Intellectual Property), which in the reasonable good faith determination of the Borrower are uneconomical
to maintain, non-strategic, negligible, obsolete or otherwise not material in the conduct of its business;

 

(i)                
Dispositions by the Borrower and its Subsidiaries of any Non-Core Assets so long as the proceeds of any such Disposition
either retained by the Borrower or are reasonably promptly reinvested by the Borrower in its reasonable business judgment; and

 

(j)                
Dispositions by the Borrower and its Subsidiaries not otherwise permitted under this Section 7.05 (other than any Intellectual
Property); provided that (i) at the time of such Disposition, no Default shall exist or would result from such Disposition, (ii)
the aggregate book value of all property Disposed of in reliance on this clause (f) in any fiscal year shall not exceed $2,500,000
and (iii) the purchase price for such asset shall be paid to the Borrower or such Subsidiary solely in cash;

 

provided, however, that any Disposition
pursuant to this Section 7.05 (other than Section 7.05(d) and (e)) shall be for fair market value.

 

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		7.06	Restricted Payments.

 

Declare or make, directly or indirectly, any
Restricted Payment, or incur any obligation (contingent or otherwise) to do so, or issue or sell any Equity Interests or accept
any capital contributions, except that:

 

(a)               
so long as no Default shall exist or would result therefrom, each Subsidiary of the Borrower may make Restricted Payments
to any Person that owns Equity Interests in such Subsidiary, ratably according to their respective holdings of the type of Equity
Interest in respect of which such Restricted Payment is being made;

 

(b)              
the Borrower may declare and make dividend payments or other distributions payable solely in the common stock or other common
Equity Interests of the Borrower;

 

(c)               
the Borrower may issue and sell its common Equity Interests or any warrants or options with respect thereto pursuant to
any executive compensation or stock option plan;

 

(d)              
the Borrower may issue and sell its Equity Interests solely to the extent constituting Qualified Stock;

 

(e)               
the Borrower may declare and make Restricted Payments, provided that (i) (i) at the time of such Restricted Payment,
no Default shall exist or would result from such Restricted Payment, (ii) immediately after giving effect to any such Restricted
Payment (and the incurrence of any Credit Extensions to fund such Restricted Payment), on a Pro Forma Basis (x) the Consolidated
Leverage Ratio shall not be greater than 2.75 to 1.00 and (y) the Borrower shall be in Pro Forma Compliance with each other financial
covenant set forth in Section 7.11, in each case, determined on the basis of the financial information most recently delivered
to the Administrative Agent pursuant to Section 6.01(a) or (b) as though such Restricted Payment had been made as of the first
day of the Measurement Period covered thereby and (iii) the Administrative Agent shall have received a certificate of a Responsible
Officer of the Borrower, in form and substance reasonably satisfactory to the Administrative Agent, certifying compliance with,
and/or attaching calculations demonstrating compliance, as applicable, with each of the requirements of set forth above;

 

(f)               
the Borrower may make cash payments (i) to satisfy an employee’s withholding tax obligations incurred in connection
with the exercise, vesting or acquisition of warrants, options or other securities convertible into or exchangeable for Equity
Interests in the Borrower and (ii) in lieu of the issuance of fractional shares representing insignificant interests in the Borrower
in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests
in the Borrower, in an aggregate amount in respect of this clause (ii) not to exceed $500,000 during the term of this Agreement;
and

 

(g)              
the Borrower may acquire on a cashless basis, Equity Interests of the Borrower (i) upon the exercise of stock options for
its Equity Interests to the extent representing a portion of the exercise price therof or (ii) in connection with tax withholding
obligations arising in connection with the exercise of options by, or the vesting of restricted Equity Interests held by, any current
or former director, officer or employee of the Borrower or its Subsidiaries.

 

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		7.07	Change in Nature of Business.

 

Engage in any material line of business substantially
different from those lines of business conducted by the Borrower and its Subsidiaries on the date hereof or any business substantially
related or incidental thereto.

 

		7.08	Transactions with Affiliates.

 

Enter into or permit to exist any transaction
or series of transactions with any officer, director or Affiliate of such Person other than (a) advances of working capital to
any Loan Party, (b) transfers of cash and assets to any Loan Party, (c) intercompany transactions expressly permitted by this Agreement,
(d) and the making of Restricted Payments permitted by Section 7.06, (e) normal and reasonable compensation and reimbursement of
expenses of officers, directors and employees, (f) the transactions listed on Schedule 7.08 and (g) except as otherwise specifically
limited in this Agreement, other transactions which are entered into in the ordinary course of such Person’s business on
fair and reasonable terms and conditions substantially as favorable to such Person as would be obtainable by it in a comparable
arm’s length transaction with a Person other than an officer, director or Affiliate.

 

		7.09	Burdensome Agreements.

 

Enter into, or permit to exist, any Contractual
Obligation (except for this Agreement and the other Loan Documents) that (a) encumbers or restricts the ability of any Loan Party
or its Subsidiaries to (i) make Restricted Payments to any Loan Party, (ii) pay any Indebtedness or other obligation owed to any
Loan Party, (iii) make loans or advances to any Loan Party, or (iv) create any Lien upon any of their properties or assets, whether
now owned or hereafter acquired or (b) requires the grant of any Lien on property for any obligation if a Lien on such property
is given as security for the Secured Obligations, except (A) in the case of clause (a)(iv) only, for any document or instrument
governing Indebtedness incurred pursuant to Section 7.02(c), provided that any such restriction contained therein relates
only to the asset or assets constructed or acquired in connection therewith, (B) any negative pledge contained in Indebtedness
incurred in accordance with Section 7.02(k) and (l) so long as such negative pledge permits Liens on the assets of
the Loan Parties securing the Secured Obligations, (C) customary provisions contained in agreements entered into in the ordinary
course of business restricting the assignment thereof and (D) Contractual Obligations that are customary provisions in joint venture
agreements and other similar agreements applicable to joint ventures permitted under Section 7.03, so long as such Contractual
Obligations are applicable only to such joint venture.

 

		7.10	Use of Proceeds.

 

Use the proceeds of any Credit Extension, whether
directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning
of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness
originally incurred for such purpose.

 

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		7.11	Financial Covenants.

 

(a)               
Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end of any Measurement Period ending
as of the end of any fiscal quarter of the Borrower to be greater than 3.00 to 1.00.

 

(b)              
Consolidated Interest Coverage Ratio. Permit the Consolidated Interest Coverage Ratio as of the end of any Measurement
Period ending as of the end of any fiscal quarter of the Borrower to be less than 3.00 to 1.00.

 

		7.12	Amendments of Organization Documents; Fiscal Year; Legal Name, State of Formation; Form of Entity
and Accounting Changes.

 

(a)               
Amend any Organization Documents of the Borrower or any of its Subsidiaries, in a manner adverse in any material respect
to the Lenders or the Administrative Agent;

 

(b)              
change the fiscal year of the Borrower or any of its Subsidiaries;

 

(c)               
without providing twenty (20) days prior written notice to the Administrative Agent (or such extended period of time as
agreed to by the Administrative Agent), change the name, state of formation or organization, form of organization or principal
place of business of the Borrower or any of its Subsidiaries; or

 

(d)              
make any other change in accounting policies or reporting practices of the Borrower or any of its Subsidiaries, except as
required by GAAP.

 

		7.13	Sale and Leaseback Transactions.

 

Enter into any Sale and Leaseback Transaction.

 

		7.14	Prepayments, Etc. of Indebtedness.

 

Prepay, redeem, purchase, defease or otherwise
satisfy or obligate itself to do so prior to the scheduled maturity thereof in any manner (including by the exercise of any right
of setoff), or make any payment in violation of any subordination, standstill or collateral sharing terms of or governing any Indebtedness
in excess of $500,000, except (a) the prepayment of the Credit Extensions in accordance with the terms of this Agreement, (b) regularly
scheduled or mandatory repayments of Indebtedness (other than Subordinated Debt, in violation of any subordination, standstill
or collateral sharing terms of or governing any such Indebtedness) permitted under this Agreement and refinancings and refundings
of applicable Indebtedness in compliance with Section 7.02(b) and Section 7.02(g), and (c) payments of Intercompany Debt, subject
to the applicable subordination terms related thereto (if any).

 

		7.15	Amendment, Etc. of Indebtedness.

 

Amend, modify or change in any manner any term
or condition of any Subordinated Debt Document in violation of subordination terms applicable thereto.

 

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		7.16	Sanctions.

 

Directly or indirectly, use any Credit Extension
or the proceeds of any Credit Extension, or lend, contribute or otherwise make available such Credit Extension or the proceeds
of any Credit Extension to any Person, to fund any activities of or business with any Person, or in any Designated Jurisdiction,
that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any Person
(including any Person participating in the transaction, whether as Lender, Arranger, Administrative Agent, L/C Issuer, Swingline
Lender, or otherwise) of Sanctions.

 

		7.17	Massachusetts Security Corporation.

 

With regard
to any Subsidiary of a Loan Party that is a Massachusetts Security Corporation, conduct, transact or otherwise engage in any material
operating or business activities other than investment activities that would not reasonably be expected to result in the loss of
the Massachusetts Security Corporation’s qualification as a Massachusetts security corporation under Mass. Gen. L. c. 63,
§38B.

 

		7.18	Anti-Corruption Laws.

 

Directly or indirectly, use any Credit Extension
or the proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977,
the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions.

 

ARTICLE
VIII

EVENTS OF DEFAULT AND REMEDIES

 

		8.01	Events of Default.

 

Any of the following shall constitute an Event
of Default:

 

(a)               
Non-Payment. The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount
of principal of any Loan or any L/C Obligation or deposit any funds as Cash Collateral in respect of L/C Obligations, (ii) within
three (3) days after the same becomes due, any interest on any Loan or on any L/C Obligation, or (iii) within five (5) days after
the same becomes due, any fee due hereunder, or any other amount payable hereunder or under any other Loan Document; or

 

(b)              
Specific Covenants. (i) Any Loan Party fails to perform or observe any term, covenant or agreement contained in any
of Section 6.01, 6.02, 6.03, 6.05, 6.07, 6.10, 6.11, 6.13, 6.14,
6.19, Article VII or Section 10.01 or (ii) any of the Loan Parties fails to perform or observe any term, covenant
or agreement contained in Sections 4 or 7 of the Security Agreement; or

 

(c)               
Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section
8.01(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues
for thirty (30) days after the earlier of (i) delivery of written notice thereof to such Loan Party by the Administrative Agent
or the Required Lenders or (ii) a Responsible Officer of such Loan Party gains knowledge thereof; or

 

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(d)              
Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made
by or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection
herewith or therewith shall be incorrect or misleading in any material respect (except that such materiality qualifier shall not
be applicable to any representations, warranties, certificates or statement of fact that already are qualified or modified by materiality
in the text thereof) when made or deemed made; or

 

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

 

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

 

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(g)              
Inability to Pay Debts; Attachment. (i) Any Loan Party or any Subsidiary thereof becomes unable or admits in writing
its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or
similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated
or fully bonded within thirty (30) days after its issue or levy; or

 

(h)              
Judgments. There is entered against any Loan Party or any Subsidiary thereof (i) one or more final judgments or orders
for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding the Threshold Amount (to the extent
not covered by independent third-party insurance as to which the insurer is rated at least “A” by A.M. Best Company,
has been notified of the potential claim and acknowledges coverage), or (ii) any one or more non-monetary final judgments that
have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case,
(A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of ten (10) consecutive
days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

 

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

 

(j)                
Invalidity of Loan Documents. Any provision of any Loan Document, at any time after its execution and delivery and
for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all Obligations, ceases to
be in full force and effect; or any Loan Party or any other Person contests in any manner the validity or enforceability of any
provision of any Loan Document; any Loan Party denies that it has any or further liability or obligation under any provision of
any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document; or it is or becomes unlawful
for a Loan Party to perform (in all material respects) any of its obligations under the Loan Documents; or

 

(k)              
Collateral Documents. Collateral Document after delivery thereof pursuant to the terms of the Loan Documents shall
for any reason cease to create a valid and perfected first priority Lien (subject to Permitted Liens) on the Collateral purported
to be covered thereby, or any Loan Party shall assert the invalidity of such Liens, except (i) as a result of the sale or other
disposition of the applicable Collateral in a transaction permitted under the Loan Documents, (ii) as a result of the release thereof
as provided in Section 9.10 or any other Loan Document, or (iii) solely as a result of the Administrative Agent’s
failure to take action within its control (other than to the extent resulting from of any action or inaction by any Loan Party
not permitted under the Loan Documents) with respect to Collateral with an aggregate value not in excess of $5,000,000; or

 

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(l)                
Change of Control. There occurs any Change of Control; or

 

(m)            
Uninsured Loss. Any uninsured damage to or loss, theft or destruction of any assets of the Loan Parties or any of
their Subsidiaries shall occur that is in excess of the Threshold Amount; or

 

(n)              
Subordination. (i) Any of the subordination, standstill, pay-over and insolvency related provisions of any of the
Subordinated Debt Documents (the “Subordinated Provisions”) shall, in whole or in part, terminate, cease to
be effective or cease to be legally valid, binding and enforceable against any holder of the applicable Subordinated Debt; or (ii)
the Borrower, any other Loan Party or any holder of such Subordinated Debt shall, directly or indirectly, disavow or contest in
any manner (A) the effectiveness, validity or enforceability of any of the Subordination Provisions, (B) that the Subordination
Provisions exist for the benefit of the Administrative Agent and the Secured Parties or (C) that all payments of principal of or
premium and interest on the applicable Subordinated Debt, or realized from the liquidation of any property of any Loan Party, shall
be subject to any of the Subordination Provisions.

 

(o)              
Product Recall. Any mandatory product recall shall be required pursuant to any order or directive of any Governmental
Authority affecting the products manufactured, sold or distributed by the Borrower or any of its Subsidiaries, if the aggregate
revenue to the Borrower or any of its Subsidiaries generated by the products so recalled shall, individually or together with all
other similar recalls of such products during any twelve consecutive month period, equal or exceed the Threshold Amount.

 

Without limiting the provisions of Article IX,
if a Default shall have occurred under the Loan Documents, then such Default will continue to exist until it either is cured (to
the extent specifically permitted) in accordance with the Loan Documents or is otherwise expressly waived by Administrative Agent
(with the approval of requisite Appropriate Lenders (in their sole discretion) as determined in accordance with Section 11.01;
and once an Event of Default occurs under the Loan Documents, then such Event of Default will continue to exist until it is expressly
waived by the requisite Appropriate Lenders or by the Administrative Agent with the approval of the requisite Appropriate Lenders,
as required hereunder in Section 11.01.

 

		8.02	Remedies Upon Event of Default.

 

If any Event of Default occurs and is continuing,
the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following
actions:

 

(a)               
declare the Commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to
be terminated, whereupon such commitments and obligation shall be terminated;

 

(b)              
declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts
owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest
or other notice of any kind, all of which are hereby expressly waived by the Borrower;

 

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(c)               
require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with
respect thereto); and

 

(d)              
exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the
L/C Issuer under the Loan Documents or applicable Law or equity;

 

provided, however, that upon the occurrence of an
actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the
obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically
terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically
become due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically
become effective, in each case without further act of the Administrative Agent or any Lender.

 

		8.03	Application of Funds.

 

After the exercise of remedies provided for
in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically
been required to be Cash Collateralized as set forth in the proviso to Section 8.02) or if at any time insufficient funds
are received by and available to the Administrative Agent to pay in full in cash all Secured Obligations then due hereunder, any
amounts received on account of the Secured Obligations shall, subject to the provisions of Sections 2.14 and 2.15,
be applied by the Administrative Agent in the following order:

 

First, to payment of that
portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (including, to the extent permitted
under this Agreement, 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;

 

Second, to payment of that
portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter
of Credit Fees) payable to the Lenders, and the L/C Issuer (including, to the extent permitted under this Agreement, fees, charges
and disbursements of counsel to the respective Lenders, and the L/C Issuer arising under the Loan Documents and amounts payable
under Article III, ratably among them in proportion to the respective amounts described in this clause Second payable to them;

 

Third, to payment of that
portion of the Secured Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings
and other Secured Obligations arising under the Loan Documents, ratably among the Lenders and the L/C Issuer in proportion to
the respective amounts described in this clause Third payable to them;

 

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Fourth, to payment of that
portion of the Secured Obligations constituting unpaid principal of the Loans and L/C Borrowings and to the Administrative Agent
for the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount
of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant to Sections 2.03 and 2.14,
in each case ratably among the Administrative Agent, the Lenders and the L/C Issuer in proportion to the respective amounts described
in this clause Fourth held by them;

 

Fifth, to payment of that
portion of the Secured Obligations then owing under the Secured Hedge Agreements and Secured Cash Management Agreements, in each
case ratably among the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this clause
Fifth held by them; and

 

Last, the balance, if any,
after all of the Secured Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.

