Document:

EXECUTION VERSION

Exhibit 10.2

 

 

 TERM CREDIT AGREEMENT

dated as of

February 15, 2017,

among

KEYSIGHT TECHNOLOGIES, INC.,

as Borrower,

The LENDERS Party Hereto

and

GOLDMAN SACHS BANK USA,

as Administrative Agent

 

 

GOLDMAN SACHS BANK USA,

BNP PARIBAS SECURITIES CORP.,

BARCLAYS BANK PLC

and

CREDIT SUISSE SECURITIES (USA) LLC,

as Joint Lead Arrangers and Joint Bookrunners

 BNP PARIBAS,

as Syndication Agent

BARCLAYS BANK PLC

and

CREDIT SUISSE SECURITIES (USA) LLC,

as Documentation Agents

 

 

    	 

    	 

    

TABLE
OF CONTENTS

Page

	Article I 

Definitions
	Section 1.01.   Defined Terms	1
	Section 1.02.   Classification of Loans and Borrowings	23
	Section 1.03.   Terms Generally	23
	Section 1.04.   Accounting Terms; GAAP	24
	Section 1.05.   Effectuation of Transactions	25
	Article II 

The Credits
	Section 2.01.   Commitments	25
	Section 2.02.   Loans and Borrowings	25
	Section 2.03.   Requests for Borrowings	25
	Section 2.04.   Funding of Borrowings	26
	Section 2.05.   Interest Elections	27
	Section 2.06.   Termination and Reduction of Commitments	28
	Section 2.07.   Repayment of Loans; Evidence of Debt	29
	Section 2.08.   Amortization of Loans	29
	Section 2.09.   Prepayment of Loans	30
	Section 2.10.   Fees	30
	Section 2.11.   Interest	31
	Section 2.12.   Alternate Rate of Interest	31
	Section 2.13.   Increased Costs	32
	Section 2.14.   Break Funding Payments	33
	Section 2.15.   Taxes	33
	Section 2.16.   Payments Generally; Pro Rata Treatment; Sharing of Set-offs	37
	Section 2.17.   Mitigation Obligations; Replacement of Lenders	39
	Section 2.18.   Defaulting Lenders	40
	Article III 

Representations and Warranties
	Section 3.01.   Organization; Powers	40
	Section 3.02.   Authorization; Enforceability	40
	Section 3.03.   Governmental Approvals; No Conflicts	41
	Section 3.04.   Financial Condition; No Material Adverse Change	41
	Section 3.05.   Litigation and Environmental Matters	41
	Section 3.06.   Compliance with Laws and Agreements	42

    	 

    	 

    

	Section 3.07.   Investment Company Status	42
	Section 3.08.   Properties	42
	Section 3.09.   Federal Reserve Regulations	42
	Section 3.10.   Taxes	42
	Section 3.11.   ERISA	42
	Section 3.12.   Disclosure	43
	Section 3.13.   AML Laws; Anti-Corruption Laws and Sanctions	43
	Section 3.14.   Solvency	43
	Article IV

 

Conditions
	Section 4.01.   Effective Date	44
	Section 4.02.   Conditions Precedent to Closing Date	45
	Article V 

Affirmative Covenants
	Section 5.01.   Financial Statements and Other Information	46
	Section 5.02.   Notices of Material Events	48
	Section 5.03.   Existence	48
	Section 5.04.   Businesses and Properties	48
	Section 5.05.   Payment of Taxes	49
	Section 5.06.   Insurance	49
	Section 5.07.   Books and Records; Inspection Rights	49
	Section 5.08.   Compliance with Laws	49
	Section 5.09.   Use of Proceeds	49
	Article VI 

                                                                                

Negative Covenants

	Section 6.01.   Subsidiary Indebtedness	50
	Section 6.02.   Liens	51
	Section 6.03.   Sale and Leaseback Transactions	53
	Section 6.04.   Fundamental Changes	54
	Section 6.05.   Transactions with Affiliates	54
	Section 6.06.   Restrictive Agreements	55
	Section 6.07.   Financial Covenants	56
	Section 6.08.   Use of Proceeds	57

    	 

    	 

    

 

	Article VII 

Events of Default
	Article VIII 

The Administrative Agent
	Section 8.01.   Appointment and Authority	60
	Section 8.02.   Rights as a Lender	60
	Section 8.03.   Exculpatory Provisions	60
	Section 8.04.   Reliance by Administrative Agent	61
	Section 8.05.   Delegation of Duties	61
	Section 8.06.   Resignation or Removal of Administrative Agent	62
	Section 8.07.   Non-Reliance on Administrative Agent and Other Lenders	63
	Section 8.08.   Bankruptcy Proceedings	63
	Section 8.09.   No Other Duties, Etc	63
	Article IX 

Miscellaneous
	Section 9.01.   Notices	64
	Section 9.02.   Waivers; Amendments	65
	Section 9.03.   Expenses; Indemnity; Damage Waiver	66
	Section 9.04.   Successors and Assigns	68
	Section 9.05.   Survival	72
	Section 9.06.   Counterparts; Integration; Effectiveness	72
	Section 9.07.   Severability	72
	Section 9.08.   Right of Setoff	73
	Section 9.09.   Governing Law; Jurisdiction; Consent to Service of Process	73
	Section 9.10.   WAIVER OF JURY TRIAL	74
	Section 9.11.   Headings	74
	Section 9.12.   Confidentiality; Non-Public Information	74
	Section 9.13.   Interest Rate Limitation	76
	Section 9.14.   USA Patriot Act	76
	Section 9.15.   No Fiduciary Relationship	76
	Section 9.16.   Acknowledgment and Consent to Bail-In of EEA Financial Institutions	76

    	 

    	 

    

 

Schedules:

Schedule 2.01— Commitments

Schedule 6.01— Existing Subsidiary Indebtedness

Schedule 6.02— Existing Liens

Schedule 6.03— Existing Sale and Leaseback Transactions

Schedule 6.06— Existing Restrictive Agreements

Exhibits:

Exhibit A— Form of Assignment and Assumption

Exhibit B-1— Form of U.S. Tax Compliance Certificate (For
Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Exhibit B-2— Form of U.S. Tax Compliance Certificate (For
Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Exhibit B-3— Form of U.S. Tax Compliance Certificate (For
Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

Exhibit B-4— Form of U.S. Tax Compliance Certificate (For
Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

Exhibit C— Form of Closing Date Solvency Certificate

 

 

 

 

    	 

    	 

    

TERM CREDIT AGREEMENT
dated as of February 15, 2017 (this “Agreement”), among KEYSIGHT TECHNOLOGIES, INC., a Delaware corporation
(the “Borrower”), the LENDERS party hereto and GOLDMAN SACHS BANK USA, as Administrative Agent.

WHEREAS, the Borrower
has requested that the Lenders make term loans to it on a delayed draw basis in an aggregate principal amount of up to US$400,000,000,
and the Lenders are prepared to make such loans, subject to the terms and conditions set forth herein.

NOW, THEREFORE, in
consideration of the above premises, the parties hereto hereby agree as follows:

Article
I

Definitions

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

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

“Acquired
Business Representations” means the representations and warranties made by or with respect to Ixia and its subsidiaries
in the Ixia Acquisition Agreement as are material to the interests of the Lenders, but only to the extent that the Borrower or
its Affiliates (a) have the right to not consummate the Ixia Acquisition or to terminate their respective obligations or (b) otherwise
do not have an obligation to close, in each case, under the Ixia Acquisition Agreement as a result of a failure of such representations
and warranties in the Ixia Acquisition Agreement to be true and correct.

“Acquisition”
means any transaction, or series of related transactions, in which the Borrower or any Subsidiary acquires (a) equity interests
in any Person if, after giving effect thereto, such Person will become a Subsidiary or (b) any business or assets comprising
all or substantially all the assets of (or all or substantially all the assets constituting a business unit, division, product
line or line of business of) any Person (whether through purchase of assets, merger or otherwise).

“Acquisition
Indebtedness” means, with respect to any Acquisition, any Indebtedness incurred during the Acquisition Period with respect
to such Acquisition and identified by the Borrower to the Administrative Agent as Indebtedness incurred for the purpose of financing
such Acquisition (including any repayment or prepayment of Indebtedness of the Person or assets acquired thereby and payment of
related fees and expenses); provided that (a) at all times during the Acquisition Period with respect to such Acquisition,
all the net proceeds of such Indebtedness constitute Unrestricted Cash that is segregated in a separate deposit or securities account
of the Borrower and held to be applied for such purpose upon consummation of such Acquisition (it being understood that, in the
event any such net proceeds cease to be Unrestricted Cash or are not so segregated and held during the Acquisition Period with
respect to

    	 

    	 

    

such Acquisition (including as a result
of having been used for any other purpose), the aggregate principal amount of such Indebtedness equal to the principal amount thereof
that has yielded such net proceeds shall cease to be “Acquisition Indebtedness” hereunder) and (b) the aggregate
principal amount of such Indebtedness treated by the Borrower as Acquisition Indebtedness does not exceed the aggregate amount
of funds required by the Borrower to finance such Acquisition (including any repayment or prepayment of Indebtedness of the Person
or assets acquired thereby and payment of related fees and expenses).

“Acquisition
Period” means, with respect to any Acquisition, the period (a) commencing on the date on which the Borrower or a
Subsidiary enters into a definitive agreement providing for the consummation of such Acquisition and (b) ending on the date
that is the earliest of (i) the date such Acquisition is consummated, (ii) the date such definitive agreement is terminated
or such Acquisition is otherwise abandoned by the Borrower or such Subsidiary and (iii) the date that is nine months after
the commencement of such period under clause (a) above.

“Adjusted
Consolidated Total Indebtedness” means, at any time, (a) the aggregate amount of all Indebtedness of the Borrower
and the Subsidiaries at such time, all determined on a consolidated basis in accordance with GAAP, but excluding therefrom, during
the Acquisition Period with respect to any Acquisition, the Acquisition Indebtedness relating to such Acquisition, minus
(b) all Indebtedness at such time consisting of obligations of the Borrower and the Subsidiaries as account parties in respect
of letters of credit and letters of guaranty that do not support Indebtedness, all determined on a consolidated basis in accordance
with GAAP. In the event that the Borrower or any Subsidiary shall have completed since any date as of which Adjusted Consolidated
Total Indebtedness is to be determined an acquisition or disposition of any Person, business unit, division, product line or line
of business for which the Borrower is required to file pro forma financial statements with the SEC, Adjusted Consolidated Total
Indebtedness shall be determined (and if the Borrower is not so required to file such financial statements, Adjusted Consolidated
Total Indebtedness may, at the election of the Borrower exercised in good faith (and so long as such election is also made with
respect to the Consolidated EBITDA), be determined) on a Pro Forma Basis as if such acquisition or disposition, and any related
incurrence or repayment of Indebtedness, had occurred on such date.

“Adjusted
LIBO Rate” means, with respect to any LIBOR Borrowing for any Interest Period, an interest rate per annum (rounded upwards,
if necessary, to the next 1/16 of 1.00%) equal to the product of (a) the LIBO Rate for such Interest Period multiplied by
(b) the Statutory Reserve Rate.

“Administrative
Agent” means Goldman Sachs Bank USA, in its capacity as administrative agent for the Lenders hereunder and under the
other Loan Documents, and its successors in such capacity as provided in Article VIII. Unless the context requires otherwise,
the term “Administrative Agent” shall include any Affiliate of Goldman Sachs Bank USA through which Goldman Sachs Bank
USA shall elect to perform any of its obligations in such capacity under the Loan Documents.

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

    	 	2	 

    	 

    

“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.

“Agreement”
has the meaning assigned to such term in the preamble hereto.

“Alternate
Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day,
(b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1.00% and (c) the Adjusted LIBO Rate on such day
(or if such day is not a Business Day, the immediately preceding Business Day) for a deposit in US Dollars with a maturity of one
month plus 1.00%. For purposes of clause (c) above, the Adjusted LIBO Rate on any day shall be based on the LIBO Screen
Rate at approximately 11:00 a.m., London time, on such day for deposits in US Dollars with a maturity of one month. Notwithstanding
the foregoing, if the Adjusted LIBO Rate, determined as set forth above, shall be less than zero, such rate shall be deemed to
be zero for all purposes of this Agreement. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal
Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime
Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively.

“AML Laws”
means all laws, rules, and regulations of any jurisdiction applicable to any Lender, the Borrower or any of the Subsidiaries from
time to time concerning or relating to anti-money laundering.

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

“Applicable
Rate” means, for any day, with respect to any LIBOR Loan, any ABR Loan or the ticking fees payable hereunder, the applicable
rate per annum set forth below under the caption “LIBOR Margin”, “ABR Margin” or “Ticking Fee”,
as the case may be, based upon the ratings by S&P, Moody’s or Fitch applicable on such date to the Index Debt:

	 	
        Ratings
        (S&P/Moody’s/Fitch)
	
        LIBOR Margin
        (% per annum)
	
        ABR Margin
        (% per annum)
	
        Ticking
        Fee (% per annum)

	Category 1	BBB+/Baa1/BBB+ or above	1.125%	0.125%	0.125%
	Category 2	BBB/Baa2/BBB	1.250%	0.250%	0.150%
	Category 3	BBB-/Baa3/BBB-	1.500%	0.500%	0.200%
	Category 4	BB+/Ba1/BB+	1.750%	0.750%	0.300%
	Category 5	BB/Ba2/BB or below	2.000%	1.00%	0.350%

 

For purposes of the
foregoing, (a) if any of S&P, Moody’s or Fitch shall not have in effect a rating for the Index Debt (other than
by reason of the circumstances referred to in the last sentence of this definition), then (i) if only one rating agency shall not
have in effect a rating for the Index Debt, the Category then in effect shall be determined by reference to the remaining two effective
ratings for the Index Debt, (ii) if two rating agencies shall not in effect a rating for the Index Debt, one of such rating agencies
shall be deemed to have in effect a rating in Category

    	 	3	 

    	 

    

5 and the Category then in effect shall
be determined by reference to such deemed rating and the remaining rating in effect and (iii) if no rating agency shall have in
effect a rating for the Index Debt, then Category 5 shall apply; (b) if the ratings in effect or deemed to be in effect by
S&P, Moody’s and Fitch for the Index Debt shall fall within different Categories, then (i) if three ratings for the Index
Debt are in effect, then either (x) if two of the three ratings are in the same Category, such Category shall apply or (y) if all
three of the ratings are in different Categories, then the Category corresponding to the middle rating for the Index Debt shall
apply and (ii) if only two ratings for the Index Debt are in effect or deemed to be in effect, the Category then in effect shall
be based on the higher of the two ratings unless one of the two ratings is two or more Categories lower than the other, in which
case the Category then in effect shall be determined by reference to the Category next below that of the higher of the two ratings;
and (c) if the ratings established or deemed to have been established by S&P, Moody’s and Fitch for the Index Debt
shall be changed (other than as a result of a change in the rating system of S&P, Moody’s or Fitch), such change shall
be effective as of the date on which it is first publicly announced by the applicable rating agency, irrespective of when notice
of such change shall have been furnished by the Borrower to the Administrative Agent and the Lenders pursuant to the Loan Documents
or otherwise. Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change
and ending on the date immediately preceding the effective date of the next such change. If the rating system of S&P, Moody’s
or Fitch shall change, or if any such rating agency shall cease to be in the business of rating corporate debt obligations, the
Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability
of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined
by reference to the rating most recently in effect prior to such change or cessation.

“Approved
Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in commercial
loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

“Arrangers”
means Goldman Sachs Bank USA, BNP Paribas Securities Corp., Barclays Bank PLC and Credit Suisse Securities (USA) LLC, in their
capacities as joint lead arrangers and joint bookrunners for the credit facility established hereunder.

“Assignment
and Assumption” means an Assignment and Assumption entered into by a Lender and an assignee (with the consent of any
Person whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any
other form approved by the Administrative Agent.

“Attributable
Debt” means, with respect to any Sale-Leaseback Transaction, the present value (discounted at the rate set forth
or implicit in the terms of the lease included in such Sale-Leaseback Transaction) of the total obligations of the lessee for
rental payments (other than amounts required to be paid on account of taxes, maintenance, repairs, insurance, assessments, utilities,
operating and labor costs and other items that do not constitute payments for property rights) during the remaining term of the
lease included in such Sale-Leaseback Transaction (including any period for which such lease has been extended). In the case
of any lease that is

    	 	4	 

    	 

    

terminable by the lessee upon payment
of a penalty, the Attributable Debt shall be the lesser of the Attributable Debt determined assuming termination on the first date
such lease may be terminated (in which case the Attributable Debt shall also include the amount of the penalty, but no rent shall
be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated) or the Attributable
Debt determined assuming no such termination.

“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 that is
described in the EU Bail-In Legislation Schedule.

“Bankruptcy
Event” means, with respect to any Person, that such Person has become the subject of a bankruptcy or insolvency proceeding,
or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person
charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative
Agent, has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in, any such proceeding
or appointment; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition
of any ownership interest, in such Person by a Governmental Authority; provided, however, that such ownership interest
does not result in or provide such Person with immunity from the jurisdiction of courts within the United States of America (or
any other applicable jurisdiction) or from the enforcement of judgments or writs of attachment on its assets or permit such Person
(or such Governmental Authority) to reject, repudiate, disavow or disaffirm any agreements made by such Person.

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

“Borrower”
has the meaning assigned to such term in the preamble hereto.

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

“Borrowing
Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03.

“Bridge Facility”
means a senior unsecured 364-day bridge loan facility of the Borrower, in an aggregate principal amount of up to US$1,684,000,000,
to be established in connection with the Ixia Acquisition.

“Business
Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized
or required by law to remain closed;

    	 	5	 

    	 

    

provided that when used in connection
with a LIBOR Loan, the term “Business Day” shall also exclude any day on which banks in London are not open for general
business.

“Capital
Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of
(or other arrangement conveying the right to use) real or personal property (or a combination thereof), which obligations are required
to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, subject to Section 1.04, and
the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP, subject to Section 1.04.
For purposes of Section 6.02, a Capital Lease Obligation shall be deemed to be secured by a Lien on the property being leased
and such property shall be deemed to be owned by the lessee.

“Change in
Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person
or group (within the meaning of the Exchange Act and the rules of the SEC thereunder as in effect on the date hereof), of shares
representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding capital stock of the
Borrower; or (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Borrower
by Persons who were not (i) members of the board of directors of the Borrower on the date of this Agreement, (ii) nominated
or appointed by the board of directors of the Borrower or (iii) approved by the board of directors of the Borrower as director
candidates prior to their election.

“Change in
Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking
effect of any rule, regulation, treaty or other law, (b) any change in any rule, regulation, treaty or other law 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 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 shall be deemed to be a “Change in Law”, regardless of the date enacted, adopted, promulgated or
issued.

“Closing
Date” means the date on or before the Commitment Termination Date on which all of the conditions precedent set forth
in Section 4.02 are satisfied (or waived in accordance with Section 9.02).

“Code”
means the Internal Revenue Code of 1986.

“Commitment”
means, with respect to each Lender, the commitment of such Lender to make a Loan hereunder on the Closing Date, expressed as an
amount representing the maximum aggregate principal amount of the Loan to be made by such Lender, as such commitment may be reduced
from time to time pursuant to Section 2.06 or reduced or increased pursuant to assignments by or to such Lender pursuant to
Section 9.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and
Assumption

    	 	6	 

    	 

    

pursuant to which such Lender shall
have assumed its Commitment. The initial aggregate amount of the Lenders’ Commitments as of the Effective Date is US$400,000,000.

“Commitment
Termination Date” means the first to occur of (a) the consummation of the Ixia Acquisition without the borrowing
of any Loans hereunder, (b) the termination of the Ixia Acquisition Agreement in accordance with its terms (and the Borrower
agrees to notify the Administrative Agent promptly thereof) and (c) 5:00 p.m., Eastern time, on the End Date (as defined in the
Ixia Acquisition Agreement as in effect on January 30, 2017).

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

“Consolidated
EBITDA” means, for any period, Consolidated Net Income for such period plus (a) without duplication and to the extent
deducted in determining such Consolidated Net Income, the sum of (i) consolidated interest expense for such period, (ii) consolidated
income tax expense for such period, (iii) all amounts attributable to depreciation for such period and amortization of intangible
assets for such period, (iv) non-cash charges for such period (including non-cash charges for impairment of goodwill
and non-cash charges associated with employee compensation for such period, but excluding, for the avoidance of doubt, any
additions to bad debt reserves or bad debt expense) and (v) extraordinary or non-recurring cash charges or expenses (including,
without limitation, cash charges or expenses in connection with acquisitions, dispositions or restructurings) in an aggregate amount
for any period of four consecutive fiscal quarters not to exceed US$75,000,000, minus (b) without duplication and to
the extent included in determining such Consolidated Net Income, the sum of (i) all extraordinary gains for such period, (ii) equity
in net income of unconsolidated Affiliates and other minority interest net income for such period (except to the extent actually
distributed or paid in cash to the Borrower or a Subsidiary), (iii) interest income for such period, (iv) all cash payments
in such period in respect of items that were reflected in any prior period as non-cash charges of the sort referred to in clause (a)(iv)
above and (v) noncash items of income for such period that represent the reversal of any accrual for anticipated cash charges
made in a prior period, but only to the extent such accrual did not reduce Consolidated EBITDA for such prior period, all determined
on a consolidated basis in accordance with GAAP. In the event that the Borrower or any Subsidiary shall have completed since the
beginning of the relevant period an acquisition or disposition of any Person, business unit, division, product line or line of
business for which the Borrower is required to file pro forma financial statements with the SEC, Consolidated EBITDA shall be determined
(and if the Borrower is not so required to file such financial statements, Consolidated EBITDA may, at the election of the Borrower
exercised in good faith (and so long as such election is also made with respect to the Adjusted Consolidated Total Indebtedness)
be determined) for such period on a Pro Forma Basis as if such acquisition or disposition, and any related incurrence or repayment
of Indebtedness, had occurred at the beginning of such period.

“Consolidated
Net Income” means, for any period, the net income or loss of the Borrower and the Subsidiaries for such period determined
on a consolidated basis in accordance with GAAP (but excluding therefrom any portion thereof attributable to any noncontrolling
interest in any Subsidiary); provided that, to the extent included therein, there shall be excluded

    	 	7	 

    	 

    

the net income or loss attributable
to any discontinued operations of the Borrower and the Subsidiaries.

“Consolidated
Stockholders’ Equity” means, at any time, the stockholders’ equity of the Borrower at the end of the then
most recent period of four consecutive fiscal quarters for which consolidated financial statements of the Borrower have been delivered
pursuant to Section 5.01(a) or 5.01(b) or, prior to the delivery of any such financial statements, at October 31, 2016,
determined on a consolidated basis in accordance with GAAP.

“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.

“Credit Party”
means the Administrative Agent and each Lender.

“Default”
means any event or condition that constitutes, or upon notice or lapse of time or both would become, an Event of Default.

