Document:

EXHIBIT 10.2

    

    
      

      

      

        

        

        

        AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT

        

        

        Dated as of March 29, 2019,

      Relating to a certain Term Loan Credit Agreement dated as of March 8, 2019,

          

          

          Among

          

          

          BERRY GLOBAL GROUP, INC.,

          

          

          BERRY GLOBAL, INC.,

          as Borrower,

          

          

          THE LENDERS PARTY HERETO,

          

          

          GOLDMAN SACHS BANK USA ,

          as Administrative Agent

          

          

          GOLDMAN SACHS BANK USA

          and

          WELLS FARGO SECURITIES, LLC,

          as Joint Lead Arrangers and Joint Bookrunners

      

      

    

    
      

      

      JPMORGAN CHASE BANK, N.A.,

      MORGAN STANLEY SENIOR FUNDING, INC.

      and

      RBC CAPITAL MARKETS1

          as Joint Additional Arrangers and Joint Additional Bookrunners

          ____________________

          

      

      BARCLAYS BANK PLC,

      BMO CAPITAL MARKETS CORP.,

      DEUTSCHE BANK SECURITIES INC.,

      UBS SECURITIES LLC

          and

          U.S. BANCORP INVESTMENTS INC.,

          as Co-Arrangers

          ____________________

    

    

    

    

    

    

    1 RBC Capital Markets is the brand name for the capital markets activities of Royal Bank of
        Canada and its affiliates.

    
      
        

    

    TABLE OF CONTENTS

    Page

    ARTICLE I

        

        

        Definitions

    
      
        	
                SECTION 1.01

                  

              	
                Defined Terms

              

      

      
        	
                SECTION 1.02. 

                    

              	
                Terms Generally

              

      

      
        	
                SECTION 1.03

                  

              	
                Effectuation of Transactions

              

      

      
        	
                SECTION 1.04.

              	
                Senior Debt

              

      

      
        	
                SECTION 1.05.

              	
                Currency Equivalents Generally

              

      

      
        	
                SECTION 1.06.

              	
                Lending Office

              

      

      
        	
                SECTION 1.07.

              	
                Effect of this Agreement on the Original Credit Agreement and the
                    Other Original Loan Documents

              

      

       

    
      

    
       

    

    
       

    

    
       

    

    ARTICLE II

        

        The Credits

    

      

      
        	
                SECTION 2.01.

                

              	
                Commitments

              

      

      
        	
                SECTION 2.02.

                  

              	
                Loans and Borrowings

              

      

      
        	
                SECTION 2.03.

                  

              	
                Requests for Borrowings

              

      

      
        	
                SECTION 2.04.

                  

              	
                [Reserved]

              

      

      
        	
                SECTION 2.05.

                  

              	
                [Reserved]

              

      

      
        	
                SECTION 2.06.

                  

              	
                Funding of Borrowings

              

      

      
        	
                SECTION 2.06.

                  

              	
                Interest Elections

              

      

      
        	
                SECTION 2.08.

                  

              	
                Termination of Term Loan Commitments

              

      

      
        	
                SECTION 2.09.

                  

              	
                Repayment of Loans; Evidence of Debt

              

      

      
        	
                SECTION 2.10.

              	
                Repayment of Term Loans

              

      

      
        	
                SECTION 2.11.

                  

              	
                Prepayment of Loans

              

      

      
        	
                SECTION 2.12.

                  

              	
                Fees

              

      

      
        	
                SECTION 2.13.

                  

              	
                Interest

              

      

      
        	
                SECTION 2.14.

                  

              	
                Aternate Rate of Interest

              

      

      
        	
                SECTION 2.15.

                  

              	
                Increased Costs

              

      

      
        	
                SECTION 2.16.

                  

              	
                Break Funding Payments

              

      

      
        	
                SECTION 2.17.

                  

              	
                Taxes

              

      

      
        	
                SECTION 2.18.

                  

              	
                Payments Generally; Pro Rata Treatment; Sharing of Set-offs

              

      

      
        	
                SECTION 2.19.

                  

              	
                Mitigation Obligations; Replacement of Lenders

              

      

      
        	
                SECTION 2.20.

                  

              	
                Illegality

              

      

      
        	
                SECTION 2.21.

                  

              	
                Incremental Commitments

              

      

      

    

    ARTICLE III

    

     Representations
        and Warranties

    
      
        	SECTION 3.01.	
                Organization; Powers

              

      

    

    
      
        	SECTION 3.02.	
                Authorization

              

      

    

    
      
        	SECTION 3.03.	
                Enforceability

              

      

    

    
      
        	SECTION 3.04.	
                Governmental Approvals

              

      

    

    
      
        	SECTION 3.05.	
                Financial Statements

              

      

    

    
      
        	SECTION 3.06.	
                No Material Adverse Effect

              

      

    

    
      
        	SECTION 3.07.	
                Title to Properties; Possession Under Leases

              

      

    

    
      
        	SECTION 3.08.	
                Subsidiaries

              

      

    

    
      
        	SECTION 3.09.	
                Litigation; Compliance with Laws

              

      

    

    
      
        	SECTION 3.10.	
                Federal Reserve Regulations

              

      

    

    
      
        	SECTION 3.11.	
                Investment Company Act

              

      

    

    
      
        	SECTION 3.12.	
                Use of Proceeds

              

      

    

    
      
        	SECTION 3.13.	
                Tax Returns

              

      

    

    
      
        	SECTION 3.14.	
                No Material Misstatements

              

      

    

    
      
        	SECTION 3.15.	
                Employee Benefit Plans

              

      

    

    
      
        	SECTION 3.16.	
                Environmental Matters

              

      

    

    
      
        	SECTION 3.17.	
                Security Documents

              

      

    

    
      
        	SECTION 3.18.	
                Location of Real Property and Leased Premises

              

      

    

    
      
        	SECTION 3.19.	
                Solvency

              

      

    

    
      
        	SECTION 3.20.	
                Labor Matters

              

      

    

    
      
        	SECTION 3.21.	
                Insurance

              

      

    

    
      
        	SECTION 3.22.	
                No Default

              

      

    

    
      
        	SECTION 3.23.	
                Intellectual Property; Licenses, Etc

              

      

    

    
      
        	SECTION 3.24.	
                [Reserved]

              

      

    

    
      
        	SECTION 3.25.	
                Sanctioned Persons; Anti-Money Laundering; Etc

              

      

    

    
      
        	SECTION 3.26.	
                Acquisition Documents

              

      

    

    
      
        

    

    ARTICLE IV

        

        

        Conditions Precedent

    
      
        	SECTION 4.01.	
                Conditions to Effectiveness of this Agreement on the Effective Date

              

      

    

    
      
        	SECTION 4.02.	
                Conditions Precedent to Closing Date of this Agreement

              

      

    

    
      
        	SECTION 4.03.	
                Certain Funds

              

      

    

    
      
        	SECTION 4.04.	
                Conditions to Effectiveness of this Agreement on the Amendment Effective Date

              

      

    

    ARTICLE V

        

        

        Affirmative Covenants

    
      
        	SECTION 5.01.	
                Existence; Businesses and Properties

              

      

    

    
      
        	SECTION 5.02.	
                Insurance

              

      

    

    
      
        	SECTION 5.03.	
                Taxes

              

      

    

    
      
        	SECTION 5.04.	
                Financial Statements, Reports, etc

              

      

    

    
      
        	SECTION 5.05.	
                Litigation and Other Notices

              

      

    

    
      
        	SECTION 5.06.	
                Compliance with Laws

              

      

    

    
      
        	SECTION 5.07.	
                Maintaining Records; Access to Properties and Inspections

              

      

    

    
      
        	SECTION 5.08.	
                Use of Proceeds

              

      

    

    
      	
              SECTION5.08A

            	
              Proceeds Not Yet Applied in Accordance with Section 5.08

            

    

    
      
        	SECTION 5.09.	
                Compliance with Environmental Laws

              

      

    

    
      
        	SECTION 5.10.	
                Further Assurances; Additional Security

              

      

    

    
      
        	SECTION 5.11.	
                Certain Funds Covenants

              

      

    

    
      
        	SECTION 5.12.	
                Conditions Subsequent

              

      

    

    
      
        	SECTION 5.13.	
                Collateral and Guarantee Requirement

              

      

    

    ARTICLE VI

        

        

        Negative Covenants

    
      
        	SECTION 6.01.	
                Indebtedness

              

      

    

    
      
        	SECTION 6.02.	
                Liens

              

      

    

    
      
        	SECTION 6.03.	
                Sale and Lease-Back Transactions

              

      

    

    
      
        	SECTION 6.04.	
                Investments, Loans and Advances

              

      

    

    
      
        	SECTION 6.05.	
                Mergers, Consolidations, Sales of Assets and Acquisitions

              

      

    

    
      
        	SECTION 6.06.	
                Dividends and Distributions

              

      

    

    
      
        	SECTION 6.07.	
                Transactions with Affiliates

              

      

    

    
      
        	SECTION 6.08.	
                Business of the Borrower and the Subsidiaries

              

      

    

    
      
        	SECTION 6.09.	
                Limitation on Modifications of Indebtedness; Modifications of Certificate of
                      Incorporation, By-Laws and Certain Other Agreements; etc

              

      

    

    
      
        	SECTION 6.10.	
                Fiscal Year; Accounting

              

      

    

    
      
        	SECTION 6.11.	
                Qualified CFC Holding Companies

              

      

    

    
      
        	SECTION 6.12.	
                Rating

              

      

    

    
      
        

    

    ARTICLE VIA

        

        

        Holdings Covenants

    ARTICLE VII

        

        

        Events of Default

    
      
        	SECTION 7.01.	
                Events of Default

              

      

    

    
      
        	SECTION 7.02.	
                Exclusion of Immaterial Subsidiaries

              

      

    

    ARTICLE VIII

        

        

        The Agents

    
      
        	SECTION 8.01.	
                Appointment

              

      

    

    
      
        	SECTION 8.02.	
                Delegation of Duties

              

      

    

    
      
        	SECTION 8.03.	
                Exculpatory Provisions

              

      

    

    
      
        	SECTION 8.04.	
                Reliance by Administrative Agent

              

      

    

    
      
        	SECTION 8.05.	
                Notice of Default

              

      

    

    
      
        	SECTION 8.06.	
                Non-Reliance on Agents and Other Lenders

              

      

    

    
      
        	SECTION 8.07.	
                Indemnification

              

      

    

    
      
        	SECTION 8.08.	
                Agent in Its Individual Capacity

              

      

    

    
      
        	SECTION 8.09.	
                Successor Administrative Agent

              

      

    

    
      
        	SECTION 8.10.	
                Agents and Arrangers

              

      

    

    
      
        	SECTION 8.11.	
                Certain ERISA Matters

              

      

    

    ARTICLE IX

        

        

        Miscellaneous

    
      
        	SECTION 9.01.	
                Notices; Communications

              

      

    

    
      
        	SECTION 9.02.	
                Survival of Agreement

              

      

    

    
      
        	SECTION 9.03.	
                Binding Effect

              

      

    

    
      
        	SECTION 9.04.	
                Successors and Assigns

              

      

    

    
      
        	SECTION 9.05.	
                Expenses; Indemnity

              

      

    

    
      
        	SECTION 9.06.	
                Right of Set-off

              

      

    

    
      
        	SECTION 9.07.	
                Applicable Law

              

      

    

    
      
        	SECTION 9.08.	
                Waivers; Amendment

              

      

    

    
      
        	SECTION 9.09.	
                Interest Rate Limitation

              

      

    

    
      
        	SECTION 9.10.	
                Entire Agreement

              

      

    

    
      
        	SECTION 9.11.	
                WAIVER OF JURY TRIAL

              

      

    

    
      
        	SECTION 9.12.	
                Severability

              

      

    

    
      
        	SECTION 9.13.	
                Counterparts

              

      

    

    
      
        	SECTION 9.14.	
                Headings

              

      

    

    
      
        	SECTION 9.15.	
                Jurisdiction; Consent to Service of Process

              

      

    

    
      
        	SECTION 9.16.	
                Confidentiality

              

      

    

    
      
        	SECTION 9.17.	
                Platform; Borrower Materials

              

      

    

    
      
        	SECTION 9.18.	
                Release of Liens and Guarantees

              

      

    

    
      
        	SECTION 9.19.	
                PATRIOT Act Notice

              

      

    

    
      
        	SECTION 9.20.	
                Intercreditor Agreements and Collateral Agreement

              

      

    

    
      
        	SECTION 9.21.	
                Acknowledgement and Consent to Bail-In of EEA Financial Institutions

              

      

    

    

    

    
      
        

    

    Exhibits and Schedules

    
      
        	Exhibit A	
                Form of Assignment and Acceptance

              

      

    

    
      
        	Exhibit B	
                Form of Solvency Certificate

              

      

    

    
      
        	Exhibit C	
                Form of Borrowing Request

              

      

    

    
      
        	Exhibit D	
                [Reserved]

              

      

    

    
      
        	Exhibit E	
                Form of Collateral Agreement

              

      

    

    
      
        	Exhibit F	
                Form of Term Loan Joinder to Senior Lender Intercreditor Agreement

              

      

    

    
      
        	Exhibit G	
                Form of Term Loan Joinder to Second Priority Intercreditor Agreement

              

      

    

    
      
        	Exhibit H	
                Form of Term Loan Joinder to Senior Fixed Collateral Intercreditor Agreement

              

      

    

    
      
        	Schedule 1.01(a)	
                Certain U.S.  Subsidiaries

              

      

    

    
      
        	Schedule 1.01(c)	
                Mortgaged Properties

              

      

    

    
      
        	Schedule 1.01(d)	
                Immaterial Subsidiaries

              

      

    

    
      
        	Schedule 1.01(i)	
                Unrestricted Subsidiaries

              

      

    

    
      
        	Schedule 2.01	
                Commitments

              

      

    

    
      
        	Schedule 3.01	
                Organization and Good Standing

              

      

    

    
      
        	Schedule 3.04	
                Governmental Approvals

              

      

    

    
      
        	Schedule 3.07(b)	
                Possession under Leases

              

      

    

    
      
        	Schedule 3.08(a)	
                Subsidiaries

              

      

    

    
      
        	Schedule 3.08(b)	
                Subscriptions

              

      

    

    
      
        	Schedule 3.13	
                Taxes

              

      

    

    
      
        	Schedule 3.16	
                Environmental Matters

              

      

    

    
      
        	Schedule 3.21	
                Insurance

              

      

    

    
      
        	Schedule 3.23	
                Intellectual Property

              

      

    

    
      
        	Schedule 5.13	
                Post-Closing Interest Deliveries

              

      

    

    
      
        	Schedule 6.01	
                Indebtedness

              

      

    

    
      
        	Schedule 6.02(a)	
                Liens

              

      

    

    
      
        	Schedule 6.04	
                Investments

              

      

    

    
      
        	Schedule 6.05	
                Mergers, Consolidations, Sales of Assets and Acquisitions

              

      

    

    
      
        	Schedule 6.07	
                Transactions with Affiliates

              

      

    

    
      
        	Schedule 9.01	
                Notice Information

              

      

    

    

    

    [To the extent material and not included herewith, exhibits and schedules are incorporated by reference to Exhibit 10.1
        to Form 8-K filed on March 14, 2019 by Berry Global Group, Inc., SEC File No. 001-35672.]

    

    
      
        

    

    
    This AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT is entered into as of March 29, 2019 (this “Agreement”), among BERRY GLOBAL GROUP, INC., a Delaware corporation (“Holdings”),

        BERRY GLOBAL, INC., a Delaware corporation (“Berry” or the “Borrower”),

        the LENDERS party hereto from time to time and GOLDMAN SACHS BANK USA, as administrative agent and collateral agent (in such capacities, the “Administrative Agent”) for the Lenders.

    WHEREAS, Holdings, the Borrower, the lenders and agents named therein, and Credit Suisse AG, Cayman
        Islands Branch, as administrative agent for such lenders, are parties to that certain Second Amended and Restated Credit Agreement dated as of April 3, 2007 (the “Original

            Agreement Date”) (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Existing Credit Agreement”);

    WHEREAS, Holdings, the Borrower, the other borrowers party thereto from time to time, the lenders party
        thereto from time to time, Bank of America, N.A., as administrative agent, and the other parties thereto are parties to that certain Revolving Credit Agreement dated as of May 18, 2006 (as amended, restated, amended and restated, supplemented or
        otherwise modified from time to time, the “Existing ABL Agreement”);

    WHEREAS, on the Closing Date, the Borrower shall acquire (the “Acquisition”), indirectly through a newly incorporate special purpose vehicle, Berry Global International Holdings Limited (“Acquisition SPV”),up to 100% of the outstanding shares of RPC Group plc, a public limited company incorporated in England and Wales with registration number 11832875 (the “Target”), which may be effected by means of a Scheme (as defined herein) under which the Target Shares will be transferred and the Borrower will, directly or indirectly, become the
        holder of such transferred Target Shares) or pursuant to a public offer by, or made on behalf of, the Borrower in accordance with the Takeover Code (as defined herein) and the provisions of the Companies Act of 2006 for the Borrower to acquire,
        directly or indirectly, all of the Target Shares by way of an Offer;

    WHEREAS, in connection with the Acquisition, the Borrower desires to obtain (A) (i) Initial Euro Term 
        Loans hereunder in an aggregate principal amount of €2,500,000,000, (ii) Initial Sterling Term Loans hereunder in an aggregate principal amount of £400,000,000, (iii) funding under a senior secured first lien bridge credit facility in an aggregate
        principal amount of €1,500,000,000 and an aggregate principal amount of £300,000,000 (the “First Lien Bridge Credit Facility”) and (iv) funding under a
        senior secured second lien bridge credit facility in an aggregate principal amount of $1,275,000,000 (the “Second Lien Bridge Credit Facility”), in each
        case, the proceeds of which will be used to purchase the Target Shares, refinance existing debt of the Target and pay fees and expenses related to the foregoing; and (B) (i) $1,545,000,000 in aggregate principal amount of term loan commitments
        under a new term loan facility to backstop any refinancing of the existing Term Q Loans (the “Backstop Term Q Facility”, and the loans and commitments
        thereunder the “Backstop Term Q Loans” and the “Backstop Term Q Loan
            Commitments,” respectively), (ii) $493,000,000 in aggregate principal amount of term loan commitments under a new term loan facility to backstop any refinancing of the existing Term R Loans (the “Backstop Term R Facility”, and the loans and commitments thereunder the “Backstop Term R Loans”
        and the “Backstop Term R Loan Commitments,” respectively), (iii) $814,000,000 in aggregate principal amount of term loan commitments under a new term loan
        facility to backstop any refinancing of the existing Term T Loans (the “Backstop Term T Facility”, and the loans and commitments thereunder the “Backstop Term T Loans” and the “Backstop Term T Loan Commitments,”
        respectively) and (iv) $700,000,000 in aggregate principal amount of term loan commitments under a new term loan facility to backstop any refinancing of the existing Term S Loans (the “Backstop Term S Facility”, and the loans and commitments thereunder the “Backstop Term S Loans” and the “Backstop Term S Loan Commitments,” respectively, and, any or all such refinancing, the “Backstop Term Loan Refinancing”), and, together with cash on hand, pay any fees or expenses in connection with the foregoing.

    WHEREAS, Holdings, the Borrower, the lenders party thereto and the Administrative Agent are party to a
        certain credit agreement dated as of March 8, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified from to time prior to the date hereof, the “Original Credit Agreement”);

    WHEREAS, the parties to the Original Credit Agreement have agreed to amend and restate the Original
        Credit Agreement in certain respects and to restate the Original Credit Agreement as so amended as provided in this Agreement, effective upon satisfaction that each of the conditions precedent set forth in this Section 4.04 shall have been
        satisfied in accordance with its respective terms or shall have been irrevocably waived by such Person;

    NOW, THEREFORE, the Borrower, the Lenders and the other parties hereto hereby agree, effective as of the
        Amendment Effective Date, the Original Credit Agreement shall be amended and restated in its entirety, as follows:

    
      
        

    

    ARTICLE I

        

        

        Definitions

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

    “ABL Assets”
        shall mean any Accounts and Inventory (as such terms are defined in the Revolving Credit Agreement) of the Borrower or any Subsidiary.

    “ABR” shall
        mean, for any day, a fluctuating rate per annum equal to the highest of (a) the Federal Funds Effective Rate plus 1/2 of 1%, (b) the rate of interest in
        effect for such day as announced from time to time by Credit Suisse as its “prime rate” at its principal office in New York, New York and notified to the Borrower (the “Prime

            Rate”) and (c) the daily ICE LIBOR (as defined below) (provided that, for the avoidance of doubt, the ICE LIBOR for any day shall be based on
        the rate determined on such day at approximately 11:00 a.m., London time) for a one month interest period plus 1%.  Any change in the ABR due to a change in
        the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate for Dollar denominated Loans 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.

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

    “ABR Loan”
        shall mean any Term Loan bearing interest at a rate determined by reference to the ABR in accordance with the provisions of Article II.

    “Acquisition”
        shall have the meaning assigned to such term in the recitals hereto.

    “Acquisition Documents”
        shall mean (i) if the Acquisition is to be effected by means of the Scheme, the Scheme Documents; or (ii) if the Acquisition is to be effected by means of the Offer, the Offer Documents.

    “Acquisition SPV”
        shall have the meaning assigned to such term in the recitals hereto.

    “Additional Mortgage”
        shall have the meaning assigned to such term in Section 5.10(c).

    “Adjusted LIBO Rate”
        shall mean, (i) with respect to any Eurocurrency Borrowing for any Interest Period to the extent denominated in Dollars, an interest rate per annum equal to (a) the LIBO Rate in effect for such Interest Period divided by (b) one minus the Statutory Reserves applicable to such Eurocurrency Borrowing, if any and (ii) with respect to any Eurocurrency Borrowing for any Interest Period to the
        extent denominated in Sterling, an interest rate per annum equal to (a) the LIBO Rate in effect for such Interest Period divided by (b) one minus the
        Statutory Reserves applicable to such Eurocurrency Borrowing, if any.

    “Administrative Agent”
        shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

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

    “Affiliate”
        shall mean, when used with respect to a specified person, another person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the person specified.

    
      
        

    

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

    “Agreement”
        shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

    “Amendment Effective
            Date” shall mean the first date on which the conditions set forth in Section 4.04 have been satisfied (or waived in accordance with the terms herein).

    “Applicable Margin”
        shall mean for any day:

    (a) with respect to Initial Euro Term Loans, 3.25% per annum;

    (b) with respect to Initial Sterling Term Loans, 4.25% per annum;

    (c) with respect to Backstop Term T Loans, 2.50% per annum in the case of any Eurocurrency Loan and 1.50% per annum in the case of any
        ABR Loan;

    (d) with respect to Backstop Term Q Loans, 2.50% per annum in the case of any Eurocurrency Loan and 1.50% per annum in the case of any
        ABR Loan;

    (e) with respect to Backstop Term R Loans, 2.50% per annum in the case of any Eurocurrency Loan and 1.50% per annum in the case of any
        ABR Loan; and

    (f) with respect to Backstop Term S Loans, 2.50% per annum in the case of any Eurocurrency Loan and 1.50% per annum in the case of any
        ABR Loan.

    Notwithstanding the foregoing, the Applicable Margin with respect to any Incremental Term Loan and any
        Incremental Term Loan Commitment of any Series means the rate per annum for such Incremental Term Loan and Incremental Term Loan Commitment agreed to by the Borrower and the respective Incremental Term Lender or Lenders in the related Incremental
        Assumption Agreement for such Series.

    “Applicable Period”
        means an Excess Cash Flow Period or an Excess Cash Flow Interim Period, as the case may be.

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

    “Asset Sale”
        shall mean any loss, damage, destruction or condemnation of, or any sale, transfer or other disposition (including any sale and leaseback of assets and any mortgage or lease of real property) to any person of any asset or assets of the Borrower or
        any Subsidiary, including any disposition of property to a Delaware Divided LLC pursuant to a Delaware LLC Division.

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

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

    “Backstop Facilities”
        shall mean the Backstop Term Q Facility, the Backstop Term R Facility, the Backstop Term T Facility and the Backstop Term S Facility.

    “Backstop Term Loan
            Refinancing” shall have the meaning assigned to such term in the recitals hereto.

    
      
        

    

    “Backstop Term Loans”
        shall mean the Backstop Term Q Loans, the Backstop Term R Loans, the Backstop Term S Loan and the Backstop Term T Loans.

    “Backstop Term Q
            Facility” shall have the meaning assigned to such term in the recitals hereto.

    “Backstop Term Q
            Facility Maturity Date” shall mean October 1, 2022.

    “Backstop Term Q Loan”
        shall have the meaning assigned to such term in the recitals hereto.

    “Backstop Term Q Loan
            Commitments” shall have the meaning assigned to such term in the recitals hereto.

    “Backstop Term R
            Facility” shall have the meaning assigned to such term in the recitals hereto.

    “Backstop Term R
            Facility Maturity Date” shall mean January 19, 2024.

    “Backstop Term R Loan”
        shall have the meaning assigned to such term in the recitals hereto.

    “Backstop Term R Loan
            Commitments” shall have the meaning assigned to such term in the recitals hereto.

    “Backstop Term S
            Facility” shall have the meaning assigned to such term in the recitals hereto.

    “Backstop Term S
            Facility Maturity Date” shall mean February 8, 2020.

    “Backstop Term S Loan”
        shall have the meaning assigned to such term in the recitals hereto.

     

  

      “Backstop Term S Loan Commitments” shall have the meaning assigned to such term in the recitals hereto.
     

      

    “Backstop Term T
            Facility” shall have the meaning assigned to such term in the recitals hereto.

    “Backstop Term T
            Facility Maturity Date” shall mean January 6, 2021.

    “Backstop Term T Loan”
        shall have the meaning assigned to such term in the recitals hereto.

    “Backstop Term T Loan
            Commitments” shall have the meaning assigned to such term in the recitals hereto.

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

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

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

    “Benefit Plan”
        means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the IRS Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise
        for purposes of Title I of ERISA or Section 4975 of the IRS Code) the assets of any such “employee benefit plan” or “plan”.

    “Berry” shall
        have the meaning assigned to such term in the introductory paragraph of this Agreement.

    “Berry Plastics” 

        means Berry Plastics Opco, Inc., that certain wholly owned subsidiary of Berry.

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

    
      
        

    

    “Board of Directors”
        shall mean as to any person, the board of directors or other governing body of such person, or, if such person is owned or managed by a single entity, the board of directors or other governing body of such person.

    “Borrower”
        shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

    “Borrower Materials”
        shall have the meaning assigned to such term in Section 9.17.

    “Borrowing”
        shall mean a group of Loans of a single Type and made on a single date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect.

    “Borrowing Minimum”
        shall mean, with respect to the Initial Euro Term Loans, €5.0 million and, with respect to the Initial Sterling Term Loans, £5.0 million.

    “Borrowing Multiple”
        shall mean, with respect to the Initial Euro Term Loans, €1.0 million and, with respect to the Initial Sterling Term Loans, £1.0 million .

    “Borrowing Request”
        shall mean a request by the Borrower in accordance with the terms of Section 2.03 and substantially in the form of Exhibit C.

    “Budget”
        shall have the meaning assigned to such term in Section 5.04(e).

    “Business Day”
        shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City or in London are authorized or required by law to remain closed; provided,
        that when used in connection with a Eurocurrency Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in deposits in the applicable currency in the London interbank market.

    “Capital Expenditures”
        shall mean, for any person in respect of any period, the aggregate of all expenditures incurred by such person during such period that, in accordance with GAAP, are or should be included in “additions to property, plant or equipment” or similar
        items reflected in the statement of cash flows of such person, provided, however,
        that Capital Expenditures for the Borrower and the Subsidiaries shall not include:

    (a) expenditures to the extent they are made with proceeds of the issuance of Equity Interests of Holdings after the Effective Date or
        funds that would have constituted any Net Proceeds under clause (a) of the definition of the term “Net Proceeds” (but for the application of the first proviso to such clause (a)),

    (b) expenditures with proceeds of insurance settlements, condemnation awards and other settlements in respect of lost, destroyed, damaged
        or condemned assets, equipment or other property to the extent such expenditures are made to replace or repair such lost, destroyed, damaged or condemned assets, equipment or other property or otherwise to acquire, maintain, develop, construct,
        improve, upgrade or repair assets or properties useful in the business of the Borrower and the Subsidiaries within 15 months of receipt of such proceeds (or, if not made within such period of 15 months, are committed to be made during such period),

    (c) interest capitalized during such period,

    (d) expenditures that are accounted for as capital expenditures of such person and that actually are paid for by a third party (excluding
        Holdings, the Borrower or any Subsidiary thereof) and for which neither Holdings, the Borrower nor any Subsidiary has provided or is required to provide or incur, directly or indirectly, any consideration or obligation to such third party or any
        other person (whether before, during or after such period),

    (e) the book value of any asset owned by such person prior to or during such period to the extent that such book value is included as a capital
        expenditure during such period as a result of such person reusing or beginning to reuse such asset during such period without a corresponding expenditure actually having been made in such period; provided, that (i) any expenditure necessary in order to permit such asset to be reused shall be included as a Capital Expenditure during the period that such expenditure actually is made and (ii) such
        book value shall have been included in Capital Expenditures when such asset was originally acquired,

     

    
      
        

    

    

      

    (f) the purchase price of equipment purchased during such period to the extent the consideration therefor consists of any combination of
        (i) used or surplus equipment traded in at the time of such purchase and (ii) the proceeds of a concurrent sale of used or surplus equipment, in each case, in the ordinary course of business,

    (g) Investments in respect of a Permitted Business Acquisition,

    (h) the Acquisition, or

    (i) the purchase of property, plant or equipment made within 15 months of the sale of any asset to the extent purchased with the proceeds
        of such sale (or, if not made within such period of 15 months, to the extent committed to be made during such period).

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

    “Cash Interest Expense”
        shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any period, Interest Expense for such period, less the sum of, without duplication, (a) pay in kind Interest Expense or other noncash Interest Expense
        (including as a result of the effects of purchase accounting), (b) to the extent included in Interest Expense, the amortization of any financing fees paid by, or on behalf of, the Borrower or any Subsidiary, including such fees paid in connection
        with the Transactions or upon entering into a Permitted Receivables Financing, (c) the amortization of debt discounts, if any, or fees in respect of Swap Agreements and (d) cash interest income of Borrower and its Subsidiaries for such period; provided, that Cash Interest Expense shall exclude any one time financing fees, including those paid in connection with the Transactions, or upon entering into a
        Permitted Receivables Financing or any amendment of this Agreement.

    “Certain Funds Credit
            Extension” means any Initial Euro Term  Borrowing, any Initial Sterling Term Borrowing and any Borrowing made or to be made under the Backstop Term Loans, in each case during the Certain Funds Period.

    “Certain Funds Default”
        means, in each case, an Event of Default arising under sub-paragraph (i) to (vii) below but only to the extent that such Event of Default relates to, or is made in relation to, Holdings, the Borrower, Berry Plastics or Acquisition SPV (and not in
        respect of any member of the Target Group or any subsidiary of Holdings (other than the Borrower, Berry Plastics or Acquisition SPV) and excluding any procurement obligation on the part of Holdings, the Borrower, Berry Plastics or Acquisition SPV
        in respect of any member of the Target Group or any subsidiary of Holdings (other than the Borrower, Berry Plastics or Acquisition SPV):

    (i)  Section 7.01(a) (but only to
        the extent arising from a Certain Funds Representation);

    (ii)  Section 7.01(b);

    (iii)  Section 7.01(c) (but only with
        respect to a default in the payment of any interest on any Loan or in the payment of any fee due to any Lender, Agent, Joint Lead Arranger, Joint Additional Arranger or Co-Arranger under any Fee Letter);

    
      
        

    

    (iv)  Section 7.01(d) (but only with
        respect to Section 5.01(a) (solely as it relates to the Borrower’s, Berry Plastics’ and Acquisition SPV’s existence, Section 5.08(a), Section 5.11 (other than Sections 5.11(d), (e) or (h)), Section 6.01, Section 6.02, Section 6.04, Section 6.05,
        Section 6.06);

    (v)  Section 7.01(g) (but only in
        respect of clauses (a)(i) and (a)(iii) of the definition of Change in Control);

    (vi)  Section 7.01(h) (but excluding,
        in relation to involuntary proceedings, any Event of Default caused by a frivolous or vexatious (and, in either case, lacking in merit) action, proceeding or petition in respect of which no order or decree in respect of such involuntary proceeding
        shall have been entered);

    (vii)  Section 7.01(i); or

    (viii)  Section 7.01(l).

    “Certain Funds Period”
        means the period beginning on the Effective Date and ending on the earliest to occur of:

    (a) where the Acquisition proceeds by way of a Scheme, the earliest of:  (i) the tenth Business Day following the Effective Date if the
        Rule 2.7 Announcement has not been made; (ii) the date on which the Scheme lapses or is withdrawn with the consent of the Takeover Panel or by order of the Court (unless, on or prior to that date, Acquisition SPV has notified the Joint Lead
        Arrangers that it intends to launch an Offer and the Rule 2.7 Announcement for the Offer has been released); (iii) the date on which the Target has become a direct or indirect wholly owned subsidiary of Holdings and all of the consideration payable
        under the Acquisition in respect of the shares of the Target or proposals made or to be made under Rule 15 of the Takeover Code in connection with the Acquisition, has in each case been paid in full, including in respect of (A) the acquisition of
        any shares in the Target to be acquired after the Closing Date (including pursuant to the Target’s amended articles of association), and (B) any proposal made or to be made in connection with the Acquisition pursuant to Rule 15 of the Takeover
        Code; and (iv) if the Scheme has not become effective prior to such time, 11:59 p.m. (London time) on the Longstop Date (or such later date as may be agreed by the Administrative Agent (acting on the instructions of all Lenders)), or

    (b) where the Acquisition is to be consummated pursuant to an Offer, the earliest of:  (i) the tenth Business Day following the Effective
        Date if the Rule 2.7 Announcement has not been made; (ii) the date on which the Offer lapses, terminates or is withdrawn with the consent of the Takeover Panel or a court order (unless, on or prior to that date, Acquisition SPV has notified the
        Joint Lead Arrangers that it intends to launch a Scheme and the Rule 2.7 Announcement for the Scheme has been released); (iii) the date on which the Target has become a direct or indirect wholly owned subsidiary of Holdings and all of the
        consideration payable under the Offer in respect of the shares of the Target or proposals made or to be made under Rule 15 of the Takeover Code in connection with the Acquisition, has in each case been paid in full, including in respect of (A) the
        acquisition of any shares in the Target to be acquired after the Closing Date (including pursuant to a Squeeze-Out Procedure), and (B) any proposal made or to be made in connection with the Acquisition pursuant to Rule 15 of the Takeover Code; and
        (iv) if the Offer has not been declared wholly unconditional prior to such time, 11:59 p.m. (London time) on the Longstop Date (or such later date as may be agreed by the Administrative Agent (acting on the instructions of all Lenders));

    provided that a switch from a
        Scheme to an Offer or from an Offer to a Scheme (or, for the avoidance of doubt, any amendments to the terms or conditions of a Scheme or an Offer) shall not constitute a lapse, termination or withdrawal for the purpose of this definition.

    “Certain Funds
            Representations” means the representations and warranties contained in Section 3.01(a), Section 3.01(c), Section 3.02(a), Section 3.02(b)(i) (but excluding the representation and warranty under Section 3.02(b)(i)(C)), except to the
        extent such representation and warranty relates to a violation of any existing debt finance documents entered into by Holdings, the Borrower, the Acquisition SPV or Berry Plastics, in each case on or before the Effective Date), Section 3.02(b)(ii)
        (only to the extent such representation and warranty relates to any existing debt finance documents entered into by Holdings, the Borrower, Acquisition SPV or Berry Plastics, in each case on or before the Effective Date, Section 3.03, Section 3.04,
        Section 3.10(b), Section 3.11, and Section 3.26 in each case with respect to Holdings, the Borrower, Berry Plastics and Acquisition SPV only (and not in respect of any member of the Target Group or Contributed Group or any other Restricted
        Subsidiary and excluding any procurement obligation on the part of the Original Obligors in respect of any member of the Target Group or any subsidiary of Holdings (other than the Borrower, Berry Plastics or Acquisition SPV)).

    
      
        

    

    A “Change in Control”
        shall be deemed to occur if:

    (a) at any time, (i) Holdings shall fail to own, directly or indirectly, beneficially and of record, 100% of the issued and outstanding
        Equity Interests of the Borrower, (ii) a majority of the seats (other than vacant seats) on the Board of Directors of Holdings shall at any time be occupied by persons who were neither (A) nominated by the board of directors of Holdings or a member
        of the Management Group, (B) appointed by directors so nominated nor (C) appointed by a member of the Management Group or (iii) the Borrower shall fail to own, directly or indirectly, beneficially and of record, 100% of the issued and outstanding
        Equity Interests of Berry Plastics and/or Acquisition SPV;

    (b) [reserved]; or

    (c) any person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Effective Date)  shall
        have acquired beneficial ownership of 35% or more on a fully diluted basis of the voting interest in Holdings’ Equity Interests.

    “Change in Law”
        shall mean (a) the adoption of any law, rule or regulation after the Effective Date, (b) any change in law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Effective Date or (c) compliance
        by any Lender (or, for purposes of Section 2.15(b), by any Lending Office of such Lender or by such Lender’s holding company, if any) with any written request, guideline or directive (whether or not having the force of law) of any Governmental
        Authority made or issued after the Effective Date.

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

    “Co-Arrangers”
        shall mean Barclays Bank PLC, BMO Capital Markets Corp., Deutsche Bank Securities Inc., UBS Securities LLC and U.S. Bancorp Investment Inc., in their capacities as co-arrangers.

     “Closing Date”
        shall mean the first date on which the conditions set forth in Section 4.02 have been satisfied (or waived in accordance with the terms herein).

    “Collateral”
        shall mean all the “Collateral” as defined in any Security Document and shall also include the Mortgaged Properties and all other property that is subject to any Lien in favor of the Collateral Agent or any Subagent for the benefit of the Lenders
        pursuant to any Security Documents.

    “Collateral Agent”
        means the party acting as collateral agent for the Secured Parties under the Security Documents.  On the Effective Date, the Collateral Agent is the same person as the Administrative Agent.  Unless the context otherwise requires, the term
        “Administrative Agent” as used herein shall, unless the context otherwise requires, include the Collateral Agent, notwithstanding various specific references to the Collateral Agent herein.

    “Collateral Agreement”
        shall mean the First Lien Guarantee and Collateral Agreement, dated as of the Effective Date, as amended, supplemented or otherwise modified from time to time, in the form of Exhibit E, among Holdings, the Borrower, each Subsidiary Loan Party and the Collateral Agent.

    
      
        

    

    “Collateral and
            Guarantee Requirement” shall mean the requirement that:

    (a) on the Effective Date, the Collateral Agent shall have received (i) from Holdings, the Borrower and each Person that is a Subsidiary
        Loan Party pursuant to clause (a) of the definition thereof, a counterpart of the Collateral Agreement duly executed and delivered on behalf of such Person and (ii) an Acknowledgment and Consent in the form attached to the Collateral Agreement,
        executed and delivered by each issuer of Pledged Collateral (as defined in the Collateral Agreement) on the Effective Date, if any, that is not a Loan Party;

    (b) on or before the Effective Date, (i) the Collateral Agent shall have received (A) a pledge of all the issued and outstanding Equity
        Interests of (x) the Borrower and (y) each Person that is a Domestic Subsidiary on the Effective Date (other than Subsidiaries listed on Schedule 1.01(a))
        owned on the Effective Date directly by or on behalf of the Borrower or any Subsidiary Loan Party and (B) a pledge of 65% of the outstanding Equity Interests of (1) each “first tier” Foreign Subsidiary directly owned by any Loan Party (except for
        NIM Holdings Limited, Berry Plastics Asia Pte.  Ltd., and Ociesse s.r.l., Berry Plastics Acquisition Corporation II, and Berry Plastics Acquisition Corporation XIV, LLC), and (2) each “first tier” Qualified CFC Holding Company directly owned by any
        Loan Party and (ii) the Collateral Agent (or its bailee pursuant to the Senior Fixed Collateral Intercreditor Agreement or the Senior Lender Intercreditor Agreement) shall have received all certificates or other instruments (if any) representing
        such Equity Interests, together with stock powers or other instruments of transfer with respect thereto endorsed in blank;

    (c) (i) all Indebtedness of the Borrower and each Subsidiary having, in the case of each instance of Indebtedness, an aggregate principal
        amount in excess of $5.0 million (other than (A) intercompany current liabilities incurred in the ordinary course of business in connection with the cash management operations of Holdings and its Subsidiaries or (B) to the extent that a pledge of
        such promissory note or instrument would violate applicable law) that is owing to any Loan Party shall be evidenced by a promissory note or an instrument and shall have been pledged pursuant to the Collateral Agreement (or other applicable Security
        Document as reasonably required by the Administrative Agent) (which pledge, in the case of any intercompany note evidencing debt owed by a Foreign Subsidiary to a Loan Party, shall be limited to 65% of the amount outstanding thereunder), and
        (ii) the Collateral Agent (or its bailee pursuant to the Senior Fixed Collateral Intercreditor Agreement or the Senior Lender Intercreditor Agreement) shall have received all such promissory notes or instruments, together with note powers or other
        instruments of transfer with respect thereto endorsed in blank;

    (d) in the case of any Person that becomes a Subsidiary Loan Party after the Effective Date, the Collateral Agent shall have received a
        supplement to each of the Collateral Agreement, the Second Priority Intercreditor Agreement, the Senior Lender Intercreditor Agreement and the Senior Fixed Collateral Intercreditor Agreement, in the form specified therein, duly executed and
        delivered on behalf of such Subsidiary Loan Party;

    (e) in the case of any person that becomes a “first tier” Foreign Subsidiary directly owned by the Borrower or a Subsidiary Loan Party
        after the Effective Date, the Collateral Agent shall have received, as promptly as practicable following a request by the Collateral Agent, a Foreign Pledge Agreement, duly executed and delivered on behalf of such Foreign Subsidiary and the direct
        parent company of such Foreign Subsidiary;

    (f) after the Effective Date, (i) all the outstanding Equity Interests of (A) any Person that becomes a Subsidiary Loan Party after the
        Effective Date and (B) subject to Section 5.10(g), all the Equity Interests that are acquired by a Loan Party after the Effective Date (including, without limitation, the Equity Interests of any Special Purpose Receivables Subsidiary established
        after the Effective Date), shall have been pledged pursuant to the Collateral Agreement; provided that in no event shall more than 65% of the issued and
        outstanding Equity Interests of any “first tier” Foreign Subsidiary or any “first tier” Qualified CFC Holding Company directly owned by such Loan Party be pledged to secure Obligations, and in no event shall any of the issued and outstanding Equity
        Interests of any Foreign Subsidiary that is not a “first tier” Foreign Subsidiary of a Loan Party or any Qualified CFC Holding Company that is not a “first tier” Subsidiary of a Loan Party be pledged to secure Obligations, and (ii)  the Collateral
        Agent (or its bailee pursuant to the Senior Fixed Collateral Intercreditor Agreement or the Senior Lender Intercreditor Agreement) shall have received all certificates or other instruments (if any) representing such Equity Interests, together with
        stock powers or other instruments of transfer with respect thereto endorsed in blank;

    
      
        

    

    (g) except as otherwise contemplated by any Security Document, all documents and instruments, including Uniform Commercial Code financing
        statements, required by law or reasonably requested by the Collateral Agent to be filed, registered or recorded to create the Liens intended to be created by the Security Documents (in each case, including any supplements thereto) and perfect such
        Liens to the extent required by, and with the priority required by, the Security Documents, shall have been filed, registered or recorded or delivered to the Collateral Agent for filing, registration or the recording concurrently with, or promptly
        following, the execution and delivery of each such Security Document;

    (h) within 90 days (or such longer period as the Administrative Agent may determine) after the Closing Date, the Collateral Agent shall
        have received (i) counterparts of each Mortgage to be entered into with respect to each Mortgaged Property set forth on Schedule 1.01(c) duly executed and
        delivered by the record owner of such Mortgaged Property and suitable for recording or filing and (ii) such other documents including, but not limited to, any consents, agreements and confirmations of third parties, as the Collateral Agent may
        reasonably request with respect to any such Mortgage or Mortgaged Property;

    (i) within 90 days (or such longer period as the Administrative Agent may determine) after the Closing Date, the Collateral Agent shall
        have received, except as otherwise set forth in clause (l) below, a policy or policies or marked-up unconditional binder of title insurance or foreign equivalent thereof, as applicable, paid for by the Borrower, issued by a nationally recognized
        title insurance company insuring the Lien of each Mortgage to be entered into on or after the Closing Date as a valid first Lien on the Mortgaged Property described therein, free of any other Liens except as permitted by Section 6.02 and Liens
        arising by operation of law, together with such customary endorsements (including zoning endorsements where reasonably appropriate and available), coinsurance and reinsurance as the Collateral Agent may reasonably request, and with respect to any
        such property located in a state in which a zoning endorsement is not available, a zoning compliance letter from the applicable municipality in a form reasonably acceptable to the Collateral Agent;

    (j) at or prior to delivery of any Mortgages, evidence of the insurance required by the terms of the Mortgages;

    (k) except as otherwise contemplated by any Security Document, each Loan Party shall have obtained all consents and approvals required to
        be obtained by it in connection with (i) the execution and delivery of all Security Documents (or supplements thereto) to which it is a party and the granting by it of the Liens thereunder and (ii) the performance of its obligations thereunder; and

    (l) after the Closing Date, the Administrative Agent shall have received (i) such other Security Documents as may be required to be
        delivered pursuant to Section 5.10, and (ii) upon reasonable request by the Administrative Agent, evidence of compliance with any other requirements of Section 5.10.

    “Commitments”
        shall mean, with respect to any Lender, such Lender’s (A) Initial Euro Term Loan Commitment and Initial Sterling Term Loan Commitment, (B) Backstop Term T Loan Commitment, Backstop Term Q Loan Commitment, Backstop Term R Loan Commitment and
        Backstop Term S Loan Commitment (C) and Incremental Term Loan Commitment.

    “Companies Act of 2006”
        shall mean the Companies Act of 2006 of the United Kingdom (as amended).

    “Conduit Lender”
        shall mean any special purpose corporation organized and administered by any Lender for the purpose of making Loans otherwise required to be made by such Lender and designated by such Lender in a written instrument; provided, that the designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a Loan under this Agreement if, for any
        reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall have the sole right and responsibility to deliver all consents and waivers required or requested under this Agreement with respect
        to its Conduit Lender; provided, further, that no Conduit Lender
        shall (a) be entitled to receive any greater amount pursuant to Section 2.15, 2.16, 2.17 or 9.05 than the designating Lender would have been entitled to receive in respect of the extensions of credit made by such Conduit Lender or (b) be deemed to
        have any Commitment.

    
      
        

    

    “Consolidated Debt”
        at any date shall mean the sum of (without duplication) all Indebtedness consisting of Capital Lease Obligations, Indebtedness for borrowed money (other than letters of credit to the extent undrawn but including all bankers’ acceptances issued
        under the Revolving Credit Agreement), Disqualified Stock and Indebtedness in respect of the deferred purchase price of property or services of the Borrower and its Subsidiaries determined on a consolidated basis on such date in accordance with
        GAAP.

    “Consolidated Net Income”
        shall mean, with respect to any person for any period, the aggregate of the Net Income of such person and its subsidiaries for such period, on a consolidated basis; provided,
        however, that, without duplication,

    (i)  any net after-tax
        extraordinary, nonrecurring or unusual gains or losses or income or expense or charge (less all fees and expenses relating thereto) including, without limitation, any severance, relocation or other restructuring expenses, any expenses relating to
        any reconstruction, recommissioning or reconfiguration of fixed assets for alternative uses and fees, expenses or charges relating to new product lines, plant shutdown costs, acquisition integration costs, and fees, expenses or charges related to
        any offering of Equity Interests of Holdings, any Investment, acquisition or Indebtedness permitted to be incurred hereunder (in each case, whether or not successful), including any such fees, expenses, charges or change in control payments related
        to the Transactions (including any transition-related expenses incurred before, on or after the Closing Date), in each case, shall be excluded,

    (ii)  any net after-tax income or
        loss from discontinued operations and any net after-tax gain or loss from disposed, abandoned, transferred, closed or discontinued operations shall be excluded,

    (iii)  any net after-tax gain or loss
        (less all fees and expenses or charges relating thereto) attributable to business dispositions or asset dispositions other than in the ordinary course of business (as determined in good faith by the Board of Directors of the Borrower) shall be
        excluded,

    (iv)  any net after-tax income or
        loss (less all fees and expenses or charges relating thereto) attributable to the early extinguishment of indebtedness shall be excluded,

    (v)  (A) the Net Income for such
        period of any person that is not a subsidiary of such person, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or other
        payments paid in cash (or to the extent converted into cash) to the referent person or a subsidiary thereof in respect of such period and (B) the Net Income for such period shall include any ordinary course dividend distribution or other payment in
        cash received from any person in excess of the amounts included in clause (A),

    (vi)  Consolidated Net Income for
        such period shall not include the cumulative effect of a change in accounting principles during such period,

    (vii)  any increase in amortization or
        depreciation or any one-time non-cash charges resulting from purchase accounting (or similar accounting, in the case of the Transactions) in connection with the Transactions or any acquisition that is consummated after the Original Agreement Date
        shall be excluded,

    (viii)  any non-cash impairment charges
        or asset write-off resulting from the application of GAAP, and the amortization of intangibles arising pursuant to GAAP, shall be excluded,

    (ix)  any non-cash expenses realized
        or resulting from stock option plans, employee benefit plans or post-employment benefit plans, grants of stock appreciation or similar rights, stock options, restricted stock grants or other rights to officers, directors and employees of such
        person or any of its subsidiaries shall be excluded,

    (x)  accruals and reserves that are
        established within twelve months after the Original Agreement Date and that are so required to be established in accordance with GAAP shall be excluded,

    
      
        

    

    (xi)   non-cash gains, losses, income
        and expenses resulting from fair value accounting required by Statement of Financial Accounting Standards No. 133 shall be excluded, and

    (xii)  non-cash charges for deferred
        tax asset valuation allowances shall be excluded.

    “Consolidated Total
            Assets” shall mean, as of any date, the total assets of the Borrower and the consolidated Subsidiaries, determined in accordance with GAAP, as set forth on the consolidated balance sheet of the Borrower as of such date.

    “Control”
        shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through the ownership of voting securities, by contract or otherwise, and “Controlling” and “Controlled” shall have meanings correlative thereto.

    “Court” shall
        mean the High Court of Justice of England and Wales.

    “Court Meeting”
        shall mean, if the Acquisition proceeds by way of a Scheme, the meeting(s) of the holders of the Target Shares or any adjournment thereof to be convened by an order of the Court and, if thought fit, approve the Scheme (with or without amendment),
        together with any meeting held as a result of an adjournment or reconvention by the Court thereof.

    “Court Orders”
        shall mean, if the Acquisition proceeds by way of a Scheme, the order(s) of the Court sanctioning the Scheme.

    “Cumulative Credit”
        shall mean, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to, without duplication:

    (a) $100.0 million, plus:

    (b) the Cumulative Retained Excess Cash Flow Amount at such time, plus

    (c) the aggregate amount of proceeds received after the Original Agreement Date and prior to such time that would have constituted Net
        Proceeds pursuant to clause (a) of the definition thereof except for the operation of clause (A), (B) or (C) of the second proviso thereof (the “Below Threshold Asset
            Sale Proceeds”), plus

    (d) the cumulative amount of proceeds (including cash and the fair market value of property other than cash) from the sale of Equity
        Interests of Holdings or any Parent Entity after the Original Agreement Date and on or prior to such time (including upon exercise of warrants or options) which proceeds have been contributed as common equity to the capital of the Borrower and
        common Equity Interests of the Borrower issued upon conversion of Indebtedness of the Borrower or any Subsidiary owed to a person other than the Borrower or a Subsidiary not previously applied for a purpose other than use in the Cumulative Credit,
        plus

    (e) 100% of the aggregate amount of contributions to the common capital of the Borrower received in cash (and the fair market value of
        property other than cash) after the Original Agreement Date (subject to the same exclusions as are applicable to clause (d) above), plus

    (f) the principal amount of any Indebtedness (including the liquidation preference or maximum fixed repurchase price, as the case may be,
        of any Disqualified Stock) of Borrower or any Subsidiary thereof issued after the Original Agreement Date (other than Indebtedness issued to a Subsidiary), which has been converted into or exchanged for Equity Interests (other than Disqualified
        Stock) in Holdings or any Parent Entity, plus

    
      
        

    

    (g) 100% of the aggregate amount received by Borrower or any Subsidiary in cash (and the fair market value of property other than cash
        received by Borrower or any Subsidiary) after the Original Agreement Date from:

    (A) the sale (other than to Borrower or any Subsidiary) of the Equity Interests of an Unrestricted Subsidiary, or

    (B) any dividend or other distribution by an Unrestricted Subsidiary, plus

    (h) in the event any Unrestricted Subsidiary has been redesignated as a Subsidiary or has been merged, consolidated or amalgamated with
        or into, or transfers or conveys its assets to, or is liquidated into, Holdings, Borrower or any Subsidiary, the fair market value of the Investments of Holdings, Borrower or any Subsidiary in such Unrestricted Subsidiary at the time of such
        Subsidiary Redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable), plus

    (i) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments,
        income and similar amounts) actually received by the Borrower or any Subsidiary in respect of any Investments made pursuant to Section 6.04(j) (or the corresponding provision of the senior secured bank credit facility then applicable to such
        entity) after the Original Agreement Date, minus

    (j) any amounts thereof used to make Investments pursuant to Section 6.04(b)(y) (or the corresponding provision of the senior secured
        bank credit facility then applicable to such entity) after the Original Agreement Date prior to such time, minus

    (k) any amounts thereof used to make Investments pursuant to Section 6.04(j)(ii) (or the corresponding provision of the senior secured
        bank credit facility then applicable to such entity) after the Original Agreement Date prior to such time, minus

    (l) the cumulative amount of dividends paid and distributions made pursuant to Section 6.06(e) (or the corresponding provision of the
        senior secured bank credit facility then applicable to such entity) after the Original Agreement Date prior to such time, minus

    (m) payments or distributions in respect of Junior Financings pursuant to Section 6.09(b)(i) (or the corresponding provision of the
        senior secured bank credit facility then applicable to such entity) (other than payments made with proceeds from the issuance of Equity Interests that were excluded from the calculation of the Cumulative Credit pursuant to clause (d) above) after
        the Original Agreement Date;

    provided, however, for purposes of Section 6.06(e), the calculation of the Cumulative Credit shall not include any Below Threshold Asset Sale Proceeds except to the extent
        they are used as contemplated in clauses (j) and (k) above.

    “Cumulative Retained
            Excess Cash Flow Amount” shall mean, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to:

    (a) the aggregate cumulative sum of the Retained Percentage of Excess Cash Flow for all Excess Cash Flow Periods ending after the
        Original Agreement Date and prior to such date, plus

    (b) for each Excess Cash Flow Interim Period ended prior to such date but as to which the corresponding Excess Cash Flow Period has not
        ended, an amount equal to the Retained Percentage of Excess Cash Flow for such Excess Cash Flow Interim Period, minus

    (c) the cumulative amount of all Retained Excess Cash Flow Overfundings as of such date.

    
      
        

    

    “Current Assets”
        shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis at any date of determination, the sum of (a) all assets (other than cash and Permitted Investments or other cash equivalents) that would, in accordance with GAAP,
        be classified on a consolidated balance sheet of the Borrower and the Subsidiaries as current assets at such date of determination, other than amounts related to current or deferred Taxes based on income or profits, and (b) in the event that a
        Permitted Receivables Financing is accounted for off balance sheet, (x) gross accounts receivable comprising part of the Receivables Assets subject to such Permitted

        Receivables Financing less (y) collections against the amounts sold pursuant to clause (x).

    “Current Liabilities”
        shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis at any date of determination, all liabilities that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and the
        Subsidiaries as current liabilities at such date of determination, other than (a) the current portion of any Indebtedness, (b) accruals of Interest Expense (excluding Interest Expense that is due and unpaid), (c) accruals for current or deferred
        Taxes based on income or profits, (d) accruals, if any, of transaction costs resulting from the Transactions, (e) accruals of any costs or expenses related to (i) severance or termination of employees prior to the Original Agreement Date or
        (ii) bonuses, pension and other post-retirement benefit obligations, and (f) accruals for add-backs to EBITDA included in clauses (a)(iv) through (a)(vi) of the definition of such term.

    “Debt Service”
        shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any period, Cash Interest Expense for such period plus scheduled
        principal amortization of Consolidated Debt for such period.

    “Declining Lender”
        shall have the meaning assigned to such term in Section 2.11(d).

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

    “Defaulting Lender”
        shall mean any Lender with respect to which a Lender Default is in effect.

    “Delaware Divided LLC”
        means any Delaware LLC which has been formed upon the consummation of a Delaware LLC Division.

    “Delaware LLC”
        means any limited liability company organized or formed under the laws of the State of Delaware.

    “Delaware LLC Division”
        means the statutory division of any Delaware LLC into two or more Delaware LLCs pursuant to Section 18-217 of the Delaware Limited Liability Company Act.

    “Designated Non-Cash
            Consideration” means the fair market value of non-cash consideration received by the Borrower or one of its Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to a
        certificate of a Responsible Officer, setting forth the basis of such valuation, less the amount of cash equivalents received in connection with a subsequent sale of such Designated Non-Cash Consideration.

    “Disqualified Stock”
        shall mean, with respect to any person, any Equity Interests of such person that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is redeemable or exchangeable), or upon the
        happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as
        any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the termination of the
        Commitments), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes convertible into or
        exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Stock, in each case, prior to the date that is ninety-one (91) days after the latest Term Facility Maturity Date; provided, however, that only the portion of the Equity Interests that so mature or are mandatorily redeemable, are so convertible or exchangeable or are so redeemable at the option of the holder thereof prior to such date shall be deemed to be
        Disqualified Stock; provided, further, however, that if such Equity Interests are issued to any employee or to any plan for the benefit of employees of the Borrower or the Subsidiaries or by any such plan to such
        employees, such Equity Interests shall not constitute Disqualified Stock solely because they may be required to be repurchased by the Borrower in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s
        termination, death or disability.

    
      
        

    

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

    “Dollar Equivalent”
        means, for any amount, at the time of determination thereof, (a) if such amount is expressed in Dollars, such amount, (b) if such amount is expressed in Euros, the equivalent of such amount in Dollars determined by using the rate of exchange for
        the purchase of Dollars with Euros last provided (either by publication or otherwise provided to the Administrative Agent) by the applicable Thomson Reuters Corp. (“Reuters”) source on the Business Day (New York City time) immediately preceding the
        date of determination or if such service ceases to be available or ceases to provide a rate of exchange for the purchase of dollars with Euros, as provided by such other publicly available information service which provides that rate of exchange at
        such time in place of Reuters chosen by the Administrative Agent in its sole discretion (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in Dollars as determined by the
        Administrative Agent using any method of determination it deems appropriate in its reasonable discretion), (c) if such amount is expressed in Sterling, the equivalent of such amount in Dollars determined by using the rate of exchange for the
        purchase of Dollars with Sterling last provided (either by publication or otherwise provided to the Administrative Agent) by the applicable Reuters source on the Business Day (New York City time) immediately preceding the date of determination or
        if such service ceases to be available or ceases to provide a rate of exchange for the purchase of Dollars with Sterling, as provided by such other publicly available information service which provides that rate of exchange at such time in place of
        Reuters chosen by the Administrative Agent in its sole discretion (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in Dollars as determined by the Administrative Agent using any
        method of determination it deems appropriate in its reasonable discretion) and (d) if such amount is denominated in any other currency, the equivalent of such amount in Dollars as determined by the Administrative Agent using any method of
        determination it deems appropriate in its reasonable discretion.

    “Domestic Subsidiary”
        shall mean any Subsidiary that is not a Foreign Subsidiary, a Qualified CFC Holding Company or a subsidiary listed on Schedule 1.01(a).

    “EBITDA”
        shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any period, the Consolidated Net Income of the Borrower and the Subsidiaries for such period plus (a) the sum of (in each case without duplication and to the extent the respective amounts described in subclauses (i) through (vii) of this clause (a) reduced such Consolidated Net Income (and were not excluded
        therefrom) for the respective period for which EBITDA is being determined):

    (i)  provision for Taxes based on
        income, profits or capital of the Borrower and the Subsidiaries for such period, including, without limitation, state, franchise and similar taxes,

    (ii)  Interest Expense of the
        Borrower and the Subsidiaries for such period (net of interest income of the Borrower and its Subsidiaries for such period),

    (iii)  depreciation and amortization
        expenses of the Borrower and the Subsidiaries for such period,

    (iv)  business optimization expenses
        and other restructuring charges (which, for the avoidance of doubt, shall include, without limitation, the effect of inventory optimization programs, plant closure, retention, severance, systems establishment costs and excess pension charges); provided, that with respect to each business optimization expense or other restructuring charge, the Borrower shall have delivered to the Administrative Agent an
        officers’ certificate specifying and quantifying such expense or charge,

    
      
        

    

    (v)  any other non-cash charges; provided, that, for purposes of this subclause (v) of this clause (a), any non-cash charges or losses shall be treated as cash charges or losses in any
        subsequent period during which cash disbursements attributable thereto are made,

    (vi)  [reserved], and

    (vii)  non-operating expenses;

    minus (b) the sum of (without
        duplication and to the extent the amounts described in this clause (b) increased such Consolidated Net Income for the respective period for which EBITDA is being determined) non-cash items increasing Consolidated Net Income of the Borrower and the
        Subsidiaries for such period (but excluding any such items (A) in respect of which cash was received in a prior period or will be received in a future period or (B) which represent the reversal of any accrual of, or cash reserve for, anticipated
        cash charges in any prior period).

    For purposes of determining EBITDA under this Agreement for any quarter ending prior to the first full
        quarter ending after the Closing Date, EBITDA for such fiscal quarter shall be calculated on a Pro Forma Basis giving effect to the Acquisition and the other Transactions occurring on the Closing Date.

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

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

    “EEA Resolution
            Authority” shall mean 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”
        shall mean the first date on which the conditions set forth in Section 4.01 have been satisfied (or waived in accordance with the terms herein) which occurred on March 8, 2019.

    “EMU” shall
        mean the economic and monetary union as contemplated in the Treaty on European Union.

    “Engagement Letter”
        shall mean that certain Engagement Letter dated March 8, 2019, as amended and restated on the Amendment Effective Date by and among the Borrower, Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC. Morgan Stanley
        Bank, N.A., RBC Capital Markets, LLC, Barclays Capital Inc., BMO Capital Markets Corp., Deutsche Bank Securities, Inc. UBS Securities LLC and U.S. Bancorp Investments, Inc.

    “environment”
        shall mean ambient and indoor air, surface water and groundwater (including potable water, navigable water and wetlands), the land surface or subsurface strata, natural resources such as flora and fauna, the workplace or as otherwise defined in any
        Environmental Law.

    “Environmental Laws”
        shall mean all applicable laws (including common law), rules, regulations, codes, ordinances, orders, decrees or judgments, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or
        reclamation of natural resources, the generation, management, Release or threatened Release of, or exposure to, any Hazardous Material or to occupational health and safety matters (to the extent relating to the environment or Hazardous Materials).

    “Equity Interests”
        of any person shall mean any and all shares, interests, rights to purchase or otherwise acquire, warrants, options, participations or other equivalents of or interests in (however designated) equity or ownership of such person, including any
        preferred stock, any limited or general partnership interest and any limited liability company membership interest, and any securities or other rights or interests convertible into or exchangeable for any of the foregoing.

    
      
        

    

    “ERISA” shall
        mean the Employee Retirement Income Security Act of 1974, as the same may be amended from time to time and any final regulations promulgated and the rulings issued thereunder.

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

    “ERISA Event”
        shall mean (a) any Reportable Event or the requirements of Section 4043(b) of ERISA apply with respect to a Plan; (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the IRS Code or
        Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the IRS Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan, the failure to make by its
        due date a required installment under Section 412(m) of the IRS Code with respect to any Plan or the failure to make any required contribution to a Multiemployer Plan; (d) the incurrence by Holdings, the Borrower, a Subsidiary or any ERISA
        Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan or Multiemployer Plan; (e) the receipt by Holdings, the Borrower, a Subsidiary or any ERISA Affiliate from the PBGC or a plan administrator of any notice
        relating to an intention to terminate any Plan or to appoint a trustee to administer any Plan under Section 4042 of ERISA; (f) the incurrence by Holdings, the Borrower, a Subsidiary or any ERISA Affiliate of any liability with respect to the
        withdrawal or partial withdrawal from any Plan or Multiemployer Plan; (g) the receipt by Holdings, the Borrower, a Subsidiary or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from Holdings, the Borrower, a Subsidiary
        or any ERISA Affiliate of any notice, concerning the impending imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA;
        (h) the conditions for imposition of a lien under Section 302(f) of ERISA shall have been met with respect to any Plan; or (i) the adoption of an amendment to a Plan requiring the provision of security to such Plan pursuant to Section 307 of ERISA.

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

    “EURIBOR Rate”
        shall mean, with respect to any Eurocurrency Borrowing for any Interest Period, to the extent denominated in Euros, the EURIBOR Screen Rate, in each case at approximately 11:00 a.m., London  time, two Business Days prior to the commencement of such
        Interest Period; provided that if the EURIBOR Screen Rate shall not be available at such time for such Interest Period with respect to Euros then the
        Eurodollar Rate shall be the Interpolated Rate.

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

    “Euro” or “€” means the official lawful currency of the participating member states of the EMU.

    “Euro Term Loan
            Repricing Event” shall mean any prepayment or repayment of Initial Euro Term Loans with the proceeds of, or any conversion or amendment of Initial Euro Term Loans into, any new or replacement tranche of term loans bearing interest
        with an “effective yield” (taking into account, for example, upfront fees, interest rate spreads, interest rate benchmarks floors and original interest discount, but excluding the effect of any arrangement, structuring, syndication or other fees
        payable in connection therewith that are not shared with all lenders or holders of such new or replacement loans and without taking into account any fluctuations in the EURIBOR Rate or comparable rate) less than the “effective yield” applicable to
        the Initial Euro Term Loans (as such comparative yields are determined consistent with generally accepted financial practices) (it being understood that (x) in each case, the yield shall exclude any structuring, commitment and arranger fees or
        other fees unless such similar fees are paid to all lenders generally in the primary syndication of such new or replacement tranche of term loans and shall include any rate floors and any upfront or similar fees paid to all lenders generally in the
        primary syndication of such new or replacement tranche of term loans or original issue discount payable with respect to such new or replacement tranche of term loans and (y) any such repayment, prepayment or conversion shall only constitute a Euro
        Term Loan Repricing Event to the extent the primary purpose of such repayment, prepayment, conversion or amendment, as reasonably determined by the Borrower in good faith, is to reduce the “effective yield” on the Initial Euro Term Loans).

    
      
        

    

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

    “Eurocurrency Loan”
        shall mean any Term Loan bearing interest at a rate determined by reference to the Adjusted LIBO Rate in the case of Term Loans denominated in Dollars or Sterling and EURIBOR Rate in the case of Term Loans denominated in Euro, in each case, in
        accordance with the provisions of Article II.

    “European Commission”
        shall mean the institution of the European Union known as the European Commission.

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

    “Excess Cash Flow”
        shall mean, with respect to the Borrower and its Subsidiaries on a consolidated basis for any Applicable Period, EBITDA of the Borrower and its Subsidiaries on a consolidated basis for such Applicable Period, minus, without duplication,

    (a) Debt Service for such Applicable Period,

    (b) the amount of any voluntary prepayment permitted hereunder (or, if made prior to the Closing Date, permitted under the senior secured
        bank credit facility then applicable to such entity) of term Indebtedness during such Applicable Period (other than any voluntary prepayment of the Loans), so long as the amount of such prepayment is not already reflected in Debt Service,

    (c) (i) Capital Expenditures by the Borrower and the Subsidiaries on a consolidated basis during such Applicable Period that are paid in
        cash (to the extent permitted under this Agreement) and (ii) the aggregate consideration paid in cash during the Applicable Period in respect of Permitted Business Acquisitions and other Investments permitted hereunder less any amounts received in respect thereof as a return of capital,

    (d) Capital Expenditures that the Borrower or any Subsidiary shall, during such Applicable Period, become obligated to make but that are
        not made during such Applicable Period (to the extent permitted under this Agreement or if prior to the Closing Date, the senior secured bank credit facility then applicable to such entity); provided, that (i) Holdings shall deliver a certificate to the Administrative Agent not later than 90 days after the end of such Applicable Period, signed by a Responsible Officer of the Borrower and
        certifying that such Capital Expenditures and the delivery of the related equipment will be made in the following Applicable Period, and (ii) any amount so deducted shall not be deducted again in a subsequent Applicable Period,

    (e) Taxes paid in cash by Holdings and its Subsidiaries on a consolidated basis during such Applicable Period or that will be paid within
        six months after the close of such Applicable Period; provided, that with respect to any such amounts to be paid after the close of such Applicable Period,
        (i) any amount so deducted shall not be deducted again in a subsequent Applicable Period, and (ii) appropriate reserves shall have been established in accordance with GAAP,

    
      
        

    

    (f) an amount equal to any increase in Working Capital of the Borrower and its Subsidiaries for such Applicable Period,

    (g) cash expenditures made in respect of Swap Agreements during such Applicable Period, to the extent not reflected in the computation of
        EBITDA or Interest Expense,

    (h) permitted dividends or distributions or repurchases of its Equity Interests paid in cash by the Borrower during such Applicable
        Period and permitted dividends paid by any Subsidiary to any person other than Holdings, the Borrower or any of the Subsidiaries during such Applicable Period, in each case in accordance with Section 6.06 hereof (or the corresponding provision of
        the senior secured bank credit facility then applicable to such entity) (other than Section 6.06(e) or the corresponding provision of the senior secured bank credit facility then applicable to such entity),

    (i) amounts paid in cash during such Applicable Period on account of (A) items that were accounted for as noncash reductions of Net
        Income in determining Consolidated Net Income or as noncash reductions of Consolidated Net Income in determining EBITDA of the Borrower and its Subsidiaries in a prior Applicable Period and (B) reserves or accruals established in purchase
        accounting,

    (j) to the extent not deducted in the computation of Net Proceeds in respect of any asset disposition or condemnation giving rise
        thereto, the amount of any mandatory prepayment of Indebtedness (other than Indebtedness created hereunder or under any other Loan Document), together with any interest, premium or penalties required to be paid (and actually paid) in connection
        therewith, and

    (k) the aggregate amount of items that were added to or not deducted from Net Income in calculating Consolidated Net Income or were added
        to or not deducted from Consolidated Net Income in calculating EBITDA to the extent such items represented a cash payment (which had not reduced Excess Cash Flow upon the accrual thereof in a prior Applicable Period), or an accrual for a cash
        payment, by the Borrower and its Subsidiaries or did not represent cash received by the Borrower and its Subsidiaries, in each case on a consolidated basis during such Applicable Period,

    plus, without duplication,

    (i)  an amount equal to any decrease
        in Working Capital for such Applicable Period,

    (ii)  all amounts referred to in
        clauses (b), (c), (d) and (h) above to the extent funded with the proceeds of the issuance or the incurrence of Indebtedness (including Capital Lease Obligations and purchase money Indebtedness, but excluding, solely as relating to Capital
        Expenditures, proceeds of Revolving Facility Loans (or, if prior to the Closing Date, revolving loans pursuant to the senior secured bank credit facility then applicable to such entity)), the sale or issuance of any Equity Interests (including any
        capital contributions) and any loss, damage, destruction or condemnation of, or any sale, transfer or other disposition (including any sale and leaseback of assets and any mortgage or lease of Real Property) to any person of any asset or assets, in
        each case to the extent there is a corresponding deduction from Excess Cash Flow above,

    (iii)  to the extent any permitted
        Capital Expenditures referred to in clause (d) above and the delivery of the related equipment do not occur in the following Applicable Period of the Borrower specified in the certificate of the Borrower provided pursuant to clause (d) above, the
        amount of such Capital Expenditures that were not so made in such following Applicable Period,

    (iv)  cash payments received in
        respect of Swap Agreements during such Applicable Period to the extent (i) not included in the computation of EBITDA or (ii) such payments do not reduce Cash Interest Expense,

    (v)  any extraordinary or
        nonrecurring gain realized in cash during such Applicable Period (except to the extent such gain consists of Net Proceeds subject to Section 2.11(b)),

    
      
        

    

    (vi)  to the extent deducted in the
        computation of EBITDA, cash interest income, and

    (vii)  the aggregate amount of items
        that were deducted from or not added to Net Income in connection with calculating Consolidated Net Income or were deducted from or not added to Consolidated Net Income in calculating EBITDA to the extent either (i) such items represented cash
        received by the Borrower or any Subsidiary or (ii) such items do not represent cash paid by the Borrower or any Subsidiary, in each case on a consolidated basis during such Applicable Period.

    “Excess Cash Flow
            Interim Period” shall mean, (x) during any Excess Cash Flow Period, any one-, two-, or three-quarter period (a) commencing on the later of (i) the end of the immediately preceding Excess Cash Flow Period and (ii) if applicable, the
        end of any prior Excess Cash Flow Interim Period occurring during the same Excess Cash Flow Period and (b) ending on the last day of the most recently ended fiscal quarter (other than the last day of the Fiscal Year) during such Excess Cash Flow
        Period for which financial statements are available and (y) during the period from the Original Agreement Date until the beginning of the first Excess Cash Flow Period, any period commencing on the Original Agreement Date and ending on the last day
        of the most recently ended fiscal quarter for which financial statements are available.

    “Excess Cash Flow Period”
        shall mean (i) each fiscal year of the Borrower, commencing with the first full fiscal year of the Borrower following the Closing Date, and (ii) the period from January 1, 2007 through the day prior to the initial fiscal year referred to in
        clause (i).

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

    “Excluded Indebtedness”
        shall mean all Indebtedness permitted to be incurred under Section 6.01 (other than Section 6.01(v)).

    “Excluded Taxes”
        shall mean, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) any income taxes imposed on (or measured by) its net income (or
        franchise taxes imposed in lieu of net income taxes) by the United States of America (or any state or locality thereof) or the jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the
        case of any Lender, in which its applicable Lending Office is located or any other jurisdiction as a result of such recipient engaging in a trade or business in such jurisdiction for tax purposes, (b) any branch profits tax or any similar tax that
        is imposed by any jurisdiction described in clause (a) above, (c) in the case of a Lender making a Loan to the Borrower, any tax (including any backup withholding tax) imposed by the United States (or the jurisdiction under the laws of which such
        Lender is organized or in which its principal office is located or in which its applicable Lending Office is located or any other jurisdiction as a result of such Lender engaging in a trade or business or having a taxable presence in such
        jurisdiction for tax purposes) that (x) is in effect and would apply to amounts payable hereunder to such Lender at the time such Lender becomes a party to such Loan to the Borrower (or designates a new Lending Office) except to the extent that the
        assignor to such Lender in the case of an assignment or the Lender in the case of a designation of a new Lending Office (for the absence of doubt, other than
        the Lending Office at the time such Lender becomes a party to such Loan) was entitled, at the time of such assignment or designation of a new Lending Office, respectively, to receive additional amounts from a Loan Party with respect to any
        withholding tax pursuant to Section 2.17(a) or Section 2.17(c) or (y) is attributable to such Lender’s failure to comply with Section 2.17(e) or (f) with respect to such Loan and (d) any taxes that are imposed as a result of any event occurring
        after the Lender becomes a Lender (other than a Change in Law) in the case of clause (a), (b), (c) and (d), together with any and all interest and penalties related thereto.

    “Existing ABL Agreement”
        shall have the meaning assigned to such term in the recitals hereto.

    “Existing Credit
            Agreement” shall have the meaning assigned to such term in the recitals hereto.

    “Existing Second Lien
            5.50% 2022 Notes” shall mean the 5.50% Second Priority Senior Secured Notes due 2022, issued by the Borrower pursuant to the Existing Second Lien 5.50% 2022 Notes Indenture and any notes in exchange for, and as contemplated by, the
        Existing Second Lien 5.50% 2022 Notes.

    
      
        

    

    “Existing Second Lien
            6.00% 2022 Notes” shall mean the 6.00% Second Priority Senior Secured Notes due 2022, issued by the Borrower pursuant to the Existing Second Lien 6.00% 2022 Notes Indenture and any notes in exchange for, and as contemplated by, the
        Existing Second Lien 6.00% 2022 Notes.

    “Existing Second Lien
            2023 Notes” shall mean the 5.125% Second Priority Senior Secured Notes due 2023, issued by the Borrower pursuant to the Existing Second Lien 2023 Notes Indenture and any notes in exchange for, and as contemplated by, the Existing
        Second Lien 2023 Notes.

    “Existing Second Lien
            2026 Notes” shall mean the 4.50% Second Priority Senior Secured Notes due 2026, issued by the Borrower pursuant to the Existing Second Lien 2026 Notes Indenture and any notes in exchange for, and as contemplated by, the Existing
        Second Lien 2026 Notes.

    “Existing Second Lien
            Note Documents” shall mean the Existing Second Lien Notes, the Existing Second Lien Notes Indentures and the Existing Second Lien Security Documents.

    “Existing Second Lien
            Notes” shall mean the Existing Second Lien 5.50% 2022 Notes, the Existing Second Lien 6.00% 2022 Notes, the Existing Second Lien 2023 Notes and the Existing Second Lien 2026 Notes.

    “Existing Second Lien
            5.50% 2022 Notes Indenture” shall mean the Indenture dated as of May 22, 2014 among Berry and certain of its subsidiaries party thereto and the trustee named therein from time to time, as in effect on the Effective Date and as
        amended, restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof and of this Agreement.

    “Existing Second Lien
            6.00% 2022 Notes Indenture” shall mean the Indenture dated as of October 1, 2015 among Berry and certain of its subsidiaries party thereto and the trustee named therein from time to time, as in effect on the Effective Date and as
        amended, restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof and of this Agreement.

    “Existing Second Lien
            2023 Notes Indenture” shall mean the Indenture dated as of June 5, 2015 among Berry and certain of its subsidiaries party thereto and the trustee named therein from time to time, as in effect on the Effective Date and as amended,
        restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof and of this Agreement.

    “Existing Second Lien
            2026 Notes Indenture” shall mean the Indenture dated as of January 26, 2018 among Berry and certain of its subsidiaries party thereto and the trustee named therein from time to time, as in effect on the Effective Date and as amended,
        restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof and of this Agreement.

    “Existing Second Lien
            Notes Indentures” shall mean the Existing Second Lien 5.50% 2022 Notes Indenture, the Existing Second Lien 6.00% 2022 Notes Indenture, the Existing Second Lien 2023 Notes Indenture and the Existing Second Lien 2026 Notes Indenture.

    “Existing Second Lien
            Security Documents” shall mean the “Security Documents” as defined in each of the Existing Second Lien Notes Indentures.

     “Facility”
        shall mean the respective facility and commitments utilized in making Loans and credit extensions hereunder, it being understood that as of the date of this Agreement there shall be five Facilities, i.e. the Initial Euro Term Facility, the Initial
        Sterling Term Facility, the Backstop Term T Facility, the Backstop Term Q Facility, the Backstop Term R Facility and the Backstop Term S Facility and after the Closing Date may include the Incremental Term Facility.

    “FATCA” shall
        mean Sections 1471 through 1474 of the IRS Code as of the Effective Date (or any amended or successor provisions that are substantively similar) and any current or future regulations thereunder or official interpretation thereof.

    
      
        

    

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

    “Fee Letters”
        shall mean each of that certain (i) Target Financing Syndication, Engagement and Fee Letter dated March 8, 2019 as amended and restated on the Amendment Effective Date and (ii) Backstop Financing Syndication, Engagement and Fee Letter dated March
        8, 2019, as amended and restated on the Amendment Effective Date each by and among the Borrower, Goldman Sachs Bank USA, Goldman Sachs Lending Partners, LLC, Wells Fargo Bank, National Association, Wells Fargo Securities, LLC, JPMorgan Chase Bank,
        N.A., Morgan Stanley Bank, N.A., RBC Capital Markets, LLC, Barclays Bank PLC, Bank of Montreal, BMO Capital Markets Corp., Deutsche Bank AG New York Branch, Deutsche Bank AG, Cayman Islands Branch, Deutsche Bank Securities Inc., UBS AG, Stamford
        Branch, UBS Securities LLC, U.S. Bank National Association and U.S. Bancorp Investments, Inc.

     “Financial Officer”
        of any person shall mean the Chief Financial Officer, principal accounting officer, Treasurer, Assistant Treasurer or Controller of such person.

    “First Lien Bridge
            Credit Agreement” shall mean that certain First Lien Bridge Credit Agreement, as in effect on the Effective Date, as amended and restated on the Amendment Effective Date and as the same may be further amended, amended and restated,
        modified, supplemented, extended, or renewed from time to time in accordance with the terms hereof and thereof among Holdings, the Borrower, certain lenders party thereto and Goldman Sachs Bank USA as the administrative agent and collateral agent. 
        References to the First Lien Bridge Credit Agreement shall include any indenture or other agreement evidencing extension or exchange notes issuances in accordance with the terms of the First Lien Bridge Credit Agreement but shall not include
        indentures relating to other issuances of New First Lien Notes.

    “First Lien Bridge
            Credit Facility” shall have the meaning assigned to such term in the recitals hereto.

    “First Lien Bridge
            Joinder to Second Priority Intercreditor Agreement” shall mean the First Lien Bridge Joinder to Second Priority Intercreditor Agreement, dated as of the Effective Date, as amended, supplemented or otherwise modified from time to
        time, in the form of Exhibit G under the First Lien Bridge Credit Agreement, among Holdings, the Borrower, the Subsidiary Loan Parties, each Subsidiary that
        becomes a party thereto after the Effective Date, the “Collateral Agent” under the Existing Credit Agreement, the “Administrative Agent” under the Existing Credit Agreement, the “Administrative Agent” under the Revolving Credit Agreement, the
        “Collateral Agent” under the Revolving Credit Agreement, U.S. Bank National Association, as Existing Second Priority Agent, the “Collateral Agent” under the First Lien Bridge Credit Agreement and the “Administrative Agent” under the First Lien
        Bridge Credit Agreement.

    
      
        

    

    “First Lien Bridge
            Joinder to Senior Fixed Collateral Intercreditor Agreement” shall mean the First Lien Bridge Joinder to Senior Lender Intercreditor Agreement, dated as of the Effective Date, as amended, supplemented or otherwise modified from time
        to time, in the form of Exhibit H under the First Lien Bridge Credit Agreement, among Holdings, the Borrower, the Subsidiary Loan Parties, each Subsidiary
        that becomes a party thereto after the Effective Date, the “Collateral Agent” under the Existing Credit Agreement, the “Administrative Agent” under the Existing Credit Agreement, the “Collateral Agent” under the First Lien Bridge Credit Agreement
        and the “Administrative Agent” under the First Lien Bridge Credit Agreement.

    “First Lien Bridge
            Joinder to Senior Lender Intercreditor Agreement” shall mean the First Lien Bridge Joinder to Senior Lender Intercreditor Agreement, dated as of the Effective Date, as amended, supplemented or otherwise modified from time to time, in
        the form of Exhibit F under the First Lien Bridge Credit Agreement, among Holdings, the Borrower, the Subsidiary Loan Parties, each Subsidiary that becomes
        a party thereto after the Effective Date, the “Collateral Agent” under the Existing Credit Agreement, the “Administrative Agent” under the Existing Credit Agreement, the “Administrative Agent” under the Revolving Credit Agreement, the “Collateral
        Agent” under the Revolving Credit Agreement, the “Collateral Agent” under the First Lien Bridge Credit Agreement and the “Administrative Agent” under the First Lien Bridge Credit Agreement.

    “First Lien Debt”
        at any date shall mean (i) the aggregate principal amount of Consolidated Debt of the Borrower and its Subsidiaries outstanding at such date that consists of, without duplication, Indebtedness that in each case is then secured by first priority
        Liens on property or assets of the Borrower and its Subsidiaries (other than property or assets held in a defeasance or similar trust or arrangement for the benefit of the Indebtedness secured thereby), less (ii) without duplication, the
        Unrestricted Cash and Permitted Investments of the Borrower and its Subsidiaries on such date.

    “Foreign Pledge
            Agreement” shall mean a pledge agreement with respect to the Pledged Collateral that constitutes Equity Interests of a “first tier” Foreign Subsidiary, in form and substance reasonably satisfactory to the Collateral Agent; provided, that in no event shall more than 65% of the issued and outstanding Equity Interests of such Foreign Subsidiary be pledged to secure Obligations of the
        Borrower.

    “Foreign Subsidiary”
        shall mean (a) any Subsidiary that is incorporated or organized under the laws of any jurisdiction other than the United States of America, any State thereof or the District of Columbia, and (b) any Subsidiary of any Subsidiary described in the
        foregoing clause (a).

    “GAAP” shall
        mean generally accepted accounting principles in effect from time to time in the United States, applied on a consistent basis, subject to the provisions of Section 1.02; provided
        that any reference to the application of GAAP in Sections 3.13(b), 3.20, 5.03, 5.07 and 6.02(e) to a Foreign Subsidiary (and not as a consolidated Subsidiary of the Borrower) shall mean generally accepted accounting principles in effect from time
        to time in the jurisdiction of organization of such Foreign Subsidiary.

    “General Meeting”
        shall mean the extraordinary general meeting of the Target shareholders (and any adjournment thereof) to be convened in connection with the Scheme.

    “Governmental Authority”
        shall mean any federal, state, local or foreign court or governmental agency, authority, instrumentality or regulatory or legislative body.

    “Guarantee”
        of or by any person (the “guarantor”) shall mean (a) any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of
        guaranteeing any Indebtedness or other 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, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreement to
        keep well, to purchase assets, goods, securities or services, to take-or-pay or otherwise) or to purchase (or to advance or supply funds for the purchase of) any security for the payment of such Indebtedness or other obligation, (ii) 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, (iii) 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, (iv) entered into for the purpose of assuring in any other manner

        the holders of such Indebtedness or other obligation of the payment thereof or to protect such holders against loss in respect thereof (in whole or in part) or (v) as an account party in respect of any letter of credit, bank guarantee, bankers’
        acceptance or other letter of guaranty issued to support such Indebtedness or other obligation, or (b) any Lien on any assets of the guarantor securing any Indebtedness (or any existing right, contingent or otherwise, of the holder of Indebtedness
        to be secured by such a Lien) of any other person, whether or not such Indebtedness or other obligation is assumed by the guarantor; provided, however, the term “Guarantee” shall not include endorsements of instruments for deposit or collection in the ordinary course of business or customary and
        reasonable indemnity obligations in effect on the Effective Date or entered into in connection with any acquisition or disposition of assets permitted by this Agreement (other than such obligations with respect to Indebtedness).  The amount of any
        Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof
        (assuming such person is required to perform thereunder) as determined by such person in good faith.