 

Subject to Sections 2.03(c) and 2.14, amounts used
to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy
drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit
have either been fully drawn or expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the
order 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 Secured Obligations otherwise set forth above in this Section.

 

Notwithstanding the foregoing, Secured Obligations
arising under Secured Cash Management Agreements and Secured Hedge Agreements shall be excluded from the application described
above if the Administrative Agent has not received a Secured Party Designation Notice, together with such supporting documentation
as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. Each Cash
Management Bank or Hedge Bank not a party to this Agreement that has given the notice contemplated by the preceding sentence shall,
by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of
Article IX for itself and its Affiliates as if a “Lender” party hereto.

 

ARTICLE
IX

ADMINISTRATIVE AGENT

 

		9.01	Appointment and Authority.

 

(a)               
Appointment. Each of the Lenders and the L/C Issuer hereby irrevocably appoints, designates and authorizes Bank of
America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative
Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms
hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are
solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and neither the Borrower nor any other Loan
Party shall have rights as a third party beneficiary of any of such provisions (except, as it relates to the Loan Parties, with
respect to Section 9.06). It is understood and agreed that the use of the term “agent” herein or in any other
Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary
or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter
of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

 

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(b)              
Collateral Agent. The Administrative Agent shall also act as the “collateral agent” under the Loan Documents,
and each of the Lenders (including in its capacities as a potential Hedge Bank and a potential Cash Management Bank) and the L/C
Issuer hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and the L/C Issuer
for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any
of the Secured Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection,
the Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the
Administrative Agent pursuant to Section 9.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion
thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative
Agent), shall be entitled to the benefits of all provisions of this Article IX and Article XI (including Section
11.04(c), as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan
Documents) as if set forth in full herein with respect thereto.

 

		9.02	Rights as a Lender.

 

The Person serving as the Administrative Agent
hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though
it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly
indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual
capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor
or in any other advisory capacity for and generally engage in any kind of banking, trust, financial, advisory, underwriting or
other business with any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent
hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent of the Lenders with respect
thereto.

 

		9.03	Exculpatory Provisions.

 

The Administrative Agent shall not have any
duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be
administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent and its Related Parties:

 

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(a)               
shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)              
shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights
and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as
directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for
herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in
its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document
or applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor
Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any
Debtor Relief Law; and

 

(c)               
shall not, except as expressly set forth herein and in the other Loan Documents, have any duty or responsibility to disclose,
and shall not be liable for the failure to disclose, any information relating to any Loan Party or any of its Affiliates that is
communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

Neither the Administrative Agent nor any of
its Related Parties shall be liable for any action taken or not taken by the Administrative Agent under or in connection with this
Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with the consent or at the request
of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary), or as the Administrative Agent
shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.01 and 8.02 or
(ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final
and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice
describing such Default is given in writing to the Administrative Agent by the Borrower, a Lender or the L/C Issuer.

 

Neither the Administrative Agent nor any of
its Related Parties have any duty or obligation to any Lender or participant or any other Person to ascertain or inquire into (i)
any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents
of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence
of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any
other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral
Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in Article IV
or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

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		9.04	Reliance by Administrative Agent.

 

The Administrative Agent shall be entitled to
rely upon, and shall be fully protected in relying upon and shall not incur any liability for relying upon, any notice, request,
certificate, communication, consent, statement, instrument, document or other writing (including any electronic message, Internet
or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed
by it to have been made by the proper Person, and shall be fully protected in relying thereon and shall not incur any liability
for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension,
renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer,
the Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Administrative
Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance
of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Loan Parties), independent
accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts. For purposes of determining compliance with the conditions specified in
Section 4.01, 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 proposed Closing Date specifying
its objections.

 

		9.05	Delegation of Duties.

 

The Administrative Agent may perform any and
all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and
exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall
apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their
respective activities in connection with the syndication of the credit facilities provided herein as well as activities as Administrative
Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent
that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with
gross negligence or willful misconduct in the selection of such sub-agents.

 

		9.06	Resignation of Administrative Agent.

 

(a)               
Notice. The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and
the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the
Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with
an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted
such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation (or such earlier
day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative
Agent may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent
meeting the qualifications set forth above; provided that in no event shall any successor Administrative Agent be a Defaulting
Lender. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on
the Resignation Effective Date.

 

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(b)              
Defaulting Lender. If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of
the definition thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Borrower
and such Person remove such Person as Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such
successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days
(or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal
shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

 

(c)               
Effect of Resignation or Removal. With effect from the Resignation Effective Date or the Removal Effective Date (as
applicable) (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and
under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of
the Lenders or the L/C Issuer under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold
such collateral security until such time as a successor Administrative Agent is appointed) and (ii) except for any indemnity payments
or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided
to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the L/C Issuer directly, until
such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance
of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all
of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent (other than as provided in Section
3.01(g) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent
as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative
Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged
therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the
same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or
removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this
Article and Section 11.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its
sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them (i) while
the retiring or removed Administrative Agent was acting as Administrative Agent and (ii) after such resignation or removal for
as long as any of them continues to act in any capacity hereunder or under the other Loan Documents, including, without
limitation, (A) acting as collateral agent or otherwise holding any collateral security on behalf of any of the Secured Parties
and (B) in respect of any actions taken in connection with transferring the agency to any successor Administrative Agent.

 

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(d)              
L/C Issuer and Swingline Lender. Any resignation by or removal of Bank of America as Administrative Agent pursuant
to this Section shall also constitute its resignation as L/C Issuer and Swingline Lender. If Bank of America resigns as an L/C
Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of
Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto, including
the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section
2.03(c). If Bank of America resigns as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for
hereunder with respect to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the
right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swingline Loans pursuant to Section
2.04(c). Upon the appointment by the Borrower of a successor L/C Issuer or Swingline Lender hereunder (which successor shall
in all cases be a Lender other than a Defaulting Lender), (i) such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the retiring L/C Issuer or Swingline Lender, as applicable, (ii) the retiring L/C Issuer
and Swingline Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan
Documents, and (iii) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any,
outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the
obligations of Bank of America with respect to such Letters of Credit.

 

		9.07	Non-Reliance on Administrative Agent and Other Lenders.

 

Each Lender and the L/C Issuer acknowledges
that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties
and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement. Each Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative
Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to
time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any
other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

		9.08	No Other Duties, Etc.

 

Anything herein to the contrary notwithstanding,
none of the titles listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any
of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the Arranger, a Lender or the
L/C Issuer hereunder.

 

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		9.09	Administrative Agent May File Proofs of Claim; Credit Bidding.

 

In case of the pendency of any proceeding under
any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether
the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by
intervention in such proceeding or otherwise:

 

(a)               
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C
Obligations and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or
advisable in order to have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their
respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent under Sections
2.03(h) and (i), 2.09, 2.10(b) and 11.04) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such payments
to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly
to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable compensation, out-of-pocket
expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Sections 2.09, 2.10(b) and 11.04.

 

Nothing contained herein shall be deemed to
authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the L/C Issuer any
plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any Lender or
the L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or the L/C Issuer or in any
such proceeding.

 

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The Secured Parties hereby irrevocably authorize
the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations
(including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed
in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles)
all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code of the United
States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws in any other
jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in lieu of debt
conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in
accordance with any applicable Law. In connection with any such credit bid and purchase, the Secured Obligations owed to the Secured
Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Secured Obligations with respect to contingent
or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon the liquidation
of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent
interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of the acquisition vehicle or vehicles
that are used to consummate such purchase). In connection with any such bid (i) the Administrative Agent shall be authorized to
form one or more acquisition vehicles to make a bid, (ii) to adopt documents providing for the governance of the acquisition vehicle
or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including
any disposition of the assets or Equity Interests thereof shall be governed, directly or indirectly, by the vote of the Required
Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required
Lenders contained in clauses (a) through (j) of Section 11.01 of this Agreement, and (iii) to the extent that Secured Obligations
that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being
higher or better, because the amount of Secured Obligations assigned to the acquisition vehicle exceeds the amount of debt credit
bid by the acquisition vehicle or otherwise), such Secured Obligations shall automatically be reassigned to the Lenders pro rata
and the Equity Interests and/or debt instruments issued by any acquisition vehicle on account of the Secured Obligations that had
been assigned to the acquisition vehicle shall automatically be cancelled, without the need for any Secured Party or any acquisition
vehicle to take any further action.

 

		9.10	Collateral and Guaranty Matters.

 

Each of the Lenders (including in its capacities
as a potential Cash Management Bank and a potential Hedge Bank) and the L/C Issuer irrevocably authorize the Administrative Agent,
at its option and in its discretion,

 

(a)               
to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon the
Facility Termination Date, (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection
with any sale or other disposition permitted hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified
in writing by the Required Lenders in accordance with Section 11.01;

 

(b)              
to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder
of any Lien on such property that is permitted by Section 7.01(i); and

 

(c)               
to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary or a Loan Party
as a result of a transaction permitted under the Loan Documents.

 

Upon request by the Administrative Agent at
any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its
interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant
to this Section 9.10. In each case as specified in this Section 9.10, the Administrative Agent will, at the Borrower’s
expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence
the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate
its interest in such item, or to release such Guarantor from its obligations under the Guaranty, in each case in accordance with
the terms of the Loan Documents and this Section 9.10.

 

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The Administrative Agent shall not be responsible
for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability
of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon, or any certificate prepared
by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure
to monitor or maintain any portion of the Collateral.

 

		9.11	Secured Cash Management Agreements and Secured Hedge Agreements.

 

Except as otherwise expressly set forth herein,
no Cash Management Bank or Hedge Bank that obtains the benefit of the provisions of Section 8.03, the Guaranty or any Collateral
by virtue of the provisions hereof or any Collateral Document shall have any right to notice of any action or to consent to, direct
or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release
or impairment of any Collateral) (or to provide notice of or to consent to any amendment, waiver or modification of the provisions
hereof or of the Guaranty or any Collateral Document) other than in its capacity as a Lender and, in such case, only to the extent
expressly provided in the Loan Documents. Notwithstanding any other provision of this Article IX to the contrary, the Administrative
Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured
Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements except to the extent expressly provided
herein and unless the Administrative Agent has received a Secured Party Designation Notice of such Secured Obligations, together
with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank,
as the case may be. The Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements
have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements
in the case of a Facility Termination Date.

 

ARTICLE
X

CONTINUING GUARANTY

 

		10.01	Guaranty.

 

Each Guarantor hereby absolutely and unconditionally,
jointly and severally guarantees, as primary obligor and as a guaranty of payment and performance and not merely as a guaranty
of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise,
and at all times thereafter, of any and all Secured Obligations (for each Guarantor, subject to the proviso in this sentence, its
“Guaranteed Obligations”); provided that (a) the Guaranteed Obligations of a Guarantor shall exclude
any Excluded Swap Obligations with respect to such Guarantor and (b) the liability of each Guarantor individually with respect
to this Guaranty shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder
subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any applicable
state law or other applicable Law. Without limiting the generality of the foregoing, the Guaranteed Obligations shall include any
such indebtedness, obligations, and liabilities, or portion thereof, which may be or hereafter become unenforceable or compromised
or shall be an allowed or disallowed claim under any proceeding or case commenced by or against any Debtor under any Debtor Relief
Laws. The Administrative Agent’s books and records showing the amount of the Obligations shall be admissible in evidence
in any action or proceeding, and shall be binding upon each Guarantor, and conclusive for the purpose of establishing the amount
of the Secured Obligations (absent manifest error). This Guaranty shall not be affected by the genuineness, validity, regularity
or enforceability of the Secured Obligations or any instrument or agreement evidencing any Secured Obligations, or by the existence,
validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating
to the Secured Obligations which might otherwise constitute a defense to the obligations of the Guarantors, or any of them, under
this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating
to any or all of the foregoing.

 

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		10.02	Rights of Lenders.

 

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

 

		10.03	Certain Waivers.

 

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

 

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		10.04	Obligations Independent.

 

The obligations of each Guarantor hereunder
are those of primary obligor, and not merely as surety, and are independent of the Secured Obligations and the obligations of any
other guarantor, and a separate action may be brought against each Guarantor to enforce this Guaranty whether or not the Borrower
or any other person or entity is joined as a party.

 

		10.05	Subrogation.

 

No Guarantor shall exercise any right of subrogation,
contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of
the Secured Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full and the Commitments
and the Revolving Facility are terminated. If any amounts are paid to a Guarantor in violation of the foregoing limitation, then
such amounts shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to the Secured Parties to
reduce the amount of the Secured Obligations, whether matured or unmatured.

 

		10.06	Termination; Reinstatement.

 

This Guaranty is a continuing and irrevocable
guaranty of all Secured Obligations now or hereafter existing and shall remain in full force and effect until the Facility Termination
Date. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if
any payment by or on behalf of the Borrower or a Guarantor is made, or any of the Secured Parties exercises its right of setoff,
in respect of the Secured Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any of the
Secured Parties in their discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding
under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether
or not the Secured Parties are in possession of or have released this Guaranty and regardless of any prior revocation, rescission,
termination or reduction. The obligations of each Guarantor under this paragraph shall survive termination of this Guaranty.

 

		10.07	Stay of Acceleration.

 

If acceleration of the time for payment of any
of the Secured Obligations is stayed, in connection with any case commenced by or against a Guarantor or the Borrower under any
Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by each Guarantor, jointly and severally, immediately
upon demand by the Secured Parties.

 

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		10.08	Condition of Borrower.

 

Each Guarantor acknowledges and agrees that
it has the sole responsibility for, and has adequate means of, obtaining from the Borrower and any other guarantor such information
concerning the financial condition, business and operations of the Borrower and any such other guarantor as such Guarantor requires,
and that none of the Secured Parties has any duty, and such Guarantor is not relying on the Secured Parties at any time, to disclose
to it any information relating to the business, operations or financial condition of the Borrower or any other guarantor (each
Guarantor waiving any duty on the part of the Secured Parties to disclose such information and any defense relating to the failure
to provide the same).

 

		10.09	Appointment of Borrower.

 

Each of the Loan Parties hereby appoints the
Borrower to act as its agent for all purposes of this Agreement, the other Loan Documents and all other documents and electronic
platforms entered into in connection herewith and agrees that (a) the Borrower may execute such documents and provide such authorizations
on behalf of such Loan Parties as the Borrower deems appropriate in its sole discretion and each Loan Party shall be obligated
by all of the terms of any such document and/or authorization executed on its behalf, (b) any notice or communication delivered
by the Administrative Agent, L/C Issuer or a Lender to the Borrower shall be deemed delivered to each Loan Party and (c) the Administrative
Agent, L/C Issuer or the Lenders may accept, and be permitted to rely on, any document, authorization, instrument or agreement
executed by the Borrower on behalf of each of the Loan Parties.

 

		10.10	Right of Contribution.

 

The Guarantors agree among themselves that,
in connection with payments made hereunder, each Guarantor shall have contribution rights against the other Guarantors as permitted
under applicable Law.

 

		10.11	Keepwell.

 

Each Loan Party that is a Qualified ECP Guarantor
at the time the Guaranty or the grant of a Lien under the Loan Documents, in each case, by any Specified Loan Party becomes effective
with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide
such funds or other support to each Specified Loan Party with respect to such Swap Obligation as may be needed by such Specified
Loan Party from time to time to honor all of its obligations under the Loan Documents in respect of such Swap Obligation (but,
in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP
Guarantor’s obligations and undertakings under this Article X voidable under applicable law relating to fraudulent conveyance
or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified ECP Guarantor under
this Section shall remain in full force and effect until the Secured Obligations have been indefeasibly paid and performed in full.
Each Loan Party intends this Section to constitute, and this Section shall be deemed to constitute, a guarantee of the obligations
of, and a “keepwell, support, or other agreement” for the benefit of, each Specified Loan Party for all purposes of
the Commodity Exchange Act.