“Defaulting
Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid,
(i) to fund any portion of its Loans or (ii) to pay to any Credit Party any other amount required to be paid by it hereunder,
unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is
the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified in such
writing, including, if applicable, by reference to a specific Default) has not been satisfied, (b) has notified the Borrower
or any Credit Party in writing, or has made a public statement, to the effect that it does not intend or expect to comply with
any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based
on such Lender’s good-faith determination that a condition precedent (specifically identified in such writing, including,
if applicable, by reference to a specific Default) to funding a Loan cannot be satisfied) or generally under other agreements in
which it commits to extend credit, (c) has failed, within three Business Days after written request by the Administrative
Agent made in good faith to provide a certification in writing from an authorized officer of such Lender that it will comply with
its obligations (and is financially able to meet such obligations) to fund prospective Loans, provided that such Lender
shall cease to be a Defaulting Lender pursuant to this clause (c) upon the Administrative Agent’s receipt of such
certification in form and substance satisfactory to it, (d) has become the subject of a Bankruptcy Event or (e) has become,
or has a direct or indirect parent company that has become, the subject of a Bail-In Action.

“Documentation
Agent” means Barclays Bank PLC and Credit Suisse Securities (USA) LLC, in their capacities as documentation agents with
respect to the credit facility established hereby.

“EEA Financial
Institution” means (a) any credit or investment firm established in any EEA Member Country that is subject to the supervision
of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an institution described
in

    	 	8	 

    	 

    

clause (a) above or (c) any financial
institution established in an EEA Member Country that is a subsidiary of an institution described in clause (a) or (b) above and
is subject to consolidated supervision with its parent.

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

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

“Effective
Date” means the date on which each of the conditions set forth in Section 4.01 has been satisfied (or waived in accordance
with Section 9.02).

“Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other
Person, other than, in each case, (i) a natural person, (ii) a Defaulting Lender or a Lender Parent thereof or (iii) the Borrower,
any Subsidiary or any other Affiliate of the Borrower.

“Environmental
Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by or with any Governmental Authority, relating in any way to the environment, preservation
or reclamation of natural resources, the management, release or threatened release of any toxic or hazardous substance, material
or waste or to health and safety matters.

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

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

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

“ERISA Event”
means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder
with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the failure by any Plan
to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable
to such Plan), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of
ERISA of an application for a waiver of the minimum funding standard with respect to any Plan or the failure to make any required
contribution to a Multiemployer Plan;

    	 	9	 

    	 

    

(d) the incurrence by the Borrower
or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan or Multiemployer
Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating
to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower
or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer
Plan; (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower
or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer
Plan is, or is expected to be, insolvent within the meaning of Title IV of ERISA, is in endangered or critical status, within the
meaning of Section 305 of ERISA; or (h) a determination that any Plan is or is expected to be, in “at-risk”
status (as defined in Section 303(i)(4)(A) of ERISA or Section 430(i)(4)(A) of the Code).

“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.

“Events of
Default” has the meaning assigned to such term in Article VII.

“Exchange
Act” means the Securities Exchange Act of 1934.

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and
branch profits Taxes, in each case (i) imposed as a result of such Recipient being organized under the laws of, or having
its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax
(or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal
withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan
or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in such Loan or Commitment
(other than pursuant to an assignment request by the Borrower under Section 2.17(b)) or (ii) such Lender changes its
lending office, except in each case to the extent that, pursuant to Section 2.15, amounts with respect to such Taxes were
payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in such Loan or
Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s
failure to comply with Section 2.15(f) and (d) any U.S. Federal withholding Taxes imposed under FATCA.

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantially
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof
and any agreement entered into pursuant to Section 1471(b)(1) of the Code.

“Federal
Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1.00%)
of the rates on overnight Federal

    	 	10	 

    	 

    

funds transactions with members of the
Federal Reserve System, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate
is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1.00%)
of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized
standing selected by it. Notwithstanding the foregoing, if the Federal Funds Effective Rate, as determined as provided above, would
otherwise be less than zero, then the Federal Funds Effective Rate shall be deemed to be zero for all purposes of this Agreement.

“Financial
Officer” means, with respect to the Borrower, the chief executive officer, the chief financial officer, the principal
accounting officer, the treasurer, any assistant treasurer or the controller of the Borrower.

“Fitch”
means Fitch Ratings, or any successor by merger or consolidation to its ratings agency business.

“Foreign
Lender” means any Lender that is not a U.S. Person.

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

“GAAP”
means generally accepted accounting principles in the United States of America.

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

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other monetary obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect,
(a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or
to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease
property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment
thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary
obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect
of any letter of credit or letter of guaranty issued to support such Indebtedness or other obligation; provided that the
term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business or customary and reasonable
indemnity obligations in effect on the

    	 	11	 

    	 

    

Restatement Effective Date or entered
into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with
respect to Indebtedness). The amount, as of any date of determination, of any Guarantee shall be the principal amount outstanding
on such date of the Indebtedness or other monetary obligation guaranteed thereby (or, in the case of (i) any Guarantee the
terms of which limit the monetary exposure of the guarantor or (ii) any Guarantee of an obligation that does not have a principal
amount, the maximum monetary exposure as of such date of the guarantor under such Guarantee (as determined, in the case of clause (i),
pursuant to such terms or, in the case of clause (ii), in good faith by a Financial Officer of the Borrower)).

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

“Hedge Termination
Value” means, in respect of any one or more Hedging Agreements, after taking into account the effect of any legally enforceable
netting agreements relating to such Hedging Agreements, (a) for any date on or after the date such Hedging Agreements have
been closed out and termination values determined in accordance therewith (but not yet paid), such termination values, and (b) for
any date prior to the date referenced in clause (a), the mark-to-market values for such Hedging Agreements, determined
based on one or more mid-market or other readily available quotations provided by any recognized dealer in Hedging Agreements
of such type (which may include a Lender or any Affiliate of a Lender).

“Hedging
Agreement” means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection
agreement or other interest or currency exchange rate or commodity price hedging arrangement.

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations
of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional
sale or other title retention agreements relating to property acquired by such Person (excluding trade accounts payable incurred
in the ordinary course of business), (d) all obligations of such Person in respect of the deferred purchase price of property
or services (excluding (i) accounts payable incurred in the ordinary course of business, (ii) earn-outs, hold-backs
and similar deferred payment of consideration in acquisitions (but only to the extent that no payment is then owed thereunder)
and (iii) deferred compensation payable to directors, officers and employees of the Borrower or any Subsidiary), (e) all Indebtedness
of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured
by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed by
such Person, (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h)
all Securitization Transactions of such Person, (i) all obligations, contingent or otherwise, of such Person as an account
party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in
respect of bankers’ acceptances and (k) all Repurchase Obligations. The Indebtedness of any Person shall include the Indebtedness
of any other Person (including any partnership in

    	 	12	 

    	 

    

which such Person is a general partner)
to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with
such other Person, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.

“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 the Borrower under any Loan Document and (b) to the extent not otherwise described in clause (a),
Other Taxes.

“Indemnitee”
has the meaning assigned to such term in Section 9.03(b).

“Index Debt”
means senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any other Person
or subject to any other credit enhancement.

“Information
Memorandum” means the Confidential Information Memorandum dated February 1, 2017 relating to the Borrower and the Transactions.

“Interest
Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.05.

“Interest
Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December and
(b) with respect to any LIBOR Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is
a part and, in the case of a LIBOR Borrowing with an Interest Period of more than three months’ duration, each day prior
to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest
Period.

“Interest
Period” means, with respect to any LIBOR Borrowing, the period commencing on the date of such Borrowing and ending on
the numerically corresponding day in the calendar month that is one week or one, two, three or six months (or such shorter or longer
period as shall have been consented to by each Lender) thereafter, as the Borrower may elect; provided that (a) if
any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding
Business Day unless, in the case of any Interest Period that is a multiple of months, such next succeeding Business Day would fall
in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (b) any Interest
Period that is a multiple of months pertaining to a LIBOR Borrowing that commences on the last Business Day of a calendar month
(or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end
on the last Business Day of the last calendar month of such Interest Period and (c) no Interest Period shall extend beyond the
Maturity Date. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter
shall be the effective date of the most recent conversion or continuation of such Borrowing.

“Interpolated
Screen Rate” means, with respect to any LIBOR Borrowing for any Interest Period, a rate per annum which results from
interpolating on a linear basis between (a) the applicable LIBO Screen Rate for the longest maturity for which a LIBO Screen
Rate is available that is shorter than such Interest Period and (b) the applicable LIBO Screen Rate for the shortest maturity for
which a LIBO Screen Rate is available that is longer than such Interest

    	 	13	 

    	 

    

Period, in each case as of 11:00 a.m.,
London time, two Business Days prior to the first day of such Interest Period.

“Ixia”
means Ixia, a California corporation.

“Ixia Acquisition”
means the acquisition by the Borrower of all of the outstanding equity interests of Ixia pursuant to the Ixia Acquisition Agreement.

“Ixia Acquisition
Agreement” means that certain agreement and plan of merger dated as of January 30, 2017, by and between the Borrower
and Ixia (and acceded to by Keysight Acquisition, Inc., a California corporation and a wholly owned subsidiary of the Borrower,
on February 2, 2017), including the exhibits and schedules thereto and all related documents, in each case, except as otherwise
specified herein, as amended, supplemented or otherwise modified from time to time.

“Ixia Material
Adverse Effect” means any changes, effects, events, occurrences, states of facts, or developments that, alone or in combination
with other changes, effects, events, occurrences, states of facts or developments, (a) have had or would reasonably be expected
to have a material adverse effect on the business, results of operations, assets or financial condition of the Company and its
Subsidiaries, taken as a whole or (b) would prevent, materially impair or materially delay the performance by the Company of, or
has or would have a material adverse effect on the ability of the Company to perform, its obligations under the Ixia Acquisition
Agreement; provided, that in the case of clause (a) above, any change, effect, event, occurrence, state of facts, or development
to the extent arising from or attributable to any of the following shall not constitute, and shall not be taken into account in
determining whether there has been, an Ixia Material Adverse Effect: (i) the execution, delivery, announcement, or pendency of
the Ixia Acquisition Agreement or the transactions contemplated by the Ixia Acquisition Agreement, including (A) the identity of
Parent and (B) the impact thereof on the relationships, contractual or otherwise, of the Company or any of its Subsidiaries with
its customers, employees, or suppliers, or with any other third party; (ii) changes in business or political conditions or conditions
generally affecting the industry or segments in which the Company and its Subsidiaries participate, the U.S. economy as a whole
or the capital, credit, or financial markets in general or the markets in which the Company and its Subsidiaries operate; (iii)
compliance with the terms of, or the taking of any action required by, the Ixia Acquisition Agreement (but including in this clause
(iii) any change, effect, event, occurrence, state of facts, or development arising from any actions or omissions required to comply
with Section 5.01 of the Ixia Acquisition Agreement only to the extent that such change, effect, event, occurrence, state of facts,
or development is the direct result of Parent unreasonably withholding its consent to the Company’s written request delivered
in accordance with the notice requirements set forth in Section 8.02 of the Ixia Acquisition Agreement to take (or refrain from
taking) an action otherwise prohibited under Section 5.01 of the Ixia Acquisition Agreement); (iv) any change after the date of
the Ixia Acquisition Agreement in GAAP or applicable Laws or the interpretation or enforcement thereof; (v) any acts of war (whether
or not declared), armed hostilities, sabotage, or terrorism occurring after the date of the Ixia Acquisition Agreement or the continuation,
escalation, or worsening of any such acts of war, armed hostilities, sabotage, or terrorism threatened or underway as of the date
of the Ixia Acquisition Agreement; (vi) any earthquakes, hurricanes, floods, or other natural disasters, acts of God or force majeure
events; and (vii) the failure of the

    	 	14	 

    	 

    

Company or any of its Subsidiaries to
meet internal forecasts, budgets, or financial projections or any decline in the market price or trading volume of the Company
Common Stock on the NASDAQ Global Select Market (provided, that the exception in this clause (vii) shall not prevent or
otherwise affect a determination that any change, effect, event, occurrence, state of facts, or development underlying such failure
or decline has resulted in or contributed to a Material Adverse Effect, except to the extent such underlying cause would otherwise
be excepted from this definition); except in the case of the foregoing clauses (ii), (iv), (v), and (vi) to the extent any change,
effect, event, occurrence, state of facts, or development has a materially disproportionate effect on the Company and its Subsidiaries,
taken as a whole, relative to other Persons in the industry in which the Company operates. Except for the term “Ixia Acquisition
Agreement”, all capitalized terms used in this definition shall have the meaning assigned thereto in the Ixia Acquisition
Agreement as in effect on January 30, 2017.

“Ixia Refinancing”
means the repayment in full of all principal, premium, if any, interest, fees and other amounts due or outstanding under the Amended
and Restated Credit Agreement dated as of March 2, 2015, of Ixia, as amended, and all other third party Indebtedness of Ixia and
its subsidiaries that becomes due or otherwise defaults upon the consummation of the Ixia Acquisition.

“Lender Parent”
means, with respect to any Lender, any Person in respect of which such Lender is a subsidiary.

“Lenders”
means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment
and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

“LIBO Rate”
means, with respect to any LIBOR Borrowing for any Interest Period, the LIBO Screen Rate as of 11:00 a.m., London time, two Business
Days prior to the first day of such Interest Period. If no LIBO Screen Rate shall be available for a particular Interest Period
but LIBO Screen Rates shall be available for maturities both longer and shorter than such Interest Period, then the LIBO Rate for
such Interest Period shall be the Interpolated Screen Rate. Notwithstanding the foregoing, if the LIBO Rate, determined as set
forth above, shall be less than zero, such rate shall be deemed to be zero for all purposes of this Agreement.

“LIBO Screen
Rate” means, in respect of the LIBO Rate for any Interest Period for a Loan, a rate per annum equal to the London interbank
offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such
rate) for deposits in US Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest
Period as set forth on the applicable Reuters screen (currently LIBOR01 or LIBOR02) (or if such service ceases to be available,
another service displaying the appropriate rate designated by the Administrative Agent).

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

    	 	15	 

    	 

    

“Lien”
means (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest, (b) the
interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing
lease having substantially the same economic effect as any of the foregoing), (c) in the case of securities, any purchase
option, call or similar right of a third party with respect to such securities and (d) any assignment or sale of any income
or revenues (including accounts receivable) or rights in respect thereof.

“Loan Documents”
means this Agreement and each promissory note delivered pursuant to this Agreement.

“Loans”
means the loans made by the Lenders to the Borrower pursuant to this Agreement.

“Material
Adverse Effect” means (a) a materially adverse effect on the business, assets, operations or financial condition
of the Borrower and the Subsidiaries, taken as a whole, (b) a material impairment of the ability of the Borrower to perform
its obligations hereunder or (c) a material impairment of the rights or remedies available to the Lenders or the Administrative
Agent hereunder.

“Material
Indebtedness” means (a) Indebtedness under the Revolving Credit Agreement and (b) Indebtedness (other than
the Loans), or obligations in respect of one or more Hedging Agreements, of any one or more of the Borrower and the Subsidiaries
in an aggregate principal amount exceeding US$100,000,000. For purposes of determining Material Indebtedness, the “principal
amount” of the obligations of the Borrower or any Subsidiary in respect of (i) any Hedging Agreements at any time shall
be the Hedge Termination Value thereof at such time and (ii) any Securitization Transaction shall be determined as set forth
in the definition of such term.

“Material
Subsidiary” means any Subsidiary (a) the consolidated assets of which equal 5.00% or more of the consolidated assets
of the Borrower and the Subsidiaries as of the last day of the most recent fiscal quarter of the Borrower or (b) the consolidated
revenues of which equal 5.00% or more of the consolidated revenues of the Borrower and the Subsidiaries for the most recent period
of four consecutive fiscal quarters; provided that if at the end of the most recent fiscal quarter or for the most recent
period of four consecutive fiscal quarters the combined consolidated assets or combined consolidated revenues of all Subsidiaries
that under clauses (b) and (c) above would not constitute Material Subsidiaries shall have exceeded 15% of the consolidated
assets or 15% of the consolidated revenues of the Borrower and the Subsidiaries, then one or more of such excluded Subsidiaries
shall for all purposes of this Agreement be deemed to be Material Subsidiaries in descending order based on the amounts of their
consolidated assets or consolidated revenues, as the case may be, until such excess shall have been eliminated.

“Maturity
Date” means the third anniversary of the Closing Date.

“MNPI”
means material information concerning the Borrower and the other Subsidiaries and their securities that has not been disseminated
in a manner making it available

    	 	16	 

    	 

    

to investors generally, within the meaning
of Regulation FD under the United States Securities Act of 1933 and the Exchange Act. For purposes of this definition, “material
information” means information concerning the Borrower, Ixia, their respective Affiliates or any securities of any of the
foregoing that could reasonably be expected to be material for purposes of the United States federal and state or other applicable
securities laws.

“Moody’s”
means Moody’s Investors Service, Inc., or any successor by merger or consolidation to its ratings agency business.

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA which the Borrower or any ERISA Affiliate
(other than any Person considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Code Section 414) has maintained,
sponsored, contributed to or accrued an obligation to contribute to, or has within any of the preceding six plan years maintained,
sponsored, contributed to or accrued an obligation to contribute.

“Non-Consenting
Lender” means any Lender that withholds its consent to any proposed amendment, modification or waiver that cannot become
effective without the consent of such Lender under Section 9.02, and that has been consented to by the Required Lenders.

“Obligations”
means the due and punctual payment of (a) the principal of and premium, if any, and interest (including interest accruing
during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable
in such proceeding) on the Loans made to the Borrower, when and as due, whether at maturity, by acceleration, upon one or more
dates set for prepayment or otherwise, and (b) all other monetary obligations, including fees, costs, expenses and indemnities,
whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency
of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding),
of the Borrower under this Agreement.

“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 Taxes (other than a connection 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, or
engaged in any other transaction pursuant to, or enforced, any Loan Document, or sold or assigned an interest in any Loan Document).

“Other Taxes”
means any and all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from
any payment made hereunder or from the execution, delivery, performance or enforcement of, or otherwise with respect to, any Loan
Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment
made pursuant to Section 2.17).

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

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

    	 	17	 

    	 

    

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

“Permitted
Liens” means:

(a)       Liens
imposed by law for Taxes that are not yet due and payable or are being contested in compliance with Section 5.05;

(b)       statutory
Liens of landlords, carriers, warehousemen, mechanics, materialmen and suppliers, and similar Liens imposed by Law, in each case
incurred in the ordinary course of business for sums not yet delinquent by more than 30 days or being contested in good faith;

(c)       Liens
incurred and pledges and deposits made in the ordinary course of business in connection with workers’ compensation, disability
or unemployment insurance, old-age pensions, retiree health benefits and other similar plans or programs and other social security
laws or regulations;

(d)       deposits
to secure the performance of (or to secure letters of credit or letters of guarantee that secure the performance of) bids, trade
contracts, leases (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations
of a like nature, in each case in the ordinary course of business;

(e)       leases,
licenses, subleases or sublicenses granted to others (other than as security for Indebtedness) not interfering in any material
respect with the ordinary conduct of the business of the Borrower and the Subsidiaries, taken as a whole;

(f)       (i) easements,
covenants, conditions, restrictions, zoning restrictions, building codes, land use laws, leases, subleases, licenses, rights of
way, minor irregularities in, or lack of, title and similar encumbrances affecting real property, (ii) with respect to any
lessee’s or licensee’s interest in real or personal property, mortgages, liens, rights and obligations and other encumbrances
arising by, through or under any owner, lessor or licensor thereof and (iii) leases, licenses, rights and obligations in connection
with patents, copyrights, trademarks, tradenames and other intellectual property, in each case that do not secure the payment of
Indebtedness to the extent, in the case of each of clauses (i), (ii) and (iii), that the Liens referred to therein do not,
in the aggregate, materially detract from the value of the affected property as used by the Borrower or any Subsidiary in the ordinary
course of business or interfere in any material respect with the ordinary conduct of the business of the Borrower and the Subsidiaries,
taken as a whole;

(g)       judgment
liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII, and deposits
securing appeal or other surety bonds related to such judgments;

(h)       Liens
in favor of any Governmental Authority (i) to secure partial progress, advance or other payments pursuant to any contract
or statute or (ii) to secure

    	 	18	 

    	 

    

any Indebtedness incurred for
the purpose of financing all or part of the purchase price or cost of constructing or improving the property subject to such Liens;

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

(j)       customary
landlords’ Liens under leases to which such Person is a party;

(k)Liens
arising under short-term repurchase agreements or reverse repurchase agreements with respect to U.S. Treasury securities or
other cash equivalent investments, short-term securities lending and securities borrowing agreementsand similar transactions
employed in connection with the management of cash and cash equivalents and short-term investments;

(l)       normal
and customary rights of setoff, banker’s Liens and similar rights in respect of deposits of cash, or in respect of investment
securities accounts, in favor of banks or other depository institutions; and

(m)       sales,
assignments, transfers or dispositions of accounts receivable in the ordinary course of business for purposes of collection (but
not as part of any Securitization Transaction or factoring arrangement).

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

“Plan”
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412
of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of
ERISA.

“Platform”
has the meaning assigned to such term in Section 9.12(c).

“Prime Rate”
means the rate of interest per annum quoted in the print edition of The Wall Street Journal, Money Rates Section as the
Prime Rate (currently defined as the base rate on corporate loans posted by at least 70% of the nation’s 10 largest banks),
as in effect from time to time. Each change in the Prime Rate shall be effective from and including the date such change is publicly
announced as being effective.

“Private
Side Lender Representatives” means, with respect to any Lender, representatives of such Lender that are not Public Side
Lender Representatives.

“Pro Forma
Basis”, when used in reference to any computations, means that such computations are to be made on a basis that gives
effect to the applicable acquisition or disposition as if such acquisition or disposition had occurred on the date specified in
the relevant definition, in a manner consistent with the requirements of the SEC for pro forma financial information set forth
in Article 11 of Regulation S-X under the Exchange Act. If any Indebtedness bears a floating rate of interest and is being
given pro forma effect, the interest on

    	 	19	 

    	 

    

such Indebtedness shall be calculated
as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any
Hedging Agreement applicable to such Indebtedness).

“Public Side
Lender Representatives” means, with respect to any Lender, representatives of such Lender that do not wish to receive
MNPI.

“Recipient”
means (a) the Administrative Agent and (b) any Lender, as applicable.

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

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

“Repurchase
Obligations” means, at any time, the aggregate amount of all accrued, absolute or contingent repurchase obligations (including
repurchase obligations that become due on a future date) of the Borrower and the Subsidiaries at such time, in each case to the
extent such amounts would be shown as liabilities on a consolidated balance sheet of the Borrower as of such time prepared in accordance
with GAAP.

“Required
Lenders” means, at any time, Lenders having Loans (or, prior to the borrowing hereunder on the Closing Date, Commitments)
representing more than 50% of the aggregate principal amount of the Loans (or, prior to the borrowing hereunder on the Closing
Date, the aggregate Commitments) at such time.