    
      
        

    

    “guarantor”
        shall have the meaning assigned to such term in the definition of the term “Guarantee.”

    “Hazardous Materials”
        shall mean all pollutants, contaminants, wastes, chemicals, materials, substances and constituents, including, without limitation, explosive or radioactive substances or petroleum or petroleum distillates, asbestos or asbestos containing materials,
        polychlorinated biphenyls or radon gas, of any nature subject to regulation or which can give rise to liability under any Environmental Law.

    “Hedging Obligations”
        means, with respect to any person, the obligations of such person under (i) currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements and currency exchange, interest rate or
        commodity collar agreements, and (ii) other agreements or arrangements designed to protect such person against fluctuations in currency exchange, interest rates or commodity prices.

    “Holdings”
        shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

    “Immaterial Subsidiary”
        shall mean any Subsidiary that, as of the last day of the fiscal quarter of the Borrower most recently ended, (a) did not have assets with a value in excess of 5.0% of the Consolidated Total Assets or revenues representing in excess of 5.0% of
        total revenues of the Borrower and the Subsidiaries on a consolidated basis as of such date and (b) when taken together with all other Immaterial Subsidiaries as of such date, did not have assets with a value in excess of 10.0% of the Consolidated
        Total Assets or revenues representing in excess of 10.0% of total revenues of the Borrower and the Subsidiaries on a consolidated basis as of such date.  Each Immaterial Subsidiary as of the Effective Date shall be set forth in Schedule 1.01(d).

    “Increased Amount Date”
        shall have the meaning assigned to such term in Section 2.21(a).

    “Incremental Amount”
        shall mean, at any time, the greater of (a) the excess, if any of (i) $600 million over (ii) the aggregate amount of all Incremental Term Loan Commitments established prior to such time pursuant to Section 2.21 and (b) the aggregate principal
        amount such that the Total Net First Lien Leverage Ratio shall not exceed 4:00 to 1.00.

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

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

    “Incremental Term
            Facility” shall mean the Incremental Term Loan Commitments and the Incremental Term Loans made hereunder.

    “Incremental Term
            Facility Maturity Date” shall mean, with respect to any series or tranche of Incremental Term Loans established pursuant to an Incremental Assumption Agreement, the maturity date for as set forth in such Incremental Assumption
        Agreement.

    “Incremental Term Lender”
        shall mean a Lender with an Incremental Term Loan Commitment or an outstanding Incremental Term Loan.

    “Incremental Term Loan
            Commitment” shall mean the commitment of any Lender, established pursuant to Section 2.21, to make Incremental Term Loans to the Borrower.

    “Incremental Term Loan
            Installment Date” shall have, with respect to any series or tranche of Incremental Term Loans established pursuant to an Incremental Assumption Agreement, the meaning assigned to such term in Section 2.10(a)(ii).

    
      
        

    

    “Incremental Term Loans”
        shall mean Loans made by one or more Lenders to the Borrower pursuant to Section 2.01(c).  Incremental Term Loans may be made in the form of the Initial Term Loans or, to the extent permitted by Section 2.21 and provided for in the relevant
        Incremental Assumption Agreement, Other Term Loans.

    “Indebtedness”
        of any person shall mean, without duplication, (a) all obligations of such person for borrowed money, (b) all obligations of such person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such person under
        conditional sale or other title retention agreements relating to property or assets purchased by such person, (d) all obligations of such person issued or assumed as the deferred purchase price of property or services, to the extent that the same
        would be required to be shown as a long term liability on a balance sheet prepared in accordance with GAAP, (e) all Capital Lease Obligations of such person, (f) all net payments that such person would have to make in the event of an early
        termination, on the date Indebtedness of such person is being determined, in respect of outstanding Swap Agreements, (g) the principal component of all obligations, contingent or otherwise, of such person as an account party in respect of letters
        of credit, (h) the principal component of all obligations of such person in respect of bankers’ acceptances, (i) all Guarantees by such person of Indebtedness described in clauses (a) to (h) above) and (j) the amount of all obligations of such
        person with respect to the redemption, repayment or other repurchase of any Disqualified Stock (excluding accrued dividends that have not increased the liquidation preference of such Disqualified Stock); provided, that Indebtedness shall not include (A) trade payables, accrued expenses and intercompany liabilities arising in the ordinary course of business, (B) prepaid or deferred revenue arising in
        the ordinary course of business, (C) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase prices of an asset to satisfy unperformed obligations of the seller of such asset or (D) earn-out
        obligations until such obligations become a liability on the balance sheet of such person in accordance with GAAP.  The Indebtedness of any person shall include the Indebtedness of any partnership in which such person is a general partner, other
        than to the extent that the instrument or agreement evidencing such Indebtedness expressly limits the liability of such person in respect thereof.  To the extent not otherwise included, Indebtedness shall include the amount of any Receivables Net
        Investment.

    “Indemnified Taxes”
        shall mean all Taxes other than Excluded Taxes.

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

    “Ineligible Institution”
        shall mean the persons identified in writing to the Administrative Agent by the Borrower on the Effective Date, and as may be identified in writing to the Administrative Agent by the Borrower from time to time thereafter with the consent of the
        Administrative Agent (not to be unreasonably withheld or delayed), by delivery of a notice thereof to the Administrative Agent setting forth such person or persons (or the person or persons previously identified to the Administrative Agent that are
        to be no longer considered “Ineligible Institutions”).

    “Information”
        shall have the meaning assigned to such term in Section 3.14(a).

    “Information Memorandum”
        shall mean any Confidential Information Memorandum used to syndicate the Term Loans, as modified or supplemented prior to the Closing Date.

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

    “Initial Euro Term
            Facility” shall mean the Initial Euro Term Loan Commitments and the Initial Euro Term Loans made hereunder.

    “Initial Euro Term
            Facility Maturity Date” shall mean the date that is the seventh anniversary of the Closing Date.

    “Initial Euro Term
            Lender” shall mean a Lender with an Initial Euro Term Loan Commitment or an outstanding Initial Euro Term Loan.

    
      
        

    

    “Initial Euro Term Loan
            Commitment” shall mean with respect to each Lender, the commitment of such Lender to make Initial Euro Term Loans as set forth in Section 2.01(a).  The initial amount of each Lender’s Initial Euro Term Loan Commitment is set forth on
        Schedule 2.01 as amended on the Amendment Effective Date, or in the Assignment and Acceptance.  The aggregate amount of the Initial Euro Term Loan
        Commitments on the Amendment Effective Date is € 2,500,000,000.

    “Initial Euro Term Loans”
        shall mean term loans made by the Lenders to the Borrower pursuant to Section 2.01(a) in Euros on the Closing Date.

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

    “Initial Sterling Term
            Facility” shall mean the Initial Sterling Term Loan Commitments and the Initial Sterling Term Loans made hereunder.

    “Initial Sterling Term
            Facility Maturity Date” shall mean the date that is the seventh anniversary of the Closing Date.

    “Initial Sterling Term
            Lender” shall mean a Lender with an Initial Sterling Term  Loan Commitment or an outstanding Initial Sterling Term  Loan.

    “Initial Sterling Term
            Loan Commitment” shall mean with respect to each Lender, the commitment of such Lender to make Initial Sterling Term Loans as set forth in Section 2.01(b).  The initial amount of each Lender’s Initial Sterling Term Loan Commitment is
        set forth on Schedule 2.01 as amended on the Amendment Effective Date, or in the Assignment and Acceptance. The aggregate amount of the Initial Sterling
        Term Loan Commitments on the Amendment Effective Date is £400,000,000.

    “Initial Sterling Term
            Loans” shall mean the term loans made by the Lenders to the Borrower pursuant to Section 2.01(b).

    “Initial Term Facilities”
        shall mean the Initial Euro Term Facility and the Initial Sterling Term Facility.

    “Initial Term Loans”
        shall mean the Initial Euro Term Loans and the Initial Sterling Term Loans.

    “Intellectual Property
            Rights” shall have the meaning assigned to such term in Section 3.23.

    “Interest Election
            Request” shall mean a request by the Borrower to convert or continue a Term Borrowing in accordance with Section 2.07.

    “Interest Expense”
        shall mean, with respect to any person for any period, the sum of (a) gross interest expense of such person for such period on a consolidated basis, including (i) the amortization of debt discounts, (ii) the amortization of all fees (including fees
        with respect to Swap Agreements) payable in connection with the incurrence of Indebtedness to the extent included in interest expense, (iii) the portion of
        any payments or accruals with respect to Capital Lease Obligations allocable to interest expense, and (iv) net payments and receipts (if any) pursuant to interest rate Hedging Obligations, (b) capitalized interest of such person, and
        (c) commissions, discounts, yield and other fees and charges incurred in connection with any Permitted Receivables Financing which are payable to any person other than the Borrower or a Subsidiary Loan Party.  For purposes of the foregoing, gross
        interest expense shall be determined after giving effect to any net payments made or received and costs incurred by the Borrower and the Subsidiaries with respect to Swap Agreements.

    “Interest Payment Date”
        shall mean, (a) with respect to any Eurocurrency Loan, the last day of each Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’
        duration, each day that would have been an Interest Payment Date had successive Interest Periods of three months’ duration been applicable to such Borrowing and, in addition, the date of any refinancing or conversion of such Borrowing with or to a
        Borrowing of a different Type, and (b) with respect to any ABR Loan, the last Business Day of each calendar quarter.

    “Interest Period”
        shall mean, as to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing or on the last day of the immediately preceding Interest Period applicable to such Borrowing, as applicable, and ending on the numerically
        corresponding day (or, if there is no numerically corresponding day, on the last day) in the calendar month that is 1, 2, 3 or 6 months thereafter (or 12 months, if at the time of the relevant Borrowing, all Lenders agree to make interest periods
        of such length available), as the Borrower may elect, or the date any Eurocurrency Borrowing is converted to an ABR Borrowing in accordance with Section 2.07 or repaid or prepaid in accordance with Section 2.09, 2.10 or 2.11; provided, however, that if any Interest Period would end on a day
        other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding
        Business Day.  Interest shall accrue from and including the first day of an Interest Period to but excluding the last day of such Interest Period.

    
      
        

    

    “Interpolated Rate”
        shall mean, (i) in relation to the Eurocurrency Loan for any Loan in Dollars or Sterling, the rate which results from interpolating on a linear basis between:  (a) the ICE Benchmark Administration’s Interest Settlement Rates for deposits in Dollars
        or Sterling, as applicable, for the longest period (for which that rate is available) which is less than the Interest Period and (b) the ICE Benchmark Administration’s Interest Settlement Rates for deposits in Dollars or Sterling, as applicable,
        for the shortest period (for which that rate is available) which exceeds the Interest Period, each as of approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period and (ii) in relation to the
        Eurocurrency Loan for any Loan in Euros, the rate which results from interpolating on a linear basis between:  (a) the EURIBOR Screen Rate for the longest period (for which the EURIBOR Screen Rate is available for Euros) which is less than the
        Interest Period; and (b) the EURIBOR Screen Rate for the shortest period (for which the EURIBOR Screen Rate is available for Euros) which exceeds the Interest Period, in each case, as of approximately 11:00 a.m. London time, two Business Days prior
        to the commencement of such Interest Period.

    “Investment”
        shall have the meaning assigned to such term in Section 6.04.

    “IRS Code”
        shall mean the Internal Revenue Code of 1986, as amended from time to time and the regulations promulgated and rulings issued thereunder.

    “Joint Additional
            Arrangers” shall mean JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc. and RBC Capital Markets, LLC, in their capacities as joint additional arrangers and joint additional bookrunners.

    “Joint Additional
            Bookrunners” shall mean JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc. and RBC Capital Markets, LLC, in their capacities as joint additional arrangers and joint additional bookrunners.

     “Joint Lead Arrangers”
        shall mean Goldman Sachs Bank USA and Wells Fargo Securities, LLC, in their capacities as joint lead arrangers.

    “Joint Bookrunners”
        shall mean Goldman Sachs Bank USA and Wells Fargo Securities, LLC, in their capacities as joint bookrunners.

     “Junior Financing”
        shall have the meaning assigned to such term in Section 6.09(b).

    “Lender”
        shall mean each financial institution listed on Schedule 2.01, as well as any person that becomes a “Lender” hereunder pursuant to Section 9.04.

    “Lender Default”
        shall mean (i) the refusal (which has not been retracted) of a Lender to make available its portion of any Borrowing, or (ii) a Lender having notified the Borrower and/or the Administrative Agent that it does not intend to comply with its
        obligations under Section 2.06 or (iii) a Lender has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.

    
      
        

    

    “Lending Office”
        shall mean, as to any Lender, the applicable branch, office or Affiliate of such Lender designated by such Lender to make Loans.

    “Letter of Credit”
        shall mean any letter of credit issued pursuant to the Revolving Credit Agreement.

    “LIBO Rate”
        shall mean, (a) with respect to any Eurocurrency Borrowing for any Interest Period denominated in Dollars, the greater of (x) 0.00% per annum and (y) the rate per annum equal to the ICE Benchmark Administration (“ICE LIBOR”), as published by Bloomberg (or other commercially available source providing quotations of ICE LIBOR as designated by the Administrative Agent from time to time) at
        approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; provided, that if such rate is not available at such time for any reason, then the “LIBO Rate” for such Interest Period shall be the Interpolated Rate and (b)
        with respect to any Eurocurrency Borrowing for any Interest Period denominated in Sterling, the greater of (x) 0.00% per annum and (y) the rate per annum equal to the ICE Benchmark Administration (“ICE LIBOR”), as published by Bloomberg (or other commercially available source providing quotations of ICE LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00 a.m.,
        London time, two Business Days prior to the commencement of such Interest Period, for Sterling deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; provided, that if such rate is not available at such time for any reason, then the “LIBO Rate” for such Interest Period shall be the Interpolated Rate.

    “Lien” shall
        mean, with respect to any asset, (a) any mortgage, deed of trust, lien, hypothecation, pledge, charge, security interest or similar encumbrance in or on such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement,
        capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset, provided,
        that in no event shall an operating lease or an agreement to sell be deemed to constitute a Lien.

    “Limited Condition
            Acquisition” shall mean any acquisition, including by way of merger, amalgamation or consolidation, by one or more of the Borrower or its Restricted Subsidiaries of any assets, business or Person permitted by this Agreement whose
        consummation is not conditioned on the availability of, or on obtaining, third party acquisition financing and which is designated as a Limited Condition Acquisition by the Borrower in writing to the Administrative Agent and Lenders.

    “Loan Documents”
        shall mean this Agreement, the Security Documents, the Second Priority Intercreditor Agreement, the Senior Lender Intercreditor Agreement, the Senior Fixed Collateral Intercreditor Agreement, the Term Loan Joinder to Second Priority Intercreditor
        Agreement, the Term Loan Joinder to Senior Lender Intercreditor Agreement, the Term Loan Joinder to Senior Fixed Collateral Intercreditor Agreement and any Note issued under Section 2.09(e), and solely for the purposes of Article IV and
        Section 7.01 hereof, the Fee Letters.

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

    “Loans” shall
        mean the Initial Euro Term Loans, the Initial Sterling Term Loans, the Backstop Term T Loans, the Backstop Term Q Loans, the Backstop Term R Loans, the Backstop Term S Loans and the Incremental Term Loans (in each case, if any).

    “Local Time”
        shall mean, with respect to Dollar denominated Loans, New York City time, and, with respect to Euro or Sterling denominated Loans, London time.

    “Longstop Date”
        shall mean October 29, 2019.

    
      
        

    

    “Management Group”
        means the group consisting of the directors, executive officers and other management personnel of the Borrower, Holdings and their Subsidiaries, as the case may be, on the Effective Date together with (a) any new directors whose election by such
        boards of directors or whose nomination for election by the shareholders of the Borrower or Holdings, as the case may be, was approved by a vote of a majority of the directors of the Borrower or Holdings, as the case may be, then still in office
        who were either directors on the Effective Date or whose election or nomination was previously so approved and (b) executive officers and other management personnel of the Borrower or Holdings and their Subsidiaries, as the case may be, hired at a
        time when the directors on the Effective Date together with the directors so approved constituted a majority of the directors of the Borrower or Holdings, as the case may be.

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

    “Material Adverse Effect”
        shall mean a material adverse effect on the business, property, operations or condition of the Borrower and its Subsidiaries, taken as a whole, or the validity or enforceability of any of the material Loan Documents or the rights and remedies of
        the Administrative Agent and the Lenders thereunder.

    “Material Indebtedness”
        shall mean Indebtedness (other than Loans) of any one or more of the Borrower or any Subsidiary in an aggregate principal amount exceeding $75 million.

    “Material Subsidiary”
        shall mean any Subsidiary other than an Immaterial Subsidiary.

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

    “Minimum Acceptance
            Condition” shall mean , with respect to an Offer, the condition set forth in the Offer Documents with respect to the number of acceptances to an Offer which must be secured to declare such Offer unconditional as to acceptances which
        shall be equal to or more than 75%  of the Target shares carrying voting rights.

    “Moody’s”
        shall mean Moody’s Investors Service, Inc.

    “Mortgaged Properties”
        shall mean the Real Properties owned in fee by the Loan Parties that are set forth on Schedule 1.01(c) and each additional Real Property encumbered by a
        Mortgage pursuant to Section 5.10.

    “Mortgages”
        shall mean the mortgages, trust deeds, deeds of trust, deeds to secure debt, assignments of leases and rents, and other security documents delivered with respect to Mortgaged Properties, each in form and substance reasonably satisfactory to the
        Administrative Agent and the Borrower, as amended, supplemented or otherwise modified from time to time.  For the avoidance of doubt, Mortgages may include mortgages delivered under the Existing Credit Agreement to the extent amended to be in a
        form otherwise satisfactory to the Administrative Agent.

    “Multiemployer Plan”
        shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which the Borrower, Holdings or any Subsidiary or any ERISA Affiliate (other than one considered an ERISA Affiliate only pursuant to subsection (m) or (o) of IRS Code
        Section 414) is making or accruing an obligation to make contributions, or has within any of the preceding six plan years made or accrued an obligation to make contributions.

    “Net Income”
        shall mean, with respect to any person, the net income (loss) of such person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends.

    “Net Proceeds”
        shall mean:

    (a) 100% of the cash proceeds actually received by the Borrower or any Subsidiary Loan Party (including any cash payments received by way
        of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise and including casualty insurance settlements and condemnation awards, but only as and when received) from any Asset
        Sale (other than those pursuant to Section 6.05(a), (b), (c), (d) (except as contemplated by Section 6.03(b)(y)), (e), (f), (h), (i) or (j) or (p)), net of (i) attorneys’ fees, accountants’ fees, investment banking fees, survey costs, title
        insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, required debt payments and required payments of other obligations relating to the applicable asset to the extent such debt or
        obligations are secured by a Lien permitted hereunder (other than pursuant to the Loan Documents or the Revolving Loan Documents) on such asset, other customary expenses and brokerage, consultant and other customary fees actually incurred in
        connection therewith, (ii) Taxes paid or payable as a result thereof, and (iii) the amount of any reasonable reserve established in accordance with GAAP against any adjustment to the sale price or any liabilities (other than any taxes deducted
        pursuant to clause (i) above) (x) related to any of the applicable assets and (y) retained by the Borrower or any of the Subsidiaries including, without limitation, pension and other post-employment benefit liabilities and liabilities related to
        environmental matters or against any indemnification obligations (however, the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds of such
        Asset Sale occurring on the date of such reduction); provided, that, if no Event of Default exists and the Borrower shall deliver a certificate of a
        Responsible Officer of the Borrower to the Administrative Agent promptly following receipt of any such proceeds setting forth the Borrower’s intention to use any portion of such proceeds, to acquire, maintain, develop, construct, improve, upgrade
        or repair assets useful in the business of the Borrower and the Subsidiaries or to make investments in Permitted Business Acquisitions, in each case within 15 months of such receipt, such portion of such proceeds shall not constitute Net Proceeds
        except to the extent not, within 15 months of such receipt, so used or contractually committed to be so used (it being understood that if any portion of such proceeds are not so used within such 15-month period but within such 15-month period are
        contractually committed to be used, then, upon the termination of such contract, such remaining portion shall constitute Net Proceeds as of the date of such termination or expiry without giving effect to this proviso); provided, further, that (A) no proceeds realized in a single transaction or series of
        related transactions shall constitute Net Proceeds unless such proceeds shall exceed $5.0 million, (B) no proceeds shall constitute Net Proceeds in any fiscal year until the aggregate amount of all such proceeds in such fiscal year shall exceed
        $10.0 million, (C) at any time during the 15-month period contemplated by the immediately preceding proviso above, if, on a Pro Forma Basis after giving effect to the Asset Sale and the application of the proceeds thereof, the Total Net First Lien
        Leverage Ratio is less than or equal to 4.00 to 1.00, none of such proceeds shall constitute Net Proceeds, and (D) proceeds from the sale or other disposition of any ABL Assets (including any indirect sale or other disposition occurring by reason
        of the indirect sale or other disposition of the person that holds such ABL Assets) shall not constitute Net Proceeds to the extent that the Revolving Credit Agreement requires that such proceeds be applied in payment of any obligations thereunder,
        and

    
      
        

    

    (b) 100% of the cash proceeds from the incurrence, issuance or sale by the Borrower or any Subsidiary Loan Party of any Indebtedness
        (other than Excluded Indebtedness), net of all taxes and fees (including investment banking fees), commissions, costs and other expenses, in each case incurred in connection with such issuance or sale.

    For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs and expenses
        payable to the Borrower or any Affiliate of the Borrower shall be disregarded, except for financial advisory fees customary in type and amount paid to Affiliates of the Funds and otherwise not prohibited from being paid hereunder.

    “New First Lien Notes”
        shall mean any senior secured first lien notes issued by the Borrower for the purposes of refinancing its Indebtedness under the First Lien Bridge Credit Agreement (or, on or prior to the Closing Date, its undrawn commitments thereunder) or
        otherwise to fund a portion of the Acquisition in an aggregate principal amount not to exceed €1,500,000,000 and £300,000,000.

    “New Second Lien Notes”
        shall mean any senior secured second lien notes issued by the Borrower for the purposes of refinancing its Indebtedness under the Second Lien Bridge Credit Agreement (or, on or prior to the Closing Date, its undrawn commitments thereunder) or
        otherwise to fund a portion of the Acquisition in an aggregate principal amount not to exceed $1,275,000,000.

    “New York Courts”
        shall have the meaning assigned to such term in Section 9.15.

    “Non-Consenting Lender”
        shall have the meaning assigned to such term in Section 2.19(c).

    “Note” shall
        have the meaning assigned to such term in Section 2.09(e).

    
      
        

    

    “Obligations”
        shall mean all amounts owing to the Administrative Agent or any Lender pursuant to the terms of this Agreement or any other Loan Document.

    “Offer” means
        a takeover offer (as defined in Chapter 3 of Part 28 of the Companies Act of 2006) to be made by or on behalf of Holdings in accordance with the Offer Documents to acquire the entire issued and to be issued share capital of the Target and, where
        the context admits, any subsequent revision, variation, extension or renewal of such offer.

    “Offer Closing
            Certificate” means in respect of an Offer, a certificate from the Borrower confirming that:

    (a) the Minimum Acceptance Condition has been satisfied; and

    (b) all other conditions (except for any condition relating to the payment of the consideration in respect of the Acquisition) of the
        Offer have been satisfied or waived (and, to the extent waived, confirming that any such waiver does not, or will not upon becoming effective, constitute a Certain Funds Default).

    “Offer Documents”
        means the Rule 2.7 Announcement, the Offering Circular and any other documents to be sent by the Acquisition SPV to the Target’s shareholders, and otherwise made available to such persons and in the manner required by Rule 24.1 of the Takeover
        Code, in connection with the Offer.

    “Offer Effective Date”
        means, if the Acquisition proceeds by way of an Offer, the date on which the Offer is declared unconditional in all respects by Acquisition SPV.

     “Offering Circular”
        means, if the Acquisition proceeds by way of an Offer, any public offer document issued or to be issued by Acquisition SPV to the Target’s shareholders in connection with an Offer setting out the terms of the Offer (including any amendments,
        revisions or extensions thereof).

    “Original Agreement Date”
        shall have the meaning assigned to such term in the recitals hereto.

    “Original Credit
            Agreement” shall have the meaning assigned to such term in the recitals hereto.

    “Original Loan Documents”
        shall have the meaning assigned to such term in Section 1.07(b).

    “Other Taxes”
        shall mean any and all present or future stamp or documentary taxes or any other excise, transfer, sales, property, intangible, mortgage recording, or similar taxes, charges or levies arising from any payment made hereunder or from the execution,
        delivery or enforcement of, or otherwise with respect to, the Loan Documents, and any and all interest and penalties related thereto (but not Excluded Taxes).

    “Other Term Loans”
        shall have the meaning assigned to such term in Section 2.21.

    “Overdraft Line”
        shall have the meaning assigned to such term in Section 6.01(w).

    “Parent Entity”
        means any direct or indirect parent of Holdings.

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

    “PATRIOT Act”
        shall have the meaning assigned to such term in Section 9.19.

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

    “Perfection Certificate”
        shall mean the Perfection Certificate with respect to Borrower and the other Loan Parties in a form reasonably satisfactory to the Administrative Agent.

    
      
        

    

    “Permitted Business
            Acquisition” shall mean any acquisition of all or substantially all the assets of, or all the Equity Interests (other than directors’ qualifying shares) in, or merger or consolidation with, a person or division or line of business of
        a person (or any subsequent investment made in a person, division or line of business previously acquired in a Permitted Business Acquisition), if immediately after giving effect thereto:  (i) no Event of Default shall have occurred and be
        continuing or would result therefrom (or, in connection with a Limited Condition Acquisition, no Specified Event of Default shall have occurred and be continuing or would result therefrom); (ii) all transactions related thereto shall be consummated
        in accordance with applicable laws; (iii) with respect to any such acquisition or investment with a fair market value in excess of $20.0 million, the Borrower and its Subsidiaries shall be in Pro Forma Compliance after giving effect to such
        acquisition or investment and any related transactions; (iv) any acquired or newly formed Subsidiary shall not be liable for any Indebtedness except for Indebtedness permitted by Section 6.01; (v) to the extent required by Section 5.10, any person
        acquired in such acquisition, if acquired by the Borrower or a Domestic Subsidiary, shall be merged into the Borrower or a Subsidiary Loan Party or become upon consummation of such acquisition a Subsidiary Loan Party, and (vi) the aggregate amount
        of such acquisitions and investments in assets that are not owned by the Borrower or Subsidiary Loan Parties or in Equity Interests in persons that are not Subsidiary Loan Parties or persons that do not become Subsidiary Loan Parties upon
        consummation of such acquisition (within the time periods provided in Section 5.10) shall not exceed the greater (x) 4.5% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such acquisition or
        investment for which financial statements have been delivered pursuant to Section 5.04 and (y) $150 million.

    “Permitted Investments”
        shall mean:

    (a) direct obligations of the United States of America or any member of the European Union or any agency thereof or obligations
        guaranteed by the United States of America or any member of the European Union or any agency thereof, in each case with maturities not exceeding two years;

    (b) time deposit accounts, certificates of deposit and money market deposits maturing within 180 days of the date of acquisition thereof
        issued by a bank or trust company that is organized under the laws of the United States of America, any state thereof or any foreign country recognized by the United States of America having capital, surplus and undivided profits in excess of $250
        million and whose long-term debt, or whose parent holding company’s long-term debt, is rated A (or such similar equivalent rating or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the
        Securities Act));

    (c) repurchase obligations with a term of not more than 180 days for underlying securities of the types described in clause (a) above
        entered into with a bank meeting the qualifications described in clause (b) above;

    (d) commercial paper, maturing not more than one year after the date of acquisition, issued by a corporation (other than an Affiliate of
        the Borrower) organized and in existence under the laws of the United States of America or any foreign country recognized by the United States of America with a rating at the time as of which any investment therein is made of P-1 (or higher)
        according to Moody’s, or A-1 (or higher) according to S&P;

    (e) securities with maturities of two years or less from the date of acquisition issued or fully guaranteed by any State, commonwealth or
        territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least A by S&P or A by Moody’s;

    (f) shares of mutual funds whose investment guidelines restrict 95% of such funds’ investments to those satisfying the provisions of
        clauses (a) through (e) above;

    (g) money market funds that (i) comply with the criteria set forth in Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated
        AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000.0 million;

    
      
        

    

    (h) time deposit accounts, certificates of deposit and money market deposits in an aggregate face amount not in excess of 0.5% of the
        total assets of the Borrower and the Subsidiaries, on a consolidated basis, as of the end of the Borrower’s most recently completed fiscal year; and

    (i) instruments equivalent to those referred to in clauses (a) through (h) above denominated in any foreign currency comparable in credit
        quality and tenor to those referred to above and commonly used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by any Subsidiary
        organized in such jurisdiction.

    “Permitted Liens”
        shall have the meaning assigned to such term in Section 6.02.

    “Permitted Receivables
            Documents” shall mean all documents and agreements evidencing, relating to or otherwise governing a Permitted Receivables Financing.

    “Permitted Receivables
            Financing” shall mean one or more transactions pursuant to which (i) Receivables Assets or interests therein are sold to or financed by one or more Special Purpose Receivables Subsidiaries, and (ii) such Special Purpose Receivables
        Subsidiaries finance their acquisition of such Receivables Assets or interests therein, or the financing thereof, by selling or borrowing against Receivables Assets; provided
        that (A) recourse to the Borrower or any Subsidiary (other than the Special Purpose Receivables Subsidiaries) in connection with such transactions shall be limited to the extent customary for similar transactions in the applicable jurisdictions
        (including, to the extent applicable, in a manner consistent with the delivery of a “true sale”/“absolute transfer” opinion with respect to any transfer by the Borrower or any Subsidiary (other than a Special Purpose Receivables Subsidiary), and
        (B) the aggregate Receivables Net Investment since the Effective Date shall not exceed $100 million at any time.

    “Permitted Refinancing
            Indebtedness” shall mean any Indebtedness issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund (collectively, to “Refinance”), the Indebtedness being Refinanced (or previous refinancings thereof constituting Permitted Refinancing Indebtedness); provided,
        that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced (plus unpaid accrued interest and premium thereon and underwriting discounts, fees, commissions and expenses), (b) except with respect to Section 6.01(i), the weighted average life to
        maturity of such Permitted Refinancing Indebtedness is greater than or equal to the earlier of the weighted average life to maturity of the Indebtedness being Refinanced and (ii) the final maturity date of such Permitted Refinancing Indebtedness is
        no earlier than the final maturity date of the Indebtedness being Refinanced and no earlier than the final maturity date on the Initial Euro Term Facility Maturity Date or the Initial Sterling Term Facility Maturity Date, (c) if the Indebtedness
        being Refinanced is subordinated in right of payment to the Obligations under this Agreement, such Permitted Refinancing Indebtedness shall be subordinated in right of payment to such Obligations on terms at least as favorable to the Lenders as
        those contained in the documentation governing the Indebtedness being Refinanced, (d) no Permitted Refinancing Indebtedness shall have different obligors, or greater guarantees or security, than the Indebtedness being Refinanced and (e) if the
        Indebtedness being Refinanced is secured by any collateral (whether equally and ratably with, or junior to, the Secured Parties or otherwise), such Permitted Refinancing Indebtedness may be secured by such collateral (including in respect of
        working capital facilities of Foreign Subsidiaries otherwise permitted under this Agreement only, any collateral pursuant to after-acquired property clauses to the extent any such collateral secured the Indebtedness being Refinanced) on terms no
        less favorable to the Secured Parties than those contained in the documentation governing the Indebtedness being Refinanced; provided, further, that with respect to a refinancing of (x) subordinated Indebtedness permitted to be incurred herein, such Permitted Refinancing Indebtedness shall
        (i) be subordinated to the guarantee by Holdings and the Subsidiary Loan Parties of the Facilities, and be otherwise on terms not materially less favorable to the Lenders than those contained in the documentation governing the Indebtedness being
        refinanced and (y) the Existing Second Lien Notes, Indebtedness under the First Lien Bridge Agreement, the New First Lien Notes, Indebtedness under the Second Lien Bridge Agreement and the New Second Lien Notes, (i) the Liens, if any, securing such
        Permitted Refinancing Indebtedness shall be subject to an intercreditor agreement that is substantially consistent with and no less favorable to the Lenders in all material respects than the Second Priority Intercreditor Agreement and (ii) such
        Permitted Refinancing Indebtedness shall be otherwise on terms not materially less favorable to the Lenders than those contained in the documentation governing the Indebtedness being Refinanced.

    
      
        

    

    “Permitted Supplier
            Finance Facility” shall mean an arrangement entered into with one or more third-party financial institutions for the purpose of facilitating the processing of receivables such that receivables are purchased directly by such
        third-party financial institutions from the Borrower or one of its Subsidiaries at such discounted rates as may be agreed; provided that (i) no third-party
        financial institution shall have any recourse to the Borrower, its Material Subsidiaries or any other Loan Party in connection with such arrangement and (ii) none of the Borrower, any of its Material Subsidiaries or any other Loan Party shall
        Guarantee any liabilities or obligations with respect to such arrangement (including, without limitation, none of the Borrower, any of its Material Subsidiaries or any other Loan Party shall provide any guarantee, surety or other credit support for
        any of the obligations owed by any customer to such third party financial institution under any such financing arrangement).

    “Person” or “person” shall mean any natural person, corporation, business trust, joint venture, association, company, partnership, limited liability company or government,
        individual or family trusts, or any agency or political subdivision thereof.

    “Plan” shall
        mean any employee pension benefit plan, as such term is defined in Section 3(2) of ERISA, (other than a Multiemployer Plan), (i) subject to the provisions of Title IV of ERISA, (ii) sponsored or maintained (at the time of determination or at any
        time within the five years prior thereto) by Holdings, the Borrower or any ERISA Affiliate, or (iii) in respect of which Holdings, the Borrower, any Subsidiary or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of
        ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

    “Platform”
        shall have the meaning assigned to such term in Section 9.17.

    “Pledged Collateral”
        shall have the meaning assigned to such term in the Collateral Agreement.

    “primary obligor”
        shall have the meaning given such term in the definition of the term “Guarantee.”

    “Pro Forma Adjusted
            EBITDA” shall have the meaning assigned to such term in Section 3.05.

    “Pro Forma Basis”
        shall mean, as to any person, for any events as described below that occur subsequent to the commencement of a period for which the financial effect of such events is being calculated, and giving effect to the events for which such calculation is
        being made, such calculation as will give pro forma effect to such events as if such events occurred on the first day of the four consecutive fiscal quarter period ended on or before the occurrence of such event (the “Reference Period”):  (i) in making any determination of EBITDA, effect shall be given to any Asset Sale, any acquisition (or any similar transaction or transactions not otherwise
        permitted under Section 6.04 or 6.05 that require a waiver or consent of the Required Lenders and such waiver or consent has been obtained), any dividend, distribution or other similar payment, any designation of any Subsidiary as an Unrestricted
        Subsidiary and any Subsidiary Redesignation, and any restructurings of the business of the Borrower or any of its Subsidiaries that are expected to have a continuing impact and are factually supportable, which would include cost savings resulting
        from head count reduction, closure of facilities and similar operational and other cost savings, which adjustments the Borrower determines are reasonable as set forth in a certificate of a Financial Officer of the Borrower (the foregoing, together
        with any transactions related thereto or in connection therewith, the “relevant transactions”), in each case that occurred during the Reference Period (or,
        in the case of determinations made pursuant to the definition of the term “Permitted Business Acquisition” or pursuant to Sections 2.11(b), 6.01(r), 6.02(u) or 6.06(e), occurring during the Reference Period or thereafter and through and including
        the date upon which the respective Permitted Business Acquisition or incurrence of Indebtedness or Liens, Asset Sale, or dividend is consummated), (ii) in making any determination on a Pro Forma Basis, (x) all Indebtedness (including Indebtedness
        issued, incurred or assumed as a result of, or to finance, any relevant transactions and for which the financial effect is being calculated, whether incurred
        under this Agreement or otherwise, but excluding normal fluctuations in revolving Indebtedness incurred for working capital purposes and amounts outstanding under any Permitted Receivables Financing, in each case not to finance any acquisition)
        issued, incurred, assumed or permanently repaid during the Reference Period (or, in the case of determinations made pursuant to the definition of the term “Permitted Business Acquisition” or pursuant to Sections 2.11(b), 6.01(r), 6.02(u) or
        6.06(e), occurring during the Reference Period or thereafter and through and including the date upon which the respective Permitted Business Acquisition or incurrence of Indebtedness or Liens, Asset Sale, or dividend is consummated) shall be deemed
        to have been issued, incurred, assumed or permanently repaid at the beginning of such period and (y) Interest Expense of such person attributable to interest on any Indebtedness, for which pro forma effect is being given as provided in preceding
        clause (x) (A) bearing floating interest rates shall be computed on a pro forma basis as if the rate in effect on the date of such calculation had been the applicable rate for the entire period (taking into account any Hedging Obligations
        applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months), and (B) in respect of a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial
        or accounting officer of the Borrower to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP; and (iii) (A) any Subsidiary Redesignation then being designated, effect shall be given to such Subsidiary
        Redesignation and all other Subsidiary Redesignations after the first day of the relevant Reference Period and on or prior to the date of the respective Subsidiary Redesignation then being designated, collectively, and (B) any designation of a
        Subsidiary as an Unrestricted Subsidiary, effect shall be given to such designation and all other designations of Subsidiaries as Unrestricted Subsidiaries after the first day of the relevant Reference Period and on or prior to the date of the then
        applicable designation of a Subsidiary as an Unrestricted Subsidiary, collectively.

    
      
        

    

    Calculations made pursuant to the definition of the term “Pro Forma Basis” shall be determined in good
        faith by a Responsible Officer of the Borrower and may include adjustments to reflect (1) operating expense reductions and other operating improvements or synergies reasonably expected to result from such relevant transaction, which adjustments are
        reasonably anticipated by the Borrower to be realizable in connection with such relevant transaction (or any similar transaction or transactions made in compliance with this Agreement or that require a waiver or consent of the Required Lenders) and
        are estimated on a good faith basis by the Borrower, and (2) all adjustments reflected in the Pro Forma Financial Statements and Pro Forma Adjusted EBITDA to the extent such adjustments, without duplication, continue to be applicable.  The Borrower
        shall deliver to the Administrative Agent a certificate of a Financial Officer of the Borrower setting forth such demonstrable or additional operating expense reductions and other operating improvements or synergies and information and calculations
        supporting them in reasonable detail.

    “Pro Forma Compliance”
        shall mean, at any date of determination, that the Borrower (together with its Subsidiaries on a consolidated basis) shall be in compliance, on a Pro Forma Basis after giving effect on a Pro Forma Basis to the relevant transactions (including the
        assumption, the issuance, incurrence and permanent repayment of Indebtedness), with a Total Net First Lien Leverage Ratio not to exceed 4.00 to 1.00, recomputed as at the last day of the most recently ended fiscal quarter of the Borrower and its
        Subsidiaries for which the financial statements and certificates required pursuant to Section 5.04 have been delivered, and the Borrower shall have delivered
        to the Administrative Agent a certificate of a Responsible Officer of the Borrower to such effect, together with all relevant financial information.

    “Projections”
        shall mean any projections of Holdings, the Borrower and the Subsidiaries included in the Information Memorandum and any other projections and any forward-looking statements (including statements with respect to booked business) of such entities
        furnished to the Lenders or the Administrative Agent by or on behalf of Holdings, the Borrower or any of the Subsidiaries prior to the Closing Date.

    “PTE” means a
        prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

    “Public Lender”
        shall have the meaning assigned to such term in Section 9.17.

    “Qualified CFC Holding
            Company” shall mean a Wholly Owned Subsidiary of the Borrower that is a limited liability company, that (a) is in compliance with Section 6.11 and (b) the primary asset of which consists of Equity Interests in either (i) a Foreign
        Subsidiary or (ii) a limited liability company that is in compliance with Section 6.11 and the primary asset of which consists of Equity Interests in a Foreign Subsidiary.

    “Qualified Equity
            Interests” means any Equity Interests other than Disqualified Stock.

    
      
        

    

    “Real Property”
        means, collectively, all right, title and interest (including any leasehold estate) in and to any and all parcels of or interests in real property owned in fee or leased by any Loan Party, together with, in each case, all easements, hereditaments
        and appurtenances relating thereto, all improvements and appurtenant fixtures incidental to the ownership or lease thereof.

    “Receivables Assets”
        shall mean accounts receivable (including any bills of exchange) and related assets and property from time to time originated, acquired or otherwise owned by the Borrower or any Subsidiary.

    “Receivables Net
            Investment” shall mean the aggregate cash amount paid by the lenders or purchasers under any Permitted Receivables Financing in connection with their purchase of, or the making of loans secured by, Receivables Assets or interests
        therein, as the same may be reduced from time to time by collections with respect to such Receivables Assets or otherwise in accordance with the terms of the Permitted Receivables Documents (but excluding any such collections used to make payments
        of items included in clause (c) of the definition of “Interest Expense”); provided, however, that if all or any part of such Receivables Net Investment shall have been reduced by application of any distribution and thereafter such distribution is rescinded or must otherwise be returned for any reason, such
        Receivables Net Investment shall be increased by the amount of such distribution, all as though such distribution had not been made.

    “Reference Period”
        shall have the meaning assigned to such term in the definition of the term “Pro Forma Basis.”

    “Refinance”
        shall have the meaning assigned to such term in the definition of the term “Permitted Refinancing Indebtedness,” and “Refinanced” shall have a meaning
        correlative thereto.

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

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

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

    “Related Fund”
        shall mean, with respect to any Lender that is a fund that invests in bank or commercial loans and similar extensions of credit, any other fund that invests in bank or commercial loans and similar extensions of credit and is advised or managed by
        (a) such Lender, (b) an Affiliate of such Lender or (c) an entity (or an Affiliate of such entity) that administers, advises or manages such Lender.

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

    “Related Sections”
        shall have the meaning assigned to such term in Section 6.04.

    “Release”
        shall mean any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing, depositing, emanating or migrating in, into, onto or through the environment.

    “Remaining Present Value”
        shall mean, as of any date with respect to any lease, the present value as of such date of the scheduled future lease payments with respect to such lease, determined with a discount rate equal to a market rate of interest for such lease reasonably
        determined at the time such lease was entered into.

    “Reportable Event”
        shall mean any reportable event as defined in Section 4043(c) of ERISA or the regulations issued thereunder, other than those events as to which the 30-day notice period referred to in Section 4043(a) of ERISA has been waived, with respect to a
        Plan (other than a Plan maintained by an ERISA Affiliate that is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the IRS Code).

    
      
        

    

    “Required Lenders”
        shall mean, at any time, Lenders having Loans outstanding that represent more than 50% of all Loans outstanding.  The Loans of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.

    “Required Percentage”
        shall mean, with respect to an Excess Cash Flow Period (or Excess Cash Flow Interim Period), 0%.

    “Required Prepayment
            Date” shall have the meaning assigned to such term in Section 2.11(d).

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

    “Retained Excess Cash
            Flow Overfunding” shall mean, at any time, in respect of any Excess Cash Flow Interim Period as to which the corresponding Excess Cash Flow Period has ended at such time, a portion of the cumulative Excess Cash Flow for such Excess
        Cash Flow Interim Period equal to the amount, if any, by which the Retained Percentage of Excess Cash Flow for such Excess Cash Flow Interim Period exceeds the Retained Percentage of Excess Cash Flow for such corresponding Excess Cash Flow Period.

    “Retained Percentage”
        shall mean, with respect to any Excess Cash Flow Period (or Excess Cash Flow Interim Period), (a) 100% minus (b) the Required Percentage with respect to
        such Excess Cash Flow Period (or Excess Cash Flow Interim Period).

    “Revaluation Date”
        shall mean, with respect to any Term Loan denominated in Euros, each of the following:  (a) (i) the date of the Borrowing of such Term Loan and (ii) each date of a conversion into or continuation of such Term Loan pursuant to the terms of this
        Agreement and (b) any additional date as the Administrative Agent may determine at any time when an Event of Default exists.

    “Revolving Credit
            Agreement” shall mean that certain Amended and Restated Revolving Credit Agreement dated as of April 3, 2007 and as amended on or prior to the Effective Date, including any refinancing thereof, among Holdings, the Borrower, certain
        subsidiaries of the Borrower party thereto, the lenders and agents party thereto and Bank of America, as administrative agent, as amended, restated, supplemented, waived, replaced, restructured, repaid, refunded, refinanced or otherwise modified
        from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or
        increasing the amount loaned thereunder or altering the maturity thereof.

    “Revolving Facility
            Loans” shall mean loans made pursuant to and in accordance with the Revolving Credit Agreement.

    “Revolving Facility
            Collateral Agent” shall have the meaning assigned to such term in the Senior Lender Intercreditor Agreement.

    “Revolving Facility
            Secured Parties” shall have the meaning assigned thereto in the Senior Lender Intercreditor Agreement.

    “Revolving Loan
            Documents” shall mean the “Loan Documents” as defined in the Revolving Credit Agreement.”

    “Rule 2.7 Announcement”
        shall mean the press announcement released by Acquisition SPV and the Target to announce a firm intention on the part of Acquisition SPV to make an offer to acquire the Target Shares on the terms of the Scheme or the Offer (as applicable) in
        accordance with Rule 2.7 of the Takeover Code.

    “S&P”
        shall mean Standard & Poor’s Ratings Group, Inc.

    
      
        

    

    “Sale and Lease-Back
            Transaction” shall have the meaning assigned to such term in Section 6.03.

    “Scheme”
        means a scheme of arrangement made pursuant to Part 26 of the Companies Act of 2006 between the Target and the holders of the Target Shares in relation to the transfer of the entire issued and to be issued share capital of the Target (with or
        subject to any modification, addition or condition approved or imposed by the Court and agreed by Acquisition SPV and the Target) as contemplated by the Scheme Circular (with or subject to any modification, addition or condition approved or imposed
        by the Court and agreed by Acquisition SPV and the Target).

    “Scheme Circular”
        means a document issued by or on behalf of the Target to shareholders of the Target setting out the proposals for the Scheme stating the recommendation of the Scheme to the shareholders of Target by the board of directors of Target including the
        notice of General Meeting and the Court Meeting.

    “Scheme Documents”
        means the Rule 2.7 Announcement, the Scheme Circular together with the notices of the Court Meeting and General Meeting which accompany that Scheme Circular , the Scheme Resolutions, any other document dispatched by or on behalf of the Target to
        its shareholders in connection with the Scheme.

    “Scheme Effective Date”
        means, if the Acquisition proceeds by way of a Scheme, the date on which the Court Orders are duly filed with the Registrar of Companies in England and Wales and the Scheme becomes effective in accordance with English law.

     “Scheme Resolutions”
        means, if the Acquisition proceeds by way of a Scheme, the resolutions of the Target shareholders for the implementation of the Scheme referred to and substantially in the form to be set out in the Scheme Circular.

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

    “Second Lien Bridge
            Credit Agreement” shall mean that certain Second Lien Credit Agreement, as in effect on the Effective Date, as amended and restated on the Amendment Effective Date and as the same may be further amended, amended and restated,
        modified, supplemented, extended, or renewed from time to time in accordance with the terms hereof and thereof among Holdings, the Borrower, certain lenders party thereto and Wells Fargo Bank, National Association, as the administrative agent and
        collateral agent.  References to the Second Lien Bridge Credit Agreement shall include any indenture or other agreement evidencing extension or exchange notes issuances in accordance with the terms of the Second Lien Bridge Credit Agreement but
        shall not include indentures relating to other issuances of New Second Lien Notes.

    “Second Lien Bridge
            Credit Facility” shall have the meaning assigned to such term in the recitals hereto.

    “Second Lien Bridge
            Joinder to Second Priority Intercreditor Agreement” shall mean the Second Lien Bridge Joinder to Second Priority Intercreditor Agreement, dated as of the Effective Date, as amended, supplemented or otherwise modified from time to
        time, in the form of Exhibit F under the Second Lien Bridge Credit Agreement, among Holdings, the Borrower, the Subsidiary Loan Parties, each Subsidiary
        that becomes a party thereto after the Effective Date, the “Collateral Agent” under the Existing Credit Agreement, the “Administrative Agent” under the Existing Credit Agreement, the “Administrative Agent” under the Revolving Credit Agreement, the
        “Collateral Agent” under the Revolving Credit Agreement, U.S. Bank National Association, as Existing Second Priority Agent, the “Collateral Agent” under the Second Lien Bridge Credit Agreement and the “Administrative Agent” under the Second Lien
        Bridge Credit Agreement.

    “Second Priority
            Intercreditor Agreement” shall mean the Second Amended and Restated Intercreditor Agreement dated February 5, 2008, as amended, supplemented or otherwise modified from time to time, among Holdings, the Borrower, the Subsidiary Loan
        Parties, each Subsidiary that becomes a party thereto after the Effective Date, the “Collateral Agent” under the Existing Credit Agreement, the “Administrative Agent” under the Existing Credit Agreement, the “Administrative Agent” under the
        Revolving Credit Agreement and the “Collateral Agent” under the Revolving Credit Agreement and U.S. Bank National Association, as Second Priority Agent and as further supplemented by each of the Term Loan Joinder to Second Priority Intercreditor
        Agreement, the First Lien Bridge Joinder to Second Priority Intercreditor Agreement and the Second Lien Bridge Joinder to Second Priority Intercreditor Agreement.

    
      
        

    

    “Secured Parties”
        shall mean the “Secured Parties” as defined in the Collateral Agreement.

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

    “Security Documents”
        shall mean the Mortgages, the Collateral Agreement, the Foreign Pledge Agreements and each of the security agreements and other instruments and documents executed and delivered pursuant to any of the foregoing or pursuant to Section 5.10.

    “Senior Fixed Collateral
            Intercreditor Agreement” shall mean the Senior Fixed Collateral Priority and Intercreditor Agreement dated February 5, 2008, as amended, supplemented or otherwise modified from time to time, among Holdings, the Borrower, the
        Subsidiary Loan Parties, each Subsidiary that becomes a party thereto after the Effective Date, the “Collateral Agent” under the Existing Credit Agreement, the “Administrative Agent” under the Existing Credit Agreement and as further supplemented
        by each of the Term Loan Joinder to Senior Fixed Collateral Intercreditor Agreement and the First Lien Bridge Joinder to Senior Fixed Collateral Intercreditor Agreement.

    “Senior Lender
            Intercreditor Agreement” shall mean the Second Amended and Restated Senior Lender Priority and Intercreditor Agreement dated February 5, 2008, as amended, supplemented or otherwise modified from time to time, among Holdings, the
        Borrower, the Subsidiary Loan Parties, each Subsidiary that becomes a party thereto after the Effective Date, the “Collateral Agent” under the Existing Credit Agreement, the “Administrative Agent” under the Existing Credit Agreement, the
        “Administrative Agent” under the Revolving Credit Agreement and the “Collateral Agent” under the Revolving Credit Agreement and as further supplemented by each of the Term Loan Joinder to Senior Lender Intercreditor Agreement and the First Lien
        Bridge Joinder to Senior Lender Intercreditor Agreement.

    “Series” has
        the meaning set forth in Section 2.21(b).

    “Special Purpose
            Receivables Subsidiary” shall mean a direct or indirect Subsidiary of the Borrower established in connection with a Permitted Receivables Financing for the acquisition of Receivables Assets or interests therein, and which is
        organized in a manner intended to reduce the likelihood that it would be substantively consolidated with Holdings, the Borrower or any of the Subsidiaries (other than Special Purpose Receivables Subsidiaries) in the event Holdings, the Borrower or
        any such Subsidiary becomes subject to a proceeding under the U.S. Bankruptcy Code (or other insolvency law).

    “Specified Event of
            Default” means an Event of Default under Section 7.01(b), (c), (h) or (i).

    “Squeeze-Out”
        shall mean any procedure under the Companies Act of 2006 for the compulsory acquisition by Acquisition SPV of any minority shareholders in the Target.

    “Squeeze-Out Date”
        shall mean the first date on which Acquisition SPV becomes entitled to exercise the Squeeze-Out Procedures.

    “Squeeze-Out Procedure”
        shall mean the procedure to be implemented following the date on which the Offer is declared or becomes unconditional in all respects under sections 979 to 982 (inclusive) of the Companies Act of 2006 to acquire all of the outstanding Target Shares
        which Acquisition SPV has not acquired, contracted to acquire or in respect of which it has not received valid acceptances.

     “Statutory Reserves”
        shall mean, with respect to any currency, any reserve, liquid asset or similar requirements established by any Governmental Authority of the United States of America or of the jurisdiction of such currency or any jurisdiction in which Loans in such
        currency are made to which banks in such jurisdiction are subject for any category of deposits or liabilities customarily used to fund loans in such currency or by reference to which interest rates applicable to Loans in such currency are
        determined.

    
      
        

    

    “Sterling” or
        “£” means the official lawful currency of the United Kingdom.

    “Sterling Term Loan
            Repricing Event” shall mean any prepayment or repayment of Initial Sterling Term Loans with the proceeds of, or any conversion or amendment of Initial Sterling Term Loans into, any new or replacement tranche of term loans bearing
        interest with an “effective yield” (taking into account, for example, upfront fees, interest rate spreads, interest rate benchmarks floors and original interest discount, but excluding the effect of any arrangement, structuring, syndication or
        other fees payable in connection therewith that are not shared with all lenders or holders of such new or replacement loans and without taking into account any fluctuations in the Adjusted LIBO Rate or comparable rate) less than the “effective
        yield” applicable to such Initial Sterling Term Loans (as such comparative yields are determined consistent with generally accepted financial practices) (it being understood that (x) in each case, the yield shall exclude any structuring, commitment
        and arranger fees or other fees unless such similar fees are paid to all lenders generally in the primary syndication of such new or replacement tranche of term loans and shall include any rate floors and any upfront or similar fees paid to all
        lenders generally in the primary syndication of such new or replacement tranche of term loans or original issue discount payable with respect to such new or replacement tranche of term loans and (y) any such repayment, prepayment or conversion
        shall only constitute a Sterling Term Loan Repricing Event to the extent the primary purpose of such repayment, prepayment, conversion or amendment, as reasonably determined by the Borrower in good faith, is to reduce the “effective yield” on the
        Initial Sterling Term Loans).

    “Subagent”
        shall have the meaning assigned to such term in Section 8.02.

    “Subordinated
            Intercompany Debt” shall have the meaning assigned to such term in Section 6.01(e).

    “subsidiary”
        shall mean, with respect to any person (herein referred to as the “parent”), any corporation, partnership, association or other business 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 more than 50% of the general partnership interests are, at the time any determination is being made, directly or
        indirectly, owned, Controlled or held, or (b) that is, at the time any determination is made, 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”
        shall mean, unless the context otherwise requires, a subsidiary of the Borrower.  Notwithstanding the foregoing (and except for purposes of Sections 3.09, 3.13, 3.15, 3.16, 5.03, 5.09 and 7.01(k), and the definition of Unrestricted Subsidiary
        contained herein), an Unrestricted Subsidiary shall be deemed not to be a Subsidiary of the Borrower or any of its Subsidiaries for purposes of this Agreement.

    “Subsidiary Loan Party”
        shall mean (a) each Domestic Subsidiary of the Borrower on the Effective Date and (b) each Domestic Subsidiary of the Borrower that becomes, or is required to become, a party to the Collateral Agreement, the Second Priority Intercreditor Agreement,
        the Senior Fixed Collateral Intercreditor Agreement and the Senior Lender Intercreditor Agreement after the Effective Date.

    “Subsidiary
            Redesignation” shall have the meaning provided in the definition of “Unrestricted Subsidiary” contained in this Section 1.01.

    “Swap Agreement”
        shall mean any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities (including, for the avoidance of doubt,
        resin), equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided, that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of
        Holdings, the Borrower or any of the Subsidiaries shall be a Swap Agreement.

    “Takeover Code”
        shall mean the United Kingdom City Code on Takeovers and Mergers, as administered by the Takeover Panel, as may be amended from time to time.

    “Takeover Panel”
        shall mean the United Kingdom Panel on Takeovers and Mergers.

    
      
        

    

    “Target”
        shall have the meaning assigned to such term in the recitals hereto.

    “Target Group”
        shall mean the Target and its subsidiaries.

    “Target Shares”
        shall mean the existing unconditionally allotted or issued and fully paid ordinary shares of Five pence each in the capital of the Target and any further such ordinary shares which are unconditionally allotted or issued before the Closing Date.

    “Taxes” shall
        mean any and all present or future taxes, levies, imposts, duties (including stamp duties), deductions, withholdings or similar charges (including ad
          valorem charges) imposed by any Governmental Authority and any and all interest and penalties related thereto.

    “Term Borrowing”
        shall mean any Initial Euro Term Borrowing, Initial Sterling Term Borrowing or any Incremental Term Borrowing.

    “Term Facility”
        shall mean any or all of the Backstop Facilities, the Initial Facilities, and/or any or all of the Incremental Term Facilities, as applicable.

    “Term Facility Maturity
            Date” shall mean the Backstop Term T Facility Maturity Date, the Backstop Term Q Facility Maturity Date, the Backstop Term R Facility Maturity Date, the Backstop Term S Facility Maturity Date, the Initial Euro Term Facility Maturity
        Date, the Initial Sterling Term Facility Maturity Date or any Incremental Term Facility Maturity Date, as applicable.

    “Term Loan Installment
            Date” shall mean any Incremental Term Loan Installment Date.

    “Term Loan Joinder to
            Second Priority Intercreditor Agreement” shall mean the Term Loan Joinder to Second Priority Intercreditor Agreement, dated as of the Effective Date, as amended, supplemented or otherwise modified from time to time, in the form of Exhibit G, among Holdings, the Borrower, the Subsidiary Loan Parties, each Subsidiary that becomes a party thereto after the Effective Date, the “Collateral
        Agent” under the Existing Credit Agreement, the “Administrative Agent” under the Existing Credit Agreement, the “Administrative Agent” under the Revolving Credit Agreement, the “Collateral Agent” under the Revolving Credit Agreement, U.S. Bank
        National Association, as Existing Second Priority Agent, the Collateral Agent and the Administrative Agent.

    “Term Loan Joinder to
            Senior Fixed Collateral Intercreditor Agreement” shall mean the Term Loan Joinder to Senior Lender Intercreditor Agreement, dated as of the Effective Date, as amended, supplemented or otherwise modified from time to time, in the form
        of Exhibit H, among Holdings, the Borrower, the Subsidiary Loan Parties, each Subsidiary that becomes a party thereto after the Effective Date, the
        “Collateral Agent” under the Existing Credit Agreement, the “Administrative Agent” under the Existing Credit Agreement, the Collateral Agent and the Administrative Agent.

    “Term Loan Joinder to Senior Lender Intercreditor Agreement” shall mean the Term Loan Joinder to Senior Lender Intercreditor Agreement, dated as of the Effective Date, as
        amended, supplemented or otherwise modified from time to time, in the form of Exhibit F, among Holdings, the Borrower, the Subsidiary Loan Parties, each
        Subsidiary that becomes a party thereto after the Effective Date, the “Collateral Agent” under the Existing Credit Agreement, the “Administrative Agent” under the Existing Credit Agreement, the “Administrative Agent” under the Revolving Credit
        Agreement, the “Collateral Agent” under the Revolving Credit Agreement, the Collateral Agent and the Administrative Agent.

    “Term Loan Repricing
            Event” shall mean any prepayment or repayment of Term Loans (other than Initial Sterling Term Loans or Initial Euro Term Loans) with the proceeds of, or any conversion or amendment of Term Loans into, any new or replacement tranche
        of term loans denominated in the same currency and bearing interest with an “effective yield” (taking into account, for example, upfront fees, interest rate spreads, interest rate benchmarks floors and original interest discount, but excluding the
        effect of any arrangement, structuring, syndication or other fees payable in connection therewith that are not shared with all lenders or holders of such new or replacement loans and without taking into account any fluctuations in the Adjusted LIBO
        Rate, or comparable rate) less than the “effective yield” applicable to the Term  Loans (as such comparative yields are determined consistent with generally accepted financial practices) (it being understood that (x) in each case, the yield shall
        exclude any structuring, commitment and arranger fees or other fees unless such similar fees are paid to all lenders generally in the primary syndication of such new or replacement tranche of term loans and shall include any rate floors and any
        upfront or similar fees paid to all lenders generally in the primary syndication of such new or replacement tranche of term loans or original issue discount payable with respect to such new or replacement tranche of term loans and (y) any such
        repayment, prepayment or conversion shall only constitute a Term  Loan Repricing Event to the extent the primary purpose of such repayment, prepayment, conversion or amendment, as reasonably determined by the Borrower in good faith, is to reduce
        the “effective yield” on the Term Loans).

    
      
        

    

    “Term Loans”
        shall mean the Initial Euro Term Loans, the Initial Sterling Term Loans, the Backstop Term T Loans, the Backstop Term Q Loans, the Backstop Term R Loans, the Backstop Term S Loans, and/or the Incremental Term Loans.

    “Term T Facility”
        shall mean the Term T Loan Commitments and the Term T Loans made under the Existing Credit Agreement.

    “Term T Facility
            Maturity Date” shall mean January 6, 2021.

    “Term T Loan”
        shall have the meaning assigned to such term in the Existing Credit Agreement, as amended by the Incremental Assumption Agreement, dated as of May 16, 2018.

    “Term T Loan Commitment”
        shall have the meaning assigned to such term in the Existing Credit Agreement, as amended by the Incremental Assumption Agreement, dated as of May 16, 2018.

    “Term Q Facility”
        shall mean the Term Q Loan Commitments and the Term Q Loans made under the Existing Credit Agreement.

    “Term Q Facility
            Maturity Date” shall mean October 1, 2022.

    “Term Q Loan”
        shall have the meaning assigned to such term in the Existing Credit Agreement, as amended by the Incremental Assumption Agreement, dated as of February 12, 2018.

    “Term Q Loan Commitment”
        shall have the meaning assigned to such term in the Existing Credit Agreement, as amended by the Incremental Assumption Agreement, dated as of February 12, 2018.

    “Term R Facility”
        shall mean the Term R Loan Commitments and the Term R Loans made under the Existing Credit Agreement.

    “Term R Facility
            Maturity Date” shall mean January 19, 2024.

    “Term R Loan”
        shall have the meaning assigned to such term in the Existing Credit Agreement, as amended by the Incremental Assumption Agreement, dated as of February 12, 2018.

    “Term R Loan Commitment”
        shall have the meaning assigned to such term in the Existing Credit Agreement, as amended by the Incremental Assumption Agreement, dated as of February 12, 2018.

    “Term S Facility”
        shall mean the Term S Loan Commitments and the Term S Loans made under the Existing Credit Agreement.

    “Term S Facility
            Maturity Date” shall mean February 8, 2020.

    “Term S Loan”
        shall have the meaning assigned to such term in the Existing Credit Agreement, as amended by the Incremental Assumption Agreement, dated as of May 16, 2018.

    
      
        

    

    “Term S Loan Commitment”
        shall have the meaning assigned to such term in the Existing Credit Agreement, as amended by the Incremental Assumption Agreement, dated as of May 16, 2018.

    “Test Period”
        shall mean, on any date of determination, the period of four consecutive fiscal quarters of the Borrower then most recently ended (taken as one accounting period).

    “Total Net First Lien
            Leverage Ratio” means, on any date, the ratio of (a) First Lien Debt as of such date to (b) EBITDA for the period of four consecutive fiscal quarters of the Borrower most recently ended as of such date, all determined on a
        consolidated basis in accordance with GAAP; provided, that EBITDA shall be determined for the relevant Test Period on a Pro Forma Basis.

    “Transaction Documents”
        shall mean the Loan Documents and the Acquisition Documents.

    “Transaction Equity
            Investment” shall mean an Investment by the Borrower or another Subsidiary Loan Party in a Subsidiary of the Borrower that is not a Subsidiary Loan Party in aggregate amount necessary to fund the Acquisition or refinance existing
        debt of the Target.

    “Transaction Expenses”
        means any fees or expenses incurred or paid by Holdings, the Borrower (or any direct or indirect parent of the Borrower) or any of its Subsidiaries in connection with the Transactions, this Agreement and the other Loan Documents (including expenses
        in connection with Swap Agreements) and the transactions contemplated hereby and thereby.

    “Transactions”
        shall mean, collectively, the transactions to occur pursuant to the Transaction Documents, including (a) the consummation of the Acquisition; (b) the execution and delivery of the Loan Documents, the creation or continuation of the Liens pursuant
        to the Security Documents, and the initial borrowings hereunder; (c) the Backstop Term Loan Refinancing; (d) the issuance of the New First Lien Notes and the New Second Lien Notes; and (f) the payment of all Transaction Expenses.

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

    “Unfunded Pension
            Liability” means the excess of a Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Plan’s assets, determined in accordance with the assumptions used for funding the Plan pursuant to
        Section 412 of the IRS Code for the applicable plan year.

    “Uniform Commercial Code”
        or “UCC” means the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or the Uniform Commercial Code (or similar
        code or statute) of another jurisdiction, to the extent it may be required to apply to any item or items of Collateral.

    “U.S. Bankruptcy Code”
        shall mean Title 11 of the United States Code, as amended, or any similar federal or state law for the relief of debtors.

    “Unrestricted Cash”
        shall mean domestic cash or cash equivalents of the Borrower or any of its Subsidiaries that would not appear as “restricted” on a consolidated balance sheet of the Borrower or any of its Subsidiaries.

    “Unrestricted Subsidiary”
        shall mean any subsidiary of the Borrower that is acquired or created after the Effective Date and designated by the Borrower as an Unrestricted Subsidiary hereunder by written notice to the Administrative Agent; provided, that the Borrower shall only be permitted to so designate a new Unrestricted Subsidiary after the Effective Date and so long as (a) no Default or Event of Default has occurred
        and is continuing or would result therefrom, (b) such Unrestricted Subsidiary shall be capitalized (to the extent capitalized by the Borrower or any of its Subsidiaries) through Investments as permitted by, and in compliance with, Section 6.04(j),
        and any prior or concurrent Investments in such Subsidiary by the Borrower or any of its Subsidiaries shall be deemed to have been made under Section 6.04(j), (c) without duplication of clause (b), any assets owned by such Unrestricted Subsidiary
        at the time of the initial designation thereof shall be treated as Investments pursuant to Section 6.04(j), and (d) such Subsidiary shall have been designated an “unrestricted subsidiary” (or otherwise not be subject to the covenants and defaults)
        under Existing the Second Lien Notes Indenture, the First Lien Bridge Agreement, the Second Lien Bridge Agreement, any other Indebtedness permitted to be incurred hereby and all Permitted Refinancing Indebtedness in respect of any of the foregoing
        and all Disqualified Stock; provided, further, that at the time
        of the initial Investment by the Borrower or any of its Subsidiaries in such Subsidiary, the Borrower shall designate such entity as an Unrestricted Subsidiary in a written notice to the Administrative Agent.  The Borrower may designate any
        Unrestricted Subsidiary to be a Subsidiary for purposes of this Agreement (each, a “Subsidiary Redesignation”); provided, that (i) such Unrestricted Subsidiary, both before and after giving effect to such designation, shall be a Wholly Owned Subsidiary of the Borrower, (ii) no Default or Event of Default has
        occurred and is continuing or would result therefrom, (iii) all representations and warranties contained herein and in the other Loan Documents shall be true and correct in all material respects with the same effect as though such representations
        and warranties had been made on and as of the date of such Subsidiary Redesignation (both before and after giving effect thereto), unless stated to relate to a specific earlier date, in which case such representations and warranties shall be true
        and correct in all material respects as of such earlier date, and (iv) the Borrower shall have delivered to the Administrative Agent an officer’s certificate executed by a Responsible Officer of the Borrower, certifying to the best of such
        officer’s knowledge, compliance with the requirements of preceding clauses (i) through (iii), inclusive.

    
      
        

    

    “Waivable Mandatory
            Prepayment” shall have the meaning assigned to such term in Section 2.11(d).

    “Wholly Owned Subsidiary”
        of any person shall mean a subsidiary of such person, all of the Equity Interests of which (other than directors’ qualifying shares or nominee or other similar shares required pursuant to applicable law) are owned by such person or another Wholly
        Owned Subsidiary of such person.

    “Withdrawal Liability”
        shall mean 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.

    “Working Capital”
        shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis at any date of determination, Current Assets at such date of determination minus
        Current Liabilities at such date of determination; provided, that, for purposes of calculating Excess Cash Flow, increases or decreases in Working Capital
        shall be calculated without regard to any changes in Current Assets or Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent or (b) the effects of
        purchase accounting.

    “Write-Down and
            Conversion Powers” shall mean, 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. Terms
            Generally.  The definitions set forth or referred to in Section 1.01 shall apply equally to both the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding
        masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references
        to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require.  Except as otherwise expressly provided herein, any reference in this Agreement to any Loan Document shall mean such document as
        amended, restated, supplemented or otherwise modified from time to time.  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, 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 Effective Date 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.

    
      
        

    

    SECTION 1.03. Effectuation
            of Transactions.  Each of the representations and warranties of Holdings and the Borrower contained in this Agreement (and all corresponding definitions) are made after giving effect to the Transactions, unless the context otherwise
        requires.

    SECTION 1.04. Senior
            Debt.  The Obligations constitute (a) “First-Lien Indebtedness” pursuant to, and as defined in, the Senior Lender Intercreditor Agreement, (b) [reserved], and (c) “First-Priority Lien Obligations” pursuant to, and as defined in, the
        Existing Second Lien Notes Indentures.  This Agreement is a “Credit Agreement” for purposes of the Existing Second Lien Notes Indentures.

    SECTION 1.05. Currency
            Equivalents Generally.  The Administrative Agent shall determine or redetermine the Dollar Equivalent of each Loan denominated in a currency other than Dollars on each Revaluation Date and, unless otherwise specified herein, the
        Administrative Agent may determine or redetermine the Dollar Equivalent of any amount hereunder on any other date in its reasonable discretion.  For purposes of any calculation of whether the requisite percentage of Lenders have consented to any
        amendment, waiver or modification of any Loan Document, the Administrative Agent may, in consultation with the Borrower, set a record date for determining the Dollar Equivalent amount of any Loan denominated in a currency other than Dollars so long
        as such record date is within 30 days of the effective date of such amendment, waiver or modification.

    SECTION 1.06. Lending
            Office.  Any Lender may, by notice to the Administrative Agent and the Borrower, designate an Affiliate of such Lender as its applicable Lending Office with respect to any Loans to be made by such Lender to any Borrower or make any
        Loan available to any Borrower by causing any foreign or domestic branch or Affiliate of such Lender to make such Loans. In the event that a Lender designates an Affiliate of such Lender as its applicable Lending Office for Loans to any Borrower
        under any Facility or makes any Loan available to any Borrower by causing any foreign or domestic branch or Affiliate of such Lender to make such Loans, then all Loans and reimbursement obligations to be funded by such Lender under such Facility to
        such Borrower shall be funded by such applicable Lending Office or foreign or domestic branch or Affiliate, as applicable, and all payments of interest, fees, principal and other amounts payable to such Lender under such Facility shall be payable
        to such applicable Lending Office or foreign or domestic branch or Affiliate, as applicable. Except as provided in the immediately preceding sentence, no designation by any Lender of an Affiliate as its applicable Lending Office or making any Loan
        available to any Borrower by causing any foreign or domestic branch or Affiliate of such Lender to make such Loans shall alter the obligation of the Borrower to pay any principal, interest, fees or other amounts hereunder.

    SECTION 1.07. Effect
            of this Agreement on the Original Credit Agreement and the Other Original Loan Documents.

    (a) Upon execution by Holdings, the Borrower, the Administrative Agent and the Lenders party hereto, this Agreement shall be binding on the Borrower, the Administrative Agent, the
        Lenders and the other parties hereto, and the Original Credit Agreement and the provisions thereof shall be replaced in their entirety by this Agreement and the provisions hereof; provided that for the avoidance of doubt (x) the Obligations (as defined in the Original Credit Agreement) of the Borrower and the other Loan Parties under the Original Credit Agreement and the other Loan Documents
        that remain unpaid and outstanding as of the Amendment Effective Date shall continue to exist under and be evidenced by this Agreement and the other Loan Documents and (y) the Loan Documents shall continue to guarantee, support and otherwise
        benefit the Obligations on the same terms as prior to the effectiveness hereof.  Upon the effectiveness of this Agreement, each Loan Document that was in effect immediately prior to the date of this Agreement shall continue to be effective on its
        terms unless otherwise expressly stated herein.

    (b) Nothing herein contained shall be construed as a substitution or novation of the obligations outstanding under the Original Credit Agreement, the other Original Loan Documents
        (as defined below) or instruments securing the same, which shall remain in full force and effect, except as modified hereby or by instruments executed concurrently herewith.  Nothing expressed or implied in this Agreement shall be construed as a
        release or other discharge of any Borrower or any Guarantor from any of its obligations or liabilities under the Original Credit Agreement or any of the guaranties or other loan documents executed in connection therewith or in connection with the
        Original Credit Agreement (the “Original Loan Documents”).  Each Loan Party hereby confirms and agrees that each Original Loan Document to which it is a
        party that is not being amended and restated concurrently herewith is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects except that on and after the Amendment Effective Date, all references in
        any such Original Loan Document to “the Credit Agreement,” “thereto,” “thereof,” “thereunder” or words of like import referring to the Original Credit Agreement shall mean the Original Credit Agreement as amended and restated by this Agreement.

    
      
        

    

    ARTICLE II

        

        

        The Credits

    SECTION 2.01. Commitments. 
            Subject to the terms and conditions set forth herein:

    
      	
              (a)

            	
              Each Lender having an Initial Euro Term Loan Commitment agrees to make Initial Euro Term Loans
                  to the Borrower during the Certain Funds Period in an aggregate principal amount not to exceed its Initial Euro Term Loan Commitment.

            

    

    
      	
              (b)

            	
              Each Lender having an Initial Sterling Term Loan Commitment agrees to make Initial Sterling
                  Term Loans to the Borrower during the Certain Funds Period in an aggregate principal amount not to exceed its Initial Sterling Term Loan Commitment.

            

    

    
      	
              (c)

            	
              Each Lender having an Incremental Term Loan Commitment agrees, subject to the terms and
                  conditions set forth in the applicable Incremental Assumption Agreement, to make Incremental Term Loans to the Borrower, in an aggregate principal amount not to exceed its Incremental Term Loan Commitment.

            

    

    
      	
              (d)

            	
              Each Lender having a Backstop Term T Loan Commitment agrees, subject to the terms and
                  conditions set forth herein, to make a Backstop Term T Loan upon demand with respect to the Term T Loan Commitments and Term T Loans.

            

    

    
      	
              (e)

            	
              Each Lender having a Backstop Term Q Loan Commitment agrees, subject to the terms and
                  conditions set forth herein, to make a Backstop Term Q Loan upon demand with respect to the Term Q Loan Commitments and Term Q Loans.

            

    

    
      	
              (f)

            	
              Each Lender having a Backstop Term R Loan Commitment agrees, subject to the terms and
                  conditions set forth herein, to make a Backstop Term R Loan upon demand with respect to the Term R Loan Commitments and Term R Loans.

            

    

    
      	
              (g)

            	
              Each Lender having a Backstop Term S Loan Commitment agrees, subject to the terms and
                  conditions set forth herein, to make a Backstop Term S Loan upon demand with respect to the Term S Loan Commitments and Term S Loans.

            

    

    SECTION 2.02. Loans
            and Borrowings.

    (a) Each Loan shall be made as part of a Borrowing consisting of Loans under the same Facility and of the same Type made by the Lenders ratably in accordance with their respective
        Commitments under the applicable Facility.  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 2.14, each Borrowing shall be comprised entirely of ABR Loans or Eurocurrency Loans as the Borrower may request in accordance herewith.  Each Lender at its
        option may make any ABR Loan or Eurocurrency 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 and such Lender shall not be entitled to any amounts payable under Section 2.15 or 2.17 solely in respect
        of increased costs resulting from such exercise and existing at the time of such exercise.

    
      
        

    

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

    SECTION 2.03. Requests
            for Borrowings.  To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by (A) telephone or (B) other Borrowing Request; provided that any telephonic notice must be confirmed promptly by delivery
        to the Administrative Agent of a written Borrowing Request. Each notice, (a) in the case of a Eurocurrency Borrowing, not later than 12:00 p.m., Local Time, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR
        Borrowing, not later than 12:00 noon, Local Time, one Business Day before the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the
        Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower.  Each such telephonic and written Borrowing Request shall specify the following information in compliance with
        Section 2.02:

    
      	
              (i)

            	
              the aggregate amount and currency of the requested Borrowing;

            

    

    
      	
              (ii)

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

            

    

    
      	
              (iii)

            	
              whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

            

    

    
      	
              (iv)

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

            

    

    
      	
              (v)

            	
              the location and number of the Borrower’s account to which funds are to be disbursed.

            

    

    If no Interest Period is specified with respect to any requested Eurocurrency 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. [Reserved].

    SECTION 2.05. [Reserved].

    SECTION 2.06. Funding
            of Borrowings.

    (a) Each Lender shall make each Term Loan to be made by it hereunder  on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, Local 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 crediting the amounts so received, in like funds, to
        an account of the Borrower maintained with the Administrative Agent in London.

    (b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the
        Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with 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 (without duplication) 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 Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower,
        the interest rate applicable to ABR Loans at such time.  If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.

    
      
        

    

    SECTION 2.07. Interest
            Elections.

    (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period
        as specified in such Borrowing Request.  Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as
        provided in this Section.  The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such
        Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing; provided that no Borrowings denominated in Euros or Sterling
        may be an ABR Borrowing.

    (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone 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 telephonic Interest Election Request shall be irrevocable and shall be
        confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower.

    (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;

            

    

    
      	
              (iii)

            	
              whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

            

    

    
      	
              (iv)

            	
              the currency of the Borrowing; and

            

    

    
      	
              (v)

            	
              if the resulting Borrowing is a Eurocurrency 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 Eurocurrency 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 to which such Interest Election Request relates 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 Eurocurrency Borrowing denominated in Dollars 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.  If the Borrower fails to deliver a timely Interest Election Request with
        respect to a Eurocurrency Borrowing denominated in Euros or Sterling 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, the
        Borrower shall be deemed to have selected an Interest Period for a Eurocurrency Borrowing of one month’s duration.  Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent,
        at the written request (including a request through electronic means) of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Dollar denominated Borrowing may be converted to or
        continued as a Eurocurrency Borrowing, (ii) unless repaid, each Dollar denominated  Eurocurrency Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (iii) Borrowing denominated in Euros or
        Sterling shall be deemed converted or continued as Eurocurrency Borrowings of one month’s duration.

    
      
        

    

    SECTION 2.08. Termination
            of Term Loan Commitments.

    (a) The parties hereto acknowledge that each of the Backstop Term T Loan Commitment the Backstop Term Q Loan Commitment, the Backstop Term R Loan Commitment and the Backstop Term S
        Loan Commitment will terminate on the earliest of (i) execution and effectiveness of an amendment to the Existing Credit Agreement satisfactory to the Borrower and the Administrative Agent, (ii) the last day of the Certain Funds Period and (iii)
        the Longstop Date. In addition, unless previously terminated in accordance with other terms hereof, each of the Initial Euro Term Loan Commitments and the Initial Sterling Term Loan Commitments shall automatically terminate at 11.59 p.m., (London
        time), on the earlier to occur of (i) the last day of the Certain Funds Period and (ii) the consummation of the Acquisition without the use of the Initial Euro Term Loans, the Initial Sterling Term Loans and/or the Backstop Facilities.

    (b) The Borrower may at any time terminate, or from time to time reduce, the Commitments under the Term Facility; provided, that each reduction of the Commitments under the Term Facility shall be in an amount that is an integral multiple of, with respect to the Initial Euro Term Loans, €1.0 million and not less than €5.0 million
        and the Initial Sterling Term Loans, £1.0 million and not less than £5.0 million.  Any termination or reduction of the Commitments shall be permanent.  Each reduction of the Commitments under a Term Facility shall be made ratably among the Lenders
        in accordance with their respective Commitments under such Term Facility.

    SECTION 2.09. 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 Term Loan of such Lender
        as provided in Section 2.10.

    (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 and the currency, the Facility and Type thereof and the
        Interest Period (if any) 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) any amount 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; 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 in accordance with the terms of this Agreement.

    (e) Any Lender may request that Loans made by it be evidenced by a promissory note (a “Note”). 

        In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the
        Administrative Agent and reasonably acceptable to the Borrower.  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 order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns).

    
      
        

    

    SECTION 2.10. Repayment
            of Term Loans.

    (a) Subject to the other paragraphs of this Section:

    
      	
              (i)

            	
              from and after the Certain Funds Period, the Borrower shall repay Term Facilities on the last
                  day of each March, June, September and December (commencing on the day of the first fiscal quarter ending after the Certain Funds Period) in a principal amount equal to 0.25% of the sum of the outstanding principal amount of Term Loans
                  immediately after the last day of the Certain Funds Period;

            

    

    
      	
              (ii)

            	
              in the event that any Incremental Term Loans are made on an Increased Amount Date, the
                  Borrower shall repay such Incremental Term Loans on the dates and in the amounts set forth in the Incremental Assumption Agreement (each such date being referred to as an “Incremental Term Loan Installment Date”); and

            

    

    
      	
              (iii)

            	
              to the extent not previously paid, outstanding Loans shall be due and payable on the
                  applicable Term Facility Maturity Date.

            

    

    (b) [Reserved].

    (c) Prepayment of the Loans from (after the Closing Date):

    
      	
              (i)

            	
              all Net Proceeds pursuant to Section 2.11(b) and Excess Cash Flow pursuant to Section 2.11(c)
                  shall be applied to the Loans pro rata among the Term Facilities, with the application thereof in direct order to amounts due on the
                  next succeeding Incremental Term Loan Installment Dates under the applicable Term Facilities;

            

    

    
      	
              (ii)

            	
              any optional prepayments of the Loans pursuant to Section 2.11(a) shall be applied as the
                  Borrower may direct; and

            

    

    
      	
              (iii)

            	
              all proceeds of Initial Euro Term Loans and Initial Sterling Term Loans which have not been
                  applied in accordance with Section 5.08, on or before the date falling one Business Day after the last day of the Certain Funds Period;

            

    

    provided that any such prepayment pursuant to clause (i) above that would otherwise be required to be
        made during the Certain Funds Period shall be deferred until (and shall instead by made on) the date falling immediately after the last day of the Certain Funds Period.

    (d) Any mandatory prepayment of Loans pursuant to Section 2.11(b) or (c) shall be applied so that the aggregate amount of such prepayment is allocated among the Initial Euro Term
        Loans, the Initial Sterling Term Loans, the Backstop Term Loans, if any, and Other Term Loans, if any (except any mandatory prepayments of Loans pursuant to Section 2.11(c)(iii), which shall be applied so that the aggregate principal amount of such
        prepayment is allocated among the Initial Euro Term Loans and the Initial Sterling Term Loans only), pro rata based on the Dollar Equivalent
        on the date of such prepayment of the aggregate principal amount of outstanding the Initial Euro Term Loans, the Initial Sterling Term Loans and (to the extent applicable) Backstop Term Loans and Other Term Loans, if any (unless, with respect to
        Other Term Loans, the Incremental Assumption Agreement relating thereto does not so require) irrespective of whether such outstanding Loans are ABR Loans or Eurocurrency Loans; provided, that if no Lenders exercise the right to waive a given mandatory prepayment of the Loans pursuant to Section 2.11(d), then, with respect to such mandatory prepayment, prior to the repayment of any Term Loan, the
        Borrower may select the Borrowing or Borrowings to be repaid and shall notify the Administrative Agent by telephone (confirmed by telecopy) of such selection not later than 2:00 p.m., Local Time, (i) in the case of an ABR Borrowing, one Business
        Day before the scheduled date of such repayment and (ii) in the case of a Eurocurrency Borrowing, three Business Days before the scheduled date of such repayment.  Each repayment of a Borrowing shall be applied ratably to the Loans included in the
        repaid Borrowing.  Repayments of Loans shall be accompanied by accrued interest on the amount repaid.

    
      
        

    

    SECTION 2.11. Prepayment
            of Loans.

    (a) The Borrower shall have the right at any time and from time to time to prepay any Loan in whole or in part, without premium or penalty (but subject to clauses (e) and (f) of
        this Section 2.11and Section 2.16), in an aggregate principal amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum or, if less, the amount outstanding, subject to prior notice in accordance with
        Section 2.10(d).

    (b) The Borrower shall apply all Net Proceeds promptly upon receipt thereof to prepay Loans in accordance with paragraphs (c) and (d) of Section 2.10.  Notwithstanding the
        foregoing, the Borrower may retain Net Proceeds pursuant to clause (b) of the definition thereof, provided, that the Total Net First Lien Leverage Ratio on
        the last day of the Borrower’s then most recently completed fiscal quarter for which financial statements are available shall be less than or equal to 2.00 to 1.00.

    (c) Not later than 90 days after the end of each Excess Cash Flow Period, the Borrower shall calculate Excess Cash Flow for such Excess Cash Flow Period and shall apply an amount
        equal to (i) the Required Percentage of such Excess Cash Flow, minus (ii) to the extent not financed, using the proceeds of, without duplication, the
        incurrence of Indebtedness and the sale or issuance of any Equity Interests (including any capital contributions), the amount of any voluntary prepayments during such Excess Cash Flow Period of Loans to prepay Loans in accordance with
        paragraphs (c) and (d) of Section 2.10.  Not later than the date on which the Borrower is required to deliver financial statements with respect to the end of each Excess Cash Flow Period under Section 5.04(a), the Borrower will deliver to the
        Administrative Agent a certificate signed by a Financial Officer of the Borrower setting forth the amount, if any, of Excess Cash Flow for such fiscal year and the calculation thereof in reasonable detail.

    (d) Anything contained herein to the contrary notwithstanding, in the event the Borrower is required to make any mandatory prepayment including, for the avoidance of doubt, payments
        under Section 2.10(a) (a “Waivable Mandatory Prepayment”) of the Loans, not less than three Business Days prior to the date (the “Required Prepayment Date”) on which the Borrower elects (or is otherwise required) to make such Waivable Mandatory Prepayment, the Borrower shall notify Administrative Agent of
        the amount of such prepayment, and Administrative Agent will promptly thereafter notify each Lender holding an outstanding Term Loan of the amount of such Lender’s pro rata share of such Waivable Mandatory Prepayment and such Lender’s option to refuse such amount.  Each such Lender may exercise such option by giving written notice to the Administrative Agent of its election to
        do so on or before the second Business Day prior to the Required Prepayment Date (it being understood that any Lender which does not notify the Administrative Agent of its election to exercise such option on or before the first Business Day prior
        to the Required Prepayment Date shall be deemed to have elected, as of such date, not to exercise such option).  On the Required Prepayment Date, the Borrower shall pay to Administrative Agent the amount of the Waivable Mandatory Prepayment, which
        amount shall be applied (i) in an amount equal to that portion of the Waivable Mandatory Prepayment payable to those Lenders that have elected not to exercise such option (each, a “Declining Lender”), to prepay the Loans of such Declining Lenders (which prepayment shall be applied to the scheduled Installments of principal of the Loans in accordance with Section 2.11(b)), and (ii) in an amount
        equal to that portion of the Waivable Mandatory Prepayment otherwise payable to those Lenders that have elected to exercise such option, to the Borrower.