 

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ARTICLE
XI

MISCELLANEOUS

 

		11.01	Amendments, Etc.

 

No amendment or waiver of any provision of this
Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall
be effective unless in writing signed by the Required Lenders (or by the Administrative Agent with the consent of the Required
Lenders) and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each
such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided,
however, that no such amendment, waiver or consent shall:

 

(a)               
waive any condition set forth in Section 4.01, or, in the case of the initial Credit Extension, Section 4.02,
without the written consent of each Lender;

 

(b)              
without limiting the generality of clause (a) above, waive any condition set forth in Section 4.02 without the written
consent of the Required Lenders;

 

(c)               
extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without
the written consent of such Lender (it being understood and agreed that a waiver of any condition precedent in Section 4.02
or of any Default or a mandatory reduction in Commitments is not considered an extension or increase in Commitments of any Lender);

 

(d)              
postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of
principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under such other Loan Document without
the written consent of each Lender entitled to such payment;

 

(e)               
reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iv)
of the second proviso to this Section 11.01) any fees or other amounts payable hereunder or under any other Loan Document;
provided, however, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of
“Default Rate” or to waive any obligation of the Borrower to pay interest or Letter of Credit Fees at the Default Rate
or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would
be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee payable hereunder;

 

(f)               
change Section 8.03, or Section 2.13 in a manner that would alter the pro rata sharing of payments required
thereby without the written consent of each Lender or (ii) 2.12(f) in a manner that would alter the pro rata application
required thereby without the written consent of each Lender directly affected thereby;

 

(g)              
change (i) any provision of this Section 11.01 or the definition of “Required Lenders” or any other provision
of any Loan Document specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder
or thereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;

 

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(h)              
release all or substantially all of the Collateral in any transaction or series of related transactions, without the written
consent of each Lender;

 

(i)                
release all or substantially all of the value of the Guaranty, without the written consent of each Lender, except to the
extent the release of any Subsidiary from the Guaranty is permitted pursuant to Section 9.10 (in which case such release
may be made by the Administrative Agent acting alone); or

 

(j)                
release the Borrower or permit the Borrower to assign or transfer any of its rights or obligations under this Agreement
or the other Loan Documents without the consent of each Lender;

 

and provided, further, that (i) no amendment, waiver
or consent shall, unless in writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights or
duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by
it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Swingline Lender in addition to the Lenders
required above, affect the rights or duties of the Swingline Lender under this Agreement; (iii) no amendment, waiver or consent
shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or
duties of the Administrative Agent under this Agreement or any other Loan Document; (iv) the Fee Letter may be amended, or rights
or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein,
(A) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment,
waiver or consent which by its terms requires the consent of all Lenders or each affected Lender, or all Lenders or each affected
Lender, may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (1) the Commitment
of any Defaulting Lender may not be increased or extended without the consent of such Lender and (2) any waiver, amendment or modification
requiring the consent of all Lenders or each affected Lender, or all Lenders or each affected Lender, that by its terms affects
any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting
Lender; (B) each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans,
and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of the United States supersedes the
unanimous consent provisions set forth herein and (C) the Required Lenders shall determine whether or not to allow a Loan Party
to use cash collateral in the context of a bankruptcy or insolvency proceeding and such determination shall be binding on all of
the Lenders.

 

Notwithstanding anything to the contrary herein
(including the other provisions of this Section 11.01) (a) the Administrative Agent may, with the prior written consent
of the Borrower only, amend, modify or supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission,
mistake, defect or inconsistency, and (b) this Agreement may be amended, amended and restated or otherwise supplemented or modified
without the consent of any Lender (but with the consent of Borrower and the Administrative Agent) if, upon giving effect to such
amendment, amendment and restatement or other supplement or modification, such Lender shall no longer be a party to this Agreement
(as so amended, amended and restated or otherwise supplemented or modified), the Commitments of such Lender shall have terminated
(but such Lender shall be entitled to the benefits of the provisions of this Agreement which expressly survive the termination
of such Lender’s Commitments), such Lender shall have no other obligation to provide additional Credit Extensions to the
Borrower under this Agreement and such Lender shall have been paid in full all Obligations owing to it or accrued for its account
under this Agreement.

 

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If any Lender does not consent to a proposed
amendment, waiver, consent or release with respect to any Loan Document that requires the consent of each Lender and that has been
approved by the Required Lenders, the Borrower may replace such Non-Consenting Lender in accordance with Section 11.13;
provided that such amendment, waiver, consent or release can be effected as a result of the assignment contemplated by such
Section (together with all other such assignments required by the Borrower to be made pursuant to this paragraph).

 

		11.02	Notices; Effectiveness; Electronic Communications.

 

(a)               
Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone
(and except as provided in subsection (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 fax transmission
or e-mail transmission as follows, and all notices and other communications expressly permitted hereunder to be given by telephone
shall be made to the applicable telephone number, as follows:

 

(i)                
if to the Borrower or any other Loan Party, the Administrative Agent, the L/C Issuer or the Swingline Lender, to the address,
fax number, e-mail address or telephone number specified for such Person on Schedule 1.01(a); and

 

(ii)              
if to any other Lender, to the address, fax number, e-mail address or telephone number specified in its Administrative Questionnaire
(including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then
in effect for the delivery of notices that may contain material non-public information relating to the Borrower).

 

Notices and other communications sent
by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by fax transmission 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 and other communications delivered through electronic communications to the extent provided in
subsection (b) below shall be effective as provided in such subsection (b).

 

(b)              
Electronic Communications. Notices and other communications to the Administrative Agent, the Lenders, the Swingline
Lender and the L/C Issuer hereunder may be delivered or furnished by electronic communication (including e-mail, FPML messaging
and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall
not apply to notices to any Lender, the Swingline Lender or the L/C Issuer pursuant to Article II if such Lender, Swingline Lender
or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article
by electronic communication. The Administrative Agent, the Swingline Lender, the L/C Issuer or the Borrower may each, in its discretion,
agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by
it, provided that approval of such procedures may be limited to particular notices or communications.

 

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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 acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement) and (ii) notices and other communications posted to an Internet or intranet website
shall be deemed received by the intended recipient 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)
indicating that such notice or communication is available and identifying the website address therefor; provided that for both
clauses (i) and (ii), if such notice or other communication is not sent during the normal business hours of the recipient, such
notice, email or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

 

(c)               
The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS
DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY
DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY,
INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM
FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no
event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have
any liability to the Borrower, any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses
of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative
Agent’s transmission of Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging
service, or through the Internet.

 

(d)              
Change of Address, Etc. Each of the Borrower, the Administrative Agent, the L/C Issuer and the Swingline Lender may
change its address, fax number or telephone number or e-mail address for notices and other communications hereunder by notice to
the other parties hereto. Each other Lender may change its address, fax number or telephone number or e-mail address for notices
and other communications hereunder by notice to the Borrower, the Administrative Agent, the L/C Issuer and the Swingline Lender.
In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has
on record (i) an effective address, contact name, telephone number, fax number and e-mail address to which notices and other communications
may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one (1)
individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar
designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance
with such Public Lender’s compliance procedures and applicable Law, including United States federal and state securities
Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion
of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes
of United States federal or state securities laws.

 

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(e)               
Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the L/C Issuer and the Lenders
shall be entitled to rely and act upon any notices (including, without limitation, telephonic or electronic notices, Loan Notices,
Letter of Credit Applications, Notice of Loan Prepayment and Swingline Loan Notices) purportedly given by or on behalf of any Loan
Party even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by
any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation
thereof. The Loan Parties shall indemnify the Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each
of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly
given by or on behalf of a Loan Party, except to the extent that such losses, costs, expenses and liabilities are determined by
a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of such Person. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by
the Administrative Agent, and each of the parties hereto hereby consents to such recording.

 

		11.03	No Waiver; Cumulative Remedies; Enforcement.

 

No failure by any Lender, the L/C Issuer or
the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder
or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of
any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each
other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

Notwithstanding anything to the contrary contained
herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents
against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with
such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02
for the benefit of all the Lenders and the L/C Issuer; provided, however, that the foregoing shall not prohibit (a)
the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity
as Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer or the Swingline Lender from exercising
the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swingline Lender, as the case may be)
hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 11.08
(subject to the terms of Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing pleadings
on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided,
further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents,
then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02
and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.13,
any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by
the Required Lenders.

 

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		11.04	Expenses; Indemnity; Damage Waiver.

 

(a)               
Costs and Expenses. Notwithstanding any other provision of this Agreement or the other Loan Documents, the Loan Parties
shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable
fees, charges and out-of-pocket disbursements of outside counsel for the Administrative Agent and the Arranger, limited to one
primary outside legal counsel and one outside local counsel in any relevant jurisdiction taken as a whole), in connection with
the syndication of the credit facilities provided for herein, the preparation, due diligence, negotiation, execution, delivery,
closing and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket
expenses incurred by the L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or
any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender or the
L/C Issuer (including the reasonable fees, charges and out-of-pocket disbursements of any outside counsel for the Administrative
Agent, any Lender or the L/C Issuer), in connection with the enforcement or protection of its rights (A) in connection with this
Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with Loans made or Letters
of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations
in respect of such Loans or Letters of Credit.

 

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(b)              
Indemnification by the Loan Parties. The Loan Parties shall indemnify the Administrative Agent (and any sub-agent
thereof), the Arranger, each Lender, the Swingline Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons
(each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses (including the reasonable fees, charges and out-of-pocket disbursements
of outside counsel for any Indemnitee, provided it shall be limited to one primary outside legal counsel and one outside local
counsel in any relevant jurisdiction taken as a whole and, solely, in the event of a conflict of interest, one additional primary
legal counsel to each group of similarly situated Indemnitees), incurred by any Indemnitee or asserted against any Indemnitee by
any Person (including the Borrower or any other Loan Party) arising out of, in connection with, or as a result of (i) the execution
or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance
by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated
hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration
of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any
Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor
a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply
with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any
property owned or operated by a Loan Party or any of its Subsidiaries, or any Environmental Liability related in any way to a Loan
Party or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to
any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower
or any other Loan Party or any of the Borrower’s or such Loan Party’s directors, shareholders or creditors, and regardless
of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF
THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not, as to any
Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by
a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of such Indemnitee, (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for a breach
in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document at a time when the Loan Parties
and their Subsidiaries have not breached their respective obligations hereunder or in any other Loan Document in any material respect,
if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by
a court of competent jurisdiction or (z) are determined by a court of competent jurisdiction by final and nonappealable judgment
to have resulted from a dispute solely among Indemnitees that does not involve, result from, or relate to, directly or indirectly,
any act or omission by the Loan Parties or their respective Affiliates (other than a Claim against a party hereto solely in its
capacity as the Lead Arranger or Administrative Agent). Without limiting the provisions of Section 3.01(c), this Section
11.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from
any non-Tax claim.

 

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(c)               
Reimbursement by Lenders. To the extent that the Loan Parties for any reason fail to indefeasibly pay any amount
required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the
L/C Issuer, the Swingline Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative
Agent (or any such sub-agent), the L/C Issuer, the Swingline Lender or such Related Party, as the case may be, such Lender’s
pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each
Lender’s share of the Total Revolving Credit Exposure at such time) of such unpaid amount (including any such unpaid amount
in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lender’s Applicable
Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), provided,
further that, the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may
be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), the L/C Issuer or the Swingline Lender
in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such
sub-agent), the L/C Issuer or the Swingline Lender in connection with such capacity. The obligations of the Lenders under this
subsection (c) are subject to the provisions of Section 2.12(d).

 

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(d)              
Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable Law, no Loan Party shall assert,
and each Loan Party hereby waives, and acknowledges that no other Person shall have, any claim against any Indemnitee, on any theory
of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of,
in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby,
the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee
referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information
or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated
hereby or thereby other than for direct or actual damages resulting from the gross negligence of willful misconduct of such Indemnitee
as determined by a final and nonappealable judgment of a court of competent jurisdiction.

 

(e)               
Payments. All amounts due under this Section shall be payable not later than ten (10) Business Days after written
demand therefor.

 

(f)               
Survival. The agreements in this Section and the indemnity provisions of Section 11.02(e) shall survive the
resignation of the Administrative Agent, the L/C Issuer and the Swingline Lender, the replacement of any Lender, the termination
of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Secured Obligations.

 

		11.05	Payments Set Aside.

 

To the extent that any payment by or on behalf
of the Borrower is made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer
or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into
by the Administrative Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other
party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the
obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such
payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the
Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative
Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal
Funds Rate from time to time in effect. The obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence
shall survive the payment in full of the Obligations and the termination of this Agreement.

 

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		11.06	Successors and Assigns.

 

(a)               
Successors and Assigns Generally. The provisions of this Agreement and the other Loan Documents shall be binding
upon and inure to the benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, except
neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without
the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its
rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section,
(ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or
assignment of a security interest subject to the restrictions of subsection (e) of this Section 11.06 (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed
to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants
to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties
of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by
reason of this Agreement.

 

(b)              
Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights
and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitment(s) and the Loans
(including for purposes of this subsection (b), participations in L/C Obligations and in Swingline Loans) at the time owing to
it); provided that any such assignment shall be subject to the following conditions:

 

(i)                
Minimum Amounts.

 

(A)            
in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans
at the time owing to it or contemporaneous assignments to related Approved Funds (determined after giving effect to such Assignments)
that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment
to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B)             
in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which
for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding
balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment
and Assumption, as of the Trade Date, shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as
no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld
or delayed).

 

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(ii)              
Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement and the other Loan Documents with respect to the Loans and/or
the Commitment assigned, except that this clause shall not apply to the Swingline Lender’s rights and obligations in respect
of Swingline Loans.

 

(iii)            
Required Consents. No consent shall be required for any assignment except to the extent required by subsection
(b)(i)(B) of this Section and, in addition:

 

(A)            
the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event
of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of
a Lender or an Approved Fund; provided that the Borrower 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;

 

(B)             
the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for
assignments in respect of any Revolving Commitment if such assignment is to a Person that is not a Lender, an Affiliate of such
Lender or an Approved Fund with respect to such Lender; and

 

(C)             
the consent of the L/C Issuer and the Swingline Lender shall be required for any assignment in respect of the Revolving
Facility.

 

(iv)            
Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however,
that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any
assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

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(v)              
No Assignment to Certain Persons. No such assignment shall be made (A) to the Borrower or any of the Borrower’s
Affiliates or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender
hereunder, would constitute any of the foregoing Persons described in this clause (B), (C) to a natural Person (or a holding company,
investment vehicle or trust for, or owned and operated for the primary benefit of a natural person) or (D) any holder of Subordinated
Debt.

 

(vi)            
Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender
hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein,
the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient,
upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations,
or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable
pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee
and assignor hereby irrevocably consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender
to the Administrative Agent, the L/C Issuer or any Lender hereunder (and interest accrued thereon) and (B) acquire (and fund as
appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with
its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting
Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the
assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

Subject to acceptance and recording thereof by the Administrative
Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption,
the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption,
have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the
interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of
an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender
shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05
and 11.04 with respect to facts and circumstances occurring prior to the effective date of such assignment); provided,
that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute
a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon
request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a
Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of
this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of
this Section.

 

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(c)               
Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower (and
such agency being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment
and Assumption delivered to it (or the equivalent thereof in electronic form) 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 and L/C Obligations
owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register
shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The
Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable
prior notice.

 

(d)              
Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative
Agent, sell participations to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or
owned and operated for the primary benefit of a natural Person, a Defaulting Lender or the Borrower or any of the Borrower’s
Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s
participations in L/C Obligations and/or Swingline Loans) owing to it); provided that (i) such Lender’s obligations
under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuer shall continue
to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.
For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.04(c) without regard to
the existence of any participations.

 

Any agreement or instrument pursuant
to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or
instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other
modification described in the first proviso to Section 11.01 that affects such Participant. The Borrower agrees that each
Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements
and limitations therein, including the requirements under Section 3.01(e) (it being understood that the documentation required
under Section 3.01(e) shall be delivered to the Lender who sells the participation)) to the same extent as if it were a
Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant
(A) agrees to be subject to the provisions of Sections 3.06 and 11.13 as if it were an assignee under paragraph (b)
of this Section and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect
to any participation, than the Lender from whom it acquired the applicable participation would have been entitled to receive, except
to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired
the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use
reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.06 with respect to any Participant.
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.08 as though it were
a Lender; provided that such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender
that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register
on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of
any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its
other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that
such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) 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.