“Revolving
Credit Agreement” means (a) that certain Amended and Restated Credit Agreement dated as of February 15, 2017, among the
Borrower, the lenders party thereto and Citibank, N.A., as administrative agent, and (b) one or more debt facilities with banks
or other institutional lenders providing for revolving credit loans or letters of credit, in each case, as amended, restated, modified,
renewed, refunded, replaced or refinanced in whole or in part from time to time (and whether or not with the original administrative
agent and lenders or another administrative agent or agents or other lenders).

“S&P”
means S&P Global Ratings, a division of S&P Global, Inc., or any successor by merger or consolidation to its rating agency
business.

“Sale-Leaseback
Transaction” means any arrangement whereby the Borrower or a Subsidiary shall sell or transfer any property, real or
personal, used or useful in its business, whether now owned or hereinafter 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 sold or transferred; provided
that any such arrangement entered into within 180 days after the acquisition or construction of the subject property shall not
be deemed to be a “Sale-Leaseback Transaction”.

“Sanctioned
Country” means, at any time, a country or territory which is, or whose government is, the subject or target of comprehensive
Sanctions broadly restricting or

    	 	20	 

    	 

    

prohibiting dealings with such country,
territory or government (currently, Crimea, Cuba, Iran, North Korea and Syria). If any country, territory or government is no longer
the subject or target of Sanctions broadly restricting or prohibiting dealings with such country, territory or government, then
it shall not be considered a Sanctioned Country for purposes hereof.

“Sanctioned
Person” means, at any time, any Person with whom dealings are restricted or prohibited under Sanctions, including (a)
any Person listed in any Sanctions-related list of designated Persons maintained by the United States (including by the Office
of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State or the U.S. Department of Commerce),
the United Nations Security Council, the European Union or any of its member states, Her Majesty’s Treasury or Switzerland,
(b) any Person located, organized or resident in, or any Governmental Authority of, a Sanctioned Country or (c) any Person 25%
or more directly or indirectly owned by, controlled by, or acting for the benefit or on behalf of, any Person, individually, or
Persons, together, described in clauses (a) or (b) above.

“Sanctions”
means economic or financial sanctions or trade embargoes or restrictive measures enacted, imposed, administered or enforced from
time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department
of the Treasury, the U.S. Department of State or the U.S. Department of Commerce; (b) the United Nations Security Council; (c)
the European Union or any of its member states; (d) Her Majesty’s Treasury; or (e) Switzerland.

“SEC”
means the United States Securities and Exchange Commission.

“Securitization
Transaction” means any transfer by the Borrower or any Subsidiary of accounts receivable or interests therein (a) to
a trust, partnership, corporation or other entity, which transfer is funded in whole or in part, directly or indirectly, by the
incurrence or issuance by the transferee or successor transferee of indebtedness or other securities that are to receive payments
from, or that represent interests in, the cash flow derived from such accounts receivable or interests therein, or (b) directly
to one or more investors or other purchasers. The “amount” or “principal amount” of any Securitization
Transaction shall be deemed at any time to be the aggregate principal or stated amount of the Indebtedness or other securities
referred to in the first sentence of this definition or, if there shall be no such principal or stated amount, the uncollected
amount of the accounts receivables or interests therein transferred pursuant to such Securitization Transaction net of any such
accounts receivables or interests therein that have been written off as uncollectible.

“Specified
Permitted Lender” means any financial institution that (a) has been agreed to on or prior to January 30, 2017 by the
Borrower and the Arrangers in writing (including by email) to be a prospective lender for the Bridge Facility as part of the agreed
syndication plan in respect thereof or (b) is a lender under the Revolving Credit Agreement as of January 30, 2017.

“Specified
Representations” means representations and warranties made by the Borrower in Sections 3.01(a) (with respect to the Borrower),
3.02, 3.03(b), 3.03(d) (solely as to any such indenture, agreement or other instrument governing or evidencing any Indebtedness
of the Borrower or its Subsidiaries in a committed or outstanding principal amount, individually or

    	 	21	 

    	 

    

in the aggregate, in excess of US$100,000,000),
3.07, 3.09, 3.13 (as to the third sentence thereof) and 3.14.

“Statutory
Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator
of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or
supplemental reserves) expressed as a decimal established by the Board of Governors to which the Administrative Agent is subject
for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board of Governors).
Such reserve percentages shall include those imposed pursuant to such Regulation D. LIBOR Loans shall be deemed to constitute eurocurrency
funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may
be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall
be adjusted automatically on and as of the effective date of any change in any reserve percentage.

“subsidiary”
means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation,
limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing
more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise
Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

“Subsidiary”
means any subsidiary of the Borrower.

“Syndication
Agent” means BNP Paribas, in its capacity as syndication agent with respect to the credit facility established hereby.

“Taxes”
means any and 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.

“Transactions”
means, collectively, (a) (i) execution, delivery and performance by the Borrower of this Agreement, the borrowing of Loans and
the use of proceeds thereof, (ii) the issuance of senior unsecured notes of the Borrower pursuant to one or more registered public
offerings or Rule 144A or other private placements in connection with the Ixia Acquisition, (iii) the issuance of equity securities
of the Borrower pursuant to one or more offerings in connection with the Ixia Acquisition, (iv) the borrowing of loans under the
Revolving Credit Agreement in connection with the Ixia Acquisition and/or (v) the establishment of and borrowing of loans
under the Bridge Facility, (b) the Ixia Refinancing, (c) the amendment and restatement of the Revolving Credit Agreement as
provided therein and (d) the payment of fees and expenses incurred in connection with the foregoing.

    	 	22	 

    	 

    

“Type”,
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising
such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.

“Unrestricted
Cash” means cash and cash equivalents that are not subject to any Lien other than any Lien permitted under clause (a) or
(l) of the definition of the term “Permitted Lien”.

“U.S. Person”
means a “United States person” within the meaning of Section 7701(a)(30) of the Code.

“U.S. Tax
Compliance Certificate” has the meaning assigned to such term in Section 2.15(f)(ii)(B)(3).

“USA Patriot
Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001.

“US Dollars”
or “US$” means the lawful currency of the United States of America.

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

“Withholding
Agent” means the Borrower or the Administrative Agent.

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

Section
1.02.        Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., a “LIBOR
Loan”). Borrowings also may be classified and referred to by Type (e.g., a “LIBOR Borrowing”).

Section
1.03.        Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
The word “will” shall be construed to have the same meaning and effect as the word “shall”. The word “law”
shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations
thereunder having the force of law or with which affected Persons customarily comply), and all judgments, orders, writs and decrees,
of all Governmental Authorities. Except as otherwise provided herein and unless the context requires otherwise, (a) any definition
of or reference to any agreement, instrument or other document herein (including this Agreement) shall be construed as referring
to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or

    	 	23	 

    	 

    

modifications set forth herein), (b) any
reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restriction
on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have
succeeded to any or all functions thereof, (c) the words “herein”, “hereof” and “hereunder”,
and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (d) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from
time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (e) all references
herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and
Schedules to, this Agreement and (f) the words “asset” and “property” shall be construed to have the same
meaning and effect and to refer to any and all real and personal tangible and intangible assets and properties, including cash,
securities, accounts and contract rights.

Section
1.04.        Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed
in accordance with GAAP, as in effect from time to time; provided that (a) if the Borrower notifies the Administrative
Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the
date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the
Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such
notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on
the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have
been withdrawn or such provision amended in accordance herewith, and (b) notwithstanding any other provision contained herein,
all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred
to herein shall be made, without giving effect to (i) any election under Statement of Financial Accounting Standards 159, The
Fair Value Option for Financial Assets and Financial Liabilities, or any successor thereto (including pursuant to the Accounting
Standards Codification), to value any Indebtedness of the Borrower or any Subsidiary at “fair value”, as defined therein,
or any other accounting principle if, in each case, such election or such other accounting principle results in the amount of such
Indebtedness being below or above the stated principal amount of such Indebtedness, (ii) any change in GAAP occurring after the
date hereof as a result of the adoption of any proposals set forth in the Proposed Accounting Standards Update, Leases (Topic 840),
issued by the Financial Accounting Standards Board on August 17, 2010, or any other proposals issued by the Financial Accounting
Standards Board in connection therewith, in each case if such change would require treating any lease (or similar arrangement conveying
the right to use) as a capital lease where such lease (or similar arrangement) would not have been required to be so treated under
GAAP as in effect on the date hereof or (iii) any treatment of Indebtedness in respect of convertible debt instruments under Accounting
Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar
result or effect) (and related interpretations) to value any such Indebtedness in a reduced or bifurcated manner as described therein,
and such Indebtedness shall at all times be valued at the full stated principal amount thereof.

      

    	 	24	 

    	 

    

SECTION 1.05.   Effectuation of Transactions.
On the Closing Date, all references herein to the Borrower and the Subsidiaries shall be deemed to be references to such Persons,
and all the representations and warranties of the Borrower made on the Closing Date contained in this Agreement shall be deemed
made, in each case, after giving effect to the Ixia Acquisition and the other Transactions to occur on the Closing Date, unless
the context expressly requires otherwise.

Article
II

The Credits

Section
2.01.       
Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make a Loan to the Borrower,
denominated in US Dollars, on the Closing Date in a principal amount not to exceed such Lender’s Commitment in effect on
such date. Amounts repaid or prepaid in respect of Loans may not be reborrowed.

Section
2.02.       
Loans and Borrowings. (a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders
ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it
shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several
and no Lender shall be responsible for any other Lender’s failure to make Loans as required.

(b)              
Subject to Section 2.12, each Borrowing shall be comprised entirely of ABR Loans or LIBOR Loans, as the Borrower
may request in accordance herewith. Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate
of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower
to repay such Loan in accordance with the terms of this Agreement.

(c)               
At the commencement of each Interest Period for any LIBOR Borrowing, and at the time any ABR Borrowing is made, such
Borrowing shall be in an aggregate principal amount that is an integral multiple of US$1,000,000 and not less than US$5,000,000;
provided that a LIBOR Borrowing that results from a continuation of an outstanding LIBOR Borrowing may be in an aggregate
principal amount that is equal to such outstanding Borrowing. Borrowings of more than one Type may be outstanding at the same time;
provided that there shall not at any time be more than a total of 10 LIBOR Borrowings outstanding.

(d)              
Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect
to convert or to continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

Section
2.03.       
Requests for Borrowings. To request a Borrowing, the Borrower shall notify the Administrative Agent (a) in
the case of a LIBOR Borrowing, not later than 12:00 noon, New York City time, three Business Days before the date of the proposed
Borrowing, and (b) in the case of an ABR Borrowing, not later than 12:00 noon, New York City time, one Business Day before
the date of the proposed Borrowing. Such Borrowing Request shall be made by hand delivery, e-mail or fax to the Administrative
Agent of a written

    	 	25	 

    	 

    

Borrowing Request in a form approved
by the Administrative Agent and signed by a Financial Officer of the Borrower (or by telephone notification, confirmed promptly
by hand delivery, e-mail or fax to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative
Agent and signed by a Financial Officer of the Borrower); provided that a Borrowing Request may be revoked by the Borrower (by
notice to the Administrative Agent at any time prior to 9:00 a.m., New York City time, on the day of the proposed Borrowing),
such revocation to be subject to Section 2.14 in the case of a Borrowing Request for a LIBOR Borrowing. Each such telephonic or
written Borrowing Request shall specify the following information in compliance with Section 2.02:

(a)               
the principal amount of such Borrowing;

(b)              
the date of such Borrowing, which shall be a Business Day;

(c)               
the Type of such Borrowing;

(d)              
in the case of a LIBOR Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated
by the definition of the term “Interest Period”; and

(e)               
the location and number of the account to which funds are to be disbursed.

If no election as to the Type of Borrowing
is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested
LIBOR Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly
following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of
the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

Section
2.04.        Funding
of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the Closing Date by wire transfer of immediately
available funds in US Dollars by 9:00 a.m., New York City time, to the account of the Administrative Agent most recently designated
by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly
remitting the amounts so received, in like funds, to the account designated by the Borrower in the applicable Borrowing Request.

(b)              
Unless the Administrative Agent shall have received notice from a Lender prior to the Closing Date 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 in accordance with paragraph (a) of this Section 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 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 (i) in the case of such Lender, the rate reasonably determined by the Administrative Agent to be the cost to it
of funding such

    	 	26	 

    	 

    

amount or (ii) in the case of the
Borrower, the interest rate applicable to the subject Loan pursuant to Section 2.11 (it being understood that nothing in this
paragraph shall require the Borrower to pay any interest in duplication of the interest payable under such Section). 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
such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.
Any such 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.

Section
2.05.        Interest
Elections. (a) Each Borrowing initially shall be of the Type specified in the Borrowing Request or as otherwise provided in
Section 2.03 and, in the case of a LIBOR Borrowing, shall have an initial Interest Period as specified in the Borrowing Request
or as otherwise provided in Section 2.03. Thereafter, the Borrower may elect to convert such Borrowing to a Borrowing of a
different Type or to continue such Borrowing and, in the case of a LIBOR Borrowing, may elect Interest Periods therefor, all as
provided in this Section and on terms consistent with the other provisions of this Agreement. The Borrower may elect different
options with respect to different portions of an affected Borrowing, in which case each such portion shall be allocated ratably
among the Lenders holding the Loans comprising such Borrowing and the Loans resulting from an election made with respect to any
such portion shall be considered a separate Borrowing.

(b)              
To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election
by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the
Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall
be irrevocable and shall be made by hand delivery, e-mail or fax to the Administrative Agent of a written Interest Election Request
in a form approved by the Administrative Agent and signed by a Financial Officer on behalf of the Borrower (or by telephonic notification,
confirmed promptly by hand delivery, e-mail or fax to the Administrative Agent of a written Interest Election Request in a form
approved by the Administrative Agent and signed by a Financial Officer on behalf of the Borrower). Notwithstanding any other provision
of this Section, the Borrower shall not be permitted to elect an Interest Period for LIBOR Loans that does not comply with Section 2.02(d).

(c)               
Each telephonic and written Interest Election Request shall specify the following information in compliance with
Section 2.02:

(i)                
the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect
to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information
to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

(ii)              
the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

    	 	27	 

    	 

    

(iii)            
the Type of the resulting Borrowing, which shall comply with Section 2.02(b); and

(iv)            
if the resulting Borrowing is to be a LIBOR Borrowing, the Interest Period to be applicable thereto after giving
effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”.

If any such Interest Election Request
requests a LIBOR Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest
Period of one month’s duration.

(d)              
Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of
the details thereof and of such Lender’s portion of each resulting Borrowing.

(e)               
If the Borrower fails to deliver a timely Interest Election Request with respect to a LIBOR Borrowing prior to the
end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest
Period such Borrowing shall be converted to an ABR Borrowing.

(f)               
Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative
Agent, at the request of the Required Lenders, so notifies the Borrower (provided that no such notice shall be required
in the case of any Event of Default under clause (h) or (i) of Article VII with respect to the Borrower), then,
so long as an Event of Default is continuing, no outstanding Borrowing may be converted to or continued as a LIBOR Borrowing and,
unless repaid, each LIBOR Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

Section
2.06.        Termination
and Reduction of Commitments. (a) Unless previously terminated, the Commitment of each Lender shall automatically terminate
on the earlier of (a) 11:59 p.m., New York City time, on the Commitment Termination Date (or in the case of clause (c)
of the definition of such term, the time specified in such clause) and (b) immediately following the making of the Loan by
such Lender on the Closing Date.

(b)              
The Borrower may at any time terminate, or from time to time reduce, the Commitments in whole or in part; provided
that each reduction of the Commitments shall be in an aggregate amount that is an integral multiple of US$1,000,000 and not less
than US$10,000,000 (or, in each case, such other amount as is contemplated under Section 4.02(a)).

(c)               
The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of
this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election
and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of
the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided
that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the occurrence
of one or more events specified therein, in which case such notice may be revoked by the Borrower (by notice to the Administrative
Agent on or prior to the specified effective date) if such condition is

    	 	28	 

    	 

    

not satisfied. Any termination or reduction
of the Commitments shall be permanent. Each voluntary reduction of the Commitments shall be made ratably among the Lenders in accordance
with their respective Commitments.

Section
2.07.        Repayment
of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account
of each Lender the then unpaid principal amount of each Loan made to the Borrower as provided in Section 2.08.

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

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

(d)              
The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall
be prima facie evidence of the existence and amounts of the obligations recorded therein absent manifest error; provided
that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner
affect the obligation of the Borrower to repay the Loans or pay any other amounts due hereunder in accordance with the terms of
this Agreement.

(e)               
Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall
prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such
Lender and its registered assigns) and in a form approved by the Borrower and the Administrative Agent. Thereafter, the Loans evidenced
by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented
by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note,
to such payee and its registered assigns).

Section
2.08.        Amortization
of Loans. (a) The Borrower shall repay Borrowings on the last day of each March, June, September and December, commencing with
the last day of the first full calendar quarter after the Closing Date and ending on the last such day to occur prior to the Maturity
Date, in an aggregate principal amount for each such date equal to 2.5% of the aggregate principal amount of the Loans made on
the Closing Date (as such amounts may be adjusted pursuant to paragraph (c) of this Section). Prior to any repayment of any
Borrowings under this Section, the Borrower shall notify the Administrative Agent of the Borrowing or Borrowings to which such
repayment shall be applied. Each repayment of a Borrowing pursuant to this Section shall be applied ratably to the Loans included
in the repaid Borrowing.

    	 	29	 

    	 

    

(b)              
To the extent not previously paid, all Borrowings shall be due and payable on the Maturity Date.

(c)               
Any prepayment of a Borrowing shall be applied to reduce the subsequent scheduled repayments of the Borrowings in
a manner determined at the discretion of the Borrower and notified by the Borrower to the Administrative Agent prior to such prepayment.

Section
2.09.        Prepayment
of Loans. (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part,
without premium or penalty, subject to prior notice in accordance with paragraph (b) of this Section.

(b)              
The Borrower shall notify the Administrative Agent by a written notice signed by a Financial Officer on behalf of
the Borrower of any prepayment of a Borrowing hereunder (i) in the case of a LIBOR Borrowing, not later than 12:00 noon,
New York City time, three Business Days before the date of such prepayment, and (ii) in the case of an ABR Borrowing, not
later than 12:00 noon, New York City time, on the date of such prepayment. Each such notice shall be irrevocable and shall specify
the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that a notice
of prepayment of Borrowings pursuant to this Section may state that such notice is conditioned upon the occurrence of one
or more events specified therein, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent
on or prior to the specified date of prepayment) if such condition is not satisfied. Promptly following receipt of any such notice,
the Administrative Agent shall advise the Lenders of the contents thereof. Each optional partial prepayment of any Borrowing shall
be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02.
Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing.

Section
2.10.        Fees.
(a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a ticking fee, which shall accrue at
the Applicable Rate set forth under the caption “Ticking Fee” in the definition of such term on the daily amount of
the Commitment of such Lender during the period from and including the later of (i) March 31, 2017 and (ii) the Effective Date
until the earlier of (A) the Closing Date and (B) the termination or expiration of all the Commitments. Accrued ticking fees shall
be payable on the Closing Date or on the date of termination or expiration of all the Commitments, as the case may be. All ticking
fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including
the first day but excluding the last day).

(b)              
The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the
times separately agreed upon between the Borrower and the Administrative Agent.

(c)               
All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative
Agent for distribution, in the case of ticking fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any
circumstances.

    	 	30	 

    	 

    

SECTION 2.11.    Interest. (a) The Loans comprising
each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate set forth under the caption “ABR
Margin” in the definition of such term.

(b)              
The Loans comprising each LIBOR Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in
effect for such Borrowing plus the Applicable Rate set forth under the caption “LIBOR Margin” in the definition of
such term.

(c)               
Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by
the Borrower hereunder is not paid when due (following the expiration of any grace period specified in Article VII), whether at
stated maturity, upon acceleration or otherwise, and remains unpaid, such overdue amount shall bear interest, after as well as
before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus the rate
otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any
other amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.

(d)              
Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided
that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the
event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on
the date of such repayment or prepayment and (iii) in the event of any conversion or continuation of any LIBOR Loan prior
to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such
conversion or continuation.

(e)               
All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference
to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a
year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including
the first day but excluding the last day). The applicable Adjusted LIBO Rate or Alternate Base Rate shall be determined by the
Administrative Agent, and such determination shall be conclusive absent manifest error.

Section
2.12.        Alternate
Rate of Interest. If prior to the commencement of any Interest Period for a LIBOR Borrowing:

(a)               
the Administrative Agent reasonably determines (which determination shall be conclusive absent manifest error) that
adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or

(b)              
the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate for such Interest Period
will not, in their reasonable judgment, adequately and fairly reflect the cost to such Lenders of making or maintaining the Loans
included in such Borrowing for such Interest Period;

then the Administrative Agent shall
give notice thereof (which may be by telephone) to the Borrower and the Lenders as promptly as practicable thereafter and, until
the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no

    	 	31	 

    	 

    

longer exist, (i) any Interest
Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, an affected LIBOR Borrowing,
shall be ineffective, (ii) any affected LIBOR Borrowing shall be continued as an ABR Borrowing and (iii) any Borrowing
Request for an affected LIBOR Borrowing shall be deemed to be a request for an ABR Borrowing.

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

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

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

(iii)            
subject any Recipient to any Taxes (other than (A) Indemnified Taxes and (B) Excluded Taxes) on its loans, loan principal,
letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;

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

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

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

    	 	32	 

    	 

    

(d)              
Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate
a Lender pursuant to this Section for any increased costs, expenses or reductions incurred more than 180 days prior to the
date that such Lender notifies the Borrower of the Change in Law or other circumstance giving rise to such increased costs, expenses
or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the Change
in Law or other circumstance giving rise to such increased costs, expenses or reductions is retroactive, then the 180-day period
referred to above shall be extended to include the period of retroactive effect thereof.

(e)               
Notwithstanding any other provision of this Section, no Lender shall demand compensation for any increased or other
cost or reduction pursuant to this Section if it shall not at the time be the general policy or practice of such Lender to demand
such compensation in similar circumstances under comparable provisions of other credit agreements.

