Document:

Exhibit 10.1

 

 

 

 

Execution
Version

 

SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS
SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (“Second Amendment”) is entered into as of
September 1, 2022, among SEMTECH CORPORATION, a Delaware corporation, as borrower (“Borrower”), the Guarantors
(unless otherwise indicated, this and each other capitalized term used in this Preamble and the following recitals having the meaning
given to it in Section 1) party hereto, certain Lenders party to the Credit Agreement (as defined below) as of the date hereof, and HSBC
BANK USA, NATIONAL ASSOCIATION, a national banking association (“HSBC”), in its separate capacities as Administrative
Agent, for the benefit of the Secured Parties, and as Swing Line Lender and L/C Issuer. Capitalized terms used but not defined in this
Second Amendment shall have the meaning given to them in the Credit Agreement.

 

RECITALS

 

A.  
Borrower, each of the Guarantors, the several financial institutions party thereto as Lenders and HSBC, in its separate capacities
as Administrative Agent and as Swing Line Lender and L/C Issuer, have entered into that Second Amended and Restated Credit Agreement
dated as of November 7, 2019, as amended by the First Amendment to Second Amended and Restated Credit Agreement, dated as of August 11,
2021 (the “Existing Credit Agreement”), pursuant to which the Lending Parties have extended and made available
certain Credit Extensions to Borrower in accordance with the terms, and subject to the conditions, of the Existing Credit Agreement and
the other Loan Documents.

 

B.  
Borrower, each of the Guarantors and the Lenders party hereto (which, for the avoidance of doubt, constitute “Required Lenders”
under the Existing Credit Agreement) are willing to amend the Existing Credit Agreement pursuant to Section 10.01 thereof on the terms
and subject to the conditions set forth in this Second Amendment (the Existing Credit Agreement as so amended is referred to herein as
the “Credit Agreement”). In connection therewith, the Lenders party hereto have agreed that the form of intercreditor
agreement set forth as Exhibit B hereto is acceptable, as more particularly set forth in the definition of “Permitted Pari
Passu Intercreditor Agreement” in the Credit Agreement, and that the conditions precedent set forth on Exhibit C hereto
shall be the only conditions to a borrowing under the Credit Agreement in connection with consummation of the Sunrise Acquisition, as
more particularly set forth in the Credit Agreement.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing recitals and the mutual covenants herein set forth, and intending to be legally bound, the
parties hereto agree as follows:

 

Section
1.DEFINITIONS. Capitalized terms used but not defined herein shall have the meanings
specified in the Credit Agreement.

 

Section
2.Amendment. Subject to the satisfaction of the conditions precedent set forth in Section
3 hereof, the Existing Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the
following example: stricken text) and to add the double-underlined text (indicated textually
in the same manner as the following example: double-underlined text)
as set forth in the pages of the Existing Credit Agreement attached as Exhibit A hereto.

 

Section
3.Effectiveness. This Second Amendment and the amendments contained herein shall become
effective on the date (the “Second Amendment Effective Date”) when each of the following conditions precedent
set forth in this Section 3 shall have been satisfied or waived by the Lenders party hereto:

 

     

     

    

3.1  Executed
Second Amendment. The Administrative Agent shall have received counterparts of this Second Amendment, duly executed and delivered
on behalf of the Borrower, the Guarantors, the Administrative Agent and Lenders constituting the Required Lenders.

 

3.2  Payment
of Fees. Borrower shall have paid all fees due and payable to the Lenders party hereto in connection with their consent to this Second
Amendment pursuant to that certain Committed Facilities Fee Letter dated as of August 2, 2022 by and between the Borrower and JPMorgan
Chase Bank, N.A.

 

For
the purpose of determining satisfaction of the conditions precedent specified in this Section 3, each Lender that has signed and
delivered this Second Amendment shall be deemed to have accepted, and to be satisfied with, each document or other matter required under
this Section 3 unless Administrative Agent and the Borrower shall have received written notice from such Lender prior to the Second Amendment
Effective Date specifying its objection thereto. The Administrative Agent shall promptly confirm the occurrence of the Second Amendment
Effective Date to the other parties hereto.

 

Section
4.Limitation of Amendment; Full Force and Effect. The amendments set forth in this Second
Amendment shall be limited precisely as written and shall not be deemed (a) to be an amendment, consent or waiver of any other term or
condition of the Existing Credit Agreement or the other Loan Documents, to prejudice any right or remedy which the Administrative Agent
or any of the Lending Parties may now have or may have in the future under or in connection with the Credit Agreement or the other Loan
Documents; or (b) to be a consent to any future waiver, amendment, consent or departure from the terms and conditions of the Credit Agreement
or the other Loan Documents. This Second Amendment shall be construed in connection with and as part of the Loan Documents, and all terms,
conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein waived or amended,
are hereby ratified and confirmed and shall remain in full force and effect.

 

Section
5.Representations and Warranties. In order to induce the Lenders and Administrative Agent
to enter into this Second Amendment, each Loan Party jointly and severally represents and warrants to each Lender and Administrative
Agent as follows:

 

5.1  Authorization;
Enforceability. Each Loan Party has taken all corporate, limited liability company or other legal entity action, as applicable, required
to execute, deliver and perform this Second Amendment and the Credit Agreement. This Second Amendment and the Credit Agreement constitute
valid and binding obligations of each Loan Party, enforceable against such Loan Party in accordance with their terms, except as enforcement
thereof may be limited by Debtor Relief Laws or other applicable Laws affecting the enforcement of creditors’ rights generally,
and by general principles of equity.

 

5.2  No
Conflict. Neither the execution and delivery of this Second Amendment nor the performance by any Loan Party of the Credit Agreement
will:

 

(a)  contravene
the Organizational Documents of any Loan Party;

 

(b)  violate
any Law applicable to any Loan Party, except to the extent such violation would not reasonably be expected to have or result in a Material
Adverse Effect; or

 

(c)  result
in the creation of any Lien under any order, injunction, writ or decree of any Governmental Authority upon any of the assets of any Loan
Party, except to the extent the creation of such Lien would not reasonably be expected to have or result in a Material Adverse Effect
or such Lien is a Lien permitted under the Credit Agreement.

 

    2 

     

    

5.3  Absence
of Default. Immediately after giving effect to this Second Amendment, no event has occurred and is continuing or will result from
the effectiveness of this Second Amendment would constitute a Default or an Event of Default.

 

5.4  Restatement
of Representations and Warranties in Credit Agreement. Each Loan Party, with respect to the representations and warranties of such
Loan Party set forth in the Credit Agreement, including Article V thereof, represents and warrants that each of such representations
and warranties is true and correct in all material respects (except that such materiality qualifier will not be applicable to any portion
of any representation and warranty that is already qualified or modified by materiality in the text thereof) as of the Second Amendment
Effective Date (except to the extent any such representation or warranty specifically refers to an earlier date, in which case such representation
or warranty will be true and correct in all material respects (except that such materiality qualifier will not be applicable to any portion
of any representation and warranty that is already qualified or modified by materiality in the text thereof) as of such earlier date).

 

Section
6.Reaffirmation by Borrower. Borrower hereby acknowledges and reaffirms its obligations
under each Loan Document to which it is a party, including its undertaking and obligation to timely pay the Obligations.

 

Section
7.Reaffirmation by Guarantors. Each Guarantor acknowledges that it has reviewed and approved
this Second Amendment, consents to the execution and delivery of this Second Amendment, and to performance of this Second Amendment and
the Credit Agreement by Borrower in all respects, and acknowledges and reaffirms its obligations under each Loan Document to which it
is a party, including its joint and several, unconditional and irrevocable guarantee of the Guaranteed Obligations as set forth in Section 10.15
of the Credit Agreement.

 

Section
8.Miscellaneous.

 

8.1  Reference
to and Effect on the Existing Credit Agreement and the other Loan Documents. On and after the Second Amendment Effective Date, each
reference in the Credit Agreement or the other Loan Documents to “this Agreement,” “hereunder,” “hereof,”
“herein” or words of like import shall mean and be a reference to such agreement after giving effect hereto. This Second
Amendment shall be deemed to be one of the Loan Documents. The rules of construction set forth in Section 1.02 of the Credit Agreement
shall apply to this Second Amendment the same as they apply to the Credit Agreement and the other Loan Documents.

 

8.2  Ratification
of Reimbursement and Indemnification Obligations. Borrower ratifies and affirms each of its reimbursement and indemnification obligations
under the Loan Documents, including Section 10.04 of the Credit Agreement, and including its obligation to pay all reasonable fees, charges
and disbursements of counsel incurred by the Administrative Agent in connection with the negotiation, implementation, execution and enforcement
of this Second Amendment, and any acts contemplated hereby and thereby. Nothing herein shall be construed to limit, affect, modify or
alter Borrower’s reimbursement and indemnification obligations under the Credit Agreement or elsewhere under the Loan Documents.

 

8.3  Headings.
Section and subsection headings in this Second Amendment are included herein for convenience of reference only and shall not constitute
a part of this Second Amendment for any other purpose or be given any substantive effect,

 

8.4  Governing
Law, Submission to Jurisdiction, Waiver of Venue, Service of Process and Jury Trial Waiver. Sections 10.16 and 10.17 of the Credit
Agreement are incorporated herein, mutatis mutandis, and are deemed to apply to this Second Amendment as if set forth herein in
full.

 

    3 

     

    

8.5  Successors
and Assigns. The provisions of this Second Amendment shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns, except that Borrower and the Guarantors may not assign or transfer any of their rights or obligations
under this Second Amendment except in accordance with the Credit Agreement.

 

8.6  Counterparts.

 

(a)  This
Second Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature
page of this Second Amendment by facsimile or email (including by “pdf”) shall be effective as delivery of a manually executed
counterpart of this Second Amendment.

 

(b)  The
words “execute,” “execution,” “signed,” “signature,” “delivery” and words
of like import in or related to this Second Amendment or any certificate or other document to be signed or delivered in connection with
this Second Amendment or the transactions contemplated hereby shall be deemed to include Electronic Signatures or execution in the form
of an Electronic Record, and contract formations on electronic platforms approved by Administrative Agent, deliveries or the keeping
of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any
other similar state laws based on the Uniform Electronic Transactions Act. Each party hereto agrees that any Electronic Signature or
execution in the form of an Electronic Record shall be valid and binding on itself and each of the other parties hereto to the same extent
as a manual, original signature. For the avoidance of doubt, the authorization under this Section 8.6(b) may include use or acceptance
by the parties of a manually signed paper which has been converted into electronic form (such as scanned into PDF format), or an electronically
signed paper converted into another format, for transmission, delivery and/or retention. Notwithstanding anything contained herein to
the contrary, Administrative Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly
agreed to by Administrative Agent pursuant to procedures approved by it.

 

[remainder of
page intentionally left blank]

 

    4 

     

    

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

 

	 	Borrower:	 
	 	 	 
	 	Semtech Corporation	 
	 	 	 
	 	By:	/s/ Emeka N. Chukwu  	 
	 	 	Name:	Emeka N. Chukwu	 
	 	 	Title:	Executive Vice President and Chief Financial Officer	 
	 	 	 	 	 
	 	 	 	 	 
	 	Guarantors:	 
	 	 	 
	 	Semtech San Diego Corporation	 
	 	 	 
	 	 	 
	 	By:	/s/ Emeka N. Chukwu  	 
	 	 	Name:	Emeka N. Chukwu	 
	 	 	Title:	President and Chief Financial Officer	 
	 	 	 	 	 
	 	 	 	 	 
	 	Semtech New York Corporation	 
	 	 	 
	 	 	 
	 	By:	/s/ Emeka N. Chukwu  	 
	 	 	Name:	Emeka N. Chukwu	 
	 	 	Title:	President and Treasurer	 
	 	 	 	 	 
	 	 	 	 	 
	 	Semtech Colorado, Inc.	 
	 	 	 
	 	 	 
	 	By:	/s/ Emeka N. Chukwu  	 
	 	 	Name:	Emeka N. Chukwu	 
	 	 	Title:	President and Chief Financial Officer	 
	 	 	 	 	 
	 	 	 	 	 
	 	Sierra Monolithics, Inc.	 
	 	 	 
	 	 	 
	 	By:	/s/ Emeka N. Chukwu  	 
	 	 	Name:	Emeka N. Chukwu	 
	 	 	Title:	President and Chief Financial Officer	 

    5 

     

    

	 	Semtech EV, Inc.	 
	 	 	 
	 	 	 
	 	By:	/s/ Emeka N. Chukwu  	 
	 	 	Name:	Emeka N. Chukwu	 
	 	 	Title:	President, Chief Financial Officer and Treasurer	 
	 	 	 	 	 
	 	 	 	 	 
	 	Triune Systems, L.L.C.	 
	 	 	 
	 	By:	/s/ Emeka N. Chukwu  	 
	 	 	Name:	Emeka N. Chukwu	 
	 	 	Title:	President and Chief Financial Officer	 
	 	 	 	 	 
	 	Triune IP, L.L.C.	 
	 	 	 
	 	 	 
	 	By:	/s/ Emeka N. Chukwu  	 
	 	 	Name:	Emeka N. Chukwu	 
	 	 	Title:	President and Chief Financial Officer	 

    6 

     

    

	Administrative
    Agent, Swing Line Lender and L/C Issuer:	 
	 	 
	 	 
	HSBC Bank USA, National Association,	 
	as Administrative Agent	 
	 	 
	 	 
	By:	/s/ Ershad Sattar  	 
	 	Name:	Ershad Sattar	 
	 	Title:	Vice President	 
	 	 	 	 
	 	 	 	 
	HSBC Bank USA, National Association,	 
	as Swing Line Lender and DC Issuer	 
	 	 
	 	 
	By:	/s/ Kelly Schramm  	 
	 	Name:	Kelly Schramm	 
	 	Title:	Senior Vice President	 
	 	 	 	 
	 	 	 	 

    7 

     

    

	Lenders:	 
	 	 
	Silicon Valley Bank	 
	 	 
	 	 
	By:	/s/ Dylan Bishop  	 
	 	Name:	Dylan Bishop	 
	 	Title:	Vice President	 

    8 

     

    

	Lenders:	 
	 	 
	U.S. Bank National Association	 
	 	 
	 	 
	By:	/s/ Peyman Parhami  	 
	 	Name:	Peyman Parhami	 
	 	Title:	Senior Vice President	 

    9 

     

    

	Lenders:	 
	Bank of the West	 
	 	 
	 	 
	By:	/s/ Thomas J. Mortensen  	 
	 	Name:	Thomas J. Mortensen	 
	 	Title:	Senior Relationship Manager Vice President	 

    10 

     

    

	Lenders:	 
	 	 
	Wells Fargo Bank, N.A.	 
	 	 
	 	 
	By:	/s/ Greg Cohn  	 
	 	Name:	Greg Cohn	 
	 	Title:	Senior Vice President	 

    11 

     

    

	Lenders:	 
	 	 
	HSBC Bank USA, National Association	 
	 	 
	 	 
	By:	/s/ Kelly Schramm  	 
	 	Name:	Kelly Schramm	 
	 	Title:	Senior Vice President	 

    12 

     

    

	Lenders:	 
	Comerica Bank	 
	 	 
	 	 
	By:	/s/ Mark C. Skrzynski Jr.  	 
	 	Name:	Mark C. Skrzynski Jr.	 
	 	Title:	Vice President	 

    13 

     

    

	Lenders:	 
	Bank of China, Los Angeles Branch	 
	 	 
	 	 
	By:	/s/ Liming Xiao  	 
	 	Name:	Liming Xiao	 
	 	Title:	Senior Vice President	 

    14 

     

    

EXHIBIT A

 

Credit Agreement

 

[See attached.] 

 

     

     

    

 

Execution
Version

 

[COMPILEDCONFORMED
VERSION, INCLUDING THE FIRSTSECOND
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT DATED AS OF AUGUST 11SEPTEMBER
1, 20212022]

 

 

 

 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

dated as of November 7, 2019

among

 

SEMTECH CORPORATION,

as Borrower,

The Subsidiaries of Borrower party hereto,

as Guarantors,

The institutional lenders party hereto and named as “Lenders” herein,

as Lenders,

 

HSBC BANK USA, NATIONAL ASSOCIATION,

 

as Administrative Agent, Swing Line Lender and
L/C Issuer,

 

HSBC BANK USA, NATIONAL ASSOCIATION, U.S.
BANK NATIONAL ASSOCIATION,

BBVA USA, WELLS FARGO BANK, N.A. AND BANK OF THE WEST,

 

as Joint Lead Arrangers and Joint Bookrunners

 

U.S. BANK NATIONAL ASSOCIATION, BBVA USA,
WELLS FARGO BANK, N.A.

AND BANK OF THE WEST,

as Co-Syndication Agents,

 

and

 

BANK OF CHINA, LOS ANGELES BRANCH,

as Documentation Agent

 

 

 

 

     

     

    

TABLE OF CONTENTS

 

 

Page

 

Article
1

Certain Defined Terms; Certain Rules of Construction

 

	Section 1.01.  Certain Defined Terms	2

 

Article
2

Credit Extensions

 

	Section 2.01.  Transitional Matters; Revolving Credit Loans; Incremental Term Loans	55
	Section 2.02.  Procedures for Borrowing	57
	Section 2.03.  Letters of Credit	60
	Section 2.04.  Swing Line Loans	69
	Section 2.05.  Payments and Prepayments	72
	Section 2.06.  Termination or Reduction of Aggregate Revolving Credit Commitments	74
	Section 2.07.  Final Repayment of Revolving Credit Loans, Swing Loans and Incremental Term Loans	74
	Section 2.08.  Interest; Applicable Margins	75
	Section 2.09.  Fees	76
	Section 2.10.  Computations of Interest and Fees	77
	Section 2.11.  Evidence of Indebtedness	77
	Section 2.12.  Payments Generally; Right of Administrative Agent to Make Deductions Automatically	78
	Section 2.13.  Sharing of Payments	80
	Section 2.14.  Increase in Aggregate Commitments	81
	Section 2.15.  Cash Collateral	84
	Section 2.16.  Designation of Restricted and Unrestricted Subsidiaries	85
	Section 2.17.  Security for the Obligations	86

 

Article
3

Taxes, Yield Protection and Illegality

 

	Section 3.01.  Taxes	86
	Section 3.02.  Illegality	90
	Section 3.03.  Alternate Rates of Interest	91
	Section 3.04.  Increased Costs	95
	Section 3.05.  Compensation for Losses	96
	Section 3.06.  Mitigation Obligations	97
	Section 3.07.  Defaulting Lenders	97
	Section 3.08.  Replacement of Lenders	99
	Section 3.09.  Survival	100

 

     

     

    

 

Article
4

Conditions Precedent

 

	Section 4.01.  Conditions to the Effectiveness of this Agreement	101
	Section 4.02.  Conditions to All Credit Extensions	104

 

Article
5

Representations and Warranties

 

	Section 5.01.  Corporate Existence and Power	105
	Section 5.02.  Corporate Authorization; No Contravention	106
	Section 5.03.  Governmental Authorization; Compliance with Laws	106
	Section 5.04.  Binding Effect	106
	Section 5.05.  Litigation	107
	Section 5.06.  ERISA Compliance	107
	Section 5.07.  Use of Proceeds	108
	Section 5.08.  Title to Properties	108
	Section 5.09.  Taxes	108
	Section 5.10.  Financial Condition; No Material Adverse Effect; No Event of Default	109
	Section 5.11.  Margin Regulations	109
	Section 5.12.  Intellectual Property	109
	Section 5.13.  Capitalization and Subsidiaries	110
	Section 5.14.  Liens on Collateral	110
	Section 5.15.  Environmental Matters	110
	Section 5.16.  Solvency	111
	Section 5.17.  Sanctions and Anti-Corruption Laws	111
	Section 5.18.  Investment Company Status	111
	Section 5.19.  Insurance	111
	Section 5.20.  Full Disclosure	112
	Section 5.21.  Covered Entities	112
	Section 5.22.  Beneficial Ownership Certification	112

 

Article
6

Affirmative Covenants

 

	Section 6.01.  Financial Statements	112
	Section 6.02.  Other Information	114
	Section 6.03.  Notices	116
	Section 6.04.  Preservation of Existence and Entitlements	117
	Section 6.05.  Maintenance of Properties	117
	Section 6.06.  Maintenance of Insurance	117
	Section 6.07.  Compliance with Laws	118
	Section 6.08.  Books and Records	118
	Section 6.09.  Inspection Rights	118
	Section 6.10.  Compliance with Environmental Laws	119
	Section 6.11.  Covenant to Guarantee Obligations and Give Security	119

 

    ii 

     

    

 

	Section 6.12.  Payment of Taxes	121
	Section 6.13.  Environmental Matters	121
	Section 6.14.  Post-Closing Matters	122
	Section 6.15.  Further Assurances	122

 

Article
7

Negative Covenants

 

	Section 7.01.  Liens	122
	Section 7.02.  Investments	125
	Section 7.03.  Indebtedness	127
	Section 7.04.  Fundamental Changes	130
	Section 7.05.  [Reserved]	131
	Section 7.06.  Restricted Payments	131
	Section 7.07.  [Reserved]	133
	Section 7.08.  Transactions with Affiliates	133
	Section 7.09.  Burdensome Agreements	133
	Section 7.10.  Use of Proceeds	134
	Section 7.11.  Maintenance of Business	135
	Section 7.12.  [Reserved]	135
	Section 7.13.  Accounting Changes	135
	Section 7.14.  Limitation on Issuance of Equity Interests	135
	Section 7.15.  Financial Covenants	135

 

Article
8

Events of Default and Remedies

 

	Section 8.01.  Events of Default	136
	Section 8.02.  Waivers of Events of Defaults	138
	Section 8.03.  Remedies Upon Event of Default	138
	Section 8.04.  Standards for Exercising Rights and Remedies	139
	Section 8.05.  Application of Funds	140

 

Article
9

Administrative Agent

 

	Section 9.01.  Appointment and Authorization of Administrative Agent	142
	Section 9.02.  Rights as a Lender	143
	Section 9.03.  Exculpatory Provisions	143
	Section 9.04.  Reliance by Administrative Agent	144
	Section 9.05.  Delegation of Duties	145
	Section 9.06.  Resignation of Administrative Agent	145
	Section 9.07.  Non-Reliance on Administrative Agent and Other Lenders	147
	Section 9.08.  No Other Duties, Etc	147
	Section 9.09.  Administrative Agent May File Proofs of Claim	147
	Section 9.10.  Collateral Matters	148
	Section 9.11.  Certain ERISA Matters	150

 

    iii 

     

    

 

	Section 9.12.  Agency for Perfection	151
	Section 9.13.  Legal Representation of Administrative Agent	151
	Section 9.14.  Erroneous Payments	151

 

Article
10

General Provisions

 

	Section 10.01.  Amendments, Etc	153
	Section 10.02.  Notices; Effectiveness; Electronic Communications	156
	Section 10.03.  No Waiver; Cumulative Remedies; Enforcement	159
	Section 10.04.  Expenses; Indemnity; Damage Waiver	159
	Section 10.05.  Marshalling; Payments Set Aside	162
	Section 10.06.  Successors and Assigns	162
	Section 10.07.  Treatment of Certain Information; Confidentiality	168
	Section 10.08.  Right of Setoff	169
	Section 10.09.  Interest Rate Limitation	169
	Section 10.10.  Counterparts; Integration; Effectiveness; Electronic Execution	170
	Section 10.11.  Collateral Matters	171
	Section 10.12.  Severability	171
	Section 10.13.  Lender-Creditor Relationship	171
	Section 10.14.  USA Patriot Act Notice	172
	Section 10.15.  Guaranty	172
	Section 10.16.  Governing Law; Jurisdiction; Etc	179
	Section 10.17.  Waiver of Right to Jury Trial	179
	Section 10.18.  Survival	180
	Section 10.19.  Judgment Currency	181
	Section 10.20.  Cashless Settlement	182
	Section 10.21.  Acknowledgement and Consent to Bail-In of Financial Institutions	182
	Section 10.22.  Acknowledgement Regarding Any Supported QFCs	182
	Section 10.23.  Effect of Amendment and Restatement of the First Restated Credit Agreement	183

 

 

 

    iv 

     

    

SCHEDULES

 

	1.01-A	Existing Senior Credit Facilities
	1.01-B	Initial Unrestricted Subsidiaries
	2.01	Lenders; Commitments; Percentage Shares
	5.05	Litigation
	5.06	Pension Plans
	5.12	Intellectual Property
	5.13, Part (a)	Equity Interests
	5.13, Part (b)	Investments
	5.15	Environmental Matters
	6.14	Post-Closing Matters
	7.01	Existing Liens
	7.02	Existing Investments
	7.03	Existing Indebtedness
	7.08	Transactions with Affiliates
	7.09	Burdensome Agreements
	10.02	Administrative Agent’s Office; Certain Addresses for Notices
	 	 
	EXHIBITS	 
	 	 
	A	Form of Assignment and Assumption
	B	Form of Compliance Certificate
	C	Form of Joinder Agreement
	D	Form of Loan Notice
	E-1	Form of Revolving Credit Note
	E-2	Form of Incremental Term Loan Note
	E-3	Form of Swing Line Loan Note
	F	Form of Swing Line Loan Notice
	G-1	Form of U.S. Tax Compliance Certificate
	G-2	Form of U.S. Tax Compliance Certificate
	G-3	Form of U.S. Tax Compliance Certificate
	G-4	Form of U.S. Tax Compliance Certificate

 

    v 

     

    

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

This SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”),
dated as of November 7, 2019, is entered among Semtech Corporation, a Delaware corporation, as borrower (“Borrower”),
the Guarantors (unless otherwise indicated, this and each other capitalized term used in this Preamble and the following recitals
having the meaning given to it in ‎Section 1.01)
party hereto, Lenders party hereto from time to time, and HSBC BANK USA, NATIONAL ASSOCIATION, a national banking association (“HSBC”),
in its separate capacities as Administrative Agent, for the benefit of the Secured Parties, and as Swing Line Lender and L/C Issuer. This
Agreement amends, restates, supersedes and replaces in its entirety the First Restated Credit Agreement and is not intended to, and will
not, act as a novation of all or any portion of the Obligations (as defined in the First Restated Credit Agreement) or any other indebtedness,
liabilities or other obligations, including the Guaranteed Obligations (as defined in the First Restated Credit Agreement) of each Guarantor
(as defined in the First Restated Credit Agreement), evidenced thereby or otherwise arising or existing thereunder or under any of the
other First Restated Loan Documents.

 

RECITALS

 

A.       Borrower and each of the
Guarantors party hereto have entered into the Amended and Restated Credit Agreement dated as of November 15, 2016, as amended, modified
and supplemented from time to time up to the Second Restatement Effective Date (as amended, modified and supplemented, the “First
Restated Credit Agreement”), with the lenders party thereto (the “Existing Lenders”), HSBC in
its separate capacities as administrative agent and as letter of credit issuer (the ““Existing L/C Issuer”)
and swing line lender (the “Existing Swing Line Lender”), pursuant to which the Existing Lenders, together with
Existing L/C Issuer and Existing Swing Line Lender, have extended and made available to Borrower a revolving credit facility in the aggregate
principal amount of up to $250,000,000 outstanding at any one time, including a $40,000,000 sublimit for Credits (as defined in the First
Restated Credit Agreement) and a $25,000,000 sublimit for swing line advances, and a term loan facility in the original principal amount
of $150,000,000 (the “Existing Senior Credit Facilities”).

 

B.       Borrower desires to renew
and extend the maturity of, and to restructure, the Existing Senior Credit Facilities and to amend the First Restated Credit Agreement
in certain other respects, and, as so amended, to restate the First Restated Credit Agreement in its entirety as well as to amend, amend
and restate or otherwise to reaffirm the other First Restated Loan Documents executed or delivered pursuant to or otherwise existing in
support of the First Restated Credit Agreement and the Existing Senior Credit Facilities outstanding thereunder.

 

C.       It is the intent
of Borrower, the Guarantors, the Lenders and HSBC in its separate capacities as Administrative Agent and as L/C Issuer and Swing Line
Lender, that, except as hereinafter expressly provided, the First Restated Obligations outstanding under the First Restated Credit Agreement
and the other First Restated Loan Documents will not be deemed to be repaid or terminated upon the effectiveness of this Agreement, but
will continue to remain outstanding as Obligations under this Agreement and will be due and payable at the time and in the manner provided
by this Agreement.

 

Now, Therefore, in consideration of the mutual agreements, provisions
and covenants contained herein and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged),
the parties agree as follows:

 

    

     

    

AGREEMENT

 

Article
1

Certain Defined Terms; Certain Rules of Construction

 

Section 1.01.         
Certain Defined Terms.

 

As used in this Agreement, the following terms will mean the following:

 

“Acquisition” means any transaction or series
of related transactions resulting, directly or indirectly, in (a) the acquisition by Borrower or by any Restricted Subsidiary of (i) all
or substantially all of the assets of another Person or (ii) any business unit or division of another Person (other than a Person that
is a Subsidiary of Borrower), (b) the acquisition by Borrower or any Restricted Subsidiary of the Equity Interests of another Person (other
than a Person that is a Subsidiary of Borrower) resulting in the acquiring Person having the ability to Control the acquired Person, or
otherwise causing any other Person to become a Subsidiary of such Person or (c) a merger or consolidation, or any other combination, of
Borrower or any Restricted Subsidiary with another Person (other than a Person that is a Subsidiary of Borrower) pursuant to which Borrower
or such Restricted Subsidiary is the surviving entity.

 

“Acquisition Consideration” means, in connection
with any Acquisition by Borrower or any Restricted Subsidiary of any Target, the consideration paid or payable in Cash or other property,
including the issuance of Equity Interests of Borrower or any of its Subsidiaries (with the value of such other property determined as
of the closing date of such Acquisition) in connection with such Acquisition or series of related Acquisitions (such consideration, including
any deferred portion thereof constituting Deferred Purchase Price Obligations).

 

“Additional Alternative Currency” has the
meaning given such term in Section 1.02(l).

 

“Additional Commitment Documentation” has
the meaning given such term in ‎Section 2.14(c).

 

“Additional Commitments Effective Date” has
the meaning given such term in ‎Section 2.14(b).

 

“Additional Revolving Credit Commitment”
means the commitment of an Additional Revolving Credit Lender to make Additional Revolving Credit Loans pursuant to ‎Section
2.14.

 

“Additional Revolving Credit Lender” means,
at any time, any lender providing an Additional Revolving Credit Commitment, other than any such Person that thereafter ceases to be a
party hereto pursuant to an Assignment and Assumption.

 

“Additional Revolving Credit Loans” means
any loans made in respect of Additional Revolving Credit Commitments.

 

“Adjusted EURIBOR Rate” means, with respect
to any Eurocurrency Rate Loan denominated in Euros for any Interest Period, an interest rate per annum (rounded upwards, if necessary,
to the next 1/100 of 1%) equal to (a) the EURIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.

 

    2 

     

    

“Adjusted LIBO Rate” means, with respect
to any Eurocurrency Rate Loan denominated in Dollars, Sterling or Swiss Francs for any Interest Period, an interest rate per annum
(rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory
Reserve Rate.

 

“Adjusted TIBOR Rate” means, with respect
to any Eurocurrency Rate Loan denominated in Yen for any Interest Period, an interest rate per annum (rounded upwards, if necessary,
to the next 1/100 of 1%) equal to (a) the TIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.

 

“Administrative Agent” means, at any time,
the administrative and collateral agent for the Secured Parties under the Loan Documents as appointed pursuant to Article 9 (which,
initially, will be HSBC).

 

“Administrative Agent’s Office” means
Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02, or such other address or account
as Administrative Agent may from time to time notify Borrower and each Lending Party.

 

“Administrative Detail Form” means an administrative
detail form in a form supplied by, or otherwise acceptable to, Administrative Agent.

 

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

 

“Affiliate” means, with respect to any Person,
another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control
with the Person specified (excluding any trustee under, or any committee with responsibility for administering, any Employee Benefit Plan).

 

“Agent Parties” has the meaning given such
term in ‎Section 10.02(b)(iii).

 

“Aggregate Incremental Term Loan Commitments”
means, at any time, the combined Incremental Term Loan Commitments of all Incremental Term Loan Lenders.

 

“Aggregate Commitments” means, at any time,
the sum of: (a) the Aggregate Revolving Credit Commitments plus (b) if applicable, the Aggregate Incremental Term Loan Commitments.

 

“Aggregate Revolving Credit Commitments”
means, at any time, the combined Revolving Credit Commitments of all Revolving Credit Lenders. As of the Second Restatement Effective
Date, the Aggregate Revolving Credit Commitments of all Revolving Credit Lenders total $600,000,000.

 

“Agreed Currencies” means Dollars and each
Alternative Currency.

 

“Agreement” has the meaning given such term
in the Preamble to this Agreement.

 

“Alternative Currency” means Sterling, Euros,
Canadian Dollars, Swiss Francs, Yen and each Additional Alternative Currency (other than Dollars) that is approved from time to time in
accordance with Section 1.02(l).

 

    3 

     

    

“Alternative Currency Available Credit” means,
as of any date of determination, the lesser of (a) $40,000,000 less (i) the Dollar Equivalent of the aggregate of all Eurocurrency Rate
Loans then outstanding denominated in an Alternative Currency, (ii) the Dollar Equivalent of the aggregate of all Credit Obligations then
outstanding in respect of Credits denominated in an Alternative Currency and (iii) the Alternative Currency Reserve as of such date, and
(b) the amount by which (i) the Aggregate Revolving Credit Commitments then in effect exceeds (ii) the Total Revolving Credit Outstandings
plus the Alternative Currency Reserve as of such date.

 

“Alternative Currency Reserve” has the meaning
given such term in‎Section 2.01(b).

 

“Announcements” has the meaning given such
term in Section 1.02(s).

 

“Applicable Margin” means, at any time with
respect to, and as included in the computation of, (a) the rate of interest for Eurocurrency Rate Loans and Base Rate Loans, (b) Credit
Fees and (c) Commitment Fees, as the context requires and as otherwise provided in this Agreement, the applicable rate percentage per
annum set forth in the grid below, each such percentage being based, subject to ‎Section
2.08(d), upon the corresponding Consolidated Leverage Ratio maintained by Borrower, measured as of the end of the most recent Fiscal Period
for which Borrower has furnished a Compliance Certificate to Administrative Agent and the Lenders pursuant to ‎Section
6.01(d).

 

	Pricing Level (Tier)	Consolidated Leverage Ratio	Applicable Margin for Eurocurrency Rate Loans (and Credit Fees)	Applicable Margin for Base Rate Loans	Applicable Margin for Commitment Fees
	I	Less than 1.25:1.00	1.250%	0.250%	0.200%
	II	Equal to or greater than 1.25:1.00 and less than 2.00:1.00	1.500%	0.500%	0.250%
	III	Equal to or greater than 2.00:1.00 and less than 2.75:1.00	1.750%	0.750%	0.300%
	IV	Equal to or greater than 2.75:1.00 and less than 3.25:1.00	2.000%	1.000%	0.350%
	V	Equal to or greater than 3.25:1.00	2.250%	1.250%	0.350%

 

Notwithstanding anything to the contrary contained in this definition,
the determination of the Applicable Margin for any period and at any time will be subject to the provisions of ‎Section
2.08(d).

 

“Applicable Time” means, with respect to
any Borrowings and payments in any Alternative Currency, the local time in the place of settlement for such Alternative Currency as may
be reasonably determined by Administrative Agent to be necessary for timely settlement on the relevant date in accordance with normal
banking procedures in the place of payment.

 

    4 

     

    

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

 

“Arranger” means and includes HSBC, U.S.
Bank National Association, BBVA USA, Wells Fargo Bank, N.A. and Bank of the West in their capacities as joint lead arrangers and joint
bookrunners for the Transactions contemplated by the Loan Documents.

 

“Assignment and Assumption” means an assignment
and assumption entered into by a Lending Party and an Eligible Assignee (with the consent of any party whose consent is required by ‎Section
10.06(b)), and accepted by Administrative Agent, in substantially the form of Exhibit A or any other form approved by Administrative Agent.

 

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

 

“Automatic Extension Letter of Credit” means
a Letter of Credit that has automatic extension provisions.

 

“Availability Period” means the period from
the Second Restatement Effective Date to the date that is (a) for Revolving Credit Loans, the Revolving Credit Maturity Date, and (b)
for Swing Line Loans, one Business Day prior to the Revolving Credit Maturity Date.

 

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

 

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

 

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

 

“Bank Undertaking” means any independent
undertaking of L/C Issuer within the meaning of, and complying with the requirements of, 12 C.F.R. §7.1016 as to which the issuer’s
obligation to honor depends upon the presentation of specified documents and not upon non-documentary conditions or resolution of any
questions of fact or law, issued hereunder pursuant to ‎Section
2.03. Bank Undertakings may be issued in Dollars or an Alternative Currency as permitted by this Agreement.

 

    5 

     

    

“Bankruptcy Code” means the Federal Bankruptcy
Reform Act of 1978 (11 U.S.C. Sections 101 et seq.), and the Bankruptcy Rules promulgated thereunder.

 

“Base Rate” means, for any day, the greatest
of (a) the Prime Rate in effect on such day, (b) the Federal Funds Rate for such day plus one-half of one percent (0.50%) and (c)
the Daily One Month LIBOR Rate for such day (determined on a daily basis as set forth below) plus one percent (1.00%). As used
in this definition of “Base Rate”, the “Daily One Month LIBOR Rate” means, with respect
to any interest rate calculation for a Loan or other Obligation bearing interest at the Base Rate, the rate per annum (rounded
upwards, as necessary, to the nearest 1/100th of one percent (0.01%)) determined by Administrative Agent to be the rate appearing on the
Reuters “LIBOR01” screen displaying interest rates for Dollar deposits in the London interbank market for a one month interest
period (or, in the event that such rate does not appear on such screen or on any successor or substitute screen provided by Reuters, or
any successor to or commercially available substitute for such service providing rate quotations comparable to those provided on such
Reuters screen, the LIBO Interpolated Rate as determined by Administrative Agent from time to time) at approximately 11:00 a.m., London
time, two Business Days prior to the applicable day as the rate for Dollar deposits in the London interbank market with a maturity of
one month; provided that if the Daily One Month LIBOR Rate, as determined above with respect to any interest rate calculation,
shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. If the Base Rate is being used as an alternate
rate of interest pursuant to ‎Section 3.03, (for
the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to ‎Section
3.03(b)), then the Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference
to clause (c) above. Each determination by Administrative Agent pursuant to this definition will be conclusive absent manifest error.

 

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

 

“Benchmark” means, initially, the applicable
Relevant Rate; provided that if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark
Replacement Date have occurred with respect to such Relevant Rate or the then-current Benchmark, then “Benchmark” means the
applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to ‎Section
3.03(b) or ‎(c).

 

“Benchmark Replacement” means, for any Available
Tenor, the first alternative set forth in the order below that can be determined by Administrative Agent for the applicable Benchmark
Replacement Date; provided that, in the case of any Loan denominated in Euros, Yen or Canadian Dollars, “Benchmark Replacement”
shall mean the alternative set forth in clause (3) below:

 

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

 

(b)       in
the case of any Loan denominated in Sterling, the sum of (i) Daily Simple SONIA and (ii) the related Benchmark Replacement Adjustment;

 

    6 

     

    

(c)       in
the case of any Loan denominated in Swiss Francs, the sum of (i) Daily Simple SARON and (ii) the related Benchmark Replacement Adjustment;

 

(2)       (A) in the case of any
Loan denominated in Dollars, the sum of (i) Daily Simple SOFR and (ii) the related Benchmark Replacement Adjustment; and

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    7 

     

    

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

 

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

 

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

 

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

 

(2)       in the case of clause
(b) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced
therein.; or

 

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

 

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

 

“Benchmark Transition Event” means, with
respect to any then-current Benchmark, the occurrence of a public statement or publication of information by or on behalf of the administrator
of the then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal
Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such

 

    8 

     

    

Benchmark, a resolution authority with jurisdiction over the administrator
for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark,
announcing or stating that (a) such administrator has ceased or will cease on a specified date to provide all Available Tenors of such
Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide any Available Tenor of such Benchmark or (b) all Available Tenors of such Benchmark are or will no longer
be representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness
will not be restored.

 

“Benchmark Unavailability Period” means,
with respect to any Benchmark, the period (if any) (a) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1)
or (2) of that definition (as set forth in this ‎Section
1.01) has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and
under any Loan Document in accordance with ‎Section
3.03, and (b) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and
under any Loan Document in accordance with ‎Section
3.03.

 

“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.

 

“BHC Act Affiliate” of a party means an “affiliate”
(as such term is defined under, and interpreted in accordance with, 12 U.S.C. § 1841(k)) of such party.

 

“Board of Directors” means, as to any Person,
the board of directors (or comparable managers) of such Person (or, if applicable, the managing entity of such Person), or any committee
thereof duly authorized to act on behalf of the board of directors (or comparable managers).

 

“Borrower” has the meaning given such term
in the Preamble.

 

“Borrowing” means a Revolving Credit Borrowing,
a Swing Line Borrowing or an Incremental Term Loan Borrowing, as the context may require.

 

“Business Day” means any day other than a
Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, New York,
New York or such other city and state where Administrative Agent’s Office is located, provided that:

 

(a)       if such day relates to
any interest rate settings as to a Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements, settlements and payments
in Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement
in respect of any such Eurocurrency Rate Loan, that is also a London Banking Day;

 

(b)       if such day relates to
any interest rate settings as to a Eurocurrency Rate Loan denominated in Euros, any fundings, disbursements, settlements and payments
in Euro in respect of any such Eurocurrency Rate Loan, or any other dealings in Euro to be carried out pursuant to this Agreement in respect
of any such Eurocurrency Rate Loan, that is also a TARGET Day;

 

    9 

     

    

(c)       if such day relates to
any interest rate settings as to a Eurocurrency Rate Loan denominated in Yen, any fundings, disbursements, settlements and payments in
Yen in respect of any such Eurocurrency Rate Loan, or any other dealings in Yen to be carried out pursuant to this Agreement in respect
of any such Eurocurrency Rate Loan, that is also a day (other than a Saturday or Sunday) on which banks are open for business in Japan;

 

(d)       if such day relates to
any interest rate settings as to a Eurocurrency Rate Loan denominated in Canadian Dollars, any fundings, disbursements, settlements and
payments in Canadian Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Canadian Dollars to be carried out
pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, that it is also a day on which banks are open for foreign exchange
business in both London and Toronto;

 

(e)       if such day relates to
any interest rate settings as to a Eurocurrency Rate Loan denominated in a currency other than Dollars, Sterling, Euros, Yen or Canadian
Dollars, that it is also a day on which dealings in deposits in the relevant currency are conducted by and between banks in the London
or other applicable offshore interbank market for such currency; and

 

(f)       if such day relates to
any fundings, disbursements, settlements and payments in a currency other than Dollars, Sterling, Euro, Yen or Canadian Dollars in respect
of a Eurocurrency Rate Loan denominated in a currency other than Dollars, Sterling, Euros, Yen or Canadian Dollars, or any other dealings
in any currency other than Dollars, Sterling, Euros, Yen or Canadian Dollars to be carried out pursuant to this Agreement in respect of
any such Rate Loan (other than any interest rate settings), that it is also a day on which banks are open for foreign exchange business
in the principal financial center of the country of such currency.

 

“Canadian Dollars” means the lawful currency
of Canada.

 

“Capital Expenditures” means, as determined
for any Person for any period, all expenditures by such Person which should be capitalized in accordance with GAAP and shown on the Consolidated
balance sheet of such Person.

 

“Capitalized Leases” means all leases that
have been or are required to be, in accordance with GAAP, recorded as capitalized leases; provided that any lease would have been
accounted for as an operating lease under GAAP prior to the adoption of FASB Accounting Standards Codification Topic 842, Leases (or any
similar substitute accounting pronouncement), may, in the sole discretion of the Borrower, be accounted for as an operating lease and
not as a Capitalized Lease.

 

“Cash” means money, currency or a credit
balance in a deposit account.

 

“Cash Collateralize” means to pledge and
deposit with or deliver to Administrative Agent, for the benefit of Administrative Agent or the applicable L/C Issuer, as the case may
be, and the Lenders, as collateral for Credit Obligations, Obligations or obligations of Lenders to fund participations in respect of
either thereof (as the context may require), Cash or, if the L/C Issuer (in the case of Credit Obligations) will agree in its sole discretion,
either (a) other credit support to be received and held or maintained under the control and dominion of Administrative Agent within the
United States or (b) a “backstop” letter of credit, in each case pursuant to documentation in form and substance satisfactory
to (i) Administrative Agent and (ii) the L/C Issuer, as the case may be. “Cash Collateral” will have a meaning
correlative to the foregoing and will include the proceeds of such cash collateral and other credit support.

 

    10 

     

    

“Cash Equivalents” means, as to any Person,
any of the following: (a) readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America
or any agency or instrumentality thereof (but only so long as the full faith and credit of the United States of America is pledged in
support thereof) having maturities of not more than one year from the date of acquisition; (b) domestic and Eurocurrency certificates
of deposit, time or demand deposits or bankers’ acceptances maturing within one year after the date of acquisition issued or guaranteed
by or placed with, and money market deposit accounts issued or offered by any Lender or by any nationally or state chartered commercial
bank or any branch or agency of a foreign bank licensed to conduct business in the United States having combined capital and surplus of
not less than $250,000,000 (at the time of acquisition thereof) whose short-term securities are rated (at the time of acquisition thereof)
at least A or the equivalent thereof by S&P or at least A2 or the equivalent thereof by Moody’s; (c) fully collateralized repurchase
obligations with a term of not more than 30 days for underlying securities of the types described in clause (a) of this definition entered
into with any bank meeting the qualifications specified in clause (d) of this definition (at the time of acquisition thereof); (d) commercial
paper issued by the parent corporation of any Lender or any commercial bank (provided that such parent corporation or bank is a
U.S. Person) having capital and surplus in excess of $250,000,000 (at the time of acquisition thereof) and commercial paper issued by
any Person incorporated in the United States, which commercial paper is rated (at the time of acquisition thereof) at least A-1 or the
equivalent thereof by S&P or at least P-1 or the equivalent thereof by Moody’s, and in each case maturing not more than one
year after the date of acquisition by such Person; (e) investments, classified in accordance with GAAP as current assets of Borrower or
any of its Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered
by financial institutions that have the highest rating obtainable from either Moody’s or S&P, and the portfolios of which are
limited solely to investments of the character, quality and maturity described in clauses (a) through (d) of this definition; and (f)
in the case of Foreign Subsidiaries, other investments utilized by such Foreign Subsidiaries in accordance with customary cash management
practices in the jurisdictions in which such Foreign Subsidiaries are organized or are conducting business.

 

“Cash Management Bank” has the meaning given
such term in the definition of “Secured Cash Management Obligations” set forth in this ‎Section
1.01.

 

“Cash Management Obligations” means all liabilities
and other obligations of Borrower or any of its Subsidiaries in respect of any overdraft and related liabilities arising from treasury,
depository, cash pooling arrangements and cash management services or any automated clearing house transfers of funds, netting services,
employee credit or purchase card programs and similar arrangements.

 

“CDOR Rate” means for any Interest Period
with respect to a Eurocurrency Rate Loan requested by Borrower pursuant to ‎Section
2.02 to be funded in Canadian Dollars, the rate per annum (rounded upwards, as necessary, to the nearest 1/100th of one percent
(0.01%)) determined by Administrative Agent to be the Canadian dollar offered rate which, in turn, means, as determined as of any day,
the rate equal to the sum of: (a) the rate determined by Administrative Agent with reference to the arithmetic average of the discount
rate quotations of all institutions listed in respect of the relevant interest period for CAD Dollar-denominated bankers’ acceptances
displayed and identified as such on the “Reuters Screen CDOR Page” as defined in the International Swap Dealer Association,
Inc. definitions, as modified and amended from time to time, as of 10:00 a.m., Toronto time on such day, and if such day is not a Business
Day, then on the immediately preceding Business Day (as adjusted by Administrative Agent after 10:00 a.m., Toronto time, to reflect any
error in the posted rate of interest or in the posted average

 

    11 

     

    

annual rate of interest), and (b) 0.10% per annum; provided
that if such rates are not available on the Reuters Screen CDOR Page on any particular day, then the Canadian deposit offered rate component
of such rate on that day will be calculated to be the rate determined by Administrative Agent to be the annual discount rate (rounded
upwards, as necessary, to the nearest 1/100th of one percent (0.01%)) as of 10:00 A.M. on such day, and if such day is not a Business
Day, then on the immediately preceding Business Day, at which a Canadian chartered bank listed on Schedule I of the Bank Act (Canada)
as selected by Administrative Agent is then offering to purchase Canadian Dollar bankers’ acceptances accepted by it having a tenor
equal (or as close as possible) to such specified Interest Period; and provided that if the CDOR Rate, as determined above with
respect to any interest rate calculation, shall be less than zero, such rate shall be deemed to be the Floor for purposes of this Agreement.
Each determination by Administrative Agent pursuant to this definition will be conclusive absent manifest error.

 

“Change in Law” means the occurrence, after
the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any
change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental
Authority, or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any
Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010 and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii)
all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision
(or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall
in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, implemented or issued.

 

“Change of Control” means any of the following
occurs:

 

(a)       any “person”
or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial
owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of 30% or more on a fully diluted
basis of the economic or voting interests in Borrower’s capital stock;

 

(b)       during any period of twenty-four
(24) consecutive months, a majority of the members of the Board of Directors of Borrower cease to be composed of individuals (i) who were
members of that Board of Directors on the first day of such period, (ii) whose election or nomination to that Board of Directors was approved
by individuals referred to in the preceding clause (i) constituting at the time of such election or nomination at least a majority of
that Board of Directors or (iii) whose election or nomination to that Board of Directors was approved by individuals referred to in the
preceding clauses (i) and (ii) (inclusive of, in the case of clause (ii), any such members of the Board of Directors who themselves were
also previously approved in accordance with the preceding clause (ii)) constituting at the time of such election or nomination at least
a majority of that Board of Directors; or

 

(c)       except as expressly permitted
by ‎Section 7.04, Borrower fails to own and control,
directly or indirectly, 100% of the Equity Interests of (i) each other Loan Party that is wholly owned, directly or indirectly, by Borrower
as of the Second Restatement Effective Date, and (ii) Semtech (International); or

 

    12 

     

    

(d)       the occurrence of any
“Change in Control” as defined in (or any covenant or other obligation having the equivalent effect under) any loan agreement,
indenture or other agreement or instrument evidencing any Specified Permitted Indebtedness or in the documentation governing any Qualified
Preferred Stock, to the extent such Change of Control requires an offer to purchase or redeem Specified Permitted Indebtedness or Qualified
Preferred Stock or permits the holders thereof to require the payment thereof prior to the stated maturity thereof. For
the avoidance of doubt, the occurrence of a “fundamental change” (or its equivalent) as defined in any Permitted Convertible
Indebtedness will be deemed to be the occurrence of a “Change of Control” for purposes of this clause (d).

 

“Code” means the Internal Revenue Code of
1986.

 

“Collateral” means all property and rights
in property and proceeds thereof now owned or hereafter acquired by any Loan Party in or upon which a Lien now or hereafter exists in
favor of Administrative Agent to secure all or any portion of the Obligations, whether under this Agreement or under any other Collateral
Document.

 

“Collateral Documents” means, individually
and collectively, the Security Agreement, the Grants of IP Security Interests, the Swiss Pledge Agreement and the Financing Statements
and such other agreements (including deposit and securities account control agreements), assignments, documents and instruments as are
from time to time executed and delivered by any Loan Party granting, assigning or transferring or otherwise evidencing or relating to
any Lien granted, assigned or transferred to Administrative Agent, for the benefit of the Secured Parties, pursuant to or in connection
with the transactions contemplated by this Agreement.

 

“Commitment” means, as to any Lender, such
Lender’s Revolving Credit Commitment, Additional Revolving Credit Commitment or Incremental Term Loan Commitment, as applicable,
and as to Swing Line Lender, Swing Line Lender’s Swing Line Commitment.

 

“Commodity Exchange Act” means the Commodity
Exchange Act of 1936 (7 U.S.C. §§ 1 et seq.).

 

“Communications” means any Specified Materials
distributed to Administrative Agent or any Lending Party by means of electronic communications pursuant to ‎Section
10.02(b), including through an Electronic Platform.

 

“Competitor” means any Person that is a bona
fide direct competitor of Borrower or any of its Restricted Subsidiaries in the same industry or a substantially similar industry which
offers a substantially similar product or service as Borrower or any of its Restricted Subsidiaries.

 

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

 

“Consolidated” refers, with respect to any
Person, to the consolidation of accounts of such Person and its Subsidiaries (except to the extent otherwise expressly provided herein)
in accordance with GAAP.

 

“Consolidated EBITDA” means, as calculated
for Borrower and its Restricted Subsidiaries on a Consolidated basis for any period, Consolidated Net Income for such period, plus
(a) the following to the extent deducted in calculating such Consolidated Net Income for such period (without duplication), all (i) Consolidated
Interest Expense, (ii) amounts treated as expenses for such period for depreciation and amortization, (iii) provision for Federal, state,
local and foreign taxes on or measured by income and foreign withholding taxes of Borrower and its Restricted Subsidiaries for such period,
(iv) Transaction Costs to the extent paid in Cash and not

 

    13 

     

    

capitalized, (v) fees and expenses incurred and associated with the
Existing Senior Credit Facilities, (vi) reasonable and customary costs and expenses incurred in such period in connection with an actual
or contemplated Permitted Acquisition or an Investment permitted by ‎Section
7.02(q) or ‎Section 7.02(p), whether or not such
Permitted Acquisition or Investment is consummated, (vii) reasonable and customary costs and expenses incurred in such period in connection
with the actual or contemplated issuance, prepayment or amendment or refinancing of Indebtedness expressly permitted under the Loan Documents
or the issuance of any Equity Interests not prohibited under the Loan Documents, whether or not such transaction is consummated, (viii)
extraordinary losses for such period, (ix) unusual or non-recurring losses, charges or expenses, (x) losses from the sales of assets other
than inventory sold in the ordinary course of business, (xi) other non-Cash charges of Borrower and its Restricted Subsidiaries for such
period other than Non-Cash charges Borrower elects to exclude from this clause (xi), (xii) restructuring costs, expenses, charges or reserves
and severance, retention and relocation expenses, business optimization costs and integration costs (including any bonus, retention or
success payments) incurred during such period, and (xiii) costs and expenses (including settlements or judgments) of any actual or threatened
litigation, arbitration or other adversarial dispute (for purposes of this subclause (xiii), inclusive of all related matters or claims
with respect to the same or affiliated parties, an “Adversary Matter”), which does not arise from ordinary course
employee relations (provided that amounts added pursuant to this clause for any particular Adversary Matter shall not exceed $10,000,000);
and minus (b) the following to the extent included in calculating such Consolidated Net Income for such period (without duplication),
all (i) extraordinary gains for such period, (ii) non-recurring gains for such period, (iii) any gains from sales of assets other than
inventory sold in the ordinary course of business, (iv) non-Cash income or non-Cash gains for such period (excluding ordinary course accruals)
and (v) Cash payments made (or incurred) on account of any non-cash charges added back to Consolidated EBITDA pursuant to preceding subclause
(a)(xi) in a previous period; and plus (c) the annualized amount of net cost savings, operating expense reductions and synergies
reasonably projected by the Borrower in good faith to be realized as a result of specified actions (x) taken since the beginning of such
period in respect of which Consolidated EBITDA is being determined or (y) initiated prior to or during such period or (z) reasonably anticipated
to be taken in connection with or following an Acquisition or other Investment that is permitted under the Loan Documents (in each case,
which cost savings, operating expense reductions and synergies shall be added to Consolidated EBITDA until fully realized, but in no event
for more than five fiscal quarters) (calculated on a pro forma basis as though such annualized cost savings, operating expense
reductions and synergies had been realized on the first day of such period, net of the amount of actual benefits realized during such
period from such actions); provided that (1) such cost savings, operating expense reductions and synergies are reasonably identifiable,
quantifiable and factually supportable in the good faith judgment of the Borrower and (2) no cost savings, operating expense reductions
and synergies shall be added pursuant to this clause (c) to the extent duplicative of any expenses or charges otherwise added to Consolidated
EBITDA for such period; provided further, that the aggregate amount added back to Consolidated EBITDA pursuant to this clause (c)
shall not exceed in the aggregate 15% of Consolidated EBITDA (provided that the aggregate amount added back to Consolidated EBITDA
pursuant to this clause (c) with respect to such cost savings, operating expense reductions and synergies related to internal restructurings
and not in connection with an Acquisition or other Investment shall not exceed in the aggregate 10% of Consolidated EBITDA) for any such
period (determined after giving effect to this clause (c); and provided further, that projected (and not yet realized) amounts
may no longer be added in calculating Consolidated EBITDA pursuant to this clause (c) to the extent occurring more than five full fiscal
quarters after the specified action taken or initiated in order to realize such projected cost savings, operating expense reductions and
synergies (or to the extent relating to a Permitted Acquisition or other Investment and added pursuant to clause (z) above, to the extent
occurring more than five full fiscal quarters after the relevant Acquisition or other Investment).

 

    14 

     

    

“Consolidated Funded Debt” means, as of any
date of determination, calculated for Borrower and its Restricted Subsidiaries on a Consolidated basis, the sum of (without duplication)
all Indebtedness of a type described in clauses (a) through (h) inclusive (and, without duplication, all Guaranties of such Indebtedness)
of the definition of “Indebtedness” set forth in this ‎Section
1.01. Notwithstanding anything to the contrary herein, Consolidated Funded Debt shall not include any Indebtedness (“Subject
Debt”) outstanding on any determination date which is to be refinanced pursuant to a refinancing permitted under this Agreement
with the proceeds (the “Refinancing Proceeds”) of previously incurred refinancing Indebtedness that is included
in Consolidated Funded Debt on such date; provided that a notice of redemption of, or an offer to purchase, such Subject Debt has
been given or made (and, in the case of an offer to purchase, not withdrawn) on or prior to such date (any such Subject Debt, “Defeased
Debt”) and the applicable Refinancing Proceeds have been irrevocably deposited in a trust or escrow account pursuant to
the documentation relating to such redemption of, or offer to purchase the applicable Subject Debt (and such Refinancing Proceeds shall
not be included as Consolidated Net Cash for purposes of this Agreement).

 

“Consolidated Interest Expense” means, as
calculated for Borrower and its Restricted Subsidiaries on a Consolidated basis for any period, the sum of (without duplication) (a) all
interest payable in Cash, premium payments, debt discount, fees, charges and related expenses in connection with borrowed money (including
all commissions, discounts, fees and other charges under Swap Contracts, letters of credit and similar instruments and all capitalized
interest) or in connection with the deferred purchase price of assets during such period, in each case to the extent treated as interest
expense in accordance with GAAP, plus (b) the portion of rent expense with respect to such period under Capitalized Leases that
is treated as interest in accordance with GAAP that is payable in Cash, plus (c) the “deemed interest expense” (i.e.,
the interest expense which would have been applicable if the respective obligations were structured as on-balance sheet financing arrangements)
with respect to all Synthetic Lease Obligations to the extent the same does not arise from a financing arrangement constituting an operating
lease.

 

“Consolidated Interest Coverage Ratio” means,
as determined as of the last day of any Test Period, calculated for Borrower and its Restricted Subsidiaries on a Consolidated basis for
the period consisting of the Test Period ending on such date, the ratio of (a) Consolidated EBITDA for such period to (b) Consolidated
Interest Expense for such period, excluding premium payments, debt discount, fees, charges and related expenses in connection with borrowed
money (including all commissions, discounts, fees and other charges under Swap Contracts, letters of credit and similar instruments and
all capitalized interest) or in connection with the deferred purchase price of assets during such period and excluding interest payable
during or with respect to such period with respect to Defeased Debt.

 

“Consolidated Leverage Ratio” means, as determined
as of the last day of any Test Period, calculated for Borrower and its Restricted Subsidiaries on a Consolidated basis, the ratio of (a)
(i) Consolidated Funded Debt as of such date of determination less (ii) Consolidated Net Cash (not to exceed a maximum amount of
$75,000,000) as of such date of determination to (b) Consolidated EBITDA for the period consisting of the Test Period ending on such date.

 

“Consolidated Net Cash” means, as determined
as of the last day of any Test Period, calculated for Borrower and its Restricted Subsidiaries on a Consolidated basis, all cash or Cash
Equivalents of the Loan Parties that is not Restricted and that is (a) deposited and held in a

 

    15 

     

    

deposit account or credited to a securities account as to which the
jurisdiction of the applicable depository bank or securities intermediary, as the case may be, for purposes of Articles 8 and 9 of the
UCC is the United States of America, including any State thereof or the District of Columbia, and (b) subject to a security interest perfected
by control pursuant to (and within the meaning of) (i) Sections 9314(a) and 9104(a) of the UCC, in the case of a deposit account, or (ii)
Sections 9314(a) and 8106(d) of the UCC, in the case of a securities account, in favor of Administrative Agent.

 

“Consolidated Net Income” means, as calculated
for Borrower and its Restricted Subsidiaries on a Consolidated basis for any period, the sum of net income (or loss) for such period,
but excluding (a) any income (or loss) of any Person if such Person is not a Subsidiary, except that Borrower’s direct or indirect
equity in the net income of any such Person for such period will be included in such Consolidated Net Income up to the aggregate amount
of Cash actually distributed by such Person during such period to Borrower or any Restricted Subsidiary as a Dividend, and (b) any impact
on net income of (i) purchase price adjustments, including the impact of adjustments for Deferred Purchase Price Obligations, (ii) compensation
expenses which are not a Cash item during such period arising from the issuance of Equity Interests, options to purchase Equity Interests
and any appreciation rights to officers, directors, employees or consultants of Borrower or any of its Restricted Subsidiaries, (iii)
purchase accounting adjustments for such period and (iv) non-Cash tax charges. Income (or loss) of any Person that is not a Subsidiary
but is otherwise consolidated with the Borrower and its Restricted Subsidiaries as required by GAAP will not be included in the calculation
of Consolidated Net Income except to the extent of the aggregate amount of Cash actually distributed by such Person during such period
to the Borrower or any Restricted Subsidiary as a Dividend.

 

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

 

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

 

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

 

“Covered Entity” means any of the following:
(a) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a “covered
bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a “covered FSI”
as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Credit” means any Letter of Credit or Bank
Undertaking.

 

“Credit Advance” means a Revolving Credit
Lender’s funding of its participation in a Credit Borrowing in accordance with its Revolving Credit Percentage Share.

 

“Credit Application” means an application
and agreement (including any related reimbursement agreement) for the issuance or amendment of a Letter of Credit or a Bank Undertaking
in the form from time to time in use by L/C Issuer.

 

    16 

     

    

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

 

“Credit Expiration Date” means the day that
is five Business Days prior to the Revolving Credit Stated Maturity Date then in effect (or, if such day is not a Business Day, the next
preceding Business Day).

 

“Credit Extension” means a Borrowing or an
L/C Credit Extension.

 

“Credit Fee” has the meaning given such term
in ‎Section 2.03(i).

 

“Credit Obligations” means, as determined
at any time, the sum of (a) the aggregate amount available to be drawn under all outstanding Credits and (b) the aggregate of all Unreimbursed
Amounts, including all Credit Borrowings. For purposes of computing the amount available to be drawn under any Credit, the amount of such
Credit will be determined in accordance with Section 1.02(i).

 

“Credit Sublimit” means an amount equal to
$40,000,000. The Credit Sublimit is part of, and not in addition to, the Aggregate Revolving Credit Commitments.

 

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

 

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

 

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

 

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

 

    17 

     

    

“Debtor Relief Plan” means any plan of reorganization
or plan of liquidation pursuant to any Debtor Relief Laws.

 

“Default” means any event or condition that,
with the giving of notice, the passage of time, or both, would (unless cured or waived in accordance with this Agreement) constitute an
Event of Default.

 

“Default Rate” means, as determined at any
time, (a) when used with respect to Obligations other than Credit Fees, a per annum interest rate equal to the sum of (i) the Base
Rate plus (ii) the Applicable Margin, if any, then applicable to Base Rate Loans plus (iii) 2.0% per annum; provided
that, with respect to a Eurocurrency Rate Loan, the Default Rate will be a per annum interest rate equal to the sum of (A) the
interest rate (including any Applicable Margin and any applicable Benchmark Replacement Adjustment) otherwise then applicable to such
Eurocurrency Rate Loan plus (B) 2.0% per annum; and (b) when used with respect to Credit Fees, a per annum interest
rate equal to the sum of (1) the Applicable Margin then applicable to Eurocurrency Rate Loans plus (2) 2.0% per annum.

 

“Default Right” has the meaning assigned
to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

 

“Defaulting Lender” means, subject to ‎Section
3.07(b), any Lender that (a) has failed to (i) fund all or any portion of its funding obligations hereunder, including in respect of its
Loans or participations in respect of Credits, within two Business Days of the date any such funding obligation was required to be funded
hereunder unless such Lender notifies Administrative Agent and Borrower in writing that such failure is the result of such Lender’s
determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default,
shall be specifically identified in such writing) has not been satisfied, or (ii) pay to Administrative Agent or any Lending Party any
other amount required to be paid by it hereunder (including in respect of its participation in Credits) within two Business Days of the
date when due, (b) has notified Borrower, Administrative Agent or any Lending Party in writing that it does not intend to comply with
its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such
Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a
condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such
writing or public statement) cannot be satisfied), (c) has failed, within three 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 (c) upon receipt of such written
confirmation by Administrative Agent and Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject
of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee
for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal
Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject
of a Bail-In Action; provided that a Lender will not be deemed 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

 

    18 

     

    

Lender. Any determination by Administrative Agent that a Lender is
a Defaulting Lender under any one or more of clauses (a) through (d) above will be conclusive and binding absent manifest error, and such
Lender will be deemed to be a Defaulting Lender (subject to ‎Section
3.07(b)) upon delivery of written notice of such determination to Borrower and each Lending Party from Administrative Agent.

 

“Deferred Purchase Price Obligations” means
unsecured obligations of Borrower or any of its Restricted Subsidiaries arising in connection with any Acquisition, including any Permitted
Acquisition, permitted pursuant to ‎Section 7.02
or any Investment otherwise made pursuant to ‎Section
7.02(p) or ‎(q) to the seller or other Person with
respect to any Target and the payment of which is dependent on the future earnings or performance of such Target or another Person and
contained in the agreement relating to such Acquisition or other Investment or in an employment agreement delivered in connection therewith
(but in any event excluding compensation for employment and indemnification obligations).

 

“Departing Lender” has the meaning given
such term in ‎Section 2.01(a)(ii).

 

“Disposition” means the sale, assignment,
transfer, conveyance, license (other than on a non-exclusive basis), lease or other disposition (including any sale and leaseback transaction)
of any property by any Person, including any sale, assignment, transfer, conveyance or other disposal, with or without recourse, of any
notes or accounts receivable or any rights and claims associated therewith. The term “Dispose” has a meaning
correlative thereto; provided that the issuance, sale, assignment, transfer or other disposition by any Person of Equity Interests
in itself (or rights with respect thereto) will not be deemed a Disposition by such Person.

 

“Disqualified Equity Interest” means any
Equity Interest of any Person that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable
at the option of the holder thereof) or upon the happening of any event (a) matures or is mandatorily redeemable in Cash pursuant to a
sinking fund obligation or other similar obligation (other than as a result of a “change of control” so long as all Obligations
are required to be paid in full prior to any deposit or other payment in respect of such sinking fund obligation or other similar obligation),
(b) is redeemable in Cash at the option of the holder thereof (excluding any redemption of fractional shares), or (c) requires or mandates
the purchase, redemption, retirement, defeasance or other similar payment (other than Dividends) for Cash (other than as a result of a
(i) “change of control” so long as all Obligations are required to be paid in full prior to any payment in respect of such
Equity Interest or (ii) fractional shares), in each case on or prior to the last to occur of the Revolving Credit Maturity Date and the
Incremental Term Loan Maturity Date, as applicable.

 

“Disqualified Institution” means, on any
date, (a) any Person designated by the Borrower as a “Disqualified Institution” by written notice delivered to Administrative
Agent on or prior to the Second Restatement Effective Date and (b) any other Person that is a Competitor of the Borrower or any of its
Subsidiaries, which Person has been designated by the Borrower as a “Disqualified Institution” by written notice to Administrative
Agent and the Lenders (including by posting such notice to the Electronic Platform designated by Administrative Agent for such purpose)
not less than ten Business Days prior to such date; provided that “Disqualified Institutions” shall exclude any Person
that the Borrower has designated as no longer being a “Disqualified Institution” by written notice delivered to Administrative
Agent from time to time.

 

“Disqualifying Event” has the meaning given
such term in ‎Section 3.03(c).

 

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“Dividend” means, as to any Person, any dividend,
distribution or return on equity capital declared by such Person and paid or made to the stockholders, members or partners of such Person,
in their capacity as such, whether in Cash or other property (other than Equity Interests of such Person that are not Disqualified Equity
Interests).

 

“DQ List” has the meaning given such term
in ‎Section 10.06(g)(iii).

 

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

 

“Dollar Equivalent” means, at any time, (a)
with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in any Alternative Currency,
the equivalent amount thereof (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward) in Dollars
as determined by Administrative Agent at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation
Date) for the purchase of Dollars with such Alternative Currency.

 

“Domestic Subsidiary” means a Subsidiary
incorporated or organized under the laws of the United States of America, any State thereof or the District of Columbia, provided
that any Subsidiary of a Foreign Subsidiary of the Borrower that would otherwise constitute a Domestic Subsidiary will not constitute
a Domestic Subsidiary for purposes of the Loan Documents.

 

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

 

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

 

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

 

“Early Opt-in Election” means ,

 

(a)       in the case of Eurocurrency
Rate Loans denominated in Dollars, the occurrence of:

 

(1)       a
notification by Administrative Agent to (or the request by Borrower to Administrative Agent to notify) each of the other parties hereto
that at least five (5) currently outstanding Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment
or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and
such syndicated credit facilities are identified in such notice and are publicly available for review), and

 

(2)       the
joint election by Administrative Agent and Borrower to declare that an Early Opt-in Election for Dollars has occurred and the provision,
as applicable, by Administrative Agent of written notice of such election to Borrower and the Lenders; and

 

    20 

     

    

(b)       in the case of Loans denominated
in any Agreed Currency (other than Dollars), the occurrence of:

 

(1)       a
notification by Administrative Agent to (or the request by Borrower to Administrative Agent to notify) each of the other parties hereto
that syndicated credit facilities denominated in the applicable Agreed Currency being executed at such time, or that include language
similar to that contained in ‎Section 3.03(b) are being executed or amended (as applicable) to
incorporate or adopt a new benchmark interest rate to replace the Relevant Rate; and

 

(2)       the
joint election by Administrative Agent and Borrower to declare that an Early Opt-in Election for such Agreed Currency has occurred and
the provision, as applicable, by Administrative Agent of written notice of such election to Borrower and the Lenders.

 

“Electronic Platform” means an electronic
system for the delivery of information (including documents), such as DXSyndicateTM, SyndTrak Online TM, Intralinks
on Demand WorkspacesTM or DebtdomainTM that may or may not be provided or administered by Administrative Agent or
an Affiliate thereof.

 

“Electronic Record” has the meaning assigned
to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

 

“Electronic Signature” has the meaning assigned
to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

 

“Eligible Assignee” means any Person that
meets the requirements to be an assignee under ‎Section
10.06(b)(iii), ‎(v) and ‎(vi)
(subject to such consents, if any, as may be required under ‎Section
10.06(b)(iii)); provided that no Disqualified Institution shall be an Eligible Assignee.

 

“Employee Benefit Plan” means any Pension
Plan and any employee welfare benefit plan, as defined in Section 3(1) of ERISA, that is maintained for the employees of any Person or
any ERISA Affiliate of such Person.

 

“Environment” means ambient air, indoor air,
surface water, groundwater, drinking water, soil, surface and subsurface strata, and natural resources such as wetland, flora and fauna.

 

“Environmental Claims” means any and all
administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, accusations, allegations, notices of noncompliance
or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business and not in response
to any third party action or request of any kind) or proceedings relating in any way to any actual or alleged violation of or liability
under any Environmental Law or relating to any permit issued, or any approval given, under any such Environmental Law, including any and
all claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages, contribution,
indemnification, cost recovery, compensation or injunctive relief resulting from Hazardous Materials or arising from alleged injury or
threat of injury to public health or the Environment.

 

    21 

     

    

“Environmental Laws” means any and all federal,
state, local, and foreign statutes, laws (including common law), regulations, standards, ordinances, rules, judgments, interpretations,
orders, decrees, permits, agreements or governmental restrictions relating to pollution or the protection of the Environment or human
health (to the extent related to exposure to hazardous materials), including those relating to the manufacture, generation, handling,
transport, storage, treatment, Release or threat of Release of Hazardous Materials, air emissions and discharges to waste or public systems.

 

“Environmental Liability” means any liability,
contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities) whether
based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law, directly or indirectly
relating to (a) any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous
Materials, (c) exposure to any Hazardous Materials, (d) Release or threatened Release of any Hazardous Materials or (e) any contract,
agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 

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

 

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

 

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

 

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

 

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

 

    22 

     

    

“Erroneous Payment” has the meaning given
such term in ‎Section 9.14(a)

 

“Erroneous Payment Deficiency Assignment”
has the meaning given such term in ‎Section 9.14(d).

 

“Erroneous Payment Return Deficiency” has
the meaning given such term in ‎Section 9.14(d).

 

“Erroneous Payment Subrogation Rights” has
the meaning given such term in ‎Section 9.14(d).

 

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

 

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

 

“EURIBOR Rate” means, with respect to any
Eurocurrency Borrowing denominated in Euros and for any Interest Period, the EURIBOR Screen Rate; provided that, if the EURIBOR
Screen Rate shall not be available at such time for such Interest Period (an “Impacted EURIBOR Rate Interest Period”)
with respect to Euros then the EURIBOR Rate shall be the EURIBOR Interpolated Rate.

 

“EURIBOR Screen Rate” means, for any day
and time, with respect to any Eurocurrency Borrowing denominated in Euros and for any Interest Period, 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 Reuters screen
(or any replacement 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 Reuters as of 11:00 a.m. (Brussels time) two (2) TARGET Days prior to the commencement of such
Interest Period. If such page or service ceases to be available, Administrative Agent may specify another page or service displaying the
relevant rate after consultation with Borrower. 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” and “€”
mean the single currency of the Participating Member States.

 

“Eurocurrency Rate” means for any Interest
Period with respect to a Credit Extension:

 

    23 

     

    

(a)       denominated in a LIBOR
Quoted Currency (other than Euros, Yen or Canadian Dollars), the rate per annum (rounded upwards, as necessary, to the nearest
1/100th of one percent (0.01%)) equal to the Adjusted LIBO Rate;

 

(b)       denominated in Euros,
the rate per annum equal to the Adjusted EURIBOR;

 

(c)       denominated in Yen, the
rate per annum equal to the Adjusted TIBOR;

 

(d)       denominated in Canadian
dollars, the rate per annum equal to the CDOR Rate; or

 

(e)       denominated in any other
Non-LIBOR Quoted Currency, the rate per annum as designated with respect to such Alternative Currency at the time such Alternative
Currency is approved by Administrative Agent and the relevant Lenders pursuant to Section 1.02(l);

 

provided that, if the Eurocurrency Rate shall be less than zero,
such rate shall be deemed to be the Floor for purposes of this Agreement. Each determination by Administrative Agent pursuant to this
definition will be conclusive absent manifest error.

 

“ Eurocurrency Rate Loan” means a Loan that
bears interest based upon the applicable Eurocurrency Rate. Eurocurrency Rate Loans may be denominated in Dollars or in an Alternative
Currency. All Loans denominated in an Alternative Currency must be Eurocurrency Rate Loans.

 

“Event of Default” has the meaning given
such term in ‎Section 8.01.

 

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

 

“Excluded Subsidiary” has the meaning given
such term in ‎Section 6.11(a).

 

“Excluded Swap Obligation” means, with respect
to any Guarantor, (a) any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of, or the grant
by such Guarantor of a security interest to secure, as applicable, such Swap Obligation (or any Guaranty thereof) is or becomes illegal
under the Commodity Exchange Act or any rule, regulation or order of the U.S. Commodity Futures Trading Commission (or the application
or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible
contract participant” as defined in the Commodity Exchange Act (determined after giving effect to any applicable keep well, support,
or other agreement for the benefit of such Guarantor and any and all Guaranties of such Guarantor’s Swap Obligations by other Loan
Parties) at the time the Guaranty of such Guarantor, or a grant by such Guarantor of a security interest, becomes effective with respect
to such Swap Obligation or (b) any other Swap Obligation designated as an “Excluded Swap Obligation” of such Guarantor as
specified in any agreement between the relevant Loan Parties and counterparty applicable to such Swap Obligation. If a Swap Obligation
arises under a Master Agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that
is attributable to Swaps for which such Guaranty or security interest is or becomes excluded in accordance with the first sentence of
this definition.

 

“Excluded Taxes” means any of the following
Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient: (a) Taxes imposed
on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of
such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending
office

 

    24 

     

    

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 and California 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 3.08) or (ii)
such Lender changes its lending office, except in each case to the extent that, pursuant to ‎Section
3.01, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party
hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to
comply with ‎Section 3.01(e) and (d) any Taxes imposed
under FATCA.

 

“Exempt Subsidiary” means each direct or
indirect non-wholly owned Domestic Subsidiary of Borrower now existing or hereafter acquired or formed, and each successor thereto, in
each case that is not a Non-Exempt Subsidiary (including which has not been designated an Non-Exempt Subsidiary pursuant to the definition
thereof set forth in this ‎Section 1.01).

 

“Existing Lenders” has the meaning given
such term in Recital A to this Agreement.

 

“Existing Senior Credit Facilities” has the
meaning given such term in Recital A to this Agreement, and refers to the credit facilities identified on Schedule 1.01-A.

 

“Facility” means the Revolving Credit Facility
or any Incremental Term Loan Facility, as the context requires.

 

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

 

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

 

“FCA” has the meaning given such term in
Section 1.02(s).

 

“Federal Funds Rate” means, for any day,
the rate per annum equal to the greater of (a) the weighted average of the rates on overnight Federal funds transactions with members
of the Federal Reserve System on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such
day and (b) the Floor; provided that (i) if such day is not a Business Day, then the Federal Funds Rate for such day will be such
rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day and (ii) if no such rate
is so published on such next succeeding Business Day, then the Federal Funds Rate for such day will be the average rate (rounded upward,
if necessary, to a whole multiple of one one-hundredth of one percent (0.01%)) charged to HSBC on such day on such transactions as determined
by Administrative Agent.

 

“Federal Reserve Bank of New York’s Website”
means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

 

    25 

     

    

“Fee Letter” means the letter agreement
dated September 30, 2019, between Borrower and HSBC, as Administrative Agent and as an Arranger, regarding certain fees to be paid by
Borrower in connection with the transactions contemplated by the Loan Documents.

 

“Financing Statements” means the Form UCC
financing statements (or comparable documents now or hereafter filed in accordance with the UCC or other comparable Law) separately naming
each Loan Party as debtor and Administrative Agent as secured party, authorized and delivered pursuant to the Collateral Documents, including
a description of the personal property Collateral granted by such Loan Party to Administrative Agent, for the benefit of the Secured Parties,
as security for the Obligations, which Financing Statements will be caused to be filed with the UCC (or comparable) filing office of the
applicable Governmental Authorities.

 

“First Restated Credit Agreement” has the
meaning given such term in the Recital A to this Agreement means that Amended and Restated Credit Agreement.

 

“First Restated Loan Documents” has the meaning
given the term “Loan Documents” in the First Restated Credit Agreement.

 

“First Restated Obligations” has the meaning
given the term “Obligations” in the First Restated Credit Agreement.

 

“Fiscal Period” means, for any Fiscal Year,
the fiscal quarters of Borrower ending on or about the last Sunday in April, July and October of such Fiscal Year (it being understood
that the first and second fiscal months of each such fiscal quarter are 4 weeks long and that the third fiscal month of each such fiscal
quarter is 5 weeks long) and on the last Sunday in January of such Fiscal Year.

 

“Fiscal Year” means each fiscal year of Borrower
ending on the last Sunday in January of each calendar year.

 

“Floor” means an interest rate per annum
equal to zero percent (0.0%).

 

“Foreign Benefit Event” means, with respect
to any Foreign Pension Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any applicable law, or
in excess of the amount that would be permitted absent a waiver from a Governmental Authority or other Person authorized to grant a waiver,
(b) the failure to make the required contributions or payments, under any applicable law, on or before the due date for such contributions
or payments, (c) the receipt of a notice by a Governmental Authority relating to the intention to terminate any such Foreign Pension Plan
or to appoint a trustee or similar official to administer any such Foreign Pension Plan, or alleging the insolvency of any such Foreign
Pension Plan, (d) the incurrence of any liability in excess of the Threshold Amount (or the Dollar Equivalent thereof in another currency
applicable to an affected Foreign Pension Plan) by Borrower or any of its Subsidiaries under applicable Law on account of the complete
or partial termination of such Foreign Pension Plan or the complete or partial withdrawal of any participating employer therein, or (e)
the occurrence of any transaction that is prohibited under any applicable law and could reasonably be expected to result in the incurrence
of any liability by Borrower or any of its Subsidiaries, or the imposition on Borrower or any of its Subsidiaries of any fine, excise
tax or penalty resulting from any noncompliance with any applicable law, in each case in excess of the Threshold Amount (or the Dollar
Equivalent thereof in another currency).

 

    26 

     

    

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

 

“Foreign Pension Plan” means any defined
benefit pension plan that is maintained or is contributed to outside the jurisdiction of the United States by Borrower or any of its Subsidiaries
and which under applicable law is required to be funded through a trust or other funding vehicle other than a trust or funding vehicle
maintained exclusively by a Governmental Authority.

 

“Foreign Pledge Agreement” has the meaning
given such term in ‎Section 6.11(b).

 

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

 

“Foreign Subsidiary Holdco” means any direct
or indirect Domestic Subsidiary of Borrower that does not engage in any material direct operations and substantially all of the assets
of which (either directly or indirectly) consists of (a) Equity Interests in one or more Foreign Subsidiaries or (b) Indebtedness owed
to by one or more Foreign Subsidiaries. As of the Second Restatement Effective Date, Borrower has no Foreign Subsidiary Holdcos.

 

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

 

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

 

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

 

“GAAP” means generally accepted accounting
principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute
of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles
as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances
as of the date of determination, consistently applied.

 

“Governmental Authority” means the government
of the United States or any other nation, or of any political subdivision thereof, whether state, provincial, territorial 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).

 

    27 

     

    

“Grants of IP Security Interests” means,
collectively, the separate (a) grants of security interest (patents), (b) grants of security interest (trademarks), and (c) grants of
security interest (copyrights), and all supplements thereto and amendments and restatements thereof, from time to time separately executed
by the Loan Parties to the extent any such Loan Party has any interest in Collateral comprising such registered intellectual property
rights (or an application therefor) with the United States Patent and Trademark Office or United States Copyright Office, as applicable,
with respect to the Liens granted to Administrative Agent, for the benefit of the Secured Parties, under the Collateral Documents.

 

“Guaranteed Obligations” has the meaning
given such term in ‎Section 10.15(a).

 

“Guarantor Applicable Insolvency Laws” has
the meaning given such term in ‎Section 10.15(c)(i)(A).

 

“Guarantor Specified Lien” has the meaning
given such term in ‎Section 10.15(c)(i)(B).

 

“Guarantor Subordinated Indebtedness” has
the meaning given such term in ‎Section 10.15(k).

 

“Guarantor Subordinated Indebtedness Payments”
has the meaning given such term in ‎Section 10.15(k).

 

“Guarantors” means, collectively, (a) for
the purposes of ‎Section 10.15 (i) each Person that
is party to this Agreement as of the Second Restatement Effective Date and is named in the signature pages hereto as a Guarantor, (ii)
Borrower (solely as to and for the Secured Cash Management Obligations and the Secured Swap Obligations of any Subsidiary of the Borrower)
and (iii) each Subsidiary of Borrower that at a date subsequent to the Second Restatement Effective Date executes a Joinder Agreement,
including as required by ‎Section 6.11, in order
to become a Guarantor hereunder, and (b) each other Person who, at a date subsequent to the Second Restatement Effective Date, becomes
a guarantor of all or any portion of the Obligations.

 

“Guaranty” means, as to any Person, any obligation,
contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation
payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly,
and including any obligation of such Person, direct or indirect: (a) to purchase or pay (or advance or supply funds for the purchase or
payment of) such Indebtedness or other obligation; (b) to purchase or lease property, securities or services for the purpose of assuring
the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation;
(c) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow
of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation; or (d) entered into for the purpose
of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof
or to protect such obligee against loss in respect thereof (in whole or in part), and will include the guaranty set forth in ‎Section
10.15. The amount of any Guaranty will be deemed to be the amount recognized as a guaranty and shown on the guaranteeing Person’s
financial statements in accordance with GAAP provided that if such financial statements of the guaranteeing Person are not reasonably
available to Administrative Agent at its reasonable request, the amount of such Guaranty will be deemed to be the maximum reasonably anticipated
liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as
a verb has a corresponding meaning.

 

    28 

     

    

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

 

“Hedge Bank” has the meaning given such term
in the definition of “Secured Swap Obligations” set forth in this ‎Section
1.01.

 

“Honor Date” means, with respect to any Letter
of Credit, the date of any payment by the L/C Issuer in respect of any draw thereunder.

 

“HSBC” has the meaning given such term in
the Preamble to this Agreement.

 

“IBA” has the meaning given such term in
Section 1.02(s).

 

“Impacted EURIBOR Rate Interest Period” has
the meaning given to such term in the definition of “EURIBOR Rate” set forth in this ‎Section
1.01.

 

“Impacted LIBO Rate Interest Period” has
the meaning given to such term in the definition of “LIBO Rate” set forth in this ‎Section
1.01.

 

“Impacted TIBOR Rate Interest Period” has
the meaning given to such term in the definition of “TIBOR Rate” set forth in this ‎Section
1.01.

 

“Increasing Revolving Credit Lender” has
the meaning given such term in ‎Section 2.01(a)(iii).

 

“Incremental Cap” means, as of any date of
determination, the sum of (a) (i) the sum of (1) $300,000,000 (the “Fixed Cap”) and (2) the aggregate
principal amount of all Incremental Term Loans voluntarily prepaid pursuant to ‎Section
2.05(c)(ii), minus (ii) the sum of (A) the aggregate amount of Additional Revolving Credit Commitments at such time that
were incurred in reliance on the preceding subclause (1) and (B) the aggregate principal amount of Incremental Term Loans outstanding
at such time that were incurred in reliance on the preceding subclause (1) (the Fixed Cap, as adjusted from time to time in according
with this clause (a) and in effect on such date of determination, the “Adjusted Fixed Cap”), plus (b)
an unlimited amount, so long as the Consolidated Leverage Ratio, calculated on a pro forma basis (as of the last day of the Test
Period for which Borrower most recently has delivered to Administrative Agent a completed and duly executed and Compliance Certificate
pursuant to ‎Section 6.01(d) and the accompanying
financial statements of Borrower and its Subsidiaries as required by ‎Section
6.01(a), ‎(b) and ‎(c),
as applicable, after giving effect to the Borrowing of the full amount of any Additional Revolving Credit Commitment or Incremental Term
Loan Commitment requested pursuant to ‎Section 2.14
and other customary and appropriate pro forma adjustment events, including any Acquisitions or Dispositions after the end of the
relevant Test Period but prior to or simultaneous with the Borrowing of such Additional Revolving Credit Commitment or Incremental Term
Loan Commitment, as applicable, is less than 3.00:1.00 (the “Unlimited Incremental Basket”).

 

“Incremental Term Loan” has the meaning given
such term in ‎Section 2.01(c).

 

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“Incremental Term Loan Borrowing” means a
borrowing consisting of simultaneous Incremental Term Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same
Interest Period made by each Incremental Term Loan Lender pursuant to ‎Section
2.01(c).

 

“Incremental Term Loan Commitments” means
the commitment of an Incremental Term Loan Lender to make Incremental Term Loans pursuant to ‎Section
2.14.

 

“Incremental Term Loan Facility” means, at
any time, the aggregate principal amount of the Incremental Term Loans of all Incremental Term Loan Lenders outstanding at such time.

 

“Incremental Term Loan Lender” means, at
any time, a lender providing Incremental Term Loans, other than any such Person that thereafter ceases to be a party hereto pursuant to
an Assignment and Assumption.

 

“Incremental Term Loan Maturity Date” means
the earlier of (a) the Incremental Term Loan Stated Maturity Date and (b) the acceleration of the Incremental Term Loans pursuant to ‎Section
8.03.

 

“Incremental Term Loan Percentage Share”
means as to any Incremental Term Loan Lender at any time, the percentage (expressed as a decimal carried out to the ninth decimal place)
of (a) on or prior to the Additional Commitment Effective Date of any Incremental Term Loans, the Aggregate Incremental Term Loan Commitments
represented by such Incremental Term Loan Lender’s Incremental Term Loan Commitment, subject to adjustment as provided in ‎Section
3.07; (b) following the Additional Commitment Effective Date of any Incremental Term Loans so long as any Incremental Term Loans are outstanding,
the Outstanding Amount of all Incremental Term Loans represented by the Outstanding Amount of all Incremental Term Loans owing to such
Incremental Term Loan Lender; and (c) following the Additional Commitment Effective Date of any Incremental Term Loans if all Incremental
Term Loans have been repaid in full, the Outstanding Amount of all Incremental Term Loans represented by the Outstanding Amount of all
Incremental Term Loans owing to such Incremental Term Loan Lender immediately prior to such repayment in full, giving effect to any subsequent
assignments. The Incremental Term Loan Percentage Share of each Incremental Term Loan Lender will be set forth in the Additional Commitment
Documentation or the Assignment and Assumption pursuant to which such Incremental Term Loan Lender became a party hereto, as applicable.

 

“Incremental Term Loan Stated Maturity Date”
means the maturity date specified for Incremental Term Loans pursuant to the applicable Incremental Term Documentation.

 

“Incremental Term Loans” means any loans
made in respect of Incremental Term Loan Commitments.

 

“Indebtedness” means, as to any Person as
of any date of determination, without duplication, all of the following, whether or not included or characterized as indebtedness or a
liability in accordance with GAAP: (a) all obligations of such Person for borrowed money; (b) all obligations of such Person evidenced
by bonds, debentures, notes, loan agreements or other similar instruments; (c) all direct or contingent obligations of such Person arising
under letters of credit, bank undertakings, letters of guaranty (including, for each of the foregoing, the stated or available amount
that is undrawn or that has been drawn but is unreimbursed); (d) all obligations, contingent or otherwise, of such Person in respect of
bankers’ acceptances; (e) all obligations of such Person to pay the deferred purchase price of property or services (including Deferred

 

    30 

     

    

Purchase Price Obligations) to the extent (1) such obligations are
required to be reflected on the balance sheet of Borrower and its Consolidated Subsidiaries in accordance with GAAP (excluding in the
notes thereof) and (2) such obligations are due more than twelve months from the initial date of incurrence of the relevant obligation
or are evidenced by a promissory note or similar instrument reflecting a payment obligation (excluding any such obligations to the extent
that Borrower has elected to exclude such obligations (or a portion thereof) in a written notice delivered to Administrative Agent certifying
that Borrower or a Subsidiary of Borrower has designated and maintains in reserve certain Unrestricted Cash or Cash Equivalents to pay
such obligations as and when they become due and payable (in which case such reserved Unrestricted Cash and Cash Equivalents will not
be counted towards determining the Minimum Liquidity Condition until such time that the Borrower delivers a written notice to Administrative
Agent certifying that such designated Unrestricted Cash or Cash Equivalents (or specified portion thereof) no longer is being reserved
for application to the payment of such outstanding deferred purchase price obligations); (f) indebtedness (excluding prepaid interest
thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales
or other title retention agreements), whether or not such indebtedness will have been assumed by such Person or is limited in recourse
(provided that if such Person has not assumed or become liable in respect of such indebtedness, such indebtedness will be deemed
to be an amount equal to the lesser of (i) the fair market value of the property to which such Lien relates and (ii) the indebtedness
secured by a Lien on such property); (g) all Attributable Debt in respect of all Capitalized Leases and Synthetic Lease Obligations of
such Person; (h) all obligations of such Person to purchase, redeem, retire, defease or make other similar payments (other than dividends)
in respect of Disqualified Equity Interests in Cash valued, in the case of a redeemable preferred interest, at the greater of its voluntary
or involuntary liquidation preference plus accrued and unpaid dividends (provided that (i) an issuance of Disqualified Equity
Interests (without regard to the number of holders thereof) will not be considered Indebtedness for purposes of this definition if the
aggregate of the obligations in respect thereof (as determined pursuant to this clause (h)) do not exceed $5,000,000 and (ii) obligations
to make such payments in cash with respect to fractional shares will not be deemed to be Indebtedness); (i) all Guarantees of such Person
in respect of Indebtedness referred to in any of the preceding clauses (a) through (h); and (j) the Swap Termination Value under all Swap
Contracts to which such Person is a party. The Indebtedness of any Person will include the Indebtedness of any other entity (including
any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s
ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person
is not liable therefor. Notwithstanding the foregoing, none of the following will constitute Indebtedness for purposes of this Agreement:
(i) trade or other accounts payable incurred in the ordinary course of such Person’s business, (ii) bonuses or other deferred compensation
arrangements with respect to officers, directors, employees or agents of such Person, (iii) customer accounts and deposits, accrued employee
compensation and other liabilities in the nature of employee compensation accrued, (iv) rebates, credits for returned products, discounts,
refunds, allowances for customers and credits against receivables, in each case in this clause (iv) in the ordinary course of such Person’s
business, and (v) earn-outs and other deferred payment obligations incurred in connection with an Acquisition to the extent not included
in clause (e) above. For the avoidance of doubt, a Permitted Warrant Transaction
shall not constitute Indebtedness of Borrower.

 

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

 

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“Indemnitees” means, collectively, Administrative
Agent (and any sub-agent thereof), each Arranger, each Lending Party and each Related Party of any of the foregoing Persons.

 

“Information” has the meaning given such
term in ‎Section 10.07.

 

“Insolvency Proceeding” means (a) any case,
action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation,
receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the benefit of creditors, composition, marshalling
of assets for creditors or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors,
in the cases of each of the foregoing clauses (a) and (b) undertaken under Federal, state or foreign Law, including the Bankruptcy Code.

 

“Intercreditor
Agreement” has the meaning given to such term in Section 9.10(e).

 

“Interest Payment Date” means (a) with respect
to (i) a Eurocurrency Rate Loan (other than an RFR Daily Simple Rate Loan, the last day of each Interest Period applicable thereto and,
in the case of a Eurocurrency Rate Loan with an Interest Period of more than three months’ duration, each day prior to the last
day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period, (ii)
a Base Rate Loan (other than a Swing Line Loan) or an RFR Daily Simple Rate Loan, the last Business Day of each calendar month, and (iii)
a Swing Line Loan, the last Business Day of each calendar month; and (b) (i) in the case of Revolving Credit Loans and Swing Line Loans,
the Revolving Credit Maturity Date, and (ii) in the case of Incremental Term Loans, the applicable Incremental Term Loan Maturity Date.

 

“Interest Period” means, as to each Eurocurrency
Rate Loan, the period commencing on the date such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency Rate
Loan and ending on the date one, three or six months thereafter, as selected by Borrower in the related Loan Notice; provided that
(a) Eurocurrency Rate Loans bearing interest at the CDOR Rate, Interest Periods available for such Loans will be limited to periods of
one-and three-months; (b) any Interest Period that would otherwise end on a day that is not a Business Day will be extended to the next
succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period will end on the next
preceding Business Day; (c) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there
is no numerically corresponding day in the calendar month at the end of such Interest Period) will end on the last Business Day of the
calendar month at the end of such Interest Period; and (d) no Interest Period for (i) any Revolving Credit Loan will extend beyond the
Revolving Credit Stated Maturity Date and (ii) any Incremental Term Loan will extend beyond the applicable Incremental Term Loan Stated
Maturity Date.

 

“Investment” means, as to any Person, any
direct or indirect acquisition or investment by such Person in another Person, whether by means of (a) the purchase or other acquisition
of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase
or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or limited liability
company interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such other Person
or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitutes
a business unit, or all or a substantial part of the business of, such Person. For purposes of calculating compliance with ‎Section
7.02, the amount of any Investment will be the original principal or capital amount thereof without

 

    32 

     

    

adjustment for subsequent increases or decreases in the value of such
Investment, but less all returns of principal or equity thereon and less all distributions, dividends or other payments thereon or received
in respect thereof (and with respect to Investments constituting Guarantees, less the amount of all obligations so guaranteed that are
permanently terminated or satisfied other than through payment on such Guarantee), and will, if made by the transfer or exchange of Property
other than Cash, be deemed to have been made in an original principal or capital amount equal to the fair market value of such Property.

 

“IRS” means the United States Internal Revenue
Service.

 

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

 

“ISP” means, with respect to any Credit,
the “International Standby Practices 1998” (exclusive of Rule 3.14 thereof) published by the Institute of International Banking
Law & Practice (or, if the L/C Issuer agrees at the time of issuance, such later version thereof as may be in effect at the time of
issuance of such Credit).

 

“Issuer Documents” means, with respect to
any Credit, the Credit Application relating thereto and any other document entered into by the L/C Issuer and Borrower as account party
or its permitted designee or otherwise delivered by Borrower or its permitted designee to or for the benefit of the L/C Issuer, in each
case relating to such Credit.

 

“Joinder Agreement” means an agreement entered
into by a Subsidiary of Borrower following the date hereof pursuant to ‎Section
6.11(a) to join in the Guaranty set forth in ‎Section
10.15, in substantially the form of Exhibit C or any other form approved by Administrative Agent.

 

“Joint Venture” means a joint venture, partnership,
alliance, consortium or similar arrangement, whether in corporate, partnership or other legal form; provided that, as to any such
arrangement in corporate form, such corporation will not, as to any Person of which such corporation is a subsidiary, be considered to
be a Joint Venture to which such Person is a party.

 

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

 

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

 

“L/C Issuer” means HSBC in its capacity as
the initial issuer of Credits hereunder, or any successor or additional issuer of Credits hereunder, and includes any branch or Affiliate
thereof.

 

“LCT Test Date” has the meaning given such
term in Section 1.02(p).

 

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“Lender” means, collectively, (a) initially,
each Person designated on Schedule 2.01 as a “Lender” and (b) each Person that assumes a Revolving Credit Commitment, an Additional
Revolving Credit Commitment and/or an Incremental Term Loan Commitment pursuant to an Assignment and Assumption or pursuant to the applicable
Additional Commitment Documentation or which otherwise holds a Revolving Credit Commitment, a Revolving Credit Loan, an Additional Revolving
Credit Commitment, an Additional Revolving Credit Loan, an Incremental Term Loan Commitment, an Incremental Term Loan, a risk participation
in a Swing Line Loan or a participation in a Credit or a Credit Borrowing (in each case, for so long as such Person holds Commitments
or Loans).

 

“Lending Office” means, as to any Lender,
the office or offices of such Lender described as such in such Lender’s Administrative Detail Form, or such other office or offices
as a Lender may from time to time notify Borrower, Administrative Agent and the Lending Parties.

 

“Lending Parties” means, collectively, Lenders,
Swing Line Lender and the L/C Issuers.

 

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

 

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

 

“LIBO Rate” means, with respect to any Eurocurrency
Rate Loan denominated in Dollars, Sterling or Swiss Francs and for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m.
(London time) two (2) Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen
Rate shall not be available at such time for such Interest Period (an “Impacted LIBO Rate Interest Period”)
with respect to such Agreed Currency then the LIBO Rate shall be the LIBO Interpolated Rate.

 

“LIBO Screen Rate” means, for any day and
time, with respect to any Eurocurrency Rate Loan denominated in Dollars, Sterling or Swiss Francs and for any Interest Period, the London
Interbank Offered Rate (“LIBOR”) as administered by ICE Benchmark Administration (or any other Applicable Administrator
that takes over the administration of such rate) for such Agreed Currency for a period equal in length to such Interest Period as displayed
on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear
on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of
such other information service that publishes such rate from time to time as selected by Administrative Agent in its reasonable discretion);
provided that if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be the Floor for the purposes of this
Agreement.

 

“LIBOR” has the meaning given such term in
the definition of “Eurocurrency LIBOR Screen Rate” set forth in this ‎Section
1.01.

 

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“LIBOR Quoted Currency” means Dollars, Sterling,
Euros, Swiss Francs and Yen, in each case as long as there is a published LIBOR rate with respect thereto.

 

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

 

“Limited Condition Transaction” means any
Acquisition that Borrower or any one or more of its Subsidiaries is contractually committed to consummate (it being understood that such
commitment may be subject to conditions precedent, which conditions precedent may be amended, satisfied or waived in accordance with the
terms of the applicable agreement) whose consummation is not conditioned upon the availability of, or on obtaining, third-party financing.

 

“Limited Pledge Non-Control Investment” means
an Investment by any Loan Party permitted by ‎Section
7.02 in the Equity Interests of any Person incorporated or formed under the laws of any jurisdiction in the United States of America,
including any State thereof or the District of Columbia, and as a result of which, after giving pro forma effect to such Investment,
(a) such Person shall not be a Subsidiary and (b) Borrower does not, directly or indirectly, Control such Person; provided that
the fair market value of any such Investment in a Person, as determined by Borrower in good faith, at the time of the consummation of
such Investment does not exceed an amount equal to 2.5% of the lesser of (a) the Consolidated gross revenues (after intercompany eliminations)
of Borrower and its Subsidiaries and (b) the Consolidated assets (after intercompany eliminations) of Borrower and its Subsidiaries, in
each case as of the last day of the most recently completed Test Period for which financial statements have been delivered pursuant to
‎Section 6.01(a) or ‎(b),
as applicable.

 

“Limited Pledge Subsidiary” means each Subsidiary
of Borrower now existing or hereafter acquired or formed, and each successor thereto, in each case which accounts for less than 2.5% of
(a) the Consolidated gross revenues (after intercompany eliminations) of Borrower and its Subsidiaries and (b) the Consolidated assets
(after intercompany eliminations) of Borrower and its Subsidiaries, in each case as of the last day of the most recently completed Test
Period for which financial statements have been delivered pursuant to ‎Section
6.01(a) or ‎(b), as applicable.

 

“Linked Undertaking” means a Bank Undertaking
with respect to which the L/C Issuer thereof is the beneficiary of a related Letter of Credit issued by such L/C Issuer’s Affiliate
supporting such Bank Undertaking on terms substantially identical (other than the beneficiary) to those of such Bank Undertaking.

 

“Loan” means any Revolving Credit Loan, Swing
Line Loan, Additional Revolving Credit Loan or Incremental Term Loan.

 

“Loan Document Obligations” means all advances
to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect
to any Loan or Credit, including any Erroneous Payment Subrogation Rights, in each case whether direct or indirect (including those acquired
by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue
after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such
Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.

 

    35 

     

    

“Loan Documents” means this Agreement, the
Notes, the Credits and related Issuer Documents, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions
of ‎Section 2.15, the Collateral Documents, the Fee
Letter and any and all other agreements, documents and instruments executed and/or delivered by or on behalf of or in support of any Loan
Party to Administrative Agent or any Lending Party or their respective authorized designee evidencing or otherwise relating to the Loans
or the Credit Borrowings made or the Credits issued hereunder.

 

“Loan Notice” means a notice, pursuant to
‎Section 2.02(a), of (a) a borrowing of Loans, (b)
a conversion of Loans from one Type to the other or (c) a continuation of Eurocurrency Rate Loans, which notice, if in writing, will be
substantially in the form of Exhibit D.

 

“Loan Parties” means, collectively, Borrower
and all Guarantors.

 

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

 

“Margin Stock” means “margin stock”
as defined in Regulation U adopted by the FRB (12 C.F.R. Part 221).

 

“Material Acquisition” means each Acquisition
(or series of related Acquisitions) for which the Acquisition Consideration, including any Deferred Purchase Price Obligations, is equal
to or greater than $75,000,000.

 

“Material Adverse Effect” means any of the
following: (a) a material adverse change in, or a material adverse effect on, the business, assets, properties, liabilities, condition
(financial or otherwise) or results of operations of Borrower and its Subsidiaries taken as a whole; or (b) a material adverse effect
on the ability of Borrower and the Guarantors, taken as a whole, to perform their payment obligations under any Loan Document; or (c)
a material adverse effect upon the legality, validity, binding effect or enforceability against Borrower or any Guarantor of any Loan
Documents to which it is a party.

 

“Material Contract” means any written contract,
license or other written arrangement to which any Loan Party is a party (other than the Loan Documents) for which breach, nonperformance,
cancellation or failure to renew could reasonably be expected to have or result in a Material Adverse Effect.

 

“Material First-Tier Foreign Subsidiary”
means each Foreign Subsidiary of Borrower the Equity Interests of which are directly owned by Borrower or a Domestic Subsidiary of Borrower,
whether such Foreign Subsidiary is now existing or hereafter acquired or formed, and each successor thereto, in each case which accounts
for more than 2.5% of (a) the Consolidated gross revenues (after intercompany eliminations) of Borrower and its Subsidiaries or (b) the
Consolidated assets (after intercompany eliminations) of Borrower and its Subsidiaries, in each case as of the last day of the most recently
completed Test Period for which financial statements have been delivered pursuant to ‎Section
6.01(a) or ‎(b), as applicable.

 

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“Material Subsidiary” means each Subsidiary
of Borrower now existing or hereafter acquired or formed, and each successor thereto, in each case which accounts for more than 5% of
(i) the Consolidated gross revenues (after intercompany eliminations) of Borrower and its Subsidiaries or (ii) the Consolidated assets
(after intercompany eliminations) of Borrower and its Subsidiaries, in each case as of the last day of the most recently completed Test
Period for which financial statements have been delivered pursuant to ‎Section
6.01(a) or ‎(b), as applicable.

 

“Minimum Collateral Amount” means, at any
time, (a) with respect to Cash Collateral consisting of Cash, an amount equal to 103% of the Fronting Exposure of the applicable L/C Issuer(s)
with respect to Credits issued and outstanding at such time and (b) otherwise, an amount determined by Administrative Agent and the applicable
L/C Issuer(s) with respect to Credits issued and outstanding at such time in their Reasonable Discretion.

 

“Minimum Liquidity Condition” means, as of
any date of determination, that the sum of (a) the Aggregate Revolving Credit Commitments minus the Total Revolving Credit
Outstandings, and (b) the sum of (i) 100% of the Unrestricted Cash and Cash Equivalents of Borrower and its Domestic Subsidiaries
on such date and (ii) 75% of the Unrestricted Cash and Cash Equivalents of Borrower’s Foreign Subsidiaries on such date, equals
or exceeds $100,000,000 (provided that to the extent any Unrestricted Cash or Cash Equivalents have been designated by Borrower
or its Subsidiaries as reserved for the payment of outstanding deferred purchase price obligations as contemplated by clause (e) of the
definition of “Indebtedness” set forth in this ‎Section
1.01 so that such obligations shall not constitute Indebtedness, such designated Unrestricted Cash or Cash Equivalents shall automatically
be excluded from the determination of the Minimum Liquidity Condition unless and until Borrower delivers to Administrative Agent a written
notice certifying that such designated Unrestricted Cash or Cash Equivalents (or specified portion thereof) no longer is being reserved
by Borrower for application to the payment of such outstanding deferred purchase price obligations).

 

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

 

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

 

“National Currency Unit” means a fraction
or multiple of one Euro expressed in units of the former national currency of a Participating Member State.

 

“Net Cash Proceeds” means, with respect to
any incurrence or issuance of any Indebtedness, the aggregate amount of Cash received from time to time (whether as initial consideration
or through payment or disposition of deferred consideration, as and when received in Cash) by or on behalf of such Person in connection
with such transaction after deducting therefrom only (without duplication) (a) reasonable and customary brokerage commissions, legal fees,
finders’ fees and other similar fees and commissions, (b) the amount of taxes payable in connection with or as a result of such
transaction, (c) the amount of any Indebtedness secured by a Lien on such asset (other than the Obligations) that, by the terms of such
transaction, is required to be and is repaid upon such Disposition and the amount of any other non-contingent liabilities directly associated
with such asset (including indemnity obligations) and (d) other transaction costs and expenses customary and reasonable for such transactions,
in each case to the extent, but only to the extent, that the amounts so deducted are properly attributable to such Disposition or to the
asset that is the subject thereof and are actually paid (or required to be paid) to a Person that is not a Loan Party (it being understood
that if such amounts are not so paid within sixty (60) days of when so required to be paid, such amount shall not constitute a deduction
from Net Cash

 

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Proceeds of the applicable Disposition); provided, that in the
case of taxes that are deductible under clause (b) above and that at the time of receipt of such Cash, have not been actually paid or
are not then payable, such Person may deduct an amount (the “Reserved Tax Amount”) equal to a reasonable estimate
for such taxes; provided, that at the time such taxes are paid (and if further taxes in respect thereof are not due), an amount
equal to the amount, if any, by which the Reserved Tax Amount exceeds the amount actually so paid, will constitute Net Cash Proceeds;
provided, further, that at the time any tax indemnification in respect of a Reserved Tax Amount is received by such Person,
an amount equal to the amount, if any, by which the tax indemnification amount received exceeds the amount actually paid in respect of
the underlying indemnified event, will constitute Net Cash Proceeds.

 

“Net Equity Proceeds” means, with respect
to any issuance of any Equity Interest, including any securities convertible into or exchangeable for Equity Interests or any warrants,
rights, options or other securities to acquire Equity Interests by an Person, the aggregate amount of Cash received from time to time
(whether as initial consideration or through payment or disposition of deferred consideration, as and when received in Cash) by or on
behalf of such Person in connection with such transaction after deducting therefrom only (without duplication): (a) reasonable and customary
brokerage commissions, underwriting fees and discounts, legal fees, finders’ fees and other similar fees and commissions and (b)
other transaction costs customary and reasonable for such transactions, in each case to the extent, but only to the extent, that the amounts
so deducted are properly attributable to such transaction and are, at the time of receipt of such Cash, actually paid to a Person that
is not a Loan Party.

 

“Net Equity Proceeds Amount” means, as of
any time of determination, an amount equal to the aggregate Net Equity Proceeds received by Borrower or any of its Subsidiaries after
the Second Restatement Effective Date which are used solely to fund all or a portion of the Acquisition Consideration for Acquisitions
permitted pursuant to ‎Section 7.02, with the Net
Equity Proceeds Amount to be immediately reduced by the amount of the Acquisition Consideration for any such Permitted Acquisition made
with such Net Equity Proceeds.

 

“New Lender” has the meaning given such term
in ‎Section 4.01(g).

 

“New Lender Agreement” has the meaning given
such term in ‎Section 4.01(g).

 

“Non-Consenting Lender” means any Lender
that does not (as determined by Administrative Agent in its Reasonable Discretion) approve any consent, waiver or amendment that (a) requires
the approval of all affected Lenders in accordance with the terms of ‎Section
10.01 and (b) has been approved by Required Lenders (to the extent such consent, waiver or amendment requires the approval of all Lenders)
or Required Revolving Credit Lenders or Required Incremental Term Loan Lenders (to the extent such consent, waiver or amendment requires
the consent of all Revolving Credit Lenders or Incremental Term Loan Lenders, as applicable).

 

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

 

“Non-Exempt Subsidiary” means each direct
or indirect non-wholly owned Domestic Subsidiary of Borrower now existing or hereafter acquired or formed, and each successor thereto,
in each case which accounts for (a) more than 10% of the Consolidated gross revenues (after intercompany eliminations) of Borrower and
its Consolidated Subsidiaries or (b) more than 10% of the Consolidated assets (after intercompany eliminations) of Borrower and its Consolidated

 

    38 

     

    

Subsidiaries, in each case, as of the last day of the most recently
completed Test Period for which financial statements have been delivered pursuant to ‎Section
6.01(a) or ‎(b), as applicable; provided
that if the Exempt Subsidiaries of Borrower at any time account for, in the aggregate, (i) more than 20% of the Consolidated gross revenues
(after intercompany eliminations) of Borrower and its Consolidated Subsidiaries or (ii) more than 20% of the Consolidated assets (after
intercompany eliminations) of Borrower and its Consolidated Subsidiaries, in each case, as of the last day of the most recently completed
Test Period for which financial statements have been delivered pursuant to ‎Section
6.01(a) or ‎(b), as applicable, Borrower shall
designate one or more of such Exempt Subsidiaries to be Non-Exempt Subsidiaries such that, after giving effect to such designations, the
Exempt Subsidiaries of Borrower shall account for, in the aggregate, (A) not more than 20% of the Consolidated gross revenues (after intercompany
eliminations) of Borrower and its Consolidated Subsidiaries and (B) not more than 20% of the Consolidated assets (after intercompany eliminations)
of Borrower and its Consolidated Subsidiaries, in each case, as of the last day of the most recently completed Test Period for which financial
statements have been delivered pursuant to ‎Section
6.01(a) or ‎(b), as applicable.

 

“Non-LIBOR Quoted Currency” means any currency
other than a LIBOR Quoted Currency.

 

“Note” means any promissory note executed
by Borrower in favor of a Lender pursuant to ‎Section
2.11 in substantially the form of Exhibit E.

 

“Obligations” means, collectively, (a) the
Loan Document Obligations, (b) the Secured Cash Management Obligations and (c) the Secured Swap Obligations (excluding with respect to
any Guarantor that is a Subsidiary of Borrower, Excluded Swap Obligations of such Guarantor).

 

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

 

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

 

“Other Taxes” means all present or future
stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution,
delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with
respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than
an assignment made pursuant to ‎Section 3.08).

 

    39 

     

    

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

 

“Participant” has the meaning given to such
term in ‎Section 10.06(d).

 

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

 

“PATRIOT Act” means the USA PATRIOT Act (Title
III of Pub. L. 107-56 (signed into law October 26, 2001)).

 

“Payment Recipient” has the meaning given
such term in ‎Section 9.14(a).

 

“PBGC” means the Pension Benefit Guaranty
Corporation.

 

“Pension Funding Rules” means the rules of
the Code and ERISA regarding minimum required contributions (including any installment payment thereof) to Pension Plans and set forth
in, as applicable, Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Pension Plan” means any employee pension
benefit plan, other than a Multiemployer Plan, that is maintained or is contributed to by any Loan Party and any ERISA Affiliate and is
either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code.