    (e) Notwithstanding anything herein to the contrary, in the event that, on or prior to the six-month anniversary of the Closing Date, there occurs any Euro Term Loan Repricing Event
        or in connection with an Euro Term Loan Repricing Event constituting an amendment or conversion of Initial Euro Term Loans, any Lender is required to assign its Initial Euro Term Loans pursuant to Section 2.19(c), the Borrower shall on the date of
        such Euro Term Loan Repricing Event pay to the Administrative Agent, for the account of each Lender with such Initial Euro Term Loans that are subject to such Euro Term Loan Repricing Event or are required to be so assigned, a fee equal to 1.00% of
        the principal amount of the Initial Euro Term Loans subject to such Euro Term  Loan Repricing Event or required to be so assigned; provided that any
        prepayment of any Initial Euro Term Loans made in connection with a Change in Control shall not require the payment of the 1.00% premium otherwise provided for in this Section 2.11(e).

    (f) Notwithstanding anything herein to the contrary, in the event that, on or prior to the six-month anniversary of the Closing Date, there occurs any Sterling Term Loan Repricing
        Event or in connection with an Sterling Term Loan Repricing Event constituting an amendment or conversion of Initial Sterling Term Loans, any Lender is required to assign its Initial Sterling Term Loans pursuant to Section 2.19(c), the Borrower
        shall on the date of such Sterling Term Loan Repricing Event pay to the Administrative Agent, for the account of each Lender with such Initial Sterling Term Loans that are subject to such Sterling Term Loan Repricing Event or are required to be so
        assigned, a fee equal to 1.00% of the principal amount of the Initial Sterling Term Loans subject to such Sterling Term Loan Repricing Event or required to be so assigned; provided that any prepayment of any Initial Sterling Term Loans made in connection with a Change in Control shall not require the payment of the 1.00% premium otherwise provided for in this Section 2.11(f).

    (g) Notwithstanding anything herein to the contrary, in the event that, on or prior to the six-month anniversary of the Closing Date, there occurs any Term Loan Repricing Event or
        in connection with a Term Loan Repricing Event constituting an amendment or conversion of any Backstop Term Loans, any Lender is required to assign its Backstop Term Loans pursuant to Section 2.19(c), the Borrower shall on the date of such Term
        Loan Repricing Event pay to the Administrative Agent, for the account of each Lender with such Backstop Term Loans that are subject to such Term Loan Repricing Event or are required to be so assigned, a fee equal to 1.00% of the principal amount of
        the Backstop Term Loans subject to such Term  Loan Repricing Event or required to be so assigned; provided that any prepayment of any Backstop Term Loans
        made in connection with a Change in Control shall not require the payment of the 1.00% premium otherwise provided for in this Section 2.11(g).

    
      
        

    

    SECTION 2.12. Fees.

    (a) The Borrower agrees to pay to the Administrative Agent, for the account of the Administrative Agent, such fees as shall have been separately agreed upon in writing, including in
        the Fee Letters, as amended, restated, supplemented or otherwise modified from time to time, at the times specified therein.

    (b) All fees shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, if and as appropriate, among the Lenders.  Once paid, none
        of the fees shall be refundable under any circumstances.

    SECTION 2.13. Interest.

    (a) The Loans denominated in Dollars comprising each ABR Borrowing shall bear interest at the ABR plus
        the Applicable Margin.  No Loans denominated in Euros or Sterling may be comprised of ABR Borrowings.

    (b) The Loans denominated in Dollars comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate, for the Interest Period in effect for such Borrowing plus the Applicable Margin. The Loans denominated in Euros comprising each Eurocurrency Borrowing shall bear interest at the EURIBOR Rate, for the Interest
        Period in effect for such Borrowing plus the Applicable Margin. The Loans denominated in Sterling comprising each Eurocurrency Borrowing shall bear interest
        at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin.

    (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fees or other amount payable by the Borrower hereunder is not paid when due, whether at stated
        maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% 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% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section; provided, that this
        paragraph (c) shall not apply to any Event of Default that has been waived by the Lenders pursuant to Section 9.08.

    (d) Accrued interest on each Loan shall be payable in arrears (i) on each Interest Payment Date for such Loan, and (ii) on the applicable Term Facility Maturity Date; provided, that (x) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (y) 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 (z) in the event of any conversion of any Eurocurrency 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.

    (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the ABR at times when the ABR 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 ABR, Adjusted
        LIBO Rate or LIBO Rate or EURIBOR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

    
      
        

    

    SECTION 2.14. Alternate
            Rate of Interest.

    (a) If prior to the commencement of any Interest Period for a Eurocurrency Borrowing:

    
      	
              (i)

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

            

    

    
      	
              (ii)

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

            

    

    then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy 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 longer exist, (i) any Interest Election Request that requests the conversion of any
        Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing denominated in such currency shall be ineffective and such Borrowing shall be converted to or continued as on the last day of the Interest Period applicable thereto an ABR
        Borrowing, and (ii) if any Borrowing Request requests a Eurocurrency Borrowing, such Borrowing shall be made as an ABR Borrowing.

    (b) If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) or the Borrower notifies the Administrative Agent that (i) the
        circumstances set forth in Section 2.14(a)(i) have arisen and such circumstances are unlikely to be temporary, (ii) the circumstances set forth in Section 2.14(a)(i) have not arisen but the supervisor for the administrator of the LIBO Rate or
        EURIBOR Rate, as applicable, or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Rate or EURIBOR Rate, as applicable, shall no longer be used for
        determining interest rates for loans or (iii) syndicated loans currently being executed, or that include language similar to that contained in this Section 2.14, are being executed or amended (as applicable) to incorporate or adopt a new benchmark
        interest rate to replace the Adjusted LIBO Rate or EURIBOR Rate, as applicable, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate or EURIBOR Rate (including any mathematical or
        other adjustments to the benchmark (if any) incorporated therein), as applicable, that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans denominated in Dollars in the U.S., in
        Sterling or in Euros at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related
        changes shall not include a reduction of the Applicable Margin); provided, that, if such alternate rate of interest shall be less than zero, such rate shall
        be deemed to be zero for the purposes of this Agreement.  Notwithstanding anything to the contrary in Section 9.08, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the
        Administrative Agent shall not have received, within three Business Days of the date a copy of such amendment is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment.  Until
        an alternate rate of interest shall be determined in accordance with this Section 2.14(b) (but, in the case of the circumstances described in clause (ii) or clause (iii) above, only to the extent the LIBO Rate or EURIBOR Rate, as applicable, for
        such Interest Period is not available or published at such time on a current basis), (A) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing shall be
        ineffective and shall be continued as, or converted into, if applicable, an ABR Borrowing and (B) if any Borrowing Request requests a Eurocurrency Borrowing, such Borrowing shall be made as an ABR Borrowing.

    SECTION 2.15. Increased
            Costs.

    (a) If any Change in Law shall:

    
      	
              (i)

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

            

    

    
      	
              (ii)

            	
              impose on any Lender or the London interbank market any other condition affecting this
                  Agreement or Eurocurrency Loans made by such Lender;

            

    

    and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any
        Eurocurrency 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 incurred or reduction suffered.

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

    (c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as specified in paragraph (a) or (b) of this
        Section 2.15 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.

    (d) Promptly after any Lender has determined that it will make a request for increased compensation pursuant to this Section 2.15, such Lender shall notify the Borrower thereof. 
        Failure or delay on the part of any Lender to demand compensation pursuant to this Section 2.15 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 2.15 for any increased costs or reductions incurred more than 180 days prior to the date that such Lender notifies the
        Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided, further, that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended
        to include the period of retroactive effect thereof.

    (e) The foregoing provisions of this Section 2.15 shall not apply in the case of any Change in Law in respect of Taxes, which shall instead be governed by Section 2.17.

    SECTION 2.16. Break
            Funding Payments.  In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of
        any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto or (d) the
        assignment of any Eurocurrency 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 2.19, then, in any such event, the Borrower shall compensate each Lender for the
        loss, cost and expense attributable to such event.  In the case of a Eurocurrency Loan, such loss, cost or expense to any Lender shall be deemed to be the amount determined by such Lender (it being understood that the deemed amount shall not exceed
        the actual amount) to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate or EURIBOR Rate, as applicable, that would have been
        applicable to such Loan, 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 a Eurocurrency Loan, for the period that would have been
        the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in
        dollars of a comparable amount and period from other banks in the Eurodollar market.  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 2.17. Taxes.

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

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

    (c) Each Loan Party shall indemnify the Administrative Agent and each Lender, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other
        Taxes paid by the Administrative Agent or such Lender, as applicable, on or with respect to any payment by or on account of any obligation of such Loan Party 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 such Loan Party by a Lender or by the Administrative Agent on its own behalf, on behalf of another Agent 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 a Loan Party to a Governmental Authority, such Loan Party shall deliver to the Administrative
        Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

    (e) 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 located, or any treaty to which such
        jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), to the extent such Lender is legally entitled to do so, at the time or times prescribed by applicable
        law, such properly completed and executed documentation prescribed by applicable law as may reasonably be requested by the Borrower to permit such payments to be made without such withholding Tax or at a reduced rate; provided, that no Lender shall have any obligation under this paragraph (e) with respect to any withholding Tax imposed by any jurisdiction other than the United States if in the
        reasonable judgment of such Lender such compliance would subject such Lender to any material unreimbursed cost or expense or would otherwise be disadvantageous to such Lender in any material respect.

    (f) Each Lender shall deliver to the Borrower and the Administrative Agent on 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), two original copies of whichever of the following is applicable:  (i) duly completed copies of Internal Revenue Service Form W-8BEN (or any subsequent versions thereof or
        successors thereto), claiming eligibility for benefits of an income tax treaty to which the United States of America is a party, (ii) duly completed copies of Internal Revenue Service Form W 8ECI (or any subsequent versions thereof or successors
        thereto), (iii) in the case of a Lender claiming the benefits of the exemption for portfolio interest under section 871(h) or 881(c) of the IRS Code, (x) a certificate to the effect that, for United States federal income tax purposes, such Lender
        is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the IRS Code, (B) a “10 percent shareholder” of the Borrower within the meaning of section 871(h)(3) or 881(c)(3)(B) of the IRS Code, or (C) a “controlled foreign corporation”
        described in section 881(c)(3)(C) of the IRS Code and that, accordingly, such Lender qualifies for such exemption and (y) duly completed copies of Internal Revenue Service Form W-8BEN (or any subsequent versions thereof or successors thereto),
        (iv) duly completed copies of Internal Revenue Service Form W-8IMY, together with forms and certificates described in clauses (i) through (iii) above (and additional Form W-8IMYs) as may be required or (v) any other form prescribed by applicable
        law as a basis for claiming exemption from or a reduction in United States federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower to determine the
        withholding or deduction required to be made.  In addition, in each of the foregoing circumstances, each Lender shall deliver such forms, if legally entitled to deliver such forms, promptly upon the obsolescence, expiration or invalidity of any
        form previously delivered by such Lender.  Each Lender shall promptly notify the Borrower at any time it determines that it is no longer in a position to provide any previously delivered certificate to the Borrower (or any other form of
        certification adopted by the United States of America or other taxing authorities for such purpose).  In addition, each Lender that is a “United States person” (as defined in Section 770(a)(30) of the IRS Code) shall deliver to the Borrower and the
        Administrative Agent two copies of Internal Revenue Service Form W-9 (or any subsequent versions thereof or successors thereto) on or before the date such Lender becomes a party and upon the expiration of any form previously delivered by such
        Lender.  Notwithstanding any other provision of this paragraph, a Lender shall not be required to deliver any form pursuant to this paragraph that such Lender is not legally able to deliver.

    
      
        

    

    (g) If the Administrative Agent or a Lender receives a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by a Loan Party or with respect to which
        such Loan Party has paid additional amounts pursuant to this Section 2.17, it shall pay over such refund to such Loan Party (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section 2.17
        with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender (including any Taxes imposed with respect to such refund) as is determined by the Administrative
        Agent or such Lender, as applicable, in good faith and in its sole discretion, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that such Loan Party, upon the request of the Administrative Agent or such Lender, agrees to repay as soon as reasonably practicable the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the
        Administrative Agent or such Lender is required to repay such refund to such Governmental Authority.  This Section 2.17(g) 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 which it deems confidential) to the Loan Parties or any other person.

    (h) If a payment made by the Borrower hereunder or under any other Loan Document would be subject to United States federal withholding tax imposed pursuant to FATCA if any Lender
        fails to comply with applicable reporting and other requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the IRS Code, as applicable), such Lender shall use commercially reasonable efforts to deliver to the Borrower and
        the Administrative Agent, at the time or times prescribed by applicable law or as reasonably requested by the Borrower or the Administrative Agent, any documentation reasonably requested by the Borrower or the Administrative Agent reasonably
        satisfactory to the Borrower or the Administrative Agent for the Borrower and the Administrative Agent to comply with their obligations under FATCA to determine the amount to withhold or deduct from such payment and to determine whether such Lender
        has complied with such applicable reporting and other requirements of FATCA, provided, that, notwithstanding any other provision of this subsection, no
        Lender shall be required to deliver any document pursuant to this subsection that such Lender is not legally able to deliver or, if in the reasonable judgment of such Lender, such compliance would subject such Lender to any material unreimbursed
        cost or expense or would otherwise be disadvantageous to such Lender in any material respect, provided, further, that in the event a Lender does not comply with the requirements of this subsection 2.17(h) as a result of the application of the first proviso of this subsection 2.17(h), then such Lender shall
        be deemed for purposes of this Agreement to have failed to comply with the requirements under FATCA.

    
      
        

    

    SECTION 2.18. Payments
            Generally; Pro Rata Treatment; Sharing of Set-offs.

    (a) Unless otherwise specified, the Borrower shall make each payment required to be made by it hereunder (whether of principal, interest or fees, or of amounts payable under
        Section 2.15, 2.16, or 2.17, or otherwise) prior to 2:00 p.m., Local Time, on the date when due, in immediately available funds, without condition or deduction for any defense, recoupment, set-off 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 to
        the applicable account designated to the Borrower by the Administrative Agent, except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.05 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 under the Loan Documents shall be made in Dollars (except that payments in
        respect of any Euro denominated Obligations shall be made in Euros).  Any payment 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 from the Borrower to pay fully all amounts of principal, interest and fees then due
        from the Borrower hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due from the Borrower 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 from such Borrower 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 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 (based on the Dollar Equivalent on the date of such purchase); 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 (c) 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 (c) 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 the
        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 Lenders the
        amount due.  In such event, if the Borrower has not in fact made such payment, then each of the Lenders 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 the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in
        accordance with banking industry rules on interbank compensation.

    
      
        

    

    (e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.06(b) or 2.18(d), then the Administrative Agent may, in its discretion
        (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are
        fully paid.

    SECTION 2.19. Mitigation
            Obligations; Replacement of Lenders.

    (a) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account
        of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
        branches or Affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as applicable, in the future and (ii) would not subject such
        Lender to any material unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender in any material respect.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with
        any such designation or assignment.

    (b) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account
        of any Lender pursuant to Section 2.17, or is a Defaulting 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), 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); provided, that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not
        unreasonably be withheld, (ii) 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) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to
        be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments.  Nothing in this Section 2.19 shall be deemed to prejudice any rights that the Borrower may have against any Lender that is a Defaulting
        Lender.

    (c) If any Lender (such Lender, a “Non-Consenting Lender”) has failed to consent to a
        proposed amendment, waiver, discharge or termination which pursuant to the terms of Section 9.08 requires the consent of all of the Lenders affected and with respect to which the Required Lenders shall have granted their consent, then the Borrower
        shall have the right (unless such Non-Consenting Lender grants such consent) to replace such Non-Consenting Lender by deeming such Non-Consenting Lender to have assigned its Loans, and its Commitments hereunder to one or more Assignees reasonably
        acceptable to the Administrative Agent (unless such assignee is a Lender, an Affiliate of a Lender or an Approved Fund); provided, that:  (i) all
        Obligations of the Borrower owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment, and (ii) the replacement Lender shall purchase the foregoing by paying to such
        Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon.  No action by or consent of the Non-Consenting
        Lender shall be necessary in connection with such assignment, which shall be immediately and automatically effective upon payment of such purchase price.  In connection with any such assignment the Borrower, Administrative Agent, such
        Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 9.04; provided, that if such Non-Consenting Lender does not comply with
        Section 9.04 within three Business Days after Borrower’s request, compliance with Section 9.04 shall not be required to effect such assignment.

    SECTION 2.20. Illegality. 
        If any Lender reasonably determines that any Change in Law has made it unlawful, or that any Governmental Authority has asserted after the Closing Date that it is unlawful, for any Lender or its applicable Lending Office to make or maintain any
        Eurocurrency Loans, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligations of such Lender to make or continue Eurocurrency Loans or to convert ABR Borrowings to Eurocurrency Borrowings shall be
        suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, the Borrower shall upon demand from such Lender (with a copy to
        the Administrative Agent), either, (i) in the case of Loans denominated in Dollars, convert all Eurocurrency Borrowings of such Lender to ABR Borrowings, either on the last day of the Interest Period therefor, if such Lender may lawfully continue
        to maintain such Eurocurrency Borrowings to such day, or immediately, if such Lender may not lawfully continue to maintain such Loans, prepay such Loans or (ii) in the case of Loans denominated in Euros or Sterling, convert all Eurocurrency
        Borrowings of such Lender to an alternative interest rate mutually acceptable to the Borrower and the Lenders, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Borrowings to
        such day, or immediately, if such Lender may not lawfully continue to maintain such Loans, prepay such Loans.  Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

    
      
        

    

    SECTION 2.21. Incremental
            Commitments.

    (a) The Borrower may, by written notice to the Administrative Agent from time to time, request Incremental Term Loan Commitments, in an amount not to exceed the Incremental Amount
        from one or more Incremental Term Lenders (which may include any existing Lender) willing to provide such Incremental Term Loans in their own discretion; provided,
        that each Incremental Term Lender shall be subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld) unless such Incremental Term Lender is a Lender, an Affiliate of a Lender or an Approved Fund; provided, further, that (i) Incremental Term Loans may be incurred
        without regard to the Incremental Amount solely to the extent that the Net Proceeds therefrom are used substantially concurrently with the incurrence of such Incremental Term Loans to prepay existing Term Loans in accordance with the first sentence
        of Section 2.11(b) (it being understood that such Incremental Term Loans shall not be deemed Excluded Indebtedness).  Such notice shall set forth (i) the amount of the Incremental Term Loan Commitments being requested (which shall be in minimum
        increments of, with respect to the Initial Euro Term Loans, €5.0 million and, with respect to the Initial Sterling Term Loans, £5.0 million and a minimum amount of, with respect to the Initial Euro Term Loans, €25.0 million and, with respect to the
        Initial Sterling Term Loans, £25.0 million or equal to the remaining Incremental Amount), (ii) the date on which such Incremental Term Loan Commitments are requested to become effective (the “Increased Amount Date”), and (iii) whether such Incremental Term Loan Commitments are to be Initial Euro Term Loan Commitments, Initial Sterling Term Loan Commitments or commitments to make term loans with
        pricing and/or amortization terms different from the Initial Term Loans (“Other Term Loans”).

    (b) The Borrower and each Incremental Term Lender shall execute and deliver to the Administrative Agent an Incremental Assumption Agreement and such other documentation as the
        Administrative Agent shall reasonably specify to evidence the Incremental Term Loan Commitment of such Incremental Term Lender.  Each Incremental Assumption Agreement shall specify the terms of the applicable Incremental Term Loans (all such
        Incremental Term Loans to be made pursuant to any Incremental Assumption Agreement, a “Series”); provided, that (i) the Other Term Loans shall rank pari passu or junior in right of payment and of
        security with the Initial Euro Term Loans and Initial Sterling Term Loans and, except as to pricing, amortization and final maturity date, shall have (x) the same terms as the Initial Euro Term Loans and Initial Sterling Term Loans, as applicable,
        or (y) such other terms as shall be reasonably satisfactory to the Administrative Agent, (ii) the final maturity date of any Other Term Loans shall be no earlier than the Initial Euro Term Facility Date or Initial Sterling Term Facility Maturity
        Date, as applicable, and (iii) the weighted average life to maturity of any Other Term Loans shall be no shorter than the remaining weighted average life to maturity of the Initial Euro Term Loans and the Initial Sterling Term Loans, as
        applicable.  Each of the parties hereto hereby agrees that upon the effectiveness of any Incremental Assumption Agreement this Agreement shall be amended to the extent (but only to the extent) necessary to reflect the existence and terms of the
        Incremental Term Loan Commitments evidenced thereby as provided for in Section 9.08(e).  Any such deemed amendment may be memorialized in writing by the Administrative Agent with the Borrower’s consent (not to be unreasonably withheld) and
        furnished to the other parties hereto.

    (c) Notwithstanding the foregoing, no Incremental Term Loan Commitment shall become effective under this Section 2.21 unless (i) on the date of such effectiveness, (x) the
        representations and warranties set forth in Article III shall be true and correct in all material respects as of such date, in each case, with the same effect as though made on and as of such date, except to the extent such representations and
        warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date), immediately after giving effect to such Borrowing and no Event of Default
        or Default shall have occurred and be continuing or would result therefrom (other than any Incremental Term Loan under the Term Facility to be made during the Certain Funds Period) or (y) if the proceeds of such Incremental Term Loans are being
        used to fund a Limited Condition Acquisition, and the Lenders providing such Incremental Term Loans so agree, the availability thereof shall be subject to customary “SunGard” conditionality, it being understood that in any event, no Specified Event
        of Default shall have occurred and be continuing or result from such Borrowing and the use of proceeds thereof, and in each case the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Responsible
        Officer of the Borrower, and (ii) the Administrative Agent shall have received customary legal opinions, board resolutions and other customary closing certificates and documentation as required by the relevant Incremental Assumption Agreement and,
        to the extent required by the Administrative Agent, consistent with those delivered on the Closing Date under Article IV and such additional customary documents and filings (including amendments to the Mortgages and other Security Documents and
        title endorsement bringdowns) as the Administrative Agent may reasonably require to assure that the Incremental Term Loans are secured by the Collateral ratably with (or, to the extent agreed by the applicable Incremental Term Lenders in the
        applicable Incremental Assumption Agreement, junior to) the existing Loans.

    
      
        

    

    (d) Each of the parties hereto hereby agrees that the Administrative Agent may take any and all action as may be reasonably necessary to ensure that all Initial Euro Term Loans or
        Initial Sterling Term Loans, when originally made, are included in each Borrowing of outstanding Initial Euro Term Loans or Initial Sterling Term Loans on a pro rata basis.  The Borrower agrees that Section 2.16 shall apply to any conversion of Eurocurrency Loans to ABR Loans reasonably required by the Administrative Agent to effect the foregoing.

    (e) Notwithstanding anything to the contrary in this Agreement, this Section 2.21 shall not become operative until after the Closing Date.

    ARTICLE III

        

        

        Representations and Warranties

    On the Effective Date, the Borrower represents and warrants to each of the Lenders that:

    SECTION 3.01. Organization;
            Powers.  Except as set forth on Schedule 3.01, each of Holdings, the Borrower and each of the Material Subsidiaries (a) is a partnership, limited liability company or corporation duly organized, validly existing and in good standing
        (or, if applicable in a foreign jurisdiction, enjoys the equivalent status under the laws of any jurisdiction of organization outside the United States) under the laws of the jurisdiction of its organization, (b) has all requisite power and
        authority to own its property and assets and to carry on its business as now conducted, (c) is qualified to do business in each jurisdiction where such qualification is required, except where the failure so to qualify would not reasonably be
        expected to have a Material Adverse Effect, and (d) has the power and authority to execute, deliver and perform its obligations under each of the Loan Documents and each other agreement or instrument contemplated thereby to which it is or will be a
        party and, in the case of the Borrower, to borrow and otherwise obtain credit hereunder.

    SECTION 3.02. Authorization. 
        The execution, delivery and performance by Holdings, the Borrower and each of the Subsidiary Loan Parties of each of the Loan Documents to which it is a party, and the borrowings hereunder and the transactions forming a part of the Transactions
        (a) have been duly authorized by all corporate, stockholder, partnership or limited liability company action required to be obtained by Holdings, the Borrower and such Subsidiary Loan Parties and (b) will not (i) violate (A) any provision of law,
        statute, rule or regulation, or of the certificate or articles of incorporation or other constitutive documents (including any partnership, limited liability company or operating agreements) or by-laws of Holdings, the Borrower or any such
        Subsidiary Loan Party, (B) any applicable order of any court or any rule, regulation or order of any Governmental Authority or (C) any provision of any indenture, certificate of designation for preferred stock, agreement or other instrument to
        which Holdings, the Borrower or any such Subsidiary Loan Party is a party or by which any of them or any of their property is or may be bound, other than the required consent under the Existing Credit Agreement , (ii) be in conflict with, result in
        a breach of or constitute (alone or with notice or lapse of time or both) a default under, give rise to a right of or result in any cancellation or acceleration of any right or obligation (including any payment) or to a loss of a material benefit
        under any such indenture, certificate of designation for preferred stock, agreement or other instrument, where any such conflict, violation, breach or default referred to in clause (i) or (ii) of this Section 3.02(b), would reasonably be expected
        to have, individually or in the aggregate, a Material Adverse Effect, or (iii) result in the creation or imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by Holdings, the Borrower or any such
        Subsidiary Loan Party, other than the Liens created by the Loan Documents and Permitted Liens.

    
      
        

    

    SECTION 3.03. Enforceability. 
        This Agreement has been duly executed and delivered by Holdings and the Borrower and constitutes, and each other Loan Document when executed and delivered by each Loan Party that is party thereto will constitute, a legal, valid and binding
        obligation of such Loan Party enforceable against each such Loan Party in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other similar laws affecting creditors’
        rights generally, (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (iii) implied covenants of good faith and fair dealing.

    SECTION 3.04. Governmental
            Approvals.  No action, consent or approval of, registration or filing with or any other action by any Governmental Authority is or will be required in connection with the Transactions, the perfection or maintenance of the Liens
        created under the Security Documents or the exercise by any Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral, except for (a) the filing of Uniform Commercial Code financing statements,
        (b) filings with the United States Patent and Trademark Office and the United States Copyright Office and comparable offices in foreign jurisdictions and equivalent filings in foreign jurisdictions, (c) recordation of the Mortgages, (d) such as
        have been made or obtained and are in full force and effect, (e) such actions, consents and approvals the failure of which to be obtained or made would not reasonably be expected to have a Material Adverse Effect and (f) filings or other actions
        listed on Schedule 3.04.

    SECTION 3.05. Financial
            Statements.

    (a) [Reserved].

    (b) The audited consolidated balance sheets of each of Berry (or its predecessor) as at the end of 2018, 2017 and 2016 fiscal years, and the related audited consolidated statements
        of income, stockholders’ equity and cash flows for such fiscal years, reported on by and accompanied by a report from Ernst & Young LLP, respectively, copies of which have heretofore been furnished to each Lender, present fairly in all material
        respects the consolidated financial position of Berry as at such date and the consolidated results of operations, shareholders’ equity and cash flows of Berry for the years then ended.

    SECTION 3.06. No
            Material Adverse Effect.  Since September 29, 2018, there has been no event, development or circumstance that has or would reasonably be expected to have a Material Adverse Effect.

    SECTION II3I.07. Title
            to Properties; Possession Under Leases.

    (a) Each of Holdings, the Borrower and the Subsidiaries has valid fee simple title to, or valid leasehold interests in, or easements or other limited property interests in, all its
        Real Properties (including all Mortgaged Properties) and has valid title to its personal property and assets, in each case, except for Permitted Liens and except for defects in title that do not materially interfere with its ability to conduct its
        business as currently conducted or to utilize such properties and assets for their intended purposes and except where the failure to have such title would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
        Effect.  All such properties and assets are free and clear of Liens, other than Permitted Liens.

    (b) Each of the Borrower and the Subsidiaries has complied with all obligations under all leases to which it is a party, except where the failure to comply would not reasonably be
        expected to have, individually or in the aggregate, a Material Adverse Effect, and all such leases are in full force and effect, except leases in respect of which the failure to be in full force and effect would not reasonably be expected to have a
        Material Adverse Effect.  Except as set forth on Schedule 3.07(b), each of the Borrower and each of the Subsidiaries enjoys peaceful and undisturbed
        possession under all such leases, other than leases in respect of which the failure to enjoy peaceful and undisturbed possession would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

    
      
        

    

    (c) As of the Effective Date, none of the Borrower or the Subsidiaries has received any notice of any pending or contemplated condemnation proceeding affecting any material portion
        of the Mortgaged Properties or any sale or disposition thereof in lieu of condemnation that remains unresolved as of the Effective Date.

    (d) None of the Borrower or the Subsidiaries is obligated on the Effective Date under any right of first refusal, option or other contractual right to sell, assign or otherwise
        dispose of any Mortgaged Property or any interest therein, except as permitted under Section 6.02 or 6.05.

    SECTION III.08. Subsidiaries.

    (a) Schedule 3.08(a) sets forth as of the Effective Date the name and jurisdiction of
        incorporation, formation or organization of each subsidiary of Holdings and, as to each such subsidiary, the percentage of each class of Equity Interests owned by Holdings or by any such subsidiary.

    (b) As of the Effective Date, there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options or stock
        appreciation rights granted to employees or directors and directors’ qualifying shares) of any nature relating to any Equity Interests of Holdings, the Borrower or any of the Subsidiaries, except rights of employees to purchase Equity Interests of
        Holdings in connection with the Transactions or as set forth on Schedule 3.08(b).

    SECTION 3.09. Litigation;
            Compliance with Laws.

    (a) There are no actions, suits or proceedings at law or in equity or, to the knowledge of the Borrower, investigations by or on behalf of any Governmental Authority or in
        arbitration now pending, or, to the knowledge of Holdings or the Borrower, threatened in writing against or affecting Holdings or the Borrower or any of the Subsidiaries or any business, property or rights of any such person which would reasonably
        be expected to have, individually or in the aggregate, a Material Adverse Effect.

    (b) None of Holdings, the Borrower, the Subsidiaries and their respective properties or assets is in violation of (nor will the continued operation of their material properties and
        assets as currently conducted violate) any law, rule or regulation (including any zoning, building, ordinance, code or approval or any building permit, but excluding any Environmental Laws, which are subject to Section 3.16) or any restriction of
        record or agreement affecting any Mortgaged Property, or is in default with respect to any judgment, writ, injunction or decree of any Governmental Authority, where such violation or default would reasonably be expected to have, individually or in
        the aggregate, a Material Adverse Effect.

    SECTION 3.10. Federal
            Reserve Regulations.

    (a) None of Holdings, the Borrower or the Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of
        purchasing or carrying Margin Stock.

    (b) No part of the proceeds of any Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, (i) to purchase or carry Margin Stock or
        to extend credit to others for the purpose of purchasing or carrying Margin Stock or to refund indebtedness originally incurred for such purpose, or (ii) for any purpose that entails a violation of, or that is inconsistent with, the provisions of
        the Regulations of the Board, including Regulation U or Regulation X.

    SECTION 3.11. Investment
            Company Act.  None of Holdings, the Borrower and the Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended.

    SECTION 3.12. Use
            of Proceeds.  The Borrower will use the proceeds of the Term Loans made during the Certain Funds Period to fund the Transactions.

    
      
        

    

    SECTION 3.13. Tax
            Returns.  Except as set forth on Schedule 3.13:

    
      	
              (a)

            	
              Except as would not, individually or in the aggregate, reasonably be expected to have a
                  Material Adverse Effect, (i) each of Holdings, the Borrower and the Subsidiaries has filed or caused to be filed all federal, state, local and non-U.S. Tax returns required to have been filed by it and (ii) taken as a whole, and each such
                  Tax return is true and correct;

            

    

    
      	
              (b)

            	
              Each of Holdings, the Borrower and the Subsidiaries has timely paid or caused to be timely
                  paid all Taxes shown to be due and payable by it on the returns referred to in clause (a) and all other Taxes or assessments (or made adequate provision (in accordance with GAAP) for the payment of all Taxes due) with respect to all
                  periods or portions thereof ending on or before the Effective Date (except Taxes or assessments that are being contested in good faith by appropriate proceedings in accordance with Section 5.03 and for which Holdings, the Borrower or any
                  of the Subsidiaries (as the case may be) has set aside on its books adequate reserves in accordance with GAAP), which Taxes, if not paid or adequately provided for, would, individually or in the aggregate, reasonably be expected to have a
                  Material Adverse Effect; and

            

    

    
      	
              (c)

            	
              Other than as would not be, individually or in the aggregate, reasonably expected to have a
                  Material Adverse Effect, as of the Effective Date, with respect to each of Holdings, the Borrower and the Subsidiaries, there are no claims being asserted in writing with respect to any Taxes.

            

    

    SECTION 3.14. No
            Material Misstatements.

    (a) All written information (other than the Projections, estimates and information of a general economic nature or general industry nature) (the “Information”) concerning Holdings, the Borrower, the Subsidiaries, the Transactions and any other transactions contemplated hereby included in the Information Memorandum or otherwise
        prepared by or on behalf of the foregoing or their representatives and made available to any Lenders or the Administrative Agent in connection with the Transactions or the other transactions contemplated hereby, when taken as a whole, was true and
        correct in all material respects, as of the date such Information was furnished to the Lenders and as of the Effective Date and did not, taken as a whole, contain any untrue statement of a material fact as of any such date or omit to state a
        material fact necessary in order to make the statements contained therein, taken as a whole, not materially misleading in light of the circumstances under which such statements were made.  Notwithstanding anything herein or in any other Loan
        Documents to the contrary, any and all information in respect of or in connection with the Transactions received at any time and from time to time prior to or during the Certain Funds Period shall be deemed to constitute Information.

    (b) The Projections and estimates and information of a general economic nature prepared by or on behalf of the Borrower or any of its representatives and that have been made
        available to any Lenders or the Administrative Agent in connection with the Transactions or the other transactions contemplated hereby (i) have been prepared in good faith based upon assumptions believed by the Borrower to be reasonable as of the
        date thereof (it being understood that actual results may vary materially from the Projections), as of the date such Projections and estimates were furnished to the Lenders and as of the Effective Date, and (ii) as of the Effective Date, have not
        been modified in any material respect by the Borrower.

    (c) As of the Effective Date, to the knowledge of the Borrower, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date to any
        Lender in connection with this Agreement is true and correct in all material respects.

    SECTION 3.15. Employee
            Benefit Plans.

    (a) Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect:  (i) each Plan is in compliance in all material respects with
        the applicable provisions of ERISA and the IRS Code; (ii) no Reportable Event has occurred during the past five years as to which the Borrower, Holdings, any of their Subsidiaries or any ERISA Affiliate was required to file a report with the PBGC,
        other than reports that have been filed; (iii) no Plan has any Unfunded Pension Liability in excess of $50.0 million; (iv) no ERISA Event has occurred or is reasonably expected to occur; and (v) none of the Borrower, Holdings, the Subsidiaries and
        the ERISA Affiliates (A) has received any written notification that any Multiemployer Plan is in reorganization or has been terminated within the meaning of Title IV of ERISA, or has knowledge that any Multiemployer Plan is reasonably expected to
        be in reorganization or to be terminated or (B) has incurred or is reasonably expected to incur any Withdrawal Liability to any Multiemployer Plan.

    
      
        

    

    (b) Each of Holdings, the Borrower and the Subsidiaries is in compliance (i) with all applicable provisions of law and all applicable regulations and published interpretations
        thereunder with respect to any employee pension benefit plan or other employee benefit plan governed by the laws of a jurisdiction other than the United States and (ii) with the terms of any such plan, except, in each case, for such noncompliance
        that would not reasonably be expected to have a Material Adverse Effect.

    SECTION 3.16. Environmental
            Matters.  Except as set forth in Schedule 3.16 and except as to matters that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect:  (i) no written notice, request for information,
        order, complaint or penalty has been received by the Borrower or any of its Subsidiaries, and there are no judicial, administrative or other actions, suits or proceedings pending or, to the Borrower’s knowledge, threatened which allege a violation
        of or liability under any Environmental Laws, in each case relating to the Borrower or any of its Subsidiaries, (ii) each of the Borrower and its Subsidiaries has all environmental permits, licenses and other approvals necessary for its operations
        to comply with all applicable Environmental Laws and is, and during the term of all applicable statutes of limitation, has been, in compliance with the terms of such permits, licenses and other approvals and with all other applicable Environmental
        Laws, (iii) to the Borrower’s knowledge, no Hazardous Material is located at, on or under any property currently owned, operated or leased by the Borrower or any of its Subsidiaries that would reasonably be expected to give rise to any cost,
        liability or obligation of the Borrower or any of its Subsidiaries under any Environmental Laws, and no Hazardous Material has been generated, owned, treated, stored, handled or controlled by the Borrower or any of its Subsidiaries and transported
        to or Released at any location in a manner that would reasonably be expected to give rise to any cost, liability or obligation of the Borrower or any of its Subsidiaries under any Environmental Laws, and (iv) there are no agreements in which the
        Borrower or any of its Subsidiaries has expressly assumed or undertaken responsibility for any known or reasonably likely liability or obligation of any other person arising under or relating to Environmental Laws, which in any such case has not
        been made available to the Administrative Agent prior to the Effective Date.

    SECTION 3.17. Security
            Documents.

    (a) The Collateral Agreement is effective to create in favor of the Collateral Agent (for the benefit of the Secured Parties) a legal, valid and enforceable security interest in the
        Collateral described therein and proceeds thereof.  In the case of the Pledged Collateral described in the Collateral Agreement, when certificates or promissory notes, as applicable, representing such Pledged Collateral are delivered to the
        Collateral Agent (or its bailee pursuant to the Senior Fixed Collateral Intercreditor Agreement or the Senior Lender Intercreditor Agreement), and in the case of the other Collateral described in the Collateral Agreement (other than the
        Intellectual Property (as defined in the Collateral Agreement)), when financing statements and other filings specified in the Perfection Certificate are filed in the offices specified in the Perfection Certificate, the Collateral Agent (for the
        benefit of the Secured Parties) shall have a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and, subject to Section 9-315 of the New York Uniform Commercial Code, the proceeds
        thereof, as security for the Obligations to the extent perfection can be obtained by filing Uniform Commercial Code financing statements, in each case prior and superior in right to any other person (except Permitted Liens).

    (b) When the Collateral Agreement or a summary thereof is properly filed in the United States Patent and Trademark Office and the United States Copyright Office, and, with respect
        to Collateral in which a security interest cannot be perfected by such filings, upon the proper filing of the financing statements referred to in paragraph (a) above, the Collateral Agent (for the benefit of the Secured Parties) shall have a fully
        perfected Lien on, and security interest in, all right, title and interest of the Loan Parties thereunder in all domestic Intellectual Property, in each case prior and superior in right to any other person (it being understood that subsequent
        recordings in the United States Patent and Trademark Office and the United States Copyright Office may be necessary to perfect a lien on registered trademarks and patents, trademark and patent applications and registered copyrights acquired by the
        grantors after the Closing Date) (except Permitted Liens).

    
      
        

    

    (c) Each Foreign Pledge Agreement, if any, shall be effective to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable
        security interest in the Collateral described therein and proceeds thereof to the fullest extent permissible under applicable law.  In the case of the Pledged Collateral described in a Foreign Pledge Agreement, when certificates representing such
        Pledged Collateral (if any) are delivered to the Collateral Agent (or its bailee pursuant to the Senior Fixed Collateral Intercreditor Agreement or the Senior Lender Intercreditor Agreement), the Collateral Agent (for the benefit of the Secured
        Parties) shall have a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations, in each case prior and superior in right to any
        other person.

    (d) The Mortgages (if any) executed and delivered on or before the Closing Date are, and the Mortgages to be executed and delivered after the Closing Date pursuant to Section 5.10
        shall be, effective to create in favor of the Collateral Agent (for the benefit of the Secured Parties) a valid Lien on all of the Loan Parties’ right, title and interest in and to the Mortgaged Property thereunder and the proceeds thereof, and
        when such Mortgages are filed or recorded in the proper real estate filing or recording offices, the Collateral Agent (for the benefit of the Secured Parties) shall have a fully perfected Lien on, and security interest in, all right, title and
        interest of the Loan Parties in such Mortgaged Property and, to the extent applicable, subject to Section 9-315 of the Uniform Commercial Code, the proceeds thereof, in each case prior and superior in right to any other person, other than with
        respect to the rights of a person pursuant to Permitted Liens.

    (e) Notwithstanding anything herein (including this Section 3.17) or in any other Loan Document to the contrary, other than to the extent set forth in the applicable Foreign Pledge
        Agreements, neither the Borrower nor any other Loan Party makes any representation or warranty as to the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest in any Equity Interests of
        any Foreign Subsidiary that is not a Loan Party, or as to the rights and remedies of the Agents or any Lender with respect thereto, under foreign law.

    SECTION 3.18. Location
            of Real Property and Leased Premises.

    (a) The Perfection Certificate lists completely and correctly, in all material respects, as of the Effective Date all material Real Property owned by Holdings, the Borrower and the
        Subsidiary Loan Parties and the addresses thereof.  As of the Effective Date, Holdings, the Borrower and the Subsidiary Loan Parties own in fee all the Real Property set forth as being owned by them on the Perfection Certificate.

    (b) The Perfection Certificate lists completely and correctly in all material respects, as of the Effective Date, all material real property leased by Holdings, the Borrower and the
        Subsidiary Loan Parties and the addresses thereof.  As of the Effective Date, Holdings, the Borrower and the Subsidiary Loan Parties have in all material respects valid leases in all the real property set forth as being leased by them on the
        Perfection Certificate.

    SECTION 3.19. Solvency.

    (a) Immediately after giving effect to the Transactions on the Effective Date, (i) the fair value of the assets of the Borrower (individually) and Holdings, the Borrower and its
        Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, direct, subordinated, contingent or otherwise, of the Borrower (individually) and Holdings, the Borrower and its Subsidiaries on a consolidated basis,
        respectively; (ii) the present fair saleable value of the property of the Borrower (individually) and Holdings, the Borrower and its Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the probable
        liability of the Borrower (individually) and Holdings, the Borrower and its Subsidiaries on a consolidated basis, respectively, on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities
        become absolute and matured; (iii) the Borrower (individually) and Holdings, the Borrower and its Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and
        liabilities become absolute and matured; and (iv) the Borrower (individually) and Holdings, the Borrower and its Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are
        engaged as such businesses are now conducted and are proposed to be conducted following the Effective Date.

    
      
        

    

    (b) On the Effective Date, neither Holdings nor the Borrower intends to, and neither Holdings nor the Borrower believes that it or any of its subsidiaries will, incur debts beyond
        its ability to pay such debts as they mature, taking into account the timing and amounts of cash to be received by it or any such subsidiary and the timing and amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness
        of any such subsidiary.

    SECTION 3.20. Labor
            Matters.  Except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect:  (a) there are no strikes or other labor disputes pending or threatened against Holdings, the Borrower or any
        of the Subsidiaries; (b) the hours worked and payments made to employees of Holdings, the Borrower and the Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable law dealing with such matters; and (c) all
        payments due from Holdings, the Borrower or any of the Subsidiaries or for which any claim may be made against Holdings, the Borrower or any of the Subsidiaries, on account of wages and employee health and welfare insurance and other benefits have
        been paid or accrued as a liability on the books of Holdings, the Borrower or such Subsidiary to the extent required by GAAP.  Except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, the
        consummation of the Transactions will not give rise to a right of termination or right of renegotiation on the part of any union under any material collective bargaining agreement to which Holdings, the Borrower or any of the Subsidiaries (or any
        predecessor) is a party or by which Holdings, the Borrower or any of the Subsidiaries (or any predecessor) is bound.

    SECTION 3.21. Insurance. 
        Schedule 3.21 sets forth a true, complete and correct description of all material insurance maintained by or on behalf of Holdings, the Borrower or the Subsidiaries as of the Effective Date.  As of such date, such insurance is in full force and
        effect.

    SECTION 3.22. No
            Default.  No Default or Event of Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.

    SECTION 3.23. Intellectual
            Property; Licenses, Etc.  Except as would not reasonably be expected to have a Material Adverse Effect and as set forth in Schedule 3.23, (a) the Borrower and each of its Subsidiaries owns, or possesses the right to use, all of the
        patents, patent rights, trademarks, service marks, trade names, copyrights and any and all applications or registrations for any of the foregoing (collectively, “Intellectual Property Rights”) that are reasonably necessary for the operation of
        their respective businesses, without conflict with the rights of any other person, (b) to the best knowledge of the Borrower, no intellectual property right, proprietary right, product, process, method, substance, part, or other material now
        employed, sold or offered by or contemplated to be employed, sold or offered by the Borrower or its Subsidiaries infringes upon any rights held by any other person, and (c) no claim or litigation regarding any of the foregoing is pending or, to the
        best knowledge of the Borrower, threatened.

    SECTION 3.24. [Reserved].

    SECTION 3.25. Sanctioned
            Persons; Anti-Money Laundering; Etc.

    (a) The operations of the Borrower, the Loan Parties and their respective subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping
        and reporting requirements of the money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money
        Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Borrower or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the
        knowledge of the Borrower, threatened.

    (b) None of the Borrower, the Loan Parties or any of their respective subsidiaries or to the knowledge of the Borrower or the Loan Parties, any director, officer, agent, employee or
        affiliate of the Borrower or any of its subsidiaries (i) is 50% or more owned by or is acting on behalf of, an individual or individuals or entity or entities that are currently the subject of any sanctions administered or enforced by the United
        States (including any administered or enforced by the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury, the U.S. Department
        of State or the Bureau of Industry and Security of the U.S. Department of Commerce), the United Nations Security Council, the European Union, the United Kingdom (including sanctions administered or enforced by Her Majesty’s Treasury) or other
        relevant sanctions authority (collectively, “Sanctions” and such persons, “Sanctioned

            Persons” and each such person, a “Sanctioned Person”), (ii) is organized or resident in a country or territory that is, or whose government
        is, the subject of Sanctions that broadly prohibit dealings with that country or territory (collectively, “Sanctioned Countries” and each, a “Sanctioned Country”) or (iii) will, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any
        subsidiary, joint venture partner or other individual or entity in any manner that would result in a violation of any Sanctions by, or could result in the imposition of Sanctions against, any individual or entity (including any individual or entity
        making any Loans, whether as Lender, advisor, investor or otherwise).  Neither the Borrower, the Loan Parties nor any of their respective subsidiaries has engaged in any dealings or transactions with or for the benefit of a Sanctioned Person, or
        with or in a Sanctioned Country, in the preceding 3 years in violation of law, nor does the Borrower, the Loan Parties nor any of their respective subsidiaries have any plans to increase its dealings or transactions with or for the benefit of
        Sanctioned Persons, or with or in Sanctioned Countries in violation of law.

    
      
        

    

    (c) None of the Borrower, the Loan Parties or any of their respective subsidiaries nor, to the knowledge of the Borrower or the Loan Parties, any director, officer, agent, employee
        or Affiliate of the Borrower, the Loan Parties or any of their respective subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as
        amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of
        interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official”
        (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA; and the Borrower, the Loan Parties and their respective subsidiaries and, to the
        knowledge of the Borrower and the Loan Parties, their controlled Affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected
        to continue to ensure, continued compliance therewith.

    (d) Holdings, the Borrower and the Subsidiaries are in compliance, in all material respects, with the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001,
        as amended from time to time)) (the “PATRIOT Act”).

    SECTION 3.26. Acquisition
            Documents.

    (a) In the case of an Offer, the Offer Documents contain all material terms of the Offer (taken as a whole) as at the date on which they were published.

    (b) In the case of a Scheme, the Scheme Documents contain all the material terms of the Scheme (taken as a whole) as at the date on which they were published.

    ARTICLE IV

        

        

        Conditions Precedent

    SECTION 4.01. Conditions
            to Effectiveness of this Agreement on the Effective Date.  The effectiveness of this Agreement is subject to prior or concurrent satisfaction of each of the following conditions:

    
      	
              (i)

            	
              The Administrative Agent (or its counsel) shall have received from each party hereto either
                  (A) a counterpart of this Agreement signed on behalf of such party, or (B) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party
                  has signed a counterpart of this Agreement;

            

    

    
      	
              (ii)

            	
              The Administrative Agent shall have received, on behalf of itself and the Lenders on the
                  Effective Date, a favorable written opinion of (A) Bryan Cave Leighton Paisner LLP, special counsel for the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent, (B) Jason Greene, in-house counsel for
                  the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent and (C) Godfrey & Kahn, S.C., Wisconsin counsel for certain of the Loan Parties, in form and substance reasonably satisfactory to the
                  Administrative Agent, in each case (x) dated the Effective Date, (y) addressed to the Administrative Agent and the Lenders and (z) in form and substance reasonably satisfactory to the Administrative Agent and covering such other matters
                  relating to the Loan Documents as the Administrative Agent shall reasonably request;

            

    

    
      
        

    

    
      
        
          	
                  (iii)

                	
                  The Administrative Agent shall have received in the case of each Loan Party each
                      of the items referred to in clauses (A), (B) and (C) below:

                

        

         

          

      

    

    
      	
              (A)

            	
              (1) only if such document or item shall have changed since May 29, 2018, in respect of the
                  Borrower and any Loan Party that was a direct or indirect Subsidiary of the Borrower prior to such date, or September 24, 2018, in respect of any Loan Party that became a Loan Party after such date, a copy of the certificate or articles
                  of incorporation, certificate of limited partnership or certificate of formation, including all amendments thereto, of each such Loan Party, certified as of a recent date by (x) with respect to any Loan Party that is a corporation or
                  other registered entity, the Secretary of State (or other similar official) of the jurisdiction of its organization, and (y) with respect to any Loan Party that is not a registered entity, the Secretary of Assistant Secretary of each such
                  Loan Party, and (2) a certificate as to the good standing (to the extent such concept or a similar concept exists under the laws of such jurisdiction) of each Loan Party as of a recent date from the Secretary of State (or other similar
                  official);

            

    

    
      	
              (B)

            	
              a certificate of the Secretary or Assistant Secretary or similar officer of each Loan Party
                  dated the Effective Date and certifying:

            

    

    
      	
              (1)

            	
              (x) that attached thereto is a true and complete copy of the by-laws (or partnership
                  agreement, limited liability company agreement or other equivalent governing documents) of such Loan Party as in effect on the Effective Date and at all times since the date of the resolutions described in clause (2) below, or (y) that
                  the by-laws (or partnership agreement, limited liability company agreement or other equivalent governing documents) of such Loan Party, as in effect on the Effective Date, have not been modified, rescinded or amended since May 29, 2018,
                  in respect of the Borrower and any Loan Party that was a direct or indirect Subsidiary of the Borrower prior to such date, or September 24, 2018, in respect of any Loan Party that became a Loan Party after such date,

            

    

    
      	
              (2)

            	
              that attached thereto is a true and complete copy of resolutions duly adopted by the Board of
                  Directors (or equivalent governing body) of such Loan Party (or its managing general partner or managing member) authorizing the execution, delivery and performance of the Loan Documents to which such person is a party and, in the case of
                  the Borrower, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect on the Effective Date,

            

    

    
      	
              (3)

            	
              that the certificate or articles of incorporation, certificate of limited partnership or
                  certificate of formation of such Loan Party has not been amended since the date of the resolutions described in clause (2) above,

            

    

    
      	
              (4)

            	
              as to the incumbency and specimen signature of each officer executing any Loan Document or any
                  other document delivered in connection herewith on behalf of such Loan Party, and

            

    

    
      	
              (5)

            	
              as to the absence of any pending proceeding for the dissolution or liquidation of such Loan
                  Party or, to the knowledge of such person, threatening the existence of such Loan Party; and

            

    

    
      
        

    

    
      
        
          	
                  (C)

                	
                  a certificate of a director or another officer as to the incumbency and specimen
                      signature of the Secretary or Assistant Secretary or similar officer executing the certificate pursuant to clause (B) above;

                

        

         

          

      

    

    
      	
              (iv)

            	
              The Lenders shall have received an unaudited consolidated balance sheet of the Borrower and
                  related statements of operations, cash flow and owners’ equity for each fiscal quarter ended after September 29, 2018 (so long as such fiscal quarters have ended at least 45 days prior to the Effective Date).  The Borrower’s filing of
                  quarterly reports on Form 10-Q will satisfy the requirement under this paragraph;

            

    

    
      	
              (v)

            	
              The Lenders shall have received a solvency certificate substantially in the form of Exhibit B and signed by the Chief Financial Officer of the Borrower confirming the solvency of the Borrower (individually ) and Holdings, the Borrower
                  and its Subsidiaries on a consolidated basis after giving effect to the Transactions on the Effective Date;

            

    

    
      	
              (vi)

            	
              Each of (i) the Collateral Agreement, (ii) the Term Loan Joinder to Senior Lender
                  Intercreditor Agreement, (iii) Term Loan Joinder to Second Priority Intercreditor Agreement, (iv) the Term Loan Joinder to Senior Fixed Collateral Intercreditor Agreement, (v) the First Lien Bridge Joinder to Senior Lender Intercreditor
                  Agreement, (vi) the First Lien Bridge Joinder to Second Priority Intercreditor Agreement, (vii) the First Lien Bridge Joinder to Senior Fixed Collateral Intercreditor Agreement and (viii) the Second Lien Bridge Joinder to Second Priority
                  Intercreditor Agreement shall have been executed and delivered by the respective parties thereto and shall have become effective, and the Administrative Agent shall have received evidence satisfactory to it of such execution and delivery
                  and effectiveness;

            

    

    
      	
              (vii)

            	
              The First Lien Bridge Credit Agreement and the Second Lien Bridge Credit Agreement shall have
                  been fully executed and delivered;

            

    

    
      	
              (viii)

            	
              Each Certain Funds Representation shall, except to the extent it relates to a particular
                  date, be true and correct in all material respects on and as of the Effective Date as if made on and as of such date; provided that,
                  to the extent that such representations and warranties are qualified by materiality, material adverse effect or similar language, they shall be true and correct in all respects; it being understood that the truth and accuracy of any other representation or warranty of the Loan Parties under the Loan Documents made on the Closing Date shall not constitute a condition precedent under
                  this Section 4.01;

            

    

    

    
      
        
          	
                  (ix)

                	
                  Receipt by the Administrative Agent of a certificate signed by a Responsible
                      Officer of the Borrower certifying that the condition specified in Sections 4.01(viii) has been satisfied;

                

        

         

          

      

    

    
      	
              (x)

            	
              The Administrative Agent shall have received all information requested by the Lenders in
                  writing at least ten Business Days prior to the Effective Date, to the extent necessary to enable such Lender to identify the Loan Parties to the extent required for compliance with the PATRIOT Act or other “know your customer” rules and
                  regulations (which requested information shall have been received at least three (3) Business Days prior to the Effective Date);

            

    

    
      	
              (xi)

            	
              To the extent the Borrower qualifies as a “legal entity customer” under the Beneficial
                  Ownership Regulation, no later than three Business Days in advance of the Effective Date, the Administrative Agent shall have received a Beneficial Ownership Certification in relation to the Borrower to the extent reasonably requested by
                  it at least 10 Business Days in advance of the Effective Date;

            

    

    
      	
              (xii)

            	
              The Administrative Agent shall have received a copy, in substantially final form and in form
                  and substance reasonably satisfactory to Administrative Agent, of the Rule 2.7 Announcement; and

            

    

    
      	
              (xiii)

            	
              Each of the Borrower and Holdings shall have executed and delivered the Fee Letters and each
                  such letter shall be in full force and effect.

            

    

    
      
        

    

    For purposes of determining compliance with the conditions specified in this Section 4.01, each Lender shall be deemed to
        have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless an officer of the Administrative Agent
        responsible for the transactions contemplated by the Loan Documents shall have received notice from such Lender prior to the proposed Effective Date specifying its objection thereto.

    SECTION 4.02. Conditions
            Precedent to Closing Date of this Agreement.  Notwithstanding anything herein (including in Section 4.01(a)) or in  any other Loan Document to the contrary but subject to Section 4.03, during the Certain Funds Period the obligation
        of each Lender to honor any request for  a Certain Funds Credit Extension is subject to solely the following conditions precedent:

    
      	
              (i)

            	
              The Effective Date shall have occurred;

            

    

    
      	
              (ii)

            	
              The Administrative Agent’s receipt of a Borrowing Request in accordance with the requirements
                  hereof;

            

    

    
      	
              (iii)

            	
              In the case of a Scheme:

            

    

    
      	
              (A)

            	
              the Scheme Effective Date shall have occurred;

            

    

    
      	
              (B)

            	
              the Acquisition shall have been, or substantially concurrently with the occurrence of the
                  Closing Date shall be, consummated in all material respects in accordance with the terms of the Scheme Documents (including the Scheme Circular), after giving effect to any modifications, amendments, consents or waivers thereof or
                  thereto, other than those modifications, amendments, consents or waivers that are materially adverse to the interests of the Lenders that are effected without the prior written consent of the Joint Lead Arrangers, provided that no consent of the Joint Lead Arrangers shall be required (a) if any such modification,  amendment, consent or waiver shall have been required by any
                  applicable Law (including, without limitation, the Companies Act of 2006 or the Takeover Rules), the Takeover Panel, any applicable stock exchange, any applicable government or other regulatory authority, or a court of competent
                  jurisdiction (including, without limitation, the Court) and/or (b) to any waiver of a condition to the Scheme where such waiver does not relate to a condition which the Acquisition SPV reasonably considers that it would be entitled to in
                  accordance with Rule 13.5(a) of the Code, to invoke so as to cause the Scheme not to proceed, to lapse, or to be withdrawn;

            

    

    
      	
              (C)

            	
              receipt by the Administrative Agent of a copy certified by the Borrower of:

            

    

    
      	
              (1)

            	
              the Court Orders; and

            

    

    
      	
              (2)

            	
              each of (i) the Scheme Documents and (ii) documents reflecting amendments or waivers thereof
                  and thereto as are permitted by the terms of this Agreement;

            

    

    
      	
              (iv)

            	
              In the case of an Offer:

            

    

    
      	
              (A)

            	
              the Offer Effective Date has occurred;

            

    

    
      	
              (B)

            	
              receipt by the Administrative Agent of a copy certified by the Borrower of each of (i) the
                  Offer Documents and (ii) documents otherwise reflecting amendments or waivers thereof and thereto as are permitted by the terms of this Agreement;

            

    

    
      	
              (C)

            	
              the acquisition of no less than 75% of the Target Shares shall have been, or substantially
                  concurrently with the occurrence of the Closing Date shall be, consummated in all material respects in accordance with the terms of the Offer Documents (including the Rule 2.7 Announcement), after giving effect to any modifications,
                  amendments, consents or waivers thereof or thereto, other than those modifications, amendments, consents or waivers that are materially adverse to the interests of the Lenders that are effected without the prior written consent of the
                  Joint Lead Arrangers, provided that no consent of the Joint Lead Arrangers shall be required (a) if any such modification, amendment, consent or
                  waiver shall have been required by any applicable Law (including, without limitation, the Companies Act of 2006 or the Takeover Rules), the Takeover Panel, any applicable stock exchange, any applicable government or other regulatory
                  authority, or a court of competent jurisdiction (including, without limitation, the Court) and/or (b) to any waiver of a condition to the Offer where such waiver does not relate to a condition which the Acquisition SPV reasonably
                  considers that it would be entitled to in accordance with Rule 13.5(a) of the Code, to invoke so as to cause the Offer not to proceed, to lapse, or to be withdrawn; and

            

    

    
      
        

    

    
      
        
          	
                  (D)

                	
                  receipt by the Administrative Agent of the Offer Closing Certificate, duly signed
                      for and on behalf of the Borrower.

                

        

         

          

      

    

    
      	
              (v)

            	
              Each Certain Funds Representation shall be true and correct in all material respects on and as
                  of the Closing Date as if made on and as of such date, except to the extent such Certain Funds Representations relate to a particular date, in which case such Certain Funds Representations shall be true and correct in all material
                  respects as of such particular date; provided that, to the extent that such representations and warranties are qualified by materiality, material
                  adverse effect or similar language, they shall be true and correct in all respects; it being understood that the truth and accuracy of any other representation or warranty of the Loan Parties under the Loan Documents made on the Closing
                  Date shall not constitute a condition precedent under this Section 4.02.

            

    

    
      	
              (vi)

            	
              As of the Closing Date, no Certain Funds Default has occurred and is continuing or would
                  result from the consummation of the requested Certain Funds Credit Extension or from the application of the proceeds therefrom.

            

    

    
      	
              (vii)

            	
              The Administrative Agent shall have received evidence that all fees required to be paid on or
                  prior to the Closing Date pursuant to the Fee Letters have been or shall be paid on or prior to such date.

            

    

    
      	
              (viii)

            	
              Receipt by the Administrative Agent of a certificate signed by a Responsible Officer of the
                  Borrower certifying that the conditions specified in Sections 4.02(iii), (iv), (v) and (vi) have been satisfied.

            

    

    
      	
              (ix)

            	
              In relation to any Borrowing of the Backstop Facilities, the Closing Date shall have occurred
                  (or occur simultaneously with the use of proceeds of such Borrowing) and the Backstop Facilities shall not have been terminated.

            

    

    The provisions of this Section 4.02 are for the benefit of the Lenders only and, notwithstanding
        anything herein to the contrary, the Loan Parties and the Lenders may amend, waive or otherwise modify this Section 4.02 or the defined terms used solely for purposes of this Section 4.02 or waive any Default resulting from a breach of this Section
        4.02 without the consent of any other Lender.

    The making of Certain Funds Credit Extensions by the Lenders shall conclusively be deemed to constitute
        an acknowledgment by the Administrative Agent and each Lender that each of the conditions precedent set forth in this Section 4.02 shall have been satisfied in accordance with its respective terms or shall have been irrevocably waived by such
        Person.

    SECTION 4.03. Certain
            Funds.  Notwithstanding (x) anything to the contrary in this Agreement or any other Loan Document or (y) that any condition set forth in Section 4.01 or Section 4.02 may subsequently be determined not to have been satisfied, during
        the Certain Funds Period (unless (i) a Certain Funds Default has occurred and is continuing or, in respect of clause (a) below, would result therefrom or (ii) in respect of clause (a) below, the conditions set forth in Section 4.02, as applicable,
        are not satisfied or (iii) it becomes illegal for any Lender to maintain its Commitment; provided that such Lender has used commercially reasonable efforts to maintain its Commitment through an Affiliate of such Lender not subject to a legal
        restriction and that the occurrence of such event in relation to one Lender shall not enable any other Lender to cancel its Commitment), each Lender shall comply with its obligations to fund Initial Euro Term Loans, Initial Sterling Term Loans,
        Backstop Term Z Loans, Backstop Term R Loans, Backstop Term S Loans or Backstop Term T Loans under this Agreement and no Lender shall:

     

      

    
      
        

    

    
      	
              (a)

            	
               refuse to participate in or make available its participation in any Certain Funds Credit
                  Extension;

            

    

    
      	
              (b)

            	
              cancel any of its Commitments to the extent to do so would prevent or limit the making of a
                  Certain Funds Credit Extension;

            

    

    
      	
              (c)

            	
              rescind, terminate or cancel this Agreement or any of its Commitments or exercise any similar
                  right or remedy or make or enforce any claim under the Loan Documents it may have to the extent to do so would prevent or limit the making of a Certain Funds Credit Extension;

            

    

    
      	
              (d)

            	
              exercise any right, power or discretion to terminate or cancel the obligation to make
                  available any Certain Funds Credit Extension;

            

    

    
      	
              (e)

            	
              exercise any right of set-off or counterclaim in respect of any Certain Funds Credit Extension
                  (other than set-off in respect of fees as agreed in the applicable funds flow document); or

            

    

    
      	
              (f)

            	
              take any steps to seek any repayment or prepayment of any Loan made hereunder in any way to
                  the extent to do so would prevent or limit the making of a Certain Funds Credit Extension;

            

    

    in each case, (i) unless a Certain Funds Default has occurred and is continuing on the date, or would result from the
        making, of such Certain Funds Credit Extension or (ii) except to the extent it is illegal for such Lender to make such Certain Funds Credit Extension, provided that (x) such Lender has used commercially reasonable efforts to make the Certain Funds Credit Extension through an Affiliate of such Lender not
        subject to the respective legal restriction and (y) the occurrence of such event with respect to one Lender shall not relieve any other Lender of its obligation hereunder. Upon the expiration of the Certain Funds Period, all rights, remedies and
        entitlements in clauses (a) through (f) above shall, subject to and in accordance with the applicable provisions of the Loan Documents, be available even though they have not been exercised or available during the Certain Funds Period.

    SECTION 4.04. Conditions
            to Effectiveness of this Agreement on the Amendment Effective Date.  The effectiveness of this Agreement is subject to prior or concurrent satisfaction of each of the following conditions:

    
      	
              (i)

            	
              The Administrative Agent (or its counsel) shall have received from each party hereto either
                  (A) a counterpart of this Agreement signed on behalf of such party, or (B) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party
                  has signed a counterpart of this Agreement;

            

    

    
      	
              (ii)

            	
              The First Lien Bridge Credit Agreement and the Second Lien Bridge Credit Agreement, each as
                  amended and restated on the Amendment Effective Date, shall have been fully executed and delivered; and

            

    

    
      	
              (iii)

            	
              Each of the Borrower and Holdings shall have executed and delivered the Fee Letters and the 
                  Engagement Letter, each as amended and restated on the Amendment Effective Date and each such letter shall be in full force and effect.

            

    

    ARTICLE V

        

        

        Affirmative Covenants

    The Borrower covenants and agrees with each Lender that so long as this Agreement shall remain in effect
        (other than in respect of contingent indemnification obligations for which no claim has been made) and until the Commitments have been terminated and the Obligations (including principal of and interest on each Loan, all fees and all other expenses
        or amounts payable under any Loan Document) shall have been paid in full, unless the Required Lenders shall otherwise consent in writing, the Borrower will, and will cause each of the Material Subsidiaries to:

    
      
        

    

    SECTION 5.01. Existence;
            Businesses and Properties.

    (a) Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence, except, in the case of a Subsidiary of the Borrower, where
        the failure to do so would not reasonably be expected to have a Material Adverse Effect, and except as otherwise expressly permitted under Section 6.05, and except for the liquidation or dissolution of Subsidiaries if the assets of such
        Subsidiaries to the extent they exceed estimated liabilities are acquired by the Borrower or a Wholly Owned Subsidiary of the Borrower in such liquidation or dissolution; provided,
        that Subsidiary Loan Parties may not be liquidated into Subsidiaries that are not Loan Parties and Domestic Subsidiaries may not be liquidated into Foreign Subsidiaries.

    (b) Except where the failure to do so would not reasonably be expected to have a Material Adverse Effect, do or cause to be done all things necessary to (i) lawfully obtain,
        preserve, renew, extend and keep in full force and effect the permits, franchises, authorizations, patents, trademarks, service marks, trade names, copyrights, licenses and rights with respect thereto necessary to the normal conduct of its business
        and (ii) at all times maintain and preserve all property necessary to the normal conduct of its business and keep such property in good repair, working order and condition and from time to time make, or cause to be made, all needful and proper
        repairs, renewals, additions, improvements and replacements thereto necessary in order that the business carried on in connection therewith, if any, may be properly conducted at all times (in each case except as expressly permitted by this
        Agreement).

    SECTION 5.02. Insurance.

    (a) Maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by similarly situated
        companies engaged in the same or similar businesses operating in the same or similar locations and cause the Collateral Agent to be listed as a co-loss payee on property and casualty policies and as an additional insured on liability policies.

    (b) With respect to any Mortgaged Properties, if at any time the area in which the Premises (as defined in the Mortgages) are located is designated a “flood hazard area” in any
        Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), obtain flood insurance in such reasonable total amount as the Administrative Agent may from time to time reasonably require, and otherwise
        comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as it may be amended from time to time.

    (c) In connection with the covenants set forth in this Section 5.02, it is understood and agreed that:

    
      	
              (i)

            	
              none of the Administrative Agent, the Lenders, and their respective agents or employees shall
                  be liable for any loss or damage insured by the insurance policies required to be maintained under this Section 5.02, it being understood that (A) the Loan Parties shall look solely to their insurance companies or any other parties other
                  than the aforesaid parties for the recovery of such loss or damage and (B) such insurance companies shall have no rights of subrogation against the Administrative Agent, the Lenders, or their agents or employees.  If, however, the
                  insurance policies, as a matter of the internal policy of such insurer, do not provide waiver of subrogation rights against such parties, as required above, then each of Holdings and the Borrower, on behalf of itself and behalf of each of
                  its subsidiaries, hereby agrees, to the extent permitted by law, to waive, and further agrees to cause each of their Subsidiaries to waive, its right of recovery, if any, against the Administrative Agent, the Lenders, and their agents and
                  employees; and

            

    

    
      	
              (ii)

            	
              the designation of any form, type or amount of insurance coverage by the Administrative Agent
                  under this Section 5.02 shall in no event be deemed a representation, warranty or advice by the Administrative Agent or the Lenders that such insurance is adequate for the purposes of the business of Holdings, the Borrower and the
                  Subsidiaries or the protection of their properties.

            

    

    
      
        

    

    SECTION 5.03. Taxes. 
        Pay and discharge promptly when due all material Taxes, imposed upon it or upon its income or profits or in respect of its property, before the same shall become delinquent or in default, as well as all lawful claims which, if unpaid, might give
        rise to a Lien upon such properties or any part thereof; provided, however, that such payment and discharge shall not be required with respect to any such Tax or claim so long as the validity or amount thereof shall be contested in good faith by
        appropriate proceedings, and Holdings, the Borrower or the affected Subsidiary, as applicable, shall have set aside on its books reserves in accordance with GAAP with respect thereto.

    SECTION 5.04. Financial
            Statements, Reports, etc.  Furnish to the Administrative Agent (which will promptly furnish such information to the Lenders):

    
      	
              (a)

            	
              within 90 days (or, if applicable, such shorter period as the SEC shall specify for the filing
                  of annual reports on Form 10-K) after the end of each fiscal year, a consolidated balance sheet and related statements of operations, cash flows and owners’ equity showing the financial position of the Borrower and its Subsidiaries as of
                  the close of such fiscal year and the consolidated results of its operations during such year and, setting forth in comparative form the corresponding figures for the prior fiscal year, which consolidated balance sheet and related
                  statements of operations, cash flows and owners’ equity shall be audited by independent public accountants of recognized national standing and accompanied by an opinion of such accountants (which opinion shall not be qualified as to scope
                  of audit or as to the status of the Borrower or any Material Subsidiary as a going concern) to the effect that such consolidated financial statements fairly present, in all material respects, the financial position and results of
                  operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP (it being understood that the delivery by the Borrower of annual reports on Form 10-K of the Borrower and its consolidated Subsidiaries shall
                  satisfy the requirements of this Section 5.04(a) to the extent such annual reports include the information specified herein);

            

    

    
      	
              (b)

            	
              within 45 days (or, if applicable, such shorter period as the SEC shall specify for the filing
                  of quarterly reports on Form 10-Q) after the end of each of the first three fiscal quarters of each fiscal year beginning with the fiscal quarter ending June 30, 2007, for each of the first three fiscal quarters of each fiscal year, (i) a
                  consolidated balance sheet and related statements of operations and cash flows showing the financial position of the Borrower and its Subsidiaries as of the close of such fiscal quarter and the consolidated results of its operations
                  during such fiscal quarter and the then-elapsed portion of the fiscal year and setting forth in comparative form the corresponding figures for the corresponding periods of the prior fiscal year, and (ii) management’s discussion and
                  analysis of significant operational and financial developments during such quarterly period, all of which shall be in reasonable detail and which consolidated balance sheet and related statements of operations and cash flows shall be
                  certified by a Financial Officer of the Borrower on behalf of the Borrower as fairly presenting, in all material respects, the financial position and results of operations of the Borrower and its Subsidiaries on a consolidated basis in
                  accordance with GAAP (subject to normal year-end audit adjustments and the absence of footnotes) (it being understood that the delivery by the Borrower of quarterly reports on Form 10-Q of the Borrower and its consolidated Subsidiaries
                  shall satisfy the requirements of this Section 5.04(b) to the extent such quarterly reports include the information specified herein);

            

    

    
      	
              (c)

            	
              (x) concurrently with any delivery of financial statements under paragraphs (a) or (b) above,
                  a certificate of a Financial Officer of the Borrower (i) certifying that no Event of Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying the nature and extent thereof and any corrective
                  action taken or proposed to be taken with respect thereto, (ii) setting forth the calculation and uses of the Cumulative Credit for the fiscal period then ended if the Borrower shall have used the Cumulative Credit for any purpose during
                  such fiscal period, (iii) certifying a list of names of all Immaterial Subsidiaries for the following fiscal quarter, that each Subsidiary set forth on such list individually qualifies as an Immaterial Subsidiary and that all such
                  Subsidiaries in the aggregate (together with all Unrestricted Subsidiaries) do not exceed the limitation set forth in clause (b) of the definition of the term Immaterial Subsidiary, and (iv) certifying a list of names of all Unrestricted
                  Subsidiaries, that each Subsidiary set forth on such list individually qualifies as an Unrestricted Subsidiary, and (y) concurrently with any delivery of financial statements under paragraph (a) above, if the accounting firm is not
                  restricted from providing such a certificate by its policies of its national office, a certificate of the accounting firm opining on or certifying such statements stating whether they obtained knowledge during the course of their
                  examination of such statements of any Default or Event of Default (which certificate may be limited to accounting matters and disclaim responsibility for legal interpretations);

            

    

    
      
        

    

    
      
        
          	
                  (d)

                	
                  promptly after the same become publicly available, copies of all periodic and
                      other publicly available reports, proxy statements and, to the extent requested by the Administrative Agent, other materials filed by Holdings, the Borrower or any of the Subsidiaries with the SEC, or after an initial public offering,
                      distributed to its stockholders generally, as applicable; provided, however, that such reports, proxy statements, filings and other materials required to be delivered pursuant to this clause (d) shall be deemed delivered for purposes of this Agreement when
                      posted to the website of the Borrower;

                

        

         

          

      

    

    
      	
              (e)

            	
              within 90 days after the beginning of each fiscal year, a reasonably detailed consolidated
                  quarterly budget for such fiscal year (including a projected consolidated balance sheet of the Borrower and its Subsidiaries as of the end of the following fiscal year, and the related consolidated statements of projected cash flow and
                  projected income), including a description of underlying assumptions with respect thereto (collectively, the “Budget”), which Budget shall in each
                  case be accompanied by the statement of a Financial Officer of the Borrower to the effect that the Budget is based on assumptions believed by such Financial Officer to be reasonable as of the date of delivery thereof;

            

    

    
      	
              (f)

            	
              upon the reasonable request of the Administrative Agent, an updated Perfection Certificate
                  (or, to the extent such request relates to specified information contained in the Perfection Certificate, such information) reflecting all changes since the date of the information most recently received pursuant to this paragraph (f) or
                  Section 5.10(g);

            

    

    
      	
              (g)

            	
              promptly, from time to time, such other information regarding the operations, business affairs
                  and financial condition of Holdings, the Borrower or any of the Subsidiaries, or compliance with the terms of any Loan Document, or such consolidating financial statements as in each case the Administrative Agent may reasonably request
                  (for itself or on behalf of any Lender);

            

    

    
      	
              (h)

            	
              in the event that (i) in respect of the Existing Second Lien Notes, and any Refinancing
                  Indebtedness with respect thereto, the rules and regulations of the SEC permit the Borrower, Holdings or any Parent Entity to report at Holdings’ or such Parent Entity’s level on a consolidated basis and (ii) Holdings or such Parent
                  Entity, as the case may be, is not engaged in any business or activity, and does not own any assets or have other liabilities, other than those incidental to its ownership directly or indirectly of the capital stock of the Borrower and
                  the incurrence of Indebtedness for borrowed money (and, without limitation on the foregoing, does not have any subsidiaries other than the Borrower and the Borrower’s Subsidiaries and any direct or indirect parent companies of the
                  Borrower that are not engaged in any other business or activity and do not hold any other assets or have any liabilities except as indicated above) such consolidated reporting at such Parent Entity’s level in a manner consistent with that
                  described in paragraphs (a) and (b) of this Section 5.04 for the Borrower will satisfy the requirements of such paragraphs;

            

    

    
      	
              (i)

            	
              promptly upon request by the Administrative Agent, copies of:  (i) each Schedule B (Actuarial Information) to the most recent annual report (Form 5500 Series) filed with the Internal Revenue Service with respect to a Plan;
                  (ii) the most recent actuarial valuation report for any Plan; (iii) all notices received from a Multiemployer Plan sponsor, a plan administrator or any governmental agency, or provided to any Multiemployer Plan by Holdings, the Borrower,
                  a Subsidiary or any ERISA Affiliate, concerning an ERISA Event; and (iv) such other documents or governmental reports or filings relating to any Plan or Multiemployer Plan as the Administrative Agent shall reasonably request; and

            

    

    
      	
              (j)

            	
              promptly upon Holdings, Borrower or Subsidiaries becoming aware of any fact or condition which
                  would reasonably be expected to result in an ERISA Event, Borrower shall deliver to Administrative Agent a summary of such facts and circumstances and any action it or Holdings or Subsidiaries intend to take regarding such facts or
                  conditions.

            

    

    
      
        

    

    SECTION 5.05. Litigation
            and Other Notices.  Furnish to the Administrative Agent (which will promptly thereafter furnish to the Lenders) written notice of the following promptly after any Responsible Officer of Holdings or the Borrower obtains actual
        knowledge thereof:

    
      	
              (a)

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

            

    

    
      	
              (b)

            	
              the filing or commencement of, or any written threat or notice of intention of any person to
                  file or commence, any action, suit or proceeding, whether at law or in equity or by or before any Governmental Authority or in arbitration, against Holdings, the Borrower or any of the Subsidiaries as to which an adverse determination is
                  reasonably probable and which, if adversely determined, would reasonably be expected to have a Material Adverse Effect;

            

    

    
      	
              (c)

            	
              any other development specific to Holdings, the Borrower or any of the Subsidiaries that is
                  not a matter of general public knowledge and that has had, or would reasonably be expected to have, a Material Adverse Effect; and

            

    

    
      	
              (d)

            	
              the development of any ERISA Event that, together with all other ERISA Events that have
                  developed or occurred, would reasonably be expected to have a Material Adverse Effect.

            

    

    SECTION 5.06. Compliance
            with Laws.  Comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to
        result in a Material Adverse Effect; provided, that this Section 5.06 shall not apply to Environmental Laws, which are the subject of Section 5.09, or to laws related to Taxes, which are the subject of Section 5.03.

    SECTION 5.07. Maintaining
            Records; Access to Properties and Inspections.  Maintain all financial records in accordance with GAAP and permit any persons designated by the Administrative Agent or, upon the occurrence and during the continuance of an Event of
        Default, any Lender to visit and inspect the financial records and the properties of Holdings, the Borrower or any of the Subsidiaries at reasonable times, upon reasonable prior notice to Holdings or the Borrower, and as often as reasonably
        requested and to make extracts from and copies of such financial records, and permit any persons designated by the Administrative Agent or, upon the occurrence and during the continuance of an Event of Default, any Lender upon reasonable prior
        notice to Holdings or the Borrower to discuss the affairs, finances and condition of Holdings, the Borrower or any of the Subsidiaries with the officers thereof and independent accountants therefor (subject to reasonable requirements of
        confidentiality, including requirements imposed by law or by contract).

    SECTION 5.08. Use
            of Proceeds.  (a) Use the proceeds of the Initial Euro Term Loans and the Initial Sterling Term Loans, together with other cash, to consummate the Transactions (excluding the Backstop Term Loan Refinancing), to refinance certain
        indebtedness of the Target Group, and to pay certain fees and expenses incurred in connection with the Transactions, provided that (if the offer price is increased above the price specified in the Rule 2.7 Announcement)  the proceeds of such
        Initial Term Loans (together with the First Lien Bridge Facility (or any New First Lien Notes issued in lieu thereof) and the Second Lien Bridge Facility (or any New Second Lien Notes issued in lieu thereof) (in this Section 5.08, the “Acquisition
        Facilities”))  may only be used (on a pro rata basis as between the Acquisition Facilities) to purchase Target Shares in an amount (from time to time) which does not exceed the aggregate amount of the Acquisition Facilities multiplied by Z (where
        “Z” is the percentage ownership (expressed as a decimal number) by the Acquisition SPV of the Target after giving pro forma effect to such use of proceeds), and (b) use of the proceeds of the Backstop Facilities, together with other cash, to
        consummate the Backstop Term Loan Refinancing.

    SECTION 5.08A Proceeds Not Yet Applied in Accordance with Section 5.08.  Any proceeds of the Initial Euro Term Loans and the Initial Sterling Term Loans which are not applied for the purposes specified in Section 5.08 promptly
        after the Borrowing of such Loans must (until such time as such proceeds are to be applied promptly in accordance with the purposes specified in Section 5.08) be held in an arrangement which is satisfactory to the financial advisors to the
        Acquisition.

    
      
        

    

    SECTION 5.09. Compliance
            with Environmental Laws.  Comply, and make reasonable efforts to cause all lessees and other persons occupying its properties to comply, with all Environmental Laws applicable to its operations and properties; and obtain and renew
        all material authorizations and permits required pursuant to Environmental Law for its operations and properties, in each case in accordance with Environmental Laws, except, in each case with respect to this Section 5.09, to the extent the failure
        to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

    SECTION 5.10. Further
            Assurances; Additional Security.

    (a) Execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing
        statements, fixture filings, Mortgages and other documents and recordings of Liens in stock registries), that may be required under any applicable law, or that the Collateral Agent may reasonably request, to satisfy the Collateral and Guarantee
        Requirement and to cause the Collateral and Guarantee Requirement to be and remain satisfied, all at the expense of the Loan Parties and provide to the Collateral Agent, from time to time upon reasonable request, evidence reasonably satisfactory to
        the Collateral Agent as to the perfection and priority of the Liens created or intended to be created by the Security Documents.

    (b) If any asset (including any Real Property (other than Real Property covered by paragraph (c) below) or improvements thereto or any interest therein) that has an individual fair
        market value in an amount greater than $5.0 million is acquired by the Borrower or any other Loan Party after the Effective Date or owned by an entity at the time it becomes a Subsidiary Loan Party (in each case other than (x) assets constituting
        Collateral under a Security Document that become subject to the Lien of such Security Document upon acquisition thereof and (y) assets that are not required to become subject to Liens in favor of the Collateral Agent pursuant to Section 5.10(g) or
        the Security Documents) (i) notify the Collateral Agent thereof, (ii) if such asset is comprised of Real Property with a value of over $10.0 million at the time of
          acquisition, deliver to Collateral Agent an updated Schedule 1.01(c) reflecting the addition of such asset, and (iii) cause such asset to be subjected to a Lien securing the Obligations and take, and cause the Subsidiary Loan Parties to
        take, such actions as shall be necessary or reasonably requested by the Collateral Agent to grant and perfect such Liens, including actions described in paragraph (a) of this Section, all at the expense of the Loan Parties, subject to paragraph (g)
        below.

    (c) Within 5 Business Days notify the Collateral Agent of the acquisition of and, within 90 days (or such longer period as the Administrative Agent shall agree) after any such
        acquisition, grant and cause each of the Subsidiary Loan Parties to grant to the Collateral Agent security interests and mortgages in such Real Property of the Borrower or any such Subsidiary Loan Parties as are not covered by the original
        Mortgages, to the extent acquired after the Effective Date and having a value at the time of acquisition in excess of $10.0 million pursuant to documentation substantially in the form of the Mortgages delivered to the Collateral Agent on the
        Effective Date or in such other form as is reasonably satisfactory to the Collateral Agent (each, an “Additional Mortgage”) and constituting valid and
        enforceable Liens subject to no other Liens except Permitted Liens, at the time of perfection thereof, record or file, and cause each such Subsidiary to record or file, the Additional Mortgage or instruments related thereto in such manner and in
        such places as is required by law to establish, perfect, preserve and protect the Liens in favor of the Collateral Agent required to be granted pursuant to the Additional Mortgages and pay, and cause each such Subsidiary to pay, in full, all Taxes,
        fees and other charges payable in connection therewith, in each case subject to paragraph (g) below.  Unless otherwise waived by the Collateral Agent, with respect to each such Additional Mortgage, the Borrower shall deliver to the Collateral Agent
        contemporaneously therewith a title insurance policy, and a survey.

    (d) If any additional direct or indirect Subsidiary of the Borrower is formed or acquired after the Effective Date (with any Subsidiary Redesignation resulting in an Unrestricted
        Subsidiary becoming a Subsidiary being deemed to constitute the acquisition of a Subsidiary) and if such Subsidiary is a Subsidiary Loan Party, within five Business Days after the date such Subsidiary is formed or acquired, notify the Collateral
        Agent and the Lenders thereof and, within 60 days after the date such Subsidiary is formed or acquired or such longer period as the Collateral Agent shall agree, cause the Collateral and Guarantee Requirement to be satisfied with respect to such
        Subsidiary and with respect to any Equity Interest in or Indebtedness of such Subsidiary owned by or on behalf of any Loan Party, subject to paragraph (g) below.

    
      
        

    

    (e) If any additional Foreign Subsidiary of the Borrower is formed or acquired after the Effective Date (with any Subsidiary Redesignation resulting in an Unrestricted Subsidiary
        becoming a Subsidiary being deemed to constitute the acquisition of a Subsidiary) and if such Subsidiary is a “first tier” Foreign Subsidiary, within five Business Days after the date such Foreign Subsidiary is formed or acquired, notify the
        Collateral Agent and the Lenders thereof and, within 90 days after the date such Foreign Subsidiary is formed or acquired or such longer period as the Collateral Agent shall agree, cause the Collateral and Guarantee Requirement to be satisfied with
        respect to any Equity Interest in such Foreign Subsidiary owned by or on behalf of any Loan Party, subject to paragraph (g) below.

    (f) (i) Furnish to the Collateral Agent prompt written notice of any change (A) in any Loan Party’s corporate or organization name, (B) in any Loan Party’s identity or
        organizational structure or (C) in any Loan Party’s jurisdiction of organization; provided, that the Borrower shall not effect or permit any such change
        unless all filings have been made, or will have been made within any statutory period, under the Uniform Commercial Code or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have a
        valid, legal and perfected security interest in all the Collateral for the benefit of the Secured Parties and (ii) promptly notify the Collateral Agent if any material portion of the Collateral is damaged or destroyed.