Section
2.14.        Break
Funding Payments. In the event of (a) the payment of any principal of any LIBOR Loan other than on the last day of an
Interest Period applicable thereto (including as a result of an Event of Default or an optional prepayment of Loans), (b) the
conversion of any LIBOR Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Loan on the date or in the amount specified in any notice delivered pursuant hereto (whether or
not such notice may be revoked in accordance with the terms hereof) or (d) the assignment of any LIBOR Loan other than on
the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.17,
then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense (but not for any anticipated
profits) attributable to such event. In the case of a LIBOR Loan, such loss, cost or expense to any Lender attributable to any
such event shall be deemed to include an amount reasonably determined by such Lender to be equal to the excess, if any, of (i) the
amount of interest that would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO
Rate, that would have been applicable to such Loan (and, for avoidance of doubt, without giving effect to any Applicable Rate that
would otherwise have been applicable thereto), for the period from the date of such event to the last day of the then current Interest
Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest
Period for such Loan), over (ii) the amount of interest that would accrue on such principal amount for such period at the
interest rate that such Lender would bid were it to bid, at the commencement of such period, for deposits in US Dollars of a comparable
amount and period from other banks in the London interbank market. The Borrower shall also compensate each Lender for the loss,
cost or expense attributable to any failure by the Borrower to deliver a timely Interest Election Request with respect to a LIBOR
Borrowing. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to
this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such
Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

Section
2.15.        Taxes.
(a) Any and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made free and clear
of and without deduction or withholding for Taxes except as required by applicable law. If any

    	 	33	 

    	 

    

applicable law (as determined in the
good faith discretion of an applicable Withholding Agent) required the deduction or withholding of any Tax from any such payment
by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall
timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if
such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction
or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section)
the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

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

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

(d)              
As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority,
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 the return reporting such payment or other evidence of such payment reasonably satisfactory
to the Administrative Agent.

(e)               
Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable
to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant
Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative
Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not
such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each
Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under
any Loan Document or otherwise payable by the Administrative Agent to such Lender from any other source against any amount due
to the Administrative Agent under this paragraph (e).

    	 	34	 

    	 

    

(f)               
(i) Any Lender that is entitled to an exemption from, or reduction of, withholding Tax under the law of the jurisdiction
in which the Borrower is resident or located, or any treaty to which such jurisdiction is a party, with respect to payments made
under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times reasonably requested
by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by law or reasonably
requested by the Borrower or the Administrative Agent, as will permit such payments to be made without withholding or at a reduced
rate; provided that such Lender has received written notice from the Borrower advising it of the availability of such exemption
or reduction and containing all applicable documentation (together, if requested by such Lender, with a certified English translation
thereof). 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 2.15(f)(ii)(A), (ii)(B) or (ii)(D) below) shall
not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender
to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

(ii)              
Without limiting the generality of the foregoing,

(A)            
any Lender that is a 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 originals 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:

(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 originals of IRS Form W-8BEN or IRS Form W-8BEN-E, 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 or IRS Form
W-8BEN-E, 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;

    	 	35	 

    	 

    

(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 B-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 originals of IRS Form W-8BEN or IRS Form
W-8BEN-E, as applicable; or

(4)       to
the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,
IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit B-2
or Exhibit B-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that
if the 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 B-4
on behalf of each such direct or 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 originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction
in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable
law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

(D)            
if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Code, as applicable), such Lender shall deliver to the 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.

    	 	36	 

    	 

    

Solely for purposes of this clause (D),
“FATCA” shall include any amendments made to FATCA after the date of this Agreement.

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

(h)              
Each party’s obligations under this Section shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under this Agreement and the other Loan Documents.

(i)                
For purposes of this Section, the term “applicable law” includes FATCA.

Section
2.16.        Payments
Generally; Pro Rata Treatment; Sharing of Set-offs. (a) The Borrower shall make each payment required to be made by it
hereunder (whether of principal, interest or fees or otherwise) prior to the time required hereunder for such payment or, if no
such time is expressly required, prior to 1:00 p.m., New York City time, on the date when due, in immediately available funds,
without any defense, set-off, recoupment or counterclaim. Any amounts received after such time on any date may, in the discretion
of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest
thereon. All such payments shall be made to the Administrative Agent for the account of the applicable Lenders to such account
as the Administrative Agent shall from time to time specify in one or more notices delivered to the Borrower, except that payments
pursuant to Sections 2.13, 2.14, 2.15 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent
shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following
receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended
to the next succeeding Business Day and, in the case of any payment accruing interest, interest thereon shall be payable for the
period of such extension. All payments hereunder and under each other Loan Document shall be made in US Dollars. Any payment

    	 	37	 

    	 

    

required to be made by the Administrative
Agent hereunder shall be deemed to have been made by the time required if the Administrative Agent shall, at or before such time,
have taken the necessary steps to make such payment in accordance with the regulations or operating procedures of the clearing
or settlement system used by the Administrative Agent to make such payment.

(b)              
If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts
of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and
fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due
to such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto
in accordance with the amounts of principal then due to such parties.

(c)               
If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect
of any principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate
amount of its Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such
greater proportion shall notify the Administrative Agent of such fact and shall purchase (for cash at face value) participations
in the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably
in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; provided that (i) if
any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions
of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the
express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which
the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively
do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against
the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of the Borrower in the amount of such participation.

(d)              
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 any Lenders 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 applicable Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each
applicable Lender severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender
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 a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation.

    	 	38	 

    	 

    

(e)               
If any Lender shall fail to make any payment required to be made by it hereunder to or for the account the Administrative
Agent, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any
amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations
in respect of such payment until all such unsatisfied obligations have been discharged or (ii) hold any such amounts in a
segregated account as cash collateral for, and application to, any future funding obligations of such Lender pursuant to this Agreement
(including pursuant to Sections 2.04(b), 2.16(d) or 9.03(c)), in each case in such order as shall be determined by the Administrative
Agent in its discretion.

Section
2.17.        Mitigation
Obligations; Replacement of Lenders. (a) If any Lender requests any payments under Section 2.13, or if the Borrower is
required to pay Indemnified Taxes or any additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 2.15, then such Lender shall use reasonable efforts to designate a different lending office for funding
or booking its Loans hereunder or to assign and delegate its rights and obligations hereunder to another of its offices, branches
or Affiliates, if, in the judgment of such Lender, such designation or assignment and delegation (i) would eliminate or reduce
amounts payable pursuant to Section 2.13 or 2.15, as the case may be, in the future and (ii) would not subject such Lender
to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay
all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment and delegation.

(b)              
If (i) any Lender requests any payments under Section 2.13, (ii) 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 2.15,
(iii) any Lender becomes a Defaulting Lender or (iv) any Lender becomes a Non-Consenting Lender, 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 Section 9.04, with the Borrower
or the replacement Lender paying any applicable processing or recordation fees), all its interests, rights and obligations under
this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment and delegation); provided that (A) the Borrower shall have received the prior written consent of the Administrative
Agent (which consent shall not unreasonably be withheld), (B) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from
the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other
amounts), (C) in the case of any such assignment and delegation resulting from a claim for compensation under Section 2.13
or payments required to be made pursuant to Section 2.15, such assignment will result in a reduction in such compensation
or payments and (D) in the case of any such assignment and delegation resulting from the status of such Lender as a Non-Consenting
Lender, such assignment, together with any assignments by other Non-Consenting Lenders, will enable the Borrower to obtain
sufficient consents to cause the applicable amendment, modification or waiver to become effective. A Lender shall not be required
to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Borrower to require such assignment

    	 	39	 

    	 

    

and delegation cease to apply. Each
party hereto agrees that an assignment and delegation required pursuant to this paragraph may be effected pursuant to an Assignment
and Assumption executed by the Borrower, the Administrative Agent and the assignee and that the Lender required to make such assignment
and delegation need not be a party thereto.

Section
2.18.        Defaulting
Lenders. (a) Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then
the following provisions shall apply for so long as such Lender is a Defaulting Lender:

(i)                
ticking fees shall cease to accrue on the Commitment of such Defaulting Lender pursuant to Section 2.10(a);
and

(ii)              
the Commitment and the Loans of such Defaulting Lender shall not be included in determining whether the Required
Lenders or any other requisite Lenders have taken or may take any action hereunder or under any other Loan Document (including
any consent to any amendment, waiver or other modification pursuant to Section 9.02); provided that any amendment,
waiver or other modification requiring the consent of all Lenders or all Lenders affected thereby shall, except as otherwise provided
in Section 9.02, require the consent of such Defaulting Lender in accordance with the terms hereof.

(b)              
In the event that the Administrative Agent and the Borrower agree that a Defaulting Lender has adequately remedied
all matters that caused such Lender to be a Defaulting Lender, then such Lender shall cease to be a Defaulting Lender for all purposes
hereof.

Article
III

Representations and Warranties

The Borrower represents
and warrants to the Lenders, on the Effective Date (other than as to matters set forth in Section 3.14) and on the Closing Date,
that:

Section
3.01.        Organization;
Powers. Each of the Borrower and its Subsidiaries (a) are duly organized, validly existing and in good standing (to the
extent such concept is recognized in the jurisdiction of organization thereof) under the laws of the jurisdiction of its organization,
(b) has all requisite power and authority to carry on its business as now conducted and (c) is qualified to do business
in, and is in good standing in, every jurisdiction where such qualification is required, in each case (other than with respect
to organization, existence and good standing in its jurisdiction of organization of the Borrower), except where the failure to
do so, individually or in the aggregate, would not be materially likely to have a Material Adverse Effect.

Section
3.02.        Authorization;
Enforceability. The Transactions are within the Borrower’s corporate powers and have been duly authorized by all necessary
corporate and, if required, stockholder action. This Agreement has been duly executed and delivered by the Borrower and constitutes,
and each other Loan Document when executed and delivered by the Borrower will constitute, a legal, valid and binding obligation
of the Borrower, enforceable

    	 	40	 

    	 

    

against it in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally
and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

Section
3.03.        Governmental
Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with,
or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect,
(b) will not violate the charter, by-laws or other organizational documents of the Borrower, (c) will not violate
any applicable law, rule or regulation or any order of any Governmental Authority, (d) will not violate or result (alone or
with notice or lapse of time, or both) in a default under any indenture, agreement or other instrument binding upon the Borrower
or any of its Subsidiaries or their respective assets, or give rise to a right thereunder to require any payment to be made by
the Borrower or any of its Subsidiaries, and (e) will not result in the creation or imposition of any Lien on any asset of
the Borrower or any of its Subsidiaries or their respective assets pursuant to the terms of any indenture, agreement or other instrument
binding on the Borrower or any of its Subsidiaries, except in each case (other than in the case of clause (b), (d) (solely
as to any such indenture, agreement or other instrument governing or evidencing any Material Indebtedness) or (e)), where
the absence of such consent or approval, or the failure to make such registration or filing, or take such other action, or such
violation, default or payment would not be materially likely, individually or in the aggregate, to have a Material Adverse Effect.

Section
3.04.        Financial
Condition; No Material Adverse Change. (a) The Borrower has heretofore furnished to the Lenders its consolidated balance sheet
and statements of operations, comprehensive income, stockholders equity and cash flows as of the end of and for the fiscal year
ended October 31, 2016, reported on by PricewaterhouseCoopers LLP, an independent registered public accounting firm. Such financial
statements present fairly, in all material respects, the consolidated financial position and results of operations and cash flows
of the Borrower and its consolidated Subsidiaries as of such date and for such period in accordance with GAAP.

(b)              
Since October 31, 2016, there has been no event or condition that has had, or would be reasonably expected to have,
a material adverse effect on the business, assets, operations or financial condition of the Borrower and the Subsidiaries, taken
as a whole.

Section
3.05.        Litigation
and Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority
pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (i) that
would be materially likely, individually or in the aggregate, to have a Material Adverse Effect or (ii) that involve this
Agreement or the Transactions.

(b)              
Except with respect to any matters that, individually or in the aggregate, would not be materially likely to have
a Material Adverse Effect, neither the Borrower nor any of its Subsidiaries (i) has failed to comply with any Environmental
Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has
become subject to any Environmental Liability, (iii) has received notice of any claim

    	 	41	 

    	 

    

with respect to any Environmental Liability
or (iv) knows of any basis for any Environmental Liability.

Section
3.06.        Compliance
with Laws and Agreements. Each of the Borrower and its Subsidiaries is in compliance with all laws, rules, regulations and
orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding
upon it or its property, except where the failure to do so, individually or in the aggregate, has not resulted and would not be
materially likely to have a Material Adverse Effect. No Default has occurred and is continuing.

Section
3.07.        Investment
Company Status. The Borrower is not an “investment company” within the meaning of, or subject to regulation under,
the Investment Company Act of 1940.

Section
3.08.        Properties.
(a) Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property
material to its business, except where the failure to have such title or such leasehold interests, individually or in the aggregate,
has not resulted in and would not be materially likely to have a Material Adverse Effect.

(b)              
Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents
and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe
upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, would not be materially
likely to have a Material Adverse Effect.

Section
3.09.        Federal
Reserve Regulations. No part of the proceeds of any Loan will be used, whether directly or indirectly, and whether immediately,
incidentally or ultimately, for any purpose that entails a violation of the provisions of the regulations of the Board of Governors,
including Regulation U or Regulation X. Not more than 25% of the value of the assets of the Borrower individually, or of the Borrower
and the Subsidiaries on a consolidated basis, subject to any provision of this Agreement under which the sale, pledge or disposition
of assets is restricted (within the meaning of Regulation U), will consist of margin stock (as defined in Regulation U).

Section
3.10.        Taxes.
The Borrower and its Subsidiaries have timely filed or caused to be filed all Tax returns and reports required to have been filed
and have paid or caused to be paid all Taxes required to have been paid by them pursuant to said Tax returns or pursuant to any
assessment received by them, except (a) any Taxes that are being contested in good faith by appropriate proceedings and for
which the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves (to the extent required by GAAP)
or (b) to the extent that the failure to do so would not, individually or in the aggregate, be materially likely to have a
Material Adverse Effect.

Section
3.11.        ERISA.
No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which
liability

    	 	42	 

    	 

    

is reasonably expected to occur, would
be materially likely to be expected to have a Material Adverse Effect.

Section
3.12.        Disclosure.
Neither the Information Memorandum nor any of the other reports, financial statements, certificates or other written information
(taken as a whole) (other than projections, other forward looking information and information of a general economic or industry
specific nature) furnished by or on behalf of the Borrower to the Administrative Agent, any Arranger, the Syndication Agent, any
Documentation Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented
by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that,
with respect to projected financial information and other forward looking information, the Borrower represents only that such information
was prepared in good faith based upon assumptions believed by it to be reasonable at the time made and at the time so furnished
(it being understood and agreed that actual results may vary materially from the projections).

Section
3.13.        AML
Laws; Anti-Corruption Laws and Sanctions. The Borrower has implemented and maintains in effect policies and procedures designed
to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption
Laws, applicable AML Laws and applicable Sanctions. None of (a) the Borrower, any Subsidiary, or, to the knowledge of the Borrower,
any of their respective directors, officers, employees or Affiliates, or (b) to the knowledge of the Borrower, any agent of the
Borrower, or any Subsidiary or other Affiliate that will act in any capacity in connection with or benefit from the credit facility
established hereby, (i) is a Sanctioned Person or (ii) is in material violation of AML Laws, Anti-Corruption Laws, or Sanctions.
No Borrowing, use of proceeds or other transaction contemplated by this Agreement will cause a violation of AML Laws, Anti-Corruption
Laws or applicable Sanctions by any Person participating in the transactions contemplated by this Agreement, whether as lender,
borrower, guarantor, agent, or otherwise. The Borrower represents that, except as disclosed to the Administrative Agent and the
Lenders prior to the date of this Agreement, neither it nor any of its Subsidiaries, nor its parent company, or, to the knowledge
of the Borrower, any other Affiliate has engaged in or intends to engage in any dealings or transactions with, or for the benefit
of, any Sanctioned Person or with or in any Sanctioned Country.

Section
3.14.        Solvency.
As of the Closing Date, after giving effect to the consummation of the Ixia Acquisition and the other Transactions, including the
making of the Loans under the Credit Agreement, and after giving effect to the application of the proceeds of such Indebtedness,
(a) the fair value of the assets of the Borrower and the Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis,
their debts and liabilities, subordinated, contingent or otherwise, (b) the present fair saleable value of the property of the
Borrower and the Subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable liability,
on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities
become absolute and matured, (c) the Borrower and the Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities,
subordinated, contingent or otherwise, as such liabilities become absolute and matured and

    	 	43	 

    	 

    

(d) the Borrower and the Subsidiaries,
on a consolidated basis, are not engaged in, and are not about to engage in, business for which they have unreasonably small capital.

Article
IV

Conditions

Section
4.01.        Effective
Date. This Agreement and the Commitments of the Lenders hereunder shall become effective on the first date on which the following
conditions precedent shall have been satisfied (or waived in accordance with Section 9.02):

(a)               
The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart
of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which
may include facsimile or other electronic image scan transmission of a signed signature page of this Agreement) that such party
has signed a counterpart of this Agreement.

(b)              
The Administrative Agent shall have received a written opinion (addressed to the Administrative Agent and the Lenders
and dated the Effective Date) of Cleary Gottlieb Steen & Hamilton LLP, counsel for the Borrower, covering such matters relating
to the Borrower, this Agreement or the Transactions as the Administrative Agent shall reasonably request.

(c)               
The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel
may reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of the Transactions
and any other legal matters relating to the Borrower, this Agreement or the Transactions, all in form and substance reasonably
satisfactory to the Administrative Agent and its counsel.

(d)              
The Administrative Agent and the Arrangers shall have received a certificate, dated the Effective Date and signed
by a Financial Officer of the Borrower, acknowledging that upon the effectiveness of the Commitments on the Effective Date, the
aggregate principal amount of the Bridge Facility will be reduced by the aggregate amount of the Commitments.

(e)               
The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or prior
to the Effective Date, including, to the extent invoiced at least two Business Days prior to the Effective Date, reimbursement
or payment of all reasonable and documented out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.

(f)               
The Administrative Agent and the Lenders shall have received, at least two Business Days prior to the Effective Date,
all documentation and other information relating to the Borrower requested by them at least 10 Business Days prior to the Effective
Date for purposes of ensuring compliance with applicable “know your customer” and anti-money laundering rules and
regulations, including the USA Patriot Act.

    	 	44	 

    	 

    

(g)              
The amendment and restatement of the Revolving Credit Agreement to give effect to certain amendments as provided
therein shall have become (or, substantially contemporaneously with this Agreement becoming effective, shall become) effective,
and the Arrangers shall have received a copy of the definitive Revolving Credit Agreement as so amended and restated.

The Administrative Agent shall notify
the Borrower and the Lenders of the occurrence of the Effective Date, and such notice shall be conclusive and binding upon all
parties hereto.

Section
4.02.        Conditions
Precedent to Closing Date. The obligation of each Lenders to make Loans hereunder is subject to the occurrence of the Effective
Date, the receipt of a Borrowing Request in accordance herewith and to the satisfaction of the following conditions precedent (or
waiver in accordance with Section 9.02):

(a)               
The Arrangers shall have received a copy of the definitive Ixia Acquisition Agreement, together with all closing
deliverables thereunder, certified by the Borrower as complete and correct. The Ixia Acquisition shall have been (or, substantially
contemporaneously with the making of Loans hereunder, shall be) consummated pursuant to and on the terms set forth in the Ixia
Acquisition Agreement, without giving effect to any amendments, waivers or other modifications thereto, or any consents thereunder,
that in each case are materially adverse to the interests of the Lenders or the Arrangers, unless the Arrangers shall have provided
their written consent thereto (it being understood that (i) any reduction of less than 10% in the merger consideration for the
Ixia Acquisition will be deemed not to be materially adverse to the Lenders and the Arrangers, provided that the aggregate
principal amount of the Bridge Facility (and, after the Bridge Facility shall have been reduced to zero, the aggregate amount of
the Commitments) shall have been reduced on a dollar-for-dollar basis, and (ii) any increase of less than 10% in the merger
consideration for the Ixia Acquisition will be deemed not to be materially adverse to the Lenders and the Arrangers, provided
that such increase is solely in the form of the common stock of the Borrower issued as part of the merger consideration for the
Ixia Acquisition).

(b)              
Since the date of the Ixia Acquisition Agreement, there has not been an Ixia Material Adverse Effect.

(c)               
The Arrangers shall have received (i) audited consolidated financial statements of the Borrower, prepared in accordance
with GAAP, for each of its three most recent fiscal years ended at least 60 days prior to the Closing Date (and the related audit
reports), (ii) audited consolidated financial statements of Ixia, prepared in accordance with GAAP, for the three most recent fiscal
years ended at least 60 days prior to the Closing Date (or such lesser number of fiscal years to the extent such lesser number
would be indicated by Ixia’s significance pursuant to the Regulation S-X significance tests) (and the related audit report
or reports), (iii) unaudited consolidated financial statements of the Borrower, prepared in accordance with GAAP, for any fiscal
quarter (other than the fourth fiscal quarter) ended after the date of its most recent audited financial statements delivered pursuant
to clause (i) above (and corresponding periods of any prior year) and more than 40 days prior to the Closing Date, and (iv) unaudited

    	 	45	 

    	 

    

consolidated financial statements
of Ixia, prepared in accordance with GAAP, for any fiscal quarter (other than the fourth fiscal quarter) ended after the date of
its most recent audited financial statements delivered pursuant to clause (ii) above (and corresponding periods of any prior year)
and more than 40 days prior to the Closing Date, and in respect of each of clauses (i) through (iv) meeting the requirements of
Regulation S-X under the Securities Act. The Borrower’s and Ixia’s public filing with the SEC under the Exchange Act
of any required financial statements will satisfy the requirements of this paragraph (c).

(d)              
The Administrative Agent, the Arrangers and the Lenders shall have received all fees and other amounts due and payable
on or prior to the Closing Date, including, to the extent invoiced at least two Business Days prior to the Closing Date, reimbursement
or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.

(e)               
Substantially concurrently with the consummation of the Ixia Acquisition, the Ixia Refinancing shall be consummated,
and the Arrangers shall receive customary payoff documentation in respect thereof.

(f)               
The Administrative Agent and the Arrangers shall have received (i) a certificate, dated the Closing Date and signed
by the President, a Vice President or a Financial Officer of the Borrower, confirming satisfaction of the conditions set forth
in paragraphs (a) (solely as to the second sentence thereof), (b) and (g) of this Section and (ii) a certificate, dated the Closing
Date and signed by the chief financial officer of the Borrower, substantially in the form of Exhibit C, demonstrating solvency
(on a consolidated basis) of the Borrower and the Subsidiaries as of the Closing Date after giving effect to the Transactions.

(g)              
At the time of and upon giving effect to the borrowing and application of the Loans on the Closing Date, (i) the
Acquired Business Representations shall be true and correct, (ii) the Specified Representations shall be true and correct in all
material respects (without duplication of any materiality qualifier set forth therein) and (iii) there shall not exist any Event
of Default under clause (a), (b), (h) or (i) of Article VII.