 

“Percentage Share” means, as to any Lender,
its Revolving Credit Percentage Share or Incremental Term Loan Percentage Share, as applicable.

 

“Permitted Acquisition” means any Acquisition
that meets the following conditions (in each case subject to Section 1.02(p)):

 

(a)       the proposed Acquisition
will be undertaken and consummated in accordance and in compliance in all material respects with all applicable Laws;

 

(b)       such proposed Acquisition
does not involve any material assets or businesses of the type prohibited pursuant to ‎Section
7.11;

 

(c)       such proposed Acquisition
is or will be approved by (i) to the extent required by Applicable Law, the Target’s Board of Directors and (ii) to the extent required
by applicable Law, the holders of the Equity Interests in the Target;

 

(d)       no Default or Event of
Default will have occurred and be continuing at the time of execution of a binding purchase agreement with respect to the proposed Acquisition
or immediately after giving effect thereto;

 

    40 

     

    

(e)       Borrower will be in compliance
with the financial covenants set forth in ‎Section
7.15, for the most recent Test Period ending prior to the closing date of the proposed Acquisition for which financial statements have
been provided, on a pro forma basis as if such proposed Acquisition (as well as all other Permitted Acquisitions closed subsequent
to such Test Period end) occurred on the first day of the Test Period ended on such date (but assuming, for purposes of determining pro
forma compliance with ‎Section 7.15(a) for such
Test Period, that the maximum Consolidated Leverage Ratio permitted pursuant to ‎Section
7.15(a) for such Test Period was 0.25 less than the maximum Consolidated Leverage Ratio set forth in ‎Section
7.15(a) corresponding to such Test Period (after giving effect to any permitted increase to such maximum Consolidated Leverage Ratio corresponding
to such Test Period assuming the consummation of such Permitted Acquisition); provided, at Borrower’s option, compliance
with such covenants may be tested at the time a binding agreement with respect to the proposed Acquisition is entered into (and not at
the time of consummation of such Acquisition), in which case the permitted increase to the Consolidated Leverage Ratio shall be based
on the pro forma calculation of the Consolidated Leverage Ratio (giving effect to the Permitted Acquisition and the Indebtedness
related thereto that is reasonably anticipated to be incurred or assumed);

 

(f)       after giving effect to
the proposed Acquisition and the payment of all amounts (including fees and expenses) owing in connection therewith, the Minimum Liquidity
Condition is satisfied;

 

(g)       the business and assets
of the Target will be free and clear of Liens upon the consummation of the Acquisition, except Permitted Liens;

 

(h)       with respect to any Acquisition
by Borrower or any Domestic Subsidiary of any Target that, upon the consummation of such Acquisition, would become a direct or indirect
Foreign Subsidiary of the Borrower, the Acquisition Consideration payable for the proposed Acquisition (excluding any Acquisition Consideration
payable in Equity Interests of the Borrower that are not Disqualified Equity Interests) will not exceed $10,000,000;

 

(i)       if the Acquisition
Consideration payable for the proposed Acquisition equals or exceeds $25,000,000, Borrower will have delivered to Administrative Agent
the historical audited financial statements of Target for the three immediately preceding fiscal years of Target (or, if less, the number
of years available, if any) and unaudited financial statements thereof for the most recent interim period (if any) that is available;

 

(j)       Borrower will have delivered
to Administrative Agent a certificate executed by a Responsible Officer of Borrower certifying, to the best of such Responsible Officer’s
knowledge, the compliance with each of the conditions set forth in the preceding clauses (a) through (i), inclusive, and containing the
calculations (in reasonable detail) required by the preceding clauses (e) and (f); and

 

(k)       Borrower will cause each
Subsidiary which is formed to effect, or is acquired pursuant to, an Acquisition to comply with, and to execute and deliver all of the
documentation as and to the extent required by the Loan Documents and within the time period prescribed therein (including ‎Section
6.11).

 

“Permitted
Bond Hedge Transaction” means any call or capped call option (or substantively equivalent derivative transaction) relating
to Borrower’s common stock (or other securities or property following a merger event, reclassification or other change of the common
stock of Borrower) purchased by Borrower in connection with the issuance of any Permitted

 

    41 

     

    

Convertible
Indebtedness and settled in common stock of Borrower (or such other securities or property), cash or a combination thereof (such amount
of cash determined by reference to the price of Borrower’s common stock or such other securities or property), and cash in lieu
of fractional shares of common stock of Borrower.

 

“Permitted
Convertible Indebtedness” means senior, unsecured Indebtedness of Borrower that is (x) convertible into shares of common
stock of Borrower (or other securities or property following a merger event, reclassification or other change of the common stock of
Borrower), cash or a combination thereof (such amount of cash determined by reference to the price of Borrower’s common stock or
such other securities or property), and cash in lieu of fractional shares of common stock of Borrower, (y) issued in connection with
the Sunrise Acquisition (or to refinance any debt issued in connection with the Sunrise Acquisition) and (z) not mandatorily redeemable
prior to the Revolving Credit Maturity Date; provided that such Indebtedness shall not be considered to be “mandatorily redeemable”
on account of either (I) the right of holders to require Borrower to repurchase such Indebtedness in connection with a “fundamental
change” or (II) the right of holders to convert such Indebtedness, in each case, in accordance with the terms of the indenture
governing the Permitted Convertible Indebtedness.

 

“Permitted Encumbrances” means any Cash Collateral
or other credit support provided to any L/C Issuer in respect of a Defaulting Lender pursuant to clause ‎(E)
of ‎Section 2.03(a)(iv).

 

“Permitted Liens” has the meaning given such
term in ‎Section 7.01.

 

“Permitted
Pari Passu Intercreditor Agreement” shall mean, with respect to any Liens on Collateral that are intended to be pari passu
with the Liens securing the Loans, an intercreditor agreement either (i) in the form of Exhibit B to the Second Amendment with such amendments
thereto as the Administrative Agent shall deem acceptable or (ii) otherwise on terms consistent with market terms governing security
arrangements for the sharing of liens on a pari passu basis at the time such intercreditor agreement is proposed to be established in
light of the type of Indebtedness to be secured by such liens, as determined by the Administrative Agent and the Borrower in the exercise
of reasonable judgment.

 

“Permitted
Junior Intercreditor Agreement” shall mean, with respect to any Liens on Collateral that are intended to be junior to any
Liens on Collateral securing the Loans, an intercreditor agreement the terms of which are consistent with market terms governing security
arrangements for the sharing of liens on a junior basis at the time such intercreditor agreement is proposed to be established in light
of the type of Indebtedness to be secured by such liens, as determined by the Administrative Agent and the Borrower in the exercise of
reasonable judgment.

 

“Permitted
Warrant Transaction” means any call option, warrant or right to purchase (or substantively equivalent derivative transaction)
relating to Borrower’s common stock (or other securities or property following a merger event, reclassification or other change
of the common stock of Borrower) sold by Borrower substantially concurrently with any purchase by Borrower of a Permitted Bond Hedge
Transaction and settled in common stock of Borrower (or such other securities or property), cash or a combination thereof (such amount
of cash determined by reference to the price of Borrower’s common stock or such other securities or property), and cash in lieu
of fractional shares of common stock of Borrower.

 

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

 

    42 

     

    

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

 

“Preferred Equity” means, as applied to the
Equity Interests of any Person, Equity Interests of such Person (other than common Equity Interests of such Person) of any class or classes
(however designed) that ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary
liquidation, dissolution or winding up of such Person, to shares of Equity Interests of any other class of such Person.

 

“Prime Rate” means the per annum rate
of interest in effect for such day as publicly announced from time to time by HSBC as its “Prime Rate,” such rate being the
rate of interest most recently announced within HSBC at its principal office in New York, New York as its “Prime Rate,” with
the understanding that HSBC’s “Prime Rate” is one of HSBC’s base rates and serves as the basis upon which effective
rates of interest are calculated for those loans making reference thereto, and is evidenced by the recording thereof after its announcement
in such internal publication or publications as HSBC may designate. HSBC’s “Prime Rate” is not intended to be the lowest
rate of interest charged by HSBC in connection with extensions of credit to borrowers. Any change in HSBC’s “Prime Rate”
as announced by HSBC will take effect at the opening of business on the day specified in the public announcement of such change.

 

“Proceeding” has the meaning given such term
in ‎Section 6.03(b).

 

“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.

 

“QFC” has the meaning assigned to the term
“qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

“QFC Credit Support” has the meaning specified
in ‎Section 10.22.

 

“Qualified ECP Guarantor” means, in respect
of any Secured Swap Obligations, each Guarantor that has total assets exceeding $10,000,000 at the time the relevant Guaranty or grant
of the relevant security interest becomes effective with respect to such Secured Swap Obligation or such other Person as constitutes an
“eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another
Person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II)
of the Commodity Exchange Act.

 

“Qualified Preferred Stock” means any Preferred
Equity of Borrower (a) that does not constitute Disqualified Equity Interests and (b) does not require the Cash payment of dividends or
distributions that would otherwise be prohibited by the terms of this Agreement.

 

“Reasonable Discretion” means, as to any
Person, a determination or judgment made by such Person in the exercise of such Person’s reasonable (from the perspective of a secured
commercial lender) business judgment.

 

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

 

    43 

     

    

“Record” means information that is inscribed
on a tangible medium or which is stored on an electronic or other medium and is retrievable in perceived form.

 

“Reference Time” with respect to any setting
of the then-current Benchmark means (a) if such Benchmark is the LIBO Rate, 11:00 a.m. (London time) on the day that is two (2) London
Banking Days preceding the date of such setting, (b) if such Benchmark is EURIBOR Rate, 11:00 a.m. (Brussels time) two (2) TARGET Days
preceding the date of such setting, and (d) if such Benchmark is neither the LIBO Rate nor the EURIBOR Rate, the time determined by Administrative
Agent in its reasonable discretion.

 

“Register” means a register for the recordation
of the names and addresses of Lenders and, as applicable, the Commitments of, and Outstanding Amounts of the Loans and Credit Obligations
owing to, each Lender pursuant to the terms hereof from time to time.

 

“Regulation D” means Regulation D of the
Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

 

“Related Business” means(i)
any business that is the same, similar or otherwise reasonably related, ancillary or complementary to the businesses of the Loan Parties
on the Second Restatement Effective Date or (ii) any business that is the same,
similar or otherwise reasonably related, ancillary or complementary to the business of Sunrise Target on the Second Amendment Effective
Date.

 

“Related Parties” means, with respect to
any Person, such Person’s Affiliates and the partners, members, directors, officers, employees, trustees, administrators, managers,
advisors and agents and representatives of such Person and of such Person’s Affiliates, and specifically includes, in the case of
HSBC, HSBC in its separate capacities as Administrative Agent, as Swing Line Lender, as L/C Issuer and as an Arranger.

 

“Release” means any release, spill, emission,
discharge, deposit, disposal, leaking, pumping, pouring, dumping, emptying, injection or leaching into the Environment, or into, from
or through any building, structure or facility.

 

“Relevant Governmental Body” means (a) with
respect to a Benchmark Replacement in respect of Obligations, interest, fees, commissions or other amounts denominated in, or calculated
with respect to, Dollars, the FRB or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the FRB or
the Federal Reserve Bank of New York, or any successor thereto and (b) with respect to a Benchmark Replacement in respect of Obligations,
interest, fees, commissions or other amounts denominated in, or calculated with respect to, any Alternative Currency, (i) the central
bank for the Agreed Currency in which such Obligations, interest, fees, commissions or other amounts are denominated, or calculated with
respect to, or any central bank or other supervisor which is responsible for supervising either (A) such Benchmark Replacement or (B)
the Applicable Administrator of such Benchmark Replacement or (ii) any working group or committee officially endorsed or convened by (x)
the central bank for the Currency in which such Obligations, interest, fees, commissions or other amounts are denominated, or calculated
with respect to, (y) any central bank or other supervisor that is responsible for supervising either (i) such Benchmark Replacement or
(ii) the administrator of such Benchmark Replacement, (3) a group of those central banks or other supervisors or (4) the Financial Stability
Board or any part thereof.

 

    44 

     

    

“Relevant Rate” means (a) with respect to
any Eurocurrency Rate Loan denominated in Dollars, Sterling or Swiss Francs, the corresponding LIBO Rate, (b) with respect to any Eurocurrency
Borrowing denominated in Euros, the EURIBOR Rate, (c) with respect to any Eurocurrency Borrowing denominated in Yen, the TIBOR Rate, or
(d) with respect to any Eurocurrency Borrowing denominated in Canadian Dollars, the CDOR Rate, as applicable.

 

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

 

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

 

“Required Incremental Term Loan Lenders”
means, as determined at any time, Incremental Term Loan Lenders holding in excess of 50.0% of the Outstanding Amount of all Incremental
Term Loans and Incremental Term Loan Commitments; provided that each determination of Required Incremental Term Loan Lenders will
disregard the Outstanding Amount of all Incremental Term Loans and Incremental Term Loan Commitments held by any then Defaulting Lender.

 

“Required Lenders” means, as determined at
any time, Lenders holding in excess of 50.0% of the sum of (a) (i) the Revolving Credit Commitments then in effect or (ii) if the Aggregate
Revolving Credit Commitments have been terminated in full, the Total Revolving Credit Outstandings at such time, plus (b) the Outstanding
Amount of all Incremental Term Loans and Incremental Term Loan Commitments at such time; provided that each determination of Required
Lenders will disregard the Revolving Credit Commitment of, the portion of the Total Revolving Credit Outstandings and the Outstanding
Amount of all Incremental Term Loans and Incremental Term Loan Commitments, as the case may be, of any then Defaulting Lender.

 

“Required Revolving Credit Lenders” means,
as determined at any time, (a) Revolving Credit Lenders holding in excess of 50.0% of the Revolving Credit Commitments then in effect
or (b) if the Aggregate Revolving Commitments have been terminated following the occurrence of an Event of Default, Revolving Credit Lenders
holding in excess of 50.0% of the Total Revolving Credit Outstandings at such time; provided that each determination of Required
Revolving Credit Lenders will disregard the Revolving Credit Commitment of, and the portion of the Total Revolving Credit Outstandings
held or deemed held, by any then Defaulting Lender.

 

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

 

“Responsible Officer” means (a) with respect
to Borrower in connection with any Request for Credit Extension to be delivered by Borrower hereunder, the chief executive officer, president,
chief financial officer, treasurer or controller of Borrower; (b) with respect to Borrower in connection with any Compliance Certificate
or any other certificate or notice pertaining to any financial information required to be delivery by Borrower hereunder or under any
other Loan Document, the chief financial officer, treasurer, controller or other officer having primary responsibility for the financial
affairs of such Person; and (c) otherwise, with respect to Borrower or any other Loan Party, the chief executive officer, president, chief
operating officer, chief financial officer, treasurer, controller, secretary or general counsel of such Person or such other authorized
person duly appointed by such Loan Party (or, if applicable, the chief executive officer, president, chief operating officer, chief financial
officer, treasurer, controller, secretary or general counsel of such Loan Party’s managing entity or such other authorized person
duly appointed by such managing entity).

 

    45 

     

    

“Restricted” means, when referring to Cash
or Cash Equivalents of Borrower and its Subsidiaries, that such Cash or Cash Equivalents (a) are indicated as “restricted”
(or such similar language) on a Consolidated balance sheet of Borrower (unless such indication is related to the Loan Documents or the
Liens created thereunder), (b) are subject to any Liens in favor of any Person other than Administrative Agent to secure the Obligations
or (c) are not otherwise generally available for use by Borrower or such Subsidiary (unless such restriction is related to the Loan Documents
or the Liens created thereunder).

 

“Restricted Payment” means, as to any Person,
(a) any Dividend by such Person (whether in Cash, securities or other property) with respect to any Equity Interest of such Person, (b)
any payment (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 of such Equity Interest or on account of any return of capital to any
holder of any such Person’s Equity Interests and (c) the acquisition for value by such Person of any Equity Interests issued by
such Person or any other Person that Controls such Person.

 

“Restricted Subsidiary” means, as determined
at any time, each direct or indirect Subsidiary of Borrower that (a) is not a Unrestricted Subsidiary (including, in each case, that has
not been designated an Unrestricted Subsidiary pursuant to ‎Section
2.16) and (b) is not a Subsidiary of an Unrestricted Subsidiary.

 

“Revaluation Date” means with respect to
any Loan, each of the following: (a) each date of the funding of a Eurocurrency Rate Loan hereunder denominated in an Alternative Currency,
(b) each date of an amendment or modification of any such Loan having the effect of increasing the amount thereof (solely with respect
to the increased amount), (c) each date of any prepayment or repayment of any Loan denominated in an Alternative Currency and (d) such
additional dates as Administrative Agent or any Lending Party will reasonably determine in accordance with the provisions of this Agreement.

 

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

 

“Revolving Credit Commitment” means, as to
each Revolving Credit Lender at any time, its obligation to do the following pursuant to the terms hereof: (a) make Revolving Credit Loans
to Borrower; (b) purchase participations in Credit Obligations; and (c) purchase participations in Swing Line Loans; all in an aggregate
principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or
in the Assignment and Assumption pursuant to which such Lender became a party hereto or pursuant to the applicable Additional Commitment
Documentation, as such amount may be adjusted from time to time in accordance with this Agreement.

 

“Revolving Credit Commitment Fee” has the
meaning given such term in ‎Section 2.09(a).

 

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

 

    46 

     

    

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

 

“Revolving Credit Lender” means, collectively,
(a) initially, each Lender designated on Schedule 2.01 as a Lender having a Revolving Credit Commitment as of the Second Restatement
Effective Date and (b) each Lender that assumes a Revolving Credit Commitment pursuant to an Assignment and Assumption or pursuant to
the applicable Additional Commitment Documentation or which otherwise holds a Revolving Credit Commitment, a Revolving Credit Loan, a
risk participation in a Swing Line Loan or a participation in a Credit or a L/C Borrowing, other than any such Person that ceases to be
a party hereto or ceases to hold any Revolving Credit Commitments or Revolving Credit Loans nor any such risk participations pursuant
to an Assignment and Assumption.

 

“Revolving Credit Loan” has the meaning given
such term in ‎Section 2.01(b).

 

“Revolving Credit Maturity Date” means the
earliest of (a) the Revolving Credit Stated Maturity Date, (b) the date of the termination of the Aggregate Revolving Credit Commitments
pursuant to ‎Section 2.06 and (c) the date of the
termination of the Aggregate Revolving Credit Commitments and of the obligation of any L/C Issuer to make L/C Credit Extensions and the
acceleration of the Revolving Credit Loans pursuant to ‎Section
8.03.

 

“Revolving Credit Percentage Share” means
as to any Revolving Credit Lender at any time, the percentage (expressed as a decimal carried out to the ninth decimal place) of the Aggregate
Revolving Credit Commitments represented by such Lender’s Revolving Credit Commitment at such time, subject to adjustment as provided
in ‎Section 3.07; provided that, if the commitment
of each Revolving Credit Lender to make Revolving Credit Loans and the obligation of any L/C Issuer to issue L/C Credit Extensions have
been terminated pursuant to ‎Section 8.03 or if the
Aggregate Revolving Credit Commitments have expired, then the Revolving Credit Percentage Share of each Revolving Credit Lender will be
determined based upon such Lender’s Revolving Credit Percentage Share most recently in effect, giving effect to any subsequent assignments.
The initial Revolving Credit Percentage Share of each Revolving Credit Lender is set forth opposite the name of such Lender on Schedule
2.01 or in the Assignment and Assumption or pursuant to the applicable Additional Commitment Documentation pursuant to which such Lender
became a party hereto, as applicable.

 

“Revolving Credit Stated Maturity Date” means
November 7, 2024.

 

“RFR Daily Rate Loan” means, a Loan bearing
interest based on the Daily Simple SOFR, the Daily Simple SONIA or the Daily Simple SARON, as the context may require.

 

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

 

“Same Day Funds” means (a) with respect to
disbursements and payments in Dollars, immediately available funds, and (b) with respect to disbursements and payments in an Alternative
Currency, same day or other funds as may be determined by Administrative Agent to be customary in the place of disbursement or payment
for the settlement of international banking transactions in the relevant Alternative Currency.

 

    47 

     

    

“Sanctions” has the meaning given such term
in ‎Section 5.17(a).

 

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

 

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

 

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

 

“SEC” means the Securities Exchange Commission
and any successor thereto.

 

“Second
Amendment” shall mean the Second Amendment to Second Amended and Restated Credit Agreement, dated as of the Second Amendment
Effective Date, by and among the Borrower, each of the Guarantors, the Lenders party thereto and HSBC, in its separate capacities as
Administrative Agent for the Secured Parties and as Swing Line Lender and L/C Issuer.

 

“Second
Amendment Effective Date” shall mean the Second Amendment Effective Date (as such term is defined in the Second Amendment).

 

“Second Restatement Effective Date” means
the first date on which all of the conditions precedent to the initial Credit Extension set forth in ‎Section
4.01 and ‎Section 4.02 are satisfied (or waived in
accordance with ‎Section 10.01), which date is November
7, 2019.

 

“Secured Cash Management Obligations” means
Cash Management Obligations that are (a) owed to Administrative Agent or any of its Affiliates, (b) owed on the Second Restatement Effective
Date to a Person that is a Lender or an Affiliate of a Lender as of the Second Restatement Effective Date or (c) owed to a Person that
is a Lender or an Affiliate of a Lender at the time such obligations are incurred (each such Person to whom any such liabilities or other
obligations are owed is referred to herein as a “Cash Management Bank” for such purpose).

 

“Secured Parties” means (a) each Lending
Party, (b) Administrative Agent, (c) each Cash Management Bank to whom any Secured Cash Management Obligations are owed, (d) each Hedge
Bank that is a counterparty to any Swap Contract the obligations under which constitute Secured Swap Obligations, (e) the beneficiaries
of each indemnification obligation undertaken by any Loan Party under any Loan Document and (f) the permitted successors and assigns of
each of the foregoing.

 

“Secured Swap Obligations” means all liabilities
and other obligations of Borrower or any of its Subsidiaries under any Swap Contract permitted under ‎Section
7.03(e); provided that such Swap Contract (a) is with a counterparty that is Administrative Agent or any of its Affiliates, (b)
is in effect on the Second Restatement Effective Date with a counterparty that is a Lender or an Affiliate of a Lender as of the Second
Restatement Effective Date or (c) is entered into after the Second Restatement Effective Date with any counterparty that is a Lender or
an Affiliate of a Lender at the time such Swap Contract is entered into (each such counterparty being referred to herein as a “Hedge
Bank” for such purpose), and in the case of each of the preceding clauses (a), (b) and (c), such counterparty has not delivered
to Administrative Agent a written notice that the liabilities and other obligations of Borrower or any of its Subsidiaries under such
Swap Contract are not to be treated as Secured Swap Obligations for purposes of this Agreement and the other Loan Documents.

 

    48 

     

    

“Security Agreement” means the Second Amended
and Restated Security Agreement dated as of the date of this Agreement by Borrower, each other Loan Party that is a party to this Agreement
as of the Second Restatement Effective Date and, upon their joinder thereto pursuant to ‎Section
6.11(a), each other Person as will hereafter become a Loan Party, in favor of Administrative Agent, for the benefit of the Secured Parties.

 

“Semtech (International)” means Semtech (International)
AG, a corporation organized under the laws of Switzerland.

 

“Significant Acquisition” means each Acquisition
(or series of related Acquisitions) for which the Acquisition Consideration, including any Deferred Purchase Price Obligations, is equal
to or greater than $3,000,000.

 

“Significant Disposition” means each Disposition
(or series of related Dispositions) for which the all-in consideration paid or payable in Cash or other property, including any deferred
consideration included or characterized as indebtedness or a liability in accordance with GAAP, is equal to or greater than $3,000,000.

 

“Significant Investment” means each Investment
(or series of related Investments) permitted pursuant to ‎Section
7.02(p) or ‎Section 7.02(q) for which the all-in
consideration paid or payable in Cash or other property, including any deferred consideration included or characterized as indebtedness
or a liability in accordance with GAAP, is equal to or greater than $3,000,000.

 

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

 

“SOFR Administrator” means the Federal Reserve
Bank of New York (or a successor administrator of the secured overnight financing rate).

 

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

 

“Solvent” means, as to any Person at any
time, that (a) the fair value of the property of such Person on a going concern basis is greater than the amount of such Person’s
liabilities (including contingent liabilities), as such value is established and such liabilities are evaluated for purposes of Section
101(32) of the Bankruptcy Code and, in the alternative, for purposes of the Uniform Fraudulent Transfer Act or any similar state statute
applicable to Borrower or any Subsidiary thereof; (b) the present fair salable value of the property 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 property and pay its debts and other liabilities (including contingent liabilities) as they mature 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 as such debts and liabilities mature; and (e) such Person is not engaged in business or a transaction, and
is not about to engage in business or a transaction, for which such Person’s property would constitute unreasonably small capital.
For the purposes of the foregoing, the amount of contingent liabilities at any time will be computed as the amount that, in light of all
facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

    49 

     

    

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

 

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

 

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

 

“Special Notice Currency” means at any time
an Alternative Currency, other than the currency of a country that is a member of the Organization for Economic Cooperation and Development
at such time located in North America or Europe.

 

“Specified Event of Default” means any Event
of Default occurring under Sections ‎8.01(a)
or, in the case of the Borrower only, Section ‎(f)
or ‎(g).

 

“Specified Lender” means, at any time, any
Lender that (a) has (i) requested compensation under ‎Section
3.04 and has not rescinded such request within five Business Days of the making thereof or (ii) to whom Borrower must pay an additional
amount (or on whose behalf Borrower must pay an additional amount to a Governmental Authority) pursuant to ‎Section
3.01, and in the case of either of clauses (i) or (ii), such Lender has declined or is unable to designate a different Lending Office
in accordance with ‎Section 3.06; (b) gives a notice
pursuant to ‎Section 3.02; (c) is a Defaulting Lender;
or (d) is a Non-Consenting Lender.

 

“Specified Materials” means, collectively,
all notices, demands, communications, documents and other materials or information provided by or on behalf of Borrower or any other Loan
Party or any of their respective Subsidiaries or Affiliates, as well as documents and other written materials relating to Borrower or
any other Loan Party or any of their respective Subsidiaries or Affiliates or any other materials or matters relating to this Agreement
or any of the other Loan Documents (including any amendments or waivers of the terms thereof or supplements thereto) or the transactions
contemplated herein or therein.

 

“Specified Permitted Debt Documents” means,
on and after the execution and delivery thereof, each note, indenture, purchase agreement, loan agreement, guaranty and other material
agreement relating to the incurrence or issuance of Specified Permitted Indebtedness, as the same may be amended, modified or supplemented
from time to time in accordance with the terms hereof and thereof.

 

“Specified Permitted Indebtedness” means
any unsecured Indebtedness of Borrower, which may be guaranteed on an unsecured basis by any Subsidiary Guarantor, all of the terms of
which satisfy the requirements of ‎Section 7.03(b).

 

“Specified Representations” means the representations
and warranties of Borrower and, to the extent applicable, the other Loan Parties set forth in ‎Section
5.01, ‎Section 5.02(a) (with respect to entering
into and performance of the Loan Documents), ‎Section
5.04, ‎Section 5.11 (only with respect to
the second sentence thereof), ‎Section 5.14,
‎Section 5.16, ‎Section
5.17 and ‎Section 5.18.

 

    50 

     

    

“Specified Transaction” means, with respect
to any period, any Investment, Disposition of assets, incurrence or repayment of Indebtedness, Restricted Payment, subsidiary designation
or other event that by the terms of this Agreement requires “pro forma” compliance with a test or covenant hereunder
or requires such test or covenant to be calculated on a “pro forma” or after giving “pro forma”
effect thereto.

 

“Spot Rate” for a currency means the rate
determined by Administrative Agent or L/C Issuer, as applicable, to be the rate quoted by the Person acting in such capacity as the spot
rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office at approximately
11:00 a.m., London time, on the date two Business Days prior to the date as of which the foreign exchange computation is made; provided
that Administrative Agent or L/C Issuer may obtain such spot rate from another financial institution designated by Administrative Agent
or L/C Issuer if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency;
and provided, further, that L/C Issuer may use such spot rate quoted on the date as of which the foreign exchange computation is made
in the case of any Credit denominated in an Alternative Currency.

 

“Statutory Reserve Rate” means a fraction
(expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate
of the maximum reserve, liquid asset, fees or similar requirements (including any marginal, special, emergency or supplemental reserves
or other requirements) established by any central bank, monetary authority, the FRB, the FCA, the Prudential Regulation Authority, the
European Central Bank or other Governmental Authority for any category of deposits or liabilities customarily used to fund loans in the
applicable currency, expressed in the case of each such requirement as a decimal. Such reserve, liquid asset, fees or similar requirements
shall include those imposed pursuant to Regulation D. Eurocurrency Rate Loans shall be deemed to be subject to such reserve, liquid asset,
fee or similar requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time
to any Lender under any applicable Law, including Regulation D. The Statutory Reserve Rate shall be adjusted automatically on and as of
the effective date of any change in any reserve, liquid asset or similar requirement.

 

“Sterling” and “£”
mean the lawful currency of the United Kingdom.

 

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

 

“Subsidiary Guarantor” means, collectively,
each Domestic Subsidiary of Borrower that executes this Agreement as a Guarantor as of the Second Restatement Effective Date and each
other Domestic Subsidiary that becomes a Guarantor hereunder pursuant to ‎Section
6.11(a) (in each case unless and until such Person is released as a Guarantor hereunder pursuant to ‎Section
10.01 or ‎Section 9.01(a), as applicable).

 

    51 

     

    

“Sunrise
Acquisition” shall mean the acquisition of Sierra Wireless, Inc., a Canadian corporation (“Sunrise Target”),
by 13548597 Canada Inc., a Canadian corporation and a wholly-owned subsidiary of the Borrower (the “Sunrise Buyer”),
pursuant to the Sunrise Arrangement Agreement.

 

“Sunrise
Acquisition Indebtedness” has the meaning given to such term in Section 7.03(r).

 

“Sunrise
Arrangement Agreement” shall mean that certain Arrangement Agreement, dated as of August 2, 2022 (as amended, amended and
restated, supplemented or otherwise modified from time to time by Permitted Amendments (as defined Exhibit C to the Second Amendment)),
by and among the Sunrise Buyer, the Borrower and the Sunrise Target.

 

“Sunrise
Buyer” has the meaning given to such term in the definition of “Sunrise Acquisition”.

 

“Sunrise
Commitment Letter” means that certain commitment letter, dated as of August 2, 2022, by and between the Borrower and JPMorgan
Chase Bank, N.A. (as the same may be amended, modified, restated or replaced from time to time).

 

“Sunrise
Target” has the meaning given to such term in the definition of “Sunrise Acquisition”.

 

“Supported QFC” has the meaning specified
in ‎Section 10.22.

 

“Swap” means any agreement, contract, or
transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act;
provided that neither a Permitted Bond Hedge Transaction nor a Permitted Warrant Transaction shall constitute a Swap.

 

“Swap Contract” means (a) any and all rate
swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward
bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions,
collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other
similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or
not any such transaction is governed by or subject to any master agreement; and (b) any and all transactions of any kind, and the related
confirmations, that are subject to the terms and conditions of, or governed by, any form of master agreement published by the International
Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement including
any such obligations or liabilities under any such master agreement (in each case, together with any related schedules);
provided that neither a Permitted Bond Hedge Transaction nor a Permitted Warrant Transaction shall constitute a Swap Contract.

 

“Swap Obligation” means, with respect to
any Person, any obligation to pay or perform under any Swap.

 

“Swap Termination Value” means, in respect
of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such
Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and

 

    52 

     

    

termination value(s) determined in accordance therewith, such termination
value(s) and (b) for any date prior to the date referenced in clause (a) of this definition, the amount(s) determined as the mark-to-market
value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any
recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).

 

“Swing Line” means the revolving credit facility
made available by Swing Line Lender pursuant to ‎Section
2.04.

 

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

 

“Swing Line Lender” means, at any time, the
provider of the Swing Line hereunder (which, initially, will be HSBC).

 

“Swing Line Loan” has the meaning given such
term in ‎Section 2.04(a).

 

“Swing Line Loan Notice” means a notice of
a Swing Line Borrowing pursuant to ‎Section 2.04(b),
which, if in writing, will be substantially in the form of Exhibit F.

 

“Swing Line Sublimit” means, as determined
as of any date, an amount equal to the lesser of (a) $25,000,000 and (b) the Aggregate Revolving Credit Commitments. The Swing Line Sublimit
is a part of, but is not in addition to, the Aggregate Revolving Credit Commitments.

 

“Swiss Francs” means the lawful currency
of Switzerland.

 

“Swiss Pledge Agreement” means that Share
Pledge Agreement dated May 2, 2013, between Borrower and Administrative Agent, as amended and confirmed by that Security Confirmation
and Amendment Agreement dated as of November 11, 2016, and as further confirmed and amended by that Security Confirmation and Amendment
Agreement dated as of the date hereof, between Borrower and Administrative Agent, on behalf of itself and the Secured Parties, pursuant
to which Borrower pledges and grants a security interest to Administrative Agent, on behalf and for the benefit of the Secured Parties,
in 65% of the issued and outstanding Equity Interests in Semtech (International), which pledge agreement is governed by the laws of Switzerland.

 

“Synthetic Lease Obligation” means the principal
balance outstanding under any lease, funding agreement or other arrangement with respect to any real or personal property pursuant to
which the lessor is treated as the owner of such property for accounting purposes and the lessee is treated as the owner of such property
for federal income tax purposes, or any tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product
to which such Person is a party, where such transaction is considered borrowed money indebtedness for tax purposes but is classified as
an operating lease in accordance with GAAP.

 

“Target” means the Person, business unit
or division that is the subject of an Acquisition.

 

“TARGET Day” means any day on which the Trans-European
Automated Real-time Gross Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be operative, such
other payment system (if any) determined by Administrative Agent to be a suitable replacement) is open for the settlement of payments
in Euro.

 

    53 

     

    

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

 

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

 

“Test Period” means each period of four consecutive
Fiscal Periods then last ended, in each case taken as one accounting period.

 

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

 

“TIBOR Rate” means, with respect to any Eurocurrency
Borrowing denominated in Yen and for any Interest Period, the TIBOR Screen Rate; provided that, if the TIBOR Screen Rate shall
not be available at such time for such Interest Period (an “Impacted TIBOR Rate Interest Period”) with respect
to Yen then the TIBOR Rate shall be the TIBOR Interpolated Rate.

 

“TIBOR Screen Rate” means, for any day and
time, with respect to any Eurocurrency Rate Loan denominated in Yen and for any Interest Period, the Tokyo Interbank Offered Rate (“TIBOR”)
administered by the Ippan Shadan Hojin JBA TIBOR Administration (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 Applicable Administrator) on the applicable
Reuters screen (or any replacement Reuters page which displays that rate) or on the appropriate page of such other information service
which publishes that rate as determined by Administrative Agent from time to time in place of Reuters as of 11:00 a.m. (Tokyo time) two
(2) Business Days prior to the commencement of such Interest Period. If such page or service ceases to be available, Administrative Agent
may specify another page or service displaying the relevant rate after consultation with Borrower. If the TIBOR Screen Rate shall be less
than zero the TIBOR Screen Rate shall be deemed to be the Floor for purposes of this Agreement.

 

“Trade Date” has the meaning given such term
in ‎Section 10.06(g)(i).

 

“Threshold Amount” means $20,000,000.

 

“Total Revolving Credit Outstandings” means,
as determined as at any time, the sum of (a) the aggregate Outstanding Amount of all Revolving Credit Loans, plus (b) the Outstanding
Amount of all Credit Obligations and plus (c) the Outstanding Amount of all Swing Line Loans.

 

“Transactions” means, collectively, the (a)
entry by the parties hereto into this Agreement and the other Loan Documents for the purpose of the Lending Parties making available to
Borrower the Facility on the terms and subject to the conditions hereof and thereof, (b) refinancing, including through cashless settlements
as applicable, of the Existing Senior Credit Facilities under the First Restated Credit Agreement and the other First Restated Loan Documents
and (c) payment of all related Transaction Costs.

 

    54 

     

    

“Transaction Costs” means the fees, costs
and expenses paid or payable by the Loan Parties in connection with the consummation of the transactions contemplated by the Loan Documents,
including the initial funding of the Credit Extensions under this Agreement on the Second Restatement Effective Date.

 

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

 

“UCP” means, with respect to any commercial
Credit, the Uniform Customs and Practice for Documentary Credits 2007 Revision, UCP 600, published by the International Chamber of Commerce
(or, if L/C Issuer will agree at the time of issuance, such later version thereof as may be in effect immediately prior to the issuance
of such Credits, the extension of the expiry date thereof or any increase of the amount thereof).

 

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

 

“UK Regulatory Cost” means an addition to
the interest rate on a Eurocurrency Rate Loan denominated in an Alternative Currency to compensate a Lender for the cost imputed to such
Lender in respect of any such Eurocurrency Rate Loan denominated in an Alternative Currency made by such Lender hereunder resulting from
the imposition from time to time under or pursuant to the Bank of England Act 1998 or by the Bank of England or the Financial Services
Authority (including any successor thereto, the “FSA”) (or other United Kingdom governmental authorities or
agencies) of a requirement to place non-interest-bearing deposits or special deposits (whether interest-bearing or not) with the Bank
of England to meet cash ratio requirements and/or pay fees to the FSA calculated by reference to liabilities used to fund such Eurocurrency
Rate Loan.

 

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

 

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

 

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

 

    55 

     

    

“Unreimbursed Amount” means, with respect
to any Credit, any amount (in Dollars, or if the applicable Credit is denominated in an Alternative Currency, the Dollar Equivalent thereof)
drawn thereunder that Borrower has failed to reimburse to the L/C Issuer thereof by the time specified in ‎Section
2.03(c)(i).

 

“Unrestricted” means, when referring to Cash
or Cash Equivalents of Borrower or any of its Subsidiaries, that such Cash or Cash Equivalents are not Restricted.

 

“Unrestricted Subsidiary” means, as determined
at any time, each direct or indirect Subsidiary of Borrower that (a) has been designated by Borrower as an Unrestricted Subsidiary on
Schedule 1.01-B as of the Second Restatement Effective Date or pursuant to ‎Section
2.16 subsequent to the Second Restatement Effective Date (and, in each case, has not been re-designated a Restricted Subsidiary pursuant
to ‎Section 2.16) or (b) is a Subsidiary of
an Unrestricted Subsidiary.

 

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

 

“U.S. Tax Compliance Certificate” has the
meaning assigned to such term in ‎Section 3.01(f).

 

“USD LIBOR” means, for any day and time,
with respect to any Eurocurrency Rate Loan denominated in Dollars, LIBOR as determined for such Agreed Currency for any applicable Interest
Period.

 

“Withholding Agent” means any Loan Party
and Administrative Agent.

 

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

 

“Yen” and “¥”
mean the lawful currency of Japan.

 

Article
2

Credit Extensions

 

Section 2.01.         
Transitional Matters; Revolving Credit Loans; Incremental Term Loans.

 

(a)            
Certain Transitional Matters.

 

(i)           
Borrower hereby certifies that (A) Schedule 1.01-A accurately and completely sets forth the Outstanding Amount of all Revolving
Credit Loans and the Outstanding Amount of all Term Loans (as such terms are defined in the First Restated

 

    56 

     

    

Credit
Agreement) owed to each Existing Lender under the Existing Senior Credit Facilities immediately prior to the Second Restatement Effective
Date and the giving effect to the repayments, re-allocations and settlements contemplated by this ‎Section
2.01(a)), (B) there are no Swing Line Loans (as such term is defined in the First Restated Credit Agreement) outstanding as of the Second
Restatement Effective Date and (C) there are no Credits nor any Unreimbursed Amounts (as such terms are defined in the First Restated
Credit Agreement) outstanding as of the Second Restatement Effective Date.

 

(ii)           
The Existing Lenders listed on the signature pages to this Agreement, which amends and restates the First Restated Credit Agreement,
shall, together with each New Lender delivering a New Lender Agreement to Administrative Agent pursuant ‎Section
4.01(h), be Lenders for all purposes hereunder and under the other Loan Documents as of the Second Restatement Effective Date, and shall
have the respective Revolving Credit Commitments and Revolving Credit Percentage Shares as set forth in Schedule 2.01. Any Existing Lender
party to the First Restated Credit Agreement not listed on the signature pages to this Agreement (each a “Departing Lender”)
shall cease to be a Lender on the Second Restatement Effective Date upon payment in full of all Obligations due to it under (and as such
term is defined in) the First Restated Credit Agreement. Notwithstanding anything to the contrary contained in the First Restated Credit
Agreement, in order to effect the restructuring of the Existing Senior Credit Facilities as contemplated by this Agreement, all accrued
and unpaid interest, and all accrued and incurred and unpaid fees, expenses, charges and other disbursements payable to the Existing Lenders
in respect of the Existing Senior Credit Facilities outstanding under the First Restated Credit Agreement will be due and payable in full
(without duplication) on the Second Restatement Effective Date.

 

(iii)           
Each Departing Lender and each other Existing Lender having Revolving Credit Loans (as such term is defined in the First Restated
Credit Agreement) outstanding on the Second Restatement Effective Date and whose Revolving Credit Percentage Share in respect of such
Revolving Credit Loans has been decreased on the Second Restatement Effective Date shall be deemed to have assigned on the Second Restatement
Effective Date, without recourse, ratably to each Revolving Credit Lender increasing its Revolving Credit Commitment hereunder (each an
“Increasing Revolving Credit Lender”), to each New Lender having a Revolving Credit Commitment such portion
of such outstanding Revolving Credit Loans (as defined in the First Restated Credit Agreement) as shall be necessary to result in each
Lender having the Loans and Commitments set forth in Schedule 2.01. In connection therewith, it is agreed that upon the effectiveness
of this Agreement $97,000,000.00 of Revolving Credit Loans under the First Restated Credit Agreement shall be Revolving Credit Loans hereunder
on the Second Restatement Effective Date, and such Revolving Credit Loans shall be treated as funded under a cashless settlement mechanism
in accordance with ‎Section 10.20.
Each Departing Lender and each other Existing Lender having Term Loans (as such term is defined in the First Restated Credit Agreement)
outstanding on the Second Restatement Effective Date shall be deemed to have assigned on the Second Restatement Effective Date, without
recourse, ratably to each Increasing Revolving Credit Lender and to each New Lender having a Revolving Credit Commitment such ratable
portion of such outstanding Term Loans as shall be necessary to effectuate such adjustment (and all such Term Loans shall be deemed to
be Revolving Credit Loans hereunder, funded under a cashless settlement mechanism in accordance with ‎Section
10.20).

 

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(iv)           
Each Increasing Revolving Credit Lender and each New Lender on the Second Restatement Effective Date shall (A) be deemed to have
assumed such ratable portion of such Revolving Credit Loans and such outstanding Term Loans, as applicable, and (B) fund (which funding
may be by cashless settlements in accordance with ‎Section
10.20) on the Second Restatement Effective Date such assumed amounts to Administrative Agent for the account of each such assigning Lender
in accordance with the provisions hereof in the amount notified to such Increasing Revolving Credit Lender or such New Lender, as the
case may be, by Administrative Agent.

 

(b)            
Revolving Credit Loans. Upon the terms, subject to the conditions and in reliance upon the representations and warranties of Borrower
and each other Loan Party set forth in this Agreement and in the other Loan Documents, each Revolving Credit Lender having a Revolving
Credit Commitment severally (but not jointly) agrees to make loans (each such loan, a “Revolving Credit Loan”)
of immediately available funds to Borrower, on a revolving basis from time to time on any Business Day during the Availability Period,
in an aggregate principal amount outstanding not to exceed at any time such Revolving Credit Lender’s Revolving Credit Commitment
as then in effect, provided that, and notwithstanding the foregoing, after giving effect to any Revolving Credit Borrowing, (i)(i)
the Total Revolving Credit Outstandings will not exceed the Aggregate Revolving Credit Commitments less, if applicable, the Alternative
Currency Reserve, and (ii)(ii) the sum of (A)(A) the aggregate Outstanding Amount of the Revolving Credit Loans of any Revolving Credit
Lender plus (B)(B) such Lender’s Revolving Credit Percentage Share multiplied by the Outstanding Amount of all Credit
Obligations plus (C)(C) such Lender’s Revolving Credit Percentage Share multiplied by the Outstanding Amount of all
Swing Line Loans, plus (D)(D) such Lender’s Revolving Credit Percentage Share multiplied by the Alternative Currency
Reserve will not exceed such Lender’s Revolving Credit Commitment, and so long as the requirements of clauses (i) and (ii) of this
‎Section 2.01(b) are not satisfied, the Revolving
Credit Lenders will not be obligated to fund any Revolving Credit Loans; provided, further, that such portion of the Revolving
Credit Loans made on the Second Restatement Effective Date as may be determined by the Administrative Agent may be funded pursuant to
cashless settlement; and provided, further, that at any time any Revolving Credit Loans are outstanding and denominated
in Alternative Currencies, Administrative Agent will establish a reserve in an amount equal to 5% multiplied by the amount of Total Revolving
Credit Outstandings at such time which are denominated in Alternative Currencies (such amount, the “Alternative Currency Reserve”).
Each Revolving Credit Loan will be denominated in Dollars or in an Alternative Currency as permitted by this Agreement and no Revolving
Credit Lender will be obligated to make any Revolving Credit Loan if the requested Revolving Credit Loan is to be denominated in a currency
other than Dollars or an Alternative Currency as permitted under this Agreement. Within the limits of each Revolving Credit Lender’s
Revolving Credit Commitment, and subject to the other terms and conditions hereof, Borrower may borrow under this ‎Section
2.01, prepay under ‎Section 2.05, and reborrow under
this ‎Section 2.01. Revolving Credit Loans
may be requested and made as Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. All Revolving Credit Loans to be
denominated in an Alternative Currency will be Eurocurrency Rate Loans.

 

(c)            
Incremental Term Loans. Upon the terms, subject to the conditions and in reliance upon the representations and warranties of Borrower
and each other Loan Party set forth in this Agreement and in the other Loan Documents, each Incremental Term Loan Lender severally (but
not jointly) agrees to make a loan in immediately available funds to Borrower (each such loan, an “Incremental Term Loan”)
on the date specified in the Additional Commitment Documentation in the principal amount of such Lender’s Incremental Term Loan
Commitment. Immediately upon the making of an Incremental Term Loan by any Lender having an Incremental Term Loan

 

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Commitment,
such Lender’s Incremental Term Loan Commitment will be permanently reduced to zero. Each Incremental Term Loan will be denominated
in Dollars or in an Alternative Currency as permitted by this Agreement and no Incremental Term Loan Lender will be obligated to make
any Incremental Term Loan if the requested Incremental Term Loan is to be denominated in a currency other than Dollars or an Alternative
Currency as permitted under this Agreement. Incremental Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided
herein. All Incremental Term Loans to be denominated in an Alternative Currency will be Eurocurrency Rate Loans. Amounts borrowed as
Incremental Term Loans that are repaid or prepaid by Borrower may not be reborrowed.

 

(d)            
Loans Generally. Each Loan will be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with
their applicable Revolving Credit Commitments or Incremental Term Loan Commitments, as applicable; provided, however, that
the failure of any Lender to make any Loan will not in itself relieve any other Lender of its obligation to lend hereunder (it being understood,
however, that no Lender will be responsible for the failure of any other Lender to make any Loan required to be made by such other Lender).

 

Section 2.02.         
Procedures for Borrowing.

 

(a)            
Notices of Borrowing, Conversion and Continuation. Each Borrowing (other than a Swing Line Borrowing), each conversion of Loans
from one Type to the other and each continuation of Eurocurrency Rate Loans will be made upon Borrower’s irrevocable notice to Administrative
Agent, which may, subject to the provisions of ‎Section
10.02, be given by approved electronic communication; provided that any such notice may be conditioned on the occurrence of another
transaction, in which case Borrower may, subject to ‎Section
3.05, revoke or extend such notice by notifying Administrative Agent on or prior to the date set forth in such notice. Unless otherwise
agreed by Administrative Agent in its discretion, each such notice must be received by Administrative Agent not later than 12:00 noon
(i) three Business Days prior to the requested date of any Borrowing (other than a Swing Line Borrowing) of, conversion to or continuation
of Eurocurrency Rate Loans or of any conversion of Eurocurrency Rate Loans to Base Rate Loans; provided that if Borrower requests
such Borrowing in an Alternative Currency, such notice must be received by Administrative Agent not later than 12:00 noon five Business
Days (or six Business Days in the case of Special Notice Currency) prior to the requested date of the applicable Borrowing, and (ii) one
Business Day prior to the requested date of any Borrowing (other than a Swing Line Borrowing) of Base Rate Loans; provided, however,
that if Borrower wishes to request Eurocurrency Rate Loans having an Interest Period other than one, three or six months in duration as
provided in the definition of “Interest Period,” the applicable notice must be received by Administrative Agent not later
than 12:00 noon (1) four Business Days prior to the requested date of such Borrowing, conversion or continuation of Eurocurrency Rate
Loans denominated in Dollars, or (2) six Business Days (or seven Business Days in the case of a Special Notice Currency) prior to the
requested date of such Borrowing, conversion or continuation of Eurocurrency Rate Loans denominated in Alternative Currencies, whereupon
Administrative Agent will give prompt notice to the Lenders of such request and determine whether the requested Interest Period is acceptable
to all of them. With respect to a request for Eurocurrency Rate Loans having an Interest Period other than one, three or six months in
duration, not later than 12:00 noon, (A) three Business Days before the requested date of such Borrowing, conversion or continuation of
Eurocurrency Rate Loans denominated in Dollars, or (B) five Business Days (or six Business Days in the case of a Special Notice Currency)
prior to the requested date of such Borrowing, conversion or continuation of Eurocurrency Rate Loans denominated in Alternative Currencies,
Administrative Agent shall notify Borrower whether or not the requested Interest Period has been consented to by all the Lenders. Notwithstanding

 

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anything
to the contrary contained herein, but subject to the provisions of ‎Section
10.02, any electronic communication by Borrower pursuant to this ‎Section
2.02(a) may be given by an individual who has been authorized in writing to do so by an appropriate Responsible Officer of Borrower.
Each such electronic communication must be confirmed promptly by delivery to Administrative Agent of a written Loan Notice, appropriately
completed and signed by an appropriate Responsible Officer of Borrower. Further, and notwithstanding anything to the contrary set forth
in this Agreement, including this ‎Section
2.02(a), the Lenders will have no obligation to make, convert or continue make any Eurocurrency Rate Loan denominated in an Alternative
Currency to the extent the principal amount of such requested Eurocurrency Rate Loan exceeds the Alternative Currency Available Credit
as of the date of the requested Borrowing, conversion or continuation.

 

(b)            
Amount of Borrowing, Conversion or Continuation. (i) Each Borrowing (other than a Swing Line Borrowing) of, conversion to or continuation
of Eurocurrency Rate Loans will be in a principal amount of $5,000,000 or a whole multiple of $100,000 in excess thereof, or, in the case
of a Borrowing denominated in an Alternative Currency, in a principal amount of a Dollar Equivalent of $5,000,000 or a whole multiple
of a Dollar Equivalent of $100,000 in excess thereof; and (ii) except as provided in Sections ‎2.03(c)
and Section ‎2.04(c), each Borrowing of or conversion
to Base Rate Loans will be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof.

 

(c)            
Loan Notices Generally. Each Loan Notice (including by electronic communication to the extent permitted by this Agreement) will
specify (i) that Borrower is requesting, as applicable: (A) a Revolving Credit Borrowing, (B) a conversion of outstanding Loans from one
Type to the other or (C) a continuation of Eurocurrency Rate Loans; (ii) the requested date (which will be a Business Day) of such Borrowing,
conversion or continuation, as the case may be; (iii) the principal amount of the Loans to be borrowed, converted or continued; (iv) the
Type of Loans to be borrowed or to which existing Loans are to be converted; (v) whether such Borrowing is to be denominated in Dollars
or in an Alternative Currency, and if the latter, which Alternative Currency; and (vi) if applicable, the duration of the Interest Period
with respect thereto. If Borrower fails to specify a Type of Loan in a Loan Notice or if Borrower fails to give a timely notice requesting
a conversion or continuation, then the applicable Loans will be made as, or converted to, Base Rate Loans; provided, however,
that notwithstanding the foregoing, so long as no Default or Event of Default has occurred and is continuing, Borrower will be deemed
to have elected to continue any Loan constituting a Eurocurrency Rate Loan into a new Eurocurrency Rate Loan having an Interest Period
of one month. Any such automatic conversion to a Base Rate Loan (or continuation of a Eurocurrency Rate Loan into a new Eurocurrency Rate
Loan having an Interest Period of one month) will be effective as of the last day of the Interest Period then in effect with respect to
the applicable Eurocurrency Rate Loans; provided, further, that if Borrower requests a Borrowing in an Alternative Currency but
Borrower fails to specify a Type of Loan in such Loan Notice or if Borrower fails to give a timely notice requesting a conversion or continuation
of a Loan in an Alternative Currency, then the applicable Loans will be deemed to have specified an Interest Period of one month. If Borrower
requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any such Loan Notice, but fails to specify an Interest
Period, it will be deemed to have specified an Interest Period of one month.

 

(d)            
Procedures Concerning the Making of Loans. Following receipt of a Loan Notice, Administrative Agent will promptly notify each applicable
Lender of the amount of its applicable Percentage Share of the requested Borrowing. If Borrower does not timely provide notice of a conversion
or continuation, then Administrative Agent will notify each applicable Lender of the details of any automatic conversion to Base Rate
Loans to the extent described in the preceding

 

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subsection.
Each Lender will make the amount of its applicable Loan available to Administrative Agent in immediately available funds at Administrative
Agent’s Office (or, at the request of Administrative Agent, in the case of a Eurocurrency Rate denominated in an Alternative Currency,
at such bank as Administrative Agent may designate to the Revolving Credit Lenders or the Incremental Term Loan Lenders, as applicable)
not later than 1:00 p.m. on the Business Day specified in the applicable Loan Notice. Subject to the prior satisfaction as of the Second
Restatement Effective Date of the conditions precedent set forth in ‎Section
4.01, upon the satisfaction of the applicable conditions precedent set forth in ‎Section
4.02, Administrative Agent will make all funds so received available to Borrower in like funds as received by Administrative Agent either
by: (i) crediting the account of Borrower on the books of HSBC with the amount of such funds or (ii) wire transfer of such funds, in
each case in accordance with instructions provided to (and reasonably acceptable to) Administrative Agent by Borrower; provided
that, if, on the date the Loan Notice with respect to such Borrowing is given by Borrower, there are Credit Borrowings outstanding, then
the proceeds of such Borrowing will be applied, first, to the payment in full of any such Credit Borrowings and, second, to Borrower
as provided in this ‎Section 2.02(d).

 

(e)            
Special Provisions Applicable to Continuation or Conversions of Eurocurrency Rate Loans. Subject to Section 3.05, a Eurocurrency
Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurocurrency Rate Loan. During the existence
of an Event of Default: (i) no Loans may be requested as, converted to or continued as Eurocurrency Rate Loans without the consent of
Administrative Agent or Required Lenders; and (ii) Required Revolving Credit Lenders or Required Incremental Term Loan Lenders may demand
that any or all of the then outstanding Revolving Credit Loans or Incremental Term Loans, respectively, that are Eurocurrency Rate Loans
be converted immediately to Base Rate Loans, whereupon Borrower will pay any amounts due under ‎Section
3.05 in accordance with the terms thereof due to any such conversion.

 

(f)           
Notification of Interest Rate. Administrative Agent will promptly notify Borrower and the applicable Lenders of the interest rate
(including the Applicable Margin, if any) applicable to any Interest Period for Eurocurrency Rate Loans upon determination of such interest
rate.

 

(g)            
Limitation on Interest Periods. After giving effect to all Borrowings, all conversions of Loans from one Type to the other, and
all continuations of Loans as the same Type, there will not be more than: (i) seven Interest Periods in effect with respect to Revolving
Credit Loans.

 

(h)            
Discretion of Lenders as to Manner of Funding. Subject only to ‎Section
3.06 and otherwise notwithstanding any provision of this Agreement to the contrary, each Lender will be entitled to fund and maintain
its funding of all or any part of such Lender’s interest in Loans made hereunder in any manner such Lender deems to be appropriate
(including funding such Loans through a foreign branch or Affiliate of such Lender, so long as such funding does not adversely affect
the Borrowers).

 

Section 2.03.         
Letters of Credit.

 

(a)            
Letter of Credit Subfacility. Subject to the terms and conditions set forth herein:

 

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(i)           
Upon the terms, subject to the conditions and in reliance upon the representations and warranties of Borrower and each of the other
Loan Parties set forth in this Agreement and in the other Loan Documents and upon the agreements of the Revolving Credit Lenders set forth
in this ‎Section 2.03, each L/C Issuer agrees
(A) from time to time on any Business Day, during the period from the Second Restatement Effective Date until the Credit Expiration Date,
to issue Credits, in the form of standby or commercial Letters of Credit or Bank Undertakings denominated in Dollars or in an Alternative
Currency in accordance with this Agreement for the account of Borrower on behalf of Borrower (or other Loan Parties and/or such Subsidiaries
as Borrower designates) and amend or extend Credits previously issued by it, in accordance with subsection ‎(b)
of this ‎Section 2.03; and (B) to honor drawings
under the Credits.

 

(ii)           
Each Revolving Credit Lender severally agrees to participate in each Credit issued by any L/C Issuer and each drawing thereunder;
provided that, after giving effect to any L/C Credit Extension with respect to any Credit, (A) the Total Revolving Credit Outstandings
will not exceed the Aggregate Revolving Credit Commitments; (B) the aggregate Outstanding Amount of the Revolving Credit Loans of any
Revolving Credit Lender, plus an amount equal to such Lender’s Revolving Credit Percentage Share multiplied by the
Outstanding Amount of all Credit Obligations, plus an amount equal to such Lender’s Revolving Credit Percentage Share multiplied
by the Outstanding Amount of all Swing Line Loans will not exceed such Lender’s Revolving Credit Commitment; and (C) the Outstanding
Amount of the Credit Obligations will not exceed the Credit Sublimit. Each request by Borrower for the issuance or amendment of a Credit
will be deemed to be a representation by Borrower that each such issuance or amendment complies with the applicable conditions set forth
in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, Borrower’s
ability to obtain Credits will be fully revolving, and, accordingly, Borrower may, during the period described in ‎Section
2.03(a)(i), obtain Credits to replace Credits that have expired or that have been drawn upon and reimbursed.

 

(iii)           
Subject to ‎Section 2.03(b)(v), no
L/C Issuer will issue or extend any Credit if (A)(A) the expiry date of such requested Credit would occur more than twelve months after
the date of issuance or last extension, unless the L/C Issuer thereof will have approved such expiry date, (B)(B) the expiry date of such
requested Credit, including as extended pursuant to the preceding subclause (A), would occur after the Credit Expiration Date, unless
(1)(1) all Revolving Credit Lenders will have approved such expiry date or (2)(2) Borrower has agreed, pursuant to arrangements satisfactory
to the L/C Issuer, to Cash Collateralize such Credit by a date that is not later than the Credit Expiration Date in at least the Minimum
Collateral Amount, or (C)(C) with respect to any Credit denominated in an Alternative Currency, to the extent that the face amount of
such requested Credit exceeds the Alternative Currency Available Credit as of the requested issuance date.

 

(iv)           
No L/C Issuer will have any obligation to issue a Credit if:

 

(A)           
any order, judgment or decree of any Governmental Authority or arbitrator will by its terms purport to enjoin or restrain the L/C
Issuer from issuing such Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force
of law) from any Governmental Authority with jurisdiction over the L/C Issuer will prohibit, or request that the L/C Issuer refrain from,
the issuance of letters of credit generally or such Credit in particular or will impose upon the L/C Issuer with respect to such Credit
any restriction, reserve or capital requirement (for which the L/C Issuer is not

 

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otherwise
compensated hereunder) not in effect on the Second Restatement Effective Date, or will impose upon the L/C Issuer any unreimbursed loss,
cost or expense that was not applicable on the Second Restatement Effective Date and which the L/C Issuer in good faith deems material
to it;

 

(B)           
the issuance of such Credit would violate one or more policies of the L/C Issuer;

 

(C)           
such Credit is to be denominated in a currency other than Dollars or an Alternative Currency;

 

(D)           
in the case of any Credit to be denominated in an Alternative Currency, the L/C Issuer does not, as of the issuance date of such
requested Credit, issue Credits in the requested currency; or

 

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

 

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

 

(vi)           
The L/C Issuer will act on behalf of all Revolving Credit Lenders with respect to any Credits issued by it and the documents associated
therewith, and L/C Issuer will have all of the benefits and immunities (A) provided to Administrative Agent in Article 9 with respect
to any acts taken or omissions suffered by the L/C Issuer in connection with Credits issued by it or proposed to be issued by it and Issuer
Documents pertaining to such Credits as fully as if the term “Administrative Agent” as used in Article 9 included
the L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuer.

 

(b)            
Procedures for Issuance and Amendment of Credits; Automatic Extensions of Credits.

 

(i)           
Each Credit will be issued or amended, as the case may be, upon the request of Borrower delivered to the L/C Issuer thereof (with
a copy to Administrative Agent) in the form of an Credit Application, appropriately completed and signed by a Responsible Officer of Borrower.
Such Credit Application must be received by the L/C Issuer and Administrative Agent (A) in the case of any Credits to be denominated in
an Alternative Currency or any Bank Undertakings, not later than 12:00 noon at least ten Business Days prior to the proposed issuance
date or date of amendment (or such shorter period as may be agreed to by the applicable L/C Issuer, in its discretion), as the case may
be, and (B) in the case of any other Credits, not later than 12:00 noon at least two Business Days prior to the proposed issuance date
or date of amendment, as the case may

 

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be, or
in each case such other date or time as the L/C Issuer and Administrative Agent may agree. In the case of a request for an initial issuance
of a Credit, such Credit Application will specify in form and detail satisfactory to the L/C Issuer (A) the proposed issuance date of
the requested Credit (which will be a Business Day), (B) the stated amount and currency thereof, (C) the expiry date thereof, (D) the
name and address of the beneficiary thereof, (E) the documents to be presented by such beneficiary in case of any drawing thereunder,
(F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, (G) whether the Credit is
a Bank Undertaking or a Letter of Credit, and if any Linked Undertaking will exist in respect of the issuance of any Credit, (H) if the
Credit is a Letter of Credit, whether it is a standby or commercial Letter of Credit, and (I) such other matters as the L/C Issuer may
require. In the case of a request for an amendment of any outstanding Credit, such Credit Application will specify in form and detail
satisfactory to the L/C Issuer (1) the Credit to be amended, (2) the proposed date of the amendment thereof (which will be a Business
Day), (3) the nature of the proposed amendment and (4) such other matters as the L/C Issuer may require. Additionally, Borrower will
furnish to the L/C Issuer and Administrative Agent such other documents and information pertaining to such requested Credit issuance
or amendment, including any Issuer Documents, as the L/C Issuer or Administrative Agent may require.

 

(ii)           
Promptly after receipt of any Credit Application at the address provided pursuant to ‎Section
10.02 for receiving Credit Applications and related correspondence, the L/C Issuer will confirm with Administrative Agent in writing (which,
subject to the provisions of ‎Section 10.02,
may be by approved electronic communication) that Administrative Agent has received a copy of such Credit Application from Borrower and,
if not, the L/C Issuer will provide Administrative Agent with a copy thereof (provided that such confirmation will not be required
if the L/C Issuer and Administrative Agent are the same Person). Unless the L/C Issuer has received written notice from any Revolving
Credit Lender, Administrative Agent or any Loan Party at least one Business Day prior to the requested date of issuance or amendment of
the applicable Credit that one or more applicable conditions in Article 4 will not then be satisfied, then, subject to the terms and conditions
hereof, the L/C Issuer will, on the requested date, issue the Credit requested by Borrower or enter into the applicable amendment, as
the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices.

 

(iii)           
The L/C Issuer will promptly notify Administrative Agent in writing, and Administrative Agent will in turn notify each Lender in
writing, of each such issuance of a Credit (including the amount, the expiry date and the beneficiary thereof). Immediately upon the issuance
of each Credit, each Revolving Credit Lender will be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the
L/C Issuer a risk participation in such Credit equal to such Lender’s Revolving Credit Percentage Share multiplied by the
face amount of such Credit.

 

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

 

(v)           
If Borrower specifically requests in any applicable Credit Application, the L/C Issuer may issue an Automatic Extension Letter
of Credit. Unless otherwise directed by the L/C Issuer, Borrower will not be required to make a specific request to the

 

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L/C Issuer
for any such extension. Once an Automatic Extension Letter of Credit has been issued, Revolving Credit Lenders will be deemed to have
authorized (but may not require) the L/C Issuer to permit the extension of such Automatic Extension Letter of Credit at any time to an
expiry date not later than the earlier to occur of (A) twelve months after the date of the last extension and (B) the Credit Expiration
Date unless Borrower has agreed, pursuant to arrangements satisfactory to the L/C Issuer, to Cash Collateralize such Automatic Extension
Letter of Credit by a date that is not later than the Credit Expiration Date in at least the Minimum Collateral Amount; provided
that the L/C Issuer will not permit any such extension if (1) the L/C Issuer has determined that it would not be permitted, or would
have no obligation, at such time to issue such Automatic Extension Letter of Credit in its revised form (as extended) under the terms
hereof (by reason of the provisions of ‎Section
2.03(a) or otherwise), or (2) the L/C Issuer has received notice in writing (which, subject to the provisions of ‎Section
10.02, may be by approved electronic communication) on or before the day that is thirty days before any date provided for in such Automatic
Extension Letter of Credit as the last day by which notice of the non-extension thereof must be given (x) from Administrative Agent that
Required Revolving Credit Lenders have elected not to permit such extension, or (y) from Administrative Agent, any Revolving Credit Lender
or Borrower that one or more of the applicable conditions specified in ‎Section
4.02 is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension.

 

(c)            
Drawings and Reimbursements; Funding of Participations.

 

(i)           
Upon receipt from the beneficiary of any Credit of any drawing under such Credit (or any notice thereof), the L/C Issuer thereof
will notify Borrower and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, Borrower will reimburse
the L/C Issuer the amount of such payment not later than 1:00 p.m. on the related Honor Date if Borrower will have received notice of
such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by Borrower prior to 11:00 a.m. on such Honor
Date, then not later than 12:00 noon on the Business Day immediately following the day that Borrower receives such notice. If Borrower
fails to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Revolving Credit Lender of the related Honor
Date, the Unreimbursed Amount and the amount of such Lender’s Revolving Credit Percentage Share of such Unreimbursed Amount. In
such event, Borrower will be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such
Honor Date in an amount equal to such Unreimbursed Amount, without regard to the minimum and multiples specified in ‎Section
2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit
Commitments and the conditions set forth in ‎Section
4.02 (other than the delivery of a Loan Notice).

 

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

 

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

 

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

 

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

 

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

 

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(d)            
Repayment of Participations.

 

(i)           
If, at any time after any L/C Issuer has made a payment under any Credit issued by it and has received from any Revolving Credit
Lender such Lender’s Credit Advance in respect of such payment in accordance with ‎Section
2.03(c), Administrative Agent receives for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or
interest thereon (whether directly from Borrower or otherwise, including proceeds of Cash Collateral applied thereto by Administrative
Agent), Administrative Agent will distribute to such Lender an amount that equals its Revolving Credit Percentage Share thereof (appropriately
adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s Credit Advance was outstanding)
in the same funds as those received by Administrative Agent.

 

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

 

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

 

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

 

(ii)           
the existence of any claim, counterclaim, setoff, defense or other right that Borrower or any other Loan Party may have at any
time against any beneficiary or any transferee of such Credit (or any Person for whom any such beneficiary or any such transferee may
be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by
such Credit or any agreement or instrument relating thereto, or any unrelated transaction (including any underlying transaction between
any Loan Party or any of their respective Subsidiaries and the beneficiary for which any Credit was procured);

 

(iii)           
any draft, demand, certificate or other document presented under such Credit proving to be forged, fraudulent, invalid or insufficient
in any respect or any statement therein being untrue or inaccurate in any respect;

 

(iv)           
any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Credit;

 

(v)           
any payment by the L/C Issuer under such Credit against presentation of a draft or certificate that does not strictly comply with
the terms of such Credit;

 

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(vi)           
any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of Borrower
or of any other Loan Party or of any of their respective Subsidiaries;

 

(vii)           
the fact that a Default or Event of Default will have occurred and be continuing;

 

(viii)           
any payment made by the L/C Issuer under such Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession,
assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee
of such Credit, including any arising in connection with any proceeding under any Debtor Relief Law;

 

(ix)           
any adverse change in the relevant exchange rates or in the availability of the relevant Alternative Currency to Borrower or in
the relevant currency markets generally; or

 

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

 

Borrower will promptly examine a copy of each Credit and each amendment
thereto that is delivered to it and will notify the L/C Issuer thereof in writing of any claim of noncompliance with Borrower’s
instructions or other irregularity. Borrower will be conclusively deemed to have waived any such claim against the L/C Issuer and its
correspondents unless Borrower will have given written notice thereof to the L/C Issuer within three Business Days of the L/C Issuer’s
delivery to Borrower of a copy of the such Credit or amendment thereto, as applicable.

 

(f)           
Role of the L/C Issuer. Each Revolving Credit Lender and Borrower agree that, in paying any drawing under a Credit, the L/C Issuer
thereof will not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required
by the Credit issued, or requested to be issued, by it) or to ascertain or inquire as to the validity or accuracy of any such document
or the authority of the Person executing or delivering any such document. None of the L/C Issuer, Administrative Agent, any of their respective
Related Parties and any correspondent, participant or assignee of the L/C Issuer will be liable to any Lender for: (i) any action taken
or not taken, at the request or with the approval of Lenders or Required Revolving Credit Lenders, as applicable, in connection with a
Credit or any Issuer Document; (ii) in the absence of gross negligence or willful misconduct of the L/C Issuer under the circumstances
in question, as determined in a final, nonappealable judgment by a court of competent jurisdiction, any action taken or not taken in connection
with a Credit or any Issuer Document; or (iii) the due execution, effectiveness, validity or enforceability of any document related to
any Credit or Issuer Document. As between Borrower and any L/C Issuer, Borrower hereby assumes all risks of the acts or omissions of any
beneficiary or transferee with respect to its use of any Credit issued by such L/C Issuer; provided that this assumption is not
intended to, and will not, preclude Borrower from pursuing such rights and remedies as it may have against the beneficiary or transferee
at law or under any other agreement. None of the L/C Issuer, Administrative Agent or any of their respective Related Parties or any correspondent,
participant or assignee of the L/C Issuer will be liable or responsible for any of the matters described in clauses (i) through (x) of
‎Section 2.03(e); provided that, notwithstanding
anything to the contrary contained in such clauses, Borrower may have a claim against the L/C Issuer, and the L/C Issuer

 

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may be liable
to Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by Borrower
that were caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful or grossly negligent
failure to pay under any Credit issued by it after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly
complying with the terms and conditions of a Credit, as determined by a court of competent jurisdiction by final and nonappealable judgment.
In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order,
without responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C Issuer will not
be responsible for the validity or sufficiency of any document transferring or assigning or purporting to transfer or assign a Credit
or the rights or benefits thereunder or proceeds thereof, in whole or in part, that may prove to be invalid or ineffective for any reason.

 

(g)            
Applicability of ISP and UCP. Unless otherwise expressly agreed by L/C Issuer and Borrower, when a Credit is issued, (i) the rules
of the ISP and Article 5 of the UCC will apply to each standby Credit, provided that in the event of a conflict between applicable
provisions of the ISP and Article 5 of the UCC, the ISP will govern and (ii) the rules of the UCP and Article 5 of the UCC will apply
to each commercial Credit, provided that in the event of a conflict between applicable provisions of the UCP and Article 5 of the
UCC, the UCP will govern.

 

(h)            
Credit Issued for the Benefit of the Issuers Thereof. The parties hereto recognize that some or all of the Credit from time to
time issued under this Agreement will be issued by L/C Issuer for the benefit of itself or its Affiliate in connection with the simultaneous
issuance of a Linked Undertaking. Notwithstanding anything to the contrary in the ISP or the UCP (to the extent applicable to a Credit)
or under applicable Laws, it is the express intention of the parties that (i) each such Credit shall constitute, and be governed by the
rules generally applicable to, a Credit hereunder and a “credit” under the ISP, the UCP and other applicable Laws as if the
L/C Issuer of and beneficiary under such Credit were different Persons, (ii) Borrower’s reimbursement obligation hereunder shall
exist, without duplication, with respect to any such Credit issued by or outstanding from L/C Issuer as well as any Linked Undertaking,
and (iii) the L/C Issuer of a Credit and a Linked Undertaking will be entitled to funding of participations by the Lenders with respect
to either the Credit or the Linked Undertaking, but not with respect to both.

 

(i)           
Credit Fees. Borrower will pay to Administrative Agent for the account of each Revolving Credit Lender in accordance with its Revolving
Credit Percentage Share a fee (the “Credit Fee”) equal to (i) for each standby Letter of Credit or Bank Undertaking,
the Applicable Margin then applicable to the Eurocurrency Rate Loans multiplied by the actual daily amount available to be drawn
under such Credit and (ii) for each commercial Letter of Credit, a rate per annum to be determined by L/C Issuer and Administrative
Agent consistent with then prevailing market terms for issuances of commercial letters of credit; provided, however, any
Credit Fees otherwise payable for the account of a Defaulting Lender with respect to any Credit as to which such Defaulting Lender has
not provided Cash Collateral satisfactory to L/C Issuer pursuant to this ‎Section
2.03 will be payable, to the maximum extent permitted by applicable Law, to the other Revolving Credit Lenders in accordance with the
upward adjustments in their respective Revolving Credit Percentage Share allocable to such Credit pursuant to ‎Section
3.07(a)(iv), with the balance of such fee, if any, payable to L/C Issuer for its own account. For purposes of computing the actual daily
amount available to be drawn under all Credits, the amount of each Credit will be determined in accordance with Section 1.02(j).
Credit Fees will be (i) computed on a quarterly basis in arrears and (ii) due and payable on the last Business Day of each March, June,
September and December (in each case for the calendar quarter then ending), commencing

 

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with the
first such date to occur after the issuance of such Credit, on the Credit Expiration Date and thereafter on demand. If there is any change
in the Applicable Margin during any quarter, then the actual daily amount available to be drawn under all Credits will be computed and
multiplied by the Applicable Margin separately for each period during such quarter that such Applicable Margin was in effect.
Notwithstanding anything to the contrary contained herein, while any Event of Default exists, upon written notice to Borrower from Required
Revolving Credit Lenders, all Credit Fees will accrue at the Default Rate.

 

(j)           
Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers. Borrower will pay directly to each L/C Issuer for its
own account in respect of any Credits issued by or outstanding from such L/C Issuer, a fronting fee in Dollars with respect to each such
Credit equal to 0.125% per annum, computed quarterly in arrears on the Dollar Equivalent of the daily maximum amount available
to be drawn thereunder, due and payable quarterly in arrears on the last Business Day of each March, June, September and December (in
each case for the calendar quarter then ending), commencing with the first such date to occur after the issuance of such Credit, on the
Credit Expiration Date and thereafter on demand. In addition, Borrower will pay directly to L/C Issuer for its own account, in Dollars,
the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges of the L/C Issuer relating
to letters of credit and bank undertakings as from time to time in effect. Such customary fees and standard costs and charges are due
and payable on demand of the L/C Issuer and are nonrefundable.

 

(k)            
Additional L/C Issuers. Borrower may from time to time, upon not less than ten Business Days’ notice to Administrative Agent
(or such shorter period as may be agreed by Administrative Agent in its sole discretion), designate a Lender hereunder as an additional
L/C Issuer (upon obtaining such Lender’s prior consent thereto). Any such designation or increase in the number of L/C Issuers will
be subject to the approval of Administrative Agent (such approval not to be unreasonably withheld). Administrative Agent will promptly
notify Borrower and the Lenders of any designation and approval of an additional L/C Issuer. Upon any such approval of an additional L/C
Issuer by Administrative Agent, such Lender will be an L/C Issuer for all purposes of this Agreement, and references to the L/C Issuers
will mean and include such Lender in its capacity as an L/C Issuer. Any such additional L/C Issuer will be entitled to specify from time
to time any Dollar limit on the stated amount of Credits permitted to be outstanding from such L/C at any time (an “Issuer
Sublimit”). In the absence of any notice from an additional L/C Issuer to Administrative Agent specifying its Issuer Sublimit
from time to time in effect, such additional L/C Issuer’s Issuer Sublimit shall be deemed to equal the Credit Sublimit.

 

(l)           
Conflict with Issuer Documents. If a conflict exists between the terms hereof and the terms of any Issuer Document, the terms hereof
will control.

 

Section 2.04.         
Swing Line Loans.

 

(a)            
The Swing Line. Upon the terms, subject to the conditions and in reliance upon the representations and warranties of Borrower and
each of the other Loan Parties set forth in this Agreement and in the other Loan Documents and upon the agreements of the Revolving Credit
Lenders set forth in this ‎Section 2.04, Swing
Line Lender may in its sole and absolute discretion make loans (each such loan, a “Swing Line Loan”) in immediately
available funds denominated in Dollars to Borrower on a revolving basis from time to time on any Business Day from the Second Restatement
Effective Date through the tenth Business Day immediately preceding the last day of the Availability Period in an aggregate amount not
to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans,

 

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when aggregated
with the Revolving Credit Percentage Share of the Outstanding Amount of Revolving Credit Loans and Credit Obligations of the Revolving
Credit Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Revolving Credit Commitment; provided
that, after giving effect to any Swing Line Loan, (i) the Total Revolving Credit Outstandings will not exceed the Aggregate Revolving
Credit Commitments; and (ii) the aggregate Outstanding Amount of the Revolving Credit Loans of any Revolving Credit Lender (other than
Swing Line Lender in such capacity), plus such Lender’s Revolving Credit Percentage Share of the Outstanding Amount of all
Credit Obligations, plus such Lender’s Revolving Credit Percentage Share of the Outstanding Amount of all Swing Line Loans
will not exceed such Lender’s Revolving Credit Commitment. Each Swing Line Loan will be a Base Rate Loan. Immediately upon the
making of a Swing Line Loan, each Revolving Credit Lender will be deemed to, and hereby irrevocably and unconditionally agrees to, purchase
from Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to such Lender’s Revolving Credit Percentage
Share multiplied by the amount of such Swing Line Loan.

 

(b)            
Swing Line Borrowing Procedures. Each Swing Line Borrowing will be made upon Borrower’s irrevocable notice (a “Swing
Line Loan Notice”) to Swing Line Lender and Administrative Agent, which, subject to the provisions of ‎Section
10.02, may be given by approved electronic communication. Each such notice must be received by Swing Line Lender and Administrative Agent
not later than 12:00 noon on the requested borrowing date, and must specify (i) the amount to be borrowed, which will be a minimum of
$100,000, and (ii) the requested borrowing date, which must be a Business Day. Each such notice by electronic communication must be confirmed
promptly by delivery to Swing Line Lender and Administrative Agent of a separate written Swing Line Loan Notice, appropriately completed
and signed by a Responsible Officer of Borrower. Promptly after receipt by Swing Line Lender of any electronic communication Swing Line
Loan Notice, Swing Line Lender will confirm with Administrative Agent (in writing, including by electronic communication) that Administrative
Agent has also received such Swing Line Loan Notice and, if not, Swing Line Lender will notify Administrative Agent (in writing, including
by electronic communication) of the contents thereof. Unless (A) the Swing Line has been terminated or suspended by Swing Line Lender
as provided in this Agreement, including ‎Section
2.04(a), (B) Swing Line Lender has received notice (in writing, including by electronic communication) from Administrative Agent (including
at the request of any Revolving Credit Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (1) directing Swing
Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the proviso to the first sentence of ‎Section
2.04(a), or (2) that at least one of the applicable conditions specified in Article IV is not then satisfied, or (C) Swing Line Lender
has otherwise determined, in its sole and absolute discretion, not to fund the Swing Line Borrowing requested by Borrower in such Swing
Line Loan Notice, then, subject to the terms and conditions hereof, Swing Line Lender will, not later than 3:00 p.m. on the borrowing
date specified in the related Swing Line Loan Notice, make the amount of its Swing Line Loan available to Borrower at its office by crediting
the account of Borrower on the books of Swing Line Lender in immediately available funds. Revolving Credit Lenders agree that Swing Line
Lender and Borrower may agree to modify the borrowing procedures used in connection with the Swing Line in its discretion and without
affecting any of the obligations of Revolving Credit Lenders hereunder other than notifying Administrative Agent of a Swing Line Loan
Notice.

 

(c)            
Refinancing of Swing Line Loans.

 

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

 

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

 

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

 

(iv)           
Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or to purchase and fund risk participations in Swing
Line Loans pursuant to this ‎Section
2.04(c) will be absolute and unconditional and will not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment,
defense or other right that such Lender may have against Swing Line Lender, Borrower or any other Person for any reason whatsoever, (B)
the occurrence or continuance of a Default or Event of Default or (C) any other occurrence, event or condition, whether or not similar
to any of

 

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the foregoing;
provided that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this ‎Section
2.04(c) is subject to the conditions set forth in ‎Section
4.02. No such funding of risk participations will relieve or otherwise impair the obligation of Borrower to repay Swing Line Loans together
with interest as provided herein.

 

(v)           
Borrower may not use the proceeds of a Swing Line Loan borrowed pursuant to this ‎Section
2.04 to refinance an outstanding Swing Line Loan.

 

(d)            
Repayment of Participations.

 

(i)           
If, at any time after any Revolving Credit Lender has purchased and funded a risk participation in a Swing Line Loan, Swing Line
Lender receives any payment on account of such Swing Line Loan, then Swing Line Lender will distribute to such Lender an amount equal
to its Revolving Credit Percentage Share multiplied by such payment (appropriately adjusted, in the case of interest payments,
to reflect the period of time during which such Lender’s risk participation was funded) in the same funds as those received by Swing
Line Lender.

 

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

 

(e)            
Interest for Account of Swing Line Lender. Swing Line Lender will be responsible for invoicing Borrower for interest on Swing Line
Loans. Until each Revolving Credit Lender funds its Revolving Credit Loan that is a Base Rate Loan or risk participation pursuant to this
‎Section 2.04 to refinance such Lender’s
Revolving Credit Percentage Share of any Swing Line Loan, interest in respect of such proportionate share will be solely for the account
of Swing Line Lender.

 

(f)           
Payments Directly to Swing Line Lender. Borrower will make all payments of principal and interest in respect of Swing Line Loans
directly to Swing Line Lender.

 

Section 2.05.         
Payments and Prepayments.

 

(a)            
Payments of the Swing Line Loans. Subject to the other terms and provisions of this Agreement, including the acceleration of the
Obligations outstanding hereunder and under the other Loan Documents pursuant to ‎Section
8.03 following the occurrence of an Event of Default, Borrower will repay each Swing Line Loan (A) on the tenth Business Day following
the Borrowing thereof, and (B) to the extent outstanding on the Revolving Credit Maturity Date, on the Revolving Credit Maturity Date.

 

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(b)            
Payments of the Incremental Term Loans. Subject to the other terms and provisions of this Agreement, including the acceleration
of the Obligations outstanding hereunder and under the other Loan Documents pursuant to ‎Section
8.03 following the occurrence of an Event of Default, the Incremental Term Loans will be payable on such dates and in such amounts as
set forth in the applicable Incremental Term Documentation.

 

(c)            
Voluntary Prepayments.

 

(i)           
Borrower may, upon notice to Administrative Agent, at any time or from time to time voluntarily prepay Revolving Credit Loans in
whole or in part without premium or penalty; provided that (A) such notice must be received by Administrative Agent not later than
12:00 noon (1) three Business Days prior to any date of prepayment of Revolving Credit Loans that are Eurocurrency Rate Loans and (2)
four Business Days (or five Business Days, in the case of the prepayment of Loans determined in Special Notice Currencies) prior to any
date of prepayment of Revolving Credit Loans that are Eurocurrency Rate Loans denominated in any Alternative Currency permitted hereunder
and (3) on the date of prepayment of Revolving Credit Loans that are Base Rate Loans; and (B) any prepayment of Revolving Credit Loans
that are Eurocurrency Rate Loans will be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof, or that
are Base Rate Loans will be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof, or, if less, the entire
principal amount thereof then outstanding. Each such notice will specify the date and amount of such prepayment and the Type(s) of Revolving
Credit Loans to be prepaid. Administrative Agent will promptly notify each Revolving Credit Lender of its receipt of each such notice
and of the amount of such Lender’s Revolving Credit Percentage Share thereof. If Borrower gives such notice, then Borrower’s
prepayment obligation will be irrevocable, and Borrower will make such prepayment and the payment amount specified in such notice will
be due and payable on the date specified therein. Notwithstanding the foregoing, any such notice of prepayment delivered in connection
with any refinancing of all of the Obligations hereunder with the proceeds of such refinancing or of any incurrence of Indebtedness, may
be, if expressly so stated to be, contingent upon the consummation of such refinancing or incurrence and may be revoked by Borrower in
the event such refinancing is not consummated. Any prepayment of a Revolving Credit Loan that is a Eurocurrency Rate Loan will be accompanied
by any additional amounts required pursuant to ‎Section
3.05 (including amounts required pursuant to ‎Section
3.05(c) and any foreign exchange losses). Subject to ‎Section
3.07, each such prepayment will be applied to the Revolving Credit Loans of the Revolving Credit Lenders in accordance with their respective
Revolving Credit Percentage Shares.

 

(ii)           
Borrower may, upon notice to Swing Line Lender (with a copy to Administrative Agent), at any time or from time to time, voluntarily
prepay Swing Line Loans in whole or in part without premium or penalty; provided that: (A) such notice must be received by Swing
Line Lender and Administrative Agent not later than 1:00 p.m. on the date of the prepayment; and (B) any such prepayment will be in a
minimum principal amount of $100,000 or, if the aggregate Outstanding Amount of Swing Line Loans is less, the entire Outstanding Amount
thereof. Each such notice will specify the date and amount of such prepayment. If Borrower gives such a notice, then Borrower’s
prepayment obligation will be irrevocable, and Borrower will make such prepayment and the payment amount specified in such notice will
be due and payable on the date specified therein.

 

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(d)            
Mandatory Prepayments.

 

(i)           
If, on any date, and for any reason, including following any reduction of the Aggregate Revolving Credit Commitments pursuant to
‎Section 2.06, the Outstanding Amount
of Credit Obligations exceeds the Credit Sublimit, Borrower will promptly (and in any event within three Business Days thereof) Cash Collateralize
the Outstanding Amount of such Credit Obligations in an amount equal to such excess. Any Cash Collateral required to be provided pursuant
to this ‎Section 2.05 will be subject
to release in accordance with ‎Section
2.15(d).

 

(ii)           
If, on any date the Total Revolving Credit Outstandings, less the amount of Credit Obligations Cash Collateralized, exceeds
the Aggregate Revolving Credit Commitments then in effect, including after giving effect to any reduction of the Aggregate Revolving Credit
Commitments pursuant to ‎Section 2.06,
Borrower will immediately, and without notice or demand, prepay the outstanding principal amount of the Revolving Credit Loans, Swing
Line Loans and Credit Borrowings by an amount equal to the applicable excess. Any such prepayment will be applied, first, to any
Credit Borrowings, second, to prepay any outstanding Swing Line Loans and third, to prepay any outstanding Revolving Credit
Loans.

 

(iii)           
If, on any Revaluation Date, the Dollar Equivalent of the Total Revolving Credit Outstandings in Alternative Currencies exceeds
the lesser of (A) 105% times the Alternative Currency Available Credit then in effect and (B) the Aggregate Revolving Credit Commitments
then in effect, including after giving effect to any reduction of the Aggregate Revolving Credit Commitments pursuant to ‎Section
2.06, Borrower will immediately, and without notice or demand, (x) prepay the Dollar Equivalent of the outstanding principal amount of
the Revolving Credit Loans in Alternative Currencies and Credit Borrowings in Alternative Currencies by an amount equal to the applicable
excess or (y) Cash Collateralize the Dollar Equivalent of the Outstanding Amount of such Credit Obligations in Alternative Currencies
in an amount equal to the applicable excess. Any Cash Collateral required to be provided pursuant to this ‎Section
2.05 will be subject to release in accordance with ‎Section
2.12(d).

 

(iv)           
If, following any reduction of the Aggregate Revolving Credit Commitments pursuant to ‎Section
2.06, the aggregate Outstanding Amount of Swing Line Loans would exceed the Swing Line Sublimit (including as reduced by such reduction),
Borrower will prepay on the reduction date the Outstanding Amount of Swing Line Loans by an amount equal to the amount by which such Outstanding
Amount exceeds the Swing Line Sublimit.

 

(e)            
Application of Certain Payments. Subject to the other provisions of this Agreement applicable to the prepayment of Loans, any prepayment
of Loans will be applied first to Base Rate Loans to the full extent thereof before application to Eurocurrency Rate Loans, in each case
in a manner which minimizes the amount of any payments required to be made by Borrower pursuant to ‎Section
3.05.

 

Section 2.06.         
Termination or Reduction of Aggregate Revolving Credit Commitments.

 

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Borrower may, upon notice to Administrative Agent, terminate the Aggregate
Revolving Credit Commitments, or from time to time permanently reduce the Aggregate Revolving Commitments; provided that (a) any
such notice will be irrevocable and received by Administrative Agent not later than 12:00 noon one Business Day prior to the requested
effective date of such termination or reduction; (b) any such partial reduction will be in an aggregate amount of $5,000,000 or any whole
multiple of $1,000,000 in excess thereof; (c) Borrower will not terminate or reduce the Aggregate Revolving Credit Commitments if, after
giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Credit Outstandings would exceed the Aggregate
Revolving Credit Commitments; and (d) if, after giving effect to any reduction of the Aggregate Revolving Credit Commitments, the Credit
Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Revolving Credit Commitments, such sublimit(s) will be automatically
reduced by the amount of such excess. Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction
of the Aggregate Commitments. Any reduction of the Aggregate Revolving Credit Commitments will be applied to the commitment of each Revolving
Credit Lender according to its Revolving Credit Percentage Share thereof. All Revolving Credit Commitment Fees accrued until the effective
date of any termination of the Aggregate Revolving Credit Commitments will be paid on the effective date of such termination.

 

Section 2.07.         
Final Repayment of Revolving Credit Loans, Swing Loans and Incremental Term Loans.

 

(a)            
Payments Due on Revolving Credit Maturity Date. On the Revolving Credit Maturity Date, Borrower will repay (i) to the Revolving
Credit Lenders in full the aggregate Outstanding Amount of all Revolving Credit Loans and (ii) to Swing Line Lender in full the aggregate
Outstanding Amount of all Swing Line Loans, and in each case all accrued and unpaid interest thereon.

 

(b)            
Payments Due on Incremental Term Loan Maturity Date. For each Incremental Term Loan, on the Incremental Term Loan Maturity Date
applicable to such Incremental Term Loan, Borrower will repay to the Incremental Term Loan Lenders in full the aggregate Outstanding Amount
of such Incremental Term Loan and all accrued and unpaid interest thereon.

 

Section 2.08.         
Interest; Applicable Margins.

 

(a)            
Interest Generally. At the option of the Borrower, Loans (other than Swing Line Loans) will be Eurocurrency Rate Loans or Base
Rate Loans. Subject to the provisions of ‎Section
2.08(b), (i) each Eurocurrency Rate Loan will bear interest on the outstanding principal amount thereof for each Interest Period at a
rate per annum equal to the applicable Eurocurrency Rate (corresponding to the applicable Agreed Currency in which such Eurocurrency
Rate Loan is denominated) for such Interest Period plus the Applicable Margin then in effect corresponding to Eurocurrency Rate
Loans and (ii) each Base Rate Loan (including each Swing Line Loan) will bear interest on the outstanding principal amount thereof from
the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Margin then in effect corresponding
to Base Rate Loans. To the extent that any calculation of interest or any fee required to be paid under this Agreement shall be based
on (or result in) a calculation that is less than zero, such calculation shall be deemed zero for purposes of this Agreement.

 

(b)            
Default Rate.

 

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(i)           
If (A) an Event of Default occurs under ‎Section
8.01(a)(i) as a result of Borrower’s failure to timely make any principal payment on the Obligations when due and payable under
this Agreement or any of the other Loan Documents, whether at stated maturity, by acceleration or otherwise, or (B) an Event of Default
occurs under ‎Section 8.01(f) or ‎Section
8.01(g), or (C) an Event of Default occurs under ‎Section
8.01(l) as the result of the occurrence of a Change of Control, then in any such event, any outstanding Obligations under this Agreement
and the other Loan Documents (except for undrawn Credits) will thereafter, from the date such Event of Default occurred and continuing
until the related Event of Default has been cured or waived in accordance with ‎Section
10.01, without any required notice from Lenders or Administrative Agent, bear interest at a fluctuating rate per annum at all times
equal to the Default Rate, to the fullest extent permitted by applicable Laws.

 

(ii)           
If an Event of Default occurs under ‎Section
8.01(a)(ii) as a result of Borrower’s failure to timely make any payment (other than a principal payment subject to ‎Section
8.01(a)(i)) on the Obligations when due and payable under this Agreement or any of the other Loan Documents, whether at stated maturity,
by acceleration or otherwise, then, without limitation of and in addition to clause ‎(i)
of this ‎Section 2.08(b), upon written notice
to Borrower from Required Lenders (or from Administrative Agent at the direction of Required Lenders), any outstanding Obligations under
this Agreement and the other Loan Documents (except for undrawn Credits) will, effective as of the date of delivery of such written notice
to Borrower and continuing until the related Event of Default has been cured or waived in accordance with ‎Section
10.01 of this Agreement, bear interest at a fluctuating rate per annum at all times equal to the Default Rate, to the fullest extent
permitted by applicable Laws.

 

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

 

(c)            
Payment Dates; Accrual of Interest. Interest on each Loan will be due and payable in arrears on each Interest Payment Date applicable
thereto and at such other times as may be specified herein. Interest hereunder (including interest at the Default Rate, to the extent
applicable in accordance with ‎Section 2.08(b)) will
be due and payable in accordance with the terms hereof both before and after judgment, and both before and after the commencement of any
proceeding under any Debtor Relief Law.

 

(d)            
Increases and Decreases of Applicable Margins. Any increase or decrease in any Applicable Margin resulting from a change in the
Consolidated Leverage Ratio will become effective as of the date that is the earlier of (i) the last date by which Borrower is otherwise
required to deliver a Compliance Certificate in accordance with ‎Section
6.01(d) for given period (each such date, a “calculation date”) and (ii) the date that is two Business Days
after the date on which Borrower actually delivers a Compliance Certificate in accordance with ‎Section
6.01(d) for a given period; provided that the Applicable Margins in effect from the Second Restatement Effective Date to the date
that is two Business Days following receipt by Administrative Agent of a timely delivered Compliance Certificate with respect to the first
Test Period ending after the Second Restatement Effective Date will be set at levels corresponding to Tier I as indicated on the grid
set forth in the definition of “Applicable Margin”; provided, further, that, if any Compliance Certificate required
to be delivered in accordance with ‎Section
6.01(d) is not delivered to Administrative Agent on or before the related calculation date, then the levels corresponding to Tier V as
indicated on the grid set forth in the definition of “Applicable Margin” will apply, effective on the related calculation
date until two Business Days after such Compliance Certificate is actually received by Administrative Agent.

 

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Notwithstanding the foregoing, if, as a result of any restatement of
or other adjustment to the financial statements of Borrower or for any other reason, Borrower or Administrative Agent (which may be at
the direction of Required Lenders) determine that (A) the Consolidated Leverage Ratio as calculated by Borrower as of any applicable date
was inaccurate and (B) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period,
Borrower will immediately and retroactively be obligated to pay to Administrative Agent for the account of the applicable Lenders or the
applicable L/C Issuer(s), as the case may be, promptly on demand by Administrative Agent accompanied by calculations supporting Administrative
Agent’s determination (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower
under the Bankruptcy Code, automatically and without further action by Administrative Agent, any Lender or L/C Issuer), an amount equal
to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually
paid for such period.

 

(e)            
Interest Act (Canada). For the purposes of the Interest Act (Canada), (i) whenever a rate of interest or fee rate hereunder is
calculated on the basis of a year (the “deemed year”) that contains fewer days than the actual number of days
in the calendar year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of
interest or fee rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed
year, (ii) the principle of deemed reinvestment of interest shall not apply to any interest calculation hereunder and (iii) the rates
of interest stipulated herein are intended to be nominal rates and not effective rates or yields.

 

Section 2.09.         
Fees.

 

In addition to certain fees described in Sections ‎2.03(i)
and ‎(j):

 

(a)            
Revolving Credit Facility Commitment Fee. Subject to ‎Section
3.07(a)(iii), Borrower will pay to Administrative Agent for the account of each Revolving Credit Lender (other than a Defaulting Lender)
in accordance with its Revolving Credit Percentage Share, a commitment fee (the “Revolving Credit Commitment Fee”)
equal to the Applicable Margin then in effect corresponding to the Revolving Credit Commitment Fees multiplied by the actual daily
amount by which the Aggregate Revolving Credit Commitments exceed the sum of the Total Revolving Credit Outstandings less the Outstanding
Amount of Swing Line Loans as of and for such date of determination, subject to adjustment as provided in ‎Section
3.07; provided that the Applicable Margin in effect from the Second Restatement Effective Date to the date that is two Business
Days following receipt by Administrative Agent of a timely delivered Compliance Certificate with respect to the first Test Period ending
after the Second Restatement Effective Date will be set at levels corresponding to Tier I as indicated on the grid set forth in the definition
of “Applicable Margin”; provided, further, that, if any Compliance Certificate required to be delivered in accordance
with ‎Section 6.01(d) is not delivered to
Administrative Agent on or before the related calculation date, then the levels corresponding to Tier V as indicated on the grid set forth
in the definition of “Applicable Margin” will apply, effective on the related calculation date until two Business Days after
such Compliance Certificate is actually received by Administrative Agent. The Revolving Credit Commitment Fee will accrue at all times
during the Availability Period, including at any time during which one or more of the conditions in ‎Article
4 is not met, and will be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing
with the first such date to occur after the Second Restatement Effective Date, and on the Revolving Credit Maturity Date. The Revolving
Credit Commitment Fee will be calculated quarterly in arrears, and if there is any change in the

 

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Aggregate
Revolving Credit Commitments or in the Applicable Margin during any quarter, the actual daily amount will be computed and multiplied
by such Aggregate Revolving Credit Commitments or such Applicable Margin separately for each period during such quarter that such
Aggregate Revolving Credit Commitments or such Applicable Margin was in effect.

 

(b)            
Administrative Agent’s Fees. Borrower will pay to Administrative Agent for Administrative Agent’s own account such
fees as are specified as owing to such Person in the Fee Letter.

 

Section 2.10.         
Computations of Interest and Fees.

 

All computations of interest for Base Rate Loans based on the Prime
Rate will be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of interest
and fees hereunder will be made on the basis of a year of 360 days and actual days elapsed (which results in more interest being paid
than if computed on the basis of a year of 365 or 366 days, as applicable), or, in the case of interest in respect of Loans denominated
in Alternative Currencies as to which market practice differs from the foregoing, in accordance with such market practice. Interest will
accrue on each Loan for the day on which the Loan is made, and will not accrue on a Loan, or any portion thereof, for the day on which
the Loan or such portion is paid; provided that any Loan that is repaid on the same day on which it is made will, subject to ‎Section
2.12(a), bear interest for one day. Each determination by Administrative Agent of an interest rate or fee hereunder will be conclusive
and binding for all purposes, absent manifest error. Without limitation of the foregoing, in computing the interest on any Eurocurrency
Rate Loan denominated in an Alternative Currency, such Loan will have added to it the UK Regulatory Cost, if any, associated with such
Loan.

 

Section 2.11.         
Evidence of Indebtedness.

 

(a)            
Evidence of Payments. The Credit Extensions made by each Lender will be evidenced by one or more accounts or records maintained
by such Lender and by Administrative Agent in the ordinary course of business, including the Register as described in ‎Section
10.06(c). The accounts or records maintained by Administrative Agent will be conclusive absent manifest error of the amount of the Credit
Extensions made by Lenders to Borrower and the interest and payments thereon. Any failure to so record or any error in doing so will not,
however, limit or otherwise affect the obligation of Borrower hereunder to pay any amount owing with respect to the Obligations. Upon
the request of any Lender or the Swing Line Lender made through Administrative Agent, Borrower will execute and deliver to such Lending
Party (through Administrative Agent) a Note, which Note will be, for Revolving Credit Loans, a “Revolving Credit Note”
substantially in the form attached as Exhibit E-1, for Incremental Term Loans, an “Incremental Term Loan Note”
substantially in the form attached as Exhibit E-2, and for Swing Line Loans, a “Swing Line Note” substantially
in the form attached as Exhibit E-3, each of which will evidence such Lending Parties’ Loans in addition to such accounts or records.
Each Lending Party may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans
and payments with respect thereto.

 

(b)            
Evidence of Certain Participations. In addition to the accounts and records referred to in ‎Section
2.11(a), each Lender and Administrative Agent will maintain in accordance with its usual practice accounts or records evidencing the purchases
and sales by such Lender of participations in Credits and Swing Line Loans. If any conflict exists between the accounts and records maintained
by Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of Administrative
Agent will control in the absence of manifest error.

 

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Section 2.12.         
Payments Generally; Right of Administrative Agent to Make Deductions Automatically.

 

(a)            
Payments Generally.

 

(i)           
All payments to be made by Borrower will be made without condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise expressly provided herein, all payments by Borrower hereunder will be made to Administrative Agent, for the account
of the respective Lender to which such payment is owed, at Administrative Agent’s Office in Same Day Funds not later than (i) 12:00
noon on the date specified herein or (ii) after the Applicable Time specified by Administrative Agent in the case of payments in an Alternative
Currency. If, for any reason, Borrower is prohibited by any requirement of applicable Law from making any required payment hereunder in
an Alternative Currency, Borrower will make such payment in Dollars in the Dollar Equivalent of the Alternative Currency payment amount.
Administrative Agent will promptly distribute to each Lender its Percentage Share (or other applicable share as provided herein) of such
payment in like funds as received by wire transfer to such Lending Party’s Lending Office. All payments received by Administrative
Agent after 12:00 noon will be deemed received on the next succeeding Business Day and any applicable interest or fee will continue to
accrue; provided, however, that at the request of Administrative Agent, payments of interest on Eurocurrency Rate Loans
denominated in an Alternative Currency will be made in the applicable Alternative Currency in immediately available funds to such account
at such bank as Administrative Agent may designate to Borrower, no later than 12:00 noon (local time in the place where such bank is located)
on the due date. If any payment to be made by Borrower will come due on a day other than a Business Day, payment will be made on the next
following Business Day, and such extension of time will be reflected in computing interest or fees, as the case may be.

 

(ii)           
Borrower hereby authorizes Administrative Agent (A) to deduct automatically all principal, interest or fees when due hereunder
or under any Note from any account of Borrower maintained with Administrative Agent and (B) if and to the extent any payment of principal,
interest or fees under this Agreement or any Note is not made when due to deduct any such amount from any or all of the accounts of Borrower
maintained at Administrative Agent. Administrative Agent agrees to provide written notice to Borrower of any automatic deduction made
pursuant to this ‎Section 2.12(a)(ii)
showing in reasonable detail the amounts of such deduction. Each Lender agrees to reimburse Borrower based on its applicable Percentage
Share for any amounts deducted from such accounts in excess of amount due hereunder and under any other Loan Documents.

 

(b)            
Fundings by the Lenders, Payments by Borrower and Presumptions by Administrative Agent.

 

(i)           
Unless Administrative Agent will have received notice from a Lender (A) in the case of Base Rate Loans (including Swing Line Loans),
two hours prior to the proposed time of such Borrowing, and (B) otherwise prior to the proposed date of any Borrowing that such Lender
will not make available to Administrative Agent such

 

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Lender’s
share of such Borrowing, Administrative Agent may assume that such Lender has made such share available on such date in accordance with
‎Section 2.02 and may, in reliance
upon such assumption, make available to Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of
the applicable Borrowing available to Administrative Agent, then the applicable Lender, on the one hand, and Borrower, on the other hand,
each severally agrees to pay to Administrative Agent forthwith on demand such corresponding amount in immediately available funds with
interest thereon, for each day from the date such amount is made available to Borrower to the date of payment to Administrative Agent,
at (1) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by Administrative
Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees
customarily charged by Administrative Agent in connection with the foregoing; and (2) in the case of a payment to be made by Borrower,
the interest rate applicable to Revolving Credit Loans that are Base Rate Loans. If Borrower and such Lender will pay such interest to
Administrative Agent for the same or an overlapping period, Administrative Agent will promptly remit to Borrower the amount of such interest
paid by Borrower for such period. If such Lender pays its share of the applicable Borrowing to Administrative Agent, then the amount
so paid will constitute such Lender’s Loan included in such Borrowing. Any payment by Borrower will be without prejudice to any
claim Borrower may have against a Lender that will have failed to make such payment to Administrative Agent.

 

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

 

(c)            
Failure to Satisfy Conditions Precedent. Subject to ‎Section
2.03 and ‎Section 2.04, if any Lender makes
available to Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this ‎Article
2 and such funds are not made available to Borrower by Administrative Agent because the conditions to the applicable Credit Extension
set forth in ‎Article 4 are not satisfied
or waived in accordance with the terms hereof, Administrative Agent will promptly return such funds (in like funds as received from such
Lender) to such Lender, without interest.

 

(d)            
Obligations of the Lenders are Several and not Joint. The obligations of the Lenders hereunder to make Loans, to fund participations
in Credits and Swing Line Loans and to make payments under ‎Section
10.04(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any payment
under ‎Section 10.04(c) on

 

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any date
required hereunder will not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender will be responsible
for the failure of any other Lender to so make its Loan, purchase its participation or to make its payment under ‎Section
2.12(b)(ii), ‎Section 10.04(c) or ‎Section
10.05.

 

(e)            
Funding Sources. Nothing herein will be deemed to obligate any Lender to obtain the funds for any Loan in any particular place
or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular
place or manner. Without limitation of the preceding sentence, neither Administrative Agent nor any Lender will be required actually to
acquire Eurocurrency deposits to fund or otherwise match fund any Obligation as to which interest accrues at the Eurocurrency Rate. The
provisions of this ‎Section 2.12(e) will apply as
if each Lender had match funded any Obligation as to which interest is accruing at the Eurocurrency Rate by acquiring Eurocurrency deposits
for each Interest Period in the amount of the Eurocurrency Rate Loans.

 

Section 2.13.         
Sharing of Payments.

 

If any Lender will, by exercising any right of setoff or counterclaim
or otherwise, obtain payment in respect of any principal of or interest on any of the Loans made by it, or the participations in Credit
Obligations or in Swing Line Loans held by it, resulting in such Lender receiving payment of a proportion of the aggregate amount of such
Loans or participations and accrued interest thereon greater than its Percentage Share (or other applicable share as provided herein)
thereof as provided herein, then the Lender receiving such greater proportion will: (a) notify Administrative Agent of such fact; and
(b) purchase (for Cash at face value) participations in the Loans and subparticipations in Credit Obligations and Swing Line Loans of
the other Lenders, or make such other adjustments as will be equitable, so that the benefit of all such payments will be shared by Lenders
ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing
them; provided that: (i) if any such participations or subparticipations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations or subparticipations will be rescinded and the purchase price restored to the extent of
such recovery, without interest; and (ii) the provisions of this ‎Section
2.13 will not be construed to apply to (A) any payment made by or on behalf of Borrower pursuant to and in accordance with the express
terms of this Agreement including the application of funds arising from the existence of a Defaulting Lender, (B) the application of Cash
Collateral provided for in ‎Section 2.15 or
(C) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or subparticipations
in Credit Obligations or Swing Line Loans to any assignee or participant, other than an assignment to any Loan Party or any Affiliate
thereof (as to which the provisions of this ‎Section
2.13 will apply).

 

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

 

Section 2.14.         
Increase in Aggregate Commitments.

 

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(a)            
Increase in Aggregate Commitments Generally. Subject to the further conditions set forth in ‎Section
2.14(c), upon notice to Administrative Agent, at any time after the Second Restatement Effective Date but not less than thirty days prior
to the Revolving Credit Maturity Date, Borrower may request one or more Incremental Term Loan Commitments or one or more Additional Revolving
Credit Commitments; provided that (i)(i) after giving effect to any such addition, the aggregate amount of Additional Revolving
Credit Commitments and Incremental Term Loan Commitments that have been added pursuant to this ‎Section
2.14 will not exceed the Incremental Cap (provided that any new Incremental Term Loan Commitment or Additional Revolving Credit
Commitment, if it is incurred and becomes effective as of a date when the Unlimited Incremental Basket (as defined in clause (b) of the
definition of “Incremental Cap” set forth in ‎Section
1.01, with the Consolidated Leverage Ratio being calculated for such purpose without giving effect to any substantially concurrent incurrence
of any new Incremental Term Loan Commitment or Additional Revolving Credit Commitment under and in reliance on the Adjusted Fixed Cap
(as defined in clause (a) of the definition of “Incremental Cap”)) is in effect shall be deemed incurred under and reliance
on the Unlimited Incremental Basket rather than the Adjusted Fixed Cap; (ii)(ii) any such addition will be in an aggregate amount of $10,000,000
or any whole multiple of $1,000,000 in excess thereof (provided that such amount may be less than $10,000,000 if such amount represents
all remaining availability under the then-existing Incremental Cap; (iii)(iii) no Lender will be required to participate in the Additional
Revolving Credit Commitments or Incremental Term Loan Commitments; and (iv)(iv) the terms and conditions of any Incremental Term Loans
(including as to the interest rate, fees, premium, required prepayments and participation in prepayments, amortization schedule and final
maturity thereof or applicable thereto) shall be agreed to between the Borrower and the Lenders or additional lenders providing such Incremental
Term Loans; provided that no Incremental Term Loan will have (A)(A) scheduled principal payments or repayments during any calendar
year prior to the Revolving Credit Stated Maturity Date totaling in the aggregate for such year (including the year in which the Revolving
Credit Stated Maturity Date occurs) in excess of 10% of the initial Incremental Term Loan Commitment for such Incremental Term Loan or
(B)(B) an Incremental Term Loan Stated Maturity Date that is earlier than the Revolving Credit Stated Maturity Date; and provided further
that to the extent any such Incremental Term Loans are subject to additional or more restrictive covenants or other provisions, then either
(1)(1) such covenants and provisions are applicable solely after the latest maturity date for any Facility then outstanding or (2)(2)
such covenants and provisions are added for the benefit of any Facility then outstanding. The Additional Revolving Credit Loans and Incremental
Term Loans will (x) rank equal in right of payment with the Revolving Credit Loans, (y) be secured only by the Collateral securing the
Loan Document Obligations (or assets that will become Collateral in connection with such transaction) and be secured on a pari passu
basis with the Loan Document Obligations and (a) only be guaranteed by the Loan Parties (or Persons that will become Loan Parties in connection
with such transaction).

 

(b)            
Certain Provisions Regarding Increase of Aggregate Commitments. If any Additional Revolving Credit Commitments or Incremental Term
Loan Commitments are added in accordance with this ‎Section
2.14, Administrative Agent and Borrower will determine the effective date (the “Additional Commitments Effective Date”)
of such addition and the amount of, and the Persons who will provide, such Additional Revolving Credit Commitments or Incremental Term
Loan Commitments, as applicable. Administrative Agent will promptly notify Borrower and Lending Parties of the final amount of such addition
and the Additional Commitments Effective Date, as well as in the case of each notice to any Revolving Credit Lender, the respective interests
in such Revolving Credit Lender’s Revolving Credit Loans, in each case subject to the assignments contemplated by this ‎Section
2.14.