    (g) The Collateral and Guarantee Requirement and the other provisions of this Section 5.10 need not be satisfied with respect to (i) any Real Property held by the Borrower or any of
        its Subsidiaries as a lessee under a lease, (ii) any vehicle, (iii) cash, deposit accounts and securities accounts, (iv) any Equity Interests acquired after the Effective Date (other than Equity Interests in the Borrower or, in the case of any
        person which is a Subsidiary, Equity Interests in such person issued or acquired after such person became a Subsidiary) in accordance with this Agreement if, and to the extent that, and for so long as (A) such Equity Interests constitute less than
        100% of all applicable Equity Interests of such person and the person holding the remainder of such Equity Interests are not Affiliates, (B) doing so would violate applicable law or a contractual obligation binding on such Equity Interests and
        (C) with respect to such contractual obligations, such obligation existed at the time of the acquisition thereof and was not created or made binding on such Equity Interests in contemplation of or in connection with the acquisition of such
        Subsidiary, (v) any assets acquired after the Effective Date, to the extent that, and for so long as, taking such actions would violate an enforceable contractual obligation binding on such assets that existed at the time of the acquisition thereof
        and was not created or made binding on such assets in contemplation or in connection with the acquisition of such assets (except in the case of assets acquired with Indebtedness permitted pursuant to Section 6.01(i) that is secured by a Permitted
        Lien) or (vi) those assets as to which the Collateral Agent shall reasonably determine that the costs of obtaining or perfecting such a security interest are excessive in relation to the value of the security to be afforded thereby; provided, that, upon the reasonable request of the Collateral Agent, the Borrower shall, and shall cause any applicable Subsidiary to, use commercially
        reasonable efforts to have waived or eliminated any contractual obligation of the types described in clauses (iv) and (v) above.

    SECTION 5.11. Certain
            Funds Covenants.

    (a) Holdings shall comply in all material respects with applicable laws and regulations relevant to the Scheme or the Offer, as applicable, including the Takeover Code and the
        Companies Act of 2006 (subject to any applicable waivers or dispensations granted by the Takeover Panel).

    (b) Unless the Takeover Panel agrees otherwise, if Acquisition SPV proceeds with the Acquisition the Borrower shall dispatch (or cause the dispatch of) the Offering Circular or
        Scheme Circular, as applicable, within 28 days of the date of issue of the Rule 2.7 Announcement (or on such later date as the Takeover Panel may permit).

    (c) Holdings shall ensure that the published version of the Rule 2.7 Announcement is consistent in all material respects with the copy delivered to the Administrative Agent pursuant
        to Section 4.01(x). Holdings shall ensure that the terms of the Scheme Circular or as the case may be the Offering Circular are not inconsistent with, or contrary to, the terms of the Rule 2.7 Announcement in any respect materially adverse to the
        interests of the Lenders, unless the Joint Lead Arrangers have consented to the applicable change (such consent not to be unreasonably withheld, delayed or conditioned) or unless the applicable change is required by any applicable Law (including,
        without limitation, the Companies Act of 2006 or the Takeover Code), the Takeover Panel, any applicable stock exchange, any applicable government or other regulatory authority, or a court of competent jurisdiction (including, without limitation,
        the Court). Holdings will not amend or waive any material term of any Offer Document or, as the case may be, Scheme Document in a manner or to an extent that would be materially prejudicial to the interests of the Lenders under the Loan Documents,
        other than any amendment or waiver (i) made with the consent of Administrative Agent; (ii) required by the Takeover Panel, the Court, the Takeover Code or any other applicable law, regulation court or regulatory body; or (iii) where such waiver
        does not relate to a condition which the Acquisition SPV reasonably considers that it would be entitled, in accordance with Rule 13.5(a) of the Code, to invoke so as to cause the Acquisition not to proceed, to lapse, or to be withdrawn..

    
      
        

    

    (d) Other than as required by the Takeover Panel, the Takeover Code, the London Stock Exchange, Financial Conduct Authority or any other applicable law, regulation, court or
        regulatory body and to the extent practicable, Holdings and its subsidiaries shall not make any press release or other public statement in respect of the Acquisition (other than in the Rule 2.7 Announcement, the Scheme Circular or any Offer
        Document), without first obtaining the prior approval of Administrative Agent (such approval not to be unreasonably withheld or delayed).

    (e) Holdings, upon the reasonable request of the Joint Lead Arrangers, deliver to the Administrative Agent (for further delivery to the Lenders) and the Joint Lead Arrangers updates
        as to the status and progress in respect of the Acquisition, including, if applicable details of the level of acceptances of the Offer, and will notify the Joint Lead Arrangers promptly following any Responsible Officer of the Borrower becoming
        aware of any reasonably likely failure to fully satisfy any condition of the Scheme or the Offer, as applicable, that would allow Acquisition SPV to not proceed with the Scheme or the Offer or the Scheme, as applicable, in each case, to the extent
        it is able to do so in compliance with applicable law (including, without limitation, the Companies Act of 2006 or the Takeover Code).  Holdings and its subsidiaries shall, to the extent that they are able to do so in compliance with applicable law
        and confidentiality or other obligations to which they are subject, promptly supply to Administrative Agent (i) copies of all documents, certificates, notices or announcements received or issued by Holdings or any of its subsidiaries (or on their
        behalf) in relation to a Scheme or an Offer (as the case may be) to the extent material to the interests of the Lenders and (ii) any other information regarding the progress of an Offer or a Scheme (as the case may be), in each case as
        Administrative Agent may reasonably request.

    (f) Holdings shall pay (or cause payment of) all amounts payable under the Acquisition Documents as and when they become due (except to the extent that any such amounts are being
        contested in good faith by Holdings or any of its subsidiaries and where adequate reserves are set aside for any such payment) with the time periods required by applicable law.

    (g) Holdings shall not and shall procure that none of its subsidiaries, without the prior written consent of the Administrative Agent, finance the purchase of any Target Shares
        (whether pursuant to the Offer, or the Scheme, or otherwise) with any amounts other than (i) the proceeds of the Initial Euro Term Loans, the Initial Sterling Term Loans, the First Lien Bridge Facility (or any New First Lien Notes issued in lieu
        thereof) and the Second Lien Bridge Facility (or any New Second Lien Notes issued in lieu thereof) in each case with accordance with Section 5.08 of this Agreement and (ii) cash on balance sheet (for the avoidance of doubt, not generated from any
        debt financing or any issuance of equity, other than common equity with no debt-like features).  Holdings and its subsidiaries shall not acquire any Target Shares in the market (outside of the Offer or Scheme) at a price higher than the price per
        Target Share paid or to be paid pursuant to the Offer or Scheme (as applicable).

    (h) Where the Acquisition is to be undertaken by way of a Scheme but then changes to an Offer (or vice versa), Holdings shall promptly notify the Administrative Agent of such
        change. Following any change in the way in which the Acquisition is to be undertaken, as notified by Holdings under this clause (h), each reference to “Acquisition Documents” in this Agreement shall be construed accordingly.

    (i) Where the Acquisition is to be undertaken by way of an Offer, Holdings shall not declare the Offer unconditional as to acceptances until the Minimum Acceptance Condition has
        been achieved.

    (j) Holdings and its subsidiaries shall not take any action which would require Holdings or any of its Subsidiaries to make a mandatory offer for the Target Shares in accordance
        with Rule 9 of the Takeover Code.

    
      
        

    

    The provisions of this Section 5.11 are for the benefit of the Lenders only and, notwithstanding
        anything herein to the contrary, the Required Lenders under the Term Facility may amend, waive or otherwise modify this Section 5.11 or the defined terms used solely for purposes of this Section 5.11 or waive any Default resulting from a breach of
        this Section 5.11 without the consent of any Lenders other than such Required Lenders.

    SECTION 5.12. Conditions
            Subsequent.  Holdings undertakes that:

    
      	
              (a)

            	
              if the Squeeze-Out Date occurs, it shall promptly commence the Squeeze-Out in respect of those
                  Target Shares that have not been assented to the Offer and shall ensure that within four weeks thereafter notices in the prescribed form are given to the holders of such Target Shares that Holdings desires to acquire such Target Shares in
                  accordance with the Squeeze-Out;

            

    

    
      	
              (b)

            	
              it shall procure as soon as possible, and in any event within three (3) months of the Closing
                  Date where the Acquisition proceeds by means of a Scheme or within four (4) months of the Closing Date where the Acquisition proceeds by means of an Offer, that the Target shall be re-registered as a private company pursuant to Section 97
                  of the Companies Act of 2006; and

            

    

    
      	
              (c)

            	
              shall use its best efforts to procure that, by no later than the expiry of the Certain Funds
                  Period, the Memorandum and Articles of Association of the Target shall be amended so that Holdings shall have the right to acquire any Target Shares which are required to be issued by the Target pursuant to any rights of any person under
                  any option scheme and evidence shall be provided to the Administrative Agent of such amendment.

            

    

    SECTION 5.13. Collateral
            and Guarantee Requirement.  The Borrower shall satisfy the elements of the Collateral and Guarantee Requirement required to be satisfied on the Effective Date (other than in the case of any security interest in the intended
        Collateral or any deliverable related to the perfection of security interests in the intended Collateral (other than any Collateral the security interest in which may be perfected by the filing of a UCC financing statement or the delivery of stock
        certificates and the security agreement giving rise to the security interest therein) that is not provided on the Effective Date after the Borrower’s use of commercially reasonable efforts to do so, which such security interest or deliverable shall
        be delivered within the time periods specified with respect thereto in Schedule 5.13, and the Administrative Agent shall have received a completed Perfection Certificate, dated the Effective Date and signed by a Responsible Officer of the Borrower,
        together with all attachments contemplated thereby.

    ARTICLE VI

        

        

        Negative Covenants

    The Borrower covenants and agrees with each Lender that, so long as this Agreement shall remain in
        effect (other than in respect of contingent indemnification obligations for which no claim has been made) and until the Commitments have been terminated and the Obligations (including principal of and interest on each Loan, all fees and all other
        expenses or amounts payable under any Loan Document) have been paid in full, unless the Required Lenders shall otherwise consent in writing, the Borrower will not, and will not permit any of the Material Subsidiaries to:

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

    
      	
              (a)

            	
              Indebtedness existing on the Effective Date and set forth on Schedule 6.01 and any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness (other than intercompany indebtedness Refinanced with Indebtedness owed to a
                  person not affiliated with the Borrower or any Subsidiary);

            

    

    
      	
              (b)

            	
              Indebtedness created hereunder and under the other Loan Documents and any Permitted
                  Refinancing Indebtedness incurred to Refinance such Indebtedness;

            

    

    
      
        

    

    
      
        
          	
                  (c)

                	
                  Indebtedness pursuant to Swap Agreements;

                

        

         

          

      

    

    
      	
              (d)

            	
              Indebtedness owed to (including obligations in respect of letters of credit or bank guarantees
                  or similar instruments for the benefit of) any person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance to the Borrower or any Subsidiary, pursuant to reimbursement
                  or indemnification obligations to such person, in each case in the ordinary course of business; provided, that upon the incurrence of Indebtedness
                  with respect to reimbursement obligations regarding workers’ compensation claims, such obligations are reimbursed not later than 30 days following such incurrence;

            

    

    
      	
              (e)

            	
              Indebtedness of the Borrower to Holdings or any Subsidiary and of any Subsidiary to Holdings,
                  the Borrower or any other Subsidiary; provided, that (i) Indebtedness of any Subsidiary that is not a Subsidiary Loan Party owing to the Loan
                  Parties shall be subject to Section 6.04(b) and (ii) Indebtedness of the Borrower to Holdings or any Subsidiary and Indebtedness of any other Loan Party to Holdings or any Subsidiary that is not a Subsidiary Loan Party (the “Subordinated Intercompany Debt”) shall be subordinated to the Obligations on terms reasonably satisfactory to the Administrative Agent;

            

    

    
      	
              (f)

            	
              Indebtedness in respect of performance bonds, bid bonds, appeal bonds, surety bonds and
                  completion guarantees and similar obligations, in each case provided in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the ordinary course of business;

            

    

    
      	
              (g)

            	
              Indebtedness arising from the honoring by a bank or other financial institution of a check,
                  draft or similar instrument drawn against insufficient funds in the ordinary course of business or other cash management services in the ordinary course of business; provided, that (x) such Indebtedness (other than credit or purchase cards) is extinguished within ten Business Days of notification to the Borrower of its incurrence and (y) such Indebtedness in respect of credit
                  or purchase cards is extinguished within 60 days from its incurrence;

            

    

    
      	
              (h)

            	
              (i) Indebtedness of a Subsidiary acquired after the Effective Date or an entity merged into or
                  consolidated with the Borrower or any Subsidiary after the Effective Date and Indebtedness assumed in connection with the acquisition of assets, which Indebtedness in each case exists at the time of such acquisition, merger or
                  consolidation and is not created in contemplation of such event and where such acquisition, merger or consolidation is permitted by this Agreement and (ii) any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness; provided, (A) no Default or Event of Default shall have occurred and be continuing or would result therefrom, and (B) if immediately after giving
                  effect to such acquisition, merger or consolidation, the assumption and incurrence of any Indebtedness and any related transactions, the Total Net First Lien Leverage Ratio of the Borrower on a Pro Forma Basis would be greater than 4.00
                  to 1.00, then the amount of Indebtedness incurred pursuant to this paragraph (h) shall not exceed the greater of $140 million and 4.00% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such
                  incurrence for which financial statements have been delivered pursuant to Section 5.04;

            

    

    
      	
              (i)

            	
              Capital Lease Obligations, mortgage financings and purchase money Indebtedness incurred by the
                  Borrower or any Subsidiary prior to or within 270 days after the acquisition, lease or improvement of the respective asset permitted under this Agreement in order to finance such acquisition or improvement, and any Permitted Refinancing
                  Indebtedness in respect thereof; provided, that, if immediately after giving effect to such transaction, the Total Net First Lien Leverage Ratio
                  of the Borrower on a Pro Forma Basis would be greater than 4.00 to 1.00, then the amount of Indebtedness incurred pursuant to this paragraph (i), when combined with the Remaining Present Value of outstanding leases permitted under
                  Section 6.03, shall not exceed the greater of $150 million and 4.5% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for which financial statements have been delivered
                  pursuant to Section 5.04;

            

    

    
      
        

    

    
      
        
          	
                  (j)

                	
                  Capital Lease Obligations incurred by the Borrower or any Subsidiary in respect of
                      any Sale and Lease-Back Transaction that is permitted under Section 6.03 and any Permitted Refinancing Indebtedness in respect thereof;

                

        

         

          

      

    

    
      	
              (k)

            	
              other Indebtedness of the Borrower or any Subsidiary, in an aggregate principal amount that at
                  the time of, and after giving effect to, the incurrence thereof, would not exceed the greater of $175 million and 5.0% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for
                  which financial statements have been delivered pursuant to Section 5.04;

            

    

    
      	
              (l)

            	
              Indebtedness of the Borrower or any Subsidiary pursuant to (i) the Existing Second Lien Notes
                  in an aggregate principal amount that is not in excess of $2,100,000,000, (ii) the extensions of credit under the Revolving Credit Agreement, (iii) the Existing Credit Agreement, and (iv) any Permitted Refinancing Indebtedness incurred to
                  Refinance any such Indebtedness;

            

    

    
      	
              (m)

            	
              Guarantees (i) by the Borrower and the Subsidiary Loan Parties of the Indebtedness described
                  in paragraph (1) of this Section 6.01 and so long as any Liens securing the Guarantee of the Existing Second Lien Notes and/or Obligations (as defined therein) under the Second Lien Bridge Credit Agreement or any Permitted Refinancing
                  Indebtedness in respect thereof are subject to the Second Priority Intercreditor Agreement, (ii) by the Borrower or any Subsidiary Loan Party of any Indebtedness of the Borrower or any Subsidiary Loan Party expressly permitted to be
                  incurred under this Agreement, (iii) by the Borrower or any Subsidiary Loan Party of Indebtedness otherwise permitted hereunder of Holdings or any Subsidiary that is not a Subsidiary Loan Party to the extent such Guarantees are permitted
                  by Section 6.04 (other than Section 6.04(v)), (iv) by any Foreign Subsidiary of Indebtedness of another Foreign Subsidiary, and (v) by the Borrower of Indebtedness of Foreign Subsidiaries incurred for working capital purposes in the
                  ordinary course of business on ordinary business terms so long as such Indebtedness is permitted to be incurred under Section 6.01(s) to the extent such Guarantees are permitted by 6.04 (other than Section 6.04(v));

            

    

    
      	
              (n)

            	
              Indebtedness arising from agreements of the Borrower or any Subsidiary providing for
                  indemnification, adjustment of purchase or acquisition price or similar obligations, in each case, incurred or assumed in connection with the Transactions and any Permitted Business Acquisition or the disposition of any business, assets
                  or a Subsidiary not prohibited by this Agreement, other than Guarantees of Indebtedness incurred by any person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition;

            

    

    
      	
              (o)

            	
              Indebtedness in respect of letters of credit, bank guarantees, warehouse receipts or similar
                  instruments issued to support performance obligations and trade letters of credit (other than obligations in respect of other Indebtedness) in the ordinary course of business;

            

    

    
      	
              (p)

            	
              Indebtedness supported by a Letter of Credit, in a principal amount not in excess of the
                  stated amount of such Letter of Credit;

            

    

    
      	
              (q)

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

            

    

    
      	
              (r)

            	
              (i) other Indebtedness incurred by the Borrower or any Subsidiary Loan Party; provided that (A) at the time of the incurrence of such Indebtedness and after giving effect thereto, no Default or Event of Default shall have
                  occurred and be continuing or would result therefrom (or, if the proceeds of such Indebtedness are being used to fund a Limited Condition Acquisition, at the time of the incurrence of such Indebtedness and after giving effect thereto, no
                  Specified Event of Default shall have occurred and be continuing or would result therefrom), (B) the Borrower and its Subsidiaries shall be in Pro Forma Compliance after giving effect to the issuance incurrence or assumption of such
                  Indebtedness and (C) in the case of any such Indebtedness that is secured, immediately after giving effect to the issuance, incurrence or assumption of such Indebtedness, the Total Net First Lien Leverage Ratio on a Pro Forma Basis shall
                  not be greater than 4.00 to 1.00 and (ii) Permitted Refinancing Indebtedness in respect thereof;

            

    

    
      
        

    

    
      
        
          	
                  (s)

                	
                  Indebtedness of Foreign Subsidiaries; provided that the aggregate amount of Indebtedness incurred under this clause (s), when aggregated with all other Indebtedness incurred and outstanding pursuant to this
                      clause (s), shall not exceed the greater of $100 million and 10% of the consolidated assets of the Foreign Subsidiaries at the time of such incurrence;

                

        

         

          

      

    

    
      	
              (t)

            	
              unsecured Indebtedness in respect of obligations of the Borrower or any Subsidiary to pay the
                  deferred purchase price of goods or services or progress payments in connection with such goods and services; provided, that such obligations are
                  incurred in connection with open accounts extended by suppliers on customary trade terms (which require that all such payments be made within 60 days after the incurrence of the related obligations) in the ordinary course of business and
                  not in connection with the borrowing of money or any Swap Agreements;

            

    

    
      	
              (u)

            	
              Indebtedness representing deferred compensation to employees of the Borrower or any Subsidiary
                  incurred in the ordinary course of business;

            

    

    
      	
              (v)

            	
              Indebtedness in connection with Permitted Receivables Financings; provided that the proceeds thereof are applied in accordance with Section 2.11(b);

            

    

    
      	
              (w)

            	
              Indebtedness of the Foreign Subsidiaries incurred under lines of credit or overdraft
                  facilities (including, but not limited to, intraday, ACH and purchasing card/T&E services) extended by one or more financial institutions reasonably acceptable to the Administrative Agent or one or more of the Lenders and (in each
                  case) established for such Foreign Subsidiaries’ ordinary course of operations (such Indebtedness, the “Overdraft Line”), which Indebtedness may be
                  secured as, but only to the extent, provided in Section 6.02(b) and in the Security Documents;

            

    

    
      	
              (x)

            	
              Indebtedness incurred on behalf of, or representing Guarantees of Indebtedness of, joint
                  ventures not in excess, at any one time outstanding, of the greater of $175 million or 5.0% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for which financial statements
                  have been delivered pursuant to Section 5.04;

            

    

    
      	
              (y)

            	
              Indebtedness consisting of promissory notes issued by the Borrower or any Subsidiary to
                  current or former officers, directors and employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of Holdings or any Parent Entity permitted by Section 6.06;

            

    

    
      	
              (z)

            	
              Indebtedness consisting of obligations of the Borrower or any Subsidiary under deferred
                  compensation or other similar arrangements incurred by such Person in connection with the Transactions and Permitted Business Acquisitions or any other Investment expressly permitted hereunder;

            

    

    
      	
              (aa)

            	
              Indebtedness incurred pursuant to the First Lien Bridge Credit Agreement as in effect on the
                  Effective Date in an aggregate principal amount not to exceed €1,500,000,000 and £300,000,000 and the New First Lien Notes;

            

    

    
      	
              (bb)

            	
              Indebtedness incurred pursuant to the Second Lien Bridge Credit Agreement as in effect on the
                  Effective Date in an aggregate principal amount not to exceed $1,275,000,000 and the New Second Lien Notes; and

            

    

    
      	
              (cc)

            	
              all premium (if any), interest (including post-petition interest), fees, expenses, charges and
                  additional or contingent interest on obligations described in paragraphs (a) through (bb) above.

            

    

    SECTION 6.02. Liens. 
        Create, incur, assume or permit to exist any Lien on any property or assets (including stock or other securities of any person, including the Borrower and any Subsidiary) at the time owned by it or on any income or revenues or rights in respect of
        any thereof, except the following (collectively, “Permitted Liens”):

     

      

    
      
        

    

    
      	
              (a)

            	
              Liens on property or assets of the Borrower and the Subsidiaries existing on the Effective
                  Date and set forth on Schedule 6.02(a) or, to the extent not listed in such Schedule, where such property or assets have a fair market value that
                  does not exceed $10.0 million in the aggregate, and any modifications, replacements, renewals or extensions thereof; provided, that such Liens
                  shall secure only those obligations that they secure on the Effective Date (and any Permitted Refinancing Indebtedness in respect of such obligations permitted by Section 6.01(a)) and shall not subsequently apply to any other property or
                  assets of the Borrower or any Subsidiary other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien, and (B) proceeds and products thereof;

            

    

    
      	
              (b)

            	
              any Lien created under the Loan Documents (including, without limitation, Liens created under
                  the Security Documents securing obligations in respect of Swap Agreements owed to a person that is a Lender or an Affiliate of a Lender at the time of entry into such Swap Agreements) or permitted in respect of any Mortgaged Property by
                  the terms of the applicable Mortgage and, provided that (with respect to Liens securing Indebtedness of the Borrower or a Subsidiary Loan Party)
                  such Liens are subject to the terms of the Senior Lender Intercreditor Agreement, any Lien securing the Revolving Credit Agreement, the Existing Credit Agreement or any Indebtedness or obligations under the Revolving Credit Agreement, the
                  Existing Credit Agreement, or any “Loan Documents” thereunder; provided, however, in no event shall the holders of the Indebtedness under the Overdraft Line have the right to receive proceeds in respect of a claim in excess of $20 million in the aggregate (plus (i) any accrued and unpaid interest in respect of Indebtedness incurred by the Borrower and the Subsidiaries under the Overdraft Line and (ii) any accrued and unpaid fees
                  and expenses owing by the Borrower and the Subsidiaries under the Overdraft Line) from the enforcement of any remedies available to the Secured Parties under all of the Loan Documents;

            

    

    
      	
              (c)

            	
              any Lien on any property or asset of the Borrower or any Subsidiary securing Indebtedness or
                  Permitted Refinancing Indebtedness permitted by Section 6.01(h); provided, that such Lien (i) does not apply to any other property or assets of
                  the Borrower or any of the Subsidiaries not securing such Indebtedness at the date of the acquisition of such property or asset (other than after acquired property subjected to a Lien securing Indebtedness and other obligations incurred
                  prior to such date and which Indebtedness and other obligations are permitted hereunder that require a pledge of after acquired property, it being understood that such requirement shall not be permitted to apply to any property to which
                  such requirement would not have applied but for such acquisition), (ii) such Lien is not created in contemplation of or in connection with such acquisition and (iii) in the case of a Lien securing Permitted Refinancing Indebtedness, any
                  such Lien is permitted, subject to compliance with clause (e) of the definition of the term “Permitted Refinancing Indebtedness”;

            

    

    
      	
              (d)

            	
              Liens for Taxes, assessments or other governmental charges or levies not yet delinquent or
                  that are being contested in compliance with Section 5.03;

            

    

    
      	
              (e)

            	
              Liens imposed by law, such as landlord’s, carriers’, warehousemen’s, mechanics’,
                  materialmen’s, repairmen’s, construction or other like Liens arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or that are being contested in good faith by appropriate
                  proceedings and in respect of which, if applicable, the Borrower or any Subsidiary shall have set aside on its books reserves in accordance with GAAP;

            

    

    
      	
              (f)

            	
              (i) pledges and deposits and other Liens made in the ordinary course of business in compliance
                  with the Federal Employers Liability Act or any other workers’ compensation, unemployment insurance and other social security laws or regulations and deposits securing liability to insurance carriers under insurance or self-insurance
                  arrangements in respect of such obligations and (ii) pledges and deposits and other Liens securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for
                  the benefit of) insurance carriers providing property, casualty or liability insurance to the Borrower or any Subsidiary;

            

    

    
      	
              (g)

            	
              deposits to secure the performance of bids, trade contracts (other than for Indebtedness),
                  leases (other than Capital Lease Obligations), statutory obligations, surety and appeal bonds, performance and return of money bonds, bids, leases, government contracts, trade contracts, agreements with utilities, and other obligations of
                  a like nature (including letters of credit in lieu of any such bonds or to support the issuance thereof) incurred in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the
                  ordinary course of business;

            

    

    
      
        

    

    
      
        
          	
                  (h)

                	
                  zoning restrictions, survey exceptions and such matters as an accurate survey
                      would disclose, easements, trackage rights, leases (other than Capital Lease Obligations), licenses, special assessments, rights-of-way, covenants, conditions, restrictions and declaration on or with respect to the use of Real
                      Property, servicing agreements, development agreements, site plan agreements and other similar encumbrances incurred in the ordinary course of business and title defects or irregularities that are of a minor nature and that, in the
                      aggregate, do not interfere in any material respect with the ordinary conduct of the business of the Borrower or any Subsidiary;

                

        

      

    

    
      	
              (i)

            	
              Liens securing Indebtedness permitted by Section 6.01(i) (limited to the assets subject to
                  such Indebtedness);

            

    

    
      	
              (j)

            	
              Liens arising out of capitalized lease transactions permitted under Section 6.03, so long as
                  such Liens attach only to the property sold and being leased in such transaction and any accessions thereto or proceeds thereof and related property;

            

    

    
      	
              (k)

            	
              Liens securing judgments that do not constitute an Event of Default under Section 7.01(j);

            

    

    
      	
              (l)

            	
              Liens disclosed by the title insurance policies delivered on or subsequent to the Effective
                  Date and pursuant to Section 5.10 and any replacement, extension or renewal of any such Lien; provided, that such replacement, extension or
                  renewal Lien shall not cover any property other than the property that was subject to such Lien prior to such replacement, extension or renewal; provided,
                  further, that the Indebtedness and other obligations secured by such replacement, extension or renewal Lien are permitted by this Agreement;

            

    

    
      	
              (m)

            	
              any interest or title of a lessor or sublessor under any leases or subleases entered into by
                  the Borrower or any Subsidiary in the ordinary course of business;

            

    

    
      	
              (n)

            	
              Liens that are contractual rights of set-off (i) relating to the establishment of depository
                  relations with banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the
                  ordinary course of business of the Borrower or any Subsidiary or (iii) relating to purchase orders and other agreements entered into with customers of the Borrower or any Subsidiary in the ordinary course of business;

            

    

    
      	
              (o)

            	
              Liens arising solely by virtue of any statutory or common law provision relating to banker’s
                  liens, rights of set-off or similar rights;

            

    

    
      	
              (p)

            	
              Liens securing obligations in respect of trade-related letters of credit, banker’s acceptances
                  or bank guarantees permitted under Section 6.01(f), (k) or (o) and covering the goods (or the documents of title in respect of such goods) financed by such letters of credit, banker’s acceptances or bank guarantees and the proceeds and
                  products thereof;

            

    

    
      	
              (q)

            	
              leases or subleases, licenses or sublicenses (including with respect to intellectual property
                  and software) granted to others in the ordinary course of business not interfering in any material respect with the business of the Borrower and its Subsidiaries, taken as a whole;

            

    

    
      	
              (r)

            	
              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;

            

    

    
      
        

    

    
      
        
          	
                  (s)

                	
                  Liens solely on any cash earnest money deposits made by the Borrower or any of the
                      Subsidiaries in connection with any letter of intent or purchase agreement in respect of any Investment permitted hereunder;

                

        

         

          

      

    

    
      	
              (t)

            	
              Liens with respect to property or assets of any Foreign Subsidiary securing Indebtedness of a
                  Foreign Subsidiary permitted under Section 6.01;

            

    

    
      	
              (u)

            	
              other Liens with respect to property or assets of the Borrower or any Subsidiary; provided that (i) after giving effect to any such Lien and the incurrence of Indebtedness, if any, secured by such Lien is created, incurred, acquired
                  or assumed (or any prior Indebtedness becomes so secured) on a Pro Forma Basis, the Total Net First Lien Leverage Ratio on the last day of the Borrower’s then most recently completed fiscal quarter for which financial statements are
                  available shall be less than or equal to 4.00 to 1.00, (ii) at the time of the incurrence of such Lien and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing or would result therefrom (or, if
                  the proceeds of such Indebtedness are being used to fund a Limited Condition Acquisition, at the time of the incurrence of such Indebtedness and after giving effect thereto, no Specified Event of Default shall have occurred and be
                  continuing or would result therefrom), (iii) the Indebtedness or other obligations secured by such Lien are otherwise permitted by this Agreement, and (iv) to the extent such Liens are pari passu or subordinated to the Liens granted
                  hereunder, an intercreditor agreement reasonably satisfactory to the Administrative Agent shall be entered into providing that such new liens will be secured equally and ratably with the Liens granted hereunder, or, as applicable,
                  subordinated to the Liens granted hereunder, in each case, on customary terms;

            

    

    
      	
              (v)

            	
              the prior rights of consignees and their lenders under consignment arrangements entered into
                  in the ordinary course of business;

            

    

    
      	
              (w)

            	
              agreements to subordinate any interest of the Borrower or any Subsidiary in any accounts
                  receivable or other proceeds arising from inventory consigned by the Borrower or any of its Subsidiaries pursuant to an agreement entered into in the ordinary course of business;

            

    

    
      	
              (x)

            	
              Liens arising from precautionary Uniform Commercial Code financing statements or consignments
                  entered into in connection with any transaction otherwise permitted under this Agreement;

            

    

    
      	
              (y)

            	
              Liens on Equity Interests in joint ventures securing obligations of such joint venture;

            

    

    
      	
              (z)

            	
              Liens on securities that are the subject of repurchase agreements constituting Permitted
                  Investments under clause (c) of the definition thereof;

            

    

    
      	
              (aa)

            	
              Liens in respect of Permitted Receivables Financings that extend only to the receivables
                  subject thereto;

            

    

    
      	
              (bb)

            	
              Liens on goods or inventory the purchase, shipment or storage price of which is financed by a
                  documentary letter of credit, bank guarantee or bankers’ acceptance issued or created for the account of the Borrower or any Subsidiary in the ordinary course of business; provided, that such Lien secures only the obligations of the Borrower or such Subsidiaries in respect of such letter of credit, bankers’ acceptance or bank guarantee to the extent permitted under
                  Section 6.01;

            

    

    
      	
              (cc)

            	
              Liens securing insurance premiums financing arrangements, provided, that such Liens are limited to the applicable unearned insurance premiums;

            

    

    
      	
              (dd)

            	
              Liens in favor of the Borrower or any Subsidiary Loan Party; provided that if any such Lien shall cover any Collateral, the holder of such Lien shall execute and deliver to the Administrative Agent a subordination agreement in form and
                  substance reasonably satisfactory to the Administrative Agent;

            

    

    
      
        

    

    
      
        
          	
                  (ee)

                	
                  Liens securing obligations under the Second Lien Note Documents and any Permitted
                      Refinancing Indebtedness in respect thereof, to the extent such Liens are subject to the Second Priority Intercreditor Agreement;

                

        

         

          

      

    

    
      	
              (ff)

            	
              Liens on not more than $30 million of deposits securing Swap Agreements;

            

    

    
      	
              (gg)

            	
              Liens securing Obligations (as defined in the First Lien Bridge Credit Agreement ) under the
                  First Lien Bridge Credit Agreement and the credit documents related thereto pursuant to Section 6.01(aa) , the New First Lien Notes and any Permitted Refinancing Indebtedness in respect of the foregoing;

            

    

    
      	
              (hh)

            	
              Liens securing Obligations (as defined in the Second Lien Bridge Credit Agreement) under the
                  Second Lien Bridge Credit Agreement and the credit documents related thereto pursuant to Section 6.01(bb), the New Second Lien Notes and any Permitted Refinancing Indebtedness in respect of the foregoing; and

            

    

    
      	
              (ii)

            	
              other Liens with respect to property or assets of the Borrower or any Subsidiary securing
                  obligations in an aggregate principal amount outstanding at any time not to exceed $30 million.

            

    

    SECTION 6.03. Sale
            and Lease-Back Transactions.  Enter into any arrangement, directly or indirectly, with any person whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter
        acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold or transferred (a “Sale and Lease-Back Transaction”); provided, that a Sale and
        Lease-Back Transaction shall be permitted (a) with respect to property owned by the Borrower or any Domestic Subsidiary that is acquired after the Closing Date so long as such Sale and Lease-Back Transaction is consummated within 180 days of the
        acquisition of such property or (ii) by any Foreign Subsidiary regardless of when such property was acquired and (b) with respect to any property owned by the Borrower or any Domestic Subsidiary, (x) if at the time the lease in connection therewith
        is entered into, and after giving effect to the entering into of such lease, (A) the Total Net First Lien Leverage Ratio is equal to or less than 4.00 to 1.00, or (B) if the Total Net First Lien Leverage Ratio is greater than 4.00 to 1.00, the
        Remaining Present Value of such lease, together with Indebtedness outstanding pursuant to Section 6.01(i) and the Remaining Present Value of outstanding leases previously entered into under this Section 6.03(b), shall not exceed the greater of $150
        million and 4.5% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date the lease was entered into for which financial statements have been delivered pursuant to Section 5.04 and (y) if such Sale and
        Lease-Back Transaction is of property owned by the Borrower or any Domestic Subsidiary as of the Effective Date, the Net Proceeds therefrom are used to prepay the Loans to the extent required by Section 2.11(b).

    SECTION 6.04. Investments,
            Loans and Advances.  Purchase, hold or acquire (including pursuant to any merger with a person that is not a Wholly Owned Subsidiary immediately prior to such merger) any Equity Interests, evidences of Indebtedness or other
        securities of, make or permit to exist any loans or advances to or Guarantees of the obligations of, or make or permit to exist any investment or any other interest in (each, an “Investment”), any other person, except:

    
      	
              (a)

            	
              the Transactions;

            

    

    
      	
              (b)

            	
              (i) Investments by the Borrower or any Subsidiary in the Equity Interests of the Borrower or
                  any Subsidiary; (ii) intercompany loans from the Borrower or any Subsidiary to the Borrower or any Subsidiary; and (iii) Guarantees by the Borrower or any Subsidiary Loan Party of Indebtedness otherwise expressly permitted hereunder of
                  the Borrower or any Subsidiary; provided, that the sum of (A) Investments (valued at the time of the making thereof and without giving effect to
                  any write-downs or write-offs thereof) made after the Effective Date by the Loan Parties pursuant to clause (i) in Subsidiaries that are not Subsidiary Loan Parties, plus (B) net intercompany loans made after the Effective Date to Subsidiaries that are not Subsidiary Loan Parties pursuant to clause (ii), plus (C) Guarantees of Indebtedness after the Effective Date of Subsidiaries that are not Subsidiary Loan Parties pursuant to clause (iii), shall not exceed an aggregate net amount equal to (x) the greater of
                  (1) $100 million and (2) 4.5% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such Investment for which financial statements have been delivered pursuant to Section 5.04 (plus any return of capital actually received by the respective investors in respect of Investments theretofore made by them pursuant to this
                  paragraph (b)); plus (y) the portion, if any, of the Cumulative Credit on the date of such election that the Borrower elects to apply to this
                  Section 6.04(b)(y), such election to be specified in a written notice of a Responsible Officer of the Borrower calculating in reasonable detail the amount of Cumulative Credit immediately prior to such election and the amount thereof
                  elected to be so applied; provided, further, that
                  intercompany current liabilities incurred in the ordinary course of business in connection with the cash management operations of the Borrower and the Subsidiaries and intercompany liabilities incurred in connection with the Transaction
                  shall not be included in calculating the limitation in this paragraph at any time.

            

    

    
      
        

    

    
      
        
          	
                  (c)

                	
                  Permitted Investments and Investments that were Permitted Investments when made;

                

        

         

          

      

    

    
      	
              (d)

            	
              Investments arising out of the receipt by the Borrower or any Subsidiary of noncash
                  consideration for the sale of assets permitted under Section 6.05;

            

    

    
      	
              (e)

            	
              loans and advances to officers, directors, employees or consultants of the Borrower or any
                  Subsidiary (i) in the ordinary course of business not to exceed the greater of $25 million and 1.0% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such loan or advance for which financial
                  statements have been delivered pursuant to Section 5.04, in the aggregate at any time outstanding (calculated without regard to write downs or write offs thereof), (ii) in respect of payroll payments and expenses in the ordinary course of
                  business and (iii) in connection with such person’s purchase of Equity Interests of Holdings (or any Parent Entity) solely to the extent that the amount of such loans and advances shall be contributed to the Borrower in cash as common
                  equity;

            

    

    
      	
              (f)

            	
              accounts receivable, security deposits and prepayments arising and trade credit granted in the
                  ordinary course of business and any assets or securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and any
                  prepayments and other credits to suppliers made in the ordinary course of business;

            

    

    
      	
              (g)

            	
              Swap Agreements;

            

    

    
      	
              (h)

            	
              Investments existing on, or contractually committed as of, the Effective Date and set forth on
                  Schedule 6.04 and any extensions, renewals or reinvestments thereof, so long as the aggregate amount of all Investments pursuant to this clause (h)
                  is not increased at any time above the amount of such Investment existing on the Effective Date;

            

    

    
      	
              (i)

            	
              Investments resulting from pledges and deposits under Sections 6.02(f), (g), (k), (r), (s),
                  and (u);

            

    

    
      	
              (j)

            	
              other Investments by the Borrower or any Subsidiary in an aggregate amount (valued at the time
                  of the making thereof, and without giving effect to any write-downs or write-offs thereof) not to exceed (i) the greater of $225 million and 6.5% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the
                  date of such incurrence for which financial statements have been delivered pursuant to Section 5.04 (plus any returns of capital actually received
                  by the respective investor in respect of investments theretofore made by it pursuant to this paragraph (j)) plus (ii) the portion, if any, of the
                  Cumulative Credit on the date of such election that the Borrower elects to apply to this Section 6.04(j)(ii), such election to be specified in a written notice of a Responsible Officer of the Borrower calculating in reasonable detail the
                  amount of Cumulative Credit immediately prior to such election and the amount thereof elected to be so applied;

            

    

    
      	
              (k)

            	
              Investments constituting Permitted Business Acquisitions;

            

    

    
      	
              (l)

            	
              intercompany loans between Foreign Subsidiaries and Guarantees by Foreign Subsidiaries
                  permitted by Section 6.01(m);

            

    

    
      
        

    

    
      
        
          	
                  (m)

                	
                  Investments received in connection with the bankruptcy or reorganization of, or
                      settlement of delinquent accounts and disputes with or judgments against, customers and suppliers, in each case in the ordinary course of business or Investments acquired by the Borrower as a result of a foreclosure by the Borrower or
                      any of the Subsidiaries with respect to any secured Investments or other transfer of title with respect to any secured Investment in default;

                

        

         

          

      

    

    
      	
              (n)

            	
              Investments of a Subsidiary acquired after the Effective Date or of an entity merged into the
                  Borrower or merged into or consolidated with a Subsidiary after the Effective Date, in each case, to the extent permitted under this Section 6.04 and, in the case of any merger or consolidation, in accordance with Section 6.05 to the
                  extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation;

            

    

    
      	
              (o)

            	
              acquisitions by the Borrower of obligations of one or more officers or other employees of
                  Holdings, any Parent Entity, the Borrower or its Subsidiaries in connection with such officer’s or employee’s acquisition of Equity Interests of Holdings or any Parent Entity, so long as no cash is actually advanced by the Borrower or any
                  of the Subsidiaries to such officers or employees in connection with the acquisition of any such obligations;

            

    

    
      	
              (p)

            	
              Guarantees by the Borrower or any Subsidiary of operating leases (other than Capital Lease
                  Obligations) or of other obligations that do not constitute Indebtedness, in each case entered into by the Borrower or any Subsidiary in the ordinary course of business;

            

    

    
      	
              (q)

            	
              Investments to the extent that payment for such Investments is made with Equity Interests of
                  Holdings (or any Parent Entity);

            

    

    
      	
              (r)

            	
              Investments in the equity interests of one or more newly formed persons that are received in
                  consideration of the contribution by Holdings, the Borrower or the applicable Subsidiary of assets (including Equity Interests and cash) to such person or persons; provided, that (i) the fair market value of such assets, determined on an arms’-length basis, so contributed pursuant to this paragraph (r) shall not in the aggregate exceed $30 million and (ii) in respect of each
                  such contribution, a Responsible Officer of the Borrower shall certify, in a form to be agreed upon by the Borrower and the Administrative Agent (x) after giving effect to such contribution, no Default or Event of Default shall have
                  occurred and be continuing, (y) the fair market value of the assets so contributed and (z) that the requirements of paragraph (i) of this proviso remain satisfied;

            

    

    
      	
              (s)

            	
              Investments consisting of the redemption, purchase, repurchase or retirement of any Equity
                  Interests permitted under Section 6.06;

            

    

    
      	
              (t)

            	
              Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3
                  endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers consistent with past practices;

            

    

    
      	
              (u)

            	
              Investments in Foreign Subsidiaries not to exceed the greater of $70 million and 2.0% of
                  Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such Investment for which financial statements have been delivered pursuant to Section 5.04, in the aggregate, as valued at the fair market
                  value of such Investment at the time such Investment is made;

            

    

    
      	
              (v)

            	
              Guarantees permitted under Section 6.01 (except to the extent such Guarantee is expressly
                  subject to Section 6.04);

            

    

    
      	
              (w)

            	
              advances in the form of a prepayment of expenses, so long as such expenses are being paid in
                  accordance with customary trade terms of the Borrower or such Subsidiary;

            

    

    
      
        

    

    
      
        
          	
                  (x)

                	
                  Investments by Borrower and its Subsidiaries, including loans to any direct or
                      indirect parent of the Borrower, if the Borrower or any other Subsidiary would otherwise be permitted to make a dividend or distribution in such amount (provided that the amount of any such investment shall also be deemed to be a distribution under the appropriate clause of Section 6.06 for all purposes of this Agreement);

                

        

         

          

      

    

    
      	
              (y)

            	
              Investments arising as a result of Permitted Receivables Financings;

            

    

    
      	
              (z)

            	
              Investments received substantially contemporaneously in exchange for Equity Interests of any
                  Parent Entity; provided that such Investments are not included in any determination of the Cumulative Credit;

            

    

    
      	
              (aa)

            	
              Investments in joint ventures not in excess of the greater of $70 million and 2.0% of
                  Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such Investment for which financial statements have been delivered pursuant to Section 5.04, in the aggregate; and

            

    

    
      	
              (bb)

            	
              Investments in connection with the Transactions by the Borrower or any Restricted Subsidiary
                  in the Borrower or any Restricted Subsidiary made for tax planning and reorganization purposes, so long as the value of the Collateral after giving effect to such Investment, taken as a whole, is not materially impaired (as reasonably
                  determined by the Borrower, which determination shall be conclusive) and the Transaction Equity Investment.

            

    

    The amount of Investments that may be made at any time pursuant to clause (C) of the proviso of Section 6.04(b) or 6.04(j)
        (such Sections, the “Related Sections”) may, at the election of the Borrower, be increased by the amount of Investments that could be made at such time under
        the other Related Section; provided that the amount of each such increase in respect of one Related Section shall be treated as having been used under the
        other Related Section.

    SECTION 6.05. Mergers,
            Consolidations, Sales of Assets and Acquisitions.  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) all or any part of its assets (whether now owned or hereafter acquired) (including, in each case, pursuant to a Delaware LLC Division), or issue, sell, transfer or otherwise dispose of any Equity Interests of the
        Borrower or any Subsidiary, or purchase, lease or otherwise acquire (in one transaction or a series of transactions) all or any substantial part of the assets of any other person or any division, unit or business of any person, except that this
        Section shall not prohibit:

    
      	
              (a)

            	
              (i) the purchase and sale of inventory in the ordinary course of business by the Borrower or
                  any Subsidiary and the sale of receivables by any Foreign Subsidiary pursuant to non-recourse factoring arrangements in the ordinary course of business of such Foreign Subsidiary, (ii) the acquisition or lease (pursuant to an operating
                  lease) of any other asset in the ordinary course of business by the Borrower or any Subsidiary, (iii) the sale of surplus, obsolete or worn out equipment or other property in the ordinary course of business by the Borrower or any
                  Subsidiary or (iv) the sale of Permitted Investments in the ordinary course of business;

            

    

    
      	
              (b)

            	
              if at the time thereof and immediately after giving effect thereto no Event of Default shall
                  have occurred and be continuing or would result therefrom, (i) the merger or Delaware LLC Division of any Subsidiary into the Borrower in a transaction in which the Borrower is the survivor, (ii) the merger, consolidation or Delaware LLC
                  Division of any Subsidiary into or with any Subsidiary Loan Party in a transaction in which the surviving or resulting entity is a Subsidiary Loan Party and, in the case of each of clauses (i) and (ii), no person other than the Borrower
                  or Subsidiary Loan Party receives any consideration, (iii) the merger, consolidation or Delaware LLC Division of any Subsidiary that is not a Subsidiary Loan Party into or with any other Subsidiary that is not a Subsidiary Loan Party,
                  (iv) the liquidation or dissolution or change in form of entity of any Subsidiary (other than the Borrower) if the Borrower determines in good faith that such liquidation, dissolution or change in form is in the best interests of the
                  Borrower and is not materially disadvantageous to the Lenders or (v) any Subsidiary may merge or effect a Delaware LLC Division with any other person in order to effect an Investment permitted pursuant to Section 6.04 so long as the
                  continuing or surviving person shall be a Subsidiary, which shall be a Loan Party if the merging Subsidiary was a Loan Party and which together with each of its Subsidiaries shall have complied with the requirements of Section 5.10;

            

    

    
      
        

    

    
      
        
          	
                  (c)

                	
                  sales, transfers, leases or other dispositions to the Borrower or a Subsidiary
                      (upon voluntary liquidation or otherwise); provided, that any sales, transfers, leases or other dispositions by a Loan Party to a
                      Subsidiary that is not a Subsidiary Loan Party in reliance on this paragraph (c) shall be made in compliance with Section 6.07 and shall be included in Section 6.05(g);

                

        

         

          

      

    

    
      	
              (d)

            	
              Sale and Lease-Back Transactions permitted by Section 6.03;

            

    

    
      	
              (e)

            	
              Investments permitted by Section 6.04, Permitted Liens, Dividends permitted by Section 6.06
                  and capital expenditures;

            

    

    
      	
              (f)

            	
              the sale of defaulted receivables in the ordinary course of business and not as part of an
                  accounts receivables financing transaction;

            

    

    
      	
              (g)

            	
              sales, transfers, leases, Delaware LLC Division or other dispositions of assets not otherwise
                  permitted by this Section 6.05 (or required to be included in this clause (g) pursuant to Section 6.05(c)); provided, that (i) (A) after giving
                  effect to such sale, transfer, lease, Delaware LLC Division or other disposition of assets, the application of proceeds thereof, the assumption and incurrence of any Indebtedness and any related transactions, the Total Net First Lien
                  Leverage Ratio of the Borrower on a Pro Forma Basis would be equal to or less than 4.00 to 1.00 or (B) if otherwise, then the aggregate gross proceeds (including noncash proceeds) of any or all assets sold, transferred, leased, Delaware
                  LLC Division or otherwise disposed of in reliance upon this clause (g)(i)(B) shall not exceed, in any fiscal year of the Borrower, the greater of (x) $200 million and (y) 6.5% of Consolidated Total Assets as of the end of the fiscal
                  quarter immediately prior to the date of such incurrence for which financial statements have been delivered pursuant to Section 5.04; (ii) no Default or Event of Default exists or would result therefrom and (iii) the Net Proceeds thereof
                  are applied in accordance with Section 2.11(b);

            

    

    
      	
              (h)

            	
              Permitted Business Acquisitions (including any merger, consolidation or Delaware LLC Division
                  in order to effect a Permitted Business Acquisition); provided, that following any such merger, consolidation or Delaware LLC Division
                  (i) involving the Borrower, the Borrower is the surviving corporation, (ii) involving a Domestic Subsidiary, the surviving or resulting entity shall be a Subsidiary Loan Party that is a Wholly Owned Subsidiary and (iii) involving a
                  Foreign Subsidiary, the surviving or resulting entity shall be a Wholly Owned Subsidiary;

            

    

    
      	
              (i)

            	
              leases, licenses (on a non-exclusive basis with respect to intellectual property), or
                  subleases or sublicenses (on a non-exclusive basis with respect to intellectual property) of any real or personal property in the ordinary course of business;

            

    

    
      	
              (j)

            	
              sales, leases or other dispositions of inventory of the Borrower and its Subsidiaries
                  determined by the management of the Borrower to be no longer useful or necessary in the operation of the business of the Borrower or any of the Subsidiaries;

            

    

    
      	
              (k)

            	
              acquisitions and purchases made with the proceeds of any Asset Sale pursuant to the first
                  proviso of paragraph (a) of the definition of “Net Proceeds”;

            

    

    
      	
              (l)

            	
              the purchase and sale or other transfer (including by capital contribution) of Receivables
                  Assets pursuant to Permitted Receivables Financings; provided that the Net Proceeds thereof are applied in accordance with Section 2.11(b);

            

    

    
      	
              (m)

            	
              any exchange of assets for services and/or other assets of comparable or greater value; provided, that (i) at least 90% of the consideration received by the transferor consists of assets that will be used in a business or business activity
                  permitted hereunder, (ii) in the event of a swap with a fair market value in excess of $10.0 million, the Administrative Agent shall have received a certificate from a Responsible Officer of the Borrower with respect to such fair market
                  value and (iii) in the event of a swap with a fair market value in excess of $20.0 million, such exchange shall have been approved by at least a majority of the Board of Directors of Holdings or the Borrower; provided, that the Net Proceeds, if any, thereof are applied in accordance with Section 2.11(b); provided, further, that (A) (i) after giving effect to such exchange, the application of proceeds thereof, the assumption
                  and incurrence of any Indebtedness and any related transactions, the Total Net First Lien Leverage Ratio of the Borrower on a Pro Forma Basis would be equal to or less than 4.00 to 1.00 or (ii) if otherwise, the aggregate gross
                  consideration (including exchange assets, other noncash consideration and cash proceeds) of any or all assets exchanged in reliance upon this clause (m) shall not exceed, in any fiscal year of the Borrower, the greater of $200 million and
                  6.5% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for which financial statements have been delivered pursuant to Section 5.04; (B) no Default or Event of Default exists
                  or would result therefrom;

            

    

    
      
        

    

    
      
        
          	
                  (n)

                	
                  the sale of assets described on Schedule 6.05;

                

        

      

    

    
      	
              (o)

            	
              the Acquisition; and

            

    

    
      	
              (p)

            	
              the purchase and sale or other transfer of Receivables Assets in connection with a Permitted
                  Supplier Finance Facility.

            

    

    Notwithstanding anything to the contrary contained in Section 6.05 above, (i) no sale, transfer or other disposition of
        assets shall be permitted by this Section 6.05 (other than sales, transfers, leases, licenses or other dispositions to Loan Parties pursuant to paragraph (c) of this Section 6.05 and paragraph (e) of this Section 6.05 (solely with respect to
        Section 6.04(bb)) unless such disposition is for fair market value and (ii) no sale, transfer or other disposition of assets in excess of $15.0 million shall be permitted by paragraph (g) of this Section 6.05 unless such disposition is for at least
        75% cash consideration; provided, that for purposes of clause (ii), (a) the amount of any liabilities (as shown on the Borrower’s or any Subsidiary’s most
        recent balance sheet or in the notes thereto) of the Borrower or any Subsidiary of the Borrower (other than liabilities that are by their terms subordinated to the Obligations) that are assumed by the transferee of any such assets, (b) any notes or
        other obligations or other securities or assets received by the Borrower or such Subsidiary of the Borrower from such transferee that are converted by the Borrower or such Subsidiary of the Borrower into cash within 180 days of the receipt thereof
        (to the extent of the cash received) and (c) any Designated Non-Cash Consideration received by the Borrower or any of its Subsidiaries in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-Cash
        Consideration received pursuant to this clause (c) that is at that time outstanding, not to exceed the greater of 3.0% of Consolidated Total Assets and $100 million at the time of the receipt of such Designated Non-Cash Consideration (with the fair
        market value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value) shall be deemed to be cash.  To the extent any Collateral is disposed of in a transaction
        expressly permitted by this Section 6.05 to any Person other than Holdings, the Borrower or any Subsidiary, such Collateral shall be sold free and clear of the Liens created by the Loan Documents, and the Administrative Agent shall take, and shall
        be authorized by each Lender to take, any actions reasonably requested by the Borrower in order to evidence the foregoing.

    SECTION 6.06. Dividends
            and Distributions.  Declare or pay any dividend or make any other distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, with respect to any of its Equity Interests (other
        than dividends and distributions on Equity Interests payable solely by the issuance of additional Equity Interests (other than Disqualified Stock) of the person paying such dividends or distributions) or directly or indirectly redeem, purchase,
        retire or otherwise acquire for value (or permit any Subsidiary to purchase or acquire) any of its Equity Interests or set aside any amount for any such purpose (other than through the issuance of additional Equity Interests (other than
        Disqualified Stock) of the person redeeming, purchasing, retiring or acquiring such shares); provided, however, that:

    
      
        

    

    
      	
              (a)

            	
              any Subsidiary of the Borrower may declare and pay dividends to, repurchase its Equity
                  Interests from or make other distributions to the Borrower or to any Wholly Owned Subsidiary of the Borrower (or, in the case of non-Wholly Owned Subsidiaries, to the Borrower or any Subsidiary that is a direct or indirect shareholder of
                  such Subsidiary and to each other owner of Equity Interests of such Subsidiary on a pro rata basis (or more favorable basis from the
                  perspective of the Borrower or such Subsidiary) based on their relative ownership interests so long as any repurchase of its Equity Interests from a person that is not the Borrower or a Subsidiary is permitted under Section 6.04);

            

    

    
      	
              (b)

            	
              the Borrower may declare and pay dividends or make other distributions to Holdings in respect
                  of (i) overhead, legal, accounting and other professional fees and expenses of Holdings or any Parent Entity, (ii) fees and expenses related to any public offering or private placement of debt or equity securities of Holdings or any
                  Parent Entity whether or not consummated, (iii) franchise taxes and other fees, taxes and expenses in connection with the maintenance of its existence and its (or any Parent Entity’s indirect) ownership of the Borrower, (iv) payments
                  permitted by Section 6.07(b), (v) the tax liability to each relevant jurisdiction in respect of consolidated, combined, unitary or affiliated returns for the relevant jurisdiction of Holdings (or any Parent Entity) attributable to
                  Holdings, the Borrower or its Subsidiaries and (vi) customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers and employees of Holdings or any Parent Entity, in each case in order to permit
                  Holdings or any Parent Entity to make such payments; provided, that in the case of clauses (i), (ii) and (iii), the amount of such dividends and
                  distributions shall not exceed the portion of any amounts referred to in such clauses (i), (ii) and (iii) that are allocable to the Borrower and its Subsidiaries (which shall be 100% for so long as Holdings or such Parent Entity, as the
                  case may be, owns no assets other than the Equity Interests in the Borrower, Holdings or another Parent Entity);

            

    

    
      	
              (c)

            	
              the Borrower may declare and pay dividends or make other distributions to Holdings the
                  proceeds of which are used to purchase or redeem the Equity Interests of Holdings or any Parent Entity (including related stock appreciation rights or similar securities) held by then present or former directors, consultants, officers or
                  employees of Holdings, the Borrower or any of the Subsidiaries or by any Plan or shareholders’ agreement then in effect upon such person’s death, disability, retirement or termination of employment or under the terms of any such Plan or
                  any other agreement under which such shares of stock or related rights were issued; provided, that the aggregate amount of such purchases or
                  redemptions under this paragraph (c) shall not exceed in any fiscal year $20 million (plus the amount of net proceeds contributed to the Borrower
                  that were (x) received by Holdings or any Parent Entity during such calendar year from sales of Equity Interests of Holdings or any Parent Entity of Holdings to directors, consultants, officers or employees of Holdings, any Parent Entity,
                  the Borrower or any Subsidiary in connection with permitted employee compensation and incentive arrangements and (y) of any key-man life insurance policies received during such calendar year), which, if not used in any year, may be
                  carried forward to any subsequent calendar year;

            

    

    
      	
              (d)

            	
              noncash repurchases of Equity Interests deemed to occur upon exercise of stock options if such
                  Equity Interests represent a portion of the exercise price of such options;

            

    

    
      	
              (e)

            	
              the Borrower may pay dividends to Holdings in an aggregate amount equal to the portion, if
                  any, of the Cumulative Credit on such date that the Borrower elects to apply to this Section 6.06(e), such election to be specified in a written notice of a Responsible Officer of the Borrower calculating in reasonable detail the amount
                  of Cumulative Credit immediately prior to such election and the amount thereof elected to be so applied; provided, that no Default or Event of
                  Default has occurred and is continuing or would result therefrom and, after giving effect thereto, that the Borrower and its Subsidiaries shall be in Pro Forma Compliance;

            

    

    
      	
              (f)

            	
              the Borrower may pay dividends on the Closing Date to consummate the Transactions;

            

    

    
      	
              (g)

            	
              the Borrower may pay dividends or distributions to allow Holdings or any Parent Entity to make
                  payments in cash, in lieu of the issuance of fractional shares, upon the exercise of warrants or upon the conversion or exchange of Equity Interests of any such person;

            

    

    
      	
              (h)

            	
              the Borrower may pay dividends and make distributions to, or repurchase or redeem shares from,
                  its equity holders in an amount equal to 6.0% per annum of the net proceeds received by the Borrower from any public offering of Equity Interests of the Borrower or any direct or indirect parent of the Borrower; and

            

    

    
      
        

    

    
      
        
          	
                  (i)

                	
                  the Borrower may make distributions to Holdings or any Parent Entity to finance
                      any Investment permitted to be made pursuant to Section 6.04; provided, that (A) such distribution shall be made substantially
                      concurrently with the closing of such Investment and (B) such parent shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Borrower or a
                      Subsidiary or (2) the merger (to the extent permitted in Section 6.05) of the Person formed or acquired into the Borrower or a Subsidiary in order to consummate such Permitted Business Acquisition or Investment.

                

        

      

    

    SECTION 6.07. Transactions
            with Affiliates.

    (a) Sell or transfer any property or assets to, or purchase or acquire any property or assets from, or otherwise engage in any other transaction with, any of its Affiliates or any
        known direct or indirect holder of 10% or more of any class of capital stock of Holdings or the Borrower in a transaction involving aggregate consideration in excess of $5.0 million, unless such transaction is (i) otherwise permitted (or required)
        under this Agreement or (ii) upon terms no less favorable to the Borrower or such Subsidiary, as applicable, than would be obtained in a comparable arm’s-length transaction with a person that is not an Affiliate.

    (b) The foregoing paragraph (a) shall not prohibit, to the extent otherwise permitted under this Agreement,

    
      	
              (i)

            	
              any issuance of securities, or other payments, awards or grants in cash, securities or
                  otherwise pursuant to, or the funding of, employment arrangements, equity purchase agreements, stock options and stock ownership plans approved by the Board of Directors of Holdings or of the Borrower,

            

    

    
      	
              (ii)

            	
              loans or advances to employees or consultants of Holdings (or any Parent Entity), the Borrower
                  or any of the Subsidiaries in accordance with Section 6.04(e),

            

    

    
      	
              (iii)

            	
              transactions among the Borrower or any Subsidiary or any entity that becomes a Subsidiary as a
                  result of such transaction (including via merger, consolidation or Delaware LLC Division in which a Subsidiary is the surviving entity) not prohibited by this Agreement,

            

    

    
      	
              (iv)

            	
              the payment of fees, reasonable out-of-pocket costs and indemnities to directors, officers,
                  consultants and employees of Holdings, any Parent Entity, the Borrower and the Subsidiaries in the ordinary course of business (limited, in the case of any Parent Entity, to the portion of such fees and expenses that are allocable to the
                  Borrower and its Subsidiaries (which shall be 100% for so long as Holdings or such Parent Entity, as the case may be, owns no assets other than the Equity Interests in the Borrower, Holdings or another Parent Entity and assets incidental
                  to the ownership of the Borrower and its Subsidiaries)),

            

    

    
      	
              (v)

            	
              transactions pursuant to the Transaction Documents and permitted agreements in existence on
                  the Effective Date and set forth on Schedule 6.07 or any amendment thereto to the extent such amendment is not adverse to the Lenders in any
                  material respect and other transactions, agreements and arrangements described on Schedule 6.07 and any amendment thereto to the extent such
                  amendment is not adverse to the Lenders in any material respect or similar transactions, agreements or arrangements entered into by the Borrower or any of its Subsidiaries.

            

    

    
      	
              (vi)

            	
              (A) any employment agreements entered into by the Borrower or any of the Subsidiaries in the
                  ordinary course of business, (B) any subscription agreement or similar agreement pertaining to the repurchase of Equity Interests pursuant to put/call rights or similar rights with employees, officers or directors, and (C) any employee
                  compensation, benefit plan or arrangement, any health, disability or similar insurance plan which covers employees, and any reasonable employment contract and transactions pursuant thereto,

            

    

    
      	
              (vii)

            	
              dividends, redemptions and repurchases permitted under Section 6.06, including payments to
                  Holdings (and any Parent Entity),

            

    

    
      
        

    

    
      
        
          	
                  (viii)

                	
                  any purchase by Holdings of the equity capital of the Borrower; provided, that any Equity Interests of the Borrower purchased by Holdings shall be pledged to the Administrative Agent on behalf of the
                      Lenders pursuant to the Collateral Agreement,

                

        

      

    

    
      	
              (ix)

            	
              payments by the Borrower or any of the Subsidiaries to any Person made for any financial
                  advisory, financing, underwriting or placement services or in respect of other investment banking activities, including in connection with acquisitions or divestitures, which payments are approved by the majority of the Board of Directors
                  of the Borrower, or a majority of disinterested members of the Board of Directors of the Borrower, in good faith,

            

    

    
      	
              (x)

            	
              transactions with Wholly Owned Subsidiaries for the purchase or sale of goods, products, parts
                  and services entered into in the ordinary course of business in a manner consistent with past practice,

            

    

    
      	
              (xi)

            	
              any transaction in respect of which the Borrower delivers to the Administrative Agent (for
                  delivery to the Lenders) a letter addressed to the Board of Directors of the Borrower from an accounting, appraisal or investment banking firm, in each case of nationally recognized standing that is (A) in the good faith determination of
                  the Borrower qualified to render such letter and (B) reasonably satisfactory to the Administrative Agent, which letter states that such transaction is on terms that are no less favorable to the Borrower or such Subsidiary, as applicable,
                  than would be obtained in a comparable arm’s-length transaction with a person that is not an Affiliate,

            

    

    
      	
              (xii)

            	
              the payment of all fees, expenses, bonuses and awards related to the Transactions contemplated
                  by the Fee Letters,

            

    

    
      	
              (xiii)

            	
              transactions with joint ventures for the purchase or sale of goods, equipment and services
                  entered into in the ordinary course of business and in a manner consistent with past practice,

            

    

    
      	
              (xiv)

            	
              [reserved],

            

    

    
      	
              (xv)

            	
              the issuance, sale, transfer of Equity Interests of Borrower to Holdings and capital
                  contributions by Holdings to Borrower,

            

    

    
      	
              (xvi)

            	
              the Acquisition and all transactions in connection therewith,

            

    

    
      	
              (xvii)

            	
              without duplication of any amounts otherwise paid with respect to taxes, payments by Holdings
                  (and any Parent Entity), the Borrower and the Subsidiaries pursuant to tax sharing agreements among Holdings (and any such Parent Entity), the Borrower and the Subsidiaries on customary terms that require each party to make payments when
                  such taxes are due or refunds received of amounts equal to the income tax liabilities and refunds generated by each such party calculated on a separate return basis and payments to the party generating tax benefits and credits of amounts
                  equal to the value of such tax benefits and credits made available to the group by such party,

            

    

    
      	
              (xviii)

            	
              transactions pursuant to any Permitted Receivables Financing, or

            

    

    
      	
              (xix)

            	
              the Transaction Equity Investment.

            

    

    SECTION 6.08. Business
            of the Borrower and the Subsidiaries.  Notwithstanding any other provisions hereof, engage at any time in any business or business activity other than any business or business activity conducted by any of them on the Effective Date
        and any business or business activities incidental or related thereto, or any business or activity that is reasonably similar or complementary thereto or a reasonable extension, development or expansion thereof or ancillary thereto, and in the case
        of a Special Purpose Receivables Subsidiary, Permitted Receivables Financing.

    
      
        

    

    SECTION 6.09. Limitation
            on Modifications of Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements; etc.

    (a) Amend or modify in any manner materially adverse to the Lenders, or grant any waiver or release under or terminate in any manner (if such granting or termination shall be
        materially adverse to the Lenders), the articles or certificate of incorporation, by-laws, limited liability company operating agreement, partnership agreement or other organizational documents of the Borrower or any of the Subsidiaries.

    (b) (i)  Make, or agree or offer to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of
        principal of or interest on the loans under any Indebtedness subordinated in right of payment or any Permitted Refinancing Indebtedness in respect thereof or any preferred Equity Interests or any Disqualified Stock (“Junior Financing”), or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase,
        redemption, retirement, acquisition, cancellation or termination in respect of any Junior Financing except for (A) refinancings permitted by Section 6.01(l) or (r), (B) payments of regularly scheduled interest, and, to the extent this Agreement is
        then in effect, principal on the scheduled maturity date of any Junior Financing, (C) payments or distributions in respect of all or any portion of the Junior Financing with the proceeds contributed to the Borrower by Holdings from the issuance,
        sale or exchange by Holdings (or any Parent Entity) of Equity Interests made within eighteen months prior thereto, (D) the conversion of any Junior Financing to Equity Interests of Holdings or any Parent Entity; and (E) so long as no Default or
        Event of Default has occurred and is continuing or would result therefrom and after giving effect to such payment or distribution the Borrower would be in Pro Forma Compliance, payments or distributions in respect of Junior Financings prior to
        their scheduled maturity made, in an aggregate amount, not to exceed the sum of (x) $60 million and (y) the Cumulative Credit; or

    (ii) Amend or modify, or permit the amendment or modification of, any provision of Junior Financing, any Permitted Receivables Document, or any agreement,
        document or instrument evidencing or relating thereto, other than amendments or modifications that (A) are not in any manner materially adverse to Lenders and that do not affect the subordination or payment provisions thereof (if any) in a manner
        adverse to the Lenders and (B) otherwise comply with the definition of “Permitted Refinancing Indebtedness”.

    (c) Permit any Material Subsidiary to enter into any agreement or instrument that by its terms restricts (i) the payment of dividends or distributions or the making of cash advances
        to the Borrower or any Subsidiary that is a direct or indirect parent of such Subsidiary or (ii) the granting of Liens by the Borrower or such Material Subsidiary pursuant to the Security Documents, in each case other than those arising under any
        Loan Document, except, in each case, restrictions existing by reason of:

    
      	
              (A)

            	
              restrictions imposed by applicable law;

            

    

    
      	
              (B)

            	
              contractual encumbrances or restrictions in effect on the Effective Date under Indebtedness
                  existing on the Effective Date and set forth on Schedule 6.01, the Existing Second Lien Notes, the First Lien Bridge Credit Agreement, the Second
                  Lien Bridge Credit Agreement or any agreements related to any Permitted Refinancing Indebtedness in respect of any such Indebtedness that does not expand the scope of any such encumbrance or restriction;

            

    

    
      	
              (C)

            	
              any restriction on a Subsidiary imposed pursuant to an agreement entered into for the sale or
                  disposition of the Equity Interests or assets of a Subsidiary pending the closing of such sale or disposition;

            

    

    
      	
              (D)

            	
              customary provisions in joint venture agreements and other similar agreements applicable to
                  joint ventures entered into in the ordinary course of business;

            

    

    
      	
              (E)

            	
              any restrictions imposed by any agreement relating to secured Indebtedness permitted by this
                  Agreement to the extent that such restrictions apply only to the property or assets securing such Indebtedness;

            

    

    
      
        

    

    
      
        
          	
                  (F)

                	
                  any restrictions imposed by any agreement relating to Indebtedness incurred
                      pursuant to Section 6.01(r), to the extent such restrictions are not more restrictive, taken as a whole, than the restrictions contained in the Existing Second Lien Note Documents;

                

        

      

    

    
      	
              (G)

            	
              customary provisions contained in leases or licenses of intellectual property and other
                  similar agreements entered into in the ordinary course of business;

            

    

    
      	
              (H)

            	
              customary provisions restricting subletting or assignment of any lease governing a leasehold
                  interest;

            

    

    
      	
              (I)

            	
              customary provisions restricting assignment of any agreement entered into in the ordinary
                  course of business;

            

    

    
      	
              (J)

            	
              customary restrictions and conditions contained in any agreement relating to the sale,
                  transfer, lease or other disposition of any asset permitted under Section 6.05 pending the consummation of such sale, transfer, lease or other disposition;

            

    

    
      	
              (K)

            	
              customary restrictions and conditions contained in the document relating to any Lien, so long
                  as (1) such Lien is a Permitted Lien and such restrictions or conditions relate only to the specific asset subject to such Lien, and (2) such restrictions and conditions are not created for the purpose of avoiding the restrictions imposed
                  by this Section 6.09;

            

    

    
      	
              (L)

            	
              customary net worth provisions contained in Real Property leases entered into by Subsidiaries
                  of the Borrower, so long as the Borrower has determined in good faith that such net worth provisions would not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations;

            

    

    
      	
              (M)

            	
              any agreement in effect at the time such subsidiary becomes a Subsidiary, so long as such
                  agreement was not entered into in contemplation of such person becoming a Subsidiary other than Subsidiaries of such new Subsidiary;

            

    

    
      	
              (N)

            	
              restrictions in agreements representing Indebtedness permitted under Section 6.01 of a
                  Subsidiary of the Borrower that is not a Subsidiary Loan Party;

            

    

    
      	
              (O)

            	
              customary restrictions on leases, subleases, licenses or Equity Interests or asset sale
                  agreements otherwise permitted hereby as long as such restrictions relate to the Equity Interests and assets subject thereto;

            

    

    
      	
              (P)

            	
              restrictions on cash or other deposits imposed by customers under contracts entered into in
                  the ordinary course of business;

            

    

    
      	
              (Q)

            	
              restrictions contained in any Permitted Receivables Document with respect to any Special
                  Purpose Receivables Subsidiary; or

            

    

    
      	
              (R)

            	
              any encumbrances or restrictions of the type referred to in Sections 6.09(c)(i) and
                  6.09(c)(ii) above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (A) through (Q)
                  above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are,
                  in the good faith judgment of the Borrower, no more restrictive with respect to such dividend and other payment restrictions than those contained in the dividend or other payment restrictions prior to such amendment, modification,
                  restatement, renewal, increase, supplement, refunding, replacement or refinancing.

            

    

    
      
        

    

    SECTION 6.10. Fiscal
            Year; Accounting.  Permit its fiscal year to end on any date other than the Saturday nearest September 30 in respect of any other year, without prior notice to the Administrative Agent given concurrently with any required notice to
        the SEC.

    SECTION 6.11. Qualified
            CFC Holding Companies.  Permit any Qualified CFC Holding Company to (a) create, incur or assume any Indebtedness or other liability, or create, incur, assume or suffer to exist any Lien on, or sell, transfer or otherwise dispose of,
        other than in a transaction permitted under Section 6.05, any of the Equity Interests of a Foreign Subsidiary held by such Qualified CFC Holding Company, or any other assets, or (b) engage in any business or activity or acquire or hold any assets
        other than the Equity Interests of one or more Foreign Subsidiaries of the Borrower and/or one or more other Qualified CFC Holding Companies and the receipt and distribution of dividends and distributions in respect thereof.

    SECTION 6.12. Rating. 
        Exercise commercially reasonable efforts to maintain corporate ratings from each of Moody’s and S&P for the Loans; provided that the Term Facility need not be so rated prior to the consummation of the Acquisition.

    ARTICLE VIA

        

        

        Holdings Covenants

    (a) Holdings covenants and agrees with each Lender that, so long as this Agreement shall remain in effect (other than in respect of contingent
        indemnification obligations for which no claim has been made) and until the Commitments have been terminated and the Obligations (including principal of and interest on each Loan, all fees and all other expenses or amounts payable under any Loan
        Document) have been paid in full, unless the Required Lenders shall otherwise consent in writing, (a) Holdings will not create, incur, assume or permit to exist any Lien (other than Liens of a type described in Section 6.02(d), (e) or (k)) on any
        of the Equity Interests issued by the Borrower other than the Liens created under the Loan Documents, (b) Holdings shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence; provided, that so long as no Default or Event of Default exists or would result therefrom, Holdings may merge with any other person, and (c) Holdings shall at
        all times own directly 100% of the Equity Interests of the Borrower and shall not sell, transfer or otherwise dispose of the Equity Interests in the Borrower.

    ARTICLE VII

        

        

        Events of Default

    SECTION 7.01. Events
            of Default.  In case of the happening of any of the following events (each, an “Event of Default”):

    
      	
              (a)

            	
              any representation or warranty made or deemed made by Holdings, the Borrower or any other Loan
                  Party herein or in any other Loan Document or any certificate or document delivered pursuant hereto or thereto shall prove to have been false or misleading in any material respect when so made or deemed made;

            

    

    
      	
              (b)

            	
              default shall be made in the payment of any principal of any Loan when and as the same shall
                  become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise;

            

    

    
      	
              (c)

            	
              default shall be made in the payment of any interest on any Loan or in the payment of any fee
                  or any other amount (other than an amount referred to in (b) above) due under any Loan Document, when and as the same shall become due and payable, and such default shall continue unremedied for a period of five Business Days;

            

    

    
      
        

    

    
      
        
          	
                  (d)

                	
                  default shall be made in the due observance or performance by Holdings, the
                      Borrower or any of the Subsidiaries of any covenant, condition or agreement contained in Section 5.01(a), 5.05(a) or 5.08, 5.11 or in Article VI or VIA;

                

        

         

          

      

    

    
      	
              (e)

            	
              default shall be made in the due observance or performance by Holdings, the Borrower or any of
                  the Subsidiaries of any covenant, condition or agreement contained in any Loan Document (other than those specified in paragraphs (b), (c) and (d) above) and such default shall continue unremedied for a period of 30 days (or 60 days if
                  such default results solely from a Foreign Subsidiary’s failure to duly observe or perform any such covenant, condition or agreement) after notice thereof from the Administrative Agent to the Borrower;

            

    

    
      	
              (f)

            	
              (i) any event or condition occurs that (A) results in any Material Indebtedness becoming due
                  prior to its scheduled maturity or (B) enables or permits (with all applicable grace periods having expired) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material
                  Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity or (ii) Holdings, the Borrower or any of the Subsidiaries shall fail to pay the principal of any
                  Material Indebtedness at the stated final maturity thereof; provided, that this clause (f) shall not apply to secured Indebtedness that becomes
                  due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness;

            

    

    
      	
              (g)

            	
              there shall have occurred a Change in Control;

            

    

    
      	
              (h)

            	
              an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a
                  court of competent jurisdiction seeking (i) relief in respect of Holdings, the Borrower or any of the Subsidiaries, or of a substantial part of the property or assets of Holdings, the Borrower or any Subsidiary, under Title 11 of the
                  United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator, examiner,
                  conservator or similar official for Holdings, the Borrower or any of the Subsidiaries or for a substantial part of the property or assets of Holdings, the Borrower or any of the Subsidiaries or (iii) the winding-up or liquidation of
                  Holdings, the Borrower or any Subsidiary (except, in the case of any Subsidiary, in a transaction permitted by Section 6.05); and such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or
                  ordering any of the foregoing shall be entered;

            

    

    
      	
              (i)

            	
              Holdings, the Borrower or any Subsidiary shall (i) voluntarily commence any proceeding or file
                  any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) consent to the institution of,
                  or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition described in paragraph (h) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator,
                  conservator or similar official for Holdings, the Borrower or any of the Subsidiaries or for a substantial part of the property or assets of Holdings, the Borrower or any Subsidiary, (iv) file an answer admitting the material allegations
                  of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) become unable or admit in writing its inability or fail generally to pay its debts as they become due;

            

    

    
      	
              (j)

            	
              the failure by Holdings, the Borrower or any Subsidiary to pay one or more final judgments
                  aggregating in excess of $35 million (to the extent not covered by insurance), which judgments are not discharged or effectively waived or stayed for a period of 45 consecutive days;

            

    

    
      	
              (k)

            	
              (i) a trustee shall be appointed by a United States district court to administer any Plan,
                  (ii) an ERISA Event or ERISA Events shall have occurred with respect to any Plan or Multiemployer Plan, (iii) the PBGC shall institute proceedings (including giving notice of intent thereof) to terminate any Plan or Plans, (iv) Holdings,
                  the Borrower or any Subsidiary or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, or
                  (v) Holdings, the Borrower or any Subsidiary shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the IRS Code) involving any Plan; and in each case in clauses (i) through (v) above, such
                  event or condition, together with all other such events or conditions, if any, would reasonably be expected to have a Material Adverse Effect;

            

    

    
      
        
          
            

        

        
          
            
              	
                      (l)

                    	
                      (i) any Loan Document shall for any reason be asserted in writing by Holdings,
                          the Borrower or any Subsidiary not to be a legal, valid and binding obligation of any party thereto, (ii) any security interest purported to be created by any Security Document and to extend to assets that are not immaterial to
                          Holdings, the Borrower and the Subsidiaries on a consolidated basis shall cease to be, or shall be asserted in writing by the Borrower or any other Loan Party not to be, a valid and perfected security interest (perfected as or
                          having the priority required by this Agreement or the relevant Security Document and subject to such limitations and restrictions as are set forth herein and therein) in the securities, assets or properties covered thereby, except
                          to the extent that any such loss of perfection or priority results from the limitations of foreign laws, rules and regulations as they apply to pledges of Equity Interests in Foreign Subsidiaries or the application thereof, or
                          from the failure of the Administrative Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Agreement or to file Uniform Commercial Code continuation statements
                          or take the actions described on Schedule 3.04 and except to the extent that such loss is covered by a Lender’s title insurance
                          policy and the Administrative Agent shall be reasonably satisfied with the credit of such insurer, or (iii) the Guarantees pursuant to the Security Documents by Holdings, the Borrower or the Subsidiary Loan Parties of any of the
                          Obligations shall cease to be in full force and effect (other than in accordance with the terms thereof), or shall be asserted in writing by Holdings or the Borrower or any Subsidiary Loan Party not to be in effect or not to be
                          legal, valid and binding obligations;

                    

            

          

        

         

          

      

    

    
      	
              (m)

            	
              (i) the Obligations shall fail to constitute “Senior Debt” (or the equivalent thereof) and
                  “Designated Senior Debt” (or the equivalent thereof) under the documentation governing any Indebtedness incurred pursuant to Section 6.01(r) constituting subordinated Indebtedness, or (ii) the subordination provisions thereunder shall be
                  invalidated or otherwise cease, or shall be asserted in writing by Holdings, the Borrower or any Subsidiary Loan Party to be invalid or to cease to be legal, valid and binding obligations of the parties thereto, enforceable in accordance
                  with their terms; or

            

    

    
      	
              (n)

            	
              there shall occur and be continuing an “Event of Default” under and as defined in the
                  Revolving Credit Agreement;

            

    

    then, and in every such event (other than an event with respect to the Borrower described in paragraph (h) or (i) above),
        and at any time thereafter during the continuance of such event, but in each case subject to Section 4.03, the Administrative Agent, at the request of the Required Lenders, shall, by notice to the Borrower, take any or all of the following actions,
        at the same or different times:  (i) terminate forthwith the Commitments, and (ii) declare the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable,
        together with accrued interest thereon and any unpaid accrued fees and all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any
        other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding; and in any event with respect to the Borrower described in paragraph (h) or
        (i) above, the Commitments shall automatically terminate, and the principal of the Loans then outstanding, together with accrued interest thereon and any unpaid accrued fees and all other liabilities of the Borrower accrued hereunder and under any
        other Loan Document, shall automatically become due, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the
        contrary notwithstanding.

    SECTION 7.02. Exclusion
            of Immaterial Subsidiaries.  Solely for the purposes of determining whether an Event of Default has occurred under clause (h), (i) or (l) of Section 7.01, any reference in any such clause to any Subsidiary shall be deemed not to
        include any Immaterial Subsidiary affected by any event or circumstance referred to in any such clause.

    
      
        

    

    ARTICLE VIII

        

        

        The Agents

    SECTION 8.01. Appointment.

    (a) Each Lender (in such capacity and on behalf of itself and its Affiliates as potential counterparties to Swap Agreements) hereby irrevocably designates and appoints the
        (A) Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents, including as a Collateral Agent for such Lender and the other Secured Parties (including the Revolving Facility Secured Parties) under the
        Security Documents, and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and
        perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto and (B) the Revolving Facility Collateral
        Agent as collateral agent for such lender for purposes of the Security Documents.  In addition, to the extent required under the laws of any jurisdiction other than the United States, each of the Lenders hereby grants to the Administrative Agent
        any required powers of attorney to execute any Security Document governed by the laws of such jurisdiction on such Lender’s behalf.  Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have
        any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or
        any other Loan Document or otherwise exist against the Administrative Agent.

    (b) In furtherance of the foregoing, each Lender (in such capacity and on behalf of itself and its Affiliates as potential counterparties to Swap Agreements) hereby appoints and
        authorizes the Collateral Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and
        discretion as are reasonably incidental thereto and to enter into and take such action on its behalf under the provisions of the Second Priority Intercreditor Agreement, the Senior Fixed Collateral Intercreditor Agreement and the Senior Lender
        Intercreditor Agreement and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of the Second Priority Intercreditor Agreement, the Senior Fixed Collateral Intercreditor Agreement and the
        Senior Lender Intercreditor Agreement, together with such other powers as are reasonably incidental thereto.  In this connection, the Collateral Agent (and any Subagents appointed by the Collateral Agent pursuant to Section 8.02 for purposes of
        holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Security Documents, or for exercising any rights or remedies thereunder at the direction of the Collateral Agent) shall be entitled to the benefits of this
        Article VIII (including, without limitation, Section 8.07) as though the Collateral Agent (and any such Subagents) were an “Agent” under the Loan Documents, as if set forth in full herein with respect thereto.

    (c) Each Lender (in such capacity and on behalf of itself and its Affiliates as potential counterparties to Swap Agreements) irrevocably authorizes each of the Administrative Agent
        and the Collateral Agent, at its option and in its discretion, (i) to release any Lien on any property granted to or held by the Collateral Agent under any Loan Document (A) upon termination of the Commitments and payment in full of all Obligations
        (other than contingent indemnification obligations), (B) that is sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Loan Document, or (C) if approved, authorized or ratified in writing in accordance
        with Section 9.08 hereof, (ii) to release any Subsidiary Loan Party from its obligations under the Loan Documents if such person ceases to be a Subsidiary as a result of a transaction permitted hereunder; and (iii) to subordinate any Lien on any
        property granted to or held by the Collateral Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02(i) and (j).  Upon request by the Administrative Agent or the Collateral Agent at any time, the
        Required Lenders will confirm in writing the Administrative Agent’s and the Collateral Agent’s authority to release its interest in particular types or items of property, or to release any Subsidiary Loan Party from its obligations under the Loan
        Documents.

    
      
        

    

    (d) In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to
        any Loan Party, (i) the Administrative Agent (irrespective of whether the principal of any Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have
        made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise (A) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of any or all of the
        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 and any Subagents allowed in such judicial proceeding, and (B) to
        collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same, and (ii) any custodian, receiver, assignee, trustee, liquidator, examiner, sequestrator or other similar official in any such
        judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any
        amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under the Loan Documents.  Nothing contained herein shall be
        deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to
        authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

    SECTION 8.02. Delegation
            of Duties.  The Administrative Agent may execute any of its duties under this Agreement and the other Loan Documents (including for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) by or through
        agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties.  The Administrative Agent shall not be responsible for the negligence or misconduct
        of any agents or attorneys-in-fact selected by it with reasonable care.  The Administrative Agent may also from time to time, when the Administrative Agent deems it to be necessary or desirable, appoint one or more trustees, co-trustees, collateral
        co-agents, collateral subagents or attorneys-in-fact (each, a “Subagent”) with respect to all or any part of the Collateral; provided, that no such Subagent shall be authorized to take any action with respect to any Collateral unless and except to
        the extent expressly authorized in writing by the Administrative Agent.  Should any instrument in writing from the Borrower or any other Loan Party be required by any Subagent so appointed by the Administrative Agent to more fully or certainly vest
        in and confirm to such Subagent such rights, powers, privileges and duties, the Borrower shall, or shall cause such Loan Party to, execute, acknowledge and deliver any and all such instruments promptly upon request by the Administrative Agent.  If
        any Subagent, or successor thereto, shall die, become incapable of acting, resign or be removed, all rights, powers, privileges and duties of such Subagent, to the extent permitted by law, shall automatically vest in and be exercised by the
        Administrative Agent until the appointment of a new Subagent.  The Administrative Agent shall not be responsible for the negligence or misconduct of any agent, attorney-in-fact or Subagent that it selects in accordance with the foregoing provisions
        of this Section 8.02 in the absence of the Administrative Agent’s gross negligence or willful misconduct.