 

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(e)               
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement (including under its Note or Notes, if any) to secure obligations of such Lender, including any pledge or
assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender
from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(f)               
Resignation as L/C Issuer or Swingline Lender after Assignment. Notwithstanding anything to the contrary contained
herein, if at any time Bank of America assigns all of its Revolving Commitment and Revolving Loans pursuant to subsection (b) above,
Bank of America may, (i) upon thirty (30) days’ notice to the Borrower and the Lenders, resign as L/C Issuer and/or (ii)
upon thirty (30) days’ notice to the Borrower, resign as Swingline Lender. In the event of any such resignation as L/C Issuer
or Swingline Lender, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swingline Lender
hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation
of Bank of America as L/C Issuer or Swingline Lender, as the case may be. If Bank of America resigns as L/C Issuer, it shall retain
all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as
of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require
the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). If
Bank of America resigns as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder with
respect to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to require
the Lenders to make Base Rate Loans or fund risk participations in outstanding Swingline Loans pursuant to Section 2.04(c).
Upon the appointment of a successor L/C Issuer and/or Swingline Lender, (A) such successor shall succeed to and become vested with
all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swingline Lender, as the case may be, and (B) the
successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of
such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America
with respect to such Letters of Credit.

 

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(g)              
Assignments by MLPF&S. Notwithstanding anything to the contrary contained herein, the parties hereby agree that
Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) may, without notice to any Loan Party, assign
its rights and obligations under this Agreement to any other registered broker-dealer wholly-owned by Bank of America Corporation
to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking,
commercial lending services or related businesses may be transferred following the date of this Agreement.

 

		11.07	Treatment of Certain Information; Confidentiality.

 

(a)               
Treatment of Certain Information. Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its Affiliates, auditors
and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential and shall only be disclosed on a need-to-know basis),
(ii) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related
Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (iii) to the extent
required by applicable Laws or regulations or by any subpoena or similar legal process, (iv) to any other party hereto, (v) in
connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to
this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder (but, to the extent feasible and
not otherwise detrimental to the interests of the Secured Parties, only limited to the Information that is necessary in connection
therewith), (vi) subject to an agreement containing provisions substantially the same as those of this Section, to (A) any assignee
of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement
or any Eligible Assignee invited to be a Lender pursuant to Section 2.16 or Section 11.01 or (B) any actual or prospective
party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to
the Borrower and its obligations, this Agreement or payments hereunder, (vii) on a confidential basis to (A) any rating agency
in connection with rating the Borrower or its Subsidiaries or the credit facilities provided hereunder or (B) the provider of any
Platform or other electronic delivery service used by the Administrative Agent, the L/C Issuer and/or the Swingline Lender to deliver
Borrower Materials or notices to the Lenders or (C) the CUSIP Service Bureau or any similar agency in connection with the issuance
and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, or (viii)
with the consent of the Borrower or to the extent such Information (1) becomes publicly available other than as a result of a breach
of this Section or (2) becomes available to the Administrative Agent, any Lender, the L/C Issuer or any of their respective Affiliates
on a nonconfidential basis from a source other than the Borrower (which source is not known by the Secured Party receiving such
Information to be subject to an obligation of confidentiality to the Borrower). For purposes of this Section, “Information”
means all information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective
businesses, other than any such information that is available to the Administrative Agent, any Lender or the L/C Issuer on a nonconfidential
basis prior to disclosure by the Borrower or any Subsidiary, provided that, in the case of information received from the
Borrower or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential.
Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information
as such Person would accord to its own confidential information. In addition, the Administrative Agent and the Lenders may disclose
the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the
lending industry and service providers to the Agents and the Lenders in connection with the administration of this Agreement, the
other Loan Documents and the Commitments.

 

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(b)              
Non-Public Information. Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (i) the
Information may include material non-public information concerning a Loan Party or a Subsidiary, as the case may be, (ii) it has
developed compliance procedures regarding the use of material non-public information and (iii) it will handle such material non-public
information in accordance with applicable Law, including United States federal and state securities Laws.

 

(c)               
Press Releases.

 

(i)                
The Loan Parties and their Affiliates agree that they will not in the future issue any press releases or other public disclosure
using the name of the Administrative Agent or any Lender or their respective Affiliates or referring to this Agreement or any of
the Loan Documents without the prior written consent of the Administrative Agent, unless (and only to the extent that) the Loan
Parties or such Affiliate is required to do so under law and then, in any event the Loan Parties or such Affiliate will consult
with such Person before issuing such press release or other public disclosure.

 

(ii)              
Subject to the provisions of Section 11.07(d) below, the Administrative Agent, the Lenders and their respective Affiliates
agree that they will not in the future issue any press releases or other public disclosure using the name of any Loan Party or
any of their respective Affiliates or referring to this Agreement or any of the Loan Documents without the prior written consent
of the Borrower, unless (and only to the extent that) the Administrative Agent, such Lender or such Affiliate is required to do
so under law and then, in any event the Administrative Agent, such Lender or such Affiliate will consult with such Person before
issuing such press release or other public disclosure.

 

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(d)              
Customary Advertising Material. The Loan Parties consent to the publication by the Administrative Agent or any Lender
of customary advertising material relating to the transactions contemplated hereby using the name, product photographs, logo or
trademark of the Loan Parties.

 

		11.08	Right of Setoff.

 

If an Event of Default shall have occurred and
be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time
or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time
owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower or any other Loan
Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement
or any other Loan Document to such Lender or the L/C Issuer or their respective Affiliates, irrespective of whether or not such
Lender, the L/C Issuer or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such
obligations of the Borrower or such Loan Party may be contingent or unmatured, secured or unsecured, or are owed to a branch, office
or Affiliate of such Lender or the L/C Issuer different from the branch, office or Affiliate holding such deposit or obligated
on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (a)
all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the
provisions of Section 2.15 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 L/C Issuer and the Lenders, and (b) the Defaulting Lender
shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Secured Obligations owing to
such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the L/C Issuer and their respective
Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender,
the L/C Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Borrower and the Administrative
Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity
of such setoff and application. Notwithstanding the provisions of this Section 11.08, if at any time any Lender, the L/C Issuer
or any of their respective Affiliates maintains one or more deposit accounts for the Borrower or any other Loan Party into which
Medicare and/or Medicaid receivables are deposited, such Person shall waive the right of setoff set forth herein.

 

		11.09	Interest Rate Limitation.

 

Notwithstanding anything to the contrary contained
in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious
interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive
interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if
it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received
by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a)
characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments
and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest
throughout the contemplated term of the Obligations hereunder.

 

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		11.10	Counterparts; Integration; Effectiveness.

 

This Agreement and each of the other Loan Documents
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. This Agreement, the other Loan Documents, and
any separate letter agreements with respect to fees payable to the Administrative Agent or the L/C Issuer, constitute the entire
contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective
when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts
hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart
of a signature page of this Agreement or any other Loan Document, or any certificate delivered thereunder, by fax transmission
or e-mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart
of this Agreement or such other Loan Document or certificate. Without limiting the foregoing, to the extent a manually executed
counterpart is not specifically required to be delivered under the terms of any Loan Document, upon the request of any party, such
fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.

 

		11.11	Survival of Representations and Warranties.

 

All representations and warranties made hereunder
and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall
survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by
the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on
their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at
the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder
shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

 

		11.12	Severability.

 

If any provision of this Agreement or the other
Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining
provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor
in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision
in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting
the foregoing provisions of this Section, if and to the extent that the enforceability of any provisions in this Agreement relating
to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, the L/C
Issuer or the Swingline Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

 

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		11.13	Replacement of Lenders.

 

If the Borrower is entitled to replace a Lender
pursuant to the provisions of Section 3.06, or if any Lender is a Defaulting Lender or a Non-Consenting Lender or if any other
circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party hereto, then the Borrower may, at
its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate,
without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.06), all
of its interests, rights (other than its existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations under
this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be
another Lender, if a Lender accepts such assignment), provided that:

 

(a)               
the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.06(b);

 

(b)              
such Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans and L/C Advances,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including
any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or
the Borrower (in the case of all other amounts);

 

(c)               
in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be
made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 

(d)              
such assignment does not conflict with applicable Laws; and

 

(e)               
in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have
consented to the applicable amendment, waiver or consent.

 

A Lender shall not be required to make any such
assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the
Borrower to require such assignment and delegation cease to apply.

 

		11.14	Governing Law; Jurisdiction; Etc.

 

(a)               
GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET
FORTH THEREIN) AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH
THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK.

 

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(b)              
SUBMISSION TO JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT
WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT
OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, THE L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN
ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER
THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT
OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO
THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD
AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH
OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN
ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO
BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY
OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c)               
WAIVER OF VENUE. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION.
THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

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(d)              
SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES
IN SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
BY APPLICABLE LAW.

 

		11.15	Waiver of Jury Trial.

 

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

		11.16	Subordination.

 

Each Loan Party (a “Subordinating Loan
Party”) hereby subordinates the payment of all obligations and indebtedness of any other Loan Party owing to it, whether
now existing or hereafter arising, including but not limited to any obligation of any such other Loan Party to the Subordinating
Loan Party as subrogee of the Secured Parties or resulting from such Subordinating Loan Party’s performance under this Guaranty,
to the indefeasible payment in full in cash of all Obligations. If the Secured Parties so request, any such obligation or indebtedness
of any such other Loan Party to the Subordinating Loan Party shall be enforced and performance received by the Subordinating Loan
Party as trustee for the Secured Parties and the proceeds thereof shall be paid over to the Secured Parties on account of the Secured
Obligations, but without reducing or affecting in any manner the liability of the Subordinating Loan Party under this Agreement.
Without limitation of the foregoing, so long as no Default has occurred and is continuing, the Loan Parties may make and receive
payments with respect to Intercompany Debt; provided, that in the event that any Loan Party receives any payment of any
Intercompany Debt at a time when such payment is prohibited by this Section, such payment shall be held by such Loan Party, in
trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to the Administrative Agent.

 

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		11.17	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 Borrower and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a)
(i) the arranging and other services regarding this Agreement provided by the Administrative Agent and any Affiliate thereof, the
Arranger and the Lenders are arm’s-length commercial transactions between the Borrower, each other Loan Party and their respective
Affiliates, on the one hand, and the Administrative Agent and, as applicable, its Affiliates (including the Arranger) and the Lenders
and their Affiliates (collectively, solely for purposes of this Section, the “Lenders”), on the other hand,
(ii) each of the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the
extent it has deemed appropriate, and (iii) the Borrower and each other Loan Party is capable of evaluating, and understands and
accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b) (i) the Administrative
Agent and its Affiliates (including the Arranger) and each Lender each 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 Borrower, any other Loan Party or any of their respective Affiliates, or any other Person and (ii) neither the Administrative
Agent, any of its Affiliates (including the Arranger) nor any Lender has any obligation to the Borrower, any other Loan Party or
any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set
forth herein and in the other Loan Documents; and (c) the Administrative Agent and its Affiliates (including the Arranger) and
the Lenders may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, the
other Loan Parties and their respective Affiliates, and neither the Administrative Agent, any of its Affiliates (including the
Arranger) nor any Lender has any obligation to disclose any of such interests to the Borrower, any other Loan Party or any of their
respective Affiliates. To the fullest extent permitted by law, each of the Borrower and each other Loan Party hereby waives and
releases any claims that it may have against the Administrative Agent, any of its Affiliates (including the Arranger) or any Lender
with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated
hereby.

 

		11.18	Electronic Execution.

 

The words “delivery,” “execute,”
“execution,” “signed,” “signature,” and words of like import in any Loan Document or any other
document executed in connection herewith (including without limitation Assignment and Assumptions, amendments or other Loan Notices,
Swingline Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment
terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery
thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable
Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding
anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures
in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided
further without limiting the foregoing, upon the request of the Administrative Agent, any electronic signature shall be promptly
followed by such manually executed counterpart.

 

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		11.19	USA PATRIOT Act Notice.

 

Each Lender that is subject to the Act (as hereinafter
defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower and the other Loan
Parties that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001))
(the “Act”), it is required to obtain, verify and record information that identifies each Loan Party, which
information includes the name and address of each Loan Party and other information that will allow such Lender or the Administrative
Agent, as applicable, to identify each Loan Party in accordance with the Act. The Borrower and the Loan Parties agree to, promptly
following a request by the Administrative Agent or any Lender, provide all such other documentation and information that the Administrative
Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer”
and anti-money laundering rules and regulations, including the Act.

 

		11.20	Acknowledgement and Consent to Bail-In of EEA Financial Institutions.

 

Solely to the extent any Lender or L/C Issuer
that is an EEA Financial Institution is a party to this Agreement and 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 Lender or L/C Issuer that is an EEA 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 an EEA Resolution Authority and agrees and consents to,
and acknowledges and agrees to be bound by:

 

(a)       the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any Lender or L/C Issuer that is an EEA Financial Institution; and

 

(d)       the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)        a
reduction in full or in part or cancellation of any such liability;

 

(ii)        a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)        the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

    	155

     

    

 

		11.21	ENTIRE AGREEMENT.

 

THIS AGREEMENT AND THE OTHER
LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

 

 

 

 

 

    	156

     

    

 

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

 

	BORROWER:	 	ANIKA THERAPEUTICS, INC.
	 	 	 
	 	 	By:  	/s/ Charles H. Sherwood
	 	 	Name:  	Charles H. Sherwood, Ph.D.
	 	 	Title:	Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

     

     

    

 

	AGENT:	 	BANK OF AMERICA, N.A.,
	 	 	as Administrative Agent
	 	 	 
	 	 	By:  	/s/ Molly Kropp
	 	 	Name:  	Molly Kropp
	 	 	Title:	Vice President

 

 

 

 

 

 

 

 

 

     

     

    

 

	LENDERS:	 	BANK OF AMERICA, N.A., 
	 	 	as a Lender, L/C Issuer and Swingline
Lender
	 	 	 
	 	 	By:  	/s/ Molly Kropp
	 	 	Name:  	Molly Kropp
	 	 	Title:	Vice President

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 1.01(a)

 

Certain Addresses for Notices

 

	
        Borrower:

         

        Anika Therapeutics, Inc.

        32 Wiggins Avenue

        Bedford, MA 01730

        Attn: Sylvia Cheung, Chief Financial Officer

        Phone: [omitted]

        Email: [omitted]

        Fax Number: [omitted]

        Website Address: www.anikatherapeutics.com

         

        With a Copy to:

         

        Anika Therapeutics, Inc.

        32 Wiggins Avenue

        Bedford, MA 01730

        Attn: Charles Sherwood III, Senior Corporate Legal Counsel

        Phone: [omitted]

        Email: [omitted]

        Fax Number: [omitted]

        Website Address: www.anikatherapeutics.com

         
	
        Lender:

         

        For payments and Requests for Credit Extensions

         

        Bank of America, N.A.

        901 Main St.

        Dallas, TX 75202

        Attn: [omitted]

        Phone: [omitted]

        Email: [omitted]

        Fax Number: [omitted]

        Account No.: [omitted]

        Ref: [omitted]

        ABA#: [omitted]

         

         

        Other Notices for Lender:

        Bank of America, N.A.

        100 Federal Street

        MA5-100-08-13

        Boston, MA 02110

        Attn: Molly Kropp

        Phone: [omitted]

        Email: [omitted]

        Fax Number: [omitted]

         

 

 

 

 

     

     

    

 

Schedule 1.01(b)

 

Commitments and Applicable Percentages

 

	Lender	
        Revolving Commitment

         
	Applicable Percentage
	Bank of America, N.A.	$50,000,000.00	100.000000000%
	 	 	 
	 	 	 
	TOTAL	$50,000,000.00	100.000000000%

 

 

 

 

 

 

 

     

     

    

 

Schedule 1.01(c)

 

Responsible Officers

 

		·	Responsible Officers of Anika Therapeutics, Inc.:

 

	Name	Office
	Charles H. Sherwood, Ph.D.	Chief Executive Officer
	Joseph G. Darling	President
	Sylvia Cheung	Chief Financial Officer, Secretary, Treasurer

 

 

 

 

 

 

 

     

     

    

 

Schedule 1.01(d)

 

Material Contracts

 

		·	Lease, dated January 3, 2007, between Anika Therapeutics, Inc. and Farley White Wiggins, LLC, relating
to 32 Wiggins Avenue, Bedford, Massachusetts, as amended, restated, supplemented or otherwise modified from time to time.

 

		·	License Agreement for Orthovisc Product, dated as of December 20, 2003, by and between Anika Therapeutics,
Inc. and Ortho Biotech Products, L.P., as amended, restated, supplemented or otherwise modified from time to time.

 

		·	License Agreement for Monovisc Product, dated as of December 21, 2011, by and between Anika Therapeutics,
Inc. and DePuy Mitek, Inc., as amended, restated, supplemented or otherwise modified from time to time.