 

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(c)            
Conditions Precedent to the Effectiveness of each Increase of Aggregate Commitments. The effectiveness of any requested Additional
Revolving Credit Commitments or Incremental Term Loan Commitments as of the applicable designated Additional Commitments Effective Date
will, in each case, be subject to the satisfaction of each of the following conditions precedent: (i)(i) the representations and warranties
contained in Article 5 (excluding those contained in ‎Section
5.05 and ‎Section 5.10(b)) and the other Loan
Documents (including all documents required pursuant to ‎Section
2.14(d)) will be true and correct in all material respects (except that such materiality qualifier will not be applicable to any portion
of any representation or warranty that is already qualified or modified by materiality in the text thereof) on and as of the Additional
Commitments Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which
case they will have been true and correct in all material respects (except that such materiality qualifier will not be applicable to any
portion of any representation or warranty that is already qualified or modified by materiality in the text thereof) as of such earlier
date, and except that, for purposes of this ‎Section
2.14(c), the representations and warranties contained in ‎Section
5.10(a) will be deemed to refer to the financial statements most recently furnished pursuant to ‎Section
6.01 (provided, however, that if and to the extent such requested Additional Revolving Credit Commitments or Incremental Term Loan
Commitments have been requested for the purpose of funding, in whole or in part, the Acquisition Consideration of a Limited Condition
Transaction (including any portion which repays Indebtedness of the Target, including any Subsidiary or other Affiliate thereof being
acquired in such Limited Condition Transaction) and/or fees and expenses incurred by Borrower or its Subsidiaries in connection therewith,
the representations and warranties required to be true and correct as set forth in this clause (i) shall be limited to the Specified Representations);
(ii)(ii) no Default or Event of Default will exist immediately before or immediately after giving effect to such addition (provided,
however, that if and to the extent such requested Additional Revolving Credit Commitments or Incremental Term Loan Commitments have
been requested, in whole or in part, for the purpose of funding, in whole or in part, the Acquisition Consideration of a Limited Condition
Transaction (including any portion which repays, redeems or otherwise discharges any Indebtedness of the Target, including any Subsidiary
or other Affiliate thereof being acquired in such Limited Condition Transaction) and/or fees and expenses incurred by Borrower or its
Subsidiaries in connection therewith, the condition precedent of this clause (ii) will be limited solely to Specified Events of Default);
(iii)(iii) as of the date of the making of any Additional Revolving Credit Loan or Incremental Term Loan (based on the financial statements
most recently furnished pursuant to ‎Section
6.01), Borrower will be in compliance with the financial covenants set forth in ‎Section
7.15 after giving pro forma effect to the funding in full of the requested Additional Revolving Credit Loans or Incremental Term
Loans, as applicable, and other outstanding and appropriate pro forma adjustments events consistent with Section 1.02(i),
including and Acquisitions or Dispositions consummated after the beginning of the relevant Test Period but prior to or simultaneous with
the Borrowing of such Additional Revolving Credit Loan or Incremental Term Loan, as the case may be (provided, however, that if
and to the extent such requested Additional Revolving Credit Commitments or Incremental Term Loan Commitments have been requested, in
whole or part, for the purpose of funding, in whole or in part, the Acquisition Consideration of a Limited Condition Transaction (including
any portion which repays, redeems or otherwise discharges any Indebtedness of the Target or any of its Subsidiaries or other Affiliates
being acquired as part of such Limited Condition Transaction) and/or fees and expenses incurred by Borrower or its Subsidiaries in connection
therewith, the condition precedent of this clause (iii) requiring that Borrower be in compliance with the financial covenants set forth
in ‎Section 7.15 after giving pro forma
effect to the making of such Additional Revolving Credit Loans or Incremental Term Loans as of the date of making such Loans will instead
be tested as of the LCT Test Date for such Limited Condition Transaction); (iv)(iv) Borrower, Administrative Agent and Lending Parties
(including any new Lending Parties being added in connection with such addition) will have entered into all documents required pursuant
to ‎Section

 

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2.14(d),
and Borrower will have complied with all of the conditions precedent to the effectiveness of such addition as provided in such documents
(including any requirement to pay fees and expenses to any or all of Administrative Agent, the Arrangers and the Lending Parties, including
any new Lending Parties); (v)(v) all fees and expenses owing in respect of such increase to the Administrative Agent and the Lenders
(other than any Defaulting Lender) that have been invoiced at least three Business Days prior to the applicable Additional Commitments
Effective Date shall have been paid (or shall be paid substantially concurrently therewith); and (vi)(vi) Borrower will have delivered
to Administrative Agent a certificate dated as of the Additional Commitments Effective Date signed by a Responsible Officer of Borrower,
certifying as to the truth, accuracy and correctness of the matters set forth in the immediately preceding clauses (i), (ii) and (iii).
On each Additional Commitments Effective Date, each applicable Lender, Eligible Assignee or other Person who is providing an Additional
Revolving Credit Commitment or an Incremental Term Loan Commitment: (I) in the case of any Additional Revolving Credit Commitment, will
become a “Revolving Credit Lender” for all purposes of this Agreement and the other Loan Documents; and (II)
in the case of any Incremental Term Loan Commitment, will make an Incremental Term Loan to Borrower in a principal amount equal to such
Incremental Term Loan Commitment. Any Additional Revolving Credit Loan will be a “Revolving Credit Loan” for
all purposes of this Agreement and the other Loan Documents. In furtherance of the foregoing, on any Additional Commitments Effective
Date on which Additional Revolving Credit Commitments are made, subject to the satisfaction of the other terms and conditions contained
in this ‎Section 2.14, (x) each of the existing
Revolving Credit Lenders will assign to each Person providing an Additional Revolving Credit Commitment, and each such Person will purchase
from each of the existing Revolving Credit Lenders, in an amount equal to the Outstanding Amount thereof (together with accrued but unpaid
interest thereon), such interests in the Revolving Credit Loans outstanding on such date as will be necessary in order that, after giving
effect to all such assignments and purchases, such Revolving Credit Loans will be held by existing Revolving Credit Lenders and the Person
making the Additional Revolving Credit Commitments ratably in accordance with their Revolving Credit Percentage Shares after giving effect
to the addition of such Additional Revolving Credit Commitments to the existing Revolving Credit Commitments; and (y) each Person making
an Additional Revolving Credit Commitment will be deemed for all purposes to have made a Revolving Credit Commitment and each Additional
Revolving Credit Loan will be deemed, for all purposes, a Revolving Credit Loan.

 

(d)            
Terms and Documentation. The terms of and documentation entered into in respect of any Additional Revolving Credit Commitments
or any Incremental Term Loan Commitments provided in each case pursuant to this ‎Section
2.14 (collectively, the “Additional Commitment Documentation”) will be consistent with the existing Revolving
Credit Commitments, other than as contemplated by clause (iv) of ‎Section
2.14(a). Any Additional Revolving Credit Commitments or Incremental Term Loans, as applicable, made or provided pursuant to this ‎Section
2.14 will be evidenced by one or more entries in the Register maintained by Administrative Agent in accordance with the provisions set
forth in ‎Section 10.06(c).

 

Section 2.15.         
Cash Collateral.

 

(a)            
Certain Credit Support Events.

 

(i)           
Upon the request of Administrative Agent or any L/C Issuer, if, as of the Credit Expiration Date, any Credit Obligation for any
reason remains outstanding, or, in the case of any Bank Undertakings, such Bank Undertakings have not been surrendered, Borrower will
promptly (but in any event within five Business Days of receiving such request) Cash Collateralize the Outstanding Amount of all Credit
Obligations.

 

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(ii)           
At any time that there exists a Defaulting Lender, within one Business Day following the written request of Administrative Agent
or any L/C Issuer (with a copy to Administrative Agent) Borrower will Cash Collateralize the L/C Issuer’s Fronting Exposure with
respect to such Defaulting Lender (determined after giving effect to ‎Section
3.07(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than 100% of such Fronting Exposure.

 

(b)            
Grant of Security Interest. All Cash Collateral (other than credit support not constituting funds subject to deposit) will
be maintained in blocked, non-interest bearing deposit accounts at HSBC located in the United States of America. Borrower, and to the
extent provided by any Defaulting Lender, such Defaulting Lender hereby grants to (and subjects to the control of) Administrative Agent,
for the benefit of the L/C Issuers, and agrees to maintain, a first priority security interest in all such Cash Collateral as security
for the Defaulting Lender’s obligation to fund participations in respect of Credit Obligations, to be applied pursuant to ‎Section
2.15(c). If at any time Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than
Administrative Agent and the L/C Issuers as herein provided other than the security interests created by the Collateral Documents in favor
of Administrative Agent, for the benefit of the Secured Parties, to secure the Obligations, or that the total amount of such Cash Collateral
is less than the Minimum Collateral Amount, Borrower will, promptly upon demand by Administrative Agent, pay or provide to Administrative
Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency after giving effect to any Cash Collateral provided
by the Defaulting Lender.

 

(c)            
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of
this ‎Section 2.15 or ‎Section
3.07 in respect of Credits will be held and applied to the satisfaction of the applicable Defaulting Lender’s obligations to fund
participations in respect of Credit Obligations (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued
on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property
as may be provided for herein.

 

(d)            
Release. Cash Collateral (or the appropriate excess portion thereof in the case of clause (ii) below) provided to reduce
any L/C Issuer’s Fronting Exposure will no longer be required to be held as Cash Collateral pursuant to this ‎Section
2.15 following (i)(i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of
the applicable Lender) or (ii)(ii) the determination by Administrative Agent and the L/C Issuer that there exists excess Cash Collateral;
provided, however, (A)(A) that Cash Collateral furnished by or on behalf of a Loan Party will not be released during the
continuance of a Default or Event of Default (and following application as provided in this ‎Section
2.15 may be otherwise applied in accordance with ‎Section
8.05); (B)(B) the Person providing Cash Collateral and the L/C Issuer or Swing Line Lender, as applicable, may agree that Cash Collateral
will not be released but instead held to support future anticipated Fronting Exposure or other obligations; and (C)(C) to the extent Cash
Collateral was provided by Borrower, such Cash Collateral will remain subject to the security interest created by the Collateral Documents
in favor of Administrative Agent, for the benefit of the Secured Parties, to secure the Obligations.

 

Section 2.16.         
Designation of Restricted and Unrestricted Subsidiaries.

 

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Borrower may, at any time from and after the Second Restatement Effective
Date, designate any Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided
that (a) immediately before and after such designation, no Default or Event of Default shall have occurred and be continuing, (b)
immediately after giving effect to such designation, Borrower shall be in compliance with the financial covenants set forth in ‎Section
7.15 on a pro forma basis, (c) no Restricted Subsidiary may be designated as an Unrestricted Subsidiary if it was previously designated
as an Unrestricted Subsidiary and (c) if a Restricted Subsidiary is being designated as an Unrestricted Subsidiary hereunder, such Restricted
Subsidiary, together with all other Unrestricted Subsidiaries as of such date of designation, shall not at any time account for, in the
aggregate, (i) more than 1.0% percent of the Consolidated gross revenues (after intercompany eliminations) of Borrower and its Consolidated
Subsidiaries (calculated inclusive of all Unrestricted Subsidiaries) or (ii) more than 1.0 % of the Consolidated assets (after intercompany
eliminations) of Borrower and its Consolidated Subsidiaries (calculated inclusive of all Unrestricted Subsidiaries), in each case, as
of the last day of the most recently completed Test Period for which financial statements have been delivered pursuant to ‎Section
6.01(a) or ‎(b), as applicable; and provided,
further, that if all Unrestricted Subsidiaries at any time account for, in the aggregate, (A) more than 1.0% of the Consolidated gross
revenues (after intercompany eliminations) of Borrower and its Consolidated Subsidiaries or (B) more than 1.0% of the Consolidated assets
(after intercompany eliminations) of Borrower and its Consolidated Subsidiaries, in each case, as of the last day of the most recently
completed Test Period for which financial statements have been delivered have been delivered pursuant to ‎Section
6.01(a) or ‎(b), as applicable, but calculated, in
connection with any Investment proposed to be consummated by any Unrestricted Subsidiary, on a pro forma basis as if such Investment
occurred on the first day of such most recently completed Test Period, Borrower shall designate one or more of such Unrestricted Subsidiaries
to be Restricted Subsidiaries such that, after giving effect to such designations, the Unrestricted Subsidiaries shall account for, in
the aggregate, (1) not more than 1.0% of the Consolidated gross revenues (after intercompany eliminations) of Borrower and its Consolidated
Subsidiaries and (2) not more than 1.0% of the Consolidated assets (after intercompany eliminations) of Borrower and its Consolidated
Subsidiaries, in each case, as of the last day of the most recently completed Test Period for which financial statements have been delivered
pursuant to ‎Section 6.01(a) or ‎(b),
but calculated on a pro forma basis to be inclusive of any Investments consummated by such Unrestricted Subsidiaries since the
last day of such most recently completed Test Period. The designation of any Restricted Subsidiary as an Unrestricted Subsidiary after
the Second Restatement Effective Date shall constitute an Investment by Borrower or the applicable Restricted Subsidiary therein at the
date of designation in an amount equal to the fair market value of Borrower’s or the applicable Restricted Subsidiary’s investment
therein. Neither Borrower nor any Restricted Subsidiary shall at any time be directly or indirectly liable for any Indebtedness that provides
the holder thereof may (with the passage of time or notice or both) declare a default thereon or cause the payment thereof to be accelerated
upon the occurrence of a default with respect to any Indebtedness, Lien or other obligation of an Unrestricted Subsidiary (including any
right to take enforcement action against such Unrestricted Subsidiary). The designation of any Unrestricted Subsidiary as a Restricted
Subsidiary shall constitute (A) the incurrence at the time of designation of any Investment, Indebtedness or Liens of such Subsidiary
existing at such time and (b) a return on any Investment by Borrower or the applicable Restricted Subsidiary in Unrestricted Subsidiaries
pursuant to the preceding sentence in an amount equal to the fair market value at the date of such designation of Borrower’s or
such Restricted Subsidiary’s Investment in such Subsidiary.

 

Section 2.17.         
Security for the Obligations.

 

Except as otherwise specifically provided in any Loan Document, all
Obligations will be secured pursuant to the terms of the Collateral Documents.

 

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Article
3

Taxes, Yield Protection and Illegality

 

Section 3.01.         
Taxes.

 

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

 

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

 

(c)            
Indemnification.

 

(i)           
Indemnification by Each Loan Party. The Loan Parties will jointly and severally indemnify each Recipient, within ten 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
3.01) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient 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 setting forth in reasonable detail as to the amount or amounts of such payment or liability
delivered to Borrower by a Lending Party (with a copy to Administrative Agent), or by Administrative Agent on its own behalf or on behalf
of a Lending Party, will be conclusive absent manifest error.

 

(ii)           
Indemnification by the Lending Parties. Each Lending Party will severally indemnify Administrative Agent, within ten days after
written demand therefor, for (i) any Indemnified Taxes attributable to such Lending Party (but only to the extent that any Loan Party
has not already indemnified Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to
do so), (ii) any Taxes attributable to such Lending Party’s failure to comply with the provisions of ‎Section
10.06(d) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lending Party, 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 setting forth in reasonable detail as to the amount or amounts of such payment

 

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or liability
delivered to any Lending Party by Administrative Agent shall be conclusive absent manifest error. Each Lending Party hereby authorizes
Administrative Agent to set off and apply any and all amounts at any time owing to such Lending Party under any Loan Document or otherwise
payable by Administrative Agent to the Lending Party from any other source against any amount due to Administrative Agent under this
‎Section 3.01(c)(ii).

 

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

 

(e)            
Status of Lenders.

 

(i)           
Any Lending Party that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document will 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 Lending Party, if reasonably requested by
Borrower or Administrative Agent, will deliver such other documentation prescribed by applicable Law or reasonably requested by Borrower
or Administrative Agent as will enable Borrower or Administrative Agent to determine whether or not such Lending Party is subject to backup
withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in ‎Section
3.01(e)(ii)(A), ‎(B) and ‎(D))
will not be required if in the Lending Party’s reasonable judgment such completion, execution or submission would subject such Lending
Party to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lending Party.
For purposes of this ‎Section 3.01(e),
Administrative Agent will be treated as a Lending Party.

 

(ii)           
Without limiting the generality of the foregoing,

 

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

 

(B)           
any Foreign Lender will, 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 Lending Party under this
Agreement (and from time to time thereafter upon the reasonable request of Borrower or Administrative Agent), whichever of the following
is applicable:

 

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

 

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

 

(3)           
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a “bank” within the
meaning of Section 881(c)(3)(A) of the Code, a “ten 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 originals of IRS Form W-8BEN or W-8BEN-E (as applicable); or

 

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

 

(C)           
any Foreign Lender will, 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 Lending Party 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 Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed,
together with such supplementary documentation as may be prescribed by applicable law to permit Borrower or Administrative Agent to determine
the withholding or deduction required to be made;

 

(D)           
if a payment made to a Lending Party 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

 

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1472(b)
of the Code, as applicable), such Lending Party will 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 Law
(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 Lending Party has complied with such Lending Party’s obligations under FATCA or to determine the amount to
deduct and withhold from such payment (and solely for purposes of this clause (D), “FATCA” shall include any amendments made
to FATCA after the date of this Agreement); and

 

(E)           
for purposes of determining withholding Taxes imposed under FATCA, from and after the Second Restatement Effective Date, Borrower
and Administrative Agent shall treat (and the Lenders hereby authorize Administrative Agent to treat) this Agreement as not qualifying
as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

Each Lending Party agrees that if any form or certification it previously
delivered expires or becomes obsolete or inaccurate in any respect, it will update such form or certification or promptly notify Borrower
and Administrative Agent in writing of its legal inability to do so.

 

(f)           
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
3.01 (including by the payment of additional amounts pursuant to this ‎Section
3.01), it will pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this
‎Section 3.01 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, will repay to such indemnified party the amount paid over pursuant to this ‎Section
3.01(f) (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 ‎Section
3.01(f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this ‎Section
3.01(f) 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 Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and
the indemnification payments or additional amounts with respect to such Tax had never been paid. This ‎Section
3.01(f) will 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.

 

(g)            
Original Issue Discount. Administrative Agent shall cooperate with Borrower and will provide information and assistance reasonably
requested by Borrower to determine (i) the “issue price” of the Loans (within the meaning of Sections 1273 and 1274 of the
Code) for U.S. federal income and other applicable Tax purposes, and (ii) any other information necessary or helpful for Borrower to comply
with its Tax reporting and filing obligations.

 

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(h)            
Survival. Each party’s obligation under this Section will survive the resignation or replacement of the Administrative Agent
or any assignment of rights by, or replacement of, a Lender, the termination of the commitments and the repayment, satisfaction or discharge
of all obligations under any Loan Document.

 

Section 3.02.         
Illegality.

 

If any Lender determines that any Change in Law has made it unlawful,
or that any Governmental Authority has asserted after the Second Restatement Effective Date that it is unlawful, for any Lender or its
applicable Lending Office to make, maintain or fund Eurocurrency Rate Loans (whether denominated in Dollars or an Alternative Currency),
or to determine or charge interest rates based upon the Eurocurrency Rate, or any Governmental Authority has after the Second Restatement
Effective Date imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars or any
Alternative Currency in the applicable interbank market, then, on written notice thereof by such Lender to Borrower through Administrative
Agent, (a) any obligation of such Lender to make or continue Eurocurrency Rate Loans in the affected currency or currencies, or, in the
case of Eurocurrency Rate Loans denominated in Dollars, to convert Revolving Credit Loans that are Base Rate Loans to Eurocurrency Rate
Loans will be suspended, and (b) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest
rate on which is determined by reference to the Eurocurrency Rate component of the Base Rate, the interest rate on which Base Rate Loans
of such Lender will, if necessary to avoid such illegality, be determined by Administrative Agent without reference to the Eurocurrency
Rate component of the Base Rate, in each case until such Lender notifies Administrative Agent and Borrower that the circumstances giving
rise to such determination no longer exist. Upon receipt of such notice, (i) Borrower will, upon written demand from such Lender (with
a copy to Administrative Agent), prepay or, if applicable, convert all Eurocurrency Rate Loans of such Lender to Base Rate Loans (the
interest rate on which Base Rate Loans of such Lender will, if necessary to avoid such illegality, be determined by Administrative Agent
without reference to the Eurocurrency Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such
Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or immediately, if such Lender may not lawfully continue
to maintain such Eurocurrency Rate Loans as indicated by a written notice from such Lender to Administrative Agent and Borrower, and (ii)
if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Eurocurrency Rate, Administrative
Agent will during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurocurrency
Rate component thereof until Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to
determine or charge interest rates based upon the Eurocurrency Rate. Upon any such prepayment or conversion, Borrower will also pay accrued
interest on the amount so prepaid or converted and all amounts due under ‎Section
3.05 in accordance with the terms thereof due to such prepayment or conversion. A Lender seeking payment of any amount under this ‎Section
3.02 will use commercially reasonable efforts to deliver to Borrower a certificate setting forth in reasonable detail any amount or amounts
that such Lender is entitled to receive pursuant to this ‎Section
3.02, which certificate will be conclusive absent manifest error; provided that the failure to deliver a certificate hereunder will not
relieve Borrower from any liability that it may have under this ‎Section
3.02.

 

Section 3.03.         
Alternate Rates of Interest.

 

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(a)            
Inability to Determine Rates. If in connection with any request for a Eurocurrency Rate Loan or a conversion to or continuation
thereof, (i)(i) Administrative Agent determines that (A)(A) deposits (whether in Dollars or an Alternative Currency) are not being offered
to banks in the applicable offshore interbank market for such currency for the applicable amount and Interest Period of such Eurocurrency
Rate Loan, or (B)(B) (1)(1) adequate and reasonable means do not exist for determining the Eurocurrency Rate for any requested Interest
Period with respect to a proposed Eurocurrency Rate Loan (whether denominated in Dollars or an Alternative Currency) or in connection
with an existing or proposed Base Rate Loan and (2)(2) the circumstances described in ‎Section
3.03(b) do not apply, or (ii)(ii) Required Lenders determine that for any reason the Eurocurrency Rate for any requested Interest Period
with respect to a proposed Eurocurrency Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Eurocurrency
Rate Loan, Administrative Agent will promptly so notify Borrower and each Lender. Thereafter, (1) the obligation of the Lenders to make
or maintain Eurocurrency Rate Loans in the affected currency or currencies shall be suspended, (to the extent of the affected Eurocurrency
Rate Loans or Interest Periods), and (2) in the event of a determination described in the preceding sentence with respect to the Eurocurrency
Rate component of the Base Rate, the utilization of the Eurocurrency Rate component in determining the Base Rate shall be suspended, in
each case until Administrative Agent (or, in the case of a determination by Required Lenders described in clause (ii) of this ‎Section
3.03(a), until Administrative Agent upon instruction of Required Lenders given at such time as the relevant circumstances ceases to be
applicable, as determined by Required Lenders in good faith) revokes such notice. Upon receipt of such notice, Borrower may revoke any
pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans in the affected currency or currencies or,
failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified
therein; provided that, in the case of a pending request for a Loan denominated in an Alternate Currency, Borrower, Administrative
Agent and Required Lenders may alternatively establish a mutually acceptable alternative rate.

 

(b)            
Benchmark Replacement Setting.

 

(i)           
Benchmark Replacement.

 

(A)           
Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event or any Early Opt-In
Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting
of the Adjusted LIBO Rate for Dollars, then (x) if a Benchmark Replacement is determined in accordance with clause (1)(a) or clause (2)
of the definition of “Benchmark Replacement” (as set forth in ‎Section
1.01) for such Benchmark Replacement Date, such Benchmark Replacement will replace the then-current Benchmark with respect to Obligations,
interest, fees, commissions or other amounts denominated in, or calculated with respect to, Dollars for all purposes hereunder and under
any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or
consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance
with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement
will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00
p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without
any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative
Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising Required Lenders.

 

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(B)           
Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event or any Early Opt-In
Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting
of the Adjusted LIBO Rate for Sterling or Swiss Francs, as the case may be, then (x) if a Benchmark Replacement is determined in accordance
with clause (1)(b) or (c), as applicable, of the definition of “Benchmark Replacement” (as set forth in ‎Section
1.01) for such Benchmark Replacement Date, such Benchmark Replacement will replace the then-current Benchmark with respect to Obligations,
interest, fees, commissions or other amounts denominated in, or calculated with respect to, Sterling or Swiss Francs, as applicable, for
all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any
amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement
is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date,
such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark
setting at or after 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided
to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document
so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders
comprising Required Lenders.

 

(C)           
Subject to Sections ‎3.03(b)(i)(A) and ‎(B)
but otherwise notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event or any Early
Opt-In Election, as applicable, and its related Benchmark Replacement. Date have occurred prior to the Reference Time in respect of any
setting of the Relevant Rate (other than the Adjusted LIBO Rate for Dollars, Sterling or Swiss Francs), then the Benchmark Replacement
shall be determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement
Date and such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any
Benchmark setting at or after 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement
is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan
Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement
from Lenders comprising Required Lenders.

 

(ii)           
Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, Administrative Agent
will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein
or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without
any further action or consent of any other party to this Agreement or any other Loan Document; provided that, in each case, Administrative
Agent shall provide Borrower with prior written notice of any such Benchmark Replacement Conforming Changes.

 

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(iii)           
Notices; Standards for Decisions and Determinations. Administrative Agent will promptly notify Borrower and the Lenders of (A)
the implementation of any Benchmark Replacement and (B) the effectiveness of any Benchmark Replacement Conforming Changes. Administrative
Agent will promptly notify Borrower of the removal or reinstatement of any tenor of a Benchmark pursuant to ‎Section
3.03(b)(iv). Any determination, decision or election that may be made by Administrative Agent or, if applicable, any Lender (or group
of Lenders) pursuant to this ‎Section 3.03(b),
including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance
or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error
and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document,
except, in each case, as expressly required pursuant to this ‎Section
3.03(b).

 

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

 

(v)           
Benchmark Unavailability Period. Upon Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period
with respect to a given Benchmark, Borrower may revoke any pending request for a borrowing of, conversion to or continuation of Eurocurrency
Rate Loans to be made, converted or continued during any Benchmark Unavailability Period denominated in the applicable Agreed Currency
and, failing that, (A)(A)(I) in the case of any request for any affected Eurocurrency Rate Loans denominated in Dollars, Borrower will
be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans. in the amount specified
therein and (II) in the case of any request for any Eurocurrency Rate Loan denominated in an Alternative Currency, then such request shall
be ineffective, and (B)(B)(I) any outstanding affected Eurocurrency Rate Loans denominated in Dollars, at the Borrower’s election,
shall either (1)(1) be deemed to have been converted into Base Rate Loans immediately or at the end of the applicable Interest Period
or (2)(2) be prepaid in full

 

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at the
end of the applicable Interest Period, and (II) any outstanding affected Eurocurrency Rate Loans denominated in an Alternative Currency,
at the Borrower’s election, shall either (1) be converted into Base Rate Loans denominated in Dollars (in an amount equal to the
Dollar Equivalent of such Alternative Currency) immediately or, in the case of Eurocurrency Rate Loans based on a term rate, at the end
of the applicable Interest Period or (2) be prepaid in full immediately or, in the case of Eurocurrency Rate Loans based on a term rate,
at the end of the applicable Interest Period; provided that if no election is made by Borrower by the date that is three (3) Business
Days after receipt by Borrower of such notice, Borrower shall be deemed to have elected clause (1) of each of the foregoing clauses (I)
and (II) above. Upon any such prepayment or conversion, Borrower shall also pay accrued interest on the amount so prepaid or converted,
together with any additional amounts required pursuant to ‎Section
3.05. During a Benchmark Unavailability Period with respect to any Benchmark or at any time that a tenor for any then-current Benchmark
is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark that is the subject of such Benchmark Unavailability
Period or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.

 

(c)            
Alternative Currencies. If, after the designation by the Lenders of any currency as an Alternative Currency, any change in currency
controls or exchange regulations or any change in national or international financial, political or economic conditions are imposed in
the country in which such currency is issued, and such change results in, in the reasonable opinion of Administrative Agent (including
based on notices received from one or more Lenders), that (i)(i) such currency no longer being readily available, freely transferable
and convertible into Dollars, (ii)(ii) a Dollar Equivalent no longer being readily calculable with respect to such currency, (iii)(iii)
such currency being impracticable for the Lenders to loan or (iv)(iv) such currency no longer being a currency in which Lenders comprising
Required Lenders are willing to make Credit Extensions (each of clauses ‎(i),
‎(ii), ‎(iii)
and ‎(iv), a “Disqualifying Event”),
then Administrative Agent shall promptly notify the Lenders and Borrower in writing, and such currency shall no longer be an Alternative
Currency until such time as the Disqualifying Event(s) no longer exist. Within five (5) Business Days after receipt of such a written
notice from Administrative Agent, Borrower shall repay all Loans denominated in such currency to which the Disqualifying Event(s) apply
or convert such Loans into the Dollar Equivalent in Dollars, bearing interest at the Base Rate, subject to the other terms contained herein.

 

Section 3.04.         
Increased Costs.

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)            
Certificates for Reimbursement. A certificate of a Lending Party setting forth the amount or amounts necessary to compensate such
Lending Party or its holding company, as the case may be, as specified in Sections ‎3.04(a)
and ‎3.04(b), and delivered to Borrower will be conclusive
absent manifest error. Borrower will pay such Lending Party the amount shown as due on any such certificate within ten days after receipt
thereof.

 

(d)            
Delay in Requests. Failure or delay on the part of any Lender or L/C Issuer to demand compensation pursuant to the foregoing provisions
of this ‎Section 3.04 will not constitute a waiver
of such Lender’s or L/C Issuer’s right to demand such compensation; provided that Borrower will not be required to
compensate a Lender or L/C Issuer pursuant to the foregoing provisions of this ‎Section
3.04 for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender or L/C Issuer, as the
case may be, notifies Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or L/C
Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions
is retroactive, then the 180 day period referred to in this subsection ‎(d)
will be extended to include the period of retroactive effect thereof).

 

Section 3.05.         
Compensation for Losses.

 

Upon written demand of any Lender (with a copy to Administrative Agent)
from time to time, Borrower will promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred
by it as a result of (a)(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other
than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of

 

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acceleration, or otherwise), (b)(b) any failure by Borrower (for a
reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than to continue a
Loan as, or to convert a Loan to, a Base Rate Loan on the date or in the amount notified by Borrower or (c)(c) any assignment of a Eurocurrency
Rate Loan other than on the last day of the Interest Period applicable thereto as a result of a request by Borrower, including pursuant
to ‎Section 3.08, in the case of each of the foregoing
clauses (a) through (c) for the loss, cost and expense attributable to such event in an amount computed as follows: the excess, if any,
of (i)(i) the amount of interest that would have accrued on the principal amount of such Loan had such event not occurred, at the interest
rate 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, for the period that would have been the Interest Period
for such Loan), over (ii)(ii)the amount of interest that would accrue on such principal amount for such period at the interest rate with
the Lender (or an affiliate of the Lender) would bid were it to bid, at the commencement of the interest period, for U.S. Dollar deposits
of a comparable amount and period from other banks in the London interbank Eurocurrency market. For purposes of calculating amounts payable
to any Lender under this ‎Section 3.05, such
Lender will be deemed to have funded each Eurocurrency Rate Loan denominated in an Alternative Currency made by it at the Eurocurrency
Rate for such Loan by a matching deposit or other borrowing in the offshore interbank market for such currency for a comparable amount
and for a comparable period, whether or not such Eurocurrency Rate Loan was in fact so funded. A Lender seeking payment of any amount
under this ‎Section 3.05 will use commercially
reasonable efforts to deliver to Borrower a certificate setting forth in reasonable detail the amount or amounts necessary to compensate
such Lender as specified in this ‎Section
3.05, as well as the basis for determining such amount or amounts, which certificate will be conclusive absent manifest error; provided
that the failure to deliver a certificate hereunder will not relieve Borrower from any liability that it may have under this ‎Section
3.05. Borrower will pay such Lender the amount shown as due on any such certificate on demand within ten days after receipt of such certificate.

 

Section 3.06.         
Mitigation Obligations.

 

Notwithstanding anything to the contrary contained in ‎Section
10.01, if any Lending Party requests compensation under ‎Section
3.04, or Borrower is required to pay additional amounts to any Lending Party or any Governmental Authority for the account of any Lender
pursuant to ‎Section 3.01, or if any Lending Party
gives a notice pursuant to ‎Section 3.02, then such
Lending Party, at the request of Borrower, will 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 Lending Party, such designation or assignment: (i) would eliminate or reduce amounts payable pursuant to ‎Section
3.01 or ‎Section 3.04, as the case may be, in the
future, or eliminate the need for the notice pursuant to ‎Section
3.02, as applicable; and (ii) in each case, would not subject such Lending Party to any unreimbursed cost or expense and would not otherwise
be disadvantageous to such Lending Party as reasonably determined by such Lending Party. Borrower hereby agrees to pay all reasonable
costs and expenses incurred by any Lending Party in connection with any such designation or assignment.

 

Section 3.07.         
Defaulting Lenders.

 

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

 

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(i)           
Waivers and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement will be restricted as set forth in ‎Section
10.01.

 

(ii)           
Reallocation of Payments. Any payment of principal, interest, fees or other amounts received by Administrative Agent for the account
of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article 8 or otherwise, and including any amounts
made available to Administrative Agent by that Defaulting Lender pursuant to ‎Section
10.08), will be applied at such time or times as may be determined by Administrative Agent as follows: first, to the payment of
any amounts owing by that Defaulting Lender to Administrative Agent hereunder; second, to the payment on a pro rata basis
of any amounts owing by that Defaulting Lender to L/C Issuer or Swing Line Lender hereunder; third, to Cash Collateralize each
L/C Issuer’s Fronting Exposure with respect to that Defaulting Lender in accordance with ‎Section
2.15; fourth, as Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect
of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by Administrative
Agent; fifth, if so determined by Administrative Agent and Borrower, to be held in a non-interest bearing deposit account and released
pro rata in order to (1) satisfy that Defaulting Lender’s potential future funding obligations with respect to Loans under
this Agreement and (2) Cash Collateralize each L/C Issuer’s future Fronting Exposure with respect to that Defaulting Lender with
respect to future Credits issued under this Agreement in accordance with ‎Section
2.15; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuers or Swing Line Lender as a result of any judgment
of a court of competent jurisdiction obtained by any Lender, any L/C Issuer or Swing Line Lender against that Defaulting Lender as a result
of that Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default
exists, to the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower
against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and eighth,
to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (1) such payment is a
payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate
share and (2) such Loans were made or the related Credits were issued at a time when the conditions set forth in ‎Section
4.02 were satisfied or waived, such payment will be applied solely to pay the Loans of, and L/C Borrowings owed to, all Non-Defaulting
Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender
until such time as all Loans and funded and unfunded participations in Credit Obligations and Swing Line Loans are held by the Lenders
pro rata in accordance with the Commitments under the applicable Facility without giving effect to ‎Section
3.07(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts
owed by a Defaulting Lender or to post Cash Collateral pursuant to this ‎Section
3.07(a)(ii) will be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)           
Certain Fees.

 

(A)           
No Defaulting Lender will be entitled to receive any Revolving Credit Commitment Fee pursuant to ‎Section
2.09(a) for any period during which that Lender is a Defaulting Lender (and Borrower will not be required to pay any such fee that otherwise
would have been required to have been paid to that Defaulting Lender).

 

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(B)           
A Defaulting Lender will be entitled to receive Credit Fees for any period during which that Lender is a Defaulting Lender only
to the extent allocable to its Revolving Credit Percentage Share of the stated amount of Credits for which it has provided Cash Collateral
pursuant to ‎Section 2.15.

 

(C)           
With respect to any Revolving Credit Commitment Fee or Credit Fee not required to be paid to any Defaulting Lender pursuant to
the preceding clauses ‎(A) or ‎(B),
Borrower will (1)(1) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect
to such Defaulting Lender’s participation in Credit Obligations or Swing Line Loans that has been reallocated to such Non-Defaulting
Lender pursuant to ‎Section 3.07(a)(iv), (2)(2) pay
to the L/C Issuer and the Swing Line Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to
the extent allocable to the L/C Issuer’s or Swing Line Lender’s Fronting Exposure to such Defaulting Lender, and (3)(3) not
be required to pay the remaining amount of any such fee.

 

(iv)           
Reallocation of Participations to Reduce Fronting Exposure. All or any part of that Defaulting Lender’s participation in
Credit Obligations and Swing Line Loans will be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving
Credit Percentages Shares (calculated without regard to that Defaulting Lender’s Revolving Credit Commitment) but only to the extent
that such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting
Lender’s Revolving Commitment. No reallocation hereunder will constitute a waiver or release of any claim of any party hereunder
against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender
as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)           
Cash Collateral, Repayment of Swing Line Loans. If the reallocation described in ‎Section
3.07(a)(iv) cannot or can only partially be effected, Borrower will, without prejudice to any right or remedy available to it hereunder
or under applicable Law, first, prepay all Swing Line Loans then outstanding in an amount equal to the Swing Line Lenders’
Fronting Exposure and second, Cash Collateralize each L/C Issuer’s Fronting Exposure in accordance with the procedures set
forth in ‎Section 2.15.

 

(b)            
Defaulting Lender Cure. If Borrower, Administrative Agent, the L/C Issuers and Swing Line Lender agree in writing in their sole
discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, Administrative Agent will so notify the parties
hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include
arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding
Revolving Credit Loans of the other Lenders or take such other actions as Administrative Agent may determine to be necessary to cause
the Revolving Credit Loans and funded and unfunded participations in Credits and Swing Line Loans to be held on a pro rata basis
by the Lenders in accordance with their Revolving Credit Percentage Share (without giving effect to ‎Section
3.07(a)(iv)), whereupon

 

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that Lender
will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or
payments made by or on behalf of Borrower while that Lender was a Defaulting Lender; and provided, further, that except
to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute
a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

(c)            
New Swing Line Loans/Credits. So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender will not be required to fund
any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii)
the L/C Issuers will not be required to issue, extend, renew or increase any Credit unless it is satisfied that it will have no Fronting
Exposure after giving effect thereto.

 

Section 3.08.         
Replacement of Lenders.

 

(a)            
Notwithstanding anything to the contrary contained in ‎Section
10.01, Borrower may, with respect to any Specified Lender, at its sole expense and effort and upon written notice to such Lender and Administrative
Agent, require such Specified Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in, and consents required by, ‎Section 10.06(b)),
all of its interests, rights (except to the extent provided in ‎Section
3.07(b)) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment); provided that:

 

(i)           
Borrower will have paid to Administrative Agent the assignment fee (if any) specified in ‎Section
10.06(b);

 

(ii)           
such Specified Lender will have received payment of an amount equal to the outstanding principal of its Loans, accrued interest
thereon, accrued fees and all other Obligations payable to it hereunder and under the other Loan Documents (including any amounts under
‎Section 3.05) from the assignee (to
the extent of such outstanding principal and accrued interest and fees) or Borrower (in the case of all other amounts);

 

(iii)           
in the case of any such assignment resulting from a claim for compensation under ‎Section
3.04 or payments required to be made pursuant to ‎Section
3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iv)           
such assignment does not conflict with applicable Law; and

 

(v)           
in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee will have consented
to the applicable amendment, waiver or consent;

 

provided; however, that a Lender will 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.

 

Each Lender hereby grants to Administrative Agent a power of attorney
(which power of attorney, being coupled with an interest, is irrevocable) to execute and deliver, on behalf of such Lender, as assignor,
any Assignment and Assumption necessary to effectuate any assignment of such Lender’s interests hereunder in circumstances contemplated
by this ‎Section 3.08(a).

 

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(b)            
Certain Rights as a Lender. Upon the prepayment of all amounts owing to any Specified Lender and the termination of such Lender’s
Commitments pursuant to this Section 3.08, such Specified Lender will no longer constitute a “Lender” for purposes hereof;
provided that such Specified Lender will continue to be entitled to the benefits of Sections ‎3.01,
‎3.04, ‎3.05
and ‎10.04 with respect to facts and circumstances
occurring prior to the date on which all amounts owing to such Specified Lender were prepaid in full and the Commitments of such Specified
Lender were terminated pursuant to this ‎Section
3.08.

 

(c)            
Evidence of Replacement. Promptly following the replacement of any Specified Lender in accordance with this ‎Section
3.08, Administrative Agent will distribute an amended Schedule 2.01, which will be deemed incorporated into this Agreement, to reflect
changes in the identities of Lenders and adjustments of their respective Commitments or Percentage Shares, as applicable, resulting from
any such removal or replacement.

 

Section 3.09.         
Survival.

 

All obligations of the Loan Parties under this ‎Article
3 will survive termination of the Aggregate Commitments and repayment of all other Obligations.

 

Article
4

Conditions Precedent

 

Section 4.01.         
Conditions to the Effectiveness of this Agreement.

 

The effectiveness of this Agreement and the agreement of the Lending
Parties to provide the Credit Extensions described herein (including the initial Credit Extensions hereunder) is subject to the satisfaction
of the conditions precedent set forth in this ‎Section
4.01.

 

(a)            
Receipt of Certain Documents. Administrative Agent will have received the following, each of which will be, unless otherwise specified
herein or otherwise required by Administrative Agent, originals (or facsimiles or other electronic image scan versions thereof (e.g.,
“PDF”), each, to the extent to be executed by a Loan Party, duly executed by a Responsible Officer of such Loan Party, each
dated the Second Restatement Effective Date (or, in the case of certificates of governmental officials, a recent date before the Second
Restatement Effective Date):

 

(i)           
This Agreement. this Agreement, executed by Borrower and each other Loan Party, each Lending Party and Administrative Agent, together
with all completed Schedules to this Agreement;

 

(ii)           
Notes. if requested by any Lender at least two Business Days in advance of the Second Restatement Effective Date, separate Notes
executed by Borrower in favor of each such requesting Lending Party evidencing, as applicable, the Revolving Credit Loans or Swing Line
Loans to be made by such Lending Party hereunder;

 

(iii)           
Secretary’s Certificates. certificates, executed by the secretary or assistant secretary (or other Responsible Officer) of
each Loan Party on behalf of such

 

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Loan Party,
certifying, among other things, (A) that attached to such certificate are true, correct and complete copies of (1) the Organizational
Documents of such Loan Party then in full force and effect, (2) the resolutions then in full force and effect adopted by the Board of
Directors of such Loan Party authorizing and ratifying the execution, delivery and performance by such Loan Party of the Loan Documents
to which it is a party, and (3) a certificate of good standing or status from the secretary of state of the state under whose laws such
Loan Party was formed or incorporated, as applicable, (B) the name(s) of the Responsible Officers of such Loan Party authorized to execute
Loan Documents on behalf of such Loan Party, together with a incumbency samples of the true signatures of such Responsible Officers,
and (C) that Administrative Agent and the Lending Parties may conclusively rely on such certificate;

 

(iv)           
Bring-Down Certificate. a certificate executed by a Responsible Officer of Borrower, certifying that the conditions specified in
clauses ‎(a), ‎(b)
and ‎(c) of ‎Section
4.02 to the Credit Extensions requested by Borrower to be advanced on the Second Restatement Effective Date have been satisfied;

 

(v)           
Opinions of the Loan Parties’ Counsel. such favorable opinion of Skadden, Arps, Slate, Meagher & Flom LLP, counsel to
the Loan Parties, reasonably acceptable to Administrative Agent and its counsel, addressed to Administrative Agent and each Lending Party
as of the Second Restatement Effective Date, as to such matters as are reasonably required by Administrative Agent or any Lending Party
with respect to the Loan Parties and the Loan Documents;

 

(vi)           
Collateral Documents. the following Collateral Documents:

 

(A)           
Security Agreement. (i) the Security Agreement, executed by each Loan Party in favor of Administrative Agent, for the benefit of
the Secured Parties, together with all completed schedules thereto and (ii) the original stock certificates (or equivalent certificates)
evidencing all of the outstanding issued and outstanding Equity Interests in each of Borrower’s direct and indirect Subsidiaries
that are required to be delivered pursuant to the Security Agreement as of the Second Restatement Effective Date, with accompanying undated
stock powers (or equivalent assignments) executed in blank (collectively, the “Second Restatement Effective Date Domestic
Equity Interest Collateral”) (for purposes of satisfying the condition precedent of this clause ‎(vi)‎(A),
Administrative Agent confirms that, as of the Second Restatement Effective Date, it continues to maintain possession of the Second Restatement
Effective Date Domestic Equity Interest Collateral as previously delivered to Administrative Agent pursuant to the First Restated Credit
Agreement);

 

(B)           
Financing Statements. Financing Statements naming each Loan Party as debtor and Administrative Agent as secured party and describing
the collateral as “all assets now owned or existing or hereafter acquired or arising” or words of similar effect, to be filed
by the Administrative Agent, on or after the Second Restatement Effective Date, with such governmental UCC filing offices as Administrative
Agent will reasonably require, which Financing Statements will be in addition to the Financing Statements (as defined in the First Restated
Credit Agreement) previously filed with governmental UCC filing offices pursuant to the First Restated Credit Agreement; and

 

    103 

     

    

(C)           
Foreign Collateral Documents. (1) the Security Confirmation dated as of the date hereof, confirming the Swiss Pledge Agreement,
executed by Borrower, together with original stock certificate(s) evidencing 65% of the outstanding shares of issued and outstanding voting
Equity Interests in Semtech (International), with accompanying assignments in blank (the “Second Restatement Effective Date
Swiss Equity Interest Collateral”), and (2) a copy of the register of shareholders and beneficial owners in Semtech (International)
certified by a Responsible Officer of Semtech (International) to be accurate and complete as of the date of this Agreement (for purposes
of satisfying the condition precedent of this clause ‎(vi)‎(C),
Administrative Agent confirms that, as of the Second Restatement Effective Date, it continues to maintain possession of the Second Restatement
Effective Date Swiss Equity Interest Collateral as previously delivered to Administrative Agent pursuant to the First Restated Credit
Agreement);

 

(b)            
Insurance. Administrative Agent will have received documentation reasonably satisfactory to it demonstrating that all insurance
required to be maintained pursuant to ‎Section 6.06
has been obtained and is in effect, including the certificates and lender loss payable endorsement naming Administrative Agent, for the
benefit of the Secured Parties, as lender loss payee in respect of each policy of property insurance of the Loan Parties, and Administrative
Agent, on behalf and for the benefit of itself and the Lending Parties, as additional insureds in respect of each policy of liability
insurance of the Loan Parties.

 

(c)            
No Litigation. No Proceeding instituted by any Person (including any Governmental Authority) will be pending in any court or before
any arbitrator or mediator or before any Governmental Authority, or will have been threatened in writing by any Person (including any
Governmental Authority) to be instituted, (i) with respect to this Agreement or any of the related Loan Documents, or (ii) which could,
if adversely determined, reasonably be expected to have or result in a Material Adverse Effect.

 

(d)            
[Reserved].

 

(e)            
Financial Projections. Administrative Agent will have received projected financial statements (including Consolidated balance sheets,
income statements and statements of cash flows) of Borrower and its Consolidated Subsidiaries through the fifth Fiscal Year following
the Second Restatement Effective Date (which for the first Fiscal Year will be shown on a quarterly basis) prepared on a pro forma
basis after giving effect to the Transactions, in form and substance and at levels satisfactory to the Arrangers.

 

(f)           
Know Your Customer. Administrative Agent will have received all documentation and other information requested by any Lender from
the Loan Parties under applicable “know your customer” and other Sanctions, anti-money laundering and anti-corruption Laws,
including the PATRIOT Act, with results satisfactory to each Lender.

 

(g)            
Beneficial Ownership Certification. To the extent Borrower qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation, at least three Business Days prior to the Second Restatement Effective Date, if any Lender has so requested in a
written notice delivered to Borrower at least ten Business Days prior to the Second Restatement Effective Date, such Lender shall have
received a Beneficial Ownership Certification in relation to Borrower.

 

    104 

     

    

(h)            
New Lender Agreements. Administrative Agent will have received from any new Lender acceding to this Agreement, and not previously
party to the First Restated Credit Agreement (each a “New Lender”) an accession agreement (a “New
Lender Agreement”), executed by such New Lender and accepted by Administrative Agent.

 

(i)           
Payment of Unpaid Fees, Expenses, Charges and Disbursements Related to the First Restated Credit Agreement. Borrower will have
paid or will concurrently pay, using proceeds of the initial Credit Extensions under this Agreement, all accrued and unpaid interest,
and all accrued and incurred and unpaid fees, costs and expenses payable to the Existing Lenders outstanding as of the Second Restatement
Effective Date under the First Restated Credit Agreement.

 

(j)           
Payment of Fees, Expenses, Charges and Disbursements Related to the Transactions. Borrower will have paid or will concurrently
pay, using proceeds of the initial Credit Extensions under this Agreement, all (i) fees required to be paid to Administrative Agent, the
Arrangers and any Lending Party on or before the Second Restatement Effective Date and (ii) reasonable and documented out-of-pocket fees,
expenses, charges and disbursements of HSBC as an Arranger and as Administrative Agent (limited, in the case of legal fees and expenses,
to the reasonable fees, expenses, charges and other disbursements of Sheppard Mullin Richter & Hampton, LLP, as primary counsel to
HSBC in its capacities as an Arranger and Administrative Agent, plus, if retained by HSBC as an Arranger and as Administrative Agent,
one firm of local counsel in each relevant material jurisdiction, which shall include Switzerland and such other relevant jurisdictions
as are determined by HSBC in good faith to be material, and which may include a single special counsel acting in multiple jurisdictions),
in each case invoiced at least two Business days prior to the Second Restatement Effective Date and incurred in connection with the Facilities
and the preparation, negotiation and enforcement of the Loan Documents and any collateral arrangements in connection therewith, plus such
additional amounts of such fees, charges and disbursements as will constitute its reasonable estimate of such fees, charges and disbursements
incurred or to be incurred by HSBC through the closing proceedings (provided that such estimate will not thereafter preclude a
final settling of accounts between Borrower and Administrative Agent).

 

Notwithstanding anything to the contrary contained herein, this Agreement
will not become effective or be binding on any party hereto unless all of the conditions precedent to the effectiveness of this Agreement
as specified in this ‎Section 4.01 are satisfied
(or are otherwise waived in writing in accordance with this Agreement) at or before 2:00 p.m. on December 26, 2019. Administrative Agent
will promptly notify each Borrower and each Lending Party of the occurrence of the Second Restatement Effective Date, and such notice
will be conclusive and binding on all parties hereto. For purposes of determining compliance with the conditions specified in this ‎Section
4.01 (but without limiting the generality of the provisions of ‎Section
9.04), (a) each Lending Party that has signed this Agreement will be deemed to have consented to, approved or accepted or become satisfied
with, each document or other matter required hereunder to be consented to or approved by or to be acceptable or satisfactory to a Lending
Party unless Administrative Agent will have received written notice from such Lending Party prior to the proposed Second Restatement Effective
Date specifying its objection thereto, and (b) the making or issuance of a Credit Extension hereunder by a Lending Party on the Second
Restatement Effective Date being conclusively deemed to be its satisfaction or waiver of the conditions precedent set forth in this ‎Section
4.01 and in ‎Section 4.02 with respect to such Credit
Extension.

 

Section 4.02.         
Conditions to All Credit Extensions.

 

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The obligation of each Lending Party to make any Credit Extension hereunder
(including its initial Credit Extensions on the Second Restatement Effective Date) or to honor any Request for Credit Extension is further
subject to the satisfaction, as determined by Administrative Agent, of each of the separate and additional conditions precedent set forth
in this ‎Section 4.02.

 

(a)            
Truth and Correctness of Representations and Warranties. The representations and warranties of Borrower and each other Loan Party
contained in this Agreement (including Article 5) or in any other Loan Document (or, in respect of the initial Credit Extensions to be
made as of the Second Restatement Effective Date only, in the Collateral Information Certificate) will be true and correct in all material
respects (except that such materiality qualifier will not be applicable to any portion of any representation and warranty that is already
qualified or modified by materiality in the text thereof) on and as of the date of such Credit Extension (excluding, with respect to requested
Credit Extensions other than the initial Credit Extensions made on the Second Restatement Effective Date, the representations and warranties
contained in ‎Section 5.05 and ‎Section
5.10(b)), except to the extent that any such representation or warranty specifically refers to an earlier date, in which case such representation
or warranty will be true and correct in all material respects (except that such materiality qualifier will not be applicable to any portion
of any representation and warranty that is already qualified or modified by materiality in the text thereof) as of such earlier date,
and except that for purposes of this ‎Section
4.02, the representations and warranties contained in ‎Section
5.10(a) will be deemed to refer to the most recent statements furnished pursuant to ‎Section
6.01 (provided, however, that in the case of any Borrowing of any Additional Revolving Credit Loan or any Incremental Term Loan
for the express purpose of funding, in whole or in part, the Acquisition Consideration of a Limited Condition Transaction (including any
portion which repays Indebtedness of the Target, including any Subsidiary or other Affiliate thereof being acquired in such Limited Condition
Transaction), the representations and warranties required to be true and correct as set forth in this clause (a) shall be limited to the
Specified Representations).

 

(b)            
No Default or Event of Default. No Default or Event of Default will then exist, or will result from such proposed Credit Extension
or from the application of the proceeds thereof or from the honoring of any Request for Credit Extension (provided, however, that
in the case of any Borrowing of any Additional Revolving Credit Loan or any Incremental Term Loan for the express purpose of funding,
in whole or in part, the Acquisition Consideration of a Limited Condition Transaction (including any portion which repays Indebtedness
of the Target, including any Subsidiary or other Affiliate thereof being acquired in such Limited Condition Transaction), no Specified
Event of Default shall have occurred and be continuing).

 

(c)            
No Material Adverse Effect. No Material Adverse Effect will have occurred since January 27, 2019.

 

(d)            
Requests for Credit Extensions. Administrative Agent and, if applicable, the Swing Line Lender or L/C Issuer will have received
the applicable Request for Credit Extension.

 

(e)            
Alternative Currencies. In the case of a Credit Extension to be denominated in an Alternative Currency, there will not have occurred
any change in national or international financial, political or economic conditions or currency exchange rates or exchange controls which
in the reasonable opinion of Administrative Agent, the Required Lenders (in the case of any Loans to be denominated in an Alternative
Currency) or the L/C Issuer (in the case of any Credit to be denominated in an Alternative Currency) would make it impracticable for such
Credit Extension to be denominated in the relevant Alternative Currency.

 

    106 

     

    

Notwithstanding
the foregoing or anything to the contrary in this Agreement or any other Loan Document, any Borrowing in connection with the Sunrise Acquisition
shall be subject solely to the conditions precedent set forth on Exhibit C to the Second Amendment, subject to any amendment, modification
or waiver thereof by the Borrower with the consent of the Required Revolving Credit Lenders.

 

Article
5

Representations and Warranties

 

To induce Administrative Agent and each Lending Party to enter into
this Agreement and the Lending Parties to make or issue the Credit Extensions hereunder, each Loan Party hereby represents and warrants
to Administrative Agent and each Lending Party as set forth in this Article 5.

 

Section 5.01.         
Corporate Existence and Power.

 

Each Loan Party and each of its Restricted Subsidiaries (a)(a) is a
corporation, partnership or limited liability company or other entity duly incorporated or organized, validly existing and, to the extent
such concept is applicable in the relevant jurisdiction, in good standing under the laws of the jurisdiction of its incorporation, organization
or formation (subject to such changes after the date hereof as are permitted under the Loan Documents); (b)(b) has the legal power and
authority (i)(i) to own its assets and carry on its business substantially as conducted by it on the Second Restatement Effective Date
or as otherwise not prohibited to be conducted by it under this Agreement, and (ii)(ii) to execute, deliver, and perform its obligations
under each of the Loan Documents to which it is a party; and (c)(c) to the extent such concept is applicable in the relevant jurisdiction,
is duly qualified as a foreign corporation, partnership or limited liability company, as applicable, and is licensed and in good standing
under the laws of each jurisdiction where its ownership, leasing or operation of property or the conduct of its business requires such
qualification or license, except, in the case of the preceding clauses (a) (but only as to any Restricted Subsidiary that is not a Loan
Party), (b) and (c), to the extent that the failure to do so could not reasonably be expected to have or result in a Material Adverse
Effect.

 

Section 5.02.         
Corporate Authorization; No Contravention.

 

The execution and delivery by each Loan Party, and the performance
by each Loan Party of its obligations under each Loan Document to which such Person is party, have been duly authorized by all necessary
corporate or other organizational action, and do not and will not (a)(a) contravene the terms of any of such Person’s Organizational
Documents, (b)(b) conflict with or result in any breach or contravention of, or the creation of any Lien under, any order, injunction,
writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c)(c) violate
any Law applicable to any Loan Party or any of its Subsidiaries or any of their respective properties, except with respect to clauses
‎(b) and ‎(c),
to the extent such conflict, breach, violation or contravention or creation of Lien could not reasonably be expected to have or result
in a Material Adverse Effect.

 

Section 5.03.         
Governmental Authorization; Compliance with Laws.

 

(a)            
Governmental Authorizations. As of the Second Restatement Effective Date, no approval, consent, exemption, authorization, or other
action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with (i)
the execution, delivery or performance by any Loan Party, in each case to which it is a party, or any

 

    107 

     

    

of its Subsidiaries
of this Agreement or any other Loan Document, (ii) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral
Documents, or (iii) the validity or perfection of the Liens created under the Collateral Documents (including the first priority nature
thereof, subject only to Permitted Liens), except (A) as have been obtained or made as of the Second Restatement Effective Date and are
in full force and effect, (B) for the authorizations, approvals, actions, notices and filings necessary for the perfection of Liens created
pursuant to the Collateral Documents or the exercise of remedies pursuant thereto and (C) for any subsequent filings and recordings in
the United States Patent and Trademark Office or United States Copyright Office with respect to registrations of, or applications for
intellectual property.

 

(b)            
Compliance with Laws. Each Loan Party and each of its Subsidiaries is in compliance in all material respects with the requirements
of all Laws applicable to such Person or any of its properties and with all orders, writs, injunctions and decrees applicable to it or
to its properties, except in such instances in which (i) such requirement of Law or order, writ, injunction or decree is being contested
in good faith by appropriate proceedings diligently conducted or (ii) the failure to comply therewith, either individually or in the aggregate,
could not reasonably be expected to have or result in a Material Adverse Effect. Each Loan Party and each of its Subsidiaries has all
governmental licenses, authorizations, consents and approvals required or otherwise necessary to own its assets and carry on its business
substantially as currently conducted by it and such business as contemplated to be conducted by it upon and following the consummation
of the transactions contemplated by the Loan Documents, except to the extent the failure to have such licenses, authorizations, consents
and approvals could not reasonably be expected to have or result in a Material Adverse Effect.

 

Section 5.04.         
Binding Effect.

 

This Agreement has been, and each other Loan Document (when delivered
hereunder) will have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement and each other Loan Document
to which any Loan Party is a party constitute the legal, valid and binding obligations of such Loan Party, enforceable against such Loan
Party in accordance with its respective terms, except as enforcement thereof may be limited by Debtor Relief Laws or other applicable
Laws affecting the enforcement of creditors’ rights generally and by general principles of equity (regardless of whether enforcement
is sought in law or equity).

 

Section 5.05.         
Litigation.

 

Except as specifically disclosed on Schedule 5.05, as of the Second
Restatement Effective Date (a)(a) there are no Proceedings pending or, to each Loan Party’s knowledge, threatened in writing against
any Loan Party or any of its respective Subsidiaries, or against any of such Persons’ properties, at law or in equity, before any
court, arbitrator, mediator or other Governmental Authority, and (b)(b) to each Loan Party’s knowledge, there is no investigation
by any Governmental Authority of any Loan Party’s or any such Subsidiary’s affairs or properties, except (in the cases of
the preceding clauses (a) and (b)) for such Proceedings and investigations as could not reasonably be expected to have or result in a
Material Adverse Effect.

 

Section 5.06.         
ERISA Compliance.

 

(a)            
Except as could not reasonably be expected to have or result in a Material Adverse Effect, each Plan is in compliance in all material
respects with the applicable provisions of ERISA, the Code and other Federal, foreign or, to the extent not pre-empted by ERISA, state
Laws. Except as could not reasonably be expected to have or result in a Material Adverse Effect,

 

    108 

     

    

each Pension
Plan that is intended to be a qualified plan under Section 401(a) of the Code is so qualified or is entitled to rely upon an opinion
or notification letter issued to the sponsor of an IRS-approved master or prototype plan or volume submitter plan document or an application
for such a letter is currently being processed by the IRS. Except as could not reasonably be expected to have or result in a Material
Adverse Effect, each trust related to any such Plan is exempt from Federal income tax under Section 501(a) of the Code. To the knowledge
of each Loan Party, nothing has occurred that would prevent or cause the loss of such tax-qualified status.

 

(b)            
There are no pending or, to the knowledge of each Loan Party, threatened claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited
transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected
to have or result in a Material Adverse Effect.

 

(c)            
Except as could not reasonably be expected to have or result in a Material Adverse Effect, (i) no ERISA Event has occurred, and
no Loan Party is aware of any fact, event or circumstance that could reasonably be expected to constitute or result in an ERISA Event
with respect to any Pension Plan; (ii) each Loan Party and each ERISA Affiliate has met all applicable requirements under the Pension
Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been
applied for or obtained; (iii) as of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as
defined in Section 430(d)(2) of the Code) is 60% or higher and no Loan Party knows of any facts or circumstances that could reasonably
be expected to cause the funding target attainment percentage for any such plan to drop below 60% as of the most recent valuation date;
(iv) neither any Loan Party nor any ERISA Affiliate has engaged in a transaction that could reasonably be expected to be subject to Section
4069 or Section 4212(c) of ERISA; and (v) no Pension Plan has been terminated by the plan administrator thereof or by the PBGC, and no
event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under Title
IV of ERISA to terminate any Pension Plan.

 

(d)            
As of the Second Restatement Effective Date, neither any Loan Party nor any ERISA Affiliate maintains or contributes to, or has
any liability under, any active or terminated Pension Plan other than those listed on Schedule 5.06.

 

(e)            
Each Foreign Pension Plan is in compliance in all material respects with all requirements of Law applicable thereto and the respective
requirements of the governing documents for such plan except to the extent such non-compliance could not reasonably be expected to result
in a Material Adverse Effect. With respect to each Foreign Pension Plan, none of Borrower, its Subsidiaries or any of their respective
directors, officers, employees or agents has engaged in a transaction which would subject Borrower or any of its Subsidiaries, directly
or indirectly, to a tax or civil penalty which could reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect. With respect to each Foreign Pension Plan, reserves have been established in the financial statements furnished to Administrative
Agent and the Lenders in respect of any unfunded liabilities in accordance with applicable Law or, where required, in accordance with
ordinary accounting practices, if any, in the jurisdiction in which such Foreign Pension Plan is maintained, in each case except to the
extent the failure to establish any such reserves could not reasonably be expected to have or result in a Material Adverse Effect. The
aggregate unfunded liabilities with respect to such Foreign Pension Plans could not reasonably be expected to result in a Material Adverse
Effect. There are no actions, suits or claims (other than routine claims for benefits) pending or threatened against Borrower or any of
its Subsidiaries with respect to any Foreign Pension Plan which could reasonably be expected, individually or in the aggregate, to result
in a Material Adverse Effect.

 

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Section 5.07.         
Use of Proceeds.

 

Borrower will use the proceeds of the Loans and other Credit Extensions
made available hereunder solely for the purposes set forth in and as permitted by ‎Section
7.10.

 

Section 5.08.         
Title to Properties.

 

Each Loan Party has good record and marketable title in fee simple
to, or valid leasehold interests in, or valid rights to use (including easements) all real property necessary to the ordinary conduct
of their respective businesses, except for Permitted Liens and for defects in title that do not interfere in any material respect with
the Loan Parties’ ability, taken as a whole, to conduct business. As of the Second Restatement Effective Date, no property owned
by any Loan Party or any of its respective Restricted Subsidiaries is subject to any Liens, other than Permitted Liens.

 

Section 5.09.         
Taxes.

 

All Federal and other state, local and foreign tax returns, reports
and statements required to be filed by any Loan Party or any of its Subsidiaries have been filed with the appropriate Governmental Authorities
and all Taxes shown thereon to be due and payable by such Person have been paid prior to the date on which any fine, penalty, interest
or late charge may be added thereto for nonpayment thereof, or any such fine, penalty, interest, late charge or loss has been paid, except
(a) that are being contested in good faith by appropriate proceedings for which adequate reserves in conformity with GAAP have been set
aside on the books of the relevant Loan Party or (b) to the extent such failure could not reasonably be expected to, individually or in
the aggregate, result in a Material Adverse Effect.

 

Section 5.10.         
Financial Condition; No Material Adverse Effect; No Event of Default.

 

(a)            
All balance sheets, and all statements of income, of shareholders’ equity, and of changes in cash flow furnished to Administrative
Agent and the Lenders by or on behalf of Borrower for the purposes of or in connection with this Agreement or any of the other Loan Documents
have been prepared in accordance with GAAP consistently applied (from period to period except as and to the extent disclosed in the financial
statements or otherwise required by GAAP; provided, that any such disclosed changes will continue to be in accordance with GAAP)
throughout the periods involved and such data, together with all other financial data (excluding projected financial information, pro
forma financial information, estimated financial information, other projected or estimated information and other forward-looking statements
and information of a general economic or industry specific nature) will present fairly in all material respects the financial condition
of the entities involved as of the dates thereof and the result of their operations for the periods covered thereby (except that interim
financial statements will be subject to audit and customary year-end adjustments and may not have footnotes). All financial projections
and forecasts which have been furnished to Administrative Agent and the Lenders for purposes of or in connection with this Agreement were
prepared in good faith on the basis of assumptions which were, in the opinion of the management of Borrower, reasonable at the time made;
and at the time of delivery, the management of Borrower believed, in good faith, that the assumptions used in preparation of the financial
projections and forecasts remain reasonable (it being understood that such financial projections and forecasts are as to future events
and are not to be viewed as facts, are subject to significant uncertainties and contingencies, many of which are beyond the control

 

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of Borrower
and its Subsidiaries, and are not guarantees of financial performance, that actual results may differ significantly from such financial
projections and forecasts and such differences may be material, and no assurances can be given that such financial projections and forecasts
will be realized).

 

(b)            
Since January 27, 2019, there has been no event or circumstance, either individually or in the aggregate, that has had or could
reasonably be expected to have or result in a Material Adverse Effect.

 

(c)            
No 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. Other than this Agreement and the other Loan Documents, no default exists under any Material Contract
or other document to which any Loan Party or any of their Subsidiaries is a party or otherwise subject to that has had or could reasonably
be expected to have or result in a Material Adverse Effect.

 

Section 5.11.         
Margin Regulations.

 

No Loan Party nor any of its Subsidiaries is engaged or will engage,
principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the
purpose of purchasing or carrying Margin Stock (it being understood that Loan Parties may purchase common stock of Borrower from time
to time). No part of the proceeds of the Loans will be used, directly or indirectly, to purchase or carry any Margin Stock, or to refinance
any Indebtedness originally incurred for such purpose, or for any other purpose, in each case, in a manner that entails a violation (including
on the part of any Lender) of the provisions of Regulations U or X adopted by the FRB.

 

Section 5.12.         
Intellectual Property.

 

Except as specifically disclosed on Schedule 5.12, each Loan
Party and each of its Restricted Subsidiaries owns or is licensed or otherwise has the right to use all of the patents, copyrights, trademarks,
service marks, trade names, domain names, mask works, trade secrets, proprietary information, proprietary formulas, rights in computer
programs and databases and other intellectual property rights that are reasonably necessary for the operation of its respective businesses
(including the business of Borrower and its Restricted Subsidiaries) as currently conducted by it, except to the extent that failure to
hold such ownership, license or other right could not, individually or in the aggregate, reasonably be expected to have or result in a
Material Adverse Effect. No Loan Party has any knowledge that the use of such intellectual property by such Loan Party or any of its Restricted
Subsidiaries in, and the operation of, its business as currently conducted infringes any valid and enforceable intellectual property rights
of any other Person, except to the extent any such infringement could not, individually or in the aggregate, reasonably be expected to
have or result in a Material Adverse Effect.

 

Section 5.13.         
Capitalization and Subsidiaries.

 

As of the Second Restatement Effective Date, Borrower has no Subsidiaries
other than those specifically disclosed in Part (a) of Schedule ‎5.13.
Set forth on Part (a) of Schedule ‎5.13 is
a complete and accurate list of all Loan Parties as of the Second Restatement Effective Date, showing as of the Second Restatement Effective
Date (as to each Loan Party) the jurisdiction of its incorporation and the address of its principal place of business. The copy of each
Organizational Document of each Loan Party provided pursuant to ‎Section
4.01(a)(iii) is a true

 

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and correct copy of such document, and is valid and in full force and
effect, in each case, as of the Second Restatement Effective Date. Aside from its Subsidiaries disclosed in Part (a) of Schedule ‎5.13,
as of the Second Restatement Effective Date no Loan Party owns, of record or beneficially, any Equity Interests in any other Person other
than those specifically disclosed in Part (b) of Schedule ‎5.13.
All of the outstanding Equity Interests owned by any Loan Party in each of its direct Restricted Subsidiaries has been validly issued,
is fully paid and non-assessable (if applicable), and is owned by such Loan Party of record and beneficially free and clear of all Liens,
except those created under the Collateral Documents and Permitted Liens.

 

Section 5.14.         
Liens on Collateral.

 

The provisions of the Collateral Documents and the other Loan Documents
create legal and valid security interests in and Liens on the Collateral in favor of Administrative Agent, for the benefit of the Secured
Parties, and such Liens constitute valid and, in the case of the personal property Collateral, upon the taking of actions, notices and
filings set forth in the Security Agreement, perfected and continuing Liens on the Collateral (except to the extent otherwise provided
or permitted by the Security Agreement or, with respect to perfection, otherwise not required to be perfected under this Agreement or
the Collateral Documents) securing, in the case of Borrower, the Obligations, and in the case of the Guarantors (on a joint and several
basis), the Guaranteed Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over all
other Liens in and on the Collateral except (a) Permitted Liens, to the extent any such Permitted Liens would have priority over the Liens
in favor of Administrative Agent pursuant to applicable Law or are otherwise expressly permitted by any Loan Document to have priority
over the Liens of Administrative Agent, and (b) Liens perfected only by possession (including possession of any certificate of title)
to the extent Administrative Agent has not obtained or does not maintain possession of such Collateral.

 

Section 5.15.         
Environmental Matters.

 

Except as specifically disclosed on Schedule 5.15, no Loan Party nor
any of its Subsidiaries (a) has failed to comply with any applicable Environmental Law or to obtain, maintain or comply with any Environmental
Permit required under any applicable Environmental Law, (b) has become subject to any Environmental Liability, (c) has received written
notice of any Environmental Claim or (d) knows of any basis for any Environmental Liability, in each case in a manner that could reasonably
be expected to have a Material Adverse Effect.

 

Section 5.16.         
Solvency.

 

Borrower and its Subsidiaries, taken as a whole on a Consolidated basis,
are, Solvent, including upon the consummation of the transactions contemplated by this Agreement to be consummated on the Second Restatement
Effective Date.

 

Section 5.17.         
Sanctions and Anti-Corruption Laws.

 

(a)            
Sanctions. None of Borrower, any of its Subsidiaries, or to the knowledge of Borrower, any director, officer, employee, or agent
of Borrower or any of its Subsidiaries is a Person that is, or is owned or Controlled by, Persons that are, (i) the target of any sanctions
administered or enforced by the United States Department of the Treasury’s Office of Foreign Assets Control, the United States Department
of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or the Hong Kong Monetary Authority (collectively,
“Sanctions”), or (ii) located, organized or resident in a country or territory that is the target of Sanctions, including
as of the Second Restatement Effective Date, the Crimea region, Cuba, Iran, North Korea and Syria other than to the extent that such representation/warranty
would result in a violation of Council Regulation (EC) No 2271/96, as amended (or any implementing law or regulation in any member state
of the European Union or the United Kingdom).

 

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(b)            
Anti-Corruption Laws. None of Borrower, any of its Subsidiaries nor to the knowledge of Borrower, any director, officer, agent,
employee, Affiliate or other person acting on behalf of Borrower or any of its Subsidiaries is aware of or has taken any action, directly
or indirectly, that would result in a material violation by such persons of any applicable anti-bribery Law or other anti-corruption Law,
including the United Kingdom Bribery Act 2010 (the “UK Bribery Act”) and the United States Foreign Corrupt Practices Act of
1977 (the “FCPA”). Furthermore, Borrower and its Subsidiaries and, to the knowledge of Borrower, Borrower’s
Affiliates have conducted their businesses in material compliance with the UK Bribery Act, the FCPA and similar applicable Laws, and have
instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued
compliance therewith.

 

Section 5.18.         
Investment Company Status.

 

None of the Loan Parties is required to register as an “investment
company” under the Investment Company Act of 1940, as amended from time to time.

 

Section 5.19.         
Insurance.

 

The assets, properties and businesses of each Loan Party and each of
its Restricted Subsidiaries are insured with financially sound and reputable insurance companies that are not Affiliates of any Loan Party
(in each case, determined at the time such insurance is obtained, renewed or reissued), in such amounts, with such deductibles and covering
such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in similar locations and
as required to be maintained pursuant to ‎Section
6.06.

 

Section 5.20.         
Full Disclosure.

 

The Loan Parties have disclosed or made available, including pursuant
to public filings with the SEC, to Administrative Agent and the Lending Parties all matters known to them, that, individually or in the
aggregate, could reasonably be expected to result in a Material Adverse Effect. No financial statement, material report, material certificate
or other material information (excluding projected financial information, pro forma financial information, estimated financial
information, other projected or estimated information and other forward-looking statements and information of a general economic or industry
specific nature) furnished (in writing) by or on behalf of any Loan Party or any Subsidiary thereof to Administrative Agent or any Lending
Party in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder (as modified
or supplemented by other information so furnished), taken together as a whole, contains any untrue statement of a material fact or omits
to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
materially misleading; provided that, with respect to projected financial information, pro forma financial information,
estimated financial information, other projected or estimated information and other forward-looking statements, such information was prepared
in good faith based upon assumptions believed to be reasonable at the time (it being understood that such financial projections and forecasts
are as to future events and are not to be viewed as facts, are subject to significant uncertainties and contingencies, many of which are
beyond the control of any Loan Party, and are not guarantees of financial performance, that actual results may differ significantly from
such financial projections and forecasts and such differences may be material, and no assurances can be given that such financial projections
and forecasts will be realized).

 

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Section 5.21.         
Covered Entities.

 

No Loan Party is a Covered Entity.

 

Section 5.22.         
Beneficial Ownership Certification.

 

As of the Second Restatement Effective Date, the information included
in the Beneficial Ownership Certification, if applicable, is true and correct in all respects.

 

Article
6

Affirmative Covenants

 

Until the Commitments shall have expired or been terminated, the principal
of and interest on each Loan and all fees, expenses and other amounts (other than under Secured Swap Obligations, Secured Cash Management
Obligations and contingent amounts not yet due) under any Loan Document have been paid in full in cash and all Credits have expired or
been terminated and the Unreimbursed Amount of all Credit Borrowings shall have been reimbursed (unless the outstanding amount of the
Obligations in respect of any Credits related thereto has been cash collateralized or a backstop letter of credit reasonably satisfactory
to the applicable L/C Issuer is in place), each Loan Party hereto covenants and agrees with the Lenders that it will, and will cause each
of its Restricted Subsidiaries to, perform each of the covenants set forth in this ‎Article
6.

 

Section 6.01.         
Financial Statements.

 

Deliver to Administrative Agent (and Administrative Agent will promptly
make such information available to the Lending Parties in accordance with its customary practice):

 

(a)            
Annual Financial Statements. No later than ninety days after the end of each Fiscal Year, a Consolidated balance sheet as at the
end of such year and related Consolidated statements of income, shareholders’ equity and cash flows of Borrower and its Consolidated
Subsidiaries prepared for such Fiscal Year, setting forth, in comparative form against the figures for the previous Fiscal Year, all in
reasonable detail and accompanied by (i) a report thereon of Deloitte Touche LLP, any other “big four” firm of independent
public accountants or any other independent public accountants of recognized national standing selected by Borrower (or any other independent
accounting firm not of recognized national standing that is acceptable to Administrative Agent), which report will not be qualified as
to scope or contain any “going concern” qualification, other than a qualification related to any upcoming maturity of the
Obligations hereunder or potential non-compliance with any financial covenant, and will state that such financial statements present fairly
in all material respects the financial position of Borrower and its Subsidiaries on a Consolidated basis as at the dates indicated and
the results of its operations and changes in its financial position for the periods indicated in conformity with GAAP applied on a basis
consistent with prior years (except as otherwise required by GAAP or stated therein) and that the examination by such accountants in connection
with such Consolidated financial statements has been made in accordance with generally accepted auditing standards, and (ii) management’s
discussion and analysis of the important operational and financial developments during such Fiscal Year;

 

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(b)            
Fiscal Period Financial Statements. No later than forty-five days after the end of each of the first three Fiscal Periods during
each Fiscal Year, a Consolidated balance sheet as at the end of such period and the related Consolidated statements of income and cash
flows of Borrower and its Consolidated Subsidiaries prepared for such Fiscal Period and (for such financial statements prepared for the
first three Fiscal Periods of any Fiscal Year) for such Fiscal Year to date, setting forth in each case in comparative form the figures
for the corresponding period(s) of the previous Fiscal Year end and the then current Fiscal Year, all in reasonable detail and certified
by a Responsible Officer of Borrower having responsibility for financial matters that they (i) present fairly in all material respects
the financial condition of Borrower and its Consolidated Subsidiaries as at the dates indicated and the results of its operations and
changes in their cash flow for the periods indicated and (ii) have been prepared in accordance with GAAP, subject to the absence of footnotes
and changes resulting from audit and customary year-end adjustments. With each such quarterly financial reports, Borrower will also deliver
management’s discussion and analysis of the important operational and financial developments during such Fiscal Period and a general
comparison of such financial reports against the budget delivered pursuant to ‎Section
6.01(e);

 

(c)            
Consolidating Financial Statements Reflecting Adjustments for Unrestricted Subsidiaries. Concurrently with the delivery of any
financial statements pursuant to ‎Section 6.01(a)
or ‎(b), if there are any Unrestricted Subsidiaries
at the time, the related consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted
Subsidiaries from such Consolidated financial statements;

 

(d)            
Compliance Certificate. Together with the financial statements delivered pursuant to ‎Section
6.01(a), ‎(b) and ‎(c),
as applicable, a Compliance Certificate dated as of the last day of such reporting period, in each case certified by a Responsible Officer
of Borrower having responsibility for financial matters, with appropriate insertions (which delivery may, unless Administrative Agent,
or a Lender requests executed originals, be by electronic communication, including facsimile or electronic mail, and will be deemed to
be an original authentic counterpart thereof for all purposes);

 

(e)            
Budget. No later than forty-five Business Days after approval thereof by Borrower’s Board of Directors (and in any event
no later than the date of delivery of the annual financial statements for the current Fiscal Year pursuant to ‎Section
6.01(a), as determined by the last paragraph of this ‎Section
6.01), an annual operating budget of Borrower and its Consolidated Subsidiaries for the forthcoming Fiscal Year in the form presented
to, and approved by, Borrower’s Board of Directors; provided that in the event any budget is materially revised in any Fiscal
Year and is subsequently approved by Borrower’s Board of Directors, such revised budget will be delivered to Administrative Agent
promptly and in any event no later than twenty Business Days after approval thereof by Borrower’s Board of Directors (or such longer
period as may be agreed by Administrative Agent in its sole discretion); and provided further that each such budget shall be prepared
in good faith on the basis of assumptions which are, in the opinion of the management of Borrower, reasonable at the time made; and

 

(f)           
Other Reports. Promptly upon any request by Administrative Agent or any Lending Party, a copy of any detailed audit reports, management
letters or recommendations submitted to the Board of Directors (or the audit committee of the Board of Directors) of Borrower by independent
accountants in connection with the accounts or books of Borrower or any Restricted Subsidiary thereof, or any audit of any of them.

 

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Documents required to be delivered pursuant to this ‎Section
6.01 may be delivered electronically and if so delivered, will be deemed to have been delivered on the date (i)(i) on which Borrower posts
such documents, or provides a link thereto on Borrower’s website on the Internet at the website address listed on Schedule 10.02
(as updated from time to time); (ii)(ii) on which such documents are posted on Borrower’s behalf on an Internet or intranet website,
if any, to which each Lending Party and Administrative Agent have access (whether a commercial, third-party website or whether sponsored
by Administrative Agent); or (iii)(iii) on which such documents are filed for public availability on the SEC’s Electronic Data Gathering
and Retrieval System (or any successor thereto), including on any Form 10-K, Form 10-Q or Form 8-K filing; provided that (A)(A)
Borrower will notify Administrative Agent of the posting of such documents. Administrative Agent will have no obligation to request the
delivery of or to maintain paper copies of the documents referred to above and (B)(B) upon Administrative Agent’s written request
to Borrower, Borrower will deliver paper copies of such documents (as may be specified by Administrative Agent or any Lending Party after
using reasonable efforts to obtain such documents by electronic means as contemplated by the preceding clauses (i) through (iii) of this
paragraph) to Administrative Agent until such time as a written request to cease delivering such paper copies is given by Administrative
Agent or such Lending Party. Notwithstanding anything to the contrary in this ‎Section
6.01 or any other Loan Document, none of Borrower or any of its Subsidiaries shall be required to disclose any document, information or
other matter (a) that constitutes non-financial trade secrets, (b) in respect of which disclosure to Administrative Agent or any Lending
Party (or any of their respective representatives) is prohibited by any Applicable Law or any binding contractual agreement as to confidentiality
with a third party or (c) is subject to attorney-client privilege or constitutes attorney work product.

 

Section 6.02.         
Other Information.

 

Deliver to Administrative Agent (which will promptly make such information
available to the Lending Parties in accordance with its customary practice):

 

(a)            
Equity Interest Reports and Public Filings. Promptly after the same are filed or delivered, copies of each annual report, proxy
or financial statement or other material report or communication sent to the holders of Equity Interests of Borrower (including any Qualified
Preferred Stock) in their capacity as shareholders, and copies of all annual, regular, periodic and special reports and registration statements
that Borrower or any of its Restricted Subsidiaries may file or be required to file with the SEC under Section 13 or Section 15(d) of
the Exchange Act, and, in each case, not otherwise required to be delivered to Administrative Agent pursuant hereto;

 

(b)            
Materials from Governmental Authorities. Promptly, and in any event within five Business Days after receipt thereof by any Loan
Party or any Restricted Subsidiary thereof, copies of each material notice or other material non-routine correspondence received from
any Governmental Authority (including the SEC or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation
or possible investigation or other inquiry by such agency regarding any material financial or other material operational results of Borrower
and Restricted Subsidiaries, together or individually;

 

(c)            
“Know Your Customer”. Promptly upon the request thereof, such other information and documentation required by bank
regulatory authorities under applicable Beneficial Ownership Regulations and “know your customer”, anti-corruption and anti-money
laundering Laws (including the PATRIOT Act), as from time to time reasonably requested by Administrative Agent or any Lending Party;

 

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(d)            
Accounting Policies and Financial Reporting Practices. Promptly upon the occurrence thereof, notice of any material change in Borrower’s
or any of its Consolidated Restricted Subsidiaries’ accounting policies or financial reporting practices, except changes required
by GAAP;

 

(e)            
Security Agreement Schedules. Together with the delivery of the Compliance Certificate dated as of the last day of the second and
fourth Fiscal Periods of each Fiscal Year pursuant to ‎Section
6.01(d), provide Administrative Agent with supplements to the schedules to the Security Agreement to the extent necessary to update or
correct such schedules so that such schedules are accurate in all material respects; provided that, with respect to Schedule V
of the Security Agreement, Borrower may provide a new version of such schedule rather than a supplement; and

 

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

 

Documents required to be delivered pursuant to ‎Section
6.01(a), ‎(b), ‎(d)
or ‎(f) may be delivered electronically and if so
delivered, will be deemed to have been delivered on the date (i)(i) on which Borrower posts such documents, or provides a link thereto
on Borrower’s website on the Internet at the website address listed on Schedule ‎10.02
(as updated from time to time); (ii)(ii) on which such documents are posted on Borrower’s behalf on an Internet or intranet website,
if any, to which each Lending Party and Administrative Agent have access (whether a commercial, third-party website or whether sponsored
by Administrative Agent); or (iii)(iii) on which such documents are filed for public availability on the SEC’s Electronic Data Gathering
and Retrieval System (or any successor thereto), including on any Form 10-K, Form 10-Q or Form 8-K filing; provided that (A)(A)
Borrower will notify Administrative Agent of the posting of such documents. Administrative Agent will have no obligation to request the
delivery of or to maintain paper copies of the documents referred to above and (B)(B) upon Administrative Agent’s written request
to Borrower, Borrower will deliver paper copies of such documents (as may be specified by Administrative Agent or any Lending Party after
using reasonable efforts to obtain such documents by electronic means as contemplated by the preceding clauses (i) through (iii) of this
paragraph) to Administrative Agent until such time as a written request to cease delivering such paper copies is given by Administrative
Agent or such Lending Party. Notwithstanding anything to the contrary in this ‎Section
6.02 or any other Loan Document, none of Borrower or any of its Subsidiaries shall be required to disclose any document, information or
other matter (a) that constitutes non-financial trade secrets, (b) in respect of which disclosure to Administrative Agent or any Lending
Party (or any of their respective representatives) is prohibited by any Applicable Law or any binding contractual agreement as to confidentiality
with a third party or (c) is subject to attorney-client privilege or constitutes attorney work product.

 

Section 6.03.         
Notices.

 

Promptly, and in no event more than five Business Days after any Responsible
Officer or any other senior executive officer of any Loan Party becomes aware thereof, notify Administrative Agent (which will promptly
make such information available to the Lending Parties in accordance with its customary practice) of:

 

(a)            
Defaults and Events of Default. The occurrence of any Default or Event of Default;

 

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(b)            
Litigation. The (i)(i) institution of any investigation (including in respect of any noncompliance with any applicable Environmental
Law or Environmental Permit), litigation, alternative dispute proceeding (including any Insolvency Proceeding) or other similar suit or
proceeding (a “Proceeding”) by any Person, including any Governmental Authority, (A)(A) which could reasonably
be expected to result, after giving effect to any applicable insurance, in the payment by any Loan Party of more than the Threshold Amount,
(B)(B) with respect to which there is a reasonable likelihood of a finding adverse to a Loan Party, which adverse finding, if made, could
reasonably be expected to have or result in a Material Adverse Effect, or (C)(C) which seeks in any manner to invalidate any Loan Document
or any provision thereof or to otherwise enjoin the performance of any Loan Document or any provision thereof, and (ii)(ii) of any material
development in any Proceeding described in the foregoing subclause (i);

 

(c)            
ERISA Events. The occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably
be expected to result in a Material Adverse Effect;

 

(d)            
Change of Control. The occurrence of a Change of Control; and

 

(e)            
Material Adverse Effect. Any other event or occurrence (including any event or occurrence with respect to the Collateral) in addition
to those listed in clauses (a) through (d) above which has resulted or could reasonably be expected to result in a Material Adverse Effect.

 

Each notice pursuant to this ‎Section
6.03 will be accompanied by a statement of a Responsible Officer of Borrower setting forth details of the occurrence referred to therein
and, to the extent applicable, stating what action, if any, Borrower (or the other applicable Person) has taken or proposes to take with
respect thereto.

 

Section 6.04.         
Preservation of Existence and Entitlements.

 

(a)            
Preserve, renew and maintain in full force and effect its respective legal existence and good standing under the Laws of the jurisdiction
of its incorporation or formation, as applicable, except (i)(i) in a transaction permitted by ‎Section
7.04 or (ii)(ii) with respect to non-Loan Parties, except to the extent such failure to preserve, renew and maintain its legal existence
and good standing could not reasonably be expected to have or result in a Material Adverse Effect;

 

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

 

(c)            
Preserve or renew their respective registrations for copyrights, patents, trademarks, service marks, mask works, and domain names,
the non-preservation or non-renewal of which could reasonably be expected to have or result in a Material Adverse Effect.

 

Section 6.05.         
Maintenance of Properties.

 

Maintain, preserve and protect (or replace in the ordinary course of
business) all of their respective material tangible properties and equipment necessary to the operation of its respective businesses in
good working order and condition, ordinary wear and tear excepted and subject to the occurrence of casualty or force majeure events, and
make all necessary repairs thereto and renewals and replacements thereof, in each case except where the failure to do so could not, individually
or in the aggregate, reasonably be expected to have or result in a Material Adverse Effect.

 

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Section 6.06.         
Maintenance of Insurance.

 

(a)            
Property and Liability Insurance. Maintain or cause to be maintained, with financially sound and reputable insurance companies
or other insurers (determined at the time such insurance is obtained, renewed or reissued), such insurance with respect to liabilities,
losses or damage in respect of the assets, properties and businesses of the Loan Parties and their Subsidiaries as may customarily be
carried or maintained under similar circumstances by companies of similar size engaged in similar businesses and owning similar properties,
in each case in such amounts with such deductibles, covering such risks and otherwise on such terms and conditions as will be customary
for companies similarly situated in the industry, subject to commercially reasonable and prudent adjustments made by Borrower and its
Subsidiaries (determined at the time such insurance is obtained, renewed or reissued). Each such policy of general liability insurance
or property insurance covering the Collateral will (i) name Administrative Agent, for the benefit of the Secured Parties, as an additional
insured in respect of public liability policies of the Loan Parties and (ii) in the case of each property or casualty insurance policy
of the Loan Parties, contain a lender loss payable clause or endorsement, as the case may be, satisfactory to Administrative Agent in
its Reasonable Discretion, that names Administrative Agent, for the benefit of the Secured Parties, as the loss lender payee thereunder.
Borrower will use commercially reasonable efforts to obtain endorsements to its general liability and property insurance covering the
Collateral that provide for at least thirty days (or ten days in the case of nonpayment of premiums) prior written notice to Administrative
Agent of any cancellation of such policy. The provisions of this ‎Section
6.06 will be deemed supplemental to, but not duplicative of, the provisions of any Collateral Document that requires the maintenance of
insurance.

 

(b)            
Flood Insurance. If at any time any real property that is subject to a deed of trust or mortgage securing the Obligations hereunder
is located in an area identified as a special flood hazard area by the Federal Emergency Management Agent or any successor thereto, Borrower
will, and will cause each of its Subsidiaries, as applicable, to, at all times keep and maintain flood insurance in an amount reasonably
satisfactory to Administrative Agent but in no event less than the amount sufficient to comply with the rules and regulations promulgated
under the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973 (and any other applicable similar Law).

 

Section 6.07.         
Compliance with Laws.

 

Comply in all material respects with the requirements of all applicable
Laws and all orders, writs, injunctions and decrees applicable to them or to their respective assets, properties or businesses, and will
use and operate all of its facilities and properties in compliance with all applicable Laws and keep all permits, approvals, certificates
and other authorizations of Governmental Authorities as is required by applicable Law in effect and remain in compliance therewith, except,
in each case, where the failure to comply therewith could not reasonably be expected to have or result in a Material Adverse Effect.

 

Section 6.08.         
Books and Records.

 

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Maintain proper books of record and account, in which full, true and
correct (in all material respects) entries in conformity with GAAP consistently applied (except as otherwise required by GAAP or as otherwise
disclosed in financial statements delivered pursuant to ‎Section
6.01(a) or ‎(b)) are made of all material financial
transactions and matters involving its respective properties and businesses.

 

Section 6.09.         
Inspection Rights.

 

Permit representatives and independent contractors of Administrative
Agent to visit and inspect any of their respective properties, to examine their corporate, financial and operating records, and make copies
thereof or abstracts therefrom, and to discuss their respective affairs, finances and accounts with their respective directors (solely
in their capacity as such) (limited, in the case of directors, to the directors of Restricted Subsidiaries of Borrower), officers, managers
and independent public accountants (in which case, so long as no Event of Default has occurred and is continuing at the time of such inspection,
representatives of Borrower shall be afforded a reasonable opportunity to attend such inspection and any related discussions), at such
reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to Borrower, and,
if an Event of Default has occurred and is continuing at the time of such inspection, Borrower agrees to bear the reasonable and documented
out-of-pocket costs and expenses of such visits; provided that, unless an Event of Default has occurred and is continuing, only
one such visit and related inspection may occur during any Fiscal Year. Notwithstanding anything to the contrary in this ‎Section
6.09 or any other Loan Document, neither Borrower nor any of its Subsidiaries shall be required to disclose, permit the inspection, examination
or making of copies or taking of extracts of, or discussion of, any document, information or other matter (a) that constitutes non-financial
trade secrets, (b) in respect of which disclosure to Administrative Agent or any Lending Party (or any of their respective representatives)
is prohibited by any Applicable Law or any binding contractual agreement as to confidentiality with a third party or (c) that is subject
to attorney-client privilege or constitutes attorney work product.

 

Section 6.10.         
Compliance with Environmental Laws.

 

(a)            
Compliance with Environmental Laws. Comply with all applicable Environmental Laws, and obtain and comply with and maintain all
Environmental Permits required by applicable Environmental Laws, except, in each case, to the extent the failure to do so could not reasonably
be expected to have a Material Adverse Effect.

 

(b)            
Environmental Investigations. Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal
and other actions required under Environmental Laws and promptly comply with all lawful orders and directives of all Governmental Authorities
regarding Environmental Laws, except to the extent the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

Section 6.11.         
Covenant to Guarantee Obligations and Give Security.

 

(a)            
New or Acquired Subsidiaries. Upon (i)(i) the formation, incorporation or acquisition by any Loan Party of any new direct or indirect
Subsidiary, other than any such Subsidiary that constitutes (A)(A) a Foreign Subsidiary, (B)(B) a Domestic Subsidiary that is either a
Foreign Subsidiary Holdco or an Exempt Subsidiary or (C)(C) a Subsidiary that otherwise is prohibited by applicable Law existing as of
the date such Subsidiary was formed or acquired by Borrower from providing the Guaranty of the Obligations contemplated by ‎Section
10.15 or would require the express consent, approval, license or authorization of a Governmental Authority (including any such regulatory
authority) having jurisdiction thereover unless such

 

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express
consent, approval, license or authorization has been obtained (any Subsidiary described in any of the preceding subclauses ‎(A)
through ‎(C), inclusive, an “Excluded
Subsidiary”), or (ii)(ii) the re-designation of an Unrestricted Subsidiary as a Restricted Subsidiary pursuant to ‎Section
2.16, Borrower will (subject to the proviso at the end of this ‎Section
6.11(a)), in each case at Borrower’s expense:

 

(iii)           
within twenty Business Days after such formation, incorporation, acquisition or designation (or such longer period as may be agreed
by Administrative Agent in its sole discretion), cause such Subsidiary to duly execute and deliver to Administrative Agent a Joinder Agreement
in the form attached to this Agreement as Exhibit C pursuant to which such Person is joined to this Agreement and becomes a Guarantor
hereunder for all purposes of this Agreement, including ‎Section
10.15, and the other Loan Documents, guaranteeing the other Loan Parties’ Obligations under the Loan Documents;

 

(iv)           
subject to clauses ‎(iii) and ‎(iv)
below of this ‎Section 6.11(a), within twenty
Business Days after such formation, incorporation, acquisition or designation (or such longer period as may be agreed by Administrative
Agent in its sole discretion), cause such Subsidiary (and cause each direct parent of such Subsidiary, if it has not already done so)
to duly execute and deliver to Administrative Agent such Loan Documents, or joinders, supplements or addenda thereto, as applicable, including
a joinder to the Security Agreement (substantially in the form attached as Annex A thereto), as may be deemed necessary or advisable by
Administrative Agent, in its Reasonable Discretion, which Loan Documents, including any joinders, supplements or addenda thereto, will
be in form and substance satisfactory to Administrative Agent, in its Reasonable Discretion;

 

(v)           
within sixty days after such formation, incorporation, acquisition or designation (or such longer period as may be agreed by Administrative
Agent in its sole discretion), cause such Subsidiary (and cause each direct parent of such Subsidiary, if it has not already done so)
to take whatever action (including providing information needed in connection with the filing of Financing Statements, the delivery of
original possessory collateral and the giving of notices) as is required under the Collateral Documents to vest in Administrative Agent
valid Liens on and perfected (to the extent required to be perfected under the Collateral Documents) security interests in the properties
purported to be subject to the Collateral Documents delivered pursuant to this ‎Section
6.11, in each case enforceable against all third parties in accordance with their terms, subject only to Permitted Liens; and

 

(vi)           
in the case of any formation, incorporation, acquisition or designation, if requested by Administrative Agent, in its Reasonable
Discretion, within sixty days after such formation or acquisition (or such longer period as may be agreed by Administrative Agent in its
sole discretion), deliver to Administrative Agent a favorable opinion, addressed to Administrative Agent and the Lending Parties, of counsel
for the Loan Parties as to the matters contained in clauses ‎(i),
‎(ii) and ‎(iii)
above, and as to such other matters as Administrative Agent may reasonably request,

 

provided that, notwithstanding the foregoing or anything to
the contrary in any Loan Document, and subject to ‎Section
6.11(b), (A)(A) such Person will not be required to execute and deliver a Joinder Agreement to Administrative Agent and thereby become
a Guarantor hereunder

 

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or to execute and deliver or otherwise provide the Collateral Documents
and other documents contemplated of a new Guarantor under this‎Section
6.11(a) if such Person is an Excluded Subsidiary; (B)(B) only 65% of the total combined power of all classes of Equity Interests entitled
to vote (within the meaning of Treasury Regulations section 1.956-2(c)(2)) of (1)(1) any first tier Foreign Subsidiary that is a corporation
(or treated as such for U.S. federal tax purposes) or (2)(2) any Foreign Subsidiary Holdco, will be required to be pledged to secure the
Obligations of Borrower (or the Guaranteed Obligations of any Guarantor) (although 100% of the non-voting Equity Interests of each first
tier Foreign Subsidiary or Foreign Subsidiary Holdco described in the preceding subclauses (1) or (2) will be required to be pledged);
(C)(C) the Collateral shall not include any Excluded Collateral (as described and defined in the Security Agreement); (D)(D) no control
agreements will be required to perfect Administrative Agent’s security interest in any deposit accounts or security accounts (except
as requested by Borrower for the purpose of establishing a security interest perfected by control in Consolidated Net Cash in favor of
Administrative Agent); (E)(E) no Grant of IP Security Interest or similar document will be required to be recorded with the United States
Patent & Trademark Office (other than those recorded prior to the Second Restatement Effective Date pursuant to the First Restated
Credit Agreement) other than as is necessary or advisable (as determined by Administrative Agent in its Reasonable Discretion) to perfect
Administrative Agent’s security interest in any U.S. copyrights registered after the Second Restatement Effective Date; (F)(F) no
Pledged Interest Addendum (as such term is defined in the Security Agreement) will be required to be delivered with respect to Pledged
Interests (as such term is defined in the Security Agreement) in any Pledged Company (as such term is defined in the Security Agreement)
formed, incorporated or acquired after the Second Restatement Date that is a Limited Pledge Subsidiary or a Limited Pledge Non-Control
Investment, nor will any original certificates evidencing such Pledged Interests be required to be delivered as possessory collateral
(provided that the Loan Parties shall also be prohibited by the Security Agreement from delivering such original certificates evidencing
such Pledged Interests to any other secured creditor for the purpose of serving as possessory collateral).

 

(b)            
Foreign Pledge Agreements. Within sixty days (or such longer period as may be agreed by Administrative Agent in its sole
discretion), after any request by Administrative Agent, with respect to any Equity Interests in one or more Material First-Tier Foreign
Subsidiaries that have been pledged pursuant to the Collateral Documents, if Administrative Agent in its Reasonable Discretion determines
(based on advice of local counsel and to the extent legally permitted by the relevant applicable foreign law) that it would be in the
interests of the Secured Parties that the respective Loan Party or Loan Parties which own such Equity Interests authorize, execute and
deliver one or more additional pledge agreements governed by the laws of the jurisdiction or jurisdictions in which any such Material
First-Tier Foreign Subsidiary is organized, then the respective Loan Party or Loan Parties will, subject to local Law limitations, (i)
so authorize, execute and deliver one or more such additional pledge agreements (each, a “Foreign Pledge Agreement”),
and (ii) take such reasonable actions as may be necessary or desirable under local law (as advised by local counsel) to create, maintain,
effect, perfect, preserve, maintain and protect the security interests granted (or purported to be granted) by each such Foreign Pledge
Agreement (including the delivery of a favorable opinion, addressed to Administrative Agent and the other Secured Parties, of counsel
for the Loan Parties as to such Foreign Pledge Agreement(s)). Each Foreign Pledge Agreement will (A) be prepared by local counsel satisfactory
to the Administrative Agent in its Reasonable Discretion and (B) be in form and substance satisfactory to the Administrative Agent in
its Reasonable Discretion, it being understood and agreed, however, in the case of any Foreign Pledge Agreement entered into by Borrower
or any other Loan Party, the respective Loan Party will not be required to pledge more than 65% of the total combined voting power of
all classes of Equity Interests entitled to vote of any such Material First-Tier Foreign Subsidiary that is a corporation (or treated
as such for U.S.

 

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federal
tax purposes) in support of its obligations (x) as Borrower under this Agreement (in the case of the Borrower) or (y) under its Guaranty
in respect of the Guaranteed Obligations (in the case of the other Loan Parties) (although 100% of the non-voting Equity Interests, if
any, of any such Material First-Tier Foreign Subsidiary will be required to be pledged in support of such obligations). In determining
whether to require one or more Foreign Pledge Agreements as permitted above, Administrative Agent will, in its Reasonable Discretion,
consider the costs of the actions required in connection with the execution and delivery of the respective Foreign Pledge Agreements
as against the relative value of the security interests and additional protection provided thereby.

 

Section 6.12.         
Payment of Taxes.

 

Pay and discharge as the same will become due and payable, all tax
liabilities, assessments and governmental charges or levies upon it or its properties or assets the failure of which to pay could reasonably
be expected to have or result in a Material Adverse Effect, unless the same are being contested in good faith by appropriate proceedings
diligently conducted and adequate reserves in accordance with GAAP are being maintained by such Person.

 

Section 6.13.         
Environmental Matters.

 

(a)            
Comply with all applicable Environmental Laws, and obtain and comply with and maintain all Environmental Permits required by applicable
Environmental Laws, except, in each case, to the extent the failure to do so could not reasonably be expected to have a Material Adverse
Effect.

 

(b)            
Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under
applicable Environmental Laws and Environmental Permits, and promptly comply with all lawful orders and directives of all Governmental
Authorities regarding Environmental Laws, except to the extent the failure to do so could not reasonably be expected to have a Material
Adverse Effect.

 

Section 6.14.         
Post-Closing Matters.

 

Execute and deliver the documents and complete the tasks expressed
on Schedule 6.14 in each instance within the time limits specified on such Schedule.

 

Section 6.15.         
Further Assurances.

 

In addition to the obligations and documents which this Agreement expressly
requires that any Loan Party or any Restricted Subsidiary thereof execute, acknowledge, deliver and perform, each Loan Party will execute
and acknowledge (or cause to be executed and acknowledged) and deliver to Administrative Agent all documents, and take all actions, that
may be reasonably requested by Administrative Agent from time to time hereunder to confirm the rights created or now or hereafter intended
to be created under the Loan Documents, to protect and further the validity, extent, priority and enforceability of the Liens created
under the Collateral Documents, to subject to the Liens created under the Collateral Documents any property or assets intended by the
terms of any Loan Document to be covered by the Collateral Documents, or otherwise to carry out the purposes of the Loan Documents and
the transactions contemplated hereunder and thereunder.

 

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Article
7

Negative Covenants

 

Until the Commitments shall have expired or been terminated, the principal
of and interest on each Loan and all fees, expenses and other amounts (other than under Secured Swap Obligations, Secured Cash Management
Obligations and contingent amounts not yet due) under any Loan Document have been paid in full in cash and all Credits have expired or
been terminated and the Unreimbursed Amount of all Credit Borrowings shall have been reimbursed (unless the outstanding amount of the
Obligations in respect of any Credits related thereto has been cash collateralized or a backstop letter of credit reasonably satisfactory
to the applicable L/C Issuer is in place), each Loan Party hereto covenants and agrees with the Lenders that it will not, and will not
permit any of its Restricted Subsidiaries, directly or indirectly, to:

 

Section 7.01.         
Liens.

 

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

 

(a)            
Liens created under any Collateral Document securing the Obligations for the benefit of the Secured Parties;

 

(b)            
(i) Liens granted in the ordinary course of business on the unearned portion of insurance premiums securing the financing of insurance
premiums to the extent the financing is permitted under ‎Section
7.03 and (ii) deposits in the ordinary course of business securing liability for reimbursement obligations of insurance carriers providing
insurance to Borrower or any of its Subsidiaries;

 

(c)            
Liens existing on the date hereof and listed on Schedule ‎7.01
and any renewals, extensions or replacements thereof; provided that the outstanding or committed principal amount secured or benefited
thereby is not increased (except by the amount of any accrued and unpaid interest and premium thereon and underwriting discounts, defeasance
costs, fees, commissions and expenses related thereto and any unutilized commitments thereunder);

 

(d)            
Liens for tax liabilities, fees, assessments and other governmental charges or levies not yet delinquent or remaining payable without
penalty or to the extent that non-payment thereof is permitted by ‎Section
6.12; provided that no notice of lien has been filed or recorded under the Code asserting delinquent Taxes owing of $1,000,000
or more, which notice has not been expunged from the applicable public record (or otherwise terminated or released) within five Business
Days after the earlier of (i) the date on which a Responsible Officer of any Loan Party becomes aware of such filing or recordation of
the notice of lien or (ii) the date on which notice thereof is given to a Loan Party by Administrative Agent or any Lending Party;

 

(e)            
Landlord’s, grower’s, supplier’s, producer’s, carrier’s, warehouseman’s, mechanic’s,
materialman’s, repairman’s or other like Liens (whether arising by operation of law, contract or otherwise) arising in the
ordinary course of business and which in the aggregate at any one time do not materially detract from the value of the Collateral, taken
as a whole, or materially impair the use thereof in the operation of the business of the Loan Parties as a whole (or that are being contested
in good faith and by appropriate proceedings timely instituted and diligently conducted, if adequate reserves with respect thereto, if
any, in accordance with GAAP are set aside on the financial statements of the applicable Person);

 

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

 

(g)            
deposits to secure the performance of bids, trade contracts or leases (other than Indebtedness), statutory obligations, surety
bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature, in each case incurred
in the ordinary course of business;

 

(h)            
zoning, building and other land use restrictions, easements, rights-of-way, covenants, restrictions and other similar encumbrances
incurred in the ordinary course of business which do not in any case materially detract from the value of the real property subject thereto
or materially interfere with the ordinary conduct of the business of Borrower and its Restricted Subsidiaries;

 

(i)           
Liens securing Indebtedness permitted under ‎Section
7.03(g) (and extension, renewal and replacement Liens upon the same property); provided that (i)(i) such Liens do not at any time
encumber any property other than the property financed by such Indebtedness, improvements thereto and proceeds thereof, (ii)(ii) the principal
amount of Indebtedness secured thereby does not exceed the cost of acquiring, constructing and/or improving such property (including interest
during construction) and (iii)(iii) such security interests and the Indebtedness secured thereby are incurred and attach prior to or within
one hundred-eighty days after such acquisition or the completion of such construction or improvement;

 

(j)           
rights of a licensor or sublicensor under any license agreement (or other license or grant of rights to use) for the use of intellectual
property or other intangible assets as to which any Loan Party or any of its Restricted Subsidiaries is the licensee or sublicensee, as
applicable;

 

(k)            
rights of a licensee or sublicensee under any license agreement (or other license or grant of rights to use) for the use of intellectual
property or other intangible assets of (or licensed to) any Loan Party or any of its Restricted Subsidiaries as to which such Loan Party
or other Restricted Subsidiary is the licensor or sublicensor, as applicable;

 

(l)           
leases or subleases granted to others in the ordinary course of business;

 

(m)            
interests or title of a lessor or sublessor under an operating lease;

 

(n)            
Liens securing a judgment for the payment of money not constituting an Event of Default under ‎Section
8.01(h) or securing an appeal or other surety bond related to any such judgment;

 

(o)            
Liens arising by virtue of any contractual, statutory or common law provision relating to banker’s liens, rights of set-off
or similar rights and remedies as to deposit or security accounts or other funds or financial assets maintained with a creditor depository
institution or securities intermediary; provided that such deposit account is not a dedicated cash collateral account in favor
of such depository institution and the primary purpose of which is not to provide collateral security (other than for customary account
commissions, fees and reimbursable expenses relating solely to such deposit account, and for returned items);

 

(p)            
Liens existing on any property or assets of a Person prior to the Acquisition thereof by any Loan Party or any Restricted Subsidiary
thereof or existing on any property or asset of any

 

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Person that
thereafter becomes a Restricted Subsidiary of Borrower after the Second Restatement Effective Date (and extension, renewal and replacement
Liens upon the same property); provided that (i) such Lien is not created in contemplation of or in connection with such acquisition
or such Person becoming a Restricted Subsidiary of Borrower; (ii) such Lien does not extend or attach (including by being in the nature
of a floating Lien) to any other property of any Loan Party or any of its Restricted Subsidiaries following such Acquisition other than,
if required by terms of the instrument originally creating such Lien, other property which is an improvement to or is acquired for specific
use in connection with such acquired property; and (iii) such Lien will secure only those obligations which it secures on the date of
such acquisition or the date such Person becomes a Restricted Subsidiary of Borrower, and extensions, refinancings, renewals and replacements
thereof, provided that (A) the outstanding principal amount secured or benefited thereby is not increased (except by the amount
of any accrued and unpaid interest and premium thereon and underwriting discounts, defeasance costs, fees, commissions and expenses related
thereto and any unutilized commitments thereunder) and (B) if such Lien secures Indebtedness, the Indebtedness secured or benefited thereby
(including any such extension, renewal or replacement) is permitted by ‎Section
7.03(f) or ‎(g);

 

(q)            
Liens securing Indebtedness permitted under ‎Section
7.03(e) (provided that the counterparty to any such permitted Swap Contract is a Hedge Bank);

 

(r)           
Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by any
Loan Party or any Restricted Subsidiary thereof in the ordinary course of business to the extent such Liens do not attach to any assets
other than the goods subject to such arrangements and the proceeds thereof;

 

(s)            
Liens deemed to exist in connection with repurchase agreements permitted under the definition of “Cash Equivalents”
set forth in ‎Section 1.01;

 

(t)           
real estate security deposits with respect to leaseholds in the ordinary course of business;

 

(u)            
interests of any collection agency in accounts receivable assigned to it by the Borrower or any Restricted Subsidiary in the ordinary
course of business for the purpose of facilitating the collection of such accounts receivable;

 

(v)            
Liens in favor of customs and revenues authorities arising as a matter of law which secure payment of customs duties in connection
with the importation of goods;

 

(w)            
reservations by vendors of security interests in the ordinary course of business pursuant to Section 2-401(1) of the Uniform Commercial
Code as in effect in the applicable jurisdiction;

 

(x)            
Permitted Encumbrances;

 

(y)            
Liens on earnest money deposits made in connection with any agreement in respect of an anticipated Permitted Acquisition;

 

(z)            
Liens not otherwise permitted under this ‎Section
7.01, provided that the obligations secured by such other Liens will not exceed $25,000,000 in the aggregate at any time outstanding;
and

 

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(aa)           
to the extent constituting Liens on the assets of Borrower or any of its Restricted Subsidiaries, Liens incurred in connection
with Defeased Debt, which Liens attach only to the Refinancing Proceeds deposited in a trust or escrow account in connection with such
Defeased Debt.; and

 

(bb)            
Liens on the Collateral securing Indebtedness permitted under Section 7.03(r); provided
that, (i) any such Liens on the Collateral are pari passu or junior to the Liens on the Collateral securing the Obligations, (ii) in the
case of Liens on the Collateral that are (or are intended to be) pari passu with the Liens on the Collateral securing the Obligations,
such Liens shall be subject to a Permitted Pari Passu Intercreditor Agreement and (iii) in the case of Liens on the Collateral that are
(or are intended to be) junior in priority to the Liens on the Collateral securing the Obligations, such Liens shall be subject to a Permitted
Junior Intercreditor Agreement.

 

Section 7.02.         
Investments.

 

Except as may be permitted by ‎Section
7.04, make any Acquisition, or make, purchase or acquire any Investment, except for:

 

(a)            
Investments in Cash and Cash Equivalents;

 

(b)            
Investments to the extent constituting Permitted Acquisitions;

 

(c)            
Guaranties constituting Indebtedness to the extent permitted by ‎Section
7.03;

 

(d)            
(i)(i) Investments in any Loan Party by Borrower or any of its Subsidiaries, (ii)(ii) Investments by Borrower or any other Loan
Party in any Foreign Subsidiary or any Foreign Subsidiary Holdco (including, (A) making capital contributions to Foreign Subsidiaries
or Foreign Subsidiary Holdcos, and capitalizing or forgiving any Indebtedness owed to them by a Foreign Subsidiary or a Foreign Subsidiary
Holdco and permitted by ‎Section 7.03(i),
(B) all Guarantees by Loan Parties of the obligations of Foreign Subsidiaries permitted by ‎Section
7.03(d) and (C) all Dispositions by Loan Parties to Foreign Subsidiaries and Foreign Subsidiary Holdcos (net of the fair value of all
Cash or non-Cash consideration received by the Loan Parties from Foreign Subsidiaries and Foreign Subsidiary Holdcos in respect of such
Dispositions), (iii)(iii) Investments by any Loan Party in any Domestic Subsidiary that is not a Loan Party, (iv)(iv) Investments by Domestic
Subsidiary that is not a Loan Party or a Foreign Subsidiary Holdco in any other Domestic Subsidiary that is not a Loan Party or a Foreign
Subsidiary Holdco, and (v)(v) Investments by any Foreign Subsidiary or Foreign Subsidiary Holdco in any other Foreign Subsidiary or Foreign
Subsidiary Holdco; provided that (x) as calculated without duplication, the amount of all outstanding Investments made since the
Second Restatement Effective Date pursuant to the preceding clause ‎(ii)
will not exceed, in the aggregate, $50,000,000 (the amount of such outstanding Investments to be determined without regard to any write-downs
or write-offs thereof (provided that the outstanding amount of all such Investments shall be reduced by (aa) Cash payments of principal,
interest and other obligations or amounts (other than indemnification payments and reimbursements for disbursements) thereon in the case
of loans or advances, (bb) sale proceeds with respect thereto in the case of Dispositions of Investments, (cc) cash equity returns, Dividends
and other comparable payments in the case of equity investments and (dd) cancellation or termination of obligations under the applicable
Guaranty in the case of Investments in the form of Guaranties), (y) no Investment may be made pursuant to the preceding clauses ‎(ii)
and ‎(iii) above at any time that a Default
or an Event of Default has occurred and its continuing and (z) Investments made pursuant to the preceding clauses ‎(iii)
and ‎(iv) shall also be subject to ‎Section
2.16 and the proviso of the definition of “Non-Exempt Subsidiary” in ‎Section 1.01,
in each case as applicable;

 

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(e)            
 

 

(e) [Reserved];

 

(f)           
the purchase of any Permitted Bond Hedge Transaction by Borrower and the performance
of its obligations thereunder;

 

(g)            
Investments in the form of loans and advances to employees of Borrower and its Restricted Subsidiaries (including the acquisition
and holding of obligations of such employees in connection with such employees’ acquisition of shares of the common Equity Interests
of Borrower (so long as no Cash is actually advanced by Borrower or any of its Restricted Subsidiaries in connection with the acquisition
of such obligations)); provided that with respect to any loans or advances for moving, relocation and travel expenses and other
similar expenditures, all such loans or advances will not exceed an aggregate principal amount of $2,000,000 at any time outstanding (determined
without regard to any write-downs or write-offs of such loans and advances);

 

(h)            
Swap Contracts to the extent permitted by ‎Section
7.03(e);

 

(i)           
Investments existing on the Second Restatement Effective Date and set forth on Schedule ‎7.02
and any modification, replacement, renewal or extension thereof to the extent not involving an additional Investment;

 

(j)           
Investments arising from transactions by Borrower or any of its Restricted Subsidiaries with customers or suppliers in the ordinary
course of business, including Investments (including debt obligations) received in connection with the bankruptcy or reorganization of
customers and suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the
ordinary course of business;

 

(k)            
Investments constituting Capital Expenditures;

 

(l)           
Investments constituting extensions of trade credit (including in the form of accounts receivable) in the ordinary course of business;

 

(m)            
Investments constituting prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation,
performance and other similar deposits provided to third parties, in each case, in the ordinary course of business;

 

(n)            
promissory notes and other non-Cash consideration received in connection with Dispositions permitted by this Agreement;

 

(o)            
Investments contemplated by Sections ‎7.04(a),
‎7.04(d) and ‎7.04(e);

 

(p)            
Investments in Foreign Subsidiaries by Borrower or any other Loan Party made solely with (i) the Net Cash Proceeds received by
Borrower from the incurrence of Specified Permitted Indebtedness, (ii) the proceeds of any Loans made hereunder (including Incremental
Term Loans and Additional Revolving Credit Loans) or (iii) Net Equity Proceeds utilizing the Net Equity Proceeds Amount as in effect immediately
prior to the respective Investment, provided that, in each case, (A) no Default or Event of Default has occurred and is continuing
or would result from the making of such Investment and (B) the proceeds of such Investment are immediately used by the respective wholly-owned
Foreign Subsidiary to consummate a Permitted Acquisition;

 

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(q)            
In addition to Investments permitted by Sections ‎7.02(a)
through ‎7.02(o), so long as no Default or
Event of Default has occurred and is continuing or would result from the making of such Investment, Borrower and its Restricted Subsidiaries
may make additional Investments in any Person in an aggregate amount for all such Investments made pursuant to this ‎Section
7.02(p) (determined without regard to any write-downs or write-offs thereof), net of Cash payments of principal, interest or other obligations
in the case of loans or advances, sale proceeds in the case of Dispositions of Investments, cash equity returns or amounts received in
respect of cash equity (whether as a Dividend, redemption or sale) in the case of equity investments and cancellation or termination of
obligations under guarantees in the case of Indebtedness in the form of guarantees, not to exceed $75,000,000;

 

(r)           
In addition to Investments permitted by Sections ‎7.02(a)
through ‎7.02(p), Borrower and its Restricted
Subsidiaries may make additional Investments in any Person); provided that (i) no Default or Event of Default has occurred and
is continuing at the time of the making of such Investment or would result therefrom, (ii) after giving effect to the making of such Investment,
the Minimum Liquidity Condition is satisfied, and (iii) Borrower will be in compliance with the financial covenants set forth in ‎Section
7.15, for the Test Period ended as of the last day of the Test Period immediately preceding the making of such Investment for which financial
statements have been delivered in accordance with ‎Section
6.01, on a pro forma basis after giving effect to the making of such Investment (but assuming, for purposes of determining pro
forma compliance with ‎Section 7.15(a)
for such Test Period, that the maximum Consolidated Leverage Ratio permitted pursuant to ‎Section
7.15(a) for such Test Period was 0.25 less than the maximum Consolidated Leverage Ratio set forth in ‎Section
7.15(a) corresponding to such Test Period (without giving effect to any permitted increase to such maximum Consolidated Leverage Ratio
corresponding to such Test Period as the result of the prior consummation of a Permitted Acquisition); and

 

(s)            
Investments of any Person existing at the time such Person becomes a Restricted Subsidiary of Borrower or consolidates or merges
with Borrower or any of its Restricted Subsidiaries (including in connection with a Permitted Acquisition) and any modification, replacement,
renewal or extension thereof to the extent not involving an additional Investment so long as such Investments were not made in contemplation
of such Person becoming a Restricted Subsidiary of Borrower of such consolidation or merger.;
and

 

(t)           
the Sunrise Acquisition.