Article
V

Affirmative Covenants

Until the Commitments
have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in
full, the Borrower covenants and agrees with the Lenders that:

Section
5.01.        Financial
Statements and Other Information. The Borrower will furnish to the Administrative Agent for transmission to each Lender:

(a)               
within 90 days after the end of each fiscal year of the Borrower (or, if earlier, the date on which the Borrower
files the same with the SEC), a copy of its audited consolidated balance sheet and related consolidated statements of operations,

    	 	46	 

    	 

    

comprehensive income, stockholders’
equity and cash flows as of the end of and for such fiscal year, setting forth in each case in comparative form the figures for
the previous fiscal year, accompanied by a report of PricewaterhouseCoopers LLP or other independent registered public accounting
firm of recognized national standing (without a “going concern” or like qualification or exception and without any
qualification or exception as to the scope of the related audit) to the effect that such consolidated financial statements present
fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and the Subsidiaries
on a consolidated basis as of the end of and for such fiscal year in accordance with GAAP consistently applied;

(b)              
within 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower (or,
if earlier, the date on which the Borrower files the same with the SEC), a copy of its consolidated balance sheet and related consolidated
statements of operations and comprehensive income as of the end of and for such fiscal quarter and the then elapsed portion of
the fiscal year and the related statement of cash flows for the then elapsed portion of such fiscal year, setting forth in each
case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the
end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly, in all material respects,
the financial position and results of operations and cash flows of the Borrower and its Subsidiaries on a consolidated basis as
of the end of and for such fiscal quarter and such portion of the fiscal year in accordance with GAAP consistently applied, subject
to normal year-end audit adjustments and the absence of footnotes (which certification requirement shall be deemed satisfied
by the execution by a Financial Officer of the certification required to be filed with the SEC pursuant to Item 601 of Regulation
S-K);

(c)               
concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate
signed by a Financial Officer of the Borrower (i) certifying as to whether a Default has occurred and is continuing and, if
a Default has occurred and is continuing, specifying the details thereof and any action taken or proposed to be taken with respect
thereto and (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.07 (including
whether any Acquisition Indebtedness has been excluded from the calculation of Adjusted Consolidated Total Indebtedness);

(d)              
promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and
other materials filed by the Borrower or any Subsidiary with the SEC, or distributed by the Borrower to its stockholders generally,
as the case may be; and

(e)               
promptly following any request therefor, such other information regarding the operations, business affairs and financial
condition of the Borrower and the Subsidiaries, or compliance with the terms of this Agreement, as the Administrative Agent or
any Lender (acting through the Administrative Agent) may reasonably request; provided that in no event shall the Borrower
be required to disclose information (x) to the extent that such disclosure to the Administrative Agent or such Lender violates
any bona fide contractual confidentiality obligations by which it is bound, so long as (i) such

    	 	47	 

    	 

    

obligations were not entered into
in contemplation of this Agreement or any of the other Transactions and (ii) such obligations are owed by it to a third party,
or (y) as to which it has been advised by counsel that provision of such information to the Administrative Agent or such Lender
would give rise to a waiver of attorney-client privilege.

Information required to be delivered
pursuant to clause (a), (b) or (d) of this Section shall be deemed to have been delivered if and when such information, or
one or more annual or quarterly reports containing such information, shall have been posted by the Administrative Agent on DebtDomain
or any similar site to which the Lenders have been granted access or shall be available on the website of the SEC at http://www.sec.gov
or the website of the Borrower at http://www.keysight.com. Information required to be delivered pursuant to this Section may
also be delivered by electronic communications pursuant to procedures approved by the Administrative Agent.

Section
5.02.        Notices
of Material Events. The Borrower will furnish to the Administrative Agent prompt written notice of the following:

(a)               
the occurrence of any Default;

(b)              
the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority
against the Borrower or any Subsidiary that would be materially likely to have a Material Adverse Effect;

(c)               
the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, would be
materially likely to be expected to result in liability of the Borrower and the Subsidiaries in an aggregate amount exceeding US$100,000,000;
and

(d)              
any other development that has had, or in the judgment of the Borrower would be materially likely to have, a Material
Adverse Effect.

Each notice delivered
under this Section shall be accompanied by a statement of a Financial Officer setting forth the details of the event or development
requiring such notice (or referring to a description of such event or development in the publicly available SEC filings of the
Borrower) and any action taken or proposed to be taken with respect thereto.

Section
5.03.        Existence.
The Borrower will, and will cause each Subsidiary to, do or cause to be done all things necessary to preserve, renew and keep in
full force and effect its legal existence, except as otherwise permitted by Section 6.04; provided that this Section shall
not require the preservation of the legal existence of any Subsidiary if the Borrower shall determine that the preservation of
such existence is no longer necessary or desirable in the conduct of the business of the Borrower and the Subsidiaries taken as
a whole.

Section
5.04.        Businesses
and Properties. Except as otherwise permitted by Section 6.04 or where the failure to do so would not be materially likely
to have a Material Adverse Effect, the Borrower will, and will cause each Subsidiary to, at all times (a) do or cause to be
done all things reasonably necessary to preserve, renew and keep in full force and effect the rights, licenses, permits, franchises,
patents, copyrights, trademarks and trade names material to

    	 	48	 

    	 

    

the conduct of its business and (b) maintain,
preserve and protect all property material to the conduct of such business.

Section
5.05.        Payment
of Taxes. The Borrower will, and will cause each of the Subsidiaries to, pay its Tax liabilities before the same shall become
delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith, (b) the Borrower
or the applicable Subsidiary has set aside on its books adequate reserves with respect thereto to the extent required by GAAP and
(c) the failure to make payment pending such contest would not be materially likely to be expected to have a Material Adverse
Effect.

Section
5.06.        Insurance.
The Borrower will, and will cause its Subsidiaries, as appropriate, to, maintain, with financially sound and reputable insurance
companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar
businesses operating in the same or similar locations; provided that the Borrower and its Subsidiaries may self-insure
up to the same extent as other companies of similar size engaged in comparable businesses.

Section
5.07.        Books
and Records; Inspection Rights. The Borrower will, and will cause each of the Subsidiaries to, keep proper books of record
and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities,
to the extent required by GAAP. The Borrower will, and will cause each of the Subsidiaries to, permit any representatives designated
by the Administrative Agent or any Lender, at reasonable times and upon reasonable prior notice (given through the Administrative
Agent), to visit and inspect its properties, to examine and make extracts from its books and records and to discuss its affairs,
finances and condition with its officers and independent accountants (it being agreed that, the foregoing, with respect to any
Subsidiary, will be coordinated through the Borrower).

Section
5.08.        Compliance
with Laws. The Borrower will, and will cause each of the Subsidiaries to, comply with all laws, rules, regulations and orders
of any Governmental Authority applicable to it or its property, including Environmental Laws and ERISA, except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. In addition, the
Borrower will maintain in effect policies and procedures designed to promote compliance by the Borrower, its Subsidiaries and their
respective directors, officers, employees and agents with Anti-Corruption Laws, applicable AML Laws and applicable Sanctions.

Section
5.09.        Use
of Proceeds. The Borrower will use the proceeds of the Loans only to finance, in part, the Ixia Acquisition and the Ixia Refinancing
and the payment of fees and expenses related thereto. The Borrower will not permit the proceeds of any Loan to be used, whether
directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that entails a violation of the provisions
of the regulations of the Board of Governors, including Regulation U or Regulation X. The Borrower will not permit more than 25%
of the value of the assets of the Borrower individually, or of the Borrower and the Subsidiaries on a consolidated basis, that
are subject to any provision of this Agreement under which the sale, pledge or disposition of assets is restricted (within the
meaning of Regulation U) to consist of margin stock (as defined in Regulation U).

    	 	49	 

    	 

    

Article
VI

Negative Covenants

Until the Commitments
have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in
full, the Borrower covenants and agrees with the Lenders that:

Section
6.01.        Subsidiary
Indebtedness. The Borrower will not permit any Subsidiary to create, incur, assume or permit to exist any Indebtedness or permit
to exist any preferred stock or other preferred equity interests, except:

(a)               
Indebtedness under this Agreement;

(b)              
Indebtedness, preferred stock or other preferred equity interests existing on the date hereof and set forth on Schedule
6.01 and extensions, renewals or replacements of any such Indebtedness that do not increase the outstanding principal amount thereof
(other than by the amount of any fees, original issue discount, costs and expenses in connection with such extension, renewal or
replacement and any accrued interest on such Indebtedness);

(c)               
Indebtedness, preferred stock or preferred equity interests of Subsidiaries existing at the time they become Subsidiaries
(or, in the case of any Indebtedness, merged or consolidated with or into the Borrower or any Subsidiary) after the date hereof
and not incurred or issued or sold in contemplation of their becoming Subsidiaries (or such merger or consolidation) and extensions,
renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof (other than by
the amount of any fees, original issue discount, costs and expenses in connection with such extension, renewal or replacement and
any accrued interest on such Indebtedness);

(d)              
Indebtedness of any Subsidiary incurred to finance the acquisition, construction or improvement by such Subsidiary
of any fixed or capital assets, including Capital Lease Obligations, provided that such Indebtedness is incurred prior to
or within 180 days after such acquisition or the completion of such construction or improvement, and extensions, renewals and replacements
of any such Indebtedness that do not increase the outstanding principal amount thereof (other than by the amount of any fees, original
issue discount, costs and expenses in connection with such extension, renewal or replacement and any accrued interest on such Indebtedness);

(e)               
Indebtedness of any Subsidiary to the Borrower or any other Subsidiary, or any preferred stock or other preferred
equity interests of any Subsidiary held by the Borrower or any other Subsidiary; provided that no such Indebtedness, preferred
stock or other preferred equity interests shall be assigned to, or subjected to any Lien in favor of, a Person other than the Borrower
or a Subsidiary;

(f)               
Indebtedness of any Subsidiary as an account party in respect of letters of credit or letters of guarantee, in each
case backing obligations that do not constitute Indebtedness of any Subsidiary;

    	 	50	 

    	 

    

(g)              
Indebtedness consisting of industrial development, pollution control or other revenue bonds or similar instruments
issued or guaranteed by any Governmental Authority;

(h)              
other Indebtedness and preferred stock and other preferred equity interests; provided that the sum, without
duplication, of (i) the aggregate principal amount of the outstanding Indebtedness, and the aggregate liquidation preference
value of the outstanding preferred stock and other preferred equity interests, permitted by this clause (h), (ii) the
aggregate principal amount of the outstanding Indebtedness secured by Liens (including Liens deemed to exist in connection with
Securitization Transactions) permitted by Section 6.02(j) and (iii) the Attributable Debt in respect of Sale-Leaseback
Transactions permitted by Section 6.03(b) does not at any time exceed the greater of (A) US$400,000,000 and (B) 10% of Consolidated
Stockholders’ Equity; provided further that no Subsidiary will be permitted under this clause (h) to provide a Guarantee
in respect of the Revolving Credit Agreement unless, substantially concurrently therewith, such Subsidiary also provides a Guarantee
in respect of the Obligations on terms that are no less favorable to the Lenders than the terms of such Guarantee in respect of
the Revolving Credit Agreement; and

(i)                
Indebtedness owed in respect of any overdrafts and related liabilities arising from treasury, depository and cash
management services or in connection with any automated clearing-house transfers of funds; provided that such Indebtedness
shall be repaid in full within five Business Days of the incurrence thereof.

Section
6.02.        Liens.
The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property
or asset now owned or hereafter acquired by it, except:

(a)               
Permitted Liens;

(b)              
(i) Liens created under this Agreement and (ii) Liens on cash collateral provided by the Borrower to any
issuing bank under the Revolving Credit Agreement in respect of Collateralized Letters of Credit (as defined in the Revolving Credit
Agreement) as contemplated by Section 2.05(n) of the Revolving Credit Agreement (or any successor provision);

(c)               
Liens existing on the date hereof and set forth on Schedule 6.02 and any extensions, renewals or replacements thereof;
provided that (i) no such Lien shall apply to any other assets of the Borrower or any Subsidiary, other than improvements
and accessions to the subject assets and proceeds thereof, and (ii) no such Lien shall secure obligations other than those
that it secured on the date hereof and permitted extensions, renewals and replacements thereof that do not increase the outstanding
principal amount thereof (other than by the amount of any fees, original issue discount, costs and expenses in connection with
such extension, renewal or replacement and any accrued interest on such obligation);

    	 	51	 

    	 

    

(d)              
Liens on assets existing at the time such assets are acquired by the Borrower or a Subsidiary and any extensions,
renewals or replacements thereof; provided that (i) no such Lien is created in contemplation of or in connection with
any such acquisition, (ii) no such Lien shall apply to any other assets of the Borrower or any Subsidiary, other than improvements
and accessions to the subject assets and proceeds thereof, and (iii) no such Lien shall secure obligations other than those
that it secures on the date of such acquisition and extensions, renewals and replacements thereof that do not increase the outstanding
principal amount thereof (other than by the amount of any fees, original issue discount, costs and expenses in connection with
such extension, renewal or replacement and any accrued interest on such obligation);

(e)               
Liens on assets of any Person at the time such Person becomes a Subsidiary (or of any Person not previously a Subsidiary
that is merged or consolidated with or into the Borrower or a Subsidiary in a transaction permitted hereunder) after the date hereof
and any extensions, renewals and replacements thereof; provided that (i) no such Lien is created in contemplation of
or in connection with such Person becoming a Subsidiary (or such merger or consolidation), (ii) no such Lien shall apply to
any other assets of the Borrower or any Subsidiary, other than improvements and accessions to the subject assets and proceeds thereof,
and (iii) no such Lien shall secure obligations other than those that it secures on the date such Person becomes a Subsidiary
(or is so merged or consolidated) and extensions, renewals and replacements thereof that do not increase the outstanding principal
amount thereof (other than by the amount of any fees, original issue discount, costs and expenses in connection with such extension,
renewal or replacement and any accrued interest on such obligation);

(f)               
Liens securing Indebtedness incurred to finance the acquisition, construction or improvement of any fixed or capital
assets (including Liens deemed to exist in connection with Capital Lease Obligations) acquired after the date hereof to the extent
such Liens are created at the time of or within 180 days after the acquisition, or the completion of such construction or improvement,
of such fixed or capital assets, and any Liens securing extensions, renewals and replacements of such Indebtedness that do not
increase the outstanding principal amount thereof (other than by the amount of any fees, original issue discount, costs and expenses
in connection with such extension, renewal or replacement and any accrued interest on such Indebtedness); provided that
no such Lien shall apply to any assets of the Borrower or any Subsidiary, other than the subject fixed or capital assets, improvements
and accessions thereto and proceeds thereof;

(g)              
customary Liens arising from or created in connection with the issuance of trade letters of credit for the account
of the Borrower or any Subsidiary supporting obligations not constituting Indebtedness; provided that such Liens encumber
only the raw materials, inventory, machinery or equipment in connection with the purchase for which such letters of credit are
issued;

(h)              
Liens on assets of Subsidiaries securing obligations owed to the Borrower or one or more other Subsidiaries;

    	 	52	 

    	 

    

(i)                
Liens on cash collateral or government securities to secure obligations under Hedging Agreements; provided
that the aggregate value of any collateral so pledged does not exceed US$30,000,000 in the aggregate at any time;

(j)                
other Liens securing or deemed to exist in connection with Indebtedness and sales of accounts receivable and interests
therein pursuant to Securitization Transactions; provided that the sum, without duplication, of (i) the aggregate principal
amount of the outstanding Indebtedness secured by Liens or deemed to exist in connection with Securitization Transactions permitted
by this clause (j), (ii) the aggregate principal amount of the outstanding Indebtedness and the aggregate liquidation
preference value of the outstanding preferred stock and other preferred equity interests permitted by Section 6.01(h) and
(iii) the Attributable Debt in respect of Sale-Leaseback Transactions permitted by Section 6.03(b) does not at any
time exceed the greater of (A) US$400,000,000 and (B) 10% of Consolidated Stockholders’ Equity; provided further
that neither the Borrower nor any Subsidiary may create or permit to exist in reliance on this clause (j) any Liens on its properties
or assets securing any obligations under the Revolving Credit Agreement unless such properties or assets also secure, on an equal
and ratable basis pursuant to documentation reasonably satisfactory to the Administrative Agent, the Obligations;

(k)              
in connection with the sale or transfer of any equity interests or other assets in a transaction permitted hereunder,
customary rights and restrictions contained in agreements relating to such sale or transfer pending the completion thereof;

(l)                
in the case of (i) any Subsidiary that is not a wholly owned Subsidiary of the Borrower or (ii) the equity interests
in any Person that is not a Subsidiary, any encumbrance or restriction, including any put and call arrangements, related to equity
interests in such Subsidiary or such other Person set forth in the organizational documents of such Subsidiary or such other Person
or any related joint venture, shareholders’ or similar agreements; and

(m)            
Liens solely on any cash earnest money deposits, escrow arrangements or similar arrangements made by the Borrower
or any Subsidiary in connection with any letter of intent or purchase agreement for any acquisition or other transaction permitted
hereunder.

Section
6.03.        Sale
and Leaseback Transactions. The Borrower will not, and will not permit any Subsidiary to, enter into or be a party to any Sale-Leaseback
Transaction, except:

(a)               
Sale-Leaseback Transactions existing on the date hereof and set forth on Schedule 6.03 and extensions, renewals
or replacements of any such Sale-Leaseback Transaction; provided that the assets subject to any such extended, renewed
or replaced Sale-Leaseback Transaction shall include only the assets subject thereto on the date hereof, improvements and accessions
thereto and proceeds thereof; and

    	 	53	 

    	 

    

(b)              
other Sale-Leaseback Transactions; provided that the sum, without duplication, of (i) the aggregate
Attributable Debt in respect of Sale-Leaseback Transactions permitted by this clause (b), (ii) the aggregate principal
amount of the outstanding Indebtedness, and the aggregate liquidation preference value of the outstanding preferred stock and other
preferred equity interests, permitted by Section 6.01(h) and (iii) the aggregate principal amount of the outstanding
Indebtedness secured by Liens (including Liens deemed to exist in connection with Securitization Transactions) permitted by Section 6.02(j)
does not at any time exceed the greater of (A) US$400,000,000 and (B) 10% of Consolidated Stockholders’ Equity.

Section
6.04.        Fundamental
Changes. (a) The Borrower will not, and will not permit any Subsidiary to, merge into or consolidate with any other Person,
or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction
or in a series of transactions) assets representing all or substantially all the consolidated assets of the Borrower and the Subsidiaries
(whether now owned or hereafter acquired), or liquidate or dissolve, except that if at the time thereof and immediately after giving
pro forma effect thereto (as if the relevant transaction and any related incurrence or repayment of Indebtedness had occurred at
the beginning of the most recent period of four fiscal quarters for which financial statements have been delivered pursuant to
Sections 5.01(a) or 5.01(b) or, prior to the delivery of any such financial statements, at October 31, 2016) no Default shall have
occurred and be continuing (i) any Person may merge into or consolidate with the Borrower in a transaction in which the Borrower
is the surviving corporation, (ii) any Person (other than the Borrower) may merge into or consolidate with any Subsidiary
in a transaction in which the surviving entity is a Subsidiary and (iii) any Subsidiary may liquidate or dissolve or, so long
as such transaction does not constitute a transfer or other disposition (in one transaction or in a series of transactions) of
all or substantially all the consolidated assets of the Borrower and the Subsidiaries (whether now owned or hereafter acquired),
merge with or into any other Person (other than the Borrower).

(b)              
The Borrower will not, and will not permit any Subsidiary to, engage to any extent material to the Borrower and the
Subsidiaries on a consolidated basis in any business other than the businesses of the type conducted by the Borrower and the Subsidiaries
on the Effective Date and businesses reasonably related or complementary thereto.

Section
6.05.        Transactions
with Affiliates. The Borrower will not, and will not permit any Subsidiary to, sell, lease or otherwise transfer any property
or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions
with, any of its Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less
favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties;
(b) transactions between or among the Borrower and the Subsidiaries (or between or among two or more Subsidiaries) not involving
any other Affiliate; and (c) compensation arrangements for directors or executive officers approved by the Board of Directors
of the Borrower or the compensation committee of such Board of Directors; provided that nothing contained in this Section shall
prevent the Borrower from paying dividends or making other cash distributions to its stockholders.

  

    	 	54	 

    	 

    

SECTION 6.06.  
estrictive Agreements. The Borrower will not, and will not permit any Subsidiary to, enter into any agreement that (a) restricts
the ability of the Borrower or any Subsidiary to create or permit to exist any Lien that secures the Obligations outstanding under
this Agreement or (b) restricts the ability of any Subsidiary to pay dividends or other distributions to the Borrower or
other Subsidiaries or to make loans or advances to the Borrower or other Subsidiaries or to repay loans or advances made by the
Borrower or other Subsidiaries to it or to Guarantee the Obligations outstanding under this Agreement; provided that the
foregoing shall not apply to:

(a)               
restrictions or conditions imposed by law or by this Agreement;

(b)              
restrictions or conditions existing on the date hereof and set forth in Schedule 6.06 (or to any extension, amendment,
modification, renewal or replacement thereof not expanding the scope of any such restriction or condition);

(c)               
restrictions or conditions that are binding on a Subsidiary at the time such Subsidiary first becomes a Subsidiary,
so long as such restrictions or conditions were not entered into in contemplation of such Person becoming a Subsidiary, to the
extent such restrictions and conditions apply only to such Subsidiary and not to any other Subsidiary;

(d)              
restrictions or conditions in agreements that represent or secure Indebtedness of a Foreign Subsidiary, provided
that such restrictions or conditions apply solely to such Foreign Subsidiary;

(e)               
restrictions or conditions that are customary provisions in joint venture agreements and other similar agreements
applicable to joint ventures and applicable solely to such joint ventures;

(f)               
restrictions or conditions on Liens in favor of any holder of Indebtedness permitted under Section 6.01 and
6.02 but solely to the extent any negative pledge or other restriction on Liens relates to the property financed by such Indebtedness,
and negative pledge clauses in favor of any holder of Indebtedness permitted under this Agreement that restrict Liens unless the
holder of such Indebtedness is equally and ratably secured thereby;

(g)              
customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary or of any assets
pending such sale to the extent that such restrictions and conditions apply only to the Subsidiary or assets that is or are to
be sold and such sale is permitted hereunder;

(h)              
restrictions and conditions imposed upon any project finance, securitization or other special purpose Subsidiary
in connection with any incurrence by it of Indebtedness permitted hereunder if (i) the principal obligations arising under
such transaction are solely obligations of such Subsidiary and are non-recourse to the Borrower or any other Subsidiary and
(ii) such restrictions apply only to such Subsidiary and not to any other Subsidiary;

    	 	55	 

    	 

    

(i)                
restrictions and conditions imposed on the transfer of licensed intellectual property and customary provisions in
leases, licenses or other agreements that restrict the assignment, sublease or sublicense of such agreements or any rights thereunder;

(j)                
customary financial covenants affecting the maintenance or retention of assets or capital by a Subsidiary;

(k)              
restrictions and conditions imposed by the Revolving Credit Agreement as in effect on the date hereof or by definitive
documents governing any other Indebtedness of the Borrower or any Subsidiary (including the Bridge Facility) so long as such restrictions
and conditions governing any such other Indebtedness are not materially less favorable to the interests of the Lenders than those
restrictions and covenants contained in the Revolving Credit Agreement as in effect on the date hereof; and

(l)                
restrictions or conditions imposed by any agreement relating to secured Indebtedness that is permitted under Section 6.01
and 6.02, to the extent that such restrictions apply only to the property or assets securing such Indebtedness; provided
that, in the case of any such Indebtedness that is secured by any Lien permitted by Section 6.02(j), if such Lien extends
to all or substantially all of the assets of the Borrower and the Subsidiaries (other than Foreign Subsidiaries) (it being understood
that, for purposes of the foregoing determination, customary exceptions for “excluded property” shall be disregarded
and such Lien shall be deemed to extend to such “excluded property”), the applicable agreements shall not restrict
the Borrower and the Subsidiaries from creating, incurring or permitting to exist Liens upon any of their assets to secure the
Obligations so long as the aggregate principal amount of any Indebtedness so secured does not, at any time, exceed the total of
the Commitments in effect at such time (or, if the Commitments have terminated, then most recently in effect).