 

 

 

 

 

 

     

     

    

 

Schedule 1.01(e)

 

Non-Core Assets

 

The Borrower’s “Non-Core Assets” shall consist of all assets and lines
of business of the Borrower set forth below:

 

		·	The Borrower’s ophthalmic franchise as covered by FDA Premarket Approval # P000046, the current
trade names of which are set forth below, and all Intellectual Property, trade secrets, know-how, clinical data and documentation,
regulatory approvals and other regulatory documentation, and commercial and other agreements, arrangements, or contracts associated
therewith:

		o	Anikavisc®

		o	Staarvisc®

		o	Nuvisc®

		o	Optivisc®

 

		·	The Borrower’s veterinary franchise, the current trade names of which is Hyvisc®,
and all Intellectual Property, trade secrets, know-how, clinical data and documentation, regulatory approvals and other regulatory
documentation, and commercial and other agreements, arrangements, or contracts associated therewith.

 

		·	The Borrower’s aesthetic dermatology franchise, the current trade names of which are Elevess®,
Hydrelle®, and Firmique®, and all Intellectual Property, trade secrets, know-how, clinical data and
documentation, regulatory approvals and other regulatory documentation, and commercial and other agreements, arrangements, or contracts
associated therewith.

 

		·	The Borrower’s anti-adhesion franchise, the current trade name of which is Incert®-S,
and all Intellectual Property, trade secrets, know-how, clinical data and documentation, regulatory approvals and other regulatory
documentation, and commercial and other agreements, arrangements, or contracts associated therewith.

 

		·	The Borrower’s product-in-development for subchondral repair, the trade name of which has
not yet been established, and all Intellectual Property, trade secrets, know-how, clinical data and documentation, regulatory approvals
and other regulatory documentation, and commercial and other agreements, arrangements, or contracts associated therewith.

 

 

     

     

    

 

Schedule 5.09(b)

 

Environmental Matters

 

The following underground and above-ground storage tanks and surface impoundments, septic
tanks, pits, sumps and/or lagoons in which Hazardous Materials are treated, stored or disposed exist on the 32 Wiggins Avenue,
Bedford, MA property currently operated by the Borrower:

 

		1.	2 275-gallon HDPE waste water pH neutralization tanks.

 

		2.	1 4,500 gallon above ground storage tank.

		a.	Tank contains virgin SDA 3A solvent (ethanol denatured with methanol) to be used in the Borrower’s
manufacturing process.

 

		3.	1 4,000 gallon above ground solvent waste storage tank.

		a.	Tank contains flammable solvent waste that is a mixture of ethanol, methanol, hexane, toluene,
acetone and ethyl acetate.

 

		4.	1 500 gallon waste pit tank

		a.	Tank contains waste solvents from the Borrower’s manufacturing process that are gravity fed
to this tank prior to being transferred to the tank referenced in (3) above.

 

		5.	At a previous location operated by the Borrower (234 West Cummings Park, Woburn, MA), two underground
storage tanks were utilized for the purposes set forth in (2) and (3) above.

 

 

     

     

    

 

Schedule 5.12

 

Pension Plans

 

Fidelity CORPORATE Plan for Retirement100 Volume Submitter Defined
Contribution Plan adopted by Anika Therapeutics, Inc. on January 1, 1993, as amended on November 29, 2004, January 29, 2010, February
15, 2015, and January 18, 2017.

 

 

 

 

 

 

 

     

     

    

 

Schedule 5.20(a)

 

Subsidiaries, Joint Ventures, Partnerships and other Equity
Investments

 

	Loan Party	Subsidiary, Joint Venture, Partnership Or Other Equity Investment	Number of Shares of Each Class of Equity Interests In Each Subsidiary Outstanding	Number and Percentage of Outstanding Shares of Each Class of Equity Interests Owned by such Loan Party	Class or Nature of Equity Interests
	Anika Therapeutics, Inc.	Anika Securities, Inc.	1,000	1,000 (100%)	Common (Voting) Shares
	Anika Therapeutics, Inc.	Anika Therapeutics S.r.l.	11	One hundred percent (100%)	Ordinary Quota

 

 

 

 

 

 

 

 _______________

1 NTD: The Equity
Interests of Anika Therapeutics S.r.l. are not represented by shares.

     

     

    

 

Schedule 5.20(b)

 

Loan Parties

 

		·	Anika Therapeutics, Inc.:

 

		(i)	Exact Legal Name: Anika Therapeutics, Inc.

 

		(ii)	Former Legal Names In Preceding Four (4) Months: None.

 

		(iii)	Jurisdiction of Incorporation: Massachusetts

 

		(iv)	Type of Organization: Corporation

 

		(v)	Other Jurisdictions Where Qualified To Do Business: None.

 

		(vi)	Address of Chief Executive Office: 32 Wiggins Avenue, Bedford, MA 01730

 

		(vii)	Address of Principal Place of Business: 32 Wiggins Avenue, Bedford, MA 01730

 

		(viii)	U.S. Federal Taxpayer Identification Number: 04-3145961

 

		(ix)	Organizational Number: 000386872

 

		(x)	Ownership Information: Publicly Held

 

		(xi)	Industry: Life Sciences, Medical Devices, Pharmaceuticals

 

 

 

 

 

     

     

    

 

Schedule 5.21(c)

 

Documents, Instruments and Tangible Chattel Paper

 

		1.	Intercompany Note between Anika Therapeutics, Inc. and Anika Therapeutics S.r.l. evidencing an
intercompany loan with a current outstanding principal of €6,020,142 plus applicable interest at a rate of 1.6% per annum.

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 5.21(d)(i)

 

Deposit Accounts and Securities Accounts

 

 

[omitted]

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 5.21(d)(ii)

 

Electronic Chattel Paper and Letter-of-Credit Rights

 

None.

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 5.21(e)

 

Commercial Tort Claims

 

None.

 

 

 

 

 

 

 

     

     

    

 

Schedule 5.21(f)

 

Pledged Equity Interests

 

		(i)	Pledged Equity 

 

	Loan Party	Issuer	Number of Shares	Certificate Number	Class	Percentage Ownership of Outstanding Shares
	Anika Therapeutics, Inc.	Anika Therapeutics S.r.l.	N/A	N/A	N/A	100%2
	Anika Therapeutics, Inc.	Anika Securities, Inc.	1,000	2	Common	100%

 

		(ii)	Other Equity Interests Pledged

 

None.

 

 

 

 

 

 

 

 _______________

2 Note:
Only sixty-five percent (65%) of the outstanding shares of Anika Therapeutics S.r.l. constitute Pledged Equity as of the Closing
date.

 

     

     

    

 

Schedule 5.21(g)(i)

 

Mortgaged Properties

 

None.

 

 

 

 

 

 

     

     

    

 

Schedule 5.21(g)(ii)

 

Other Properties

 

		·	Headquarters Locations:

 

	Loan Party	Property Address	Leased or Owned	Name of Lessor
	Anika Therapeutics, Inc.	32 Wiggins Avenue, Bedford, MA 01730 (Middlesex County)	Leased	Farley White Wiggins, LLC

 

		·	Other Administrative Locations:

 

Some documents are maintained by Iron
Mountain at a facility located at 175 Bearfoot Road, Northborough, MA 01532.

 

		·	Other Collateral Locations:

 

Some information technology back-up is located at 21 Terry Avenue, Burlington,
MA 01803.

 

 

 

 

 

 

     

     

    

 

Schedule 7.01

 

Existing Liens

 

None.

 

 

 

 

 

     

     

    

 

Schedule 7.02

 

Existing Indebtedness

 

		·	Anika Therapeutics, Inc. Corporate Guarantee of payment obligations of Anika Therapeutics S.r.l.,
dated October 9, 2015, under the Lease Agreement, dated October 9, 2015, between Anika Therapeutics S.r.l. and Consorzio Zona Industriale
E Porto Fluviale di Padova relating to Land Registry of the Municipality of Padova, Page 148, cadastral map 516 and 517, as amended,
restated, supplemented or otherwise modified from time to time.

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 7.03

 

Existing Investments

 

None.

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 7.08

 

Transactions with Affiliates

  

		1.	Contract Manufacturing Agreement between Anika Therapeutics,
Inc. and Anika Therapeutics S.r.l. dated effective as of January 1, 2012, as amended on March 28, 2016 and August 8, 2017.

 

		2.	Distribution Agreement for Hyalofast Product between Anika Therapeutics, Inc. and Anika Therapeutics
S.r.l. dated effective as of March 30, 2017.

 

		3.	Intercompany Note between Anika Therapeutics, Inc. and Anika Therapeutics S.r.l. evidencing an
intercompany loan with a current outstanding principal of €6,020,142 plus applicable interest at a rate of 1.6% per annum.

 

		4.	Contract for Authorised Representative Services (in accordance with European regulatory directives
for CE mark of medical devices) between Anika Therapeutics, Inc. and Anika Therapeutics S.r.l. dated effective as of May 12, 2017.

 

 

 

 

 

 

     

     

    

 

EXHIBIT A

 

[Form of]

Administrative Questionnaire

 

 

On file with Administrative Agent.

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT B

 

[Form of]

Assignment and Assumption

 

This Assignment and Assumption (this “Assignment
and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [the][each]1
Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2 Assignee identified
in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of
[the Assignors][the Assignees]3 hereunder are several and not joint.]4 Capitalized terms used but not
defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged
by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein
by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration, [the][each] Assignor
hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases
and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions
and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (a) all of [the Assignor’s][the
respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under
the Credit Agreement and any other Loan Documents in the amount[s] and equal to the percentage interest[s] identified below of
all the outstanding rights and obligations under the respective facilities identified below (including, without limitation, the
Letters of Credit and the Swingline Loans included in such facilities) and (b) to the extent permitted to be assigned under applicable
law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors
(in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with
the Credit Agreement, any other Loan Documents or the loan transactions governed thereby or in any way based on or related to any
of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other
claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (a) above (the rights and
obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (a) and (b) above being referred
to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse
to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty
by [the][any] Assignor.

 

	1.  	Assignor[s]: 	 	 
	 	 	 	 
	 	 	 	 
	2.	Assignee[s]: 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 
	 	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify
Lender]]

 

_______________

1        For
bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose
the first bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language.

2        For
bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose
the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language.

3        Select
as appropriate.

4        Include bracketed language
if there are either multiple Assignors or multiple Assignees.

 

     

     

    

 

	3.	Borrower: Anika Therapeutics, Inc.,
a Massachusetts corporation
	 	 
	4.	Administrative Agent: Bank of America, N.A., as the administrative agent under the Credit Agreement

 

	5.	Credit Agreement: Credit Agreement, dated as of October 24, 2017, among the Borrower, the
Subsidiary Guarantors, the Lenders and Bank of America, N.A., as Administrative Agent, L/C Issuer, and Swingline Lender
	 	 
	6.	Assigned Interest:

 

	
         

         

         

        Assignor[s]5
	
         

         

         

        Assignee[s]6
	
         

         

        Facility

        Assigned7
	
        Aggregate

        Amount of

        Commitment/ Loans

        for all Lenders8
	
        Amount of

        Commitment/ Loans

        Assigned
	
        Percentage

        Assigned of

        Commitment/

        Loans9
	
         

         

        CUSIP

        Number

	 	 	 	 	 	 	 
	 	 	 	$	$	%	 
	 	 	 	$	$	%	 
	 	 	 	$	$	%	 

 

	7.  	Trade Date: 	 	]10
	 	 	 	 

 

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

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

_______________

5        List
each Assignor, as appropriate.

6        List
each Assignee, as appropriate.

7        Fill
in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment
(e.g. “Revolving Commitment”).

8        Amounts
in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments
or prepayments made between the Trade Date and the Effective Date.

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

10       To be completed
if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.

 

     

     

    

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

 

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

 

 

     

     

    

 

 

	[Consented to and]11 Accepted:	 	 
	 	 	 
	BANK OF AMERICA, N.A., as	 	 
	Administrative Agent	 	 
	 	 	 
	By: 	 	 	 
	Name: 	 	 	 
	Title: 	 	 	 
	 	 	 
	 	 	 
	[Consented to:	 	 
	 	 	 
	Anika Therapeutics, Inc., as	 	 
	Borrower]12	 	 
	 	 	 
	By: 	 	 	 
	Name: 	 	 	 
	Title: 	 	 	 
	 	 	 
	 	 	 
	[Consented to:	 	 
	 	 	 
	BANK OF AMERICA, N.A., as L/C Issuer	 	 
	and Swingline Lender]13	 	 
	 	 	 
	By: 	 	 	 
	Name: 	 	 	 
	Title: 	 	 	 

 

 

 

 _______________

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

12 To be added
only if the consent of the Borrower is required by the terms of the Credit Agreement.

13 To be added only if the consent of the LC Issuer and/or Swingline
Lender is required by the terms of the Credit Agreement.

 

     

     

    

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

Standard Terms and Conditions for Assignment and Assumption

 

		1.	Representations and Warranties.

 

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

 

1.2.       Assignee.
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it meets all the requirements to be an assignee under the terms of the Credit Agreement (subject
to such consents, if any, as may be required under the terms of the Credit Agreement), (iii) from and after the Effective Date,
it shall be bound by the provisions of the Credit Agreement and the other Loan Documents as a Lender thereunder and, to the extent
of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect
to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising
discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v)
it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the
most recent financial statements delivered pursuant to the terms of the Credit Agreement, and such other documents and information
as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase
[the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender
and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto
is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed
by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, [the][any]
Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with
their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

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

 

     

     

    

 

3.       General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by fax
transmission or other electronic mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery
of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and
construed in accordance with, the law of the State of New York.

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT C

 

[Form of]

Compliance Certificate

 

Financial Statement Date: [________, ____]

 

	TO:	Bank of America, N.A., as Administrative Agent
	 	 
	RE:	Credit Agreement, dated as of October 24, 2017, by and among Anika Therapeutics, Inc., a Massachusetts
corporation (the “Borrower”), the Subsidiary Guarantors party thereto from time to time, the Lenders party thereto
from time to time and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (as amended, modified, extended,
restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Credit Agreement)
	 	 
	DATE:	[Date]
	 	 

 

The undersigned Responsible Officer1
hereby certifies as of the date hereof that [he/she] is the [_____________________] of the Borrower, and that, as such, [he/she]
is authorized to execute and deliver this Compliance Certificate to the Administrative Agent on behalf of the Borrower and the
other Loan Parties, and that:

 

[Use the following paragraph 1 for fiscal year-end financial statements]

 

1.       The
Borrower has delivered the year-end audited financial statements required by Section 6.01(a) of the Credit Agreement for the fiscal
year of the Borrower ended as of the above date, together with the report and opinion of an independent certified public accountant
required by such section.

 

[Use the following paragraph 1 for fiscal quarter-end financial
statements]

 

1.       The
Borrower has delivered the unaudited financial statements required by Section 6.01(b) of the Credit Agreement for the fiscal quarter
of the Borrower ended as of the above date. Such Consolidated financial statements fairly present the financial condition, results
of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP as at such
date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes.

 

2.       The
undersigned has reviewed and is familiar with the terms of the Credit Agreement and has made, or has caused to be made under [his/her]
supervision, a detailed review of the transactions and condition (financial or otherwise) of the Borrower and its Subsidiaries
during the accounting period covered by such financial statements.

 

3.       A
review of the activities of the Borrower and its Subsidiaries during such fiscal period has been made under the supervision of
the undersigned with a view to determining whether during such fiscal period the Borrower and each of the other Loan Parties performed
and observed all its obligations under the Loan Documents, and

 

 _______________

1 This
certificate should be from the chief executive officer, chief financial officer, treasurer or controller of the Borrower.

     

     

    

 

[select one:]

 

[to the actual knowledge of the undersigned,
during such fiscal period each of the Loan Parties performed and observed each covenant and condition of the Loan Documents applicable
to it, and no Default has occurred and is continuing.]

 

--or—

 

[to the best knowledge of the undersigned, the
following covenants or conditions have not been performed or observed and the following is a list of each such Default and its
nature and status:]

 

4.       The
representations and warranties of the Borrower and each other Loan Party contained in Article V of the Credit Agreement or any
other Loan Document, or which are contained in any document furnished at any time under or in connection therewith are (i) with
respect to representations and warranties that contain a materiality qualification, true and correct on and as of the date hereof
and (ii) with respect to representations and warranties that do not contain a materiality qualification, true and correct in all
material respects on and as of the date hereof, except to the extent that such representations and warranties specifically refer
to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date and except that
for purposes of this Compliance Certificate, the representations and warranties contained in subsections (a) and (b) of Section
5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b),
respectively, of Section 6.01 of the Credit Agreement, including the statements in connection with which this Compliance Certificate
is delivered.

 

5.       The
financial covenant analyses and information set forth on Schedule A attached hereto are true and accurate in all material
respects on and as of the date of this Compliance Certificate.

 

Delivery of an executed counterpart of a signature
page of this Compliance Certificate by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart of this Compliance Certificate.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

     

     

    

 

IN WITNESS WHEREOF, this Compliance Certificate has been duly
executed and delivered as of the date first set forth above.