 

Section 7.03.         
Indebtedness.

 

Create, incur, assume, suffer to exist, or otherwise become or remain
directly or indirectly liable with respect to, any Indebtedness, except:

 

(a)            
Indebtedness under this Agreement and the other Loan Documents;

 

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(b)            
unsecured Indebtedness incurred by Borrower, which may be guaranteed on an unsecured basis by the Guarantors so long as (i)(i)
no Default or Event of Default has occurred and is continuing or would result from the incurrence of such Indebtedness, (ii)(ii) Borrower
will be in compliance with the financial covenants set forth in ‎Section
7.15, for the Test Period ended as of the last day of the Test Period immediately preceding the incurrence of such Indebtedness for which
financial statements have been delivered in accordance with ‎Section
6.01, on a pro forma basis after giving effect to the incurrence of such Indebtedness (but assuming, for purposes of determining
pro forma compliance with ‎Section
7.15(a) for such Test Period, that the maximum Consolidated Leverage Ratio permitted pursuant to ‎Section
7.15(a) for such Test Period was 0.25 less than the maximum Consolidated Leverage Ratio set forth in ‎Section
7.15(a) corresponding to such Test Period (after giving effect to any permitted increase to such maximum Consolidated Leverage Ratio corresponding
to such Test Period), and (iii)(iii) such Indebtedness is not subject to any scheduled amortization, mandatory redemption, mandatory repayment
or mandatory prepayment, sinking fund or similar payment (other than, in each case, customary offers to repurchase upon a change of control
or asset sale and acceleration rights after an event of default) or have a final maturity date, in either case prior to the date occurring
ninety-one days following the latest stated maturity date under any Facility hereunder then in effect, (iv)(iv) the applicable agreement
governing such Indebtedness (including any related Guaranties and any other related Specified Permitted Debt Document) will not include
any financial performance “maintenance” covenants (whether stated as a covenant, default or otherwise, although “incurrence-based”
financial tests may be included) or cross-defaults (but may include cross-defaults at final stated maturity and cross-acceleration), (v)(v)
the terms of such Indebtedness (including all covenants, defaults, guaranties, and remedies, but excluding as to interest rate, call protection
and redemption premium), taken as a whole, are no more restrictive or onerous in any material respect than the terms applicable to Borrower
and its Restricted Subsidiaries under this Agreement and the other Loan Documents, and (vi)(vi) at least five Business Days (or such shorter
period as the Administrative Agent may reasonably agree) prior to the incurrence of such Indebtedness, Borrower has delivered to Administrative
Agent a certificate from a Responsible Officer of the Borrower certifying as to compliance with the requirements of preceding clauses
‎(i) through ‎(v)
(including a reasonably detailed description of the material terms and conditions of such Indebtedness or the then most current drafts
of the documentation relating thereto, certifying that Borrower has determined in good faith that such terms and conditions satisfy the
requirements of the preceding clause ‎(v))
and containing the calculations (in reasonable detail) required by the preceding clause ‎(ii);

 

(c)            
Indebtedness outstanding on the date hereof and listed on Schedule ‎7.03
and any refinancings, refundings, renewals or extensions thereof; provided that the amount of such Indebtedness is not increased
at the time of such refinancing, refunding, renewal or extension (except by the amount of any accrued and unpaid interest and premium
thereon and underwriting discounts, defeasance costs, fees, commissions and expenses related thereto and any unutilized commitments thereunder);

 

(d)            
Guarantees incurred by (i) any Loan Party in support of the obligations of any other Loan Party, (ii) any Foreign Subsidiary in
support of the obligations of any Loan Party, (iii) subject to the limitations set forth in ‎Section
7.02(d), any Loan Party in support of the obligations of any Foreign Subsidiary, (iv) subject to the limitations set forth in ‎Section
7.02(d), any Loan Party in support of the obligations of any Restricted Subsidiary that is not a Loan Party or any Unrestricted Subsidiary,
and (v) any Foreign Subsidiary in support of the obligations of any other Foreign Subsidiary;

 

(e)            
Indebtedness in the form of any Swap Contracts entered into in the ordinary course of business and providing protection to Borrower
and its Restricted Subsidiaries against fluctuations in interest rates or foreign exchange or other currency values in connection with
Borrower’s or any of its Restricted Subsidiaries’ operations, in either case so long as the entering into of such Swap Contracts
are bona fide hedging activities and are not for speculative purposes;

 

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(f)           
existing Indebtedness of any Person that becomes a Restricted Subsidiary of Borrower after the Second Restatement Effective Date
in connection with a Permitted Acquisition or other Acquisition permitted by ‎Section
7.02 or a merger of consolidation in accordance with ‎Section
7.04 (and any extensions, renewals, refinancing and replacements thereof); provided that (i) such Indebtedness is not created in
contemplation of or in connection with such Acquisition, merger or consolidation or such Person becoming a Restricted Subsidiary, as the
case may be, and (ii) the aggregate principal amount of all such Indebtedness permitted by this ‎Section
7.03(f), including any extensions, renewals, refinancings and replacements thereof, will not exceed $75,000,000 outstanding at any time;

 

(g)            
Indebtedness (including Capitalized Leases, Synthetic Lease Obligations, mortgage financings, construction-in-process financings
secured by real estate and purchase money obligations) incurred to finance the acquisition, construction or improvement of goods or other
fixed or capital assets (whether initially incurred by Borrower or any of its Restricted Subsidiaries or assumed by Borrower or any of
its Restricted Subsidiaries in connection with an acquisition of such goods or other fixed or capital assets); provided that if
all or any portion of such Indebtedness is secured, the Liens securing such Indebtedness will be subject the limitations set forth in
clauses ‎(i), ‎(ii)
and ‎(iii) of ‎Section
7.01(i); and provided, further, that the aggregate principal amount of all such Indebtedness permitted by this ‎Section
7.03(g), including any extensions, renewals and replacements thereof, will not exceed $35,000,000 outstanding at any time;

 

(h)            
Indebtedness constituting endorsements for collection or deposit in the ordinary course of business;

 

(i)           
Indebtedness constituting Investments permitted under ‎Section
7.02(d), ‎Section 7.02(o), ‎Section
7.02(p) and ‎Section 7.02(q) to the extent
constituting intercompany loans among Loan Parties and/or any of their Restricted Subsidiaries, provided that (i) such Indebtedness
is unsecured, (ii) such Indebtedness to the extent held by a Loan Party is evidenced by one or more promissory notes which, together with
allonges, will be endorsed in favor of Administrative Agent or in blank and delivered to Administrative Agent, and (iii) to the extent
the obligor thereof is a Loan Party, such Indebtedness will be subject to a subordination agreement in form and substance satisfactory
to Administrative Agent in its Reasonable Discretion;

 

(j)           
Indebtedness arising from any judgment, order, decree or award not constituting an Event of Default under ‎Section
8.01(h), and Indebtedness with respect to performance bonds, surety bonds, appeal bonds, bid bonds, customs bonds or other obligations
of like nature required in the ordinary course of business;

 

(k)            
Deferred Purchase Price Obligations incurred in connection with Permitted Acquisitions or other Acquisitions permitted by ‎Section
7.02;

 

(l)           
Indebtedness which may be deemed to exist in connection with agreements providing for indemnification, purchase price adjustments
and similar obligations or from guaranties or letters of credit, surety bonds, performance bonds or similar obligations securing the performance
of Borrower or any other Restricted Subsidiary in connection with Permitted Acquisitions or Dispositions;

 

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(m)            
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, so long as such Indebtedness is extinguished within four Business Days of its incurrence;

 

(n)            
customary obligations to banks in respect of netting services, overdraft protections and similar arrangements, in each case in
connection with maintaining deposit accounts in the ordinary course of business;

 

(o)            
Indebtedness owed to any Person providing property, casualty, liability, or other insurance to Borrower or any of its Restricted
Subsidiaries, so long as the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only
to defer the cost of such insurance for the period in which such Indebtedness is incurred and such Indebtedness is outstanding only for
a period not exceeding twelve months;

 

(p)            
Indebtedness not otherwise permitted under this ‎Section
7.02, provided that such additional Indebtedness is (i) unsecured (provided, however, that any such Indebtedness
incurred by a Foreign Subsidiary of Borrower may be secured so long as the Lien is permitted at such time pursuant to ‎Section
7.01(z)) and (ii) taken together with all other Indebtedness permitted under this ‎Section
7.03(p), does not exceed, in the aggregate principal amount outstanding at any time, $25,000,000; and

 

(q)            
Defeased Debt.; and

 

(r)           
(i) Indebtedness of the Borrower or any Guarantor in an aggregate principal amount
of up to $1,151,000,000 plus the amount of any related fees and expenses incurred solely to finance the Sunrise Acquisition and
transaction expenses in connection therewith (the “Sunrise Acquisition Indebtedness”); provided that (x) such
Indebtedness shall not be secured by any assets other than Collateral and (y) such Indebtedness shall not be guaranteed by any Person
other than a Guarantor and (ii) any refinancings, refundings, renewals or extensions thereof; provided that (x) the amount of such Indebtedness
is not increased at the time of such refinancing, refunding, renewal or extension (except by the amount of any accrued and unpaid interest
and premium thereon and underwriting discounts, defeasance costs, fees, commissions and expenses related thereto) and (y) the provisions
of clauses (i)(x) and (y) above shall apply to any such refinancing, refunding, renewal or extension.

 

Section 7.04.         
Fundamental Changes.

 

Merge, dissolve, liquidate, consolidate with or into another Person,
or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (in each case whether
now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Event of Default has occurred and is continuing
or would result therefrom:

 

(a)            
any Restricted Subsidiary may merge or consolidate with (i) Borrower (provided that Borrower is the continuing or surviving
Person) or (ii) any one or more other Subsidiaries (provided that when (A) any Loan Party is merging or consolidating with a Subsidiary
that is not a Loan Party, such Loan Party will be the continuing or surviving Loan Party, (B) any wholly owned Subsidiary that is not
a Loan Party is merging or consolidating with a Subsidiary that also is not a Loan Party, such wholly owned Subsidiary is the continuing
or surviving Person, and (C) any such merger or consolidation involving a Subsidiary that is not wholly owned immediately prior to such
merger or consolidation is otherwise an Investment permitted under ‎Section
7.02);

 

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

 

(c)            
any Restricted Subsidiary may Dispose of all or substantially all its assets in a transaction permitted under ‎Section
7.02, and Borrower or any of its Restricted Subsidiaries may Dispose of all or a Controlling interest in the Equity Interests of any of
such Person’s Subsidiaries that is not a Loan Party, in each case for not less than fair market value as determined in good faith
by the Board of Directors of Borrower;

 

(d)            
(i)(i) Borrower may merge into or consolidate with any other Person or permit any other Person to merge into or consolidate with
it, provided that Borrower will be the surviving Person of such merger or consolidation; and (ii)(ii) any Restricted Subsidiary
may merge into or consolidate with any other Person or permit any other Person to merge into or consolidate with it, provided that,
subject to the preceding clause (i), in the case of any such merger or consolidation to which any Loan Party (other than Borrower) is
a party, the surviving Person will be a Loan Party; and

 

(e)            
the liquidation or dissolution of any Restricted Subsidiary if (i)(i) the Board of Directors (or a Responsible Officer in lieu
of the Board of Directors) of Borrower determines in good faith that such liquidation or dissolution is in the best interest of Borrower
and is not materially disadvantageous to the Lending Parties, (ii)(ii) in the case of a liquidation or dissolution of a Loan Party Borrower
provides written notice to Administrative Agent of such liquidation or dissolution promptly upon, and in any event not later than thirty
days following, the effective date thereof (or such longer period as may be agreed by Administrative Agent in its sole discretion), and
(iii)(iii) all assets and property of such Subsidiary (after payment or other provision for the satisfaction of the creditors thereof)
are transferred to another Loan Party (provided, however, that if such liquidation or dissolution is of a non-wholly owned Subsidiary,
such assets and property may be transferred to the equity holders of such Restricted Subsidiary ratably in accordance with their respective
Equity Interests therein).

 

Section 7.05.         
[Reserved].

 

Section 7.06.         
Restricted Payments.

 

Declare or make, directly or indirectly, any Restricted Payment, or
incur any obligation (contingent or otherwise) to do so, except that:

 

(a)            
each Subsidiary of Borrower may make Restricted Payments to Borrower and to wholly-owned Subsidiaries of Borrower (and, in the
case of a Restricted Payment by a non-wholly owned Subsidiary, to Borrower and any Subsidiary of Borrower and to each other owner of Equity
Interests of such Subsidiary on a pro rata basis based on their relative ownership interests);

 

(b)            
Borrower may redeem, repurchase or otherwise acquire for value outstanding shares of Borrower’s common stock (or options,
warrants or other rights to acquire such common stock) following the death, disability, retirement or termination of employment of officers,
directors or employees of Borrower or any of its Subsidiaries; provided that (i) the aggregate amount of all such redemptions and
repurchases pursuant to this ‎Section 7.06(b)
will not exceed $2,500,000 in any Fiscal Year of Borrower and (ii) at the time of any such redemption or repurchase, no Default or Event
of Default has occurred and is continuing or will result from result such redemption or repurchase;

 

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(c)            
Borrower may pay regularly scheduled dividends on its outstanding Qualified Preferred Stock pursuant to the terms thereof solely
through the issuance of additional shares of such Qualified Preferred Stock (other than in Cash); provided that in lieu of issuing
additional shares of such Qualified Preferred Stock as dividends, Borrower may increase the liquidation preference of the shares of Qualified
Preferred Stock in respect of which such dividends have accrued;

 

(d)            
Borrower may pay Dividends on its outstanding Equity Interests in Cash in lieu of issuing fractional shares of Equity Interests
of Borrower or as payments to dissenting stockholders pursuant to applicable Law in connection with a transaction permitted by this Agreement;

 

(e)            
Borrower may declare and pay Dividends on its outstanding Equity Interests consisting solely of Equity Interests of Borrower otherwise
permitted to be issued under this Agreement, whether in connection with a stock split of common Equity Interests issued by Borrower or
otherwise;

 

(f)           
Borrower may redeem, retire, purchase or otherwise acquire for value outstanding Equity Interests of Borrower (i) in exchange for
other Equity Interests of Borrower permitted to be issued under this Agreement, (ii) upon the conversion of Qualified Preferred Stock
or the exercise, exchange or conversion of stock options, warrants or other rights to acquire Equity Interests of Borrower and (iii) tendered
to Borrower by a holder of Equity Interests of Borrower in settlement of indemnification or similar claims by Borrower against such holder,
in each case so long as no Cash or other consideration is paid in connection with any such redemption, retirement, purchase or other acquisition
for value (unless otherwise independently permitted under another clause of this ‎Section
7.06);

 

(g)            
Borrower may redeem, retire, purchase or otherwise acquire for value outstanding Equity Interests of Borrower tendered by the holder
thereof in payment of withholding or other taxes relating to the vesting, delivery, exercise, exchange or conversion of stock options,
restricted stock, restricted stock units, warrants or other Equity Interests of Borrower;

 

(h)            
Borrower may purchase, redeem or otherwise acquire for Cash any outstanding Equity Interests of Borrower so long as (i) no Default
or Event of Default has occurred and is continuing at the time of such purchase, redemption or acquisition or would result therefrom and
(ii) the consideration therefor consists solely of proceeds received by Borrower from a substantially concurrent issuance or sale of its
common Equity Interests (including an issuance or sale of shares of its common Equity Interests in connection with the exercise of options
or warrants); and

 

(i)           
(i) Borrower may declare and pay or make additional Dividends in Cash (including to repurchase or redeem for Cash any outstanding
Equity Interests of Borrower); provided that (i) no Default or Event of Default has occurred and is continuing at the time of the
payment of such Dividend or would result therefrom and (ii) Borrower will be in compliance with the financial covenants set forth in ‎Section
7.15, for the Test Period ended as of the last day of the Test Period immediately preceding the payment or making of such Dividend for
which financial statements have been delivered in accordance with ‎Section
6.01, on a pro forma basis after giving effect to the making of such Dividend (but assuming, for purposes of determining pro forma
compliance with ‎Section 7.15(a) for such
Test Period, that the maximum Consolidated Leverage Ratio permitted pursuant to ‎Section
7.15(a) for such Test Period was 2.75:1:00 (without giving effect to any permitted increase to such maximum Consolidated Leverage Ratio
corresponding to such Test Period as the result of the prior consummation of a Permitted Acquisition).);

 

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(j)           
the Borrower and its Subsidiaries may make Restricted Payments required for, or to
satisfy dissenters’ rights in connection with, the consummation of the Sunrise Acquisition;

 

(k)            
Borrower may make any payments and/or deliveries required by the terms of, and otherwise
perform its obligations under, any Permitted Warrant Transaction (including, without limitation, making payments and/or deliveries due
upon exercise and settlement or termination thereof);

 

(l)           
Borrower may pay any payments and/or deliveries pursuant to the terms of, and otherwise
perform its obligations with respect to any, mandatory convertible preferred stock that it issues in connection with the Sunrise Acquisition
(or to refinance any debt issued in connection the Sunrise Acquisition); and

 

(m)            
Borrower may make any payments and/or deliveries required by the terms of, and otherwise
perform its obligations under, any Permitted Convertible Indebtedness (including, without limitation, making payments of interest and
principal thereon, making payments due upon repurchase thereof, making payments due upon any optional acquisition termination redemption
in accordance with the terms of the indenture governing the Permitted Convertible Indebtedness related to redemption thereof in the event
the Sunrise Acquisition is terminated and/or making payments and deliveries due upon conversion thereof; provided that the payment of
cash upon such conversion does not exceed the principal amount of such Permitted Convertible Indebtedness being converted).

 

Section 7.07.         
[Reserved].

 

Section 7.08.         
Transactions with Affiliates.

 

Enter into any transaction (or series of related transactions) of any
kind with any Affiliate of any Loan Party, irrespective of whether in the ordinary course of business, other than on fair and reasonable
terms at least as favorable, in all material respects, to Borrower and the other Loan Parties as would reasonably be obtainable by such
Person in a comparable arms’ length transaction with a Person other than an Affiliate (it being understood that in the case of a
joint venture or non-wholly owned Subsidiary, such determination may be made as of the time relevant agreements with respect to such transactions
are entered into and may be based in the context of the overall commercial relationship with such joint venture or non-wholly owned Subsidiary);
provided that the foregoing restriction will not apply to (a) transactions between or among (i) Borrower and its wholly owned Subsidiaries
or between or among Borrower’s wholly owned Subsidiaries not involving any other Affiliate that is not a wholly owned Subsidiary
or (ii) any Loan Party and any other Loan Party to the extent otherwise permitted by this Agreement, (b) Restricted Payments permitted
under ‎Section 7.06, (c) Guaranties permitted under
‎Section 7.03(d), (d) employment and severance arrangements
(including equity incentive plans and employee benefit plans and arrangements) with their respective present or former officers and employees
in the ordinary course of business, (e) payment of fees and other compensation and reimbursement and reasonable out-of-pocket costs to,
and indemnities for the benefit of, directors, officers, employees and consultants of Borrower and its Subsidiaries in the ordinary course
of business, (f) the transactions described on Schedule ‎7.08,
(g) the issuance of Equity Interests permitted to be issued under this Agreement, (h) the payment by any Subsidiary of management fees,
licensing fees and similar fees to Borrower or any Loan Party and,
(i) transactions between or among Borrower and its Subsidiaries not otherwise permitted hereunder where the aggregate value of such transaction
(or series of related transactions) does not exceed $5,000,000 and (j) any
transactions arising from, or in connection with, the Sunrise Acquisition and the incurrence of the Sunrise Acquisition Indebtedness.

 

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Section 7.09.         
Burdensome Agreements.

 

Except for (a) this Agreement and the other Loan Documents, (b) agreements
described on Schedule ‎7.09 (including any
modification, replacement, renewal or extension thereof), (c) any agreement in effect at the time any Person becomes a Restricted Subsidiary,
so long as such agreement was not entered into solely in contemplation of such Person becoming a Restricted Subsidiary (and any modification,
replacement, renewal or extension thereof), (d) restrictions imposed by Law, (e) customary restrictions and conditions contained in any
agreement relating to the sale of any property not prohibited hereunder pending the consummation of such sale, (f) customary non-assignment,
anti-subletting or anti-encumbrance provisions of leases, subleases, licenses, sublicenses, joint venture agreements and similar agreements,
(g) customary restrictions and conditions imposed by Organizational Documents or any related joint venture, shareholders’ or similar
agreement regarding the transfer of ownership, (h) any agreements relating to Foreign Subsidiaries, Foreign Subsidiary Holdcos or Exempt
Subsidiaries (to the extent restrictions or encumbrances are only applicable to such Foreign Subsidiary, Foreign Subsidiary Holdco or
Exempt Subsidiary), (i) customary provisions in joint venture agreements and other similar agreements (provided that such provisions
apply only to such Joint Venture and to Equity Interests in such Joint Venture), (j) customary net worth provisions or similar financial
maintenance provisions contained in real property leases entered into by a Restricted Subsidiary, so long as Borrower has determined in
good faith that such net worth provisions could not reasonably be expected to impair the ability of Borrower and the Restricted Subsidiaries
to meet their ongoing obligations under the Loan Documents, (k) restrictions on cash or other deposits imposed by customers of Borrower
or any Restricted Subsidiary under contracts entered into in the ordinary course of business or (l) otherwise as provided or permitted
in this Agreement, enter into, assume or permit to exist any agreement (other than this Agreement or any other Loan Document) or consensual
encumbrance or restriction that:

 

(i)           
prohibits or restricts the ability of any Restricted Subsidiary to make Restricted Payments to Borrower or any Guarantor or to
otherwise transfer property to or invest in Borrower or any Guarantor;

 

(ii)           
prohibits or restricts the ability of any Restricted Subsidiary (other than any Excluded Subsidiary) to Guarantee the Obligations
of Borrower and the other Loan Parties under the Loan Documents;

 

(iii)           
prohibits or restricts the ability of any Loan Party to repay or prepay any Indebtedness owed by such Loan Party or Restricted
Subsidiary to Borrower or any other Loan Party;

 

(iv)           
limits the ability of any Loan Party to create, incur, assume or suffer to exist Liens on property of such Person in favor of Administrative
Agent pursuant to the Collateral Documents; or

 

(v)           
prohibits or restricts the ability of any Loan Party to act as a Loan Party pursuant to the Loan Documents.

 

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Section 7.10.         
Use of Proceeds.

 

Use any portion of the proceeds of any Credit Extension (or, for purposes
of clauses ‎(c) and ‎(d)
below, lend, contribute or otherwise make available such proceeds to any Subsidiary, Joint Venture partner or other Person):

 

(a)            
for any purpose other than (i)(i) the repayment in full of the Existing Senior Credit Facilities (including, in accordance with
‎Section 10.20), (ii)(ii) to pay Transaction
Costs, (iii)(iii) for Capital Expenditures, (iv)(iv) to make Restricted Payments (including any repurchase of Equity Interests of Borrower
or any of its Subsidiaries) not prohibited hereunder, (v)(v) to fund Permitted Acquisitions and other Investments not prohibited hereunder,
(vi)(vi) to fund the ongoing working capital and general business needs of Borrower and its Subsidiaries and (vii)(vii) to fund working
capital and other general corporate purposes not prohibited hereunder;

 

(b)            
for any purpose that entails a violation of Regulations U or X adopted by the FRB;

 

(c)            
(i)(i) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding,
is the target of Sanctions or (ii)(ii) in any other manner that would result in a violation of Sanctions by any Person (including any
Person participating in the Credit Extensions, whether as Administrative Agent, an Arranger or a Lending Party or as underwriter, advisor,
investor or otherwise) other than to the extent this covenant would result in a violation of Council Regulation (EC) No 2271/96, as amended
(or any implementing law or regulation in any member state of the European Union or the United Kingdom); or

 

(d)            
for any payments that could constitute a material violation of any anti-bribery or other anti-corruption Law applicable to the
Loan Parties.

 

Section 7.11.         
Maintenance of Business.

 

Engage to any material extent in any business other than businesses
of the type conducted by Borrower and its Restricted Subsidiaries on the Second Restatement Effective Date and any Related Business, provided
that Borrower and its Restricted Subsidiaries may discontinue or dispose of existing product lines or product groups, subject to the other
restrictions of this Agreement.

 

Section 7.12.         
[Reserved].

 

Section 7.13.         
Accounting Changes.

 

Make any (a) material change in Borrower’s or any of its Consolidated
Subsidiary’s accounting policies or financial reporting practices, except as required or permitted (including in connection with
any early adoption up upcoming changes in GAAP) by GAAP or (b) change in Borrower’s or any of its Consolidated Subsidiary’s
Fiscal Year (except any change to the Fiscal Year of any Subsidiary of Borrower acquired or formed after the Second Restatement Effective
Date in order to correspond to the Fiscal Year of Borrower).

 

Section 7.14.         
Limitation on Issuance of Equity Interests.

 

(a)            
Issue (i)(i)
any Preferred Equity (other than (A)(A)
Qualified Preferred Stock issued by Borrower and (B),
(B) Preferred Equity issued by a Subsidiary of Borrower to its direct parent company or companies)
or (C) and (C) mandatory convertible preferred stock of Borrower

 

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that
is issued in connection with the Sunrise Acquisition (or to refinance any debt issued in connection with the Sunrise Acquisition)) or
(ii) any redeemable common Equity Interests other than (A) redeemable
common Equity Interests that is or are redeemable at the sole option of Borrower or such Subsidiary, as the case may be,
and (B) to the extent constituting redeemable Equity Interests, Permitted Warrant Transactions and Permitted Convertible Indebtedness.

 

(b)            
Permit any Restricted Subsidiary (other than a Subsidiary that is a Joint Venture) to issue any Equity Interests (including by
way of sales of treasury stock) or any options or warrants to purchase, or securities convertible into, Equity Interests, except (i) for
transfers and replacements of then outstanding shares of Equity Interests, (ii) for stock splits, stock dividends and other issuances
which do not decrease the percentage ownership of Borrower and its Restricted Subsidiaries in any class of the Equity Interests of such
Restricted Subsidiary, (iii) to Borrower or any Restricted Subsidiary of the Borrower (provided no Guarantor will issue Equity
Interests (or any options or warrants to purchase, or securities convertible into, Equity Interests except to the extent otherwise permitted
hereunder) to a Subsidiary that is not a Guarantor), (iv) in the case of any Foreign Subsidiary, to qualify directors to the extent required
by applicable Law and for other nominal share issuances to Persons other than Borrower and its Restricted Subsidiaries to the extent required
under applicable Law, (v) for issuances by Restricted Subsidiaries which are newly created or acquired in accordance with the terms of
this Agreement, (vi) in connection with any transaction permitted under Sections ‎7.02(d),
‎7.04(a) or ‎7.04(b)
and (vii) as permitted by clause ‎(B) of the parenthetical
contained in ‎7.14(a).

 

Section 7.15.         
Financial Covenants.

 

(a)            
Maximum Consolidated Leverage Ratio. Maintain a Consolidated Leverage Ratio, as determined as of the last day of each Fiscal Period,
of greater than 3.50:1.00; provided, however, that the foregoing maximum
Consolidated Leverage Ratio will be increased to 4:00:1.00 for the last day of each of the four consecutive Fiscal Periods ending on or
after the date of consummation of an Acquisition constituting a that
(i) in the case of any Material Acquisition (if
such Acquisition is permitted under ‎Section 7.02
(including as a Permitted Acquisition) or is otherwise approved by Required Lenders pursuant to Section 10.01.
Following such fourth consecutive Fiscal Period end date, the maximum Consolidated Leverage Ratio covenant will be restored to 3.50:1.00
(unless otherwise adjusted in accordance with this Agreement).)
other than the Sunrise Acquisition, the foregoing threshold shall be increased to 4.00:1.00 for the end of the succeeding four Fiscal
Periods following the consummation of such Material Acquisition (it being understood that such threshold shall return to 3.50:1.00 following
the fourth Fiscal Period end date after such Material Acquisition) and (ii) in the case of the Sunrise Acquisition, such threshold shall
be increased to 4.75:1.00 for the end of the succeeding four Fiscal Periods following the consummation of the Sunrise Acquisition, with
a step-down to 4.25:1.00 for the fifth and sixth Fiscal Period ends following the consummation of the Sunrise Acquisition (it being understood
that such threshold shall return to 3.50:1.00 following the sixth Fiscal Period end date after consummation of the Sunrise Acquisition).
In the case of any conflict between clause (i) and clause (ii) of the preceding proviso, the greatest Consolidated Leverage Ratio level
shall apply.

 

(b)            
Minimum Consolidated Interest Coverage Ratio. Maintain a Consolidated Interest Coverage Ratio, as determined as of the last day
of each Fiscal Period, of less than 3.50:1.00.

 

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Article
8

Events of Default and Remedies

 

Section 8.01.         
Events of Default.

 

Each of the following will constitute an event of default hereunder
(each, an “Event of Default”):

 

(a)            
Non-Payment. Borrower fails to (i)(i) pay when and as required to be paid herein, any amount of principal of any Loan or any Credit
Obligation or deposit of funds as Cash Collateral in respect of Credit Obligations; or (ii)(ii) pay within three Business Days after the
same becomes due, any interest on any Loan or on any Credit Obligation, any fee due hereunder, or any other amount payable hereunder or
under any other Loan Document; or

 

(b)            
Specific Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of ‎Section
6.03(a), ‎Section 6.04 (as it relates to Borrower)
or ‎Article 7; or

 

(c)            
Representations and Warranties. Any representation, warranty, statement or certification made by any Loan Party or any of its Subsidiaries
in this Agreement or in any other Loan Document or in any other document, instrument or Record delivered or made available to Administrative
Agent or any other Lending Party in connection with any Loan Document that is subject to materiality or a Material Adverse Effect qualification
will not be true and correct in any respect when made or deemed made or any representation, warranty, certification or statement of fact
made or deemed made by or on behalf of any Loan Party or any of its Subsidiaries in this Agreement or in any other Loan Document or in
any other document, instrument or Record delivered or made available to Administrative Agent or any other Lending Party in connection
with any Loan Document that is not subject to materiality or a Material Adverse Effect will not be true and correct in any material respect
when made or deemed made; or

 

(d)            
Other Defaults. (i)(i) Any Loan Party fails to perform or observe any term, covenant or agreement contained in ‎Section
6.11 on its part to be performed or observed and such failure continues for ten days after the date on which notice thereof is given to
a Loan Party by Administrative Agent or any Lending Party or otherwise, or (ii)(ii) any Loan Party fails to perform or observe any other
covenant or agreement (not specified in the preceding clause (i) or in ‎Section
8.01(a), ‎Section 8.01(b) or ‎Section
8.01(c)) contained in this Agreement or in any other Loan Document on its part to be performed or observed and such failure continues
for thirty days the date on which notice thereof is given to a Loan Party by Administrative Agent or any Lending Party or otherwise; or

 

(e)            
Cross-Default. (i) Any Loan Party or Subsidiary thereof (A) fails to make any payment when due (whether by scheduled maturity,
required prepayment, acceleration, demand, or otherwise and after giving effect to any grace or cure period) in respect of any Indebtedness
(other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn committed
or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the
Threshold Amount; or (B) after giving effect to any applicable grace or cure period, an “event of default” occurs with respect
to any such Indebtedness having an aggregate principal amount (including undrawn committed or available amounts and including amounts
owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount or

 

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contained
in any document evidencing, securing or relating to any of the foregoing, or any other event (other
than (x) the occurrence of any event that permits holders of any Permitted Convertible Indebtedness to convert such Indebtedness or (y)
the conversion of any Permitted Convertible Indebtedness, in either case, into common stock of Borrower (or other securities or property
following a merger event, reclassification or other change of the common stock of Borrower), cash or a combination thereof) occurs,
the effect of which “event of default” or other event is to cause, or to permit the holder or holders of such Indebtedness
(or a trustee or agent on behalf of such holder or holders), as the case may be, to cause, with the giving of notice if required, such
Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise) prior to
its stated maturity (including the foreclosure or similar action on any Lien securing such Indebtedness); or (ii) there occurs under
any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap
Contract as to which Borrower or any of its Subsidiaries is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination
Event (as so defined) under such Swap Contract as to which any Loan Party or any Subsidiary thereof is an Affected Party (as so defined)
and, in either event, the Swap Termination Value owed by such Loan Party or such Subsidiary as a result thereof is greater than the Threshold
Amount; or

 

(f)           
Insolvency; Voluntary Proceedings. Any Loan Party or any Material Subsidiary thereof (i) ceases or fails to be Solvent (for purposes
of this ‎Section 8.01(f), determined without regard
to any intercompany payables), or generally fails to pay, or admits in writing its inability to pay, its debts as they become due, subject
to applicable grace periods, if any, whether at stated maturity or otherwise; (ii) except as permitted under ‎Section
7.04, voluntarily liquidates, dissolves or ceases to conduct its business in the ordinary course; (iii) commences any Insolvency Proceeding
with respect to itself; or (iv) takes any action to effectuate or authorize any of the foregoing; or

 

(g)            
Involuntary Proceedings. (i) Any involuntary Insolvency Proceeding is commenced or filed against any Loan Party or any Material
Subsidiary thereof, or any writ, judgment, warrant of attachment, execution or similar process, is issued or levied against a substantial
part of any Loan Party’s properties or assets or the properties or assets of any Material Subsidiary thereof, and any such proceeding
or petition will not be dismissed, or such writ, judgment, warrant of attachment, execution or similar process will not be released, vacated
or fully bonded within sixty days after commencement, filing or levy; (ii) any Loan Party or any Material Subsidiary thereof admits the
material allegations of a petition against it in any Insolvency Proceeding, or an order for relief (or similar order under non-United
States Debtor Relief Law) is ordered in any Insolvency Proceeding; or (iii) any Loan Party or any Material Subsidiary thereof acquiesces
in the appointment of a receiver, trustee, custodian, conservator, liquidator, mortgagee in possession (or agent therefor), or other similar
Person for itself or a substantial portion of its property, assets or business; or

 

(h)            
Judgments. There is entered or issued against any Loan Party or any Subsidiary thereof (i) a final (non-interlocutory) judgment,
order or decree by any Governmental Authority or a final or binding award by an arbitrator or arbitration panel or other similar alternative
dispute resolution body for the payment of money in an amount, singularly or in the aggregate, exceeding the Threshold Amount (to the
extent not covered by independent third-party insurance as to which the insurer does not dispute coverage); or (ii) any one or more non-monetary
final judgments that have, or could reasonably be expected to have or result in, individually or in the aggregate, a Material Adverse
Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order and such enforcement
proceedings have not been stayed within thirty days after the commencement thereof or (B) there is a period of sixty consecutive days
during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

 

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(i)           
ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be
expected to result in a Material Adverse Effect or (ii) any Loan Party or any ERISA Affiliate fails to pay when due any installment payment
with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount that could reasonably
be expected to have or result in a Material Adverse Effect; or

 

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

 

(k)            
Collateral Documents. Any Collateral Document after delivery thereof pursuant to ‎Section
4.01 or ‎Section 6.11 will for any reason (other
than in accordance with or as otherwise permitted by the terms of this Agreement or such Collateral Document or in connection with the
payment in full of the Obligations) cease to create a valid and perfected (to the extent required to be perfected under the Collateral
Documents) first priority Lien (subject to Permitted Liens) on all or any material portion of the Collateral purported to be covered thereby;
or

 

(l)           
Change of Control. A Change of Control occurs.

 

Section 8.02.         
Waivers of Events of Defaults.

 

Any Event of Default (or any Default that, with the lapsing of the
applicable grace period, if any, would become an Event of Default) may be waived only with the written consent of Required Lenders; except
that an Event of Default (or a Default) under any of Sections ‎8.01(a),
‎(f), ‎(g),
‎(j) or ‎(k)
may only be waived with the written consent of all Lenders. Any Event of Default (or Default) so waived will be deemed to have been cured
and not to be continuing; but no such waiver will be deemed a continuing waiver or will extend to or affect any subsequent like default
or impair any rights arising therefrom.

 

Section 8.03.         
Remedies Upon Event of Default.

 

Upon the occurrence and during the continuance of any Default or Event
of Default, the Lending Parties will have no obligation to advance money or extend any additional Credit Extension to or for the benefit
of Borrower, whether in the form of the making of Loans, the issuance of Credits or otherwise. In addition, upon the occurrence and during
the continuance of any Event of Default, Administrative Agent will, at the request of, or may, with the consent of, Required Lenders,
take any or all of the actions described in this ‎Section
8.03, all of which are hereby authorized by Borrower and each of the other Loan Parties.

 

(a)            
Termination of Commitments. Declare, by written notice to Borrower, the Aggregate Commitments, including any commitments of any
Lender or the Swing Line Lender to make and advance Loans and any obligation of any L/C Issuer to make or issue L/C Credit Extensions,
to be terminated, whereupon such commitments and obligations will be terminated, but without affecting the Secured Parties’ Liens
in and on the Collateral;

 

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(b)            
Acceleration of Obligations. Declare all or any portion of the unpaid principal amount the outstanding Loans, the interest accrued
and unpaid thereon and the other amounts and Obligations owing or payable under this Agreement or under any other Loan Document or any
other instrument executed by Borrower or any other Loan Party pursuant to the Loan Documents (exclusive of any Secured Swap Obligations
and any Secured Cash Management Obligations) to be immediately due and payable, without presentment, demand, protest or other notice of
any kind, all of which are hereby expressly waived by Borrower and each such other Loan Party;

 

(c)            
Cash Collateralization of Credit Obligations. Require that Borrower Cash Collateralize the Credit Obligations in an amount equal
to 103% of the then Outstanding Amount thereof;

 

(d)            
Discretionary Advances. Make advances of Loans after the occurrence of any Event of Default, without thereby waiving their right
to demand payment of the Obligations under this Agreement, or any of the other Loan Documents, or any other rights or remedies described
in this Agreement or any other Loan Document, and without liability to make any other or further advances, notwithstanding Administrative
Agent’s or any Lending Party’s previous exercise of any such rights and remedies; or

 

(e)            
Exercise of Rights and Remedies. Exercise on behalf of itself and the Lending Parties, in addition to all rights and remedies granted
or otherwise made available to Administrative Agent or the Lending Parties under this Agreement, any and all rights and remedies granted
or otherwise made available to Administrative Agent or the Lending Parties under the Collateral Documents and other Loan Documents or
otherwise under applicable Law or in equity;

 

provided, that upon the occurrence of an actual or deemed entry
of an order for relief with respect to Borrower under any Debtor Relief Law, the obligation of each Lender or Swing Line Lender to make
or advance Loans and any obligation of any L/C Issuer to make or issue L/C Credit Extensions will automatically terminate, the unpaid
principal amount of all outstanding Loans and all interest and other amounts and Obligations as aforesaid will automatically become due
and payable, and the obligation of Borrower to Cash Collateralize the Credit Obligations in an amount equal to 103% of the then Outstanding
Amount thereof will automatically become effective, in each case, without further act of Administrative Agent or any Lending Party.

 

Section 8.04.         
Standards for Exercising Rights and Remedies.

 

To the extent that applicable Law imposes duties on Administrative
Agent to exercise remedies in a commercially reasonable manner, Borrower and each other Loan Party acknowledges and agrees that it is
not commercially unreasonable for Administrative Agent (a) to fail to incur expenses reasonably deemed significant by Administrative Agent
to prepare Collateral for disposition or otherwise to fail to complete raw material or work in process into finished goods or other finished
products for disposition, (b) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not
required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected
or disposed of, (c) to fail to exercise collection remedies against account debtors or other persons obligated on Collateral or to fail
to remove Liens on or any adverse claims against Collateral, (d) to exercise collection remedies against account debtors and other persons
obligated

 

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on Collateral directly or through the use of collection agencies and
other collection specialists, (e) to advertise dispositions of Collateral through publications or media of general circulation, whether
or not the Collateral is of a specialized nature, (f) to contact other persons, whether or not in the same business as Borrowers, for
expressions of interest in acquiring all or any portion of the Collateral, (g) to hire one or more professional auctioneers to assist
in the disposition of Collateral, whether or not the collateral is of a specialized nature, (h) to dispose of Collateral by utilizing
internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of
doing so, or that match buyers and sellers of assets, (i) to dispose of assets in wholesale rather than retail markets, (j) to disclaim
disposition warranties, (k) to purchase insurance or credit enhancements to insure Administrative Agent against risks of loss, collection
or disposition of Collateral or to provide to Administrative Agent a guaranteed return from the collection or disposition of Collateral,
(l) to the extent deemed appropriate by Administrative Agent, to obtain the services of brokers, investment bankers, consultants and other
professionals to assist Administrative Agent in the collection or disposition of any of the Collateral or (m) to conduct going out of
business sales and otherwise liquidate the inventory. Borrower and each Loan Party acknowledge that the purpose of this ‎Section
8.04 is to provide non-exhaustive indications of what actions or omissions by Administrative Agent would fulfill Administrative Agent’s
duties under the UCC of the state or any other relevant jurisdiction in Administrative Agent’s exercise of remedies against the
Collateral and that other actions or omissions by Administrative Agent will not be deemed to fail to fulfill such duties solely on account
of not being indicated in this ‎Section 8.04. Without
limitation upon the foregoing, nothing contained in this ‎Section
8.04 will be construed to grant any rights to Borrower or any Loan Party or to impose any duties on Administrative Agent that would not
have been granted or imposed by this Agreement or any other Loan Document or by applicable Law in the absence of this ‎Section
8.04.

 

Section 8.05.         
Application of Funds.

 

Following the occurrence and during the continuation of an Event of
Default or following any exercise of remedies provided for in ‎Section
8.03 (or after the Loans have automatically become immediately due and payable and the Credit Obligations have automatically been required
to be Cash Collateralized as set forth in the proviso to ‎Section
8.03), any amounts received on account of the Obligations will, subject to the provisions of ‎Section
2.15 and ‎Section 3.07, be applied by Administrative
Agent in the following order (on a pro rata basis within each level of priority):

 

(a)            
First, to payment in full of that portion of the Obligations constituting fees, indemnities, expenses and other amounts
(including fees, charges and disbursements of counsel to Administrative Agent payable hereunder and amounts payable under ‎Article
3) payable to Administrative Agent in its capacity as such;

 

(b)            
Second, to payment in full of that portion of the Obligations constituting fees, indemnities and other amounts (other than
principal, interest, Revolving Credit Commitment Fees and Credit Fees) payable to the Lending Parties (including fees, charges and disbursements
of counsel to the respective Lending Parties arising under the Loan Documents and payable hereunder and amounts payable under ‎Article
3), ratably among them in proportion to the respective amounts described in this clause Second payable to them;

 

(c)            
Third, to payment in full of that portion of the Obligations constituting accrued and unpaid interest on the Loans, L/C
Borrowings and other Obligations arising under the Loan Documents and accrued and unpaid Revolving Credit Commitment Fees and Credit Fees,
ratably among the Lending Parties in proportion to the respective amounts described in this clause Third payable to them;

 

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(d)            
Fourth, to payment in full of that portion of the Obligations constituting (a) unpaid principal of all Loans and the L/C
Borrowings, (ii) Secured Swap Obligations then owing (including any Swap Termination Value owing with respect thereto) and (iii) Secured
Cash Management Obligations then owing, ratably among the Lenders, the Hedge Banks and the Cash Management Banks in proportion to the
respective amounts described in this clause Fourth held by them;

 

(e)            
Fifth, to Administrative Agent for the account of the L/C Issuers, to Cash Collateralize in full that portion of Credit
Obligations comprised of the aggregate undrawn amount of Credits to the extent not otherwise Cash Collateralized by Borrower pursuant
to ‎Section 2.03 and ‎Section
2.15;

 

(f)           
Sixth, to payment in full of all other Obligations (including the provision of amounts to Administrative Agent to be held
by Administrative Agent, for the benefit of the Cash Management Banks, as the amount necessary to secure the Loan Parties’ obligations
in respect of unliquidated or contingent Secured Cash Management Obligations); and

 

(g)            
Seventh, the balance, if any, after all of the Obligations have been paid in full, to Borrower or as otherwise required
by Law.

 

Subject to ‎Section
2.03(c) and ‎Section 2.15, amounts used to
Cash Collateralize the aggregate undrawn amount of Credits pursuant to the foregoing clause Fifth will be applied to satisfy drawings
under such Credits as they occur. If any amount remains on deposit as Cash Collateral after all Credits have either been fully drawn or
expired, such remaining amount will be applied to the other Obligations, if any, in the order set forth in this ‎Section
8.05.

 

Notwithstanding the foregoing:

 

(i)           
Secured Swap Obligations and Secured Cash Management Obligations will be excluded from the application described above if Administrative
Agent has not received written notice thereof, together with such supporting documentation as Administrative Agent may reasonably request,
from the applicable Hedge Bank or Cash Management Bank, as the case may be. Each Hedge Bank or Cash Management Bank that has given the
notice contemplated by the preceding sentence will, by such notice, be deemed to have acknowledged and accepted the appointment of Administrative
Agent pursuant to the terms of ‎Article
9 for itself and its Affiliates as if a “Lender” party hereto; it being understood and agreed that the rights and benefits
of any such Hedge Bank or Cash Management Bank under the Loan Documents consist exclusively of such Hedge Bank’s or Cash Management
Bank’s, as the case may be, right to share in payments and collections out of the Collateral arising after the occurrence and during
the continuation of an Event of Default as more fully set forth herein. In connection with any such distribution of payments and collections,
Administrative Agent will be entitled to assume no amounts are due to any Hedge Bank or Cash Management Bank unless such Hedge Bank or
Cash Management Bank has notified Administrative Agent in writing of the amount of any such liability owed to it prior to such distribution.
Except as otherwise expressly set forth herein or in any Collateral Document, no Person that obtains the benefit of the provisions of
this ‎Section 8.05 or any of the Collateral
by virtue of the

 

    144 

     

    

provisions
hereof or of any Collateral Document will have any right to notice of any action or to consent to, direct or object to any action hereunder
or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other
than in its capacity as a Lending Party and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding
any provision in ‎Article 9 to the
contrary, Administrative Agent will be required to verify the payment of, or that other satisfactory arrangements have been made with
respect to, Secured Swap Obligations and Secured Cash Management Obligations only if and to the extent Administrative Agent has received
written notice of such Obligations, together with such supporting documentation as Administrative Agent may request, from the applicable
Hedge Bank or Cash Management Bank.

 

(ii)           
Excluded Swap Obligations with respect to any Loan Party that is a Subsidiary of Borrower shall not be paid with amounts received
from such Subsidiary or its assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve
the allocation to Obligations otherwise set forth in this ‎Section
8.05.

 

Article
9

Administrative Agent

 

Section 9.01.         
Appointment and Authorization of Administrative Agent.

 

(a)            
Appointment.Each Lending Party hereby irrevocably appoints HSBC to act on its behalf as Administrative Agent hereunder and
under the other Loan Documents, including to act in such representative capacity as secured party on behalf and for the benefit of each
such Lending Party under this Agreement and the other Loan Documents, and authorizes Administrative Agent to take such actions on its
behalf and to exercise such powers as are delegated to Administrative Agent by the terms hereof and thereof, together with such actions
and powers as are reasonably incidental thereto. The provisions of this Article 9 are solely for the benefit of Administrative Agent and
the Lending Parties, and neither Borrower nor any other Loan Party will have rights as a third party beneficiary of any of such provisions
or be bound by such provisions (other than as provided in ‎Section
9.06 and ‎Section 9.10). It is understood and agreed
that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to Administrative
Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable
law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship
between contracting parties. Any entity into which Administrative Agent in its individual capacity may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or consolidations which Administrative Agent in
its individual capacity may be party, or any corporation to which substantially all of the corporate trust or agency business of Administrative
Agent in its individual capacity may be transferred, will be Administrative Agent under this Agreement and the other Loan Documents without
further action.

 

(b)            
Collateral Agent. Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each
of the Lenders (including in its capacities as a potential Hedge Bank and a potential Cash Management Bank) hereby irrevocably appoints
and authorizes Administrative 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

 

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Obligations,
together with such powers and discretion as are reasonably incidental thereto. In this connection, Administrative Agent, as “collateral
agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to ‎Section
9.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents,
or for exercising any rights and remedies thereunder at the direction of the Administrative Agent, shall be entitled to the benefits
of all provisions of this Article 9 and ‎Article
10 as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if
set forth in full herein with respect thereto.

 

Section 9.02.         
Rights as a Lender.

 

If the Person serving as Administrative Agent hereunder is also “Swing
Line Lender,” “L/C Issuer” or a “Lender,” such Person will have the
same rights and powers in such capacity(ies) as any other Person in such capacity(ies) and may exercise the same as though it were not
Administrative Agent. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial
advisor or in any other advisory capacity for and generally engage in any kind of business with Borrower or any Subsidiary or other Affiliate
thereof as if such Person were not Administrative Agent hereunder and without any duty to account therefor to any other Lending Party.

 

Section 9.03.         
Exculpatory Provisions.

 

Administrative Agent will not have any duties or obligations except
those expressly set forth herein and in the other Loan Documents, and its duties hereunder will be administrative in nature. Without limiting
the generality of the foregoing, Administrative Agent will not:

 

(a)            
be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing;

 

(b)            
have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that Administrative Agent is required to exercise as directed in writing by Required
Lenders (or such other number or percentage of Lenders as will be expressly provided for herein or in any other Loan Documents), Swing
Line Lender or L/C Issuer, as applicable; provided that Administrative Agent will not be required to take any action that, in its
opinion or the opinion of its counsel, may expose Administrative Agent to liability or that is contrary to any Loan Document or applicable
Law, including any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture,
modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law;

 

(c)            
except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and will 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;

 

(d)            
be liable for any action taken or not taken by it (i) with the consent or at the request of Required Lenders (or such other number
or percentage of Lenders as will be necessary, or as Administrative Agent will believe in good faith will be necessary, under the circumstances
as provided in ‎Section 8.02 and ‎Section
10.01), or (ii) in the absence of its own gross negligence or willful misconduct, as determined by a court of competent jurisdiction by
final and nonappealable judgment;

 

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(e)            
be liable for not performing any act or fulfilling any duty, obligation or responsibility under this Agreement or any other Loan
Document by reason of any occurrence beyond the control of Administrative Agent (including but not limited to any act or provision of
any present or future Law or regulation or Governmental Authority, any act of God or war, civil unrest, local or national disturbance
or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication
facility); and

 

(f)           
be required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise, in the performance
of its duties under this Agreement or any of the other Loan Documents or in the exercise of any of its rights or powers hereunder or thereunder.

 

The obligations of Administrative Agent and the Lending Parties under
this Agreement or any other Loan Documents are several and not joint. Failure by any one Lending Party to perform its obligations will
not, except to the extent otherwise expressly provided, affect the obligations (or liability) of Administrative Agent or any other Lending
Party hereunder or thereunder.

 

(g)            
Administrative Agent will be deemed not to have knowledge of any Default or Event of Default, unless and until Borrower, a Loan
Party, or a Lending Party provides written notice to Administrative Agent describing such Default or Event of Default. Administrative
Agent will not be responsible for or have any duty to ascertain or inquire into (A) any statement, warranty or representation made in
or in connection with this Agreement or any other Loan Document, (B) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (C) 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, (D) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (E) the satisfaction
of any condition set forth in Article 4 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered
to Administrative Agent. Administrative Agent will have no duty to disclose, and will not be liable for the failure to disclose, except
as expressly set forth in this Agreement or in any other Loan Document to which Administrative Agent is a party, any information relating
to Borrower or any of its Affiliates that is communicated to or obtained by Administrative Agent or any of its Affiliates in any capacity.

 

Section 9.04.         
Reliance by Administrative Agent.

 

Administrative Agent will be entitled to rely upon, and will not incur
any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including
any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed,
sent or otherwise authenticated by the proper Person. 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 will not incur any liability for relying thereon. In determining compliance
with any condition hereunder to the making of a Loan, or the issuance of a Credit, that by its terms must be fulfilled to the satisfaction
of a specified Lending Party, Administrative Agent may presume that such condition is satisfactory to such Lending Party, unless Administrative
Agent will have received notice to the contrary from such Lending Party prior to the making of such Loan or the issuance, extension, renewal
or increase of such Credit. In this regard, for purposes of determining compliance with the conditions set forth in ‎Section
4.01, each Lending Party that has executed this Agreement will be deemed to have consented to, approved or accepted, or to be satisfied
with, each document and matter either sent, or made available, by Administrative Agent to such Lending Party for consent,

 

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approval, acceptance or satisfaction, or required thereunder to be
to be consent to or approved by or acceptable or satisfactory to such Lending Party, unless Administrative Agent will have received notice
from such Lending Party not less than two days prior to the Second Restatement Effective Date specifying such Lending Party’s objection
thereto and such objection will not have been withdrawn by notice to Administrative Agent to such effect on or prior to the Second Restatement
Effective Date. Administrative Agent may consult with legal counsel (who may be counsel for Borrower), independent accountants and other
experts it selects and will not be liable for any action it takes or does not take in accordance with the advice of any such counsel,
accountants or experts.

 

Section 9.05.         
Delegation of Duties.

 

Administrative Agent may perform any and all of its duties and exercise
its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents it appoints. Administrative
Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory provisions of this ‎Article
9 will apply to any such sub-agent and to the Related Parties of Administrative Agent and any such sub-agent and will apply to their respective
activities in connection with the syndication of the credit facilities provided for herein, as well as activities as Administrative Agent.
Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of
competent jurisdiction determines in a final and nonappealable judgment that Administrative Agent acted with gross negligence or willful
misconduct in the selection of such sub-agents.

 

Section 9.06.         
Resignation of Administrative Agent.

 

(a)            
Administrative Agent may at any time give notice of its resignation to the Lending Parties and Borrower. Upon receipt of any such
notice of resignation, Required Lenders will have the right, in consultation with Borrower, to appoint a successor, which shall be a bank
with an office in the United States, or an Affiliate of any such bank with an office in the United States (provided that so long
as no Event of Default has occurred and is continuing, such successor shall be subject to approval by Borrower (which approval shall not
be unreasonably withheld or delayed)). If no such successor will have been so appointed by Required Lenders (and, to the extent no Event
of Default has occurred and is occurring, approved by Borrower) and will have accepted such appointment within thirty days after the retiring
Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by Required Lenders) (the “Resignation
Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lending Parties,
appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a successor has been appointed, such
resignation will become effective in accordance with such notice on the Resignation Effective Date. In the event that Administrative Agent’s
resignation cannot become effective (whether by the terms of this ‎Section
9.06(a) or otherwise) before the appointment of any successor Administrative Agent, then each Loan Party and each Lending Party hereby
agrees that if by the thirtieth calendar day following Administrative Agent’s notice of resignation, the Required Lenders and Borrower
have not appointed a replacement Administrative Agent, then Administrative Agent will be entitled to apply to a court of competent jurisdiction
for the appointment of a successor Administrative Agent or other appropriate relief. Any costs and expenses (including reasonable attorneys’
fees and expenses) incurred by Administrative Agent in connection with such application to a court will be reimbursable by the Loan Parties
in accordance with the terms hereof.

 

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(b)            
If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof set forth
in ‎Section 1.01, Required Lenders may, to
the extent permitted by applicable Law, by notice in writing to Borrower and such Person remove such Person as Administrative Agent and,
in consultation with Borrower, appoint a successor (provided that so long as no Event of Default has occurred and is continuing,
such successor shall be subject to approval by Borrower (which approval shall not be unreasonably withheld or delayed)). If no such successor
will have been so appointed by Required Lenders (with approval if required) and shall have accepted such appointment within thirty days
(or such earlier day as shall be agreed by Required Lenders) (the “Removal Effective Date”), then such removal
shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

 

(c)            
Effective as of and from the Resignation Effective Date or the Removal Effective Date (as applicable), (i) the retiring or removed
Administrative Agent will be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the
case of any collateral security, including any Cash Collateral, held by Administrative Agent for the benefit of the Secured Parties or
the L/C Issuers under any of the Loan Documents, the retiring or removed Administrative Agent will continue to hold such collateral security
until such time as a successor Administrative Agent is appointed) and (ii) except for any indemnity payments owed to the retiring or removed
Administrative Agent, all payments, communications and determinations provided to be made by, to or through Administrative Agent shall
instead be made by or to each Lending Party directly, until such time, if any, as Required Lenders appoint a successor Administrative
Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent
(other than any rights to indemnity payments owed to the retiring or removed Administrative Agent), and the retiring or removed Administrative
Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by Borrower
to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between Borrower and
such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents,
the provisions of this ‎Article 9 and ‎Section
10.04 will continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting
as Administrative Agent.

 

(d)            
The resignation by HSBC as Administrative Agent pursuant to this ‎Section
9.06 may, at HSBC’s election, as confirmed by giving notice thereof to the Lending Parties and Borrower, also constitute its resignation
as an L/C Issuer and Swing Line Lender. In the event HSBC so elects to also resign as an L/C Issuer and as Swing Line Lender, upon the
acceptance of a successor’s appointment as Administrative Agent hereunder (i) such successor will succeed to and become vested with
all of the rights, powers, privileges and duties of the retiring L/C Issuer and Swing Line Lender; (ii) the retiring L/C Issuer and Swing
Line Lender will be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents; (iii)
the successor L/C Issuer will issue letters of credit or bank undertakings in substitution for the Credits, if any, outstanding at the
time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of the
retiring L/C Issuer with respect to such Credits; and (iv) the successor Swing Line Lenders will purchase the outstanding Swing Line Loans
of the resigning Swing Line Lender at par.

 

Section 9.07.         
Non-Reliance on Administrative Agent and Other Lenders.

 

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Each Lending Party acknowledges that it has, independently and without
reliance upon Administrative Agent, any other Lending Party or any of their Related Parties and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lending Party also acknowledges
that it will, independently and without reliance upon Administrative Agent, any other Lending Party or any of their Related Parties and
based on such documents and information as it will from time to time deem appropriate, continue to make its own decisions in taking or
not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder
or thereunder.

 

Section 9.08.         
No Other Duties, Etc.

 

Notwithstanding anything to the contrary contained herein, no Person
identified herein or on the facing page or signature pages hereof as a “Syndication Agent,” “Co-Syndication Agent,”
“Documentation Agent,” “Co-Documentation Agent,” “Co-Agent,” “Book Manager,” “Book
Runner,” “Lead Arranger,” “Arranger,” “Co-Lead Arranger” or “Co-Arranger,” if any,
will have or be deemed to have any right, power, obligation, liability, responsibility or duty under this Agreement or the other Loan
Documents, other than in such Person’s capacity as (a) Administrative Agent or a Lending Party hereunder and (b) an Indemnitee hereunder,
and no such Person will have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not
relied, and will not rely, on such Persons in deciding to enter into this Agreement or any other Loan Document or in taking or not taking
any action hereunder or thereunder.

 

Section 9.09.         
Administrative Agent May File Proofs of Claim.

 

(a)            
In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition
or other judicial proceeding relative to any Loan Party, Administrative Agent (irrespective of whether the principal of any Loan or Credit
Obligation will then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether Administrative
Agent will have made any demand on Borrower) will be entitled and empowered, by intervention in such proceeding or otherwise (i) to file
and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, Credit Obligations 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 Lending Parties and Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Lending Parties and Administrative Agent and their respective agents and counsel and all other amounts due the Lending
Parties and Administrative Agent under Sections ‎2.03(h),
‎2.09, ‎3.05
and ‎10.04) allowed in such judicial proceeding,
and (ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Lending Party to make such payments to Administrative Agent and, in the event that Administrative Agent will consent
to the making of such payments directly to the Lending Parties, 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 Sections ‎2.03(h), ‎2.09,
‎3.05 and ‎10.04.
Nothing contained herein will be deemed to authorize Administrative Agent to authorize or consent to or accept or adopt on behalf of any
Lending Party any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lending
Party or to authorize Administrative Agent to vote in respect of the claim of any Lending Party in any such proceeding.

 

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(b)            
The Loan Parties and the Secured Parties hereby irrevocably authorize Administrative Agent, based upon the written instructions
of Required Lenders, to (i) credit bid and in such manner purchase (either directly or through one or more acquisition vehicles) all or
any portion of the Collateral at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363,
365 and/or 1129 of the Bankruptcy Code or any similar Laws in any other jurisdictions to which a Loan Party is subject, or (ii) credit
bid and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral at
any other sale or foreclosure conducted by (or with the consent or at the direction of) Administrative Agent (whether by judicial action
or otherwise) in accordance with applicable Law including Section 9-610 or 9-620 of the UCC. In connection with any such credit bid and
purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid ratably, after giving
effect to the priorities outlined in the waterfall of payment in ‎Section
8.05 (with Secured Obligations with respect to contingent or unliquidated claims (excluding Credit Obligations and other contingent or
unliquidated claims of a fixed or readily determinable amount) being disregarded for such purpose), and the Secured Parties whose Secured
Obligations are credit bid shall be entitled to receive interests (ratably based upon the proportion of their Secured Obligations credit
bid in relation to the aggregate amount of Secured Obligations so credit bid) in the asset or assets so purchased (including debt and
Equity Interests issued by the acquisition vehicle or vehicles that are used to consummate such purchase). Except as provided above and
otherwise expressly provided for herein or in the other Collateral Documents, Administrative Agent will not execute and deliver a release
of any Lien on any Collateral. Upon the request of Administrative Agent or Borrower at any time, the Secured Parties will confirm in writing
Administrative Agent’s authority to release any such Liens on particular types or items of Collateral pursuant to this ‎Section
9.09(b).

 

Section 9.10.         
Collateral Matters.

 

(a)            
Directions by the Lending Parties. Each Lending Party hereby irrevocably authorizes and directs Administrative Agent, at its option
and in its discretion: (i)(i) to enter into the Collateral Documents for the benefit or, as appropriate, in the name and on behalf, of
such Person; (ii)(ii) without the necessity of any notice to or further consent from any such Person from time to time prior to an Event
of Default, to take any action with respect to any Collateral or any Collateral Document that may be necessary to perfect and maintain
perfected the Liens upon the Collateral granted pursuant to the Collateral Documents; (iii)(iii) to release any Lien on any property granted
to or held by Administrative Agent under any Collateral Document (A)(A) upon termination of the Aggregate Commitments and the payment
in full of all Obligations, (B)(B) that is sold or to be sold as part of or in connection with any Disposition permitted hereunder or
under any other Loan Document, (C)(C) subject to ‎Section
10.01, if approved, authorized or ratified in writing by Required Lenders, (D)(D) in connection with any foreclosure sale or other disposition
of Collateral after the occurrence of an Event of Default or (E)(E) that is held by an Subsidiary that is not or ceases to be a Loan Party
in accordance with the terms of this Agreement; (iv)(iv) to subordinate any Lien on any property granted to or held by Administrative
Agent under any Collateral Document to the holder of any Lien on such property that is permitted by this Agreement or any other Loan Document;
(v)(v) to release any Lien on any property subject to Liens permitted under Sections ‎7.01(i)
or ‎(p); and (vi)(vi) to release any Guarantor from
all Guaranteed Obligations under the Loan Documents upon a transaction permitted hereunder which results in such Guarantor ceasing to
be a Subsidiary of the Borrower and in connection therewith release all Liens granted by such Guarantor under the Loan Documents securing
such Guaranteed Obligations. Upon any termination of any such Liens, Administrative Agent will promptly, at the sole expense of Borrower,
execute and deliver such instruments (including UCC filings and filings with the

 

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United States
Patent and Trademark Office or United States Copyright Office) as may be reasonably requested by the Borrower to facilitate and further
such termination. Upon request by Administrative Agent at any time, each Lending Party will confirm in writing Administrative Agent’s
authority to release or subordinate its interest in particular types or items of Collateral pursuant to this ‎Section
9.10. Each Lending Party agrees that any action taken by Administrative Agent in accordance with the terms of this Agreement or the other
Loan Documents relating to the Collateral and the exercise by Administrative Agent of its powers set forth therein or herein, together
with such other powers that are reasonably incidental thereto, will be binding upon all of the Lending Parties.

 

(b)            
Certain Actions by Administrative Agent. Subject to clauses (iii) through (v) of ‎Section
9.10(a), Administrative Agent will (and is hereby irrevocably authorized by each Lending Party to) execute such documents as may be necessary
to evidence the release or subordination of Liens granted to Administrative Agent herein or in any Collateral Document or pursuant hereto
or thereto upon the applicable Collateral; provided that (i)(i) Administrative Agent will not be required to execute any such document
on terms that, in Administrative Agent’s opinion, would expose Administrative Agent to or create any liability or entail any consequence
other than the release or subordination of such Liens without recourse or warranty, and (ii)(ii) such release or subordination will not
in any manner discharge, affect or impair the Obligations or any Liens upon (or obligations of Borrower or any other Loan Party in respect
of) all interests retained by Borrower or any other Loan Party, including the proceeds of the sale, all of which will continue to constitute
part of the Collateral. In the event of any sale or transfer of Collateral, or any foreclosure with respect to any of the Collateral,
Administrative Agent will be authorized to deduct all expenses reasonably incurred by Administrative Agent from the proceeds of any such
sale, transfer or foreclosure.

 

(c)            
No Obligations Regarding Certain Actions. Administrative Agent will have no obligation whatsoever to any Lending Party or any other
Person to assure that the Collateral exists or is owned by Borrower or any other Loan Party or is cared for, protected or insured, that
Taxes or Liens upon or affecting the Collateral, including the maintenance thereof, have been paid, or that the Liens granted to Administrative
Agent herein or in any of the Collateral Documents or pursuant hereto or thereto 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 ‎Section 9.10 or in any of the
Collateral Documents, it being understood and agreed that in respect of the Collateral, or any act, omission or event related thereto,
Administrative Agent may act in any manner it may deem appropriate, in its sole discretion, given Administrative Agent’s own interest
in the Collateral as one of the Lenders, as Swing Line Lender and as an L/C Issuer.

 

(d)            
Enforcement of Loan Documents. Subject to the terms of this Agreement and the other Loan Documents, Administrative Agent agrees
to administer and enforce this Agreement and the other Loan Documents to which it is a party and otherwise to perform its duties and obligations
as Administrative Agent hereunder and thereunder in accordance with the terms hereof and thereof; provided, however, that
Administrative Agent will have no duties or responsibilities except those expressly set forth in this Agreement or in any other Loan Document
to which it is a party as Administrative Agent, and no implied covenants or obligations shall be read into this Agreement or any other
such Loan Document against Administrative Agent.

 

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(e)            
Each Lending Party hereby irrevocably authorizes and instructs the Administrative
Agent to, without any further consent of any Lending Party, enter into (or acknowledge and consent to) or amend, renew, extend, supplement,
restate, replace, waive or otherwise modify any Permitted Junior Intercreditor Agreement, any Permitted Pari Passu Intercreditor Agreement
or any other intercreditor agreement with the collateral agent or other representatives of the holders of Indebtedness that is to be secured
by a Lien on the Collateral that is not prohibited (including with respect to priority) under this Agreement and to subject the Liens
on the Collateral securing the Obligations to the provisions thereof (any of the foregoing, an “Intercreditor Agreement”).
The Lending Parties irrevocably agree that (x) the Administrative Agent may rely exclusively on a certificate of a Responsible Officer
of the Borrower as to whether any such other Liens are not prohibited and (y) any Intercreditor Agreement entered into by the Administrative
Agent shall be binding on the Lending Parties, and each Lending Party hereby agrees that it will take no actions contrary to the provisions
of, if entered into and if applicable, any Intercreditor Agreement. The foregoing provisions are intended as an inducement to any provider
of any Indebtedness not prohibited by Section 7.03 hereof to extend credit to the Loan Parties and such persons are intended third-party
beneficiaries of such provisions. The Administrative Agent shall, at the request of the Borrower, enter into any such Intercreditor Agreement
which is expressly contemplated by this Agreement.

 

Section 9.11.         
Certain ERISA Matters.

 

(a)            
Each Lender (A) represents and warrants, as of the date such Person became a Lender party hereto, to, and (B) 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, Administrative
Agent and not to or for the benefit of 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 Lending Party’s entrance into, participation in, administration of and performance of the Credit Extensions,
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 Credit Extensions, the Commitments and this Agreement,

 

(iii)           
(1) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part
VI of PTE 84–14), (2) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Credit Extensions, the Commitments and this Agreement, (3) the entrance into, participation
in, administration of and performance of the Credit Extensions, the Commitments and this Agreement satisfies the requirements of sub-sections
(b) through (g) of Part I of PTE 84–14 and (4) 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 Credit Extensions, the Commitments and this Agreement, or

 

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(iv)           
such other representation, warranty and covenant as may be agreed in writing between Administrative Agent, in its sole discretion,
and such Lender.

 

For purposes of this ‎Section
9.11(a), “Benefit Plans” 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 and subject to Section 4975 of the 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 Code) the assets
of any such “employee benefit plan” or “plan”.

 

(b)            
In addition, unless either (x) clause ‎(i)
in the immediately preceding ‎Section 9.11(a) is
true with respect to a Lender or (y) a Lender provided another representation, warranty and covenant in accordance with clause ‎(iv)
in the immediately preceding ‎Section 9.11(a), such
Lender further (aa) represents and warrants, as of the date such Person became a Lender party hereto, to, and (bb) 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, Administrative
Agent and not to or for the benefit of Borrower or any other Loan Party, that 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 Credit
Extensions, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by Administrative
Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

 

Section 9.12.         
Agency for Perfection.

 

Administrative Agent hereby appoints each other Lending Party as its
agent (and each Lending Party hereby accepts such appointment) for the purpose of perfecting Administrative Agent’s Liens in assets
which, in accordance with Article 9 of the UCC can be perfected only by possession. Should any Lending Party obtain possession of any
such Collateral, such Lending Party will notify Administrative Agent thereof, and, promptly upon Administrative Agent’s request
therefor will deliver such Collateral to Administrative Agent or in accordance with Administrative Agent’s instructions.

 

Section 9.13.         
Legal Representation of Administrative Agent.

 

In connection with the negotiation, drafting, and execution of this
Agreement and the other Loan Documents, or in connection with future legal representation relating to loan administration, amendments,
modifications, waivers, or enforcement of remedies, Sheppard Mullin Richter & Hampton, LLP only has represented and only will represent
HSBC (and its Affiliate HSBC Securities (USA) Inc.) in its capacity as Administrative Agent, as a Lending Party and in its capacity as
an Arranger. Each other Lending Party hereby acknowledges that Sheppard Mullin Richter & Hampton, LLP does not represent it in connection
with any such matters.

 

Section 9.14.         
Erroneous Payments.

 

(a)            
If Administrative Agent notifies a Lending Party or a Secured Party, or any Person who has received funds on behalf of a Lending
Party or a Secured Party (any such Lending Party, Secured Party or other recipient, a “Payment Recipient”) that
Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under ‎Section
9.14(b)

 

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that any
funds received by such Payment Recipient from Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise
erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lending Party, Secured Party or other Payment
Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution
or otherwise, individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous
Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of Administrative Agent and shall be segregated
by the Payment Recipient and held in trust for the benefit of Administrative Agent, and such Lending Party or Secured Party shall (or,
with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in
no event later than two Business Days thereafter, return to Administrative Agent the amount of any such Erroneous Payment (or portion
thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect
of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date
such amount is repaid to Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by Administrative
Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of Administrative Agent
to any Payment Recipient under this ‎Section 9.14(a)
shall be conclusive, absent manifest error.

 

(b)            
Without limiting ‎Section 9.14(a),
each Lending Party or Secured Party, or any other Payment Recipient who has received funds on behalf of a Lending Party or a Secured Party,
hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of
principal, interest, fees, distribution or otherwise) from Administrative Agent (or any of its Affiliates) (x) that is in a different
amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by Administrative Agent
(or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice
of payment, prepayment or repayment sent by Administrative Agent (or any of its Affiliates), or (z) that such Lending Party, or Secured
Party, or other Payment Recipient otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in
each case:

 

(i)           
(A) in the case of immediately preceding clauses (x) and (y), an error shall be presumed to have been made (absent written confirmation
from Administrative Agent to the contrary) or (B) in the case of immediately preceding clause (z), an error has been made, in each case,
with respect to such payment, prepayment or repayment; and

 

(ii)           
such Lending Party or Secured Party shall (and shall cause any other Payment Recipient that receives funds on its respective behalf
to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify Administrative Agent of its receipt of
such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying Administrative Agent pursuant
to this ‎Section 9.14(b).

 

(c)            
Each Lending Party or Secured Party hereby authorizes Administrative Agent to set off, net and apply any and all amounts at any
time owing to such Lending Party or Secured Party under any Loan Document, or otherwise payable or distributable by Administrative Agent
to such Lending Party or Secured Party from any source, against any amount due to Administrative Agent under ‎Section
9.14(a) or under the indemnification provisions of this Agreement.

 

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(d)            
In the event that an Erroneous Payment (or portion thereof) is not recovered by Administrative Agent for any reason, after demand
therefor by Administrative Agent in accordance with immediately preceding ‎Section
9.14(a), from any Lending Party that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received
such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return
Deficiency”), upon Administrative Agent’s notice to such Lending Party at any time, (i) such Lending Party shall be
deemed to have assigned its Loans (but not its Commitments) with respect to which such Erroneous Payment was made in an amount equal to
the Erroneous Payment Return Deficiency (or such lesser amount as Administrative Agent may specify) (such assignment of the Loans (but
not Commitments), the “Erroneous Payment Deficiency Assignment”) at par plus any accrued and unpaid interest
(with the assignment fee to be waived by Administrative Agent in such instance), and is hereby (together with Borrower) deemed to execute
and deliver an Assignment and Assumption (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference
pursuant to an approved Electronic Platform as to which Administrative Agent and such parties are participants) with respect to such Erroneous
Payment Deficiency Assignment, and such Lending shall deliver any Notes evidencing such Loans to Administrative Agent, (ii) Administrative
Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition,
Administrative Agent as the assignee Lending Party shall become a Lending Party hereunder with respect to such Erroneous Payment Deficiency
Assignment and the assigning Lending Party shall cease to be a Lending Party hereunder solely with respect to such Erroneous Payment Deficiency
Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable
Commitments which shall survive as to such assigning Lending Party, and (iv) Administrative Agent may reflect in the Register its ownership
interest in the Loans subject to the Erroneous Payment Deficiency Assignment. Administrative Agent may, in its discretion, sell any Loans
acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return
Deficiency owing by the applicable Lending Party shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and
Administrative Agent shall retain all other rights, remedies and claims against such Lending Party (and/or against any recipient that
receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments
of any Lending Party and such Commitments shall remain available in accordance with the terms of this Agreement. In addition, each party
hereto agrees that, except to the extent that Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous
Payment Deficiency Assignment, and irrespective of whether Administrative Agent may be equitably subrogated, Administrative Agent shall
be contractually subrogated to all the rights and interests of the applicable Lending Party or Secured Party under the Loan Documents
with respect to each Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation Rights”).

 

(e)            
The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations
owed by Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the
amount of such Erroneous Payment that is, comprised of funds received by Administrative Agent from Borrower or any other Loan Party for
the purpose of making such Erroneous Payment.

 

(f)           
To the extent permitted by applicable Law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby
waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or
counterclaim by Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense
based on “discharge for value” or any similar doctrine.

 

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(g)            
Each party’s obligations, agreements and waivers under this ‎Section
9.14 shall survive the resignation or replacement of Administrative Agent, the termination of the Commitments and/or the repayment, satisfaction
or discharge of all Obligations (or any portion thereof) (other than contingent obligations not yet due and payable) under any Loan Document.

 

Article
10

General Provisions

 

Section 10.01.     
Amendments, Etc.

 

No amendment or, subject to ‎Section
8.02, waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by Borrower or any other Loan
Party therefrom (including any cure of any Event of Default), will be effective unless in writing signed by Required Lenders (or Administrative
Agent at the written request of Required Lenders) and Borrower or the applicable Loan Party, as the case may be, and each such waiver
or consent will be effective only in the specific instance and for the specific purpose for which given; provided that no such
amendment, waiver or consent will:

 

(a)            
waive any condition set forth in ‎Section
4.01 or, in the case of the initial Credit Extension, ‎Section
4.02 without the written consent of each Lender;

 

(b)            
as to any Credit Extension after the Second Restatement Effective Date, (i) waive any condition set forth in ‎Section
4.02 as to any Credit Extension under the Revolving Credit Facility without the written consent of Required Revolving Credit Lenders (which
shall not require the consent of the Required Lenders or all Lender in addition thereto) or (ii) waive any condition set forth in ‎Section
4.02 as to any Credit Extension of any Incremental Term Loan without the written consent of a majority of the Lenders holding Incremental
Term Loan Commitments with respect thereto (which, in each case, shall not require the consent of the Required Lenders or all Lenders
in addition thereto);

 

(c)            
increase or extend the expiration date of any of the Commitments of any Lender (or reinstate any Commitment terminated pursuant
to ‎Section 8.03) without the written consent
of such affected Lender (which shall not require the consent of the Required Lenders in addition thereto);

 

(d)            
postpone any date fixed by this Agreement or any other Loan Document for any payment, of principal, interest, fees or other amounts
due to the Lenders (or any of them) hereunder or under such other Loan Document without the written consent of each affected Lender;

 

(e)            
reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (i) of the
proviso below to this ‎Section 10.01(e))
any fees or other amounts payable hereunder or under any other Loan Document, without the written consent of each affected Lender (which
shall not require the consent of the Required Lenders in addition thereto); provided, however, that only the consent of
the Required Lenders will be necessary (i)(i) to amend the definition of “Default Rate” or to waive any obligation of Borrower
to pay interest or Credit Fees at the Default Rate or (ii)(ii) to amend any financial covenant hereunder (or any defined term used therein)
even if the effect of such amendment would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee payable
hereunder;

 

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(f)           
change (i)(i) ‎Section 2.13 or ‎Section
8.05 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender
or (ii)(ii) the order of application of any reduction in the Commitments or any prepayment of Loans from the application thereof set forth
in the applicable provisions of Sections ‎2.05(d)
and ‎(e) in any manner that materially and adversely
affects the Lenders under a Facility without the written consent of (A)(A) if such Facility is the Revolving Credit Facility, the Required
Revolving Credit Lenders or (B)(B) if such Facility is the Incremental Term Loan Facility, the Required Incremental Term Loan Lenders
(provided that, notwithstanding the foregoing, any Incremental Term Loan Facility that may be added to this Agreement may share
in the payments applicable to the other term loan facilities with the written consent of Required Lenders);

 

(g)            
change (i)(i) any provision of this ‎Section
10.01 or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders
required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder (other than
the definitions specified in clause (ii)(ii) of this ‎Section
10.01(g)), without the written consent of each Lender, (ii)(A)(A) the definition of “Required Revolving Credit Lenders”, “Revolving
Credit Maturity Date” or “Revolving Credit Stated Maturity Date” or (B)(B) ‎Section
2.06 to allow for non-pro rata application of any reductions in the Aggregate Revolving Credit Commitments without the written
consent of each Revolving Credit Lender (which shall not require the consent of the Required Lenders in addition thereto), (iii)(iii)
any provision of ‎Section 3.07 or ‎Section
8.05 without the written consent of each Lender, (iv)(iv) the definition of “Required Incremental Term Loan Lenders” or “Incremental
Term Loan Maturity Date” without the written consent of each Incremental Term Loan Lender (which shall not require the consent of
the Required Lenders in addition thereto), (v)(v) any provision of ‎Section
10.06 or the definition of “Eligible Assignee,” “Participant,” “Defaulting Lender” or “Specified
Lender” without the written consent of each Lender or (vi)(vi) the definition of “Alternate Currency” or any provision
of Section 1.02(l) with the consent of each Lender;

 

(h)            
release all or substantially all of the Collateral in any transaction or series of related transactions, or contractually subordinate
Administrative Agent’s security interests in or Liens on all or substantially all of the Collateral, without the written consent
of each Lender (except with respect to a transaction expressly permitted by this Agreement or in the applicable Collateral Document);

 

(i)           
release all or substantially all of the value of the Guaranties of the Obligations without the written consent of each Lender (except
with respect to a transaction expressly permitted by ‎Section
7.04); or

 

(j)           
impose any greater restriction on the ability of any Lender under a Facility to assign any of its rights or obligations hereunder
without the written consent of, (i) if such Facility is the Revolving Credit Facility, the Required Revolving Credit Lenders (which shall
not require the consent of the Required Lenders in addition thereto) or (ii) if such Facility is the Incremental Term Loan Facility, the
Required Incremental Term Loan Lenders (which shall not require the consent of the Required Lenders in addition thereto);

 

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and provided, further, that (i) no amendment, waiver
or consent will, unless in writing and signed by each L/C Issuer in addition to the Lenders required above, affect the rights or duties
of the L/C Issuers under this Agreement or any Issuer Document relating to any Credit issued or to be issued by it; (ii) no amendment,
waiver or consent will, unless in writing and signed by Swing Line Lender in addition to the Lenders required above, affect the rights
or duties of Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent will, unless in writing and signed by Administrative
Agent in addition to the Lenders required above, affect the rights or duties of Administrative Agent under this Agreement or any other
Loan Document; (iv) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties
thereto; and (v) any Financing Statement may be amended, supplemented, terminated or otherwise modified as agreed to between Borrower
and Administrative Agent in connection with any transaction not prohibited by the Loan Documents if such amendment, supplement, termination
or other modification is determined by Borrower and Administrative Agent (in their discretion) as being necessary, appropriate or advisable
in connection therewith. Notwithstanding anything to the contrary herein, no Defaulting Lender will have any right to approve or disapprove
any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders
or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (A) the
Commitments of any Defaulting Lender may not be increased or extended without the consent of such Lender, (B) the amount of principal
and accrued fees and interest owing to the Defaulting Lender may not be reduced without the consent of such Lender (excluding changes
to imposition of the Default Rate or changes to fees and interest relating to changes to any financial covenant or the defined terms relating
thereto), and (C) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms
affects any Defaulting Lender more adversely than other affected Lenders will require the consent of such Defaulting Lender.

 

Notwithstanding any provision herein to the contrary, this Agreement
may be amended with the written consent of Required Lenders, Administrative Agent and Borrower (1) to add one or more Incremental Term
Loan tranches to this Agreement or Additional Revolving Credit Commitments, in each case subject to the limitations in ‎Section
2.14, and to permit the extensions of credit and all related obligations and liabilities arising in connection therewith from time to
time outstanding to share ratably (or on a basis subordinated to the existing Facilities hereunder) (and to permit such additional (x)
Incremental Term Loan tranches to share in the allocation of prepayments in a manner ratable with other then outstanding Incremental Term
Loan tranches and (y) Revolving Credit Commitments (and related Loans) to share in the allocation of prepayments in a manner ratable with
other then outstanding Revolving Credit Commitments or Revolving Credit Loans), in the benefits of this Agreement and the other Loan Documents
with the obligations and liabilities from time to time outstanding in respect of the existing facilities hereunder, and (2) in connection
with the foregoing, to permit, as deemed appropriate by Administrative Agent and approved by the Required Lenders, the Lenders providing
such additional credit facilities to participate in any required vote or action required to be approved by the Required Lenders or by
any other number, percentage or class of Lenders hereunder.

 

Notwithstanding any provision herein to the contrary, this Agreement
may be amended with the written consent of Administrative Agent and Borrower, without the input or consent of any other Lender, effect
amendments to this Agreement and the other Loan Documents to correct any obvious error or any error or omission of a technical nature
or any ambiguity.

 

Section 10.02.     
Notices; Effectiveness; Electronic Communications.

 

(a)            
Notices Generally. All notices and other communications provided for herein will be in writing and will be delivered by hand or
overnight courier service, mailed by certified or registered mail, sent by facsimile transmission or sent by approved electronic transmission
in accordance with ‎Section 10.02(b), and all notices
and other communications will be made as follows:

 

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(i)           
if to any Loan Party, Administrative Agent, any L/C Issuer or Swing Line Lender, to the address, facsimile number or e-mail address
specified for such Person on Schedule ‎10.02;
and

 

(ii)           
if to any Lender, to the address, facsimile number or e-mail address specified in its Administrative Detail Form (including, as
appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the
delivery of notices that may contain material non-public information relating to Borrower).

 

Notices sent by hand or overnight courier service, or mailed by certified
or registered mail, will be deemed to have been given when received, and notices sent by facsimile transmission or by means of approved
electronic communication will be deemed to have been given when sent (except that, if not given during normal business hours for the recipient,
will be deemed to have been given at the opening of business on the next business day for the recipient); provided that notices
delivered through electronic communications to the extent provided by ‎Section
10.02(b) will be effective as provided in such subsection ‎(b).

 

(b)            
Electronic Communications.

 

(i)           
Each Lending Party agrees that notices and other communications to it hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by Administrative Agent; provided that the
foregoing will not apply to notices to any Lending Party pursuant to ‎Article
2 if such Lending Party has notified Administrative Agent that it is incapable of receiving notices under ‎Article
2 by electronic communication. In furtherance of the foregoing, each Lending Party hereby agrees to notify Administrative Agent in writing,
on or before the date such Lending Party becomes a party to this Agreement, of such Lending Party’s e-mail address to which a notice
may be sent (and from time to time thereafter to ensure that Administrative Agent has on record an effective e-mail address for such Lending
Party). Each of Administrative Agent and Borrower may, in its discretion, agree to accept notices and other communications to it hereunder
by means of electronic communication pursuant to procedures approved by it; provided that approval of such procedures may be limited
to particular notices or communications.

 

(ii)           
Unless Administrative Agent otherwise prescribes, (A)(A) notices and other communications sent to an e-mail address will 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)(B) notices or communications posted to an Internet or
intranet website will 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 the preceding clauses
‎(A) and ‎(B),
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.

 

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(iii)           
Borrower and each Loan Party hereby acknowledges and agrees that (A) Administrative Agent may, but will not be obligated to, make
the Communications available to Lending Parties by posting some or all of the Communications on an Electronic Platform, (B) the distribution
of materials and information through an electronic medium is not necessarily secure and that there are confidentiality and other risks
associated with any such distribution, (C) the Electronic Platform is provided and used on an “As Is,” “As Available”
basis and (D) neither Administrative Agent nor any of its Affiliates warrants the accuracy, completeness, timeliness, sufficiency or sequencing
of the Specified Materials posted on the Electronic Platform. Administrative Agent and its Related Parties (the “Agent Parties”)
do not warrant the adequacy of the Electronic Platform and expressly disclaim liability for errors or omissions in the Communications.
No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement
of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications
or the Electronic Platform. In no event shall any Agent Party have any liability to Borrower or any other Loan Party, any Lending Party
or any other Person or entity for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses
or expenses (whether in tort, contract or otherwise) arising out of any other Loan Party’s or Administrative Agent’s transmission
of Communications through the Electronic Platform, except to the extent resulting from the gross negligence or willful misconduct by such
Agent Party or such Agent Party’s material breach of its obligations under this Agreement or any other applicable Loan Document,
in each case as determined by a court of competent jurisdiction by final and nonappealable judgment.

 

(iv)           
Each Lending Party hereby agrees that notice to it in accordance with ‎Section
10.02(b)(ii)(B) specifying that any Specified Materials (and as such, constituting Communications) have been posted to the Electronic
Platform will, for purposes of this Agreement, constitute effective delivery to such Lending Party of such Specified Materials.

 

(v)           
Each Lending Party (A) acknowledges that the Specified Materials, including information furnished to it by any Loan Party or Administrative
Agent pursuant to, or in the course of administering, the Loan Documents, may include material, non-public information concerning Borrower
and the other Loan Parties and their respective Affiliates or their respective securities and businesses, and (B) confirms that it (1)
has developed compliance procedures regarding the use of material, non-public information and (2) will handle such material, non-public
information in accordance with such procedures and applicable Laws, including Federal and state securities Laws.

 

(c)            
Change of Address, Etc. Borrower, Administrative Agent, Swing Line Lender and any L/C Issuer may change their respective address(es),
facsimile number(s) or e-mail address(es) for notices and other communications hereunder by notice to the other parties hereto (or, in
the case of Borrower, to Administrative Agent for distribution to the other parties hereto). Each Lender may change its address(es), facsimile
number(s) or e-mail address(es) for notices and other communications hereunder by notice to Borrower, Administrative Agent, Swing Line
Lender and L/C Issuer.

 

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(d)            
Reliance by Administrative Agent and the Lending Parties. Administrative Agent and the Lending Parties will be entitled to rely
and act upon any notices (including electronically delivered Requests for Credit Extension) purportedly given by or on behalf of Borrower
even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form
of notice specified herein or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. Borrower will
indemnify Administrative Agent and each Lending Party and their respective Related Parties from all losses, costs, expenses and liabilities
resulting from the reliance by such Person on each notice purportedly given by or on behalf of Borrower; provided that such indemnity
will not be available to the extent that such losses, costs, expenses and liabilities resulted from the gross negligence or willful misconduct
of the party seeking indemnification or from such party’s material breach of its obligations under this Agreement or any other applicable
Loan Document, in each case as determined by a court of competent jurisdiction by final and nonappealable judgment. All telephonic notices
to and other telephonic communications with Administrative Agent may be recorded by Administrative Agent, and each of the parties hereto
hereby consents to such recording.

 

Section 10.03.     
No Waiver; Cumulative Remedies; Enforcement.

 

No failure by Administrative Agent or any Lending Party to exercise,
and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder will operate as a waiver thereof; no single
or partial exercise of any right, remedy, power or privilege hereunder will preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law.

 

Notwithstanding anything to the contrary contained herein or in any
other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against Borrower or any
other Loan Party will be vested exclusively in, and all actions and proceedings at law in connection with such enforcement will be instituted
and maintained exclusively by, Administrative Agent in accordance with ‎Section
8.03 for the benefit of all the Lending Parties; provided, however, that the foregoing will not prohibit (a)(a) inure to
its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b)(b) any L/C Issuer or Swing
Line Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as an L/C Issuer or as Swing Line
Lender, as the case may be) hereunder and under the other Loan Documents, (c)(c) any Lender from exercising setoff rights in accordance
with ‎Section 10.08 (subject to the terms of ‎Section
2.13), or (d)(d) any Lending Party from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency
of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there
is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i)(i) Required Lenders will have the rights
otherwise ascribed to Administrative Agent pursuant to ‎Section
8.03 and (ii)(ii) in addition to the matters set forth in clauses (b) (c) and (d) of the preceding proviso and subject to ‎Section
2.13, any Lender may, with the consent of Required Lenders, enforce any rights and remedies available to it and as authorized by Required
Lenders.

 

Section 10.04.     
Expenses; Indemnity; Damage Waiver.

 

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(a)            
Costs and Expenses. Borrower will pay or reimburse, promptly upon written demand therefor, (i) all reasonable and documented out-of-pocket
fees, expenses, charges and disbursements incurred by Administrative Agent and the Arrangers and their respective Affiliates (limited,
in the case of legal fees and expenses, to the reasonable and documented fees, expenses, charges and disbursements of Sheppard, Mullin,
Richter & Hampton LLP and, to the extent determined by Administrative Agent in good faith to be necessary or advisable, one local
counsel in each relevant material jurisdiction (which may include a single local counsel acting in multiple jurisdictions)), all reasonable
charges of electronic loan administration platforms, and all reasonable audit or inspection, consulting, search and filing, registration
and recording and other similar fees and other expenses) in connection with the syndication of the credit facilities provided for herein,
the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments,
modifications or waivers of, or consents with respect to, the provisions hereof or thereof (whether or not the transactions contemplated
hereby or thereby will be consummated); (ii) all reasonable and documented out-of-pocket expenses incurred by any L/C Issuer in connection
with the issuance, amendment, renewal or extension of any Credit or any demand for payment thereunder; and (iii) all out-of-pocket expenses
incurred by Administrative Agent, the Arrangers or the Lending Parties (limited, in the case of legal fees and expenses, to the reasonable
and documented fees, expenses, charges and disbursements of Sheppard, Mullin, Richter & Hampton LLP and, to the extent determined
by Administrative Agent in good faith to be necessary or advisable, one local counsel in each relevant material jurisdiction (which may
include a single local counsel acting in multiple jurisdictions) and, in the case of an actual conflict of interest where one nor more
Lender(s) affected by such conflict notifies Administrative Agent of the existence of such conflict and thereafter retains its own counsel,
one additional conflicts counsel for the affected Lender(s) similarly situated) in connection with the enforcement or protection of its
rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this ‎Section
10.04 or (B) in connection with the Loans made or Credits issued hereunder, including all such out-of-pocket expenses incurred during
any workout or restructuring (or negotiations in connection with the foregoing) in respect of such Loans or Credits. This ‎Section
10.04(a) will not apply with respect to Taxes to the extent governed by ‎Section
3.01 and ‎Section 3.04.

 

(b)            
Indemnification by Borrower. Borrower will indemnify each Indemnitee against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities, settlement costs and related fees, expenses, charges and disbursements (limited, in the case of
legal fees, expenses, charges and disbursements, to the reasonable and documented fees, charges and disbursements of one counsel for all
Indemnitees and to the extent determined by Administrative Agent in good faith to be necessary or advisable, one local counsel in each
relevant material jurisdiction (which may include a single local counsel acting in multiple jurisdictions) and, in the case of an actual
conflict of interest where the Indemnitee affected by such conflict notifies Administrative Agent of the existence of such conflict and
thereafter retains its own counsel, one additional counsel for the affected Indemnitees similarly situated) arising out of, in connection
with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any document contemplated hereby or
thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions
contemplated hereby or thereby, or, in the case of Administrative Agent (and any sub-agent) and its Related Parties only, the administration
of this Agreement and the other Loan Documents; (ii) any Loan or Credit or the use or proposed use of the proceeds therefrom (including
any refusal by any L/C Issuer to honor a demand for payment under a Credit if the documents presented in connection with such demand do
not strictly comply with the terms of such Credit); (iii) any actual or alleged presence or release of Hazardous Materials on or from
any property owned or operated by any Loan Party or any Subsidiary thereof, or any Environmental Claim related in any way to any Loan
Party or any Subsidiary thereof; or (iv) any actual or prospective claim, investigation, litigation or other proceeding (including any
administrative proceeding or any arbitration or other alternative dispute resolution proceeding) relating to any of

 

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the foregoing,
whether based on contract, tort or any other theory, whether brought by a third party or by Borrower or any other Loan Party or any of
their respective Affiliates, and regardless of whether any Indemnitee is a party thereto, in all cases, whether or not caused by or arising,
in whole or in part, out of the comparative, contributory or sole negligence of the Indemnitee; provided that such indemnity will
not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (A) are determined
by a court of competent jurisdiction by final and nonappealable judgment to have resulted from (1) the gross negligence, bad faith or
willful misconduct of such Indemnitee or (2) such Indemnitee’s material breach of its obligations under this Agreement or any other
applicable Loan Document, or (B) arise out of any investigation, litigation or proceeding (or preparation of a defense in connection
therewith) solely between or among Indemnitees not arising from any act or omission by Borrower or any of its Subsidiaries or Affiliates
(other than any proceeding against any Indemnitee in its capacity or fulfilling its role as Administrative Agent, Arranger, syndication
agent or similar role, or the Swing Line Lender or L/C Issuer, in its capacity as such). This ‎Section
10.04(b) will not apply with respect to Taxes to the extent governed by ‎Section
3.01.

 

(c)            
Reimbursement by Lenders. If and to the extent Borrower for any reason fails to pay when due any amount that it is required to
pay under ‎Section 10.04(a) or ‎Section
10.04(b) to Administrative Agent (or any sub-agent thereof), Swing Line Lender, any L/C Issuer or any Related Party of any of the foregoing,
each Lender severally agrees to pay to Administrative Agent (or any such sub-agent), Swing Line Lender, the L/C Issuer or such Related
Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense
or indemnity payment is sought based on its Percentage Share at such time) of such unpaid amount (including any such unpaid amount in
respect of a claim asserted by such Lender; provided that with respect to such unpaid amounts owed to the L/C Issuer or the Swing
Line Lender solely in its capacity as such, only the Revolving Credit Lenders will be required to pay such unpaid amounts, such payment
to be made severally among them based on such Revolving Credit Lenders’ applicable Revolving Creditor Percentage Share (determined
as of the time that the applicable unreimbursed expense or indemnity payment is sought); provided, further, that the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against Administrative
Agent (or any such sub-agent), Swing Line Lender, any L/C Issuer or any Related Party of any of the foregoing acting for Administrative
Agent (or any such sub-agent), Swing Line Lender or the L/C Issuer in connection with such capacity. The obligations of Lenders under
this ‎Section 10.04(c) are subject to the provisions
of ‎Section 2.12(d).

 

(d)            
Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, neither Borrower nor any other Loan Party
nor Administrative Agent nor any Lending Party will assert, and Borrower, each other Loan Party, Administrative Agent and each Lending
Party hereby waives, any claim against any Indemnitee and/or any Loan Party, 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 document contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Credit, or the use
of the proceeds thereof; provided, however, that nothing contained in this ‎Section
10.04(d) shall be deemed to waive or otherwise limit or impair Administrative Agent’s, any Lending Party or any other Indemnitee’s
right to assert, enforce and collect a claim of indemnification under ‎Section
10.04(b), including for any special, indirect, consequential or punitive damages suffered by or incurred to any other Person and that
otherwise would subject to indemnification pursuant to ‎Section
10.04(b). No Indemnitee referred to in ‎Section 10.04(b)
nor any Loan Party will be liable for any damages arising from the use by

 

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unintended
recipients of any information or other materials distributed to such unintended recipients by such Person 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 other than for direct or actual damages resulting from the gross negligence or willful misconduct of such
Indemnitee or Loan Party or such Indemnitee’s or Loan Party’s material breach of its obligations under this Agreement or
any other applicable Loan Document, in each case as determined by a final and nonappealable judgment of a court of competent jurisdiction.

 

(e)            
Payments. All amounts due under this ‎Section
10.04 will be payable not later than ten Business Days after demand therefor.

 

(f)           
Survival. The agreements in this ‎Section
10.04 will survive the resignation of Administrative Agent, Swing Line Lender and L/C Issuer, the replacement of any Lender, the termination
of the Aggregate Commitments and the payment in full of the Obligations.

 

Section 10.05.     
Marshalling; Payments Set Aside.

 

Neither Administrative Agent nor any Lending Party will be under any
obligation to marshal any asset in favor of Borrower or any other Loan Party or any other Person or against or in payment of any or all
of the Obligations. To the extent that any payment by or on behalf of Borrower or any Loan Party is made to Administrative Agent or any
Lending Party, or Administrative Agent or any Lending Party exercises its right of setoff, and such payment or the proceeds of such setoff
or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant
to any settlement entered into by Administrative Agent or any Lending Party in such Person’s discretion) to be repaid to a trustee,
receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a)(a) to the extent of
such recovery, the obligation or part thereof originally intended to be satisfied will be revived and continued in full force and effect
as if such payment had not been made or such setoff had not occurred, and (b)(b) each Lending Party severally agrees to pay to Administrative
Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by Administrative Agent plus
interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate. The
obligations of each Lending Party under clause (b) of the preceding sentence will survive the payment in full of the Obligations and the
termination of this Agreement.

 

Section 10.06.     
Successors and Assigns.

 

(a)            
Successors and Assigns Generally. The provisions of this Agreement will be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that neither Borrower nor any other Loan Party may assign
or otherwise transfer any of its rights or obligations hereunder without the prior written consent of Administrative Agent and each Lending
Party (it being understood that a merger or consolidation permitted under this Agreement shall not constitute such an assignment or transfer),
and neither Swing Line Lender nor any Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to
an Eligible Assignee in accordance with the provisions of ‎Section
10.06(b), (ii) by way of participation in accordance with the provisions of ‎Section
10.06(d) or (iii) by way of pledge or assignment of a security interest subject to the restrictions of ‎Section
10.06(g) (and any other attempted assignment or transfer by any party hereto will be null and void). Nothing in this Agreement, expressed
or implied, will 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 ‎Section
10.06(e) and, to the extent expressly contemplated hereby, the Related Parties of each of Administrative Agent and each Lending Party)
any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

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(b)            
Assignments by Swing Line Lender or any Lender. Swing Line Lender or any Lender may at any time assign to one or more Eligible
Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment(s) and the
Loans (including for purposes of this subsection ‎(b),
participations in Credit Obligations and in Swing Line Loans, as applicable) at the time owing to it); provided that any such assignment
will be subject to the following conditions:

 

(i)           
Minimum Amounts.

 

(A)           
in the case of (1) an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at
the time owing to it (in each case with respect to any Facility), (2) contemporaneous assignments to related Approved Funds that equal
at least the amount specified in ‎Section 10.06(b)(i)(B)in
the aggregate or (3) an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B)           
in any case not described in ‎Section 10.06(b)(i)(A),
the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment
is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined
as of the date the Assignment and Assumption with respect to such assignment is delivered to Administrative Agent or, if “Trade
Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000 unless each of Administrative
Agent and, so long as no Event of Default has occurred and is continuing, Borrower otherwise consents (each such consent not to be unreasonably
withheld or delayed).

 

(ii)           
Proportionate Amounts. Each partial assignment will be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loan or the Commitment(s) assigned, except that this clause (ii) will
not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata
basis.

 

(iii)           
Required Consents. No consent will be required for any assignment except to the extent required by ‎Section
10.06(b)(i)(B) and, in addition:

 

(A)           
the consent of Borrower (such consent not to be unreasonably withheld or delayed) will be required unless (1) an Event of Default
has occurred and is continuing at the time of such assignment, or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved
Fund; provided that Borrower will be deemed to have consented to any such assignment unless it objects thereto by written notice
to Administrative Agent within ten Business Days after having received notice thereof;

 

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(B)           
the consent of Administrative Agent (such consent not to be unreasonably withheld or delayed) will be required for assignments
in respect of (i) the Revolving Credit Facility or any unfunded Commitments with respect to the Incremental Term Loan Facility if such
assignment is to a Person that is not a Lender with a Commitment in respect of such Facility, an Affiliate of such Lender or an Approved
Fund with respect to such Lender, or (ii) any Incremental Term Loans to a Person who is not a Lender, an Affiliate of a Lender or an Approved
Fund; and

 

(C)           
the consent of each L/C Issuer and the Swing Line Lender (such consent not to be unreasonably withheld or delayed) will be required
for any assignment in respect of the Revolving Credit Facility, unless such assignment is to a Lender, an Affiliate of a Lender or an
Approved Fund.

 

(iv)           
Assignment and Assumption. The parties to each assignment will execute and deliver to Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $3,500; provided that Administrative Agent may, in its sole discretion, elect
to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, will deliver to Administrative
Agent an Administrative Questionnaire.

 

(v)           
No Assignment to Certain Persons. No assignment will be made to (A) Borrower or any other Loan Party or any of its or their respective
Subsidiaries or Affiliates, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder,
would constitute a Defaulting Lender or (C) to a Disqualified Institution.

 

(vi)           
No Assignment to Natural Persons. No assignment will be made to a natural Person (or a holding company, investment vehicle or trust
for, or owned and operated for the primary benefit of, a natural Person).

 

(vii)           
Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no
assignment will be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment
shall make such additional payments to Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate
(which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including
funding, with the consent of Borrower and Administrative Agent, the applicable pro rata share of Loans previously requested but
not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (A) pay and
satisfy in full all payment liabilities then owed by such Defaulting Lender to Administrative Agent and each Lending Party hereunder (and
interest accrued thereon), and (B) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in
Credits and Swing Line Loans in accordance with its applicable Pro Rata Share. Notwithstanding the foregoing, in the event that any assignment
of rights and obligations of any Defaulting Lender hereunder will become effective under applicable Law without compliance with the provisions
of this ‎Section 10.06(b)(vii), then the assignee
of such interest will be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

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Subject to acceptance and recording thereof by Administrative Agent
pursuant to ‎Section 10.06(c), from and after the
effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent
of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder will, 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 ‎Article
3 and ‎Section 10.04 with respect to facts and circumstances
occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the
affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising
from that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this paragraph will 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
10.06(d).

 

(c)            
Register. Administrative Agent, acting solely for this purpose as an non-fiduciary agent of Borrower, will maintain at Administrative
Agent’s Office a copy of each Assignment and Assumption delivered to it and a Register. The entries in the Register will be conclusive
absent manifest error, and Borrower, Administrative Agent and the Lending Parties will 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 will be available for inspection
by Borrower and each Lending Party at any reasonable time and from time to time upon reasonable prior notice. This ‎Section
10.06(c) shall be construed so that the Loans and L/C Credit Extensions are at all times maintained in “registered form” within
the meaning of section 163(f), 871(h)(2) and 881(c) of the Code.

 

(d)            
Participations. Any Lender may at any time, without the consent of, or notice to, Borrower or Administrative Agent, sell participations
to any Person other than a natural person (or a holding company, investment vehicle or trust for, or owned and operated for the primary
benefit of, a natural Person), Disqualified Institutions, Borrower or any Affiliate of Borrower (each a “Participant”)
in all or a portion of such Person’s rights and/or obligations under this Agreement (including all or a portion of its Commitment(s)
and/or the Loans (including such Lender’s participations in Credit Obligations and/or Swing Line Loans) owing to it); provided
that (i) any sale of a participation to a proposed Participant that would not otherwise qualify as an Eligible Assignee or that is a Defaulting
Lender must be approved by Administrative Agent, (ii) such Person’s obligations under this Agreement will remain unchanged, (iii)
such Person will remain solely responsible to the other parties hereto for the performance of such obligations and (iv) Borrower, Administrative
Agent and the Lending Parties will continue to deal solely and directly with such Person in connection with such Person’s rights
and obligations under this Agreement. Each Lender will be responsible for the indemnity under ‎Section
10.06(c) with respect to any payments made by such Lender to its Participant(s).

 

Any agreement, instrument or other document pursuant to which a Lender
sells such a participation will provide that such Person will 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 such document may provide that such Person will not, without the consent of the Participant, agree to any amendment, waiver or other
modification described in the first proviso to ‎Section
10.01 that affects such Participant. Borrower agrees that each Participant will be entitled to the benefits of Sections ‎3.01,
‎3.04 and ‎3.05
(subject to the requirements and limitations therein, including the requirements under ‎Section
3.01(d) (it being understood that the documentation required under ‎Section
3.01(d)

 

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will be delivered to the participating Lender)) to the same extent
as if it were a Lender and had acquired its interest by assignment pursuant to ‎Section
10.06(b); provided that such Participant (A) agrees to be subject to the provisions of Sections ‎3.06
and ‎3.08 as if it were an assignee under
‎Section 10.06(b), and (B) will not be entitled
to receive any greater payment under Sections ‎3.01
and ‎3.04, with respect to any participation
than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment
results from a Change in Law that occurs after the Participant acquired the applicable participation, or unless the sale of the participation
to such Participant is made with Borrower’s prior written consent. Each Lender that sells a participation agrees, at Borrower’s
request and expense, to use reasonable efforts to cooperate with Borrower to effectuate the provisions of ‎Section
3.08 with respect to any Participant. Each Lender that sells a participation will, acting solely for this purpose as a non-fiduciary agent
of Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts of (and stated
interest on) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender will 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 will 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. Administrative Agent (in its capacity as Administrative Agent) will have no responsibility for maintaining
a Participant Register.

 

(e)            
Limitations upon Participant Rights. A Participant will not be entitled to receive any greater payment under ‎Section
3.01 or ‎Section 3.04 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. A Participant that would
be a Foreign Lender if it were a Lender will not be entitled to the benefits of ‎Section
3.01 unless Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of Borrower,
to comply with ‎Section 3.01(e) as though it were
a Lender.

 

(f)           
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank; provided that no such pledge or assignment will release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(g)            
Disqualified Institutions. (i) No assignment or participation shall be made to, and no Additional Revolving Credit Commitment or
Incremental Term Loan Commitment shall be provided by, any Person that is a Disqualified Institution as of the date (the “Trade
Date”) on which the assigning Lender entered into a binding agreement to sell and assign all or a portion of its rights
and obligations under this Agreement to such Person or the applicable Additional Commitments Effective Date, as the case may be (unless
Borrower has consented to such assignment, Additional Revolving Credit Commitment or Incremental Term Loan Commitment, as the case may
be, in writing in its sole and absolute discretion, in which case such Person will

 

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not be considered
a Disqualified Institution for the purpose of such assignment, participation or Incremental Commitment). With respect to any assignee
or Lender having an Additional Revolving Credit Commitment or Incremental Term Loan Commitment that becomes a Disqualified Institution
after the applicable Trade Date (including as a result of the delivery of a notice pursuant to, and/or the expiration of the notice period
referred to in, the definition of “Disqualified Institution”), (A) such assignee or Incremental Lender shall not retroactively
be disqualified from becoming a Lender and (B) the execution by Borrower of an Assignment and Assumption or joinder agreement with respect
to such assignee will not by itself result in such assignee no longer being considered a Disqualified Institution. Any assignment or
Incremental Commitment in violation of this ‎Section
10.06(g)(i) shall not be void, but the other provisions of this ‎Section
10.06(g) shall apply.

 

(i)           
If any assignment or participation is made to, or any Additional Revolving Credit Commitment or Incremental Term Loan Commitment
is provided or held by, any Disqualified Institution without Borrower’s prior written consent in violation of ‎Section
10.06(g)(i), or if any Person becomes a Disqualified Institution after the applicable Trade Date, then, notwithstanding anything to the
contrary contained in ‎Section 2.13 or any
other provisions of this Agreement, Borrower may, at its sole expense and effort, upon notice to the applicable Disqualified Institution
and Administrative Agent, (A) terminate the Commitments of such Disqualified Institution and repay all obligations of Borrower owing to
such Disqualified Institution in connection with such Commitments and/or (B) require such Disqualified Institution to assign, without
recourse (in accordance with and subject to the restrictions contained in this Section), all of its interest, rights and obligations under
this Agreement to one or more Eligible Assignees at the lesser of (x) the principal amount thereof and (y) the amount that such Disqualified
Institution paid to acquire such interests, rights and obligations, in each case plus accrued interest, accrued fees and all other amounts
(other than principal amounts) payable to it hereunder.

 

(ii)           
Notwithstanding anything to the contrary contained in this Agreement, Disqualified Institutions (A)(A) will not (1)(1) have the
right to receive information, reports or other materials provided to Lenders by Borrower, Administrative Agent or any other Lender, (2)(2)
attend or participate in meetings attended by the Lenders and Administrative Agent or (3)(3) access any electronic site established for
the Lenders or confidential communications from counsel to or financial advisors of Administrative Agent or the Lenders, and (B)(B) (x)
for purposes of any consent to any amendment, waiver or modification of, or any action under, and for the purpose of any direction to
Administrative Agent or any Lender to undertake any action (or refrain from taking any action) under this Agreement or any other Loan
Document, each Disqualified Institution will be deemed to have consented in the same proportion as the Lenders that are not Disqualified
Institutions consented to such matter, and (y) for purposes of voting on any Debtor Relief Plan, each Disqualified Institution party hereto
hereby agrees (1)(1) not to vote on such Debtor Relief Plan, (2)(2) if such Disqualified Institution does vote on such Debtor Relief Plan
notwithstanding the restriction in the foregoing clause (1), such vote will be deemed not to be in good faith and shall be “designated”
pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws), and such vote shall not
be counted in determining whether the applicable class has accepted or rejected such Debtor Relief Plan in accordance with Section 1126(c)
of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws) and (3)(3) not to contest any request by any party for
a determination by the Bankruptcy Court (or other applicable court of competent jurisdiction) effectuating the foregoing clause (2).