    SECTION 8.03. Exculpatory
            Provisions.  Neither any Agent or its Affiliates nor any of their respective officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by it or
        such person under or in connection with this Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such
        person’s own gross negligence or willful misconduct) or (b) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any
        other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or for the value, validity,
        effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder.  The Agents shall not be under any
        obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan
        Party.  The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents.  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 or Event of Default has occurred and is continuing, and (b) the Administrative Agent shall not, except as expressly set forth herein and in the other Loan Documents, 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 Affiliates that is communicated to or obtained by the person serving as the Administrative Agent or any of its Affiliates
        in any capacity.  The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until written notice describing such Default or Event of Default is given to the Administrative Agent by the Borrower or
        a Lender.  The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents
        of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein
        or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority
        of any Lien purported to be created by the Security Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items
        expressly required to be delivered to the Administrative Agent.

    
      
        

    

    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) or conversation believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper person.  The Administrative Agent
        also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper person, and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to the
        making of a Loan hereunder, 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 (including counsel to Holdings or 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.  The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a written
        notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent.  The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document
        unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all or other Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any
        and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.  The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and
        the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all or other Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the
        Lenders and all future holders of the Loans.

    SECTION 8.05. Notice
            of Default.  The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received written notice from a Lender, Holdings or the
        Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default.” In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt
        notice thereof to the Lenders.  The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all or other Lenders);
        provided, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event
        of Default as it shall deem advisable in the best interests of the Lenders.

    SECTION 8.06. Non-Reliance
            on Agents and Other Lenders.  Each Lender expressly acknowledges that neither the Agents nor any of their respective officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or warranties
        to it and that no act by any Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender.  Each Lender
        represents to the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business,
        operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement.  Each Lender also represents that it will,
        independently and without reliance upon any Agent 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 analysis, appraisals and decisions in taking or not taking
        action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and
        their affiliates.  Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender
        with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of the
        Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates.

    
      
        

    

    SECTION 8.07. Indemnification. 
        The Lenders agree to indemnify each Agent in its capacity as such (to the extent not reimbursed by Holdings or the Borrower and without limiting the obligation of Holdings or the Borrower to do so), in the amount of its pro rata share (based on its outstanding Loans), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
        expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent in any way relating to or arising out of the Commitments, this
        Agreement, any of the other Loan Documents (including, without limitation, the Second Priority Intercreditor Agreement, the Senior Fixed Collateral Intercreditor Agreement and the Senior Lender Intercreditor Agreement) or any documents contemplated
        by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent under or in connection with any of the foregoing; provided, that no Lender shall be liable for the payment of any
        portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such
        Agent’s gross negligence or willful misconduct.  The failure of any Lender to reimburse any Agent, promptly upon demand for its ratable share of any amount required to be paid by the Lenders to such Agent as provided herein shall not relieve any
        other Lender of its obligation hereunder to reimburse such Agent for its ratable share of such amount, but no Lender shall be responsible for the failure of any other Lender to reimburse such Agent for such other Lender’s ratable share of such
        amount.  The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder.

    SECTION 8.08. Agent
            in Its Individual Capacity.  Each Agent and its affiliates may make loans to, accept deposits from, and generally engage in any kind of business with any Loan Party as though such Agent were not an Agent.  With respect to its Loans
        made or renewed by it, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include
        each Agent in its individual capacity.

    SECTION 8.09. Successor
            Administrative Agent.  The Administrative Agent may resign as Administrative Agent upon 10 days’ notice to the Lenders and the Borrower.  If the Administrative Agent shall resign as Administrative Agent under this Agreement and the
        other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under Section 7.01(b), (c), (h) or (i) shall have occurred and be
        continuing) be subject to approval by the Borrower (which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term
        “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or
        deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans.  If no successor agent has accepted appointment as Administrative Agent by the date that is 10 days following a retiring
        Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the retiring Administrative Agent shall, on behalf of the Lenders, appoint a successor agent which
        shall (unless an Event of Default under Section 7.01(b), (c), (h) or (i) shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably withheld or delayed).  After any retiring
        Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 8.09 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the other
        Loan Documents.

    
      
        

    

    SECTION 8.10. Agents
            and Arrangers.  None of the Joint Lead Arrangers, the Joint Additional Arrangers or the Co-Arrangers shall have any duties or responsibilities hereunder in its capacity as such.

    SECTION 8.11. Certain
            ERISA Matters.

    (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto
        to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and
        will be true:

    
      	
              (i)

            	
              such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or
                  otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement,

            

    

    
      	
              (ii)

            	
              the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption
                  for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain
                  transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by
                  in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

            

    

    
      	
              (iii)

            	
              (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager”
                  (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the
                  Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g)
                  of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance
                  of the Loans, the Letters of Credit, the Commitments and this Agreement, or

            

    

    
      	
              (iv)

            	
              such other representation, warranty and covenant as may be agreed in writing between the
                  Administrative Agent, in its sole discretion, and such Lender.

            

    

    (b) In addition, unless either (1) sub-clause (i) in the immediately preceding paragraph is true with respect to a Lender or (2) a Lender has provided another representation,
        warranty and covenant in accordance with sub-clause (iv) in the immediately preceding paragraph, such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such
        Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that
        the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this
        Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).To the extent the Administrative Agent (or any
        sub-agent thereof) or any Related Party of any of the foregoing is not reimbursed and indemnified by the Borrower, the Lenders severally agree to reimburse and indemnify the Administrative Agent (or any such sub-agent) or such Related Party, as the
        case may be, in proportion to their respective “pro rata shares” (determined as set forth below) for and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, costs, expenses or disbursements of
        whatsoever kind or nature which may be imposed on, asserted against or incurred by the Administrative Agent (or such sub-agent) or such Related Party in performing its duties hereunder or under any other Loan Document or in any way relating to or
        arising out of this Agreement or any other Loan Document; provided, that no Lender shall be liable for any portion of such liabilities, obligations, losses,
        damages, penalties, claims, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s or such Related Party’s, as applicable, gross negligence or willful misconduct (as determined by a court of competent
        jurisdiction in a final and non-appealable decision).  For purposes of this paragraph, a Lender’s “pro rata share” shall be determined based upon its share of the sum of, without duplication, outstanding Loans, in each case, at the time (or most
        recently outstanding and in effect).

    
      
        

    

    ARTICLE IX

        

        

        Miscellaneous

    SECTION 9.01. Notices;
            Communications.

    (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in Section 9.01(b) below), all notices and other
        communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and all notices and other communications expressly
        permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

    
      	
              (i)

            	
              if to any Loan Party or to the Administrative Agent, to the address, telecopier number,
                  electronic mail address or telephone number specified for such person on Schedule 9.01; and

            

    

    
      	
              (ii)

            	
              if to any other Lender, to the address, telecopier number, electronic mail address or
                  telephone number specified in its Administrative Questionnaire.

            

    

    (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant
        to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such
        Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.  The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other
        communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited
        to particular notices or communications.

    (c) 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 telecopier shall
        be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient).  Notices delivered through
        electronic communications to the extent provided in Section 9.01(b) above shall be effective as provided in such Section 9.01(b).

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

    (e) Documents required to be delivered pursuant to Section 5.04 (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered
        electronically (including as set forth in Section 9.17) and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at
        the website address listed on Schedule 9.01, or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any,
        to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided,
        that (A) the Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender that requests the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the
        Administrative Agent or such Lender, and (B) the Borrower shall notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail
        electronic versions (i.e., soft copies) of such documents.  Notwithstanding anything contained herein, in every instance the Borrower shall be required to
        provide paper copies of the certificates required by Section 5.04(c) to the Administrative Agent.  Except for such certificates required by Section 5.04(c), the Administrative Agent shall have no obligation to request the delivery or to maintain
        copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or
        maintaining its copies of such documents.

    
      
        

    

    SECTION 9.02. Survival
            of Agreement.  All covenants, agreements, representations and warranties made by the Loan Parties herein, in the other Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant
        to this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders and shall survive the making by the Lenders of the Loans and the execution and delivery of the Loan Documents, regardless of any investigation
        made by such persons or on their behalf, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement or any other Loan Document is
        outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not been terminated.  Without prejudice to the survival of any other agreements contained herein, indemnification and reimbursement obligations
        contained herein (including pursuant to Sections 2.15, 2.17 and 9.05) shall survive the payment in full of the principal and interest hereunder, and the termination of the Commitments or this Agreement.

    SECTION 9.03. Binding
            Effect.  This Agreement shall become effective when it shall have been executed by Holdings, the Borrower and the Administrative Agent and when the Administrative Agent shall have been notified by each Lender (or otherwise received
        evidence satisfactory to the Administrative Agent) that such Lender has executed it and thereafter shall be binding upon and inure to the benefit of Holdings, the Borrower, the Administrative Agent and each Lender and their respective permitted
        successors and assigns.

    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 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 9.04.  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 9.04), and, to the extent expressly contemplated hereby, the Related Parties of each of the Agents and
        the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement or the other Loan Documents.

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

    
      	
              (A)

            	
              the Borrower; provided,
                  that no consent of the Borrower shall be required for an assignment to a Lender, an affiliate of a Lender, an Approved Fund (as defined below) or, if an Event of Default under Sections 7.01(b), (c), (h) or (i) has occurred and is
                  continuing, any other person; and

            

    

    

    
      
        
          	
                  (B)

                	
                  the Administrative Agent; provided, that no consent of the Administrative Agent shall be required for an assignment of all or any portion of a Term Loan 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 Commitments or Loans under any Facility, the amount of the Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the date
                  the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than, with respect to the Initial Euro Term Loans, €1.0 million and, with respect to the Initial Sterling Term
                  Loans, £1.0 million, unless each of the Borrower and the Administrative Agent otherwise consent; provided, that (1) no such consent of the
                  Borrower shall be required if an Event of Default under Sections 7.01(b), (c), (h) or (i) has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its Affiliates or Approved Funds (with
                  simultaneous assignments to or by two or more Related Funds shall be treated as one assignment), if any;

            

    

    
      
        
          
            

        

        
          	
                  (B)

                	
                  the parties to each assignment shall execute and deliver to the Administrative
                      Agent an Assignment and Acceptance via an electronic settlement system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and shall pay to the Administrative Agent a processing
                      and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Administrative Agent);

                

        

         

          

      

    

    
      	
              (C)

            	
              the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an
                  Administrative Questionnaire and all applicable tax forms; and

            

    

    
      	
              (D)

            	
              the Assignee shall not be the Borrower or any of the Borrower’s Affiliates or Subsidiaries.

            

    

    Notwithstanding anything herein (including in clause (A) above) or in any other Loan Document to the contrary, no Lender
        shall affect any assignment with respect to the Initial Term Facilities or the Backstop Facilities during the Certain Funds Period (other than an assignment to Goldman Sachs International Bank, Goldman Sachs Lending Partners, Wells Fargo Securities
        International Limited, Wells Fargo Securities, LLC or to those banks, financial institutions or other institutional lenders that have been agreed by the Borrower and the Joint Lead Arrangers prior to the Effective Date) without the Borrower’s prior
        written consent in the Borrower’s sole discretion.

    For the purposes of this Section 9.04, “Approved Fund” means any person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course 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.  Notwithstanding the foregoing, no Lender shall be permitted to assign or transfer any portion of its
        rights and obligations under this Agreement to an Ineligible Institution without the prior written consent of the Borrower.

    (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(v) below, from and after the effective date specified in each Assignment and Acceptance the Assignee
        thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the
        interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such
        Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.05).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this
        Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section 9.04.

    (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Acceptance delivered to it and
        a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount 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 its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an Assignee, the Assignee’s completed Administrative Questionnaire (unless the
        Assignee shall already be a Lender hereunder), all applicable tax forms, the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the
        Administrative Agent shall promptly accept such Assignment and Acceptance and record the information contained therein in the Register.  No assignment, whether or not evidenced by a promissory note, shall be effective for purposes of this Agreement
        unless it has been recorded in the Register as provided in this paragraph (b)(v).

    
      
        

    

    (c)   Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments 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 pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver
        of any provision of this Agreement and the other Loan Documents; provided, that (x) such agreement may provide that such Lender will not, without the
        consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby pursuant to Section 9.04(a)(i) or clauses (i), (ii), (iii), (iv), (v) or (vi) of the first proviso to
        Section 9.08(b) and (2) directly affects such Participant and (y) no other agreement with respect to amendment, modification or waiver may exist between such Lender and such Participant.  Subject to paragraph (c)(ii) of this Section 9.04, the
        Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 9.04.  To the
        extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.06 as though it were a Lender, provided such Participant shall
        be subject to Section 2.18(c) as though it were a Lender.

    (i) A Participant shall not be entitled to receive any greater payment under Section 2.15, 2.16 or 2.17 than the applicable Lender would have been entitled to receive with respect
        to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent.  A Participant shall not be entitled to the benefits of Section 2.17 to the extent such
        Participant fails to comply with Section 2.17(e) and (f) as though it were a Lender.

    (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, and this Section 9.04 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 obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto.

    (e) The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of the type described in
        paragraph (d) above.

    (f) Notwithstanding the foregoing, any Conduit Lender may assign any or all of the Loans it may have funded hereunder to its designating Lender without the consent of the Borrower
        or the Administrative Agent.  Each of Holdings, the Borrower, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other person in instituting against a Conduit Lender any
        bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender;
        provided, however, that each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto and each Loan
        Party for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period of forbearance.

    (g) If the Borrower wishes to replace the Loans or Commitments under any Facility with ones having different terms, it shall have the option, with the consent of the Administrative
        Agent and subject to at least three Business Days’ advance notice to the Lenders under such Facility, instead of prepaying the Loans or reducing or terminating the Commitments to be replaced, to (i) require the Lenders under such Facility to assign
        such Loans or Commitments to the Administrative Agent or its designees and (ii) amend the terms thereof in accordance with Section 9.08 (with such replacement, if applicable, being deemed to have been made pursuant to Section 9.08(d)).  Pursuant to
        any such assignment, all Loans and Commitments to be replaced shall be purchased at par (allocated among the Lenders under such Facility in the same manner as would be required if such Loans were being optionally prepaid or such Commitments were
        being optionally reduced or terminated by the Borrower), accompanied by payment of any accrued interest and fees thereon and any other amounts owing pursuant to Section 9.05(b).  By receiving such purchase price, the Lenders under such Facility
        shall automatically be deemed to have assigned the Loans or Commitments under such Facility pursuant to the terms of the form of Assignment and Acceptance attached hereto as Exhibit A, and accordingly no other action by such Lenders shall be required in connection therewith.  The provisions of this paragraph (g) are intended to facilitate the maintenance of the perfection and priority of
        existing security interests in the Collateral during any such replacement.

    
      
        

    

    (h) Notwithstanding the foregoing, no assignment may be made to an Ineligible Institution without the prior written consent of the Borrower.

    SECTION 9.05. Expenses;
            Indemnity.

    (a) The Borrower agrees to pay (i) all reasonable out-of-pocket expenses (including Other Taxes) incurred by the Administrative Agent in connection with the preparation of this
        Agreement and the other Loan Documents, or by the Administrative Agent in connection with the syndication of the Commitments or the administration of this Agreement (including expenses incurred in connection with due diligence and initial and
        ongoing Collateral examination to the extent incurred with the reasonable prior approval of the Borrower and the reasonable fees, disbursements and charges for no more than one counsel in each jurisdiction where Collateral is located) or in
        connection with the administration of this Agreement and any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the Transactions hereby contemplated shall be consummated), including the reasonable fees, charges
        and disbursements of Cahill Gordon & Reindel LLP, counsel for the Administrative Agent, the Joint Lead Arrangers, the Joint Additional Arrangers and the Co-Arrangers and Allen & Overy LLP, special U.K. counsel for the Administrative Agent,
        the Joint Lead Arrangers, the Joint Additional Arrangers and the Co-Arrangers and, if necessary, the reasonable fees, charges and disbursements of one local counsel per jurisdiction, and (ii) all out-of-pocket expenses (including Other Taxes)
        incurred by the Administrative Agent or any Lender in connection with the enforcement or protection of their rights in connection with this Agreement and the other Loan Documents, in connection with the Loans made hereunder, including the fees,
        charges and disbursements of counsel for the Administrative Agent (including any special and local counsel).

    (b) The Borrower agrees to indemnify the Administrative Agent, the Agents, the Joint Lead Arrangers, Joint Lead Arrangers, the Joint Additional Arrangers and the Co-Arrangers, each
        Lender, each of their respective Affiliates and each of their respective directors, trustees, officers, employees, agents, trustees and advisors (each such person being called an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees, charges and disbursements (except the allocated costs
        of in-house counsel), incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or delivery of this Agreement or any other Loan Document (including, without limitation, the Second
        Priority Intercreditor Agreement, the Senior Fixed Collateral Intercreditor Agreement and the Senior Lender Intercreditor Agreement) or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto and thereto of
        their respective obligations thereunder or the consummation of the Transactions and the other transactions contemplated hereby, (ii) the use of the proceeds of the Loans, or (iii) any claim, litigation, investigation or proceeding relating to any
        of the foregoing, whether or not any Indemnitee is a party thereto and regardless of whether such matter is initiated by a third party or by Holdings, the Borrower or any of their subsidiaries or Affiliates; provided, that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a final,
        non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee (for purposes of this proviso only, each of the Administrative Agent, the Joint Lead Arrangers, the
        Joint Additional Arrangers, the Co-Arrangers or any Lender shall be treated as several and separate Indemnitees, but each of them together with its respective Related Parties, shall be treated as a single Indemnitee).  Subject to and without
        limiting the generality of the foregoing sentence, the Borrower agrees to indemnify each Indemnitee against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel
        or consultant fees, charges and disbursements (limited to not more than one counsel, plus, if necessary, one local counsel per jurisdiction) (except the
        allocated costs of in-house counsel), incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (A) any claim related in any way to Environmental Laws and Holdings, the Borrower or any of their
        Subsidiaries, or (B) any actual or alleged presence, Release or threatened Release of Hazardous Materials at, under, on or from any Real Property; provided,
        that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have
        resulted from the gross negligence or willful misconduct of such Indemnitee or any of its Related Parties.  None of the Indemnitees (or any of their respective affiliates) shall be responsible or liable to the Funds, Holdings, the Borrower or any
        of their respective subsidiaries, Affiliates or stockholders or any other person or entity for any special, indirect, consequential or punitive damages, which may be alleged as a result of the Facilities or the Transactions.  The provisions of this
        Section 9.05 shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or
        unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent or any Lender.  All amounts due under this Section 9.05 shall be payable on written demand
        therefor accompanied by reasonable documentation with respect to any reimbursement, indemnification or other amount requested.

    
      
        

    

    (c) Except as expressly provided in Section 9.05(a) with respect to Other Taxes, which shall not be duplicative with any amounts paid pursuant to Section 2.17, this Section 9.05
        shall not apply to Taxes.

    (d) To the fullest extent permitted by applicable law, Holdings and the Borrower shall not assert, and hereby waive, any claim against any Indemnitee, on any theory of liability,
        for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the
        transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof.  No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials
        distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

    (e) The agreements in this Section 9.05 shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination of the Commitments and the
        repayment, satisfaction or discharge of all the other Obligations and the termination of this Agreement.

    SECTION 9.06. Right
            of Set-off.  If an Event of Default shall have occurred and be continuing, subject to Section 4.03, each Lender 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) at any time held and other indebtedness at any time owing by such Lender to or for the credit or the account of Holdings, the Borrower or any Subsidiary against any of and
        all the obligations of Holdings or the Borrower now or hereafter existing under this Agreement or any other Loan Document held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or such other
        Loan Document and although the obligations may be unmatured.  The rights of each Lender under this Section 9.06 are in addition to other rights and remedies (including other rights of set-off) that such Lender may have.

    SECTION 9.07. Applicable
            Law.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN LETTERS OF CREDIT AND AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

    SECTION 9.08. Waivers;
            Amendment.

    (a) No failure or delay of the Administrative Agent or any Lender in exercising any right or power hereunder or under any 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 any
        other Loan Document or consent to any departure by Holdings, the Borrower or any other Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be
        effective only in the specific instance and for the purpose for which given.  No notice or demand on Holdings, the Borrower or any other Loan Party in any case shall entitle such person to any other or further notice or demand in similar or other
        circumstances.

    
      
        

    

    (b) Neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except (x) as provided in Section 2.21, (y) in the case
        of this Agreement, pursuant to an agreement or agreements in writing entered into by Holdings, the Borrower and the Required Lenders, and (z) in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by
        each party thereto and the Administrative Agent (or, in the case of any Security Documents, the Collateral Agent if so provided therein) and consented to by the Required Lenders; provided, however, that no such agreement shall

    
      	
              (i)

            	
              decrease or forgive the principal amount of, or extend the final maturity of, or decrease the
                  rate of interest on, any Loan without the prior written consent of each Lender directly affected thereby,

            

    

    
      	
              (ii)

            	
              increase or extend the Commitment of any Lender or decrease any fees of any Lender without the
                  prior written consent of such Lender (it being understood that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default or of a mandatory reduction in the aggregate Commitments shall not constitute an
                  increase of the Commitments of any Lender),

            

    

    
      	
              (iii)

            	
              extend or waive any Term Loan Installment Date or reduce the amount due on any Term Loan
                  Installment Date or extend any date on which payment of interest on any Loan or any fees is due, without the prior written consent of each Lender adversely affected thereby,

            

    

    
      	
              (iv)

            	
              amend the provisions of Section 5.02 of the Collateral Agreement in a manner that would by its
                  terms alter the pro rata sharing of payments required thereby, without the prior written consent of each Lender adversely affected
                  thereby,

            

    

    
      	
              (v)

            	
              amend or modify the provisions of this Section 9.08 or 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 prior written consent of
                  each Lender adversely affected thereby (it being understood that, with the consent of the Required Lenders, additional extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders on
                  substantially the same basis as the Loans and Commitments are included on the Closing Date),

            

    

    
      	
              (vi)

            	
              release all or substantially all the Collateral or release any of Holdings, the Borrower or
                  all or substantially all of the Subsidiary Loan Parties from their respective Guarantees under the Collateral Agreement, unless, in the case of a Subsidiary Loan Party, all or substantially all the Equity Interests of such Subsidiary Loan
                  Party is sold or otherwise disposed of in a transaction permitted by this Agreement, without the prior written consent of each Lender;

            

    

    
      	
              (vii)

            	
              effect any waiver, amendment or modification that by its terms adversely affects the rights in
                  respect of payments or collateral of Lenders participating in any Facility differently from those of Lender participating in another Facility, without the consent of the majority-in-interest of the Lenders participating in the adversely
                  affected Facility (it being agreed that the Required Lenders may waive, in whole or in part, any prepayment or Commitment reduction required by Section 2.11 so long as the application of any prepayment or Commitment reduction still
                  required to be made is not changed);

            

    

    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 acting as such at the effective date of such agreement, as applicable.  Each Lender shall be bound by any waiver, amendment or modification authorized by this Section 9.08 and any consent by any Lender pursuant
        to this Section 9.08 shall bind any assignee of such Lender.

    (c) Without the consent of any Joint Lead Arranger, Joint Additional Arranger, Co-Arranger or Lender, the Loan Parties and the Administrative Agent may (in their respective sole
        discretion, or shall, to the extent required by any Loan Document) enter into any amendment, modification or waiver of any Loan Document, or enter into any new agreement or instrument, to effect the granting, perfection, protection, expansion or
        enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, or as required by local law to give effect to, or protect any security interest for the benefit of the
        Secured Parties, in any property or so that the security interests therein comply with applicable law.

    
      
        

    

    (d) Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent, Holdings and
        the Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits
        of this Agreement and the other Loan Documents with the Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders.

    (e) Notwithstanding the foregoing, (i) this Agreement and the other Loan Documents may be amended (or amended and restated) with written consent of the Administrative Agent and the
        Borrower in order to make modification contemplated by the terms of the Fee Letters and (ii) technical and conforming modifications to the Loan Documents may be made with the consent of the Borrower and the Administrative Agent to the extent
        necessary to integrate any Incremental Term Loan Commitments on substantially the same basis as the Loans.

    SECTION 9.09. Interest
            Rate Limitation.  Notwithstanding anything herein to the contrary, if at any time the applicable interest rate, together with all fees and charges that are treated as interest under applicable law (collectively, the “Charges”), as
        provided for herein or in any other document executed in connection herewith, or otherwise contracted for, charged, received, taken or reserved by any Lender, shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for,
        charged, taken, received or reserved by such Lender in accordance with applicable law, the rate of interest payable hereunder, together with all Charges payable to such Lender, shall be limited to the Maximum Rate; provided, that such excess amount
        shall be paid to such Lender on subsequent payment dates to the extent not exceeding the legal limitation.

    SECTION 9.10. Entire
            Agreement.  This Agreement, the other Loan Documents and the agreements regarding certain fees referred to herein constitute the entire contract between the parties relative to the subject matter hereof.  Any previous agreement among
        or representations from the parties or their Affiliates with respect to the subject matter hereof is superseded by this Agreement and the other Loan Documents.  Notwithstanding the foregoing, the Fee Letters shall survive the execution and delivery
        of this Agreement and remain in full force and effect.  Nothing in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer upon any party other than the parties hereto and thereto any rights, remedies, obligations
        or liabilities under or by reason of this Agreement or the other Loan Documents, except as set forth under Section 9.05(b).

    SECTION 9.11. 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 RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
        WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS.  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
        LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
        CERTIFICATIONS IN THIS SECTION 9.11.

    
      
        

    

    SECTION 9.12. Severability. 
        In the event any one or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
        contained herein and therein shall not in any way be affected or impaired thereby.  The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which
        comes as close as possible to that of the invalid, illegal or unenforceable provisions.

    SECTION 9.13. Counterparts. 
        This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute but one contract, and shall become effective as provided in Section 9.03.  Delivery of an
        executed counterpart to this Agreement by facsimile transmission (or other electronic transmission pursuant to procedures approved by the Administrative Agent) shall be as effective as delivery of a manually signed original.

    SECTION 9.14. 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 are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

    SECTION 9.15. Jurisdiction;
            Consent to Service of Process.

    (a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or federal
        court of the United States of America sitting in New York City, and any appellate court from any thereof (collectively, “New York Courts”), in any action or
        proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any
        such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive
        and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement shall affect any right that any party may otherwise have to bring any action or proceeding relating to this
        Agreement or any of the other Loan Documents in the courts of any jurisdiction, except that each of the Loan Parties agrees that (a) it will not bring any such action or proceeding in any court other than New York Courts (it being acknowledged and
        agreed by the parties hereto that any other forum would be inconvenient and inappropriate in view of the fact that more of the Lenders who would be affected by any such action or proceeding have contacts with the State of New York than any other
        jurisdiction), and (b) in any such action or proceeding brought against any Loan Party in any other court, it will not assert any cross-claim, counterclaim or setoff, or seek any other affirmative relief, except to the extent that the failure to
        assert the same will preclude such Loan Party from asserting or seeking the same in the New York Courts.

    (b) Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter
        have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any New York State or federal court.  Each of the parties hereto hereby irrevocably waives, to the fullest
        extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

    SECTION 9.16. Confidentiality. 
        Each of the Lenders and each of the Agents agrees that it shall maintain in confidence any information relating to Holdings, the Borrower and any Subsidiary furnished to it by or on behalf of Holdings, the Borrower or any Subsidiary (other than
        information that (a) has become generally available to the public other than as a result of a disclosure by such party, (b) has been independently developed by such Lender or such Agent without violating this Section 9.16 or (c) was available to
        such Lender or such Agent from a third party having, to such person’s knowledge, no obligations of confidentiality to Holdings, the Borrower or any other Loan Party) and shall not reveal the same other than to its directors, trustees, officers,
        employees and advisors with a need to know or to any person that approves or administers the Loans on behalf of such Lender (so long as each such person shall have been instructed to keep the same confidential in accordance with this Section 9.16),
        except:  (A) to the extent necessary to comply with law or any legal process or the requirements of any Governmental Authority, the National Association of Insurance Commissioners or of any securities exchange on which securities of the disclosing
        party or any Affiliate of the disclosing party are listed or traded, (B) as part of normal reporting or review procedures to, or examinations by, Governmental Authorities or self-regulatory authorities, including the National Association of
        Insurance Commissioners or the Financial Industry Regulatory Authority, (C) to its parent companies, Affiliates or auditors (so long as each such person shall have been instructed to keep the same confidential in accordance with this Section 9.16),
        (D) in order to enforce its rights under any Loan Document in a legal proceeding, (E) to any pledge under Section 9.04(d) or any other prospective assignee of, or prospective Participant in, any of its rights under this Agreement (so long as such
        person shall have been instructed to keep the same confidential in accordance with this Section 9.16) and (F) to any direct or indirect contractual counterparty in Swap Agreements or such contractual counterparty’s professional advisor (so long as
        such contractual counterparty or professional advisor to such contractual counterparty agrees to be bound by the provisions of this Section 9.16).

    
      
        

    

    The Borrower, in respect of the Agents and the Lenders, and the Agents and the Lenders, in respect of
        the Borrower, the Target and their respective Subsidiaries and other Affiliates, may not issue any press release or make any public announcement which references the other relevant party in the context of the Acquisition except with the applicable
        party’s prior written consent, such consent not to be unreasonably withheld or delayed and not to be required in the case of references required by the Takeover Rules or applicable laws or regulations in relation to the Acquisition or the rules of
        any securities exchange or regulatory authority (but the parties shall use all reasonable endeavors to consult with each other prior to making any such press release or public announcement).

    SECTION 9.17. Platform;
            Borrower Materials.  The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Joint Lead Arrangers, the Joint Additional Arrangers and the Co-Arrangers will make available to the Lenders materials and/or
        information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”), and (b) certain of the Lenders may be
        “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrower or its securities) (each, a “Public Lender”).  The Borrower hereby agrees that it will use commercially reasonable efforts
        to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (i) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC”
        shall appear prominently on the first page thereof, (ii) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Joint Lead Arrangers the Joint Additional Arrangers, the Co-Arrangers and
        the Lenders to treat such Borrower Materials as either publicly available information or not material information (although it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States Federal
        and state securities laws, (iii) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor;” and (iv) the Administrative Agent, the Joint Lead Arrangers the Joint
        Additional Arrangers and the Co-Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.”

    SECTION 9.18. Release
            of Liens and Guarantees.  In the event that any Loan Party conveys, sells, leases, assigns, transfers or otherwise disposes of all or any portion of any of the Equity Interests or assets of any Subsidiary Loan Party to a person that
        is not (and is not required to become) a Loan Party in a transaction not prohibited by Section 6.05, the Collateral Agent shall promptly (and the Lenders hereby authorize the Collateral Agent to) take such action and execute any such documents as
        may be reasonably requested by Holdings or the Borrower and at the Borrower’s expense to release any Liens created by any Loan Document in respect of such Equity Interests or assets, and, in the case of a disposition of the Equity Interests of any
        Subsidiary Loan Party in a transaction permitted by Section 6.05 and as a result of which such Subsidiary Loan Party would cease to be a Subsidiary, terminate such Subsidiary Loan Party’s obligations under its Guarantee.  In addition, the
        Collateral Agent agrees to take such actions as are reasonably requested by Holdings or the Borrower and at the Borrower’s expense to terminate the Liens and security interests created by the Loan Documents when all the Obligations (other than
        contingent indemnification Obligations) are paid in full and all Commitments are terminated.  Any representation, warranty or covenant contained in any Loan Document relating to any such Equity Interests, asset or subsidiary of Holdings shall no
        longer be deemed to be made once such Equity Interests or asset is so conveyed, sold, leased, assigned, transferred or disposed of.

    SECTION 9.19. PATRIOT
            Act Notice.  Each Lender that is subject to the PATRIOT Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA
        PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “PATRIOT Act”), it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan
        Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the PATRIOT Act.

    
      
        

    

    SECTION 9.20. Intercreditor
            Agreements and Collateral Agreement.  Each Lender hereunder (a) consents to the priority and/or subordination of Liens provided for in the Second Priority Intercreditor Agreement, (b) consents to the priority and/or subordination of
        Liens provided for in the Senior Lender Intercreditor Agreement, (c) consents to the priority and/or subordination of Liens provided for in the Senior Fixed Collateral Intercreditor Agreement, (d) agrees that it will be bound by and will take no
        actions contrary to the provisions of the Second Priority Intercreditor Agreement, the Senior Lender Intercreditor Agreement or the Senior Fixed Collateral Intercreditor Agreement, (e) authorizes and instructs the Collateral Agent to enter into the
        Term Loan Joinder to Second Priority Intercreditor Agreement on behalf of itself and such Lender, (f) authorizes and instructs the Administrative Agent and the Collateral Agent to enter into the Term Loan Joinder to Senior Lender Intercreditor
        Agreement on behalf of itself and such Lender, (g) authorizes and instructs the Administrative Agent and the Collateral Agent to enter into the Term Loan Joinder to Senior Fixed Collateral Intercreditor Agreement and (h) consents to entering into
        the First Lien Guarantee and Collateral Agreement in the form of Exhibit E herein.  The foregoing provisions are intended as an inducement to the Lenders to extend credit and such Lenders are intended third party beneficiaries of such provisions
        and the provisions of the Second Priority Intercreditor Agreement, the Senior Lender Intercreditor Agreement and the Senior Fixed Collateral Intercreditor Agreement.

    SECTION 9.21. Acknowledgement
            and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other
        agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the
        write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

    
      	
              (a)

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

            

    

    
      	
              (b)

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

            

    

    
      	
              (i)

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

            

    

    
      	
              (ii)

            	
              a conversion of all, or a portion of, such liability into shares or other instruments of
                  ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be 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.

            

    

    [SIGNATURE PAGES FOLLOW]

    
      
        

    

    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 written above.

    BERRY GLOBAL GROUP, INC.

    By: /s/ Jason K. Greene

         Name: Jason K. Greene

         Title: Executive Vice President

    BERRY GLOBAL, INC.

    By: /s/ Jason K. Greene

         Name: Jason K. Greene

         Title: Executive Vice President

    
      
        

    

    

    

    GOLDMAN
          SACHS BANK USA,

        as Administrative Agent, Collateral Agent and as a Lender

    By: /s/ Robert Ehudin

         Name: Robert Ehudin

         Title: Authorized Signatory

    
      
        

    

    GOLDMAN SACHS LENDING PARTNERS LLC,

    as a Lender

    By: /s/ Robert Ehudin

         Name: Robert Ehudin

         Title: Authorized Signatory

    
      
        

    

    WELLS
          FARGO BANK, NATIONAL ASSOCIATION,

        as a Lender

    By: /s/ Kay Reedy

         Name: Kay Reedy

         Title: Managing Director

    

    

    

    

    

    

    WELLS
          FARGO SECURITIES, LLC,

        

    

    By: /s/ Todd B. Schanzlin

         Name: Todd B. Schanzlin

         Title: Managing Director

    
      
        

    

    JPMORGAN

          CHASE BANK, N.A.,

        as a Lender

    By: /s/ Sabir A. Hashmy

    Name: Sabir A. Hashmy

         Title: Managing Director

    
      
        

    

    MORGAN
          STANLEY BANK, N.A.,

        as a Lender

    By: /s/ Robbie Pearson

    Name: Robbie Pearson

         Title: Authorized Signatory

    
      
        

    

    ROYAL
          BANK OF CANADA,

        as a Lender

    By: /s/ Sinan Tarlan

    Name: Sinan Tarlan

         Title: Authorized Signatory

    
      
        

    

    BARCLAYS

          BANK PLC,

        as a Lender

    By: /s/ Brad Aston

    Name: Brad Aston

         Title: Managing Director

    
      
        

    

    DEUTSCHE

          BANK AG NEW YORK BRANCH,

        as a Lender

    By: /s/ Edwin E. Roland

    Name: Edwin E. Roland

         Title: Managing Director

    By: /s/ Joseph Pandolfo

    Name: Joseph Pandolfo

         Title: Director

    
      
        

    

    UBS AG,
          STAMFORD BRANCH,

        as a Lender

    By: /s/ Houssem Daly

    Name: Houssem Daly

         Title: Associate Director

    Banking Products Services, US

    By: /s/ Darlene Arias

    Name: Darlene Arias

         Title: Director

    
      
        

    

    U.S.
          BANK NATIONAL ASSOCIATION,

        as a Lender

    By: /s/ Neil Brisson

    Name: Neil Brisson

         Title: Managing Director

    
      
        

    

    

    

    BANK OF
          MONTREAL,

        as a Lender

    By: /s/ Tyler Craig

    Name: Tyler Craig

         Title: Managing DirectorExhibit 10.1

 

 

 

TERM LOAN AGREEMENT

 

Dated as of April 26, 2019

 

between

 

ARC NYC570SEVENTH, LLC, 

as Borrower,

 

CAPITAL ONE, NATIONAL ASSOCIATION

as Administrative Agent, Sole Lead Arranger and Sole Bookrunner

 

and

 

the LENDERS party hereto

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	1.	DEFINITIONS; PRINCIPLES OF CONSTRUCTION	1
	 	1.1	Specific Definitions	1
	 	1.2	Principles of Construction	23
	2.	GENERAL LOAN TERMS	24
	 	2.1	The Loan	24
	 	2.2	Interest; Monthly Payments	24
	 	2.3	Loan Repayment	29
	 	2.4	LIBOR Elections	30
	 	2.5	Payments and Computations	30
	 	2.6	Swap Agreements	31
	 	2.7	Intentionally Omitted	33
	 	2.8	Intentionally Omitted	33
	 	2.9	Intentionally Omitted	33
	 	2.10	Sharing of Payments, Etc	33
	 	2.11	Yield Protection; Etc	34
	 	2.12	Inability to Determine Rates; Alternate Interest Rate Election Event.	36
	3.	CASH MANAGEMENT AND RESERVE ACCOUNTS	37
	 	3.1 	Cash Management Arrangements	37
	 	3.2	Intentionally Omitted	38
	 	3.3	Intentionally Omitted	38
	 	3.4	Intentionally Omitted	38
	 	3.5	Casualty/Condemnation Account	38
	 	3.6	Security Deposits	38
	 	3.7	Intentionally Omitted	38
	 	3.8	Grant of Security Interest; Application of Funds	39
	4.	REPRESENTATIONS AND WARRANTIES	39
	 	4.1	Organization; Special Purpose	39
	 	4.2	Proceedings; Enforceability	39
	 	4.3	No Conflicts	40
	 	4.4	Litigation	40

 

    	i

     

    

 

	 	4.5	KYC information	40
	 	4.6	Agreements	40
	 	4.7	Title	40
	 	4.8	No Bankruptcy Filing	41
	 	4.9	Full and Accurate Disclosure	41
	 	4.10	Tax Filings	41
	 	4.11	No Plan Assets	42
	 	4.12	Compliance	42
	 	4.13	Contracts	42
	 	4.14	Federal Reserve Regulations; Investment Company Act	42
	 	4.15	Easements; Utilities and Public Access	43
	 	4.16	Physical Condition	43
	 	4.17	Leases	43
	 	4.18	Fraudulent Transfer; Solvency	44
	 	4.19	Ownership of Borrower	44
	 	4.20	Purchase Options	44
	 	4.21	Management Agreement	44
	 	4.22	Environmental Representations	44
	 	4.23	Name; Principal Place of Business	44
	 	4.24	Other Debt	44
	 	4.25	Intentionally Omitted	44
	 	4.26	Own Behalf; For Own Account	45
	 	4.27	Sanctions; Anti-Terrorism Laws; Anti-Corruption Laws	45
	 	4.28	Condominium Documents	45
	5.	COVENANTS	45
	 	5.1	Existence	45
	 	5.2	Taxes and Other Charges	46
	 	5.3	Access to Property	46
	 	5.4	Repairs; Maintenance and Compliance; Alterations	46
	 	5.5	Performance of Other Agreements	47
	 	5.6	Cooperate in Legal Proceedings	48
	 	5.7	Further Assurances	48
	 	5.8	Environmental Matters	48

 

    	ii

     

    

 

	 	5.9	Title to the Property	48
	 	5.10	Leases	48
	 	5.11	Estoppel Statement	51
	 	5.12	Property Management	51
	 	5.13	Special Purpose Entity	53
	 	5.14	Change in Business or Operation of Property	54
	 	5.15	Debt Cancellation	54
	 	5.16	Affiliate Transactions	54
	 	5.17	Zoning	54
	 	5.18	No Joint Assessment	54
	 	5.19	Principal Place of Business	54
	 	5.20	Change of Name, Identity or Structure	54
	 	5.21	Indebtedness	55
	 	5.22	Licenses	55
	 	5.23	Compliance with Restrictive Covenants, Etc	55
	 	5.24	ERISA	55
	 	5.25	Prohibited Transfers	56
	 	5.26	Liens	57
	 	5.27	Dissolution	57
	 	5.28	Expenses	57
	 	5.29	Indemnity	58
	 	5.30	Compliance with Laws; PATRIOT Act	59
	 	5.31	Borrower Accounts	60
	 	5.32	Intentionally Omitted	60
	 	5.33	Financial Covenants	60
	 	5.34	Required Repairs	61
	 	5.35	Appraisals	61
	 	5.36	Condominium Rights and Obligations	61
	6.	NOTICES AND REPORTING	63
	 	6.1	Notices	63
	 	6.2	Borrower Notices and Deliveries	64
	 	6.3	Financial Reporting	64
	 	6.4	Platform	66

 

    	iii

     

    

 

	7.	INSURANCE; CASUALTY; AND CONDEMNATION	67
	 	7.1	Insurance	67
	 	7.2	Casualty	72
	 	7.3	Condemnation	73
	 	7.4	Application of Proceeds or Award	74
	8.	DEFAULTS	75
	 	8.1	Events of Default	75
	 	8.2	Remedies	77
	9.	INTENTIONALLY OMITTED	79
	10.	ADMINISTRATIVE AGENT	79
	 	10.1	Appointment, Powers and Immunities	79
	 	10.2	Reliance by Administrative Agent	81
	 	10.3	Defaults	81
	 	10.4	Rights as a Lender	87
	 	10.5	Standard of Care; Indemnification	88
	 	10.6	Non-Reliance on Administrative Agent and Other Lenders	89
	 	10.7	Failure to Act	89
	 	10.8	Resignation of Administrative Agent	90
	 	10.9	Consents Under Loan Documents	90
	 	10.10	Authorization	92
	 	10.11	Agency Fee	92
	 	10.12	Defaulting Lenders	93
	 	10.13	Liability of Administrative Agent	96
	 	10.14	Transfer of Agency Function	97
	 	10.15	Administrative Agent May File Proofs of Claim	97
	 	10.16	USA Patriot Act Notice; Compliance	97
	 	10.17	Several Obligations; No Liability, No Release	98
	 	10.18	No Reliance on Administrative Agent's Customer Identification Program	98
	 	10.19	Intentionally Omitted	98
	 	10.20	Arranger; Bookrunner	98
	 	10.21	Scope of Article X	99
	11.	MISCELLANEOUS	99
	 	11.1	Exculpation	99

 

    	iv

     

    

 

	 	11.2	Brokers and Financial Advisors	102
	 	11.3	Survival	102
	 	11.4	Administrative Agent’s Discretion	103
	 	11.5	Governing Law	103
	 	11.6	Modification, Waiver in Writing	104
	 	11.7	Trial by Jury	104
	 	11.8	Headings, Schedules and Exhibits	104
	 	11.9	Severability	105
	 	11.10	Preferences	105
	 	11.11	Waiver of Notice	105
	 	11.12	Remedies of Borrower	105
	 	11.13	Prior Agreements	105
	 	11.14	Offsets, Counterclaims and Defenses	106
	 	11.15	Publicity	106
	 	11.16	No Usury	106
	 	11.17	Conflict; Construction of Documents	107
	 	11.18	No Third Party Beneficiaries	107
	 	11.19	No Advisory or Fiduciary Responsibility	107
	 	11.20	Assignments and Participations	108
	 	11.21	Set-Off	114
	 	11.22	Counterparts	114
	 	11.23	Limitation on Liability of Administrative Agent’s and the Lenders’ Officers, Employees	114
	 	11.24	Cooperation with Syndication	115
	 	11.25	Severance of Loan	115
	 	11.26	Promotional Material	116

 

    	v

     

    

 

	Schedule 1	-	Leases
	Schedule 2	-	Exceptions to Representations and Warranties
	Schedule 3	-	Organization of Borrower
	Schedule 4	-	Definition of Special Purpose Entity
	Schedule 5	-	Required Repairs
	Schedule 6	-	Commitments and Proportionate Shares
	Schedule 7	-	Replacement Managers
	 	 	 
	Exhibit A	-	[Intentionally Omitted]
	Exhibit B	-	[Intentionally Omitted]
	Exhibit C	-	Form of Interest Period Election Notice
	Exhibit D	-	Form of Assignment and Assumption
	Exhibit E	-	Form of Assignment of Unit Owner’s Rights
	Exhibit F	-	Form of Voting Proxy
	Exhibit G	-	Form of Conditional Resignation of Board Member

 

    	vi

     

    

 

TERM
LOAN AGREEMENT

 

This TERM LOAN AGREEMENT
is dated as of the Effective Date (as hereinafter defined) (as the same may be modified, supplemented, amended or otherwise changed,
this “Agreement”) and is made by and between ARC NYC570SEVENTH, LLC, a Delaware limited liability
company (together with its permitted successors and assigns, “Borrower”), CAPITAL ONE, NATIONAL ASSOCIATION,
as administrative agent (together with its successors and assigns in such capacity and any replacement administrative agent appointed
pursuant hereto, “Administrative Agent”) and in its capacity as the sole lead arranger and sole bookrunner
(in such capacities, “Sole Lead Arranger” and “Sole Bookrunner,” respectively),
and the lenders party hereto (each, a “Lender”, collectively, the “Lenders”).

 

		1.	DEFINITIONS; PRINCIPLES OF CONSTRUCTION

 

1.1          Specific
Definitions. The following terms have the meanings set forth below:

 

9 Times Square
Building: the parcel of real property known as Nine Times Square, located at 570 Seventh Avenue, New York, New York, identified
as Block 1012, Lots 1101 and 1102, and the building located thereon, as more fully described in its respective Condominium Documents.

 

Acceptable Condominium
Policy: the meaning set forth in Section 7.1.1.

 

Additional Transfer:
the meaning set forth in Section 11.20.7.

 

Administrative
Agent: the meaning set forth in the Preamble.

 

Administrative
Questionnaire: an Administrative Questionnaire in a form supplied by Administrative Agent.

 

Advanced Amount:
the meaning set forth in Section 10.12.4.

 

Affiliate:
as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by or is under common Control
with such Person or is a director or officer of such Person or of an Affiliate of such Person.

 

Agency Fee:
the agency fee agreed to by Borrower and Administrative Agent pursuant to the Fee Letter.

 

Agent Parties:
the meaning set forth in Section 6.4.3.

 

Alternate Interest
Rate Election Notice: the meaning set forth in Section 2.12.2.

 

Alternate Rate:
an alternate benchmark interest rate to LIBOR that gives due consideration to the then prevailing market convention for determining
a rate of interest for commercial real estate loans in the United States at such time (which may include such credit adjustments
or other adjustments, in each case, to such rate as are present in the market for commercial real estate loans in the United States
at such time; plus the Interest Rate Spread.

 

    	1

     

    

 

Alternate Rate
Loan: Loans that bear interest at the Alternate Rate.

 

Annual Budget:
the meaning set forth in Section 6.3.5.

 

Anti-Corruption
Laws: all laws, rules, and regulations concerning or relating to bribery or corruption, including, without limitation,
the U.S. Foreign Corrupt Practices Act of 1977, as amended.

 

Anti-Terrorism
Laws: all laws related to terrorism or money laundering including, without limitation: (a) all applicable requirements
of the Currency and Foreign Transactions Reporting Act of 1970 (31 U.S.C. 5311 et. seq., (the Bank Secrecy Act)), as amended by
Title III of the Patriot Act, (b) the Trading with the Enemy Act, (c) Executive Order No. 13224 on Terrorist Financing, effective
September 24, 2001 (66 Fed. Reg. 49079), any other enabling legislation, executive order or regulations issued pursuant or relating
thereto and (d) other applicable federal or state laws relating to “know your customer” or anti-money laundering
rules and regulations.

 

Appraisal:
an appraisal of the Property, contracted by Administrative Agent and paid for by Borrower, prepared by an independent third-party
appraiser certified in the State in which the Property is located, which appraisal must comply in all respects with the standards
for real estate appraisal established pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act
of 1989, and must otherwise be in form and substance reasonably satisfactory to Administrative Agent.

 

Approved Annual
Budget: the meaning set forth in Section 6.3.5.

 

Approved Capital
Budget: the meaning set forth in Section 6.3.5.

 

Approved Capital
Expenses: Capital Expenses incurred by Borrower, which are either (i) included in the Approved Capital Budget for
the current calendar month or (ii) otherwise expressly approved in writing by Administrative Agent.

 

Approved Fund:
shall mean any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank 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, (c) an entity or an Affiliate of an entity that administers or manages a Lender, or (d) an Eligible Institution.

 

Approved Lease:
(i) the Leases set forth on the Rent Roll, (ii) that certain Lease, dated as of August 23, 2018, by and between Borrower, as landlord,
and Knotel 200 W 41st LLC, as tenant, (iii) that certain Lease, dated as of April 11, 2019, by and between Borrower, as landlord,
and Control Point Associates, Inc., as tenant, and (iv) any Lease entered into in accordance with the terms of this Agreement which
has been expressly approved in writing (or deemed approved) by Administrative Agent or which does not require the express written
approval of Administrative Agent pursuant to the terms hereof entered into after the date hereof (not including any amendments
or modifications thereto).

 

    	2

     

    

 

Approved Leasing
Expenses: actual out-of-pocket expenses incurred by Borrower and payable to third parties that are not Affiliates of Borrower
or Guarantor (unless such Affiliate has been previously expressly approved in writing by Administrative Agent) in connection with
leasing space at the Property pursuant to Approved Leases, including brokerage commissions and tenant improvements, which expenses
are (a) specifically approved in writing by Administrative Agent in connection with approving the applicable Approved Lease or
are otherwise expressly approved by Administrative Agent in writing (or deemed approved), and (b) are substantiated by executed
Lease documents and brokerage agreements entered into in accordance herewith (including without limitation the Leasing Agreements).

 

Approved Operating
Budget: the meaning set forth in Section 6.3.5.

 

Approved Operating
Expenses: the meaning set forth in the Cash Management Agreement.

 

Assignment and
Assumption: an Assignment and Assumption duly executed by the parties thereto, in substantially the form of Exhibit
D attached hereto.

 

Assignment of Leases
and Rents: the meaning set forth in the definition of Loan Documents.

 

Auto-debit Account:
the meaning set forth in Section 2.2.5, as may be updated by written notice to Administrative Agent.

 

Award:
the meaning set forth in Section 7.3.2.

 

Bankruptcy Proceeding:
the meaning set forth in Section 4.8.

 

Base Rate:
a fluctuating rate per annum equal to the Prime Rate plus the Interest Rate Spread.

 

Base Rate Loan:
Loans that bear interest at the Base Rate.

 

Basel Committee:
the Basel Committee on Banking Supervision and any successor or similar authority.

 

Basel III:
the global regulatory standards issued on January 13, 2011, by the Basel Committee and any requests, rules, regulations, guidelines,
interpretations or directions promulgated thereby or by any Governmental Authority in connection therewith.

 

Beneficial Ownership
Certification: a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

 

Beneficial
Ownership Regulation: 31 C.F.R. § 1010.230.

 

    	3

     

    

 

Bifurcation:
the meaning set forth in Section 11.25.1.

 

Borrower:
the meaning set forth in the Preamble. With respect to the definition of “Borrower”, except where the context otherwise
provides, in the event more than one Person is Borrower hereunder, (a) any representations contained herein of Borrower shall be
applicable to each Borrower, (b) any affirmative covenants contained herein shall be deemed to be covenants of each Borrower and
shall require performance by all Borrowers, (c) any negative covenants contained herein shall be deemed to be covenants of each
Borrower, and shall be breached if any Borrower fails to comply therewith, (d) the occurrence of any Event of Default with respect
to any Borrower shall be deemed to be an Event of Default hereunder, and (e) any indebtedness and/or obligations of Borrower shall
be deemed to include any indebtedness and/or obligations of Borrower, or any indebtedness and/or obligations of any one of them.
If Borrower consists of more than one Person, then the word “Borrower” shall mean all such Persons, collectively, and
their liabilities, obligations and responsibilities under the Loan Documents shall be joint and several.

 

Borrower-Related
Lender: the meaning set forth in Section 11.20.6.

 

Borrower’s
Recourse Liabilities: the meaning set forth in Section 11.1.

 

Business Day:
any day other than a Saturday, Sunday, or a public holiday or the equivalent for banks generally under the applicable federal law
and if no applicable federal law exists, then the applicable state law; provided, that whenever any payment (including but
not limited to the Monthly Payment Due Dates) or other obligation required under this Agreement or any other Loan Document shall
be due on a day that is not a Business Day, such payment may be made or shall be debited on the Business Day Adjustment Date.

 

Business Day Adjustment
Date: the next succeeding Business Day.

 

By-Laws:
the By-Laws of the Condominium annexed to the Declaration, as same may be amended from time to time in accordance with its terms.

 

Capital Expenses:
expenses that are capital in nature or required under GAAP to be capitalized.

 

Capital One:
Capital One, National Association.

 

Cash Management
Accounts: the meaning set forth in Section 3.8.

 

Cash Management
Agreement: that certain Cash Management Agreement, dated as of the date hereof, among Borrower, Manager, Administrative
Agent and Deposit Bank.

 

Cash Management
Period: the meaning set forth in Cash Management Agreement.

 

Casualty:
the meaning set forth in Section 7.2.1.

 

Casualty/Condemnation
Account: the meaning set forth in Section 3.5.

 

    	4

     

    

 

Casualty/Condemnation
Prepayment: the meaning set forth in Section 2.3.2.

 

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

 

CFTC: the
Commodity Futures Trading Commission.

 

Change in Law:
the occurrence, after the date of this Agreement, of any of the following: (a) the adoption of any law, rule, regulation or
treaty, (b) any change in any law, rule, regulation or treaty or in the interpretation 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, (x) the Dodd-Frank Wall Street Reform
and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and
(y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee or
the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change
in Law”, regardless of the date enacted, adopted, issued or implemented.

 

CIP Regulations:
the meaning set forth in Section 10.18.

 

Clearing Account:
the meaning set forth in Section 3.1.

 

Clearing Bank:
the meaning set forth in the Cash Management Agreement.

 

Code: the
Internal Revenue Code of 1986, as amended.

 

Commitment:
as to each Lender, the obligation of such Lender to make its Proportionate Share of the Loan in an aggregate amount up to but not
exceeding the amount set opposite the name of such Lender on Schedule 6 attached hereto under the caption “Commitment”
or, in the case of a Person that becomes a Lender pursuant to an assignment permitted under Section 11.20, as specified
in the respective Assignment and Assumption (consented to by Administrative Agent in accordance with Section 11.20)
pursuant to which such assignment is effected, in either case, as such percentage may be modified by any Assignment and Assumption.

 

Communications:
the meaning set forth in Section 6.4.3.

 

Compliance Certificate:
a certificate executed by Borrower in the form of Exhibit B attached hereto.

 

Condemnation:
the meaning set forth in Section 7.3.1.

 

Condominium:
the Nine Times Square Condominium established by the Condominium Documents.

 

Condominium Act:
Article 9-B of the Real Property Law of the State of New York (§ 339-d et seq.), and all regulations with respect thereto,
now or hereafter promulgated.

 

    	5

     

    

 

Condominium Board:
the condominium association established pursuant to the Condominium Documents.

 

Condominium Charges:
all amounts, costs and charges payable by the owner of any unit to the condominium association established pursuant to the Condominium
Documents.

 

Condominium Documents:
collectively, all documents, as required by the Condominium Act and otherwise, relating to the submission of the 9 Times Square
Building and its respective Improvements to the provisions of said Condominium Act or to the regulation, operation, administration
or sale thereof after such submission, including, but not limited to, the Declaration, offering circular, articles of incorporation,
if applicable, By-Laws and rules and regulations of the Condominium Board, Floor Plans and plats applicable to such building.

 

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

 

Control:
with respect to any Person, either (a) ownership, directly or indirectly, of more than 50% of all equity interests in such
Person or (b) the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of such Person, through the ownership of voting securities, by contract or otherwise. “Controlling”
and “Controlled” shall have the correlative meaning to Control.

 

Covered Entity:
the meaning set forth in Section 4.27.

 

Debt: the
unpaid Principal, all interest accrued and unpaid thereon, all amounts payable to any Indemnified Party pursuant to any Loan Document,
all amounts payable to Administrative Agent under any Loan Document and all due and unpaid fees and other sums due to Lenders with
respect to the Loan or under any Loan Document, and any and all obligations of Borrower and/or its Affiliates pursuant to any Secured
Swap Agreement.

 

Debt Service:
with respect to any particular period, scheduled interest payments due under the Note in such period.

 

Debt Service Coverage
Ratio: as of any date, the ratio calculated by Administrative Agent of (i) the Net Operating Income for the 12-month
period ending with the most recently completed calendar month to (ii) the Hypothetical Debt Service with respect to such period.

 

Debt Yield:
as of any determination date, the percentage obtained by dividing (i) the aggregate amount of Net Operating Income from the Property
for the 12-month period immediately preceding the most recently completed calendar month, annualized by (ii) the outstanding Principal
balance of the Loan (including any unfunded amounts) as of the date of determination.

 

Debt Yield Breach:
the meaning set forth in Section 5.33.2.

 

    	6

     

    

 

Declaration:
shall mean that certain Declaration of Condominium of the Nine Times Square Condominium, dated April 18, 2016 and recorded on September
14, 2016 in CRFN 201600319471 in the Office of the City Register of the City of New York, County of New York, as amended by that
certain First Amendment to Declaration of Nine Times Square Condominium dated as of December 18, 2018, to be recorded in the Office
of the City Register of the City of New York, County of New York, as the same may be further amended from time to time in accordance
with its terms.

 

Default:
the occurrence of any event under any Loan Document which, with the giving of notice or passage of time, or both, would be an Event
of Default.

 

Default Rate:
the lesser of (a) four percent (4%) above the Interest Rate, compounded monthly and (b) the highest amount permitted by applicable
law.

 

Defaulting Lender:
the meaning set forth in Section 10.12.

 

Deposit Account:
the meaning set forth in the Cash Management Agreement.

 

Deposit Bank:
Capital One, or such other bank or depository selected by Administrative Agent in its discretion and approved by Borrower.

 

DSCR Breach:
the meaning set forth in Section 5.33.1.

 

Easements:
the meaning set forth in Section 4.15.

 

Effective Date:
April 26, 2019.

 

Eligible Account:
a separate and identifiable account from all other funds held by the holding institution that is either (a) an account or accounts
maintained with Capital One or such other federal or state-chartered depository institution or trust company which complies with
the definition of Eligible Depository Institution or (b) a segregated trust account or accounts maintained with the corporate trust
department of a federal depository institution or state chartered depository institution subject to regulations regarding fiduciary
funds on deposit similar to Title 12 of the Code of Federal Regulations §9.10(b), having in either case corporate trust powers,
acting in its fiduciary capacity, and a combined capital and surplus of at least $100,000,000 and subject to supervision or examination
by federal and state authorities. An Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument.

 

Eligible Contract
Participant: an “eligible contract participant” as defined in the CEA and regulations thereunder.

 

Eligibility Date:
with respect to Borrower or Guarantor and each swap transaction under a Secured Swap Agreement, the date on which this Agreement
or any Loan Document becomes effective with respect to such swap transaction.

 

Eligible Depository
Institution: a depository institution, expressly approved in writing by Administrative Agent, insured by the Federal Deposit
Insurance Corporation the short term unsecured debt obligations or commercial paper of which are rated at least A1 by S&P,
P1 by Moody’s and F1 by Fitch in the case of accounts in which funds are held for thirty (30) days or less or, in the case
of accounts in which funds are held for more than thirty (30) days, the long term unsecured debt obligations of which are rated
at least A by Fitch and S&P and A2 by Moody’s.

 

    	7

     

    

 

Eligible Institution:
any of (i) a commercial bank organized under the laws of the United States, or any State thereof, and having (x) total assets in
excess of $1,000,000,000 and (y) a combined capital and surplus of at least $250,000,000; (ii) a commercial bank organized under
the laws of any other country which is a member of the Organization of Economic Cooperation and Development (“OECD”),
or a political subdivision of any such country, and having (x) total assets in excess of $1,000,000,000 and (y) a combined capital
and surplus of at least $250,000,000, provided that such bank is acting through a branch or agency located in the country
in which it is organized or another country which is also a member of OECD; (iii) a life insurance company organized under the
laws of any State of the United States, or organized under the laws of any country and licensed as a life insurer by any State
within the United States and having admitted assets of at least $1,000,000,000; (iv) a nationally recognized investment banking
company or other financial institution in the business of making loans, or an Affiliate thereof (other than any Person which is
directly or indirectly a Borrower or Guarantor or directly or indirectly an Affiliate of Borrower or Guarantor) organized under
the laws of any State of the United States, and licensed or qualified to conduct such business under the laws of any such State
and having (1) total assets of at least $1,000,000,000 and (2) a net worth of at least $250,000,000; (v) an Approved Fund; or (vi)
any Affiliate of Capital One, any other Person into which, or with which, Capital One is merged, consolidated or reorganized, or
which is otherwise a successor to Capital One by operation of law, or which acquires all or substantially all of the assets of
Capital One, any other Person which is a successor to the business operations of Capital One and engages in substantially the same
activities, or any Affiliate of any of the foregoing.

 

Environmental Indemnity:
that certain Environmental Indemnity, dated as of the date hereof, made by Borrower and Guarantor, jointly and severally, collectively
as indemnitors, in favor of Administrative Agent (for the benefit of the Lenders), as amended, restated, replaced, severed, split,
supplemented or otherwise modified from time to time.

 

Environmental Laws:
the meaning set forth in the Environmental Indemnity.

 

Environmental Report:
the meaning set forth in the Environmental Indemnity.

 

Equipment:
the meaning set forth in the Mortgage.

 

ERISA:
the Employment Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated
thereunder.

 

ERISA Affiliate:
all members of a controlled group of corporations and all trades and business (whether or not incorporated) under common control
and all other entities which, together with Borrower, are treated as a single employer under any or all of Section 414(b),
(c), (m) or (o) of the Code.

 

Event of Default:
the meaning set forth in Section 8.1.

 

    	8

     

    

 

Excluded Swap Obligation:
with respect to Borrower or Guarantor, any Secured Swap Obligation if, and to the extent that, all or a portion of Guarantor’s
guaranty of, or the grant by Borrower or Guarantor of a security interest to secure, such Secured Swap Obligation (or any guaranty
thereof) is or becomes illegal under the CEA or any rule, regulation or order of the CFTC (or the application or official interpretation
of any thereof) by virtue of such Borrower’s or Guarantor’s respective failure for any reason to constitute an “eligible
contract participant” as defined in the CEA and the regulations thereunder at the time the Guarantor’s guaranty or
the grant of such security interest becomes effective with respect to such Secured Swap Obligation. Notwithstanding anything to
the contrary contained in the foregoing or in any other provision of this Agreement or any Loan Document, the foregoing is subject
to the following provisos: (a) if a Secured Swap Obligation arises under a master agreement governing more than one swap, such
exclusion shall apply only to the portion of such Secured Swap Obligation that is attributable to swaps for which such guaranty
or security interest is or becomes illegal under the CEA, or any rule, regulations or order of the CFTC, solely as a result of
the failure by such Borrower or Guarantor for any reason to qualify as an Eligible Contract Participant on the Eligibility Date
for such swap; (b) if a guaranty of a Secured Swap Obligation would cause such obligation to be an Excluded Swap Obligation but
the grant of a security interest would not cause such obligation to be an Excluded Swap Obligation, such Secured Swap Obligation
shall constitute an Excluded Swap Obligation for purposes of the guaranty but not for purposes of the grant of the security interest;
and (c) if there is more than one Borrower or Guarantor executing this Agreement or the Loan Documents and a Secured Swap Obligation
would be an Excluded Swap Obligation with respect to one or more of such Persons, but not all of them, this definition of Excluded
Swap Obligation liability with respect to each such Person shall only be deemed applicable to (i) the particular Secured Swap Obligations
that constitute Excluded Swap Obligations with respect to such Person, and (ii) the particular Person with respect to which such
Secured Swap Obligations constitute Excluded Swap Obligations.

 

Excluded Taxes:
any of the following Taxes imposed on or with respect to Administrative Agent or any Lender or required to be withheld or deducted
from a payment to Administrative Agent or any Lender, (a) Taxes (i) imposed on or measured by net income (however denominated),
franchise Taxes, and branch profits Taxes, in each case, imposed as a result of Administrative Agent or such Lender 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 the Loan or Commitment (other than pursuant to an assignment request by Borrower under Section 2.11.4) or (ii) such
Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.2.3, amounts with
respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to
such Lender immediately before it changed its lending office, (c) Taxes attributable to Administrative Agent’s or such Lender’s
failure to comply with Section 2.2.3(f) and (d) any U.S. federal withholding Taxes imposed under FATCA.

 

    	9

     

    

 

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

 

Federal Funds Rate:
for any day, the rate per annum (rounded upwards, if necessary, to the nearest 1/32 of 1%) equal to the weighted average of the
rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such
day, provided that (a) if such day is not a Business Day, the Federal Funds Rate for the immediately preceding Business
Day shall be applicable, as determined by Administrative Agent, or such other commercial bank as selected by Administrative Agent.

 

Fee Letter:
the letter agreement, dated the date hereof, among Borrower, Administrative Agent, Sole Lead Arranger and Sole Bookrunner with
respect to certain fees payable by Borrower in connection with the Loans, as the same may be modified or amended from time to time.

 

First Payment Date:
May 1, 2019.

 

Fiscal Year:
the meaning set forth in Section 6.3.1.

 

Fitch:
Fitch, Inc., a division of Fitch Ratings Ltd.

 

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

 

GAAP: generally
accepted accounting principles in the United States of America as of the date of the applicable financial report.

 

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

 

    	10

     

    

 

Gross Income:
for the applicable period, all rentals, revenues, income and other recurring forms of consideration, received by, or paid to or
for the account of or for the benefit of, Borrower resulting from or attributable to the operation, leasing and occupancy of the
Property (including any expense reimbursements, utilities, storage rental, laundry rental and other miscellaneous income from the
Property, but excluding pre-paid rents and security deposits) determined on a cash basis and using for all calculations hereunder
the actual vacancy rate of the Property at the time of such calculation; specifically excluding, however (i) extraordinary, or
one-time items, (ii) all rents and/or other income derived from any lease (a) whose tenant is in bankruptcy or is the subject of
any other insolvency proceeding, (b) whose (A) lease expiration date is less than or equal to six months from the time of such
calculation, (B) lease term has expired and has not been renewed, or (C) whose tenant has given notice of its intent to terminate
the lease, in each case, during the applicable test period unless a substitute lease with a tenant and on terms reasonably acceptable
to the Lender has been entered into for the space that is the subject of such lease, (c) whose tenant is in default under the terms,
conditions and provisions of said lease, beyond any applicable grace and/or cure period, (d) any tenant(s) whose rent payment is
in arrears for greater than sixty (60) days from the date of any test, unless said tenant is contesting rent in accordance with
the terms of its Lease, (e) which is a “master lease” (i.e., a lease which is entered into by Borrower, as landlord,
with Guarantor, any affiliate or subsidiary of Borrower or Guarantor, or Borrower itself, as tenant), or (f) whose tenant is not
in occupancy or is not paying rent (other than tenants scheduled to commence rent payments within ninety (90) days of the applicable
date of determination, as determined by Administrative Agent in its reasonable discretion), (iii) any revenue derived from a month-to-month
tenancy, whether subject to a written instrument or otherwise, and/or (iv) any and all rent concessions granted by the Borrower
in connection with any Lease. Gross Income shall be adjusted to include free rent periods for leased tenants in occupancy, subject
to a maximum of (i) one month free per lease year and (ii) six (6) months total. Notwithstanding the foregoing to the contrary,
all prepaid rents and all prepaid parking charges (if any) shall spread over the time period to which they pertain. For the purposes
of clause (f) of this definition, a tenant shall be considered to be “in occupancy” if, as of the applicable date of
determination, such tenant shall be subject to a current and binding lease, shall be in actual physical possession and use of its
leased space in the Property for the purposes of conducting its day-to-day business operations under the lease, and shall not have
vacated, abandoned, “gone dark”, or otherwise surrendered its space in the Property. For the purpose of clarification,
a tenant shall not be considered to be “in occupancy” if the tenant’s sole use of its leased space is to store
furniture, equipment, or any other personalty at the tenant’s leased premises.

 

Guarantor:
New York City REIT, Inc., a Maryland corporation.

 

Guaranty:
the meaning set forth in the definition of Loan Documents.

 

Hazardous Substances:
the meaning set forth in the Environmental Indemnity.

 

Hypothetical Debt
Service:  with respect to any particular period, the annualized, equal monthly payments of principal and interest
that would have been payable under a hypothetical loan calculated using (a) an initial loan balance equal to the sum of the
aggregate outstanding Principal balance of the Loan plus any unfunded portion of the Loan that remains available to Borrower upon
Borrower’s compliance with the terms and conditions hereof (such sum, the “Total Loan Commitment”),
(b) a twenty-five (25) year amortization period, and (c) an interest rate equal to the greater of (i) the actual rate on the
Note at the time, (ii) the annual yield payable at the time on the ten (10) year United States Treasury obligations in amounts
approximating the Total Loan Commitment plus two hundred fifty (250) basis points per annum, or (iii) 5.0% per annum.

 

Improvements:
the meaning set forth in the Mortgage.

 

    	11

     

    

 

Indemnified Liabilities:
the meaning set forth in Section 5.29.

 

Indemnified Party:
the meaning set forth in Section 5.29.

 

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

 

Insurance Premiums:
the meaning set forth in Section 7.1.2.

 

Insured Casualty:
the meaning set forth in Section 7.2.2.

 

Interest Accrual
Method: actual/360 (computed on the basis of a three hundred sixty (360) day year and the actual number of calendar days
during the applicable month, calculated by multiplying the unpaid Principal of the Loan by the Interest Rate, dividing the product
by three hundred sixty (360), and multiplying the quotient obtained by the actual number of days elapsed in the applicable month).

 

Interest Period:
with respect to any LIBOR Based Loan, (i) initially, the period beginning on (and including) the date hereof and ending on (but
excluding) the First Payment Date, and (ii) thereafter, the period beginning on (and including) the last day of the previous Interest
Period and ending on (but excluding) the day one (1), two (2) or three (3) months, as elected by Borrower pursuant to Section 2.4
following the previous Interest Period; provided that if any Interest Period would otherwise end on a day which is not a Business
Day, that Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to
carry such Interest Period into another calendar month, in which event such Interest Period shall end on the immediately preceding
Business Day. Notwithstanding the foregoing, any Interest Period scheduled to end after the Maturity Date shall end on the Maturity
Date.

 

Interest Rate:
the interest rate then in effect with respect to the Loan, whether that be the LIBOR Rate, the Base Rate, or the Alternate Rate,
as applicable pursuant to Section 2.12.

 

Interest Rate Spread:
with respect to any (a) LIBOR Based Loan or Alternate Rate Loan, one hundred fifty basis points (1.50%) and (b) Base Rate Loan,
fifty basis points (0.50%); provided that for any Alternate Rate Loan, the Interest Rate Spread may be subject to adjustment
in accordance with the requirements for determining the Alternate Rate in Section 2.12.2.

 

IRS: the
United States Internal Revenue Service.

 

Key Principal(s):
New York City REIT, Inc., a Maryland corporation.

 

Late Payment Charge:
an amount equal to the lesser of (a) two percent (2%) of the unpaid sum and (b) the maximum amount permitted by applicable law.

 

    	12

     

    

 

Lease Termination
Payments: (a) all fees, penalties, commissions or other payments made to Borrower in connection with or relating to the
rejection, buy-out, termination, surrender or cancellation of any Lease (including in connection with any Bankruptcy Proceeding),
(b) any security deposits or proceeds of letters of credit held by Borrower in lieu of cash security deposits, which Borrower is
permitted to retain pursuant to the applicable provisions of any Lease and (c) any payments made to Borrower relating to unamortized
tenant improvements and leasing commissions under any Lease.

 

Leasing Agent:
means, individually or collectively as the context may require, the Retail Leasing Agent and the Office Leasing Agent.

 

Leasing Agreement:
means, individually or collectively as the context may require, the Retail Leasing Agreement and the Office Leasing Agreement.

 

Leases:
all leases and other agreements or arrangements heretofore or hereafter entered into by Borrower pursuant to which any Person is
granted a possessory interest in, or right to use, enjoy or occupy, or conduct any activity upon or in, the Property or the Improvements,
including any guarantees, extensions, renewals, modifications or amendments thereof and all additional remainders, reversions and
other rights and estates appurtenant thereunder.

 

Legal Requirements:
statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting
Borrower, any Loan Document or all or part of the Property or the construction, ownership, use, alteration or operation thereof,
whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto, and
all covenants, agreements, restrictions and encumbrances contained in any instrument, either of record or known to Borrower, at
any time in force affecting all or part of the Property.

 

Lender
and Lenders: the respective meanings set forth in the Preamble.

 

Lender Funding
Amount: an advance of the Loan, an unreimbursed Protective Advance or any other amount that a Lender is required to fund
under this Agreement.

 

LIBOR:
with respect to any Interest Period, the rate for deposits in U.S. Dollars for a period of one (1), two (2) or three (3) months,
as elected by Borrower pursuant to Section 2.4, which appears on the Reuters Screen LIBOR01 Page as of 11:00 a.m.,
London, England, time, on the Business Day that is at least two (2) London Banking Days preceding the Reset Date for such Interest
Period. If such rate does not appear on the Reuters Screen LIBOR01 Page, then LIBOR for that Interest Period will be determined
as if the parties had specified “USD-LIBOR-Reference Banks” as the applicable rate; provided, that if at any time LIBOR,
as determined hereby, would be less than the LIBOR Floor, it shall be deemed to be the LIBOR Floor for purposes of this Agreement.

 

LIBOR Based Loans:
Loans that bear interest at the LIBOR Rate.

 

LIBOR Floor:
zero percent (0%).

 

LIBOR Rate:
a floating rate per annum equal to the Interest Rate Spread plus LIBOR for such Interest Period.

 

    	13

     

    

 

Licenses:
the meaning set forth in Section 4.12.

 

Lien: any
mortgage, deed of trust, lien (statutory or otherwise), pledge, hypothecation, preference, assignment, security interest or any
other encumbrance, charge or transfer of, or any agreement to enter into or create any of the foregoing, on or affecting all or
any part of the Property or any interest therein, including any conditional sale or other title retention agreement, any financing
lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s,
materialmen’s and other similar liens and encumbrances.

 

Liquid Assets:
assets in the form of cash, cash equivalents, obligations of (or fully guaranteed as to principal and interest by) the United States
or any agency or instrumentality thereof (provided the full faith and credit of the United States supports such obligation or guarantee),
certificates of deposit issued by a commercial bank, acceptable to Administrative Agent, having net assets of not less than $500,000,000,
marketable securities listed and traded on a recognized stock exchange or traded over the counter and listed in the National Association
of Securities Dealers Automatic Quotations, or liquid debt instruments that have a readily ascertainable value and are regularly
traded in a recognized financial market (including any unencumbered stock, shares, voting trust certificates, bonds, debentures,
notes or other evidences of indebtedness commonly known as “securities”, secured or unsecured, convertible, subordinated
or otherwise, and in general any instruments commonly known as “securities” or any certificates of interest, shares
or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase
or acquire, any of the foregoing which can readily be bought and sold on any nationally recognized securities exchange and would
properly be classified as “marketable securities” on the personal financial statement of the Guarantor; provided,
however, in no event shall investments or ownership interests in hedge funds be deemed to be included as a marketable
security for the purposes of this Agreement) which are: (a) owned by Guarantor alone (and not jointly with any other Person, unless
such other Person is a party included in the definition of “Guarantor” hereunder, in a non-margin account identified
as being owned by Guarantor alone or an entity wholly owned by Guarantor and (b) free and clear of any lien, security interest,
assignment, right of setoff, or other encumbrance of any kind.

 

Loan: the
meaning set forth in Section 2.1.

 

Loan Documents:
this Agreement and all other documents, agreements and instruments now or hereafter evidencing, securing or delivered to Administrative
Agent or Lenders in connection with the Loan, including (without limitation) the following, each of which is dated as of the date
hereof unless expressly stated herein as otherwise: (a) the Promissory Note made by Borrower to the respective order of the
Lenders in the Principal Amount (the “Note”), (b) the Mortgage, Assignment of Leases and Rents and
Security Agreement made by Borrower in favor of Administrative Agent for the benefit of the Lenders which covers the Property (the
“Mortgage”), (c) Assignment of Leases and Rents from Borrower to Administrative Agent for the benefit
of the Lenders (the “Assignment of Leases and Rents”), (d) the Assignment of Agreements, Licenses,
Permits and Contracts from Borrower to Administrative Agent for the benefit of the Lenders, (e) the Consent and Subordination
of Manager by Manager in favor of Administrative Agent for the benefit of the Lenders, (f) the Consent and Subordination of Office
Leasing Agent by Office Leasing Agent in favor of Administrative Agent for the benefit of the Lenders, (g) the Consent and Subordination
of Retail Leasing Agent by Retail Leasing Agent in favor of Administrative Agent for the benefit of the Lenders, (h) the Environmental
Indemnity, (i) the Guaranty of Recourse Obligations made by Guarantor (the “Guaranty”), (j) the
Fee Letter, and (k) the Cash Management Agreement; as each of the foregoing may be (and each of the foregoing defined terms shall
refer to such documents as they may be) amended, restated, replaced, severed, split, supplemented or otherwise modified from time
to time, and including any Secured Swap Agreement entered into at any time pursuant to this Agreement, but specifically excluding
any Third Party Swap Agreement.

 

    	14

     

    

 

London Banking
Day: any day on which commercial banks are open for general business (including dealings in foreign exchange and foreign
currency deposits) in London, England.

 

Major Lease:
(i) that certain Lease, dated as of December 1, 2018, by and between Borrower, as landlord, and 9TS Gifts LLC, a New York limited
liability company, as tenant, (ii) any successor tenant that occupies the same premises that 9TS Gifts, LLC occupies as of the
Closing Date and (iii) any other Lease which premises covers one full floor or more of the Property.

 

Majority Lenders:
Lenders holding at least 66 2/3 % of the aggregate outstanding Principal of the Loan or, if the Loan shall not have been made,
at least 66 2/3% of the Commitments, provided that in determining such percentage at any given time, the Loan held by and
Commitments made by all then-existing Defaulting Lenders will be disregarded and excluded, and the pro rata interests in the Loan
and Commitments shall be redetermined, for voting or approval purposes only, to exclude the pro rata interests in the Loan and
Commitments of such Defaulting Lenders, provided further, if there are only two (2) Lenders, Majority Lenders shall mean
all Lenders that are not Defaulting Lenders and if there are only three (3) Lenders, Majority Lenders shall mean at least two (2)
Lenders (unless there is only one (1) Lender that is not a Defaulting Lender, in which case it may be one (1) Lender) holding at
least 66 2/3 % of the aggregate outstanding Principal of the Loan or, if the Loan shall not have been made, at least 66 2/3% of
the Commitments, provided that in determining such percentage at any given time, the Loan held by and Commitments made by all then-existing
Defaulting Lenders will be disregarded and excluded, and the pro rata interests in the Loan and Commitments shall be redetermined,
for voting or approval purposes only, to exclude the pro rata interests in the Loan and Commitments of such Defaulting Lenders.

 

Management Agreement:
the Management Agreement dated as of November 1, 2018, between Borrower and Manager, pursuant to which Manager is to manage the
Property, as same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with Section 5.12.

 

Manager:
CBRE, Inc., a Delaware corporation, or any successor, assignee or replacement manager appointed by Borrower in accordance with
Section 5.12.

 

    	15

     

    

 

Material Alteration:
any alteration affecting structural elements of the Property the cost of which exceeds $500,000; provided, however,
that in no event shall (a) any Required Repairs, (b) any tenant improvement work performed pursuant to any Lease existing
on the date hereof which has been approved by Administrative Agent in accordance with this Agreement or entered into hereafter
in accordance with the provisions of this Agreement, or (c) alterations performed as part of a Restoration, constitute a Material
Alteration.

 

Maturity Date:
April 26, 2024, or such earlier date on which the final payment of Principal of the Loan becomes due and payable as therein provided,
whether by declaration of acceleration or otherwise.

 

Monthly Payment
Due Date: the first (1st) day Business Day of each calendar month.

 

Moody’s:
Moody’s Investors Service, Inc.

 

Mortgage:
the meaning set forth in the definition of Loan Documents.

 

Net Operating Income:
the amount, if any, by which the Gross Income during the applicable period exceeds the Operating Expenses during such measured
period.

 

Net Worth:
as of a given date, (a) the total assets of any Person as of such date less (b) such Person’s total liabilities as of such
date, determined in accordance with generally accepted accounting principles (or any other accounting method approved in writing
by Administrative Agent), consistently applied.

 

Non-Pro Rata Advance:
a Protective Advance or a disbursement under the Loan with respect to which fewer than all Lenders have funded (or reimbursed)
their respective Proportionate Shares in breach of their obligations under this Agreement.

 

Non-Qualifying
Party: Borrower or any Guarantor that on the applicable Eligibility Date fails for any reason to qualify as an Eligible
Contract Participant.

 

Note: the
meaning set forth in the definition of Loan Documents.

 

Notice of Default:
the meaning set forth in Section 10.3.1.

 

O & M Program:
the meaning set forth in Section 5.8.2.

 

Office Leasing
Agent: Newmark & Company Real Estate, Inc., a New York corporation, or any successor, assignee or replacement office
leasing agent appointed by Borrower in accordance with Section 5.12.

 

Office Leasing
Agreement: the Exclusive Right Agreement dated as of November 5, 2014, as amended by that certain First Amendment of Exclusive
Right Agreement dated as of November 5, 2015, as further amended by that certain Second Amendment of Exclusive Right Agreement
dated as of August 9, 2017, as further amended by that certain Third Amendment of Exclusive Right Agreement, between Borrower and
Office Leasing Agent, pursuant to which Office Leasing Agent is to act as leasing agent for the office portion of the Property,
as same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with Section 5.12.

 

    	16

     

    

 

Officer’s
Certificate: a certificate delivered to Administrative Agent by Borrower which is signed by a senior executive officer,
member, partner or other representative of Borrower acceptable to Administrative Agent and in form reasonably satisfactory to Administrative
Agent in all respects.

 

Operating Expenses:
actual operating expenses for the twelve (12) months immediately preceding the date of calculation (annualized if fewer than 12
months) plus three percent (3%) of the actual total of such costs and expenses, provided, however,
that long term capital improvement costs, any tenant fit-up expenditures, the payments of principal and interest required pursuant
to the terms, conditions, and provisions of this Agreement, depreciation and amortization, non-cash items, leasing commissions,
fees, costs and other expenses associated with placing tenants in the Improvements (including professional fees related thereto),
security deposits returned to tenants, the cost of repair and restoration after a casualty or condemnation, capital expenditures
or capital reserves and debt service are all specifically excluded from such calculation of Operating Expenses; provided that the
same shall be adjusted (i) for any changes in real estate taxes or insurance premiums or other expenses known as of the time
of determination, (ii) to reflect replacement reserves of $0.30 per square feet of the Improvements and (iii) to reflect an assumed
base property management fee equal to the greater of (y) three percent (3)% of Gross Income and (z) the actual base property management
fee.

 

Other Charges:
all maintenance charges, impositions other than Taxes, and any other charges, including vault charges and license fees for the
use of vaults, chutes and similar areas adjoining the Property, now or hereafter levied or assessed or imposed against the Property
or any part thereof.

 

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

 

Other Taxes:
all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 2.11.4).

 

Participant:
the meaning set forth in Section 11.20.2(a).

 

Participant Register:
the meaning set forth in Section 11.20.2(c).

 

    	17

     

    

 

Patriot Act:
the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT
ACT) Act of 2001 (Public Law 107-56), as the same may be amended from time to time, and corresponding provisions of future laws
related thereto.

 

Permitted Encumbrances:
(a) the Liens created by, or expressly permitted under, the Loan Documents and any Secured Swap Agreement, (b) all Liens
and other matters disclosed in the Title Insurance Policy, (c) Liens, if any, for Taxes or Other Charges not yet due and payable
and not delinquent (or which are being contested by Borrower in good faith), (d) any workers’, mechanics’ or other
similar Liens on the Property provided that any such Lien is bonded or discharged within 45 days after Borrower first receives
written notice of such Lien, (e) all Liens and other matters created or permitted pursuant to the terms of any Approved Leases,
(f) Liens, if any, for Condominium Charges not yet due and payable and not delinquent, (g) any Leases entered into hereafter in
accordance with the requirements of this Agreement, (h) the Condominium Documents and any amendments, modifications, or additions
to the Condominium Documents entered into hereafter in accordance with the requirements of this Agreement, and (i) such other
title and survey exceptions as Administrative Agent expressly approves (or may approve) in writing in Administrative Agent’s
reasonable discretion.

 

Permitted Indebtedness:
the meaning set forth in Section 5.21.

 

Permitted Transfer:
the meaning set forth in Section 5.25.

 

Person:
any individual, corporation, partnership, limited liability company, joint venture, estate, trust, unincorporated association,
any other person or entity, and any federal, state, county or municipal government or any bureau, department or agency thereof
and any fiduciary acting in such capacity on behalf of any of the foregoing.

 

Pfandbriefe Pledge:
the meaning set forth in Section 11.20.7.

 

Pfandbriefe Transfer:
the meaning set forth in Section 11.20.7.

 

Pfandbriefe-Transferred
Interest: the meaning set forth in Section 11.20.7.

 

Pfandbriefe Trustee:
the meaning set forth in Section 11.20.7.

 

Plan: (a) an
employee benefit or other plan established or maintained by Borrower or any ERISA Affiliate or to which Borrower or any ERISA Affiliate
makes or is obligated to make contributions and (b) which is subject to Title IV of ERISA or Section 302 of ERISA or
Section 412 of the Code.

 

Platform:
the meaning set forth in Section 6.4.1.

 

Pledging Lender:
the meaning set forth in Section 11.20.7.

 

Post-Foreclosure
Plan: the meaning set forth in Section 10.3.6.

 

Premises:
the meaning set forth in the Mortgage.

 

    	18

     

    

 

Prime Rate:
the rate of interest from time to time announced by Administrative Agent at its principal office as its prime commercial lending
rate, it being understood that such prime commercial rate is a reference rate and does not necessarily represent the lowest or
best rate being charged by Administrative Agent to any customer and such rate is set by Administrative Agent based upon various
factors including Administrative Agent’s costs and desired return, general economic conditions and other factors. Any change
in such prime rate shall take effect on the date announced by Administrative Agent.

 

Principal:
all or a portion of the Principal Amount, as the context may require.

 

Principal Amount:
FIFTY-FIVE MILLION AND 00/100 DOLLARS ($55,000,000.00).

 

Proceeds:
the meaning set forth in Section 7.2.2.