 

ANIKA THERAPEUTICS, INC., Borrower

 

 

	By: 	 	 	 
	Name: 	 	 	 
	Title: 	 	 	 

 

 

 

 

 

 

 

     

     

    

 

Schedule A

 

Financial Statement Date: [________, ____] (“Statement Date”)

 

All calculations are to be made for the Borrower and its Subsidiaries
on a Consolidated basis in accordance with GAAP

 

	I.	Section 7.11(a) – Consolidated Leverage Ratio.
	 	 
	A.	Consolidated Funded Indebtedness (each as of the Statement Date):

 

	 	1. 	The outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations under
the Credit Agreement) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments:	$__________
	 	 	 	 
	 	2.	All purchase
money Indebtedness:	$__________
	 	 	 	 
	 	3.	The maximum amount available to be drawn under issued and outstanding letters
of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments:	$__________
	 	 	 	 
	 	4.	All obligations in respect of the deferred purchase price of property or
services (other than trade accounts payable in the ordinary course of business):	$__________
	 	 	 	 
	 	5.	All Attributable Indebtedness:	$__________
	 	 	 	 
	 	6.	All obligations to purchase, redeem, retire, defease or otherwise make any
payment prior to the Maturity Date in respect of any Equity Interests 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):	$__________
	 	 	 	 
	 	7.	Without duplication, all Guarantees with respect to outstanding Indebtedness
of the types specified in items A.1 through A.6 above of Persons other than the Borrower or any Subsidiary thereof:	$__________
	 	 	 	 
	 	8.	All Indebtedness of the types referred to in items A.1 through A.7 above
of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which
the Borrower or a Subsidiary thereof is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse
to the Borrower or such Subsidiary:	$__________
	 	 	 

 

 

     

     

    

 

	 	9. 	Consolidated Funded Indebtedness (the sum of Lines I.A.1 through I.A.8):	$__________
	 	 	 	 
	B. 	Consolidated EBITDA for such Measurement Period:	
	 	 	 	 
	 	1.	Consolidated Net Income for the most recently completed Measurement Period:	$__________
	 	 	 	 
	 	 	To the extent deducted in calculating Consolidated Net
Income (without duplication):	 
	 	 	 	 
	 	2.	Consolidated Interest Charges:	$__________
	 	 	 	 
	 	3.	The provision for federal, state, local and foreign income taxes payable:	$__________
	 	 	 	 
	 	4.	Depreciation and amortization expense:	$__________
	 	 	 	 
	 	5.	Non-cash stock-based compensation expense (net of any cash payments related
to stock-based compensation):	$__________
	 	 	 	 
	 	6.	Non-cash charges and losses, including, without limitation, non-cash charges
and losses relating to accounts receivable, inventory and intangibles and other asset charges and/or write-offs (but excluding
any such non-cash charges or losses to the extent (A) there were cash charges with respect to such charges and losses in past accounting
periods or (B) there is a reasonable expectation that there will be cash charges with respect to such charges and losses in future
accounting periods):	$__________
	 	 	 	 
	 	7.	Transaction fees and expenses incurred on or prior to the Closing Date in
connection with the transactions contemplated under the Credit Agreement and the other Loan Documents in an aggregate amount not
to exceed $500,000:	$__________
	 	 	 	 
	 	8.	Transaction fees and expenses incurred in connection with any Permitted Acquisition,
provided that the aggregate amount added back for any Measurement Period shall not exceed 10% of Consolidated EBITDA for such Measurement
Period (prior to giving effect to this add-back):	$__________

 

 

     

     

    

 

	 	 	 	 
	 	9.	Transaction fees and expenses incurred in connection with any amendment,
modification or waiver in respect of the Credit Agreement or any other Loan Document:	$__________
	 	 	 	 
	 	 	To the extent reflected as a gain or otherwise included
in the calculation of Consolidated Net Income (without duplication) and for such Measurement Period:	 
	 	 	 	
	 	10.	Non-cash gains (excluding any such non-cash gains to the extent (A) there
were cash gains with respect to such gains in past accounting periods or (B) there is a reasonable expectation that there will
be cash gains with respect to such gains in future accounting periods):	$__________
	 	 	 	 
	 	11.	Consolidated EBITDA (the sum of Lines I.B.1 through I.B.9 minus
Line I.B.10):	$__________
	 	 	 	 
	 	12.	Consolidated Leverage Ratio (Line I.A.9 divided by Line I.B.11):	$__________
	 	 	 	 
	C.	Maximum Consolidated Leverage Ratio:	3.00:1.00
	 	 	 	 
	 	 	Compliance      	Yes/No
	 	 	 	 
	 	II.	Section 7.11(b) – Consolidated Interest Coverage Ratio.	 
	 	 	 	 
	A.	Consolidated EBITDA for such Measurement Period (Line I.B.11 above):	$__________
	 	 	 	 
	B.	Consolidated Interest Charges for such Measurement Period:	$__________
	 	 	 	 
	 	1.	All interest, premium payments, debt discount, fees, charges and related
expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of
assets, in each case to the extent treated as interest in accordance with GAAP:	$__________
	 	 	 	 
	 	2.	The portion of rent expense under Capitalized Leases that is treated as interest
in accordance with GAAP, in each case, of or by the Borrower and its Subsidiaries on a Consolidated basis for the most recently
completed Measurement Period:	$__________
	 	 	 	 
	 	3.	Consolidated Interest Charges (sum of Lines II.B.1 and II.B.2):	$__________
	 	 	 

 

     

     

    

 

	 	 	 	 
	C.	Consolidated Interest Coverage Ratio (Line II.A. divided by Line II.B.3):	$__________
	 	 	 
	D.	Minimum Consolidated Interest Coverage Ratio permitted for such Measurement Period:	3.00:1.00
	 	 	 	 
	 	 	Compliance      	Yes/No
	 	 	 	 
	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT D

 

[Form of]

Joinder Agreement

 

THIS JOINDER AGREEMENT (this “Agreement”),
dated as of [__________, ____], is by and among [_____________________, a ______________________] (the “New Subsidiary
Guarantor”), Anika Therapeutics, Inc. a Massachusetts corporation (the “Borrower”), the existing Subsidiary
Guarantors party to the Credit Agreement referred to below as of the date hereof and Bank of America, N.A., in its capacity as
administrative agent (in such capacity, the “Administrative Agent”) under that certain Credit Agreement, dated
as of October 24, 2017, (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit
Agreement”), by and among the Borrower, the Subsidiary Guarantors party thereto from time to time, the Lenders party
thereto from time to time and the Administrative Agent. Capitalized terms used herein but not otherwise defined shall have the
meanings provided in the Credit Agreement.

 

The New Subsidiary Guarantor is a Subsidiary
of the Borrower that is required by Section 6.13 of the Credit Agreement to become a “Subsidiary Guarantor” thereunder.

 

Accordingly, the New Subsidiary Guarantor and
the Borrower and the other Subsidiary Guarantors hereby agree as follows with the Administrative Agent, for the benefit of the
Secured Parties:

 

1.       The
New Subsidiary Guarantor hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary
Guarantor will be deemed to be a party to and a “Subsidiary Guarantor” under the Credit Agreement and shall have all
of the obligations of a Subsidiary Guarantor thereunder as if it had executed the Credit Agreement and the other Loan Documents
as a Subsidiary Guarantor. The New Subsidiary Guarantor hereby ratifies, as of the date hereof, and agrees to be bound by, all
representations and warranties, covenants and other terms, conditions and provisions of the Credit Agreement and the other applicable
Loan Documents. Without limiting the generality of the foregoing terms of this Paragraph 1, the New Subsidiary Guarantor hereby
guarantees, jointly and severally together with the other Guarantors, the prompt payment of the Secured Obligations in accordance
with Article X of the Credit Agreement.

 

2.       After
giving effect to the Supplements to the Disclosure Schedules on Exhibit A, each of the New Subsidiary Guarantor and the Borrower
and the other Subsidiary Guarantors hereby agree that all of the representations and warranties contained in Article V of the Credit
Agreement and each other Loan Document, or which are contained in any document furnished at any time under or in connection therewith,
are (i) with respect to representations and warranties that contain a materiality qualification, true and correct on and as of
the date hereof and (ii) with respect to representations and warranties that do not contain a materiality qualification, true and
correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date and except
that for purposes of this Joinder Agreement, the representations and warranties contained in subsections (a) and (b) of Section
5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b),
respectively, of Section 6.01 of the Credit Agreement.

 

3.       The
New Subsidiary Guarantor hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary
Guarantor will be deemed to be a party to the Security Agreement, and shall have all the rights and obligations of an “Grantor”
(as such term is defined in the Security Agreement) thereunder as if it had executed the Security Agreement. The New Subsidiary
Guarantor hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained
in the Security Agreement. Without limiting the generality of the foregoing terms of this Paragraph 3, the New Subsidiary
Guarantor hereby grants, pledges and assigns to the Administrative Agent, for the benefit of the Secured Parties, a continuing
security interest in, and a right of set off, to the extent applicable, against any and all right, title and interest of the New
Subsidiary Guarantor in and to the Collateral (as such term is defined in Section 2 of the Security Agreement) of the New
Subsidiary Guarantor.

 

     

     

    

 

4.       The
New Subsidiary Guarantor acknowledges and confirms that it has received a copy of the Credit Agreement and the schedules and exhibits
thereto and each Loan Document and Collateral Document and the schedules and exhibits thereto. The information on the schedules
to the Credit Agreement and the Collateral Documents are hereby supplemented (to the extent permitted under the Credit Agreement
or Collateral Documents) to reflect the information shown on the attached Schedule A.

 

5.       The
Borrower and each other Subsidiary Guarantor confirm that the Credit Agreement is, and upon the New Subsidiary Guarantor becoming
a Subsidiary Guarantor, shall continue to be, in full force and effect. The parties hereto confirm and agree that immediately upon
the New Subsidiary Guarantor becoming a Subsidiary Guarantor the term “Obligations,” as used in the Credit Agreement,
shall include all obligations of the New Subsidiary Guarantor under the Credit Agreement and under each other Loan Document.

 

6.       Each
of the Borrower, the Subsidiary Guarantors and the New Subsidiary Guarantor agrees that at any time and from time to time, upon
the written request of the Administrative Agent, it will execute and deliver such further documents and do such further acts as
the Administrative Agent may reasonably request in accordance with the terms and conditions of the Credit Agreement and the other
Loan Documents in order to effect the purposes of this Agreement.

 

7.       This
Agreement may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Agreement by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

8.       This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. The terms of Sections 11.14
and 11.15 of the Credit Agreement are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such
terms.

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

     

     

    

 

IN WITNESS WHEREOF, each of the Borrower, the
Subsidiary Guarantors and the New Subsidiary Guarantor has caused this Agreement to be duly executed by its authorized officer,
and the Administrative Agent, for the benefit of the Secured Parties, has caused the same to be accepted by its authorized officer,
as of the day and year first above written.

 

	NEW SUBSIDIARY GUARANTOR:	 	[NEW
SUBSIDIARY GUARANTOR], 
	 	 	a [__________] corporation
	 	 	 
	 	 	By: 	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 
	 	 	 
	BORROWER:	 	ANIKA THERAPEUTICS, INC., the Borrower
	 	 	 
	 	 	By: 	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 
	OTHER SUBSIDIARY GUARANTORS:	 	[__________________________],
as Subsidiary 

Guarantor
	 	 	 
	 	 	By: 	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 

 

 

 

 

 

 

     

     

    

 

Acknowledged, accepted and agreed:

 

BANK OF AMERICA, N.A.,

   as Administrative Agent

 

 

	By: 	 	 	 
	Name: 	 	 	 
	Title: 	 	 	 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule A

 

Schedules to Credit Agreement and Collateral Documents

 

 

[To be completed and attached by the Borrower and New Subsidiary
Guarantor.]

 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT E

 

[Form of]

Loan Notice

 

	TO: 	Bank of America, N.A., as Administrative Agent
	 	 
	RE:	Credit Agreement, dated as of October 24, 2017, by and among Anika Therapeutics, Inc., a Massachusetts corporation (the “Borrower”), the Subsidiary Guarantors party thereto from time to time, the Lenders party thereto from time to time and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement)
	 	 
	DATE:	[Date]
	 	 
	 	 	 
	 	The undersigned hereby requests (select one):	 
	 	 	 
	 	☐   	A Borrowing of Revolving Loans	 
	 	 	 
	 	☐   	A [conversion] or [continuation] of Revolving Loans	 
	 	 	 
	---
	 	 	 
	 	1. 	On ___________________ (the “Credit Extension Date”).	 
	 	 	 	 
	 	2.	In the amount of $__________.	 
	 	 	 	 
	 	3.	Comprised of:  ☐  Base Rate Loans	 
	 	 	☐  Eurodollar Rate Loans	 
	 	 	 	 
	 	4.	For
Eurodollar Rate Loans: with an Interest Period of __ months.	 
	 	 	 

[The Revolving Borrowing requested herein complies
with the proviso to the first sentence of Section 2.01 of the Credit Agreement.]1

 

The Borrower hereby represents and warrants
that the conditions specified in Section 4.02 of the Credit Agreement shall be satisfied on and as of the date of the Credit Extension
Date.

 

Delivery of an executed counterpart of a signature
page of this notice by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”) shall
be effective as delivery of a manually executed counterpart of this notice.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

_______________

1        Include
this sentence in the case of a Revolving Borrowing.

 

     

     

    

 

Duly executed and delivered as of the date first
written above.

 

	 	 	 
		 	ANIKA THERAPEUTICS, INC., the Borrower
	 	 	 
	 	 	By: 	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT F

 

Form of 

Permitted Acquisition Certificate

 

	TO: 	Bank of America, N.A., as Administrative Agent
	 	 
	RE:	Credit Agreement, dated as of October 24, 2017, by and among Anika Therapeutics, Inc., a Massachusetts
corporation (the “Borrower”), the Subsidiary Guarantors party thereto from time to time, the Lenders party thereto
from time to time and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (as amended, modified, extended,
restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Credit Agreement)
	 	 
	DATE:	[Date]
	 	 
	 	 	 
	 	[Loan Party] intends to make an Acquisition
(the “Proposed Acquisition”) of [______] (the “Target”). The undersigned Responsible Officer
of the Borrower, hereby certifies that:
	 		  	 

(a)       The
Proposed Acquisition is an acquisition of a type of business (or assets used in a type of business) permitted to be engaged in
by the Borrower and its Subsidiaries pursuant to the terms of the Credit Agreement.

 

(b)       No Default
or Event of Default exists now or would exist after giving effect to the Proposed Acquisition.

 

(c)       After
giving effect to the Proposed Acquisition, on a Pro Forma Basis, the Loan Parties are in Pro Forma Compliance, including, without
limitation, with each of the financial covenants set forth in Section 7.11 of the Credit Agreement (in each case, as demonstrated
on Schedule A attached hereto).

 

(d)       The
Loan Parties [have complied][shall comply] with Sections 6.13 and 6.14 of the Credit Agreement, to the extent required to do so
thereby.

 

(e)       [The
Target has earnings before interest, taxes, depreciation and amortization for the twelve (12) fiscal month period prior to the
acquisition date, and after giving effect to any pro forma adjustments (which shall be set forth in detail on Schedule A)
reasonably acceptable to the Administrative Agent, in an amount greater than $0.]1

 

(f)       The
Proposed Acquisition is not a “hostile” acquisition and has been approved by the board of directors (or equivalent)
and/or shareholders (or equivalents) of the applicable Loan Party and the Target.

 

 _______________

1 Condition
may be eliminated to the extent agreed to by the Administrative Agent.

     

     

    

 

[(g)       Attached hereto as Schedule
B is (i) a description of any proposed earn-outs, milestone payments, royalty payments, working capital adjustments and other
similar payments or other deferred or contingent liabilities to be incurred by (including any such liabilities of the “Target”
to be assumed by) the Borrower and its Subsidiaries in connection with such Acquisition, and (ii) historical financial statements
relating to the business of the Target and financial projections relating to the Borrower and its Subsidiaries after giving effect
to such Acquisition (as reasonably requested by the Administrative Agent).]2

  

Delivery of an executed counterpart of a signature
page of this Certificate by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart of this Certificate.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

 

_______________

2 To
be included if the Cost of Acquisitions of the Proposed Acquisition is greater than $10,000,000.

     

     

    

 

This Permitted Acquisition Certificate has been
duly executed and delivered as of the date first set forth above.

 

	 	 	 
		 	ANIKA THERAPEUTICS, INC., the Borrower
	 	 	 
	 	 	By: 	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule A

 

Financial Covenant Calculations

 

 

[To be completed and attached by the Borrower.]