The Borrower will
not permit any restrictive agreements under this Section 6.06 that, individually or in the aggregate, would limit the ability
of the Subsidiaries, taken as a whole, to pay dividends or make distributions to the Borrower to the extent that such dividends
or distributions are required in order to enable the Borrower to perform its obligations under this Agreement.

Section
6.07.        Financial
Covenants. (a) The Borrower will not at any time permit the ratio of (i) Adjusted Consolidated Total Indebtedness at such
time to (ii) Consolidated EBITDA for the most recently ended period of four consecutive fiscal quarters to be greater than
(A) with respect to the period prior to the Closing Date, 3.50 to 1.00, (B) with respect to the period commencing on the Closing
Date and ending on the last day of the fourth full fiscal quarter after the Closing Date, 4.00 to 1.00, (C) with respect to the
period commencing on the day after the last day of the fourth full fiscal quarter after the Closing Date and ending on the last
day of the sixth full fiscal quarter after the Closing Date, 3.75 to 1.00 and (D) from and after the day after the last day of
the sixth full fiscal quarter after the Closing Date, 3.50 to 1.00.

(b)       The
Borrower will not at any time permit the ratio of (i) Consolidated EBITDA to (ii) consolidated interest expense, in each case for
the most recently ended period of four fiscal quarters, to be less than 3.00 to 1.00.

    	 	56	 

    	 

    

SECTION 6.08.   Use of Proceeds. The Borrower
will not request any Borrowing, and the Borrower shall not use, and shall procure that its Subsidiaries and its and their respective
directors, officers, employees, Affiliates and agents shall not use, directly or indirectly, the proceeds of any Borrowing, or
lend, contribute or otherwise make available such proceeds to any Subsidiary, other Affiliate, joint venture partner or other Person,
(a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of
value, to any Person in violation of any Anti-Corruption Laws or AML Laws, (b) for the purpose of funding, financing or facilitating
any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or involving any goods
originating in or with a Sanctioned Person or Sanctioned Country or (c) in any manner that would result in the violation of any
Sanctions by any Person (including any Person participating in the transactions contemplated hereunder, whether as underwriter,
advisor lender, investor or otherwise).

Article
VII

Events of Default

If any of the following
events (“Events of Default”) shall occur:

(a)               
the Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether
at the due date thereof or at a date fixed for prepayment thereof or otherwise;

(b)              
the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred
to in clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall
become due and payable, and such failure shall continue unremedied for a period of three Business Days;

(c)               
any representation, warranty or certification made or deemed made by or on behalf of the Borrower in or in connection
with this Agreement or any amendment or modification hereof or waiver hereunder, or in any report, certificate, financial statement
or other document furnished pursuant to or in connection with this Agreement or any amendment or modification hereof or waiver
hereunder, shall prove to have been materially incorrect when made or deemed made;

(d)              
the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02,
5.03 (with respect to the Borrower’s existence) or 5.09 or in Article VI;

(e)               
the Borrower shall fail to observe or perform any covenant, condition or agreement contained in any Loan Document
(other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period
of 30 days after notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any
Lender);

    	 	57	 

    	 

    

(f)               
the Borrower or any Subsidiary shall fail to make any payment (whether of principal or interest) in respect of any
Material Indebtedness, when and as the same shall become due and payable (but only after all the periods of grace, if any, applicable
thereto have lapsed);

(g)              
any event or condition occurs that results in any Material Indebtedness becoming due or being terminated or required
to be prepaid, repurchased, redeemed or defeased prior to its scheduled maturity, or that enables or permits (all the periods of
grace, if any, applicable thereto having lapsed, but with or without the giving of notice) the holder or holders of any Material
Indebtedness (or, in the case of any Securitization Transaction, the purchasers or lenders thereunder or, in the case of any Hedging
Agreement, the counterparties thereto) or any trustee or agent on its or their behalf to cause any Material Indebtedness to become
due, or to terminate or require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity;
provided that this clause (g) shall not apply to (i) any secured Indebtedness that becomes due or is required to be
prepaid, repurchased, redeemed or defeased as a result of the voluntary sale or transfer of the property or assets securing such
Indebtedness, (ii) any Indebtedness that becomes due or is prepaid, repurchased, redeemed or defeased as a result of a refinancing
thereof or (iii) any Acquisition Indebtedness incurred in connection with an Acquisition (including the Ixia Acquisition) prior
to the date such Acquisition is consummated that becomes due or is required to be prepaid, repurchased, redeemed or defeased on
account of such Acquisition not having been consummated prior to a specified date;

(h)              
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation,
reorganization or other relief in respect of the Borrower or any Material Subsidiary or its debts, or of a substantial part of
its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect
or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower
or any Material Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue
undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;

(i)                
the Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking
liquidation (other than any liquidation of a Subsidiary permitted by Section 6.04(a)(iii)), reorganization or other relief under
any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent
to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h)
of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator
or similar official for the Borrower or any Material Subsidiary or for a substantial part of its assets, (iv) file an answer
admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for
the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

    	 	58	 

    	 

    

(j)                
the Borrower or any Material Subsidiary shall become unable, admit in writing its inability or fail generally to
pay its debts as they become due;

(k)              
one or more judgments for the payment of money in an aggregate amount in excess of US$100,000,000 (net of any available
insurance provided by a solvent and unaffiliated insurer that has not disputed coverage) shall be rendered against the Borrower,
any Subsidiary or any combination thereof and the same shall remain undischarged for a period of 60 consecutive days during which
execution shall not be effectively stayed, or a judgment creditor shall have attached or levied upon any assets of the Borrower
or any Subsidiary to enforce any such judgment (but only if such attachment or levy shall not be effectively stayed);

(l)                
an ERISA Event shall have occurred that, in the reasonable opinion of the Required Lenders, when taken together with
all other ERISA Events that have occurred, would be materially likely to result in liability of the Borrower and the Subsidiaries
in an aggregate amount in excess of US$100,000,000; or

(m)            
a Change in Control shall occur;

then, and in every such event (other
than an event with respect to the Borrower described in clause (h) or (i) of this Article), and at any time thereafter
during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice
to the Borrower, declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not
so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so
declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued
hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in clause (h) or (i) of
this Article, the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations
of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice
of any kind, all of which are hereby waived by the Borrower.

It is understood and agreed that, without
limiting the conditions precedent set forth in Article IV, (i) any failure by the Borrower or any of its Subsidiaries
to comply with any covenant or agreement set forth in Article V or VI, in each case, prior to the funding of the Loans on the Closing
Date, and (ii) any inaccuracy of the representations and warranties set forth in Article III made by the Borrower on the Effective
Date, in each case, shall not constitute an Event of Default or give rise to any rights or remedies of the Administrative Agent
or the Lenders or any other Person against the Borrower, in each case, until after the funding of the Loans on the Closing Date
occurs. After the funding of the Loans on the Closing Date, all the rights and remedies of the Administrative Agent and the Lenders
in respect of any such failure or inaccuracy shall, if it would constitute an Event of Default in the absence of this paragraph,
be available and may be exercised by them notwithstanding that such rights and remedies were not available prior to such time as
a result of the provisions of this paragraph (it being further understood and agreed that nothing in this paragraph shall be, or
is intended to be, a waiver of

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any Event of Default or, after the funding
of the Loans on the Closing Date, of any right or remedy of the Administrative Agent or any Lender in respect thereof provided
for herein or under applicable law).

Article
VIII

The Administrative Agent

Section
8.01.        Appointment
and Authority. Each of the Lenders hereby irrevocably appoints the entity named as Administrative Agent in the heading of this
Agreement and its successors to serve as Administrative Agent under the 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 of the
Loan Documents, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article (other
than Section 8.06, which shall also be for the benefit of the Borrower) are solely for the benefit of the Administrative Agent
and the Lenders, and the Borrower shall not have rights as a third-party beneficiary of any of such provisions. 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.

Section
8.02.        Rights
as a Lender. Any 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 terms “Lender”
and “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 business with the Borrower or any of the Subsidiaries or any other Affiliate thereof as if it were not the Administrative
Agent hereunder and without any duty to account therefor to the Lenders.

Section
8.03.        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,
(a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default
has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise
any discretionary powers, except discretionary rights and powers expressly contemplated hereby 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 necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in
Section 9.02), provided that the Administrative Agent shall not be required to take any action that, in its opinion
or the opinion of its counsel, could expose the Administrative Agent to liability or to be contrary to any Loan Document or applicable
law, rule or regulation,

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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) except as expressly set forth
herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any
information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the Administrative Agent
or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it
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 to be necessary, under the circumstances as provided in Section 9.02)
or in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise determined by
a final, non-appealable judgment of a court of competent jurisdiction). The Administrative Agent shall be deemed to have no
knowledge of any Default unless and until written notice thereof (stating that it is a “notice of default”) is given
to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any
duty to ascertain or inquire into (i) any statement, warranty or representation made or deemed made in or in connection with
any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan
Document or the occurrence of any Default, (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of
any Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV
or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative
Agent or satisfaction of any condition that expressly refers to the matters described therein as being acceptable or satisfactory
to the Administrative Agent.

Section
8.04.        Reliance
by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, 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 be made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance
with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative
Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice
to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who
may be counsel for the Borrower), 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.

Section
8.05.        Delegation
of Duties. The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any
one or more sub-agents appointed by it. The Administrative Agent and any such sub-agent may perform any and all its duties
and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of this Article shall apply
to any such sub-agent and to the Related Parties

    	 	61	 

    	 

    

of the Administrative Agent and any
such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities
provided for herein as well as activities as Administrative Agent.

Section
8.06.        Resignation
or Removal of Administrative Agent. (a) The Administrative Agent may at any time give notice of its resignation to the Lenders
and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with
the Borrower and subject to the consent of the Borrower (so long as no Event of Default under clause (a) (b) (h) or (i) of Article
VII has occurred and is continuing at such time), 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 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, appoint a successor Administrative
Agent meeting the qualifications set forth above; provided that in no event shall any such 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.

(b)              
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 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)               
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 and
(ii) except for any indemnity payments 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 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 any rights to indemnity payments
owed to the retiring or removed Administrative Agent), and the retiring or removed Administrative Agent shall be discharged from
all of its duties and obligations hereunder or under the other Loan Documents. 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 9.03, as well as any exculpatory, reimbursement and indemnification
provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring or removed

    	 	62	 

    	 

    

Administrative Agent, its sub-agents
and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or
removed Administrative Agent was acting as Administrative Agent.

Section
8.07.        Non-Reliance
on Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent, any Arranger, the Syndication Agent, any Documentation Agent or any other Lender, or any of the Related Parties
of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis
and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon
the Administrative Agent, any Arranger, the Syndication Agent, any Documentation Agent or any other Lender, or any of the Related
Parties of any of the foregoing, and based on such documents and information as it 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.

Section
8.08.        Bankruptcy
Proceedings. In case of the pendency of any proceeding with respect to the Borrower under any Federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal
of any Loan 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 (but not obligated) by intervention in such proceeding
or otherwise:

(a)               
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders and the Administrative Agent (including any claim under Sections 2.10, 2.11, 2.14, 2.15 and 9.03)
allowed in such judicial proceeding; and

(b)              
to collect and receive any monies or other property payable or deliverable on any such claims in such judicial proceeding
and to distribute the same;

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender 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, to pay to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent,
under this Agreement (including under Section 9.03). Notwithstanding anything herein to the contrary, it is understood and agreed
that the provisions of this Section 8.08 are agreements solely among the Administrative Agent and the Lenders.

Section
8.09.        No
Other Duties, Etc. The parties agree that none of the Arrangers, the Syndication Agent or the Documentation Agents referred
to on the cover page of this Agreement shall, in its capacity as such, have any duties or responsibilities under this Agreement
or any other Loan Document.

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Article
IX

Miscellaneous

Section
9.01.        Notices.
(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) of
this Section), 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, as follows:

(i)                
if to the Borrower, to it at Keysight Technologies, Inc., 1400 Fountaingrove Parkway, Santa Rosa, California 95403
(fax: 707-540-6490 ), Attention: Treasurer, with a copy to Keysight Technologies, Inc., 1400 Fountaingrove Parkway, Santa Rosa,
California 95403 (fax: 707-540-6494), Attention: General Counsel;

(ii)              
if to the Administrative Agent, to Goldman Sachs Bank USA, 6031 Connection Drive, Irving, Texas 75039, Attention:
Goldman Sachs Senior Bank Debt (fax: 212-428-9270; email: gs-sbdagency-borrowernotices@ny.email.gs.com); and

(iii)            
if to any other Lender, to it at its address (or fax number) set forth in its Administrative Questionnaire.

Notices sent by hand
or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices
sent by fax 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); and notices delivered
through electronic communications to the extent provided in paragraph (b) below shall be effective as provided in such paragraph.

(b)              
Notwithstanding anything herein to the contrary, notices and other communications to the Lenders hereunder may be
delivered or furnished by electronic communications (including email and Internet and intranet websites) pursuant to procedures
approved by the Administrative Agent; provided that the foregoing shall not apply to notices under Article II to any
Lender if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by
electronic communication. Any notices or other communications to the Administrative Agent or the Borrower may be delivered or furnished
by electronic communications pursuant to procedures approved by the recipient thereof prior thereto; provided that approval
of such procedures may be limited or rescinded by any such Person by notice to each other such Person.

(c)               
Any party hereto may change its address or fax number for notices and other communications hereunder by notice to
the other parties hereto.

(d)              
(i) The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make the Communications
(as defined below) available to the Lenders by posting the Communications on the Platform.

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(ii)              
The Platform is provided “as is” and “as available.” The Agent Parties (as defined below)
do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No
warranty of any kind, express, implied or statutory, including, without limitation, 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 Communications 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 or any other Person for damages
of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses
(whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of
communications through the Platform. “Communications” means, collectively, any notice, demand, communication,
information, document or other material provided by or on behalf of the Borrower pursuant to any Loan Document or the transactions
contemplated therein which is distributed to the Administrative Agent or any Lender by means of electronic communications pursuant
to this Section, including through the Platform.

Section
9.02.        Waivers;
Amendments. (a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder or
under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof
or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder and
under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No
waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective
unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given. Without limiting the generality of the foregoing, the
execution and delivery of this Agreement, the making of a Loan shall not be construed as a waiver of any Default, regardless of
whether the Administrative Agent, any Lender may have had notice or knowledge of such Default at the time.

(b)              
Subject to Section 9.02(c), neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and
the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase
the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce
the rate of interest thereon (other than as a result of any waiver of any increase in the interest rate applicable to any Loan
pursuant to Section 2.11(d)), or reduce any fees payable hereunder, without the written consent of each Lender adversely affected
thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any
fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration
of any Commitment, in each case, without the written consent of each Lender adversely affected thereby, (iv) change Section
2.06(c), 2.16(b) or 2.16(c) in a manner that would alter the pro rata sharing of Commitment reductions or payments required thereby,
as the case may be, without the

    	 	65	 

    	 

    

written consent of each Lender adversely
affected thereby or (v) change any of the provisions of this Section or the percentage set forth in the definition of
the term “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to
waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent
of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of
the Administrative Agent hereunder without the prior written consent of the Administrative Agent. Notwithstanding anything else
in this Section to the contrary (A) any amendment of the definition of the term “Applicable Rate” pursuant to
the last sentence of such definition shall require only the written consent of the Borrower and the Required Lenders and (B) no
consent with respect to any waiver, amendment or modification of this Agreement or any other Loan Document shall be required of
any Defaulting Lender, except with respect to any waiver, amendment or other modification referred to in clause (i), (ii) or
(iii) of the first proviso of this paragraph and then only in the event such Defaulting Lender shall be adversely affected
by such amendment, waiver or other modification.

(c)               
If the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical
error or other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Borrower
shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error
or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement,
so long as, in each case, the Lenders shall have received at least five Business Days’ prior written notice thereof and the
Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice
from the Required Lenders stating that the Required Lenders object to such amendment, modification or supplement.

Section
9.03.        Expenses;
Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses
incurred by the Administrative Agent, the Arrangers, the Syndication Agent and the Documentation Agents and their respective Affiliates,
including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication
of the credit facilities provided for herein, the preparation and administration of this Agreement or any amendments, modifications
or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all
out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the reasonable fees, charges and disbursements
of any counsel for the Administrative Agent or any Lender, in connection with the lawful enforcement of its rights in connection
with this Agreement, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued
hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect
of such Loans; provided that, in the case of this clause (ii), the Borrower will not be liable for the fees, charges and
disbursements of more than one firm of primary counsel for the Administrative Agent and the Lenders taken as a whole (and, if reasonably
deemed necessary by the Administrative Agent, one firm of local counsel in each relevant jurisdiction), except that, in the case
of an actual or perceived conflict of interest where the Person affected by such conflict informs the Borrower of such conflict,
the Borrower will be responsible for the reasonable fees, charges and disbursements of one additional firm of counsel (and, if
reasonably deemed

    	 	66	 

    	 

    

necessary by such Persons, one additional
firm of such local counsel in each other relevant jurisdiction) for each group of affected Persons that are similarly situated.

(b)              
The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Arranger, the Syndication
Agent, each Documentation Agent and each Lender, and each Related Party of any of the foregoing Persons (each such Person being
called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by
or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of
this Agreement, the other Loan Documents or any agreement or instrument contemplated hereby or thereby, the performance by the
parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated
hereby, (ii) any Loan or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous
Materials on or from any property owned or operated by the Borrower or any of the Subsidiaries, or any other Environmental Liability
related in any way to the Borrower or any of the 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 and regardless of whether any
Indemnitee is a party thereto or whether brought by any third party or by the Borrower or any of its Affiliates; provided
that (A) such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
or related expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted
from the gross negligence or willful misconduct of such Indemnitee and (B) the Borrower will not be liable for the fees, charges
and disbursements of more than one firm of primary counsel for the Indemnitees taken as a whole (and, if reasonably deemed necessary
by the Indemnitees, one firm of local counsel in each relevant jurisdiction), except that, in the case of an actual or perceived
conflict of interest where any Indemnitee affected by such conflict informs the Borrower of such conflict, the Borrower will be
responsible for the reasonable fees, charges and disbursements of one additional firm of counsel (and, if reasonably deemed necessary
by such Indemnitees, one additional firm of such local counsel in each other relevant jurisdiction) for each group of affected
Indemnitees that are similarly situated. This paragraph shall not apply with respect to Taxes, other than any Taxes that represent
losses, claims or damages arising from any non-Tax claim.

(c)               
To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent (or
any sub-agent thereof), or any Related Party of any of the foregoing, under paragraph (a) or (b) of this Section
(and without limiting its obligation to do so), each Lender severally agrees to pay to the Administrative Agent (or such sub-agent)
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) of such unpaid amount; provided that the unreimbursed expense or indemnified loss,
claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or
such sub-agent), or against any Related Party for the Administrative Agent (or any such sub-agent) in connection with such
capacity. For purposes of this Section, a Lender’s “pro rata share” shall be determined based upon its share
of the sum of the outstanding Loans and unused Commitments, in each case, at the time (or most recently outstanding and in effect).

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(d)              
To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any
Indemnitee, on any theory of liability, for (i) any damages arising from the use by others of information or other materials
obtained through telecommunications, electronic or other information transmission systems (including the Internet) or (ii) special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as
a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions,
any Loan or the use of the proceeds thereof.

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

Section
9.04.        Successors
and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any
of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any attempted
assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise
transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied,
shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted
hereby, Participants (to the extent provided in paragraph (c) of this Section), the Arrangers, the Syndication Agent,
the Documentation Agents and, to the extent expressly contemplated hereby, the sub-agents of the Administrative Agent and the
Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by
reason of this Agreement.

(b)              
(i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Eligible
Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and
the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of:

(A)            
the Borrower; provided that no consent of the Borrower shall be required (1) prior to the funding of Loans
on the Closing Date, for an assignment to a Specified Permitted Lender or (2) after the funding of Loans on the Closing Date, (x)
for an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, (y) for an assignment to a Specified Permitted Lender
and (z) if an Event of Default under clause (a), (b), (h) or (i) of Article VII has occurred and is continuing at the time of such
assignment, for any other assignment (provided that the Borrower shall nonetheless be provided notice of such assignment);
provided further 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 10 Business Days after having received notice thereof at the address and fax
number specified in Section 9.01(a) hereof (as the same may be changed by the Borrower pursuant to Section 9.01(c)); and

    	 	68	 

    	 

    

(B)             
the Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment
to a Lender, an Affiliate of a Lender or an Approved Fund.

(ii)              
Assignments shall be subject to the following additional conditions:

(A)            
except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of
the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment
is delivered to the Administrative Agent) shall not be less than US$5,000,000 unless each of the Borrower and the Administrative
Agent otherwise consents; provided that no such consent of the Borrower shall be required if an Event of Default under clause
(a), (b), (h) or (i) of Article VII has occurred and is continuing at the time of such assignment; provided further that
the Borrower shall be deemed to have consented to any such amount unless it shall object thereto by written notice to the Administrative
Agent within 10 Business Days after having received notice thereof;

(B)             
each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement;

(C)             
the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of US$3,500; provided that only one such processing and recordation fee shall
be payable in the event of simultaneous assignments from any Lender or its Approved Funds to one or more other Approved Funds of
such Lender; and

(D)            
the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire
in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain MNPI)
will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable
law, including Federal, State and foreign securities laws.

(iii)            
Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the
effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of
the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and
the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from
its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all the assigning Lender’s
rights and obligations under this

    	 	69	 

    	 

    

Agreement, such Lender shall cease
to be a party hereto but shall continue to be entitled to the benefits of Sections 2.13, 2.14, 2.15 and 9.03). Any assignment or
transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated
for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of
this Section.