 

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(iii)           
Administrative Agent shall have the right, and Borrower hereby expressly authorizes Administrative Agent, to (A)(A) post the list
of Disqualified Institutions provided by Borrower and any updates thereto from time to time (collectively, the “DQ List”)
on the Electronic Platform, including that portion of the Electronic Platform that is designated for “public side” Lenders
and/or (B)(B) provide the DQ List to each Lender requesting the same.

 

(h)            
Electronic Execution of Assignments. The words “execution,” “signed,” “signature,”
and words of like import in any Assignment and Assumption will be deemed to include electronic signatures or the keeping of records in
electronic form, each of which will be of the same legal effect, validity or enforceability as a manually executed signature or the use
of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act or any other similar
state laws based on the Uniform Electronic Transactions Act.

 

(i)           
Resignation as an L/C Issuer or Swing Line Lender. Notwithstanding anything to the contrary contained herein, if at any time HSBC
assigns all of its Commitments and Loans pursuant to ‎Section
10.06(b), HSBC may do either or both of the following: (i) upon thirty days’ notice to Borrower and all Lenders, resign as an L/C
Issuer or (ii) upon thirty days’ notice to Borrower, resign as Swing Line Lender. In the event of any such resignation as an L/C
Issuer or Swing Line Lender, Borrower will be entitled to appoint from among Lenders a successor an L/C Issuer or Swing Line Lender (subject
to such Lender’s consent to such appointment, at its sole discretion); provided that no failure by Borrower to appoint any
such successor will affect the resignation of HSBC as L/C Issuer or Swing Line Lender, as the case may be. If HSBC resigns as an L/C Issuer,
it will retain all the rights and obligations of an L/C Issuer hereunder with respect to all Credits outstanding as of the effective date
of its resignation as an L/C Issuer and all Credit Obligations with respect thereto (including the right to require Lenders to make Revolving
Credit Loans that are Base Rate Revolving Credit Loans or fund risk participations in Unreimbursed Amounts pursuant to ‎Section
2.03(c)). If HSBC resigns as Swing Line Lender, it will retain all the rights of Swing Line Lender provided for hereunder with respect
to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require Lenders to
make Revolving Credit Loans that are Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to ‎Section
2.04(c).

 

Section 10.07.     
Treatment of Certain Information; Confidentiality.

 

Administrative Agent and each Lending Party each agrees to maintain
the confidentiality of the Information in accordance with its customary practice, except that Information may be disclosed: (a)(a) to
its Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the
confidential nature of such Information and instructed to keep such Information confidential); (b)(b) to the extent required or requested
by any regulatory authority, purporting to have jurisdiction over such Person or is Related Parties (including any self-regulatory authority,
such as the National Association of Insurance Commissioners); (c)(c) to the extent required by applicable Laws or regulations or by any
subpoena or similar legal process, provided that, if not prohibited by law, the disclosing party will use commercially reasonable
efforts (i)(i) to notify Borrower in advance of such disclosure so that Borrower may seek an appropriate protective order and (ii)(ii)
to cooperate with Borrower to obtain

 

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such protective order; (d)(d) to Gold Sheets (published by Thomson
Reuters LPC) or other similar bank trade publication or online information service, provided that such disclosures of Information
will be limited to the material deal terms of the Facilities consistent with other customary disclosures by banks and institutional lenders
to such publications or online services for league table reporting purposes; (e)(e) to any other party hereto; (f)(f) in connection with
the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any
other Loan Document or the enforcement of rights hereunder or thereunder; (g)(g) subject to an agreement containing provisions substantially
the same as those of this Section 10.07 to (i)(i) any assignee of or Participant in, or any prospective assignee of or Participant in,
any of its rights and obligations under this Agreement or (ii)(ii) any actual or prospective party (or its Related Parties) to any swap,
derivative or other transaction under which payments are to be made by reference to Borrower and its obligations, this Agreement or payments
hereunder, provided that, in each case under this clause (g), no such disclosure shall be made to a Disqualified Institution; (h)(h)
on a confidential basis to (A)(A) any rating agency in connection with rating Borrower or its Subsidiaries or the Facilities or (B)(B)
the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Facilities;
(i)(i) with the consent of Borrower; or (j)(j) to the extent such Information (1)(1) becomes publicly available other than as a result
of a breach of this Section 10.07 or (2)(2) becomes available to Administrative Agent, any Lending Party or any of their respective Affiliates
on a non-confidential basis from a source other than Borrower or any Subsidiary thereof and not in contravention of this Section 10.07.
For purposes of this Section 10.07, “Information” means all information (including financial information) received
from Borrower or any other Loan Party or any of their respective Subsidiaries relating to Borrower or any such Loan Party or any of such
Affiliates or their respective businesses, assets, operations or condition (financial or otherwise). Any Person required to maintain the
confidentiality of Information as provided in this Section 10.07 will be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own
confidential information.

 

Section 10.08.     
Right of Setoff.

 

If an Event of Default will have occurred and be continuing, each Lending
Party and its respective Affiliates is hereby authorized at any time and from time to time to the fullest extent permitted by applicable
Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any
time held, and other obligations (in whatever currency) at any time owing, by such Lending Party or any such Affiliate to or for the credit
or the account of Borrower or any other Loan Party against any and all of the Obligations to such Lending Party or such Affiliate, irrespective
of whether or not such Lending Party or Affiliate will have made any demand under this Agreement or any other Loan Document and although
such obligations of Borrower or such Loan Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lending
Party different from the branch, office or Affiliate holding such deposit or obligated on such obligations; provided, that in the
event that any Defaulting Lender will exercise any such right of setoff, (a) all amounts so set off will be paid over immediately to Administrative
Agent for further application in accordance with the provisions of Section 3.07 and, pending such payment, will be segregated by such
Defaulting Lender from its other funds and deemed held in trust for the benefit of Administrative Agent and the Lending Parties, and (b)
the Defaulting Lender will 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 Lending Party and its Affiliates under this
Section 10.08 are in addition to other rights and remedies (including other rights of setoff) that such Lending Party or its Affiliates
may have. Each Lending Party agrees to notify Borrower

 

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and Administrative Agent promptly after any such setoff and application;
provided that the failure to give such notice will not affect the validity of such setoff and application. Notwithstanding anything
in this Section 10.08 to the contrary, no Lending Party will exercise, or attempt to exercise, any right of set-off, banker’s lien
or the like against any deposit account or property of any Loan Party or any Subsidiary thereof held or maintained by such Lending Party,
in each case to the extent the deposits or other proceeds of such exercise, or attempt to exercise, any right of set-off, banker’s
lien or the like are, or are intended to be or are otherwise are held out to be applied to the Obligations hereunder or otherwise secured
by the Collateral, without the prior written consent of Administrative Agent.

 

Section 10.09.     
Interest Rate Limitation.

 

Notwithstanding anything to the contrary contained in any Loan Document,
the interest paid or agreed to be paid under the Loan Documents will not exceed the maximum rate of non-usurious interest permitted by
applicable Law. If Administrative Agent or any Lender will receive interest in an amount that exceeds the maximum rate of non-usurious
interest permitted by applicable Law, the excess interest will be applied to the principal of the Loans or, if it exceeds such unpaid
principal, refunded to Borrower or the Guarantors, as applicable. In determining whether the interest contracted for, charged, or received
by Administrative Agent or a Lender exceeds the maximum rate of non-usurious interest permitted by applicable Law, such Person may, to
the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than
interest, (b) exclude voluntary prepayments and the effects thereof and (c) amortize, prorate, allocate, and spread in equal or unequal
parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

 

Section 10.10.     
Counterparts; Integration; Effectiveness; Electronic Execution.

 

(a)            
Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which will constitute an original, but all of which when taken together will constitute a single contract. This
Agreement and the other Loan Documents constitute the entire agreement among the parties relating to the subject matter hereof and supersede
any and all previous documents, agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided
in Section 4.01, this Agreement will become effective when it will have been executed and delivered by Administrative Agent and when Administrative
Agent will 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 electronic transmission (such as by “pdf”)
will be effective as delivery of a manually executed counterpart of this Agreement.

 

(b)            
Electronic Execution. The words “execute,” “execution,” “signed,” “signature,”
“delivery” and words of like import in or related to this Agreement, any other Loan Document or any document, amendment, approval,
consent, waiver, modification, information, notice, certificate, report, statement, disclosure, or authorization to be signed or delivered
in connection with this Agreement or any other Loan Document or the transactions contemplated hereby shall be deemed to include Electronic
Signatures or execution in the form of an Electronic Record, and contract formations on electronic platforms approved by Administrative
Agent, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for
in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic

 

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Signatures
and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Each party hereto agrees that any
Electronic Signature or execution in the form of an Electronic Record shall be valid and binding on itself and each of the other parties
hereto to the same extent as a manual, original signature. For the avoidance of doubt, the authorization under this Section 10.10(b)
may include use or acceptance by the parties of a manually signed paper which has been converted into electronic form (such as scanned
into PDF format), or an electronically signed paper converted into another format, for transmission, delivery and/or retention. Notwithstanding
anything contained herein to the contrary, Administrative Agent is under no obligation to accept an Electronic Signature in any form
or in any format unless expressly agreed to by Administrative Agent pursuant to procedures approved by it; provided that without
limiting the foregoing, (a) to the extent Administrative Agent has agreed to accept such Electronic Signature from any party hereto,
Administrative Agent and the other parties hereto shall be entitled to rely on any such Electronic Signature purportedly given by or
on behalf of the executing party without further verification and (b) upon the request of Administrative Agent or any Lending Party,
any Electronic Signature shall be promptly followed by an original manually executed counterpart thereof. Without limiting the generality
of the foregoing, each party hereto hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout,
restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders and any of the
Loan Parties, electronic images of this Agreement or any other Loan Document (in each case, including with respect to any signature pages
thereto) shall have the same legal effect, validity and enforceability as any paper original, and (ii) waives any argument, defense or
right to contest the validity or enforceability of the Loan Documents based solely on the lack of paper original copies of any Loan Documents,
including with respect to any signature pages thereto.

 

Section 10.11.     
Collateral Matters.

 

Subject to Section 10.15(m) and Section 10.18, Lenders agree, and agree
to instruct (or otherwise in the manner provided by this Agreement and the other Loan Documents, cause) Administrative Agent, to (a) release
any Lien on any property granted to or held by Administrative Agent under any Collateral Document (i) upon termination of the Aggregate
Commitments and the payment in full of all Obligations, (ii) that is sold or to be sold as part of any Disposition permitted hereunder
or under any other Loan Document (provided that the Liens of Administrative Agent continue to attach to the proceeds thereof to
the extent such proceeds constitute Collateral), (iii) subject to Section 10.01, if approved, authorized or ratified in writing by Required
Lenders or (iv) in connection with any foreclosure sale or other Disposition of Collateral after the occurrence of an Event of Default;
and (b) release any Guarantor from all Guaranteed Obligations under the Loan Documents upon a transaction permitted hereunder which results
in such Guarantor ceasing to be a Subsidiary of the Borrower and in connection therewith release all Liens granted by such Guarantor under
the Loan Documents securing such Guaranteed Obligations or otherwise not being required to be a Guarantor under the Loan Documents (such
as the designation of a Restricted Subsidiary as an Unrestricted Subsidiary). Upon any termination of any such Liens or Guaranty, Administrative
Agent will promptly, at the sole expense of Borrower, execute and deliver such instruments (including UCC filings and filings with the
United States Patent and Trademark Office or United States Copyright Office) as may be reasonably requested by Borrower to facilitate
and further such termination.

 

Section 10.12.     
Severability.

 

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If any provision of this Agreement or the other Loan Documents is held
to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and
the other Loan Documents will not be affected or impaired thereby and (b) the parties will endeavor in good faith negotiations to replace
the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that
of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction will not invalidate or
render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and
to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders will be limited by Debtor Relief
Laws, as determined in good faith by Administrative Agent, L/C Issuer or Swing Line Lender, as applicable, then such provisions will be
deemed to be in effect only to the extent not so limited.

 

Section 10.13.     
Lender-Creditor Relationship.

 

The relationship between the Lending Parties and Administrative Agent,
on the one hand, and Borrower and the other Loan Parties, on the other, is solely that of creditor and debtor. Neither any Lending Party
nor Administrative Agent has (or will be deemed to have) any fiduciary relationship or duty to Borrower or any other Loan Party arising
out of or in connection with, and there is no agency or joint venture relationship between the Lending Parties and Administrative Agent,
on the one hand, and Borrower and the other Loan Parties, on the other, by virtue of this Agreement or any other Loan Document or any
of the Transactions contemplated herein or therein.

 

Section 10.14.     
USA Patriot Act Notice.

 

Each Lender that is subject to the PATRIOT Act and Administrative Agent
(for itself and not on behalf of any Lender) hereby notifies Borrower that pursuant to the requirements of the PATRIOT Act, it is required
to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and such
other information that will allow each such Lender or Administrative Agent, as applicable, to identify Borrower in accordance with the
PATRIOT Act. Borrower shall, promptly following a request by Administrative Agent or any Lender, provide all documentation and other information
that Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer”
and anti-money laundering Laws, including the PATRIOT Act.

 

Section 10.15.     
Guaranty.

 

(a)            
Guaranty. Except as may be expressly otherwise limited in this Agreement as to any specific Guarantor, each Guarantor at any time
party hereto, jointly and severally, unconditionally and irrevocably guarantees, as a guaranty of payment and performance and not merely
as a guaranty of collection, to the Secured Parties the full and prompt payment when due (whether at stated maturity, by required prepayment,
declaration, acceleration, demand or otherwise) and performance of the Obligations (the “Guaranteed Obligations”).
The Guaranteed Obligations include interest that, but for a proceeding under any Debtor Relief Law, would have accrued on such Guaranteed
Obligations, whether or not a claim is allowed against Borrower for such interest in any such proceeding.

 

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(b)            
Separate Obligation. Each Guarantor acknowledges and agrees that (i) the Guaranteed Obligations are separate and distinct from
any Indebtedness arising under or in connection with any other document, including under any provision of this Agreement other than this
Section 10.15, executed at any time by such Guarantor in favor of any Secured Party; and (ii) such Guarantor will pay and perform all
of the Guaranteed Obligations as required under this Section 10.15, and the Secured Parties may enforce any and all of their respective
rights and remedies hereunder, without regard to any other document, including any provision of this Agreement other than this Section
10.15, at any time executed by such Guarantor in favor of any Secured Party, irrespective of whether any such other document, or any provision
thereof or hereof, will for any reason become unenforceable or any of the Indebtedness thereunder will have been discharged, whether by
performance, avoidance or otherwise (other than payment of all Guaranteed Obligations). Each Guarantor acknowledges that, in providing
benefits to Borrower, the Secured Parties are relying upon the enforceability of this Section 10.15 and the Guaranteed Obligations as
separate and distinct Indebtedness of each such Guarantor, and each Guarantor agrees that the Secured Parties would be denied the full
benefit of their bargain if at any time this Section 10.15 or the Guaranteed Obligations were treated any differently. The fact that the
Guaranty is set forth in this Agreement rather than in a separate guaranty document is for the convenience of Borrower and each Guarantor
and will in no way impair or adversely affect the rights or benefits of the Secured Parties under this Section 10.15. Upon the occurrence
of any Event of Default, a separate action or actions may be brought against each such Guarantor, whether or not Borrower or any other
Guarantor or any other Person is joined therein or a separate action or actions are brought against Borrower or any such other Guarantor
or any such other Person.

 

(c)            
Insolvency Laws; Right of Contribution.

 

(i)           
As used in this Section 10.15(c): (A)(A) the term “Guarantor Applicable Insolvency Laws” means the Laws
of any Governmental Authority relating to bankruptcy, reorganization, arrangement, adjustment of debts, relief of debtors, dissolution,
insolvency, fraudulent transfers or conveyances or other similar laws (including 11 U. S. C. §547, §548, §550 and other
“avoidance” provisions of the Bankruptcy Code) as applicable in any proceeding in which the validity or enforceability of
this Agreement or any other Loan Document against any Guarantor, or any Guarantor Specified Lien is in issue; and (B)(B) “Guarantor
Specified Lien” means any Lien from time to time granted by any Guarantor securing the Guaranteed Obligations. Notwithstanding
any provision of this Agreement to the contrary, if, in any proceeding, a court of competent jurisdiction determines that with respect
to any Guarantor, this Agreement or any other Loan Document or any Guarantor Specified Lien would, but for the operation of this Section
10.15(c), be subject to avoidance and/or recovery or be unenforceable by reason of Guarantor Applicable Insolvency Laws, this Agreement,
such other Loan Document and each such Guarantor Specified Lien will be valid and enforceable against such Guarantor, only to the maximum
extent that would not cause this Agreement, such other Loan Document or such Guarantor Specified Lien to be subject to avoidance, recovery
or unenforceability. To the extent that any payment to, or realization by, Administrative Agent or any Lending Party on the Guaranteed
Obligations exceeds the limitations of this Section 10.15(c) and is otherwise subject to avoidance and recovery in any such proceeding,
the amount subject to avoidance will in all events be limited to the amount by which such actual payment or realization exceeds such limitation,
and this Agreement as limited will in all events remain in full force and effect and be fully enforceable against such Guarantor. This
Section 10.15(c) is intended solely to reserve the rights of the Secured Parties hereunder against each Guarantor, in such proceeding
to the maximum extent permitted by Guarantor Applicable Insolvency Laws and neither Borrower, nor any Guarantor or any other guarantor
of the Obligations nor any other Person will have any right, claim or defense under this Section 10.15(c) that would not otherwise be
available under Guarantor Applicable Insolvency Laws in such proceeding.

 

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(ii)           
Each Guarantor hereby agrees that, to the extent that any Guarantor will have paid an amount hereunder to or on behalf of the Secured
Parties that is greater than the net value of the benefits received, directly or indirectly, by such paying Guarantor as a result of the
Credit Extensions and other credit accommodations extended hereunder, such paying Guarantor will be entitled to contribution from any
Guarantor that has not paid its proportionate share, based on benefits received as a result of the making and issuance of the Credit Extensions.
Any amount payable as a contribution under this Section 10.15(c) will be determined as of the date on which the related payment or distribution
is made by the Guarantor seeking contribution and each Guarantor acknowledges that the right to contribution hereunder will constitute
an asset of such Guarantor to which such contribution is owed. Notwithstanding the foregoing, the provisions of this Section 10.15(c)
will in no respect limit the obligations and liabilities of any Guarantor to the Secured Parties hereunder or under any other Loan Document,
and each Guarantor will remain jointly and severally liable for the full payment and performance of the Guaranteed Obligations.

 

(d)            
Qualified ECP Guarantors. Each Qualified ECP Guarantor, jointly and severally, hereby absolutely, unconditionally and irrevocably
undertakes to provide such funds or other support as may be needed from time to time by each other Guarantor to honor all of such Guarantor’s
obligations under this Agreement and the other Loan Documents in respect of Secured Swap Obligations (provided, however,
that each Qualified ECP Guarantor shall only be liable under this Section 10.15 for the maximum amount of such liability that can be hereby
incurred without rendering its obligations under this Section 10.15, or otherwise under this Agreement or the other Loan Documents, voidable
under applicable Law, including voidable transfer, fraudulent conveyance or fraudulent transfer laws, and not for any greater amount).
The obligations of each Qualified ECP Guarantor under this Section 10.15 shall remain in full force and effect until the payment in full
in cash of the Obligations (other than contingent amounts not yet due), in each case, in accordance with and subject to the limitations
set forth in Section 10.18. Each Qualified ECP Guarantor intends that this Section 10.15 constitute, and this Section 10.15 shall be deemed
to constitute, a “keepwell, support, or other agreement” for the benefit of each other Guarantor for all purposes of Section
1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

(e)            
Liability of Guarantors. The liability of each Guarantor under this Section 10.15 will be irrevocable, absolute, independent and
unconditional, and will not be affected by any circumstance that might constitute a discharge of a surety or guarantor other than the
payment and performance in full of all Guaranteed Obligations. In furtherance of the foregoing and without limiting the generality thereof,
each Guarantor agrees as follows:

 

(i)           
such Guarantor’s liability hereunder will be the immediate, direct, and primary obligation of such Guarantor and will not
be contingent upon any Secured Party’s exercise or enforcement of any remedy it may have against Borrower or any other Person, or
against any collateral or other security for any Guaranteed Obligations;

 

(ii)           
this Guaranty is a guaranty of payment when due and not merely of collectability;

 

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(iii)           
Administrative Agent and the Lending Parties may enforce this Section 10.15 upon the occurrence of an Event of Default notwithstanding
the existence of any dispute among Administrative Agent and the Lending Parties, on the one hand, and Borrower or any other Person, on
the other hand, with respect to the existence of such Event of Default (it being understood and agreed that nothing in this clause (iii)
shall, or is intended to, limit or impair such Guarantor’s separate right to dispute the existence of the Event of Default);

 

(iv)           
such Guarantor’s payment of a portion, but not all, of the Guaranteed Obligations will in no way limit, affect, modify or
abridge such Guarantor’s liability for any portion of the Guaranteed Obligations remaining unsatisfied; and

 

(v)           
such Guarantor’s liability with respect to the Guaranteed Obligations will remain in full force and effect without regard
to, and will not be impaired or affected by, nor will such Guarantor be exonerated or discharged by, any of the following events:

 

(A)           
any proceeding under any Debtor Relief Law;

 

(B)           
any limitation, discharge, or cessation of the liability of Borrower or any Guarantor or other Person for any Guaranteed Obligations
due to any applicable Law, or any invalidity or unenforceability in whole or in part of any of the Guaranteed Obligations or the Loan
Documents;

 

(C)           
any merger, acquisition, consolidation or change in structure of Borrower or any Guarantor or other Person, or any sale, lease,
transfer or other disposition of any or all of the assets or shares of Borrower or any other Guarantor or Person, except to the extent
any Guarantor is released from Guaranteed Obligations in connection therewith in accordance with the terms of this Agreement;

 

(D)           
any assignment or other transfer, in whole or in part, of any Secured Party’s interests in and rights under this Agreement
(including this Section 10.15) or the other Loan Documents;

 

(E)           
any claim, defense, counterclaim or setoff, other than that of prior performance, that Borrower, any Guarantor or any other Person
may have or assert, including any defense of incapacity or lack of corporate or other authority to execute any of the Loan Documents;

 

(F)           
any Secured Party’s amendment, modification, renewal, extension, cancellation or surrender of any Loan Document or any Guaranteed
Obligations;

 

(G)           
any Secured Party’s exercise or non-exercise of any power, right or remedy with respect to any Guaranteed Obligations or
any collateral;

 

(H)           
any Secured Party’s vote, claim, distribution, election, acceptance, action or inaction in any proceeding under any Debtor
Relief Law; or

 

(I)           
any other guaranty, whether by such Guarantor or any other Person, of all or any part of the Guaranteed Obligations or any other
indebtedness, obligations or liabilities of Borrower to any Secured Party.

 

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(f)           
Consents of Guarantors. Each Guarantor hereby unconditionally consents and agrees that, without notice to or further assent from
any such Guarantor:

 

(i)           
the principal amount of the Guaranteed Obligations may be increased or decreased and additional indebtedness or obligations of
Borrower under the Loan Documents may be incurred and the time, manner, place or terms of any payment under any Loan Document may be extended
or changed, by one or more amendments, modifications, renewals or extensions of any Loan Document or otherwise;

 

(ii)           
the time for Borrower’s (or any other Person’s) performance of or compliance with any term, covenant or agreement on
its part to be performed or observed under any Loan Document may be extended, or such performance or compliance waived, or failure in
or departure from such performance or compliance consented to, all in such manner and upon such terms as the Secured Parties (as applicable
under the relevant Loan Documents) may deem proper;

 

(iii)           
the Secured Parties may request and accept other guaranties and may take and hold security as collateral for the Guaranteed Obligations,
and may, from time to time, in whole or in part, exchange, sell, surrender, release, subordinate, modify, waive, rescind, compromise or
extend such other guaranties or security and may permit or consent to any such action or the result of any such action, and may apply
such security and direct the order or manner of sale thereof; and

 

(iv)           
the Secured Parties may exercise, or waive or otherwise refrain from exercising, any other right, remedy, power or privilege even
if the exercise thereof affects or eliminates any right of subrogation or any other right of such Guarantor against Borrower.

 

(g)            
Guarantors’ Waivers. Each Guarantor hereby waives and agrees not to assert:

 

(i)           
any right to require any Secured Party to proceed against Borrower, any other Guarantor or any other Person, or to pursue any other
right, remedy, power or privilege of any Secured Party whatsoever;

 

(ii)           
the defense of the statute of limitations in any action hereunder or for the collection or performance of the Guaranteed Obligations
(and in this regard that the performance of any act or any payment which tolls any statute of limitations applicable to Obligations under
any of the Loan Documents will similarly operate to toll the statute of limitations applicable to each such Guarantor’s liability
hereunder);

 

(iii)           
any defense arising by reason of any lack of corporate or other authority or any other defense of Borrower, such Guarantor or any
other Person (other than payment in full of the Guaranteed Obligations or, subject to Section 10.15(i), that no Guaranteed Obligations
were then due);

 

(iv)           
any defense based upon any Secured Party’s errors or omissions in the administration of the Guaranteed Obligations;

 

(v)           
any rights to set-offs and counterclaims;

 

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(vi)           
without limiting the generality of the foregoing, to the fullest extent permitted by law, any defenses or benefits that may be
derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties, or that may conflict with
the terms of this Section 10.15, including any and all benefits that otherwise might be available to such Guarantor under California Civil
Code Sections 1432, 2809, 2810, 2815, 2819, 2839, 2845, 2848, 2849, 2850, 2899 and 3433 and California Code of Civil Procedure Sections
580a, 580b, 580d and 726; and

 

(vii)           
any and all notice of the acceptance of this Guaranty, and any and all notice of the creation, renewal, modification, extension
or accrual of the Guaranteed Obligations, or the reliance by the Secured Parties upon this Guaranty, or the exercise of any right, power
or privilege hereunder. The Guaranteed Obligations will conclusively be deemed to have been created, contracted, incurred and permitted
to exist in reliance upon this Guaranty. Each Guarantor waives promptness, diligence, presentment, protest, demand for payment, notice
of default, dishonor or nonpayment and all other notices to or upon Borrower, any Guarantor or any other Person with respect to the Guaranteed
Obligations.

 

(h)            
Stay of Acceleration. If acceleration of the time for payment of any of the Obligations is stayed in connection with any case commenced
by or against Borrower under any Debtor Relief Law, or otherwise, all such amounts will nonetheless be jointly and severally payable by
each Guarantor immediately upon demand by Administrative Agent to the extent such acceleration would otherwise be permitted but for such
stay.

 

(i)           
Financial Condition of Borrower. No Guarantor will have any right to require any Secured Party to obtain or disclose any information
with respect to (i) the financial condition or character of Borrower or the ability of Borrower to pay and perform the Guaranteed Obligations,
(ii) the Guaranteed Obligations, (iii) any collateral or other security for any or all of the Guaranteed Obligations, (iv) the existence
or nonexistence of any other guarantees of all or any part of the Guaranteed Obligations, (v) any action or inaction on the part of any
Secured Party or any other Person or (vi) any other matter, fact or occurrence whatsoever. Each Guarantor hereby acknowledges that it
has undertaken its own independent investigation of the financial condition of Borrower and all other matters pertaining to this Guaranty
set forth in this Section 10.15 and further acknowledges that it is not relying in any manner upon any representation or statement of
any Secured Party with respect thereto.

 

(j)           
Subrogation. Until the Guaranteed Obligations have been paid and performed in full and the Aggregate Commitments have been terminated,
no Guarantor will directly or indirectly exercise (i) any rights that it may acquire by way of subrogation under this Section 10.15, by
any payment hereunder or otherwise, (ii) any rights of contribution, indemnification, reimbursement or similar suretyship claims arising
out of this Section 10.15 or (iii) any other right that it might otherwise have or acquire (in any way whatsoever) that could entitle
it at any time to share or participate in any right, remedy or security of any Secured Party as against any Borrower or any other Guarantor
or any other Person, whether in connection with this Section 10.15, any of the other Loan Documents or otherwise.

 

(k)            
Subordination. All payments on account of all indebtedness, liabilities and other obligations of Borrower to any Guarantor, whether
now existing or hereafter arising, and whether due or to become due, absolute or contingent, liquidated or unliquidated, determined or
undetermined (the “Guarantor Subordinated Indebtedness”) will be subject, subordinate and junior in right of
payment and exercise of remedies, to the extent and in the manner set forth

 

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herein,
to the prior payment in full in Cash of the Guaranteed Obligations. As long as any of the Guaranteed Obligations (other than unasserted
contingent indemnification obligations) will remain outstanding and unpaid, no Guarantor will accept or receive any payment or distribution
by or on behalf of Borrower or any other Guarantor, directly or indirectly, or assets of Borrower or any other Guarantor, of any kind
or character, whether in Cash, property or securities, including on account of the purchase, redemption or other acquisition of Guarantor
Subordinated Indebtedness, as a result of any collection, sale or other disposition of collateral, or by setoff, exchange or in any other
manner, for or on account of the Guarantor Subordinated Indebtedness (“Guarantor Subordinated Indebtedness Payments”),
except that, each Guarantor will be entitled to accept and receive payments on its Guarantor Subordinated Indebtedness not in contravention
of any Law or the terms of the Loan Documents so long as (i) no Event of Default has occurred and is occurring and (ii) the Administrative
Agent has not given notice that Guarantor Subordinated Indebtedness payments are not permitted. Notwithstanding the foregoing, Borrowers
may pay, and Guarantors may accept and receive, any Restricted Payment to the extent permitted in accordance with Section 7.06.

 

If any Guarantor Subordinated Indebtedness Payments will be received
in contravention of this Section 10.15, such Guarantor Subordinated Indebtedness Payments will be held in trust for the benefit of the
Secured Parties and will be paid over or delivered to Administrative Agent for application to the payment in full in Cash of all Guaranteed
Obligations remaining unpaid to the extent necessary to give effect to this Section 10.15 after giving effect to any concurrent payments
or distributions to the Secured Parties in respect of the Guaranteed Obligations.

 

(l)           
Continuing Guaranty. The Guaranty set forth in this Section 10.15 is a continuing irrevocable guaranty and agreement of subordination
and will continue in effect and be binding upon each Guarantor until termination of the Aggregate Commitments and payment and performance
in full of the Guaranteed Obligations, including Guaranteed Obligations which may exist continuously or which may arise from time to time
under successive transactions, and each such Guarantor expressly acknowledges that this Guaranty will remain in full force and effect
notwithstanding that there may be periods in which no Guaranteed Obligations exist.

 

(m)            
Reinstatement. The Guaranty set forth in this Section 10.15 will continue to be effective or will be reinstated and revived, as
the case may be, if, for any reason, any payment of the Guaranteed Obligations by or on behalf of Borrower (or receipt of any proceeds
of Collateral) will be rescinded, invalidated, declared to be fraudulent or preferential, set aside, voided or otherwise required to be
repaid to Borrower, its estate, trustee, receiver or any other Person (including under any Debtor Relief Law), or must otherwise be restored
by any Secured Party, whether as a result of proceedings under any Debtor Relief Law or otherwise. All losses, damages, costs and expenses
that any Secured Party may suffer or incur as a result of any voided or otherwise set aside payments will be specifically covered by the
indemnity in favor of the Secured Parties contained in Section 10.04.

 

(n)            
Substantial Benefits. The Credit Extensions provided to or for the benefit of Borrower hereunder by the Lending Parties have been
and are to be contemporaneously used for the benefit of Borrower and each Guarantor. It is the position, intent and expectation of the
parties that Borrower and each such Guarantor have derived and will derive significant and substantial direct and indirect benefits from
the Credit Extensions to be made available by the Lending Parties under the Loan Documents.

 

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(o)            
Knowing and Explicit Waivers. Each Guarantor acknowledges that it either has obtained the advice of legal counsel or has had the
opportunity to obtain such advice in connection with the terms and provisions of this Section 10.15. Each Subsidiary Guarantor acknowledges
and agrees that each of the waivers and consents set forth herein is made with full knowledge of its significance and consequences, that
all such waivers and consents herein are explicit and knowing and that each such Guarantor expects such waivers and consents to be fully
enforceable.

 

If, while any Guarantor Subordinated Indebtedness is outstanding, any
proceeding under any Debtor Relief Law is commenced by or against Borrower or its property, Administrative Agent, when so instructed by
any L/C Issuer, Swing Line Lender and Required Lenders, is hereby irrevocably authorized and empowered (in the name of the Lending Parties
or in the name of any Guarantor or otherwise), but will have no obligation, to demand, sue for, collect and receive every payment or distribution
in respect of all Guarantor Subordinated Indebtedness and give acquittances therefor and to file claims and proofs of claim and take such
other action (including voting the Guarantor Subordinated Indebtedness) as it may deem necessary or advisable for the exercise or enforcement
of any of the rights or interests of the Secured Parties; and each such Guarantor will promptly take such action as Administrative Agent
(on instruction from any L/C Issuer, Swing Line Lender and Required Lenders) may reasonably request (A) to collect the Guarantor Subordinated
Indebtedness for the account of the Lending Parties and to file appropriate claims or proofs of claim in respect of the Guarantor Subordinated
Indebtedness; (B) to execute and deliver to Administrative Agent such powers of attorney, assignments and other instruments as it may
request to enable it to enforce any and all claims with respect to the Guarantor Subordinated Indebtedness; and (C) to collect and receive
any and all Guarantor Subordinated Indebtedness Payments.

 

Section 10.16.     
Governing Law; Jurisdiction; Etc.

 

(a)            
Governing Law. This Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action (whether in
contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any
other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby will be governed by, and construed
in accordance with, the laws of the State of New York, without regard to principles of conflicts of law other than New York General Obligations
Law 5-1401 and 5-1402.

 

(b)            
Submission to Jurisdiction. Subject to the last sentence of this Section 10.16(b), each party hereto hereby irrevocably and unconditionally
agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in
contract or in tort or otherwise, against any other party hereto or any Related Party of the foregoing in any way relating to this Agreement
or any other Loan Document or the transactions relating hereto or thereto, in any forum other than the courts of the Supreme Court of
the State of New York sitting in New York County in the Borough of Manhattan and of the United States District Court for the Southern
District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits
to the exclusive (subject only to the last sentence of this Section 10.16(b)) jurisdiction of such courts and agrees that all claims in
respect of any such action, litigation or proceeding shall be heard and determined in such New York State Court or, to the fullest extent
permitted by applicable Law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation
or proceeding will be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by
Law. Nothing in this Agreement or in any other Loan Document will affect any right that Administrative Agent or any Lending Party may
otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Loan Party or any of
its properties in the courts of any other jurisdiction.

 

    182 

     

    

(c)            
Waiver of Venue. Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable
Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to
this Agreement or any other Loan Document in any court referred to in subsection (b) of this Section 10.16. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by applicable Law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court.

 

(d)            
Service of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section
10.02. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable
Law.

 

Section 10.17.     
Waiver of Right to Jury Trial.

 

(a)            
BORROWER AND EACH OTHER LOAN PARTY, ADMINISTRATIVE AGENT AND EACH LENDING PARTY HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR UNDER ANY AMENDMENT, WAIVER,
CONSENT, INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED IN CONNECTION THEREWITH, OR ARISING
FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND AGREES THAT ANY SUCH ACTION, PROCEEDING OR COUNTERCLAIM
WILL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. BORROWER AND EACH OTHER LOAN PARTY HEREBY ACKNOWLEDGES THAT THIS PROVISION IS A MATERIAL
INDUCEMENT FOR ADMINISTRATIVE AGENT AND THE LENDING PARTIES ENTERING INTO THIS AGREEMENT.

 

(b)            
EACH OF THE PARTIES HERETO REPRESENTS THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL ON SUCH MATTERS. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS
A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

(c)            
TO THE EXTENT THAT THE WAIVER OF JURY TRIAL IN SECTION 10.17(a) IS HELD OR OTHERWISE DETERMINED BY A COURT IN THE STATE OF CALIFORNIA
TO BE UNENFORCEABLE, THE PARTIES HERETO DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE OR RETIRED JUDGE APPLYING THE APPLICABLE LAW.
THEREFORE, THE PARTIES HERETO AGREE TO REFER, FOR A COMPLETE AND FINAL ADJUDICATION, ANY AND ALL ISSUES OF FACT OR LAW INVOLVED IN ANY
LITIGATION OR PROCEEDING (INCLUDING ALL DISCOVERY AND LAW AND MOTION MATTERS, PRETRIAL MOTIONS, TRIAL MATTERS, AND POST-TRIAL MOTIONS
(E.G., MOTIONS FOR RECONSIDERATION, NEW TRIAL AND TO TAX COSTS, ATTORNEY FEES AND PREJUDGMENT INTEREST)) UP TO AND INCLUDING FINAL JUDGMENT,
BROUGHT TO RESOLVE ANY DISPUTE (WHETHER SOUNDING IN CONTRACT, TORT, UNDER ANY STATUTE, OR OTHERWISE) BETWEEN THE LENDER AND BORROWER ARISING
OUT OF, CONNECTED WITH, OR RELATED OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THE

 

    183 

     

    

PARTIES
IN CONNECTION WITH THIS AGREEMENT, THE LOAN DOCUMENTS OR THE TRANSACTIONS RELATED HERETO AND THERETO, TO A JUDICIAL REFEREE WHO WILL
BE APPOINTED UNDER A GENERAL REFERENCE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 638. THE REFEREE’S DECISION WOULD
STAND AS THE DECISION OF THE COURT, WITH JUDGMENT TO BE ENTERED ON HIS STATEMENT OF DECISION IN THE SAME MANNER AS IF THE ACTION HAD
BEEN TRIED BY THE COURT. ADMINISTRATIVE AGENT AND BORROWER WILL SELECT A SINGLE NEUTRAL REFEREE, WHO WILL BE A RETIRED STATE OR FEDERAL
JUDGE WITH AT LEAST FIVE YEARS OF JUDICIAL EXPERIENCE IN CIVIL MATTERS. IN THE EVENT THAT ADMINISTRATIVE AGENT AND BORROWER CANNOT AGREE
UPON A REFEREE, THE REFEREE WILL BE APPOINTED BY THE COURT. THE LOAN PARTIES WILL JOINTLY AND SEVERALLY BEAR THE FEES AND EXPENSES OF
THE REFEREE UNLESS THE REFEREE OTHERWISE PROVIDES IN THE STATEMENT OF DECISION. EACH PARTY AGREES THAT ANY PARTY TO THIS AGREEMENT MAY
FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 10.17 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO
TO THE REFERENCE TO A JUDICIAL REFEREE AS PROVIDED ABOVE.

 

Section 10.18.     
Survival.

 

All covenants, agreements, representations and warranties made by the
Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to any Loan Document
will be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents
and the making or issuance of any Credit Extension hereunder, regardless of any investigation made by any such other party or on its behalf
and notwithstanding that Administrative Agent, any L/C Issuer or any Lender may have had notice or knowledge of any Default or Event of
Default or any incorrect representation or warranty at the time any Credit Extension is extended hereunder, and shall continue in full
force and effect until all Commitments have expired or been terminated, all Obligations have been paid in full in cash and all Credits
have expired or been terminated. The provisions of Sections 3.01, 3.04, 3.05 and 10.04 and Article IX shall survive and remain in full
force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans and all other amounts
payable hereunder, the expiration or termination of the Credits and the Commitments or the termination of this Agreement or any provision
hereof. Notwithstanding the foregoing or anything else to the contrary set forth in this Agreement, in the event that, in connection with
the refinancing or repayment in full of the Loan Document Obligations provided for herein, an L/C Issuer will have provided to Administrative
Agent a written consent to the release of the Revolving Credit Lenders from their obligations hereunder with respect to any Credit issued
by such L/C Issuer (whether as a result of the obligations of Borrower (and any other account party) in respect of such Credit having
been cash collateralized, supported by a standby letter of credit or otherwise backstopped in an amount, by an institution and pursuant
to arrangements in each case reasonably satisfactory to such L/C Issuer), then from and after such time such Credit shall cease to be
a “Credit” outstanding hereunder for all purposes of this Agreement and the other Loan Documents, and the Revolving Credit
Lenders shall be deemed to have no participations in such Credit, and no obligations with respect thereto, under Sections 2.03(c) or (d).

 

Section 10.19.     
Judgment Currency.

 

    184 

     

    

If, for the purpose of obtaining judgment in any court or obtaining
an order enforcing a judgment, it becomes necessary to convert any amount due under this Agreement in Dollars or in any other currency
(hereinafter in this Section 10.19 called the “first currency”) into any other currency (hereinafter in this
Section 10.19 called the “second currency”), then the conversion will be made at the rate of exchange at which
in accordance with normal banking procedures Administrative Agent could purchase the first currency with such second currency at Administrative
Agent’s close of business on the Business Day next preceding the day on which the judgment is given or (as the case may be) the
order is made. Any payment made to Administrative Agent or any Lending Party pursuant to this Agreement in the second currency will constitute
a discharge of the obligations of Borrower to pay to Administrative Agent and the Lending Parties any amount originally due to Administrative
Agent and the Lending Parties in the first currency under this Agreement only to the extent of the amount of the first currency which
Administrative Agent and each of the Lending Parties is able, on the date of the receipt by it of such payment in any second currency,
to purchase, in accordance with Administrative Agent’s and such Lending Party’s normal banking procedures, with the amount
of such second currency so received. If the amount of the first currency falls short of the amount originally due to Administrative Agent
and the Lending Parties in the first currency under this Agreement, Borrower hereby agrees that it will indemnify each of Administrative
Agent and each of the Lending Parties against and save each of Administrative Agent and each of the Lending Parties harmless from any
shortfall so arising. This indemnity will constitute an obligation of Borrower separate and independent from the other obligations contained
in this Agreement, will give rise to a separate and independent cause of action and will continue in full force and effect notwithstanding
any judgment or order for a liquidated sum or sums in respect of amounts due to Administrative Agent or any Lending Party under this Agreement
or under any such judgment or order. Any such shortfall will be deemed to constitute a loss suffered by each of Administrative Agent and
each such Lending Party, as the case may be, and Borrower will not be entitled to require any proof or evidence of any actual loss. The
covenant contained in this Section 10.19 will survive the payment in full of all of the other Obligations of Borrower under this
Agreement and the other Loan Documents.

 

Section 10.20.     
Cashless Settlement.

 

Notwithstanding anything to the contrary contained in this Agreement,
any Lender may exchange, continue or rollover all or a portion of its Loans in connection with the amendment and restatement of the Existing
Senior Credit Facilities, or any other refinancing, extension, loan modification or similar transaction permitted by the terms of this
Agreement, pursuant to a cashless settlement mechanism approved in writing by Borrower, Administrative Agent and such Lender (including
as set forth in this Agreement).

 

Section 10.21.     
Acknowledgement and Consent to Bail-In of 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 Financial
Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion
Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

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

 

    185 

     

    

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

 

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

 

(ii)           
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent 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 Affected
Resolution Authority.

 

Section 10.22.     
Acknowledgement Regarding Any Supported QFCs.

 

To the extent that the Loan Documents provide support, through a guarantee
or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”,
and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”)
in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents
and any Supported QFC may in fact be stated to be governed by the Laws of the United States of America and/or any State thereof or the
District of Columbia):

 

(a)            
in the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject
to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support
(and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such
Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights
in property) were governed by the laws of the United States or a state of the United States; and

 

(b)            
in the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution
Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be
exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under
the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state
of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect
to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

Section 10.23.     
Effect of Amendment and Restatement of the First Restated Credit Agreement.

 

    186 

     

    

 

This Agreement is intended to amend and restate and supersede and replace
in its entirety the First Restated Credit Agreement and the Environmental Indemnity (as defined in the First Restated Credit Agreement),
without novation, with the Commitments set forth herein and the Lenders party hereto. Without limiting the generality of the foregoing,
on the Second Restatement Effective Date, any Lenders party to the First Restated Credit Agreement not listed on the signature pages hereof
shall cease to be Lenders, and each Lender listed on the signature pages hereof not previously party to the First Restated Credit Agreement
shall be and become a Lender hereunder and shall have all of the rights and be obligated to perform all of the obligations of a Lender
hereunder to the extent of its Commitments. Notwithstanding anything to the contrary contained in the First Restated Credit Agreement,
in order to effect the restructuring of the existing credit facilities as contemplated by this Agreement, all accrued and unpaid interest,
and all accrued and incurred and unpaid fees, costs and expenses payable under the First Restated Credit Agreement, including all accrued
and unpaid Commitment Fees under (and as defined in) the First Restated Credit Agreement and Credit Fees under (and as defined in) the
First Restated Credit Agreement, and all fees and expenses outstanding under Section 10.04(a) and Section 10.04(b) of the First Restated
Credit Agreement and other similar costs and expenses, will be due and payable on the Second Restatement Effective Date. All previously
outstanding promissory notes under the First Restated Credit Agreement will be deemed cancelled upon the occurrence of the Second Restatement
Effective Date and the issuance of the Notes hereunder. Additionally, those Lenders party hereto which are also party to the First Restated
Credit Agreement hereby waive any prior notice requirement under the First Restated Credit Agreement with respect to the termination of
commitments thereunder and the making of any prepayments thereunder. Upon the repayment in full of the First Restated Obligations outstanding
under the First Restated Credit Agreement using the proceeds of the Borrowing of the initial Credit Extensions hereunder on the Second
Restatement Effective Date, Administrative Agent will (i) cause the Mortgage encumbering the Camarillo Facility and securing the outstanding
First Restated Obligations to be promptly reconveyed in full and (ii) except for those existing deposit and securities account control
agreements as Borrower may designate to Administrative Agent for purposes of establishing Consolidated Net Cash in which Administrative
Agent maintains a security interest perfected by control, cause all existing deposit and securities account control agreements in favor
of Administrative Agent, as secured party, covering deposit or securities accounts of a Loan Party and securing the outstanding First
Restated Obligations to be promptly terminated.

 

[Signature pages follow]

 

    187 

     

    

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

 

 

	 	BORROWER:
	 	 
	 	SEMTECH CORPORATION
	 	 
	 	By:	 
	 	 	Name:Emeka N. Chukwu
	 	 	Title:Executive Vice President and Chief Financial Officer

 

 

	 	GUARANTORS:
	 	 
	 	SEMTECH CORPUS CHRISTI CORPORATION
	 	 
	 	By:	 
	 	 	Name:Emeka N. Chukwu
	 	 	Title:President and Chief Financial Officer

 

 

	 	SEMTECH SAN DIEGO CORPORATION
	 	 
	 	By:	 
	 	 	Name:Emeka N. Chukwu
	 	 	Title:President and Chief Financial Officer

 

 

	 	SEMTECH NEW YORK CORPORATION
	 	 
	 	By:	 
	 	 	Name:Emeka N. Chukwu
	 	 	Title:President and Chief Financial Officer

 

 

	 	SEMTECH COLORADO. INC.
	 	 
	 	By:	 
	 	 	Name:Emeka N. Chukwu
	 	 	Title:President and Chief Financial Officer

 

 

[Signature
Page to Second Amended and Restated Credit Agreement]

 

     

     

    

 

 

	 	SIERRA MONOLITHICS, INC.
	 	 
	 	By:	 
	 	 	Name:Emeka N. Chukwu
	 	 	Title:President and Treasurer

 

 

	 	SEMTECH EV, INC.
	 	 
	 	By:	 
	 	 	Name:Emeka N. Chukwu
	 	 	Title:President and Treasurer

 

 

	 	TRIUNE SYSTEMS, L.L.C.
	 	 
	 	By:	 
	 	 	Name:Emeka N. Chukwu
	 	 	Title:Chief Financial Officer

 

 

	 	TRIUNE IP, LLC
	 	 
	 	By:	 
	 	 	Name:Emeka N. Chukwu
	 	 	Title:Chief Financial Officer

 

 

[Signature
Page to Second Amended and Restated Credit Agreement]

 

     

     

    

ADMINISTRATIVE AGENT:

 

	SEMTECH CORPORATION	 
	 	 
	By:	 	 
	 	Name:Emeka N. Chukwu	 
	 	Title:Executive Vice President and Chief Financial Officer	 

 

 

GUARANTORS:

 

	SEMTECH CORPUS CHRISTI CORPORATION	 
	 	 
	By:	 	 
	 	Name:Emeka N. Chukwu	 
	 	Title:President and Chief Financial Officer	 

 

 

	SEMTECH SAN DIEGO CORPORATION	 
	 	 
	By:	 	 
	 	Name:Emeka N. Chukwu	 
	 	Title:President and Chief Financial Officer	 

 

 

	SEMTECH NEW YORK CORPORATION	 
	 	 
	By:	 	 
	 	Name:Emeka N. Chukwu	 
	 	Title:President and Chief Financial Officer	 

 

 

	SEMTECH COLORADO. INC.	 
	 	 
	By:	 	 
	 	Name:Emeka N. Chukwu	 
	 	Title:President and Chief Financial Officer	 

 

 

[Signature
Page to Second Amended and Restated Credit Agreement]

 

     

     

    

	SEMTECH EV, INC.	 
	 	 
	By:	 	 
	 	Name:Emeka N. Chukwu	 
	 	Title:President and Treasurer	 
	 	 	 
	 	 	 

	TRIUNE SYSTEMS, L.L.C.	 

         

	By:	 	 
	 	Name:Emeka N. Chukwu	 
	 	Title:Chief Financial Officer	 

 

 

	TRIUNE IP, LLC	 
	 	 
	By:	 	 
	 	Name:Emeka N. Chukwu	 
	 	Title:Chief Financial Officer	 

 

 

[Signature
Page to Second Amended and Restated Credit Agreement]

 

     

     

    

ADMINISTRATIVE AGENT:

 

	HSBC BANK USA, NATIONAL ASSOCIATION	 
	 	 
	By:	 	 
	 	Name:Keisha McLaughlin	 
	 	Title:AVP	 

 

 

[Signature
Page to Second Amended and Restated Credit Agreement]

 

     

     

    

L/C ISSUER:

 

	HSBC BANK USA, NATIONAL ASSOCIATION	 
	 	 
	By:	 	 
	 	Name:Andrew W. Hietala	 
	 	Title:Senior Vice President	 

 

 

SWING LINE LENDER:

 

	HSBC BANK USA, NATIONAL ASSOCIATION	 
	 	 
	By:	 	 
	 	Name:Andrew W. Hietala	 
	 	Title:Senior Vice President	 

 

 

LENDERS:

 

	HSBC BANK USA, NATIONAL ASSOCIATION	 
	 	 
	By:	 	 
	 	Name:Andrew W. Hietala	 
	 	Title:Senior Vice President	 

 

 

	U.S. BANK NATIONAL ASSOCIATION	 
	 	 
	By:	 	 
	 	Name:G. Scott Lambert	 
	 	Title:Vice President	 

 

 

[Signature
Page to Second Amended and Restated Credit Agreement]

 

     

     

    

	BANK OF THE WEST	 
	 	 
	By:	 	 
	 	Name:Charlene A. Davidson	 
	 	Title:Managing Director	 
	 	 	 

	By:	 	 
	 	Name:Eric Andersen	 
	 	Title:Vice President	 

 

 

[Signature
Page to Second Amended and Restated Credit Agreement]

 

     

     

    

	BBVA USA	 
	 	 
	By:	 	 
	 	Name:Chris Dowler	 
	 	Title:Senior Vice President	 

 

 

     

     

    

	WELLS FARGO BANK, N.A.	 
	 	 
	By:	 	 
	 	Name:Greg Cohn	 
	 	Title:Senior Vice President	 

 

 

[Signature
Page to Second Amended and Restated Credit Agreement]

 

     

     

    

	BANK OF CHINA, LOS ANGELES BRANCH	 
	 	 
	By:	 	 
	 	Name:Yong Ou	 
	 	Title:SVP and Branch Manager	 

 

 

[Signature
Page to Second Amended and Restated Credit Agreement]

 

     

     

    

	MUFG UNION BANK, N.A.	 
	 	 
	By:	 	 
	 	Name:Lillian Kim	 
	 	Title:Director	 

 

 

[Signature
Page to Second Amended and Restated Credit Agreement]

 

     

     

    

	Branch Banking and Trust Company	 
	 	 
	By:	 	 
	 	Name:Jim C. Wright	 
	 	Title:Vice President	 

 

 

[Signature
Page to Second Amended and Restated Credit Agreement]

 

     

     

    

	COMERICA BANK	 
	 	 
	By:	 	 
	 	Name:Mark C. Skryznski Jr.	 
	 	Title:Vice President	 

 

 

[Signature
Page to Second Amended and Restated Credit Agreement]

 

     

     

    

	SILICON VALLEY BANK	 
	 	 
	By:	 	 
	 	Name:Alex Grotevant	 
	 	Title:Vice President	 

 

 

[Signature
Page to Second Amended and Restated Credit Agreement]

 

    188 

     

    

EXHIBIT B

 

Form of Permitted
Pari Passu Intercreditor Agreement

 

[See
attached.] 

 

 

     

     

    

 

FIRST LIEN INTERCREDITOR AGREEMENT

 

among

 

[__]

 

THE OTHER GRANTORS PARTY HERETO,

 

[__],

 

as Term Loan Collateral Agent for the Term Loan
Secured Parties,

 

[__],

 

as Revolver Collateral Agent for the Revolving
Facility Secured Parties,

 

and

 

each Additional
Agent from time to time party hereto

 

dated as of [ ], 202[_]

 

 

 

     

     

    

FIRST LIEN INTERCREDITOR AGREEMENT dated as of [
], 202[_] (as amended, supplemented or otherwise modified from time to time, this “Agreement”), among [__], a [__]
(the “Borrower”), the other Grantors (as defined below) party hereto,
[__], as collateral agent for the Term Loan Secured Parties (as defined below) (in such capacity and together with its successors in such
capacity, the “Term Loan Collateral Agent”), [__], as Administrative Agent under and as defined in the Revolving Facility
Credit Agreement (as defined below) for the Revolving Facility Secured Parties (as defined below) (in such capacity and together with
its successors in such capacity, the “Revolver Collateral Agent”) and each Additional Agent from time to time party
hereto for the Additional First Lien Secured Parties of the Series with respect to which it is acting in such capacity.

 

In consideration of the mutual agreements herein
contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Term Loan Collateral
Agent (for itself and on behalf of the Term Loan Secured Parties), the Revolver Collateral Agent (for itself and on behalf of the Revolving
Facility Secured Parties) and each Additional Agent (for itself and on behalf of the Additional First Lien Secured Parties of the applicable
Series) agree as follows:

 

ARTICLE I

Definitions

 

SECTION 1.01 Certain Defined Terms. Capitalized
terms used but not otherwise defined herein have the meanings set forth in the Term Loan Credit Agreement or the Revolving Facility Credit
Agreement, as applicable, with the Term Loan Credit Agreement controlling in the event of discrepancies, or, if defined in the New York
UCC, the meanings specified therein. As used in this Agreement, the following terms have the meanings specified below:

 

“Additional Agent” means the collateral
agent and the administrative agent and/or trustee (as applicable) or any other similar agent or Person under any Additional First Lien
Documents, in each case, together with its successors in such capacity.

 

“Additional First Lien Debt Facility”
means one or more debt facilities, commercial paper facilities or indentures for which the requirements of Section 5.13 of this Agreement
have been satisfied, in each case with banks, other lenders or trustees, providing for revolving credit loans, term loans, letters of
credit, notes or other borrowings, in each case, as amended, restated, supplemented or otherwise modified, refinanced or replaced from
time to time; provided that neither the Term Loan Credit Agreement nor the Revolving Facility Credit Agreement shall constitute
an Additional First Lien Debt Facility at any time (other than for purposes of the proviso in the definition of “Discharge of First
Lien Obligations”).

 

“Additional First Lien Documents”
means, with respect to any Series of Additional First Lien Obligations, the notes, credit agreements, indentures, security documents and
other operative agreements evidencing or governing such Indebtedness, and each other agreement entered into for the purpose of securing
any Series of Additional First Lien Obligations.

 

“Additional First Lien Obligations”
means, with respect to any Additional First Lien Debt Facility, (a) all principal of, and interest, fees, and expenses (including,
without limitation, any interest, fees, expenses and other amounts which accrue after the commencement of any Insolvency or Liquidation
Proceeding, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Additional First Lien
Debt Facility, (b) all other amounts payable to the related Additional First Lien Secured Parties under the related Additional First
Lien Documents and (c) any renewals of extensions of the foregoing.

 

     

     

    

“Additional First Lien Secured Party”
means, with respect to any Series of Additional First Lien Obligations, the holders of such Additional First Lien Obligations, the Additional
Agent with respect thereto, any trustee or agent or any other similar agent or Person therefor under any related Additional First Lien
Documents and the beneficiaries of each indemnification obligation undertaken by the Borrower or any Guarantor under any related Additional
First Lien Documents.

 

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

 

“Bankruptcy Code” means Title
11 of the United States Code, as amended, modified or supplemented, from time to time.

 

“Bankruptcy Law” means the Bankruptcy
Code and any other federal, state, or foreign law for the relief of debtors, or any arrangement, reorganization, insolvency, moratorium,
assignment for the benefit of creditors, any other marshalling of the assets or liabilities of the Borrower or any of its Subsidiaries,
or similar law affecting creditors’ rights generally.

 

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

 

“Collateral” means all assets
and properties subject to Liens created pursuant to any First Lien Security Document to secure one or more Series of First Lien Obligations.

 

“Collateral Agent” means (i) in
the case of any Term Loan Credit Agreement Obligations, the Term Loan Collateral Agent, (ii) in the case of the Revolving Facility Obligations,
the Revolver Collateral Agent, and (iii) in the case of any Series of Additional First Lien Obligations or Additional First Lien Secured
Parties that become subject to this Agreement after the date hereof, the Additional Agent named for such Series in the applicable Joinder
Agreement.

 

“Controlling Collateral Agent”
means, with respect to any Shared Collateral, (i) until the earlier of (x) the Discharge of First Lien Obligations that are
Term Loan Credit Agreement Obligations and (y) the Non-Controlling Collateral Agent Enforcement Date, the Term Loan Collateral Agent
and (ii) from and after the earlier of (x) the Discharge of First Lien Obligations that are Term Loan Credit Agreement Obligations
and (y) the Non-Controlling Collateral Agent Enforcement Date, the Major Non-Controlling Collateral Agent.

 

“Controlling Secured Parties”
means, with respect to any Shared Collateral, the Series of First Lien Secured Parties whose Collateral Agent is the Controlling Collateral
Agent for such Shared Collateral.

 

“DIP Financing” has the meaning
assigned to such term in Section 2.05(b).

 

“DIP Financing Liens” has the
meaning assigned to such term in Section 2.05(b).

 

“DIP Lenders” has the meaning
assigned to such term in Section 2.05(b).

 

“Discharge” means, with respect
to any Shared Collateral and any Series of First Lien Obligations, the date on which such Series of First Lien Obligations is no longer
secured by such Shared Collateral in accordance with the terms of the applicable Secured Credit Document(s) governing such Series of First
Lien Obligations. The term “Discharged” shall have a corresponding meaning.

 

     

     

    

“Discharge of First Lien Obligations”
means, with respect to any Shared Collateral, the Discharge of the applicable First Lien Obligations with respect to such Shared Collateral;
provided that a Discharge of First Lien Obligations shall not be deemed to have occurred in connection with a Refinancing of such
First Lien Obligations with additional First Lien Obligations secured by such Shared Collateral under an Additional First Lien Document
which has been designated in writing by the applicable Collateral Agent (under the First Lien Obligations so Refinanced) or by the Borrower,
in each case, to each other Collateral Agent as a “First Lien Obligation” for purposes of this Agreement.

 

“Event of Default” means an “Event
of Default” (or any other similarly defined term) as defined in any Secured Credit Document.

 

“First Lien/Second Lien Intercreditor Agreement”
means that certain First Lien/Second Lien Intercreditor Agreement, dated as of [__], 202[_], among the Borrower, certain subsidiaries
of the Borrower party thereto, [__], as senior collateral agent and [__], as junior collateral agent, as such First Lien/Second Lien Intercreditor
Agreement may be amended, restated, supplemented, increased or otherwise modified or replaced, from time to time.

 

“First Lien Obligations” means,
collectively, (i) the Term Loan Credit Agreement Obligations, (ii) the Revolving Facility Obligations and (iii) each Series of Additional
First Lien Obligations.

 

“First Lien Secured Parties” means
(i) the Term Loan Secured Parties, (ii) the Revolving Facility Secured Parties and (iii) the Additional First Lien Secured Parties
with respect to each Series of Additional First Lien Obligations.

 

“First Lien Security Documents”
means the Collateral Documents (as defined in the Term Loan Credit Agreement), the Collateral Documents (as defined in the Revolving Facility
Credit Agreement) and each other agreement entered into in favor of any Collateral Agent for the purpose of securing any Series of First
Lien Obligations and the First Lien/Second Lien Intercreditor Agreement.

 

“Grantors” means the Borrower
and each other Subsidiary of the Borrower which has granted a security interest pursuant to any First Lien Security Document to secure
any Series of First Lien Obligations (including any Subsidiary which becomes a party to this Agreement as contemplated by Section 5.16).
The Grantors existing on the date hereof are set forth in Annex I hereto.

 

“Impairment” has the meaning assigned
to such term in Section 1.03.

 

“Insolvency or Liquidation Proceeding”
means:

 

(1)       any
case or proceeding commenced by or against the Borrower or any other Grantor under any Bankruptcy Law, any other proceeding for the reorganization,
recapitalization or adjustment or marshalling of the assets or liabilities of the Borrower or any other Grantor, any receivership or assignment
for the benefit of creditors relating to the Borrower or any other Grantor or any similar case or proceeding relative to the Borrower
or any other Grantor or its creditors, as such, in each case whether or not voluntary;

 

(2)       any
liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Borrower or any other Grantor,
in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or

 

(3)       any
other case or proceeding of any type or nature in which substantially all claims of creditors of the Borrower or any other Grantor are
determined and any payment or distribution is or may be made on account of such claims.

 

     

     

    

“Intervening Creditor” shall have
the meaning assigned to such term in Section 2.01(a).

 

“Joinder Agreement” means a supplement
to this Agreement substantially in the form of Annex II hereof required to be delivered by an Additional Agent to the Controlling
Collateral Agent and the Revolver Collateral Agent pursuant to Section 5.13 hereto in order to establish an additional Series of
Additional First Lien Obligations and become Additional First Lien Secured Parties hereunder.

 

“Major Non-Controlling Collateral Agent”
means, with respect to any Shared Collateral, the Collateral Agent (other than the Term Loan Collateral Agent) of the Series of First
Lien Obligations that constitutes the largest outstanding principal amount of any then outstanding Series of First Lien Obligations (excluding
the Series of Term Loan Credit Agreement Obligations) with respect to such Shared Collateral.

 

“New York UCC” means the Uniform
Commercial Code as from time to time in effect in the State of New York.

 

“Non-Controlling Collateral Agent”
means, at any time with respect to any Shared Collateral, any Collateral Agent that is not the Controlling Collateral Agent at such time
with respect to such Shared Collateral.

 

“Non-Controlling Collateral Agent Enforcement
Date” means, with respect to any Non-Controlling Collateral Agent, the date which is 90 days (throughout which 90 day
period such Non-Controlling Collateral Agent was the Major Non-Controlling Collateral Agent) after the occurrence of both (i) an
Event of Default under and as defined in the Secured Credit Documents under which such Non-Controlling Collateral Agent is the Major Non-Controlling
Collateral Agent, but only for so long as such Event of Default is continuing and (ii) the Controlling Collateral Agent’s and
each other Collateral Agent’s receipt of written notice from such Non-Controlling Collateral Agent certifying that (x) such
Non-Controlling Collateral Agent is the Major Non-Controlling Collateral Agent and that an Event of Default under and as defined in the
Secured Credit Documents under which such Non-Controlling Collateral Agent is the Collateral Agent has occurred and is continuing and
(y) the First Lien Obligations of the Series with respect to which such Non-Controlling Collateral Agent is the Collateral Agent are currently
due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable Secured
Credit Documents; provided that the Non-Controlling Collateral Agent Enforcement Date shall be stayed and shall not occur and shall
be deemed not to have occurred with respect to any Shared Collateral (1) at any time the Controlling Collateral Agent has commenced
and is diligently pursuing any enforcement action with respect to a material portion of the Shared Collateral or (2) at any time
the Grantor which has granted a security interest in such Shared Collateral is then a debtor under or with respect to (or otherwise subject
to) any Insolvency or Liquidation Proceeding.

 

“Non-Controlling Secured Parties”
means, with respect to any Shared Collateral, the First Lien Secured Parties which are not Controlling Secured Parties with respect to
such Shared Collateral.

 

“Officer’s Certificate”
has the meaning assigned to such term in Section 5.13.

 

“Possessory Collateral” means
any Shared Collateral in the possession of any Collateral Agent (or its agents or bailees), to the extent that possession thereof perfects
a Lien thereon under the Uniform Commercial Code of any jurisdiction. Possessory Collateral includes, without limitation, any Certificated
Securities, Promissory Notes, Instruments, and Chattel Paper, in each case, delivered to or in the possession of a Collateral Agent under
the terms of the First Lien Security Documents.

 

     

     

    

“Post-Petition Interest” means
any interest or entitlement to fees or expenses or other charges that accrue after the commencement of any Insolvency or Liquidation Proceeding,
whether or not allowed or allowable as a claim in any such Insolvency or Liquidation Proceeding.

 

“Proceeds” has the meaning assigned
to such term in Section 2.01(a).

 

“Refinance” means, in respect
of any Indebtedness, to refinance, extend, renew, defease, amend, increase, modify, supplement, restructure, refund, replace or repay,
or to issue other Indebtedness or enter alternative financing arrangements, in exchange or replacement for such Indebtedness (in whole
or in part), including by adding or replacing lenders, creditors, agents, borrowers and/or guarantors, and including in each case, but
not limited to, after the original instrument giving rise to such Indebtedness has been terminated and including, in each case, through
any credit agreement, indenture or other agreement. “Refinanced” and “Refinancing” have correlative
meanings.

 

“Revolving Facility Credit Agreement”
means that certain Credit Agreement dated as of [ ], 202[_], among the Borrower, the Guarantors identified therein and [__], as administrative
agent.

 

“Revolving Facility Documents”
means the Revolving Facility Credit Agreement and security documents and other operative agreements evidencing or governing such Indebtedness,
including any agreement entered into for the purpose of securing the Revolving Facility Obligations.

 

“Revolving Facility Obligations”
means the “Secured Obligations” as defined in the Revolving Facility Credit Agreement.

 

“Revolving Facility Secured Parties”
means the “Secured Parties” as defined in the Revolving Facility Credit Agreement.

 

“Secured Credit Document” means
(i) the Term Loan Credit Agreement and each other Credit Document (as defined in the Term Loan Credit Agreement), (ii) the Revolving
Facility Credit Agreement and each other Loan Document (as defined in the Revolving Facility Credit Agreement) and (iii) each Additional
First Lien Document.

 

“Secured Parties” means (i) in
the case of any Term Loan Credit Agreement Obligations, the Term Loan Secured Parties, (ii) in the case of the Revolving Facility Obligations,
the Revolving Facility Secured Parties, and (iii) in the case of any Series of Additional First Lien Obligations, the Additional First
Lien Secured Parties.

 

“Senior Class Debt” shall have
the meaning assigned to such term in Section 5.13.

 

“Senior Class Debt Parties” shall
have the meaning assigned to such term in Section 5.13.

 

“Senior Class Debt Representative”
shall have the meaning assigned to such term in Section 5.13.

 

“Senior Lien” means the Liens
on the Collateral in favor of the First Lien Secured Parties under the First Lien Security Documents.

 

“Series” means (a) with respect
to the First Lien Secured Parties, each of (i) the Term Loan Secured Parties (in their capacities as such), (ii) the Revolving
Facility Secured Parties (in their capacity as such) and (iii) the Additional First Lien Secured Parties that become subject to this
Agreement

 

     

     

    

after the
date hereof that are represented by a common Collateral Agent (in its capacity as such for such Additional First Lien Secured Parties)
and (b) with respect to any First Lien Obligations, each of (i) the Term Loan Credit Agreement Obligations, (ii) the Revolving
Facility Obligations and (iii) the Additional First Lien Obligations incurred pursuant to any Additional First Lien Debt Facility
or any related Additional First Lien Documents, which pursuant to any Joinder Agreement, are to be represented hereunder by a common
Collateral Agent (in its capacity as such for such Additional First Lien Obligations).

 

“Shared Collateral” means, at
any time, Collateral in which the holders of two or more Series of First Lien Obligations (or their respective Collateral Agents) hold
a valid and perfected security interest at such time. If more than two Series of First Lien Obligations are outstanding at any time and
the holders of less than all Series of First Lien Obligations hold a valid and perfected security interest in any Collateral at such time,
then such Collateral shall constitute Shared Collateral for those Series of First Lien Obligations that hold a valid and perfected security
interest in such Collateral at such time and shall not constitute Shared Collateral for any Series which does not have a valid and perfected
security interest in such Collateral at such time.

 

“Term Loan Collateral Agent” has
the meaning assigned to such term in the preamble hereto.

 

“Term Loan Credit Agreement” means
that certain First Lien Credit Agreement dated as of [__], 202[_], as amended, restated, supplemented, increased or otherwise modified,
Refinanced or replaced from time to time, among the Borrower, the lenders party thereto and [__], as administrative agent and as collateral
agent.

 

“Term Loan Credit Agreement Obligations”
means the “Obligations” as defined in the Term Loan Credit Agreement.

 

“Term Loan Secured Parties” means
the “Secured Parties” as defined in the Term Loan Credit Agreement.

 

“Uniform Commercial Code” or “UCC”
means the New York UCC, or the Uniform Commercial Code (or any similar or comparable legislation) of another jurisdiction, to the extent
it may be required to apply to any item or items of Collateral.

 

SECTION 1.02 Terms Generally. The definitions
of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have
the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference
to any agreement, instrument, other document, statute or regulation herein shall be construed as referring to such agreement, instrument,
other document, statute or regulation as from time to time amended, supplemented or otherwise modified, (ii) any reference herein
to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries
of such Person unless express reference is made to such subsidiaries, (iii) 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, (iv) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles,
Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified herein, 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 (vi) the term “or” is not exclusive.

 

     

     

    

SECTION 1.03 Impairments. It is the intention
of the First Lien Secured Parties of each Series that the holders of First Lien Obligations of such Series (and not the First Lien Secured
Parties of any other Series) bear the risk of (i) any determination by a court of competent jurisdiction that (x) any of the
First Lien Obligations of such Series are unenforceable under applicable law or are subordinated to any other obligations (other than
another Series of First Lien Obligations), (y) any of the First Lien Obligations of such Series do not have an enforceable security interest
in any of the Collateral securing any other Series of First Lien Obligations and/or (z) any intervening security interest exists
securing any other obligations (other than another Series of First Lien Obligations) on a basis ranking prior to the security interest
of such Series of First Lien Obligations but junior to the security interest of any other Series of First Lien Obligations or (ii) the
existence of any Collateral for any other Series of First Lien Obligations that is not Shared Collateral for such Series (any such condition
referred to in the foregoing clauses (i) or (ii) with respect to any Series of First Lien Obligations, an “Impairment”
of such Series). In the event of any Impairment with respect to any Series of First Lien Obligations, the results of such Impairment shall
be borne solely by the holders of such Series of First Lien Obligations, and the rights of the holders of such Series of First Lien Obligations
(including, without limitation, the right to receive distributions in respect of such Series of First Lien Obligations pursuant to Section 2.01)
set forth herein shall be modified to the extent necessary so that the effects of such Impairment are borne solely by the holders of the
Series of such First Lien Obligations subject to such Impairment. Additionally, in the event the First Lien Obligations of any Series
are modified pursuant to applicable law (including, without limitation, pursuant to Section 1129 of the Bankruptcy Code or any equivalent
provision of any other Bankruptcy Law), any reference to such First Lien Obligations or the First Lien Security Documents governing such
First Lien Obligations shall refer to such obligations or such documents as so modified.

 

ARTICLE II

Priorities and Agreements with Respect to Shared Collateral

 

SECTION 2.01 Priority of Claims.

 

(a)       Anything
contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.03), if an Event
of Default has occurred and is continuing, and the Controlling Collateral Agent or any First Lien Secured Party is taking action to enforce
rights in respect of any Shared Collateral, or any distribution is made in respect of any Shared Collateral in any Insolvency or Liquidation
Proceeding of the Borrower (including any adequate protection payments) or any other Grantor or any First Lien Secured Party receives
any payment pursuant to any intercreditor agreement (other than this Agreement, but including the First Lien/Second Lien Intercreditor
Agreement) with respect to any Shared Collateral, the proceeds of any sale, collection or other liquidation of any such Shared Collateral
by any Collateral Agent or any First Lien Secured Party, (all such payments, distributions, and proceeds of any sale, collection or other
liquidation of any Shared Collateral and all such payments and proceeds of any such distribution being collectively referred to as “Proceeds”),
shall be applied (i) FIRST, to the payment of all amounts owing to each Collateral Agent (in its capacity as such) pursuant to the
terms of any Secured Credit Document, (ii) SECOND, subject to Section 1.03, to the payment in full of the First Lien Obligations
of each Series on a ratable basis, with such Proceeds to be applied to the First Lien Obligations of a given Series in accordance with
the terms of the applicable Secured Credit Documents; provided that following the commencement of any Insolvency or Liquidation
Proceeding with respect to any Grantor, solely for purposes of this Section 2.01(a) and not for the purposes of the Term Loan Credit Agreement,
the Revolving Facility Credit Agreement, or any Additional First Lien Documents, in the event the value of the Shared Collateral
is not sufficient for the entire amount of Post-Petition Interest on the First Lien Obligations to be allowed under Sections 506(a) and
(b) of the Bankruptcy Code or any other applicable provision of the Bankruptcy Code or other Bankruptcy

 

     

     

    

Law in such
Insolvency or Liquidation Proceeding, the amount of First Lien Obligations of each Series of First Lien Obligations shall include only
the maximum amount of Post-Petition Interest allowable under Sections 506(a) and (b) of the Bankruptcy Code or any other applicable provision
of the Bankruptcy Code or other Bankruptcy Law in such Insolvency or Liquidation Proceeding; and (iii) THIRD, after the Discharge of
all First Lien Obligations, to the Borrower and the other Grantors or their successors or assigns, as their interests may appear, or
to whosoever may be lawfully entitled to receive the same pursuant to the First Lien/Second Lien Intercreditor Agreement, if in effect,
or otherwise, or as a court of competent jurisdiction may direct. Notwithstanding the foregoing, with respect to any Shared Collateral
for which a third party (other than a First Lien Secured Party) has a lien or security interest that is junior in priority to the security
interest of any Series of First Lien Obligations, after giving effect to the First Lien/Second Lien Intercreditor Agreement, if applicable,
but senior (as determined by appropriate legal proceedings in the case of any dispute) to the security interest of any other Series of
First Lien Obligations (such third party an “Intervening Creditor”), the value of any Shared Collateral or Proceeds
which are allocated to such Intervening Creditor shall be deducted on a ratable basis solely from the Shared Collateral or Proceeds to
be distributed in respect of the Series of First Lien Obligations with respect to which such Impairment exists. If, despite the provisions
of this Section 2.01(a), any First Lien Secured Party shall receive any payment or other recovery in excess of its portion of payments
on account of the First Lien Obligations to which it is then entitled in accordance with this Section 2.01(a), such First Lien Secured
Party shall hold such payment or recovery in trust for the benefit of all First Lien Secured Parties for distribution in accordance with
this Section 2.01(a).

 

(b)       It is
acknowledged that the First Lien Obligations of any Series may, subject to the limitations set forth in the then extant Secured Credit
Documents, be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, Refinanced or otherwise
amended or modified from time to time, all without affecting the priorities set forth in Section 2.01(a) or the provisions of this
Agreement defining the relative rights of the First Lien Secured Parties of any Series.

 

(c)       Notwithstanding
the date, time, method, manner or order of grant, attachment or perfection of any Liens securing any Series of First Lien Obligations
granted on the Shared Collateral and notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, or any other applicable
law or the Secured Credit Documents or any defect or deficiencies in the Liens securing the First Lien Obligations of any Series or any
other circumstance whatsoever (but, in each case, subject to Section 1.03 and the penultimate sentence of Section 2.01(a)), each
First Lien Secured Party hereby agrees that (i) the Liens securing each Series of First Lien Obligations on any Shared Collateral shall
be of equal priority and (ii) the benefits and proceeds of the Shared Collateral shall be shared among the First Lien Secured Parties
as provided herein.

 

(d)       Notwithstanding
anything in this Agreement or any other First Lien Security Documents to the contrary, Collateral consisting of cash and cash equivalents
pledged to secure Revolving Facility Obligations consisting of reimbursement obligations in respect of Letters of Credit (as defined in
the Revolving Facility Credit Agreement) or otherwise held by the administrative agent pursuant to Section 2.14(j) of the Revolving Facility
Credit Agreement (or any equivalent successor provision) shall be applied as specified in such Section of the Revolving Facility Credit
Agreement and will not constitute Shared Collateral.

 

SECTION 2.02 Actions with Respect to Shared
Collateral; Prohibition on Contesting Liens.

 

(a)       With
respect to any Shared Collateral, (i) only the Controlling Collateral Agent shall act or refrain from acting with respect to the
Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared Collateral) and (ii) no Non-Controlling
Collateral Agent or

 

     

     

    

other Non-Controlling
Secured Party shall or shall instruct the Controlling Collateral Agent to, commence any judicial or nonjudicial foreclosure proceedings
with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession
of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its security interest in or realize
upon, or take any other action available to it in respect of, any Shared Collateral (including with respect to any intercreditor agreement
with respect to any Shared Collateral), whether under any First Lien Security Document, applicable law or otherwise, it being agreed
that only the Controlling Collateral Agent shall be entitled to take any such actions or exercise any such remedies with respect to Shared
Collateral; provided that, notwithstanding the foregoing, (i) in any Insolvency or Liquidation Proceeding, any Collateral Agent
or any other First Lien Secured Party may file a proof of claim or statement of interest with respect to the First Lien Obligations owed
to the First Lien Secured Parties; (ii) any Collateral Agent or any other First Lien Secured Party may take any action to preserve or
protect the validity and enforceability of the Liens granted in favor of First Lien Secured Parties, provided that no such action is,
or could reasonably be expected to be, (A) adverse to the Liens granted in favor of the Controlling Secured Parties or the rights of
the Controlling Collateral Agent or any other Controlling Secured Parties to exercise remedies in respect thereof or (B) otherwise inconsistent
with the terms of this Agreement; and (iii) any Collateral Agent or any other First Lien Secured Party may file any responsive or defensive
pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking
the disallowance of the claims or Liens of such First Lien Secured Party, including any claims secured by the Shared Collateral, in each
case, to the extent not inconsistent with the terms of this Agreement. Notwithstanding the equal priority of the Liens on the Shared
Collateral, the Controlling Collateral Agent may deal with the Shared Collateral as if such Controlling Collateral Agent had a senior
Lien on such Collateral. No Non-Controlling Collateral Agent or Non-Controlling Secured Party will contest, protest or object to any
foreclosure proceeding or action brought by the Controlling Collateral Agent or Controlling Secured Party or any other exercise by the
Controlling Collateral Agent or Controlling Secured Party of any rights and remedies relating to the Shared Collateral. The foregoing
shall not be construed to limit the rights and priorities of any First Lien Secured Party or Collateral Agent with respect to any Collateral
not constituting Shared Collateral.

 

(b)       Each
Collateral Agent and the First Lien Secured Parties for which it is acting hereunder agree to be bound by the provisions of this Agreement.

 

(c)       Each
of the First Lien Secured Parties agrees that it will not (and hereby waives any right to) contest or support any other Person in contesting,
in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity, attachment or enforceability
of a Lien held by or on behalf of any of the First Lien Secured Parties in all or any part of the Collateral, the allowability of any
claims asserted with respect thereto or the provisions of this Agreement; provided that nothing in this Agreement shall be construed
to prevent or impair the rights of any Collateral Agent or any other First Lien Secured Party to enforce this Agreement.

 

SECTION 2.03 No Interference; Payment Over.

 

(a)       Each
First Lien Secured Party agrees that (i) it will not challenge, or support any other Person in challenging, in any proceeding (including
any Insolvency or Liquidation Proceeding) the validity or enforceability of any First Lien Obligations of any Series or any First Lien
Security Document or the validity, attachment, perfection or priority of any Lien under any First Lien Security Document or the allowability
of any claims asserted with respect thereto, or the validity or enforceability of the priorities, rights or duties established by or other
provisions of this Agreement; (ii) it will not take or cause to be taken any action the purpose or intent of which is, or could be,
to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other disposition of
the Shared Collateral by the Controlling Collateral Agent, (iii) it will not institute in any Insolvency or Liquidation

 

     

     

    

Proceeding
or other proceeding any claim against the Controlling Collateral Agent or any other First Lien Secured Party seeking damages from or
other relief by way of specific performance, instructions or otherwise with respect to any Shared Collateral, and none of the Controlling
Collateral Agent or any other First Lien Secured Party shall be liable for any action taken or omitted to be taken by the Controlling
Collateral Agent or other First Lien Secured Party with respect to any Shared Collateral in accordance with the provisions of this Agreement,
(iv) it will not seek, and hereby waives any right, to have any Shared Collateral or any part thereof marshaled upon any foreclosure
or other disposition of such Collateral and (v) it will not attempt, directly or indirectly, whether by judicial proceedings or
otherwise, to challenge the enforceability of any provision of this Agreement; provided that nothing in this Agreement shall be
construed to prevent or impair the rights of any Collateral Agent or any other First Lien Secured Party to enforce this Agreement.

 

(b)       Each
First Lien Secured Party hereby agrees that if it shall obtain possession of any Shared Collateral or shall realize any proceeds or payment
in respect of any such Shared Collateral, pursuant to any First Lien Security Document or by the exercise of any rights available to it
under applicable law or in any Insolvency or Liquidation Proceeding or through any other exercise of remedies (including pursuant to any
intercreditor agreement), at any time prior to the Discharge of each of the First Lien Obligations, then it shall hold such Shared Collateral,
proceeds or payment in trust for the other First Lien Secured Parties that have a security interest in such Shared Collateral and promptly
transfer such Shared Collateral, Proceeds or payment, as the case may be, to the Controlling Collateral Agent, to be distributed in accordance
with the provisions of Section 2.01 hereof.

 

SECTION 2.04 Automatic Release of Liens; Amendments
to First Lien Security Documents.

 

(a)       If,
at any time the Controlling Collateral Agent forecloses upon or otherwise exercises remedies against any Shared Collateral resulting in
a sale or disposition thereof, then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor
of each Collateral Agent for the benefit of each Series of First Lien Secured Parties upon such Shared Collateral will automatically be
released and discharged; provided that any proceeds of any Shared Collateral realized therefrom shall be applied pursuant to Section 2.01
hereof.

 

(b)       Each
First Lien Secured Party agrees that each Collateral Agent may enter into any amendment to any First Lien Security Document that does
not violate this Agreement.

 

(c)       Each
Collateral Agent agrees to execute and deliver (at the sole cost and expense of the Grantors) all such authorizations and other instruments
as shall reasonably be requested by the Controlling Collateral Agent to evidence and confirm any release of Shared Collateral provided
for in this Section.

 

SECTION 2.05. Certain Agreements with Respect
to Bankruptcy or Insolvency Proceedings.

 

(a)       This
Agreement shall continue in full force and effect notwithstanding the commencement of any Insolvency or Liquidation Proceeding under the
Bankruptcy Code or any other Bankruptcy Law or similar law by or against the Borrower or any of its Subsidiaries.

 

     

     

    

(b)       If the
Borrower and/or any other Grantor shall become subject to an Insolvency or Liquidation Proceeding and shall, as debtor(s)-in-possession,
move for approval of financing (“DIP Financing”) to be provided by one or more lenders (the “DIP Lenders”)
under Section 364 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law and/or the use of cash collateral
under Section 363 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law, each First Lien Secured Party agrees
that it will raise no objection to any such financing or to the Liens on the Shared Collateral securing the same (“DIP Financing
Liens”) and/or to any use of cash collateral that constitutes Shared Collateral unless the Controlling Collateral Agent or any
Controlling Secured Party, shall then oppose or object to such DIP Financing or such DIP Financing Liens and/or use of cash collateral
(and (i) to the extent that such DIP Financing Liens are senior to the Liens on any such Shared Collateral for the benefit of the
Controlling Secured Parties, each Non-Controlling Secured Party will subordinate its Liens with respect to such Shared Collateral on the
same terms as the Liens of the Controlling Secured Parties (other than any Liens of any First Lien Secured Parties constituting DIP Financing
Liens) are subordinated thereto, and (ii) to the extent that such DIP Financing Liens rank pari passu with the Liens on any
such Shared Collateral granted to secure the First Lien Obligations of the Controlling Secured Parties, each Non-Controlling Secured Party
will confirm the priorities with respect to such Shared Collateral as set forth herein), in each case so long as (A) the First Lien
Secured Parties of each Series retain the benefit of their Liens on all such Shared Collateral pledged to the DIP Lenders, including proceeds
thereof arising after the commencement of such proceeding, with the same priority vis-a-vis all the other First Lien Secured Parties (other
than any Liens of the First Lien Secured Parties constituting DIP Financing Liens) as existed prior to the commencement of such Insolvency
or Liquidation Proceeding, (B) the First Lien Secured Parties of each Series are granted Liens on any additional or replacement collateral
pledged to any First Lien Secured Parties as adequate protection or otherwise in connection with such DIP Financing and/or use of cash
collateral, with the same priority vis-a-vis the First Lien Secured Parties (other than any Liens of the First Lien Secured Parties constituting
DIP Financing Liens) as set forth in this Agreement, (C) if any amount of such DIP Financing and/or cash collateral is applied to
repay any of the First Lien Obligations, such amount is applied pursuant to Section 2.01 of this Agreement, and (D) if any First
Lien Secured Parties are granted adequate protection with respect to First Lien Obligations subject hereto, including in the form of periodic
payments, in connection with such DIP Financing and/or use of cash collateral, the proceeds of such adequate protection are applied pursuant
to Section 2.01 of this Agreement; provided that the First Lien Secured Parties of each Series shall have a right to object
to the grant of a Lien to secure the DIP Financing over any Collateral subject to Liens in favor of the First Lien Secured Parties of
such Series or its Collateral Agent that shall not constitute Shared Collateral; and provided, further, that the First Lien
Secured Parties receiving adequate protection shall not object to any other First Lien Secured Party receiving adequate protection comparable
to any adequate protection granted to such First Lien Secured Parties in connection with a DIP Financing and/or use of cash collateral.

 

SECTION 2.06. Reinstatement. In the event
that any of the First Lien Obligations shall be paid in full and such payment or any part thereof shall subsequently, for whatever reason
(including an order or judgment for disgorgement or avoidance of a preference or fraudulent transfer, under the Bankruptcy Code, any Bankruptcy
Law or any similar law, or the settlement of any claim in respect thereof), be required to be returned or repaid, the terms and conditions
of this Article II shall be fully applicable thereto until all such First Lien Obligations shall again have been paid in full in
cash.

 

SECTION 2.07. Insurance. As between the
First Lien Secured Parties, the Controlling Collateral Agent shall have the right to adjust or settle any insurance policy or claim covering
or constituting Shared Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar
proceeding affecting the Shared Collateral.

 

SECTION 2.08. Refinancings. The First
Lien Obligations of any Series may be Refinanced, in whole or in part, in each case, without notice to, or the consent (except to the
extent a consent is otherwise required to permit the Refinancing transaction under any Secured Credit Document) of any First Lien Secured
Party of any other Series, all without affecting the priorities provided for herein or the other provisions hereof; provided that
the Collateral Agent of the holders of any such Refinancing indebtedness shall have executed a Joinder Agreement on behalf of the holders
of such Refinancing indebtedness.

 

     

     

    

SECTION 2.09. Possessory Collateral Agent
as Gratuitous Bailee for Perfection.

 

(a)       The
Controlling Collateral Agent agrees to hold any Shared Collateral constituting Possessory Collateral that is part of the Shared Collateral
in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for the benefit of each other
First Lien Secured Party and any assignee solely for the purpose of perfecting the security interest granted in such Possessory Collateral,
if any, pursuant to the applicable First Lien Security Documents, in each case, subject to the terms and conditions of this Section 2.09;
provided that at any time after the Discharge of the First Lien Obligations of the Series for which the Controlling Collateral
Agent is acting, the Controlling Collateral Agent shall (at the sole cost and expense of the Grantors), promptly deliver all Possessory
Collateral to the Controlling Collateral Agent (after giving effect to the Discharge of such First Lien Obligations) together with any
necessary endorsements reasonably requested by the Controlling Collateral Agent (or make such other arrangements as shall be reasonably
requested by the Controlling Collateral Agent to allow the Controlling Collateral Agent to obtain control of such Possessory Collateral).
Pending delivery to the Controlling Collateral Agent, each other Collateral Agent agrees to hold any Shared Collateral constituting Possessory
Collateral, from time to time in its possession, as gratuitous bailee for the benefit of each other First Lien Secured Party and any assignee,
solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable First
Lien Security Documents, in each case, subject to the terms and conditions of this Section 2.09.

 

(b)       The
duties or responsibilities of the Controlling Collateral Agent and each other Collateral Agent under this Section 2.09 shall be limited
solely to holding any Shared Collateral constituting Possessory Collateral as gratuitous bailee for the benefit of each other First Lien
Secured Party for purposes of perfecting the Lien held by such First Lien Secured Parties therein.

 

ARTICLE III

Existence and Amounts of Liens and Obligations

 

SECTION 3.01. Determinations with Respect
to Amounts of Liens and Obligations. Whenever any Collateral Agent shall be required, in connection with the exercise of its rights
or the performance of its obligations hereunder, to determine the existence or amount of any First Lien Obligations of any Series, or
the Shared Collateral subject to any Lien securing the First Lien Obligations of any Series, it may request that such information be furnished
to it in writing by each other Collateral Agent and shall be entitled to make such determination on the basis of the information so furnished;
provided, however, that if any Collateral Agent shall fail or refuse reasonably promptly to provide the requested information,
the requesting Collateral Agent shall be entitled to make any such determination by such method as it may, in the exercise of its good
faith judgment, determine, including by reliance upon a certificate of the Borrower. Each Collateral Agent may rely conclusively, and
shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or
as otherwise directed by a court of competent jurisdiction) and shall have no liability to any Grantor, any First Lien Secured Party or
any other Person as a result of such determination.

 

     

     

    

ARTICLE IV

The Controlling Collateral Agent

 

SECTION 4.01. Appointment and Authority.

 

(a)       Each
of the First Lien Secured Parties hereby irrevocably appoints and authorizes the Controlling Collateral Agent to take such actions on
its behalf and to exercise such powers as are delegated to the Controlling Collateral Agent by the terms hereof, together with such powers
and discretion as are reasonably incidental thereto. Each of the First Lien Secured Parties also authorizes the Controlling Collateral
Agent, at the request of the Borrower, to execute and deliver the First Lien/Second Lien Intercreditor Agreement in the capacity as “Designated
Senior Representative,” however referred to for the First Lien Secured Parties under such agreement and authorizes the Controlling
Collateral Agent, in accordance with the provisions of this Agreement, to take such actions on its behalf and to exercise such powers
as are delegated to, or otherwise given to, the “Designated Senior Representative” by the terms of the First Lien/Second Lien
Intercreditor Agreement, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Controlling
Collateral Agent and any co-agents, sub-agents and attorneys-in-fact appointed by the Controlling Collateral Agent pursuant to the applicable
First Lien Security Documents for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under any
of the First Lien Security Documents, or for exercising any rights and remedies thereunder or under the First Lien/Second Lien Intercreditor
Agreement at the direction of the Controlling Collateral Agent, shall be entitled to the benefits of all provisions of this Article IV
and Article 9 of the Term Loan Credit Agreement and the equivalent provision of the Revolving Facility Credit Agreement and any Additional
First Lien Document (as though such co-agents, sub-agents and attorneys-in-fact were the “Collateral Agent” named therein)
as if set forth in full herein with respect thereto. Without limiting the foregoing, each of the First Lien Secured Parties, and each
Collateral Agent, hereby agrees to provide such cooperation and assistance as may be reasonably requested by the Controlling Collateral
Agent to facilitate and effect actions taken or intended to be taken by the Controlling Collateral Agent pursuant to this Article IV,
such cooperation to include execution and delivery of notices, instruments and other documents as are reasonably deemed necessary by the
Controlling Collateral Agent to effect such actions, and joining in any action, motion or proceeding initiated by the Controlling Collateral
Agent for such purposes.

 

(b)       Each
Non-Controlling Secured Party acknowledges and agrees that the Controlling Collateral Agent shall be entitled, for the benefit of the
First Lien Secured Parties, to sell, transfer or otherwise dispose of or deal with any Shared Collateral as provided herein and in the
First Lien Security Documents, without regard to any rights to which the Non-Controlling Secured Parties would otherwise be entitled.
Without limiting the foregoing, each Non-Controlling Secured Party agrees that none of the Controlling Collateral Agent or any other First
Lien Secured Party shall have any duty or obligation first to marshal or realize upon any type of Shared Collateral (or any other Collateral
securing any of the First Lien Obligations), or to sell, dispose of or otherwise liquidate all or any portion of such Shared Collateral
(or any other Collateral securing any First Lien Obligations), in any manner that would maximize the return to the Non-Controlling Secured
Parties, notwithstanding that the order and timing of any such realization, sale, disposition or liquidation may affect the amount of
proceeds actually received by the Non-Controlling Secured Parties from such realization, sale, disposition or liquidation. Each of the
First Lien Secured Parties waives any claim it may now or hereafter have against the Controlling Collateral Agent or the Collateral Agent
for any other Series of First Lien Obligations or any other First Lien Secured Party of any other Series arising out of (i) any actions
that do not violate this Agreement which any Collateral Agent or any First Lien Secured Party takes or omits to take (including, actions
with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon,

 

     

     

    

sale, release
or depreciation of, or failure to realize upon, any of the Collateral and actions with respect to the collection of any claim for all
or any part of the First Lien Obligations from any account debtor, guarantor or any other party) in accordance with the First Lien Security
Documents or any other agreement related thereto or to the collection of the First Lien Obligations or the valuation, use, protection
or release of any security for the First Lien Obligations, (ii) any election by any Collateral Agent or any holders of First Lien
Obligations, in any Insolvency or Liquidation Proceeding of the application of Section 1111(b) of the Bankruptcy Code or any equivalent
provision of any other Bankruptcy Law or (iii) subject to Section 2.05, any borrowing by, or grant of a security interest or administrative
expense priority under Section 364 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law by, any Grantor
or any of its Subsidiaries, as debtor-in-possession.

 

SECTION 4.02. Rights as a First Lien Secured
Party.

 

(a)       The
Person serving as the Controlling Collateral Agent hereunder shall have the same rights and powers in its capacity as a First Lien Secured
Party under any Series of First Lien Obligations that it holds as any other First Lien Secured Party of such Series and may exercise the
same as though it were not the Controlling Collateral Agent and the term “First Lien Secured Party” or “First Lien Secured
Parties” or (as applicable) “Term Loan Secured Party”, “Term Loan Secured Parties,” “Revolving Facility
Secured Party,” “Revolving Facility Secured Parties,” “Additional First Lien Secured Party” or “Additional
First Lien Secured Parties” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person
serving as the Controlling Collateral Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from,
lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the
Grantors or any Subsidiary or other Affiliate thereof as if such Person were not the Controlling Collateral Agent hereunder and without
any duty to account therefor to any other First Lien Secured Party.

 

SECTION 4.03. Exculpatory Provisions.
The Controlling Collateral Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting the
generality of the foregoing, the Controlling Collateral Agent:

 

(i)       shall
not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is continuing;

 

(ii)       shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby; provided that the Controlling Collateral Agent shall not be required to take any action that, in its opinion
or the opinion of its counsel, may expose the Controlling Collateral Agent to liability or that is contrary to this Agreement or applicable
law;

 

(iii)       shall
not, except as expressly set forth herein, have any duty to disclose, and shall not be liable for the failure to disclose, any information
relating to a Grantor or any of its Affiliates that is communicated to or obtained by the Person serving as the Controlling Collateral
Agent or any of its Affiliates in any capacity;

 

(iv)       shall
not be liable for any action taken or not taken by it (1) in the absence of its own gross negligence or willful misconduct or (2) in
reliance on a certificate of an authorized officer of the Borrower stating that such action is permitted by the terms of this Agreement.
The Controlling Collateral Agent shall be deemed not to have knowledge of any Event of Default under any Series of First Lien Obligations
unless and until notice describing such Event of Default and referencing applicable agreement is given to the Controlling Collateral Agent;

 

     

     

    

(v)       shall
not be responsible for or have any duty to ascertain or inquire into (1) any statement, warranty or representation made in or in
connection with this Agreement or any other First Lien Security Document, (2) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (3) 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, (4) the
validity, enforceability, effectiveness or genuineness of this Agreement, any other First Lien Security Document or any other agreement,
instrument or document, or the creation, perfection or priority of any Lien purported to be created by the First Lien Security Documents,
(5) the value or the sufficiency of any Collateral for any Series of First Lien Obligations, or (6) the satisfaction of any
condition set forth in any Secured Credit Document, other than to confirm receipt of items expressly required to be delivered to the Controlling
Collateral Agent; and

 

(vi)       need
not segregate money held hereunder from other funds except to the extent required by law. The Controlling Collateral Agent shall be under
no liability for interest on any money received by it hereunder except as otherwise agreed in writing.

 

SECTION 4.04. Collateral and Guaranty
Matters. Each of the First Lien Secured Parties irrevocably authorizes the applicable Collateral Agent, at its option and in its discretion,
to release any Lien on any property granted to or held by the Collateral Agent under any First Lien Security Document in accordance with
Section 2.04 or upon receipt of a written request from the Borrower stating that the releases of such Lien is permitted by the terms of
each then extant Secured Credit Document.

 

ARTICLE V

Miscellaneous

 

SECTION 5.01. Notices. All notices and
other communications provided for herein (including, but not limited to, all the directions and instructions to be provided to the Controlling
Collateral Agent herein by the First Lien Secured Parties) shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by telecopy, as follows:

 

(a)           
If to the Borrower or any Grantor, to it at :

 

[__]

[__][__]Attention: [__]

Email: [__]

 

With a copy to:

 

[__][__][__]Attention: [__]

Email[__]

 

(b)           
if to the Term Loan Collateral Agent, to it at:

 

[__]as Term Loan Collateral Agent

[__][__]Attention: [__]

E-mail: [__]

           [__]

 

With a copy to (which shall not constitute
notice):

 

[__][__][__]Attention [__]

 

Email: [__]

 

     

     

    

(c)           
 (c)if to the Revolver Collateral Agent, to it at:

 

[__],

as Revolver Collateral Agent

[__]

[__] 

[__]E-mail: [__]

 

(d)         if
to any other Collateral Agent, to it at the address set forth in the applicable Joinder Agreement.

 

Any party hereto may change its address, fax number or email address
for notices and other communications hereunder by notice to the other parties hereto. Unless otherwise specifically provided herein, any
notice or other communication herein required or permitted to be given shall be in writing and, may be personally served, telecopied,
electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier
service, upon receipt of a telecopy or electronic mail or upon receipt via U.S. mail (registered or certified, with postage prepaid and
properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth above or, as to each party, at
such other address as may be designated by such party in a written notice to all of the other parties. As agreed to in writing among the
Controlling Collateral Agent and each other Collateral Agent from time to time, notices and other communications may also be delivered
by e-mail to the e-mail address of a representative of the applicable person provided from time to time by such person.

 

SECTION 5.02. Waivers; Amendment; Joinder
Agreements.

 

(a)       No failure
or delay on the part of any party hereto in exercising any right or power hereunder 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 parties hereto are cumulative
and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent
to any departure by any party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this
Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice
or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances.

 

(b)       Neither
this Agreement nor any provision hereof may be terminated, waived, amended or modified (other than pursuant to any Joinder Agreement)
except pursuant to an agreement or agreements in writing entered into by each Collateral Agent (and with respect to any such termination,
waiver, amendment or modification which by the terms of this Agreement requires the Borrower’s consent or which increases the obligations
or reduces the rights of the Borrower or any other Grantor, with the consent of the Borrower).

 

(c)       Notwithstanding
the foregoing, without the consent of any First Lien Secured Party, any Additional Agent may become a party hereto by execution and delivery
of a Joinder Agreement in accordance with Section 5.13 of this Agreement and upon such execution and delivery, such Additional Agent and
the Additional First Lien Secured Parties and Additional First Lien Obligations of the Series for which such Additional Agent is acting
shall be subject to the terms hereof.

 

     

     

    

(d)       Notwithstanding
the foregoing, without the consent of any other Collateral Agent or First Lien Secured Party (other than the Revolver Collateral Agent),
the Controlling Collateral Agent may effect amendments and modifications to this Agreement to the extent necessary to reflect any incurrence
of any Additional First Lien Obligations in compliance with the Term Loan Credit Agreement, the Revolving Facility Credit Agreement and
any Additional First Lien Documents.

 

SECTION 5.03. Parties in Interest. This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, as well as
the other First Lien Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement.

 

SECTION 5.04. Survival of Agreement. All
covenants, agreements, representations and warranties made by any party in this Agreement shall be considered to have been relied upon
by the other parties hereto and shall survive the execution and delivery of this Agreement.

 

SECTION 5.05. Counterparts. This Agreement
may be executed in counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single
contract. Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission shall be as effective
as delivery of a manually signed counterpart of this Agreement. The words “delivery,” “execute,” “execution,”
“signed,” “signature,” and words of like import in this Agreement or any other document executed in connection
herewith shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic
platforms approved by the Term Loan Collateral or the Revolver Collateral Agent, as applicable, or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery
thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained
herein to the contrary neither the Term Loan Collateral nor the Revolver Collateral Agent is under any obligation to agree to accept electronic
signatures in any form or in any format unless expressly agreed to by the Term Loan Collateral nor the Revolver Collateral Agent pursuant
to procedures approved by it; provided further without limiting the foregoing, upon the request of the Term Loan Collateral nor
the Revolver Collateral Agent, any electronic signature shall be promptly followed by such manually executed counterpart.

 

SECTION 5.06 Severability. Any provision
of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any
other jurisdiction. 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 5.07. Authorization. By its signature,
each Person executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized
to execute this Agreement. The Term Loan Collateral Agent represents and warrants that this Agreement is binding upon the Term Loan Secured
Parties. The Revolver Collateral Agent represents and warrants that this Agreement is binding upon the Revolving Facility Secured Parties.

 

     

     

    

SECTION 5.08. Submission to Jurisdiction Waivers;
Consent to Service of Process. Each Collateral Agent, on behalf of itself and the First Lien Secured Parties of the Series for whom
it is acting, irrevocably and unconditionally:

 

(a)       submits
for itself and its property in any legal action or proceeding relating to this Agreement, or for recognition and enforcement of any judgment
in respect thereof, to the exclusive jurisdiction of the courts of the State of New York sitting in New York County, the courts of the
United States of America for the Southern District of New York, sitting in New York County, and appellate courts from any thereof;

 

(b)       consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue
of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient forum and agrees not
to plead or claim the same;

 

(c)       agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or
any substantially similar form of mail), postage prepaid, to such Person (or its Collateral Agent) at the address referred to in 5.01;

 

(d)       agrees
that nothing herein shall affect the right of any other party hereto (or any First Lien Secured Party) to effect service of process in
any other manner permitted by law or shall limit the right of any party hereto (or any First Lien Secured Party) to sue in any other jurisdiction;
and

 

(e)       waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in
this Section 5.08 any special, exemplary, punitive or consequential damages.

 

SECTION 5.09. GOVERNING LAW; WAIVER OF
JURY TRIAL. 

 

(A)       THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

(B)       EACH
PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT
AND FOR ANY COUNTERCLAIM THEREIN.

 

SECTION 5.10. Headings. Article, Section
and Annex headings 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 5.11. Conflicts. In the event
of any conflict or inconsistency between the provisions of this Agreement and the provisions of any of the other First Lien Security Documents
or Additional First Lien Documents, the provisions of this Agreement shall control.

 

     

     

    

SECTION 5.12. Provisions Solely to Define
Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the
First Lien Secured Parties in relation to one another. None of the Borrower, any other Grantor or any other creditor thereof shall have
any rights or obligations hereunder, except as expressly provided in this Agreement (provided that nothing in this Agreement (other than
Section 2.04, 2.05 or 2.09) is intended to or will amend, waive or otherwise modify the provisions of the Term Loan Credit Agreement,
the Revolving Credit Facility Agreement, or any Additional First Lien Documents), and neither the Borrower nor any other Grantor may rely
on the terms hereof (other than Section 2.04, 2.05 or 2.09). Nothing in this Agreement is intended to or shall impair the obligations
of any Grantor, which are absolute and unconditional, to pay the First Lien Obligations as and when the same shall become due and payable
in accordance with their terms.

 

SECTION 5.13. Additional First Lien Obligations.
To the extent, but only to the extent permitted by the provisions of the then extant Term Loan Credit Agreement, the then extant Revolving
Facility Credit Agreement and the Additional First Lien Documents, the Borrower may incur Additional First Lien Obligations. Any such
additional class or Series of Additional First Lien Obligations (the “Senior Class Debt”) may be secured by a Lien
and may be guaranteed by the Grantors on a pari passu basis with the Liens on the Shared Collateral securing the other First Lien Obligations,
in each case under and pursuant to the First Lien Security Documents, if and subject to the condition that the Collateral Agent of any
such Senior Class Debt (each, a “Senior Class Debt Representative”), acting on behalf of the holders of such Senior
Class Debt (such Collateral Agent and holders in respect of any Senior Class Debt being referred to as the “Senior Class Debt
Parties”), becomes a party to this Agreement by satisfying the conditions set forth in clauses (i) through (iv) of the immediately
succeeding paragraph.

 

In order for a Senior Class Debt Representative to
become a party to this Agreement,

 

(i)       such
Senior Class Debt Representative, the Controlling Collateral Agent and each Grantor shall have executed and delivered an instrument substantially
in the form of Annex II (with such changes as may be reasonably approved by the Controlling Collateral Agent, the Revolver Collateral
Agent and such Senior Class Debt Representative), receipt of which shall have been acknowledged by the Revolver Collateral Agent pursuant
to which such Senior Class Debt Representative becomes a Collateral Agent and Additional Agent hereunder, and the Senior Class Debt in
respect of which such Senior Class Debt Representative is the Collateral Agent and the related Senior Class Debt Parties become subject
hereto and bound hereby;

 

(ii)       the
Borrower shall have delivered to the Controlling Collateral Agent and the Revolver Collateral Agent true and complete copies of each of
the Additional First Lien Documents relating to such Senior Class Debt, certified as being true and correct by an Authorized Officer of
the Borrower;

 

(iii)       the
Borrower shall have delivered to the Controlling Collateral Agent and the Revolver Collateral Agent a certificate of an appropriate officer
(“Officer’s Certificate”) stating that such Additional First Lien Obligations are permitted by each applicable
Secured Credit Document to be incurred and secured (including as to priority), or to the extent a consent is otherwise required to permit
the incurrence of such Additional First Lien Obligations (or Liens (or priority thereof) securing such Additional First Lien Obligations)
under any Secured Credit Document, each Grantor has obtained the requisite consent; and

 

(iv)       the
Additional First Lien Documents, as applicable, relating to such Senior Class Debt shall provide, in a manner reasonably satisfactory
to the Controlling Collateral Agent and the Revolver Collateral Agent, that each Senior Class Debt Party with respect to such Senior Class
Debt will be subject to and bound by the provisions of this Agreement in its capacity as a holder of such Senior Class Debt.

 

     

     

    

SECTION 5.14 Integration. This Agreement
together with the other Secured Credit Documents and the First Lien Security Documents represents the entire agreement of each of the
Grantors and the First Lien Secured Parties with respect to the subject matter hereof and there are no promises, undertakings, representations
or warranties by any Grantor, any Collateral Agent or any other First Lien Secured Party relative to the subject matter hereof not expressly
set forth or referred to herein or in the other Secured Credit Documents or the First Lien Security Documents.

 

SECTION 5.15 Information Concerning Financial
Condition of the Borrower and the other Grantors. The Controlling Collateral Agent, the other Collateral Agents and the First Lien
Secured Parties shall each be responsible for keeping themselves informed of (a) the financial condition of the Borrower and the other
Grantors and all endorsers or guarantors of the First Lien Obligations and (b) all other circumstances bearing upon the risk of nonpayment
of the First Lien Obligations. The Controlling Collateral Agent, the other Collateral Agents and the First Lien Secured Parties shall
have no duty to advise any other party hereunder of information known to it or them regarding such condition or any such circumstances
or otherwise. In the event that the Controlling Collateral Agent, any other Collateral Agent or any First Lien Secured Party, in its sole
discretion, undertakes at any time or from time to time to provide any such information to any other party, it shall be under no obligation
to (i) make, and Controlling Collateral Agent, the other Collateral Agents and the First Lien Secured Parties shall not make or be deemed
to have made, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or
validity of any such information so provided, (ii) provide any additional information or to provide any such information on any subsequent
occasion, (iii) undertake any investigation or (iv) disclose any information that, pursuant to accepted or reasonable commercial finance
practices, such party wishes to maintain confidential or is otherwise required to maintain confidential.

 

SECTION 5.16. Additional Grantors. The
Borrower agrees that, if any Subsidiary of the Borrower shall become a Grantor after the date hereof, they will promptly cause such Subsidiary
to become party hereto by executing and delivering an instrument in the form of Annex III hereto. Upon such execution and delivery, such
Subsidiary will become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and
delivery of such instrument shall not require the consent of any other party hereunder, and will be acknowledged by the Controlling Collateral
Agent and the Revolver Collateral Agent. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding
the addition of any new Grantor as a party to this Agreement.

 

SECTION 5.17. Further Assurances. Each
Collateral Agent, on behalf of itself and each First Lien Secured Party under the applicable Term Loan Credit Agreement, Revolving Facility
Credit Agreement or Additional First Lien Debt Facility, agrees that it will take such further action and shall execute and deliver such
additional documents and instruments (in recordable form, if requested) as the other parties hereto may reasonably request to effectuate
the terms of, and the Lien priorities contemplated by, this Agreement.

 

SECTION 5.18. Term Loan Collateral Agent and
Revolver Collateral Agent. It is understood and agreed that (a) the Term Loan Collateral Agent is entering into this Agreement in
its capacity as administrative agent under the Term Loan Credit Agreement and the provisions of Article 9 of the Term Loan Credit
Agreement applicable to it as administrative agent thereunder shall also apply to it as Controlling Collateral Agent hereunder and (b)
the Revolver Collateral Agent is entering in this Agreement in its capacity as Administrative Agent under the Revolving Facility Credit
Agreement and Revolving Facility Security Documents granting or extending any rights, protections, privileges, indemnities and immunities
to the Administrative Agent thereunder shall also apply to the Revolver Collateral Agent hereunder.

 

For the avoidance of doubt, the parties hereto acknowledge
that in no event shall the Term Loan Collateral Agent or Revolver Collateral Agent be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether any such party
has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

     

     

    

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

 

 

	 	[__],
	 	as Term Loan Collateral Agent and Controlling Collateral Agent
	 	 
	 	By:	 
	 		Name:
	 	 	Title:

 

 

	 	[__],
	 	as Revolving Facility Collateral Agent and Major Non-Controlling Collateral Agent
	 	 
	 	By:	 
	 		Name:
	 	 	Title:

 

 

	 	By:	 
	 		Name:
	 	 	Title:

 

 

	 	THE GRANTORS LISTED ON ANNEX I HERETO
	 	 
	 	By:	 
	 		Name:
	 	 	Title:

 

 

[Signature Page to First Lien Intercreditor Agreement] 

 

     

     

    

ANNEX I

 

Grantors

 

	[__]
	[__]
	[__]
	[__]

 

 

     

     

    

ANNEX II

 

[FORM OF] JOINDER NO. [ ] dated as of [     ],
20[ ] (this “Joinder”) to the FIRST LIEN INTERCREDITOR AGREEMENT dated as of [ ], 202[_] (the “First Lien
Intercreditor Agreement”), among [__], a [__] (the “Borrower”),
the other Grantors (as defined therein) party thereto, [__], as collateral agent for the Term Loan Secured Parties (in such capacity,
the “Term Loan Collateral Agent”) and [__], as agent for the Revolving Facility Secured Parties (in such capacity and
together with its successors in such capacity, the “Revolver Collateral Agent”) and each Additional Agent from time
to time party thereto.

 

A.       Capitalized
terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the First Lien Intercreditor Agreement.

 

B.       As a
condition to the ability of the Borrower or any Subsidiary of the Borrower to incur Additional First Lien Obligations and to secure such
Senior Class Debt with the Senior Lien and to have such Senior Class Debt guaranteed by the Grantors on a senior basis, in each case under
and pursuant to the Additional First Lien Documents, the Senior Class Debt Representative in respect of such Senior Class Debt is required
to become a Collateral Agent under, and such Senior Class Debt and the Senior Class Debt Parties in respect thereof are required to become
subject to and bound by, the First Lien Intercreditor Agreement. Section 5.13 of the First Lien Intercreditor Agreement provides that
such Senior Class Debt Representative may become a Collateral Agent under, and such Senior Class Debt and such Senior Class Debt Parties
may become subject to and bound by, the First Lien Intercreditor Agreement, upon the execution and delivery by the Senior Class Debt Representative
of an instrument in the form of this Joinder and the satisfaction of the other conditions set forth in Section 5.13 of the First
Lien Intercreditor Agreement. The undersigned Senior Class Debt Representative (the “New Collateral Agent”) is executing
this Joinder in accordance with the requirements of the First Lien Intercreditor Agreement.

 

Accordingly, the Controlling Collateral Agent and
the New Collateral Agent agree as follows:

 

SECTION 1.In accordance with Section 5.13 of
the First Lien Intercreditor Agreement, the New Collateral Agent by its signature below becomes a Collateral Agent and Additional Agent
under, and the related Senior Class Debt and Senior Class Debt Parties become subject to and bound by, the First Lien Intercreditor Agreement
with the same force and effect as if the New Collateral Agent had originally been named therein as a Collateral Agent, and the New Collateral
Agent, on behalf of itself and such Senior Class Debt Parties, hereby agrees to all the terms and provisions of the First Lien Intercreditor
Agreement applicable to it as a Collateral Agent and to the Senior Class Debt Parties that it represents as Additional First Lien Secured
Parties. Each reference to a “Collateral Agent” or an “Additional Agent” in the First Lien Intercreditor
Agreement shall be deemed to include the New Collateral Agent. The First Lien Intercreditor Agreement is hereby incorporated herein by
reference.