 

 

 

 

 

 

 

 

 

     

     

    

 

[Schedule B

 

Description of Contingent Liabilities and Historical Financial Calculations

 

 

[To be completed by the Borrower.]]1

 

 

 

 

 

 

 

 

 

_______________

1 To be included, if necessary.

     

     

    

 

EXHIBIT G

 

[Form of]

Revolving Note

 

[___________, ____]

 

FOR VALUE RECEIVED, the undersigned (the “Borrower”),
hereby promises to pay to [_____________________] or its registered assigns (the “Lender”), in accordance with
the provisions of the Credit Agreement (as hereinafter defined), the principal amount of each Revolving Loan from time to time
made by the Lender to the Borrower under that certain Credit Agreement, dated as of October 24, 2017, (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Credit Agreement;” the terms defined therein
being used herein as therein defined), among the Borrower, the Subsidiary Guarantors from time to time party thereto, the Lenders
from time to time party thereto, and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender.

 

The Borrower promises to pay interest on the
unpaid principal amount of each Revolving Loan from the date of such Revolving Loan until such principal amount is paid in full,
at such interest rates and at such times as provided in the Credit Agreement. Except as otherwise provided in Section 2.04(f) of
the Credit Agreement with respect to Swingline Loans, all payments of principal and interest shall be made to the Administrative
Agent for the account of the Lender in Dollars in immediately available funds at the Administrative Agent’s Office. If any
amount is not paid in full when due hereunder (subject to applicable grace periods), such unpaid amount shall bear interest, to
be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed
at the per annum rate set forth in the Credit Agreement.

 

This Revolving Note is one of the Revolving
Notes referred to in the Credit Agreement, and the holder is entitled to the benefits thereof. The Obligations of the Borrower
under this Revolving Note are secured by the Collateral under the Collateral Documents and are entitled to the benefits of the
Guaranty. Revolving Loans made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender
in the ordinary course of business. The Lender may also attach schedules to this Revolving Note and endorse thereon the date, amount
and maturity of its Revolving Loans and payments with respect thereto.

 

The Borrower, for itself, its successors and
assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this
Revolving Note.

 

Delivery of an executed counterpart of a signature
page of this Revolving Note by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart of this Revolving Note.

 

THIS REVOLVING NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

     

     

    

 

This Revolving Note has been duly executed and delivered as of the
date first set forth above.

 

	 	 	 
		 	ANIKA THERAPEUTICS,
INC., a Massachusetts corporation
	 	 	 
	 	 	By: 	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 

 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT H

 

[Form of]

Secured Party Designation Notice

 

	TO: 	Bank of America, N.A., as Administrative Agent
	 	 
	RE:	Credit Agreement, dated as of October 24, 2017, by and among Anika Therapeutics, Inc., a Massachusetts
corporation (the “Borrower”), the Subsidiary Guarantors party thereto from time to time, the Lenders party thereto
from time to time and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (as amended, modified, extended,
restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Credit Agreement)
	 	 
	DATE:	[Date]
	 	 
	 		  	 

 

[Name of Cash Management Bank/Hedge Bank] (the
“Secured Party”) hereby notifies you, pursuant to the terms of the Credit Agreement, that the Secured Party
meets the requirements of a [Cash Management Bank] [Hedge Bank] under the terms of the Credit Agreement and is a [Cash Management
Bank] [Hedge Bank] under the Credit Agreement and the other Loan Documents.

 

Delivery of an executed counterpart of a signature
page of this notice by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”) shall
be effective as delivery of a manually executed counterpart of this notice.

 

A duly authorized officer of the undersigned
has executed this notice as of the day and year set forth above.

 

 

	 	 	,
	 	 	as a [Cash Management Bank] [Hedge Bank]
	 	 	 
	 	 	 
	 	 	By: 	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 

 

 

 

 

     

     

    

 

EXHIBIT I

 

[Form of]

Solvency Certificate

 

	TO: 	Bank of America, N.A., as Administrative Agent
	 	 
	RE:	Credit Agreement, dated as of October 24, 2017, by and among Anika Therapeutics, Inc., a Massachusetts
corporation (the “Borrower”), the Subsidiary Guarantors party thereto from time to time, the Lenders party thereto
from time to time and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (as amended, modified, extended,
restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Credit Agreement)
	 	 
	DATE:	[Date]
	 	 
	 		  	 

The undersigned Responsible Officer of the Borrower
is familiar with the properties, businesses, assets and liabilities of the Loan Parties and is duly authorized to execute this
certificate on behalf of the Borrower and the other Loan Parties.

 

The undersigned certifies that [he/she] has
made such investigation and inquiries as to the financial condition of the Loan Parties and their Subsidiaries as the undersigned
deems necessary and prudent for the purpose of providing this Solvency Certificate. The undersigned acknowledges that the Administrative
Agent and the Lenders are relying on the truth and accuracy of this Solvency Certificate in connection with the making of Credit
Extensions and the other transactions contemplated under the Credit Agreement.

 

The undersigned certifies that the financial
information, projections and assumptions which underlie and form the basis for the representations made in this Solvency Certificate
were reasonable when made and were made in good faith and continue to be reasonable as of the date hereof.

 

BASED ON THE FOREGOING, the undersigned certifies
that, both before and after giving effect to the transactions contemplated by the Credit Agreement:

 

(a)       The
fair value of the property of the Borrower, individually, and the Loan Parties, together with their Subsidiaries on a Consolidated
basis, is, in each case, greater than the total amount of liabilities, including contingent liabilities, of the Borrower, individually,
and the Loan Parties, together with their Subsidiaries on a Consolidated basis.

 

(b)       The
present fair salable value of the assets of the Borrower, individually, and the Loan Parties, together with their Subsidiaries
on a Consolidated basis, is, in each case, not less than the amount that will be required to pay the probable liability of the
Borrower, individually, and the Loan Parties, together with their Subsidiaries on a Consolidated basis, on their respective debts
as they become absolute and matured.

 

(c)       None
of the Borrower, individually, or the Loan Parties, together with their Subsidiaries on a Consolidated basis, intends to, or believes
that it will, incur debts or liabilities beyond such respective Person’s ability to pay such debts and liabilities as they
mature.

 

     

     

    

 

(d)       None
of the Borrower, individually, or the Loan Parties, together with their Subsidiaries on a Consolidated basis, is engaged in business
or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute
an unreasonably small capital.

 

(e)       The
Borrower, individually, and the Loan Parties, together with their Subsidiaries on a Consolidated basis, is able, individually or
on a Consolidated basis, as applicable, to pay its debts and liabilities, contingent obligations and other commitments as they
mature in the ordinary course of business.

 

(f)       The
amount of contingent liabilities at any time have been computed as the amount that, in the light of all the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

Delivery of an executed counterpart of a signature
page of this Solvency Certificate by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart of this Solvency Certificate.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

 

 

     

     

    

 

This Solvency Certificate has been duly executed
and delivered by the undersigned as of the date first written above.

 

	 	 	 
		 	ANIKA THERAPEUTICS,
INC., a Massachusetts corporation
	 	 	 
	 	 	By: 	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT J

 

[Form of]

Swingline Loan Notice

 

	TO: 	Bank of America, N.A., as Administrative Agent and Swingline
Lender
	 	 
	RE:	Credit Agreement, dated as of October 24, 2017, by and among Anika Therapeutics, Inc., a Massachusetts
corporation (the “Borrower”), the Subsidiary Guarantors from time to time party thereto, the Lenders from time
to time party thereto and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (as amended, modified,
extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Credit Agreement)
	 	 
	DATE:	[Date]
	 	 
	 		  	 

The undersigned hereby requests a Swingline
Loan:

 

1.     On
__________________________ (the “Credit Extension Date”)

 

2.     In the amount
of $_______________.

 

The Swingline Borrowing requested herein complies
with the requirements of the proviso contained in the second sentence of Section 2.04(a) of the Credit Agreement.

 

The Borrower hereby represents and warrants
that the conditions specified in Section 4.02 shall be satisfied on and as of the date of the Credit Extension Date.

 

Delivery of an executed counterpart of a signature
page of this notice by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”) shall
be effective as delivery of a manually executed counterpart of this notice.

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

     

     

    

 

Duly executed and delivered as of the date first
written above.

 

	 	 	 
		 	ANIKA THERAPEUTICS,
INC., the Borrower
	 	 	 
	 	 	By: 	 
	 	 	Name: 	 
	 	 	TITLE:	 
	 	 	 

 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT K-1

 

[Form of]

U.S. Tax Compliance Certificate

 

(For Foreign Lenders That Are Not Partnerships

For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Credit Agreement, dated as of October
24, 2017, by and among Anika Therapeutics, Inc., a Massachusetts corporation (the “Borrower”), the Subsidiary
Guarantors from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative
Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced, or supplemented from time to time,
the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings set
forth in the Credit Agreement). Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby certifies
that (a) it is the sole record and beneficial owner of the Loan(s) (as well as any Revolving Note(s) evidencing such Loan(s)) in
respect of which it is providing this certificate, (b) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code,
(c) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (d) it is not
a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the Administrative Agent and the Borrower
with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that
(a) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative
Agent, and (b) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.

 

 

[NAME OF FOREIGN LENDER]

 

 

	By: 	 	 	 
	Name: 	 	 	 
	Title: 	 	 	 
	 	 	 	 
	Date: 	________ __, ___	 	 

 

 

     

     

    

 

EXHIBIT K-2

 

[Form of]

U.S. Tax Compliance Certificate

 

(For Foreign Participants That Are Not Partnerships

For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Credit Agreement, dated as of October
24, 2017, by and among Anika Therapeutics, Inc., a Massachusetts corporation (the “Borrower”), the Subsidiary
Guarantors from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative
Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced, or supplemented from time to time,
the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings set
forth in the Credit Agreement). Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby certifies
that (a) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate,
(b) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (c) it is not a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code, and (d) it is not a controlled foreign corporation related to the Borrower
as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating Lender with a certificate
of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (a) if the information
provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (b) the undersigned
shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar
year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

 

[NAME OF PARTICIPANT]

 

	By: 	 	 	 
	Name: 	 	 	 
	Title: 	 	 	 
	 	 	 	 
	Date: 	________ __, ___	 	 

 

 

     

     

    

 

EXHIBIT K-3

 

[Form of]

U.S. Tax Compliance Certificate

 

(For Foreign Participants That Are Partnerships

For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Credit Agreement, dated as of October
24, 2017, by and among Anika Therapeutics, Inc., a Massachusetts corporation (the “Borrower”), the Subsidiary
Guarantors from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative
Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced, or supplemented from time to time,
the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings set
forth in the Credit Agreement). Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby certifies
that (a) it is the sole record owner of the participation in respect of which it is providing this certificate, (b) its direct
or indirect partners/members are the sole beneficial owners of such participation, (c) with respect such participation, neither
the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered
into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (d) none of its direct
or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code,
and (e) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described
in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating Lender with IRS
Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest
exemption: (a) an IRS Form W-8BEN or (b) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner's/member's
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(i) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (ii) the
undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such
payments.

 

 

[NAME OF PARTICIPANT]

 

 

	By: 	 	 	 
	Name: 	 	 	 
	Title: 	 	 	 
	 	 	 	 
	Date: 	________ __, ___	 	 

 

 

     

     

    

 

EXHIBIT K-4

 

[Form of]

U.S. Tax Compliance Certificate

 

(For Foreign Lenders That Are Partnerships

For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Credit Agreement, dated as of October
24, 2017, by and among Anika Therapeutics, Inc., a Massachusetts corporation (the “Borrower”), the Subsidiary
Guarantors from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative
Agent, L/C Issuer and Swingline Lender (as amended, modified, extended, restated, replaced, or supplemented from time to time,
the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings set
forth in the Credit Agreement). Pursuant to the provisions of Section 3.01 of the Credit Agreement, the undersigned hereby certifies
that (a) it is the sole record owner of the Loan(s) (as well as any Revolving Note(s) evidencing such Loan(s)) in respect of which
it is providing this certificate, (b) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as
well as any Revolving Note(s) evidencing such Loan(s)), (c) with respect to the extension of credit pursuant to this Credit Agreement
or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit
pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A)
of the Code, (d) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning
of Section 871(h)(3)(B) of the Code and (e) none of its direct or indirect partners/members is a controlled foreign corporation
related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished the Administrative Agent and the Borrower
with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio
interest exemption: (a) an IRS Form W-8BEN or (b) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner's/member's
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(i) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative
Agent, and (ii) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.

 

 

[NAME OF LENDER]

 

 

	By: 	 	 	 
	Name: 	 	 	 
	Title: 	 	 	 
	 	 	 	 
	Date: 	________ __, ___	 	 

 

 

     

     

    

 

EXHIBIT L

 

Intentionally Omitted.

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT M-1

 

[Form of]

Landlord Waiver (Books and Records Location)

 

 

This LANDLORD WAIVER AND CONSENT (this “Waiver
and Consent”) is entered into as of this ___ day of _______________, 20___, by ________________, a _____________________
(the “Landlord”), the sole owner of the Premises (as defined below) in favor of BANK
OF AMERICA, N.A., in its capacity as administrative agent (the “Agent”) for itself and certain other
secured parties (the “Secured Parties”) providing the financing arrangements referenced below.

 

______________________, a _______________
(including any of its successors and assigns, the “Company”) is the lessee under a lease attached hereto
as Exhibit A (as amended, modified, extended, restated, replaced, or supplemented from time to time, the
“Lease”) between the Company and the Landlord covering a portion of the premises located at
______________________ (the “Premises”) of which the Landlord is the sole owner. Anika Therapeutics, Inc.,
a Massachusetts corporation (the “Borrower”) and certain of its affiliates (including, without limitation,
the Company) are entering into, or have entered into, certain financing arrangements with the Agent and the Secured Parties
which require, among other things, that the Borrower, the Company and such affiliates grant a security interest in favor of
the Agent, for the benefit of the Secured Parties, in substantially all of the goods, documents, books and records and any
other personal property of the Borrower, the Company and such affiliates, whether now owned or hereafter acquired, at any
time located on the Premises (collectively, the “Collateral”).

 

To induce the Secured Parties to extend credit
to the Company, the Landlord agrees that: (a) none of the Collateral located on the Premises shall be deemed to be fixtures, and
all of the Collateral shall remain the personal property of the Company and its affiliates; (b) the Landlord will notify the Agent
if the Company defaults under the Lease and allow the Agent at least 45 days from its receipt of such notice in which to cure or
cause the Company to cure any such default; (c) if the Landlord intends to take possession of the Premises during the term of the
Lease, it will notify the Agent at least 45 days before taking such action; (d) the Landlord will not assert against any of the
Collateral any security interest, landlord’s lien, claim or any other statutory or possessory lien or right, including, without
limitation, any right of levy or distraint for rent; and (e) if the Company defaults on its obligations to the Secured Parties
(a “Default”) and, as a result, the Agent or the Secured Parties undertake to enforce its security
interest in the Collateral, the Landlord will permit the Agent for a period of up to 60 days after the Agent notifies the Landlord
of such Default, to enter onto the Premises to preserve and remove any Collateral from the Premises, the Agent, on behalf of the
Secured Parties, agreeing (i) to repair, at Agent’s expense, or reimburse Landlord for any physical damage to the Premises
actually caused by the conduct of any removal of Collateral by or through the Agent (ordinary wear and tear excluded) and (ii)
to pay to the Landlord the per diem “Base Rent” that the Company is obligated to pay under the lease for the period
the Agent, for purposes of such removal, occupies the Premises. Landlord and Company represent and warrant that the Lease, together
with all assignments, modifications, supplementations and amendments thereto set forth in Exhibit A, represents, as
of the date hereof, the entire agreement between the parties with respect to the lease of the Premises.

 

Any notices under this Waiver and Consent shall
be sent by certified mail, addressed to the Agent or the Landlord, as applicable, at its address set forth below. The Landlord
will notify all successor claimants to an interest in the Premises of this Waiver and Consent which shall be binding upon the Landlord’s
successors and assigns. Upon any permitted transfer or assignment of the Lease by the Company to a successor or assign, the term
“Company” shall automatically be deemed to refer to any such successor or assignee.