(iv)            
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain
at one of its offices a copy of each Assignment and Assumption delivered to it and records of the names and addresses of the Lenders,
and the Commitment of, and principal amount (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof
from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative
Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the
Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

(v)              
Upon receipt by the Administrative Agent of an Assignment and Assumption executed by an assigning Lender and an assignee,
the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder) and the processing
and recordation fee referred to in this Section, the Administrative Agent shall accept such Assignment and Assumption and record
the information contained therein in the Register; provided that the Administrative Agent shall not be required to accept
such Assignment and Assumption or so record the information contained therein if the Administrative Agent reasonably believes that
such Assignment and Assumption lacks any written consent required by this Section or is otherwise not in proper form, it being
acknowledged that the Administrative Agent shall have no duty or obligation (and shall incur no liability) with respect to obtaining
(or confirming the receipt) of any such written consent or with respect to the form of (or any defect in) such Assignment and Assumption,
any such duty and obligation being solely with the assigning Lender and the assignee. No assignment shall be effective for purposes
of this Agreement unless it has been recorded in the Register as provided in this paragraph, and following such recording, unless
otherwise determined by the Administrative Agent (such determination to be made in the sole discretion of the Administrative Agent,
which determination may be conditioned on the consent of the assigning Lender and the assignee), shall be effective notwithstanding
any defect in the Assignment and Assumption relating thereto. Each assigning Lender and the assignee, by its execution and delivery
of an Assignment and Assumption, shall be deemed to have represented to the Administrative Agent that all written consents required
by this Section with respect thereto (other than the consent of the Administrative Agent) have been obtained and that such
Assignment and Assumption is otherwise duly completed and in proper form, and each assignee, by its execution and delivery of an
Assignment and Assumption, shall be deemed to have represented to the assigning Lender and the Administrative Agent that such assignee
is an Eligible Assignee.

    	 	70	 

    	 

    

(c)               
Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more
Eligible Assignees (“Participants”) in all or a portion of such Lender’s rights and obligations under
this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s
obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto
for the performance of such obligations and (C) the Borrower, the Administrative Agent and the other Lenders shall continue to
deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided
that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant or requires the approval
of all the Lenders. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.13, 2.14 and 2.15
(subject to the requirements and limitations therein, including the requirements under Section 2.15(f) (it being understood
that the documentation required under Section 2.15(f) shall be delivered to the participating Lender)) 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 (x) agrees to be subject to the provisions of Sections 2.16 and 2.17 as if it were an assignee under paragraph (b) of
this Section and (y) shall not be entitled to receive any greater payment under Section 2.13 or 2.15, with respect to
any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to
receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were
a Lender; provided that such Participant agrees to be subject to Section 2.16(c) as though it were a Lender. Each Lender
that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register
on which it enters the name and address of each Participant to which it has sold a participation and the principal amounts (and
stated interest) of each such Participant’s interest in the Loans or other rights and obligations of such Lender under this
Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose
all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating
to a Participant’s interest in any Loans or other rights and obligations under any this Agreement) except to the extent that
such disclosure is necessary to establish that such Loan or other right or 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 such) shall not have any responsibility for maintaining a Participant Register.

(d)              
Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other
central bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that
no such pledge or assignment of a security interest shall release a Lender from any of its

    	 	71	 

    	 

    

obligations hereunder or substitute
any such pledgee or assignee for such Lender as a party hereto.

Section
9.05.        Survival.
All covenants, agreements, representations and warranties made by the Borrower herein, in the other Loan Documents and in the certificates
or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered
to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making
of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative
Agent, any Arranger, the Syndication Agent, any Documentation Agent or any Lender or any Affiliate of any of the foregoing may
have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder,
and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other
amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The
provisions of Sections 2.13, 2.14, 2.15 and 9.03 and Article VIII shall survive and remain in full force and effect regardless
of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments
or the termination of this Agreement or any provision hereof.

Section
9.06.        Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement,
the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent 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, including the commitments of the Lenders and, if applicable, their Affiliates
under any commitment advices submitted by them (but do not supersede any other provisions of the Engagement Letter dated February 1,
2017, among Goldman Sachs Bank USA, BNP Paribas, BNP Paribas Securities Corp. and the Borrower, or the Fee Letters referred to
therein, that do not by the terms of such documents terminate upon the effectiveness of this Agreement, all of which provisions
shall remain in full force and effect). 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, and thereafter shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature
page of this Agreement by facsimile or other electronic image scan transmission shall be effective as delivery of a manually executed
counterpart of this Agreement.

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

        

    	 	72	 

    	 

    

SECTION 9.08.   Right of Setoff. If an Event
of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from
time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by
such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations then due of
the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall
have made any demand under this Agreement. The rights of each Lender and each of their respective Affiliates under this Section are
in addition to other rights and remedies (including other rights of setoff) that such Lender or Affiliate may have.

Section
9.09.        Governing
Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by
the law of the State of New York; provided that (i) the interpretation of the definition of Ixia Material Adverse Effect
and whether or not an Ixia Material Adverse Effect has occurred, (ii) the determination of the accuracy of any Acquired Business
Representations and whether as a result of any failure of such representations and warranties to be true and correct the Borrower
or any of its Affiliates (A) have the right to not consummate the Ixia Acquisition or to terminate their respective obligations
or (B) otherwise do not have an obligation to close, in each case, under the Ixia Acquisition Agreement and (iii) the determination
of whether the Ixia Acquisition has been consummated pursuant to and on the terms set forth in the Ixia Acquisition Agreement,
in each case, shall be governed by, and construed and interpreted solely in accordance with, the laws of the State of Delaware
without giving effect to conflicts of laws principles that would result in the application of the law of any other state.

(b)              
Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the jurisdiction
of the Supreme Court of the State of New York sitting in the Borough of Manhattan and of the United States District Court of the
Southern District of New York sitting in the Borough of Manhattan, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and
the Borrower hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding brought
by it or any of its Affiliates shall be brought, and shall be heard and determined, exclusively in such New York State or, to the
extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action
or proceeding relating to this Agreement or any other Loan Document against the Borrower or any of its respective properties in
the courts of any jurisdiction.

(c)               
The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of
or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each
of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the

    	 	73	 

    	 

    

defense of an inconvenient forum to
the maintenance of such action or proceeding in any such court.

(d)              
Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.
Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any
other manner permitted by law.

Section
9.10.        WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

Section
9.11.        Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part
of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

Section
9.12.        Confidentiality;
Non-Public Information. (a) The Administrative Agent and each Lender agrees to maintain the confidentiality of the Information
(as defined below), except that Information may be disclosed (i) to its and its Affiliates’ directors, officers, employees
and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure
is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential),
(ii) to the extent requested by any Governmental Authority or any other regulatory authority purporting to have jurisdiction
over it 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 (but only after
giving prompt written notice to the Borrower, to the extent permitted by law, of any such requirement or request (except with respect
to any audit or examination conducted by any Governmental Authority) so that the Borrower may seek a protective order or other
appropriate remedy and/or waive compliance with this Section), (iv) to any other party to this Agreement, (v) in connection
with the exercise of any remedies under this Agreement or any other Loan Document or any suit, action or proceeding relating to
this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing
provisions substantially the same as those of this Section, to (x) any assignee of or Participant in, or any prospective assignee
of or Participant in, any of its rights and obligations under this Agreement, or (y) 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

    	 	74	 

    	 

    

Borrower and their obligations, this
Agreement or payments hereunder; (vii) on a confidential basis to (x) any rating agency in connection with rating the Borrower
or its Subsidiaries or their Obligations under this Agreement or (y) the CUSIP Service Bureau or any similar agency in connection
with the issuance and monitoring of CUSIP numbers with respect to this Agreement; (viii) with the consent of the Borrower;
or (ix) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section,
or (B) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential
basis from a source other than the Borrower. 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,
the Loans and the Commitments. For the purposes of this Section, “Information” means all information received from
the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative
Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower; provided that, in the case of information received
from the Borrower 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.

(b)              
Each Lender acknowledges that all information, including requests for waivers and amendments, furnished by the Borrower
or the Administrative Agent pursuant to or in connection with, or in the course of administering, this Agreement will be syndicate-level
information, which may contain MNPI. Each Lender represents to the Borrower and the Administrative Agent that (i) it has developed
compliance procedures regarding the use of MNPI and that it will handle MNPI in accordance with such procedures and applicable
law, including Federal, state and foreign securities laws, and (ii) it has identified in its Administrative Questionnaire
a credit contact who may receive information that may contain MNPI in accordance with its compliance procedures and applicable
law, including Federal, state and foreign securities laws.

(c)               
The Borrower and each Lender acknowledge that, if information furnished by the Borrower pursuant to or in connection
with this Agreement is being distributed by the Administrative Agent through DebtDomain or another website or other information
platform (the “Platform”), (i) the Administrative Agent may post any information that the Borrower
has indicated as containing MNPI solely on that portion of the Platform as is designated for Private Side Lender Representatives
and (ii) if the Borrower has not indicated whether any information furnished by it pursuant to or in connection with this
Agreement contains MNPI, the Administrative Agent reserves the right to post such information solely on that portion of the Platform
as is designated for Private Side Lender Representatives. The Borrower agrees to clearly designate all information provided to
the Administrative Agent by or on behalf of the Borrower that is suitable to be made available to Public Side Lender Representatives,
and the Administrative Agent shall be entitled to rely on any such designation by the Borrower without liability or responsibility
for the independent verification thereof.

    	 	75	 

    	 

    

SECTION 9.13.    Interest Rate Limitation. Notwithstanding
anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other
amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed
the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the
Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together
with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges
that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall
be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not
above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate
to the date of repayment, shall have been received by such Lender.

Section
9.14.        USA
Patriot Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act, it is required
to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower
and other information that will allow such Lender to identify the Borrower in accordance with the USA Patriot Act.

Section
9.15.        No
Fiduciary Relationship. The Borrower, on behalf of itself and its Subsidiaries, agrees that in connection with all aspects
of the transactions contemplated hereby and any communications in connection therewith, the Borrower, its Subsidiaries and their
Affiliates, on the one hand, and the Administrative Agent, the Arrangers, the Syndication Agent, the Documentation Agents, the
Lenders and their Affiliates, on the other hand, will have a business relationship that does not create, by implication or otherwise,
any fiduciary duty on the part of the Administrative Agent, any Arranger, the Syndication Agent, any Documentation Agent, any Lender
or any of their Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or communications.
The Administrative Agent, the Arrangers, the Syndication Agent, the Documentation Agents, the Lenders and their Affiliates may
be engaged, for their own accounts or the accounts of customers, in a broad range of transactions that involve interests that differ
from those of the Borrower and its Affiliates, and none of the Administrative Agent, the Arrangers, the Syndication Agent, the
Documentation Agents, the Lenders or their Affiliates has any obligation to disclose any of such interests to the Borrower or its
Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it or any of its Affiliates
may have against the Administrative Agent, the Arrangers, the Syndication Agent, the Documentation Agents, the Lenders and their
Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction
contemplated hereby.

Section
9.16.        Acknowledgment
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any
EEA Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of an EEA Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by:

    	 	76	 

    	 

    

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

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

(i)                
a reduction in full or in part or cancellation of any such liability;

(ii)              
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares
or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

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

[The remainder of this page has been
left blank intentionally]

 

    	 	77	 

    	 

    

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year
first above written.

KEYSIGHT
TECHNOLOGIES, INC.,

		By:	/s/ Jason A. Kary

Name: Jason A. Kary

Title: Vice President, Treasurer and Investor Relations

    	 

    	 

    

 

GOLDMAN SACHS BANK USA, individually
and as Administrative Agent,

		By:	/s/ Charles D. Johnston

Name: Charles D. Johnston

Title: Authorized Signatory

    	 

    	 

    

SIGNATURE PAGE TO

KEYSIGHT TECHNOLOGIES, INC.

TERM CREDIT AGREEMENT

 

BNP PARIBAS:

		By:	/s/ Brendan Heneghan

Name: Brendan Heneghan

Title: Director

 

		By:	/s/ Karim Remtoula

Name: Karim Remtoula

Title: Vice President

 

    	 

    	 

    

SIGNATURE PAGE TO

KEYSIGHT TECHNOLOGIES, INC.

TERM CREDIT AGREEMENT

 

BARCLAYS BANK PLC:

		By:	/s/ Marguerite Sutton

Name: Marguerite Sutton

Title: Vice President

    	 

    	 

    

SIGNATURE PAGE TO

KEYSIGHT TECHNOLOGIES, INC.

TERM CREDIT AGREEMENT

 

CREDIT SUISSE AG, Cayman Islands Branch

		By:	/s/ Christopher Day

Name: Christopher Day

Title: Authorized Signatory

		By:	/s/ Kelly Heimrich

Name: Kelly Heimrich

Title: Authorized Signatory

    	 

    	 

    

SIGNATURE PAGE TO

KEYSIGHT TECHNOLOGIES, INC.

TERM CREDIT AGREEMENT

 

BANK OF AMERICA, N.A.,

		By:	/s/ Arti Dighe

Name: Arti Dighe

Title: Vice President

    	 

    	 

    

SIGNATURE PAGE TO

KEYSIGHT TECHNOLOGIES, INC.

TERM CREDIT AGREEMENT

 

CITIBANK, N.A.

		By:	/s/ Susan Olsen

Name: Susan Olsen

Title: Vice President

    	 

    	 

    

SIGNATURE PAGE TO

KEYSIGHT TECHNOLOGIES, INC.

TERM CREDIT AGREEMENT

 

Wells Fargo Bank, N.A.:

		By:	/s/ Dhiren Desai

Name: Dhiren Desai

Title: Vice President

    	 

    	 

    

 

 

SCHEDULE
2.01

COMMITMENTS

	
        Lender
	
        Commitment

	Goldman Sachs Bank USA	$70,000,000
	BNP Paribas	$70,000,000
	Barclays Bank PLC	$70,000,000
	Credit Suisse AG, Cayman Islands Branch	$70,000,000
	Bank of America, N.A.	$40,000,000
	Citibank, N.A. 	$40,000,000
	Wells Fargo Bank, National Association	$40,000,000
	 	 
	TOTAL:	$400,000,000.00

 

 

    	 

    	 

    

SCHEDULE 6.01

EXISTING SUBSIDIARY INDEBTEDNESS

 

None

 

 

 

 

 

 

    	 

    	 

    

SCHEDULE 6.02

EXISTING LIENS

 

None

 

 

 

 

 

    	 

    	 

    

SCHEDULE 6.03

EXISTING SALE AND LEASEBACK TRANSACTIONS

None

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

SCHEDULE 6.06

EXISTING RESTRICTIVE AGREEMENTS

None

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

EXHIBIT A

[FORM OF]

 

ASSIGNMENT AND ASSUMPTION

This Assignment and
Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered
into by and between the Assignor (as defined below) and the Assignee (as defined below). Capitalized terms used but not defined
herein shall have the meanings given to them in the Credit Agreement identified below, receipt of a copy of which is hereby acknowledged
by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein
by reference and made a part of this Assignment and Assumption as if set forth herein in full.

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions referred to below and the Credit Agreement, as
of the Effective Date inserted by the Administrative Agent as contemplated below, (a) all the Assignor’s rights and
obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto
to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations
of the Assignor under the credit facility provided for under the Credit Agreement 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) against
any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments
delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing,
including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity, related
to the rights and obligations sold and assigned pursuant to clause (a) above (the rights and obligations sold and assigned
pursuant to clauses (a) and (b) above being referred to herein collectively as the “Assigned Interest”).
Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption,
without representation or warranty by the Assignor.

1.Assignor:                                                                       

		2.	Assignee:                                                                  

[and is an Affiliate/Approved Fund of [Identify Lender]]1
[and is a Specified Permitted Lender]

		3.	Borrower: Keysight Technologies, Inc.

		4.	Administrative
Agent: Goldman Sachs Bank USA

		5.	Credit Agreement: The Term Credit Agreement dated as of February 15, 2017, among Keysight Technologies,
Inc., the Lenders parties thereto and Goldman Sachs Bank USA, as Administrative Agent.

 

		1	Select as applicable.

    	 

    	 

    

		6.	Assigned Interest:

	
        Facility Assigned
	
        Aggregate Amount of Commitment/
        Loans of all Lenders
	
        Amount of

        Commitment/Loans

        Assigned
	
        Percentage Assigned

        of the Aggregate Amount of

        Commitment/Loans2

	
        Commitments/Loans
	
        $
	
        $
	
        %

Effective Date: ________ __, 20__ [TO
BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR].

The Assignee, if not already a Lender,
agrees to deliver to the Administrative Agent a completed Administrative Questionnaire in which the Assignee designates one or
more credit contacts to whom all syndicate-level information (which may contain MNPI about the Borrower, the Subsidiaries and
their respective securities) will be made available and who may receive such information in accordance with the Assignee’s
compliance procedures and applicable laws, including Federal and state securities laws.

2
Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

    	 

    	 

    

 

	The terms set forth above are hereby agreed to:	[Consented to and]3 Accepted:
	_____________, as Assignor,	GOLDMAN SACHS BANK USA, as

Administrative Agent,
	By:                                                

Name:

Title:	By:                                                

Name:

Title:
	_____________, as Assignee, 4	Consented to:
	 	[KEYSIGHT TECHNOLOGIES, INC.,
	By:                                                

Name:

Title:	By:                                                

Name:

Title:]5

 

		3	No consent of the Administrative Agent is required for an assignment to a Lender, an Affiliate
of a Lender or an Approved Fund.

		4	The Assignee must deliver to the Borrower all applicable Tax forms required to be delivered by
it under Section 2.15(f) of the Credit Agreement.

		5	No consent of the Borrower is required (a) prior to the funding of Loans on the Closing Date, for
an assignment to a Specified Permitted Lender or (b) after the funding of Loans on the Closing Date, for an assignment to a Lender,
an Affiliate of a Lender or an Approved Fund, for an assignment to a Specified Permitted Lender or, if an Event of Default under
clause (a), (b), (h) or (i) of Article VII of the Credit Agreement has occurred and is continuing, for any other assignment.

    	 

    	 

    

 

ANNEX 1

TO ASSIGNMENT AND ASSUMPTION

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

1.       Representations
and Warranties.

1.1. Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the
Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or
in connection with the Credit Agreement or any other Loan Document, other than statements made by it herein, (ii) the execution,
legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or any other Loan Document, (iii) the
financial condition of the Borrower, any of its Subsidiaries or other Affiliates or any other Person obligated in respect of the
Credit Agreement or (iv) the performance or observance by the Borrower, any of its Subsidiaries or other Affiliates or any
other Person of any of their respective obligations under the Credit Agreement or any other Loan Document.

1.2. Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption, to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it meets all requirements of an eligible assignee under the Credit Agreement (subject to
receipt of such consents as may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall
be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have
the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most
recent financial statements delivered pursuant to Section 5.01 thereof and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the
Assigned Interest independently and without reliance on the Administrative Agent, any Arranger or any other Lender, (v) if
it is a Lender that is a U.S. Person, attached hereto is an executed original of IRS Form W-9 certifying that such Lender is
exempt from U.S. Federal backup withholding tax and (vi) 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 Assignee; and (b) agrees
that (i) it will, independently and without reliance on the Administrative Agent, any Arranger, the 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 Credit Agreement, and (ii) it will perform in accordance with their terms all of
the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender.

2.       Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal,

    	 

    	 

    

interest, fees and other amounts) to
the Assignee whether such amounts have accrued prior to or on or after the Effective Date. The Assignor and the Assignee shall
make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date or with respect
to the making of this assignment directly between themselves.

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 (and by different parties hereto on different
counterparts), which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by facsimile or other electronic image scan transmission 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 laws of the State of New York.

 

    	 

    	 

    

EXHIBIT B-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 Term Credit Agreement dated as of February 15, 2017 (as amended, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among Keysight Technologies, Inc., a Delaware corporation (the “Borrower”),
each Lender from time to time party thereto and Goldman Sachs Bank USA, as Administrative Agent.

Pursuant to the provisions
of Section 2.15 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it
is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the
Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) 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 (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.

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF LENDER]

		By:	                                              

                                         Name:

                                         Title:

Date: _______ __, 20[  ]

 

    	 

    	 

    

EXHIBIT B-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 Term Credit Agreement dated as of February 15, 2017 (as amended, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among Keysight Technologies, Inc., a Delaware corporation (the “Borrower”),
each Lender from time to time party thereto and Goldman Sachs Bank USA, as Administrative Agent.

Pursuant to the provisions
of Section 2.15 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning
of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of
Section 871(h)(3)(B) of the Code, and (iv) 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 (i) if the information provided on this certificate changes, the undersigned shall promptly
so inform such Lender in writing, 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.

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF PARTICIPANT]

		By:	                                            

Name:

Title:

Date: _______ __, 20[  ]

 

    	 

    	 

    

EXHIBIT B-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 Term Credit Agreement dated as of February 15, 2017 (as amended, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among Keysight Technologies, Inc., a Delaware corporation (the “Borrower”),
each Lender from time to time party thereto and Goldman Sachs Bank USA, as Administrative Agent.

Pursuant to the provisions
of Section 2.15 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the
participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole
beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct
or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its
trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its
direct or indirect partners/members is a controlled foreign corporation related to 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: (i) an IRS Form W-8BEN or (ii) 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 (1) if the information provided on this certificate changes,
the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with
a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF PARTICIPANT]

		By:	                                        

Name:

Title:

Date: _______ __, 20[  ]

 

    	 

    	 

    

EXHIBIT B-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 Term Credit Agreement dated as of February 15, 2017 (as amended, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among Keysight Technologies, Inc., a Delaware corporation (the “Borrower”),
each Lender from time to time party thereto and Goldman Sachs Bank USA, as Administrative Agent.

Pursuant to the provisions
of Section 2.15 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the
Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct
or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with
respect to the extension of credit pursuant to the Credit Agreement or any other Loan Document, neither the undersigned nor any
of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary
course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect
partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none
of its direct or indirect partners/members is a controlled foreign corporation related to 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: (i) an IRS Form W-8BEN or (ii) 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 (1) if the information provided
on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) 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.

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF LENDER]

		By:	                                        

Name:

Title:

Date: _______ __, 20[  ]

    	 

    	 

    

EXHIBIT C

[FORM OF]

SOLVENCY CERTIFICATE

Pursuant to Section
4.02(f)(ii) of the Term Credit Agreement dated as of February 15, 2017 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Keysight Technologies, Inc., a Delaware corporation (the “Borrower”),
the Lenders party thereto and Goldman Sachs Bank USA, as Administrative Agent, the undersigned hereby certifies, solely in such
undersigned’s capacity as chief financial officer of the Borrower, and not individually, as follows:

As of the date hereof,
after giving effect to the consummation of the Ixia Acquisition and the other Transactions, including the making of the Loans and
after giving effect to the application of the proceeds thereof:

		(a)	the fair value of the assets of the Borrower and the Subsidiaries, on a consolidated basis, exceeds,
on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise;

		(b)	the present fair saleable value of the property of the Borrower and the Subsidiaries, on a consolidated
basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts
and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured;

		(c)	the Borrower and the Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities,
subordinated, contingent or otherwise, as such liabilities become absolute and matured; and

		(d)	the Borrower and the Subsidiaries, on a consolidated basis, are not engaged in, and are not about
to engage in, business for which they have unreasonably small capital.