 

Prohibited Lenders:
means the Persons listed on Schedule 8 attached hereto.

 

Property:
collectively, (a) the Premises and the Improvements, (b) the condominium unit (containing approximately 16,486 square feet) designated
as RET in the Condominium Documents and the Improvements thereon and encumbered by the Mortgage, (c) the condominium unit (containing
approximately 111,132 square feet) designated as OFF in the Condominium Documents and the Improvements thereon and encumbered by
the Mortgage, (d) the condominium unit (containing approximately 1,755 square feet) designated as SIGN in the Condominium Documents
and the Improvements thereon and encumbered by the Mortgage; (e) all rights pertaining to such condominium units, and (f) all other
collateral for the Loan as more particularly described in the Mortgage and referred to therein as the Mortgaged Property. The Property
is located in the County of New York and State of New York.

 

Property Condition
Report: that certain Property Condition Assessment Report dated as of March 7, 2019, prepared by Nova Consulting Group,
Inc.

 

Proportionate Share:
with respect to each Lender, the percentage set forth opposite such Lender’s name on Schedule 6 attached hereto
under the caption “Proportionate Share” or in the Assignment and Assumption (in accordance with the terms of this Agreement)
pursuant to which such Lender became a party hereto, in any case, as such percentage may be modified in the most recent Assignment
and Assumption (in accordance with the terms of this Agreement) to which such Lender is a party. The aggregate Proportionate Shares
of all Lenders shall equal one hundred percent (100%).

 

Proposed Lease:
the meaning set forth in Section 5.10.3.

 

Protective Advances:
the meaning set forth in Section 10.3.2.

 

Public Lender:
the meaning set forth in Section 6.4.2.

 

Qualified Carrier:
the meaning set forth in Section 7.1.1.

 

Qualified Special
Servicer: the meaning set forth in Section 10.3.11.

 

    	19

     

    

 

Rating Agency:
each of S&P, Moody’s, and Fitch, or any other nationally-recognized statistical rating organization.

 

Reference Banks:
major banks in the London interbank market selected by Administrative Agent.

 

Register:
the meaning set forth in Section 11.20.9.

 

Remedial Work:
the meaning set forth in the Environmental Indemnity.

 

Rent Roll:
the meaning set forth in Section 4.17.

 

Rents:
all rents, rent equivalents, moneys payable as damages (including payments by reason of the rejection of a Lease in a Bankruptcy
Proceeding) or in lieu of rent or rent equivalents, royalties (including all oil and gas or other mineral royalties and bonuses),
income, fees, receivables, receipts, revenues, deposits (including security, utility and other deposits), accounts, cash, issues,
profits, charges for services rendered, and other payment and consideration of whatever form or nature received by or paid to or
for the account of or benefit of Borrower, Manager or any of their agents or employees from any and all sources arising from or
attributable to the Property and the Improvements, including all receivables, customer obligations, installment payment obligations
and other obligations now existing or hereafter arising or created out of the sale, lease, sublease, license, concession or other
grant of the right of the use and occupancy of the Property or rendering of services by Borrower, Manager or any of their agents
or employees and proceeds, if any, from business interruption or other loss of income insurance.

 

Required Repairs:
the meaning set forth in Section 5.34.

 

Reset Date:
the first day of each Interest Period.

 

Restoration:
the meaning set forth in Section 7.4.1.

 

Retail Leasing
Agent: Robert K. Futterman & Associates, LLC, a New York limited liability company, or any successor, assignee or replacement
retail leasing agent appointed by Borrower in accordance with Section 5.12.

 

Retail Leasing
Agreement: the Retail Leasing Agreement dated as of March 30, 2017, as amended by that certain First Amendment of Retail
Leasing Agreement dated as of March 30, 2018, between Borrower and Retail Leasing Agent, pursuant to which Retail Leasing Agent
is to act as leasing agent for the retail portion of the Property, as same may be amended, restated, replaced, supplemented or
otherwise modified from time to time in accordance with Section 5.12.

 

S&P:
Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

 

Sanctioned Country:
at any time, a country or territory that is subject to or the target of Sanctions.

 

    	20

     

    

 

Sanctioned Person:
at any time, any Person listed in any list of designated Persons or otherwise subject to any limitations or prohibitions (including
but not limited to the blocking of property or rejection of transactions), under any Sanctions program.

 

Sanctions:
economic or financial sanctions or trade embargoes or controls imposed, administered or enforced from time to time by the U.S.
government, including the Office of Foreign Assets Control, the U.S. Department of State, U.S. Department of Commerce, or U.S.
Department of Justice, or the United Nations Security Council, the European Union, Her Majesty’s Treasury or any other relevant
sanctions authority.

 

Secondary Accounts:
the meaning set forth in the Cash Management Agreement.

 

Secured Swap Agreement:
the meaning set forth in Section 2.6.1.

 

Secured Swap Obligations:
the obligations of Borrower or any of its Affiliates under any Secured Swap Agreement.

 

Security Deposit
Account: the meaning set forth in Section 3.6.

 

Servicer:
a servicer selected by Administrative Agent to service the Loan, including any “master servicer” or “special
servicer” appointed under the terms of any pooling and servicing agreement or similar agreement entered into as a result
of any secondary market transaction.

 

Servicing Fees:
the meaning set forth in Section 10.3.11.

 

Senior Loans:
the meaning set forth in Section 10.12.8.

 

Significant Casualty:
the meaning set forth in Section 7.2.2.

 

Sole Bookrunner:
the meaning set forth in the Preamble.

 

Sole Lead Arranger:
the meaning set forth in the Preamble.

 

Solvent:
with respect to any Person on a particular date, that on such date (a) the fair value of the property of such Person is greater
than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair market value of the
assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts
as they become absolute and matured, (c) such Person is able to realize upon its assets and pay its debts and other liabilities,
contingent liabilities and other commitments as they mature or as they otherwise are due and payable in the normal course of business,
(d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability
to pay such debts and liabilities as they mature and (e) such Person does not have unreasonably small capital to carry out its
business as conducted or as proposed to be conducted.

 

Special Advance
Lender: the meaning set forth in Section 10.12.1.

 

    	21

     

    

 

Special Purpose
Entity: the meaning set forth in Section 5.13.

 

Special Servicing
Event: the meaning set forth in Section 10.3.11.

 

Springing Recourse
Event: the meaning set forth in Section 11.1.

 

State:
the state in which the Property is located.

 

Syndication:
the meaning set forth in Section 11.24.

 

Taxes:
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.

 

Term: the
entire term of this Agreement, which shall expire upon the indefeasible repayment in full of the Debt and full performance of each
and every obligation to be performed by Borrower pursuant to the Loan Documents and any Secured Swap Agreement.

 

Third Party Swap
Agreement: the meaning set forth in Section 2.6.1.

 

Title Insurance
Policy: the ALTA mortgagee title insurance policy in the form acceptable to Administrative Agent issued with respect to
the Property and insuring the Lien of the Mortgage.

 

Total Loan Commitment:
the meaning set forth in the definition of Hypothetical Debt Service.

 

Transfer:
(a) any sale, conveyance, transfer, lease, lien, pledge, mortgage, security interest, assignment or other hypothecation, encumbrance
or alienation, or the entry into any agreement to sell, convey, transfer, lease, lien, pledge, mortgage, assign, hypothecate, encumber
or alienate, whether by law or otherwise, of, on, in or affecting (i) all or part of the Property (including any legal or
beneficial direct or indirect interest therein), or (ii) any direct or indirect legal or beneficial interest in Borrower (including
any profit interest), or (b) any change of Control of Borrower. For the avoidance of doubt, the acceptance by Borrower, as landlord
under a Lease, of a surrender of possession of the applicable premises by such tenant (in accordance with the requirements of this
Agreement) shall not be deemed a Transfer.

 

Type: means
a LIBOR Based Loan, Base Rate Loan or Alternate Rate Loan, as applicable.

 

UCC: the
Uniform Commercial Code as in effect in the State of New York.

 

Unpaid Amount:
the meaning set forth in Section 10.12.4.

 

    	22

     

    

 

USD-LIBOR-Reference
Banks: With respect to any Interest Period, the rates at which deposits in U.S. dollars are offered by the Reference Banks
at approximately 11:00 a.m., London time, on the day that is two (2) London Banking Days preceding that Reset Date to prime banks
in the London interbank market for a period of one (1), two (2) or three (3) months, as elected by Borrower pursuant to Section 2.4
commencing on that Reset Date and in an amount equal to the outstanding Principal of the Loan. Administrative Agent will request
the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two (2) such quotations
are provided, the rate for that Reset Date will be the arithmetic mean of the quotations. If fewer than two (2) quotations are
provided as requested, the rate for that Reset Date will be the arithmetic mean of the rates quoted by major banks in New York
City, selected by Administrative Agent, at approximately 11:00 a.m., New York City time, on that Reset Date for loans in U.S. dollars
to leading European banks for a period of one (1), two (2) or three (3) months, as elected by Borrower pursuant to Section 2.4
commencing on that Reset Date and in an amount equal to the outstanding Principal of the Loan.

 

U.S. Borrower:
any Borrower that is a U.S. Person.

 

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

 

U.S. Tax Compliance
Certificate: the meaning assigned to such term in paragraph (f) of Section 2.2.3.

 

Welfare Plan:
an employee welfare benefit plan, as defined in Section 3(1) of ERISA.

 

Withholding Agent:
Borrower and Administrative Agent.

 

Zoning Report:
that certain Zoning Assessment for the Property dated as of March 21, 2019, prepared by Massey Consulting Group.

 

1.2         
Principles of Construction. The definitions of terms herein shall apply equally to the singular and plural forms
of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter
forms. The words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as
the word “shall.” Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument
or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein),
(b) any reference herein to any Person shall be construed to include such Person’s heirs, legal representatives, executors,
successors and assigns, (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) 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, (e) any reference to any law, regulation, rule, order, ordinances, judgments, decrees and
injunctions of a Governmental Authority herein shall, unless otherwise specified, refer to such law, regulation, rule, order, ordinances,
judgments, decrees or injunctions as amended, modified or supplemented from time to time, (f) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights and (g) accounting terms not specifically
defined herein shall be construed in accordance with GAAP.

 

    	23

     

    

 

		2.	GENERAL LOAN TERMS

 

2.1          The
Loan. Each Lender severally agrees to make a loan to Borrower in the amount of such Lender’s Proportionate Share
of the Principal Amount (all such loans, collectively, the “Loan”), which Loan shall mature on the scheduled
Maturity Date. Lenders have advanced the entire Principal Amount of the Loan to Borrower on the date hereof. Borrower acknowledges
receipt of the Loan, the proceeds of which are being and shall be used to (i) provide permanent financing for the Property,
(ii) fund any reserves required under this Agreement, and (iii) pay (or reimburse, as applicable) transaction costs. Any excess
proceeds, if any, may be used for any lawful purpose. No amount repaid in respect of the Loan may be reborrowed.

 

2.2          Interest;
Monthly Payments.

 

2.2.1        Generally.
From and after the date hereof, interest on the unpaid Principal shall accrue at the Interest Rate and be payable as hereinafter
provided. On the First Payment Date, Borrower shall pay interest on the unpaid Principal from the date hereof through and including
the last day of the first Interest Period. On each Monthly Payment Due Date thereafter to but excluding the Maturity Date, Borrower
shall pay interest on the unpaid Principal which has accrued through and including the last day of the Interest Period immediately
preceding such Monthly Payment Due Date. All accrued and unpaid interest shall be due and payable on the Maturity Date. If the
Loan is repaid on any date other than on a Monthly Payment Due Date (whether prior to or after the Maturity Date), Borrower shall
pay interest to and excluding the date of repayment.

 

2.2.2        Default
Rate. After the occurrence and during the continuance of an Event of Default, the entire unpaid Debt shall bear interest at
the Default Rate, and shall be payable upon demand from time to time, to the extent permitted by applicable Legal Requirements.

 

2.2.3        Taxes.

 

(a)            Payments Free of Taxes. Any and all payments by or on account of any obligation of Borrower under any Loan Document
shall be made without deduction or withholding for any Taxes, except as required by applicable Legal Requirements. If any applicable
Legal Requirements (as determined in the good faith discretion of an applicable Withholding Agent) require 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 Legal Requirements and, if such Tax is an Indemnified Tax, then the sum payable by 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) Administrative Agent or the applicable Lender receives an amount equal to the sum it would have
received had no such deduction or withholding been made.

 

    	24

     

    

 

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

 

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

 

(d)            Indemnification
by the Lenders. Each Lender shall severally indemnify Administrative Agent, within ten (10) days after demand therefor, for
(i) any Indemnified Taxes attributable to such Lender (but only to the extent that Borrower has not already indemnified Administrative
Agent for such Indemnified Taxes and without limiting the obligation of Borrower to do so), (ii) any Taxes attributable to such
Lender’s failure to comply with the provisions of Section 11.20.2(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 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 Administrative Agent shall be conclusive absent manifest error. Each Lender
hereby authorizes 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 Administrative Agent to the Lender from any other source against any amount due to Administrative
Agent under this paragraph (d).

 

(e)            Evidence
of Payments. As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to this Section 2.2.3,
Borrower shall deliver to Administrative Agent the original or a copy of a receipt (if any) issued by such Governmental Authority
to Borrower evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably
satisfactory to Administrative Agent.

 

    	25

     

    

 

(f)            Status
of Lenders.

 

(i)            Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to Borrower and Administrative Agent, at the time or times reasonably requested by Borrower or Administrative
Agent, such properly completed and executed documentation reasonably requested by Borrower or Administrative Agent as will permit
such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested
by Borrower or Administrative Agent, shall deliver such other documentation prescribed by applicable Legal Requirements or reasonably
requested by Borrower or Administrative Agent as will enable Borrower or 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 2.2.3(f) (ii)(1), (ii)(2) and (ii)(4) below) shall not be required if in the Lender’s reasonable judgment
such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially
prejudice the legal or commercial position of such Lender.

 

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

 

(1)           any Lender that is a U.S. Person shall deliver to Borrower and 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 Borrower or Administrative
Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(2)           any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower and 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 Borrower or Administrative Agent), whichever
of the following is applicable:

 

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

 

b.            executed copies of IRS Form W-8ECI;

 

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c.            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 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 Borrower within the meaning of Section 881(c)(3)(B) of the Code, or
a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance
Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable); or

 

d.            to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BEN or W-8BEN-E (as applicable), a U.S. Tax Compliance Certificate, 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 on behalf of each such direct and indirect partner;

 

(3)            any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower and 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 Borrower or Administrative Agent), executed
originals of any other form prescribed by applicable Legal Requirements 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
Legal Requirements to permit Borrower or Administrative Agent to determine the withholding or deduction required to be made; and

 

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

 

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

 

(g)            Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 2.2.3 (including by the payment of additional
amounts pursuant to this Section 2.2.3), it shall pay to the indemnifying party an amount equal to such refund (but
only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net
of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by
the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified
party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest
or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay
such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the
indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would
place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification
payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require
any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential)
to the indemnifying party or any other Person.

 

(h)            Survival.
Each party’s obligations under this Section 2.2.3 shall survive the resignation or replacement of Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

2.2.4       
Breakage Indemnity. Borrower shall upon request pay to Administrative Agent, for the account of each Lender,
such amount or amounts to compensate it for any loss, cost or expense that such Lender may actually sustain or incur in liquidating
or redeploying deposits from third parties acquired to effect or maintain the Loan or any part thereof as a consequence of:

 

(a)            any
payment or prepayment of the Loan or any portion thereof made on a date other than a Monthly Payment Due Date for any reason (including,
without limitation, the acceleration of the Loan pursuant to the Lenders’ rights referred to in Article 8) unless
interest is paid by Borrower on such payment or prepayment through the end of the applicable Interest Period);

 

(b)            any
payment, prepayment or conversion of a LIBOR Based Loan made by such Lender for any reason (including, without limitation, the
acceleration of the Loans pursuant to Administrative Agent’s or the Lenders’ rights referred to in Article 8);
or

 

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(c)            any default in payment or prepayment of the Principal or any part thereof or interest accrued thereon, as and when due and
payable (at the date thereof or otherwise, and whether by acceleration or otherwise).

 

Administrative Agent
or any Lender shall deliver to Borrower a statement for any such sums which it is entitled to receive pursuant to this Section 2.2.4,
which statement shall be binding and conclusive absent manifest error.

 

2.2.5        Auto Debit. Borrower hereby authorizes Administrative Agent to automatically debit account no. 3027090946 (the
“Auto-debit Account”) maintained by Borrower for the payment of any amounts due hereunder, or under the
Mortgage, the Loan Documents or any Secured Swap Agreement. Debits for monthly payments of principal, interest, escrow, as any
such amount is due hereunder, and payments of any applicable fees shall be made on each Monthly Payment Due Date unless other arrangements
are agreed to in writing. In the event that the funds maintained by Borrower in such account are insufficient for any payment due
hereunder, Administrative Agent may charge any other account of Borrower with Administrative Agent (except any Security Deposit
Account) for any such payment due.

 

2.3          Loan Repayment.

 

2.3.1        Repayment. Borrower shall repay the entire outstanding Principal of the Loan in full on the Maturity Date, together
with interest thereon to (but excluding) the date of repayment and any other amounts due and owing under the Loan Documents. Except
during the continuance of an Event of Default, all proceeds of any repayment, including any prepayments of the Loan, shall be applied
by Administrative Agent as follows in the following order of priority: First, to any fees, costs, expenses, and other amounts
then due and owing under the Loan Documents; Second, accrued and unpaid interest at the Interest Rate; and Third,
on a pari passu basis, to Principal and to any amounts due under the Secured Swap Agreement. During the continuance of an Event
of Default, all proceeds of repayment, including any payment or recovery on the Property (whether through foreclosure, deed-in-lieu
of foreclosure, or otherwise) shall, unless otherwise provided in the Loan Documents, be applied in such order and in such manner
as Administrative Agent shall elect in Administrative Agent’s discretion.

 

2.3.2       
Mandatory Prepayments. The Loan is subject to mandatory prepayment in certain instances of Insured Casualty or
Condemnation (each a “Casualty/Condemnation Prepayment”), in the manner and to the extent set forth in
Section 7.4.2. Each Casualty/Condemnation Prepayment, after deducting Administrative Agent and any Lender’s costs
and expenses (including reasonable attorneys’ fees and expenses) in connection with the settlement or collection of the Proceeds
or Award, shall be applied in the same manner as repayments under Section 2.3.1, and if such Casualty/Condemnation
Prepayment is made on any date other than a Monthly Payment Due Date, then such Casualty/Condemnation Prepayment shall include
interest accrued to and excluding the date of repayment, however, if a Secured Swap Agreement is in effect, such Casualty/Condemnation
Prepayment shall include interest that would have accrued on the Principal prepaid to but not including the next Monthly Payment
Due Date. Unless expressly agreed to by Administrative Agent and Borrower in writing, notwithstanding anything to the contrary
contained herein, each Casualty/Condemnation Prepayment shall be applied in inverse order of maturity and shall not extend or postpone
the due dates of the monthly installments due under the Note or this Agreement, or change the amounts of such installments.

 

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2.3.3        Optional
Prepayments. Provided no Event of Default has occurred and is continuing, Borrower shall have the right to prepay all or any
portion of the Principal in an amount no less than and in multiples of $50,000 provided that Borrower gives Administrative Agent
at least ten (10) Business Days’ prior written notice thereof, which notice may be revoked by Borrower (in Borrower’s
sole discretion) at any time prior to the expiration of such ten (10) Business Day period (subject to payment of any breakage
costs). If any prepayment, permitted or required under this Section 2.3.3, is not made on a Monthly Payment Due Date, Borrower
shall pay interest accrued on such prepaid Principal to and excluding the date of repayment.

 

2.4          LIBOR
Elections. Borrower shall have the right to select whether the Interest Rate shall be calculated based on LIBOR contracts
with either a one (1) month, two (2) months or three (3) months maturity date. Borrower must make such selection no later than
two (2) London Banking Days prior to commencement of any such Interest Period by delivering a notice to Administrative Agent in
the form of Exhibit C attached hereto. If no such notice is delivered with respect to any Interest Period, Borrower shall be deemed
to have selected a LIBOR contract with a maturity equal to that of the previous LIBOR contract in effect or, if no such LIBOR
contract was previously in effect, Borrower shall be deemed to have selected a LIBOR contract with a one (1) month maturity date.

 

2.5         Payments
and Computations.

 

2.5.1        Making of Payments. Each payment by Borrower shall be made in U.S. dollars immediately available to Administrative
Agent by 4:00 p.m., New York City time, on the date such payment is due, to Administrative Agent for the account of the Lenders
by deposit to such account as Administrative Agent may designate by written notice to Borrower. Whenever any such payment shall
be stated to be due on a day that is not a Business Day, such payment shall be made on the first Business Day thereafter. All such
payments shall be made irrespective of, and without any deduction, set-off or counterclaim whatsoever and are payable without relief
from valuation and appraisement laws and with all costs and charges incurred in the collection or enforcement thereof, including
attorneys’ fees and court costs. All payments (other than the initial funding of the Loan) by any Lender shall be made to
Administrative Agent at Administrative Agent’s office not later than 11:00 a.m. New York City time on the day such payment
is due.

 

2.5.2        Computations.
Interest and any fees payable under the Loan Documents shall be computed based on the Interest Accrual Method.

 

2.5.3        Late
Payment Charge. Unless expressly waived by the Lenders in writing, if any Principal, interest or other sum due under any Loan
Document, other than the payment of Principal due on the Maturity Date (which in no event shall have any Late Payment Charge),
is not paid by Borrower on the date on which it is due, Borrower shall pay to Administrative Agent for the account of the Lenders
the Late Payment Charge, in order to defray the expense incurred by Lenders in handling and processing such delinquent payment
and to compensate Lenders for the loss of the use of such delinquent payment. Such amount shall be secured by the Loan Documents.
Borrower acknowledges that the Late Payment Charge provided for herein reflects, among other things, the fact that the Loan has
become a substantially greater credit risk given its default status and that Administrative Agent and each Lender is entitled
to additional compensation for such risk and all such interest is payable the Borrower upon demand by Administrative Agent. Borrower
also agrees and acknowledges that the Default Rate is a reasonable forecast of such additional compensation for anticipated and
actual harm incurred by Administrative Agent and the Lenders, and that such harm cannot be estimated with certainty or without
difficulty.

 

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2.6          Swap
Agreements. 

 

2.6.1        Borrower shall hedge the floating interest expense of the Loan for the full term of the Loan by (a) maintaining one
or more “swap agreements” (as defined in 11 U.S.C. § 101) with Administrative Agent or its Affiliate (a “Secured
Swap Agreement”), or (b) one or more rate cap agreements or “swap agreements” (as defined in 11 U.S.C.
§101) with another financial institution approved by Administrative Agent in writing (a “Third Party Swap Agreement”),
in an aggregate notional amount equal to the outstanding Principal of the Loan originally scheduled to be outstanding over such
term when the Secured Swap Agreement or Third Party Swap Agreement is executed, all upon terms and subject to such conditions as
shall be reasonably acceptable to Administrative Agent (or if such transactions are pursuant to a Third Party Swap Agreement, all
upon terms and subject to such conditions as shall be expressly approved by Administrative Agent in writing, which approval shall
not be unreasonably withheld, conditioned or delayed).

 

2.6.2        In order for a Third Party Swap Agreement entered into with another financial institution to be expressly approved by
Administrative Agent in writing, such other financial institution must at minimum have a long term, unsecured and unsubordinated
debt rating of at least “A” by S&P and “A2” by Moody’s. In the event of any downgrade, withdrawal
or qualification of the rating of such financial institution below “A” by S&P or “A2” by Moody’s,
Borrower shall replace the Third Party Swap Agreement then in effect with a replacement Secured Swap Agreement or Third Party Swap
Agreement meeting the requirements of this Section 2.6.2 not later than fifteen (15) Business Days after receiving
written notice of such downgrade, withdrawal or qualification.

 

2.6.3        All of Borrower’s obligations under any Secured Swap Agreement shall be secured by the lien of the Mortgage on
a pari passu basis with the Loan and other sums evidenced or secured by the Loan Documents. No Third Party Swap Agreement shall
be secured by the Mortgage. Borrower’s interest in any Secured Swap Agreement or Third Party Swap Agreement shall be assigned
to Administrative Agent for the benefit of the Lenders pursuant to documentation reasonably satisfactory to Administrative Agent
in form and substance, and, in the case of any Third Party Swap Agreement, the counterparty to such Third Party Swap Agreement
must have executed and delivered to Administrative Agent an acknowledgment of such assignment, which acknowledgment includes such
counterparty’s agreement to (a) pay directly into the Clearing Account all sums payable by such counterparty pursuant to
the Third Party Swap Agreement and (b) provide Administrative Agent with the ability to cure any Borrower defaults under such Third
Party Swap Agreement and to maintain such Third Party Swap Agreement in full force and effect after the occurrence of any Borrower
default or other termination event thereunder caused by Borrower, and shall otherwise be reasonably satisfactory to Administrative
Agent in form and substance.

 

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2.6.4        Borrower shall promptly execute and deliver to Administrative Agent such confirmations and agreements as may be reasonably
requested by Administrative Agent in connection with any Secured Swap Agreement.

 

2.6.5        Subject to the express obligations of Administrative Agent or any Affiliate thereof with respect to any Secured Swap
Agreement, Borrower agrees that neither Administrative Agent nor any Lender shall have any obligation, duty or responsibility to
Borrower or any other Person by reason of, or in connection with, any Secured Swap Agreement or Third Party Swap Agreement (including
any duty to provide or arrange any Secured Swap Agreement or Third Party Swap Agreement, to consent to any mortgage or pledge of
the Property or any portion thereof as security for Borrower’s performance of its obligations under any Third Party Swap
Agreement, or to provide any credit or financial support for the obligations of Borrower or any other Person thereunder or with
respect thereto). No Secured Swap Agreement or Third Party Swap Agreement shall alter, impair, restrict, limit or modify in any
respect the obligation of Borrower to pay interest on the Loan as and when the same becomes due and payable in accordance with
the provisions of the Loan Documents.

 

2.6.6        All
payments made by the counterparty to any Third Party Swap Agreement shall be deposited into the Clearing Account and applied in
the same manner as Rents are applied under Section 3.

 

2.6.7        Any
Secured Swap Agreements are independent agreements governed by the written provisions thereof, which shall remain in full force
and effect unaffected by any repayment, prepayment, acceleration, reduction, increase or change in the terms of the Loan, except
as otherwise expressly provided in such Secured Swap Agreement, and any payoff statement from Administrative Agent relating to
the Loan shall not apply to such Secured Swap Agreement except as otherwise expressly provided in such payoff statement.

 

2.6.8        If
Borrower fails for any reason or cause whatsoever (other than by reason of any act or omission of Administrative Agent and/or
any Lender) to procure a Secured Swap Agreement or Third Party Swap Agreement as and when required to do so hereunder, such failure
shall constitute an Event of Default and Administrative Agent shall be entitled to exercise all rights and remedies available
to it under this Agreement and the other Loan Documents or otherwise, including the right (but not the obligation) of Administrative
Agent to procure or otherwise enter into one or more Secured Swap Agreements or Third Party Swap Agreements with a counterparty
for and on behalf of Borrower without such action constituting a cure of such Event of Default and without waiving Administrative
Agent’s or Lenders’ rights arising out of or in connection with such Event of Default. If Administrative Agent shall
enter into a Secured Swap Agreement or Third Party Swap Agreement in accordance with its right to do so pursuant to this Section 2.6.8,
then (a) the terms and provisions of any such Secured Swap Agreement or Third Party Swap Agreement, including the term thereof,
shall be determined by Administrative Agent in its sole and absolute discretion and (b) Borrower shall pay all of Administrative
Agent’s actual, reasonable out-of-pocket costs and expenses in connection therewith, including any fees charged by the applicable
counterparty, reasonable attorneys’ fees and disbursements, and the actual cost of additional title insurance in an amount
reasonably determined by Administrative Agent to be necessary to protect Administrative Agent and the Lenders from any exposure
resulting from such Secured Swap Agreement or Third Party Swap Agreement.

 

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2.6.9        Borrower
shall, at its sole cost and expense, provide Administrative Agent with such additional title insurance coverage and endorsements
to the title policy (or, if such additional title insurance is not available by endorsement, Borrower shall provide separate title
insurance policies with respect thereto) as Administrative Agent shall reasonably require in connection with any Secured Swap
Agreement provided by Administrative Agent under this Section 2.6 .

 

2.6.10      Notwithstanding
anything to the contrary contained herein, (a) no Secured Swap Obligations shall be paid (including, without limitation,
through the exercise of rights of setoff or the realization upon any collateral pledged to Administrative Agent in favor of the
Lenders) with amounts received from any Non-Qualifying Party under its Guaranty (including sums received as a result of the exercise
of remedies with respect to such Guaranty) or from the proceeds of any Non-Qualifying Party’s collateral if such Secured
Swap Obligations would constitute Excluded Swap Obligations as to such Non-Qualifying Party; provided, however,
that to the extent possible, and not inconsistent with applicable Legal Requirements, appropriate adjustments shall be made with
respect to payments and/or the proceeds of collateral from Borrower and/or Guarantor, if they are Eligible Contract Participants
with respect to such Secured Swap Obligations, to preserve the allocation to Borrower’s obligations otherwise set forth
herein, and (b) none of the collateral pledged by Borrower or Guarantor shall secure any Excluded Swap Obligations with respect
to Borrower or Guarantor.

 

2.7          Intentionally
Omitted.

 

2.8          Intentionally Omitted.

 

2.9          Intentionally Omitted.

 

2.10        Sharing of Payments, Etc.

 

2.10.1      Sharing. If any Lender shall obtain from Borrower payment of any principal of or interest on any Loan owing to
it or payment of any other amount under this Agreement or any other Loan Document through the exercise (subject, as among the Lenders,
to Section 11.20) of any right of set off, banker’s lien or counterclaim or similar right or otherwise (other
than from Administrative Agent as provided herein), and, as a result of such payment, such Lender shall have received a greater
percentage of the principal of or interest on the Loans or such other amounts then due hereunder or thereunder by Borrower to such
Lender than the percentage received by any other Lender, it shall promptly purchase from such other Lenders participations in (or,
if and to the extent specified by such Lender, direct interests in) the Loans or such other amounts, respectively, owing to such
other Lenders (or in interest due thereon, as the case may be) in such amounts, and make such other adjustments from time to time
as shall be equitable, to the end that all the Lenders shall share the benefit of such excess payment (net of any expenses that
may be incurred by such Lender in obtaining or preserving such excess payment) pro rata in accordance with the unpaid principal
of and/or interest on the Loans or such other amounts, respectively, owing to each of the Lenders. To such end all the Lenders
shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded
or must otherwise be restored.

  

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2.10.2      Consent by Borrower. Borrower agrees that any Lender so purchasing such a participation (or direct interest)
may exercise (subject, as among the Lenders, to Section 11.20) all rights of set off, banker’s lien, counterclaim
or similar rights with respect to such participation as fully as if such Lender were a direct holder of Loans or other amounts
(as the case may be) owing to such Lender in the amount of such participation.

 

2.10.3     Rights of Lenders; Bankruptcy. Nothing contained herein shall require any Lender to exercise any such right or
shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other
indebtedness or obligation of Borrower. If, under any applicable bankruptcy, insolvency or other similar law, any Lender receives
a secured claim in lieu of a set off to which this Section 2.10.3 applies, such Lender shall, to the extent practicable,
exercise its rights in respect of such secured claim in a manner consistent with the rights of the Lenders entitled under this
Section 2.10.3 to share in the benefits of any recovery on such secured claim.

 

2.11       Yield
Protection; Etc.

 

2.11.1      Increased
Costs.

 

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

 

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

 

(ii)           impose on Administrative Agent or any Lender any other condition, cost or expense affecting this Agreement or the Loan or
participation therein; or

 

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

 

and the direct result of any of the foregoing
shall be to increase the cost to Administrative Agent or such Lender of making or maintaining any Loan or to reduce the amount
of any sum received or receivable by such Lender hereunder (whether of principal, interest or any other amount), then, in any such
case, Borrower shall, from time to time, pay Lender such additional amount or amounts as will compensate such Lender for such additional
costs incurred or reduction suffered.

 

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(b)            Capital Requirements. 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
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 of such Lender or the Loan made by such Lender to
a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking
into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital
adequacy), then from time to time Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender
or such Lender’s holding company for any such reduction suffered.

 

(c)            Certificates
for Reimbursement. 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 shall be
delivered to Borrower and shall be conclusive absent manifest error. Borrower shall pay such Lender the amount shown as due on
any such certificate within fifteen (15) days after receipt thereof.

 

(d)            Delay
in Requests. 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 Borrower shall not be required to compensate
a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than 270 days prior to the
date that such Lender notifies Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s
intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions
is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof).

 

2.11.2      Illegality. If on or after the date of this Agreement, the adoption of any applicable Legal Requirements, rule
or regulation, or any change in any applicable Legal Requirements, rule or regulation, or any change in the interpretation or administration
thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof,
or compliance by Administrative Agent or any Lender (or its LIBOR lending office) with any request or directive (whether or not
having the force of law) of any such authority, central bank or comparable agency shall make it unlawful or impossible for Administrative
Agent or any Lender (or its LIBOR lending office) to maintain the Loan to Borrower, Administrative Agent shall designate a different
LIBOR lending office if such designation will make it possible for Administrative Agent and the Lenders to maintain the Loan and
will not, in the reasonable judgment of Administrative Agent, be otherwise disadvantageous to Administrative Agent and the Lenders.
If Administrative Agent shall determine that it may not lawfully continue to maintain the Loan at LIBOR to maturity and shall so
specify same in a written notice to Borrower, the Loan shall bear interest at the Base Rate.

 

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2.11.3      Designation
of a Different Lending Office. If any Lender requests compensation under Section 2.11.1, or requires Borrower
to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section  2.2.3, then such Lender shall (at the request of Borrower) use commercially reasonable efforts to designate
a different lending office for funding or booking its Loan hereunder or to assign its rights and obligations hereunder to another
of its offices, branches or affiliates, if, in the good faith judgment of such Lender, such designation or assignment (i) would
eliminate or reduce amounts payable pursuant to Section 2.11.1 or 2.2.3, 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.

 

2.11.4      Replacement
of Lenders. If any Lender requests compensation under Section 2.11.1, or if 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 2.2.3,
or any Lender’s obligation to continue Loans of any Type, or to convert Loans of any Type into the other Type of Loan maintain
the Loan, shall be suspended pursuant to Section 2.11.1 or Section 2.11.2 and, in each case, such Lender
has declined or is unable to designate a different lending office in accordance with Section 2.11.3, or if any Lender
is a Defaulting Lender, then Borrower may, at its sole expense and effort, upon notice to such Lender and Administrative Agent,
require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in,
and consents required by, Section 11.20), all of its interests, rights (other than its existing rights to payments
pursuant to Section 2.11.1 or Section 2.2.3) and obligations under this Agreement and the related Loan
Documents to an Eligible Institution that shall assume such obligations (which assignee may be another Lender, if a Lender accepts
such assignment); provided that:

 

(a)             Borrower shall have paid to Administrative Agent the assignment fee (if any) specified in Section 11.20.1(a)(v);

 

(b)            such
Lender shall have received payment of an amount equal to such Lender’s proportionate share of the outstanding principal
of the Loan, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents
(including any amounts under Section 2.2.4) from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or Borrower (in the case of all other amounts);

 

(c)             in the case of any such assignment resulting from a claim for compensation under Section 2.11.1 or payments
required to be made pursuant to Section 2.2.3, such assignment will result in a reduction in such compensation or payments
thereafter; and

 

(d)            such assignment does not conflict with applicable Legal Requirements.

 

A Lender shall not be required to make
any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
Borrower to require such assignment and delegation cease to apply.

 

2.12        Inability to Determine Rates; Alternate Interest Rate Election Event.  

 

2.12.1      If
Administrative Agent shall have determined in good faith that adequate and reasonable means do not exist for ascertaining the
LIBOR for any requested Interest Period with respect to a proposed LIBOR Based Loan or that the LIBOR applicable for any requested
Interest Period with respect to a proposed LIBOR Based Loan does not adequately and fairly reflect the cost to Lenders of funding
or maintaining such Loan, Administrative Agent will forthwith give notice of such determination to Borrower and each Lender. 
Thereafter, the obligation of Lenders to make or maintain LIBOR Based Loan hereunder shall be suspended until Administrative Agent
revokes such notice in writing. 

 

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2.12.2      Notwithstanding
the other provisions of this Agreement, if Administrative Agent shall have determined in good faith (which determination shall
be conclusive absent manifest error), or the Borrower and Majority Lenders shall notify Administrative Agent in writing, that
either (a) the circumstances set forth in Section 2.12.1 have arisen and such circumstances are unlikely to be temporary,
(b) syndicated or comparable loans are currently being executed and/or amended to include or adopt a new benchmark rate or rates
(including, without limitation, credit or similar adjustments, in each case, to such rate or rates) or (c) the circumstances set
forth in Section 2.12.1 have not arisen but the supervisor for the administrator of LIBOR (or any component thereof) or
a Governmental Authority having jurisdiction over Administrative Agent has made a public statement identifying a specific date
after which LIBOR (or any component thereof) shall no longer be published for use in determining interest rates for loans (in
the case of any of such clauses (a), (b) or (c), an “Alternate Interest Rate Election Event”), then
reasonably promptly thereafter Administrative Agent and Borrower may endeavor in good faith to establish an Alternate Rate and,
if established, shall enter into an amendment to this Agreement to reflect such Alternate Rate and such other related changes
to this Agreement as may be applicable (including, without limitation, operational, term, conforming and other changes as may
be reasonably determined by Administrative Agent).  Notwithstanding anything to the contrary in Section 10.9 or any
other provision of this Agreement, such amendment shall become effective without any further action or consent of any other party
to this Agreement so long as Administrative Agent shall not have received, within five (5) Business Days after the date notice
of such Alternate Rate is provided to Lenders, a written notice from the Majority Lenders  stating that they object to such
amendment (which amendment shall not be effective prior to the end of such five (5) Business Day notice period).  To the
extent an Alternate Rate is adopted as contemplated hereby, the Alternate Rate shall be applied in a manner consistent with prevailing
market convention; provided that, to the extent such prevailing market convention is not administratively feasible for Administrative
Agent, such Alternate Rate shall be applied in a manner as otherwise reasonably determined by Administrative Agent and the Borrower. 
From such time as an Alternate Interest Rate Election Event has occurred and continuing until an Alternate Rate has been determined
in accordance with the terms and conditions of this paragraph, if any Request for Advance requests a LIBOR Based Loan, such Loan
shall be made as a Base Rate Loan; provided that, to the extent such Alternate Interest Rate Election Event is as a result
of clause (b) above, then this sentence shall apply during such period only if LIBOR for such Interest Period is not available
or published at such time on a current basis.  Notwithstanding anything contained herein to the contrary, if at any time
the Alternate Rate would be less than the LIBOR Floor, the Alternate Rate shall be deemed to be the LIBOR Floor for purposes of
this Agreement.

 

		3.	CASH MANAGEMENT AND RESERVE ACCOUNTS

 

3.1          Cash
Management Arrangements. Borrower shall deposit all Rents into an Eligible Account (the “Clearing Account”)
as more fully described in Section 2.1(a) of the Cash Management Agreement. If no Cash Management Period has occurred,
such funds shall be swept on a daily basis to the Auto-debit Account in accordance with Section 2.1(a) of the Cash Management
Agreement. If a Cash Management Period is continuing, such funds shall be deposited, applied and disbursed in accordance with
Section 2.1(b) of the Cash Management Agreement.

 

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3.2         
Intentionally Omitted.

 

3.3         
Intentionally Omitted.

 

3.4          Intentionally Omitted.

 

3.5          Casualty/Condemnation Account. Borrower shall pay, or cause to be paid, to Administrative Agent all Proceeds
or Awards due to any Casualty or Condemnation to be deposited into a separate account with Administrative Agent or transferred
to a Secondary Account (in either such event, the “Casualty/Condemnation Account”) in accordance with
the provisions of Article 7. All amounts in the Casualty/Condemnation Account shall be disbursed in accordance with
the provisions of Article 7.

 

3.6          Security Deposits. Borrower shall keep and hold all cash security deposits under Leases in accordance with applicable
Legal Requirements and in a separately designated account under Borrower’s control (and in the case of any security deposits
held in the form of a letter of credit, assigned, to the extent permitted by applicable Legal Requirements and subject to the terms
of the applicable Leases, with full power of attorney (exercisable only during the continuance of a Cash Management Period) and
executed sight drafts to Administrative Agent) so that the security deposits shall not be commingled with any other funds of Borrower.
During a Cash Management Period, Borrower shall, upon Administrative Agent’s request, if permitted by applicable Legal Requirements,
turn over to Administrative Agent the cash security deposits (and any interest theretofore earned thereon) under Leases, to be
held by Administrative Agent in a separate account or transferred to a Secondary Account (in either such event, the “Security
Deposit Account”) subject to the terms of the Leases. Security deposits held in the Security Deposit Account will
be immediately released by Administrative Agent upon notice from Borrower together with such evidence as Administrative Agent may
reasonably request that such security deposit is required to be returned to a tenant pursuant to the terms of a Lease or may be
applied as Rent pursuant to the rights of Borrower under the applicable Lease. Any letter of credit or other instrument that Borrower
receives in lieu of a cash security deposit under any Lease entered into after the date hereof shall (i) be maintained in
full force and effect in the full amount unless replaced by a cash deposit as hereinabove described and (ii) if permitted
pursuant to any Legal Requirements, name Administrative Agent on behalf of the Lenders as payee or mortgagee thereunder (or at
Administrative Agent’s option, be fully assignable to Administrative Agent on behalf of the Lenders).

 

3.7          Intentionally
Omitted.

 

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3.8          Grant
of Security Interest; Application of Funds. As security for payment of the Debt and the performance by Borrower of all
other terms, conditions and provisions of the Loan Documents, Borrower hereby pledges and assigns to Administrative Agent on behalf
of the Lenders, and grants to Administrative Agent a security interest in, all Borrower’s right, title and interest in and
to all Rents and in and to all payments to or monies held in separate accounts with Administrative Agent pursuant to Article
3 or Section 5.10.5 of this Agreement and the Clearing Account, the Deposit Account, all Secondary Accounts created
pursuant to this Agreement (collectively, the “Cash Management Accounts”). Borrower hereby grants to
Administrative Agent a continuing security interest in, and agrees to hold in trust for the benefit of Administrative Agent on
behalf of the Lenders, all Rents in its possession prior to the (a) payment of such Rents to Administrative Agent or (b) deposit
of such Rents into the Clearing Account. Borrower shall not, without obtaining the prior express written consent of Administrative
Agent, further pledge, assign or grant any security interest in any Cash Management Account, or permit any Lien to attach thereto,
or any levy to be made thereon, or any UCC Financing Statements, except those naming Administrative Agent as the secured party,
to be filed with respect thereto. This Agreement is, among other things, intended by the parties to be a security agreement for
purposes of the UCC. Upon repayment in full of the Debt, all remaining funds held in the separate accounts with Administrative
Agent pursuant to Article 3 or Section 5.10.5 of this Agreement and the Secondary Accounts, if any, shall be
promptly disbursed to Borrower.

 

		4.	REPRESENTATIONS AND WARRANTIES

 

Borrower represents and warrants to Administrative
Agent and the Lenders as of the date hereof that, except to the extent disclosed on Schedule 2 with reference to a specific
Section of this Article 4:

 

4.1         Organization;
Special Purpose. Borrower has been duly formed and is validly existing and in good standing under the laws of the state
of its formation, with requisite power and authority, and all material rights, licenses, permits and authorizations, governmental
or otherwise, necessary to own its properties and to transact the business in every state in which it is now engaged. Borrower
is duly qualified to do business and is in good standing in each jurisdiction where it is required to be so qualified in connection
with its properties, business and operations. Borrower is a Special Purpose Entity.

 

4.2         Proceedings; Enforceability. Borrower has taken all necessary action to authorize the execution, delivery and
performance of the Loan Documents. The Loan Documents have been duly executed and delivered by Borrower and constitute legal, valid
and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms, subject to applicable
bankruptcy, insolvency and similar laws affecting rights of creditors generally, and general principles of equity. The Loan Documents
are not subject to, and Borrower has not asserted, any right of rescission, set-off, counterclaim or defense, including the defense
of usury. To Borrower’s knowledge, no exercise of any of the terms of the Loan Documents, or any right thereunder, will render
any Loan Document unenforceable.

 

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4.3          No Conflicts. To Borrower’s knowledge, the execution, delivery and performance of the Loan Documents by
Borrower and the transactions contemplated hereby will not conflict with or result in a material breach of any of the terms or
provisions of, or constitute a default under, or result in the creation or imposition of any Lien (other than pursuant to the Loan
Documents) upon any of the property of Borrower pursuant to the terms of, any agreement or instrument to which Borrower is a party
or by which its property is subject, nor will such action result in any material violation of the provisions of any statute or
any order, rule or regulation of any Governmental Authority having jurisdiction over Borrower or any of its properties. To Borrower’s
knowledge, Borrower’s rights under the Licenses and the Management Agreement will not be materially adversely affected by
the execution and delivery of the Loan Documents, Borrower’s performance thereunder, the recordation of the Mortgage, or
the exercise of any remedies by Administrative Agent or any Lender. To Borrower’s knowledge, any consent, approval, authorization,
order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance
by Borrower of the Loan Documents has been obtained and is in full force and effect.

 

4.4          Litigation.
There are no actions, suits or other proceedings at law or in equity by or before any Governmental Authority now pending or threatened
(in writing) against or affecting Borrower or the Property, which, if adversely determined, would materially adversely affect
the condition (financial or otherwise) or business of Borrower (including the ability of Borrower to carry out its obligations
under the Loan Documents) or the use, value, condition or ownership of the Property.

 

4.5          KYC information. The information contained on the Beneficial Ownership Certification for each “legal entity customer”
under the Beneficial Ownership Regulation delivered to Administrative Agent and the Lenders is true and correct in all material
respects.

 

4.6         Agreements.
Borrower is not a party to any agreement or instrument or subject to any restriction which would materially adversely affect Borrower
or the Property, or Borrower’s business, properties, operations or condition, financial or otherwise. Borrower is not in
default (beyond the expiration of any applicable notice and/or cure periods) in any material respect in the performance, observance
or fulfillment of any of the obligations, covenants or conditions contained in any Permitted Encumbrance or any other written
agreement or instrument to which it is a party or by which it or the Property is bound.

 

4.7          Title.
Borrower has good, insurable and indefeasible fee title to the Property, free and clear of all Liens except the Permitted Encumbrances.
All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid by Borrower
or any other Person under applicable Legal Requirements in connection with the transfer of the Property to Borrower have been
paid. To Borrower’s knowledge, the Mortgage when properly recorded in the appropriate records, together with any UCC Financing
Statements required to be filed in connection therewith, will create (a) a valid, perfected first priority lien on the Borrower’s
interest in the Property and (b) valid and perfected first priority security interests in and to, and perfected collateral
assignments of, all personalty (including the Leases), all in accordance with the terms thereof, in each case subject only to
any applicable Permitted Encumbrances. All mortgage, recording, stamp, intangible or other similar taxes required to be paid by
Borrower or any other Person under applicable Legal Requirements in connection with the execution, delivery, recordation, filing,
registration, perfection or enforcement of any of the Loan Documents have been paid. The Permitted Encumbrances do not materially
adversely affect the operation or use of the Property, or Borrower’s ability to repay the Loan. No Condemnation or other
proceeding has been commenced or, to Borrower’s knowledge, is contemplated with respect to all or part of the Property or
for the relocation of roadways providing access to the Property. To Borrower’s knowledge, there are no claims for payment
for work, labor or materials affecting the Property which are or may become a Lien prior to, or of equal priority with, the Liens
created by the Loan Documents. There are no outstanding options to purchase or rights of first refusal affecting all or any portion
of the Property. Each parcel comprising the Property is a separate tax lot and is not a portion of any other tax lot that is not
a part of the Property. There are no pending or proposed special or other assessments for public improvements or otherwise affecting
the Property, or any contemplated improvements to the Property that may result in such special or other assessments. The premium
with respect to the Title Insurance Policy has been paid in full (or will be paid in full with a portion of the proceeds of the
Loan).

 

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4.8          No Bankruptcy Filing. Neither Borrower nor any Guarantor is contemplating either the filing of a petition by
it under any state or federal bankruptcy or insolvency law or the liquidation of all or a major portion of its property (a “Bankruptcy
Proceeding”), and neither Borrower nor any Guarantor has any actual knowledge of any Person contemplating the filing
of any such petition against Borrower or any Guarantor. In addition, neither Borrower nor Guarantor has been a party to, or the
subject of a Bankruptcy Proceeding for the past ten years.

 

4.9          Full and Accurate Disclosure. To Borrower’s knowledge, no statement of fact made by Borrower or any Guarantor
in any of the Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to
make statements contained therein not misleading. There is no material fact presently known to Borrower that has not been disclosed
to Administrative Agent and the Lenders which materially adversely affects, or, as far as Borrower can reasonably determine, would
materially adversely affect, the Property or the business, operations or condition (financial or otherwise) of Borrower. All financial
data (if any), including the statements of cash flow and income and operating expense, that have been delivered by Borrower to
Administrative Agent in respect of Borrower and the Property or any Guarantor (a) are true, complete and correct in all material
respects, (b) accurately represent the financial condition of Borrower and the Property as of the date of such reports, and
(c) to the extent prepared by an independent certified public accounting firm, have been prepared in accordance with GAAP
consistently applied throughout the periods covered, except as disclosed therein. Borrower has no contingent liabilities, liabilities
for material Taxes, unusual forward or long-term commitments, unrealized or anticipated losses from any unfavorable commitments
or any liabilities or obligations not expressly permitted by this Agreement. Since the date of such financial statements, there
has been no materially adverse change in the financial condition, operations or business of Borrower, any Guarantor, or the Property
from that set forth in said financial statements.

 

4.10       Tax
Filings. To the extent required, Borrower has filed (or has obtained effective extensions for filing) all federal,
state and local tax returns required to be filed and has paid or made adequate provision for the payment of all federal, state
and local taxes, charges and assessments payable by Borrower. Borrower believes that its tax returns (if any) properly reflect
the income and taxes of Borrower for the periods covered thereby, subject only to reasonable adjustments required by the IRS or
other applicable tax authority upon audit.

 

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4.11        No
Plan Assets. As of the date hereof and throughout the Term (a) Borrower is not and will not be an “employee benefit
plan,” as defined in Section 3(3) of ERISA that is subject to Title IV of ERISA, (b) none of the assets of Borrower
constitutes or will constitute “plan assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101,
(c) Borrower is not and will not be a “governmental plan” within the meaning of Section 3(32) of ERISA,
and (d) transactions by or with Borrower are not and will not be subject to state statutes regulating investment of, and
fiduciary obligations with respect to, governmental plans. As of the date hereof, neither Borrower, nor any entity that would
be in the same “controlled group of corporations” (within the meaning of Section 414 of the Code) as Borrower
maintains, sponsors or contributes to a “defined benefit plan” (within the meaning of Section 3(35) of ERISA)
or a “multiemployer pension plan” (within the meaning of Section 3(37)(A) of ERISA).

 

4.12        Compliance. Subject to any matters disclosed in the Zoning Report, Borrower and the Property and the use thereof
comply in all material respects with all applicable Legal Requirements (including with respect to parking and applicable zoning
and land use laws, regulations and ordinances). Borrower is not in any material default (beyond the expiration of any applicable
notice and/or cure period) of any order, writ, injunction, decree or demand of any Governmental Authority, the violation of which
would materially adversely affect the condition (financial or otherwise) or business of Borrower. The Property is used exclusively
for retail, office and signage condominium use and other appurtenant and related uses. To Borrower’s knowledge, in the event
that all or any part of the Improvements are destroyed or damaged, said Improvements can be legally reconstructed to their condition
prior to such damage or destruction (or to such condition as is required by applicable Legal Requirements), and thereafter exist
for the same use without violating any zoning or other ordinances applicable thereto and without the necessity of obtaining any
variances or special permits. No legal proceedings are pending or, to the knowledge of Borrower, threatened (in writing) with respect
to the zoning of the Property. All material certifications, permits, licenses and approvals, including certificates of completion
and occupancy permits required for the legal use, occupancy and operation of the Property (collectively, the “Licenses”),
have been obtained and are in full force and effect. The use being made of the Property is in conformity with the certificate of
occupancy issued for the Property and all other recorded restrictions, covenants and conditions affecting the Property.

 

4.13        Contracts. There are no service, maintenance or repair contracts entered into by Borrower (or that are binding
on Borrower) affecting the Property that are not terminable on one month’s notice or less without cause and without penalty
or premium, unless expressly approved by Administrative Agent in writing. All service, maintenance or repair contracts entered
into by Borrower (or that are binding on Borrower) affecting the Property have been entered into at arms-length in the ordinary
course of Borrower’s business and provide for the payment of fees in amounts and upon terms comparable to existing market
rates.

 

4.14        Federal Reserve Regulations; Investment Company Act. No part of the proceeds of the Loan will be used for the
purpose of purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors
of the Federal Reserve System or for any other purpose that would be inconsistent with such Regulation U or any other regulation
of such Board of Governors, or for any purpose prohibited by Legal Requirements or any Loan Document. Borrower is not (a) an
“investment company” or a company “controlled” by an “investment company,” within the meaning
of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary company”
of a “holding company” or an “affiliate” of either a “holding company” or a “subsidiary
company” within the meaning of the Public Utility Holding Company Act of 1935, as amended; or (c) subject to any other
federal or state law or regulation which purports to restrict or regulate its ability to borrow money.

 

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4.15        Easements;
Utilities and Public Access. Subject to Permitted Encumbrances, (a) all easements, cross easements, licenses, air rights
and rights-of-way or other similar property interests (collectively, “Easements”), if any, necessary
for the full utilization of the Improvements for their intended purposes have been obtained, are described in the Title Insurance
Policy and are in full force and effect without default thereunder, (b) the Property has rights of access to public ways and is
served by water, sewer, sanitary sewer and storm drain facilities adequate to service it for its intended uses, (c) all public
utilities necessary or convenient to the full use and enjoyment of the Property are located in the public right-of-way abutting
the Property, and all such utilities are connected so as to serve the Property without passing over other property absent a valid
easement and (d) all roads necessary for the use of the Property for its current purpose have been completed and dedicated to
public use and accepted by all Governmental Authorities.

 

4.16        Physical
Condition. Subject to the matters disclosed in the Property Condition Report, the Property, including all Improvements,
parking facilities, systems, Equipment and landscaping, are in good condition, order and repair in all material respects; there
exists no structural or other material defect or damages to the Property, whether latent or otherwise that would materially adversely
impact the Property. Borrower has not received written notice from any insurance company or bonding company of any defect or inadequacy
in the Property, or any part thereof, which would adversely affect its insurability or cause the imposition of extraordinary premiums
or charges thereon or any termination of any policy of insurance or bond. No portion of the Property is located in an area as
identified by the Federal Emergency Management Agency as an area having special flood hazards. The Improvements have suffered
no material casualty or damage which has not been fully repaired and the cost thereof fully paid.

 

4.17        Leases. The rent roll certified by Borrower to Administrative Agent on the date hereof and attached as Schedule
1 hereto (the “Rent Roll”) is true, complete and correct in all material respects, and the Property
is not subject to any Leases other than the Leases described in the Rent Roll. Except as set forth on the Rent Roll and except
as set forth in any tenant estoppel certificate delivered to Administrative Agent in connection with the origination of the Loan:
(a) each Lease is in full force and effect; (b) the tenants under the Leases have accepted possession of and are in occupancy
of all of their respective demised premises, have commenced the payment of rent under the Leases, and there are no offsets, claims
or defenses to the enforcement thereof; (c) all rents due and payable under the Leases have been paid and no portion thereof
has been paid for any period more than thirty (30) days in advance; (d) the rent payable under each Lease is the amount of
fixed rent set forth in the Rent Roll, and there is no claim or basis for a claim by the tenant thereunder for an adjustment to
the rent; (e) no tenant has made any claim against Borrower, as landlord, under any Lease which remains outstanding, there
are no defaults on the part of Borrower, as landlord, under any Lease, and no event has occurred which, with the giving of notice
or passage of time, or both, would constitute such a default; (f) to Borrower’s knowledge, there is no present material
default by the tenant under any Lease; (g) all security deposits under Leases are as set forth on the Rent Roll and are held
consistent with Section 3.6; (h) Borrower is the sole owner of the entire lessor’s interest in each Lease;
(i) each Lease is the valid, binding and enforceable obligation of the Borrower and the applicable tenant thereunder; and
(j) no Person has any possessory interest in, or right to occupy, the Property except under the terms of the Leases. None
of the Leases contains any option to purchase or right of first refusal to purchase the Property or any part thereof. Neither the
Leases nor the Rents have been assigned or pledged except to Administrative Agent.

 

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4.18        Fraudulent Transfer; Solvency. Borrower has not entered into the Loan or any Loan Document with the actual intent
to hinder, delay, or defraud any creditor, and Borrower has received reasonably equivalent value in exchange for its obligations
under the Loan Documents. As of the date of this Agreement and after giving effect to the transactions contemplated by the Loan
Documents, including all Debt incurred thereby, the security interests granted therein and the payment of all fees, costs, expenses
and the like related thereto, the Borrower and Guarantor are Solvent.

 

4.19        Ownership of Borrower. The sole member of Borrower is New York City Operating Partnership, L.P., a Delaware limited
partnership. The membership interests in Borrower are owned free and clear of all Liens, warrants, options and rights to purchase.
Borrower has no obligation to any Person to purchase, repurchase or issue any ownership interest in it. The organizational chart
attached hereto as Schedule 3 is complete and accurate and illustrates all Persons who have a direct or indirect ownership interest
in Borrower other than any limited partners or investors in Guarantor.

 

4.20        Purchase
Options. Neither the Property nor any part thereof is subject to any purchase options or other similar rights in favor
of third parties.

 

4.21        Management Agreement. The Management Agreement is in full force and effect. To Borrower’s knowledge, there
is no material default, breach or violation existing thereunder, and no event has occurred (other than payments due but not yet
delinquent) that, with the passage of time or the giving of notice, or both, would constitute a default, breach or violation thereunder,
by either party thereto.

 

4.22        Environmental Representations. Borrower has delivered to Administrative Agent a true, complete and correct copy
of the Environmental Report. All of the representations and warranties made by Borrower as an indemnitor under the Environmental
Indemnity are hereby incorporated by reference as a part of this Agreement with the same force and effect as if set forth in the
body hereof.

 

4.23        Name;
Principal Place of Business. Borrower does not use and will not use any trade name and has not done and will not do business
under any name other than its actual name set forth herein. The principal place of business of Borrower is its primary address
for notices as set forth in Section 6.1, and Borrower has no other place of business.

 

4.24        Other
Debt. There is no indebtedness with respect to the Property, whether secured or unsecured, other than Permitted Encumbrances
and Permitted Indebtedness.

 

4.25        Intentionally Omitted. 

 

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4.26       Own
Behalf; For Own Account. Borrower confirms that Borrower is acting on its own behalf and for its own benefit. The Loan
has been requested by Borrower, and the proceeds of the Loan shall be utilized by Borrower, for its own account.

 

4.27       Sanctions;
Anti-Terrorism Laws; Anti-Corruption Laws.

 

4.27.1       The
Borrower, each guarantor or pledgor of collateral, and each subsidiary of the foregoing (each, a “Covered Entity”)
and, to the knowledge of the Borrower, their respective officers, employees, directors and agents acting in any capacity in connection
with the Loan, are in compliance with, and have not engaged, and do not engage, in any dealings or transactions prohibited by,
all applicable Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions. No Covered Entity (i) is a Sanctioned Person, (ii) is a
Person organized or resident in a Sanctioned Country, or (iii) is owned, directly or indirectly or Controlled by (including by
virtue of such Person being a director or owning voting shares or interests), or acts, directly or indirectly, for or on behalf
of, any Sanctioned Person or government of a Sanctioned Country such that the entry into, or performance under, this Agreement
or any other Loan Document would be prohibited by U.S. law.

 

4.27.2       The
proceeds of the Loan will not be used to fund any operations in, finance any investments or activities in, or, make any payments
to, a Sanctioned Country or Sanctioned Person, or in violation of any Sanctions.

 

4.27.3       The
funds used to repay the Loan are not derived from any unlawful activity.

 

4.27.4       Each
Covered Entity has instituted and will continue to maintain policies and procedures designed to ensure compliance by the Covered
Entities and their respective directors, officers, employees and agents with applicable Sanctions, Anti-Terrorism Laws and Anti-Corruption
Laws.

 

All of the representations
and warranties in this Article 4 and elsewhere in the Loan Documents (i) shall survive the funding and repayment of
the Loan (except to the extent expressly provided in the Environmental Indemnity) and (ii) shall be deemed to have been relied
upon by Administrative Agent and the Lenders notwithstanding any investigation heretofore or hereafter made by Administrative Agent
or any Lender or on their respective behalves.

 

4.28        Condominium
Documents. Borrower has delivered to Lender a true and complete copy of each Condominium Document and none of the Condominium
Documents has been further amended, modified or terminated. The Condominium Documents do not violate any provision of the Condominium
Act or any other Legal Requirement.

 

		5.	COVENANTS

 

Until the end of the Term, Borrower hereby
covenants and agrees with Administrative Agent and the Lenders that:

 

5.1          Existence.
Borrower shall (a) do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence,
rights, and franchises, (b) continue to engage in the business presently conducted by it, (c) obtain and maintain all
Licenses, and (iv) qualify to do business and remain in good standing under the laws of each jurisdiction, in each case as
and to the extent required for the ownership, maintenance, management and operation of the Property.

 

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5.2          Taxes
and Other Charges. Borrower shall pay all Taxes and Other Charges (other than any Excluded Taxes) prior the date that same
shall become delinquent, and, upon Administrative Agent’s written request therefore from time to time, deliver to Administrative
Agent receipts for payment or other evidence reasonably satisfactory to Administrative Agent that such Taxes and Other Charges
have been so paid (provided, however, that Borrower need not pay such Taxes nor furnish such receipts
for payment of Taxes paid by Administrative Agent pursuant to Section 3.3). Borrower shall not suffer and shall promptly
cause to be paid and discharged any Lien against the Property, and shall promptly pay for all utility services provided to the
Property. After prior notice to Administrative Agent, Borrower, at its own expense, may contest by appropriate legal proceeding,
promptly initiated and conducted in good faith and with due diligence, the amount or validity or application of any Taxes or Other
Charges, provided that (a) no Event of Default has occurred and is continuing, (b) such proceeding shall suspend the
collection of the Taxes or such Other Charges, (c) such proceeding shall be permitted under and be conducted in accordance
with the provisions of any other instrument to which Borrower is subject and shall not constitute a default thereunder, (d) no
part of or interest in the Property will be in danger of being sold, forfeited, terminated, canceled or lost, (e) if such
Taxes or Other Charges are not paid by Borrower during such contest, Borrower shall have furnished such security as may be required
in the proceeding, or as may be requested by Administrative Agent, to insure the payment of any such Taxes or Other Charges, together
with all interest and penalties thereon, which shall not be less than 125% of the Taxes and Other Charges being contested, and
(f) Borrower shall promptly upon final determination thereof pay the amount of such unpaid Taxes or Other Charges, together
with all costs, interest and penalties. Administrative Agent may pay over any such security or part thereof held by Administrative
Agent to the claimant entitled thereto at any time when, in the judgment of Administrative Agent, the entitlement of such claimant
is established.

 

5.3          Access
to Property. Subject to the terms of the Leases (and the rights of the tenants thereunder) and the terms of the Condominium
Documents, Borrower shall permit agents, representatives, consultants and employees of Administrative Agent to inspect the Property
or any part thereof at reasonable hours upon reasonable advance written notice (but not more than once during any consecutive twelve
(12) month period, provided no Event of Default has occurred and is continuing). Borrower shall have the right to have Borrower’s
representative present during any such inspection.

 

5.4          Repairs;
Maintenance and Compliance; Alterations.

 

5.4.1         Repairs;
Maintenance and Compliance. Subject to the terms of the Condominium Documents and the terms of the Leases, Borrower shall at
all times maintain, preserve and protect all franchises and trade names, and Borrower shall cause the Property to be maintained
in a good and safe condition and repair and shall not remove, demolish or alter the Improvements or Equipment (except for alterations
performed in accordance with Section 5.4.2 and normal replacement of Equipment with Equipment of substantially equivalent
value and functionality). Borrower shall comply with all Legal Requirements and cure (or cause the Condominium Board or applicable
tenant under its Lease to cure, as applicable) any violation of a Legal Requirement. Borrower shall notify Administrative Agent
in writing within three (3) Business Days after Borrower first receives written notice of any such non-compliance. Subject to the
terms of the Condominium Documents and the terms of the Leases, Borrower shall repair, replace or rebuild any part of the Property
that becomes damaged, worn or dilapidated and shall complete and pay for any Improvements at any time in the process of construction
or repair.

 

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5.4.2         Alterations.
Borrower may, without Administrative Agent’s prior written consent, perform alterations to the Improvements and Equipment
which (a) do not constitute a Material Alteration, (b) do not materially adversely affect Borrower’s financial
condition or the value or Net Operating Income of the Property, (c) [intentionally omitted], (d) do not materially adversely
change or impact the use or zoning of, or access to, the Property or reduce the parking ratio thereof, (e) are performed in a good
and workmanlike manner and in accordance with all Legal Requirements, and (f) are free of any Liens. Borrower shall not perform
any Material Alteration without Administrative Agent’s prior express written consent, which consent shall not be unreasonably
withheld, conditioned or delayed. Administrative Agent may, as a condition to giving its consent to a Material Alteration, require
that Borrower deliver to Administrative Agent security for payment of the cost of such Material Alteration in an amount equal to
the lesser of (A) 110% of the cost of the Material Alteration as reasonably estimated by Administrative Agent, and (B) 120% of
the cost of the Material Alteration as stated in a fixed price contract. Upon substantial completion of the Material Alteration,
Borrower shall provide evidence reasonably satisfactory to Administrative Agent that (i) the Material Alteration was constructed
in accordance with applicable Legal Requirements and substantially in accordance with plans and specifications expressly approved
in writing by Administrative Agent (which approval shall not be unreasonably withheld, conditioned or delayed), (ii) all contractors,
subcontractors, materialmen and professionals who provided work, materials or services in connection with the Material Alteration
have been paid in full and have delivered unconditional releases of lien and (iii) all material Licenses necessary for the
use, operation and occupancy of the Material Alteration (other than those which depend on the performance of tenant improvement
work) have been issued. Borrower shall reimburse Administrative Agent upon demand for all reasonable, actual out-of-pocket costs
and expenses (including the reasonable fees of any architect, engineer or other professional engaged by Administrative Agent) incurred
by Administrative Agent and the Lenders in reviewing plans and specifications or in making any determinations necessary to implement
the provisions of this Section 5.4.2. Notwithstanding anything to the contrary contained herein, if (x) the Condominium
Documents require the Condominium Board to perform any alterations (including those that would otherwise be considered a Material
Alteration) at the Property, and/or (y) an Approved Lease provides that Borrower (as landlord thereunder) or the tenant thereunder
is obligated to perform any alterations (including those that would otherwise be considered a Material Alterations) at the Property
as a means of compliance with the terms of the applicable Approved Lease, then in each such case, this Section 5.4.2 shall
not apply to Borrower in any manner whatsoever (but specifically excluding any major structural alterations that impact common
areas at the Property under an Approved Lease that is not a Major Lease).

 

5.5         Performance
of Other Agreements. Borrower shall observe and perform each and every term to be observed or performed by it pursuant
to the terms of the Loan Documents.

 

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5.6          Cooperate
in Legal Proceedings. Borrower shall reasonably cooperate with Lenders with respect to, and permit Lenders (if Lenders
would otherwise have standing), at its option, to participate in, any proceedings before any Governmental Authority which may in
any way adversely affect the rights of such Lender under any Loan Document.

 

5.7          Further
Assurances. Provided that the following further assurances do not increase Borrower’s obligations or liability under
the Loan Documents (other than in de minimis respects) or decrease Borrower’s rights under the Loan Documents, Borrower
shall, at Borrower’s sole (but reasonably) cost and expense, (i) execute and deliver to Administrative Agent such customary
documents, instruments, certificates, assignments and other writings, and do such other acts reasonably necessary, to evidence,
preserve and/or protect the collateral at any time securing or intended to secure the Debt and/or for the better and more effective
carrying out of the intents and purposes of the Loan Documents, as Administrative Agent or the Lenders may reasonably require from
time to time; and (ii) upon Administrative Agent’s request therefor given from time to time after the occurrence of
any Event of Default pay for (a) reports of UCC, federal tax lien, state tax lien, judgment and pending litigation searches
with respect to Borrower and (b) searches of title to the Property, each such search to be conducted by search firms reasonably
designated by Administrative Agent in each of the locations reasonably designated by Administrative Agent.

 

5.8          Environmental
Matters. 

 

5.8.1         Environmental
Indemnity. All of the covenants of Borrower as an indemnitor under the Environmental Indemnity are hereby incorporated by reference
as a part of this Agreement with the same force and effect as if set forth in the body hereof.

 

5.8.2         O
& M Program. In the event the Environmental Report recommends the development of or continued compliance with an operation
and maintenance program for the Property (including, without limitation, with respect to the presence of asbestos and/or lead-based
paint) (“O & M Program”), Borrower shall develop (or continue to comply with, as the case may be)
such O & M Program and shall, during the term of the Loan, including any extension or renewal thereof, comply in all material
respects with the terms and conditions of the O & M Program.

 

5.9          Title
to the Property. Borrower will warrant and defend the title to the Property, and the validity of all Liens granted or otherwise
given to Administrative Agent on behalf of the Lenders under the Loan Documents, subject only to Permitted Encumbrances, against
the claims of all Persons.

 

5.10        Leases.

 

5.10.1       Generally.
Upon request, Borrower shall furnish Administrative Agent with executed copies of all Leases then in effect. All renewals of Leases
and all proposed leases shall provide for rental rates and terms comparable to existing local market rates and shall be arm’s-length
transactions with bona fide, independent third-party tenants.

 

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5.10.2       Borrower’s
Right to Enter into Leases. Provided that no Event of Default is continuing, Borrower shall be able to enter into new leases
and renewals, amendments and modifications of existing Leases without the prior express written approval of Administrative Agent
provided: (a) the new lease is not a Major Lease or the existing Lease as amended or modified or the renewal Lease is not
a Major Lease, (b) the new lease shall be written substantially in accordance with the standard form of Lease which shall
have been approved by Administrative Agent, subject to any commercially reasonable changes made in the course of negotiation with
the applicable tenant, (c) the Lease as amended or modified or the renewal Lease or series of leases or proposed lease or
series of leases: (i) shall provide for net effective rental rates comparable to existing local market rates, (ii) shall have an
initial term (together with all renewal options) of not less than three (3) years or greater than fifteen (15) years, (iii) shall
provide for (A) automatic self-operative subordination to the Mortgage (which subordination may be conditioned on execution and
delivery of a subordination, non-disturbance and attornment agreement by Administrative Agent and the applicable tenant in form
and substance reasonably acceptable to Administrative Agent), (B) at Administrative Agent’s option, attornment to Administrative
Agent and (C) the unilateral right by Administrative Agent, at the option of Administrative Agent, to subordinate the Lien of the
Mortgage to the Lease, (iv) shall not contain any option to purchase, any right of first refusal to purchase, any right to
terminate (except in the event of the destruction or condemnation of substantially all of the Property or in connection with a
default), or any other provision which would adversely affect the rights of Administrative Agent or the Lenders under the Loan
Documents in any material respect, and (v) with respect to any Leases with an initial term of greater than ten (10) years shall
have a minimum annual rent of $45 per rentable square foot and, if applicable, a maximum tenant improvement allowance (per year
of Lease term) of $10 per rentable square foot. Borrower shall deliver to Administrative Agent true, correct and complete copies
of all Leases which are entered into pursuant to the preceding sentence together with Borrower’s certification that it has
satisfied all of the conditions of the preceding sentence within ten (10) days after the execution of the Lease.

 

5.10.3       Leases
Requiring Administrative Agent’s Approval. Without the express prior written consent of Administrative Agent, which consent
shall not, so long as no Event of Default is continuing, be unreasonably withheld, conditioned or delayed, Borrower shall not enter
into a proposed Major Lease, a proposed renewal, extension or modification of an existing Major Lease or any proposed new lease
or renewal, amendment or modification of any existing Lease which is not allowed in accordance with the preceding Section 5.10.2
(all, a “Proposed Lease”). Prior to seeking Administrative Agent’s consent to any Proposed Lease
(except in the case of an amendment or modification to any existing Lease), Borrower shall deliver to Administrative Agent a copy
of such Proposed Lease blacklined to show changes from the standard form of Lease approved by Administrative Agent and then being
used by Borrower, along with, in the case of a Proposed Lease which is a Major Lease, appropriate financial or other information
which shall allow Administrative Agent to evaluate the creditworthiness of the proposed tenant. Following receipt of such information,
Administrative Agent shall expressly approve or disapprove, in writing, each Proposed Lease for which Administrative Agent’s
approval is required under this Agreement within ten (10) Business Days of the submission by Borrower to Administrative Agent of
a written request for such approval, accompanied by a final copy of the Proposed Lease, provided such request includes the following
at the header of the first page in bold, capitalized font “REQUEST FOR LEASE APPROVAL – APPROVAL OR DISAPPROVAL
REQUIRED WITHIN TEN (10) BUSINESS DAYS”. If (x) Administrative Agent fails to expressly approve or disapprove the Proposed
Lease(s) identified in such written request from Borrower to Administrative Agent within such ten (10) Business Day period, (y)
Borrower delivers to Administrative Agent a second submission with respect thereto, but with such second submission stating in
bold uppercase letters at the top of such request “SECOND AND FINAL NOTICE -- TIME SENSITIVE APPROVAL OR DISAPPROVAL REQUIRED
WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT, OR DEEMED APPROVAL WILL OCCUR” and (z) Administrative Agent fails to expressly
approve or disapprove the Proposed Lease(s) identified in such second written request within such additional five (5) Business
Day period, then such Proposed Lease(s) shall be deemed to have been approved by Administrative Agent.  If requested by Borrower,
Administrative Agent will grant conditional approvals of Proposed Leases at any stage of the leasing process, from initial “term
sheet” through negotiated lease drafts, provided that Administrative Agent shall retain the right to disapprove any such
Proposed Lease, if subsequent to any preliminary approval material changes are made to the terms previously approved by Administrative
Agent, or additional material terms are added that had not previously been considered and approved by Administrative Agent in connection
with such Proposed Lease. Notwithstanding anything to the contrary in this Section 5.10.3, unless expressly agreed
to in writing by Administrative Agent, any approval by Administrative Agent of a Proposed Lease pursuant to this Section 5.10.3
shall not be deemed to constitute an approval by Administrative Agent of any Approved Leasing Expenses payable in connection therewith
for purposes of Section 2.1.

 

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5.10.4       Additional
Covenants with respect to Leases. Borrower (a) shall observe and perform the material obligations imposed upon the lessor
under the Leases and shall not do or permit anything to materially impair the value of the Leases as security for the Debt; (b) shall
promptly send copies to Administrative Agent of all written notices of default that Borrower shall send or receive under any Lease;
(c) shall enforce, in accordance with commercially reasonable practices for properties similar to the Property, the terms,
covenants and conditions in the Leases to be observed or performed by the lessees, short of termination thereof; (d)  shall
not collect any of the Rents more than one month in advance (other than security deposits); (e) shall not execute any other
assignment of lessor’s interest in the Leases or the Rents (except as contemplated by the Loan Documents); (f) shall
not modify any Lease in a manner inconsistent with the Loan Documents; (g) shall not convey or transfer or suffer or permit
a conveyance or transfer of the Property so as to effect a merger of the estates and rights of, or a termination or diminution
of the obligations of, lessees under Leases; (h) shall not consent to any assignment of or subletting under any Major Lease
unless required in accordance with its terms without the prior express written consent of Administrative Agent, which, with respect
to a subletting, may not, so long as no Event of Default is continuing, be unreasonably withheld, conditioned or delayed; and (i) shall
not cancel or terminate any Lease or accept a surrender thereof (subject to any early termination options expressly set forth in
any such Lease or the terms of any “good guy” guaranty and except upon the expiration of the term of a Lease or in
the exercise of Borrower’s commercially reasonable judgment in connection with a tenant default under a Lease) without the
prior express written consent of Administrative Agent, which consent shall not, so long as no Event of Default is continuing, be
unreasonably withheld, conditioned or delayed. If (x) Administrative Agent fails to expressly approve or disapprove a written request
from Borrower to Administrative Agent for Administrative Agent’s consent to any action contained in clauses (a) through (i)
hereunder within ten (10) Business Days following Borrower’s delivery of the materials required with respect hereto, (y)
Borrower delivers to Administrative Agent a second submission with respect thereto, but with such second submission stating in
bold uppercase letters at the top of such request “SECOND AND FINAL NOTICE -- TIME SENSITIVE APPROVAL OR DISAPPROVAL REQUIRED
WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT, OR DEEMED APPROVAL WILL OCCUR” and (z) Administrative Agent fails to expressly
approve or disapprove the action(s) identified in such second submission within such additional five (5) Business Day period, then
such action(s) shall be deemed to have been approved by Administrative Agent. 

 

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5.10.5       Lease
Termination Payments. If a Cash Management Period has occurred and is continuing (or would occur after giving effect to any
Lease Termination Payment (excluding for purposes of such calculation any Gross Income under the Lease that is the subject of such
Lease Termination Payment)), then (i) if no Event of Default has occurred and is continuing, all Lease Termination Payments shall
be immediately remitted to Administrative Agent for deposit into the Deposit Account and be applied in the same manner as Rents
as set forth in Exhibit B to the Cash Management Agreement and (ii) if an Event of Default has occurred and is continuing, all
Lease Termination Payments may be applied by Administrative Agent to the Debt in such order of priority as Administrative Agent
may determine in its sole discretion.

 

5.11        Estoppel
Statement. After request by Administrative Agent, Borrower shall within ten (10) Business Days furnish Administrative Agent
with a statement addressed to Administrative Agent and the Lenders, and their respective successors and assigns, duly acknowledged
and certified, setting forth (a) the unpaid Principal, (b) the Interest Rate, (c) the date installments of interest
and/or Principal were last paid, (d) [intentionally omitted], (e) that the Loan Documents are valid, legal and binding
obligations and have not been modified or if modified, giving particulars of such modification and (f) whether, to Borrower’s
actual knowledge, any Event of Default exists.

 

5.12        Property
Management.

 

5.12.1       Management
Agreement. Borrower shall (a) cause the Property to be managed pursuant to the Management Agreement; (b) subject
to Borrower’s business judgment to the contrary, promptly perform and observe all of the covenants required to be performed
and observed by it under the Management Agreement and do all things necessary to preserve and to keep unimpaired its rights thereunder;
(c) subject to Borrower’s business judgment to the contrary, promptly notify Administrative Agent of any default under
the Management Agreement of which it is aware; (d) promptly deliver to Administrative Agent a copy of each financial statement,
business plan, capital expenditure plan, and property improvement plan and any other notice, report and estimate received by Borrower
under the Management Agreement; and (e) promptly enforce the performance and observance of all of the covenants required to
be performed and observed by Manager under the Management Agreement. Without Administrative Agent’s prior express written
consent, which consent shall not be unreasonably withheld, conditioned or delayed, Borrower shall not (i) surrender, terminate,
cancel, extend or renew the Management Agreement or otherwise replace the Manager or enter into any other management agreement
(except pursuant to Section 5.12.2); (ii) reduce or consent to the reduction of the term of the Management Agreement;
(iii) increase or consent to the increase of the amount of any charges under the Management Agreement; (iv) otherwise
modify, change, supplement, alter or amend in any material respect, or waive or release any of its rights and remedies under, the
Management Agreement; or (v) suffer or permit the occurrence and continuance of a default beyond any applicable cure period
under the Management Agreement (or any successor management agreement) if such default permits the Manager to terminate the Management
Agreement (or such successor management agreement). If (x) Administrative Agent fails to respond to a written request from Borrower
to Administrative Agent for Administrative Agent’s consent to any action contained in clauses (i) through (v) hereunder within
ten (10) Business Days following Borrower’s delivery of the materials required with respect hereto, (y) Borrower delivers
to Administrative Agent a second submission with respect thereto, but with such second submission stating in bold uppercase letters
at the top of such request “SECOND AND FINAL NOTICE -- TIME SENSITIVE APPROVAL OR DISAPPROVAL REQUIRED WITHIN FIVE (5)
BUSINESS DAYS OF RECEIPT, OR DEEMED APPROVAL WILL OCCUR” and (z) Administrative Agent fails to expressly approve or disapprove
the action(s) identified in such second submission within such additional five (5) Business Day period, then such action(s) shall
be deemed to have been approved by Administrative Agent.

 

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5.12.2       Termination
of Manager. Subject to termination rights contained in the Management Agreement, if (a) Manager is in default under the
Management Agreement beyond the expiration of any applicable notice and/or cure period; or (b) upon the gross negligence, malfeasance
or willful misconduct of the Manager; Borrower may, on its own accord, or shall, at the request of Administrative Agent, terminate
the Management Agreement and replace Manager with a replacement manager acceptable to Administrative Agent in Administrative Agent’s
reasonable discretion on terms and conditions reasonably satisfactory to Administrative Agent from the list of managers on Schedule
7 attached hereto. Borrower’s failure to appoint an acceptable replacement manager within forty-five (45) days after
Administrative Agent’s request of Borrower to terminate the Management Agreement shall constitute an immediate Event of Default.
Borrower may from time to time appoint a successor manager to manage the Property, provided that such successor manager and Management
Agreement shall be expressly approved in writing by Administrative Agent in Administrative Agent’s discretion. If at any
time Administrative Agent consents to the appointment of a new manager, such new manager and Borrower shall, as a condition of
Administrative Agent’s consent, execute a consent and subordination of management agreement substantially in the form of
the Consent and Subordination of Manager of even date herewith executed and delivered by Manager to Administrative Agent on behalf
of the Lenders.

 

5.12.3       Leasing
Agreements. Borrower shall (a) subject to Borrower’s business judgment to the contrary, promptly perform and observe
all of the covenants required to be performed and observed by it under the Leasing Agreements and do all things necessary to preserve
and to keep unimpaired its rights thereunder; (b) subject to Borrower’s business judgment to the contrary, promptly
notify Administrative Agent of any default under the Leasing Agreements of which it is aware; (c) promptly deliver to Administrative
Agent a copy of each notice received by Borrower under the Leasing Agreement; and (d) promptly enforce the performance and
observance of all of the covenants required to be performed and observed by each Leasing Agent under its respective Leasing Agreement.
Without Administrative Agent’s prior express written consent, which consent shall not be unreasonably withheld, conditioned
or delayed, Borrower shall not (i) surrender, terminate, cancel, extend or renew the Leasing Agreements or otherwise replace
any Leasing Agent or enter into any other leasing or broker agreement (except pursuant to Section 5.12.4); (ii) reduce
or consent to the reduction of the term of any Leasing Agreement; (iii) increase or consent to the increase of the amount
of any charges under any Leasing Agreement; (iv) otherwise modify, change, supplement, alter or amend in any material respect,
or waive or release any of its rights and remedies under, any Leasing Agreement; or (v) suffer or permit the occurrence and
continuance of a default beyond any applicable cure period under any Leasing Agreement (or any successor leasing or broker agreement)
if such default permits any Leasing Agent to terminate its respective Leasing Agreement (or such successor leasing or broker agreement).
If (x) Administrative Agent fails to expressly approve or disapprove a written request from Borrower to Administrative Agent for
Administrative Agent’s consent to any action contained in clauses (i) through (v) hereunder within ten (10) Business Days
following Borrower’s delivery of the materials required with respect hereto, (y) Borrower delivers to Administrative Agent
a second submission with respect thereto, but with such second submission stating in bold uppercase letters at the top of such
request “SECOND AND FINAL NOTICE -- TIME SENSITIVE APPROVAL OR DISAPPROVAL REQUIRED WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT,
OR DEEMED APPROVAL WILL OCCUR” and (z) Administrative Agent fails to expressly approve or disapprove the action(s) identified
in such second submission within such additional five (5) Business Day period, then such action(s) shall be deemed to have been
approved by Administrative Agent.

 

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5.12.4       Termination
of Leasing Agent. Subject to termination rights contained in the Leasing Agreements, if (a) any Leasing Agent is in default
under its respective Leasing Agreement beyond the expiration of any applicable notice and/or cure period; or (b) upon the gross
negligence, malfeasance or willful misconduct of any Leasing Agent; Borrower may, on its own accord, or shall, at the request of
Administrative Agent, terminate the applicable Leasing Agreement and replace the applicable Leasing Agent with a replacement leasing
agent or broker acceptable to Administrative Agent in Administrative Agent’s reasonable discretion on terms and conditions
reasonably satisfactory to Administrative Agent. Borrower’s failure to appoint an acceptable replacement leasing agent or
broker within forty-five (45) days after Administrative Agent’s request of Borrower to terminate any Leasing Agreement
shall constitute an immediate Event of Default. Borrower may from time to time appoint a successor leasing agent or broker to lease
the Property, provided that such successor leasing agent or broker and Leasing Agreement shall be expressly approved in writing
by Administrative Agent in Administrative Agent’s discretion. If at any time Administrative Agent consents to the appointment
of a new leasing agent or broker, such new leasing agent or broker and Borrower shall, as a condition of Administrative Agent’s
consent, execute a consent and subordination of leasing agreement substantially in the form of the Consent and Subordination of
Office Leasing Agreement or Consent and Subordination of Retail Leasing Agreement, as applicable, in each case of even date herewith
executed and delivered by each of Office Leasing Agent and Retail Leasing Agent to Administrative Agent on behalf of the Lenders.

 

5.13        Special
Purpose Entity. Borrower shall at all times be a Special Purpose Entity. Borrower shall not directly or indirectly make
any change, amendment or modification to its organizational documents, or otherwise take any action which could result in Borrower
not being a Special Purpose Entity. A “Special Purpose Entity” shall have the meaning set forth on Schedule
4 hereto.

 

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5.14       Change
in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and
shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in
the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the
continuance of its present business or otherwise cease to operate the Property as a retail and office property or terminate such
business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

 

5.15        Debt
Cancellation. Borrower shall not cancel or otherwise forgive or release any claim or debt (other than termination of Leases
in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s
business or as otherwise approved by Administrative Agent in Administrative Agent’s reasonable discretion.