 

SECTION 2.The New Collateral Agent represents
and warrants to the Controlling Collateral Agent and the other First Lien Secured Parties that (i) it has full power and authority
to enter into this Joinder, in its capacity as [agent] [trustee], (ii) this Joinder has been duly authorized, executed and delivered
by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms of such Agreement and
(iii) the Additional First Lien Documents relating to such Senior Class Debt provide that, upon the New Collateral Agent’s
entry into this Agreement, the Senior Class Debt Parties in respect of such Senior Class Debt will be subject to and bound by the provisions
of the First Lien Intercreditor Agreement as Additional First Lien Secured Parties.

 

     

     

    

SECTION 3.This Joinder may be executed in counterparts,
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Joinder shall
become effective when the Collateral Agent shall have received a counterpart of this Joinder that bears the signature of the New Collateral
Agent. Delivery of an executed signature page to this Joinder by facsimile transmission shall be effective as delivery of a manually signed
counterpart of this Joinder.

 

SECTION 4.Except as expressly supplemented hereby,
the First Lien Intercreditor Agreement shall remain in full force and effect.

 

SECTION 5.THIS JOINDER SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 6.In case any one or more of the provisions
contained in this Joinder should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply
with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability
of the remaining provisions contained herein and in the First Lien Intercreditor Agreement shall not in any way be affected or impaired.
The parties hereto 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 7.All communications and notices hereunder
shall be in writing and given as provided in Section 5.01 of the First Lien Intercreditor Agreement. All communications and notices
hereunder to the New Collateral Agent shall be given to it at the address set forth below its signature hereto.

 

SECTION 8.The Borrower agrees to reimburse the
Controlling Collateral Agent for its reasonable out-of-pocket expenses in connection with this Joinder, including the reasonable fees,
other charges and disbursements of counsel for the Controlling Collateral Agent.

 

     

     

    

IN WITNESS WHEREOF, the New Collateral Agent and
the Controlling Collateral Agent have duly executed this Joinder to the First Lien Intercreditor Agreement as of the day and year first
above written.

 

 

 

	 	[NAME OF NEW COLLATERAL AGENT], as
	 	[                ] for the holders of
	 	[                                 ],
	 	 
	 	By:	 
	 		Name:
	 	 	Title:

 

 

 

 

     

     

    

 

	 	Address for notices:
	 	 
	 		 
	 		
	 	 	 
	 	 	
	 	 	 
	 	 	attention of:
	 	 	 
	 	 	 
	 	 	Telecopy:

 

 

     

     

    

 

 

	Acknowledged by:	 
	 	 
	[                                 ],	 
	as Controller Collateral Agent	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

	Receipt acknowledged by:	 
	 	 
	[                                 ],	 
	as Revolver Collateral Agent	 
	 	 
	By:	 	 
	 	Name:Alex Grotevant	 
	 	Title:Vice President	 

 

 

	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

 

	[THE GRANTORS

                    LISTED ON SCHEDULE I HERETO]
	 
	 	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

 

     

     

    

Schedule I to the

Joinder to the

First Lien Intercreditor Agreement

 

Grantors

 

[       ]

 

     

     

    

ANNEX III

 

[FORM OF] SUPPLEMENT NO. [ ] dated as of [ ], 20[
] (this “Supplement”) to the FIRST LIEN INTERCREDITOR AGREEMENT dated as of [ ], 202[_] (the “First Lien Intercreditor
Agreement”), among [__], a Delaware corporation (the “Borrower”),
the other Grantors (as defined therein) party thereto, [_], as collateral agent for the Term Loan Secured Parties (in such capacity, the
“Term Loan Collateral Agent”) and [__], as agent for the Revolving Facility Secured Parties (in such capacity and together
with its successors in such capacity, the “Revolver Collateral Agent”) and each Additional Agent from time to time
party thereto.

 

A.       Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the First Lien Intercreditor Agreement.

 

B.       The Grantors
have entered into the First Lien Intercreditor Agreement. Pursuant to certain Secured Credit Documents, certain newly acquired or organized
Subsidiaries of the Borrower are required to enter into the First Lien Intercreditor Agreement. Section 5.16 of the First Lien Intercreditor
Agreement provides that such Subsidiaries may become party to the First Lien Intercreditor Agreement by execution and delivery of an instrument
in the form of this Supplement. The undersigned Subsidiary (the “New Grantor”) is executing this Supplement in accordance
with the requirements of the Term Loan Credit Agreement, the Revolving Facility Credit Agreement and Additional First Lien Documents.

 

Accordingly, the Controlling Collateral Agent and
the New Grantor agree as follows:

 

SECTION 1.In accordance with Section 5.16 of
the First Lien Intercreditor Agreement, the New Grantor by its signature below becomes a Grantor under the First Lien Intercreditor Agreement
with the same force and effect as if originally named therein as a Grantor, and the New Grantor hereby agrees to all the terms and provisions
of the First Lien Intercreditor Agreement applicable to it as a Grantor thereunder. Each reference to a “Grantor” in the First
Lien Intercreditor Agreement shall be deemed to include the New Grantor. The First Lien Intercreditor Agreement is hereby incorporated
herein by reference.

 

SECTION 2.The New Grantor represents and warrants
to the Controlling Collateral Agent and the other Controlling Secured Parties that this Supplement has been duly authorized, executed
and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms.

 

SECTION 3.This Supplement may be executed in
counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This
Supplement shall become effective when the Controlling Collateral Agent shall have received a counterpart of this Supplement that bears
the signature of the New Grantor. Delivery of an executed signature page to this Supplement by facsimile transmission shall be as effective
as delivery of a manually signed counterpart of this Supplement.

 

SECTION 4.Except as expressly supplemented hereby,
the First Lien Intercreditor Agreement shall remain in full force and effect.

 

SECTION 5.THIS SUPPLEMENT SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

     

     

    

SECTION 6.In case any one or more of the provisions
contained in this Supplement should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply
with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity, legality and enforceability
of the remaining provisions contained herein and in the First Lien Intercreditor Agreement shall not in any way be affected or impaired.
The parties hereto 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 7.All communications and notices hereunder
shall be in writing and given as provided in Section 5.01 of the First Lien Intercreditor Agreement. All communications and notices hereunder
to the New Grantor shall be given to it in care of the Borrower as specified in the First Lien Intercreditor Agreement.

 

SECTION 8.The Borrower agrees to reimburse the
Controlling Collateral Agent for its reasonable out-of-pocket expenses in connection with this Supplement, including the reasonable fees,
other charges and disbursements of counsel for the Controlling Collateral Agent.

 

    2 

     

    

IN WITNESS WHEREOF, the New Grantor, and the Controlling
Collateral Agent have duly executed this Supplement to the First Lien Intercreditor Agreement as of the day and year first above written.

 

 

	 	[NAME OF NEW GRANTOR],
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	Acknowledged by:	 
	 	 
	[                           ],
    as Controlling Collateral Agent,	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

 

	Receipt acknowledged by:	 
	 	 
	[                           ],
    as Revolver Collateral Agent,	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

    3 

     

    

 

EXHIBIT C

 

Sunrise Acquisition
Conditions to Borrowing

 

		1.	Since the date of the Sunrise Arrangement
                                            Agreement, there has not occurred a Material Adverse Effect (as defined in the Sunrise Arrangement
                                            Agreement as in effect on the date of this Second Amendment) that is continuing and that
                                            results in the failure of a condition precedent to the Sunrise Buyer’s obligation to
                                            consummate the Sunrise Acquisition pursuant to the Sunrise Arrangement Agreement.

 

		2.	Substantially concurrently with the subject
                                            Borrowing, the Sunrise Acquisition shall be consummated in all material respects in accordance
                                            with the terms and conditions of the Sunrise Arrangement Agreement, without giving effect
                                            to any amendments, modifications, waivers or consents by the Borrower or the Sunrise Buyer,
                                            if such amendment, modification, waiver or consent is adverse in any material respect to
                                            the interests of the Lenders (any such amendment, modification, waiver or consent that is
                                            permitted pursuant to this paragraph, after giving effect to Section 4.02 of the Credit Agreement,
                                            a “Permitted Amendment”), unless the Required Revolving Credit
                                            Lenders have provided their written consent thereto (such consent not to be unreasonably
                                            withheld, delayed or conditioned; provided that any Lender shall be deemed to have consented
                                            to any amendment, modification, waiver or consent, whether proposed or actual, if it fails
                                            to respond to any request for such consent within 3 Business Days) (it being understood and
                                            agreed that (a) any amendment, modification, waiver or consent that decreases the purchase
                                            price in respect of the Sunrise Acquisition shall be deemed not to be adverse in any material
                                            respect to the interests of the Lenders so long as such reduction is applied in a manner
                                            satisfactory to the Commitment Parties under the Sunrise Commitment Letter, (b) any amendment,
                                            modification, waiver or consent that increases the purchase price in respect of the Sunrise
                                            Acquisition shall be deemed not to be adverse in any material respect to the interests of
                                            the Lenders so long as such increase is funded solely by the issuance by the Borrower of
                                            Equity Interests other than Disqualified Equity Interests and (c) any amendment, modification,
                                            waiver or consent in respect of the definition of “Material Adverse Effect” as
                                            it relates to the Sunrise Target is materially adverse to the interests of the Lenders).

 

		3.	The Specified Representations shall be true
                                            and correct in all material respects and the Arrangement Agreement Target Representations
                                            (as defined in the Sunrise Commitment Letter, except that “Lenders” as used in
                                            such definition shall instead be deemed to refer to the “Lending Parties” under
                                            and as defined in the Existing Credit Agreement) shall be true and correct to the extent
                                            required by the Limited Conditionality Provisions (as defined in the Sunrise Commitment Letter).

 

		4.	The Administrative Agent and, if applicable,
                                            the Swing Line Lender or L/C Issuer shall have received the applicable Request for Credit
                                            Extension.EXHIBIT 10.1

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

 

This AMENDMENT NO. 1 TO CREDIT
AGREEMENT (this “Amendment”) is entered into as of August 30, 2022 by and among HAYNES INTERNATIONAL, INC., a Delaware
corporation (“Haynes”), those additional Persons who have joined as a party to the Credit Agreement (as defined below)
as a borrower (such Persons together with Haynes, each a “Borrower” and collectively, the “Borrowers”),
LAPORTE CUSTOM METAL PROCESSING, LLC, a Delaware limited liability company (“Guarantor”), the Lenders party hereto (the
 “Lenders”) and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, “Administrative
Agent”).

 

W I T N E S S E
T H:

 

WHEREAS, Borrowers, Guarantor,
the other Loan Parties party thereto, the Lenders party thereto and Administrative Agent are parties to that certain Credit Agreement
dated as of October 19, 2020 (as amended, restated, supplemented or otherwise modified to date and from time to time, including hereby,
the “Credit Agreement”; capitalized terms used herein but not otherwise defined shall have the meanings set forth in
the Credit Agreement);

 

WHEREAS, Borrowers have requested
that Lenders agree to amend the Credit Agreement in certain respects; and

 

WHEREAS, subject to the terms
and conditions of this Amendment, the Lenders have agreed to amend the Credit Agreement as specified herein.

 

NOW THEREFORE, in consideration
of the mutual conditions and agreements set forth in the Credit Agreement and this Amendment, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.                 
Amendments to Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 4
below, and in reliance on the representations and warranties set forth in Section 5 below, the Credit Agreement is hereby amended
as follows:

 

(a)               
The Credit Agreement (except for the Schedules and Exhibits) is hereby amended to delete the red
stricken text and to add the blue underlined text
as set forth in the restated Credit Agreement attached as Exhibit A hereto;

 

(b)               
Each of the Schedules to the Credit Agreement are hereby amended and restated in their entirety as set forth on the identically
captioned schedules attached hereto; and

 

(c)               
Notwithstanding the foregoing, any existing Loans outstanding as of the date hereof based on the “Adjusted LIBO Rate”
(as defined in the Credit Agreement before giving effect to this Amendment) shall continue as a “Eurodollar Borrowing” (as defined
in the Credit Agreement before giving effect to this Amendment) through and until the last day of the Interest Period applicable to such
Loans, and all definitions, terms and conditions, each as set forth in the Credit Agreement prior to giving effect to this Amendment,
shall continue solely with respect to such Loans and, from and after the last day of the applicable Interest Period for such Loans, such
Loans shall be based on the Adjusted Term SOFR Rate in accordance with the Credit Agreement as amended hereby.

 

    -1-

     

    

 

2.                 Continuing
Effect. Except as expressly set forth in Section 1 of this Amendment, nothing in this Amendment shall constitute a
modification or alteration of the terms, conditions or covenants of the Credit Agreement or any other Loan Document, or a waiver of
any other terms or provisions thereof, and the Credit Agreement and the other Loan Documents shall remain unchanged and shall
continue in full force and effect, in each case as amended hereby.

 

3.                
Reaffirmation and Confirmation; Agreement. Each Loan Party hereby ratifies, affirms, acknowledges and agrees that
this Amendment, the Credit Agreement, as modified hereby, and the other Loan Documents represent the valid, enforceable and collectible
obligations of each Loan Party, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization,
moratorium, or similar laws relating to or limiting creditors' rights generally, and further acknowledges, as of the date hereof, that
there are no existing claims, defenses, personal or otherwise, or rights of setoff whatsoever with respect to the Credit Agreement or
any other Loan Document. Each Loan Party hereby agrees that this Amendment in no way acts as a release or relinquishment of the Liens
and rights securing payments of the Obligations. The Liens and rights securing payment of the Obligations are hereby ratified and confirmed
by each Loan Party in all respects.

 

4.                
Conditions to Effectiveness. The effectiveness of Section 1 of this Amendment is subject to the following
conditions precedent:

 

(a)              
Administrative Agent shall have received a copy of this Amendment executed by each Borrower, Guarantor, Administrative Agent and
each Lender;

 

(b)              
Administrative Agent shall have received each of the items listed on the Closing Checklist attached hereto as Exhibit B;

 

(c)             
Administrative Agent shall have received payment for all expenses for which invoices have been presented (including the reasonable
fees and expenses of legal counsel) prior to the date hereof; and

 

(d)             
no Default or Event of Default shall have occurred and be continuing or shall be caused by the transactions contemplated by, or
after giving effect to, this Amendment.

 

5.                 
Representations and Warranties. To induce Administrative Agent and the Lenders to enter into this Amendment, each
Loan Party hereby represents and warrants to Administrative Agent and the Lenders that:

 

(a)               
the execution, delivery and performance of this Amendment has been duly authorized by all requisite action on the part of such
Loan Party and this Amendment has been duly executed and delivered by such Loan Party;

 

(b)               
immediately before and after giving effect to the consummation of the transactions contemplated by this Amendment, each of the
representations and warranties of the Loan Parties set forth in the Credit Agreement, Security Agreement and each of the other Loan Documents
are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text thereof) as of the date hereof (except to the extent they
relate to an earlier date, in which case they shall have been true and correct in all material respects (except that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof) as of such earlier date); and

 

(c)               
 immediately before and after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

 

    -2-

     

    

 

6.                
 Release.

 

(a)               
In consideration of the agreements of Administrative Agent and the Lenders contained herein and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, each Loan Party, on behalf of itself and its successors, assigns, and other
legal representatives (each such Loan Party and all such other Persons being hereafter referred to collectively as the “Releasors”
and individually as a “Releasor”), hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges
Administrative Agent and the Lenders, and each of their successors and assigns, and each of their present and former shareholders, affiliates,
subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents, other representatives (Administrative Agent
and the Lender and all such other Persons being hereinafter referred to collectively as the “Releasees” and individually
as a “Releasee”), of and from all demands, actions, causes of action, suits, controversies, damages and any and all other
claims, counterclaims, defenses, rights of set-off and liabilities whatsoever, including claims for breach of contract, (individually,
a “Claim” and collectively, “Claims”) of every name and nature, known or unknown, suspected or unsuspected,
both at law and in equity, which any Releasor may now own, hold, have or claim to have against the Releasees or any of them for, upon,
or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Amendment
for or on account of, or in relation to, or in any way in connection with the Credit Agreement or any of the other Loan Documents or transactions
thereunder or related thereto; provided that nothing in this paragraph shall modify, amend, or terminate the Credit Agreement, any of
the other Loan Documents, or any other contract or agreement to which a Releasor is a party or of which the Releasor is a beneficiary
and further provided that nothing in this paragraph shall release, remise or discharge any Releasee from liability for future performance
due under any such contracts or agreements or with respect to any demand deposit account.

 

(b)               
Each Releasor understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense
and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted
in breach of the provisions of such release.

 

(c)               
Each Releasor agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter
be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above.

 

7.                 
Cost and Expenses. Borrowers agree to pay on demand all outstanding fees, costs and expenses of Administrative Agent
in connection with the preparation, negotiation, execution, delivery and administration of the Credit Agreement and each other Loan Document,
including without limitation this Amendment, and all other instruments or documents provided for therein or herein or delivered or to
be delivered hereunder or thereunder in connection herewith or therewith, in each case to the extent required by Section 9.03 of
the Credit Agreement.

 

8.                 
Severability. Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity,
legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction
shall not invalidate such provision in any other jurisdiction.

 

9.                 
References. Any reference to the Credit Agreement contained in any Loan Document or any other document, instrument
or agreement executed in connection with the Credit Agreement shall be deemed to be a reference to the Credit Agreement as modified by
this Amendment.

 

    -3-

     

    

 

10.             
 Counterparts. This Amendment may be executed in one or more counterparts, each of which shall constitute an original,
but all of which taken together shall be one and the same instrument. Delivery by telecopy or electronic portable document format (i.e.,
 “pdf”) transmission of executed signature pages hereof from one party hereto to another party hereto shall be deemed to constitute
due execution and delivery by such party.

 

11.              
Ratification. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms
and provisions of the Credit Agreement and shall not be deemed to be a consent to the modification or waiver of any other term or condition
of the Credit Agreement or any of the other Loan Documents. Except as expressly modified and superseded by this Amendment, the terms and
provisions of the Credit Agreement are ratified and confirmed and shall continue in full force and effect.

 

12.              
Governing Law. This Amendment shall be governed by and construed in accordance with the internal laws (and not the
law of conflicts) of the State of Illinois, but giving effect to federal laws applicable to national banks.

 

[Signature pages follow]

 

    -4-

     

    

 

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

 

	 	BORROWER:
	 	 
	 	HAYNES INTERNATIONAL, INC.
	 	 
	 	By:	 /s/ Daniel W. Maudlin
	 	Name: 	Daniel W. Maudlin
	 	Title: 	VP of Finance and CFO
	 	 	 
	 	GUARANTOR:
	 	 
	 	LAPORTE CUSTOM METAL PROCESSING, LLC
	 	 
	 	By:	 /s/ Daniel W. Maudlin
	 	Name: 	Daniel W. Maudlin
	 	Title: 	VP of Finance and CFO

 

Signature Page to Amendment No. 1 to Credit Agreement

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A.,
    as Administrative Agent and a Lender
	 	 
	 	By: 	/s/ John Morrone
	 	Name:	John Morrone
	 	Title:	Authorized Signer

 

Signature Page to Amendment No. 1 to Credit Agreement

 

     

     

    

 

	 	BANK OF AMERICA,
    N.A., as a Lender
	 	 
	 	By: 	/s/
    Zach Nobis-Olson
	 	Name: 	Zach Nobis-Olson
	 	Title: 	Senior Vice President

 

Signature Page to Amendment No. 1 to Credit Agreement

 

     

     

    

 

Exhibit A

 

conformed credit
agreement

 

[See Attached]

 

     

     

    

 

	
	EXHIBIT  A  TO  AMENDMENT  NO.  1  TO  CREDIT  AGREEMENT
CREDIT AGREEMENT
dated as of
October 19, 2020
among
HAYNES  INTERNATIONAL, INC,
as a Borrower
The Lenders Party Hereto
and
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent
JPMORGAN CHASE BANK, N.A.
and
BANK OF AMERICA, N.A.
as Joint Bookrunners and Joint Lead Arrangers
ASSET  BASED  LENDING 

	
	-i-
TABLE  OF  CONTENTS
Page
ARTICLE I DEFINITIONS ___________________________________________________________________________ 1
SECTION 1.01      Defined Terms ________________________________________________________ 1
SECTION  1.02  Classification  of  Loans  and  Borrowings                <37>38
SECTION  1.03  Terms  Generally                            <37>38
SECTION  1.04  Accounting  Terms;  GAAP                       <37>38
SECTION  1.05    Interest  Rates; <LIBOR>Benchmark Notifications           <38>39
SECTION 1.06      Pro Forma Adjustments for Acquisitions and Dispositions _____________________ 39
ARTICLE II THE CREDITS <39>40

SECTION 2.01  Commitments  <39>40
SECTION 2.02  Loans and Borrowings.  <39>40
SECTION 2.03  Requests for Borrowings  <40>41
SECTION 2.04  Protective Advances.  <40>41
SECTION 2.05  Swingline Loans and Overadvances.  <41>42
SECTION 2.06  Letters of Credit.  <42>43
SECTION 2.07  Funding of Borrowings.  <47>48
SECTION 2.08  Interest Elections.  <48>49
SECTION 2.09    Termination and Reduction of Commitments; Increase in Revolving
Commitments.  <49>50
SECTION 2.10    Repayment and Amortization of Loans; Evidence of Debt.  <51>52
SECTION 2.11  Prepayment of Loans.  <52>53
SECTION 2.12      Fees.  <52>53
SECTION 2.13      Interest.  <53>54
SECTION 2.14 Alternate Rate of Interest; Illegality  <54>55
SECTION 2.15  Increased Costs.  <55>57
SECTION 2.16  Break Funding Payments  <56>58
SECTION 2.17  Withholding of Taxes; Gross-Up.  <57>59
SECTION 2.18    Payments Generally; Allocation of Proceeds; Sharing of Setoffs.  <60>62
SECTION 2.19 Mitigation Obligations; Replacement of Lenders.  <62>65
SECTION 2.20  Defaulting Lenders  <63>65
SECTION 2.21  Returned Payments  <65>68
SECTION 2.22   Banking Servi ces and Swap Agreements  <66>68
ARTICLE III REPRESENTATIONS  AND WARRANTIES. <66>68

SECTION 3.01  Organization; Powers  <66>68
SECTION 3.02  Authorization; Enforceability  <66>68
SECTION 3.03  Governmental Approvals; No Conflicts  <66>69
SECTION 3.04 Financial Condition; No Material Adverse Change.  <67>69
SECTION 3.05  Properties.  <67>69
SECTION 3.06  Litigation and Environmental Matters.  <67>69
SECTION 3.07 Compliance with Laws and Agreements; No Default  <68>70
SECTION 3.08  Investment Company Status  <68>70
SECTION 3.09      Taxes  <68>70
SECTION 3.10      ERISA  <68>70
SECTION 3.11  Disclosure  <68>70
SECTION 3.12  Material Agreements  <68>71
SECTION 3.13      Solvency.  <69>71 

	
	-ii-
SECTION 3.14  Insurance  <69>71
SECTION 3.15  Capitalization and Subsidiaries  <69>71
SECTION 3.16  Security Interest in Collateral  <69>71
SECTION 3.17 Employment Matters and Labor Disputes  <69>72
SECTION 3.18  Margin Regulations  <70>72
SECTION 3.19  Use of Proceeds  <70>72
SECTION 3.20  No Burdensome Restrictions  <70>72
SECTION 3.21  Anti-Corruption Laws and Sanctions  <70>72
SECTION 3.22  Common Enterprise  <70>73
SECTION 3.23  Affected Financial Institutions  <71>73
SECTION 3.24      Plan Assets; Prohibited Transactions  <71>73
ARTICLE IV CONDITIONS. <71>73

SECTION 4.01  Effective Date  <71>73
SECTION 4.02      Each Credit Event  <74>76

ARTICLE V AFFIRMATIVE COVENANTS. <75>77

SECTION 5.01    Financial Statements; Borrowing Base and Other Information  <75>77
SECTION 5.02  Notices of Material Events  <78>81
SECTION 5.03  Existence; Conduct of Business  <79>82
SECTION 5.04  Payment of Obligations  <80>82
SECTION 5.05  Maintenance of Properties  <80>82
SECTION 5.06 Books and Records; Inspection Rights  <80>82
SECTION 5.07    Compliance with Laws and Material Contractual Obligations  <80>82
SECTION 5.08  Use of Proceeds  <80>83
SECTION 5.09   Accuracy of Information <81>83

SECTION 5.10  Insurance  <81>83
SECTION 5.11  Casualty and Condemnation  <81>84
SECTION 5.12  Appraisals  <82>84
SECTION 5.13  Depository Banks  <82>84
SECTION 5.14  Additional Collateral; Further Assurances.  <82>84
SECTION 5.15  Employee Benefits  <83>85
SECTION 5.16      Post-Closing Covenants.  <84>86
ARTICLE VI NEGATIVE COVENANTS. <84>86

SECTION 6.01      Indebtedness  <84>87
SECTION 6.02  Liens  <86>88
SECTION 6.03  Fundamental Changes.  <87>90
SECTION 6.04 Investments, Loans, Advances, Guarantees and Acquisitions  <88>90
SECTION 6.05  Asset Sales  <90>92
SECTION 6.06  Sale and Leaseback Transactions  <92>94
SECTION 6.07  Swap Agreements  <92>94
SECTION 6.08 Restricted Payments; Certain Payments of Indebtedness.  <92>94
SECTION 6.09  Transactions with Affiliates  <93>95
SECTION 6.10  Restrictive Agreements  <93>95
SECTION 6.11  Amendment of Material Documents  <94>96
SECTION 6.12   Environmental Covenant <94>96

SECTION 6.13  Fixed Charge Coverage Ratio <94>96
ARTICLE VII EVENTS  OF DEFAULT.  <94>96
ARTICLE VIII THE ADMINISTRATIVE AGENT.   <97>99

SECTION 8.01  Authorization and Action  <97>99 

	
	-iii-
SECTION 8.02 Administrative Agent's Reliance, Indemnification, Etc.   <99>102
SECTION 8.03  Posting of Communications.  <100>103
SECTION 8.04  The Administrative Agent Individually  <101>104
SECTION 8.05  Successor Administrative Agent.  <102>104
SECTION 8.06 Acknowledgements of Lenders and Issuing Bank.  <103>105
SECTION 8.07  Collateral Matters.  <104>107
SECTION 8.08  Credit Bidding  <104>107
SECTION 8.09  Certain ERISA Matters.  <105>108
SECTION 8.10      Flood Insurance Laws  <106>109
ARTICLE IX MISCELLANEOUS. <107>110

SECTION 9.01      Notices.  <107>110
SECTION 9.02  Waivers; Amendments.  <108>111
SECTION 9.03  Expenses; Indemnity; Damage Waiver.  <110>113
SECTION 9.04  Successors and Assigns.  <112>115
SECTION 9.05      Survival  <116>119
SECTION 9.06 Counterparts; Integration; Effectiveness; Electronic Execution.  <116>119
SECTION 9.07  Severability  <117>120
SECTION 9.08  Right of Setoff  <117>120
SECTION 9.09    Governing Law; Jurisdiction; Consent to Service of Process.  <117>120
SECTION 9.10  WAIVER OF JURY TRIAL  <118>121
SECTION 9.11      Headings  <118>121
SECTION 9.12  Confidentiality  <118>121
SECTION 9.13 Several Obligations; Nonreliance; Violation of Law  <119>122
SECTION 9.14   USA PATRIOT Act  <119>122
SECTION 9.15  Disclosure  <120>123
SECTION 9.16  Appointment for Perfection  <120>123
SECTION 9.17  Interest Rate Limitation  <120>123
SECTION 9.18  Marketing Consent.  <120>123
SECTION 9.19    Acknowledgement and Consent to Bail-In of Affected Financial Institutions <120>123
SECTION 9.20  No Fiduciary Duty, etc  <121>124
SECTION 9.21   Ac knowledgement Regarding Any Supported QFCs  <121>124
ARTICLE X LOAN GUARANTY <122>125

SECTION 10.01  Guaranty  <122>125
SECTION 10.02  Guaranty of Payment  <122>125
SECTION 10.03  No Discharge or Diminishment of Loan Guaranty.  <123>126
SECTION 10.04  Defenses Waived  <123>126
SECTION 10.05  Rights of Subrogation  <124>127
SECTION 10.06  Reinstatement; Stay of Acceleration  <124>127
SECTION 10.07  Information  <124>127
SECTION 10.08  Termination  <124>127
SECTION 10.09  Taxes  <124>127
SECTION 10.10  Maximum Liability  <124>127
SECTION 10.11  Contribution.  <125>128
SECTION 10.12  Liability Cumulative  <125>128
SECTION 10.13  Keepwell  <125>128
ARTICLE XI THE BORROWER  REPRESENTATIVE. <126>129

SECTION 11.01  Appointment; Nature of Relationship  <126>129
SECTION 11.02  Powers  <126>129
SECTION 11.03    Employment of Agents  <126>129 

	
	-iv-
SECTION 11.04  Notices  <126>129
SECTION 11.05  Successor Borrower Representative  <126>129
SECTION 11.06 Execution of Loan Documents; Borrowing Base Certificate  <127>130
SECTION 11.07  Reporting  <127>130 

	
	-v-
SCHEDULES:

Commitment Schedule
Schedule 3.05  --  Properties
Schedule 3.06  --  Disclosed Matters
Schedule 3.14  --  Insurance
Schedule 3.15  --  Capitalization and Subsidiaries
Schedule 3.17  --  Employment Matters
Schedule 6.01  --  Existing Indebtedness
Schedule 6.02  --  Existing Liens
Schedule 6.04  --  Existing Investments
Schedule 6.10  --  Existing Restrictions

EXHIBITS:

Exhibit A - -  Form of Assignment and Assumption
Exhibit B  -- [Reserved]
Exhibit C - -  Form of Borrowing Base Certificate
Exhibit D - -  Form of Compliance Certificate
Exhibit E  --  Joinder Agreement
Exhibit F-1  --  U.S. Tax Certificate (For Foreign Lenders that are not Partnerships for U.S.
  Federal Income Tax Purposes)
Exhibit F-2  --  U.S. Tax Certificate (For Foreign Participants that are not Partnerships for U.S.
  Federal Income Tax Purposes)
Exhibit F-3  --  U.S. Tax Certificate (For Foreign Participants that are Partnerships for U.S.
  Federal Income Tax Purposes)
Exhibit F-4  --  U.S. Tax Certificate (For Foreign Lenders that are Partnerships for U.S. Federal
  Income Tax Purposes)

	
	-1-
CREDIT AGREEMENT dated as of October 19, 2020 (as it may be amended or modified from
time  to time, this  "Agreement")  among HAYNES INTERNATIONAL, INC., a Delaware corporation,
and those  additional Persons  that are  joined as  a  party hereto as  a  borrower, collectively, as  Borrowers,
the  other  Loan  Parties  party  hereto, the  Lenders  party  hereto, and JPMORGAN CHASE BANK, N.A.,
as Administrative Agent.

The parties hereto agree as follows:

ARTICLE I

Definitions

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

"ABR", when used in reference  to (a) a  rate  of interest, refers to the  Alternate  Base  Rate, and
(b) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear
interest at a rate determined by reference to the Alternate Base Rate.

"Account" has the meaning assigned to such term in the Security Agreement.
"Account Debtor" means any Person obligated on an Account.
"Acquisition" means  any transaction, or  any series  of  related transactions, consummated on or
after the Effective Date, by which any Loan Party (a) acquires any going business or all or substantially all
of  the  assets  of any Person, whether through purchase  of assets, merger or otherwise  or (b) directly or
indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least
a majority (in number of votes) of the Equity Interests of a Person which has ordinary voting power for
the election of directors or other similar management personnel of a Person (other than Equity Interests
having such power  only by reason of  the  happening of  a  contingency) or a majority of the outstanding
Equity Interests of a Person.

"Adjusted Daily Simple SOFR" means an interest rate per annum equal to (a) the Daily Simple
SOFR, plus (b) 0.10%; provided that if the Adjusted Daily Simple SOFR as so determined would be less
than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.
"Adjusted <LIBO>Term SOFR Rate" means, <with respect to any Eurodollar Borrowing >for any
Interest  Period<  or  for  any  ABR  Borrowing>,  an  interest  rate  per  annum <(rounded  upwards,  if
necessary, to the next 1/16 of 1%) >equal to (a) the <LIBO>Term SOFR Rate for such Interest Period<
multiplied by (b) the Statutory Reserve Rate>, plus (b) 0.10%; provided that if the Adjusted Term SOFR
Rate  as  so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for
the purposes of this Agreement.

"Administrative  Agent"  means  JPMorgan  Chase  Bank,  N.A.,  in  its capacity  as  administrative
agent for the Lenders hereunder.

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

"Affected Financial Institution" means (a) any EEA Financial Institutional or (b) any UK Financial
Institution. 

	
	-2-
"Affiliate" means, with respect to a specified Person, another Person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under common Control with the
specified Person.

"Agent Indemnitee" has the meaning assigned to it in Section 9.03(c).

"Aggregate  Credit  Exposure"  means,  at  any  time,  the  aggregate  Credit  Exposure  of  all  the
Lenders at such time.

"Aggregate  Revolving  Commitment"  means,  at  any  time,  the  aggregate  of  the  Revolving
Commitments of all of the Lenders, as increased or reduced from time to time pursuant to the terms and
conditions hereof.  As of the Effective Date, the Aggregate Revolving Commitment is $100,000,000.

"Aggregate Revolving Exposure" means, at any time, the aggregate Revolving Exposure of all the
Lenders at such time.

"Alternate Base Rate" means, for any day, a rate per annum equal to the greatest of (a) the Prime
Rate  in  effect  on  such  day,  (b)  the  NYFRB  Rate  in  effect  on  such  day  plus  1⁄2  of  1%<,> and  (c)  the
Adjusted <LIBO>Term  SOFR Rate  for  a  one-month  Interest  Period <on>as  published  two  (2)  U.S.
Government  Securities  Business  Days  prior  to such  day <(or  >if  such  day  is not  a  Business  Day<,  the
immediately  preceding  Business  Day)  >plus  1%,  provided  that,  for  the  purpose  of  this  definition,  the
Adjusted <LIBO>Term  SOFR Rate  for  any  day  shall be  based  on  the <LIBO  Screen  Rate  (or if the
LIBO  Screen  Rate  is  not  available  for such one  month Interest Period, the  Interpolated Rate)>Term
SOFR Reference Rate at approximately <11:00>5:00 a.m. <London>Chicago time on such day (or any
amended  publication  time  for  the  Term  SOFR  Reference  Rate,  as  specified  by  the  CME  Term  SOFR
Administrator in the Term SOFR Reference Rate methodology).  Any change in the Alternate Base Rate
due to a change in the Prime Rate, the NYFRB Rate or the Adjusted <LIBO>Term SOFR Rate shall be
effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the
Adjusted <LIBO>Term  SOFR Rate,  respectively.  If  the  Alternate  Base  Rate  is  being  used  as an
alternate rate of interest pursuant to Section 2.14 (for the avoidance of doubt, only until <any amendment
has become effective>the Benchmark Replacement has been determined pursuant to Section 2.14(<c>b)),
then  the  Alternate  Base  Rate  shall  be  the  greater  of  clause  (a)  and  (b)  above  and  shall  be  determined
without  reference  to  clause  (c)  above.  For  the  avoidance  of  doubt,  if  the  Alternate  Base  Rate  as
determined pursuant to the foregoing would be less than 1.50%, such rate shall be deemed to be 1.50% for
purposes of this Agreement.

"Anti-Corruption Laws" means all laws, rules, and regulations of any jurisdiction applicable to
Parent or any of its Subsidiaries from time to time concerning or relating to bribery or corruption.

"Applicable Parties" has the meaning assigned to it in Section 8.03(c).

"Applicable  Percentage" means, with respect to any Lender, (a) with respect to Revolving Loans,
LC Exposure, Overadvances or Swingline Loans, a percentage equal to a fraction the numerator of which
is  such  Lender's  Revolving  Commitment  and  the  denominator  of  which  is  the  Aggregate  Revolving
Commitment (provided that, if the Revolving Commitments have terminated or expired, the Applicable
Percentages shall be determined based upon such Lender's share of the Aggregate Revolving Exposure at
that time), and (b) with respect to Protective Advances or with respect to the Aggregate Credit Exposure,
a  percentage  based  upon  its  share  of  the  Aggregate  Credit  Exposure  and  the  unused  Commitments;
provided that, in accordance with Section 2.20, so long as any Lender shall be a Defaulting Lender, such
Defaulting Lender's Commitment shall be disregarded in the calculations under clauses (a) and (c) above. 

	
	-3-
"Applicable  Rate"  means,  for  any  day,  with  respect  to  any  Loan,  or  with  respect  to  the
commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below
under the caption "Revolver ABR Spread", "Revolver <Eurodollar>Term Benchmark/RFR Spread", as the
case  may be, based upon the Average Quarterly Availability during the most recently ended fiscal quarter
of Parent; provided that the "Applicable Rate" shall be the applicable rates per annum set forth below in
Category 2 during the period from the Effective Date to, and including, the last day of the fiscal quarter of
Parent; ending on or about December 31, 2020:

Average
Quarterly
Availability

Revolver
ABR
Spread
Revolver
 <Eurodollar>
Term
Benchmark/
RFR Spread
Category 1
 ≥ 66.6% of the
Aggregate
Revolving
Commitment
1.25%  2.25%
Category 2
 < 66.6% of the
Aggregate
Revolving
Commitment but
 ≥ 33.3% of the
Aggregate
Revolving
Commitment
1.50%  2.50%
Category 3
 <  33.3% of the
Aggregate
Revolving
Commitment
1.75%  2.75%

For  purposes  of  the  foregoing, each  change  in  the  Applicable  Rate  resulting  from  a  change  in
Average Quarterly Availability shall be effective during the period commencing on and including the first
day of  each fiscal quarter  of  Parent and ending on the last day of such fiscal quarter, it being understood
and agreed that, for purposes of determining the Applicable Rate on the first day of any fiscal quarter of
Parent, the Average Quarterly Availability during the most recently ended fiscal quarter of Parent shall be
used.  Notwithstanding  the  foregoing,  the  Average  Quarterly  Availability  shall  be  deemed  to  be  in
Category  3  at  the  option  of  the  Administrative  Agent  or  at  the request  of  the  Required  Lenders  if  the
Borrowers fail to deliver any Borrowing Base Certificate or related information required to be delivered by
them pursuant to Section 5.01, during the period from the expiration of the time for delivery thereof until
each such Borrowing Base Certificate and related information is so delivered.

If at any time the Administrative Agent determines that the financial statements upon which the
Applicable Rate was determined were incorrect (whether based on a restatement, fraud or otherwise), the
Borrowers  shall  be  required  to  retroactively  pay  any  additional  amount  that  the  Borrowers  would  have
been required to pay if such financial statements had been accurate at the time they were delivered. 

	
	-4-
"Approved Electronic Platform" has the meaning assigned to it in Section 8.03(a).
"Approved Fund" has the meaning assigned to such term in Section 9.04.
"Arranger"  means  individually  and  collectively,  JPMorgan  Chase Bank,  N.A.  and  Bank  of
America, N.A. in their capacity as joint bookrunners and joint lead arrangers.

"Assignment and Assumption" means an assignment and assumption agreement entered into by a
Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and
accepted by the Administrative Agent, in the form of Exhibit A or any other form (including electronic
records generated by the use of an electronic platform) approved by the Administrative Agent.

"Availability" means, at any time, an amount equal to (a) the lesser of (i) the Aggregate Revolving
Commitment and (ii) the Borrowing Base minus (b) the Aggregate Revolving Exposure (calculated, with
respect to any Defaulting Lender, as if such Defaulting Lender had funded its Applicable Percentage of all
outstanding Borrowings).

"Availability Period" means the period from and including the Effective Date to but excluding the
earlier of the Maturity Date and the date of termination of the Commitments.

"Available Revolving Commitment" means, at any time, the Aggregate Revolving Commitment
minus the Aggregate Revolving Exposure (calculated, with respect to any Defaulting Lender, as if such
Defaulting Lender had funded its Applicable Percentage of all outstanding Borrowings).

"Available  Tenor"  means,  as  of  any  date  of  determination  and  with  respect  to  the  then-current
Benchmark, as applicable, any tenor for such Benchmark (or component thereof) or payment period for
interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may
be  used  for determining the  length of an Interest Period for any term rate  or otherwise, for determining
any frequency of making payments  of interest calculated pursuant to this Agreement as of such date and
not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the
definition of "Interest Period" pursuant to clause (e) of Section 2.14.
"Average Quarterly Availability" means, for any fiscal quarter of Parent, an amount equal to the
average daily Availability during such fiscal quarter, as determined by the Administrative Agent's in its
Permitted Discretion by reference to the Administrative Agent's system of records; provided, that in order
to determine Availability on any day for purposes of this definition, each Borrower's Borrowing Base for
such day shall be determined by reference to the most recent Borrowing Base Certificate delivered to the
Administrative Agent pursuant to Section 5.01 as of such day.

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

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

	
	-5-
"Banking  Services"  means  each  and  any  of  the  following  bank  services  provided  to  any  Loan
Party or its Subsidiaries by any Lender or any of its Affiliates: (a) credit cards for commercial customers
(including, without  limitation, "commercial credit  cards" and  purchasing cards), (b) stored value cards,
(c)  merchant  processing  services,  and  (d)  treasury  management  services  (including,  without  limitation,
controlled disbursement, automated clearinghouse transactions, return items, any direct debit scheme or
arrangement, overdrafts, cash pooling services, and interstate depository network services).

"Banking  Services  Obligations"  means  any  and  all  obligations  of  the  Loan  Parties  and  their
Subsidiaries, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or
acquired  (including  all  renewals,  extensions  and  modifications thereof  and  substitutions  therefor)  in
connection with Banking Services.

"Banking Services Reserves" means all Reserves which the Administrative Agent from time to
time establishes in its Permitted Discretion for Banking Services then provided or outstanding.

"Bankruptcy Code" means Title 11 of the United States Code entitled "Bankruptcy", as now and
hereafter in effect, or any successor statute.

"Bankruptcy Event" means, with respect to any Person, when such Person becomes the subject of
a voluntary or involuntary bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee,
administrator,  custodian,  assignee  for  the  benefit  of  creditors  or  similar  Person  charged  with  the
reorganization  or  liquidation  of  its  business, appointed for it, or, in the  good faith determination of the
Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any such proceeding or appointment or has had any order for relief in such proceeding
entered  in  respect  thereof,  provided  that  a  Bankruptcy  Event shall not  result  solely  by  virtue  of  any
ownership  interest,  or  the  acquisition  of  any  ownership  interest,  in  such  Person  by  a  Governmental
Authority or  instrumentality thereof, unless  such  ownership interest  results  in or provides such Person
with immunity from the  jurisdiction of courts  within the  U.S.  or from the enforcement of judgments or
writs  of  attachment  on  its  assets  or  permits  such  Person  (or  such  Governmental  Authority  or
instrumentality),  to  reject,  repudiate,  disavow  or  disaffirm any  contracts  or  agreements  made  by  such
Person.

"Benchmark" means, initially, with respect to any Term Benchmark Loan, the Term SOFR Rate;
provided  that  if  a  Benchmark  Transition  Event  and  the  related  Benchmark  Replacement  Date  have
occurred with respect  to the  Daily Simple  SOFR or Term SOFR Rate or the then-current Benchmark,
then  "Benchmark"  means  the  applicable  Benchmark  Replacement  to the  extent  that  such  Benchmark
Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 2.14.
"Benchmark Replacement" means, for any Available Tenor, the first alternative set forth in the
order  below  that  can  be  determined  by  the  Administrative  Agent for  the  applicable  Benchmark
Replacement Date:

(1) the Adjusted Daily Simple SOFR;
 <"Benchmark Replacement" means>(2) the  sum  of: (a)  the  alternate  benchmark rate <(which
may  be  a  SOFR-Based  Rate)  >that  has  been  selected  by  the  Administrative  Agent  and  the  Borrower
Representative  as  the  replacement  for  the  then-current  Benchmark  for  the  applicable  Corresponding
Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or
the mechanism for determining such a rate by the Relevant Governmental Body <and/>or (ii) any evolving
or then-prevailing market convention for determining a benchmark rate <of interest >as a replacement <to
the  LIBO  Rate  for  U.S.>for  the  then-current  Benchmark  for dollar-denominated  syndicated  credit
 

	
	-6-
facilities at  such  time  in  the  United  States and  (b)  the related Benchmark  Replacement  Adjustment<;
provided that, if>.
If the Benchmark Replacement as <so >determined pursuant to clause (1) or (2) above would be
less than <1.00%>the Floor, the Benchmark Replacement will be deemed to be <1.00%>the Floor for the
purposes  of  this  Agreement<;  provided  further  that  any  such  Benchmark  Replacement  shall  be
administratively feasible as> determined by the Administrative Agent in its <sole discretion>and the other
Loan Documents.

"Benchmark  Replacement  Adjustment"  means,  with  respect  to  any  replacement  of  the  then-
current Benchmark with an Unadjusted Benchmark Replacement for any applicable  Interest Period and
Available  Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or
method for calculating or determining such spread adjustment, (which may be a positive or negative value
or  zero)  that  has  been  selected  by  the  Administrative  Agent  and  the  Borrower Representative  for the
applicable  Corresponding  Tenor giving  due  consideration  to  (i)  any selection or recommendation of a
spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of <the  LIBO  Rate>such  Benchmark with  the  applicable  Unadjusted Benchmark  Replacement  by  the
Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or
then-prevailing  market  convention  for  determining  a  spread  adjustment,  or  method  for  calculating  or
determining  such spread adjustment, for the replacement of <the LIBO Rate>such Benchmark with the
applicable Unadjusted Benchmark Replacement for <U.S. >dollar-denominated syndicated credit facilities
at such time< (>for the avoidance of doubt, <such Benchmark Replacement Adjustment shall not be in the
form of a reduction to the Applicable Rate)>.

"Benchmark  Replacement  Conforming  Changes"  means,  with  respect to  any  Benchmark
Replacement  and/or  any  Term  Benchmark  Loan,  any  technical,  administrative  or  operational  changes
(including  changes  to  the  definition  of  "Alternate  Base  Rate," the  definition  of  "Business  Day,"  the
definition of "U.S. Government Securities Business Day," the definition of "Interest Period," timing and
frequency of determining rates and making payments of interest< and other>, timing of borrowing requests
or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage
provisions,  and  other  technical, administrative or  operational matters)  that  the  Administrative  Agent
decides <in its reasonable discretion >may be appropriate to reflect the adoption and implementation of
such Benchmark <Replacement >and to permit the administration thereof by the Administrative Agent in a
manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption
of  any  portion  of  such  market  practice  is  not  administratively feasible  or  if  the  Administrative  Agent
determines that no market practice for the administration of <the>such Benchmark <Replacement >exists,
in  such  other  manner  of  administration  as  the  Administrative  Agent  decides  is  reasonably  necessary  in
connection with the administration of this Agreement and the other Loan Documents).
"Benchmark Replacement Date" means, with respect to any Benchmark, the <earlier>earliest to
occur of the following events with respect to <the LIBO Rate>such then-current Benchmark:

(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later
of (a) the date of the public statement or publication of information referenced therein and (b) the date on
which the administrator of < the LIBO Screen Rate>such Benchmark (or the published component used in
the  calculation  thereof) permanently  or  indefinitely  ceases  to  provide <the  LIBO  Screen  Rate>all
Available Tenors of such Benchmark (or such component thereof); or
(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the first date
 <of  the  public  >on which such Benchmark (or the published component used in the calculation thereof)
has been determined and announced by the regulatory supervisor for the administrator of such Benchmark
(or  such  component  thereof)  to  be  no longer representative; provided, that such non-representativeness 

	
	-7-
will be determined by reference to the most recent statement or publication <of information >referenced
 <therein>in such clause  (3)  and even if  any Available  Tenor  of  such Benchmark (or  such component
thereof) continues to be provided on such date.
For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs
on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark
Replacement Date  will be  deemed to have  occurred prior to the  Reference  Time for such determination
and (ii) the  "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or
(2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein
with respect to all then-current Available Tenors of such Benchmark (or the published component used in
the calculation thereof).
"Benchmark Transition Event" means, with respect to any Benchmark, the occurrence of one or
more of the following events with respect to <the LIBO Rate>such then-current Benchmark:

(1) a public statement or publication of information by or on behalf of the administrator of <
the  LIBO  Screen  Rate>such  Benchmark  (or  the  published  component  used  in  the  calculation  thereof)
announcing  that  such  administrator  has  ceased  or  will  cease  to provide <the  LIBO  Screen  Rate>all
Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided
that, at the time of such statement or publication, there is no successor administrator that will continue to
provide <the LIBO Screen Rate>any Available Tenor of such Benchmark (or such component thereof);
(2) a  public  statement  or  publication  of  information  by  the  regulatory  supervisor  for  the
administrator of <the LIBO Screen Rate, the U.S.>such Benchmark (or the published component used in
the  calculation  thereof),  the Federal  Reserve <System>Board, the NYFRB, the CME Term SOFR
Administrator,  an  insolvency  official  with  jurisdiction  over  the  administrator  for <the  LIBO  Screen
Rate>such Benchmark (or such component), a resolution authority with jurisdiction over the administrator
for <the  LIBO  Screen  Rate>such  Benchmark  (or  such  component) or  a  court  or  an  entity  with  similar
insolvency or resolution authority over the administrator for <the LIBO Screen Rate>such Benchmark (or
such  component),  in  each  case,  which  states  that  the  administrator  of <the  LIBO  Screen  Rate>such
Benchmark  (or  such  component) has  ceased  or  will  cease  to  provide <the  LIBO  Screen  Rate>all
Available  Tenors  of  such  Benchmark  (or  such  component  thereof) permanently  or  indefinitely<,>;
provided that, at the time of such statement or publication, there is no successor administrator that will
continue to provide <the LIBO Screen Rate>any Available Tenor of such Benchmark (or such component
thereof); or

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

 <"Benchmark Transition Start Date" means (a) in the case of a Benchmark Transition Event, the
earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a
public statement or publication of information of a prospective event, the 90th day prior to the expected
date  of  such event  as  of  such public statement or publication of information (or if the expected date of
such  prospective  event  is  fewer  than  90  days  after  such  statement  or  publication,  the  date  of  such
statement  or  publication)  and  (b)  in  the  case  of  an  Early  Opt-in  Election,  the  date  specified  by  the
Administrative  Agent  or  the  Required  Lenders,  as  applicable,  by  notice  to  the  Borrower,  the
Administrative Agent (in the case of such notice by the Required Lenders) and the Lenders.> 

	
	-8-
For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred
with  respect  to  any  Benchmark  if  a  public  statement  or  publication  of  information  set  forth  above  has
occurred  with  respect  to  each  then-current  Available  Tenor  of  such  Benchmark  (or  the  published
component used in the calculation thereof).
"Benchmark  Unavailability  Period"  means, if  a  Benchmark  Transition  Event  and  its  related
Benchmark  Replacement  Date  have  occurred with respect to <the  LIBO  Rate  and solely to the  extent
that the  LIBO Rate has not been replaced with a>any Benchmark< Replacement>, the period (if any) (x)
beginning at the time that <such>a Benchmark Replacement Date pursuant to clauses (1) or (2) of that
definition has occurred if, at such time, no Benchmark Replacement has replaced <the LIBO Rate>such
then-current Benchmark for  all  purposes  hereunder and under  any  Loan  Document in  accordance  with
Section  2.14  and  (y)  ending  at  the  time  that  a  Benchmark  Replacement  has  replaced <the  LIBO
Rate>such  then-current  Benchmark for  all  purposes  hereunder <pursuant  to>and  under  any  Loan
Document in accordance with Section 2.14.

"Benefit Plan" means any of (a) an "employee benefit plan" (as defined in Section 3(3) of ERISA)
that is subject to Title I of ERISA, (b) a "plan" as defined in Section 4975 of the Code to which Section
4975  of  the  Code  applies,  (c)  any  Person  whose  assets  include  (for  purposes  of  the  Plan  Asset
Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any
such "employee benefit plan" or "plan" or (d) a Foreign Plan.

"BHC Act Affiliate" of a party means an "affiliate" (as such term is defined under, and interpreted
in accordance with, 12 U.S.C. 1841(k)) of such party.

"Blocking Regulation" has the meaning assigned to it in Section 3.21.

"Borrower"  or  "Borrowers"  means,  individually  or  collectively, Haynes  Parent  and  each  other
Person that are joined as a Borrower hereto in accordance with the terms of this Agreement.

"Borrower Representative" has the meaning assigned to such term in Section 11.01.

"Borrowing" means (a) Revolving Loans of the same Type, made, converted or continued on the
same date and, in the case of <Eurodollar>Term Benchmark Loans, as to which a single Interest Period is
in effect, (b) a Swingline Loan, (c) a Protective Advance and (d) an Overadvance.

"Borrowing Base" means, at any time, the sum of (a) 85% of the Borrowers' Eligible Accounts at
such time, plus (b) the lesser of (i) 70% of the Borrowers' Eligible Inventory, at such time, valued at the
lower  of  cost  or  market  value,  determined  on  a  first-in-first-out  basis  and  (ii)  the  product  of  85%
multiplied by the  Net  Orderly  Liquidation  Value percentage  identified  in  the most  recent  inventory
appraisal ordered by the Administrative Agent multiplied by the Borrowers' Eligible Inventory, valued at
the lower of cost or market value, determined on a first-in-first-out basis, minus (c) Reserves.

The  maximum  amount  of  Eligible  Work-In-Process  which  may  be  included  as  part  of  the
Borrowing  Base  shall not  exceed  an aggregate  outstanding amount equal to forty percent (40%) of the
Borrowing Base.  The Administrative Agent may, in its Permitted Discretion, reduce the advance rates set
forth  above,  adjust  Reserves  or  reduce  one  or  more  of  the  other  elements  used  in  computing  the
Borrowing Base, with any such changes to be  effective  three  (3) days after delivery of notice thereof to
the  Borrower Representative  and the  Lenders.  The  Borrowing Base  at any time shall be determined by
reference  to the  most recent Borrowing Base  Certificate  delivered to the Administrative Agent pursuant
to Section 5.01(g) of this Agreement. 

	
	-9-
"Borrowing Base  Certificate" means  a  certificate, signed and certified as accurate and complete
by a Financial Officer of the Borrower Representative, in substantially the form of Exhibit C or another
form which is acceptable to the Administrative Agent in its sole discretion, which certificate shall, among
other things as contemplated by Exhibit C, set forth a calculation of the Borrowing Base at all times during
Increased Reporting Period.

"Borrowing  Request"  means  a  request  by  the  Borrower  Representative  for  a  Borrowing  in
accordance with Section 2.03.

"Burdensome  Restrictions"  means  any  consensual  encumbrance  or  restriction  of  the  type
described in clause (a) or (b) of Section 6.10.

"Business  Day"  means  any  day <that  is  not>(other  than a  Saturday<,> or  a Sunday<  or  other
day>) on which <commercial >banks are open for business in New York City <are authorized or required
by law to remain closed>or Chicago; provided that, <when used in connection with a Eurodollar Loan, the
term  "Business  Day"  shall  also exclude  any  day  on  which  banks  are  not  open  for  general  business  in
London.>in  relation  to  Term  Benchmark  Borrowings  or  RFR  Loans  and  any  interest  rate  settings,
fundings, disbursements, settlements or payments of any such Term Benchmark Borrowing or RFR Loan,
or  any other  dealings  of  such Term Benchmark Borrowing or RFR Loan, any such day that is only an
U.S. Government Securities Business Day.
"Capital  Expenditures"  means,  without  duplication,  any  expenditure  or  commitment  to  expend
money for any purchase or other acquisition of any asset which would be classified as a fixed or capital
asset on a consolidated balance sheet of Parent and its Subsidiaries prepared in accordance with GAAP.

"Capital Lease Obligations" of any Person means the obligations of such Person to pay rent or
other  amounts  under  any  lease  of  (or  other  arrangement  conveying  the  right  to  use)  real  or  personal
property, or a combination thereof, which obligations are required to be classified and accounted for as
capital leases or financing leases on a balance sheet of such Person under GAAP, and the amount of such
obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided, that
Capital Expenditures shall not include expenditures that would otherwise constitute Capital Expenditures to
the  extent  made  with  proceeds  from  insurance  for  an  insured  loss  or  proceeds  from  an  award  of
compensation  from  a  condemnation  or  eminent  domain  proceeding  to  replace  or  restore  the  assets  that
were the subject of the loss giving rise to the payment of such insurance proceeds or the subject of such
condemnation or eminent domain proceeding giving rise to the payment of such award.

"Cash Dominion Period" means the period commencing on the day on which either an Event of
Default has occurred or Availability, as calculated by the Administrative Agent, is less than the greater of
(a) 15.0% of the Aggregate Revolving Commitments and (b) $15,000,000, and ending on the day on which
no  Event  of  Default  has  existed  for  a  period  of  30  consecutive days  and,  during  such  period  of  30
consecutive  days,  the  daily  Availability,  as  calculated  by  the Administrative  Agent,  is  greater  than  the
greater of (a) 15.0% of the Aggregate Revolving Commitments and (b) $15,000,000; provided, that (A) a
Cash  Dominion  Period  may  not  be  deemed  to  have  ended  under  this  definition  on  more  than  two
(2) occasions in any period of 365 consecutive days and (B) the expiration of any Cash Dominion Period
in accordance with this definition shall not impair the commencement of any subsequent Cash Dominion
Period.

"Change in Control" means  (a) the transfer (in one transaction or a series of transactions) of all or
substantially all of the assets of any Borrower to any Person or group (as such term is used in Section
13(d)(3) of the Exchange Act); (b) the liquidation or dissolution of Haynes Parent; (c)  the acquisition of
ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of
the  Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), 

	
	-10-
of Equity Interests representing more than 30% of the aggregate ordinary voting power represented by the
issued and outstanding Equity Interests of Haynes Parent; (d) during any period of two (2) consecutive
years, individuals who at the beginning of such period constituted the Board of Directors of Haynes Parent
(together with any new directors whose nomination for election by the stockholders of Haynes Parent was
approved by a vote of at least sixty six and two thirds (66 2/3%) percent of the directors then still in office
who were either directors at the beginning of such period or whose election or nomination for election was
previously so approved) cease for any  reason to constitute a majority of the Board of Directors of any
Borrower  then still in office; or (e) Haynes Parent shall cease to own, directly or indirectly, free and clear
of all Liens or other encumbrances, at least 100% of the outstanding voting Equity Interests of the other
Loan Parties and each other Subsidiary on a fully diluted basis.

"Change in Law" means the occurrence after the date of this Agreement (or, with respect to any
Lender, such later date on which such Lender becomes a party to this Agreement) of any of the following:
(a) the adoption of or taking effect of any law, rule, regulation or treaty; (b) any change in any law, rule,
regulation or treaty or in the administration, interpretation, implementation or application thereof by any
Governmental  Authority;  or  (c)  compliance  by  any  Lender  or  the Issuing  Bank  (or,  for  purposes  of
Section 2.15(b), by any lending office of such Lender or by such Lender's or the Issuing Bank's holding
company, if any) with any request, guideline, requirement or directive (whether or not having the force of
law)  of  any  Governmental  Authority  made  or  issued  after  the  date  of  this  Agreement;  provided  that
notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer
Protection  Act  and  all  requests,  rules,  guidelines,  requirements  or  directives  thereunder  or  issued  in
connection therewith or in the implementation thereof, and (y) all requests, rules, guidelines, requirements
or  directives  promulgated  by  the Bank  for  International  Settlements,  the  Basel  Committee  on  Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in
each case  pursuant to Basel III, shall in each case be deemed to be a "Change in Law", regardless of the
date enacted, adopted, issued or implemented.

"Charges" has the meaning assigned to such term in Section 9.17.

"Class", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the
Loans  comprising  such  Borrowing,  are  Revolving  Loans,  Swingline  Loans  or  Protective  Advances  or
Overadvances.

"CME  Term  SOFR  Administrator" means  CME Group Benchmark Administration Limited as
administrator of the forward-looking term SOFR (or a successor administrator).
"Code" means the Internal Revenue Code of 1986, as amended from time to time.
"Collateral" means the "Collateral" as defined in the Security Agreement.
"Collateral Access Agreement" has the meaning assigned to such term in the Security Agreement.

"Collateral Documents" means, collectively, the Security Agreement and any other agreements,
instruments  and  documents  executed  in  connection  with  this  Agreement  that  are  intended  to  create,
perfect or evidence Liens to secure the Secured Obligations, including, without limitation, all other security
agreements,  pledge  agreements,  mortgages,  deeds  of  trust,  loan agreements,  notes,  guarantees,
subordination  agreements,  pledges,  powers  of  attorney,  consents,  assignments,  contracts,  fee  letters,
notices,  leases,  financing  statements  and  all  other  written  matter  whether  theretofore,  now  or  hereafter
executed by any Loan Party and delivered to the Administrative Agent.

"Collection Account" has the meaning assigned to such term in the Security Agreement. 

	
	-11-
"Collective Bargaining Agreements" means individually and collectively, that certain (i) Collective
Bargaining  Agreement  dated  December  21,  2015  between  Haynes  Parent  at  its  Haynes  Arcadia,
Louisiana Tubular Facility, and The United Steel, Paper and Forestry, Rubber, Manufacturing, Energy,
Allied Industrial and Service Workers International Union, AFL-CIO, on behalf of its Local No. 1505 and
(ii) Agreement dated July 1, 2018 between Haynes Parent at its Kokomo, Indiana plant, and United Steel,
Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International
Union, AFL-CIO on behalf of its Local Union No. 2958.

"Commercial LC Exposure" means, at any time, the sum of (a) the aggregate undrawn amount of
all  outstanding  commercial  Letters  of  Credit plus (b)  the  aggregate  amount  of  all  LC  Disbursements
relating  to  commercial  Letters  of  Credit  that  have  not  yet  been  reimbursed  by  or  on  behalf  of  the
Borrowers.  The  Commercial LC Exposure  of any Lender at any time shall be its Applicable Percentage
of the aggregate Commercial LC Exposure at such time.

"Commitment"  means,  with  respect  to  each  Lender,  the  sum  of  such  Lender's  Revolving
Commitment,  together  with  the  commitment  of  such  Lender  to  acquire  participations  in  Protective
Advances hereunder.  The initial amount of each Lender's Commitment is set forth on the Commitment
Schedule, or in the Assignment and Assumption or other documentation or record (as such term is defined
in  Section  9-102(a)(70)  of  the  New  York  Uniform  Commercial  Code)  as  provided  in  Section
9.04(b)(ii)(C), pursuant to which such Lender shall have assumed its Commitment, as applicable.

"Commitment  Fee  Rate"  means  a rate  equal  to  0.425%  per  annum.
"Commitment Schedule" means the Schedule attached hereto identified as such.
"Commodity  Exchange  Act"  means the  Commodity  Exchange  Act  (7  U.S.C. § 1 et seq.), as
amended from time to time, and any successor statute.

"Communications" has the meaning assigned to such term in Section 8.03(c).

"Compliance  Certificate"  means  a  certificate  of  a  Financial  Officer  of  the  Borrower
Representative in substantially the form of Exhibit D.

 <"Compounded  SOFR"  means  the  compounded  average  of  SOFRs  for  the  applicable
Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate (which may
include compounding in arrears with a lookback and/or suspension period as a mechanism to determine the
interest amount payable prior to the end of each Interest Period) being established >by the Administrative
Agent in accordance with<:>

 <(1)  the  rate,  or  methodology  for  this  rate,  and  conventions  for  this  rate  selected  or
recommended by the Relevant Governmental Body for determining compounded SOFR; provided that:>

 <(2) if,  and  to  the  extent  that,  the  Administrative  Agent  determines  that  Compounded  SOFR
cannot be  >determined in accordance  with clause  (<1><) above, then the rate, or methodology for this
rate, and conventions for this rate that the Administrative Agent determines in its reasonable discretion are
substantially  consistent  with  any evolving  or  then-prevailing  market  convention  for  determining
compounded SOFR for U.S. dollar-denominated syndicated credit facilities at such time;>

 <provided, further, that if the Administrative Agent decides that any such rate, methodology or
convention >determined in accordance with clause (1) <or clause (2) is not administratively feasible for 

	
	-12-
the Administrative Agent, then Compounded SOFR will be deemed unable to be determined for purposes
 >of the definition of "Benchmark Replacement<.">

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

"Consolidated  Cash  Balance"  means,  at  any  time,  the  aggregate  amount  of  cash  and  cash
equivalents, marketable securities, treasury bonds and bills, certificates of deposit, investments in money
market funds, and commercial paper, in each case, held or owned by (either directly or indirectly), credited
to the  account of or would otherwise  be  required to be  reflected as an asset on the balance sheet of the
Loan Parties.

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

"Controlled  Disbursement  Account"  means,  collectively,  the  following  accounts:  account
#633226055; account #633226089; account #668837839, and any replacement or additional accounts of
the  Borrowers  maintained  with  the  Administrative  Agent  as  a  zero  balance,  cash  management  account
pursuant to and under any agreement between a Borrower and the Administrative Agent, as modified and
amended from time to time, and through which all disbursements of a Borrower, any other Loan Party and
any designated Subsidiary of a Borrower are made and settled on a daily basis with no uninvested balance
remaining overnight.

"Corresponding Tenor" with respect to <a Benchmark Replacement means>any Available Tenor
means,  as  applicable,  either a  tenor  (including  overnight) or  an  interest  payment  period having
approximately  the  same  length  (disregarding  business  day  adjustment)  as <the  applicable  tenor  for  the
applicable Interest Period with respect to the LIBO Rate>such Available Tenor.
"Covenant Trigger Period" means the period commencing on the day on which either an Event of
Default has occurred or Availability, as calculated by the Administrative Agent, is less than the greater of
(a) 12.5% of the Aggregate Revolving Commitments and (b) $12,500,000, and ending on the day on which
no  Event  of  Default  has  existed  for  a  period  of  30  consecutive days  and,  during  such  period  of  30
consecutive days, daily Availability, as calculated by the Administrative Agent, is greater than the greater
of (a) 12.5% of the Aggregate Revolving Commitments and (b) $12,500,000.

"Covered Entity" means any of the following:

(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 § 252.82(b);

(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 § 47.3(b); or

(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b).

"Covered Party" has the meaning assigned to it in Section 9.21.

"Credit  Exposure"  means,  as  to  any  Lender  at  any  time,  the  sum such  Lender's  Revolving
Exposure at such time. 

	
	-13-
"Credit Party" means the Administrative Agent, the Issuing Bank, the Swingline Lender or any
other Lender.

"Daily Simple SOFR" means, for any day (a "SOFR Rate Day"), a rate per annum equal to SOFR
for the day (such day "SOFR Determination Date") that is five (5) U.S. Government Securities Business
Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate
Day or (ii) if such SOFR Rate Day is not a U.S. Government Secu rities  Business  Day,  the  U.S.
Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such
SOFR  is  published  by  the  SOFR  Administrator  on  the  SOFR  Administrator's  Website.  Any  change  in
Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of
such change in SOFR without notice to the Borrowers.
"DDA Access Product" means the bank service provided to any Loan Party by JPMCB in its sole
discretion  consisting  of  direct  access  to  schedule  payments  from  the  Funding  Account  by  electronic,
internet  or  other  access  mechanisms  that  may  be  agreed  upon  from  time  to  time  by  JPMCB  and  the
funding of such payments under the Loan Borrowing Option in the DDA Access Product Agreement.

"DDA  Access  Product  Agreement" means  JPMCB's  Treasury Services End of Day Investment
 & Loan Sweep Service Terms, as in effect on the date of this Agreement, as the same may be amended
from time to time.

"Default"  means  any  event  or  condition  which  constitutes  an  Event  of  Default  or  which  upon
notice, lapse of time or both would, unless cured or waived, become an Event of Default.

"Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance
with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

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

"De Minimis Amounts" means any Hazardous Substance either (a) being transported on or from
the  real property or being stored for use by any Loan Party or its tenant on the real property within a year
from  original  arrival  on  the  real  property  in  connection  with  such Loan Party's  current  operations  or
(b) being currently used by a Loan Party or its tenant on real property, in either case in such quantities and
in a manner that both (i) does not constitute a violation or threatened violation of any Environmental Law 

	
	-14-
or require any reporting or disclosure under any Environmental Law and (ii) is consistent with customary
business practice for such operations in the state where the real property is located.

"Disclosed Matters" means the actions, suits, proceedings and environmental matters disclosed in
Schedule 3.06.

"Disposition"  or  "Dispose"  means  the  sale,  transfer,  license,  lease  or  other  disposition  (in  one
transaction or in a series of transactions and whether effected pursuant to a Division or otherwise) of any
property by any Person (including any sale and leaseback transaction and any issuance of Equity Interests
by a Subsidiary of such Person), including any sale, assignment, transfer or other disposal, with or without
recourse, of any notes or accounts receivable or any rights and claims associated therewith.

"Dividing Person" has the meaning assigned to it in the definition of "Division."

"Division" means the division of the assets, liabilities and/or obligations of a Person (the "Dividing
Person") among two or more Persons (whether pursuant to a "plan of division" or similar arrangement),
which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may
not survive.

"Division Successor" means any Person that, upon the consummation of a Division of a Dividing
Person, holds all or any portion of the assets, liabilities and/or obligations previously held by such Dividing
Person immediately prior to the consummation of such Division. A Dividing Person which retains any of
its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the
occurrence of such Division.

"Document" has the meaning assigned to such term in the Security Agreement.
"dollars" or "$" refers to lawful money of the U.S.
"Domestic Subsidiary" means a Subsidiary organized under the laws of a jurisdiction located in the
U.S.

 <"Early Opt-in Election" means the occurrence of:>

 <(1)  (i)  a  determination by the  Administrative  Agent  or  (ii)  a notification by the Required
Lenders  to  the  Administrative  Agent  (with  a  copy  to  the  Borrower)  that  the  Required  Lenders  have
determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that
include language similar to that contained in Section 2.14 are being executed or amended, as applicable, to
incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, and>

 <(2)    (i) the election by the Administrative Agent or (ii) the election by the Required Lenders to
declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative
Agent of written notice of such election to the Borrower and the Lenders or by the Required Lenders of
written notice of such election to the Administrative Agent.>

"EBITDA" means, for any period, Net Income for such period plus (a) without duplication and to
the extent deducted in determining Net Income for such period, the sum of (i) Interest Expense for such
period,  (ii)  income  tax  expense  for  such  period  net  of  tax  refunds,  (iii)  all  amounts  attributable  to
depreciation and amortization expense for such period, (iv) any extraordinary non-cash charges for such
period, (v) any other  non-cash charges  for  such period (but excluding any non-cash charge  in respect of
an item that was  included in Net Income  in a  prior  period and any non-cash charge that relates to the
write-down  or  write-off  of  inventory),  (vi)  non-recurring  cash charges  for  such period, including any 

	
	-15-
payments made to unionized employees pursuant to the Collective Bargaining Agreements, as to all of
such non-recurring cash charges to the extent deducted in the computation of Net Income of such Person,
provided, that, in no event shall the amount of non-recurring cash charges added pursuant to this clause
(vi) exceed $4,000,000 in the aggregate for any fiscal year minus (b) without duplication and to the extent
included in Net Income, (i) any cash payments made during such period in respect of non-cash charges
described in clause  (a)(v) taken in a  prior period and (ii) any extraordinary gains and any non-cash items
of  income  for  such  period,  all  calculated  for  Parent  and  its  Subsidiaries  on  a  consolidated  basis  in
accordance with GAAP.

"ECP" means an "eligible contract participant" as defined in Section 1(a)(18) of the Commodity
Exchange  Act  or  any  regulations  promulgated  thereunder  and  the applicable  rules  issued  by  the
Commodity Futures Trading Commission and/or the SEC.

"EEA Financial Institution" means (a) any institution 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
institution established in an EEA Member Country which is a subsidiary of an institution described in
clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

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

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

"Effective Date" means the date on which the conditions specified in Section 4.01 are satisfied (or
waived in accordance with Section 9.02).

"Electronic Signature" means an electronic sound, symbol, or process attached to, or associated
with, a  contract  or  other record and adopted by a Person with the intent to sign, authenticate or accept
such contract or record.

"Electronic  System" means any electronic system, including e-mail, e-fax, web portal access for
such Borrower and any other Internet or extranet-based site, whether such electronic system is owned,
operated or hosted by the Administrative Agent or any Issuing Bank and any of its respective Related
Parties or any other Person, providing for access to data protected by passcodes or other security system.

"Eligible Accounts" means, at any time, the Accounts of a Borrower which the Administrative
Agent determines in its Permitted Discretion are eligible as the basis for the extension of Revolving Loans
and Swingline Loans and the issuance of Letters of Credit.  Without limiting the Administrative Agent's
discretion provided herein, Eligible Accounts shall not include any Account of a Borrower:

(a) which is not subject to a first priority perfected security interest in favor of the
Administrative Agent;

(b) which is subject to any Lien other than (i) a Lien in favor of the Administrative
Agent  and  (ii)  a  Permitted  Encumbrance  which  does  not  have  priority  over  the  Lien  in  favor  of  the
Administrative Agent; 

	
	-16-
(c) (i)  which  is  unpaid  more  than  120  days  after  the  date  of  the  original  invoice
therefor or more than 60 days after the original due date therefor or (iii) which has been written off the
books of such Borrower or otherwise designated as uncollectible;

(d) which is owing by an Account Debtor for which more than 50% of the Accounts
owing from such Account Debtor and its Affiliates are ineligible pursuant to clause (c) above;

(e) which  is  owing  by  an  Account  Debtor  to  the  extent  the  aggregate  amount  of
Accounts  owing  from  such  Account  Debtor  and  its  Affiliates  to  all  Borrowers  exceeds  15%  of  the
aggregate amount of Eligible Accounts of all Borrowers;

(f) with respect to which any covenant, representation or warranty contained in this
Agreement or in the Security Agreement has been breached or is not true;

(g) which (i) does not arise from the sale of goods or performance of services in the
ordinary course of business, (ii) is not evidenced by an invoice or other documentation satisfactory to the
Administrative Agent which has been sent to the Account Debtor, (iii) represents a progress billing (such
that  the  obligation  of  the  account  debtors  with  respect  to  such  Accounts  is  conditioned  upon  such
Borrower's satisfactory completion of any further performance under the agreement giving rise thereto),
(iv) is otherwise contingent upon such Borrower's completion of any further performance, (v) represents a
sale on a bill-and-hold, guaranteed sale, sale-and-return, sale on approval, consignment, cash-on-delivery or
any other repurchase or return basis or (vi) relates to payments of interest;

(h) for  which  the  goods giving  rise  to  such  Account have  not been  shipped  to the
Account Debtor or for which the services giving rise to such Account have not been performed by such
Borrower or if such Account was invoiced more than once;

(i) with  respect  to  which  any  check  or  other  instrument  of  payment has  been
returned uncollected for any reason;

(j) which  is  owed  by  an  Account  Debtor  which  has  (i)  applied  for,  suffered,  or
consented  to  the  appointment  of  any  receiver,  custodian,  trustee,  or  liquidator  of  its  assets,  (ii)  had
possession of all or a material part of its property taken by any receiver, custodian, trustee or liquidator,
(iii) filed,  or  had  filed  against  it,  any  request  or  petition  for  liquidation,  reorganization,  arrangement,
adjustment of debts, adjudication as bankrupt, winding-up, or voluntary or involuntary case under any state
or federal bankruptcy laws, (iv) admitted in writing its inability, or is generally unable to, pay its debts as
they become due, (v) become insolvent, or (vi) ceased operation of its business;

(k) which is owed by any Account Debtor which has sold all or substantially all of its
assets;

(l) which  is  owed  by  an  Account  Debtor  which  (i) does  not  maintain its  chief
executive office in the U.S. or Canada or (ii) is not organized under applicable law of the U.S., any state
of the U.S., or the District of Columbia, Canada, or any province of Canada unless, in any such case, such
Account is backed by a Letter of Credit acceptable to the Administrative Agent which is in the possession
of, and is directly drawable by, the Administrative Agent;

(m) which is owed in any currency other than U.S. dollars;

(n) which  is  owed  by  (i)  any  government  (or  any  department,  agency,  public
corporation, or instrumentality thereof) of any country other than the U.S. unless such Account is backed
by a Letter of Credit acceptable to the Administrative Agent which is in the possession of, and is directly 

	
	-17-
drawable by, the Administrative Agent, or (ii) any government of the U.S., or any department, agency,
public corporation, or instrumentality thereof, unless the Federal Assignment of Claims Act of 1940, as
amended  (31 U.S.C. §  3727 et seq. and 41 U.S.C. §  15 et seq.), and any other steps necessary to perfect
the  Lien  of  the  Administrative  Agent  in  such  Account  have  been complied  with  to  the  Administrative
Agent's satisfaction;

(o) which  is  owed  by  any  Affiliate  of  any  Loan  Party  or  any  employee,  officer,
director, agent or stockholder of any Loan Party or any of its Affiliates;

(p) which,  for  any  Account  Debtor,  exceeds  a  credit limit  determined  by  the
Administrative Agent in its Permitted Discretion, to the extent of such excess;

(q) which is owed by an Account Debtor or any Affiliate of such Account Debtor to
which any Loan Party is indebted, but only to the extent of such indebtedness, or is subject to any security,
deposit, progress payment, retainage or other similar advance made by or for the benefit of an Account
Debtor, in each case to the extent thereof;

(r) which is subject to any counterclaim, deduction, defense, setoff or dispute but only
to the extent of any such counterclaim, deduction, defense, setoff or dispute;

(s) which is evidenced by any promissory note, chattel paper or instrument;

(t) which is owed by an Account Debtor (i) located in any jurisdiction which requires
filing of a "Notice of Business Activities Report" or other similar report in order to permit such Borrower
to seek judicial enforcement in such jurisdiction of payment of such Account, unless such Borrower has
filed such report or qualified to do business in such jurisdiction or (ii) which is a Sanctioned Person;

(u) with respect to which such Borrower has made any agreement with the Account
Debtor for any reduction thereof, other than discounts and adjustments given in the ordinary course of
business but only to the extent of any such reduction, or any Account which was partially paid and such
Borrower created a new receivable for the unpaid portion of such Account;

(v) which  does  not  comply  in  all  material  respects  with  the  requirements  of  all
applicable laws and regulations, whether Federal, state or local, including without limitation the Federal
Consumer Credit Protection Act, the Federal Truth in Lending Act and Regulation Z of the Board;

(w) which is for goods that have been sold under a purchase order or pursuant to the
terms  of  a  contract or other agreement or understanding (written or oral) that indicates or purports that
any  Person  other  than  such  Borrower  has  or  has  had  an  ownership  interest  in  such  goods,  or  which
indicates any party other than such Borrower as payee or remittance party;

(x) which was created on cash on delivery terms; or

(y) which the Administrative Agent determines in its Permitted Discretion may not be
paid by reason of the Account Debtor's inability to pay.

In the event that an Account of a Borrower which was previously an Eligible Account ceases to be an
Eligible Account hereunder, such Borrower or the Borrower Representative shall notify the Administrative
Agent thereof on and at the time of submission to the Administrative Agent of the next Borrowing Base
Certificate.  In  determining  the  amount  of  an  Eligible  Account  of  a  Borrower,  the  face  amount  of  an
Account may, in the Administrative Agent's Permitted Discretion, be reduced by, without duplication, to
the  extent  not  reflected  in such face amount, (i) the amount of all accrued and actual discounts, claims, 

	
	-18-
credits or credits pending, promotional program allowances, price adjustments, finance charges or other
allowances (including any amount that such Borrower may be obligated to rebate to an Account Debtor
pursuant to the  terms  of any agreement or understanding (written or oral)) and (ii) the aggregate amount
of  all cash  received  in  respect  of such Account but not yet applied by such Borrower to reduce  the
amount of such Account.

"Eligible Inventory" means, at any time, the Inventory of a Borrower which the Administrative
Agent determines in its Permitted Discretion is eligible as the basis for the extension of Revolving Loans
and Swingline Loans and the issuance of Letters of Credit.  Without limiting the Administrative Agent's
discretion provided herein, Eligible Inventory of a Borrower shall not include any Inventory:

(a) which is not subject to a first priority perfected Lien in favor of the Administrative
Agent;

(b) which is  subject to any Lien other than (i) a Lien in favor of the Administrative
Agent  and  (ii) a  Permitted  Encumbrance  which  does  not  have  priority  over  the  Lien in favor  of  the
Administrative Agent;

(c) which  is,  in  the  Administrative  Agent's  opinion  as  determined  in  its  Permitted
Discretion, slow moving, obsolete, unmerchantable, defective, used, unfit for sale, not salable at prices
approximating at least the cost of such Inventory in the ordinary course of business or unacceptable due to
age, type, category and/or quantity;

(d) with respect to which any covenant, representation or warranty contained in this
Agreement or  in the Security Agreement has been breached or is not true and which does not conform to
all standards imposed by any Governmental Authority;

(e) in which any Person other than such Borrower shall (i) have any direct or indirect
ownership,  interest  or  title  or  (ii)  be  indicated  on  any  purchase  order  or  invoice  with  respect  to  such
Inventory as having or purporting to have an interest therein;

(f) which  constitutes  spare  or  replacement  parts,  subassemblies,  packaging  and
shipping material, manufacturing supplies, samples, prototypes, displays or display items, bill-and-hold or
ship-in-place  goods,  goods  that  are  returned  or  marked  for  return,  repossessed  goods,  defective  or
damaged goods, goods held on consignment, or goods which are not of a type held for sale in the ordinary
course of business;

(g) which  is  not  located  in  the  U.S.  or  is  in  transit  with  a  common  carrier  from
vendors and suppliers;

(h) which is located in any location leased by such Borrower unless (i) the lessor has
delivered to the Administrative Agent a Collateral Access Agreement or (ii) a Reserve for rent, charges
and  other  amounts  due  or  to  become  due  with  respect  to  such  facility  has  been  established  by  the
Administrative Agent in its Permitted Discretion;

(i) which is located in any third party warehouse or is in the possession of a bailee
(including a third party processor) and is not evidenced by a Document, unless (i) such warehouseman,
bailee or third party processor has delivered to the Administrative Agent a Collateral Access Agreement
and such other documentation as the Administrative Agent may require or (ii) an appropriate Reserve has
been established by the Administrative Agent in its Permitted Discretion; 

	
	-19-
(j) [reserved];

(k) which is a discontinued product or component thereof;

(l) which is the subject of a consignment by such Borrower as consignor;

(m) which is perishable;

(n) which contains or bears any intellectual property rights licensed to such Borrower
unless the Administrative Agent is satisfied that it may sell or otherwise dispose of such Inventory without
(i) infringing the rights of such licensor, (ii) violating any contract with such licensor, or (iii) incurring any
liability  with  respect  to  payment  of  royalties  other  than  royalties  incurred  pursuant  to  sale  of  such
Inventory under the current licensing agreement;

(o) [reserved];

(p) for which reclamation rights have been asserted by the seller; or

(q) which has been acquired from a Sanctioned Person.

In the event that Inventory of a Borrower which was previously Eligible Inventory ceases to be
Eligible  Inventory  hereunder,  such  Borrower  or  the  Borrower  Representative  shall  notify  the
Administrative Agent thereof on and at the time of submission to the Administrative Agent of the next
Borrowing Base Certificate.

"Eligible Work-In-Process" means, Eligible Inventory of a Borrower constituting work-in-process.
For purposes of clarification, Eligible Work-In Process shall not include Eligible Inventory constituting
semi-finished goods as determined by the Administrative Agent in its Permitted Discretion.

"Environmental  Laws"  means  all  laws,  rules,  regulations,  codes,  ordinances,  orders,  decrees,
judgments,  injunctions,  notices  or  binding  agreements  issued,  promulgated  or  entered  into  by  any
Governmental Authority, relating in any way to (a) the environment, (b) preservation or reclamation of
natural  resources,  (c) the  management,  Release  or  threatened  Release  of  any  Hazardous  Material or
(d) health and safety matters.

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

"Equity Interests " means shares of capital stock, partnership interests, membership interests in a
limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and
any  warrants,  options  or  other  rights  entitling  the  holder  thereof  to  purchase  or  acquire  any  of  the
foregoing, but excluding any debt securities convertible into any of the foregoing.

"ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and the rules and regulations promulgated thereunder. 

	
	-20-
"ERISA Affiliate" means any trade or business (whether or not incorporated) that, together with a
Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or Section 4001(14) of
ERISA or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.

"ERISA Event" means (a) any "reportable event", as defined in Section 4043 of ERISA or the
regulations  issued  thereunder,  with  respect  to  a  Plan  (other  than  an  event  for  which  the  30-day  notice
period is waived); (b) the failure to satisfy the "minimum funding standard" (as defined in Section 412 of
the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the
Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with
respect  to any Plan;  (d) the  incurrence  by any Borrower  or  any ERISA  Affiliate of any liability under
Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by any Borrower or any
ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate
any  Plan  or  Plans  or  to appoint a  trustee  to administer  any Plan; (f) the  incurrence  by any Borrower  or
any ERISA  Affiliate  of any liability with respect to the withdrawal or partial withdrawal of any Borrower
or any ERISA Affiliate from any Plan or Multiemployer Plan; or (g) the receipt by any Borrower or any
ERISA  Affiliate  of  any  notice,  or  the  receipt  by  any  Multiemployer  Plan  from  any  Borrower  or  any
ERISA Affiliate of any notice, concerning the imposition upon any Borrower or any ERISA Affiliate of
Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, in
critical status or in reorganization, within the meaning of Title IV of ERISA.

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

 <"Eurodollar", >when used in reference  to any Loan or Borrowing, refers to whether such Loan,
or  the  Loans  comprising  such  Borrowing, <bears  >interest  at  a  rate  determined  by  reference  to  the
Adjusted <LIBO Rate.>

"Event of Default" has the meaning assigned to such term in Article VII.

"Excluded Swap Obligation" means, with respect to any Guarantor, any Swap Obligation if, and to
the  extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a
security interest to secure, such Swap Obligation (or any Guarantee  thereof) is or becomes illegal under
the  Commodity  Exchange  Act  or  any  rule,  regulation  or  order  of the  Commodity  Futures  Trading
Commission  (or  the  application  or  official  interpretation  of  any  thereof)  by  virtue  of  such  Guarantor's
failure  for any reason to constitute  an ECP  at the  time  the  Guarantee  of such Guarantor or the  grant of
such security interest becomes  or  would become  effective  with respect to such Swap Obligation.  If a
Swap Obligation arises under a master agreement  governing more than one swap, such  exclusion shall
apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or
security interest is or becomes illegal.

"Excluded Taxes" means any of the following Taxes imposed on or with respect to a Recipient or
required to be withheld or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by
net  income  (however  denominated), franchise  Taxes, and branch profits Taxes, in each case, (i) imposed
as a result of such Recipient being organized under the laws of, or having its principal office or, in the case
of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision  thereof)  or  (ii)  that  are  Other  Connection  Taxes;  (b)  in  the  case  of  a  Lender,  U.S.  Federal
withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an
applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect on the date on
which  (i)  such  Lender  acquires  such  interest  in  the  Loan,  Letter  of  Credit  or  Commitment  (other  than
pursuant to an assignment request by the Borrowers under Section 2.19(b)) or (ii) such Lender changes its
lending  office, except  in  each case to the extent that, pursuant to Section 2.17, amounts with respect to 

	
	-21-
such Taxes were payable either to such Lender's assignor immediately before such Lender acquired the
applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it
changed its lending office; (c) Taxes attributable to such Recipient's failure to comply with Section 2.17(f);
and (d) any withholding Taxes imposed under FATCA.

"Extenuating  Circumstance"  means  any  period  during  which  the  Administrative  Agent  has
determined  in  its  sole  discretion  (a)  that  due  to  unforeseen  and/or  nonrecurring  circumstances,  it  is
impractical and/or not feasible to submit or receive a Borrowing Request or Interest Election Request by
email or fax or through Electronic System, and (b) to accept a Borrowing Request or Interest Election
Request telephonically.

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

"Federal Funds Effective Rate" means, for any day, the rate calculated by the NYFRB based on
such day's federal funds transactions by depositary institutions<,> (as determined in such manner as shall
be set forth on the <Federal Reserve Bank of New York's>NYFRB's Website from time to time<,>) and
published  on  the  next  succeeding  Business  Day  by  the  NYFRB  as  the  effective  federal  funds  rate,
provided that, if  the  Federal Funds  Effective  Rate  as so determined would be less than zero, such rate
shall be deemed to be zero for the purposes of this Agreement.

 <"Federal  Reserve  Bank  of  New  York's  >Website"  means  the  website  of  the  NYFRB  at
 <http://www.newyorkfed.org>, or any successor source.

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

"Financial  Officer"  means  the  chief  financial  officer,  principal  accounting  officer,  treasurer  or
controller of a Borrower.

"First Amendment Effective Date" means August 30, 2022.
"Fixed Charge Coverage Ratio" means, at any date, the ratio of (a) EBITDA minus Unfinanced
Capital Expenditures to (b) Fixed Charges, all calculated for the period of twelve consecutive calendar
months ended on such date  (or, if such date is not the last day of a calendar month, ended on the last day
of the calendar month most recently ended prior to such date).

"Fixed Charges" means, for any period, without duplication, cash Interest Expense, plus scheduled
principal payments on Indebtedness actually made, plus expenses for taxes paid in cash, plus Restricted
Payments paid in cash, plus Capital Lease Obligation payments, plus cash contributions to any Plan, all
calculated for Haynes Parent and its Subsidiaries on a consolidated basis in accordance with GAAP.

"Flood Insurance Laws" means collectively, (i) the National Flood Insurance Reform Act of 1994
(which  comprehensively  revised  the  National  Flood  Insurance  Act  of  1968  and  the  Flood  Disaster
Protection  Act  of  1973)  as  now  or  hereafter  in  effect  or  any  successor  statute  thereto,  (ii)  the  Flood
Disaster Reform Act of 2004 as now or hereafter in effect or any successor statute thereto, and (iii) the
Biggert-Waters  Flood  Insurance  Reform  Act  of  2012  as  now  or  hereafter  in  effect  or  any  successor
statute thereto. 

	
	-22-
"Floor"  means  the  benchmark  rate  floor,  if  any,  provided  in  this Agreement  initially  (as  of  the
execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise)
with respect to the Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR, as applicable.  For the
avoidance  of  doubt,  the  initial Floor  for  each  of  the  Adjusted Term  SOFR  Rate  or  the  Adjusted  Daily
Simple SOFR shall be 0.50%.
"Foreign  Lender"  means  (a)  if  a  Borrower  is  a  U.S.  Person,  a  Lender,  with  respect  to  such
Borrower, that is not a U.S. Person, and (b) if a Borrower is not a U.S. Person, a Lender, with respect to
such Borrower, that is resident or organized under the laws of a jurisdiction other than that in which such
Borrower is resident for tax purposes.

"Foreign Plan" means any retirement, welfare, medical, or similar plan that provides benefits to
any employees of a Loan Party who primarily provide services to a Loan Party outside the United States
and Canada  and which are  not  governed by, or not subject to, the  laws  of the United States, Canada or
any jurisdiction therein.

"Foreign Subsidiary" means any Subsidiary which is not a Domestic Subsidiary.
"Funding Account" has the meaning assigned to such term in Section 4.01(h).
"GAAP" means generally accepted accounting principles in the U.S.
"Governmental Authority" means the government of the U.S., any other nation or 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.

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

"Guaranteed Obligations" has the meaning assigned to such term in Section 10.01.

"Guarantors"  means  all  Loan  Guarantors  and  all  non-Loan  Parties  who  have  delivered  an
Obligation Guaranty, and the term "Guarantor" means each or any one of them individually.

"Haynes Parent" means Haynes International, Inc., a Delaware corporation.

"Haynes  UK"  shall  mean  Haynes  International  Ltd.,  a  company  organized  under  the  laws  of
England and Wales, and its successors and assigns. 

	
	-23-
"Hazardous Materials" means:  (a) any substance, material, or waste that is included within the
definitions of "hazardous substances," "hazardous materials," "hazardous waste," "toxic substances," "toxic
materials," "toxic waste," or words of similar import in any Environmental Law; (b) those substances listed
as  hazardous  substances  by the  United States  Department of Transportation (or any successor agency)
(49  C.F.R.  172.101  and  amendments  thereto)  or  by  the  Environmental  Protection  Agency  (or  any
successor  agency)  (40  C.F.R.  Part  302  and  amendments  thereto); and  (c)  any  substance,  material,  or
waste  that  is  petroleum,  petroleum-related,  or  a  petroleum  by-product,  asbestos  or  asbestos-containing
material, polychlorinated biphenyls, flammable, explosive, radioactive, freon gas, radon, or a pesticide,
herbicide, or any other agricultural chemical.

"IBA" has the meaning assigned to such term in Section 1.05.

 <"Impacted Interest Period>" has the meaning assigned to such term in <the definition of "LIBO
Rate".>

"Increased Reporting Period" means the period commencing on the day on which either an Event
of Default has occurred or Availability, as calculated by the Administrative Agent, is less than the greater
of (a) 15.0% of the Aggregate Revolving Commitments and (b) $15,000,000, and ending on the day on
which no Event of Default has existed for a period of 30 consecutive days and, during such period of 30
consecutive  days,  the  daily  Availability,  as  calculated  by  the Administrative  Agent,  is  greater  than  the
greater of (a) 15.0% of the Aggregate Revolving Commitments and (b) $15,000,000.

"Indebtedness" of any Person means, without duplication, (a) all obligations of such Person for
borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person
evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which
interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title
retention agreements relating to property acquired by such Person, (e) all obligations of such Person in
respect  of  the  deferred  purchase  price  of  property  or  services (excluding  current  accounts  payable
incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the
holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on
property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been
assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of
such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of
letters  of  credit  and  letters  of  guaranty,  (j)  all  obligations,  contingent  or  otherwise,  of  such  Person  in
respect  of  bankers'  acceptances,  (k)  obligations  under  any  earn-out  (which  for  all  purposes  of  this
Agreement shall be valued at the maximum potential amount payable with respect to such earn-out) and
(l)  any  other  Off-Balance  Sheet  Liability  and  (m)  obligations, whether  absolute  or  contingent  and
howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and
modifications thereof and substitutions therefor), under (i) any and all Swap Agreements, and (ii) any and
all cancellations, buy backs, reversals, terminations or assignments of any Swap Agreement transaction.
The  Indebtedness  of  any  Person  shall  include  the  Indebtedness  of  any  other  entity  (including  any
partnership in which such Person is  a  general partner) to the extent such Person is liable therefor as a
result of such Person's ownership interest in or other relationship with such entity, except to the extent the
terms of such Indebtedness provide that such Person is not liable therefor.

"Indemnified Taxes" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to
any payment made by, or on account of any obligation of any Loan Party under any Loan Document and
(b) to the extent not otherwise described in the foregoing clause (a) hereof, Other Taxes.
"Indemnitee" has the meaning assigned to such term in Section 9.03(b). 

	
	-24-
"Ineligible Institution" has the meaning assigned to such term in Section 9.04(b).
"Information" has the meaning assigned to such term in Section 9.12.
"Interest  Election  Request"  means  a  request  by  the  Borrower  Representative  to  convert  or
continue a Borrowing in accordance with Section 2.08.

"Interest  Expense"  means,  for  any  period,  total  interest  expense  (including  that  attributable  to
Capital  Lease  Obligations)  of  Haynes  Parent  and  its  Subsidiaries  for  such  period  with  respect  to  all
outstanding Indebtedness of Haynes Parent and its Subsidiaries (including all commissions, discounts and
other  fees  and  charges  owed  with  respect  to  letters  of  credit  and  bankers'  acceptances  and net costs
under  Swap Agreements  in respect of  interest rates  to the  extent such net costs are allocable to such
period  in  accordance  with  GAAP), calculated  on  a  consolidated  basis  for  Haynes  Parent  and  its
Subsidiaries for such period in accordance with GAAP.

"Interest Payment Date" means (a) with respect to any ABR Loan (other than a Swingline Loan),
the first day of each calendar month and the Maturity Date, <and >(b) with  respect  to  any
 <Eurodollar>RFR Loan, (1) each date that is on the numerically corresponding day in each calendar month
that is one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day
in such month, then the  last day of such month) and (2) the  Maturity Date, (c) with respect to any Term
Benchmark 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 <Eurodollar>Term Benchmark Borrowing with an Interest Period of more than
three  months'  duration, each  day prior to the  last day of such Interest Period that occurs at intervals of
three  months'  duration  after  the  first  day  of  such  Interest  Period)  and  the  Maturity  Date<,> and
(<c>d) with respect to any Swingline Loan, the day that such Swingline Loan is required to be repaid and
the Maturity Date.

"Interest Period" means, with respect to any <Eurodollar>Term Benchmark Borrowing, the period
commencing on the date of such <Eurodollar >Borrowing and ending on the numerically corresponding
day in the calendar month that is one, <two, >three or six months thereafter (in each case, subject to the
availability  for  the  Benchmark  applicable  to  the  relevant  Loan or  Commitment),  as  the  Borrower
Representative  may  elect;  provided,  that  (a)  if  any  Interest  Period  would  end  on  a  day  other  than  a
Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, 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< and>, (b) any Interest Period that commences on the last
Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the
last calendar  month of such Interest Period) shall end on the last Business Day of the last calendar month
of such Interest Period, and (c) no tenor that has been removed from this definition pursuant to Section
2.14(e) shall be available for specification in such Borrowing Request or Interest Election Request.  For
purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and
thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

 <"Interpolated Rate" means, at  any time, for  any >Interest Period, the rate per annum <(rounded
to  the  same  number  of  decimal  places  as  the  LIBO  Screen  Rate)  >determined  by  the  Administrative
Agent <(which determination shall be conclusive and binding absent manifest error) to be equal to the rate
that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period
(for  which the  LIBO  Screen Rate  is  available)  that  is  shorter  than the  Impacted Interest  Period and (b)
the LIBO Screen Rate for the shortest period (for which the LIBO Screen Rate is available) that exceeds
the  Impacted Interest Period, in each case, at such time; provided, that if any Interpolated Rate  shall be
less than 1.00%>, such rate shall be deemed to be <1.00% for >purposes of this Agreement. 

	
	-25-
"Inventory" has the meaning assigned to such term in the Security Agreement.
"IRS" means the United States Internal Revenue Service.
"Issuing Bank" means, individually and collectively, each of JPMCB, in its capacity as the issuer of
Letters  of  Credit  hereunder  and  any  other  Lender  from  time  to  time  designated  by  the  Borrower
Representative  as  an Issuing Bank, with the consent of such Lender and the Administrative Agent, and
their respective successors in such capacity as provided in Section 2.06(i).  Any Issuing Bank may, in its
discretion, arrange for one or more Letters of Credit to be issued by its Affiliates, in which case the term
"Issuing Bank" shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate (it
being agreed that such Issuing Bank shall, or shall cause such Affiliate to, comply with the requirements of
Section 2.06 with respect to such Letters of Credit).  At any time there is more than one Issuing Bank, all
singular references to the Issuing Bank shall mean any Issuing Bank, either Issuing Bank, each Issuing
Bank, the  Issuing Bank that has  issued the  applicable  Letter  of  Credit, or  both (or  all)  Issuing Banks, as
the context may require.

"Issuing Bank Sublimits" means, as of the Effective Date, (a) $5,000,000, in the case of JPMCB
and (b) such amount as shall be designated to the Administrative Agent and the Borrower Representative
in writing by an Issuing Bank; provided that any Issuing Bank shall be permitted at any time to increase or
reduce  its  Issuing  Bank  Sublimit  upon  providing  five  (5)  days' prior  written  notice  thereof  to  the
Administrative Agent and the Borrower Representative.
"Joinder  Agreement"  means  a  Joinder  Agreement  in  substantially the  form  of  Exhibit  E.
"JPMCB" means  JPMorgan Chase  Bank, N.A., a  national banking association, in its individual
capacity, and its successors.

"LC Collateral Account" has the meaning assigned to such term in Section 2.06(j).
"LC Disbursement" means any payment made by an Issuing Bank pursuant to a Letter of Credit.
"LC Exposure" means, at any time, the sum of the Commercial LC Exposure and the Standby LC
Exposure at such time.  The LC Exposure of any Lender at any time shall be its Applicable Percentage of
the aggregate LC Exposure at such time.

"Lenders" means the Persons with Revolving Commitments, or if the Revolving Commitments
have terminated or expired, the Persons with Revolving Exposure, and any other Person that shall have
become  a  Lender  hereunder  pursuant  to  Section 2.09  or  an  Assignment  and  Assumption  or  otherwise,
other  than  any  such  Person  that  ceases  to  be  a  Lender  hereunder  pursuant  to  an  Assignment  and
Assumption  or  otherwise.  Unless  the  context  otherwise  requires,  the  term  "Lenders"  includes  the
Swingline Lender and the Issuing Bank.

"Letters  of  Credit"  means  the  letters  of  credit  issued  pursuant to this  Agreement,  and  the  term
"Letter of Credit" means any one of them or each of them singularly, as the context may require.

"Letter of Credit Agreement" has the meaning assigned to it in Section 2.06(b).

 <"LIBO >Rate" means, with respect to any <Eurodollar Borrowing >for any applicable Interest
Period <or for any ABR Borrowing, LIBO Screen Rate at approximately 11:00 a.m., London time, two (2)
 >Business Days prior to the commencement of such <Interest Period; provided that, if the LIBO Screen
Rate shall not be available at such time for such Interest Period (an "Impacted Interest Period"), then the
LIBO  Rate  shall be  the  Interpolated Rate, subject  to Section 2.14 in the  event that the Administrative 

	
	-26-
Agent shall conclude that it shall not be possible to determine such Interpolated Rate (which conclusion
shall  be  conclusive  and  binding  absent  manifest  error).  Notwithstanding  the  above,  to  the  extent  that
"LIBO Rate" or "Adjusted LIBO Rate" is used in connection with an ABR Borrowing, such rate shall be
determined as modified by the definition of Alternate Base Rate.>

 <"LIBO  Screen Rate" means, for any day and time, with respect to any Eurodollar Borrowing for
any Interest Period or for any ABR Borrowing, the London interbank offered rate as administered by ICE
Benchmark  Administration  (or  any  other  Person  that  takes  over  the  administration  of  such  rate  for
Dollars) for a period equal in length to such Interest Period as displayed on such day and time on pages
LIBOR01 or LIBOR02 of the  Reuters  screen that displays  such rate (or, in the event such rate does not
appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such
rate, or on the appropriate page of such >other information service that publishes such rate from time to
time  as  selected by the  Administrative  Agent  in its  reasonable discretion<);  provided that, if the LIBO
Screen  >Rate  as  so  determined  would  be  less  than <0.50%>, such rate  shall be  deemed to be <0.50%
 >for the purposes of this Agreement

"Lien"  means,  with  respect  to  any  asset,  (a)  any  mortgage,  deed  of  trust,  lien,  pledge,
hypothecation, encumbrance, charge or security interest in, on or of such asset, (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 and (c) in the case of securities, any purchase option, call or similar right of a third party with respect
to such securities.

"Loan  Borrowing  Option"  has  the meaning  assigned  to  such  term  in  the  DDA  Access  Product
Agreement.

"Loan Documents" means, collectively, this Agreement, any promissory notes issued pursuant to
this  Agreement, any Letter of Credit Agreement, the Collateral Documents, each Compliance Certificate,
the  Loan  Guaranty,  any  Obligation  Guaranty,  and  all  other  agreements,  instruments,  documents  and
certificates executed and delivered to, or in favor of, the Administrative Agent or any Lender and including
all other pledges, powers of attorney, consents, assignments, contracts, notices, letter of credit agreements,
letter  of  credit  applications  and  any  agreements  between  the  Borrower Representative  and the  Issuing
Bank regarding the Issuing Bank's Issuing Bank Sublimit or the respective rights and obligations between
the  applicable  Borrower  and the Issuing Bank in connection with the  issuance  by the  Issuing Bank of
Letters  of  Credit,  and  all other  written  matter  whether heretofore, now  or hereafter  executed by or on
behalf of any Loan Party, or any employee of any Loan Party, and delivered to the Administrative Agent
or any Lender in connection with this Agreement or the transactions contemplated hereby.  Any reference
in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits
or  schedules  thereto, and all amendments, restatements, supplements or other modifications thereto, and
shall refer to this  Agreement or such Loan Document as  the  same  may be  in effect at any and all times
such reference becomes operative.

"Loan Guarantor" means each Loan Party.

"Loan Guaranty" means Article X of this Agreement.

"Loan  Parties"  means,  collectively,  Haynes  Parent,  the  Borrowers,  the  Borrowers'  Domestic
Subsidiaries  and  any  other  Person  who  becomes  a  party  to  this  Agreement  pursuant  to  a  Joinder
Agreement and their respective successors and assigns, and the term "Loan Party" shall mean any one of
them or all of them individually, as the context may require. 

	
	-27-
"Loans"  means  the  loans  and  advances  made  by  the  Lenders  pursuant  to  this  Agreement,
including Swingline Loans, Overadvances and Protective Advances.
"Margin Stock" means margin stock within the meaning of Regulations T, U and X, as applicable.
"Material Adverse Effect" means a material adverse effect on (a) the business, assets, operations,
or condition, financial or otherwise, of Haynes Parent and its Subsidiaries taken as a whole, (b) the ability
of any Loan Party to perform any of its Obligations, (c) the Collateral, or the Administrative Agent's Liens
(on behalf of itself and other Secured Parties) on the Collateral or the priority of such Liens, or (d) the
rights of or benefits available to the Administrative Agent, the Issuing Bank or the Lenders under any of
the  Loan  Documents.  The  parties  hereto  acknowledge  and  agree  that,  solely  during  the  fiscal  months
ending on and prior to June 30, 2021, any impact on the Borrowers and the other Loan Parties resulting
from events  or circumstances  in effect as  of the  date  hereof and disclosed in Haynes  Parent's  public
filings made with the SEC in the fiscal year 2020 and prior to the date hereof, including, without limitation,
it's  most  recently  filed  8-K,  as  a  result  of  the  global  disease  pandemic  involving  the  virus  commonly
referred  to  as  COVID-19,  and  to  the  extent  such  events  and  circumstances  do  not  disproportionately
impact  the  Borrowers  and  the  other  Loan  Parties  when  compared  to  their  competitors  and/or  other
business operations of their industry, will be disregarded for purposes of determining whether a Material
Adverse Effect has occurred under the Credit Agreement.

"Material  Indebtedness"  means  Indebtedness  (other  than  the  Loans  and  Letters  of  Credit),  or
obligations in respect of one or more Swap Agreements, of any one or more of the Loan Parties in an
aggregate principal amount exceeding $5,000,000.  For purposes of determining Material Indebtedness, the
"principal amount" of the obligations of the Loan Parties in respect of any Swap Agreement at any time
shall be the maximum aggregate amount (giving effect to any netting agreements) that such Loan Party
would be required to pay if such Swap Agreement were terminated at such time.

"Maturity  Date"  means <October>April 19, <2023>2024 or  any  earlier  date  on  which  the
Commitments are reduced to zero or otherwise terminated pursuant to the terms hereof.

"Maximum Rate" has the meaning assigned to such term in Section 9.17.
"Moody's" means Moody's Investors Service, Inc.
"Multiemployer Plan" means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

"Net Income" means, for any period, the  consolidated net income (or loss) of Haynes Parent and
its Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided that there shall be
excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary or is
merged into or consolidated with Haynes Parent or any of its Subsidiaries and (b) the income (or deficit)
of  any  Person  (other  than  a  Subsidiary)  in  which  Haynes  Parent or  any  of  its  Subsidiaries  has  an
ownership interest, except  to the extent that any such income is actually received by Haynes Parent or
such Subsidiary in the form of dividends or similar distributions.

"Net  Orderly  Liquidation  Value"  means,  with  respect  to  Inventory  of  any  Person,  the  orderly
liquidation value thereof as determined in a manner acceptable to the Administrative Agent in its Permitted
Discretion by an appraiser acceptable to the Administrative Agent, net of all costs of liquidation thereof.

"Non-Consenting Lender" has the meaning assigned to such term in Section 9.02(d).
"NYFRB" means the Federal Reserve Bank of New York. 

	
	-28-
"NYFRB  Rate" means, for  any day, the greater of (a) the Federal Funds Effective Rate in effect
on such day and (b) the Overnight Bank Funding Rate in effect on such day(or for any day that is not a
Business  Day,  for  the  immediately  preceding  Business  Day);  provided  that  if  none  of  such  rates  are
published for any day that is a Business Day, the term "NYFRB Rate" means the rate for a federal funds
transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds
broker  of  recognized  standing  selected  by  it;  provided,  further,  that  if  any  of  the  aforesaid  rates  as  so
determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

"NYFRB's Website"  means  the  website  of  the  NYFRB  at http://www.newyorkfed.org,  or  any
successor source.

"Obligated Party" has the meaning assigned to such term in Section 10.02.

"Obligation  Guaranty"  means  any  Guarantee  of  all  or  any  portion  of  the  Secured  Obligations
executed and delivered to the Administrative Agent for the benefit of the Secured Parties by a guarantor
who is not a Loan Party.

"Obligations" means all unpaid principal of and accrued and unpaid interest on the Loans, all LC
Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations
and indebtedness (including interest and fees accruing during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding),
obligations and liabilities of any of the Loan Parties to any of the Lenders, the Administrative Agent, the
Issuing Bank or any indemnified party, individually or collectively, existing on the Effective Date or arising
thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or
unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred
under  this  Agreement  or  any  of  the  other  Loan  Documents  or  in  respect  of  any  of  the  Loans  made  or
reimbursement or other obligations incurred or any of the Letters of Credit or other instruments at any
time evidencing any thereof.

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

"Off-Balance Sheet Liability" of a Person means (a) any repurchase obligation or liability of such
Person with respect to accounts or notes receivable sold by such Person, (b) any indebtedness, liability or
obligation  under  any  so-called "synthetic  lease"  transaction  entered  into  by  such  Person,  or  (c)  any
indebtedness, liability or obligation arising with respect to any other transaction which is the functional
equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet
of such Person (other than operating leases).

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

"Other Taxes" means all present or future stamp, court or documentary, intangible, recording, filing
or  similar  Taxes  that  arise  from any payment  made  under, from the  execution, delivery, performance,
enforcement  or  registration  of, from  the  receipt  or  perfection of a  security interest under, or otherwise
with respect to, any Loan Document, except any such Taxes  that are  Other  Connection Taxes  imposed
with respect to an assignment (other than an assignment made pursuant to Section 2.19). 

	
	-29-
"Overadvance" has the meaning assigned to such term in Section 2.05(b).

"Overnight Bank Funding Rate" means, for any day, the rate comprised of both overnight federal
funds  and  overnight <Eurodollar  borrowings>eurodollar  transactions  denominated in Dollars by U.S.-
managed  banking offices  of  depository institutions  (as  such composite  rate  shall be  determined by the
NYFRB  as  set  forth  on  the <Federal Reserve  Bank  of  New  York's>NYFRB's Website  from  time  to
time)  and published on the next succeeding Business Day by the NYFRB as an overnight bank funding
rate.

"Paid  in  Full"  or  "Payment  in  Full"  means,  (a)  the  indefeasible  payment  in  full  in  cash  of  all
outstanding  Loans  and  LC  Disbursements,  together  with  accrued  and  unpaid  interest  thereon,  (b)  the
termination, expiration, or cancellation and return of all outstanding Letters of Credit (or alternatively, with
respect to each such Letter  of  Credit, the  furnishing to the  Administrative  Agent of  a cash deposit, or at
the  discretion  of  the  Administrative  Agent  a  backup  standby  letter  of  credit  satisfactory  to  the
Administrative  Agent  and  the  Issuing  Bank, in an amount equal to 105%  of the LC Exposure as of the
date  of such payment), (c) the indefeasible payment in full in cash of the accrued and unpaid fees, (d) the
indefeasible payment in full in cash of all reimbursable expenses and other Secured Obligations (other than
Unliquidated  Obligations  for  which  no  claim  has  been  made  and  other  obligations  expressly  stated  to
survive  such  payment  and  termination  of  this  Agreement),  together  with  accrued  and  unpaid  interest
thereon,  (e)  the  termination  of  all  Commitments,  and  (f)  the  termination  of  the  Swap  Agreement
Obligations and the Banking Services Obligations or entering into other arrangements satisfactory to the
Secured Parties counterparties thereto.

"Parent" means, with respect to any Lender, any Person as to which such Lender is, directly or
indirectly, a subsidiary.

"Participant" has the meaning assigned to such term in Section 9.04(c).
"Participant Register" has the meaning assigned to such term in Section 9.04(c).
"Payment" has the meaning assigned to such term in Section 8.06(d).
"Payment Condition" shall be  deemed to be  satisfied in connection with a Restricted Payment,
investment or Permitted Acquisition if:

(a) no  Event  of  Default  has  occurred  and  is  continuing  or  would  result  immediately  after
giving effect to such Restricted Payment, investment or Permitted Acquisition;

(b) immediately after giving effect to and at all times during the 60-day period immediately
prior  to  such  Restricted  Payment,  investment  or  Permitted  Acquisition,  the  Borrowers  shall  have
(i)  (A)  Availability  calculated  on  a  pro  forma  basis  after  giving  effect  to  such  Restricted  Payment,
investment or Permitted Acquisition of not less than 20% of the Revolving Commitment and (B) a Fixed
Charge Coverage Ratio for the trailing twelve months calculated on a pro forma basis after giving effect
to  such  Restricted  Payment,  investment  or  Permitted  Acquisition  of  not  less  than  1.00  to  1.00  or
(ii) Availability calculated on a pro forma basis after giving effect to such Restricted Payment, investment
or Permitted Acquisition of not less than 25% of the Revolving Commitment; and

(c) the  Borrower  Representative  shall have  delivered  to  the  Administrative  Agent  a
certificate in form and substance reasonably satisfactory to the Administrative Agent certifying as to the
items described in (a) and (b) above and attaching calculations for item (b). 

	
	-30-
"Payment Notice" has the meaning assigned to such term in Section 8.06(d).
"PBGC" means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and
any successor entity performing similar functions.