For purposes of
this Solvency Certificate, the amount of any contingent liability at any time shall be computed as the amount that would reasonably
be expected to become an actual and matured liability.

Capitalized terms
used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

The undersigned
is familiar with the business and financial position of the Borrower and its Subsidiaries. In reaching the conclusions set forth
in this Solvency Certificate, the undersigned has made such investigations and inquiries as the undersigned has deemed appropriate,
having taken into account the nature of the business proposed to be conducted by the Borrower and the Subsidiaries after consummation
of the Transactions.

[Signature Page Follows]

 

 

 

 

 

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Solvency Certificate in such undersigned’s capacity as chief financial officer of the Borrower,
on behalf of the Borrower, and not individually, as of the date first stated above.

KEYSIGHT TECHNOLOGIES, INC.

By:                                               

Name:

Title:Exhibit

Exhibit 10.24

AVISTA CORPORATION PERFORMANCE AWARD AGREEMENT

This Performance Award Agreement (the “Agreement”) is made by and between Avista Corporation, a Washington Corporation (the “Company”) and the individual named in section 1 (the “Participant”) as designated by  the Avista Corporation Compensation and Organization Committee (the “Plan Administrator”).

WHEREAS, Performance Awards are granted under the January 19, 2016 amended and restated Avista Corporation Long-Term Incentive Plan (the “Plan”). The terms and conditions of the Performance Awards are set forth below and in the Plan, which is incorporated into this Agreement by reference.

NOW, THEREFORE, in consideration of the premises contained herein and in the Plan, it is agreed as follows:

1.Terms of Performance Awards. The terms of the Performance Awards are set forth as follows:

		
	(a)
	The "Participant" is (Participant’s name)

		
	(b)
	The "Grant Date” is February 4, 2016.

		
	(c)
	The total target number of eligible "Performance Awards" shall be (# of) units. “Performance Awards” granted under this Agreement are units that will be reflected in a book account maintained by the Company or a third party administrator during the Performance Cycle, and that will be settled in cash or shares of Avista Corporation Common Stock (“Common Stock”) to the extent provided in this Agreement and the Plan.

		
	(d)
	The "Performance Cycle" is the period beginning on January 1, 2016 and ending on December 31, 2018.

2.Conditions to Award. Pursuant to this Award, the number of Performance Awards earned will depend upon the Company’s performance against specific performance metrics. The performance metrics are (i) Relative Total Shareholder Return, which accounts for (# of) units of the total target award as set forth in section 1(c), and (ii) Cumulative Earnings Per Share (“CEPS”) which accounts for (# of) units of the total target award set forth in section 1(c). The total number of shares of Stock that will be issued in the settlement of this Award, based upon the Company’s satisfaction of the metrics, will be determined by multiplying the Target Number of units allocated for each metric set forth in this section 2 by the applicable Payout Factor in accordance with the provisions of Exhibit 1 and Exhibit 2, which is attached to and forms a part of this Agreement.

3.Settlement of Performance Awards. The Company shall deliver to the Participant one share of Common Stock (or cash equal to the Fair Market Value of one share of Common Stock) for each Performance Award earned by the Participant, as determined in accordance with the provisions of Exhibit 1 and Exhibit 2, which is attached to and forms a part of this Agreement. The earned Performance Award payable to the Participant shall be paid in shares of Common Stock or in cash (based on the Fair Market Value  of  the Common Stock  as of  the date  the  Plan Administrator certifies the attainment of  the

Page 1 of 10

performance goals), or in a combination of the two, as determined by the Plan Administrator in its sole discretion, except that cash may be distributed in lieu of any fractional share of Common Stock.

All Performance Awards and any Dividend Equivalents (as described in Section 5 below) earned by a Participant under this Agreement are subject to the Recoupment Policy adopted by the Company’s Board of Directors as amended from time to time (“Recoupment Policy”). If a Participant becomes subject to the Recoupment Policy any Performance Award and associated Dividend Equivalent may be forfeited in whole or in part and all or part of any distribution payable to a Participant or his or her beneficiary under this Agreement may be recovered by the Company pursuant to the Recoupment Policy.

4.Time of Payment. Except as otherwise provided in this Agreement, payment of Performance Awards earned will be delivered as soon as feasible after the end of the Performance Cycle and after the Plan Administrator certifies the attainment of the performance goals.

5.Dividend Equivalent Rights. Any Performance Awards may, in the Plan Administrator’s discretion, earn Dividend Equivalent Rights. In respect of any Performance Award that is outstanding on the dividend record date for Common Stock, the Participant may be credited with an amount equal to the cash distributions that would have been paid on the shares of Common Stock covered by such Award had such covered shares been issued and outstanding on such dividend record date. Dividend Equivalent Rights are to be paid in cash based on the total number of Performance Awards earned at the end of the Performance Cycle and delivered as soon as feasible after the Performance Cycle and after the Plan Administrator certifies the attainment of the performance goals. Dividend Equivalent Rights are subject to all applicable taxes, which are the responsibility of the Participant. The Dividend Equivalent Rights in respect of any Performance Awards that are not earned as of the end of a Performance Cycle, shall be forfeited as of the end of the Performance Cycle.

6.Termination of Employment during Performance Cycle. Except as otherwise provided in section 7, this section 6 shall apply if the Participant’s employment terminates during a Performance Cycle. If the Participant’s employment with the Company and/or Subsidiaries terminates during the Performance Cycle because of Retirement, Disability, or Death, the Participant shall be entitled to a prorated value of the Performance Award earned in accordance with Exhibit 1 and Exhibit 2, determined at the end of the Performance Cycle, and based on the ratio of the number of whole months the Participant was employed during the Performance Cycle to the total number of months in the Performance Cycle (36). If a Participant's employment or services with the Company and/or Subsidiaries terminate on or as of the last day of a Performance Cycle, such Participant will be deemed to have terminated after the end of such Performance Cycle. If the Participant’s employment with the Company and/or Subsidiaries terminates during the Performance Cycle for any reason other than Retirement, Disability, or Death, the Performance Award granted under this Agreement will be forfeited on the Date of Termination (as defined in section 9(b)); provided, however, that in such circumstances, the Plan Administrator, in its sole discretion, may determine that the Participant will be entitled to receive a prorated or other portion of the Performance Award. In case of termination for Cause, the Performance Award granted shall automatically terminate upon first notification to the Participant of such termination, unless the Plan Administrator determines otherwise. If a Participant’s employment with the Company is suspended pending an investigation of whether the Participant shall be terminated for Cause, all the Participant’s rights under any Award likewise shall be suspended during the period of investigation. The effect of a Company-approved leave of absence on the terms and conditions of an Award shall be determined by the Plan Administrator, in its sole discretion.

7.Change in Control. If a Change in Control occurs during the Performance Cycle, and the Participant’s Date of Termination (as defined in section 9(b)) does not occur before the Change in Control date, the Participant shall be entitled to a prorated value of the Performance Award that would have been earned by the Participant in accordance with Exhibit 1 and Exhibit 2, determined as of the date of the Change in Control, prorated based on the ratio of the number of whole months the Participant is employed during the Performance Cycle through the date of the Change in Control, to the total number of months in the Performance Cycle; provided, however, that a Payout Factor of at least 100% as set forth

	
			
	04/05/16
	Page 2 of 10
	

in Exhibit 1 and Exhibit 2 for the Performance Cycle shall be deemed to have been achieved as of the date of the Change in Control. Notwithstanding the provisions of sections 3 (with the exception of the application of the Recoupment Policy), 4, and 5, the value of the Performance Award, and any Dividend Equivalent Right, earned in accordance with the foregoing provisions of this section shall be delivered to the Participant in a lump sum cash payment as soon as feasible after the occurrence of a Change in Control, with the value of a Performance Award equal to the Fair Market Value of a share of Common Stock determined under the provision of section 3 as of the date of the Change in Control. Distributions to the Participant under sections 3 and 5 shall not be affected by payments under this section, except that the number of Performance Awards and Dividend Equivalent Rights earned by and payable to the Participant shall be reduced by the number of Performance Awards and Dividend Equivalent Rights with respect to which payment was made to the Participant under this section.

8.Taxes. The Participant is liable for any and all taxes, including withholding taxes, arising out of the grant, vesting, payment or settlement of any Performance Awards and Dividend Equivalent Rights. The Company shall have the right to require the Participant to remit to the Company, or to withhold awarded shares of Common Stock, or from any Dividend Equivalent Rights or other amounts due to the Participant, as compensation or otherwise, an amount sufficient to satisfy all federal, state and local withholding tax requirements.

9.Definitions. For purposes of this Agreement, the terms used in this Agreement shall be subject to the following:

		
	(a)
	Change in Control. The term "Change in Control" is defined in section 2.4 of the amended and restated Avista Corp. Long Term Incentive Plan.

		
	(b)
	Date of Termination. The Participant’s "Date of Termination" shall be the first day occurring on or after the Grant Date on which the Participant is not employed by the Company or any Subsidiary, regardless of the reason for the termination of employment; provided that a termination of employment shall not be deemed to occur by reason of a transfer of the Participant between the Company and a Subsidiary or between two Subsidiaries; and further provided that the Participant’s employment shall not be considered terminated while the Participant is on a leave of absence from the Company or a Subsidiary approved by the Participant’s employer. If, as a result of a sale or other transaction, the Participant’s employer ceases to be a Subsidiary (and the Participant’s employer is or becomes an entity that is separate from the Company), and the Participant is not, at the end of the 30-day period following the transaction, employed by the Company or an entity that is then a Subsidiary, then the occurrence of such transaction shall be treated as the Participant’s Date of Termination caused by the Participant being discharged by the employer.

		
	(c)
	Disability. ‘‘Disability’’ means ‘‘disability’’ as that term is defined for purposes of the Company’s Long Term Disability Plan or other similar successor plan applicable to employees.

		
	(d)
	Retirement. "Retirement" of the Participant shall mean retirement as of the individual’s retirement date under the Retirement Plan for Employees of Avista Corporation or other similar successor plan applicable to employees.

10.Assignability. No Performance Award or Dividend Equivalent Right granted or awarded under the Plan may be assigned or transferred by the Participant other than by will or by the applicable laws of descent and distribution, and, during the Participant’s lifetime, settlements of such Awards may be payable only to the Participant or a permitted assignee or transferee of the Participant (as provided below). Notwithstanding the foregoing, the Plan Administrator, in its sole discretion, may permit such assignment or transfer and may permit a Participant of such Performance Awards or Dividend Equivalent Rights to designate a beneficiary who may receive compensation settlement under the Performance

	
			
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Award after the Participant’s death; provided, however, that any amount so assigned or transferred shall be subject to all the same terms and conditions contained in this Agreement.

		
	11.
	General

11.1    Award Agreements. Performance Awards granted under the Plan shall be evidenced by a written agreement that shall contain such terms, conditions, limitations and restrictions as the Plan Administrator shall deem advisable and that are not inconsistent with the Plan.

11.2    Continued Employment or Services; Rights in Awards. Nothing contained in this Agreement, the Plan, or any action of the Plan Administrator taken under the Plan or this Agreement shall be construed as giving any Participant or employee of the Company any right to be retained in the employ of the Company or any Subsidiary or to limit the Company’s or any Subsidiary’s right to terminate the employment or services of the Participant.

11.3    Registration. At the present time, the Company has an effective registration statement with respect to the shares. The Company intends to maintain this registration but has no obligation to do so. In the event that such registration ceases to be effective, the Participant will not receive a Performance Award settlement or payment unless exemptions from registration under federal and state securities laws are available; such exemptions from registration are very limited and might be unavailable. By accepting the Agreement, the Participant hereby acknowledges that he/she has read the section of the Plan and this Agreement entitled Registration.

11.4    No Rights as a Shareholder. No Award under this Agreement shall entitle the Participant to any dividends (except to the extent provided in an award of Dividend Equivalent Rights), voting or any other right of a shareholder unless and until the date of issuance under the Plan of the shares that are the subject of such Performance Award, are free of all applicable restrictions.

11.5    Compliance with Laws and Regulations. Notwithstanding anything in the Plan to the contrary, the Board of Directors, in its sole discretion, may bifurcate the Plan so as to restrict, limit or condition the use of any provision of the Plan to Participants who are officers or directors subject to Section 16 of the Exchange Act without so restricting, limiting or conditioning the Plan with respect to other Participants.

11.6    Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity and enforceability of any other provision of this Agreement. If any provision of the Agreement is determined to be invalid, illegal or unenforceable in any jurisdiction, or as to any person, or would disqualify any Performance Award under any law deemed applicable by the Plan Administrator, such provision shall be construed or deemed amended by the Plan Administrator to conform to applicable laws, or, if the Plan Administrator determines that the provision cannot be so construed or deemed amended without materially altering the intent of the Plan or the Performance Award, such provision shall be stricken as to such jurisdiction, person or Performance Award, and the remainder of the Agreement and any such Performance Award shall remain in full force and effect.

12.Administration. The authority to manage and control the operation and administration of this Agreement shall be vested in the Plan Administrator, and the Plan Administrator shall have all powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement by the Plan Administrator and any decision made by it with respect to the Agreement are final and binding.

13.Construction. This Agreement is subject to and shall be construed in accordance with the Plan, the terms of which are explicitly made applicable hereto. Unless otherwise defined herein, capitalized terms in this Agreement shall have the same definitions as set forth in the Plan. In the event of any conflict between the provisions hereof and those of the Plan, the provisions of the Plan shall govern.

	
			
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14.Amendment. This Agreement may be amended by written agreement of the Participant and the Company, without the consent of any other person.

15.Governing Law. The validity, construction, interpretation and enforceability of this Agreement shall be determined and governed by the laws of the State of Washington without giving effect to the principles of conflicts of laws. For the purpose of litigating any dispute that arises under this Agreement, the parties hereby consent to exclusive jurisdiction in Washington State and agree that such litigation shall be conducted in the courts of Spokane County, Washington or the federal courts of the United States for the eastern district of Washington.

16.Successors. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company) to agree in writing to assume the Company’s obligations under this Agreement and to perform such obligations in the same manner and to the same extent that the Company is required to perform them. As used in this Agreement, “Company” shall mean the Company and any successor to its business and/or assets that assumes and agrees to perform the Company’s obligations under the Agreement by operation of law or otherwise.

IN WITNESS WHEREOF, the Participant has executed this Agreement, and the Company has caused these presents to be executed in its name and on its behalf, all effective as of the Grant Date.

AVISTA CORPORATION

By:       Scott L. Morris
Chairman of the Board, President and Chief Executive Officer

	
			
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EXHIBIT 1

Performance Award Plan
Relative Total Shareholder Return Metric and Goals
2016 - 2018 Performance Cycle

The following graph and table represent the relationship between the Company’s relative three-year Total Shareholder Return (“TSR”) commencing January 1, 2016 and ending December 31, 2018 and the target award opportunity. The number of shares delivered at the end of the three-year Performance Cycle can range from zero to 200% of the target number of units allocated under this metric. The actual issuance of shares depends on Avista’s three-year TSR performance compared to the returns of the peer companies reported in the S&P 400 Utilities Index and how we rank among them. To receive 100% of the Award allocated under this metric, Avista must perform at the 50th percentile among the companies in the S&P
400 Utilities Index. To receive 200% of the Award, Avista must rank at the 100th percentile. If Avista ranks below the 40th percentile, no stock awards or cash Dividend Equivalent Rights will be earned. Dividend
Equivalent Rights are calculated and paid out in cash when and to the extent the Performance Awards are issued. The following graph demonstrates the relationship between TSR ranking and various payout factors. Performance Awards are interpolated on a straight line for performance results between the figures shown.

	
			
	 
	Relative TSR Percentile
	Payout Factor

	Maximum
	100th
	200%

	 
	85th
	150%

	 
	70th
	125%

	Target
	50th
	100%

	 
	45th
	70%

	Threshold
	40th
	40%

	 
	<40th
	No Award

TSR is calculated using S&P Research Insight and reflects share price appreciation plus the impact of dividend distributions and the reinvestment of such dividends. To compute the TSR, an adjusted price is calculated by applying a monthly return factor to the average closing share prices on the last trading day of November and December for the start and end of the Performance Cycle.

	
			
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From one year to the next, if S&P drops a company out of the index and adds another, the new company will be included in the ranking and the dropped company will be excluded. When a new company is added, they will be added to the ranking as if they had been in the ranking from the beginning – provided that there is pricing and dividend data at the beginning of the cycle. When a company is dropped everything related to that company will be excluded from the ranking as if the company was never part of the ranking.

Settlement Formula Example:
Assuming that 970 Performance Award units were allocated under this metric at the beginning of the three-year Performance Cycle and Avista’s TSR ranked at the 45th percentile after the three-year Performance Cycle, the Participant would receive 70% of 970 or 679 shares of Avista common stock plus
cash dividend equivalents.

	
					
	Payout Factor
(% of Target)
	 
	Target Number of Performance Awards Granted
	 
	Final Number of Common Stocks Issued

	70%
	X
	970
	=
	679 shares plus cash dividends

Percentile Ranking Methodology:
The percentile rank is calculated using the PERCENTRANK function in MS Excel, excluding Avista from the list and rounding all results to the nearest whole percentile.

The calculation can be replicated by arranging the TSR data from highest to lowest for all peers except Avista. A percentile ranking is calculated for each data point assuming 100.0th %ile for the highest data point, 0.0 %ile for the lowest data point, and the corresponding percentile for every other data point with an equal difference in percentile ranking for each data point. The TSR for Avista is calculated by determining Avista’s rank in the list and interpolating between the percentile rankings for the companies immediately above and below based on the differences in TSR. An example, based on sample data is as follows:
	
			
	Company Ranking
	TSR
	Percentile Rank

	1
	201.6%
	100.0%

	2
	135.9%
	98.2%

	47 (ABC Corp)
	20.3%
	17.8%

	48 (XYZ Corp)
	16.0%
	16.0%

	56
	-3.3%
	1.7%

	57
	-10.5%
	0.0%

If a company’s TSR is 18.9%, the resulting percentile ranking would be 17%, calculated as follows: 17% = 16.0% + [(18.9% - 16.0%) / (20.3% - 16.0%) * (17.8% - 16.0%)]

Total Shareholder Return (TSR) Methodology:
For purposes of this Agreement, a methodology for calculating a total return to shareholder with dividend reinvestment was established. Returns are calculated daily based on stock price changes and dividend payments and then accumulated over the Performance Cycle. Below are additional assumptions used in Avista’s calculation for TSR.

General Assumptions:
The starting and ending prices are determined by averaging the closing price on the last trading day of November and the last trading day of December at the beginning and the end of the Performance Cycle.

An example, based on sample data is as follows: the stock price for the start of the Performance Cycle for Avista is $34.90, which is the average of $35.35 (12/31/2014) and $34.45 (11/28/2014). Dividends are reinvested on a daily basis. For this example, a fictional ex-date for dividends per share is used for

	
			
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demonstration purposes. Daily returns are calculated over the performance cycle and added together resulting in the Cumulative TSR for the performance cycle.
	
				
	Date
	Closing Price
	Dividend
	Daily TSR

	11/21/2014
	33.90
	0
	NA

	11/24/2014
	33.80
	0
	(0.2950%)

	11/25/2014
	34.06
	0.3175
	1.7086%*

	11/26/2014
	34.29
	0
	0.6753%

	11/27/2014
	34.29
	0
	0.00%

	11/28/2014
	34.45
	0
	0.4666%

	Cumulative TSR 11/21/2014 to 11/28/2014
	2.5555%

* [(34.06 + 0.3175) / 33.80] -1

EXHIBIT 2

Performance Award Plan
Cumulative Earnings Per Share Metric and Goals
2016 - 2018 Performance Period

The following graph and table represent the relationship between the Company’s Cumulative Earnings Per Share (“CEPS”) commencing January 1, 2016 and ending December 31, 2018 and the target award opportunity. The number of shares delivered at the end of the three-year Performance Cycle can range from zero to 200% of the target number of units allocated under this metric. The actual issuance of shares depends on Avista’s CEPS growth performance over the three-year Performance Cycle. To receive 100% of the Performance Award allocated under this metric, Avista must achieve CEPS compounded growth of 4.50% based on earnings guidance. To receive 200% of the Award, Avista must achieve CEPS compounded growth of 6.00%. If Avista’s CEPS compounded growth is less than 3.00%, no stock awards or cash Dividend Equivalent Rights will be earned. Dividend Equivalent Rights are calculated and paid out in cash when and to the extent the Performance Awards are issued. The following graph demonstrates the relationship between CEPS and various payout factors. Performance Awards are interpolated on a straight line for performance results between the figures shown.

	
			
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	3-Year Cumulative Growth
	Payout Factor

	Maximum
	6.0%
	200%

	 
	5.625%
	175%

	 
	5.25%
	150%

	 
	4.875%
	125%

	Target
	4.5%
	100%

	 
	4.125%
	85%

	 
	3.75%
	70%

	 
	3.375%
	55%

	Threshold
	3%
	40%

	 
	<3%
	No Award

Performance is tracked over a three-year Performance Cycle thereby focusing on sustainability.

The performance metric CEPS provides for Performance Awards if the Company's cumulative EPS grows at a certain rate on a compounded annual basis. Cumulative EPS is fully diluted earnings per share determined in accordance with generally accepted accounting principles, and may be adjusted to remove the effects of such items as regulatory charges, income tax legislative changes and/or items of a non- routine or items of an extraordinary nature as determined by the Plan Administrator.

Settlement Formula Example:
Assuming that 485 Performance Award units were allocated under this metric at the beginning of the Performance Cycle and Avista’s cumulative EPS grew 4.875% over three years, the Participant would receive 125% of 485 or 607 shares of Avista common stock plus dividend equivalents in cash.
	
					
	Payout Factor
(% of Target)
	 
	Target Number of Performance Awards Granted
	 
	Number of Common Stocks Issued

	125%
	X
	485
	=
	607 shares plus cash dividends

Using the example formulas in Exhibit 1 and Exhibit 2, the Participant would receive in total 88% of 1,455 (total target # of Performance Awards granted) or 1,286 Shares of Common Stock plus cash dividend equivalents.

	
						
	 
	Payout Factor
(% of Target)
	 
	Target Number of Performance Awards Granted
	 
	Number of Common Stocks Issued

	TSR
	70%
	X
	970
	=
	679

	CEPS
	125%
	X
	485
	=
	607

	Total
	88%
	X
	1,455
	=
	1,286

	
			
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ACCEPTANCE AND ACKNOWLEDGMENT

I, a resident of the state of    _, accept the Performance Award described in this Agreement and in the Plan, and acknowledge that I have received a copy of this Agreement and the Plan. I have read and understand the Plan, and I hereby make the representations, warranties and acknowledgments, and undertake the indemnity and other obligations, therein specified.

	
				
	Dated:
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	Social Security Number
	 
	Signature of Employee

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	Printed Name

	
			
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