 

5.16        Affiliate
Transactions. Borrower shall not enter into, or be a party to, any transaction with an Affiliate of Borrower or any of
the members of Borrower except (i) in the ordinary course of business and on terms which are fully disclosed to Administrative
Agent in advance and are no less favorable to Borrower or such Affiliate than would be obtained in a comparable arm’s-length
transaction with an unrelated third party or (i) any transaction with the Condominium Board on terms which are fully disclosed
to Administrative Agent in advance and are no less favorable to Borrower or such Affiliate than would be obtained in a comparable
arm’s-length transaction with an unrelated third party.

 

5.17        Zoning.
Borrower shall not initiate or consent to any zoning reclassification of any portion of the Property or seek any variance under
any existing zoning ordinance or use or permit the use of any portion of the Property in any manner that could result in such use
becoming a non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, without the
prior express written consent of Administrative Agent.

 

5.18        No
Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of the Property (a) with any other
real property constituting a tax lot separate from the Property, and (b) with any portion of the Property which may be deemed to
constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property
shall be assessed or levied or charged to the Property.

 

5.19        Principal
Place of Business. Borrower shall not change its principal place of business or chief executive office without first giving
Administrative Agent and the Lenders thirty (30) days’ prior written notice.

 

5.20        Change
of Name, Identity or Structure. Borrower shall not change its name, identity (including its trade name or names) or Borrower’s
organizational structure without notifying Administrative Agent and the Lenders of such change in writing at least thirty (30)
days prior to the effective date of such change and, in the case of a change in Borrower’s organizational structure, without
first obtaining the prior express written consent of Administrative Agent and the Majority Lenders. Borrower shall execute and
deliver to Administrative Agent (for the benefit of the Lenders) (if applicable), and hereby authorizes Administrative Agent to
file, prior to or contemporaneously with the effective date of any such change, any financing statement or financing statement
change required by Administrative Agent to establish or maintain the validity, perfection and priority of the security interest
granted herein. At the request of Administrative Agent, Borrower shall execute a certificate in form reasonably satisfactory to
Administrative Agent listing the trade names under which Borrower intends to operate the Property, and representing and warranting
that Borrower does business under no other trade name with respect to the Property.

 

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5.21        Indebtedness.
Borrower shall not directly or indirectly create, incur or assume any indebtedness other than (a) the Debt, and (b) unsecured trade
payables incurred in the ordinary course of business relating to the ownership and operation of the Property which (i) are not
evidenced by a note, (ii) do not exceed, at any time, a maximum aggregate amount of two percent (2%) of the Principal Amount and
(iii) are paid within thirty (30) days of the date incurred (collectively, “Permitted Indebtedness”).

 

5.22        Licenses.
Borrower shall not Transfer any License (held in Borrower’s name) required for the operation of the Property.

 

5.23        Compliance
with Restrictive Covenants, Etc. Borrower will not enter into, modify, waive in any material respect or release any Easements,
restrictive covenants or other Permitted Encumbrances, or suffer, consent to or permit the foregoing, without Administrative Agent’s
prior express written consent, which consent may be granted or denied in Administrative Agent’s reasonable discretion.

 

5.24        ERISA.

 

5.24.1       Borrower
shall not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the exercise
by Administrative Agent or any Lender of any of its rights under its respective Note, this Agreement or the other Loan Documents)
to be a non-exempt (under a statutory or administrative class exemption) prohibited transaction under ERISA.

 

5.24.2       Borrower
shall not maintain, sponsor, contribute to or become obligated to contribute to, or suffer or permit any ERISA Affiliate of Borrower
to, maintain, sponsor, contribute to or become obligated to contribute to, any Plan or any Welfare Plan or permit the assets of
Borrower to become “plan assets,” whether by operation of law or under regulations promulgated under ERISA.

 

5.24.3       Borrower
shall deliver to Administrative Agent such certifications or other evidence from time to time throughout the Term, as requested
by Administrative Agent in its sole discretion, that (i) Borrower is not and does not maintain an “employee benefit plan”
as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a “governmental plan” within the
meaning of Section 3(3) of ERISA; (ii) Borrower is not subject to state statutes regulating investments and fiduciary obligations
with respect to governmental plans; and (iii) the assets of Borrower do not constitute “plan assets” within the meaning
of 29 C.F.R. Section 2510.3-101.

 

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5.25       Prohibited
Transfers. Borrower shall not, without the prior written consent of Administrative Agent in each instance, directly or
indirectly make, suffer or permit the occurrence of any Transfer, other than the following, which shall be freely permitted (each
a “Permitted Transfer”): (i) an Approved Lease, (ii) a Permitted Encumbrance, (iii) a
Condemnation, (iv) any release of a Condominium unit with the prior written consent of Administrative Agent, which release may
be withheld or granted in Administrative Agent’s sole discretion or (v) provided that no Event of Default shall then exist
or result therefrom, a Transfer of an interest in Borrower to any Person provided that (A) such Transfer shall not (x) cause
the transferee (other than Key Principal), together with its Affiliates, to acquire Control of Borrower or to increase its direct
or indirect interest in Borrower to an amount which equals or exceeds 49% or (y) result in Borrower no longer being Controlled
by Key Principal(s), (B) after giving effect to such Transfer, Key Principal(s) shall continue to own at least 51% of all equity
interests (direct or indirect) in Borrower, (C) in connection with any single Transfer of 10% or more of the direct or indirect
interests in Borrower (or any Transfer which, when taking into account prior Transfers to the same transferee, would result in
a Transfer of 10% or more of the direct or indirect interests in Borrower), all of Administrative Agent’s and Lenders’
“know your customer” and Patriot Act requirements have been satisfied with respect to such Transfer and Administrative
Agent has determined that such Transfer would not cause the representations contained in Section 4.27 to be untrue
after giving effect to such Transfer, (D) [intentionally omitted], (E)  in connection with any single Transfer of
25% or more of the direct or indirect interests in Borrower (or any Transfer which, when taking into account prior Transfers to
the same transferee, would result in a Transfer of 25% or more of the direct or indirect interests in Borrower), Administrative
Agent shall have received not less than ten (10) Business Days’ prior to the date on which such transfer is to become effective:
(ii) true and correct copies of all documentation entered into or to be entered into with respect to the same, and (iii) all appropriate
and customary papers, certificates and affidavits reasonably requested by Administrative Agent that evidence the organization,
good standing, qualification to do business and tax status of the transferee (if such transferee is not a natural Person), which
papers, certificates and affidavits shall include certified copies of all documents relating to the organization and formation
of the transferee and of the entities, if any, which are partners or members of transferee and updated organizational charts reflecting
such transfer, as well as all customary documents and information reasonably requested by Administrative Agent to confirm that
such proposed transfer will satisfy the requirements of this Agreement, and sufficient for Administrative Agent and each Lender
to undertake and review background checks and to satisfy such “know-your-customer” background checks and procedures
as may be required to be performed by it pursuant to Legal Requirements or the policies of Administrative Agent or any Lender;
and (F) the legal and financial structure of Borrower and its members and the single purpose nature and bankruptcy remoteness
of Borrower and its members after such Transfer, shall satisfy Lenders’ then current applicable underwriting criteria and
requirements. Notwithstanding the foregoing or anything to the contrary contained herein, neither the consent of Administrative
Agent and/or any Lenders nor notice to Administrative Agent and/or Lenders shall be required in connection with the listing or
issuance (or trading or pledging) of any share or stock or any sale or transfer by a shareholder of any shares of Key Principal
or any other corporation or real estate investment trust the shares of which are publicly traded on the New York Stock Exchange
or any other nationally or internationally recognized securities exchange or quoted on a nationally or internationally recognized
automated quotation system, including, without limitation, NASDAQ, nor shall any such listing, sale, transfer or issuance (or trading
or pledging) of stock constitute a Transfer prohibited by this Agreement or the other Loan Documents provided that after such sale,
transfer or issuance of stock or units in Key Principal or such other publicly traded real estate investment trust or corporation,
such entity continues to be publicly traded on the New York Stock Exchange or any other nationally or internationally recognized
securities exchange or quoted on a nationally or internationally recognized automated quotation system. Borrower shall not be liable
for the payment of any fee or premium to Administrative Agent and/or Lenders in connection with any Permitted Transfer. If Guarantor
no longer owns any interest in Borrower pursuant to a Permitted Transfer, Borrower may propose an Affiliate to replace Guarantor,
which replacement and all documentation executed in connection therewith shall be subject to Administrative Agent’s prior
consent in its sole discretion.

 

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5.26        Liens.
Without Administrative Agent’s prior express written consent, Borrower shall not create, incur, assume, permit or suffer
to exist any Lien on all or any portion of the Property (including without limitation the Condominium) or any direct or indirect
legal or beneficial ownership interest in Borrower, except Liens in favor of Administrative Agent or the Lenders and Permitted
Encumbrances, unless such Lien is bonded or discharged within thirty (30) days after Borrower first receives notice of such Lien.

 

5.27        Dissolution.
Borrower shall not (a) engage in any dissolution, liquidation or consolidation, merger or division with or into any other business
entity, (b) engage in any business activity not related to the ownership and operation of the Property or (c) transfer, lease or
sell, in one transaction or any combination of transactions, all or substantially all of the property or assets of Borrower except
to the extent expressly permitted by the Loan Documents.

 

5.28        Expenses.
Borrower shall pay or reimburse Administrative Agent and/or the Lenders, upon receipt of written notice from the applicable party
for all actual reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements, and including,
without limitation, all post-judgment costs and expenses) actually incurred by Administrative Agent or Servicer in connection with
the Loan, including (a) the preparation, negotiation, execution and delivery of the Loan Documents and the consummation of
the transactions contemplated thereby and all the costs of furnishing all opinions by counsel for Borrower; (b) Borrower’s,
Administrative Agent’s and Lenders’ ongoing performance under and compliance with the Loan Documents, including confirming
compliance with environmental and insurance requirements; (c) the negotiation, preparation, execution, delivery and administration
of any consents, amendments, waivers or other modifications of or under any Loan Document and any other documents or matters requested
by Borrower or Administrative Agent; (d) filing and recording of any Loan Documents; (e) title insurance, surveys, inspections
and appraisals; (f) the creation, perfection or protection of Administrative Agent’s Liens in the Property and the Cash
Management Accounts (including fees and expenses for title and lien searches, intangibles taxes, personal property taxes, Mortgage,
recording taxes, reasonable due diligence expenses, reasonable travel expenses, costs of appraisals, environmental reports and
Administrative Agent’s consultants, surveys and engineering reports, each with respect to the Property); (g) enforcing
or preserving any rights in response to third party claims or the prosecuting or defending of any action or proceeding or other
litigation, in each case against, under or affecting Borrower, the Loan Documents, the Property, or any other security given for
the Loan; (h) [reserved]; (i) legal advice with respect to the rights or responsibilities of the parties under the Loan Documents;
(j) [reserved]; (k) any claim or suit brought against Administrative Agent or any Lender arising under any Environmental Laws;
(l) enforcing any obligations of or collecting any payments due from Borrower under any Loan Document or with respect to the
Property or in connection with any refinancing or restructuring of the Loan in the nature of a “work-out”, or any insolvency
or bankruptcy proceedings; (m) [intentionally omitted]; (n) any “lender liability” suit or claim brought against Administrative
Agent and/or the Lenders for which a judgment has been made in favor of Borrower, as finally judicially determined by a court of
competent jurisdiction, in a non-appealable decision; (o) any claim or suit brought against Administrative Agent and/or the Lenders
arising under any Environmental Laws; and (p) after an Event of Default has occurred and is continuing, all out-of-pocket
costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Administrative Agent in connection
with any Syndication; provided, however, that Borrower shall not be liable for the payment of any such costs and expenses
to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Administrative Agent,
any, Lender, Sole Lead Arranger and/or Sole Bookrunner (or any servicer of the Loan). Any costs and expenses due and payable by
Borrower under this Section 5.28 which are not paid by Borrower within fifteen (15) days after demand shall accrue interest
at the Default Rate and may be paid from any amounts in the Auto-debit Account, with notice thereof to Borrower. The obligations
and liabilities of Borrower under this Section 5.28 shall survive the Term and the exercise by Administrative Agent
and the Lenders of any of their respective rights or remedies under the Loan Documents, including the acquisition of the Property
by foreclosure or a conveyance in lieu of foreclosure.

 

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5.29        Indemnity.
Borrower shall defend, indemnify and hold harmless Administrative Agent, each Lender, Sole Lead Arranger and Sole Bookrunner,
and each of their respective Affiliates, and their respective successors and assigns, including the directors, officers, partners,
members, shareholders, employees, professionals and agents of any of the foregoing and each other Person, if any, who Controls
Administrative Agent, any Lender, Sole Lead Arranger, or Sole Bookrunner, or any of their Affiliates or any of the foregoing (each,
an “Indemnified Party”), from and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable
fees and disbursements of counsel for an Indemnified Party in connection with the assertion of any claim, loss, demand, damages,
penalties, liabilities or any investigative, administrative or judicial proceeding commenced or threatened in writing, whether
or not Administrative Agent, any Lender, Sole Lead Arranger or Sole Bookrunner shall be designated a party thereto, court costs
and costs of appeal at all appellate levels, investigation and laboratory fees, consultant fees and litigation expenses), that
may be imposed on, incurred by, or asserted against any Indemnified Party (collectively, the “Indemnified Liabilities”)
in any manner, relating to or arising out of: (a) any material breach by Borrower of its obligations under, or any intentional
misrepresentation by Borrower contained in, any Loan Document; (b) the use or intended use of the proceeds of the Loan; (c) any
information provided by or on behalf of Borrower, or contained in any documentation approved by Borrower in writing; (d) ownership
of the Mortgage, the Property or any interest therein, or receipt of any Rents; (e) any accident, injury to or death of persons
or loss of or damage to property occurring in or on the Property; (f) any use, nonuse or condition in or on the Property;
(g) performance of any labor or services or the furnishing of any materials or other property in respect of the Property;
(h) the presence, disposal, escape, seepage, leakage, spillage, discharge, emission, release, or threatened release of any
Hazardous Substance on, from or affecting the Property; (i) any personal injury (including wrongful death) or property
damage (real or personal) arising out of or related to such Hazardous Substance; (j) any lawsuit brought or threatened in
writing, settlement reached, or government order relating to such Hazardous Substance; (k) any violation of the Environmental
Laws which is based upon or in any way related to such Hazardous Substance, including the costs and expenses of any Remedial Work;
(l) any failure of the Property to comply with any Legal Requirement; (m) any claim by brokers, finders or similar persons
claiming to be entitled to a commission in connection with any Lease or other transaction (other than the Loan) involving the
Property or any part thereof, or any liability asserted against Administrative Agent, any Lender, Sole Lead Arranger or Sole Bookrunner
with respect thereto; and (n) the claims of any lessee of any portion of the Property or any Person acting through or under
any lessee or otherwise arising under or as a consequence of any Lease; provided, however, that Borrower
shall not have any obligation to any Indemnified Party hereunder to the extent it is finally judicially determined by a court
of competent jurisdiction, in a non-appealable decision, that such Indemnified Liabilities arise from the gross negligence, illegal
acts, fraud or willful misconduct of such Indemnified Party, or any liability for any Indemnified Liabilities specifically relating
to the condition of the Property to the extent arising from events first occurring from and after the date Administrative Agent
and/or Lenders (or their designee or transferee) takes title to the Property by foreclosure, deed in lieu thereof or otherwise
and caused by Lender. Any amounts payable to any Indemnified Party by reason of the application of this paragraph shall be payable
within fifteen (15) days after demand by Lender and shall bear interest at the Default Rate from the date loss or damage is sustained
by any Indemnified Party until paid. The obligations and liabilities of Borrower under this Section 5.29 shall survive
the Term. The liability of Borrower with respect to such Indemnified Liabilities shall not include special, speculative, consequential
or punitive damages unless actually required to be paid to a third party by Lender. This Section 5.29 shall not apply
with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

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5.30        Compliance
with Laws; PATRIOT Act.

 

5.30.1       Each
Covered Person shall comply with all applicable Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions. Neither the Borrower,
nor to the knowledge of the Borrower, any director, officer, agent, employee, or other person acting on behalf of the Borrower,
will use the proceeds of any Loan, directly or indirectly, (i) for any payments to any Person, including any government official
or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official
capacity, in order to obtain, retain or direct business or obtain any improper advantage, or otherwise take any action, directly
or indirectly, that would result in a violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating
any activities, business or transaction of or with any Sanctioned Person or a government of a Sanctioned Country, or (iii) in any
manner that would result in the violation of any Sanctions applicable to any party hereto.

 

5.30.2       Administrative
Agent hereby notifies Borrower that pursuant to the requirements of the Patriot Act, it may be 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 Administrative Agent to identify the Borrower in accordance with the Patriot Act. Consequently, Administrative
Agent may from time-to-time request, and Borrower shall provide to Administrative Agent promptly following any such request, Borrower’s
name, address, tax identification number and/or such other identification information or documentation as shall be reasonably requested
for such purpose.

 

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5.30.3       Neither
Borrower nor any Person having Control of (including by virtue of such Person being a member, partner, director or owning voting
shares or interests) Borrower, nor any owner of at least 25% percent or more, individually or in the aggregate, of a direct or
indirect interest in Borrower (and solely with respect to subclauses (ii) and (iii) of this Section 5.30.3, no director,
member, partner, employee or agent of the foregoing Persons related to conduct during the course of their roles as such) shall
(i) be a Sanctioned Person or a Person organized or resident in a Sanctioned Country, (ii) have been previously indicted for or
convicted of any felony involving a crime or crimes of moral turpitude, or (iii) be currently under investigation by any Governmental
Authority for alleged criminal activity.

 

5.31        Borrower
Accounts. Borrower shall maintain its Property operating account and the Auto-debit Account with Capital One.

 

5.32        Intentionally
Omitted.

 

5.33        Financial
Covenants.

 

5.33.1       Debt
Service Coverage Ratio. Borrower shall at all times maintain a minimum Debt Service Coverage Ratio of not less than 1.25:1.00
commencing with the testing period ending on the last day of the second full calendar quarter following the date hereof. Failure
to satisfy the foregoing Debt Service Coverage Ratio test shall be referred to as a “DSCR Breach”. If
the foregoing test is not satisfied, Borrower may, in order to avoid a Cash Management Period, on or before the date which is five
(5) Business Days after the date of any such determination (but in any event within fifty (50) days after the end of the applicable
calendar quarter) (i) prepay, in compliance with Section 2.3.3, a portion of the unpaid Principal or (ii) post
with Administrative Agent cash, or a letter of credit, each as additional collateral for the Debt in an amount sufficient to satisfy
such Debt Service Coverage Ratio test, when such amounts are reflected as reducing the Loan. The Debt Service Coverage Ratio will
be tested each period based on the reports submitted by the Borrower pursuant to Section 6.3.3 hereof.

 

5.33.2       Debt
Yield. The Borrower shall at all times maintain a Debt Yield of at least 8.0% commencing with the testing period ending on
the last day of the second full calendar quarter following the date hereof. Failure to satisfy the foregoing Debt Yield test shall
be referred to as a “Debt Yield Breach”. If the foregoing test is not satisfied, Borrower may, in order
to avoid such a Cash Management Period, on or before the date which is five (5) Business Days after the date of any such determination
(but in any event within fifty (50) days after the end of the applicable calendar quarter) (i) prepay, in compliance with
Section 2.3.3, a portion of the unpaid Principal or (ii) post with Administrative Agent cash, or a letter of credit,
each as additional collateral for the Debt in an amount sufficient to satisfy such Debt Yield test, when such amounts are reflected
as reducing the Loan. The Debt Yield will be tested each period based on the reports submitted by the Borrower pursuant to Section 6.3.3
hereof.

 

5.33.3       Right-Sizing
Requirement. To the extent a DSCR Breach or Debt Yield Breach is ongoing for four (4) consecutive calendar quarters, Borrower
shall, on or before the date which is five (5) Business Days after the date of any such determination (but in any event within
fifty (50) days after the end of the applicable calendar quarter), (i) prepay, in compliance with Section 2.3.3,
a portion of the unpaid Principal or (ii) post with Administrative Agent cash, or a letter of credit, each as additional collateral
for the Debt in an amount sufficient to cure such DSCR Breach or Debt Yield Breach, as applicable, when such amounts are reflected
as reducing the outstanding principal amount of the Loan.

 

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5.33.4       Net
Worth; Liquid Assets. At all times, Borrower shall cause Guarantor to maintain a Net Worth of not less than $175,000,000 (excluding
the value of the Property) and Liquid Assets of not less than $10,000,000. If Guarantor fails to satisfy the foregoing Net Worth
or Liquid Assets tests at any time, Borrower may propose an Affiliate to replace Guarantor, which replacement and all documentation
executed in connection therewith shall be subject to Administrative Agent’s prior consent in its sole discretion.

 

5.34        Required
Repairs. Borrower shall use commercially reasonable efforts to perform and complete each item of the repairs and environmental
remedial work at the Property described on Schedule 5 attached hereto (the “Required Repairs”).

 

5.35        Appraisals.
Administrative Agent shall have the right to obtain an Appraisal for the Property at any time during the term of the Loan,
at Administrative Agent's expense, for the account of the Lenders (and once during each of the initial term and the extension terms
under the Loan at Borrower's expense), unless a Default shall have occurred and be continuing or unless required by any Governmental
Authority, in which cases all Appraisals shall be at Borrower's expense.

 

5.36        Condominium
Rights and Obligations.

 

5.36.1       Borrower
shall deliver to Administrative Agent all documents, certificates and other items reasonably requested by Administrative Agent
in connection with the Condominium, including, without limitation, (x) a duly executed Assignment of Unit Owner’s Rights
in the form and substance of Exhibit E, (y) a duly executed proxy from Borrower in the form and substance of Exhibit
F and (z) a conditional resignation of any Borrower-appointed member of the Condominium Board in the form and substance of
Exhibit G.

 

5.36.2       Borrower
shall comply in all material respects with the Condominium Documents and all Legal Requirements (including, without limitation,
the Condominium Act) in connection with Condominium Documents and furnish evidence of such compliance therewith as Administrative
Agent may reasonably request; provided that any breach or violation of the Condominium Documents resulting from Borrower’s
compliance with any of the provisions relating to insurance, casualty and/or condemnation contained in this Agreement or in any
of the other Loan Documents shall not constitute a breach or violation of this Section 5.36.2 or Section 5.36.8 below.

 

5.36.3       Borrower
shall not cancel, terminate or revoke or exercise any right it may have under the Condominium Documents to cancel, terminate or
revoke the Condominium Documents and, subject to Administrative Agent’s approval, not to be unreasonably withheld, conditioned
or delayed, not consent (or waive the right to consent) to the modification, amendment of any of the material provisions of the
Condominium Documents. Notwithstanding anything to the contrary contained herein, Administrative Agent’s approval shall not
be required for any modification or amendment of the Condominium Documents that does not materially affect the Property.

 

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5.36.4       Borrower
shall deliver to Lender a copy of each written notice of default and all responses to default notices or similar instruments received
or delivered by Borrower in connection with the Condominium Documents.

 

5.36.5       [Intentionally
Omitted].

 

5.36.6       Borrower
shall pay all amounts required to be paid, by Borrower under the Condominium Documents, including, without limitation, all Condominium
Charges, before the same become delinquent.

 

5.36.7       Borrower
shall not release any Condominium unit without the prior written consent of Administrative Agent, which consent may be withheld
or granted in Administrative Agent’s sole discretion.

 

5.36.8       Borrower
shall not intentionally cause a material default or material breach under any of the Condominium Documents

 

5.36.9       If
Borrower shall default in the performance or observance of any term, covenant or condition of any of the applicable Condominium
Documents on the part of Borrower to be performed or observed, then, after the expiration of any applicable notice and cure periods
and without limiting the generality of the other provisions of this Agreement and without waiving or releasing Borrower from any
of its obligations hereunder, Lender shall have the right but shall be under no obligation, to pay any sums and to perform any
act or take any action as may be appropriate to cause all of the terms, covenants and conditions of the Condominium Documents on
the part of Borrower, to be performed or observed or to be promptly performed or observed on behalf of Borrower.

 

5.36.10       If
Borrower fails to pay the Condominium Charges before the same are delinquent, Lender may pay the same and such amounts shall be
added to the Debt and shall bear interest at the Default Rate until paid.

 

5.36.11       Borrower
shall promptly notify Administrative Agent in writing in the event of the initiation of any litigation or arbitration proceeding
in which Borrower is a party under or in connection with the Condominium Documents.

 

5.36.12       Borrower
hereby covenants and agrees that it shall not, except with the prior written consent of Administrative Agent, which shall not be
unreasonably withheld, conditioned or delayed, further subdivide or partition the Property to create additional tax lots.

 

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		6.	NOTICES AND REPORTING

 

6.1          Notices.

 

6.1.1         All
notices, consents, approvals and requests required or permitted hereunder or under any other Loan Document shall be given in writing
and shall be effective for all purposes if either hand delivered with receipt acknowledged, or delivered by a nationally recognized
overnight delivery service (such as Federal Express), or by certified or registered United States mail, return receipt requested,
postage prepaid, or, with respect to routine or administrative notices (but specifically excluding notices of Default, Events of
Default or acceleration of the Loan) by electronic mail, in each case addressed as follows (or to such other address or Person
as a party shall designate from time to time by notice to the other party): If to Administrative Agent: Capital One, National Association,
Commercial Real Estate Banking, 299 Park Avenue, 29th Floor, New York, New York 10171, Attention: Michael Sleece; with
a copy to: Morrison & Foerster LLP, 250 West 55th Street, New York, New York, 10019, Attention: Jeffrey J. Temple, Esq.; if
to Borrower: c/o AR Global, 405 Park Avenue, 14th Floor New York, NY 10022, Attention: General Counsel, with a copy
to: Loeb & Loeb LLP, 345 Park Avenue, New York, NY 10054, Attention: Chris Barbaruolo, Esq.; if to any Lender, to the address
set forth on the signature page hereto for such Lender or at its address (or facsimile number) set forth in its Administrative
Questionnaire. A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case
of registered or certified mail, when delivered or the first attempted delivery on a Business Day; in the case of overnight delivery,
upon the first attempted delivery on a Business Day; or, in the case of electronic mail, as set forth in Section 6.1.3
below. Any party may change the address to which any such notice is to be delivered, by furnishing five (5) days’ written
notice of such change to the other party in accordance with the provisions of this Section 6.1. Notice for any party may
be given by its respective legal counsel.

 

6.1.2         Notices
and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and
Internet or intranet websites) pursuant to procedures approved by Administrative Agent. Administrative Agent or Borrower may, in
its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures
approved by it; provided that approval of such procedures may be limited to particular notices or communications.

 

6.1.3         Unless
Administrative Agent otherwise prescribes, (a) notices and other communications sent to an e-mail address shall be deemed
received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt
requested” function, as available, return e-mail or other written acknowledgement), and (b) notices or communications
posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail
address as described in the foregoing clause (a), of notification that such notice or communication is available and identifying
the website address therefor; provided that, for both clauses (a) and (b) above, if such notice, email or other communication is
not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the
opening of business on the next Business Day for the recipient.

 

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6.2          Borrower
Notices and Deliveries. Borrower shall (a) give prompt written notice to Administrative Agent of: (i) any litigation,
governmental proceedings or claims or investigations pending or threatened in writing against Borrower which would materially adversely
affect Borrower’s condition (financial or otherwise) or business or the Property; and (ii) any material adverse change
in Borrower’s condition, financial or otherwise that is actually known to Borrower, or of the occurrence of any Event of
Default of which Borrower has actual knowledge and (b) furnish and provide to Administrative Agent (upon written request by Administrative
Agent): (i) any Securities and Exchange Commission or other public filings, if any, of Borrower and any Person that Controls Borrower,
within twenty (20) Business Days of such filing, (ii) an updated Beneficial Ownership Certification as required by Administrative
Agent’s internal policy so long as such request is applied to similarly situated commercial real estate borrowers, and (iii)
all plans and specifications, appraisals, title and other insurance reports reasonably requested, from time to time (but not more
than once during the term of the Loan unless an Event of Default has occurred and is continuing), by Administrative Agent. In addition,
after written request by Administrative Agent (but no more frequently than twice in any year provided no Event of Default has occurred
and is continuing), Borrower shall furnish to Administrative Agent within thirty (30) days, tenant estoppel certificates addressed
to Administrative Agent on behalf of the Lenders, its successors and assigns from each tenant at the Property in form and substance
reasonably satisfactory to Administrative Agent; provided that Administrative Agent shall not request such tenant estoppel
certificates more than once in any calendar year unless an Event of Default has occurred and is continuing.

 

6.3          Financial
Reporting.

 

6.3.1         Bookkeeping.
Borrower shall keep on a fiscal year basis, which year shall be from January 1 to December 31 (“Fiscal Year”),
proper and accurate books, records and accounts reflecting all of the financial affairs of Borrower and all items of income and
expense and any services, Equipment or furnishings provided in connection with the operation of the Property, whether such income
or expense is realized by Borrower. Administrative Agent shall have the right from time to time (but not more than once during
any consecutive twelve (12) month period, so long as no Event of Default is continuing) during normal business hours upon reasonable
notice to examine such books, records and accounts at the office of Borrower or other Person maintaining them, and to make such
copies or extracts thereof as Administrative Agent shall desire. During the continuance of an Event of Default, Borrower shall
pay any actual, out-of-pocket costs reasonably incurred by Administrative Agent to examine such books, records and accounts, as
Administrative Agent shall determine to be necessary in the protection of Administrative Agent’s and the Lenders’ interest.
Borrower shall cause Guarantor to comply in all respects with any financial reporting obligations provided for in any Loan Documents
to which Guarantor is a party.

 

6.3.2         Annual
Reports. Borrower shall furnish to Administrative Agent annually, within one hundred twenty (120) days after the end of each
Fiscal Year, a complete copy of Borrower’s annual financial statements, each in accordance with GAAP and containing balance
sheets and statements of profit and loss for Borrower and the Property in such detail as Administrative Agent may reasonably request.
Each such statement (a) shall be in form and substance reasonably satisfactory to Administrative Agent, (b) shall set
forth the financial condition and the income and expenses for the Property for the immediately preceding Fiscal Year, including
statements of annual Net Operating Income and (c) shall be accompanied by a Compliance Certificate and an Officer’s
Certificate from Borrower’s Chief Financial Officer certifying (i) that such statement is true, correct, complete and
accurate in all material respects and presents fairly the financial condition of the Property and has been prepared in accordance
with an accounting method consistently applied and (ii) whether, to the best of the Borrower’s knowledge, there exists
an Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy
it.

 

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6.3.3         Quarterly
Reports. Borrower shall furnish to Administrative Agent within sixty (60) days after the end of each calendar quarter the following
items: (a) quarterly and year-to-date operating statements, noting Net Operating Income and other information necessary and
sufficient under GAAP or any other accounting method, consistently applied to fairly represent the financial position and results
of operation of the Property during such fiscal period, all in form reasonably satisfactory to Administrative Agent; (b) a
balance sheet as of such fiscal period; (c) a comparison of the budgeted income and expenses and the actual income and expenses
for each quarter and year to date for the Property, together with a detailed explanation of any variances of ten percent (10%)
or more between budgeted and actual amounts for such period and year to date; (d) a statement of the actual Capital Expenses
made by Borrower during each fiscal period as of the last day of such fiscal period; (e) a statement that Borrower has not
incurred any indebtedness other than indebtedness permitted hereunder; (f) an aged receivables report; and (g) rent rolls
identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease,
any concessions included in each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, and a delinquency
report for the Property. Each such statement shall be accompanied by a Compliance Certificate and an Officer’s Certificate
certifying (i) that such items are true, correct, accurate, and complete in all material respects and fairly present the financial
condition and results of the operations of Borrower and the Property in accordance with GAAP (subject to normal year-end adjustments)
and (ii) whether, to the best of the Borrower’s knowledge, there exists an Event of Default, and if so, the nature thereof,
the period of time it has existed and the action then being taken to remedy it.

 

6.3.4         Other
Reports. Borrower shall furnish to Administrative Agent, within fifteen (15) Business Days after request, such further detailed
information with respect to the operation of the Property and the financial affairs of Borrower as may be reasonably requested
by Administrative Agent.

 

6.3.5         Annual
Budget. Borrower shall prepare and submit (or shall cause Manager to prepare and submit) to Administrative Agent by November
30th of each year during the Term, for written approval by Administrative Agent, which approval shall not be unreasonably
withheld, conditioned or delayed, a proposed pro forma budget for the Property for the succeeding Fiscal Year (the “Annual
Budget”, and each Annual Budget approved by Administrative Agent is referred to herein as the “Approved
Annual Budget”)), and, promptly after preparation thereof, any revisions to such Annual Budget. The Annual Budget
shall consist of (a) an operating expense budget showing, on a month-by-month basis, in reasonable detail, each line item
of the Borrower’s anticipated operating income and operating expenses (on a cash and accrual basis), including amounts required
to establish, maintain and/or increase any monthly payments required hereunder (and once such Annual Budget has been approved by
Administrative Agent, such operating expense budget shall be referred to herein as the “Approved Operating Budget”),
and (b) a Capital Expense budget showing, on a month-by-month basis, in reasonable detail, each line item of anticipated Capital
Expenses (and once such Annual Budget has been approved by Administrative Agent, such Annual Budget shall be referred to herein
as the “Approved Capital Budget”). Until such time that any Annual Budget has been approved by Administrative
Agent, the prior Approved Annual Budget shall apply for all purposes hereunder (with such adjustments as reasonably determined
by Administrative Agent (including increases for any non-discretionary expenses)). If (x) Administrative Agent fails to expressly
approve or disapprove a written request from Borrower to Administrative Agent for Administrative Agent’s consent to any Annual
Budget hereunder within ten (10) Business Days following Borrower’s delivery of the materials required with respect hereto,
(y) Borrower delivers to Administrative Agent a second submission with respect thereto, but with such second submission stating
in bold uppercase letters at the top of such request “SECOND AND FINAL NOTICE -- TIME SENSITIVE APPROVAL OR DISAPPROVAL
REQUIRED WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT, OR DEEMED APPROVAL WILL OCCUR” and (z) Administrative Agent fails
to expressly approve or disapprove the Annual Budget identified in such second submission within such additional five (5) Business
Day period, then such Annual Budget shall be deemed to have been approved by Administrative Agent. 

 

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6.3.6         Tax
Returns. Borrower shall furnish to Administrative Agent within ten (10) Business Days of filing same, but in no event later
than October 25th of each year, any tax returns or other tax filings made by the Borrower with any taxing authority
or other Governmental Authority.

 

6.4         Platform.

 

6.4.1         Borrower
agrees that Administrative Agent, Sole Lead Arranger and Sole Bookrunner may, but shall not be obligated to, make the Communications
(as defined below) available to the Lenders by posting the Communications on Debt Domain, IntraLinks, Syndtrak or a substantially
similar electronic transmission system (the “Platform”).

 

6.4.2         Borrower
hereby acknowledges that certain of the Lenders (each, a “Public Lender”) may have personnel who do not
wish to receive material non-public information with respect to Borrower or its Affiliates, or the respective securities of any
of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’
securities. Borrower hereby agrees that (i) all Communications that are to be made available to Public Lenders shall be clearly
and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently
on the first page thereof; (ii) by marking Communications “PUBLIC,” Borrower shall be deemed to have authorized Administrative
Agent, the Lenders, Sole Lead Arranger and Sole Bookrunner to treat such Communications as not containing any material non-public
information with respect to Borrower or any Affiliate thereof or their respective securities for purposes of United States Federal
and state securities laws; (iii) all Communications marked “PUBLIC” are permitted to be made available through
the Platform; and (iv) Administrative Agent, Sole Lead Arranger and Sole Bookrunner shall be entitled to treat any Communications
that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform designated as “Non-Public
Information.” For the avoidance of doubt, no Communications shall be made available to any Public Lender unless Borrower
or any Affiliate of Borrower clearly and conspicuously marks such Communications “PUBLIC” as set forth in clause (i)
of the immediately preceding sentence.

 

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6.4.3         The
Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant the
accuracy or completeness of the Communications or 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 Administrative Agent, Sole Lead Arranger,
Sole Bookrunner or any of their Affiliates (collectively, the “Agent Parties”) have any liability to
Borrower, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract
or otherwise) arising out of Borrower’s or Agent Party’s transmission or posting of Borrower Materials through the
Platform or via email, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court
of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct
of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to
Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct
or actual damages). “Communications” means, collectively, any notice, demand, communication, information,
document or other material provided by or on behalf of Borrower or any Guarantor pursuant to any Loan Document or the transactions
contemplated therein which is distributed to Administrative Agent, Sole Lead Arranger, Sole Bookrunner or any Lender by means of
electronic communications pursuant to this Section, including through the Platform.

 

		7.	INSURANCE; CASUALTY; AND CONDEMNATION

 

7.1          Insurance.

 

7.1.1         Insurance
Requirements. Borrower, at its sole cost, for the mutual benefit of Borrower, Administrative Agent and Lenders, shall obtain
and maintain or shall cause to be obtained and maintained, during the Term the following policies of insurance:

 

(a)            Property
insurance insuring against loss or damage customarily included under so called all risk or special form policies including fire,
lightning, vandalism, and malicious mischief, boiler and machinery, wind/named storm and terrorism coverage, subject to subsection (j)
below, (or such policies shall have no exclusion from coverage with respect thereto) and such other insurable hazards as, under
good insurance practices, from time to time are insured against for other property and buildings similar to the premises in nature,
use, location, height, and type of construction. Each such insurance policy shall (i) be in an amount equal to 100% of the
then replacement cost of the Improvements without deduction for physical depreciation, (ii) have deductibles no greater than
the $100,000 per occurrence except in the case of windstorm and earthquake coverage, which shall have deductibles no greater than
5% of the total insurable value of the Property, (iii) be paid as they become due and (iv) be on a replacement cost basis
and contain either no coinsurance or, if coinsurance, an agreed amount endorsement, and shall cover, without limitation, all tenant
improvements and betterments that Borrower is required to insure on a replacement cost basis. If any of the Improvements constitute
legal non-conforming structures or uses, such insurance policy shall also insure for ordinance or law coverage, coverage for loss
to the undamaged portion of the building, costs of demolition, costs to rebuild any undamaged portion that needs to be destroyed,
then rebuilt to law and code, and increased cost of construction in amounts satisfactory to Lender. Administrative Agent shall
be named mortgagee and loss payee on a standard mortgagee endorsement.

 

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(b)            Flood
insurance if any part of the Property is located in an area now or hereafter designated by the Federal Emergency Management Agency
as a Zone “A” & “V” Special Hazard Area (as defined by the Federal Emergency Management Agency), or
such other Special Hazard Area, in amount equal to the maximum limit of coverage available under the National Flood Insurance Program,
plus such addition excess limits as reasonably required by Lender in its sole discretion, and with deductibles reasonably required
by Administrative Agent in its sole discretion.

 

(c)            Rental
loss and/or business interruption insurance, including acts of foreign and domestic terrorism, (i) with Administrative Agent
being named as loss payee, (ii) in an amount equal to one hundred percent (100%) of the projected gross revenues and/or Rents
(less any non-continuing expenses) from the Property for a period of at least eighteen (18) months for the initial period of restoration;
and (iii) containing an extended period of indemnity endorsement which provides that after the physical loss to the Property
has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior
to the loss, or the expiration of twelve (12) months from the date that the Property is repaired or replaced and operations are
resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period. The amount of
such insurance shall be increased from time to time during the Term as and when the estimated or actual Rents increase.

 

(d)            During
any period of repair or restoration, and only if the property and liability coverage forms do not otherwise apply, (A) commercial
general liability and umbrella liability insurance covering claims related to the repairs or restoration at the Property that are
not covered by or under the terms or provisions of the insurance provided for in Section 7.1.1(f) and (B) the
insurance provided for in Section 7.1.1(a), which shall, in addition to the requirements set forth in such Section,
(1) be written on a builder’s “all-risk” insurance on a completed value basis in an amount equal to not
less than the full insurable value of the Property, against such risks (including fire and extended coverage and collapse of the
Improvements to agreed limits) as Administrative Agent may request, in form and substance reasonably acceptable to Administrative
Agent and against all risks insured against pursuant to clauses (a), (b), (c), (d), and (f) of
Section 7.1.1 and (2) include permission to occupy the Property.

 

(e)             Intentionally
Omitted.

 

(f)             Commercial
general liability insurance and umbrella liability coverage (both including for acts of foreign and domestic terrorism), for personal
injury, bodily injury, death, accident and property damage liability containing minimum limits per occurrence of $1,000,000 and
$2,000,000 in the aggregate for any policy year with a deductible or self-insured retention, no greater than $25,000, plus at least
$25,000,000 excess and/or umbrella liability coverage. Such umbrella liability shall schedule the auto liability and/or employers
liability policies, to the extended such coverages are required The policies described in this subsection shall also include
coverage for elevators, escalators, independent contractors, contractual liability (covering, to the maximum extent permitted by
law, Borrower’s obligation to indemnify Administrative Agent and Lenders as required under this Agreement and the other Loan
Documents), products and completed operations liability coverage, as applicable.

 

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(g)            Auto
liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits per occurrence
on $1,000,000 (if applicable).

 

(h)           Worker’s
compensation and disability insurance with respect to any employees of Borrower, as required by any Legal Requirement, and employer’s
liability insurance with a limit of at least $1,000,000.00 per accident and per disease per employee, and $1,000,000.00 for disease
aggregate in respect of any work or operations on or about the Property, or in connection with the Property or its operation (if
applicable).

 

(i)             Such
other insurance (including, but not limited to, environmental liability insurance, earthquake insurance, sinkhole insurance, and
mine subsidence insurance as may from time to time be reasonably required by Administrative Agent in order to protect the interests
of Administrative Agent and Lenders.

 

(j)             Notwithstanding
anything in subsection (a) above to the contrary, Borrower shall be required to obtain and maintain or cause to be obtained
and maintained, coverage in its property insurance policy (or by a separate policy) against loss or damage by terrorist acts in
an amount equal to 100% of the full replacement cost of the Property plus Rental loss and/or business interruption insurance as
required in Section 7.1(c); provided that such coverage is available. the event that such coverage with respect to terrorist
acts is not included as part of the all risk property policy required by subsection (a) above, Borrower shall, nevertheless
be required to obtain coverage for terrorism (as stand-alone coverage) in an amount equal to 100% of the full replacement cost
of the Property plus Rental loss and/or business interruption insurance as required in Section 7.1(c); provided that such
coverage is available. Borrower shall obtain the coverage required under this subsection (j) from a carrier which otherwise satisfies
the rating criteria specified in Section 7.1.2 (a “Qualified Carrier”) or in the event that such
coverage is not available from a Qualified Carrier, Borrower shall obtain such coverage from the highest rated insurance company
providing such coverage; however, Borrower shall not be required to pay any Insurance Premiums solely with respect to such terrorism
coverage in excess of the Terrorism Premium Cap (hereinafter defined); provided that if the Insurance Premiums payable with respect
to such terrorism coverage exceeds the Terrorism Premium Cap, Lender may, at its option (1) purchase such stand-alone terrorism
Policy, with Borrower paying such portion of the Insurance Premiums with respect thereto equal to the Terrorism Premium Cap and
the Lender paying such portion of the Insurance Premiums in excess of the Terrorism Premium Cap or (2) modify the deductible
amounts, policy limits and other required policy terms to reduce the Insurance Premiums payable with respect to such stand-alone
terrorism Policy to the Terrorism Premium Cap. As used herein, (i) “Terrorism Premium Cap” means
an amount equal to two times the amount of the then-current insurance premium that is payable in respect of the Property and business
interruption/rental loss insurance required under the Loan Documents (without giving effect to the cost of terrorism and earthquake
components of such Property and business interruption/rental loss insurance) obtained as of the date the applicable new terrorism
insurance is being obtained and provided, however, that in no event shall any Insurance Premiums paid with respect to Policies
in effect prior to the date TRIPRA expires or is otherwise no longer in effect for any reason be included for purposes of determining
whether the amount of terrorism insurance premiums paid by Borrower for any applicable period meet or exceed the Terrorism Premium
Cap. Borrower shall obtain the coverage required under this clause (i) from a carrier which otherwise satisfies the
rating criteria specified in Section 7.1.2 below (a “Qualified Carrier”) or in the event that
such coverage is not available from a Qualified Carrier, Borrower shall obtain such coverage from the highest rated insurance company
providing such coverage. For so long as the Terrorism Risk Insurance Program Reauthorization Act of 2015 or subsequent statute,
reauthorization, extension thereof (“TRIPRA”) is in effect and continues to cover both foreign and domestic
acts, Lender shall accept terrorism insurance with coverage against acts which are “certified” within the meaning of
TRIPRA.

 

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(k)             Intentionally
omitted.

 

(l)             Any
blanket insurance Policy shall provide the same protection as would a separate Policy insuring only the Property in compliance
with the provisions of Section 7.1, subject to review and approval by Administrative Agent, which shall not be unreasonably
withheld, based on the schedule of locations and values, if requested by Administrative Agent. Further, to the extent the Policies
are maintained pursuant to a blanket insurance Policy that covers more than one location within a one thousand foot radius of the
Property (the “Radius”), the limits of such blanket insurance Policy must be sufficient to maintain property
and terrorism coverage as set forth in this Section 7.1 for the Property and any and all other locations combined within
the Radius that are covered by such blanket insurance policy calculated on a total insured value basis.

 

(m)           Borrower
(i) shall obtain and maintain all insurance required to be obtained and maintained by Borrower pursuant to the Condominium Documents,
(ii) shall not vote to terminate insurance covering the Common Elements (as defined in the Declaration), to the extent it is entitled
to vote on such a matter, and (iii) shall use reasonable efforts to cause any insurance proceeds payable to Borrower pursuant to
the Condominium Documents to be disbursed in accordance with the terms and provisions of this Agreement. Notwithstanding anything
to the contrary, Borrower shall use commercially reasonable efforts to cause the Condominium to maintain (1) the coverage required
under the Condominium Documents (if any); and (2) any additional coverage necessary to meet the requirements as set forth in this
Section 7.1 or as otherwise approved by Lender, such approval not to be unreasonably withheld but, in any event, consistent with
coverages required by prudent institutional mortgage lenders originating similar mortgage loans (collectively referred to herein
as an “Acceptable Condominium Policy”). The ratings as of the date hereof, of the insurers under the existing
condominium association policies are acceptable, as applies to association insurers. In all cases, Lender must receive evidence
satisfactory to Lender of the terms and conditions of such coverage.

 

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7.1.2         Policies.
All policies of insurance required pursuant to Section 7.1.1 shall (i) be issued by companies approved by Administrative
Agent and licensed or authorized to do business in the State, with a claims paying ability rating of “A-” or better
by S&P (and the equivalent by any other Rating Agency) and a rating of “A X” or better in the current Best’s
Insurance Reports, unless otherwise approved by Administrative Agent; (ii) name Administrative Agent and its successors and/or
assigns as their interest may appear as the mortgagee and lender’s loss payee (in the case of property insurance and in the
case of business interruption/loss of rents coverage) and an additional insured (in the case of liability insurance, except for
workers compensation, employers liability and auto liability); (iii) contain (in the case of property insurance) a non-contributory
standard mortgagee clause and a lender’s loss payable endorsement, or their equivalents, each in form and substance satisfactory
to Administrative Agent, naming Administrative Agent as the person to which all payments made by such insurance company shall be
paid; (iv) contain a waiver of subrogation against Administrative Agent and Lenders; (v) be assigned and the originals
thereof delivered to Administrative Agent; (vi) contain such provisions as Administrative Agent deems reasonably necessary
or desirable to protect its interest, including (A) endorsements providing that neither Borrower, nor Administrative Agent, nor
any Lender, nor any other party shall be a co-insurer under the policies, (B) that Administrative Agent shall receive (i) at least
thirty (30) days’ prior written notice of any cancellation of any of the property policies, (ii) at least ten (10) days’
prior written notice of cancellation due to nonpayment of premium; and (iii) if available, notice for liability policies (provided,
that if no such notice is available for liability policies, Borrower shall provide required notice to Administrative Agent), (C)
an agreement whereby the insurer waives any right to claim any premiums and commissions against Administrative Agent or Lenders,
provided that the policy need not waive the requirement that the premium be paid in order for a claim to be paid to the insured
and (D) providing that Administrative Agent is permitted to make payments to effect the continuation of such policy upon notice
of cancellation due to non-payment of premiums; (vii) in the event any property insurance policy shall contain breach of warranty
provisions, such policy shall provide that with respect to the interest of Administrative Agent and Lenders, such insurance policy
shall not be invalidated by and shall insure Administrative Agent and Lenders regardless of (A) any act, failure to act or negligence
of or violation of warranties, declarations or conditions contained in such policy by any named insured, (B) the occupancy or use
of the premises for purposes more hazardous than permitted by the terms thereof, or (C) any foreclosure or other action or proceeding
taken by Administrative Agent or Lenders pursuant to any provision of the Loan Documents; and (viii) be satisfactory in form
and substance to Administrative Agent and expressly approved in writing by Administrative Agent as to amounts, form, risk coverage,
deductibles, loss payees and insureds, which approval shall not be unreasonably withheld. In the event of foreclosure or other
transfer of title, Borrower agrees that all right, title and interest of Borrower in and to the Policies (that are not blanket
Policies) then in force with respect to the Property and all proceeds payable thereunder pertaining to the Property shall thereupon
vest in the purchaser at such foreclosure or in Administrative Agent or other transferee in the event of such other transfer of
title. Borrower shall pay the premiums for such policies (the “Insurance Premiums”) as the same become
due and payable and furnish to Administrative Agent evidence of the renewal of each of the policies together with (unless such
Insurance Premiums have been paid by Administrative Agent pursuant to Section 3.3) receipts for or other evidence of
the payment of the Insurance Premiums reasonably satisfactory to Administrative Agent. If Borrower does not furnish such evidence
prior to the expiration of any expiring policy, then Administrative Agent may, but shall not be obligated to, procure such insurance
and pay the Insurance Premiums therefor, and Borrower shall reimburse Administrative Agent for the cost of such Insurance Premiums
promptly on demand, with interest accruing at the Default Rate. If requested by Lender, Borrower shall deliver to Lender a complete
copy of each Policy upon issuance. Within thirty (30) days after request by Administrative Agent, Borrower shall obtain such increases
in the amounts of coverage provided for under any policy and may require additional or different insurance coverage as may be reasonably
requested by Administrative Agent, taking into consideration changes in the value of money over time, changes in liability laws,
changes in prudent customs and practices including, without limitation, changes in any Lender’s internal policies, and the
like.

 

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7.1.3         Additional
Policies. Borrower shall not take out any separate or additional insurance which is concurrent in form or contributing in the
event of loss unless it is properly endorsed to name Administrative Agent as mortgagee and lender’s loss payable thereunder
with loss payable to Administrative Agent under a standard “New York” mortgagee endorsement of the character and to
the extent above described without contribution and otherwise reasonably satisfactory to Administrative Agent in all respects.
Borrower shall promptly notify Administrative Agent whenever any such separate insurance is taken out and shall promptly deliver
to Administrative Agent the policy or policies of such insurance.

 

7.2          Casualty.

 

7.2.1         Notice;
Restoration. If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”),
Borrower shall give notice thereof to Administrative Agent within two (2) Business Days after Borrower receives actual notice of
the Casualty. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall promptly
proceed to restore, repair, replace or rebuild the Property (or cause the Condominium Board to promptly proceed to restore, repair
or rebuild the Property) in accordance with Legal Requirements to be of at least equal value and of substantially the same character
as prior to such damage or destruction.

 

7.2.2         Settlement
of Proceeds. If a Casualty covered by any of the insurance policies required pursuant to Article 7 (an “Insured
Casualty”) occurs where the loss does not exceed $500,000, provided no Event of Default has occurred and is continuing,
Borrower may settle and adjust any claim without the prior express written consent of Administrative Agent; provided such adjustment
is carried out in a competent and timely manner, and Borrower is hereby authorized to collect and receipt for the insurance proceeds
(the “Proceeds”). In the event of an Insured Casualty where the loss equals or exceeds $500,000 (a “Significant
Casualty”) provided no Event of Default has occurred and is continuing, Borrower may, in consultation with and following
written consent of Administrative Agent, settle and adjust any claim and agree with the insurer(s) on the amount to be paid on
the loss, and the Proceeds shall be due and payable solely to Administrative Agent for the benefit of the Lenders and held by Administrative
Agent in the Casualty/Condemnation Account and disbursed in accordance herewith. If Borrower or any party other than Administrative
Agent is a payee on any check representing Proceeds with respect to a Significant Casualty, Borrower shall immediately endorse,
and cause all such third parties to endorse, such check payable to the order of Administrative Agent. Borrower hereby irrevocably
appoints Administrative Agent as its attorney-in-fact, coupled with an interest, to endorse such check payable to the order of
Administrative Agent. The actual, reasonable, out-of-pocket expenses incurred by Administrative Agent in the settlement, adjustment
and collection of the Proceeds shall become part of the Debt and shall be reimbursed by Borrower to Administrative Agent upon demand.
Notwithstanding anything to the contrary contained herein, if in connection with a Casualty any insurance carrier makes a payment
under a property insurance Policy that Borrower proposes be treated as business or rental interruption insurance, then, notwithstanding
any designation (or lack of designation) by the insurance carrier as to the purpose of such payment, as between Administrative
Agent and Borrower, such payment shall not be treated as business or rental interruption insurance proceeds unless Borrower has
demonstrated to Administrative Agent’s satisfaction that the remaining net Proceeds that will be received from the property
insurance carriers are sufficient to pay 100% of the cost of fully restoring the Improvements or, if such net Proceeds are to be
applied to repay the Debt in accordance with the terms hereof, that such remaining net Proceeds will be sufficient to pay the Debt
in full.

 

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7.3         Condemnation.

 

7.3.1         Notice;
Restoration. Borrower shall give Administrative Agent written Notice of the actual or threatened (in writing) commencement
of any condemnation or eminent domain proceeding affecting the Property (a “Condemnation”) within two
(2) Business Days of actual notice thereof, and shall deliver to Administrative Agent copies of any and all papers served in connection
with such Condemnation. Following the occurrence of a Condemnation, Borrower, regardless of whether an Award is available, shall
promptly proceed to restore, repair, replace or rebuild the Property (or cause the Condominium Board to promptly proceed to restore,
repair, replace or rebuild the Property) in accordance with Legal Requirements to the extent practicable to be of at least equal
value and of substantially the same character (and to have the same utility) as prior to such Condemnation.

 

7.3.2         Collection
of Award. Administrative Agent is hereby irrevocably appointed as Borrower’s attorney-in-fact, coupled with an interest,
with exclusive power to collect, receive and retain any award or payment in respect of a Condemnation (an “Award”)
and to make any compromise, adjustment or settlement connection with such Condemnation. Notwithstanding any Condemnation (or any
transfer made in lieu of or in anticipation of such Condemnation), Borrower shall continue to pay the Debt at the time and in the
manner provided for in the Loan Documents, and the Debt shall not be reduced unless and until any Award shall have been actually
received and applied by Administrative Agent to expenses of collecting the Award and to discharge of the Debt. Administrative Agent
shall not be limited to the interest paid on the Award by the condemning authority but shall be entitled to receive out of the
Award interest at the rate or rates provided in the Note. If the Property is sold, through foreclosure or otherwise, prior to the
receipt by Administrative Agent of such Award, Administrative Agent shall have the right, whether or not a deficiency judgment
on the Note shall be recoverable or shall have been sought, recovered or denied, to receive all or a portion of the Award sufficient
to pay the Debt. Borrower shall cause any Award that is payable to Borrower to be paid directly to Administrative Agent for the
benefit of the Lenders. Administrative Agent shall hold such Award in the Casualty/Condemnation Account and disburse such Award
in accordance with the terms hereof.

 

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7.4          Application
of Proceeds or Award.

 

7.4.1         Application
to Restoration. If an Insured Casualty or Condemnation occurs where (a) the loss is in an aggregate amount less than the
fifteen percent (15%) of the unpaid Principal, (b) in the reasonable judgment of Administrative Agent, the Property can be
restored within nine (9) months after all required permits and governmental approvals for restoration have been obtained, and prior
to six (6) months before the scheduled Maturity Date and prior to the expiration of the rental or business interruption insurance
with respect thereto, to the Property’s pre-existing condition and utility as existed immediately prior to such Insured Casualty
or Condemnation and to an economic unit not less valuable and not less useful than the same was immediately prior to the Insured
Casualty or Condemnation, and after such restoration will adequately secure the Debt, (c) less than (i) thirty percent (30%),
in the case of an Insured Casualty or (ii) fifteen percent (15%), in the case of a Condemnation, of the rentable area of the Improvements
has been damaged, destroyed or rendered unusable as a result of such Insured Casualty or Condemnation; (d) Leases demising in the
aggregate at least sixty-five (65%) of the total rentable space in the Property and in effect as of the date of the occurrence
of such Insured Casualty or Condemnation remain in full force and effect during and after the completion of the Restoration (hereinafter
defined); and (e) no Event of Default shall have occurred and be then continuing, then the Proceeds or the Award, as the case
may be (after reimbursement of any expenses incurred by Administrative Agent), shall be applied to reimburse Borrower for the cost
of restoring, repairing, replacing or rebuilding the Property (the “Restoration”), in the manner set
forth herein. Borrower shall commence and diligently prosecute such Restoration. Notwithstanding the foregoing, in no event shall
Administrative Agent be obligated to apply the Proceeds or Award to reimburse Borrower for the cost of Restoration unless, in addition
to satisfaction of the foregoing conditions, both (x) Borrower shall pay (and if required by Administrative Agent, Borrower
shall deposit with Administrative Agent in advance) all costs of such Restoration in excess of the net amount of the Proceeds or
the Award made available pursuant to the terms hereof; and (y) Administrative Agent shall have received evidence reasonably
satisfactory to it that during the period of the Restoration, the Rents will be at least equal to the sum of the operating expenses
and Debt Service and other reserve payments required hereunder, as reasonably determined by Administrative Agent.

 

7.4.2         Application
to Debt. Except as provided in Section 7.4.1, any Proceeds and/or Award may, at the option of Administrative Agent
in its discretion, be applied to the payment of (a) accrued but unpaid interest on the Note, (b) the unpaid Principal
and (c) other charges due under the Note and/or any of the other Loan Documents or any Secured Swap Agreement, or applied
to reimburse Borrower for the cost of any Restoration, in the manner set forth in Section 7.4.3.

 

7.4.3         Procedure
for Application to Restoration. If Borrower is entitled to reimbursement out of the Proceeds or an Award held by Administrative
Agent, such Proceeds or Award shall be disbursed from time to time from the Casualty/Condemnation Account upon Administrative Agent
being furnished with (a) evidence satisfactory to Administrative Agent of the estimated cost of completion of the Restoration,
(b) a fixed price or guaranteed maximum cost construction contract for Restoration satisfactory to Administrative Agent, (c) prior
to the commencement of Restoration, all immediately available funds in addition to the Proceeds or Award that in Administrative
Agent’s judgment are required to complete the proposed Restoration, (d) such architect’s certificates, waivers
of lien, contractor’s sworn statements, title insurance endorsements, bonds, plats of survey, permits, approvals, licenses
and such other documents and items as Administrative Agent may reasonably require and approve in Administrative Agent’s discretion,
and (e) all plans and specifications for such Restoration, such plans and specifications to be approved by Administrative
Agent prior to commencement of any work. Administrative Agent may, at Borrower’s expense, retain a consultant to review and
approve all requests for disbursements, which approval shall also be a condition precedent to any disbursement. No payment made
prior to the final completion of the Restoration shall exceed ninety percent (90%) of the value of the work performed from time
to time; funds other than the Proceeds or Award shall be disbursed prior to disbursement of such Proceeds or Award; and at all
times, the undisbursed balance of such Proceeds or Award remaining in the hands of Administrative Agent, together with funds deposited
for that purpose or irrevocably committed to the satisfaction of Administrative Agent by or on behalf of Borrower for that purpose,
shall be at least sufficient in the reasonable judgment of Administrative Agent to pay for the cost of completion of the Restoration,
free and clear of all Liens or claims for Lien. Provided no Event of Default then exists, any surplus that remains out of the Proceeds
held by Administrative Agent after payment of such costs of Restoration shall be paid to Borrower. Any surplus that remains out
of the Award received by Administrative Agent after payment of such costs of Restoration shall, in the discretion of Administrative
Agent, be retained by Administrative Agent and applied to payment of the Debt or returned to Borrower.

 

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		8.	DEFAULTS

 

8.1          Events
of Default. An “Event of Default” shall exist with respect to the Loan if any of the following shall occur:

 

8.1.1         if
(a) any portion of the Debt is not paid in full when due on each Monthly Payment Due Date or otherwise, provided,
however, if adequate funds are available in the Deposit Account for such payments or if Administrative Agent is required
to debit the Auto-debt Account and fails to do so, the failure by the Deposit Bank to allocate such funds into the appropriate
Secondary Accounts in accordance with the Cash Management Agreement or to debit such payments from the Auto-debit Account shall
in each case not constitute an Event of Default or (b) Borrower shall fail to pay when due any payment required under Sections
3.5 and 3.6, as applicable;

 

8.1.2         any
of the Taxes are not paid when due (unless Administrative Agent is paying (or is obligated to pay) such Taxes pursuant to Section 3.3),
subject to Borrower’s right to contest Taxes in accordance with Section 5.2;

 

8.1.3         the
insurance policies required by Section 7.1 are not kept in full force and effect, or are not delivered to Administrative
Agent upon request;

 

8.1.4         either
(a) a Transfer other than a Permitted Transfer occurs or (b) any other violation of Section 5.25 occurs (other than a Transfer
that is not a Permitted Transfer) that is not cured within fifteen (15) Business Days after Administrative Agent delivers written
notice to Borrower of such violation;

 

8.1.5         any
representation or warranty made by Borrower or Guarantor in any Loan Document, or in any report, certificate, financial statement
or other instrument, agreement or document furnished by Borrower or Guarantor in connection with any Loan Document, shall be false
or misleading in any material respect as of the date the representation or warranty was made and such misrepresentation is not
cured within twenty (20) days of the earlier of (i) Administrative Agent’s written notice thereof to Borrower and (ii) Borrower
having actual knowledge of such false or misleading representation or warranty;

 

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8.1.6         Borrower
shall make an assignment for the benefit of creditors;

 

8.1.7         a
receiver, liquidator or trustee shall be appointed for Borrower or Guarantor; or Borrower or Guarantor shall be adjudicated a bankrupt
or insolvent; or any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar
federal or state law, shall be filed by or against, consented to, or acquiesced in by, Borrower or Guarantor, as the case may be;
or any proceeding for the dissolution or liquidation of Borrower or Guarantor shall be instituted; provided, however,
if such appointment, adjudication, petition or proceeding was involuntary and not consented to by Borrower or Guarantor, as the
case may be, only upon the same not being discharged, stayed or dismissed within one hundred ninety (90) days; provided,
further, however, that, with respect to Guarantor, no such event shall constitute an Event of Default if a satisfactory
replacement Guarantor and all documentation executed in connection with such replacement has been approved by Administrative Agent
in its sole discretion within five (5) days after failure to discharge, stay or dismiss such appointment, adjudication, petition
or proceeding during such ninety (90) day period.

 

8.1.8         Borrower
breaches any covenant contained in Sections 5.12.1(a) – (e), 5.12.3(a) – (e), 5.13,
5.14, 5.15, 5.21, 5.22, 5.26, 5.28, 5.30, 5.33.3 or 5.33.4; provided,
however, that a Borrower breach of any covenant contained in Section 5.13 hereof or in Schedule 4 attached hereto shall
not constitute an Event of Default if such breach is cured within fifteen (15) days; and provided, further, however,
with respect to Section 5.12.1 (a) – (e), if a material default by Borrower has occurred and continues beyond any
applicable cure period under the Management Agreement (or any replacement Management Agreement) and if such default permits Manager
to terminate or cancel the Management Agreement (or any replacement Management Agreement) it shall no longer be an Event of Default
if Manager terminates or cancels the Management Agreement (or any replacement Management Agreement) as a result of such default
and same is replaced by a satisfactory replacement Manager in Administrative Agent’s sole discretion under a replacement
Management Agreement within five (5) days after the date of termination or cancellation of the Management Agreement); provided,
further, however, with respect to Section 5.12.3 (a) – (e), if a material default by Borrower has occurred
and continues beyond any applicable cure period under the Leasing Agreement (or any replacement Leasing Agreement) and if such
default permits Leasing Agent to terminate or cancel the Leasing Agreement (or any replacement Leasing Agreement) it shall no longer
be an Event of Default if Leasing Agent terminates or cancels the Leasing Agreement (or any replacement Leasing Agreement) as a
result of such default and same is replaced by a satisfactory replacement Leasing Agent in Administrative Agent’s sole discretion
under a replacement Leasing Agreement within five (5) days after the date of termination or cancellation of the Leasing Agreement).

 

8.1.9         except
as expressly permitted hereunder, the actual or threatened (in writing) alteration, improvement, demolition or removal of all or
any portion of the Improvements without the prior express written consent of Administrative Agent;

 

8.1.10       [Intentionally
Omitted];

 

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8.1.11       a
default occurs under any term, covenant or provision set forth herein or in any other Loan Document which specifically contains
a notice requirement or grace period and such notice has been given and such grace period has expired;

 

8.1.12       a
default (continuing beyond the expiration of any applicable notice and/or cure periods) by Borrower and/or any of its Affiliates
under any Secured Swap Agreement or Third Party Swap Agreement;

 

8.1.13       a
default shall be continuing under any of the other terms, covenants or conditions of this Agreement or any other Loan Document
not otherwise specified in this Section 8.1, for ten (10) days after written notice to Borrower (and Guarantor, if
applicable) from Administrative Agent, in the case of any default which can be cured by the payment of a sum of money, or for forty
five (45) days after notice from Administrative Agent in the case of any other default; provided, however,
that if such non-monetary default is susceptible of cure but cannot reasonably be cured within such 45-day period, and Borrower
(or Guarantor, if applicable) shall have commenced to cure such default within such 45-day period and thereafter diligently and
expeditiously proceeds to cure the same, such 45-day period shall be extended for an additional period of time as is reasonably
necessary for Borrower (or Guarantor, if applicable) in the exercise of due diligence to cure such default, such additional period
not to exceed seventy five (75) days; provided, however, that notwithstanding anything contained in this Agreement
or any other Loan Document to the contrary, if there is any conflict between this Agreement and any other Loan Document with respect
to Defaults or Events of Default, the provisions of this Agreement shall control; or

 

8.1.14       a
material default by Borrower shall occur and be continuing beyond any applicable grace and cure period under any of the Condominium
Documents, which has not been cured within ten (10) Business Days of written notice from Administrative Agent, provided,
however, that if such material default is susceptible of cure but cannot reasonably be cured within such 10-Business
Day period, and Borrower shall have commenced to cure such material default within such 10-Business Day period and thereafter diligently
and expeditiously proceeds to cure the same, such 10-Business Day period shall be extended for an additional period of time as
is reasonably necessary for Borrower in the exercise of due diligence to cure such material default, such additional period not
to exceed seventy five (75) days.

 

8.1.15       Intentionally
Omitted.

 

8.1.16       Intentionally
Omitted.

 

8.2          Remedies.

 

8.2.1         Acceleration.
Upon the occurrence and during the continuance of an Event of Default (other than an Event of Default described in Sections
8.1.6 or 8.1.7) and at any time and from time to time thereafter, the obligations of the Lenders to advance amounts
hereunder may be immediately terminated (and shall be immediately terminated upon the occurrence of an Event of Default described
in Sections 8.1.6 or 8.1.7) in addition to any other rights or remedies available to it pursuant to the Loan Documents
or at law or in equity, Administrative Agent may take such action on behalf of the Lenders, without notice or demand, that Administrative
Agent deems advisable to protect and enforce the rights of the Lenders against Borrower and in and to the Property; including declaring
the Debt to be immediately due and payable (including unpaid interest, Default Rate interest, Late Payment Charges, and any other
amounts owing by Borrower), without notice or demand; and upon the occurrence and continuance of any Event of Default described
in Sections 8.1.6 or 8.1.7, the Debt (including unpaid interest, Default Rate interest, Late Payment Charges, and
any other amounts owing by Borrower) shall immediately and automatically become due and payable, without notice or demand, and
Borrower hereby expressly waives any such notice or demand, anything contained in any Loan Document to the contrary notwithstanding.

 

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8.2.2         Remedies
Cumulative. Upon the occurrence and continuance of an Event of Default, all or any one or more of the rights, powers, privileges
and other remedies available to Administrative Agent and the Lenders against Borrower under the Loan Documents or at law or in
equity may be exercised by Administrative Agent on behalf and for the benefit of the Lenders at any time and from time to time,
whether or not all or any of the Debt shall be declared, or be automatically, due and payable, and whether or not Administrative
Agent shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any
of the Loan Documents. Any such actions taken by Administrative Agent or the Lenders shall be cumulative and concurrent and may
be pursued independently, singly, successively, together or otherwise, at such time and in such order as Administrative Agent may
determine in its discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights
and remedies of Administrative Agent or the Lenders permitted by law, equity or contract or as set forth in the Loan Documents.
Without limiting the generality of the foregoing, Borrower agrees that if an Event of Default is continuing, (a) to the extent
permitted by applicable Legal Requirements, neither Administrative Agent nor any Lender shall be subject to any “one action”
or “election of remedies” law or rule, and (b) all Liens and other rights, remedies or privileges provided to
Administrative Agent and the Lenders shall remain in full force and effect until Administrative Agent and the Lenders have exhausted
all of their remedies against the Property, the Mortgage has been foreclosed, the Property has been sold and/or otherwise realized
upon in satisfaction of the Debt or the Debt has been paid in full. To the extent permitted by applicable Legal Requirements, nothing
contained in any Loan Document shall be construed as requiring Administrative Agent or any Lender to resort to any portion of the
Property for the satisfaction of any of the Debt in preference or priority to any other portion, and Administrative Agent and the
Lenders may seek satisfaction out of the entire Property or any part thereof, in its discretion.

 

8.2.3         Severance.
Without limiting the provisions of Section 11.25, Administrative Agent shall have the right from time to time to sever
the Note and the other Loan Documents into one or more separate notes, mortgages and other security documents in such denominations
and priorities of payment and liens as Lenders shall determine in their discretion for purposes of evidencing and enforcing its
rights and remedies (the “Severed Loan Documents”); provided, however, in no event shall Borrower be
obligated to modify its ownership of the Property (e.g., split into one or more Property owning entities) to accommodate such Severed
Loan Documents. Borrower shall execute and deliver to Administrative Agent and the Lenders from time to time, promptly after the
request of Administrative Agent, a severance agreement and such other documents as Administrative Agent shall request in order
to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Administrative
Agent; provided that Borrower shall not be required to execute and deliver Severed Loan Documents which increase Borrower’s
obligations and/or liabilities under the Loan Documents or decrease Borrower’s rights under the Loan Documents or Severed
Loan Documents. Borrower hereby absolutely and irrevocably appoints Administrative Agent as its true and lawful attorney, coupled
with an interest, in its name and stead, to make and execute all documents reasonably necessary to effect such severance, Borrower
ratifying all that such attorney shall do by virtue thereof; provided, however, Administrative Agent shall not make or execute
any such documents under such power until three (3) days after written notice has been given to Borrower by Administrative Agent
of its intent to exercise its rights under such power. The Severed Loan Documents shall not contain any representations, warranties
or covenants not contained in the Loan Documents.

 

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8.2.4         Delay.
No delay or omission to exercise any remedy, right or power accruing upon the occurrence and continuance of an Event of Default,
or the granting of any indulgence or compromise by Administrative Agent or any Lender shall impair any such remedy, right or power
hereunder or be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often
as may be deemed expedient. A waiver of one Default or Event of Default shall not be construed to be a waiver of any subsequent
Default or Event of Default or to impair any remedy, right or power consequent thereon. Notwithstanding any other provision of
this Agreement, Administrative Agent reserves the right to seek a deficiency judgment or preserve a deficiency claim in connection
with the foreclosure of the Mortgage to the extent necessary to foreclose on all or any portion of the Property, the Rents, the
Cash Management Accounts or any other collateral.

 

8.2.5         Administrative
Agent’s Right to Perform. If, after the occurrence and continuance of an Event of Default beyond all applicable notice
and cure periods, Borrower fails to perform any covenant or obligation contained herein and such failure shall continue for an
additional period of five (5) Business Days after Borrower’s receipt of written notice thereof from Administrative Agent,
without in any way limiting Administrative Agent’s right on behalf and for the account of the Lenders to exercise any of
its rights, powers or remedies as provided hereunder, or under any of the other Loan Documents, Administrative Agent on behalf
and for the account of the Lenders may, but shall have no obligation to, perform, or cause performance of, such covenant or obligation,
and all actual, out-of-pocket costs and expenses of Administrative Agent reasonably incurred or paid in connection therewith shall
be payable by Borrower to Administrative Agent within ten (10) days after demand and if not paid shall be added to the Debt (and
to the extent permitted under applicable Legal Requirements, secured by the Mortgage and other Loan Documents) and shall bear interest
thereafter at the Default Rate.

 

		9.	INTENTIONALLY OMITTED

 

		10.	ADMINISTRATIVE AGENT

 

10.1        Appointment,
Powers and Immunities. Each Lender hereby appoints and authorizes Administrative Agent to act as its administrative agent
hereunder and under the other Loan Documents with such powers as are specifically delegated to Administrative Agent by the terms
of this Agreement and of the other Loan Documents, together with such other powers as are reasonably incidental thereto. Administrative
Agent (which term as used in this sentence and in Section 10.5 and the first sentence of Section 10.6 shall
include reference to its Affiliates and its own and its Affiliates’ officers, directors, employees and agents):

 

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10.1.1       shall
have no duties or responsibilities except those expressly set forth in this Agreement and in the other Loan Documents, and shall
not by reason of this Agreement or any other Loan Document be a trustee for any Lender except to the extent that Administrative
Agent acts as an agent with respect to the receipt or payment of funds, nor shall Administrative Agent have any fiduciary duty
to Borrower nor shall any Lender have any fiduciary duty to Borrower or any other Lender;

 

10.1.2       shall
not be responsible to the Lenders for any recitals, statements, representations or warranties contained in this Agreement or in
any other Loan Document, or in any certificate or other document referred to or provided for in, or received by any of them under,
this Agreement or any other Loan Document, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency
of the Loan Documents or any other document referred to or provided for therein or for any failure by Borrower or any other Person
to perform any of its obligations thereunder;

 

10.1.3       shall
not be responsible for any action taken or omitted to be taken by it under any Loan Document or under any other document or instrument
referred to or provided for therein or in connection therewith, except to the extent any such action taken or omitted violates
Administrative Agent’s standard of care set forth in the first sentence of Section 10.5;

 

10.1.4       shall
not, except to the extent expressly instructed by the Majority Lenders with respect to collateral security under the Loan Documents,
be required to initiate or conduct any litigation or collection proceedings hereunder or under any other Loan Document; and

 

10.1.5       shall
not be required to take any action which is contrary to the Loan Documents or applicable Legal Requirements.

 

The relationship between
Administrative Agent and each Lender is a contractual relationship only, and nothing herein shall be deemed to impose on Administrative
Agent any obligations other than those for which express provision is made herein or in the other Loan Documents. Administrative
Agent may employ agents and attorneys, and may delegate all or any part of its obligations hereunder, to third parties and shall
not be responsible for the negligence or misconduct of any such agents, attorneys in fact or third parties selected by it in good
faith. Administrative Agent may deem and treat the payee of a Note as the holder thereof for all purposes hereof unless and until
a notice of the assignment or transfer thereof shall have been filed with Administrative Agent, any such assignment or transfer
to be subject to the provisions of Section 11.20. Except to the extent expressly provided in Section 10.8,
the provisions of this Article 10 are solely for the benefit of Administrative Agent and the Lenders, and Borrower shall
not have any rights as a third-party beneficiary of any of the provisions hereof and Administrative Agent and the Lenders may modify,
amend or waive such provisions of this Article 10 in their sole and absolute discretion.

 

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10.2       Reliance
by Administrative Agent.  Administrative Agent shall be entitled to rely upon any certification, notice or other communication
(including, without limitation, any thereof by telephone, telecopy, telegram or cable) reasonably believed by it to be genuine
and correct and to have been signed or sent by or on behalf of the proper Person or Persons, and upon advice and statements of
legal counsel, independent accountants and other experts selected by Administrative Agent. As to any matters not expressly provided
for by this Agreement or any other Loan Document, Administrative Agent shall in all cases be fully protected in acting, or in refraining
from acting, hereunder or thereunder in accordance with instructions given by the Majority Lenders, and such instructions of the
Majority Lenders and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders.

 

10.3       Defaults.

 

10.3.1       Administrative
Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or an Event of Default unless Administrative
Agent has received notice from a Lender or Borrower specifying such Default or Event of Default and stating that such notice is
a “Notice of Default.” In the event that Administrative Agent receives such a notice of the occurrence of a Default
or Event of Default, Administrative Agent shall give prompt notice thereof to the Lenders. Within ten (10) days of delivery of
such notice of Default or Event of Default from Administrative Agent to the Lenders (or such shorter period of time as Administrative
Agent determines is necessary), Administrative Agent and the Lenders shall consult with each other to determine a proposed course
of action. Administrative Agent shall (subject to Section 10.7) take such action with respect to such Default or Event
of Default as shall be directed by the Majority Lenders, provided that, (A) unless and until Administrative Agent shall have received
such directions, Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action,
including decisions (1) to make Protective Advances that Administrative Agent determines are necessary to protect or maintain the
Property and (2) to foreclose on any of the Property or exercise any other remedy, with respect to such Default or Event of Default
as it shall deem advisable in the interest of the Lenders except to the extent that this Agreement expressly requires that such
action be taken, or not be taken, only with the consent or upon the authorization of all of the Lenders; provided,
however, that no actions approved by the Majority Lenders shall violate the Loan Documents or applicable Legal Requirements.
Each of the Lenders acknowledges and agrees that no individual Lender may separately enforce or exercise any of the provisions
of any of the Loan Documents (including the Note) other than through Administrative Agent. Administrative Agent shall advise the
Lenders of all material actions which Administrative Agent takes in accordance with the provisions of this Section 10.3.1
and shall continue to consult with the Lenders with respect to all of such actions. Notwithstanding the foregoing, if the Majority
Lenders shall at any time direct that a different or additional remedial action be taken from that already undertaken by Administrative
Agent, including the commencement of foreclosure proceedings, such different or additional remedial action shall be taken in lieu
of or in addition to, the prosecution of such action taken by Administrative Agent; provided that all actions already taken by
Administrative Agent pursuant to this Section 10.3.1 shall be valid and binding on each Lender. All cash proceeds (other
than cash proceeds subject to the provisions of Section 10.3.10) received from any enforcement actions, including the
cash proceeds of a foreclosure sale of the Property, shall be applied, first, to the payment or reimbursement of Administrative
Agent for any Debt or other obligations under the Loan Documents held by (or owing to) Administrative Agent (including, without
limitation, for expenses incurred in accordance with the provisions of Sections 10.3.2, 10.3.3, and 10.3.4
and 10.5 and to the payment of the Agency Fee and other servicing fees to the extent not paid by Borrower pursuant to Section 10.11),
second, to the payment or reimbursement of the Lenders for expenses incurred in accordance with the provisions of Sections
10.3.2, 10.3.3, and 10.3.4 and 10.5; third, to the payment or reimbursement of the Lenders for
any advances made pursuant to Section 10.3.2 or 10.3.7; fourth, pari passu to the Lenders in accordance
with their respective Proportionate Shares, unless an Unpaid Amount is owed pursuant to Section 10.12, in which event
such Unpaid Amount shall be deducted from the portion of such proceeds of the Defaulting Lender and be applied to payment of such
Unpaid Amount to the Special Advance Lender and to pay any indebtedness of Borrower under any Secured Swap Agreement provided by
Administrative Agent or any Affiliate.

 

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10.3.2       All
losses incurred in connection with the Loans (including with respect to interest (including interest at the Default Rate) and other
sums payable pursuant to the Note), the enforcement thereof or the realization of the security therefor, shall be borne by the
Lenders in accordance with their respective Proportionate Shares of the Loan. The Lenders shall promptly, upon request by Administrative
Agent, remit to Administrative Agent their respective Proportionate Shares of (i) any expenses incurred or to be incurred by Administrative
Agent in connection with any Default to the extent any such expenses have not been paid by Borrower or Guarantor, (ii) any advances
or disbursements made or to be made to pay Taxes (including special assessments or payments in lieu of real estate Taxes), maintenance
costs, Insurance Premiums or other items (including capital items) which Administrative Agent or Majority Lenders determine are
necessary to preserve the Lien (or priority of the Lien) of the Mortgage from any intervening lien, forfeiture, casualty, loss,
waste or other impairment, diminution or reduction in value (including, without limitation, the completion of any applicable alterations
or improvements which have theretofore been commenced or are deemed necessary for the leasing, marketing or maintenance of the
Property as a “Class B” retail and office property) or to preserve, protect, sell, operate, manage, lease, improve,
maintain, repair, defend or dispose of the Property or any portion thereof), whether or not the amount necessary to be advanced
for such purposes exceeds the amount of the Mortgage (all such advances, collectively, “Protective Advances”),
(iii) any other expenses incurred in connection with the enforcement of the Mortgage or other Loan Documents, and (iv) any
expenses incurred in connection with the consummation of the Loans not paid or provided for by Borrower. Each Lender’s Proportionate
Share of any Protective Advance shall constitute obligatory advances of that Lender under this Agreement, shall be payable by each
Lender on demand by Administrative Agent and secured by the Loan collateral, and if unpaid by any Lender as set forth below, its
Proportionate Share thereof shall bear interest at the rate applicable to such amount under the Loans or if no longer applicable,
at the Base Rate.  Administrative Agent shall notify each Lender in writing of its Proportionate Share of each Protective
Advance.  Upon receipt of notice from Administrative Agent of its making of a Protective Advance, each Lender shall make the
amount of such Lender’s Proportionate Share of the Protective Advance available to Administrative Agent, in same day funds,
to such account of Administrative Agent as Administrative Agent may designate, (i) on or before 3:00 p.m. (Administrative Agent’s
Time) on the day Administrative Agent provides Lenders with notice of the making of such Protective Advance if Administrative Agent
provides such notice on or before 12:00 p.m. (Administrative Agent’s Time), or (ii) on or before 12:00 p.m. on the Business
Day immediately following the day Administrative Agent provides Lenders with notice of the making of such advance if Administrative
Agent provides notice after 12:00 p.m. (Administrative Agent’s Time).

 

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10.3.3       If,
at the direction of the Majority Lenders or otherwise as provided in Section 10.3.1, any action(s) is brought to collect
on the Note or enforce the Mortgage or any other Loan Document, such action shall (to the extent permitted under applicable Legal
Requirements and the decisions of the court in which such action is brought) be an action brought by Administrative Agent for the
benefit of the Lenders, collectively, to collect on all or a portion of the Note or enforce the Mortgage or any other Loan Document
and counsel selected by Administrative Agent shall prosecute any such action on behalf of Administrative Agent and the Lenders,
and Administrative Agent and the Lenders shall consult and cooperate with each other in the prosecution thereof. If requested by
Administrative Agent, each Lender shall join as a party in any such lawsuit or proceeding. The costs and expenses of any such action
shall be borne by the Lenders in accordance with each of their respective Proportionate Shares.

 

10.3.4       If,
at the direction of the Majority Lenders or otherwise as provided in Section 10.3.1, any action(s) is brought to foreclose
the Mortgage, such action shall (to the extent permitted under applicable Legal Requirements and the decisions of the court in
which such action is brought) be an action brought by Administrative Agent on behalf and for the benefit of the Lenders, collectively,
to foreclose all or a portion of the Mortgage and collect on the Note. Counsel selected by Administrative Agent shall prosecute
any such foreclosure on behalf of Administrative Agent and the Lenders and Administrative Agent and the Lenders shall consult and
cooperate with each other in the prosecution thereof. All decisions concerning the appointment of a receiver, the conduct of such
receivership, the conduct of such foreclosure action, the acceptance of a deed in lieu of foreclosure, the bid on behalf of Administrative
Agent and the Lenders at the foreclosure sale of the Property, the manner of taking and holding title to the Property (other than
as set forth in Section 10.3.5 below), the sale of the Property after foreclosure pursuant to Section 10.3.6,
and the commencement and conduct of any deficiency judgment proceeding shall be made by Administrative Agent subject to this Article
10. The costs and expenses of foreclosure to the extent not paid by Borrower or Guarantor will be borne by the Lenders in accordance
with their respective Proportionate Shares. If requested by Administrative Agent, each Lender shall join as a party in any such
lawsuit or proceeding brought to foreclose the Mortgage and collect on the Note.

 

10.3.5       If
the Property (or any part thereof) is acquired by Administrative Agent or its nominee as a result of a foreclosure or the acceptance
of a deed or assignment in lieu of foreclosure, or is retained in satisfaction of all or any part of the obligations, the title
to the Property shall be held as required by the Majority Lenders and as acceptable to Administrative Agent provided title is held
in an entity or structure which limits liability of the Lenders and is a “pass-through” entity or structure for income
tax purposes, or, in the absence of such direction of the Majority Lenders, at the sole option of Administrative Agent, be held
in the name of Administrative Agent, or a nominee or subsidiary of Administrative Agent, as administrative agent, for the ratable
benefit of the Lenders, or a limited liability company of which Administrative Agent (or a nominee or subsidiary of Administrative
Agent, as administrative agent, for the ratable benefit of the Lenders) is the manager and the Lenders (or their permitted assignees)
are the members in proportion to their Proportionate Shares, which shall be formed pursuant to a form of limited liability company
agreement approved by Administrative Agent and the Majority Lenders prior to the completion of such foreclosure, which agreement
shall include provisions in all material respects similar to this Section 10.3.5 and Article 10 in relation
to the duties, rights and immunities of Administrative Agent (or a nominee or subsidiary of Administrative Agent, in its capacity
as the manager thereunder) and rights and obligations of the Lenders. In the event any Lender fails to execute and deliver such
agreement in accordance with and after written request therefor from Administrative Agent, each such Lender hereby grants to Administrative
Agent a power of attorney to execute and deliver such agreement on its behalf and to take on its behalf any other actions as may
reasonably be required to form and qualify such company, which power of attorney is coupled with an interest and irrevocable.