"Permitted Acquisition" means  any Acquisition by any Loan Party in a transaction that satisfies
each of the following requirements:

(a) such Acquisition is not a hostile or contested acquisition;

(b) the business acquired in connection with such Acquisition is not engaged, directly
or indirectly, in any line of business other than the businesses in which the Loan Parties are engaged on
the Effective Date and any business activities that are substantially similar, related, or incidental thereto;

(c) with respect to any Acquisition where the total consideration (including maximum
potential  total  amount  of  all  deferred  payment  obligations  and Indebtedness  assumed  or  incurred)  is
$10,000,000 or greater, as soon as available, but not less than thirty (30) days prior to such Acquisition, the
Borrower Representative has provided the Administrative Agent (i) notice of such Acquisition and (ii) a
copy of all business and financial information reasonably requested by the Administrative Agent including
pro forma financial statements, statements of cash flow, and Availability projections;

(d) if the Accounts and Inventory acquired in connection with such Acquisition are
proposed to be included in the determination of the Borrowing Base, the Administrative Agent shall have
conducted an appraisal and field examination of such Accounts and Inventory, the results of which shall be
satisfactory to the Administrative Agent;

(e) if  such  Acquisition  is  an  acquisition  of  the  Equity  Interests  of  a  Person,  such
Acquisition  is  structured  so  that  the  acquired  Person  shall  become  a  Wholly-Owned  Subsidiary  of  a
Borrower and a Loan Party pursuant to the terms of this Agreement;

(f) if such Acquisition is an acquisition of Equity Interests, such Acquisition will not
result in any violation of Regulation U;

(g) no Loan Party shall, as a result of or in connection with any such Acquisition,
assume or incur any direct or contingent liabilities (whether relating to environmental, tax, litigation, or
other matters) that could have a Material Adverse Effect;

(h) in connection with an Acquisition of the Equity Interests of any Person, except
with respected to acquired Indebtedness permitted under 6.01(m) and Liens permitted under 6.01(e), all
Liens on property of such Person shall be terminated unless the Administrative Agent and the Lenders in
their sole discretion consent otherwise, and in connection with an Acquisition of the assets of any Person,
all Liens on such assets shall be terminated;

(i) the Payment Conditions shall have been satisfied;

(j) all  actions  required  to  be  taken with  respect  to  any  newly  acquired  or  formed
Wholly-Owned Subsidiary of a Borrower or a Loan Party, as applicable, required under Section 5.14 shall
have been taken; and 

	
	-31-
(k) the Borrower Representative shall have delivered to the Administrative Agent the
final  executed  material  documentation  relating  to  such  Acquisition  within  five  (5)  days  following  the
consummation thereof.

"Permitted Discretion" means a determination made in good faith and in the exercise of reasonable
(from the perspective of a secured asset-based lender) business judgment.

"Permitted Encumbrances" means:

(a) Liens imposed by law for Taxes that are not yet due or are being contested in compliance
with Section 5.04;

(b) carriers',  warehousemen's,  mechanics',  materialmen's,  repairmen's  and  other  like  Liens
imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by
more than thirty (30) days or are being contested in compliance with Section 5.04;

(c) pledges  and  deposits  made  in  the  ordinary  course  of  business  (i)  in  compliance  with
workers'  compensation,  unemployment  insurance  and  other  social security  laws  or  regulations  or  (ii)
securing liability for reimbursement of 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 Loan Parties and their respective Subsidiaries;

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

(e) pledges  or  deposits  of  money  securing  statutory  obligations  under  workmen's
compensation,  unemployment  insurance,  social  security  or  public  liability  laws  or  similar  legislation
(excluding Liens under ERISA);

(f) judgment Liens in respect of judgments that do not constitute an Event of Default under
clause (k) of Article VII; and

(g) easements, zoning restrictions, rights-of-way and similar encumbrances on real property
imposed by law or arising in the ordinary course of business that do not secure any monetary obligations
and do not materially detract from the value of the affected property or interfere with the ordinary conduct
of business of any Borrower or any Subsidiary;

provided that the term "Permitted Encumbrances" shall not include any Lien securing Indebtedness, except
with respect to clause (e) above.

"Permitted Investments" means:

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

(b) investments in commercial paper maturing within 270 days from the date of acquisition
thereof  and  having,  at  such  date  of  acquisition,  the  highest  credit  rating  obtainable  from  S&P  or  from
Moody's; 

	
	-32-
(c) investments  in  certificates  of  deposit,  banker's  acceptances  and  time  deposits  maturing
within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money
market  deposit  accounts  issued  or  offered  by,  any  domestic  office  of  any  commercial  bank  organized
under the laws of the U.S. or any State thereof which has a combined capital and surplus and undivided
profits of not less than $500,000,000;

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

(e) money market funds that (i) comply with the criteria set forth in Securities and Exchange
Commission 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 $5,000,000,000.

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

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

"Plan Asset Regulations" means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of
ERISA, as amended from time to time.

"Prime  Rate" means  the  rate  of interest last quoted by The  Wall Street Journal as the "Prime
Rate" in the  U.S.  or, if The  Wall Street Journal ceases to quote such rate, the highest per annum interest
rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected
Interest Rates) as the "bank prime loan" rate or, if such rate is no longer quoted therein, any similar rate
quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve
Board (as  determined by the Administrative Agent).  Each change in the Prime Rate shall be effective
from and including the date such change is publicly announced or quoted as being effective.

"Projections"  has  the  meaning  assigned  to  such  term  in  Section 5.01(f).
"Protective Advance" has the meaning assigned to such term in Section 2.04.
"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.

"QFC"  has  the  meaning  assigned  to  the  term  "qualified  financial  contract"  in,  and  shall  be
interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"QFC Credit Support" has the meaning assigned to it in Section 9.21.

"Qualified ECP Guarantor" means, in respect of any Swap Obligation, each Loan Party that has
total assets exceeding $10,000,000 at the time the relevant Loan Guaranty or grant of the relevant security
interest becomes or would become effective with respect to such Swap Obligation or such other person as
constitutes  an  "eligible  contract  participant"  under  the  Commodity  Exchange  Act  or  any  regulations
promulgated thereunder and can cause another person to qualify as an "eligible contract participant" at
such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

	
	-33-
"Recipient" means, as applicable, (a) the Administrative Agent, (b) any Lender and (c) any Issuing
Bank, or any combination thereof (as the context requires).

"Reference Time" with respect to any setting of the then-current Benchmark means (1) if such
Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago time) on the day that is two (2) Business Days
preceding the date of such setting, (2) if such Benchmark is Daily Simple SOFR, then four (4) Business
Days  prior  to  such  setting  or  (3)  if  such  Benchmark  is  none  of the  Term  SOFR  Rate  or Daily  Simple
SOFR, the time determined by the Administrative Agent in its reasonable discretion.
"Refinance Indebtedness" has the meaning assigned to such term in Section 6.01(f).
"Register" has the meaning assigned to such term in Section 9.04(b).
"Regulation D" means Regulation D of the Federal Reserve Board, as in effect from time to time
and all official rulings and interpretations thereunder or thereof.

"Regulation T" means Regulation T of the Federal Reserve Board, as in effect from time to time
and all official rulings and interpretations thereunder or thereof.

"Regulation U" means Regulation U of the Federal Reserve Board, as in effect from time to time
and all official rulings and interpretations thereunder or thereof.

"Regulation X" means Regulation X of the Federal Reserve Board, as in effect from time to time
and all official rulings and interpretations thereunder or thereof.

"Related  Parties"  means,  with  respect  to  any  specified  Person, such  Person's Affiliates  and  the
respective  directors,  officers,  partners,  members,  trustees,  employees,  agents,  administrators,  managers,
representatives and advisors of such Person and such Person's Affiliates.

"Release" means any releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging,
injecting, escaping, leaching, migrating, disposing or dumping of any substance into the environment.

"Relevant Governmental Body" means the Federal Reserve Board and/or the NYFRB, the CME
Term SOFR Administrator, as applicable, or a committee officially endorsed or convened by the Federal
Reserve  Board and/or the  NYFRB or, in each case, any successor thereto.

"Relevant Rate" means (i) with respect to any Term Benchmark Borrowing, the Adjusted Term
SOFR Rate or (ii) with respect to any RFR Borrowing, the Adjusted Daily Simple SOFR, as applicable.
"Report"  means  reports  prepared by  the  Administrative  Agent  or another  Person  showing  the
results  of  appraisals,  field  examinations  or  audits  pertaining to  the  assets  of  the  Borrowers  from
information furnished by or on behalf of the Borrowers, after the Administrative Agent has exercised its
rights of inspection pursuant to this Agreement, which Reports may be distributed to the Lenders by the
Administrative Agent.

"Required Lenders" means, subject to Section 2.20, at any time prior to the earlier of the Loans
becoming due and payable pursuant to Article VII or the Commitments terminating or expiring, Lenders
having Revolving Exposures and Unfunded Commitments representing more than 50% of the sum of the
Aggregate Credit Exposure and Unfunded Commitments at such time; provided that, as long as there are
two or more Lenders, Required Lenders shall mean at least two unaffiliated Lenders. 

	
	-34-
"Requirement of Law" means, with respect to any Person, (a) the charter, articles or certificate of
organization or  incorporation  and  bylaws  or  operating,  management  or  partnership  agreement,  or  other
organizational or governing documents of such Person and (b) any statute, law (including common law),
treaty, rule, regulation, code, ordinance, order, decree, writ, judgment, injunction or determination of any
arbitrator  or  court  or  other  Governmental  Authority  (including Environmental  Laws),  in  each  case
applicable to or binding upon such Person or any of its property or to which such Person or any of its
property is subject

"Reserves" means  any and all reserves which the  Administrative Agent deems necessary, in its
Permitted Discretion, to maintain (including, without limitation, an availability reserve, reserves for accrued
and  unpaid  interest  on the Secured Obligations, Banking Services Reserves, volatility reserves, reserves
for  rent at locations  leased by any Loan Party and for consignee's, warehousemen's and bailee's charges
(provided,  that, such  Reserves  will not  exceed  the  aggregate  of  the  amounts  payable  to  such  owners,
lessors, consignees, warehouseman  and  bailees  for  the  next  three  (3)  months  from any  such  time and
including  in each  case  amounts, if  any, then outstanding  and unpaid  owed by  any  Loan  Party  to  such
owners, lessors, consignees, warehouseman and bailees, but such limitations will only apply so long as no
Event of Default exists or has occurred and is continuing), reserves for dilution of Accounts, reserves for
Inventory shrinkage, reserves for customs charges and shipping charges related to any Inventory in transit,
reserves for Swap Agreement Obligations, reserves for contingent liabilities of any Loan Party, reserves
for  uninsured losses  of  any Loan Party, reserves  for  uninsured, underinsured, un-indemnified or  under-
indemnified  liabilities  or  potential liabilities  with  respect  to  any  litigation  and  reserves  for taxes, fees,
assessments,  and  other  governmental charges)  with respect to the  Collateral or  any Loan Party.  To the
extent the Administrative Agent may revise the lending formulas used to determine the Borrowing Base or
establish new criteria or revise existing criteria for Eligible Accounts or Eligible Inventory so as to address
any circumstances, condition, event or contingency in a manner satisfactory to the Administrative Agent,
the Administrative Agent shall not establish a Reserve for the same purpose. The amount of any Reserve
established  by the  Administrative  Agent shall have  a  reasonable  relationship to the  event, condition or
other matter which is the basis for such reserve as determined by the Administrative Agent in good faith.
In the event that the event, condition or other matter giving rise to the establishment of any Reserve shall
cease to exist for a period of thirty (30) consecutive days (unless there is a reasonable prospect that such
event,  condition  or  other  matter  will  occur  again  within  a  reasonable  period  of  time  thereafter),  the
Reserve established pursuant to such event, condition or other matter, shall be discontinued.

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

"Responsible  Officer"  means  the  president,  Financial  Officer  or  other  executive  officer  of  a
Borrower.

"Restricted Payment" means any dividend or other distribution (whether in cash, securities or other
property)  with  respect  to  any  Equity  Interests  in  Haynes  Parent  or  any  Subsidiary,  or  any  payment
(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 of any such Equity Interests
or any option, warrant or other right to acquire any such Equity Interests.
"Reuters"  means,  as  applicable,  Thomson  Reuters  Corp,  Refinitiv,  or  any  successor  thereto.
"Revolving Borrowing" means Revolving Loans of the same Type, made, converted or continued
on the same date and, in the case of Term Benchmark Loans, as to which a single Interest Period is in
effect. 

	
	-35-
"Revolving  Commitment"  means,  with  respect  to  each  Lender,  the amount  set  forth  on  the
Commitment  Schedule  opposite  such Lender's  name,  or  in  the  Assignment  and  Assumption  or  other
documentation  or  record  (as  such  term  is  defined  in  Section  9-102(a)(70)  of  the  New  York  Uniform
Commercial  Code)  as  provided  in  Section  9.04(b)(ii)(C)  pursuant  to  which  such  Lender  shall  have
assumed its Revolving Commitment, as applicable, as such Revolving Commitment may be reduced or
increased  from  time  to  time  pursuant  to  (a)  Section  2.09  and  (b)  assignments  by  or  to  such  Lender
pursuant to Section 9.04; provided, that at no time shall the Revolving Exposure of any Lender exceed its
Revolving  Commitment.  The  initial  aggregate  amount  of  the  Lenders'  Revolving  Commitment  is
$100,000,000.

"Revolving  Exposure"  means,  with  respect  to  any  Lender  at  any  time, the sum of (a) the
outstanding  principal  amount  of  such  Lender's  Revolving  Loans, its  LC  Exposure  and  its  Swingline
Exposure at such time, plus (b) an amount equal to its Applicable Percentage of the aggregate principal
amount  of  Protective  Advances  outstanding  at  such  time,  plus  (c)  an  amount  equal  to  its  Applicable
Percentage of the aggregate principal amount of Overadvances outstanding at such time.

"Revolving Loan" means a Loan made pursuant to Section 2.01(a).
"RFR Borrowing" means, as to any Borrowing, the RFR Loans comprising such Borrowing.
"RFR  Loan"  means  a  Loan  that  bears  interest  at  a  rate  based on the  Adjusted Daily Simple
SOFR.
"S&P" means Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC
business.
"Sale and Leaseback Transaction" has the meaning assigned to such term in Section 6.06.
"Sanctioned Country" means, at any time, a country, region or territory which is itself the subject
or target of any Sanctions (at the time of this Agreement, the so-called Donetsk People's Republic, the so-
called Luhansk People's Republic, the Crimea  Region of Ukraine, Cuba, Iran, North Korea and Syria).
"Sanctioned  Person"  means,  at  any  time,  (a)  any  Person  listed  in  any  Sanctions-related  list  of
designated  Persons  maintained  by  the  Office  of  Foreign  Assets  Control  of  the  U.S.  Department  of  the
Treasury, the U.S. Department of State , the United Nations Security Council, the European Union or any
European Union member state, Her Majesty's Treasury of the United Kingdom or other relevant sanctions
authority, (b) any Person operating, organized or  resident in a Sanctioned Country, (c) any Person owned
or  controlled  by any such Person or Persons  described in the  foregoing clauses  (a) or (b), or (d) any
Person otherwise the subject of any Sanctions.

"Sanctions" means all economic or financial sanctions or trade embargoes imposed, administered
or enforced from time to time by (a) the U.S. government, including those administered by the Office of
Foreign  Assets  Control  of  the  U.S.  Department  of  the  Treasury  or  the  U.S.  Department  of  State, or
(b) the United Nations Security Council, the European Union, any European Union member state, Her
Majesty's Treasury of the United Kingdom or other relevant sanctions authority.

"SEC" means the Securities and Exchange Commission of the U.S.

"Secured Obligations" means all Obligations, together with all (a) Banking Services Obligations
and  (b)  Swap  Agreement  Obligations  owing  to  one  or  more  Lenders  or  their  respective  Affiliates;
provided,  however,  that  the  definition  of  "Secured Obligations" shall not create  any guarantee  by any 

	
	-36-
Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded Swap
Obligations of such Guarantor for purposes of determining any obligations of any Guarantor.

"Secured Parties" means  (a) the Administrative Agent, (b) the Lenders, (c)  each Issuing Bank,
(d) each provider of Banking Services, to the extent the Banking Services Obligations in respect thereof
constitute  Secured  Obligations,  (e)  each  counterparty  to  any  Swap  Agreement,  to  the  extent  the
obligations  thereunder  constitute  Secured  Obligations,  (f)  the beneficiaries  of  each  indemnification
obligation undertaken by any Loan Party under any Loan Document, and (g) the successors and assigns of
each of the foregoing.

"Security Agreement" means that certain Pledge and Security Agreement (including any and all
supplements  thereto), dated as  of the  date  hereof, among the Loan Parties and the Administrative Agent,
for the benefit of the Administrative Agent and the other Secured Parties, and any other pledge or security
agreement  entered  into,  after  the  date  of  this  Agreement  by  any  other  Loan  Party  (as  required  by  this
Agreement or any other Loan Document) or any other Person for the benefit of the Administrative Agent
and  the  other  Secured  Parties,  as  the  same  may  be  amended,  restated,  supplemented  or  otherwise
modified from time to time.

"Settlement"  has  the  meaning  assigned  to  such  term  in  Section  2.05(d).
"Settlement Date" has the meaning assigned to such term in Section 2.05(d).
 <"SOFR" with respect to any day means the secured overnight financing rate published for such
day by the NYFRB, as the administrator of the benchmark (or a successor administrator), on the Federal
Reserve Bank of New York's Website.>

"SOFR" means  a rate per annum equal to the secured overnight financing rate as administered by
the SOFR Administrator.
"SOFR Administrator" means the NYFRB (or a successor administrator of the secured overnight
financing rate).

"SOFR  Administrator's  Website"  means  the  NYFRB's  website,  currently  at
http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as
such by the SOFR Administrator from time to time.
"SOFR Determination Date" has the meaning specified in the definition of "Daily Simple SOFR".
"<SOFR-Based Rate" means SOFR, Compounded>SOFR Rate Day" has the meaning specified in
the definition of "Daily Simple SOFR< or Term SOFR>".
"Specified Powder Processor" means third party manufacturers of alloy powders.

"Specified  Powder  Processor  Licenses"  means  the  grant  by  a  Borrower  to  a  Specified  Powder
Processor  of  a  non-exclusive  license  for  the  use  of  Intellectual  Property  owned  by  such  Borrower  in
connection  with  Inventory  sold  by  such  Borrower  to  the  Specified  Powder  Processor  and  used  by  the
Specified  Powder  Processor  in  the  making  of  alloy  powders  which  are  then  sold  to  customers  of  the
Specified Powder Processor in the ordinary course of business or repurchased by a Borrower.

"Standby LC Exposure" means, at any time, the sum of (a) the aggregate undrawn amount of all
standby Letters of Credit outstanding at such time plus (b) the aggregate amount of all LC Disbursements
relating to standby Letters of Credit that have not yet been reimbursed by or on behalf of the Borrowers at 

	
	-37-
such time.  The Standby LC Exposure of any Lender at any time shall be its Applicable Percentage of the
aggregate Standby LC Exposure at such time.

"Statements" has the meaning assigned to such term in Section 2.18(f).

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

"Subordinated Indebtedness" of a Person means any Indebtedness of such Person the payment of
which  is  subordinated  to  payment  of  the  Secured  Obligations  to the  written  satisfaction  of  the
Administrative Agent.

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

"Subsidiary"  means  any  direct  or  indirect  subsidiary  of  Haynes Parent  or  a  Loan  Party,  as
applicable.

"Supermajority  Lenders"  means,  subject  to  Section  2.20,  at  any time  prior  to  the  earlier  of  the
Loans becoming due and payable pursuant to Article VII or the Commitments terminating or expiring,
Lenders having Revolving Exposures and Unfunded Commitments representing at least 66 2/3% of the
sum of the Aggregate Credit Exposure and Unfunded Commitments at such time; provided that, as long as
there are two or more Lenders, Supermajority Lenders shall mean at least two unaffiliated Lenders.

"Supported QFC" has the meaning assigned to it in Section 9.21.

"Swap Agreement" means any agreement with respect to any swap, forward, spot, future, credit
default or derivative transaction or option or similar agreement involving, or settled by reference to, one or
more rates, currencies, commodities, 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
the Borrowers or the Subsidiaries shall be a Swap Agreement.

"Swap  Agreement  Obligations"  means  any  and  all  obligations  of  the  Loan  Parties  and  their
Subsidiaries, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or
acquired (including all renewals, extensions  and modifications thereof and substitutions therefor), under 

	
	-38-
(a) any and all Swap Agreements  permitted hereunder  with a  Lender  or  an Affiliate of a Lender, and
(b) any and all cancellations, buy backs, reversals, terminations or assignments of any Swap Agreement
transaction permitted hereunder with a Lender or an Affiliate of a Lender.

"Swap Obligation" means, with respect to any Guarantor, any obligation to pay or perform under
any agreement, contract or transaction that constitutes a "swap" within the meaning of section 1a(47) of
the Commodity Exchange Act or any rules or regulations promulgated thereunder.

"Swingline  Commitment"  means  the  amount  set  forth  opposite  JPMCB's  name  on  the
Commitment Schedule as Swingline Commitment.

"Swingline Exposure" means, at any time, the aggregate principal amount of all Swingline Loans
outstanding  at  such  time.  The  Swingline  Exposure  of  any  Lender at  any  time  shall  be  its  Applicable
Percentage of the total Swingline Exposure at such time.

"Swingline Lender" means JPMCB, in its capacity as lender of Swingline Loans hereunder.  Any
consent required of the Administrative Agent or the Issuing Bank shall be deemed to be required of the
Swingline Lender and any consent given by JPMCB in its capacity as Administrative Agent or Issuing
Bank shall be deemed given by JPMCB in its capacity as Swingline Lender.

"Swingline Loan"  has the meaning assigned to such term in Section 2.05(a).
"Syndication Agent" means JPMCB.
"Target Balance" has the meaning assigned to such term in the DDA Access Product Agreement.

"Taxes" means any and all present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), value added taxes, or any other goods and services, use or sales taxes,
assessments,  fees  or  other  charges  imposed  by  any  Governmental Authority,  including  any  interest,
additions to tax or penalties applicable thereto.

"Term  Benchmark" when  used  in  reference  to  any  Loan  or  Borrowing,  refers  to  whether  such
Loan, or the  Loans comprising such Borrowing, are  bearing interest at a rate determined by reference to
the Adjusted Term SOFR Rate.
"Term SOFR<" means> the forward-looking term rate based on SOFR <that has been selected or
recommended by the Relevant Governmental Body>Determination Day" has the meaning assigned to it
under the definition of Term SOFR Reference Rate.

"Term SOFR Rate" means, with respect to any Term Benchmark Borrowing and for any tenor
comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m.,
Chicago  time,  two  (2)  U.S.  Government  Securities Business  Days  prior  to  the  commencement  of  such
tenor  comparable  to  the  applicable  Interest  Period,  as  such  rate  is  published  by  the  CME  Term  SOFR
Administrator.
"Term  SOFR  Reference  Rate"  means,  for  any  day  and  time  (such  day,  the  "Term  SOFR
Determination Day"), and for any tenor comparable to the applicable Interest Period, the rate per annum
determined by the Administrative Agent as the forward-looking term rate based on SOFR.  If by 5:00 pm
(New  York  City time)  on such Term SOFR  Determination Day, the  "Term SOFR  Reference  Rate" for
the applicable tenor has not been published by the CME Term  SOFR Administrator and a Benchmark
Replacement  Date  with  respect  to  the  Term  SOFR  Rate  has  not  occurred,  then  the  Term  SOFR
Reference  Rate  for  such  Term  SOFR  Determination  Day  will be  the  Term SOFR Reference  Rate  as
 

	
	-39-
published in respect of the first preceding U.S. Government Securities Business Day for which such Term
SOFR  Reference  Rate  was  published  by  the  CME  Term  SOFR  Administrator,  so  long  as  such  first
preceding Business Day is not more than five (5) Business Days prior to such Term SOFR Determination
Day.

assigns.
"Timet" shall mean Titanium Metals Corporation, a Delaware corporation, and its successors and

"Timet Closing Date" shall mean November 17, 2006.

"Timet  Collateral" shall  mean,  collectively,  the  Mill, the  Contract Rights, the  Equipment, the
Intellectual Property for Titanium Conversion Services, the Real Estate and all Proceeds thereof to the
extent subject to the  security interest and lien of  Timet under  the  Timet Security Agreement as in effect
on  the  Timet  Closing  Date.  Each  of  the  capitalized  terms  used  in  this  definition  of  the  term  "Timet
Collateral" shall have the meanings assigned in Section 1 of the Timet Security Agreement as in effect on
the Timet Closing Date.

"Timet Conversion Agreement" shall mean the Conversion Services Agreement, dated the Timet
Closing  Date,  by  and  between  Haynes  Parent  and  Timet,  as  the  same  now  exists  or  may  hereafter  be
amended, modified, supplemented, extended, renewed, restated or replaced in accordance with the terms
of this Agreement.

"Timet Documents" shall mean, collectively, the Timet Conversion Agreement, the Timet Security
Agreement and the Timet Option Note, as the same now exist or may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced in accordance with the terms of this Agreement.

"Timet Option Note" shall mean the secured promissory note made by Haynes Parent in favor of
Timet in an aggregate principal amount of not more than $12,000,000 pursuant to the Timet Documents,
substantially in the form delivered to the Administrative Agent prior to the Effective Date and as the same
may  hereafter  be  amended,  modified,  supplemented,  extended,  renewed,  restated  or  replaced  in
accordance with the terms of this Agreement.

"Timet  Security  Agreement"  shall  mean  the  Access  and  Security  Agreement,  dated  the  Timet
Closing  Date,  by  and  between  Haynes  Parent  and  Timet,  as  the  same  now  exists  or  may  hereafter  be
amended, modified, supplemented, extended, renewed, restated or replaced in accordance with the terms
of this Agreement.

"Transactions"  means  the  execution,  delivery  and  performance  by  the  Borrowers  of  this
Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions, the use of
the proceeds thereof and the issuance of Letters of Credit hereunder.

"Type", when used in reference  to any Loan or  Borrowing, refers to whether the rate of interest
on such Loan, or  on the Loans comprising such Borrowing, is determined by reference to the Adjusted
 <LIBO Rate>Term SOFR, the Adjusted Daily Simple SOFR or the ABR.
"UCC" means the Uniform Commercial Code as in effect from time to time in the State of Illinois
or in any other state the laws of which are required to be applied in connection with the issue of perfection
of security interests.

"UK Financial Institution" means any BRRD Undertaking (as such term is defined under the PRA
Rulebook  (as  amended  from  time  to  time)  promulgated  by  the  United  Kingdom  Prudential  Regulation
Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) 

	
	-40-
promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions
and investment firms, and certain affiliates of such credit institutions or investment firms.

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

"Unadjusted Benchmark Replacement" means the applicable Benchmark Replacement excluding
the related Benchmark  Replacement  Adjustment<;  provided  that,  if  the  Unadjusted  Benchmark
Replacement as so determined would be less than 1.00%, the Unadjusted Benchmark Replacement will be
deemed to be 1.00% for the purposes of this Agreement>.

"Unfinanced Capital Expenditures" means, for any period, Capital Expenditures made during such
period which are not financed from the proceeds of any Indebtedness (other than the Revolving Loans; it
being  understood  and  agreed  that,  to  the  extent  any  Capital  Expenditures  are  financed  with  Revolving
Loans, such Capital Expenditures shall be deemed Unfinanced Capital Expenditures).

"Unfunded Commitment" means, with respect to each Lender, the Revolving Commitment of such
Lender less its Revolving Exposure.

"Unliquidated Obligations" means, at any time, any Secured Obligations (or portion thereof) that
are  contingent  in  nature  or  unliquidated  at  such  time,  including  any  Secured  Obligation  that  is:  (a)  an
obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; (b) any other
obligation (including any guarantee) that is contingent in nature at such time; or (c) an obligation to provide
collateral to secure any of the foregoing types of obligations.

"U.S." means the United States of America.

"U.S.  Government  Securities  Business  Day"  means  any  day  except for  (i)  a  Saturday,  (ii)  a
Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that
the fixed income departments of its members be closed for the entire day for purposes of trading in United
States government securities.
"U.S. Person" means a "United States person" within the meaning of Section 7701(a)(30) of the
Code.

"U.S. Special Resolution Regime" has the meaning assigned to it in Section 9.21.

"U.S. Tax  Compliance  Certificate"  has  the  meaning  assigned  to  such  term  in
Section 2.17(f)(ii)(B)(3).

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

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

"Write-Down and Conversion Powers" means, (a) with respect to any EEA Resolution Authority,
the write-down and conversion powers of such EEA Resolution Authority from time to time under the
Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers
are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any
powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or 

	
	-41-
change the form of a liability of any UK Financial Institution or any contract or instrument under which
that liability arises, to convert all or part of that liability into shares, securities or obligations of that person
or any other person, to provide that any such contract or instrument is to have effect as if a right had been
exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
Bail-In Legislation that are related to or ancillary to any of those powers.

SECTION  1.02    Classification  of  Loans  and  Borrowings.  For  purposes  of  this  Agreement,
Loans  may  be  classified  and  referred  to  by  Class  (e.g.,  a  "Revolving  Loan")  or  by  Type  (e.g.,  a
"<Eurodollar>Term  Benchmark  Loan"  or  an  "RFR Loan")  or  by  Class  and  Type  (e.g.,  a
"<Eurodollar>Term Benchmark Revolving Loan" or an "RFR Revolving Loan").  Borrowings also may be
classified and referred to by Class (e.g., a "Revolving Borrowing") or by Type (e.g., a "<Eurodollar>Term
Benchmark  Borrowing"  or  "RFR Borrowing")  or  by  Class  and  Type  (e.g.,  a  "<Eurodollar>Term
Benchmark Revolving Borrowing" or an "RFR Revolving Borrowing").
SECTION 1.03    Terms  Generally.  The  definitions  of  terms  herein shall  apply  equally  to  the
singular  and  plural  forms  of  the  terms  defined.  Whenever  the  context  may  require,  any  pronoun  shall
include  the  corresponding  masculine,  feminine  and  neuter  forms.  The  words  "include",  "includes"  and
"including" shall be deemed to be followed by the phrase "without limitation".  The word "law" shall be
construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and
interpretations  thereunder having the  force  of law  or with which affected Persons customarily comply)
and all judgments, orders and decrees of all Governmental Authorities.  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,  restated,
supplemented  or  otherwise  modified  (subject  to  any  restrictions  on  such  amendments,  restatements,
supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or
regulation  shall  be  construed  as  referring  thereto  as  from  time  to  time  amended,  supplemented  or
otherwise  modified (including by succession of comparable successor laws), (c) any reference herein to
any Person shall be construed to include such Person's successors and assigns (subject to any restrictions
on assignments set forth herein) and, in the case of any Governmental Authority, any other Governmental
Authority that shall have succeeded to any or all functions thereof, (d) 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,  (e)  all  references  herein  to  Articles,  Sections,  Exhibits  and
Schedules  shall  be  construed  to  refer  to  Articles  and  Sections of,  and  Exhibits  and  Schedules  to,  this
Agreement, (f) any reference in any definition to the phrase "at any time" or "for any period" shall refer to
the same time or period for all calculations or determinations within such definition, and (g) 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.

SECTION 1.04  Accounting Terms; GAAP.

(a) 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 after the date hereof there occurs any change in GAAP or in the application thereof on the operation of
any  provision  hereof  and  the  Borrower  Representative  notifies  the  Administrative  Agent  that  the
Borrowers request an amendment to any provision hereof to eliminate the effect of such change in GAAP
or in the application thereof (or if the Administrative Agent notifies the Borrower Representative 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 

	
	-42-
amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of an
accounting or financial nature used herein shall be construed, and all computations of amounts and ratios
referred  to  herein  shall  be  made  (i)  without  giving  effect  to  any  election  under  Financial  Accounting
Standards  Board  Accounting  Standards  Codification  825-10-25  (or  any  other  Accounting  Standards
Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness
or other liabilities of any Loan Party or any Subsidiary at "fair value", as defined therein and (ii) without
giving effect to any treatment of Indebtedness in respect of convertible debt instruments under Financial
Accounting  Standards  Board  Accounting  Standards  Codification  470-20  (or  any  other  Accounting
Standards Codification or Financial Accounting Standard having a similar result or effect) to value any
such Indebtedness  in a reduced or bifurcated manner as described therein, and such Indebtedness shall at
all times be valued at the full stated principal amount thereof.

(b) Notwithstanding anything to the contrary contained in Section 1.04(a) or in the
definition of "Capital Lease Obligations," any change in accounting for leases pursuant to GAAP resulting
from the adoption of Financial Accounting Standards Board Accounting Standards Update No. 2016-02,
Leases (Topic 842) ("FAS 842"), to the extent such adoption would require treating any lease (or similar
arrangement  conveying  the  right  to  use)  as  a  capital  lease  where  such  lease  (or  similar  arrangement)
would  not  have  been  required  to  be  so  treated  under  GAAP  as in effect on December 31, 2015, such
lease shall not be considered a capital lease, and all calculations and deliverables under this Agreement or
any other Loan Document shall be made or delivered, as applicable, in accordance therewith.

SECTION 1.05   Interest  Rates; <LIBOR>Benchmark  Notifications.    The  interest  rate  on
 <Eurodollar Loans is >determined by reference to the <LIBO Rate, which is derived from the London
interbank  offered  rate.  The  London  interbank  offered  rate  is  intended  to  represent  the  rate  at  which
contributing banks may obtain short-term borrowings from each other in the London interbank market.  In
July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer
persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration
(together with any successor to the ICE Benchmark Administrator, the "IBA") for purposes of the IBA
setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London
interbank offered rate may no longer be available or may no longer be deemed an appropriate reference
rate upon which to determine the interest rate on Eurodollar Loans.  In light of this eventuality, public and
private sector industry initiatives are currently underway to identify new or alternative reference rates to
be used in place of the London interbank offered rate>a Loan denominated in dollars may be derived from
an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of
regulatory reform.  Upon the occurrence of a Benchmark Transition Event< or an Early Opt-In Election>,
Section  2.14(<c>b)  provides  a  mechanism  for  determining  an  alternative  rate  of  interest.    The
 <Administrative Agent will promptly notify the Borrower, pursuant to Section 2.14(e), of any change to the
reference rate upon which the interest rate on Eurodollar Loans is based.  However, the >Administrative
Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the
administration, submission, performance or any other matter related to <the London interbank offered rate
or other rates in the definition of "LIBO Rate">any interest rate used in this Agreement, or with respect to
any alternative or successor rate thereto, or replacement rate thereof< (including, without limitation, (i) any
such  alternative,  successor  or  replacement  rate  implemented pursuant to Section 2.14(c), whether upon
the  occurrence  >of  a  Benchmark  Transition  Event  or <an  Early  Opt-in  Election,  and  (ii)  the
implementation  of  any  Benchmark  Replacement  Conforming  Changes pursuant  to  Section  2.14(d)),>,
including without limitation, whether the composition or characteristics of any such alternative, successor
or replacement reference  rate  will be  similar to, or produce  the  same  value  or economic  equivalence of,
the <LIBO Rate>existing interest rate being replaced or have the same volume or liquidity as did <the
London  interbank  offered>any  existing  interest rate  prior  to  its  discontinuance  or  unavailability. The
Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect
the  calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate 

	
	-43-
(including  any  Benchmark  Replacement)  and/or  any  relevant  adjustments  thereto,  in  each  case,  in  a
manner  adverse  to the  Borrowers. The Administrative Agent may select information sources or services
in its  reasonable  discretion to ascertain any interest rate  used in this Agreement, any component thereof,
or  rates  referenced in the  definition thereof, in each case pursuant to the terms of this Agreement, and
shall have no liability to the Borrowers, any Lender or any other person or entity for damages of any kind,
including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses
(whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any
such rate (or component thereof) provided by any such information source or service.
SECTION 1.06    Pro Forma Adjustments for Acquisitions and Dispositions. To the extent any
Borrower  or  any  Subsidiary  makes  any  acquisition  permitted  pursuant  to  Section  6.04  or  Disposition
outside the ordinary course of business permitted by Section 6.05 during the period of four fiscal quarters
of  the  Borrowers  most  recently ended, the  Leverage  Ratio shall be  calculated after giving pro forma
effect thereto (including pro forma adjustments arising out of events which are directly attributable to the
acquisition or the Disposition, are factually supportable and are expected to have a continuing impact, in
each case as determined on a basis consistent with Article 11 of Regulation S-X of the Securities Act of
1933, as  amended, as  interpreted by the  SEC, and as  certified by a Financial Officer of such Borrower),
as  if  such  acquisition  or  such  Disposition  (and  any  related  incurrence,  repayment  or  assumption  of
Indebtedness) had occurred in the first day of such four-quarter period.

ARTICLE II

The  Credits

SECTION  2.01    Commitments.  Subject  to  the  terms  and  conditions set  forth  herein,  each
Lender severally (and not jointly) agrees to make Revolving Loans in dollars to the Borrowers from time
to  time  during  the  Availability  Period  in  an  aggregate  principal  amount  that  will  not  result  in  (i) such
Lender's  Revolving  Exposure  exceeding  such  Lender's  Revolving  Commitment  or  (ii)  the  Aggregate
Revolving  Exposure  exceeding  the  lesser  of  (x)  the  Aggregate  Revolving  Commitment  and  (y)  the
Borrowing Base, subject to the Administrative Agent's authority, in its sole discretion, to make Protective
Advances and Overadvances pursuant to the terms of Sections 2.04 and 2.05.  Within the foregoing limits
and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow
Revolving Loans.

SECTION 2.02  Loans and Borrowings.

(a) Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing
consisting of Loans of the same Class and Type made by the Lenders ratably in accordance with their
respective Commitments of the applicable Class.  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.  Any Protective Advance, any Overadvance and any Swingline Loan shall be
made in accordance with the procedures set forth in Sections 2.04 and 2.05.

(b) Subject  to  Section  2.14,  each  Borrowing  shall  be  comprised  entirely  of  ABR
Loans  or <Eurodollar>Term  Benchmark Loans  as  the  Borrower  Representative  may  request  in
accordance herewith. Each Swingline Loan shall be an ABR Loan. Each Lender at its option may make
any <Eurodollar >Loan by causing any domestic or foreign branch or Affiliate of such Lender to make
such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply
to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not 

	
	-44-
affect  the  obligation  of  the  Borrowers  to  repay  such  Loan  in  accordance  with  the  terms  of  this
Agreement.

(c) At  the  commencement  of  each  Interest  Period  for  any <Eurodollar>Term
Benchmark Borrowing, such Borrowing shall be  in an aggregate  amount that is  an integral multiple of
$100,000 and not less than $100,000.  ABR Borrowings may be in any amount.  Borrowings of more than
one  Type  and Class  may be  outstanding at  the  same  time; provided that there shall not at any time be
more than a total of 6 <Eurodollar>Term Benchmark Borrowings outstanding.
(d) Notwithstanding  any  other  provision  of  this  Agreement,  the  Borrower
Representative 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 Maturity Date.

SECTION  2.03 Requests  for  Borrowings.  To  request  a  Borrowing,  the  Borrower
Representative shall notify the Administrative Agent of such request either in writing (delivered by hand or
fax)  by delivering a  Borrowing Request signed by a Responsible Officer of the Borrower Representative
or  through  Electronic  System  if  arrangements  for  doing  so  have been  approved  by  the  Administrative
Agent  (or  if  an  Extenuating  Circumstance  shall exist, by  telephone)  not  later  than  (a) in the  case of a
 <Eurodollar>Term Benchmark Borrowing, 10:00 a.m., Chicago time, three (3) Business Days before the
date of the proposed Borrowing or (b) in the case of an ABR Borrowing, noon, Chicago time, on the date
of  the  proposed  Borrowing;  provided  that  any  such  notice  of  an ABR  Borrowing  to  finance  the
reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not later than
9:00 a.m., Chicago time, on the date of such proposed Borrowing.  Each such Borrowing Request shall be
irrevocable and each such telephonic Borrowing Request, if permitted, shall be confirmed immediately
upon  the  cessation  of  the  Extenuating  Circumstance  by  hand  delivery,  facsimile  or  a  communication
through  Electronic  System  to  the  Administrative  Agent  of  a  written  Borrowing  Request  in  a  form
approved  by  the  Administrative  Agent  and  signed  by  a  Responsible  Officer  of  the  Borrower
Representative.  Each  such  written  (or  if  permitted,  telephonic)  Borrowing  Request  shall  specify  the
following information:

(i) the name of the applicable Borrower(s);

(ii) the  aggregate  amount of the  requested Borrowing and a breakdown of
the separate wires comprising such Borrowing;

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

(iv) whether  such  Borrowing  is  to  be  an  ABR  Borrowing  or  a
 <Eurodollar>Term Benchmark Borrowing; and
(v) in  the  case  of  a <Eurodollar>Term  Benchmark Borrowing,  the  initial
Interest  Period  to  be  applicable  thereto,  which  shall  be  a  period  contemplated  by  the
definition of the term "Interest Period."

If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR
Borrowing.  If no Interest Period is specified with respect to any requested <Eurodollar>Term Benchmark
Borrowing, then the applicable Borrower(s) 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. 

	
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SECTION 2.04  Protective Advances.

(a) Subject to the limitations set forth below, the Administrative Agent is authorized
by the Borrowers and the Lenders, from time to time in the Administrative Agent's sole discretion (but
shall have absolutely no obligation to), to make Loans to the Borrowers, on behalf of all Lenders, which
the  Administrative  Agent,  in  its  Permitted  Discretion,  deems  necessary  or  desirable  (i)  to  preserve  or
protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount of,
repayment of the Loans and other Obligations, or (iii) to pay any other amount chargeable to or required to
be paid by the Borrowers pursuant to the terms of this Agreement, including payments of reimbursable
expenses (including costs, fees, and expenses as described in Section 9.03) and other sums payable under
the  Loan Documents  (any of such Loans are herein referred to as "Protective Advances"); provided that,
the  aggregate  amount  of  Protective  Advances  outstanding  at  any time  shall  not  at  any  time  exceed
$5,000,000; provided further that, the Aggregate Revolving Exposure after giving effect to the Protective
Advances being made shall not exceed the Aggregate Revolving Commitment.  Protective Advances may
be made even if the conditions precedent set forth in Section 4.02 have not been satisfied.  The Protective
Advances shall be secured by the Liens in favor of the Administrative Agent in and to the Collateral and
shall constitute Obligations hereunder.  All Protective Advances shall be ABR Borrowings.  The making
of a Protective Advance on any one occasion shall not obligate the Administrative Agent to make any
Protective Advance on any other occasion.  The Administrative Agent's authorization to make Protective
Advances may be revoked at any time by 100% of the Lenders (other than any Defaulting Lender).  Any
such  revocation  must  be  in  writing  and  shall  become  effective  prospectively  upon  the  Administrative
Agent's receipt thereof.  At any time that there is sufficient Availability and the conditions precedent set
forth in Section 4.02 have been satisfied, the Administrative Agent may request the Lenders to make a
Revolving Loan to repay a Protective Advance.  At any other time the Administrative Agent may require
the Lenders to fund their risk participations described in Section 2.04(b).

(b) Upon the making of a Protective Advance by the Administrative Agent (whether
before or after the occurrence of a Default), each Lender shall be deemed, without further action by any
party hereto, to have unconditionally and irrevocably purchased from the Administrative Agent, without
recourse or warranty, an undivided interest and participation in such Protective Advance in proportion to
its Applicable Percentage.  From and after the date, if any, on which any Lender is required to fund its
participation in  any Protective  Advance  purchased  hereunder,  the  Administrative  Agent  shall  promptly
distribute  to such Lender, such Lender's Applicable Percentage of all payments of principal and interest
and  all  proceeds  of  Collateral  received  by  the  Administrative  Agent  in  respect  of  such  Protective
Advance.

SECTION 2.05  Swingline Loans and Overadvances.

(a) The  Administrative  Agent,  the  Swingline  Lender  and  the  Lenders agree  that  in
order to facilitate the administration of this Agreement and the other Loan Documents, promptly after the
Borrower  Representative requests an ABR Borrowing, the Swingline Lender may elect to have the terms
of this Section 2.05(a) apply to such Borrowing Request by advancing, on behalf of the Lenders and in the
amount  requested,  same  day  funds  to  the  Borrowers,  on  the  date of  the  applicable  Borrowing  to  the
Funding Account(s) (each such Loan made solely by the Swingline Lender pursuant to this Section 2.05(a)
is referred to in this Agreement as a "Swingline Loan"), with settlement among them as to the Swingline
Loans  to  take  place  on  a  periodic  basis  as  set  forth  in  Section 2.05(d).  Each  Swingline  Loan  shall  be
subject to all the  terms  and conditions  applicable to other ABR Loans funded by the Lenders, except that
all payments thereon shall be payable to the Swingline Lender solely for its own account. In addition, the
Borrowers hereby authorize the Swingline Lender to, and the Swingline Lender may, subject to the terms
and conditions set forth herein (but without any further written notice required), not later than 1:00 p.m.,
Chicago time, on each Business Day, make available to the Borrowers by means of a credit to the Funding 

	
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Account(s), the proceeds of a Swingline Loan to the extent necessary to pay items to be drawn on any
Controlled  Disbursement  Account  that  Business  Day;  provided  that,  if  on  any  Business  Day  there  is
insufficient  borrowing  capacity  to  permit  the  Swingline  Lender to  make  available  to  the  Borrowers  a
Swingline  Loan  in  the  amount  necessary  to  pay  all  items  to  be  so  drawn  on  any  such  Controlled
Disbursement Account on such Business Day, then the Borrowers shall be deemed to have requested an
ABR Borrowing pursuant to Section 2.03 in the amount of such deficiency to be made on such Business
Day. In addition, the Borrowers hereby authorize the Swingline Lender to, and the Swingline Lender shall,
subject to the terms and conditions set forth herein (but without any further written notice required), to the
extent that from time to time on any Business Day funds are required under the DDA Access Product to
reach the Target Balance (a "Deficiency Funding Date"), make available to the applicable Borrower the
proceeds of a Swingline Loan in the amount of such deficiency up to the Target Balance, by means of a
credit  to  the  applicable  Funding  Account  on  or  before  the  start  of  business  on  the  next  succeeding
Business Day, and such Swingline Loan shall be deemed made on such Deficiency Funding Date. The
aggregate amount of Swingline Loans outstanding at any time shall not exceed $10,000,000  The Swingline
Lender shall not make any Swingline Loan if the requested Swingline Loan exceeds Availability (before or
after giving effect to such Swingline Loan).  All Swingline Loans shall be ABR Borrowings.

(b) Any provision of this Agreement to the contrary notwithstanding, at the request of
the Borrower Representative, the Administrative Agent may in its sole discretion (but with absolutely no
obligation), on behalf of the Lenders, (x) make Revolving Loans to the Borrowers in amounts that exceed
Availability (any such excess Revolving Loans are herein referred to collectively as "Overadvances") or
(y) deem the amount of Revolving Loans outstanding to the Borrowers that are in excess of Availability to
be  Overadvances;  provided  that, no  Overadvance  shall  result  in a  Default  due  to  Borrowers'  failure  to
comply with Section 2.01 for so long as such Overadvance remains outstanding in accordance with the
terms  of  this  paragraph,  but  solely  with  respect  to  the  amount of  such  Overadvance.  In  addition,
Overadvances  may  be  made  even  if  the  condition  precedent  set  forth  in  Section  4.02(c)  has  not  been
satisfied.  All Overadvances shall constitute ABR Borrowings.  The making of an Overadvance on any
one occasion shall not obligate the Administrative Agent to make any Overadvance on any other occasion.
The authority of the Administrative Agent to make Overadvances is limited to an aggregate amount not to
exceed $5,000,000 at any time, no Overadvance may remain outstanding for more than thirty days and no
Overadvance  shall  cause  any  Lender's  Revolving  Exposure  to  exceed  its  Revolving  Commitment;
provided that, the Required Lenders may at any time revoke the Administrative Agent's authorization to
make Overadvances.  Any such revocation must be in writing and shall become effective prospectively
upon the Administrative Agent's receipt thereof.

(c) Upon  the  making  of  a  Swingline  Loan  or  an  Overadvance  (whether before  or
after the occurrence of a  Default and regardless of whether a Settlement has been requested with respect
to such Swingline  Loan or Overadvance), each Lender shall be  deemed, without further action by any
party  hereto,  to  have  unconditionally  and  irrevocably  purchased  from  the  Swingline  Lender  or  the
Administrative  Agent,  as  the  case  may  be,  without  recourse  or  warranty,  an  undivided  interest  and
participation in such Swingline Loan or Overadvance in proportion to its Applicable Percentage of the
Revolving Commitment.  The Swingline Lender or the Administrative Agent may, at any time, require the
Lenders to fund their participations.  From and after the date, if any, on which any Lender is required to
fund  its  participation  in  any  Swingline  Loan  or  Overadvance  purchased  hereunder,  the  Administrative
Agent shall promptly distribute to such Lender, such Lender's Applicable Percentage of all payments of
principal and interest and all proceeds of Collateral received by the Administrative Agent in respect of
such Swingline Loan or Overadvance.

(d) The  Administrative  Agent,  on  behalf  of  the  Swingline  Lender,  shall  request
settlement  (a  "Settlement")  with  the  Lenders  on  at  least  a  weekly  basis  or  on  any  date  that  the
Administrative  Agent  elects,  by  notifying  the  Lenders  of  such  requested  Settlement  by  facsimile, 

	
	-47-
telephone, or e-mail no later than 12:00 noon Chicago time on the date of such requested Settlement (the
"Settlement Date").  Each Lender (other than the Swingline Lender, in the case of the Swingline Loans)
shall transfer the amount of such Lender's Applicable Percentage of the outstanding principal amount of
the applicable Loan with respect to which Settlement is requested to the Administrative Agent, to such
account of the Administrative Agent as the Administrative Agent may designate, not later than 2:00 p.m.,
Chicago  time,  on  such  Settlement  Date.  Settlements  may  occur  during  the  existence  of  a  Default  and
whether or not the applicable conditions precedent set forth in Section 4.02 have then been satisfied.  Such
amounts  transferred  to  the  Administrative  Agent  shall  be  applied against  the  amounts  of  the  Swingline
Lender's Swingline Loans and, together with Swingline Lender's Applicable Percentage of such Swingline
Loan,  shall  constitute  Revolving  Loans  of  such  Lenders,  respectively.  If  any  such  amount  is  not
transferred to the  Administrative  Agent by any Lender on such Settlement Date, the Swingline Lender
shall be entitled to recover from such  Lender on demand such amount, together with interest thereon, as
specified in Section 2.07.

SECTION 2.06  Letters of Credit.

(a) General.  Subject  to  the  terms  and  conditions  set  forth  herein, the  Borrower
Representative  may  request  the  issuance  of  Letters  of  Credit  for  its  own  account  or  for  the  account  of
another Borrower denominated in dollars as the applicant thereof for the support of its or its Subsidiaries'
obligations, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time
and from time to time during the Availability Period.  In the event of any inconsistency between the terms
and conditions of this Agreement and the terms  and conditions of any Letter of Credit Agreement, the
terms and conditions of this Agreement shall control. Notwithstanding anything herein to the contrary, the
Issuing Bank shall have no obligation hereunder to issue, and shall not issue, any Letter of Credit (i) the
proceeds of which would be made available to any Person (A) to fund any activity or business of or with
any Sanctioned Person, or in any country or territory that, at the time of such funding, is the subject of any
Sanctions  or  (B)  in  any  manner  that  would  result  in  a  violation  of  any  Sanctions  by  any  party  to  this
Agreement, (ii) if any order, judgment or decree of any Governmental Authority or arbitrator shall by its
terms purport to enjoin or restrain the Issuing Bank from issuing such Letter of Credit, or any Requirement
of Law relating to the Issuing Bank or any request or directive (whether or not having the force of law)
from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that the
Issuing Bank refrain from, the  issuance  of letters  of credit generally or such Letter of Credit in particular
or  shall  impose  upon  the  Issuing  Bank  with  respect  to  such  Letter  of  Credit  any  restriction,  reserve  or
capital requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on
the Effective Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense which
was not applicable on the Effective Date and which the Issuing Bank in good faith deems material to it, or
(iii)  if  the  issuance  of  such  Letter  of  Credit  would  violate  one  or  more  policies  of  the  Issuing  Bank
applicable  to  letters  of credit generally; provided that, notwithstanding anything herein to the contrary,
(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines,
requirements or directives thereunder or issued in connection therewith or in the implementation thereof,
and (y) all requests, rules, guidelines, requirements or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the
United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be
deemed not to be in effect on the Effective Date for purposes of clause (ii) above, regardless of the date
enacted, adopted, issued or implemented.

(b) Notice  of  Issuance,  Amendment,  Renewal,  Extension;  Certain  Conditions.  To
request  the  issuance  of  a  Letter  of  Credit  (or  the  amendment,  renewal  or  extension  of  an  outstanding
Letter  of  Credit),  the  Borrower  Representative  shall  deliver  by  hand  or  facsimile  (or  transmit  through
Electronic System, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing
Bank and the Administrative Agent (prior to 9:00 am, Chicago time, at least three (3) Business Days prior 

	
	-48-
to the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a
Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying
the  date  of issuance, amendment, renewal or extension (which shall be  a  Business  Day), the  date  on
which  such  Letter  of  Credit  is  to  expire  (which  shall  comply  with  paragraph  (c)  of  this  Section),  the
amount  of  such  Letter  of  Credit,  the  name  and  address  of  the  beneficiary  thereof  and  such  other
information as  shall be  necessary to prepare, amend, renew  or  extend such Letter of Credit.  In addition,
as a condition to any such Letter of Credit issuance, the applicable Borrower shall have entered into a
continuing agreement (or other letter of credit agreement) for the issuance of letters of credit and/or shall
submit a letter of credit application in each case, as required by the Issuing Bank and using such Issuing
Bank's  standard  form  (each,  a  "Letter  of  Credit  Agreement").  A Letter  of  Credit  shall  be  issued,
amended,  renewed  or  extended  only  if  (and  upon  issuance,  amendment,  renewal  or  extension  of  each
Letter of Credit the Borrowers shall be deemed to represent and warrant that), after giving effect to such
issuance, amendment, renewal or extension (i) the aggregate LC Exposure shall not exceed $5,000,000,
(ii)  no  Lender's  Revolving  Exposure  shall  exceed  its  Revolving Commitment  and  (iii)  the  Aggregate
Revolving  Exposure  shall  not  exceed  the  lesser  of  the  Aggregate  Revolving  Commitment  and  the
Borrowing Base.  Notwithstanding the foregoing or anything to the contrary contained herein, no Issuing
Bank shall be obligated to issue or modify any Letter of Credit if, immediately after giving effect thereto,
the outstanding LC Exposure in respect of all Letters of Credit issued by such Person and its Affiliates
would  exceed  such  Issuing  Bank's  Issuing  Bank  Sublimit.  Without  limiting  the  foregoing  and  without
affecting the limitations contained herein, it is understood and agreed that the Borrower Representative
may  from  time  to  time  request  that  an  Issuing  Bank  issue  Letters  of  Credit  in  excess  of  its  individual
Issuing Bank Sublimit in effect at the time of such request, and each Issuing Bank agrees to consider any
such request in good faith.  Any Letter of Credit so issued by an Issuing Bank in excess of its individual
Issuing Bank Sublimit then in effect shall nonetheless constitute a Letter of Credit for all purposes of this
Agreement,  and  shall  not  affect  the  Issuing  Bank  Sublimit  of  any  other  Issuing  Bank,  subject  to  the
limitations on the aggregate LC Exposure set forth in clause (i) of this Section 2.06(b).

(c) Expiration Date.  Each Letter of Credit shall expire (or be subject to termination
or  non-renewal  by  notice  from  the  Issuing  Bank  to  the  beneficiary  thereof)  at  or  prior  to  the  close  of
business  on the  earlier of (i) the  date  one  year after the date of the issuance of such Letter of Credit (or,
in  the  case  of  any  renewal  or  extension  thereof,  including,  without  limitation,  any  automatic  renewal
provision, one year after such renewal or extension) and (ii) the date that is five Business Days prior to the
Maturity Date.

(d) Participations.  By  the  issuance  of  a  Letter  of  Credit  (or  an  amendment  to  a
Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing
Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each Lender hereby acquires
from  the  Issuing  Bank,  a  participation  in  such  Letter  of  Credit  equal  to  such  Lender's  Applicable
Percentage of the aggregate amount available to be drawn under such Letter of Credit.  In consideration
and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to
the Administrative Agent, for the account of the Issuing Bank, such Lender's Applicable Percentage of
each LC  Disbursement  made  by the  Issuing Bank and not  reimbursed by the Borrowers on the date due
as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to
the  Borrowers  for  any  reason.  Each  Lender  acknowledges  and  agrees  that  its  obligation  to  acquire
participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and
shall not be  affected by any circumstance whatsoever, including any amendment, renewal or extension of
any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the
Commitments, and that each such payment shall be made without any offset, abatement, withholding or
reduction whatsoever. 

	
	-49-
(e) Reimbursement.  If the Issuing Bank shall make any LC Disbursement in respect
of  a  Letter  of  Credit,  the  Borrowers  shall  reimburse  such  LC  Disbursement  by  paying  to  the
Administrative  Agent an amount equal to such LC Disbursement not later than 11:00 a.m., Chicago time,
on (a) (i) the Business Day that the Borrower Representative receives notice of such LC Disbursement, if
such notice is received prior to 9:00 a.m., Chicago time, on the day of receipt, or (ii) the Business Day
immediately  following  the  day  that  the  Borrower  Representative receives  such  notice,  if  such  notice  is
received after  9:00 a.m.  Chicago time  on the  day of receipt; provided that the Borrowers may, subject to
the  conditions  to  borrowing  set  forth  herein,  request  in  accordance  with  Section  2.03  or 2.05  that  such
payment  be  financed  with  an  ABR  Borrowing  or  Swingline  Loan  in an  equivalent  amount  and,  to  the
extent so financed, the  Borrowers'  obligation to make  such payment shall be discharged and replaced by
the resulting ABR Borrowing or Swingline Loan.  If the Borrowers fail to make such payment when due,
the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then
due  from  the  Borrowers  in  respect  thereof  and  such  Lender's  Applicable  Percentage  thereof.  Promptly
following  receipt  of  such  notice,  each  Lender  shall  pay  to  the Administrative  Agent  its  Applicable
Percentage of the payment then due from the Borrowers, in the same manner as provided in Section 2.07
with  respect  to  Loans  made  by  such  Lender  (and  Section  2.07  shall  apply,  mutatis  mutandis,  to  the
payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank
the  amounts  so received by it from the  Lenders.  Promptly following receipt by the Administrative Agent
of any payment from the Borrowers pursuant to this paragraph, the Administrative Agent shall distribute
such  payment  to  the  Issuing  Bank  or,  to  the  extent  that  Lenders  have  made  payments  pursuant  to  this
paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may
appear.  Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Bank for any
LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated
above) shall not constitute a Loan and shall not relieve the Borrowers of their obligation to reimburse such
LC Disbursement.

(f) Obligations Absolute.  The Borrowers' joint and several obligation to reimburse
LC  Disbursements  as  provided  in  paragraph  (e)  of  this  Section  shall  be  absolute,  unconditional  and
irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and
all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of
Credit, any Letter  of  Credit  Agreement  or  this  Agreement, or  any term or  provision therein or herein,
(ii) any  draft  or  other  document  presented  under  a  Letter  of  Credit  proving to be forged, fraudulent or
invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) any payment
by the  Issuing Bank under a  Letter of Credit against presentation of a  draft or other document that does
not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever,
whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a
legal or equitable discharge of, or provide a right of setoff against, the Borrowers' obligations hereunder.
None  of  the  Administrative  Agent,  the  Lenders,  the  Issuing  Bank  or  any  of  their  respective  Related
Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer
of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of
the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay
in transmission or delivery of any draft, notice or other communication under or relating to any Letter of
Credit  (including any document  required to make  a  drawing thereunder), any error  in interpretation of
technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided
that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrowers to the
extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in
respect of which are hereby waived by the Borrowers to the extent permitted by applicable law) suffered
by any Borrower that are caused by the Issuing Bank's failure to exercise care when determining whether
drafts and other documents presented under a Letter of Credit comply with the terms thereof.  The parties
hereto expressly agree  that, in the  absence of gross negligence or willful misconduct on the part of the
Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed 

	
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to have exercised care in each such determination.  In furtherance of the foregoing and without limiting
the generality thereof, the parties agree that, with respect to documents presented which appear on their
face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole
discretion,  either  accept  and  make  payment  upon  such  documents without  responsibility  for  further
investigation,  regardless  of  any  notice  or  information  to  the  contrary,  or  refuse  to  accept  and  make
payment  upon  such  documents  if  such  documents  are  not  in  strict compliance with the terms of such
Letter of Credit.

(g) Disbursement Procedures.  The Issuing Bank shall, promptly following its receipt
thereof, examine  all documents purporting to represent a  demand for payment under a  Letter of Credit.
The Issuing Bank shall promptly notify the Administrative Agent and the applicable Borrower by telephone
(confirmed by fax or through Electronic Systems) of such demand for payment and whether the Issuing
Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in
giving such notice shall not relieve the Borrowers of their obligation to reimburse the Issuing Bank and the
Lenders with respect to any such LC Disbursement.

(h) Interim  Interest.  If  the  Issuing  Bank  shall  make  any  LC  Disbursement,  then,
unless the Borrowers shall reimburse such LC Disbursement in full on the date such LC Disbursement is
made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC
Disbursement is  made  to but excluding the  date  that the Borrowers reimburse such LC Disbursement, at
the rate per annum then applicable to ABR Revolving Loans and such interest shall be payable on the date
when such reimbursement is due; provided that, if the Borrowers fail to reimburse such LC Disbursement
when  due  pursuant  to  paragraph  (e)  of  this  Section,  then  Section  2.13(d)  shall  apply.  Interest  accrued
pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and
after the date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse the Issuing
Bank shall be for the account of such Lender to the extent of such payment.

(i) Replacement and Resignation of an Issuing Bank.

(i) The  Issuing  Bank  may  be  replaced  at  any  time  by  written  agreement
among the Borrower Representative, the Administrative Agent, the replaced Issuing Bank
and the  successor  Issuing Bank.  The Administrative Agent shall notify the Lenders of
any  such  replacement  of  the  Issuing  Bank.  At  the  time  any such replacement  shall
become  effective, the  Borrowers  shall pay all unpaid fees accrued for the account of the
replaced Issuing Bank pursuant to Section 2.12(b).  From and after the effective date of
any  such  replacement,  (A) the  successor  Issuing  Bank  shall  have  all  the  rights  and
obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to
be issued thereafter and (B) references herein to the term "Issuing Bank" shall be deemed
to refer to such successor or to any previous  Issuing Bank, or to such successor and all
previous Issuing Banks, as the context shall require.  After the replacement of an Issuing
Bank hereunder, the  replaced Issuing Bank shall remain a party hereto and shall continue
to  have  all  the  rights  and  obligations  of  an  Issuing  Bank  under  this  Agreement  with
respect  to Letters of Credit then outstanding and issued by it prior to such replacement,
but shall not be required to issue additional Letters of Credit.

(ii) Subject to the appointment and acceptance of a successor Issuing Bank,
the Issuing Bank may resign as an Issuing Bank at any time upon thirty days' prior written
notice  to  the  Administrative  Agent,  the  Borrower  Representative  and  the  Lenders,  in
which case, such resigning Issuing Bank shall be replaced in accordance with clause (i) of
Section 2.06(i) above. 

	
	-51-
(j) Cash Collateralization.  If any Event of Default shall occur and be continuing, on
the Business Day that the Borrower Representative receives notice from the Administrative Agent or the
Required  Lenders  (or,  if  the  maturity  of  the  Loans  has  been  accelerated,  Lenders  with  LC  Exposure
representing greater than 50% of the aggregate LC Exposure) demanding the deposit of cash collateral
pursuant to this paragraph, the Borrowers shall deposit in an account with the Administrative Agent, in the
name of the Administrative Agent and for the benefit of the Lenders (the "LC Collateral Account"), an
amount in cash equal to 105% of the amount of the LC Exposure as of such date plus accrued and unpaid
interest  thereon;  provided  that  the  obligation  to  deposit  such cash  collateral  shall  become  effective
immediately, and such deposit shall become immediately due and payable, without demand or other notice
of  any  kind,  upon  the  occurrence  of  any  Event  of  Default  with  respect  to  any  Borrower  described  in
clause (h) or (i) of Article VII.  Such Borrower also shall deposit cash collateral in accordance with this
paragraph as and to the extent required by Sections 2.10(b), 2.11(b) or 2.20.  Each such deposit shall be
held  by  the  Administrative  Agent  as  collateral  for  the  payment and  performance  of  the  Secured
Obligations.  The Administrative Agent shall have exclusive dominion and control, including the exclusive
right of withdrawal, over the LC Collateral Account and the Borrowers hereby grant the Administrative
Agent a  security interest in the LC Collateral Account and all money or other assets on deposit therein or
credited thereto.  Other than any interest earned on the investment of such deposits, which investments
shall be made at the option and sole discretion of the Administrative Agent and at the Borrowers' risk and
expense,  such  deposits  shall  not  bear  interest.  Interest  or  profits,  if  any,  on  such  investments  shall
accumulate in the LC Collateral Account.  Moneys in the LC Collateral Account shall be applied by the
Administrative  Agent  to  reimburse  the  Issuing  Bank  for  LC  Disbursements  for  which  it  has  not  been
reimbursed  and,  to  the  extent  not  so  applied,  shall  be  held  for  the  satisfaction  of  the  reimbursement
obligations of the Borrowers for the LC Exposure at such time or, if the maturity of the Loans has been
accelerated  (but  subject to the  consent of  Lenders  with LC  Exposure  representing greater  than 50%  of
the  aggregate  LC  Exposure),  be  applied  to  satisfy  other  Secured  Obligations.  If  the  Borrowers  are
required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of
Default, such amount (to the  extent not applied as aforesaid) shall be returned to the Borrowers within
three  (3)  Business  Days  after  all  such  Events  of  Default  have  been  cured  or  waived  as  confirmed  in
writing by the Administrative Agent.

(k) Issuing Bank Reports to the Administrative Agent.  Unless otherwise agreed by
the Administrative Agent, each Issuing Bank that is not an Affiliate of JPMCB shall, in addition to its
notification obligations set forth elsewhere in this Section, report in writing to the Administrative Agent
(i)  periodic  activity  (for  such  period  or  recurrent  periods  as shall  be  requested  by  the  Administrative
Agent) in respect of Letters of Credit issued by such Issuing Bank, including all issuances, extensions,
amendments  and renewals, all expirations  and cancelations  and all disbursements  and reimbursements,
(ii) reasonably prior to the time that such Issuing Bank issues, amends, renews or extends any Letter of
Credit, the  date  of  such issuance, amendment, renewal or extension, and the stated amount of the Letters
of Credit issued, amended, renewed or extended by it and outstanding after giving effect to such issuance,
amendment,  renewal  or  extension  (and  whether  the  amounts  thereof  shall  have  changed),  (iii)  on  each
Business Day on which such Issuing Bank makes any LC Disbursement, the date and amount of such LC
Disbursement, (iv) on any Business Day on which any Borrower fails to reimburse an LC Disbursement
required to be reimbursed to such Issuing Bank on such day, the date of such failure and the amount of
such LC Disbursement, and (v) on any other Business Day, such other information as the Administrative
Agent shall reasonably request as to the Letters of Credit issued by such Issuing Bank.

(l) LC Exposure Determination.  For all purposes of this Agreement, the amount of a
Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more
automatic  increases  in  the  stated amount thereof shall be deemed to be the maximum stated amount of 

	
	-52-
such  Letter  of  Credit  after  giving  effect  to  all  such  increases, whether  or  not  such  maximum stated
amount is in effect at the time of determination.

(m) Letters  of  Credit  Issued  for  Account  of  Subsidiaries.  Notwithstanding  that  a
Letter of Credit issued or outstanding hereunder supports any obligations of, or is for the account of, a
Subsidiary, or states that a Subsidiary is the "account party," "applicant," "customer," "instructing party," or
the  like  of  or  for  such  Letter  of  Credit,  and  without  derogating  from  any  rights  of  the  Issuing  Bank
(whether arising by contract, at law, in equity or otherwise) against such Subsidiary in respect of such
Letter of Credit, the Borrowers (i) shall reimburse, indemnify and compensate the Issuing Bank hereunder
for such Letter of Credit (including to reimburse any and all drawings thereunder) as if such Letter of
Credit  had  been  issued  solely  for  the  account  of  a  Borrower  and  (ii)  irrevocably  waives  any  and  all
defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations of
such  Subsidiary  in  respect  of  such  Letter  of  Credit.  Each  Borrower  hereby  acknowledges  that  the
issuance of such Letters of Credit for its Subsidiaries inures to the benefit of the Borrowers, and that each
Borrower's business derives substantial benefits from the businesses of such Subsidiaries.

SECTION 2.07  Funding of Borrowings.

(a) Each Lender shall make each Loan to be made by such Lender hereunder on the
proposed date thereof solely by wire transfer of immediately available funds by 2:00 p.m., Chicago time, to
the account of the Administrative Agent most recently designated by it for such purpose by notice to the
Lenders in an amount equal to such Lender's Applicable Percentage; provided that, Swingline Loans shall
be made as provided in Section 2.05.  The Administrative Agent will make such Loans available to the
Borrower  Representative  by  promptly  crediting  the  funds  so  received  in  the  aforesaid  account  of  the
Administrative Agent to the Funding Account; provided that ABR Revolving Loans made to finance the
reimbursement  of  (i)  an  LC  Disbursement  as  provided  in  Section 2.06(e)  shall  be  remitted  by  the
Administrative  Agent  to  the  Issuing  Bank  and  (ii)  a  Protective Advance  or  an  Overadvance  shall  be
retained by the Administrative Agent.

(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 applicable 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 Borrowers each severally agree to pay to the
Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day
from and including the date such amount is made available to the applicable Borrower to but excluding the
date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the NYFRB
Rate  and a  rate  determined by the  Administrative  Agent in accordance  with banking industry rules on
interbank compensation and (ii) in the case of the Borrowers, the interest rate applicable to ABR Loans.
If  such Lender  pays  such amount  to the  Administrative  Agent, then such amount shall constitute such
Lender's  Loan included in such Borrowing, provided, that any interest received from a Borrower by the
Administrative Agent during the period beginning when Administrative Agent funded the Borrowing until
such Lender pays such amount shall be solely for the account of the Administrative Agent.

SECTION 2.08  Interest Elections.

(a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing
Request  and,  in  the  case  of  a <Eurodollar>Term Benchmark Borrowing, shall have  an  initial Interest
Period  as  specified  in such Borrowing Request.  Thereafter, the Borrower  Representative  may elect to
convert  such  Borrowing  to  a  different  Type  or  to  continue  such Borrowing  and,  in  the  case  of  a 

	
	-53-
 <Eurodollar>Term  Benchmark Borrowing,  may  elect  Interest  Periods  therefor,  all  as  provided  in  this
Section.  The Borrower Representative 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.  This  Section shall  not  apply  to  Borrowings of  Swingline  Loans,  Overadvances  or
Protective Advances, which may not be converted or continued.

(b) To make an election pursuant to this Section, the Borrower Representative shall
notify the Administrative Agent of such election either in writing (delivered by hand or fax) by delivering
an Interest Election Request signed by a Responsible Officer of the Borrower Representative or through
Electronic System if arrangements for doing so have been approved by the Administrative Agent (or if an
Extenuating  Circumstance  shall  exist,  by  telephone)  by  the  time  that  a  Borrowing  Request  would  be
required under Section 2.03 if the  Borrowers  were  requesting a Borrowing of the Type resulting from
such election to be made on the effective date of such election.  Each such Interest Election Request shall
be  irrevocable  and  each  such  telephonic  Interest  Election  Request,  if  permitted,  shall  be  confirmed
immediately upon the cessation of the Extenuating Circumstance by hand delivery, Electronic System or
facsimile to the Administrative Agent of a written Interest Election Request in a form approved by the
Administrative Agent and signed by a Responsible Officer of the Borrower Representative.

(c) Each  written  (or  if  permitted,  telephonic)  Interest  Election  Request  (including
requests submitted through Electronic System) shall specify the following information in compliance with
Section 2.02:

(i) the name of the applicable Borrower and 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
 <Eurodollar>Term Benchmark Borrowing; and
(iv) if the resulting Borrowing is a <Eurodollar>Term Benchmark 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 <Eurodollar>Term Benchmark Borrowing but does not
specify an Interest Period, then the Borrowers shall be deemed to have selected an Interest Period of one
month's duration.

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

(e) If the Borrower Representative fails to deliver a timely Interest Election Request
with  respect  to  a <Eurodollar>Term  Benchmark Borrowing  prior  to  the  end  of  the  Interest  Period
applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest
Period such Borrowing shall be converted to an ABR Borrowing.  Notwithstanding any contrary provision
hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request 

	
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of the Required Lenders, so notifies the Borrower Representative, then, so long as an Event of Default is
continuing  (i)  no  outstanding  Borrowing  may  be  converted  to  or continued  as  a <Eurodollar>Term
Benchmark Borrowing  and  (ii)  unless  repaid,  each <Eurodollar>Term  Benchmark Borrowing  shall  be
converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

SECTION 2.09  Termination  and  Reduction  of  Commitments;  Increase  in  Revolving
Commitments.

Maturity Date.
(a) Unless previously terminated, the Revolving Commitments shall terminate on the

(b) The Borrowers may at any time terminate the Revolving Commitments upon the
Payment in Full of the Secured Obligations.

(c) The  Borrowers  may  from  time  to  time  reduce  the  Revolving  Commitments;
provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral
multiple of $5,000,000 and not less than $5,000,000 and (ii) the Borrowers shall not terminate or reduce the
Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in
accordance  with  Section  2.11,  the  Aggregate  Revolving  Exposure would  exceed  the  lesser  of  the
Aggregate Revolving Commitment and the Borrowing Base.

(d) The  Borrower  Representative  shall  notify  the  Administrative  Agent  of  any
election to terminate or reduce the Commitments under paragraph (b) or (c) of this Section at least three
(3) Business Days prior to the effective date of such termination or reduction, specifying such election and
the effective date thereof.  Promptly following receipt of any notice, the Administrative Agent shall advise
the  Lenders of the  contents thereof.  Each notice  delivered by the  Borrower Representative pursuant to
this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the
Borrower Representative may state that such notice is conditioned upon the effectiveness of other credit
facilities,  in  which  case  such  notice  may  be  revoked  by  the  Borrower  Representative  (by  notice  to  the
Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.  Any
termination or reduction of the Commitments shall be permanent.  Each reduction of the Commitments
shall be made ratably among the Lenders in accordance with their respective Commitments.

(e) The Borrowers shall have the right to increase the Revolving Commitments by
obtaining additional Revolving Commitments, either from one or more of the Lenders or another lending
institution provided that (i) any such request for an increase shall be in a minimum amount of $5,000,000,
(ii) the Borrower Representative, on behalf of the Borrowers, may make a maximum of three (3) such
requests,  (iii)  after  giving  effect  thereto,  the  sum  of  the  total  of  the  additional  Commitments  does  not
exceed $70,000,000, (iv) the Administrative Agent and the Issuing Bank have approved the identity of any
such new  Lender, such approvals  not to be  unreasonably withheld, (v) any such new Lender assumes all
of the rights and obligations of a "Lender" hereunder, and (vi) the procedure described in Section 2.09(f)
have been satisfied.  Nothing contained in this Section 2.09 shall constitute, or otherwise be deemed to be,
a commitment on the part of any Lender to increase its Commitment hereunder at any time.

(f) Any  amendment  hereto  for  such  an  increase  or  addition  shall  be in  form  and
substance  satisfactory  to  the  Administrative  Agent  and  shall  only  require  the  written  signatures  of  the
Administrative Agent, the Borrowers and each Lender being added or increasing its Commitment, subject
only  to  the  approval  of  all  Lenders  if  any  such  increase  or  addition  would  cause  the  Revolving
Commitments  to  exceed  $170,000,000.  As  a  condition  precedent  to  such  an  increase  or  addition,  the
Borrowers  shall  deliver  to  the  Administrative  Agent  (i)  a  certificate  of  each  Loan  Party  signed  by  an
authorized officer of such Loan Party (A) certifying and attaching the resolutions adopted by such Loan
Party  approving  or  consenting  to  such  increase, and  (B) in  the case  of  the  Borrowers, certifying  that, 

	
	-55-
before  and  after  giving  effect  to  such  increase  or  addition,  (1)  the  representations  and  warranties
contained in Article III and the other Loan Documents are true and correct, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they are true and correct
as of such earlier date, and (2) no Default exists and (3) the Borrowers are in compliance (on a pro forma
basis) with the covenants contained in Section 6.13 and (ii) legal opinions and documents consistent with
those delivered on the Effective Date, to the extent requested by the Administrative Agent.

(g) On the effective date of any such increase or addition, (i) any Lender increasing
(or, in the case of any newly added Lender, extending) its Revolving Commitment shall make available to
the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall
determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to
such  increase  or  addition  and  the  use  of  such  amounts  to  make  payments  to  such  other  Lenders,  each
Lender's portion of the outstanding Revolving Loans of all the Lenders to equal its revised Applicable
Percentage  of  such  outstanding  Revolving  Loans,  and  the  Administrative  Agent  shall  make  such  other
adjustments  among  the  Lenders  with  respect  to  the  Revolving  Loans  then  outstanding  and  amounts  of
principal, interest, commitment fees and other amounts paid or payable with respect thereto as shall be
necessary,  in  the  opinion  of  the  Administrative  Agent,  in  order  to  effect  such  reallocation  and  (ii)  the
Borrowers  shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date
of  any  increase  (or  addition)  in  the  Revolving  Commitments  (with  such  reborrowing  to  consist  of  the
Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by the
Borrower Representative, in accordance with the requirements of Section 2.03).  The deemed payments
made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of
all accrued interest on the amount prepaid and, in respect of each <Eurodollar>Term Benchmark Loan,
shall  be  subject  to  indemnification  by  the  Borrowers  pursuant  to  the  provisions  of  Section 2.16  if  the
deemed  payment occurs other than on the last day of the related Interest Periods.  Within a reasonable
time  after  the  effective  date  of  any  increase  or  addition,  the Administrative  Agent  shall,  and  is  hereby
authorized and directed to, revise the Commitment Schedule to reflect such increase or addition and shall
distribute such revised Commitment Schedule to each of the Lenders and the Borrower Representative,
whereupon such revised Commitment Schedule shall replace the old Commitment Schedule and become
part of this Agreement.

(h) Each  of  the  parties  hereto  acknowledges  and  agrees  that,  if  there  is  any
mortgaged real property securing the  Obligations hereunder, any increase, extension or renewal of any of
the Revolving Commitments or Revolving Loans or any other incremental or additional credit facilities
hereunder, but excluding (i) any continuation or conversion of borrowings, (ii) the making of any Revolving
Loans, or (iii) the issuance, renewal or extension of Letters of Credit shall be subject to and conditioned
upon:  (1)  the  prior  delivery  of  all  flood  hazard  determination certifications,  acknowledgements  and
evidence of flood insurance and other flood-related documentation with respect to such mortgaged real
property  as  required  by  the  Flood  Insurance  Laws  and  as  otherwise  reasonably  required  by  the
Administrative Agent and (2) the Administrative Agent shall have received written confirmation from the
Lenders that flood insurance due diligence and flood insurance compliance have been completed by the
Lenders (such written confirmation not to be unreasonably conditioned, withheld or delayed).

SECTION 2.10  Repayment and Amortization of Loans; Evidence of Debt.

(a) The  Borrowers  hereby  unconditionally  promise  to  pay  (i)  to  the Administrative
Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the
Maturity Date, (ii) to the Administrative Agent the then unpaid amount of each Protective Advance on the
earlier of the Maturity Date and demand by the Administrative Agent, and (iii) to the Administrative Agent
the then unpaid principal amount of each Overadvance on the earlier of the Maturity Date and the 30th day
after such Overadvance is made. 

	
	-56-
(b) On each Business Day during a Cash Dominion Period, the Administrative Agent
shall  apply  all  funds  credited  to  the  Collection  Account  on  such  Business  Day  or  the  immediately
preceding  Business  Day  (at  the  discretion  of  the  Administrative  Agent,  whether  or  not  immediately
available) first to prepay any Protective Advances and Overadvances that may be outstanding, pro rata,
and  second  to  prepay  the  Revolving  Loans  (including  Swingline  Loans)  and  to  cash  collateralize
outstanding LC Exposure.

(c) Each Lender shall maintain in accordance with its  usual practice an account or
accounts evidencing the Indebtedness of the Borrowers 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.

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

(e) The entries made in the accounts maintained pursuant to paragraph (c) or (d) 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 Borrowers to repay the Loans in accordance
with the terms of this Agreement.

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

SECTION 2.11  Prepayment of Loans.

(a) The Borrowers shall have the right at any time and from time to time to prepay
any  Borrowing  in whole  or  in part, subject  to prior  notice  in accordance  with paragraph (f)  of  this
Section and, if applicable, payment of any break funding expenses under Section 2.16.

(b) Except for Overadvances permitted under Section 2.05, in the event and on such
occasion  that  the  Aggregate  Revolving  Exposure  exceeds  the  lesser  of  (i)  the  Aggregate  Revolving
Commitment and (ii) the Borrowing Base, the Borrowers shall prepay the Revolving Loans, LC Exposure
and/or Swingline Loans or, in the case of LC Exposure, cash collateralize LC Exposure in an account with
the Administrative Agent pursuant to Section 2.06(j), as applicable, in an aggregate amount equal to such
excess.

(c) [Reserved].

(d) [Reserved].

(e) The Borrower Representative shall notify the Administrative Agent (and, in the
case  of  prepayment  of  a  Swingline  Loan,  the  Swingline  Lender)  by  telephone  (confirmed  by  fax)  or
through Electronic System, if arrangements for doing so have been approved by the Administrative Agent
of any prepayment hereunder not later than 10:00 a.m., Chicago time, (A) in the case of prepayment of a 

	
	-57-
 <Eurodollar>Term  Benchmark Borrowing, three  (3)  Business  Days  before  the  date  of  prepayment<,>
or (B)  in  the  case  of  prepayment  of  an  ABR  Borrowing,  one  (1)  Business  Day  before  the  date  of
prepayment.  Each such notice shall be irrevocable and shall specify the prepayment date and the principal
amount  of  each Borrowing or  portion thereof  to be  prepaid; provided that, if a notice of prepayment is
given  in  connection  with  a  conditional  notice  of  termination  of  the  Revolving  Commitments  as
contemplated  by  Section 2.09,  then  such  notice  of  prepayment  may  be  revoked  if  such  notice  of
termination is  revoked in accordance  with Section 2.09.  Promptly following receipt of any such notice
relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.  Each
partial prepayment  of  any Borrowing shall be  in an amount  that would be  permitted in the  case of an
advance of a Borrowing of the same Type as provided in Section 2.02.  Each prepayment of a Borrowing
shall be applied ratably to the Revolving Loans included in the prepaid Borrowing.  Prepayments shall be
accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding payments
pursuant to Section 2.16.

SECTION 2.12  Fees.

(a) The Borrowers agree to pay to the Administrative Agent for the account of each
Lender a  commitment fee, which shall accrue  at the  Commitment Fee Rate on the average daily amount
of the Available Revolving Commitment of such Lender during the period from and including the Effective
Date to but excluding the date on which the Revolving Commitments terminate.  Accrued commitment
fees  shall  be  payable  in  arrears  on  the  first  day  of  each  calendar  month  and  on  the  date  on  which  the
Revolving Commitments terminate, commencing on the first such date to occur after the date hereof.  All
commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual
number of days elapsed (including the first day but excluding the last day).

(b) The  Borrowers  agree  to pay (i) to the Administrative Agent for the account of
each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at
the same Applicable Rate used to determine the interest rate applicable to <Eurodollar>Term Benchmark
Revolving  Loans  on  the  average  daily  amount  of  such Lender's  LC  Exposure  (excluding any portion
thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective
Date to but excluding the later of the date on which such Lender's Revolving Commitment terminates and
the date on which such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting
fee, which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC Exposure
(excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable to Letters of
Credit issued by the Issuing Bank during the period from and including the Effective Date to but excluding
the later of the date of termination of the Revolving Commitments and the date on which there ceases to
be  any  LC  Exposure, as  well as  the  Issuing Bank's standard fees and commissions with respect to the
issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any Letter
of Credit or processing of drawings thereunder.  Participation fees and fronting fees accrued through and
including the  last  day of  each calendar  month shall be payable on the first day of each calendar month
following such last day, commencing on the first such date to occur after the Effective Date; provided that
all such fees shall be payable on the date on which the Revolving Commitments terminate and any such
fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand.
Any other  fees  payable  to the  Issuing Bank pursuant to this paragraph shall be payable within ten (10)
days  after demand.  All participation fees and fronting fees shall be computed on the basis of a year of
360 days and shall be payable for the actual number of days elapsed (including the first day but excluding
the last day).

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

	
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(d) All  fees  payable  hereunder  shall  be  paid  on  the  dates  due,  in  dollars  in
immediately  available  funds,  to  the  Administrative  Agent  (or  to  the  Issuing  Bank,  in  the  case  of  fees
payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders.  Fees
paid shall not be refundable under any circumstances.

SECTION 2.13  Interest.

(a) The Loans comprising ABR Borrowings (including Swingline Loans) shall bear
interest at the ABR plus the Applicable Rate.

(b) The Loans comprising each <Eurodollar>Term Benchmark Borrowing shall bear
interest  at  the  Adjusted <LIBO>Term SOFR Rate for the Interest Period in effect for such Borrowing
plus  the  Applicable  Rate.  If applicable, each RFR  Loan shall bear interest at a  rate  per annum equal to
the Adjusted Daily Simple SOFR plus the Applicable Rate.
(c) Each Protective Advance and each Overadvance shall bear interest at the ABR
plus the Applicable Rate for Revolving Loans plus 2%.

(d) Notwithstanding  the  foregoing,  during  the  occurrence  and  continuance  of  an
Event of Default, the Administrative Agent or the Required Lenders may, at their option, by notice to the
Borrower  Representative  (which  notice  may  be  revoked  at  the  option  of  the  Required  Lenders
notwithstanding any provision of Section 9.02 requiring the consent of "each Lender affected thereby" for
reductions  in  interest  rates),  declare  that  (i)  all  Loans  shall  bear  interest  at  2%  plus  the  rate  otherwise
applicable to such Loans as provided in the preceding paragraphs of this Section or (ii) in the case of any
other  amount outstanding hereunder, such amount shall accrue  at 2% plus the rate applicable to such fee
or other obligation as provided hereunder.

(e) Accrued interest on each Loan (for ABR Loans, accrued through the last day of
the prior calendar month) shall be payable in arrears on each Interest Payment Date for such Loan and
upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (d) of this
Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other
than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest
on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment
and (iii) in the event of any conversion of any <Eurodollar>Term Benchmark 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.

(f) <All interest hereunder>Interest computed by reference to the Term SOFR Rate
or  Daily  Simple  SOFR shall be  computed  on  the  basis  of  a  year  of  360  days<, except that interest>.
Interest computed  by  reference  to  the  Alternate  Base Rate  at  times  when the  Alternate  Base  Rate  is
based on the  Prime Rate  shall be  computed on the  basis  of  a year of 365 days (or 366 days in a leap
year)<, and in>.  In each case interest shall be payable for the actual number of days elapsed (including
the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a daily
basis based upon the outstanding principal amount of such Loan as of the applicable date of determination.
The applicable Alternate Base Rate, Adjusted <LIBO>Daily Simple SOFR, Daily Simple SOFR, Adjusted
Term SOFR Rate  or <LIBO>Term SOFR Rate  shall be  determined  by  the Administrative Agent, and
such determination shall be conclusive absent manifest error.

SECTION 2.14  Alternate Rate of Interest; Illegality.

(a) <If >prior to the commencement of any Interest Period for a <Eurodollar Borrowing:> 

	
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(a) Subject to clauses (b), (c), (d), (e), and (f) of this Section 2.14, if:

(i) the <Lender>Administrative Agent determines (which determination shall
be  conclusive  and  binding  absent  manifest  error) (A)  prior  to  commencement  of  any
Interest  Period for  a  Term Benchmark Borrowing, that  adequate  and reasonable  means
do not exist for ascertaining the Adjusted <LIBO>Term SOFR Rate or the <LIBO>Term
SOFR Rate<, as applicable> (including<, without limitation, by means of an Interpolated
Rate  or> because  the <LIBO  Screen>Term  SOFR  Reference Rate  is  not  available  or
published  on  a  current  basis), for  such  Interest  Period<;  provided  that  no  Benchmark
Transition Event shall have occurred at such time> or (B) at any time, that adequate and
reasonable  means  do  not  exist  for  ascertaining  the  applicable  Adjusted  Daily  Simple
SOFR or Daily Simple SOFR; or

(ii) the <Lender  determines  >Administrative  Agent  is  advised  by  the
Required Lenders that (A) prior to the commencement of any Interest Period for a Term
Benchmark  Borrowing, the Adjusted <LIBO>Term SOFR Rate <or the LIBO Rate, as
applicable,  >for  such  Interest  Period  will not  adequately and fairly reflect the cost to
 <the>such Lenders (or Lender) of making or maintaining <its>their Loans (or its Loan)
included  in  such  Borrowing  for  such  Interest  Period<;  provided  that  no  Benchmark
Transition Event shall have occurred at such time;> or (B) at any time, the Adjusted Daily
Simple  SOFR  will not adequately and fairly reflect the  cost to such Lenders (or Lender)
of making or maintaining their Loans (or Loan) included in such Borrowing;
then the Administrative Agent shall give notice thereof to the Borrower Representative and the Lenders
through Electronic System as provided in Section 9.01 as promptly as practicable thereafter and, until (x)
the  Administrative  Agent  notifies  the  Borrower Representative and  the  Lenders  that  the  circumstances
giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrowers
deliver a new Interest Election Request in accordance with the terms of Section 2.08 or a new Borrowing
Request in accordance with the terms of Section 2.03, (<A>1) any Interest Election Request that requests
the conversion of any Borrowing to, or continuation of any Borrowing as, a <Eurodollar Borrowing shall be
ineffective  and  any  such  Eurodollar  Borrowing  shall  be  repaid  or  converted into an ABR  Borrowing
 >Term Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark Borrowing
shall instead be  deemed to be  an Interest Election Request or a Borrowing Request, as applicable, for (x)
an RFR Borrowing so long as the Adjusted Daily Simple SOFR is not also the subject of Section 2.14(a)(i)
or (ii) above or (y) an ABR Borrowing if the Adjusted Daily Simple SOFR also is the subject of Section
2.14(a)(i) or (ii) above and (2) any Borrowing Request that requests an RFR Borrowing shall instead be
deemed  to  be  a  Borrowing  Request,  as  applicable,  for  an  ABR  Borrowing;  provided  that  if  the
circumstances  giving  rise  to  such  notice  affect  only  one  Type  of  Borrowings,  then  all  other  Types  of
Borrowings shall be  permitted.  Furthermore, if any Term Benchmark Loan or RFR Loan is outstanding
on the date of the Borrower Representative's receipt of the notice from the Administrative Agent referred
to in this  Section 2.14(a)  with respect to a Relevant Rate applicable to such Term Benchmark Loan or
RFR Loan, then until (x) the Administrative Agent notifies the Borrower Representative and the Lenders
that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark
and  (y) the Borrowers deliver a new Interest Election Request in accordance with the terms of Section
2.08 or a new Borrowing Request in accordance with the terms of Section 2.03, (1) any Term Benchmark
Loan  shall on the last day of the <then  current  >Interest  Period  applicable <thereto,  and  (B)  if  any
Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as >to such Loan (or
the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative
Agent to, and shall constitute, (x) an RFR Borrowing so long as the Adjusted Daily Simple SOFR is not
also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Loan if the Adjusted Daily Simple SOFR 

	
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also is the subject of Section 2.14(a)(i) or (ii) above, on such day, and (2) any RFR Loan shall on and from
such day be converted by the Administrative Agent to, and shall constitute an ABR <Borrowing>Loan.
(b) <If any Lender determines that any Requirement of Law has made it unlawful, or if
any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable lending office
to  make,  maintain,  fund  or  continue  any  Eurodollar  Borrowing,  or  any  Governmental  Authority  has
imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of,
dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through
the Administrative Agent, any obligations of such Lender to make, maintain, fund or continue Eurodollar
Loans  or  to  convert  ABR  Borrowings  to  Eurodollar  Borrowings  will  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 will upon demand from such
Lender (with a copy to the Administrative Agent), either prepay or convert all Eurodollar 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 Eurodollar Borrowings to such day, or immediately, if such Lender
may  not  lawfully  continue  to  maintain  such  Loans.  Upon  any  such  prepayment  or  conversion,  the
Borrower will also pay accrued interest on the amount so prepaid or converted.>

(b) (c) Notwithstanding  anything  to  the  contrary  herein  or  in  any  other  Loan
Document<, upon  the  occurrence> of  a  Benchmark  Transition  Event  or <an  Early  Opt-in  Election, as
applicable, the Administrative Agent and the Borrower may amend this Agreement to replace the LIBO
Rate  with  a  Benchmark  Replacement.  Any  such  amendment  with  respect  to  a  Benchmark  Transition
Event will become  effective  at 5:00 p.m. >(and any Swap Agreement shall be deemed not to be a "Loan
Document" for purposes of this Section 2.14), if a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current
Benchmark, then  (x)  if  a  Benchmark  Replacement  is determined  in  accordance  with clause  (1) of the
definition  of  "Benchmark  Replacement"  for  such  Benchmark  Replacement  Date,  such  Benchmark
Replacement will replace  such Benchmark for all purposes hereunder and under any Loan Document in
respect  of  such  Benchmark  setting  and  subsequent  Benchmark  settings  without  any  amendment to, or
further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a
Benchmark  Replacement  is determined in accordance  with clause  (2)  of  the  definition of "Benchmark
Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace  such
Benchmark  for  all  purposes  hereunder  and  under  any  Loan  Document  in  respect  of  any  Benchmark
setting  at  or after  5:00  p.m.  (New  York  City  time) on  the  fifth  (5th)  Business  Day  after  the
 <Administrative  Agent  has  posted  such  proposed  amendment  to  all  Lenders  and  the  Borrower,>date
notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further
action  or  consent  of  any  other  party  to,  this  Agreement  or  any other  Loan  Document so  long  as  the
Administrative  Agent  has  not  received,  by  such  time,  written  notice  of  objection  to  such <proposed
amendment>Benchmark  Replacement from  Lenders  comprising  the  Required  Lenders<;  provided  that,
with respect to any proposed amendment containing any SOFR-Based Rate, the Lenders shall be entitled
to object only to the Benchmark Replacement Adjustment contained therein.  Any such amendment with
respect  to  an  Early  Opt-in  Election  will  become  effective  on  the  date  that  Lenders  comprising  the
Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders
accept  such amendment.  No replacement of LIBO Rate with a Benchmark Replacement will occur prior
to the applicable Benchmark Transition Start Date.>.
(c) (d)  <In  >connection  with  the  implementation  of  a  Benchmark
Replacement<,>Notwithstanding  anything  to  the  contrary  herein  or  in  any  other  Loan  Document, the
Administrative  Agent  will have  the  right  to  make  Benchmark  Replacement  Conforming  Changes  from
time  to time  and, notwithstanding anything to the  contrary herein or in any other Loan Document, any 

	
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amendments  implementing  such  Benchmark  Replacement  Conforming Changes  will become  effective
without any further action or consent of any other party to this Agreement or any other Loan Document.
(d) (e) The  Administrative  Agent will promptly notify the Borrower Representative
and the  Lenders of (i) any occurrence  of a  Benchmark Transition Event< or an Early Opt-in Election, as
applicable>,  (ii)  the  implementation  of  any  Benchmark  Replacement,  (iii)  the  effectiveness  of  any
Benchmark Replacement Conforming Changes< and>, (iv) the removal or reinstatement of any tenor of a
Benchmark  pursuant  to  clause  (f)  below  and  (v) the  commencement  or  conclusion of any Benchmark
Unavailability Period.  Any determination, decision or election that may be made by the Administrative
Agent  or,  if  applicable, any Lender  (or  group of Lenders) pursuant  to this  Section 2.14, including any
determination  with  respect  to  a  tenor,  rate  or adjustment or of the  occurrence  or non-occurrence  of an
event, circumstance or date and any decision to take or refrain from taking any action or any selection, will
be conclusive and binding absent manifest error and may be made in its or their sole discretion and without
consent  from  any  other  party <hereto>to this  Agreement or any other Loan Document, except, in each
case, as expressly required pursuant to this Section 2.14.

(f)  <Upon  the  Borrower's  receipt  of  notice  of  the  commencement of  a  Benchmark
Unavailability Period, (i) any Interest Election Request that requests the conversion of any Borrowing to,
or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and any such Eurodollar
Borrowing shall be repaid or converted into an ABR Borrowing on the last day of the then current Interest
Period  applicable  thereto,  and  (ii)  if  any  Borrowing  Request  requests  a  Eurodollar  Borrowing,  such
Borrowing shall be made as an ABR Borrowing.>

(e) Notwithstanding anything to the contrary herein or in any other Loan Document,
at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-
current  Benchmark  is  a  term  rate  (including  the  Term  SOFR  Rate)  and  either  (A) any tenor for such
Benchmark is not displayed on a screen or other information service that publishes such rate from time to
time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor
for the  administrator of such Benchmark has  provided a  public  statement or publication of information
announcing  that  any  tenor  for  such  Benchmark  is  or  will  be  no  longer  representative,  then  the
Administrative Agent may modify the definition of "Interest Period" for any Benchmark settings at or after
such time  to remove  such unavailable  or  non-representative  tenor  and (ii)  if a tenor that was removed
pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a
Benchmark  (including  a  Benchmark  Replacement)  or  (B)  is  not,  or  is  no  longer,  subject  to  an
announcement  that  it  is  or  will no longer  be  representative  for  a  Benchmark (including a  Benchmark
Replacement),  then  the  Administrative  Agent  may  modify  the  definition  of  "Interest  Period" for  all
Benchmark settings at or after such time to reinstate such previously removed tenor.
(f) Upon the Borrower Representative's receipt of notice of the commencement of a
Benchmark  Unavailability  Period,  the  Borrowers  may  revoke  any  request  for  a  Term  Benchmark
Borrowing or  RFR Borrowing of, conversion to or continuation of Term Benchmark Loans to be made,
converted or continued during any Benchmark Unavailability Period and, failing that, the Borrowers will be
deemed  to  have  converted (1) any such request for a  Term Benchmark Borrowing into a  request for a
Borrowing of or conversion to (A) an RFR Borrowing so long as the Adjusted Daily Simple SOFR is not
the  subject of  a  Benchmark Transition Event  or (B)  an ABR  Borrowing if  the  Adjusted Daily Simple
SOFR is the subject of a Benchmark Transition Event or (2) any such request for an RFR Borrowing into
a request for an ABR Borrowing.  During any Benchmark Unavailability Period or at any time that a tenor
for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-
current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination
of  ABR. Furthermore, if  any  Term Benchmark  Loan  or  RFR  Loan  is  outstanding  on  the  date of the
Borrower Representative's receipt of notice of the commencement of a Benchmark Unavailability Period
 

	
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with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until such
time as a Benchmark Replacement is implemented pursuant to this Section 2.14, (1) any Term Benchmark
Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business
Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute,
(x) an RFR Loan so long as the Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition
Event or (y) an ABR Loan if the Adjusted Daily Simple SOFR is the subject of a Benchmark Transition
Event, on such day and (2) any RFR Loan shall on and from such day be converted by the Administrative
Agent to, and shall constitute an ABR Loan.
SECTION 2.15  Increased Costs.

(a) If any Change in Law shall:

(i) impose, modify or deem applicable any reserve, special deposit, liquidity
or similar requirement (including any compulsory loan requirement, insurance charge or
other assessment) 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>Term SOFR Rate) or the Issuing Bank;
(ii) impose on any Lender or the Issuing Bank or the <London>applicable
offshore interbank  market  any  other  condition,  cost  or  expense  (other  than  Taxes)
affecting  this  Agreement  or  Loans  made  by  such  Lender  or  any  Letter  of  Credit  or
participation therein; or

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

and the  result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient
of making, continuing, converting into or maintaining any Loan (or of maintaining its obligation to make any
such  Loan)  or  to  increase  the  cost  to  such  Lender,  the  Issuing Bank  or  such  other  Recipient  of
participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or
receivable  by  such  Lender,  the  Issuing  Bank  or  such  other  Recipient  hereunder  (whether  of  principal,
interest  or  otherwise),  then  the  Borrowers  will  pay  to  such  Lender,  the  Issuing  Bank  or  such  other
Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, the
Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction
suffered.

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

	
	-63-
(c) A certificate of a Lender or the Issuing Bank setting forth the amount or amounts
necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as
specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower Representative and shall
be  conclusive  absent manifest error.  The  Borrowers shall pay such Lender or the  Issuing Bank, as the
case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

(d) Failure  or  delay  on  the  part  of  any  Lender  or  the  Issuing  Bank to  demand
compensation pursuant to this Section shall not constitute a waiver of such Lender's or the Issuing Bank's
right to demand such compensation; provided that the Borrowers shall not be required to compensate a
Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred more
than 270 days prior to the date that such Lender or the Issuing Bank, as the  case may be, notifies the
Borrower Representative of the Change in Law giving rise to such increased costs or reductions and of
such Lender's or the Issuing Bank'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 270-day period
referred to above shall be extended to include the period of retroactive effect thereof.

SECTION 2.16  Break Funding Payments.

(a) SECTION  2.16 <Break Funding Payments.  In>With respect to Loans that are
not RFR Loans, in the event of (<a>i) the payment of any principal of any <Eurodollar>Term Benchmark
Loan other than on the  last day of an Interest Period applicable thereto (including as a result of an Event
of  Default  or  as  a  result  of  any prepayment  pursuant  to Section 2.11), (<b>ii)  the  conversion of  any
 <Eurodollar>Term Benchmark Loan other than on the last day of the Interest Period applicable thereto,
(<c>iii) the failure to borrow, convert, continue or prepay any <Eurodollar>Term Benchmark Loan on the
date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked
under  Section  2.09(d)  and  is  revoked  in  accordance  therewith), or  (<d>iv) the  assignment  of  any
 <Eurodollar>Term Benchmark Loan other than on the last day of the Interest Period applicable thereto as
a result of a request by the Borrower Representative pursuant to Section 2.19 or 9.02(d), then, in any such
event,  the  Borrowers  shall compensate  each  Lender  for the  loss, cost and expense  attributable  to such
event. <In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to
include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which
would have accrued on the principal amount of such Eurodollar Loan had such event not occurred, at the
Adjusted LIBO  Rate  that  would have  been applicable to such Eurodollar 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, for the period that would have been the Interest Period for such Eurodollar
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 dollar
deposits 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 Representative and shall be conclusive absent manifest error.
The  Borrowers  shall pay such Lender the  amount shown as due  on any such certificate  within ten (10)
days after receipt thereof.

(b) With respect  to RFR  Loans, in the event of (i) the payment of any principal of
any RFR Loan other than on the  Interest Payment Date  applicable thereto (including as a result of an
Event of Default or an optional or mandatory prepayment of Loans), (ii) the failure to borrow or prepay
any RFR Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such
notice may be revoked under Section 2.11 and is revoked in accordance therewith) or (iii) the assignment
of  any RFR  Loan other  than on the  Interest  Payment  Date  applicable  thereto as a result of a request by
the Borrowers pursuant to Section 2.18, then, in any such event, the Borrowers shall compensate each
Lender for the loss, cost and expense attributable to such event.  A certificate of any Lender setting forth 

	
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any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to
the  Borrower  Representative  and shall be  conclusive  absent  manifest  error.  The Borrowers shall pay
such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.
SECTION 2.17  Withholding of Taxes; Gross-Up.

(a) Payments  Free  of  Taxes.  Any  and  all  payments  by  or  on  account  of  any
obligation of any Loan Party under any Loan Document shall be made without deduction or withholding
for  any Taxes, except  as  required by applicable law.  If any applicable law (as determined in the good
faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from
any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make
such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant
Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then
the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction
or withholding has been made (including such deductions and withholdings applicable to additional sums
payable under this Section 2.17) the applicable Recipient receives an amount equal to the sum it would
have received had no such deduction or withholding been made.

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

(c) Evidence  of  Payment.  As  soon  as  practicable  after any payment of Taxes  by
any Loan Party to a Governmental Authority pursuant to this Section 2.17, 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.

(d) Indemnification by the Loan Parties.  The Loan Parties shall jointly and severally
indemnify  each  Recipient,  within  ten  (10)  days  after  demand  therefor,  for  the  full  amount  of  any
Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable
under  this  Section)  payable  or  paid  by  such  Recipient  or  required  to  be  withheld  or  deducted  from  a
payment  to  such  Recipient  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 any Loan
Party by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own
behalf or on behalf of a Lender, shall be conclusive absent manifest error.

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

	
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otherwise payable by the Administrative Agent to such Lender from any other source against any amount
due to the Administrative Agent under this paragraph (e).

(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  the  Borrower  Representative  and  the  Administrative  Agent,  at  the  time  or  times
reasonably requested by the Borrower Representative or the Administrative Agent, such
properly completed and executed documentation reasonably requested by the Borrower
Representative  or  the  Administrative  Agent  as  will  permit  such payments  to  be  made
without  withholding  or  at  a  reduced  rate  of  withholding.  In  addition,  any  Lender,  if
reasonably requested by the Borrower Representative or the Administrative Agent, shall
deliver such other documentation prescribed by applicable law or reasonably requested by
the  Borrower  Representative  or  the  Administrative  Agent  as  will  enable  the  Borrower
Representative or the Administrative Agent to determine whether or not such Lender is
subject  to  backup  withholding  or  information  reporting  requirements.  Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and
submission  of  such  documentation (other  than  such  documentation set forth in
Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender's
reasonable judgment such completion, execution or submission would subject such Lender
to any material unreimbursed cost or expense or would materially prejudice the legal or
commercial position of such Lender.

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

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

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

(1) in the case of a Foreign Lender claiming the benefits of
an  income  tax  treaty  to  which the  United States  is  a  party (x) with
respect to payments of interest under any Loan Document, an executed
copy  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 

	
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exemption from, or reduction of, U.S. Federal withholding Tax pursuant
to the "business profits" or "other income" article of such tax treaty;

(2) in  the  case  of  a  Foreign  Lender  claiming  that  its
extension of credit will generate U.S. effectively connected income, an
executed copy of IRS Form W-8ECI;

(3) in the case of a Foreign Lender claiming the benefits of
the  exemption  for  portfolio  interest under Section 881(c) of the  Code,
(x) a certificate substantially in the form of Exhibit C-1 to the effect that
such  Foreign  Lender  is  not  a  "bank"  within  the  meaning  of  Section
881(c)(3)(A)  of  the  Code,  a  "10  percent  shareholder"  of  a  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)  an  executed  copy  of IRS
Form W-8BEN or IRS Form W-8BEN-E, as applicable; or

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

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

(D) if a payment made to a Lender under any Loan Document would
be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender
were  to  fail  to  comply  with  the  applicable  reporting  requirements  of  FATCA
(including  those  contained  in  Section  1471(b)  or  1472(b)  of  the  Code,  as
applicable),  such  Lender  shall  deliver  to  the  Borrower  Representative  and  the
Administrative Agent at the time or times prescribed by law and at such time or
times reasonably requested by the Borrower Representative or the Administrative
Agent such documentation prescribed by applicable law (including as prescribed
by  Section  1471(b)(3)(C)(i)  of  the  Code)  and  such  additional  documentation
reasonably  requested  by  the  Borrower  Representative  or  the  Administrative
Agent as may be  necessary for the  Borrowers and the  Administrative  Agent to 

	
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comply with their obligations under FATCA and to determine that such Lender
has complied with such Lender's obligations under FATCA or to determine the
amount to deduct and withhold from such payment.  Solely for purposes of this
clause (D), "FATCA" shall include any amendments made to FATCA after the
date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires or becomes
obsolete  or  inaccurate  in  any  respect,  it  shall  update  such  form  or  certification  or  promptly  notify  the
Borrower Representative and the 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 (including by the payment of additional amounts pursuant to this Section), it shall
pay  to  the  indemnifying  party  an  amount  equal  to  such  refund  (but  only  to  the  extent  of  indemnity
payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-
pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest
paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon
the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant
to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) in the  event that such indemnified party is required to repay such refund to such Governmental
Authority.  Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified
party be  required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment
of which would place the indemnified party in a less favorable net after-Tax position than the indemnified
party would have been in if the Tax subject to indemnification and giving rise to such refund had not been
deducted, withheld or otherwise imposed and the indemnification payments or additional amounts giving
rise  to  such  refund  had  never  been  paid.  This  paragraph  (g)  shall  not  be  construed  to  require  any
indemnified party to make available its Tax returns (or any other information relating to its Taxes that it
deems confidential) to the indemnifying party or any other Person.

(h) Survival.  Each party's obligations under this Section shall survive the resignation
or  replacement  of  the  Administrative  Agent  or  any  assignment  of  rights  by,  or  the  replacement  of,  a
Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations
under any Loan Document (including the Payment in Full of the Secured Obligations).

(i) Defined Terms.  For purposes of this Section 2.17, the term "Lender" includes
any Issuing Bank and the term "applicable law" includes FATCA.

SECTION 2.18  Payments Generally; Allocation of Proceeds; Sharing of Setoffs.

(a) The Borrowers shall make each payment or prepayment required to be made by
them  hereunder  (whether  of  principal,  interest,  fees  or  reimbursement  of  LC  Disbursements,  or  of
amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to 2:00 p.m., Chicago time, on the
date  when due  or  the  date fixed for any prepayment hereunder, in immediately available funds, without
setoff,  recoupment  or  counterclaim.  Any  amounts  received  after such  time  on  any  date  may, in  the
discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business
Day for purposes of calculating interest thereon.  All such payments shall be made to the Administrative
Agent at its offices at 10 South Dearborn Street, Floor L2, Chicago, Illinois, except payments to be made
directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments
pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto.  The
Administrative Agent shall distribute any such payments received by it for the account of any other Person
to the  appropriate  recipient promptly following receipt thereof.  Unless otherwise provided for herein, if
any  payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be 

	
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extended to the  next succeeding Business Day, and, in the case of any payment accruing interest, interest
thereon  shall  be  payable  for  the  period  of  such  extension.  All payments  hereunder  shall  be  made  in
dollars.

(b) All  payments  and  any  proceeds  of  Collateral  received  by  the  Administrative
Agent  (i) not  constituting either  (A) a  specific  payment  of principal, interest, fees or other sum payable
under  the  Loan  Documents  (which shall  be  applied  as  specified  by  the  Borrowers), (B) a  mandatory
prepayment  (which shall be applied in accordance with Section 2.11) or (C) amounts to be applied from
the  Collection Account  when full cash dominion is in effect (which shall be applied in accordance with
Section 2.10(b))  or  (ii) after  an Event  of  Default  has occurred and is continuing and the Administrative
Agent  so  elects  or  the  Required  Lenders  so  direct,  shall  be  applied  ratably  first,  to  pay  any  fees,
indemnities, or expense reimbursements then due to the Administrative Agent and the Issuing Bank from
the  Borrowers  (other  than  in  connection  with  Banking  Services  Obligations  or  Swap  Agreement
Obligations), second, to  pay  any  fees, indemnities, or  expense reimbursements then due to the Lenders
from  the  Borrowers  (other  than in connection with Banking Services  Obligations  or  Swap Agreement
Obligations), third, to pay interest due in respect of the Overadvances and Protective Advances, fourth, to
pay the principal of the Overadvances and Protective Advances, fifth, to pay interest then due and payable
on the Loans (other than the Overadvances and Protective Advances) ratably, sixth, to prepay principal on
the Loans (other than the Overadvances and Protective Advances) and unreimbursed LC Disbursements
and to pay any amounts owing in respect of Swap Agreement Obligations up to and including the amount
most  recently provided to the  Administrative  Agent  pursuant  to Section 2.22, for which Reserves have
been established, ratably), seventh, to pay an amount to the Administrative Agent equal to one hundred
five  percent  (105%) of the  aggregate  undrawn face  amount of all outstanding Letters of Credit and the
aggregate  amount  of  any unpaid  LC  Disbursements, to  be  held  as cash collateral for such Obligations,
eighth, to payment of any amounts owing in respect of Banking Services Obligations and Swap Agreement
Obligations up to and including the amount most recently provided to the Administrative Agent pursuant to
Section 2.22 and to the extent not paid pursuant to clause sixth above, and ninth, to the payment of any
other  Secured  Obligation  due  to  the  Administrative  Agent  or  any  Lender  by  the  Borrowers.
Notwithstanding the foregoing amounts received from any Loan Party shall not be applied to any Excluded
Swap  Obligation  of  such  Loan  Party.  Notwithstanding  anything  to  the  contrary  contained  in  this
Agreement, unless so directed by the Borrower Representative, or unless a Default is in existence, neither
the Administrative Agent nor any Lender shall  apply any  payment  which  it  receives  to  any
 <Eurodollar>Term Benchmark Loan of a Class, except (a) on the expiration date of the Interest Period
applicable  thereto or (b) in the  event, and only to the  extent, that there are no outstanding ABR Loans of
the same Class and, in any such event, the Borrowers shall pay the break funding payment required in
accordance with Section 2.16. The Administrative Agent and the Lenders shall have the continuing and
exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of
the Secured Obligations.

(c) At the election of the Administrative Agent, all payments of principal, interest, LC
Disbursements, fees, premiums, reimbursable expenses (including, without limitation, all reimbursement for
fees, costs and expenses pursuant to Section 9.03), and other sums payable under the Loan Documents,
may be paid from the proceeds of Borrowings made hereunder whether made following a request by the
Borrower Representative pursuant to Section 2.03 or a deemed request as provided in this Section or may
be deducted from any deposit account of any Borrower maintained with the Administrative Agent.  The
Borrowers hereby irrevocably authorize (i) the Administrative Agent to make a Borrowing for the purpose
of paying each payment of principal, interest and fees as it becomes due hereunder or any other amount
due under the Loan Documents and agrees that all such amounts charged shall constitute Loans (including
Swingline  Loans and Overadvances, but such a Borrowing may only constitute a Protective Advance if it
is  to reimburse  costs, fees  and expenses  as  described in Section 9.03)  and that all such Borrowings shall
be  deemed  to  have  been  requested  pursuant  to  Section 2.03,  2.04  or  2.05,  as  applicable, and (ii) the 

	
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Administrative Agent to charge any deposit account of any Borrower maintained with the Administrative
Agent for each payment of principal, interest and fees as it becomes due hereunder or any other amount
due under the Loan Documents.