 

     

     

    

 

Delivery of an executed counterpart of this Waiver
and Consent by facsimile or electronic mail in portable document format (.pdf) shall be equally effective as delivery of an original
executed counterpart of this Waiver and Consent. This Waiver and Consent may be executed in any number of several counterparts.
This Waiver and Consent shall be governed by, and construed and interpreted in accordance with, the law of the State of New York.
This Waiver and Consent may not be amended, modified or waived except by a written amendment or instrument signed by each of the
Landlord, the Company and the Agent. The effectiveness of this Waiver and Consent and the Agent’s rights hereunder shall
not be affected by and shall extend to any amendment or modification of the documents governing the financing arrangements. This
Waiver and Consent shall terminate upon the earlier of (i) such time as all the obligations owing from the Borrower, the Company
and their affiliates to Agent have been paid in full and the financing arrangements have been terminated and (ii) the Landlord’s
receipt of written notice from the Agent terminating this Waiver and Consent.

 

THE LANDLORD WAIVES, TO THE MAXIMUM EXTENT NOT
PROHIBITED BY LAW, ANY RIGHT THE LANDLORD MAY HAVE TO CLAIM OR RECOVER FROM THE AGENT IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL,
EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES. THE LANDLORD AND THE AGENT HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY
WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE BETWEEN THE LANDLORD AND THE AGENT IN ANY WAY RELATED TO THIS
WAIVER AND CONSENT.

 

[Remainder of Page Intentionally Left Blank]

 

 

 

 

 

 

 

 

 

     

     

    

 

IN WITNESS WHEREOF, the Landlord and Agent have each caused
this Waiver and Consent to be duly executed by their respective authorized representatives as of the date first set forth above.

 

LANDLORD:

 

	 	 	 	 
	 	 	 	 
	 	 	 	 
	By: 	 	 	 
	Name: 	 	 	 
	Its: 	 	 	 
	 	 	 	 
	Address for Notices:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

 

 

 

 

 

 

 

     

     

    

 

COMPANY:

 

	 	 	 	 
	 	 	 	 
	 	 	 	 
	By: 	 	 	 
	Name: 	 	 	 
	Its: 	 	 	 
	 	 	 	 
	Address for Notices:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

 

 

 

 

     

     

    

 

AGENT:

 

BANK OF AMERICA, N.A., as Agent

 

	 	 	 	 
	By: 	 	 	 
	Name: 	 	 	 
	Title: 	 	 	 
	 	 	 	 
	Address for Notices:	 	 
	 	 	 
	Bank of America, N.A.	 	 
	[___________]	 	 
	Attn:	 	 

 

 

 

 

     

     

    

 

Exhibit A

 

Lease

 

 

Please see attached.

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT M-2

 

[Form of] 

Landlord Waiver (Inventory Location)

 

 

LANDLORD WAIVER

 

 

THIS LANDLORD WAIVER (this “Agreement”) is entered
into as of this [____] day of [___________], 2017 by [______________________], a [_________________] (“Landlord”),
the owner of certain real property, buildings and improvements located at [_______________], and Bank of America, N.A., as administrative
agent (the “Administrative Agent”) for itself and the other Lenders from time to time party to that certain
Credit Agreement, dated as of October 24, 2017 (as amended, modified, extended, restated, replaced, or supplemented from time to
time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Credit Agreement) by and among Anika Therapeutics, Inc., a Massachusetts corporation (the “Borrower”),
the guarantors from time to time party thereto (the “Subsidiary Guarantors” and together with the Borrower,
the “Loan Parties”), the Lenders from time to time party thereto (the “Lenders”) and the
Administrative Agent.

 

Recitals:

 

A.       The
Lenders have agreed to provide the Borrower with certain financial accommodations (the “Loans”) under the terms
and conditions of the Credit Agreement. The Loan Parties have secured the repayment of the Loans and certain other obligations
(collectively, the “Obligations”) by granting the Administrative Agent, for the benefit of the Secured Parties,
a security interest in substantially all of the Loan Parties’ personal property, whether now owned or hereafter acquired,
including all proceeds of any of the foregoing (collectively, the “Collateral”).

 

B.       Whereas
Landlord is the lessor under the lease attached hereto as Exhibit A (the “Lease”) with [_________________]
(the “Tenant”) as lessee pursuant to which Landlord has leased certain premises to Tenant located at [____________________]
(the “Premises”).

 

C.       As
a condition to extending the Loans, the Administrative Agent has requested that the Loan Parties obtain, and cause the Landlord
to provide, a waiver and subordination, pursuant to the terms of this Agreement, of all of its rights against any of the Collateral
until the Facility Termination Date.

 

NOW, THEREFORE, in consideration of the foregoing,
and the mutual benefits accruing to the Administrative Agent and Landlord as a result of the Loans provided by the Lenders pursuant
to the Credit Agreement, the sufficiency and receipt of such consideration being hereby acknowledged, the parties hereto agree
as follows:

 

1.       Landlord
hereby subordinates in favor of the Administrative Agent, for the benefit of the Secured Parties, any and all rights or interests
that Landlord, or its successors and assigns, may now or hereafter have in or to the Collateral, including, without limitation,
any lien, claim, charge or encumbrance of any kind or nature, arising by statute, contract, common law or otherwise.

 

2.       Landlord
hereby agrees that the liens and security interests existing in favor of the Administrative Agent, for the benefit of the Secured
Parties, shall be prior and superior to (a) any and all rights of distraint, levy, and execution which Landlord may now or
hereafter have against the Collateral, (b) any and all liens and security interests which Landlord may now or hereafter have
on and in the Collateral, and (c) any and all other rights, demands and claims of every nature whatsoever which Landlord may
now or hereafter have on or against the Collateral for any reason whatsoever, including, without limitation, rent, storage charge,
or similar expense, cost or sum due or to become due Landlord by Tenant under the provisions of any lease, storage agreement or
otherwise, and Landlord hereby subordinates all of its foregoing rights and interests in the Collateral to the security interest
of the Administrative Agent in the Collateral. Landlord deems the Collateral to be personal property, not fixtures.

 

     

     

    

 

3.       Upon
written notice from the Administrative Agent that an event of default has occurred and is continuing under the Credit Agreement,
Landlord agrees that the Administrative Agent or its delegates or assigns may enter upon the Premises at any time or times, during
normal business hours, to inspect or remove the Collateral, or any part thereof, from the Premises, without charge, either prior
to or subsequent to the termination of the Lease, provided that in any event such removal shall occur no later than forty-five
(45) days after the termination of the Lease. The Administrative Agent shall repair or pay reasonable compensation to Landlord
for damage, if any, to the Premises caused by the removal of the Collateral. In addition to the above removal rights, the Landlord
will permit the Administrative Agent to remain on the Premises for forty-five (45) days after the Administrative Agent gives the
Landlord notice of its intention to do so and to take such action as the Administrative Agent deems necessary or appropriate in
order to liquidate the Collateral, provided that the Administrative Agent shall pay to the Landlord the basic rent due under the
Lease pro-rated on a per diem basis determined on a 30-day month (provided, that such rent shall exclude any rent adjustments,
indemnity payments or similar amounts payable under the Lease for default, holdover status or similar charges).

 

4.       Landlord
represents and warrants: (a) that it has not assigned its claims for payment, if any, nor its right to perfect or assert a
lien of any kind whatsoever against Tenant’s Collateral; (b) that it has the right, power and authority to execute this
Agreement; (c) that it holds legal title to the Premises; (d) that it is not aware of any breach or default by the Tenant
of its obligations under the Lease with respect to the Premises; and (e) the Lease, together with all assignments, modifications,
supplementations and amendments set forth in Exhibit A, represents, as of the date hereof, the entire agreement between
the parties with respect to the lease of the Premises. Landlord further agrees to provide the Administrative Agent with prompt
written notice in the event that Landlord sells the Premises or any portion thereof.

 

5.       The
Landlord shall send to the Administrative Agent (in the manner provided herein) a copy of any notice or statement sent to the Tenant
by the Landlord asserting a default under the Lease. Such copy shall be sent to the Administrative Agent at the same time such
notice or statement is sent to the Tenant. Notices shall be sent to the Administrative Agent by prepaid, registered or certified
mail, addressed to the Administrative Agent at the address listed on its signature page hereto, or such other address as the Administrative
Agent shall designate to the Landlord in writing.

 

6.       The
Landlord shall not terminate the Lease or pursue any other right or remedy under the Lease by reason of any default of the Tenant
under the Lease, until the Landlord shall have given a copy of such written notice to the Administrative Agent as provided above
and, in the event any such default is not cured by the Tenant within any time period provided for under the terms and conditions
of the Lease, the Landlord will allow the Administrative Agent (a) thirty (30) days from the expiration of the Tenant’s
cure period under the Lease within which the Administrative Agent shall have the right, but shall not be obligated, to remedy such
act, omission or other default and Landlord will accept such performance by the Administrative Agent and (b) up to an additional
sixty (60) days to occupy the Premises; provided that during such period of occupation the Administrative Agent shall pay
to the Landlord the basic rent due under the Lease pro-rated on a per diem basis determined on a thirty (30) day month (provided
that such rent shall exclude any rent adjustments, indemnity payments or similar amounts payable under the Lease for default, holdover
or similar charge). The Administrative Agent shall not (a) be liable to the Landlord for any diminution in value caused by the
absence of any removed Collateral or for any other matter except as specifically set forth herein or (b) have any duty or obligation
to remove or dispose of any Collateral or other property left on the Premises by the Tenant.

 

     

     

    

 

7.       The
undersigned will notify all successor owners, transferees, purchasers and mortgagees of the Premises of the existence of this Agreement.
The agreements contained herein may not be modified or terminated orally and shall be binding upon the successors, assigns and
personal representatives of the undersigned, upon any successor owner or transferee of the Premises, and upon any purchasers, including
any mortgagee, from the undersigned.

 

8.       This
Agreement shall continue in effect until the Facility Termination Date and any substitutions therefor, shall be binding upon the
successors, assigns and transferees of Landlord, and shall inure to the benefit of the transferees of Landlord, and shall inure
to the benefit of the Administrative Agent, each Secured Party and their respective successors and assigns. Landlord hereby waives
notice of the Administrative Agent’s acceptance of and reliance on this Agreement.

 

9.       This
Agreement may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Agreement by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

10.       This
Agreement shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. All judicial
proceedings brought by the Landlord, the Administrative Agent or the Tenant with respect to this Agreement may be brought in any
state or federal court of competent jurisdiction in the State of New York, and, by execution and delivery of this Agreement, each
of the Landlord, Administrative Agent and the Tenant accepts, for itself and in connection with its properties, generally and unconditionally,
the non-exclusive jurisdiction of the aforesaid courts and irrevocably agrees to be bound by any final judgment rendered thereby
in connection with this Agreement from which no appeal has been taken or is available.

 

11.       This
Agreement represents the agreement of the Landlord, Administrative Agent and the Tenant with respect to the subject matter hereof,
and there are no promises, undertakings, representations or warranties by the Landlord, Administrative Agent and the Tenant relative
to the subject matter hereof not expressly set forth or referred to herein.

 

12.       This
Agreement may not be amended, modified or waived except by a written amendment or instrument signed by each of the Landlord, the
Administrative Agent and the Tenant.

 

13.       WAIVER
OF SPECIAL DAMAGES. THE LANDLORD WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT THE LANDLORD MAY HAVE TO CLAIM
OR RECOVER FROM THE AGENT IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

 

14.       JURY
WAIVER. THE LANDLORD AND THE ADMINISTRATIVE AGENT HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY
RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE BETWEEN THE LANDLORD AND THE ADMINISTRATIVE AGENT IN ANY WAY RELATED
TO THIS WAIVER.

 

 

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IN WITNESS WHEREOF, Landlord and the Administrative
Agent have each caused this Agreement to be duly executed by their respective authorized representatives as of the date first above
written.

 

	 	 	,
	 	 	as Landlord
	 	 	 
	 	 	By: 	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 
	 	 	 
	 	 	Address for Notices:

 

 

 

 

 

 

 

     

     

    

 

Acknowledged and Agreed:

 

	 	,	 	 
	as Tenant	 	 
	 	 	 	 
	By: 	 	 	 
	Name: 	 	 	 
	Title: 	 	 	 
	 	 	 	 
	 	 	 	 
	Address for Notices:	 	 

 

 

 

 

 

 

 

 

     

     

    

 

Acknowledged and Agreed:

 

 

BANK OF AMERICA, N.A.,

as Administrative Agent

 

	By: 	 	 	 
	Name: 	 	 	 
	Title: 	 	 	 
	 	 	 	 
	 	 	 	 
	Address for Notices:	 	 

 

 

 

 

 

 

     

     

    

 

Exhibit A

 

Lease

 

[TO BE ATTACHED]

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT N1

 

[Form of]

Authorization to Share Insurance Information

 

 

	TO: 	Insurance Agent
	 	 
	RE:	Credit Agreement, dated as of October 24, 2017, by and among Anika Therapeutics, Inc., a Massachusetts
corporation (the “Borrower”), the Subsidiary Guarantors party thereto from time to time, the Lenders party thereto
from time to time and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (as amended, modified, extended,
restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Credit Agreement)
	 	 
	DATE:	__________________ ___, _______
	 	 
	 		  	 

 

	Grantor:	[Insert Applicable Loan Party Name] (the “Grantor”)
	 	 
	Administrative Agent:	Bank of America, N.A., as Administrative Agent for
the Secured Parties, I.S.A.O.A., A.T.I.M.A.
	 	Attn: MAC Legal, Mail Code:  NC1-001-05-45
	 	101 N Tryon St
	 	Charlotte, NC, 28255-0001
	 	 
	Policy Number:	[Insert Applicable Policy Number]
	 	 
	Insurance Company/Agent:	[Insert Applicable Insurance Company/Agent] (the
“Insurance Agent”)
	 	 
	Insurance Company Address:	[Insert Insurance Company’s Address]
	 	 
	Insurance Company Telephone No.:  	[Insert Insurance Company’s Telephone No.]
	 	 
	Insurance Company Fax No.:	[Insert Insurance Company’s Fax No.]

 

The Grantor hereby authorizes the Insurance Agent to send evidence
of all insurance to the Administrative Agent, as may be requested by the Administrative Agent, together with requested insurance
policies, certificates of insurance, declarations and endorsements.

 

Delivery of an executed counterpart of a signature
page of this Certificate by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart of this Certificate.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

_______________

1 Note
to Draft: Delivery is subject to review and discussion.

 

     

     

    

 

IN WITNESS WHEREOF, this Authorization to Share Insurance
Information has been duly executed and delivered as of the date first set forth above.

 

	 	 	[GRANTOR NAME],
	 	 	a [Jurisdiction and Type of Organization]
	 	 	 
	 	 	By: 	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 
	 	 	 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT O

 

[Form of]

Notice of Loan Prepayment

 

	TO: 	Bank of America, N.A., as [Administrative Agent][Swingline
Lender]
	 	 
	RE:	Credit Agreement, dated as of October 24, 2017, by and among Anika Therapeutics, Inc., a Massachusetts
corporation (the “Borrower”), the Subsidiary Guarantors party thereto from time to time, the Lenders party thereto
from time to time and Bank of America, N.A., as Administrative Agent, L/C Issuer and Swingline Lender (as amended, modified, extended,
restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Credit Agreement)
	 	 
	DATE:	[Date]
	 	 
	 		  	 

 

The Borrower hereby notifies the Administrative
Agent that on __________ ___, 20___1 pursuant to the terms of Section 2.05 (Prepayments)
of the Credit Agreement, the Borrower intends to prepay/repay the following Loans as more specifically set forth below:

 

☐     Optional
prepayment of Revolving Loans in the following amount(s):

 

☐     
Eurodollar Rate Loans: $______________________2

         Applicable
Interest Period: ____________________

 

☐     
Base Rate Loans: $____________________3

 

☐      Optional
prepayment of Swingline Loans in the following amount: $____________________4

 

Delivery of an executed counterpart of a signature
page of this notice by fax transmission or other electronic mail transmission (e.g. “pdf” or “tif”) shall
be effective as delivery of a manually executed counterpart of this notice.

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

_______________

1 Specify date
of such prepayment.

2 Any prepayment
of Eurodollar Rate Loans shall be in a principal amount of $[_______] or a whole multiple of $[_______] in excess thereof (or if
less, the entire principal amount thereof outstanding).

3 Any prepayment
of Base Rate Loans shall be in a principal amount of $[_______] or a whole multiple of $[_______] in excess thereof (or if less,
the entire principal amount thereof outstanding).

4 Any prepayment of Swingline Loans shall be in a principal
amount of $[_______] or a whole multiple of $[_______] in excess thereof (or if less, the entire principal amount thereof outstanding).

 

     

     

    

 

IN WITNESS WHEREOF, this Notice of Loan Prepayment has been
duly executed and delivered as of the date first set forth above.

 

 

	 	 	ANIKA THERAPEUTICS,
inc., the Borrower
	 	 	 
	 	 	By: 	 
	 	 	Name: 	 
	 	 	Title:

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