 

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10.3.6       Administrative
Agent shall prepare for the approval of the Majority Lenders a recommended course of action for the Property (a “Post-Foreclosure
Plan”). Subject to its standard of care contained herein, Administrative Agent (or a nominee or subsidiary of Administrative
Agent, as administrative agent, for the account of, and ratable benefit of, the Lenders) shall manage, operate, repair, administer,
complete, construct, restore or otherwise deal with the Property acquired, and shall administer all transactions relating thereto,
substantially in accordance with the Post-Foreclosure Plan, including, without limitation, employing a management agent, leasing
agent and other agents, contractors and employees, including agents for the sale of the Property, and the collecting of rents and
other sums from the Property and paying the expenses of the Property. Once approved by the Majority Lenders, Administrative Agent
shall use commercially reasonable efforts, consistent with its standard of care contained in this Article 10, to operate
and maintain the Property in accordance with the Post-Foreclosure Plan in all material respects (subject to the effect of force
majeure events, fire, earthquake, floods, explosion, actions of the elements, other accidents or casualty, declared or undeclared
war, riots, mob violence, acts of terrorism, inability to procure or a general shortage of labor, equipment, facilities, energy,
materials or supplies in the open market, the effect of orders of Governmental Authorities, laws, rules, regulations or other cause
beyond the reasonable control of Administrative Agent) and shall be authorized to make expenditures and pay expenses in accordance
with the Post-Foreclosure Plan. It is understood and agreed that Administrative Agent is not warranting that the results contemplated
by the Post-Foreclosure Plan shall be realized. If the Majority Lenders shall fail to approve of the proposed Post-Foreclosure
Plan, however, the following shall apply: (i) if the proposed Post-Foreclosure Plan is the initial Post-Foreclosure Plan, then
Administrative Agent, on behalf of the Lenders, may approve an interim plan to govern the operations of the Property until the
Majority Lenders approve the first plan; and, (ii) if the proposed Post-Foreclosure Plan is other than the plan referred to in
the preceding clause (i), then the Property shall be operated under the most recent Post-Foreclosure Plan until a new Post-Foreclosure
Plan shall be approved by the Majority Lenders, subject to adjustments as Administrative Agent shall deem appropriate to take into
account emergency or serious maintenance situations at the Property, any tenant improvement costs and leasing commissions for leases
executed after approval of the most recently approved budget and any expenditures for the Property required by applicable Legal
Requirements, which, if not made, may result in the imposition of a fine or penalty or other sanction against the Lenders, Administrative
Agent or entity that holds title to the Property for the benefit of the Lenders. Administrative Agent shall not make any material
changes to the approved Post-Foreclosure Plan without the consent of the Majority Lenders.

 

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10.3.7       Upon
demand therefor from time to time, each Lender shall contribute its Proportionate Share of all costs and expenses incurred by Administrative
Agent pursuant to the approved Post-Foreclosure Plan in connection with the construction, operation, management, maintenance, leasing
and sale of the Property. In addition, Administrative Agent shall render or cause to be rendered to each Lender, on a periodic
basis (but in any event once per calendar quarter), an income and expense statement for the Property, and each Lender shall promptly
contribute its Proportionate Share of any operating loss for the Property, and such other expenses and operating reserves as Administrative
Agent shall deem reasonably necessary pursuant to and in accordance with the approved Post-Foreclosure Plan.

 

10.3.8       To
the extent there is net operating income from the Property, Administrative Agent shall, in accordance with the approved Post-Foreclosure
Plan, determine the amount and timing of distributions to the Lenders in accordance with Section 10.3.10.

 

10.3.9       The
Lenders acknowledge and agree that if title to the Property is obtained by Administrative Agent or its nominee or limited liability
company as provided above, the Property will not be held as a permanent investment but will be liquidated and the proceeds of such
liquidation will be distributed in accordance with the Post-Foreclosure Plan as soon as practicable. Administrative Agent shall
undertake to sell the Property, at such price and upon such terms and conditions as the Majority Lenders reasonably shall determine
to be most advantageous to the Lenders. Any purchase money mortgage or deed of trust taken in connection with the disposition of
the Property in accordance with the immediately preceding sentence shall name Administrative Agent, as Agent for the Lenders, as
the beneficiary or mortgagee; provided, however, that purchase money financing shall not be provided
in connection with the disposition of the Property without the prior consent of each Lender. If purchase money financing is so
provided, then, Administrative Agent and the Lenders shall enter into an agreement with respect to such purchase money mortgage
or deed of trust defining the rights and obligations of Administration Agent and the rights and obligations of the Lenders in the
same Proportionate Shares as provided hereunder, which agreement shall be in all material respects similar to this Article insofar
as the same is appropriate or applicable and shall contain such other terms and conditions as may be satisfactory to each of the
Lenders.

 

10.3.10     All
cash proceeds received with respect to the Property after so acquiring title to or taking possession of the Property, including
cash proceeds from the rental, operation and management of the Property and the proceeds of a sale of the Property, shall be applied,
first, to the payment of the Agency Fee to the extent not paid by Borrower pursuant to Section 10.11 and any unpaid
Servicing Fees and to the payment or reimbursement of Administrative Agent for expenses incurred in accordance with the provisions
of this Article 10 or for any other sums then due to Administrative Agent hereunder; second, to the payment of operating
expenses with respect to the Property; third, to the establishment of reasonable reserves for the operation of the Property, including,
without limitation, to fund any capital improvement, leasing and other reserves; fourth, to the payment or reimbursement of the
Lenders for any advances made pursuant to Section 10.3.4 or (g); fifth, in accordance with clauses first through fourth
of Section 10.3.1; and sixth, pari passu to the Lenders in accordance with their respective Proportionate Shares on
account of all sums due and unpaid under the Loan Documents, unless an Unpaid Amount is owed pursuant to Section 10.12,
in which event such Unpaid Amount shall be deducted from the portion of such proceeds of the Defaulting Lender and be applied
to payment of such Unpaid Amount to the Special Advance Lender.

 

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10.3.11     Special
Servicing.

 

(a)             Notwithstanding
anything to the contrary herein, Administrative Agent may resign as Administrative Agent hereunder unless, within thirty (30) days
after the occurrence of a Special Servicing Event (as hereinafter defined), Administrative Agent and the Lenders have reached an
agreement with respect to the fees (collectively, the “Servicing Fees”) that would be payable to Administrative
Agent for servicing, special servicing and administering the Loans after such Special Servicing Event and during the continuation
thereof and for administration of the ownership, operation and management of the Property during any period of time that the Property
is owned by Administrative Agent or its nominee or other entity pursuant to Section 10.3.5 as a result of a foreclosure
or the acceptance of a deed or assignment in lieu of foreclosure. Such Servicing Fees shall be payable in accordance with a separate
agreement to be entered into by Administrative Agent and the Lenders. In all events, the Agency Fee shall continue to be payable
to Administrative Agent until the Loan has been fully repaid, all collateral for the Loan has been disposed of and proceeds thereof
distributed and all services of Administrative Agent hereunder have terminated.

 

(b)             In
the event Administrative Agent resigns as permitted above, then the Majority Lenders shall have the right to appoint a successor
Administrative Agent which (A) satisfies the requirements of Section 10.8 or (B) is a Qualified Special Servicer
(as hereinafter defined), within thirty (30) days after such resignation. Until such successor Administrative Agent is so appointed,
any decisions, determinations, consents, approvals, or other actions required to be provided or made by Administrative Agent under
any of the Loan Documents shall be deemed to be effective only if approved by the Majority Lenders. If the Majority Lenders have
not appointed such a successor Administrative Agent within such thirty (30) day period, then the resigning Administrative Agent
may (on behalf of the Lenders) appoint a successor Administrative Agent that satisfies the requirements of Section 10.8
or is a Qualified Special Servicer. Whether the Qualified Special Servicer is appointed by the Majority Lenders or by the resigning
Administrative Agent, the Lenders shall pay the Servicing Fees required by such successor Administrative Agent in accordance with
a separate agreement with such successor Administrative Agent.

 

(c)             The
time periods within which Administrative Agent is required to act in this Article 10 shall be tolled, commencing on the
thirtieth day after the occurrence of a Special Servicing Event, and continuing until ten (10) Business Days after a replacement
Administrative Agent has been appointed pursuant to this Section 10.3.11 or Administrative Agent and the Lenders have
reached an agreement regarding the Servicing Fees.

 

(d)             As
used in this Section 10.3.11, the following terms have the meanings assigned below:

 

(i)       “Qualified
Special Servicer” a nationally recognized commercial mortgage loan servicer which (i) has the minimum rating required
of a special servicer in the case of Fitch, (ii) is on the S&P list of approved special servicers in the case of S&P and
(iii) in the case of Moody’s, such special servicer is acting as special servicer in a commercial mortgage loan securitization
that was rated by Moody’s within the twelve (12) month period prior to the date of determination, and Moody’s has not
downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial
mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities.

 

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(ii)       “Special
Servicing Event” (i) the occurrence of any Event of Default of which Administrative Agent has given notice thereof
to the Lenders pursuant to Section 10.3.1 or (ii) the receipt by Administrative Agent of a notice of an Event of Default
from any Lender pursuant to Section 10.3.1.

 

10.4        Rights
as a Lender. With respect to its Commitment and the Loan made by it, Capital One (and any successor acting as Administrative
Agent) in its capacity as a Lender hereunder shall have the same rights and powers hereunder as any other Lender and may exercise
the same as though it were not acting as Administrative Agent, and the term “Lender” or “Lenders” shall,
unless the context otherwise indicates, include Administrative Agent in its individual capacity. Capital One (and any successor
acting as Administrative Agent) and its Affiliates may (without having to account therefor to any Lender) lend money to, enter
into any Secured Swap Agreement or other “swap agreement” as defined in 11 U.S.C. 101 with, make investments in and
generally engage in any kind of lending, trust or other business with Borrower (and any of its Affiliates) as if it were not acting
as Administrative Agent, and without providing to the Lenders any opportunity to review or approve of any decisions to be made
by it with respect thereto and Capital One and its Affiliates may accept fees and other consideration from Borrower for services
in connection with this Agreement or otherwise without having to account for the same to the Lenders. Further, Administrative Agent
and any affiliate may accept fees and other consideration from Borrower for services in connection with this Agreement and otherwise
without having to account for the same to the other Lenders. The Lenders acknowledge that, pursuant to such activities, Capital
One or its affiliates may receive information regarding Borrower, other loan parties, other subsidiaries and other Affiliates (including
information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that Administrative Agent
shall be under no obligation to provide such information to them.

 

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10.5        Standard
of Care; Indemnification. Notwithstanding anything to the contrary contained in the Loan Documents or this Article
10, in performing its duties under the Loan Documents, Administrative Agent will exercise the same degree of care as it normally
exercises in connection with real estate loans that it syndicates and administers, but Administrative Agent shall have no further
responsibility to any Lender except for its own gross negligence or willful misconduct which results in actual loss to such Lender,
and, except to such extent, Administrative Agent shall have no responsibility to any Lender. The Lenders agree to indemnify Administrative
Agent (to the extent not reimbursed under Section 5.28, but without limiting the obligations of Borrower under Section 5.28)
ratably in accordance with the aggregate Principal of the Loans held by the Lenders (or, if no Loans are at the time outstanding,
ratably in accordance with their respective Commitments), for any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever that may be imposed on, incurred
by or asserted against Administrative Agent (including any of the foregoing that arise from any claims or assertions of any Lender)
arising out of or by reason of any investigation in or in any way relating to or arising out of this Agreement or any other Loan
Document or any other documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby
(including, without limitation, the costs and expenses that Borrower is obligated to pay under Section 5.28, but excluding,
unless an Event of Default has occurred and is continuing, normal administrative costs and expenses incident to the performance
of its agency duties hereunder) or the enforcement of any of the terms hereof or thereof or of any such other documents or any
action taken or omitted by Administrative Agent under the Loan Documents, provided that no Lender shall be liable for any of the
foregoing to the extent they arise from Administrative Agent’s gross negligence or willful misconduct as determined by a
court of competent jurisdiction in a final, non-appealable judgment provided, however, that no action
taken in accordance with the directions of the Majority Lenders shall be deemed to constitute gross negligence or willful misconduct
for purposes of this Section 10.5. Without limiting the generality of the foregoing, each Lender agrees to reimburse
Administrative Agent (to the extent not reimbursed by Borrower and without limiting the obligation of Borrower to do so) promptly
upon demand for its ratable share of any out-of-pocket expenses (including the reasonable fees and expenses of the counsel to
Administrative Agent) incurred by Administrative Agent in connection with the preparation, negotiation, execution, administration,
or enforcement (whether through negotiations, legal proceedings, or otherwise) of, or legal advice with respect to the rights
or responsibilities of the parties under, the Loan Documents, any suit or action brought by Administrative Agent to enforce the
terms of the Loan Documents and/or collect any obligation of Borrower hereunder, any “lender liability” suit or claim
brought against Administrative Agent and/or the Lenders, and any claim or suit brought against Administrative Agent and/or the
Lenders arising under any Environmental Laws. Such out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders
on the request of Administrative Agent notwithstanding any claim or assertion that Administrative Agent is not entitled to indemnification
hereunder upon receipt of an undertaking by Administrative Agent that Administrative Agent will reimburse the Lenders if it is
actually and finally determined by a court of competent jurisdiction that Administrative Agent is not so entitled to indemnification.
The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder or under the
other Loan Documents and the termination of this Agreement. If Borrower shall reimburse Administrative Agent for any of the foregoing
amounts following payment by any Lender to Administrative Agent in respect of such amount pursuant to this Section 10.5,
then Administrative Agent shall share such reimbursement on a ratable basis with each Lender making any such payment in accordance
with each such Lender’s respective Proportionate Share.

 

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10.6        Non-Reliance
on Administrative Agent and Other Lenders. Each Lender expressly acknowledges and agrees that neither Administrative Agent
nor any of its officers, directors, employees, agents, counsel, attorneys-in-fact or other affiliates has made any representations
or warranties to such Lender and that no act by Administrative Agent hereafter taken, including any review of the affairs of Borrower
or Affiliate of Borrower, shall be deemed to constitute any such representation or warranty by Administrative Agent to any Lender.
Each Lender, for itself, agrees that it has, independently and without reliance on Administrative Agent or any other Lender, and
based on such documents and information as it has deemed appropriate, made its own credit analysis of Borrower and its Affiliates
and decision to enter into this Agreement and that it will, independently and without reliance upon Administrative Agent or any
other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis
and decisions in taking or not taking action under this Agreement or under any other Loan Document. Subject to the provisions of
the first sentence of Section 10.5, Administrative Agent shall not be required to keep itself informed as to the performance
or observance by Borrower of this Agreement or any of the other Loan Documents or any other document referred to or provided for
herein or therein or to inspect the Property or the books of Borrower or any of its Affiliates. Except for notices, reports and
other documents and information expressly required to be furnished to the Lenders by Administrative Agent hereunder or as otherwise
agreed by Administrative Agent and the Lenders, Administrative Agent shall not have any duty or responsibility to provide any Lender
with any credit or other information concerning the affairs, financial condition or business of Borrower or any of its Affiliates
that may come into the possession of Administrative Agent or any of its Affiliates. Without limiting the foregoing, Administrative
Agent shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not
be liable for the failure to disclose, any information relating to Borrower or any of its Affiliates that is communicated to or
obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. Administrative Agent shall, except
as expressly set forth herein and in the other Loan Documents, have no obligation whatsoever to the Lenders or to any other Person
to assure that the Property exists or is owned by Borrower or is cared for, protected or insured or that the Liens granted to Administrative
Agent herein or pursuant hereto have been properly or sufficiently or lawfully created, perfected, protected or enforced or are
entitled to any particular priority, or to exercise or to continue exercising at all or in any manner or under any duty of care,
disclosure or fidelity any of the rights, authorities and powers granted or available to Administrative Agent in this Article
10 or in any of the Loan Documents, it being understood and agreed that in respect of the Property, or any act, omission or
event related thereto, Administrative Agent shall have no duty or liability whatsoever to the Lenders, except for actual loss to
the extent resulting from its gross negligence or willful misconduct that results in actual loss to a Lender.

 

10.7        Failure
to Act. Except for action expressly required of Administrative Agent hereunder, and under the other Loan Documents, Administrative
Agent shall in all cases be fully justified in failing or refusing to act hereunder and thereunder unless it shall receive further
assurances to its satisfaction from the Lenders of their indemnification obligations under Section 10.5 against any
and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.

 

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10.8        Resignation
of Administrative Agent. Administrative Agent may resign at any time by giving notice thereof to the Lenders and Borrower
and such resignation shall be effective as of the date indicated in such notice. The Majority Lenders may remove Administrative
Agent at any time for gross negligence or willful misconduct by giving at least thirty (30) Business Days’ prior written
notice and cure period to Administrative Agent, Borrower and all other Lenders if such gross negligence or willful misconduct
is not cured by Administrative Agent within such cure period. Upon any such resignation or removal, the Majority Lenders shall
have the right to appoint a successor Administrative Agent that shall be a Person that meets the qualifications of an Eligible
Institution. Lenders shall provide Borrower and Guarantor with written notice of any successor Administrative Agent and Borrower
and Guarantor shall not be bound to such successor Administrative Agent unless and until the written notice is received by Borrower
and Guarantor. Borrower and Guarantor shall be entitled to rely on any notice of a successor Administrative Agent without further
investigation. If no successor Administrative Agent shall have been so appointed by the Majority Lenders and shall have accepted
such appointment within thirty (30) days after the retiring Administrative Agent’s giving of notice of resignation or its
receipt of notice of removal, then the retiring or removed Administrative Agent may, on behalf of the Lenders, appoint a successor
Administrative Agent; provided that if Administrative Agent shall notify Borrower and the Lenders that no Person has accepted
such appointment within such thirty (30) day period, then Administrative Agent’s resignation or removal shall nonetheless
become effective and (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder
and under the other Loan Documents (except that, in the case of any collateral security held by Administrative Agent on behalf
of the Lenders under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral
security (and be entitled, with respect thereto, to all of the rights of Administrative Agent hereunder) until such time as a
successor Administrative Agent is appointed and has accepted such collateral security); (2) all payments and communications provided
to be made to or through Administrative Agent shall instead be made to each Lender directly in accordance with its applicable
Proportionate Share; and (3) all determinations, approvals and communications provided to be made by Administrative Agent shall
instead be made by the Majority Lenders (except for such determinations, approvals and communications as are required pursuant
to the provisions of Section 10.9 to be made by each of the Lenders or by each affected Lender in which case such
determinations, approvals and communications shall be made by each Lender or each affected Lender, as applicable, directly), until
such time as the Majority Lenders appoint a successor Administrative Agent and such successor accepts such appointment as provided
for above in this Section. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative
Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges
and duties of the retiring (or retired) or removed Administrative Agent, and the retiring (or retired) or removed Administrative
Agent shall be discharged from its duties and obligations hereunder (if not already discharged therefrom as provided above in
this Section 10.8). The fees payable by Borrower to a successor Administrative Agent shall be the same as those payable
to its predecessor unless otherwise agreed between Borrower and such successor. During the period from the delivery by Administrative
Agent of its notice of resignation until the effectiveness of its discharge from its duties and obligations hereunder, and at
all times thereafter, the provisions of this Article and Sections 5.28, 5.29, 11.12 and 11.23 shall
continue in effect for the benefit of such retiring Administrative Agent, its subagents and their respective Affiliates in respect
of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent and during any period following
its resignation as Administrative Agent pending the acceptance by a successor Administrative Agent of its appointment as Administrative
Agent hereunder.

 

10.9        Consents
Under Loan Documents. Except as otherwise provided in this Agreement, Administrative Agent may (without any Lender’s
consent) give or withhold its agreement to any amendments of the Loan Documents or any waivers or consents in respect thereof or
exercise or refrain from exercising any other rights or remedies which Administrative Agent may have under the Loan Documents or
otherwise provided that such actions do not, in Administrative Agent’s reasonable judgment, materially adversely affect the
value of any collateral, taken as a whole, or represent a departure from Administrative Agent’s standard of care described
in Section 10.5. Any other amendment, waiver or consent, to be effective, shall require the consent or agreement in
writing of the Majority Lenders and Administrative Agent, and any such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given. Notwithstanding the foregoing, neither Administrative Agent nor the Majority
Lenders shall agree to the following (provided that no Lender’s consent shall be required for any of the following which
are otherwise required or contemplated under the Loan Documents):

 

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10.9.1       increase
the Commitment of any Lender (provided that no such increase shall be deemed to result from the operation of the provisions of
this Agreement which contain indemnification obligations of such Lender or obligations of such Lender with respect to the funding
of Protective Advances or other sums as more fully provided in Sections 10.3.2, 10.3.4, 10.3.7, 10.5
and 10.12 hereof) without the consent of each Lender affected thereby;

 

10.9.2       reduce
the outstanding Principal of the Loans or reduce the interest rate thereon (exclusive of interest at the Default Rate to the extent
it is in excess of interest at the non-Default Rate) without the consent of each Lender affected thereby;

 

10.9.3       extend
any stated payment date for principal of or interest on the Loans payable to any Lender without the consent of each Lender affected
thereby;

 

10.9.4       release
Borrower, any Guarantor or any other party from liability under the Loan Documents (except for any assigning Lender pursuant to
Section 11.20 and any resigning Administrative Agent pursuant to Section 10.8 and provided that any decision
to waive or modify any affirmative, negative or financial covenant shall not be deemed a “release” for these purposes
and may be granted by the Majority Lenders, and any decision to waive or release Guarantor from liability with respect to its exposure
under the Guaranty of Recourse Obligations for the matters referenced in Section 1 thereof may be granted by the Majority
Lenders) without the consent of each Lender (except that no such consent shall be required, and Administrative Agent is hereby
authorized, to release Borrower and Guarantor (A) as expressly provided in the Loan Documents and (B) upon payment of the Loan
in full in accordance with the terms of the Loan Documents);

 

10.9.5       release
or subordinate in whole or in part any material portion of the collateral given as security for the Loans without the consent of
each Lender (except that no such consent shall be required, and Administrative Agent is hereby authorized, to release any Lien
covering the collateral under the Mortgage and other Loan Documents (A) as expressly provided in the Loan Documents and (B) upon
payment of the Loan in full in accordance with the terms of the Loan Documents);

 

10.9.6       modify
any of the provisions of this Section 10.9, the definition of “Majority Lenders” or any other provision
in the Loan Documents specifying the number or percentage of Lenders required to waive, amend or modify any rights thereunder or
make any determination or grant any consent thereunder without the consent of each Lender;

 

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10.9.7       modify
the terms of any Event of Default without the consent of each Lender; or

 

10.9.8       consent
to (i) the sale, transfer or encumbrance by Borrower of any portion of the Property (or any interest therein) or any direct or
indirect ownership interest therein, except as otherwise provided in Section 5.25 and (ii) the incurrence by Borrower
of any additional indebtedness secured by the Property, in each case to the extent such consent is required under the Loan Documents
(and subject to any standard of reasonability set forth therein) without the consent of each Lender.

 

Notwithstanding anything to the contrary
contained in this Agreement, (w) any modification or supplement of Article 10, or of any of the rights or duties of
Administrative Agent hereunder, shall require the consent of Administrative Agent, (x) any modification or supplement of any
rights or obligations in respect of any Secured Swap Agreement shall require the consent of Administrative Agent; (y) any
modification or supplement of any rights or obligations in respect of Sole Lead Arranger or Sole Bookrunner shall require the consent
of Sole Lead Arranger or Sole Bookrunner, respectively; and (z) Administrative Agent is hereby authorized to enter into modifications
or amendments to the Loan Documents which are ministerial in nature, including the preparation and execution of Uniform Commercial
Code forms, Assignments and Assumptions and subordination and non-disturbance agreements with tenants at the Property. If Administrative
Agent solicits any consents or approvals from the Lenders under any of the Loan Documents, each Lender shall within ten (10) Business
Days of receiving such request, give Administrative Agent written notice of its consent or approval or denial thereof; provided
that, if any Lender does not respond within such ten (10) Business Days, such Lender shall be deemed to have authorized Administrative
Agent to vote such Lender’s interest with respect to the matter which was the subject of Administrative Agent’s solicitation
as Administrative Agent elects. Any such solicitation by Administrative Agent for a consent or approval shall be in writing and
shall include a description of the matter or thing as to which such consent or approval is requested and shall include Administrative
Agent’s recommended course of action or determination in respect thereof.

 

10.10      Authorization.
Administrative Agent is hereby authorized by the Lenders to execute, deliver and perform in accordance with the terms of each of
the Loan Documents to which Administrative Agent is or is intended to be a party and each Lender agrees to be bound by all of the
agreements of Administrative Agent contained in such Loan Documents. Borrower shall be entitled to rely on all written agreements,
approvals and consents received from Administrative Agent as being that also of the Lenders, without obtaining separate acknowledgment
or proof of authorization of same.

 

10.11      Agency
Fee.  So long as the Commitments are in effect and until payment in full of all obligations under this Agreement, the Note
and the other Loan Documents, Borrower shall pay to Administrative Agent, for its sole account, the Agency Fee in accordance with
the Fee Letter. The Agency Fee shall be payable on the date hereof and annually on each anniversary of the date hereof pursuant
to the Fee Letter. Borrower agrees that, once paid, the Agency Fee or any part thereof payable hereunder shall not be refundable
under any circumstances.

 

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10.12     Defaulting
Lenders. 

 

10.12.1     Generally.
A Lender shall be a “Defaulting Lender” hereunder if it (a) shall for any reason fail to (i) make
any respective Loan required pursuant to the terms of this Agreement or (ii) pay its Proportionate Share of any advance pursuant
to Sections 10.3.2, 10.3.4 or 10.3.7 or any Protective Advance, or otherwise made or requested by Administrative
Agent to be made in connection with the exercise by Administrative Agent of any of its remedies hereunder, or of any indemnification
payment required pursuant to Section 10.5, and such failure shall continue for a period of two (2) Business Days following
the delivery of written notice thereof by Administrative Agent to such Lender; (b) shall assign or transfer its interest
hereunder or in or to its Loan or Commitment in violation of Section 11.20; (c) shall exercise any rights of set-off
in violation of Section 11.21; (d) has notified Borrower or Administrative Agent in writing that it does not intend
to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public
statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s
determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be
specifically identified in such writing or public statement) cannot be satisfied); (e) has failed, within three (3) Business Days
after written request by Administrative Agent or Borrower, to confirm in writing to Administrative Agent and Borrower that it
will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (e) upon receipt of such written confirmation by Administrative Agent and Borrower); or (f) has,
or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any debtor relief law, or (ii)
had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar
Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation
or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting
Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent
company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with
immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment
on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts
or agreements made with such Lender. Any determination by Administrative Agent that a Lender is a Defaulting Lender under one
or more of clauses (a) through (f) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed
to be a Defaulting Lender upon delivery of written notice of such determination to the Borrower and each Lender. If for any reason
a Lender fails to make timely payment to Administrative Agent of any amount required to be paid to Administrative Agent hereunder
(without giving effect to any notice or cure periods), in addition to other rights and remedies which Administrative Agent or
Borrower may have under the immediately preceding provisions or otherwise, Administrative Agent shall be entitled (i) to collect
interest from such Defaulting Lender on such delinquent payment for the period from the date on which the payment was due until
the date on which the payment is made at the Federal Funds Rate, (ii) to withhold or setoff and to apply in satisfaction of the
defaulted payment and any related interest, any amounts otherwise payable to such Defaulting Lender under this Agreement or any
other Loan Document and (iii) to bring an action or suit against such Defaulting Lender in a court of competent jurisdiction to
recover the defaulted amount and any related interest. Any amounts received by Administrative Agent in respect of a Defaulting
Lender’s Loans shall not be paid to such Defaulting Lender and shall be held uninvested by Administrative Agent and either
applied against the purchase price of such Loan under the following Section 10.12.2 or paid to such Defaulting Lender
upon the Defaulting Lender’s curing of its default.

 

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10.12.2     Purchase
or Cancellation of Defaulting Lender’s Commitment. Any Lender who is not a Defaulting Lender shall have the right, but
not the obligation, in its sole discretion, to acquire by assignment all of a Defaulting Lender’s Commitments. Any Lender
desiring to exercise such right shall give written notice thereof to Administrative Agent and Borrower no sooner than two (2)
Business Days and not later than five (5) Business Days after such Defaulting Lender became a Defaulting Lender. If more than
one Lender exercises such right, each such Lender shall have the right to acquire an amount of such Defaulting Lender’s
Commitments in proportion to the respective Commitments of the Lenders exercising such right. If after such fifth (5th)
Business Day, the Lenders have not elected to acquire all of the Commitments of such Defaulting Lender, then Borrower may (but
shall not be obligated to), by giving written notice thereof to Administrative Agent, such Defaulting Lender and the other Lenders,
demand that such Defaulting Lender assign its Commitments to an assignee subject to and in accordance with the provisions of Section 11.20
for the purchase price provided for below. Upon any such assignment, the Defaulting Lender’s interest in the Loan and
its rights hereunder (but not its liability in respect thereof or under the Loan Documents to the extent the same relate to the
period prior to the effective date of the purchase) shall terminate on the date of purchase, and the Defaulting Lender shall promptly
execute all documents reasonably requested to surrender and transfer such interest to the purchaser or assignee thereof, including
an appropriate Assignment and Acceptance Agreement and, notwithstanding Section 11.20, shall pay to Administrative
Agent an assignment fee in the amount of $10,000. The purchase price for the Commitments of a Defaulting Lender shall be equal
to the amount of the Principal balance of the Loan outstanding and owed by Borrower to the Defaulting Lender plus interest thereon,
accrued fees and all other amounts payable to such Defaulting Lender hereunder and under the other Loan Documents. Prior to payment
of such purchase price to a Defaulting Lender, Administrative Agent shall apply against such purchase price any amounts retained
by Administrative Agent pursuant to the last sentence of the immediately preceding Section 10.12.1.

 

10.12.3     Optional
Advance by Lender of Defaulting Lender’s Proportionate Share. If a Defaulting Lender shall for any reason fail to (i)
make any respective Loan required pursuant to the terms of this Agreement or (ii) pay its Proportionate Share of a Protective
Advance, any of the other Lenders may, but shall not be obligated to, make all or a portion of the Defaulting Lender’s Loan
or Proportionate Share of such advance, provided that such Lender gives the Defaulting Lender and Administrative Agent prior notice
of its intention to do so. The right to make such advances in respect of the Defaulting Lender shall be exercisable first by the
Lender holding the greatest Proportionate Share and thereafter to each of the Lenders in descending order of their respective
Proportionate Shares of the Loans or in such other manner as the Majority Lenders (excluding the Defaulting Lender) may agree
on. Any Lender making all or any portion of the Defaulting Lender’s Proportionate Share of the applicable Loan or advance
in accordance with the foregoing terms and conditions shall be referred to as a “Special Advance Lender”.

 

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10.12.4     Special
Advance Lender. In any case where a Lender becomes a Special Advance Lender, the Special Advance Lender shall be deemed to
have purchased, and the Defaulting Lender shall be deemed to have sold, a senior participation in the Defaulting Lender’s
respective Loan to the extent of the amount so advanced or disbursed (the “Advanced Amount”) bearing
interest (including interest at the Default Rate, if applicable). It is expressly understood and agreed that each of the respective
obligations under this Agreement and the other Loan Documents, including advancing Loans, losses incurred in connection with the
Loan, costs and expenses of enforcement, advancing to preserve the Lien of the Mortgage or to preserve and protect the Property,
shall be without regard to any adjustment in the Proportionate Shares occasioned by the acts of a Defaulting Lender. The Special
Advance Lender shall be entitled to an amount (the “Unpaid Amount”) equal to the applicable Advanced
Amount, plus any unpaid interest due and owing with respect thereto, less any repayments thereof made by the Defaulting Lender
immediately upon demand. The Defaulting Lender shall have the right to repurchase the senior participation in its Loan from the
Special Advance Lender, pro rata if there is more than one Special Advance Lender, at any time by the payment of the Unpaid Amount.

 

10.12.5     Notice
Requirements. A Special Advance Lender shall (i) give notice to the Defaulting Lender, Administrative Agent and each of the
other Lenders (provided that failure to deliver said notice to any party other than the Defaulting Lender shall not constitute
a default under this Agreement) of the Advance Amount and the percentage of the Special Advance Lender’s senior participation
in the Defaulting Lender’s Loan and (ii) in the event of the repayment of any of the Unpaid Amount by the Defaulting Lender,
give notice to the Defaulting Lender and Administrative Agent of the fact that the Unpaid Amount has been repaid (in whole or
in part), the amount of such repayment and, if applicable, the revised percentage of the Special Advance Lender’s senior
participation. Provided that Administrative Agent has received notice of such participation, Administrative Agent shall have the
same obligations to distribute interest, principal and other sums received by Administrative Agent with respect to a Special Advance
Lender’s senior participation as Administrative Agent has with respect to the distribution of interest, principal and other
sums under this Agreement; and at the time of making any distributions to the Lenders, shall make payments to the Special Advance
Lender with respect to a Special Advance Lender’s senior participation in the Defaulting Lender’s Loan out of the
Defaulting Lender’s share of any such distributions.

 

10.12.6     Special
Advance Lender’s Rights to Sums Paid to Defaulting Lender. A Defaulting Lender shall immediately pay to a Special Advance
Lender all sums of any kind paid to or received by the Defaulting Lender from Borrower, whether pursuant to the terms of this Agreement
or the other Loan Documents or in connection with the realization of the security therefor until the Unpaid Amount is fully repaid.
Notwithstanding the fact that the Defaulting Lender may temporarily hold such sums, the Defaulting Lender shall be deemed to hold
same as a trustee for the benefit of the Special Advance Lender, it being the express intention of the Lenders that the Special
Advance Lender shall have an ownership interest in such sums to the extent of the Unpaid Amount.

 

10.12.7     Defaulting
Lender’s Indemnification of Administrative Agent and Lenders. Each Defaulting Lender shall indemnify, defend and hold
Administrative Agent and each of the other Lenders harmless from and against any and all losses, damages, liabilities or expenses
(including reasonable attorneys’ fees and expenses and interest at the Default Rate) which they may sustain or incur by
reason of the Defaulting Lender’s failure or refusal to abide by its obligations under this Agreement or the other Loan
Documents. Administrative Agent shall, after payment of any amounts due to any Special Advance Lender pursuant to the terms of
Section 10.12.3 above, set-off against any payments due to such Defaulting Lender for the claims of Administrative
Agent and the other Lenders pursuant to this indemnity.

 

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10.12.8      Subordination
of Rights of Defaulting Lender. Notwithstanding any provision hereof to the contrary, until such time as a Defaulting Lender
has funded its Proportionate Share of any advance described in Sections 10.3.2, 10.3.4, 10.3.7 or 10.5
or prior Loan disbursement which was previously a Non-Pro Rata Advance (including through the funding thereof on its behalf
by a Special Advance Lender), or all other Lenders have received payment in full (whether by repayment or prepayment) of the amounts
due in respect of such Non-Pro Rata Advance, all of the indebtedness and obligations owing to such Defaulting Lender hereunder
shall be subordinated in right of payment, as provided in the following sentence, to the prior payment in full of all principal,
interest and fees in respect of all Non-Pro Rata Advances in which the Defaulting Lender has not funded its Proportionate Share
(including through the funding thereof on its behalf by a Special Advance Lender) (such principal, interest and fees being referred
to as “Senior Loans”). All amounts paid by Borrower and otherwise due to be applied to the indebtedness
and obligations owing to the Defaulting Lender pursuant to the terms hereof shall be distributed by Administrative Agent to the
other Lenders in accordance with their respective Proportionate Shares of the Loan (recalculated for purposes hereof to exclude
the Defaulting Lender’s Proportionate Share of the Loan), until all Senior Loans have been paid in full. This provision
governs only the relationship among Administrative Agent, each Defaulting Lender, and the other Lenders; nothing hereunder shall
limit the obligations of Borrower under this Agreement. The provisions of this paragraph shall apply and be effective regardless
of whether a Default occurs and is then continuing, and notwithstanding (i) any other provision of this Agreement to the contrary,
(ii) any instruction of Borrower as to its desired application of payments or (iii) the suspension of such Defaulting Lender’s
right to vote on matters which are subject to the consent or approval of Majority Lenders or all Lenders. The failure of any Defaulting
Lender to timely receive any amounts otherwise payable to such Defaulting Lender under this Agreement or the other Loan Documents
on account of the provisions of this paragraph shall not constitute a Default or Event of Default.

 

10.12.9      Removal
of Rights. A Defaulting Lender shall have no voting rights or rights to grant any consent or
approval whatsoever under this Agreement or any other Loan Documents (including, without limitation, under Section 10.9
of this Agreement) and shall not be considered in the calculation of “Majority Lenders” so long as it is a Defaulting
Lender. This Section shall remain effective with respect to a Defaulting Lender until such time as the Defaulting Lender shall
no longer be in default of any of its obligations under this Agreement by curing such default with the consent of the non-Defaulting
Lenders.  Such Defaulting Lender nonetheless shall be bound by any amendment to or waiver of any provision of, or any consent,
approval or other action granted, taken or omitted to be taken by Administrative Agent and/or the non-Defaulting Lenders under
any Loan Document which is made subsequent to that Lender’s becoming a Defaulting Lender and prior to such cure or waiver.

 

10.13      Liability
of Administrative Agent. Administrative Agent shall not have any liabilities or responsibilities to Borrower on account of
the failure of any Lender (other than Administrative Agent in its capacity as a Lender) to perform its obligations hereunder or
to any Lender on account of the failure of Borrower to perform its obligations hereunder or under any other Loan Document.

 

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10.14      Transfer
of Agency Function. Without the consent of Borrower or any Lender, Administrative Agent may at any time or from time to time
transfer its functions as Administrative Agent hereunder to any of its Affiliates or offices wherever located in the United States;
provided that (i) Administrative Agent shall promptly notify Borrower and the Lenders thereof and (ii) Administrative Agent
shall not transfer its function as Administrative Agent hereunder to any Prohibited Lender without Borrower’s prior written
consent unless an Event of Default has occurred and is continuing for at least sixty (60) consecutive days (in which case no prior
consent of Borrower shall be required).

 

10.15      Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under the Federal Bankruptcy Code, as amended from
time to time, or other similar debtor relief laws or any other judicial proceeding relative to Borrower, Administrative Agent (irrespective
of whether the Loans shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether
Administrative Agent shall have made any demand on Borrower) shall be entitled and empowered, by intervention in such proceeding
or otherwise:

 

10.15.1     to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loan 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 Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Lenders and Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and Administrative
Agent under Section 2.2 and Section 5.28) allowed in such judicial proceeding; and

 

10.15.2     to
collect and receive any monies or other property payable or deliverable on any such claims for the account of the Lenders and to
distribute the same in accordance with this Agreement;

 

and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Lender to make such payments to Administrative Agent and, if Administrative Agent shall consent to the making of such payments
directly to the Lenders, to pay to Administrative Agent any amount due for the reasonable compensation, expenses, disbursements
and advances of Administrative Agent and its agents and counsel, and any other amounts due Administrative Agent under Section 2.2
and Section 5.28.

 

Nothing contained herein shall be deemed
to authorize Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization,
arrangement, adjustment or composition affecting the obligations or the rights of any Lender or to authorize Administrative Agent
to vote in respect of the claim of any Lender or in any such proceeding.

 

10.16      USA
Patriot Act Notice; Compliance. In order for Administrative Agent to comply with the USA Patriot Act of 2001 (Public Law
107-56), prior to any Lender that is organized under the laws of a jurisdiction outside of the United States of America becoming
a party hereto, Administrative Agent may request, and such Lender shall provide to Administrative Agent, its name, address, tax
identification number and/or such other identification information as shall be necessary for Administrative Agent to comply with
federal law.

 

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10.17      Several
Obligations; No Liability, No Release. Notwithstanding that certain of the Loan Documents now or hereafter may have been
or will be executed only by or in favor of Administrative Agent in its capacity as such, and not by or in favor of Lenders, any
and all obligations on the part of Administrative Agent (if any) to make any advances of the Loans or reimbursements for other
Lender Funding Amounts shall constitute the several (and not joint) obligations of the respective Lenders on a ratable basis, according
to their respective Proportionate Shares.  Except as may be specifically provided in this Agreement, no Lender shall have
any liability for the acts of any other Lender. No Lender shall be responsible to any third party for any failure to take any other
action on behalf of Borrower hereunder or in connection with the financing contemplated herein.  The failure of any Lender
to pay to Administrative Agent its Proportionate Share of a Lender Funding Amount shall not relieve any other Lender of any obligation
hereunder to pay to Administrative Agent its Proportionate Share of such Lender Funding Amounts as and when required herein, but
no Lender shall be responsible for the failure of any other Lender to so fund its Proportionate Share of the Lender Funding Amount. 
In furtherance of the foregoing, Lenders shall comply with their obligation to pay Administrative Agent their Proportionate Share
of such Lender Funding Amounts regardless of (i) the occurrence of any Event of Default hereunder or under any Loan Document;
(ii) any failure of consideration, absence of consideration, misrepresentation, fraud, or any other event, failure, deficiency,
breach or irregularity of any nature whatsoever in the Loan Documents; or (iii) any bankruptcy, insolvency or other like event
with regard to Borrower or any Guarantor.  The obligation of Lenders to pay to such Lender Funding Amounts are in all regards
independent of any claims between Administrative Agent and any Lender.

 

10.18      No
Reliance on Administrative Agent's Customer Identification Program. Each Lender acknowledges and agrees that neither such
Lender, nor any of its Affiliates, participants or assignees, may rely on Administrative Agent to carry out such Lender's, Affiliate's,
participant's or assignee's customer identification program, or other obligations required or imposed under or pursuant to the
USA PATRIOT Act or the regulations thereunder, including the regulations contained in 31 CFR 1020.220 (as hereafter amended or
replaced, the “CIP Regulations”), or any other Anti-Terrorism Law, including any programs involving any
of the following items relating to or in connection with Borrower or any other loan parties, their Affiliates or their agents,
the Loan Documents or the transactions hereunder or contemplated hereby: (i) any identity verification procedures, (ii) any recordkeeping,
(iii) comparisons with government lists, (iv) customer notices or (v) other procedures required under the CIP Regulations or such
other Anti-Terrorism Law.

 

10.19      Intentionally
Omitted.

 

10.20      Arranger;
Bookrunner. Anything herein to the contrary notwithstanding, neither the Sole Lead Arranger nor the Sole Bookrunner listed
on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents,
except in its capacity, as applicable, as Administrative Agent or a Lender hereunder.

 

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10.21      Scope
of Article X. This Article X shall be binding on Administrative Agent and Lenders, but shall not be binding
on or enforceable by Borrower unless otherwise expressly provided herein. As among Administrative Agent and Lenders, the provisions
of this Article X may not be amended, waived or otherwise modified by Administrative Agent and Lenders without Borrower’s
consent to any of the same.

 

		11.	MISCELLANEOUS

 

11.1        Exculpation.
Subject to the qualifications below, neither Administrative Agent nor any Lender shall enforce the liability and obligation of
Borrower to perform and observe the obligations contained in the Loan Documents by any action or proceeding wherein a money judgment
shall be sought against Borrower or any principal, director, employee, advisor, beneficiary, shareholder, partner, manager, member,
trustee, agent or Affiliate of Borrower (but specifically excluding Guarantor under the Guaranty and Environmental Indemnity Agreement,
as applicable) (each, an “Exculpated Party” and, collectively, the “Exculpated Parties”),
except that Administrative Agent may bring a foreclosure action, an action for specific performance or any other appropriate action
or proceeding to enable Administrative Agent and the Lenders to enforce and realize upon its interest and rights under the Loan
Documents, or in the Property, the Rents or any other collateral given to Lenders pursuant to the Loan Documents; provided,
however, that, except as specifically provided herein, any judgment in any such action or proceeding shall be enforceable
against Borrower only to the extent of Borrower’s interest in the Property, in the Rents and in any other collateral given
to Lenders, and neither Administrative Agent nor any Lender shall sue for, seek or demand any deficiency judgment against Borrower
or any Exculpated Parties (other than Guarantor under the Guaranty and Environmental Indemnity Agreement, as applicable) in any
such action or proceeding under or by reason of or under or in connection with any Loan Document. The provisions of this Section shall
not, however, (i) constitute a waiver, release or impairment of any obligation evidenced or secured by any Loan Document;
(ii) impair the right of Administrative Agent or any Lender to name Borrower as a party defendant in any action or suit for
foreclosure and sale under the Mortgage; (iii) affect the validity or enforceability of any of the Loan Documents or any guaranty
made in connection with the Loan or any of the rights and remedies of Administrative Agent or the Lenders thereunder; (iv) impair
the right of Administrative Agent to obtain the appointment of a receiver; (v) impair the enforcement of the Assignment of
Leases and Rents; (vi) constitute a prohibition against Administrative Agent or any Lender to commence any other appropriate
action or proceeding in order for Lenders to fully realize the security granted by the Mortgage or to exercise its remedies against
the Property; (vii) constitute a waiver of the right of Administrative Agent or any Lender to enforce the liability and obligation
of Borrower, by money judgment or otherwise, to the extent of any loss, damage, cost, expense, liability, claim or other obligation
incurred by Administrative Agent or any Lender (including attorneys’ fees and costs reasonably incurred); (viii) limit any
rights of Administrative Agent and/or the Lenders under the guaranty delivered by the Guarantor in connection with the Loan; or
(ix) arising out of or in connection with the following (all such liability and obligation of Borrower for any or all of the following
being referred to herein as “Borrower’s Recourse Liabilities”):

 

(a)
       fraud or material misrepresentation by Borrower or Guarantor in connection with obtaining the Loan;

 

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(b)       any
act or omission of Borrower, Guarantor, or any Affiliate of Borrower or Guarantor which results in physical waste to the Property
or any portion thereof, or after the occurrence and continuance of an Event of Default the removal or disposal by Borrower of any
portion of the Property; provided, however, that this clause shall not be deemed breached if the disposed portion of the
Property by Borrower is subsequently replaced with property of equal or greater utility or value; provided, further,
however, that any such disposed portion of the Property shall not be required to be replaced to the extent the same is obsolete
or is no longer required for the operation of the Property or there are sufficient amounts on reserve to pay such amounts and Administrative
Agent shall not have made such amounts available to pay the same;

 

(c)       any
Proceeds paid to Borrower by reason of any Insured Casualty or any Award received by Borrower in connection with a Condemnation
or other sums or payments attributable to the Property not applied by Borrower in accordance with the provisions of the Loan Documents
(except to the extent that Borrower did not have the legal right, because of a bankruptcy, receivership or similar judicial proceeding,
to direct disbursement of such sums or payments);

 

(d)       all
Rents of the Property received or collected by or on behalf of the Borrower during the continuance of an Event of Default and not
applied to payment of the Debt, or to the payment of actual and reasonable operating expenses of the Property, as they become due
or payable (except to the extent that such application of such funds is prevented by bankruptcy, receivership, or similar judicial
proceeding in which Borrower is legally prevented from directing the disbursement of such sums); provided, however, that
this clause shall not be deemed breached if the Administrative Agent (or Deposit Bank) fails to apply such Rents as aforesaid;

 

(e)       misappropriation
(including failure by Borrower to turn over to Administrative Agent on demand following an Event of Default) of tenant security
deposits and rents collected in advance, or of funds held by Borrower for the benefit of another party, except to the extent any
such security deposits, advance deposits or other deposits or funds were applied, held or retained in accordance with the terms
and conditions of the Loan Documents;

 

(f)        the
failure by Borrower to pay Taxes, provided Borrower shall not be liable to the extent Gross Income from the Property (or any funds
held in a Reserve) is insufficient to pay same;

 

(g)        [Intentionally
Omitted];

 

(h)        the
gross negligence or willful misconduct of Borrower, any Guarantor, or any Person that Controls Borrower or any Guarantor in connection
with the Loan;

 

(i)         the
commission of a criminal act by Borrower, any Guarantor, or any Person that Controls Borrower or any Guarantor;

 

(j)         Borrower’s
failure to maintain insurance as required by this Agreement; provided, however, that this clause shall not be deemed breached if
there is not sufficient Gross Income from the Property (or any funds held in a Reserve) to pay the same and such insufficiency
is not due to misappropriation of the same, or there are sufficient amounts on reserve to pay such amounts and Administrative Agent
shall not have made such amounts available to pay the same;

 

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(k)        [Intentionally
Omitted];

 

(l)         [Intentionally
Omitted];

 

(m)       failure
to pay charges for labor or materials or other charges that can create Liens on any portion of the Property (but the foregoing
does not include Permitted Encumbrances) unless (i) such charges are the subject of a bona fide dispute in which Borrower is contesting
the amount or validity thereof in accordance with this Agreement and the other Loan Documents, or (ii) such charges are bonded
over or discharged in accordance with this Agreement and the other Loan Documents; for the avoidance of doubt, this section shall
not be deemed breached if there is sufficient Gross Income from the Property (or any funds held in a Reserve) that is not made
available to Borrower by Administrative Agent to pay such charges;

 

(n)        a
breach of the covenants set forth in Section 5.13 hereof (but expressly excluding any representation, warranty or covenant
regarding future solvency or capital adequacy) and such breach does not result in a substantive consolidation of Borrower with
any other Person; or

 

(o)        any
intentional act of any of Borrower or Guarantor or an Affiliate of any thereof which materially hinders, delays or interferes with
Administrative Agent’s or any Lender’s enforcement of its rights hereunder or under any other Loan Document or the
realization of the collateral, including the assertion by any of Borrower or Guarantor of defenses or counterclaims in a court
of competent jurisdiction (other than defenses or counterclaims that are not frivolous in nature and are not raised or asserted
in bad faith).

 

Notwithstanding anything
to the contrary in this Agreement or any of the Loan Documents, (A) neither Administrative Agent nor any Lender shall be deemed
to have waived any right which Administrative Agent and the Lenders may have under Section 506(a), 506(b), 1111(b) or any
other provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Debt or to require that all collateral
shall continue to secure all of the Debt in accordance with the Loan Documents, and (B) Administrative Agent’s and the Lenders’
agreement not to pursue personal liability of Borrower as set forth above SHALL BECOME NULL AND VOID and shall be of no further
force and effect, and the Debt shall be fully recourse to Borrower in the event that one or more of the following occurs (each,
a “Springing Recourse Event”): (i) an Event of Default described in Section 8.1.4 shall
have occurred and be continuing as a result of Borrower, in contravention of this Agreement, failing to obtain Administrative Agent’s
prior written consent to a Transfer of the Property (other than any Transfer constituting a Lease) or Borrower or any direct or
indirect equity interest therein, but only if, in such case, Administrative Agent prior written consent to such Transfer is required
by this Agreement, or (ii) a breach of the covenants set forth in Section 5.13 hereof that results in substantive consolidation
of Borrower into another entity or Person, or (iii) the occurrence of any condition or event described in Section 8.1.7 and
either Borrower, Guarantor or any Person owning an interest (directly or indirectly) in Borrower or Guarantor consents to,
aids, solicits, supports, or otherwise cooperates or colludes to cause such condition or event, or (iv) Borrower creates,
incurs, assumes, permits or suffers to exist any Lien on all or any portion of the Property or any direct legal or beneficial ownership
interest in Borrower, excepting only Permitted Encumbrances, or incurs any indebtedness other than Permitted Indebtedness.

 

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Notwithstanding the
foregoing, Borrower shall not have any liability pursuant to this Section 11.1 if Borrower can demonstrate that any acts
or omissions that would have created liability hereunder were caused by (or resulted from) the fraud, willful misconduct or gross
negligence of Administrative Agent, any Lenders or any servicer of the Loan, or the breach by Administrative Agent, any Lenders
or any servicer of the Loan of this Agreement, in each case as determined by a court of competent jurisdiction in a final, non-appealable
judgment.

 

Notwithstanding anything
to the contrary contained in the Loan Documents, other than with respect to the Guarantor under the Guaranty and Environmental
Indemnity Agreement, neither Guarantor, nor any Exculpated Party, shall have any personal liability for, nor be joined as a party
to, any action with respect to (i) the payment of any sum which is or may be payable under this Agreement or the Loan Documents,
or (ii) the performance or discharge of any covenants, obligations or undertakings of Borrower.

 

11.2       Brokers
and Financial Advisors. 

 

11.2.1       Each
of Borrower, Administrative Agent and the Lenders hereby represents that it has dealt with no financial advisors, brokers, underwriters,
placement agents, agents or finders in connection with the Loan other than Lantern Real Estate (“Broker”)
whose fees shall be paid by Borrower pursuant to a separate agreement. Borrower shall indemnify and hold Administrative Agent and
the Lenders harmless from and against any and all claims, liabilities, costs and expenses (including reasonable, out-of-pocket
attorneys’ fees, whether incurred in connection with enforcing this indemnity or defending claims of third parties) of any
kind in any way relating to or arising from a claim by any Person that such Person acted on behalf of Borrower in connection with
the transactions contemplated herein. The provisions of this Section 11.2 shall survive the expiration and termination of
this Agreement and the repayment of the Debt.

 

11.2.2       Notwithstanding
anything in Section 11.2.1 above to the contrary, Borrower hereby acknowledges that (i) at Administrative Agent’s
sole discretion, Broker may receive further consideration from Administrative Agent relating to the Loan or any other matter for
which Administrative Agent may elect to compensate Broker pursuant to a separate agreement between Administrative Agent and Broker
and (ii) Administrative Agent shall have no obligation to disclose to Borrower the existence of any such agreement or the
amount of any such additional consideration paid or to be paid to Broker whether in connection with the Loan or otherwise.

 

11.3       Survival.
 This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates delivered
pursuant hereto shall survive the making by Lenders of the Loan and the execution and delivery to Lenders of the Note, and shall
continue in full force and effect so long as any of the Debt is unpaid or such longer period if expressly set forth in this Agreement.
All Borrower’s covenants and agreements in this Agreement shall inure to the benefit of the respective legal representatives,
successors and assigns of Administrative Agent and respective Lenders.

 

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11.4        Administrative
Agent’s Discretion. Whenever pursuant to this Agreement or any other Loan Document, Administrative Agent or Lender
exercises any right given to them to approve or disapprove, or consent or withhold consent, or any arrangement or term is to be
satisfactory to Administrative Agent or Lender or is to be in Administrative Agent’s or Lender’s discretion, the decision
of Administrative Agent or Lender to approve or disapprove, to consent or withhold consent, or to decide whether arrangements or
terms are satisfactory or not satisfactory, or acceptable or unacceptable or in Administrative Agent’s or Lender’s
discretion shall (except as is otherwise specifically herein provided) be in the sole discretion of Administrative Agent or Lender
and shall be final and conclusive.

 

11.5        Governing
Law.

 

11.5.1       THIS
AGREEMENT, INCLUDING MATTERS OF CONSTRUCTION, VALIDITY, PERFORMANCE AND THE OBLIGATIONS ARISING HEREUNDER, AND ANY AND ALL CLAIMS
RELATING TO OR ARISING OUT OF THIS AGREEMENT OR THE BREACH THEREOF, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, IN EACH CASE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICT
OF LAWS OR CHOICE OF LAWS, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS CREATED
PURSUANT TO THE LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS LOCATED,
IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN
THE VALIDITY AND THE ENFORCEABILITY OF ALL LOAN DOCUMENTS AND THE DEBT.

 

11.5.2       ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST Administrative Agent, ANY LENDER OR BORROWER
ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK COUNTY, NEW YORK AND
EACH OF ADMINISTRATIVE AGENT, THE LENDERS AND BORROWER WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH OF THE ADMINISTRATIVE AGENT, THE LENDERS AND BORROWER HEREBY IRREVOCABLY
SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT MICHAEL
ANDERSON AT ARC NYC570SEVENTH, LLC, AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS
WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK COUNTY, NEW YORK AND AGREES
THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE OF BORROWER MAILED OR DELIVERED TO BORROWER
IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER (UNLESS LOCAL LAW REQUIRES
ANOTHER METHOD OF SERVICE), IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW
YORK. BORROWER (i) SHALL GIVE PROMPT NOTICE TO Administrative Agent OF ANY CHANGED
ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (ii) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED
AGENT WITH AN OFFICE IN NEW YORK (WHICH OFFICE SHALL BE DESIGNATED AS THE ADDRESS FOR SERVICE OF PROCESS), AND (iii) SHALL
PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK OR IS DISSOLVED WITHOUT LEAVING
A SUCCESSOR.

 

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11.6        Modification,
Waiver in Writing. Subject as among the Lenders and Administrative Agent to Section 10.9, no modification,
amendment, extension, discharge, termination or waiver of any provision of this Agreement or of any other Loan Document, nor consent
to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party
against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the
purpose, for which given. Except as otherwise expressly provided herein, no notice to or demand on Borrower shall entitle Borrower
to any other or future notice or demand in the same, similar or other circumstances. Neither any failure nor any delay on the part
of Administrative Agent or any Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising
any right, power, remedy or privilege hereunder, or under any other Loan Document, shall operate as or constitute a waiver thereof,
nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy
or privilege. In particular, and not by way of limitation, by accepting payment after the due date of any amount payable under
any Loan Document, neither Administrative Agent nor any Lender shall be deemed to have waived any right either to require prompt
payment when due of all other amounts due under the Loan Documents, or to declare an Event of Default for failure to effect prompt
payment of any such other amount.

 

11.7        Trial
by Jury. BORROWER, Administrative Agent AND THE LENDERS HEREBY AGREE NOT TO ELECT
A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT
SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION
THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER, Administrative Agent AND the LENDERS,
AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE
ACCRUE. EITHER PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER
BY THE OTHER.

 

11.8        Headings,
Schedules and Exhibits. The Section headings in this Agreement are included herein for convenience of reference only
and shall not constitute a part of this Agreement for any other purpose. The Schedules, Exhibits and any other addenda or attachments
attached hereto are hereby incorporated fully into this Agreement by this reference as a substantive part of this Agreement with
the same force and effect as if set forth in the body hereof.

 

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11.9        Severability.
Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
Legal Requirements, but if any provision of this Agreement shall be prohibited by or invalid under applicable Legal Requirements,
such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

 

11.10      Preferences.
Upon the occurrence and continuance of an Event of Default, Administrative Agent shall have the continuing and exclusive right
to apply or reverse and reapply any and all payments by Borrower to any portion of the Debt. To the extent Borrower makes a payment
to Administrative Agent for the account of the Lenders, or Administrative Agent receives proceeds of any collateral, which is in
whole or part subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee,
receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent
of such payment or proceeds received, the Debt or part thereof intended to be satisfied shall be revived and continue in full force
and effect, as if such payment or proceeds had not been received by Administrative Agent. This provision shall survive the expiration
or termination of this Agreement and the repayment of the Debt.

 

11.11      Waiver
of Notice. Borrower shall not be entitled to any notices of any nature whatsoever from Administrative Agent except with
respect to matters for which this Agreement or any other Loan Document specifically and expressly requires the giving of notice
by Administrative Agent to Borrower and except with respect to matters for which Borrower is not, pursuant to applicable Legal
Requirements, permitted to waive the giving of notice. Borrower hereby expressly waives the right to receive any notice from Administrative
Agent with respect to any matter for which no Loan Document specifically and expressly requires the giving of notice by Administrative
Agent to Borrower.

 

11.12      Remedies
of Borrower. If a claim or adjudication is made that Administrative Agent or any of its agents has acted unreasonably
or unreasonably delayed acting in any case where by law or under any Loan Document, Administrative Agent or any such agent, as
the case may be, has an obligation to act reasonably or promptly, Borrower agrees that neither Administrative Agent nor its agents
shall be liable for any monetary damages (except where Administrative Agent has been determined by a court of competent jurisdiction
in a final, non-appealable judgment to have engaged in fraud, gross neglience or willful misconduct), and Borrower’s sole
remedy shall be to commence an action seeking injunctive relief or declaratory judgment. Any action or proceeding to determine
whether Administrative Agent has acted reasonably shall be determined by an action seeking declaratory judgment. Borrower specifically
waives any claim against Administrative Agent and its agents with respect to actions taken by Administrative Agent or its agents
on Borrower’s behalf.

 

11.13      Prior
Agreements. This Agreement and the other Loan Documents, and any separate letter agreements with respect to fees payable
to Administrative Agent, contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated
hereby and thereby, and all prior agreements, understandings and negotiations among or between such parties, whether oral or written,
are superseded by the terms of this Agreement and the other Loan Documents.

 

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11.14      Offsets,
Counterclaims and Defenses. Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim,
in any action or proceeding brought against it by Administrative Agent, the Lenders or their respective agents, including Servicer,
or otherwise offset any obligations to make payments required under the Loan Documents. Any assignee of Administrative Agent or
any Lender’s interest in and to the Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses
which Borrower may otherwise have against any assignor of such documents (except with respect to payments previously made by Borrower
to Administrative Agent or any Lender in connection with the Loan), and no such offset, counterclaim or defense shall be interposed
or asserted by Borrower in any action or proceeding brought by any such assignee upon such documents, and any such right to interpose
or assert any such offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower.

 

11.15      Publicity.
All news releases, publicity or advertising by Borrower or its Affiliates through any media intended to reach the general public,
which refers to the Loan Documents, the Loan, Administrative Agent, any Lender or any Affiliate of Administrative Agent or any
Lender, a Loan purchaser, shall be subject to the prior express written approval of Administrative Agent; provided, however, such
approval shall not be required to the extent the same information appeared in any news release, publicity or advertising by Administrative
Agent or its Affiliates intended to reach the general public pursuant to this Section 11.15. Administrative Agent shall
have the right to issue any of the foregoing without Borrower’s approval. Nothing in this Section 11.15 shall prevent
Borrower or any of its Affiliates from disclosing any information relating to the Loan and/or the Loan Documents in connection
with any statutory reporting requirement or other reporting requirements required by any governmental agency (including, without
limitation, to the Securities and Exchange Commission) or other Legal Requirements applicable to Borrower or any of its Affiliates.

 

11.16      No
Usury. Borrower and Lenders intend at all times to comply with applicable state law or applicable United States federal
law (to the extent that it permits Lenders to contract for, charge, take, reserve or receive a greater amount of interest than
under state law) and that this Section 11.16 shall control every other agreement in the Loan Documents. If the applicable
Legal Requirements (state or federal) is ever judicially interpreted so as to render usurious any amount called for under the
Note or any other Loan Document, or contracted for, charged, taken, reserved or received with respect to the Debt, or if Administrative
Agent’s exercise of the option to accelerate the maturity of the Loan or any prepayment by Borrower results in Borrower
having paid any interest in excess of that permitted by applicable Legal Requirements, then it is Borrower’s and Lenders’
express intent that all excess amounts theretofore collected by Administrative Agent for the accounts of the respective Lenders
shall be credited against the unpaid Principal and all other Debt (or, if the Debt has been or would thereby be paid in full,
refunded to Borrower), and the provisions of the Loan Documents immediately be deemed reformed and the amounts thereafter collectible
thereunder reduced, without the necessity of the execution of any new document, so as to comply with applicable Legal Requirements,
but so as to permit the recovery of the fullest amount otherwise called for thereunder. All sums paid or agreed to be paid to
Administrative Agent and the Lenders for the use, forbearance or detention of the Loan shall, to the extent permitted by applicable
Legal Requirements, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in
full so that the rate or amount of interest on account of the Debt does not exceed the maximum lawful rate from time to time in
effect and applicable to the Debt for so long as the Debt is outstanding. Notwithstanding anything to the contrary contained in
any Loan Document, it is not the intention of Administrative Agent or any Lender to accelerate the maturity of any interest that
has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration.

 

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11.17      Conflict;
Construction of Documents. In the event of any conflict between the provisions of this Agreement and any of the other
Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that each is represented by separate
counsel in connection with the negotiation and drafting of the Loan Documents and that the Loan Documents shall not be subject
to the principle of construing their meaning against the party that drafted them.

 

11.18      No
Third Party Beneficiaries. The Loan Documents are solely for the benefit of Administrative Agent, Lenders and Borrower
and nothing contained in any Loan Document shall be deemed to confer upon anyone other than Administrative Agent, Lenders and Borrower
any right to insist upon or to enforce the performance or observance of any of the obligations contained therein.

 

11.19      No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any other Loan Document), Borrower acknowledges and
agrees that: (i) (A) the arranging and other services regarding this Agreement provided by Administrative Agent, Sole Lead Arranger
or Sole Bookrunner are arm’s-length commercial transactions between Borrower, on the one hand, and Administrative Agent,
Sole Lead Arranger or Sole Bookrunner, on the other hand, (B) Borrower has consulted its own legal, accounting, regulatory and
tax advisors to the extent it has deemed appropriate, and (C) Borrower is capable of evaluating, and understands and accepts, the
terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) Administrative Agent,
Sole Lead Arranger and Sole Bookrunner each is and has been acting solely as a principal and, except as expressly agreed in writing
by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for Borrower or any of
its Affiliates, or any other Person and (B) neither Administrative Agent, nor Sole Lead Arranger, nor Sole Bookrunner has any obligation
to Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set
forth herein and in the other Loan Documents; and (iii) Administrative Agent, Sole Lead Arranger and Sole Bookrunner and their
respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of Borrower
and its Affiliates, and neither Administrative Agent, nor Sole Lead Arranger, nor Sole Bookrunner has any obligation to disclose
any of such interests to Borrower or any of its Affiliates. To the fullest extent permitted by law, Borrower hereby waives and
releases any claims that it may have against Administrative Agent, Sole Lead Arranger and Sole Bookrunner with respect to any breach
or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

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11.20     Assignments
and Participations.

 

 11.20.1       Assignments
by the Lenders.

 

(a)           Each
Lender (at no cost to Borrower) may assign any of its Loans, its Note and its Commitment (but only with the consent of Administrative
Agent, which consent shall not be required if the Lender assigning its Loan is Administrative Agent), provided that:

 

(i)          no
such consent by Administrative Agent shall be required in the case of any assignment by any Lender to another Lender or an Affiliate
of such Lender or such other Lender except to the extent that Administrative Agent has reserved the right to consent to further
assignments to a Lender in connection with the granting of its consent to the initial assignment to such Lender;

 

(ii)         no
such assignment shall be made by any Lender to a Prohibited Lender without Borrower’s prior written consent, which consent
shall not be unreasonably withheld, conditioned or delayed; provided that no such consent of Borrower shall be required
if an Event of Default has occurred and is continuing for at least sixty (60) consecutive days;

 

(iii)        each
such assignment (including an assignment to another Lender or an Affiliate of a Lender) by a Lender of its Loans or Commitment
shall be made in such manner so that the same portion of its Loans and Commitment is assigned to the respective assignee; and

 

(iv)        upon
execution and delivery by the assignee (even if already a Lender) to Borrower and Administrative Agent of an Assignment and Assumption
pursuant to which such assignee agrees to become a “Lender” hereunder (if not already a Lender) having the Commitment
and Loans specified in such instrument, and upon consent thereto by Administrative Agent to the extent required above, the assignee
shall have, to the extent of such assignment (unless otherwise consented to by Administrative Agent), the obligations, rights and
benefits of a Lender hereunder holding the Commitment and Loans (or portions thereof) assigned to it (in addition to the Commitment
and Loans, if any, theretofore held by such assignee) and the assigning Lender shall, to the extent of such assignment, be released
from the Commitment (or portion thereof) so assigned. Upon each such assignment the assigning Lender shall pay Administrative Agent
a processing and recording fee of $3,500 and the reasonable fees and disbursements of Administrative Agent’s counsel incurred
in connection therewith. The assignee, if it is not already a Lender, shall deliver to Administrative Agent an Administrative Questionnaire.

 

(b)           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 of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to
the benefits of Sections 2.2.3, 2.2.4, 2.11.1 and 11.23); provided, however,
that in no event shall such assigning Lender be released with respect to any defaults by or liabilities of such Lender under the
Loan Documents which accrued prior to such assignment. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this Section 11.20.1 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 Section 11.20.1.

 

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(c)             The
words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption
shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as
the case may be, to the extent and as provided for in any applicable Legal Requirements, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws
based on the Uniform Electronic Transactions Act.

 

11.20.2          Participations
by the Lenders.

 

(a)             A
Lender may, without the consent of Borrower (at no cost to Borrower), but with prior written notice to Administrative Agent, sell
to one or more other Persons (each a “Participant”) a participation in all or any part of any Loans held
by it, or in its Commitment, provided (A) such Lender’s obligations under this Agreement and the other Loan Documents shall
remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations
and (C) Borrower, 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 and the other Loan Documents. 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 the other Loan Documents and to approve any modification or waiver of any provision of this Agreement or any other
Loan Document. In no event shall a Lender that sells a participation agree with the Participant to take or refrain from taking
any action hereunder or under any other Loan Document except that such Lender may agree with the Participant that it will not,
without the consent of the Participant, agree to (i) increase or extend the term of such Lender’s Commitment, (ii) extend
the date fixed for the payment of principal of or interest on the related Loan or Loans or any portion of any fee hereunder payable
to the Participant, (iii) reduce the amount of any such payment of principal, (iv) reduce the rate at which interest is payable
thereon, or any fee hereunder payable to the Participant, to a level below the rate at which the Participant is entitled to receive
such interest or fee or (v) consent to any modification, amendment or waiver hereof or of any of the other Loan Documents to the
extent that the same, under Section 10.9, requires the consent of each Lender affected thereby. Subject to Section 11.20.2(b),
Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.2.3, 2.2.4, 2.11.1 and
5.29 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 11.20.1.
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.20 as though
it were a Lender; provided that such Participant agrees to be subject to Section 11.20 as though it were a Lender.

 

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(b)             A
Participant shall not be entitled to receive any greater payment under Sections 2.2.3, 2.2.4 and 2.11.1 than
the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, 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 or unless the sale of the participation to such Participant is made with Borrower's prior written
consent.

 

(c)              Each
Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of Borrower (such agency being
solely for tax purposes), maintain a register on which it enters the name and address of each Participant and the outstanding Principal
(and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments,
loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure
is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c)
of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and
such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all
purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, Administrative Agent (in its
capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

11.20.3      Assignments
by Capital One. Notwithstanding the foregoing or anything to the contrary contained herein, the Loan, the Note, the Loan Documents
and/or Capital One’s rights, title, obligations and interests therein may be assigned by Capital One and any of its successors
and assigns to any Person at any time in its discretion, in whole or in part, whether by operation of law (pursuant to a merger
or other successor in interest) or otherwise. Upon such assignment, all references to Capital One in this Agreement and in any
Loan Document shall be deemed to refer to such assignee or successor in interest and such assignee or successor in interest shall
thereafter stand in the place of Capital One.

 

11.20.4      Certain
Pledges. In addition to the assignments and participations permitted under the foregoing provisions of this Section 11.20
(but without being subject thereto), any Lender may (without notice to Borrower, Administrative Agent or any other Lender and without
payment of any fee) assign and/or pledge all or any portion of its Loans, its Note, the Debt owing to it and/or any right, title
and interest in this Agreement and the other Loan Documents to secure obligations of such Lender (including any assignment or pledge
to any Federal Reserve Bank as collateral security pursuant to Regulation A and any operating circular issued by such Federal Reserve
Bank, and such Loans and Note shall be fully transferable as provided therein. No such assignment shall release the assigning Lender
from its obligations hereunder.

 

11.20.5      Provision
of Information to Assignees and Participants. A Lender may furnish any information concerning Borrower, any Guarantor or any
of their respective Affiliates or the Property in the possession of such Lender from time to time to any Affiliate, partners, assignees
and participants (including prospective partners, assignees and participants); provided that such partner, assignee and participant
agree to be bound by the terms of Section 11.26.

 

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11.20.6          No
Assignments to Borrower or Affiliates. Anything in this Section 11.20.6 to the contrary notwithstanding, no Lender may
assign or participate any interest in any Loan held by it hereunder to Borrower or any of its Affiliates (a “Borrower-Related
Lender”) without the prior consent of Administrative Agent and Majority Lenders. Under no circumstances shall Borrower-Related
Lender:

 

(a)       have
any rights to vote or grant consent or approval with respect to any matter for which the vote, consent or approval of any Lender
is required under the terms of the Loan Documents, including, without limitation, any of the matters set forth in Section 10.9
of this Agreement;

 

(b)       have
any rights to participate in meetings or conference calls to which the Lenders are invited;

 

(c)       have
any rights to receive any report or information (whether oral or written) from, or otherwise be consulted by, Administrative Agent
or any other Lender that relates, in any way, to the Property, the Borrower or the Loan (including, without limitation, any report
delivered pursuant to Section 6.3 of this Agreement or pursuant to the Guaranty); or

 

(d)       have
any rights to provide direction, grant consent or vote its claim in connection with any voluntary or involuntary case or other
proceeding against Borrower or Guarantor which seeks liquidation, reorganization or other relief with respect to it or its debts
or other liabilities under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeks the appointment
of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property.

 

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11.20.7         Pfandbriefe.
Notwithstanding anything to the contrary contained herein, each Lender may make a pledge (a “Pfandbriefe Pledge”)
to a trustee, administrator or receiver or their respective nominees, collateral agents or collateral trustees (herein sometimes
referred to as a “Pfandbriefe Trustee”) without obtaining the consent of Borrower, Administrative Agent
or any other Lender (at no cost to Borrower). A Lender that makes a Pfandbriefe Pledge is referred to herein as a “Pledging
Lender.” Such Pfandbriefe Trustee shall be permitted to fully exercise its rights and remedies against the
Pledging Lender (including, but not limited to, foreclosing on the Pledging Lender’s Note) and realize on any and all collateral
granted by such Pledging Lender to the Pfandbriefe Trustee. Any Pfandbriefe Pledge or acquisition of the interest
of the Pledging Lender pursuant thereto is referred to herein as a “Pfandbriefe Transfer,” and the interest
of the Pledging Lender that is subject to such Pfandbriefe Transfer is referred to herein as a “Pfandbriefe-Transferred
Interest.” As a pre-condition to Pfandbriefe Trustee taking title to the Pfandbriefe-Transferred Interest
following such exercise of rights and remedies under its Pfandbriefe Pledge, the Pfandbriefe Trustee shall enter
into an assignment and assumption agreement whereby the Pfandbriefe Trustee assumes all of the obligations of the Pledging
Lender under this Agreement and the Loan Documents with respect to the Pfandbriefe-Transferred Interest from and after the date
of such assignment. Any further pledge or assignment following the acquisition of a Pfandbriefe-Transferred Interest by
the Pfandbriefe Trustee, or any acquisition of such interest by any Person other than the Pfandbriefe Trustee (each,
an “Additional Transfer”), shall be subject to all of the requirements set forth in Section 11.20.1
and shall require the prior written consent of Administrative Agent in accordance with this Agreement. Neither a Pfandbriefe
Transfer nor any Additional Transfer (except, in the case of any such Additional Transfer that complies with the terms and provisions
of this Agreement pursuant to which the Pledging Lender would be released from its obligations accruing from and after the Additional
Transfer) shall result in the release of the Pledging Lender from any of its obligations under the Loan Documents. Notwithstanding
the Pfandbriefe Transfer or any Additional Transfer, Administrative Agent, any Lender and Borrower shall each be entitled
to deal exclusively with the Pledging Lender as the “Lender” with respect to the Pfandbriefe-Transferred Interest
(and, accordingly, Administrative Agent, each Lender and Borrower shall be entitled to exclusively rely upon any certification,
notice, document, authorization, instruction or other communication (including any thereof by telephone, telecopy, telegram or
cable) made or given by the Pledging Lender notwithstanding any contrary or conflicting certification, notice, document, authorization,
instruction or other communication made or given by the Pfandbriefe Trustee or any other transferee or assignee pursuant
to any Additional Transfer), and the Pledging Lender (and not the Pfandbriefe Trustee or any other transferee or assignee)
shall have the sole and exclusive right and power to exercise any and all rights of a Lender (whether contractual or otherwise)
under, pursuant to or contemplated by this Agreement with respect to the Pfandbriefe-Transferred Interest (including, without
limitation, the right to grant any and all discretionary approvals, consents and voting rights under this Agreement that relate
to the Pfandbriefe-Transferred Interest), except (i) in the case of an Additional Transfer that complies with the terms
and provisions of this Agreement pursuant to which the Pledging Lender would be released from its obligations accruing from and
after the Additional Transfer, the transferee or assignee shall succeed to the rights and powers originally held by the Pledging
Lender to exercise any and all approval, consent and voting rights under this Agreement with respect to the Pfandbriefe-Transferred
Interest; (ii) in case a Sachwalter is appointed for the Pledging Lender by a German court at the request of the Federal
Financial Supervisory Authority, then Administrative Agent, any Lender and Borrower (x) following a foreclosure or other exercise
of rights under the Pfandbriefe Pledge, shall be entitled to deal exclusively with the Pfandbriefe Trustee (acting
at the direction of such Sachwalter) with respect to any and all approval, consent and voting rights under this Agreement
with respect to the Pfandbriefe-Transferred Interest (provided that the Pfandbriefe-Transferred Interest has not
been transferred or assigned pursuant to an Additional transfer which complies with the terms and provisions of this Agreement
pursuant to which the Pledging Lender would be released from its obligations accruing from and after the Additional Transfer) and
(y) in all other cases (other than as provided in clause (iii) below), shall be entitled to deal exclusively with the Pledging
Lender with respect to any and all approval, consent and voting rights under this Agreement with respect to the Pfandbriefe-Transferred
Interest (provided that the Pfandbriefe-Transferred Interest has not been transferred or assigned pursuant to an Additional
Transfer which complies with the terms and provisions of this Agreement pursuant to which the Pledging Lender would be released
from its obligations accruing from and after the Additional Transfer); and (iii) in any case where, following a foreclosure, for
so long as the Pfandbriefe Trustee holds the Pfandbriefe-Transferred Interest but no Sachwalter has yet been
appointed, Administrative Agent, any Lender and Borrower shall be entitled to deal exclusively with the Pfandbriefe Trustee
with respect to the Pfandbriefe-Transferred Interest so foreclosed upon, in connection with any and all approval, consent
and voting rights under this Agreement with respect to the Pfandbriefe-Transferred Interest, but only to the extent that
such approval, consent or voting rights relate to any decision to reduce the Principal of the Loans included within the Pfandbriefe-Transferred
Interest or reduce the interest rate thereon or extend any stated payment date for principal of or interest on the Loans included
within the Pfandbriefe-Transferred Interest or release Borrower from any liability for, or any material collateral granted
for, the principal or of interest on the Loans included within the Pfandbriefe-Transferred Interest (except that no such
consent shall be required for any release expressly provided in the Loan Documents or upon payment of the obligations relating
to the Loans included within the Pfandbriefe-Transferred Interest in full in accordance with the terms of the Loan Documents).
The pledgee or transferee of any interest pursuant to the Pfandbriefe Transfer, any foreclosure on the Pfandbriefe-Transferred
Interest or any Additional Transfer shall be bound by the provisions of this Agreement and the Loan Documents as if it were a “Lender”
or “Noteholder” hereunder or thereunder. No Pfandbriefe Transfer, nor any foreclosure on the Pfandbriefe-Transferred
Interest, nor any Additional Transfer, shall affect or change in any way any of the rights or obligations with respect to the Pfandbriefe-Transferred
Interest, and the interest acquired by the Pfandbriefe Trustee pursuant to the Pfandbriefe Transfer, and the interest
acquired by any other transferee or assignee pursuant to any Additional Transfer, shall remain subject to all rights, defenses,
offsets, claims and counterclaims which Administrative Agent, any Lender or Borrower may have against the Pledging Lender. Without
limiting the foregoing, any rights or claims of the Pfandbriefe Trustee or any transferee or assignee of the Pfandbriefe-Transferred
Interest pursuant to any Additional Transfer as against Administrative Agent shall be subject to the same limitations and exculpations
as are set forth with respect to the rights and claims of a “Lender” as against Administrative Agent contained in this
Agreement. The Pledging Lender shall promptly reimburse Administrative Agent for any and all out-of-pocket costs and expenses incurred
by Administrative Agent in connection with any Pfandbriefe Transfer or Additional Transfer.

 

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11.20.8          Assignments
by Borrower. Except as otherwise permitted pursuant to the terms of this Agreement, Borrower may not assign its rights, title,
interests or obligations under this Agreement or under any of the Loan Documents.

 

11.20.9          Register.
Administrative Agent, acting solely for this purpose as a non-fiduciary agent of Borrower (such agency being solely for tax purposes),
shall maintain at one of its offices in the United States a copy of each Assignment and Assumption delivered to it and a register
for the recordation of the names and addresses of the Lenders, and the Commitments of, and outstanding Principal (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 absent manifest error, and Borrower, Administrative Agent and the Lenders shall treat
each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement. The Register shall be available for inspection by Borrower and any Lender, at any reasonable time and from time to time
upon reasonable prior notice. No assignment or transfer by the Lenders shall be effective unless and until recorded in the Register.

 

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11.21      Set-Off.
If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates are hereby authorized
at any time and from time to time, to the fullest extent permitted by applicable Legal Requirements, 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 any such Affiliate, to or for the credit or the account of Borrower
against any and all of the obligations of Borrower now or hereafter existing under this Agreement or any other Loan Document to
such Lender or their respective Affiliates, irrespective of whether or not such Lender or Affiliate shall have made any demand
under this Agreement or any other Loan Document and although such obligations of Borrower may be contingent or unmatured or are
owed to a branch, office or Affiliate of such Lender different from the branch, office or Affiliate holding such deposit or obligated
on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts
so set off shall be paid over immediately to Administrative Agent for further application in accordance with the provisions of
Section 2.10 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed
held in trust for the benefit of Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to
Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it
exercised such right of setoff. The rights of each Lender and their respective Affiliates under this Section are in addition
to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have. Each
Lender agrees to notify Borrower and Administrative Agent promptly after any such setoff and application; provided that the failure
to give such notice shall not affect the validity of such setoff and application.

 

11.22      Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original,
but all of which shall together constitute one and the same instrument. This Agreement shall become effective when it shall have
been executed by Administrative Agent and when Administrative Agent shall have received counterparts hereof that, when taken together,
bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement
by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually
executed counterpart of this Agreement.

 

11.23      Limitation
on Liability of Administrative Agent’s and the Lenders’ Officers, Employees.  Any obligation or liability
whatsoever of Administrative Agent or any Lender which may arise at any time under this Agreement or any other Loan Document shall
be satisfied, if at all, out of Administrative Agent’s or such Lender’s respective assets only. No such obligation
or liability shall be personally binding upon, nor shall resort for the enforcement thereof be had to, the property of any of
Administrative Agent’s or any Lender’s shareholders, directors, officers, employees or agents, regardless of whether
such obligation or liability is in the nature of contract, tort or otherwise.

 

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11.24      Cooperation
with Syndication. Borrower acknowledges that Administrative Agent intends to syndicate a portion of the Commitments to
one or more Lenders (the “Syndication”) and in connection therewith, Borrower (at no cost to Borrower)
shall take all actions as Administrative Agent may reasonably request to assist Administrative Agent in its Syndication effort.
Without limiting the generality of the foregoing, Borrower shall, at the request of Administrative Agent (at no cost to Borrower)
(i) facilitate the review of the Loans, the Property and the other collateral for the Loans by any prospective Lender; (ii) assist
Administrative Agent and otherwise cooperate with Administrative Agent in the preparation of information offering materials (which
assistance may include (but may not be relied upon) reviewing and commenting on drafts of such information materials); (iii) deliver
updated reasonable information on Borrower, Guarantor, the Property and the other collateral for the Loan; (iv) make representatives
of Borrower available (at mutually convenient dates and times) to meet with prospective Lenders at tours of the Property and bank
meetings; (v) facilitate direct contact between the senior management and advisors of Borrower and any prospective Lender; (vi)
[intentionally omitted]; and (vii) provide Administrative Agent with all information deemed reasonably necessary by it to
complete the Syndication successfully. Borrower agrees to take such further reasonable action, in connection with documents and
amendments to the Loan Documents, as may reasonably be required to effect such Syndication but in no event shall any changes increase
Borrower’s or Guarantor’s or their Affiliates’ obligations or decrease Borrower’s or Guarantor’s
or their Affiliates’ rights under the Loan Documents. Administrative Agent shall pay all costs of Borrower in connection
with Borrower’s cooperation pursuant to this Section 11.24; provided that if an Event of Default has occurred
and is continuing, Borrower shall pay all such costs.

 

11.25      Severance
of Loan.

 

11.25.1      Loan
Components. Administrative Agent shall have the right, at any time with the unanimous consent of the Lenders, with respect
to all or any portion of the Loan, to (a) cause the Note and the Mortgage to be severed and/or split into two or more separate
notes, mortgages and other security agreements, so as to evidence and secure one or more senior and subordinate mortgage loans,
(b) create one more senior and subordinate notes (i.e., an A/B or A/B/C structure) secured by the Mortgage and the other Loan
Documents, (c) create multiple components of the Note (and allocate or re-allocate the outstanding Principal of the Loan among
such components) or (d) otherwise sever the Loan into two or more loans secured by the Mortgage and the other Loan Documents (each
of clauses (a) through (d), a “Bifurcation”); in each such case, in whatever proportions and priorities
as Administrative Agent may so direct in its discretion; provided, however, that in each such instance
(i) the outstanding Principal of all the Note evidencing the Loan (or components of such Note) immediately following such Bifurcation
shall be equal to the outstanding Principal of the Loan immediately prior to such Bifurcation, and (ii) the weighted average Interest
Rate with respect to the new notes immediately after such Bifurcation and at all times prior to the occurrence of any Event of
Default shall not exceed the weighted average Interest Rate with respect to the initial Note delivered hereunder (as such interest
rates are subject to being adjusted from time to time in accordance herewith, including as a result of the accrual of interest
at the Default Rate). If requested by Administrative Agent in writing, Borrower shall execute within ten (10) Business Days after
such request, a severance agreement, amendments to or amendments and restatements of any one or more Loan Documents, and such
documentation as Administrative Agent may reasonably request to evidence and/or effectuate any such Bifurcation, all in form and
substance reasonably satisfactory to Administrative Agent so long as, in each instance, none of the foregoing changes shall increase
Borrower’s or Guarantor’s or their Affiliates’ obligations or decrease Borrower’s or Guarantor’s
or their Affiliates’ rights under the Loan Documents.

 

11.25.2      [Intentionally
Omitted].

 

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11.26      Promotional
Material. Borrower authorizes Administrative Agent and each of the Lenders to issue press releases, advertisements, other
promotional materials and other disclosures (including disclosures to league tables and similar services) in connection with Administrative
Agent’s or such Lender’s own promotional and marketing activities, and describing the basic terms of the Loans consistent
with information found on a “tombstone” and Administrative Agent’s or such Lender’s participation in the
Loans. All references to Administrative Agent or any Lender contained in any press release, advertisement, promotional material
or other public disclosures issued by Borrower shall be approved in writing by Administrative Agent and such Lender in advance
of issuance.

 

[Remainder of Page Intentionally Left
Blank]

 

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

 

	 	BORROWER:
	 	 
	 	ARC NYC570SEVENTH, LLC,

                    a Delaware limited liability Company

	 	 
	 	By:	New York City Operating Partnership, L.P.,

                    a Delaware limited partnership,

	 	 	its sole member
	 	 	 
	 		By:	New York City REIT, Inc.,

                    a Maryland Corporation, its General Partner

	 	 	 
	 			By:	/s/ Michael R. Anderson
	 	 	 	 	Name: Michael R. Anderson
	 	 	 	 	Title: Authorized Signatory

 

	 	ADMINISTRATIVE AGENT:
	 	 
	 	CAPITAL ONE, NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ Greer Warden
	 	 	Name: Greer Warden
	 	 	Title: Senior Vice President

 

	 	LENDERS:
	 	 
	 	CAPITAL ONE, NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ Greer Warden
	 	 	Name: Greer Warden
	 	 	Title: Senior Vice President

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