(d) If, except as otherwise expressly provided herein, any Lender shall, by exercising
any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest
on any of its Loans or participations in LC Disbursements resulting in such Lender receiving payment of a
greater  proportion  of  the  aggregate  amount  of  its  Loans  and  participations  in  LC  Disbursements  and
Swingline Loans and accrued interest thereon than the proportion received by any other similarly situated
Lender,  then  the  Lender  receiving  such  greater  proportion  shall  purchase  (for  cash  at  face  value)
participations in the Loans and participations in LC Disbursements and Swingline Loans of other Lenders
to the extent necessary so that the benefit of all such payments shall be shared by all such Lenders ratably
in  accordance  with  the  aggregate  amount of principal of and accrued interest on their respective  Loans
and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations
are purchased and all or any portion of the payment giving rise thereto is recovered,  such participations
shall be  rescinded  and  the  purchase  price restored to the extent of such recovery, without interest, and
(ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrowers
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 or participations
in LC  Disbursements  or Swingline Loans to any assignee or participant, other than to the Borrowers or
any  Subsidiary  or  Affiliate  thereof  (as  to  which  the  provisions  of  this  paragraph  shall  apply). Each
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
such  Borrower  rights  of  setoff  and  counterclaim with  respect  to  such  participation  as  fully  as  if  such
Lender were a direct creditor of such Borrower in the amount of such participation.

(e) Unless the Administrative Agent shall have received, prior to any date on which
any  payment  is  due  to  the  Administrative  Agent  for  the  account of  the  Lenders  or  the  Issuing  Bank
pursuant to the terms hereof or any other Loan Document (including any date that is fixed for prepayment
by  notice  from  the  Borrower  Representative  to  the  Administrative  Agent  pursuant  to  Section  2.11(e)),
notice from the Borrower Representative that the Borrowers will not make such payment or prepayment,
the  Administrative  Agent  may  assume  that  the  Borrowers  have  made  such  payment  on  such  date  in
accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing
Bank, as the case may be, the amount due.  In such event, if the Borrowers have not in fact made such
payment, then each of  the  Lenders  or  the  Issuing Bank, as the case may be, severally agrees to repay to
the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank
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 NYFRB Rate and a rate
determined  by  the  Administrative  Agent  in  accordance  with  banking  industry  rules  on  interbank
compensationNYFRB Rate.
(f) The  Administrative  Agent  may  from  time  to  time  provide  the  Borrowers  with
account  statements  or  invoices  with  respect  to  any  of  the  Secured  Obligations  (the  "Statements").  The
Administrative Agent is under no duty or obligation to provide Statements, which, if provided, will be solely
for  the  Borrowers'  convenience.  Statements  may  contain  estimates  of  the  amounts  owed  during  the
relevant billing period, whether of principal, interest, fees or other Secured Obligations.  If the Borrowers
pay the full amount indicated on a Statement on or before the due date indicated on such Statement, the
Borrowers shall not be in default of payment with respect to the billing period indicated on such Statement;
provided, that acceptance by the Administrative Agent, on behalf of the Lenders, of any payment that is
less than the total amount actually due at that time (including but not limited to any past due amounts) shall 

	
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not constitute  a  waiver of the Administrative Agent's or the Lenders' right to receive payment in full at
another time.

SECTION 2.19  Mitigation Obligations; Replacement of Lenders.

(a) If any Lender requests compensation under Section 2.15, or if the Borrowers are
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 2.17, 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 judgment of such
Lender,  such  designation  or  assignment  (i)  would  eliminate  or  reduce  amounts  payable  pursuant  to
Section 2.15  or  2.17,  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
Borrowers hereby agree 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 Borrowers are
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 2.17, or if any Lender becomes a Defaulting
Lender,  then  the  Borrowers  may,  at  their  sole  expense  and  effort,  upon  notice  by  the  Borrower
Representative 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 (other than its existing rights to payments pursuant to Section 2.15 or 2.17) and obligations
under this Agreement and other Loan Documents 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
Representative  shall  have  received  the  prior  written  consent  of  the  Administrative  Agent  (and  in
circumstances  where  its  consent  would  be  required  under  Section  9.04,  the  Issuing  Bank  and  the
Swingline Lender), 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  and  funded  participations  in  LC
Disbursements and Swingline 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  Borrowers  (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.  A Lender shall
not  be  required to make any such assignment and delegation if, prior thereto, as a result of a waiver by
such  Lender  or  otherwise,  the circumstances  entitling  the  Borrowers  to  require  such  assignment  and
delegation  cease  to  apply.  Each  party  hereto  agrees  that  (x)  an  assignment  required  pursuant  to  this
paragraph  may  be  effected  pursuant  to  an  Assignment  and  Assumption  executed  by  the  Borrower
Representative,  the  Administrative  Agent  and  the  assignee  (or, to  the  extent  applicable,  an  agreement
incorporating an Assignment and Assumption by reference  pursuant to an Approved Electronic Platform
as to which the  Administrative  Agent and such parties are participants), and (y) the Lender required to
make  such assignment need not be  a  party thereto in order  for  such assignment to be effective and shall
be  deemed  to  have  consented  to  an  be  bound  by  the  terms  thereof;  provided  that,  following  the
effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver
such documents necessary to evidence such assignment as reasonably requested by the applicable Lender,
provided that any such documents shall be without recourse to or warranty by the parties thereto.

SECTION 2.20    Defaulting  Lenders.  Notwithstanding  any provision of  this Agreement to the
contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long
as such Lender is a Defaulting Lender: 

	
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(a) fees shall cease to accrue on the unfunded portion of the Revolving Commitment
of such Defaulting Lender pursuant to Section 2.12(a);

(b) any  payment  of  principal,  interest,  fees  or  other  amounts  received  by  the
Administrative  Agent  for  the account  of  such  Defaulting  Lender (whether  voluntary  or  mandatory,  at
maturity,  pursuant  to  Section  2.18(b)  or  otherwise)  or  received  by  the  Administrative  Agent  from  a
Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined by
the  Administrative  Agent  as  follows: first,  to  the  payment  of  any  amounts  owing  by  such  Defaulting
Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts
owing  by  such  Defaulting  Lender  to  any  Issuing  Bank  or  Swingline  Lender  hereunder; third,  to  cash
collateralize the Issuing Bank's LC Exposure with respect to such Defaulting Lender in accordance with
this  Section; fourth,  as  the  Borrower  Representative  may  request  (so  long  as  no  Default  or  Event  of
Default exists), to the  funding of  any Loan in respect of which such Defaulting Lender has failed to fund
its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so
determined by the Administrative Agent and the Borrower Representative, to be held in a deposit account
and released pro rata in order to (x) satisfy such Defaulting Lender's potential future funding obligations
with  respect  to  Loans  under  this Agreement  and  (y)  cash  collateralize  the  Issuing  Bank's  future  LC
Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this
Agreement, in accordance  with this Section; sixth, to the  payment of any amounts owing to the Lenders,
the Issuing Bank or Swingline Lender as a result of any judgment of a court of competent jurisdiction
obtained by any Lender, the Issuing Bank or Swingline Lender against such Defaulting Lender as a result
of  such  Defaulting  Lender's  breach  of  its  obligations  under  this  Agreement  or  under  any  other  Loan
Document; seventh, so long as  no Default or  Event of  Default exists, to the payment of any amounts
owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by any
Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations
under this Agreement or under any other Loan Document; and eighth, to such Defaulting Lender or as
otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of
the principal amount of any Loans or LC Disbursements in respect of which such Defaulting Lender has
not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were
issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall
be applied solely to pay the Loans of, and LC Disbursements owed to, all non-Defaulting Lenders on a pro
rata  basis  prior  to  being  applied  to  the  payment  of  any  Loans  of,  or  LC  Disbursements  owed  to,  such
Defaulting Lender until such time as all Loans and funded and unfunded participations in the Borrowers'
obligations corresponding to such Defaulting Lender's LC Exposure and Swingline Loans are held by the
Lenders  pro  rata  in  accordance  with  the  Commitments  without  giving  effect  to  clause  (d)  below.  Any
payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held)
to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section shall be
deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;

(c) such Defaulting Lender shall not have the right to vote on any issue on which
voting is required (other than to the extent expressly provided in Section 9.02(b)) and the Commitment and
Revolving Exposure of such Defaulting Lender shall not be included in determining whether the Required
Lenders  or  the  Supermajority  Lenders  have  taken  or  may  take  any  action  hereunder  (including  any
consent  to any amendment, waiver or other modification pursuant to Section 9.02) or under any other
Loan  Document;  provided,  that,  except  as  otherwise  provided  in Section 9.02,  this  clause  (c)  shall  not
apply  to  the  vote  of  a  Defaulting  Lender  in  the  case  of  an  amendment,  waiver  or  other  modification
requiring the consent of such Lender or each Lender directly affected thereby;

(d) if any Swingline Exposure or LC Exposure exists at the time a Lender becomes a
Defaulting Lender then: 

	
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(i) all  or  any  part  of  the  Swingline  Exposure  and  LC  Exposure  of  such
Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance
with their respective Applicable Percentages but only to the extent that such reallocation
does not, as to any non-Defaulting Lender, cause such non-Defaulting Lender's Revolving
Exposure to exceed its Revolving Commitment;

(ii) if  the  reallocation  described  in  clause  (i)  above  cannot,  or  can  only
partially, be effected, the Borrowers shall within one (1) Business Day following notice by
the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash
collateralize, for the benefit of the Issuing Bank, the Borrowers' obligations corresponding
to such Defaulting Lender's LC Exposure (after giving effect to any partial reallocation
pursuant  to  clause  (i)  above)  in  accordance  with  the  procedures  set  forth  in
Section 2.06(j) for so long as such LC Exposure is outstanding;

(iii) if  the  Borrowers  cash  collateralize  any  portion  of  such  Defaulting
Lender's LC Exposure  pursuant to clause  (ii) above, the Borrowers shall not be required
to  pay  any  fees  to  such  Defaulting  Lender  pursuant to  Section 2.12(b)  with  respect  to
such  Defaulting  Lender's  LC  Exposure  during  the  period  such  Defaulting  Lender's  LC
Exposure is cash collateralized;

(iv) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant
to clause (i) above, then the fees payable to the Lenders pursuant to Sections 2.12(a) and
2.12(b)  shall  be  adjusted  in  accordance  with  such  non-Defaulting  Lenders'  Applicable
Percentages; and

(v) if all or any portion of such Defaulting Lender's LC Exposure is neither
reallocated  nor  cash  collateralized  pursuant  to  clause  (i)  or  (ii)  above,  then,  without
prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder, all
letter  of  credit  fees  payable  under  Section  2.12(b)  with  respect  to  such  Defaulting
Lender's LC Exposure  shall be  payable  to the Issuing Bank until and to the extent that
such LC Exposure is reallocated and/or cash collateralized; and

(e) so  long  as  such  Lender  is  a  Defaulting  Lender,  the  Issuing  Bank  shall  not  be
required  to  issue,  amend,  renew,  extend  or  increase  any  Letter of  Credit,  unless  it  is  satisfied  that  the
related  exposure  and  such Defaulting Lender's then outstanding LC Exposure will be 100%  covered by
the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrowers
in accordance with Section 2.20(d), and Swingline Exposure related to any such newly made Swingline
Loan or LC Exposure related to any newly issued or increased Letter of Credit shall be allocated among
non-Defaulting Lenders in a manner consistent with Section 2.20(d)(i) (and such Defaulting Lender shall
not participate therein).

If (i) a Bankruptcy Event or a Bail-In Action with respect to the Parent of any Lender shall occur
following the date hereof and for so long as such event shall continue or (ii) the Swingline Lender or the
Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or
more other agreements in which such Lender commits to extend credit, the Swingline Lender shall not be
required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend or increase
any  Letter  of  Credit,  unless  the  Swingline  Lender  or  the  Issuing  Bank,  as  the  case  may  be,  shall  have
entered into arrangements with the Borrowers or such Lender, satisfactory to the Swingline Lender or the
Issuing Bank, as the case may be, to defease any risk  to it in respect of such Lender hereunder.

In the event that each of the Administrative Agent, the Borrowers, the Swingline Lender and the
Issuing  Bank  agrees  that  a  Defaulting  Lender  has  adequately  remedied  all matters  that  caused  such 

	
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Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be
readjusted  to  reflect  the  inclusion  of  such  Lender's  Revolving Commitment  and  on  the  date  of  such
readjustment  such  Lender  shall  purchase  at  par  such  of  the  Loans  of  the  other  Lenders  (other  than
Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender
to hold such Loans in accordance with its Applicable Percentage.

SECTION 2.21  Returned Payments.  If after receipt of any payment which is applied to the
payment of all or any part of the Obligations (including a payment effected through exercise of a right of
setoff), the Administrative Agent or any Lender is for any reason compelled to surrender such payment or
proceeds  to  any  Person  because  such  payment  or  application  of  proceeds  is  invalidated,  declared
fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion
of  trust  funds,  or  for  any  other  reason  (including  pursuant  to any  settlement  entered  into  by  the
Administrative Agent or such Lender in its discretion), then the Obligations or part thereof intended to be
satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment
or  proceeds  had not been received by the Administrative Agent or such Lender.  The provisions of this
Section 2.21  shall  be  and  remain  effective  notwithstanding  any contrary  action  which  may  have  been
taken  by  the  Administrative  Agent  or  any  Lender  in  reliance  upon  such  payment  or  application  of
proceeds.  The provisions of this Section 2.21 shall survive the termination of this Agreement.

SECTION 2.22      Banking  Services  and  Swap  Agreements.  Each  Lender  other  than JPMCB
or Affiliate thereof providing Banking Services for, or having Swap Agreements with, any Loan Party or
any Subsidiary of a Loan Party shall deliver to the Administrative Agent, promptly after entering into such
Banking Services or Swap Agreements, written notice setting forth the aggregate amount of all Banking
Services Obligations and Swap Agreement Obligations of such Loan Party or Subsidiary thereof to such
Lender  or  Affiliate  (whether  matured  or  unmatured,  absolute  or contingent).  In  addition,  each  such
Lender or Affiliate thereof shall deliver to the Administrative Agent, following the end of each calendar
month, a summary of the amounts due or to become due in respect of such Banking Services Obligations
and  Swap  Agreement  Obligations.  The  most  recent  information  provided  to  the  Administrative  Agent
shall be used in determining the amounts to be applied in respect of such Banking Services Obligations
and/or Swap Agreement Obligations pursuant to Section 2.18(b) and which tier of the waterfall, contained
in Section 2.18(b), such Banking Services Obligations and/or Swap Agreement Obligations will be placed.
For the avoidance of doubt, so long as JPMCB or its Affiliate is the Administrative Agent, neither JPMCB
nor any of its Affiliates providing Banking Services for, or having Swap Agreements with, any Loan Party
or any Subsidiary or Affiliate of a Loan Party shall be required to provide any notice described in this
Section 2.22 in respect of such Banking Services or Swap Agreements.

ARTICLE III

Representations  and  Warranties.

Each Loan Party represents and warrants to the Lenders that:

SECTION  3.01    Organization;  Powers.  Each  Loan  Party  and  each  Subsidiary  is  duly
organized  or  formed,  validly  existing  and  in  good  standing  under  the  laws  of  the  jurisdiction  of  its
organization, has all requisite power and authority to carry on its business as now conducted and, except
where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a
Material  Adverse  Effect,  and  except  to  the  extent  required  in  connection  with  a  transaction  permitted
under Section 6.03, is qualified to do business, and is in good standing, in every jurisdiction where such
qualification is required.  No Loan Party or any Subsidiary is a Covered Entity.

SECTION 3.02    Authorization;  Enforceability.  The  Transactions  are  within each Loan Party's
corporate  or  other  organizational powers  and have  been duly authorized by all necessary corporate  or 

	
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other organizational actions and, if required, actions by equity holders.  Each Loan Document to which
each Loan Party is a party has been duly executed and delivered by such Loan Party and constitutes a
legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to
applicable  bankruptcy,  insolvency,  reorganization,  moratorium  or  other  laws  affecting  creditors'  rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in
equity or at law.

SECTION 3.03  Governmental Approvals; No Conflicts.  The Transactions (a) do not require
any consent or approval of, registration or filing with, or any other action by, any Governmental Authority,
except  such  as  have  been  obtained  or  made  and  are  in  full  force  and  effect  and  except  for  filings
necessary to perfect  Liens  created pursuant to the Loan Documents, (b) will not violate any Requirement
of Law applicable to any Loan Party or any Subsidiary, (c) will not violate or result in a default under any
indenture, agreement or other instrument binding upon any Loan Party or any Subsidiary or the assets of
any Loan Party or any Subsidiary, or give rise to a right thereunder to require any payment to be made by
any Loan Party or any Subsidiary, and (d) will not result in the creation or imposition of, or the requirement
to create, any Lien on any asset of any Loan Party or any Subsidiary, except Liens created pursuant to the
Loan Documents.

SECTION 3.04  Financial Condition; No Material Adverse Change.

(a) Haynes Parent has heretofore furnished to the Lenders its consolidated balance
sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended
September 30, 2019, reported on by Deloitte LLP, independent public accountants, and (ii) as of and for
the fiscal month and the portion of the fiscal year ended August 31, 2020, certified by a Financial Officer.
Such  financial  statements  present  fairly,  in  all  material  respects,  the  financial  position  and  results  of
operations  and cash flows  of  Haynes  Parent  and its consolidated Subsidiaries as of such dates and for
such periods in accordance with GAAP, subject to normal year-end audit adjustments and the absence of
footnotes in the case of the statements referred to in clause (ii) above.

(b) No event, change or condition has occurred that has had, or could reasonably be
expected to have, a Material Adverse Effect, since September 30, 2019.

SECTION 3.05  Properties.

(a) As  of  the <date of this Agreement>First Amendment Effective Date, Schedule
3.05  sets  forth the  address  of  each parcel of  real property that  is  owned or  leased by any Loan Party.
Each of such leases and subleases is valid and enforceable in accordance with its terms and is in full force
and effect, and no default by any party to any such lease or sublease exists.  Each of the Loan Parties and
each of its Subsidiaries has good and indefeasible title to, or valid leasehold interests in, all of its real and
personal property, free of all Liens other than those permitted by Section 6.02.

(b) Each Loan Party and each Subsidiary owns, or is licensed to use, all trademarks,
tradenames,  copyrights,  patents  and  other  intellectual  property  necessary  to  its  business  as  currently
conducted,  a  correct  and  complete  list  of  which,  as  of  the <date  of  this  Agreement>First  Amendment
Effective Date, is set forth on Schedule 3.05, and the use thereof by each Loan Party and each Subsidiary
does not infringe in any material respect upon the rights of any other Person, and each Loan Party's and
each Subsidiary's rights thereto are not subject to any licensing agreement or similar arrangement.

SECTION 3.06  Litigation and Environmental Matters.

(a) There  are  no  actions,  suits  or  proceedings  by  or  before  any  arbitrator  or
Governmental Authority pending against  or, to the  knowledge of any Loan Party, threatened against or 

	
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affecting any Loan Party or any Subsidiary (i) as to which there is a reasonable possibility of an adverse
determination  and  that,  if  adversely  determined,  could  reasonably  be  expected,  individually  or  in  the
aggregate,  to  result  in  a  Material  Adverse  Effect  or  (ii)  that involve  any  Loan  Document  or  the
Transactions.

(b) (i)  Except  for  the  Disclosed  Matters,  no  Loan  Party  or  any  Subsidiary  has
received notice of any claim with respect to any Environmental Liability or knows of any basis for any
Environmental  Liability  and  (ii)  except  with  respect  to  any  other  matters  that,  individually  or  in  the
aggregate, could not reasonably be expected to result in a Material Adverse Effect, no Loan Party or any
Subsidiary (A) has failed to comply with any Environmental Law or to obtain, maintain or comply with any
permit, license or other approval required under any Environmental Law, (B) has become subject to any
Environmental Liability, (C) has received notice of any claim with respect to any Environmental Liability or
(D) knows of any basis for any Environmental Liability.

(c) Since the date of this Agreement, there has been no change in the status of the
Disclosed  Matters  that,  individually  or  in  the  aggregate,  has  resulted  in,  or  materially  increased  the
likelihood of, a Material Adverse Effect.

SECTION 3.07  Compliance  with  Laws  and  Agreements;  No  Default.  Except  where  the
failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect, each Loan Party and each Subsidiary is in compliance with (a) all Requirement of Law
applicable to it or its property and (b) all indentures, agreements and other instruments binding upon it or its
property.  No Default has occurred and is continuing.

SECTION  3.08    Investment  Company  Status.  No  Loan  Party  or  any  Subsidiary  is  an
"investment company" as defined in, or subject to regulation under, the Investment Company Act of 1940.

SECTION 3.09  Taxes.  Each Loan Party and each Subsidiary has timely filed or caused to be
filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes
required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate
proceedings and for which such Loan Party or such Subsidiary, as applicable, has set aside on its books
adequate reserves or (b) tax liability in excess of $2,500,000.  No tax liens have been filed and no claims
are being asserted with respect to any such taxes.

SECTION 3.10   ERISA. No ERISA Event has occurred or is reasona bly expected to occur
that, when taken together with all other such ERISA Events for which liability is reasonably expected to
occur,  could  reasonably  be  expected  to  result  in  a  Material  Adverse  Effect.  Except  as  could  not
reasonably  be  expected  to  result  in  liability  of  the  Loan  Parties  and  their  Subsidiaries  in  an  aggregate
amount in excess of $2,500,000, (i) each Foreign Plan complies with, and has been operated in accordance
with, all applicable laws and the terms of such Foreign Plan and (ii) no Loan Party has any liability for a
fine, penalty, damage, or excise tax  with respect to a Foreign Plan and no Loan Party has received notice
from a Governmental Authority, plan administrator, or participant (or any participant's agent) that any such
fine, penalty, damage or excise tax may be owing by such Loan Party with respect to any Foreign Plan. 

	
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SECTION  3.11    Disclosure.  The  Loan  Parties  have  disclosed  to  the  Lenders  all agreements,
instruments  and corporate  or other restrictions  to which any Loan Party or any Subsidiary is subject, and
all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in
a  Material  Adverse  Effect.  None  of  the  reports,  financial  statements,  certificates  or  other  information
furnished by or on behalf of any Loan Party or any Subsidiary to the Administrative Agent or any Lender
in  connection  with  the  negotiation  of  this  Agreement  or  any  other  Loan  Document  (as  modified  or
supplemented by other information so furnished) contains any material misstatement of fact or omits to
state any material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided that, with respect to projected financial information, the
Loan  Parties  represent  only  that  such  information  was  prepared in  good  faith  based  upon  assumptions
believed to be reasonable at the time delivered and, if such projected financial information was delivered
prior to the Effective Date, as of the Effective Date.

SECTION 3.12      Material Agreements.  Except  as  could not  reasonably be expected to result
in a Material Adverse Effect, no Loan Party is in default in the performance, observance or fulfillment of
any  of  the  obligations,  covenants  or  conditions  contained  in  (a)  any  agreement  to  which  it  is  a  party,
including, without limitation, the Timet Documents or the Collective Bargaining Agreements or (b) any
agreement or instrument evidencing or governing Indebtedness.

SECTION 3.13  Solvency.

(a) <Immediately>Both  before  and  immediately after  the  consummation  of  the
Transactions  to occur  on the First  Amendment Effective  Date, (i) the  fair  value  of  the assets of each
Loan Party, at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise;
(ii) the present fair saleable value of the property of each Loan Party will be greater than the amount that
will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or
otherwise, as such debts and other liabilities become absolute and matured; (iii) each Loan Party will be
able  to pay  its  debts  and  liabilities,  subordinated,  contingent  or  otherwise,  as  such  debts  and  liabilities
become absolute and matured; and (iv) no Loan Party will have unreasonably small capital with which to
conduct  the  business  in  which  it  is  engaged  as  such  business  is  now  conducted  and  is  proposed  to  be
conducted after the First Amendment Effective Date.
(b) No Loan Party intends to, nor will permit any Subsidiary to, and no Loan Party
believes that it or any Subsidiary will, incur debts beyond its ability to pay such debts as they mature, taking
into account the timing of and amounts of cash to be received by it or any such Subsidiary and the timing
of the amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness of any such
Subsidiary.

SECTION 3.14      Insurance.  Schedule 3.14 sets forth a description of all insurance maintained
by or on behalf of the  Loan Parties and their Subsidiaries as of the First Amendment Effective Date.  As
of  the  Effective  Date,  all  premiums  in  respect  of  such  insurance  have  been  paid.  Each  Borrower
maintains, and has caused each Subsidiary to maintain, with financially sound and reputable insurance
companies, insurance on all their real and personal property in such amounts, subject to such deductibles
and  self-insurance  retentions  and  covering  such  properties  and risks  as  are  adequate  and  customarily
maintained  by  companies  engaged  in  the  same  or  similar  businesses  operating  in  the  same  or  similar
locations.

SECTION  3.15  Capitalization  and  Subsidiaries.  Schedule  3.15  sets  forth  as  of  the First
Amendment Effective Date, (a) a correct and complete list of the name and relationship to Haynes Parent
of  each  and  all  of  Haynes  Parent's  Subsidiaries,  (b)  a  true  and  complete  listing  of  each  class  of  each
Borrower's authorized Equity Interests, all of which issued Equity Interests are validly issued, outstanding,
fully paid and non-assessable, and owned beneficially and of record by the Persons identified on Schedule 

	
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3.15,  and  (c)  the  type  of  entity  of  Haynes  Parent  and  each  of  its  Subsidiaries.  All  of  the  issued  and
outstanding  Equity  Interests  owned  by  any  Loan  Party  have  been (to  the  extent  such  concepts  are
relevant  with  respect  to  such  ownership  interests)  duly  authorized  and  issued  and  are  fully paid and
non-assessable.  There are no outstanding commitments or other obligations of any Loan Party to issue,
and no options, warrants  or  other  rights of any Person to acquire, any shares of any class of capital stock
or other equity interests of any Loan Party.

SECTION 3.16  Security  Interest  in  Collateral.  The  provisions  of  this  Agreement  and the
other Loan Documents create legal and valid Liens on all of the Collateral in favor of the Administrative
Agent, for the benefit of the Secured Parties, and such Liens constitute perfected and continuing Liens on
the Collateral, securing the Secured Obligations, enforceable against the applicable Loan Party and all third
parties,  and  having  priority  over  all  other  Liens  on  the  Collateral except  in the  case  of  (a) Permitted
Encumbrances, to  the  extent  any such  Permitted  Encumbrances  would  have  priority  over  the  Liens in
favor  of  the  Administrative  Agent  pursuant  to  any  applicable  law  and  (b) Liens  perfected  only  by
possession (including possession of any certificate of title) to the extent the Administrative Agent has not
obtained or does not maintain possession of such Collateral.

SECTION 3.17  Employment Matters and Labor Disputes.

(a) As  of  the First  Amendment Effective  Date,  there  are  no  strikes,  lockouts  or
slowdowns against any Loan Party or any Subsidiary pending or, to the knowledge of any Loan Party,
threatened.  The  hours  worked  by and  payments  made  to  employees of  the  Loan  Parties  and  their
Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Federal,
state,  local  or  foreign  law  dealing  with  such  matters.  All  payments  due  from  any  Loan  Party  or  any
Subsidiary, or for which any claim may be made against any Loan Party or any Subsidiary, 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 such Loan Party or such Subsidiary.

(b) Set forth on Schedule 3.17 is a list (including dates of termination) of all collective
bargaining  or  similar  agreements  between  or  applicable  to  each Loan  Party  and  any  union,  labor
organization or other bargaining agent in respect of the employees any Loan Party <on the date hereof>as
of the First Amendment Effective Date.
(c) There is (A) no significant unfair labor practice complaint pending against any
Loan Party or, to the best of the Loan Parties' knowledge, threatened against it, before the National Labor
Relations Board (or similar Governmental Authority), and no significant grievance or significant arbitration
proceeding  arising  out  of  or  under  any  collective  bargaining  agreement  is  pending  on  the <date
hereof>First  Amendment  Effective  Date against  any  Loan  Party  or,  to  best  of  any  Loan  Party's
knowledge,  threatened  against  it,  which,  in  either  case,  has  or  could  reasonably  be  expected  to  have  a
Material Adverse Effect, and (B) no significant strike, labor dispute, slowdown or stoppage is pending
against a Loan Party or, to the best of any Loan Party's knowledge, threatened against any Loan Party
which has or could reasonably be expected to have a Material Adverse Effect.

SECTION  3.18    Margin  Regulations. No  Loan  Party  is  engaged  and will  not  engage,
principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or
extending credit for the purpose of purchasing or carrying Margin Stock, and no part of the proceeds of
any Borrowing or Letter of Credit hereunder will be used to buy or carry any Margin Stock.  Following the
application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than 25%
of the value of the assets (either of any Loan Party only or of the Loan Parties and their Subsidiaries on a
consolidated basis) will be Margin Stock. 

	
	-78-
SECTION 3.19  Use  of  Proceeds. The  proceeds  of  the Loans have been used and will be
used, whether directly or indirectly as set forth in Section 5.08.

SECTION 3.20  No Burdensome Restrictions.  No Loan Party is subject to any Burdensome
Restrictions except Burdensome Restrictions permitted under Section 6.10.

SECTION 3.21  Anti-Corruption Laws and Sanctions.  Each Loan Party has implemented and
maintains  in  effect  policies  and  procedures  designed  to  ensure compliance  by  such  Loan  Party,  its
Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and
applicable Sanctions, and such Loan Party, its Subsidiaries and their respective officers and directors and,
to the knowledge of such Loan Party, its employees and agents, are in compliance with Anti-Corruption
Laws and applicable Sanctions in all material respects.  None of (a) any Loan Party, any Subsidiary or any
of  their  respective  directors, officers or, employees, or (b) to the knowledge of any such Loan Party or
Subsidiary, any agent of such Loan Party or any Subsidiary that will act in any capacity in connection with
or benefit from the credit facility established hereby, is a Sanctioned Person.  No Borrowing or Letter of
Credit, use  of  proceeds, Transaction  or  other  transaction  contemplated  by  this Agreement or the  other
Loan Documents will violate Anti-Corruption Laws or applicable Sanctions.

SECTION 3.22  Common  Enterprise.  The  successful  operation  and condition  of  each  of  the
Loan Parties is dependent on the continued successful performance of the functions of the group of the
Loan  Parties  as  a  whole  and  the  successful  operation  of  each  of  the  Loan  Parties  is  dependent  on  the
successful  performance  and  operation  of  each  other  Loan  Party. Each  Loan  Party  expects  to  derive
benefit  (and  its  board  of  directors  or  other  governing  body  has  determined  that  it  may  reasonably  be
expected to derive  benefit), directly and indirectly, from (a) successful operations  of each of the other
Loan  Parties  and  (b) the  credit  extended  by  the  Lenders  to  the Borrowers  hereunder, both  in  their
separate  capacities  and  as  members  of  the  group  of  companies.  Each  Loan  Party  has  determined  that
execution, delivery, and performance of this Agreement and any other Loan Documents to be executed by
such Loan Party is within its purpose, in furtherance of its direct and/or indirect business interests, will be
of direct and/or indirect benefit to such Loan Party, and is in its best interest.

SECTION  3.23 Affected  Financial  Institutions. No  Loan  Party  is  an  Affected  Financial
Institution.

SECTION  3.24    Plan  Assets;  Prohibited  Transactions. No  Loan  Party  or  any  of  its
Subsidiaries is an entity deemed to hold "plan assets" (within the meaning of the Plan Asset Regulations),
and  neither  the  execution,  delivery  nor  performance  of  the  transactions  contemplated  under  this
Agreement, including the making of any Loan and the issuance of any Letter of Credit hereunder, will give
rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code.

ARTICLE IV

Conditions.

SECTION 4.01    Effective  Date.  The  obligations  of  the  Lenders  to  make  Loans  and  of  the
Issuing Bank to issue  Letters  of Credit hereunder shall not become effective until the date on which each
of the following conditions is satisfied (or waived in accordance with Section 9.02):

(a) Credit Agreement and Other Loan Documents.  The Administrative Agent (or its
counsel)  shall have  received (i) 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 facsimile or other electronic transmission of a signed signature page of this Agreement) that such
party  has  signed  a  counterpart  of  this  Agreement,  (ii) either  (A) a  counterpart  of  each  other  Loan 

	
	-79-
Document  signed  on  behalf  of  each  party  thereto  or  (B)  written evidence  satisfactory  to  the
Administrative Agent (which may include facsimile or other electronic transmission of a signed signature
page thereof) that each such party has signed a counterpart of such Loan Document and (iii) such other
certificates, documents, instruments and agreements as the Administrative Agent shall reasonably request
in  connection  with  the  transactions  contemplated  by  this  Agreement  and  the  other  Loan  Documents,
including any promissory notes requested by a  Lender pursuant to Section 2.10 payable to the order of
each  such  requesting  Lender  and  a  written  opinion  of  the  Loan  Parties'  counsel,  addressed  to  the
Administrative  Agent,  the  Issuing  Bank  and  the  Lenders  (together  with  any  other  real  estate  related
opinions separately described herein), all in form and substance satisfactory to the Administrative Agent
and its counsel.

(b) Financial Statements  and Projections.  The Lenders shall  have received
(i) audited consolidated financial statements of Haynes Parent and its Subsidiaries for the 2017, 2018 and
2019  fiscal  years,  (ii)  unaudited  interim  consolidated  financial  statements  of  Haynes  Parent  and  its
Subsidiaries  for  each  fiscal  month  ended  after  the  date  of  the latest  applicable  financial  statements
delivered pursuant to clause (i) of this paragraph as to which such financial statements are available, and
such financial statements shall not, in the reasonable judgment of the Administrative Agent, reflect any
material adverse change in the consolidated financial condition of Haynes Parent and its Subsidiaries, as
reflected in the  audited, consolidated financial statements  described in clause  (i)  of  this  paragraph and
(iii) satisfactory projections from October 1, 2020 through September 30, 2021.

(c) Closing  Certificates;  Certified  Certificate  of  Incorporation;  Good  Standing
Certificates.  The Administrative Agent shall have received (i) a certificate of each Loan Party, dated the
Effective  Date  and  executed  by  its  Secretary  or  Assistant  Secretary,  which  shall  (A)  certify  the
resolutions  of  its  Board  of  Directors,  members  or  other  body  authorizing  the  execution,  delivery  and
performance of the Loan Documents to which it is a party, (B) identify by name and title and bear the
signatures of the officers of such Loan Party authorized to sign the Loan Documents to which it is a party
and,  in  the  case  of  each  Borrower,  its  Financial  Officers,  and (C)  contain  appropriate  attachments,
including the certificate or articles of incorporation or organization of each Loan Party certified by the
relevant authority of the jurisdiction of organization of such Loan Party and a true and correct copy of its
by-laws  or  operating,  management  or  partnership  agreement,  or  other  organizational  or  governing
documents, and (ii) a good standing certificate for each Loan Party from its jurisdiction of organization or
the  substantive  equivalent  available  in  the  jurisdiction  of  organization  for  each  Loan  Party  from  the
appropriate governmental officer in such jurisdiction.

(d) No  Default  Certificate.  The  Administrative  Agent  shall  have  received  a
certificate,  signed  by  a  Financial  Officer  of  each  Borrower  and  each  other  Loan  Party,  dated  as  of  the
Effective  Date  (i)  stating  that no  Default  has  occurred  and  is continuing,  (ii)  stating  that  the
representations and warranties contained in the Loan Documents are true and correct as of such date, and
(iii)  certifying  as  to  any  other  factual  matters  as  may  be  reasonably  requested  by  the  Administrative
Agent.

(e) Fees.  The  Lenders  and  the  Administrative  Agent  shall  have  received  all  fees
required to be  paid, and all expenses  for which invoices have been presented (including the reasonable
fees and expenses of legal counsel), on or before the Effective Date.  All such amounts will be paid with
proceeds of Loans made on the Effective Date and will be reflected in the funding instructions given by
the Borrower Representative to the Administrative Agent on or before the Effective Date.

(f) Lien  Searches.  The  Administrative  Agent  shall  have  received  the results of a
recent lien search in each jurisdiction where the Loan Parties are organized and where the assets of the
Loan Parties  are  located, and such search shall reveal no Liens  on any of the assets of the Loan Parties 

	
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except for Liens permitted by Section 6.02 or discharged on or prior to the Effective Date pursuant to a
pay-off letter or other documentation satisfactory to the Administrative Agent.

(g) Pay-Off Letter.  The Administrative Agent shall have received satisfactory pay-
off letters for all existing Indebtedness to be repaid from the proceeds of the initial Borrowing, confirming
that  all  Liens  upon  any  of  the  property  of  the  Loan  Parties  constituting  Collateral  will  be  terminated
concurrently with such payment and all letters of credit issued or guaranteed as part of such Indebtedness
shall have been cash collateralized or supported by a Letter of Credit.

(h) Funding Account.  The Administrative Agent shall have received a notice setting
forth the deposit account(s) of the Borrowers (the "Funding Account") to which the Administrative Agent
is  authorized  by  the  Borrowers  to  transfer  the  proceeds  of  any Borrowings  requested  or  authorized
pursuant to this Agreement.

(i) Customer  List.  The  Administrative  Agent  shall  have  received  a  true  and
complete customer list for each Borrower and its Subsidiaries, which list shall state the customer's name,
mailing address and phone number and shall be certified as true and correct by a Financial Officer of the
Borrower Representative.

(j) Control Agreements.  The Administrative Agent shall have received each Deposit
Account Control Agreement required to be provided pursuant to Section 4.14 of the Security Agreement.

(k) Solvency.  The Administrative Agent shall have received a solvency certificate
signed by a Financial Officer dated the Effective Date.

(l) Borrowing  Base  Certificate.  The  Administrative  Agent  shall  have  received  a
Borrowing Base Certificate which calculates the Borrowing Base as of September 30, 2020.

(m) Closing  Availability.  After  giving  effect  to  all  Borrowings  to be  made  on  the
Effective  Date, the  issuance  of  any Letters  of  Credit on the  Effective  Date  and the  payment of  all fees
and expenses due hereunder, and with all of the Loan Parties' indebtedness, liabilities, and obligations
current, Availability shall not be less than $50,000,000.

(n) Pledged  Equity  Interests;  Stock  Powers;  Pledged  Notes.  The  Administrative
Agent  shall  have  received  (i)  the  certificates  representing  the  Equity  Interests  pledged  pursuant  to  the
Security Agreement, together  with an undated stock power for each such certificate executed in blank by
a  duly  authorized  officer  of  the pledgor  thereof  and  (ii)  each promissory  note  (if  any)  pledged  to  the
Administrative  Agent  pursuant  to  the  Security  Agreement  endorsed  (without  recourse)  in  blank  (or
accompanied by an executed transfer form in blank) by the pledgor thereof.

(o) Filings,  Registrations  and  Recordings.  Each  document  (including any Uniform
Commercial Code financing statement and short form intellectual property security agreements) required
by the Collateral Documents or under law or reasonably requested by the Administrative Agent to be filed,
registered or recorded in order to create in favor of the Administrative Agent, for the benefit of itself, the
Lenders  and  the  other  Secured  Parties,  a  perfected  Lien  on  the Collateral  described  therein,  prior  and
superior  in  right  to  any  other  Person  (other  than  with  respect to  Liens  expressly  permitted  by
Section 6.02), shall be in proper form for filing, registration or recordation.

(p) [Reserved].

(q) [Reserved]. 

	
	-81-
(r) [Reserved].

(s) Insurance.  The Administrative Agent shall have received evidence of insurance
coverage in form, scope, and substance reasonably satisfactory to the Administrative Agent and otherwise
in compliance with the terms of Section 5.10 hereof and Section 4.12 of the Security Agreement.

(t) Letter of Credit Application.  If a Letter of Credit is requested to be issued on the
Effective  Date,  the  Administrative  Agent  shall  have  received  a properly  completed  letter  of  credit
application (whether standalone or pursuant to a master agreement, as applicable).

(u) Tax  Withholding.  The  Administrative  Agent  shall  have  received  a  properly
completed and signed IRS Form W-8 or W-9, as applicable, for each Loan Party.

(v) Corporate Structure.  The corporate structure, capital structure and other material
debt instruments, material accounts and governing documents of the Borrowers and their Affiliates shall
be acceptable to the Administrative Agent in its sole discretion.

(w) Field Examination. The Administrative Agent or its designee shall have conducted
a field examination of the Borrowers' Accounts, Inventory and related working capital matters and of the
Borrowers'  related  data  processing  and  other  systems,  the  results  of  which  shall  be  satisfactory  to  the
Administrative Agent in its sole discretion.

(x) Legal  Due  Diligence.  The  Administrative  Agent  and  its  counsel  shall  have
completed all legal due diligence, the results of which shall be satisfactory to Administrative Agent in its
sole discretion.

(y) Appraisal(s).  The  Administrative  Agent  shall  have  received  appraisals of  the
Borrowers' Inventory from one or more firms satisfactory to the Administrative Agent, which appraisals
shall be satisfactory to the Administrative Agent in its sole discretion.

(z) USA PATRIOT Act, Etc.  The Administrative Agent shall have received, at least
five (5) days prior to the Effective Date, all documentation and other information regarding the Borrowers
requested  in  connection  with  applicable  "know  your  customer"  and  anti-money  laundering  rules  and
regulations, including the USA PATRIOT Act, to the extent requested in writing of the Borrowers at least
ten (10) days prior to the Effective Date.

(aa)  Other  Documents.  The  Administrative  Agent  shall  have  received  such  other
documents as the Administrative Agent, the Issuing Bank, any Lender or their respective counsel may
have reasonably requested.

SECTION 4.02    Each  Credit  Event.  The  obligation  of  each  Lender to  make  a  Loan  on  the
occasion  of  any  Borrowing,  and  of  the  Issuing  Bank  to  issue,  amend,  renew  or  extend  any  Letter  of
Credit, is subject to the satisfaction of the following conditions:

(a) The  representations  and  warranties  of  the  Loan  Parties  set  forth  in  the  Loan
Documents  shall be  true  and correct  in all material respects with the same effect as though made on and
as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter
of Credit, as applicable (it being understood and agreed that any representation or warranty which by its
terms is made as of a specified date shall be required to be true and correct in all material respects only as
of  such  specified  date,  and  that  any  representation  or  warranty  which  is  subject  to  any  materiality  or
Material Adverse Effect qualifier shall be required to be true and correct in all respects). 

	
	-82-
(b) At  the  time  of  and  immediately  after  giving  effect  to  such  Borrowing  or  the
issuance, amendment, renewal or extension of such Letter of Credit, as applicable, (i) no Default shall
have occurred and be continuing and (ii) no Protective Advance shall be outstanding.

(c) After  giving  effect  to  any  Borrowing  or  the  issuance,  amendment,  renewal  or
extension of any Letter of Credit, Availability shall not be less than zero.

(d) The  Consolidated  Cash  Balance  on  and  as  of  the  date  of  such  Borrowing,
including  a  Borrowing  of  Swingline  Loans,  or  the  date  of  the  issuance,  increase,  or  extension  of  such
Letter  of Credit, does not exceed the estimated two week cash needs of the Borrowers, as determined by
the  Borrower  Representative  in  good  faith,  before  and  after  giving  effect  to  such  Borrowing  or  to  the
issuance, increase, or  extension of  such Letter  of  Credit and to the application of the proceeds therefrom
on or around such date.

Each  Borrowing  and  each  issuance,  amendment,  renewal  or  extension  of  a  Letter  of  Credit  shall  be
deemed  to  constitute  a  representation  and  warranty  by  the  Borrowers  on  the  date  thereof as to the
matters specified in paragraphs (a), (b), (c) and (d) of this Section.

Notwithstanding the failure to satisfy the conditions precedent set forth in paragraphs (a), (b) or (d) of this
Section, unless otherwise directed by the Required Lenders, the Administrative Agent may, but shall have
no obligation to, continue to make Loans and an Issuing Bank may, but shall have no obligation to, issue,
amend, renew  or  extend, or  cause to be  issued, amended, renewed or  extended, any Letter of Credit for
the ratable account and risk of Lenders from time to time if the Administrative Agent believes that making
such Loans or issuing, amending, renewing or extending, or causing the issuance, amendment, renewal or
extension of, any such Letter of Credit is in the best interests of the Lenders.

ARTICLE V

Affirmative  Covenants.

Until  all  of  the  Secured  Obligations  have  been  Paid  in  Full,  each  Loan  Party  executing  this
Agreement covenants and agrees, jointly and severally with all of the other Loan Parties, with the Lenders
that:

SECTION 5.01  Financial  Statements;  Borrowing  Base  and  Other  Information.  The
Borrowers will furnish to the Administrative Agent and each Lender:

(a) within  ninety  (90)  days  after  the  end  of  each  fiscal  year  of  Haynes  Parent,  its
audited  consolidated  and  unaudited  consolidating  balance  sheet and  related  statements  of  operations,
stockholders'  equity  and  cash  flows  as  of  the  end  of  and  for  such  year,  setting  forth  in  each  case  in
comparative  form  the  figures  for  the  previous  fiscal  year,  all such  consolidated  financial  statements
reported  on  by  independent  public  accountants  acceptable  to  the  Required  Lenders  (without  a  "going
concern" or like qualification, commentary or exception and without any qualification or exception as to the
scope of such audit, other than a "going concern" or like qualification or exception resulting solely from
maturity of the Revolving Commitments occurring within one year from the date such opinion is delivered)
to  the  effect  that  such  consolidated  and  consolidating  financial  statements  present  fairly  in  all  material
respects  the  financial  condition  and  results  of  operations  of  Haynes  Parent  and  its  consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

(b) [reserved]. 

	
	-83-
(c) within thirty (30) days after the end of each fiscal month of Haynes Parent, or 45
days  with  respect  to the last fiscal month of each fiscal quarter (beginning with the fiscal month ending
September 30, 2020), its consolidated and consolidating balance sheet and related statements of operations,
stockholders' equity and cash flows as of the end of and for such fiscal month and the then elapsed portion
of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period
or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by
a  Financial  Officer  of  the  Borrower  Representative  as  presenting  fairly  in  all  material  respects  the
financial  condition  and  results  of  operations  of  Haynes  Parent and  its  consolidated  Subsidiaries  on a
consolidated  basis  in  accordance  with  GAAP  consistently  applied,  subject  to  normal  year-end  audit
adjustments and the absence of footnotes;

(d) concurrently with any delivery of financial statements under clause (a), (b) or (c)
above,  a  Compliance  Certificate  (i)  certifying,  in  the  case  of the  financial  statements  delivered  under
clause  (b)  or  (c),  as  presenting  fairly  in  all  material  respects  the  financial  condition  and  results  of
operations of Haynes Parent and its consolidated Subsidiaries on a consolidated basis in accordance with
GAAP  consistently applied, subject to normal year-end audit adjustments and the absence of footnotes,
(ii) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details
thereof and any action taken or proposed to be taken with respect thereto, (iii) setting forth reasonably
detailed calculations demonstrating compliance with Section 6.13 and (iv) stating whether any change in
GAAP  or  in  the  application  thereof  has  occurred  since  the  date of  the  audited  financial  statements
referred to in Section 3.04 and, if  any such change has occurred, specifying the effect of such change on
the financial statements accompanying such certificate;

(e) concurrently with any delivery of financial statements under clause (a) above, a
certificate  of the  accounting firm that reported on such financial statements stating whether they obtained
knowledge  during  the  course  of  their  examination  of  such  financial  statements  of  any  Default  (which
certificate may be limited to the extent required by accounting rules or guidelines);

(f) as soon as available but in any event no later than thirty (30) days after the end of
each fiscal year of Haynes Parent, a copy of the plan and forecast (including a projected consolidated and
consolidating balance sheet, income statement and cash flow statement) of Haynes Parent for each month
of  the  upcoming  fiscal  year  (the  "Projections")  in  form  reasonably  satisfactory  to  the  Administrative
Agent;

(g) as soon as available but in any event within 20 days of the end of each calendar
month (and during an Increased Reporting Period, on the third Business Day of each calendar week, with
respect to the prior week), and at such other times as may be necessary to re-determine Availability or as
may be requested by the Administrative Agent, as of the period then ended, a Borrowing Base Certificate,
and supporting information in connection therewith, together with any additional reports with respect to the
Borrowing Base as the Administrative Agent may reasonably request;

(h) as soon as available but in any event within 20 days of the end of each calendar
month (and during an Increased Reporting Period, on the third Business Day of each calendar week, with
respect to the prior week) and at such other times as may be requested by the Administrative Agent, in
each case, as of the period then ended, all delivered electronically in a text formatted file acceptable to the
Administrative Agent;

(i) a detailed aging of the Borrowers' Accounts, including all invoices aged
by invoice date and due date (with an explanation of the terms offered), prepared in a
manner  reasonably  acceptable  to  the  Administrative  Agent,  together  with  a  summary
specifying the name, address, and balance due for each Account Debtor; 

	
	-84-
(ii) a schedule detailing the Borrowers' Inventory, in form satisfactory to the
Administrative Agent, (1) by location (showing Inventory in transit, any Inventory located
with a third party under any consignment, bailee arrangement, or warehouse agreement),
by  class  (raw  material,  work-in-process  and  finished  goods),  by  product  type,  and  by
volume on hand, which Inventory shall be valued at the lower of cost (determined on a
first-in, first-out basis) or market and adjusted for Reserves as the Administrative Agent
has  previously  indicated  to  the  Borrower  Representative  are  deemed  by  the
Administrative  Agent  to  be  appropriate,  and  (2)  including  a  report  of  any  variances  or
other  results  of  Inventory  counts  performed  by  the  Borrowers  since  the  last  Inventory
schedule  (including  information  regarding  sales  or  other  reductions,  additions,  returns,
credits issued by Borrowers and complaints and claims made against the Borrowers); and

(iii) a  worksheet  of  calculations  prepared  by  the  Borrowers  to  determine
Eligible  Accounts  and  Eligible  Inventory,  such  worksheets  detailing  the  Accounts  and
Inventory excluded from Eligible Accounts and Eligible Inventory and the reason for such
exclusion.

(i) as soon as available but in any event within 20 days of the end of each calendar
month and at such other times as may be requested by the Administrative Agent, as of the month then
ended,  a  schedule  and  aging  of  the  Borrowers'  accounts  payable,  delivered  electronically  in  a  text
formatted file acceptable to the Administrative Agent;

(j) [reserved];

(k) promptly upon the Administrative Agent's request in the Administrative Agent's
Permitted Discretion:

(i) a  reconciliation  of  the  Borrowers'  Accounts  and  Inventory  between
(A) the  amounts shown in the Borrowers' general ledger and financial statements and the
reports delivered pursuant to clauses (i) and (ii) of clause (h) above and (B) the amounts
and  dates  shown  in  the  reports  delivered  pursuant  to  clauses  (i)  and  (ii)  of  clause  (h)
above and the Borrowing Base Certificate delivered pursuant to clause (g) above as of
such date; and

(ii) a reconciliation of the loan balance per the Borrowers' general ledger to
the loan balance under this Agreement;

(iii) copies  of  invoices  issued  by  the  Borrowers  in  connection  with  any
Accounts, credit memos, shipping and delivery documents, and other information related
thereto;

(iv) copies of purchase orders, invoices, and shipping and delivery documents
in connection with any Inventory or Equipment purchased by any Loan Party;

(v) a schedule detailing the balance of all intercompany accounts of the Loan
Parties;

(vi) an updated customer  list for  each Borrower and its Subsidiaries, which
list  shall  state  the  customer's  name,  mailing  address  and  phone  number,  delivered
electronically in a text formatted file acceptable to the Administrative Agent and certified
as true and correct by a Financial Officer of the Borrower Representative; 

	
	-85-
(vii) the Borrowers' sales journal, cash receipts journal (identifying trade and
non-trade cash receipts) and debit memo/credit memo journal;

(viii) copies of all tax returns filed by any Loan Party with the U.S. Internal
Revenue Service; and

(ix) a certificate of good standing or the substantive equivalent available in the
jurisdiction  of  incorporation,  formation  or  organization  for  each  Loan  Party  from  the
appropriate governmental officer in such jurisdiction.

(l) [reserved];

(m) [reserved];

(n) [reserved];

(o) promptly upon request therefor by the Administrative Agent in the Administrative
Agent's  Permitted  Discretion,  a  detailed  listing  of  all  advances  of  proceeds  of  Loans  requested  by  the
Borrower  Representative  for  each  Borrower  during  the  immediately  preceding  calendar  month  and  a
detailed listing of all intercompany loans made by the Borrowers during such calendar month;

(p) promptly upon request therefor by the Administrative Agent, copies of all periodic
and other reports, proxy statements and other materials filed by any Loan Party or any Subsidiary with the
SEC, or any Governmental Authority succeeding to any or all of the functions of the SEC, or with any
national securities exchange, or distributed by any Borrower to its shareholders generally, as the case may
be;

(q) promptly  after  any  request  therefor  by  the  Administrative  Agent in the
Administrative  Agent's  Permitted  Discretion  or  any  Lender,  copies  of  (i)  any  documents  described  in
Section 101(k)(1) of ERISA that any Borrower or any ERISA Affiliate may request with respect to any
Multiemployer Plan and (ii) any notices described in Section 101(l)(1) of ERISA that any Borrower or any
ERISA Affiliate may request with respect to any Multiemployer Plan; provided that if a Borrower or any
ERISA Affiliate has not requested such documents or notices from the administrator or sponsor of the
applicable Multiemployer Plan, the applicable Borrower or the applicable ERISA Affiliate shall promptly
make  a  request  for  such  documents  and  notices  from  such  administrator  or  sponsor  and  shall  provide
copies of such documents and notices promptly after receipt thereof;

(r) promptly  following  any  request  therefor  by  the  Administrative  Agent  in  the
Administrative Agent's Permitted Discretion, (i) such other information regarding the operations, material
changes in ownership of Equity Interests, business affairs and financial condition of any Loan Party or any
Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender
may  reasonably  request,  and  (ii)  information  and  documentation reasonably  requested  by  the
Administrative Agent or any Lender for purposes of compliance with applicable "know your customer"
and anti-money laundering rules and regulations, including the USA PATRIOT Act;

(s) promptly after receipt thereof by any Borrower or any Subsidiary, copies of each
notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S.
jurisdiction) concerning any investigation or possible investigation or other inquiry by the SEC or such other
agency regarding financial or other operational results of any Borrower or any Subsidiary thereof; and

(t) promptly  following  any  request  therefor  by  the  Administrative  Agent  in  the
Administrative Agent's Permitted Discretion, copies of any detailed audit reports, management letters or 

	
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recommendations submitted to the board of directors (or the audit committee of the board of directors) of
any Borrower by independent accountants in connection with the accounts or books of such Borrower or
any  Subsidiary,  or  any  audit  of  any  of  them  as  the  Administrative  Agent  or  any  Lender  (through  the
Administrative Agent) may reasonably request.

Documents  required  to  be  delivered  pursuant  to  Section  5.01(a),  (b)  or  (p)  (to  the  extent  any  such
documents are included in materials otherwise filed with the SEC) may be delivered electronically and, if
so delivered, shall be deemed to have been delivered on the date (i) on which such materials are publicly
available as posted on the Electronic Data Gathering, Analysis and Retrieval system (EDGAR); or (ii) on
which such documents are  posted on a  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 made available by the Administrative Agent); provided that: (A) upon written request by the
Administrative Agent (or any Lender through the Administrative Agent) to the Borrower Representative,
the Borrower Representative shall deliver paper copies of such documents to the Administrative Agent or
such Lender until a  written request to cease  delivering paper copies is given by the Administrative Agent
or  such  Lender  and  (B)  the  Borrower  Representative  shall  notify  the  Administrative  Agent  and  each
Lender (by fax or through Electronic Systems) of the posting of any such documents and provide to the
Administrative Agent through Electronic Systems electronic versions (i.e., soft copies) of such documents.
The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of
the documents referred to above, and in any event shall have no responsibility to monitor compliance by
any Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible
for timely accessing posted documents or requesting delivery of paper copies of such documents to it and
maintaining its copies of such documents.

SECTION  5.02    Notices  of  Material  Events. The  Borrowers  will  furnish  to  the
Administrative Agent (for distribution to each Lender) prompt (but in any event within three Business
Days  after  knowledge  or  receipt  thereof,  except  as  otherwise  provided  below)  written  notice  of  the
following:

(a) the occurrence of any Default;

(b) receipt of any notice of any investigation by a Governmental Authority or any
litigation or proceeding commenced or threatened against any Loan Party or any Subsidiary that (i) seeks
damages in excess of $1,000,000, (ii) seeks injunctive relief, (iii) is asserted or instituted against any Plan,
its  fiduciaries  or  its  assets,  (iv) alleges  criminal  misconduct  by  any  Loan  Party  or  any  Subsidiary,
(v)  alleges  the  violation  of,  or  seeks  to  impose  remedies  under,  any  Environmental  Law  or  related
Requirement  of  Law,  or  seeks  to  impose  Environmental  Liability in  excess  of  $1,000,000,  (vi)  asserts
liability on the part of any Loan Party or any Subsidiary in excess of $1,000,000 in respect of any tax, fee,
assessment, or other governmental charge, or (vii) involves any product recall;

(c) any Lien (other than Permitted Encumbrances) or claim made or asserted against
any of the Collateral;

(d) any loss, damage, or destruction to the Collateral in the amount of $1,000,000 or
more, whether or not covered by insurance;

(e) within  two  (2)  Business  Days  of  receipt  thereof,  any  and  all  default  notices
received under or with respect to any leased location or public warehouse where Collateral is located;

(f) all material amendments to the Timet Documents and the Collective Bargaining
Agreements, together with a copy of each such amendment; 

	
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(g) within  two  (2)  Business  Days  after  the  occurrence  thereof,  any Loan  Party
entering  into  a  Swap  Agreement  or  an  amendment  thereto,  together  with  copies  of  all  agreements
evidencing such Swap Agreement or amendment;

(h) the occurrence of any ERISA Event;

(i) any  material  change  in  accounting  or  financial  reporting  practices  by  any
Borrower or any Subsidiary;

(j) any change in the credit ratings from a credit rating agency, or the placement by a
credit rating agency of any Loan Party on a "Credit Watch" or "WatchList" or any similar list, in each case
with negative implications, or the cessation by a credit rating agency of, or its intent to cease, rating such
Loan Party's debt; and

(k) any other development that results, or could reasonably be expected to result in, a
Material Adverse Effect.

Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or
other  executive  officer  of  the  Borrower  Representative  setting forth  the  details  of  the  event  or
development requiring such notice and any action taken or proposed to be taken with respect thereto.

SECTION 5.03    Existence;  Conduct  of  Business.  Each  Loan  Party  will, and will cause  each
Subsidiary to, (a) do or cause to be done all things necessary to preserve, renew and keep in full force and
effect  its  legal  existence  and  the  rights,  qualifications,  licenses,  permits,  franchises,  governmental
authorizations, intellectual property rights, licenses and permits necessary to the conduct of its business,
and maintain all requisite authority to conduct its business in each jurisdiction in which its business is
conducted, except  in each case  to the  extent  that  the failure to so maintain the same does not have or
could not reasonably be expected to have a Material Adverse Effect, provided that the foregoing shall not
prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03, and (b) carry on
and conduct its business in substantially the same manner and in substantially the same fields of enterprise
as it is presently conducted.

SECTION  5.04    Payment  of  Obligations.  Each  Loan  Party  will,  and  will  cause  each
Subsidiary to, pay or discharge all Material Indebtedness and all other material liabilities and obligations,
including Taxes, before the same shall become delinquent or in default, except where (a) the validity or
amount  thereof  is  being  contested  in  good  faith  by  appropriate proceedings,  (b)  such  Loan  Party  or
Subsidiary  has set aside  on its books adequate  reserves with respect thereto in accordance  with GAAP
and (c) such liabilities would not result in aggregate liabilities in excess of $10,000,000 and none of the
Collateral would become  subject to forfeiture or loss as a result of the contest; provided, however, that
each Loan Party will, and will cause each Subsidiary to, remit withholding taxes and other payroll taxes to
appropriate  Governmental  Authorities  as  and  when  claimed  to  be due,  notwithstanding  the  foregoing
exceptions.

SECTION  5.05    Maintenance  of  Properties.  Each  Loan  Party  will, and  will  cause  each
Subsidiary to, keep and maintain all property material to the conduct of its business in good working order
and condition, ordinary wear and tear excepted.

SECTION 5.06  Books and Records; Inspection Rights.  Each Loan Party will, and will cause
each Subsidiary to, (a) keep proper books of record and account in which full, true and correct entries are
made  of  all  dealings  and  transactions  in  relation  to  its  business  and  activities  and  (b)  permit  any
representatives  designated  by  the  Administrative  Agent  or  any  Lender  (including  employees  of  the
Administrative Agent, any Lender or any consultants, accountants, lawyers, agents and appraisers retained 

	
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by the Administrative Agent), upon reasonable prior notice, to visit and inspect its properties, to conduct at
such Loan Party's premises field examinations of such Loan Party's assets, liabilities, books and records,
including examining and making extracts from its books and records, environmental assessment reports
and  Phase  I  or  Phase  II  studies,  and  to  discuss  its  affairs,  finances  and  condition  with  its  officers  and
independent accountants, all at such reasonable times and as often as reasonably requested.  Each Loan
Party acknowledges that the Administrative Agent, after exercising its rights of inspection, may prepare
and distribute to the Lenders certain Reports pertaining to each Loan Party's assets for internal use by the
Administrative Agent and the Lenders.  The Loan Parties shall be responsible for the costs of expenses of
one field examination during any 12-month period and one (1) additional field examination (for the total of
two such field examinations during any 12-month period) conducted at any time after Availability falls
below the greater of (i) $15,000,000 and (ii)15% of the Aggregate Revolving Commitment; provided, that
the Loan Parties shall be responsible for the costs and expenses of all field examinations conducted while
an Event of Default has occurred and is continuing.

SECTION 5.07  Compliance  with  Laws  and  Material Contractual Obligations.  Each Loan
Party will, and will cause each Subsidiary to, (a) comply with each Requirement of Law applicable to it or
its property (including without limitation Environmental Laws) and (b) perform in all material respects its
obligations  under  material  agreements  to  which  it  is  a  party, including, without  limitation, the  Timet
Documents  and the  Collective Bargaining Agreements, except, in each case where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.
Each  Loan  Party  will  maintain  in  effect  and  enforce  policies  and  procedures  designed  to  ensure
compliance  by such Loan Party, its  Subsidiaries  and their  respective directors, officers, employees and
agents with Anti-Corruption Laws and applicable Sanctions.

SECTION 5.08  Use of Proceeds.

(a) The proceeds of the Loans and the Letters of Credit will be used only to pay off
certain existing Indebtedness  on the Effective Date and for other general corporate purposes.  No part of
the proceeds of any Loan and no Letter of Credit will be used, whether directly or indirectly, (i) for any
purpose  that  entails  a  violation of  any  of  the  regulations  of  the  Federal  Reserve  Board,  including
Regulations T, U and X or (ii) to make any Acquisition other than a Permitted Acquisition.

(b) No Borrower will request any Borrowing or Letter of Credit, and no Borrower
shall  use,  and  each  Borrower  shall  procure  that  its  Subsidiaries  and  its  and  their  respective  directors,
officers,  employees  and  agents  shall  not  use,  the  proceeds  of  any  Borrowing  or  Letter  of  Credit  (i)  in
furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or
anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of
funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or
in any Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions,
or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

SECTION 5.09    Accuracy of Information. The Loan Parties will ensure that any information,
including financial statements or other documents, furnished to the Administrative Agent or the Lenders in
connection with this Agreement or any other Loan Document or any amendment or modification hereof or
thereof or waiver hereunder or thereunder contains no material misstatement of fact or omits to state any
material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading, and the furnishing of such information shall be deemed to be a representation
and  warranty  by the Borrowers on the date thereof as to the matters specified in this Section; provided
that, with respect to projected financial information, the Loan Parties will only ensure that such information
was prepared in good faith based upon assumptions believed to be reasonable at the time. 

	
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SECTION 5.10  Insurance.

(a) Each Loan Party will, and will cause each Subsidiary to, maintain with financially
sound  and reputable  carriers  having a  financial strength rating of  at  least  A-  by A.M.  Best  Company
(a) insurance in such amounts (with no greater risk retention) and against such risks (including, without
limitation: loss or damage by fire and loss in transit; theft, burglary, pilferage, larceny, embezzlement, and
other  criminal  activities;  business  interruption;  and  general  liability)  and  such  other  hazards,  as  is
customarily  maintained  by  companies  of  established  repute  engaged  in  the  same  or  similar  businesses
operating  in  the  same  or  similar locations  and  (b)  all  insurance  required  pursuant  to  the  Collateral
Documents.  The Borrower Representative will furnish to the Lenders, upon request of the Administrative
Agent, information in reasonable detail as to the insurance so maintained.

(b) With respect to each piece of mortgaged real property that is located in an area
identified  by  the  Federal  Emergency  Management  Agency  (or  any  successor  agency  thereto)  as  a
 “special flood hazard area” with respect to which flood insurance has been made available under the Flood
Insurance  Laws,  the  applicable  Loan  Party  (a)  shall  obtain  and maintain  with  financially  sound  and
reputable  insurance companies (except to the extent that any insurance company insuring such mortgaged
real property of  such Loan Party ceases to be financially sound and reputable after the Effective Date, in
which case  such Loan Party shall promptly replace such insurance company with a financially sound and
reputable insurance company), such flood insurance in such reasonable total amount as the Administrative
Agent and the Lenders may from time to time reasonably require and otherwise sufficient to comply with
all applicable  rules  and regulations promulgated under the Flood Insurance Laws and (b) promptly upon
request  of  the  Administrative  Agent  or  any Lender, shall deliver  to the  Administrative  Agent  or  such
Lender  as  applicable, evidence  of  such compliance  in form and substance  reasonably acceptable  to the
Administrative  Agent or such Lender, including, without limitation, evidence of annual renewals of such
flood insurance.

SECTION  5.11 Casualty  and  Condemnation. The  Borrowers  will  furnish  to  the
Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage to
any material portion of the Collateral or the commencement of any action or proceeding for the taking of
any  material  portion  of  the  Collateral  or  interest  therein  under  power  of  eminent  domain  or  by
condemnation or similar proceeding.

SECTION 5.12    Appraisals.  At  any  time  that  the  Administrative  Agent  requests,  each  Loan
Party will provide the Administrative Agent with appraisals or updates thereof of its Inventory from an
appraiser selected and engaged by the Administrative Agent, and prepared on a basis satisfactory to the
Administrative Agent, such appraisals and updates to include, without limitation, information required by
any applicable Requirement of Law.  The Loan Parties shall be responsible for the costs of expenses of
one (1) Inventory appraisal during any 12-month period and one (1) additional Inventory appraisal (for the
total  of  two  (2)  such  Inventory  appraisals  during  any  12-month period)  conducted  at  any  time  after
Availability  falls  below  the  greater  of  (i)  $15,000,000  and  (ii)  15%  of  the  Aggregate  Revolving
Commitment.  Additionally, there shall be no limitation on the number or frequency of Inventory appraisals
if an Event of Default has occurred and is continuing, and the Loan Parties shall be responsible for the
costs  and  expenses  of  any  such  appraisals  conducted  while  an  Event  of  Default  has  occurred  and  is
continuing.

SECTION  5.13 Depository  Banks.  Each  Borrower and  each  Subsidiary  will  maintain  the
Administrative  Agent  as  its  principal  depository  bank,  including  for  the  maintenance  of  operating,
administrative,  cash  management,  collection  activity  and  other deposit  accounts  for  the  conduct  of  its
business.  Additionally, the Administrative Agent shall be the principal provider of other Banking Services
to the Borrowers and their Subsidiaries. 

	
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SECTION 5.14  Additional Collateral; Further Assurances.

(a) Subject  to  applicable  Requirement  of  Law,  each  Loan  Party  will cause  each
Domestic  Subsidiary  formed  or  acquired  after  the  date  of  this  Agreement  to  become  a  Loan  Party  by
executing a Joinder Agreement. In connection therewith, the Administrative Agent shall have received all
documentation  and  other  information  regarding  such  newly  formed  or  acquired  Subsidiaries  as  may  be
required to comply with the applicable "know your customer" rules and regulations, including the USA
Patriot Act.  Upon execution and delivery thereof, each such Person (i) shall automatically become a Loan
Guarantor  hereunder  and  thereupon  shall  have  all  of  the  rights,  benefits,  duties  and  obligations  in  such
capacity under the Loan Documents and (ii) will grant Liens to the Administrative Agent, for the benefit of
the  Administrative  Agent  and  the other  Secured  Parties,  in  any property  of  such  Loan  Party  which
constitutes Collateral, including any parcel of real property located in the U.S. owned by any Loan Party.

(b) Each  Loan  Party  will  cause  (i)  100%  of  the  issued  and  outstanding  Equity
Interests  of  each  of  its  Domestic  Subsidiaries  and  (ii)  65%  (or  such  greater  percentage  that,  due  to  a
change  in  applicable  law  after  the  date  hereof,  (1)  could  not  reasonably  be  expected  to  cause  the
undistributed earnings of such Foreign Subsidiary as determined for U.S. federal income tax purposes to
be treated as a deemed dividend to such Foreign Subsidiary's U.S. parent and (2) could not reasonably be
expected to cause any material adverse tax consequences) of the issued and outstanding Equity Interests
entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) and 100% of the issued and
outstanding Equity Interests not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)
in each Foreign Subsidiary directly owned by such Borrower or any Domestic Subsidiary to be subject at
all  times  to  a  first  priority,  perfected  Lien  in  favor  of  the  Administrative  Agent,  for  the  benefit  of  the
Administrative  Agent  and  the  other  Secured  Parties,  pursuant  to  the  terms  and  conditions  of  the  Loan
Documents or other security documents as the Administrative Agent shall reasonably request.

(c) Without  limiting  the  foregoing,  each  Loan  Party  will,  and  will cause  each
Subsidiary to, execute and deliver, or cause to be executed and delivered, to the Administrative Agent
such  documents,  agreements  and  instruments,  and  will  take  or  cause  to  be  taken  such  further  actions
(including the filing and recording of financing statements, fixture filings, mortgages, deeds of trust and
other documents and such other actions or deliveries of the type required by Section 4.01, as applicable),
which may be required by any Requirement of Law or which the Administrative Agent may, from time to
time,  reasonably  request  to  carry  out  the  terms  and  conditions of  this  Agreement  and  the  other  Loan
Documents  and  to  ensure perfection  and  priority of the  Liens  created  or  intended  to  be  created  by  the
Collateral Documents, all in form and substance reasonably satisfactory to the Administrative Agent and
all at the expense of the Loan Parties.

(d) If any material assets (including any real property or improvements thereto or any
interest therein) with fair market value in an amount equal to or greater than $1,000,000 (or if a Default or
Event of Default exists, then regardless or the fair market value of such assets) are acquired by any Loan
Party after the Effective Date (other than assets constituting Collateral under the Security Agreement that
become  subject  to  the  Lien  under  the  Security  Agreement  upon  acquisition  thereof),  the  Borrower
Representative will (i) notify the Administrative Agent and the Lenders thereof and, if requested by the
Administrative Agent or the Required Lenders, cause such assets to be subjected to a Lien securing the
Secured Obligations and (ii) take, and cause each applicable Loan Party to take, such actions as shall be
necessary or reasonably requested by the Administrative Agent to grant and perfect such Liens, including
actions described in paragraph (c) of this Section, all at the expense of the Loan Parties.

(e) Notwithstanding the foregoing, the Administrative Agent shall not enter into any
mortgage  in  respect  of  any  real  property  acquired  or  otherwise owned  by  any  Loan  Party  after  the
Effective Date until (1) the date that occurs 45 days after the Administrative Agent has delivered to the
Lenders (which may be delivered electronically) the following documents in respect of such real property: 

	
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(i) a completed flood hazard determination from a third party vendor, (ii) if such real property is located in
a “special flood hazard area,” (A) a notification to the applicable Loan Party of that fact and (if applicable)
notification to the applicable Loan Party that flood insurance is not available and (B) evidence of receipt
by  the  applicable  Loan  Party  of  such notice, and (iii)  if  such notice  is  required to be  provided to the
applicable  Loan Party and flood insurance  is  available  in the  community in which such real property is
located,  evidence  of  flood  insurance,  and  (2)  the  Administrative  Agent  shall  have  received  written
confirmation from the Lenders that flood insurance due diligence and flood insurance compliance has been
completed  by  the  Lenders  (such  written  confirmation not  to be  unreasonably conditioned, withheld or
delayed).

SECTION 5.15   Employee Benefits.  Each Loan Party will, and will cause each Subsidiary to,
(a) cause each Plan to operate in substantial compliance with its terms and the applicable provisions of
ERISA, the Code, and other federal and provincial laws, and the regulations thereunder; (b) cause each
Plan which is intended to be qualified under Section 401(a) of the Code to maintain such qualification; (c)
cause each Foreign Plan to operate in compliance with its terms and with the requirements of any and all
applicable  law  and  to  be  maintained,  where  required,  in  good  standing  with  applicable  regulatory
authorities; (d) not terminate any Plan so as to occur any material liability to the PBGC; (e) do not allow or
suffer to exist any prohibited transaction involving any Plan or any trust created thereunder which would
subject  any Loan  Party  or  ERISA  Affiliate  to  any material  tax or  penalty  or  other  material  liability  on
prohibited  transactions  imposed  under  Section  4975  of  the  Code or  ERISA;  (f)  make  all  required
contributions to any Plan which is obligated to pay under Section 302 of ERISA, Section 412 of the Code
or  the  terms  of  such Plan and make  all required contributions to any other Benefit Plan to the extent that
the failure to do so may result in a liability of more than $250,000; (g) not allow or suffer to exist any
accumulated funding deficiency, whether or not waived, with respect to any such Plan or Benefit Plan; (h)
not  allow  or  suffer  to  exist  any  occurrence  of  a  reportable  event  or  any  other  event  or  condition  that
presents a material risk of an ERISA Event that results in or has a reasonable likelihood of resulting in any
liability in excess of $250,000; and (i) furnish to the Administrative Agent, promptly, and in any event
within five (5) Business Days thereof, notice and copies of (i) each Schedule B (Actuarial Information) on
the  annual report (Form 5500 Series) filed by any Loan Party, Subsidiary or any of their ERISA Affiliates
with the IRS with respect to each Plan; (ii) the most recent actuarial valuation report for each Plan and
Foreign  Plan;  (iii)  all  notices  received  by  any  Loan  Party,  Subsidiary  or  any  ERISA  Affiliate  from  a
Multiemployer Plan sponsor or any Governmental Authority concerning an ERISA Event; and (iv) such
other  documents  or  governmental  reports  or  filings  relating  to any  Plan  or  Foreign  Plan  as  the
Administrative  Agent  may  reasonably  request,  including  any  notice  of  potential  Withdrawal  Liability
pursuant to Section 101(l) of ERISA.

SECTION 5.16   Post-Closing Covenants.

(a) Within  forty-five  days  after  the  Effective  Date  (or  such  later date  as  the
Administrative Agent may agree in its sole discretion), the Loan Parties shall deliver to the Administrative
Agent original stock certificates, stock powers, irrevocable proxies and registration pages, in each case, in
form and substance reasonably satisfactory to the Administrative Agent, with respect to each of the Loan
Parties first-tier Foreign Subsidiaries.

(b) Within  forty-five  days  after  the  Effective  Date  (or  such  later date  as  the
Administrative Agent may agree in its sole discretion), the Loan Parties shall deliver to the Administrative
Agent recorded mortgage releases with respect to each existing mortgage delivered by a Loan Party to
Wells Fargo Capital Finance, including, without limitation, with respect to the Kokomo Indiana, Mountain
Home, North Carolina and Arcadia, Louisiana locations.

(c) Within  forty-five  days  after  the  Effective  Date  (or  such  later date  as  the
Administrative Agent may agree in its sole discretion), the Loan Parties shall deliver to the Administrative 

	
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Agent (i) a lender's loss payee endorsement and notice of cancellation endorsement with respect to the
Loan  Parties'  property  insurance  policy  and  (ii)  an  additional insured  endorsement  and  notice  of
cancellation endorsement with respect to the Loan Parties' liability insurance policy, in each case in form
and substance reasonably satisfactory to the Administrative Agent.

(d) Within  forty-five  days  after  the  Effective  Date  (or  such  later date  as  the
Administrative Agent may agree in its sole discretion), the Loan Parties shall use commercially reasonable
efforts to cause to be filed UCC-1 fixture filings in favor of the Administrative Agent with respect to the
Loan Parties' locations in Kokomo, Indiana, Mountain Home, North Carolina, Arcadia, Louisiana and any
other location reasonably requested by the Administrative Agent, each in form and substance reasonably
satisfactory to the Administrative Agent.

ARTICLE VI

Negative Covenants.

Until  all  of  the  Secured  Obligations  have  been  Paid  in  Full,  each  Loan  Party  executing  this
Agreement covenants and agrees, jointly and severally with all of the other Loan Parties, with the Lenders
that:

SECTION 6.01  Indebtedness.  No Loan Party will, nor will it permit any Subsidiary to, create,
incur, assume or suffer to exist any Indebtedness, except:

(a) the Secured Obligations;

(b) Indebtedness existing on the date hereof and set forth in Schedule 6.01 and any
extensions, renewals, refinancings and replacements of any such Indebtedness in accordance with clause
(f) hereof;

(c) Indebtedness  of  any  Borrower  to  any  Subsidiary  and  of  any  Subsidiary  to  any
Borrower or any other Subsidiary, provided that (i) Indebtedness of any Subsidiary that is not a Loan Party
to  any  Borrower  or  any  other  Loan  Party  shall be  subject  to Section 6.04 and (ii) Indebtedness of any
Loan Party to any Subsidiary that is not a Loan Party shall be subordinated to the Secured Obligations on
terms reasonably satisfactory to the Administrative Agent;

(d) Guarantees  by  any  Borrower  of  Indebtedness  of  any  Subsidiary  and  by  any
Subsidiary of Indebtedness of any Borrower or any other Subsidiary, provided that (i) the Indebtedness so
Guaranteed is  permitted by this Section 6.01, (ii) Guarantees by any Borrower or any other Loan Party of
Indebtedness of any Subsidiary that is not a Loan Party shall  be subject  to  Section 6.04  and
(iii) Guarantees permitted under this clause (d) shall be subordinated to the Secured Obligations on the
same terms as the Indebtedness so Guaranteed is subordinated to the Secured Obligations;

(e) Indebtedness  of  any  Borrower  or  any  Subsidiary  incurred  to  finance  the
acquisition,  construction  or  improvement  of  any  fixed  or  capital  assets  (whether  or  not  constituting
purchase  money  Indebtedness),  including  Capital  Lease  Obligations  and  any  Indebtedness  assumed  in
connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the
acquisition thereof, and extensions, renewals and replacements of any such Indebtedness in accordance
with clause (f) below; provided that (i) such Indebtedness is incurred prior to or within 90 days after such
acquisition or the completion of such construction or improvement and (ii) the aggregate principal amount
of Indebtedness permitted by this clause (e) together with any Refinance Indebtedness in respect thereof
permitted by clause (f) below, shall not exceed $10,000,000 at any time outstanding; 

	
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(f) Indebtedness which represents extensions, renewals, refinancing or replacements
(such  Indebtedness  being  so  extended,  renewed,  refinanced  or  replaced  being  referred  to  herein  as  the
"Refinance  Indebtedness")  of  any  of  the  Indebtedness  described in  clauses  (b),  (e),  (j),  and  (m)  hereof
(such  Indebtedness  being  referred  to  herein  as  the  "Original  Indebtedness");  provided  that  (i)  such
Refinance  Indebtedness  does  not  increase  the  principal  amount  or  interest  rate  of  the  Original
Indebtedness,  (ii)  any  Liens  securing  such  Refinance  Indebtedness  are  not  extended  to  any  additional
property of any Loan Party or any Subsidiary, (iii) no Loan Party or any Subsidiary that is not originally
obligated with respect to repayment of such Original Indebtedness is required to become obligated with
respect  to such Refinance  Indebtedness, (iv) such Refinance Indebtedness does not result in a shortening
of  the  average  weighted  maturity  of  such  Original  Indebtedness,  (v)  the  terms  of  such  Refinance
Indebtedness other than fees and interests are not less favorable to the obligor thereunder than the original
terms of such Original Indebtedness and (vi) if such Original Indebtedness was subordinated in right of
payment to the Secured Obligations, then the terms and conditions of such Refinance Indebtedness must
include subordination terms and conditions that are at least as favorable to the Administrative Agent and
the Lenders as those that were applicable to such Original Indebtedness;

(g) Indebtedness  owed  to  any  Person  providing  workers'  compensation,  health,
disability or other employee benefits or property, casualty or liability insurance, pursuant to reimbursement
or indemnification obligations to such Person, in each case incurred in the ordinary course of business;

(h) Indebtedness  of  any  Loan  Party  in  respect  of  performance  bonds, bid bonds,
appeal  bonds,  surety  bonds  and  similar  obligations,  in  each  case  provided  in  the  ordinary  course  of
business; provided, that, (i) the aggregate amount of such Indebtedness outstanding at any time shall not
exceed $500,000 and (ii) no such Indebtedness shall be incurred at any time that a Default or Event of
Default shall exist or have occurred and be continuing;

(i) Indebtedness created, incurred, assumed or guaranteed by any Borrower or any
Subsidiary in the ordinary course of the business of such Borrower or such Subsidiary in connection with
obtaining  goods,  materials  or  services  that  is  overdue  by  more than  one  hundred  twenty  (120)  days;
provided, that, the aggregate amount thereof at any time outstanding shall not exceed $500,000;

(j) Subordinated  Indebtedness  in  an  aggregate  principal  amount  not exceeding
$10,000,000 at any time outstanding;

(k) Indebtedness  of  any  Foreign  Subsidiary  arising  after  the  date  hereof,  provided,
that, as to any such Indebtedness, any Loan Party shall not be directly or indirectly liable (by virtue of such
Loan  Party  being  the  primary  obligor  on,  guarantor  of,  or  otherwise  liable  in  any  respect  of  such
Indebtedness);

(l) Indebtedness arising under the Timet Documents;

(m) Indebtedness  of  any  Person  that  becomes  a  Subsidiary  after  the date  hereof;
provided that (i) such Indebtedness exists at the time such Person becomes a Subsidiary and is not created
in  contemplation  of  or  in  connection  with  such  Person  becoming a  Subsidiary  and  (ii)  the  aggregate
principal amount of Indebtedness permitted by this clause (m), together with any Refinance Indebtedness
in respect thereof permitted by clause (f) above, shall not exceed $10,000,000 at any time outstanding; and

(n) other  unsecured  Indebtedness  in  an aggregate  principal amount not  exceeding
$10,000,000 at any time outstanding. 

	
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SECTION 6.02    Liens.  No Loan Party will, nor will it permit any Subsidiary to, create, incur,
assume  or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or
assign or sell any income or revenues (including Accounts) or rights in respect of any thereof, except:

(a) Liens created pursuant to any Loan Document;

(b) Permitted Encumbrances;

(c) any Lien on any property or asset of any Borrower or any Subsidiary existing on
the date hereof and set forth in Schedule 6.02; provided that (i) such Lien shall not apply to any other
property or asset of such Borrower or Subsidiary or any other Borrower or Subsidiary and (ii) such Lien
shall  secure  only  those  obligations  which  it  secures  on  the  date  hereof,  and  extensions,  renewals  and
replacements thereof that do not increase the outstanding principal amount thereof;

(d) Liens  on  fixed  or  capital  assets  acquired,  constructed  or  improved  by  any
Borrower or any Subsidiary; provided that (i) such Liens secure Indebtedness permitted by clause (e) of
Section 6.01, (ii) such Liens and the Indebtedness secured thereby are incurred prior to or within 90 days
after  such  acquisition  or  the  completion  of  such  construction  or  improvement,  (iii)  the  Indebtedness
secured thereby does not exceed 100% of the cost of acquiring, constructing or improving such fixed or
capital  assets  and  (iv)  such  Liens  shall  not  apply  to  any  other  property  or  assets  of  such  Borrower  or
Subsidiary or any other Borrower or Subsidiary;

(e) any Lien existing on any property or asset (other than Accounts and Inventory)
prior to the acquisition thereof by any Borrower or any Subsidiary or existing on any property or asset
(other  than Accounts and Inventory) of any Person that becomes a Loan Party after the date hereof prior
to the time such Person becomes a Loan Party; provided that (i) such Lien is not created in contemplation
of  or  in connection with such acquisition or  such Person becoming a  Loan Party, as the case may be,
(ii) such Lien shall not apply to any other property or assets of the Loan Party and (iii) such Lien shall
secure  only  those  obligations  which  it  secures  on  the  date  of  such  acquisition  or  the  date  such  Person
becomes  a  Loan Party, as  the  case  may be, and extensions, renewals  and replacements  thereof  that  do
not increase the outstanding principal amount thereof;

(f) Liens  of  a  collecting  bank  arising  in  the  ordinary  course  of  business  under
Section 4-210 of the UCC in effect in the relevant jurisdiction covering only the items being collected
upon;

(g) Liens arising out of Sale and Leaseback Transactions permitted by Section 6.06;

(h) pledges and deposits of cash by any Loan Party or any of Subsidiary of a Loan
Party to secure the performance of tenders, bids, leases, trade contracts (other than for the repayment of
Indebtedness),  statutory  obligations,  appeals  and  other  similar  obligations  in  each  case  in  the  ordinary
course of business of such Loan Party; provided, that, in connection with any performance bonds issued
by a surety or other person, the issuer of such bond shall not have any rights in or to, or other interest in
(whether contingent or otherwise), any of the Collateral other than the pledges or deposits of cash and as
to any pledges in respect of an appeal, after giving effect thereto, Availability is not less than $5,000,000;

(i) liens  or  other  security  interests  arising  from  (i)  operating  leases  and  the
precautionary  UCC  financing  statement  filings  in  respect  thereof  and  (ii)  equipment  or  other  materials
which are  not owned by any Loan Party or any Subsidiary located on the premises of such Loan Party or
such Subsidiary (but not in connection with, or as part of, the financing thereof) from time to time in the 

	
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ordinary course  of business and consistent with current practices of such Loan Party or any Subsidiary of
any Loan Party and the precautionary UCC financing statement filings in respect thereof;

(j) the  security  interests  and  liens  on  assets  of  any  Foreign  Subsidiary  to  secure
Indebtedness of such Subsidiary permitted under Section 6.01(k) hereof;

(k) security interests and liens granted by any Loan Party or any Subsidiary to secure
Indebtedness and other obligations otherwise permitted hereunder not to exceed $50,000 so long as in the
case of security interests and liens on any assets of any Loan Party, such security interests and liens are
subordinate to the security interests and liens of the Administrative Agent and are otherwise permitted
under any other agreement to which such Loan Party or Subsidiary is a party or by which its assets or
properties are bound;

(l) the  security  interests  in  and  liens  in  favor  of  Timet  on  the  Timet  Collateral
pursuant to the Timet Security Agreement as in effect on the Timet Closing Date; and

(m) Liens  granted by a  Subsidiary that is  not a  Loan Party in favor of any Borrower
or another Loan Party in respect of Indebtedness owed by such Subsidiary.

Notwithstanding the foregoing, none of the Liens permitted pursuant to this Section 6.02 may at any time
attach to any Loan Party's (1) Accounts, other than those permitted under clause (a) of the definition of
Permitted Encumbrances and clause (a) above, (2) Inventory, other than those permitted under clauses (a)
and (b) of the definition of Permitted Encumbrances and clause (a) above, (3) owned real property, other
than those permitted under clauses (a) and (b) of the definition of Permitted Encumbrances and clause (l)
above.  In addition, notwithstanding the foregoing, none of the Liens permitted pursuant to this Section 6.02
may at any time attach to the personal property or real property of Haynes UK, other than those permitted
under clauses (a) and (b) of the definition of Permitted Encumbrances.

SECTION 6.03  Fundamental Changes.

(a) No Loan Party will, nor will it permit any Subsidiary to, merge into or consolidate
with  any  other  Person,  or  permit any  other  Person  to  merge  into  or  consolidate  with  it,  or  otherwise
Dispose  of  all  or  substantially  all  of  its  assets,  or  all  or  substantially  all  of  the  stock  of  any  of  its
Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that,
if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred
and be continuing (i) any Subsidiary of any Borrower may merge into a Borrower in a transaction in which
such Borrower  is  the  surviving entity, (ii) any Loan Party (other than a Borrower) may merge into any
other Loan Party in a transaction in which the surviving entity is a Loan Party and (iii) any  Subsidiary that
is not a Loan Party may liquidate or dissolve if the Borrower which owns such Subsidiary determines in
good faith that such liquidation or dissolution is in the best interests of such Borrower and is not materially
disadvantageous to the Lenders; provided that (A) any such merger involving a Person that is not a wholly
owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section
6.04 and (B) any such merger involving a Person that is not a Borrower, on the one hand, and a Borrower,
on the other hand, shall be permitted only if such Borrower is the surviving or continuing entity.

(b) No Loan Party will, nor will it permit any Subsidiary to, consummate a Division as
the  Dividing  Person,  without  the  prior  written  consent  of  Administrative  Agent.  Without  limiting  the
foregoing, if any Loan Party that is a limited liability company consummates a Division (with or without the
prior consent of Administrative Agent as required above), each Division Successor shall be required to
comply with the obligations set forth in Section 5.14 and the other further assurances obligations set forth
in the Loan Documents and become a Loan Party under this Agreement and the other Loan Documents. 

	
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(c) No Loan Party will, nor will it permit any Subsidiary to, engage to any material
extent  in  any  business  other  than  businesses  of  the  type  conducted  by  the  Loan  Parties  and  their
Subsidiaries  on  the  date  hereof  and  businesses  that  are  reasonably  related,  ancillary  or  complementary
thereto or logical extensions thereof.

(d) [Reserved].

(e) No Loan Party will, nor will it permit any Subsidiary to, change its fiscal year
from the basis in effect on the Effective Date.

(f) No Loan Party will change the accounting basis upon which its financial statements
are prepared.

(g) No Loan Party will change the tax filing elections it has made under the Code.

SECTION 6.04    Investments, Loans, Advances, Guarantees and Acquisitions.  No Loan Party
will, nor will it permit any Subsidiary to, form any subsidiary after the Effective Date, or purchase, hold or
acquire (including pursuant to any merger with any Person that was not a Loan Party and a wholly owned
Subsidiary  prior  to  such  merger)  any  evidences  of  Indebtedness or  Equity  Interests  or  other  securities
(including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist
any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any
other  interest  in,  any  other  Person,  or  purchase  or  otherwise  acquire  (in  one  transaction  or  a  series  of
transactions)  any  assets  of  any  other  Person  constituting  a  business  unit  (whether  through  purchase  of
assets, merger or otherwise), except:

(a) Permitted Investments;

(b) investments in existence on the date hereof and described in Schedule 6.04;

(c) investments  by  the  Borrowers  and  the  Subsidiaries  in  Equity  Interests  in  their
respective Subsidiaries, provided that (i) any such Equity Interests held by a Loan Party shall be pledged
pursuant to the Security Agreement (subject to the limitations applicable to Equity Interests of a Foreign
Subsidiary referred to in Section 5.14) and (ii) the aggregate amount of investments by Loan Parties in
Subsidiaries  that  are  not  Loan  Parties  (together  with  outstanding  intercompany  loans  permitted  under
clause (ii) to the proviso to Section 6.04(d) and outstanding Guarantees permitted under the proviso to
Section 6.04(e)) shall  not exceed $5,000,000 at any time outstanding (in each case determined without
regard to any write-downs or write-offs);

(d) loans or advances made  by any Loan Party to any Subsidiary and made  by any
Subsidiary (other than a Foreign Subsidiary) to a Loan Party or any other Subsidiary, provided that (i) any
such  loans  and  advances  made  by  a  Loan  Party  shall be  evidenced  by a promissory note and pledged
pursuant to the  Security Agreement, (ii) the  amount of such loans and advances made by Loan Parties to
Subsidiaries that are not Loan Parties (together with outstanding investments permitted under clause (ii) to
the proviso to Section 6.04(c) and outstanding Guarantees permitted under the proviso to Section 6.04(e))
shall not exceed $5,000,000 at any time outstanding (in each case determined without regard to any write-
downs or write-offs) and (iii) with respect to any Indebtedness owing by a Loan Party to any Subsidiary
arising pursuant  to such loans or advances (x) such Indebtedness shall be subject to, and subordinate in
right of payment to, the right of the Administrative Agent and Lenders to receive the prior final payment
and satisfaction in full of all of the Obligations on terms and conditions acceptable to the Administrative
Agent,  (y)  promptly  upon  the  Administrative  Agent's  request,  the  Administrative  Agent  shall  have
received  a  subordination  agreement,  in  form  and  substance  satisfactory  to  the  Administrative  Agent,
providing for the terms of the subordination in right of payment of such Indebtedness of such Loan Party 

	
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to the prior final payment and satisfaction in full of all of the Obligations, duly authorized, executed and
delivered by such Subsidiary and such Loan Party, and (z) such Loan Party shall not, directly or indirectly
make, or be required to make, any payments in respect of such Indebtedness prior to the end of the then
current term of this Agreement, except (A) for payments of regularly scheduled interest in respect thereof
as in effect on the date of any such loan and (B) for payments of principal in respect of the Indebtedness
arising pursuant to such loans, provided, that, as to any such payment, each of the following conditions is
satisfied:  (1)  the  Administrative  Agent  shall  have  received  not  less  than  two  (2)  Business  Days'  prior
written notice with respect to any such payment, (2) as of the date of any such payment and after giving
effect thereto, Availability shall be not less than an amount equal to fifteen (15%) percent of the Revolving
Commitments  and (3) as of the date of any such payment and after giving effect thereto, no Default or
Event of Default shall exist or have occurred and be continuing;

(e) Guarantees constituting Indebtedness permitted by Section 6.01, provided that the
aggregate principal amount of Indebtedness of Subsidiaries that are not Loan Parties that is Guaranteed by
any  Loan  Party  (together  with  outstanding  investments  permitted  under  clause  (ii)  to  the  proviso  to
Section  6.04(c)  and  outstanding intercompany  loans  permitted  under  clause  (ii)  to  the  proviso  to
Section 6.04(d)) shall not exceed $5,000,000 at any time outstanding (in each  case determined without
regard to any write-downs or write-offs);

(f) loans or advances made by a Loan Party to its employees on an arms-length basis
in the ordinary course of business consistent with past practices for reasonable travel and entertainment
expenses,  relocation  costs  (including  home  mortgage  financing  for  relocated  employees)  and  similar
purposes up to a maximum of $1,000,000 in the aggregate at any one time outstanding;

(g) notes payable, or stock or other securities issued by Account Debtors to a Loan
Party pursuant to negotiated agreements with respect to settlement of such Account Debtor's Accounts in
the ordinary course of business, consistent with past practices;

(h) investments in the form of Swap Agreements permitted by Section 6.07;

(i) investments of any Person existing at the time such Person becomes a Subsidiary
of  a  Borrower  or  consolidates  or  merges  with  a  Borrower  or  any of  the  Subsidiaries  (including  in
connection with a permitted acquisition) so long as such investments were not made in contemplation of
such Person becoming a Subsidiary or of such merger;

(j) investments received in connection with Dispositions permitted by Section 6.05;

(k) investments constituting deposits described in clauses (c) and (d) of the definition
of the term "Permitted Encumbrances";

(l) stock or obligations issued to any Loan Party in respect of Indebtedness of such
Person  owing  to  any  Loan  Party  in  connection  with  the  insolvency,  bankruptcy,  receivership  or
reorganization  of  such  Person  or  a  composition  or  readjustment of  the  debts  of  such  Person  or  in
connection with the settlement of disputes or trade payables; provided, that, to the extent that the original
of any such stock or instrument evidencing such obligations (if any) is issued or payable to such Loan
Party, it shall be promptly delivered to the Administrative Agent, upon the Administrative Agent's request,
together  with such stock power, assignment  or  endorsement  by such Borrower  or  such other  Person as
the Administrative Agent may request;

(m) obligations of account debtors to any Loan Party or any of its Subsidiaries arising
from Accounts which are past due whether or not evidenced by a promissory note made by such account
debtor  payable  to such Loan Party or  such Subsidiary; provided, that, promptly upon the receipt of the 

	
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original of any such promissory note by such Loan Party, such promissory note shall be endorsed to the
order of the Administrative Agent by such Loan Party and promptly delivered to the Administrative Agent
as so endorsed;

(n) Permitted Acquisitions; and

(o) other  Investments  (other  than  Permitted  Acquisitions)  so  long  as  immediately
before and after giving effect to any such Investments, the Payment Conditions are satisfied.

SECTION 6.05   A sset Sales.  No Loan Party will, nor will it permit any Subsidiary to, Dispose
of any asset, including any Equity Interest owned by it, nor will any Borrower permit any Subsidiary to
issue  any  additional  Equity  Interest  in  such  Subsidiary  (other than  to  another  Borrower  or  another
Subsidiary in compliance with Section 6.04), except:

(a) Dispositions of (i) Inventory in the ordinary course of business, (ii) used, obsolete,
worn out or surplus equipment or property in the ordinary course of business and (iii) property no longer
used or useful to the  business  of the  Loan Parties  and their respective Subsidiaries, so long as such sales
or other dispositions do not involve Equipment having an aggregate fair market value in excess of $500,000
for  all such  Equipment  disposed  of  in any fiscal year of Haynes Parent or as the Administrative Agent
may otherwise agree;

(b) Dispositions of assets to any Borrower or any Subsidiary, provided that any such
Dispositions involving a Subsidiary that is not a Loan Party shall be made in compliance with Section 6.09;

(c) Dispositions  of  Accounts  in  connection  with  the  compromise,  settlement  or
collection thereof;

(d) Dispositions of Permitted  Investments and  other  investments  permitted  by
Section 6.04;

(e) Sale and Leaseback Transactions permitted by Section 6.06;

(f) Dispositions resulting from any casualty or other insured damage to, or any taking
under power of eminent domain or by condemnation or similar proceeding of, any property or asset of any
Borrower or any Subsidiary;

(g) the licensing by any Borrower of Intellectual Property owned by it to a Subsidiary
of any Borrower that is wholly-owned by it or by it and its subsidiaries; provided, that, as to any such
license: (A) any rights of such Subsidiary shall be subject to the rights of the Administrative Agent in such
Intellectual Property (including the rights of the Administrative Agent to use such Intellectual Property
upon an Event of Default) under this Agreement and as a matter of law, and (B) such license shall not
impair, hinder or otherwise adversely affect the rights of the Administrative Agent;

(h) (i)  the  Specified  Powder  Processor  Licenses;  provided,  that,  as  to  any  such
license, each of the following conditions is satisfied, (A) such licenses shall be on commercially reasonable
prices and terms in a  bona  fide  arms'  length transactions and (B) in the  case  of a  non-exclusive license,
the rights of the licensee shall be subject to the rights of the Administrative Agent, and in the case of any
license,  shall  not  adversely  affect,  limit  or  restrict  the  rights  of  the  Administrative  Agent  to  use  any
Intellectual Property of a Borrower to sell or otherwise dispose of any Inventory or other Collateral and
(ii) other grants by any Borrower after the date hereof of a non-exclusive license or an exclusive license
to any Person for the use of any Intellectual Property owned by such Borrower in the ordinary course of
business consistent with the current practices of such Borrower as of the date hereof; provided, that, as to 

	
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any  such  license,  each  of  the  following conditions  is  satisfied, (A)  such license  is  only for  the  use  of
Intellectual  Property  for  the  manufacture,  distribution  or  sale  of  products  that  Borrowers  do  not
manufacture, distribute or sell, (B) such licenses shall be on commercially reasonable prices and terms in a
bona  fide arms' length transactions, (C) in the case of a non-exclusive license, the rights of the licensee
shall be subject to the rights of the Administrative Agent, and in the case of any license, shall not adversely
affect,  limit  or  restrict  the  rights  of  the  Administrative  Agent  to  use  any  Intellectual  Property  of  a
Borrower to sell or otherwise dispose of any Inventory or other Collateral, (D) the Administrative Agent
shall have  received, true, correct and complete  copies of the  executed license agreement, promptly upon
the  execution  thereof  and  (E)  as  of  the  date  of  the  grant  of  any  such  license, and  after  giving  effect
thereto, no Default or Event of Default shall exist or have occurred and be continuing;

(i) the abandonment or cancellation of Intellectual Property that is not material, is no
longer used or useful in any material respect in the business of any Borrower or its Subsidiaries, and which
it is not commercially reasonable to maintain, provided, that, (A) such abandonment or cancellation shall
not adversely affect the right or ability of the Administrative Agent to exercise its rights or remedies with
respect  to  any  of  the  Collateral  or  reduce  the  value  of  the  Collateral  in  any  material  respect  and  (B)
Borrowers shall provide prior written notice to the Administrative Agent of the intention of any Borrower
to abandon or cancel such Intellectual Property;

(j) the grant by Haynes Parent of a non-exclusive license of Intellectual Property (as
defined in the Timet Security Agreement) to Timet in accordance with Section 5 of the Timet Security
Agreement as in effect on the Timet Closing Date; provided, that, such license is only for the use of such
Intellectual Property (as defined in the Timet Security Agreement) to the extent required for the titanium
conversion services provided for under the Timet Conversion Agreement and during the time that Timet is
exercising its rights of access to the Timet Collateral in accordance with the terms of the Timet Security
Agreement; and

(k) Dispositions of assets (other than Equity Interests in a Subsidiary unless all Equity
Interests in such Subsidiary are sold) that are not permitted by any other clause of this Section, provided
that the aggregate fair market value of all assets Disposed of in reliance upon this paragraph (k) shall not
exceed $5,000,000 during any fiscal year of Haynes Parent;

provided  that  all Dispositions  permitted  hereby  (other  than  those  permitted  by paragraphs (b)  and (f)
above) shall be made for fair value and for at least 75% cash consideration.

SECTION 6.06    Sale and Leaseback Transactions.  No Loan Party will, nor will it permit any
Subsidiary  to,  enter  into  any  arrangement,  directly  or  indirectly,  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 sold or transferred (a "Sale and Leaseback Transaction"), except for
any  such  sale  of  any  fixed  or  capital  assets  by  any  Borrower  or  any  Subsidiary  that  is  made  for  cash
consideration in an amount not less than the fair value of such fixed or capital asset and is consummated
within  90 days  after  such  Borrower  or  such  Subsidiary  acquires or  completes  the  construction  of  such
fixed or capital asset.

SECTION 6.07    Swap Agreements. No Loan Party will, nor will it permit any  Subsidiary to,
enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to
which any Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests
of any Borrower or any of its Subsidiaries), and (b) Swap Agreements entered into in order to effectively
cap,  collar  or  exchange  interest  rates  (from  floating  to  fixed rates,  from  one  floating  rate  to  another
floating rate or otherwise) with respect to any interest-bearing liability or investment of any Borrower or 

	
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any Subsidiary, and in each case for clauses (a) and (b) to the extent entered into in the ordinary course of
business and not for speculative purposes.

SECTION 6.08  Restricted Payments; Certain Payments of Indebtedness.

(a) No Loan Party will, nor will it permit any Subsidiary to, declare or make, or agree
to declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or
otherwise) to do so, except (i) Haynes Parent may declare and pay dividends with respect to its common
stock payable solely in additional shares of its common stock, and, with respect to its preferred stock,
payable in additional shares of such preferred stock or in shares of its common stock, (ii) Subsidiaries that
are  not  Loan  Parties  may  declare  and  pay  dividends  ratably  with  respect  to  their  Equity  Interests,
(iii) Haynes Parent may make Restricted Payments, not exceeding $5,000,000 during any fiscal year of
Haynes  Parent,  pursuant  to  and  in  accordance  with  stock  option plans  or  other  benefit  plans  for
management  or  employees  of  the  Borrowers  and  their  Subsidiaries,  (iv)  Haynes  Parent  may  make
quarterly cash dividends to its shareholders, not exceeding $3,500,000 in any fiscal quarter so long as (A)
such  payments  are  calculated  and  paid  in  accordance  with  past  practices  for  the  fiscal  year  ending
September 30, 2020 and (B) both immediately before and after giving effect to such Restricted Payment,
no Default or Event of Default shall exist and be continuing or be created thereby and (v) the Borrowers
may make other Restricted Payments so long as both immediately before and after giving effect to such
Restricted Payment, the Payment Conditions are satisfied.

(b) No Loan Party will, nor will it permit any Subsidiary to, make or agree 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  any  Indebtedness,  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  of  any
Indebtedness, except:

(i) payment of Indebtedness created under the Loan Documents;

(ii) payment  of  regularly  scheduled  interest  and  principal  payments as  and
when  due  in  respect  of  any  Indebtedness  permitted  under  Section  6.01,  other  than
payments  in  respect  of  the  Subordinated  Indebtedness  prohibited  by  the  subordination
provisions thereof;

(iii) refinancings of Indebtedness to the extent permitted by Section 6.01;

(iv) payment  of  secured  Indebtedness  that  becomes  due  as  a  result  of the
voluntary  sale  or  transfer  of  the  property  or  assets  securing  such  Indebtedness  to  the
extent such sale or transfer is permitted by the terms of Section 6.05; and

(v) other  prepayments  of  Indebtedness  so  long  as  immediately  before  and
after giving effect to any such prepayment, the Payment Conditions are satisfied.

SECTION  6.09    Transactions  with  Affiliates.  No  Loan  Party  will,  nor  will  it  permit  any
Subsidiary to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise
acquire  any  property  or  assets  from,  or  otherwise  engage  in  any  other  transactions  with,  any  of  its
Affiliates, except (a) transactions  that (i) are  in the  ordinary course  of business  and (ii) are at prices and
on terms and conditions not less favorable  to such Loan Party or such Subsidiary than could be obtained
on an arm's-length basis from unrelated third parties, (b) transactions between or among any Loan Parties
not  involving  any  other  Affiliate,  (c) any  investment  permitted  by  Sections  6.04(c)  or  6.04(d),  (d) any
Indebtedness  permitted  under  Section 6.01(c),  (e) any  Restricted  Payment  permitted  by  Section 6.08, 

	
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(f) loans or advances to employees permitted under Section 6.04, (g) the payment of reasonable fees to
directors of any Borrower or any Subsidiary who are not employees of such Borrower or Subsidiary, and
compensation and employee benefit arrangements paid to, and indemnities provided for the benefit of,
directors, officers or employees of the Borrowers or their Subsidiaries in the ordinary course of business
and (h) any issuances of securities or other payments, awards or grants in cash, securities or otherwise
pursuant to, or the funding of, employment agreements, stock options and stock ownership plans approved
by Haynes Parent's board of directors.

SECTION 6.10      Restrictive Agreements. No Loan Party will, nor will it permit any Subsidiary
to,  directly  or  indirectly,  enter  into,  incur  or  permit  to  exist  any  agreement  or  other  arrangement  that
prohibits, restricts or imposes any condition upon (a) the ability of such Loan Party or any Subsidiary to
create,  incur  or  permit  to  exist  any  Lien  upon  any  of  its  property  or  assets,  or  (b)  the  ability  of  any
Subsidiary to pay dividends or other distributions with respect to any of its Equity Interests or to make or
repay  loans  or  advances  to  any  Borrower  or  any  other  Subsidiary  or  to  Guarantee  Indebtedness  of  any
Borrower  or  any  other  Subsidiary;  provided  that  (i)  the  foregoing  shall  not  apply  to  restrictions  and
conditions imposed by any Requirement of Law or by any Loan Document, (ii) the foregoing shall not
apply to restrictions and conditions existing on the date hereof identified on Schedule 6.10 (but shall apply
to  any  extension  or  renewal  of,  or  any  amendment  or  modification  expanding  the  scope  of,  any  such
restriction or condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained
in agreements relating to the sale of a Subsidiary pending such sale, provided that such restrictions and
conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iv) clause
(a)  of  the  foregoing  shall not  apply  to restrictions  or  conditions  imposed  by  any  agreement  relating  to
secured  Indebtedness  permitted  by  this  Agreement  if  such  restrictions  or  conditions  apply  only  to  the
property or assets securing such Indebtedness, (v) clause (a) of the foregoing shall not apply to customary
provisions in leases and other contracts restricting the assignment thereof, (vi) clause (a) of the foregoing
shall not apply to customary restrictions in agreements relating to purchase money financing arrangements
of the Loan Parties or contained in security agreements providing for the grant of a security interest to
secure  other  Indebtedness  owing  to  a  person  that  is  not  an  Affiliate  (in  each  case  to  the  extent  such
purchase money financing or other Indebtedness is permitted hereunder) to the extent such restrictions
restrict the transfer of, or the granting of liens on, the property subject to such purchase money financing
arrangements or security agreements, (vii) clause (a) of the foregoing shall not apply to any agreement
relating to permitted Indebtedness incurred by a Subsidiary of such Loan Party prior to the date on which
such Subsidiary was acquired by such Loan Party and outstanding on such acquisition date, (viii) clause
(a)  of  the  foregoing  shall  not  apply  to  customary  restrictions in  license  agreements  with  respect  to
Intellectual Property which restrict the sublicensing, pledge, transfer or assignment of the licensee's rights
thereunder, and (ix) clause (a) of the foregoing shall not apply to restrictions in agreements in existence
prior to the date hereof and the extension or continuation of contractual obligations in existence on the date
hereof; provided, that, any such encumbrances or restrictions contained in such extension or continuation
are no less favorable to the Administrative Agent and Lenders than those encumbrances arid restrictions
under or pursuant to the contractual obligations so extended or continued.

SECTION 6.11  Amendment  of  Material Documents.  No Loan Party will, nor will it permit
any  Subsidiary  to,  amend,  modify  or  waive  any  of  its  rights  under  (a)  any  agreement  relating  to  any
Subordinated Indebtedness, (b) its charter, articles or certificate of incorporation or organization, by-laws,
operating, management or partnership agreement or other organizational or governing documents or (c) the
Timet  Documents  or  the  Collective  Bargaining  Agreements,  to  the  extent  any  such  amendment,
modification or waiver would be adverse to the Lenders.

SECTION 6.12      Environmental Covenant.  No Loan Party shall use nor permit any third party
to  use, generate, manufacture, produce, store  or Release on, under or about any real property, or transfer
to or from any real property, any Hazardous Materials except De Minimis Amounts in compliance with all 

	
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applicable  Environmental  Laws,  provided  that  if  any  third  party,  by  act  or  omission,  by  intent  or  by
accident, allows any foregoing action to occur, the Loan Party shall promptly remedy such condition, at its
sole expense and responsibility in accordance with Section 9.03(b)(iii). Furthermore, no Loan Party shall
permit any Liens under any Environmental Laws to be placed on any portion of the real property.

SECTION 6.13  Fixed  Charge  Coverage  Ratio.  During  each  Covenant  Trigger  Period  the
Loan Parties will not permit the Fixed Charge Coverage Ratio, determined for any period of twelve (12)
consecutive months ending on the last day of each calendar month, to be less than 1.00 to 1.00, to be
measured (a) on the initial date of such Covenant Trigger Period for the most recent calendar month then
ended for which financial statements  have  been, or were  required to be, delivered pursuant to Section
5.01, and (b) thereafter, as of the last day of each calendar month ending during such Covenant Trigger
Period for  which financial statements  have  been, or  were  required to be, delivered pursuant to Section
5.01.  For the avoidance of doubt the foregoing Fixed Charge Coverage Ratio financial covenant will not
be tested when a Covenant Trigger Period is not in effect.

ARTICLE VII

Events  of Default.

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

(a) any Loan Party shall fail to pay any principal of any Loan or any reimbursement
obligation  in  respect  of  any  LC  Disbursement  when  and  as  the  same  shall  become  due  and  payable,
whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

(b) any Loan Party shall fail to pay any interest on any Loan or any fee or any other
amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or
any other  Loan Document, when and as  the  same shall become due and payable, and solely with respect
to payment of fees such failure shall continue unremedied for a period of three (3) Business Days;

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

(d) any  Loan  Party  shall  fail  to  observe  or  perform  any  covenant,  condition  or
agreement contained in (i) Section 5.02(a), 5.03 (with respect to a Loan Party's existence), 5.08, 5.16 or in
Article VI or (ii) in Article IV of the Security Agreement;

(e) any Loan Party shall fail to observe or perform any covenant, condition or agree-
ment  contained  in  this  Agreement  or  any  other  Loan  Document  (other  than  those  which  constitute  a
default  under another Section of this Article), and such failure shall continue unremedied for a period of
(i)  5  days  after  the  earlier  of  any  Loan  Party's  knowledge  of  such  breach  or  notice  thereof  from  the
Administrative Agent (which notice will be given at the request of any Lender) if such breach relates to
terms or provisions of Section 5.01, 5.02 (other than Section 5.02(a)), 5.03 through 5.07, 5.10, 5.11 or 5.13
of this Agreement or (ii) 15 days after the earlier of any Loan Party's knowledge of such breach or notice
thereof from the Administrative Agent (which notice will be given at the request of any Lender) if such
breach relates to terms or provisions of any other Section of this Agreement or terms or provisions of any
other Loan Document; 

	
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(f) any Loan Party or Subsidiary shall fail to make any payment (whether of principal
or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall
become due and payable;

(g) any event or condition occurs that results in any Material Indebtedness becoming
due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse
of time or both) 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; provided that this clause (g) 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  to  the  extent  such  sale  or  transfer  is  permitted  by
Section 6.05;

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

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

(j) any Loan Party or Subsidiary shall become unable, admit in writing its inability, or
publicly declare its intention not to, or fail generally to pay its debts as they become due;

(k) (i) one or more judgments for the payment of money in excess of $2,500,000 in
any one case or $5,000,000 in the aggregate (to the extent not covered by insurance where the insurer has
assumed  responsibility  in  writing  for  such  judgment)  shall  be  rendered  against  any  Loan  Party,  any
Subsidiary  or  any  combination  thereof  and  the  same  shall remain  undischarged for  a  period of  thirty
(30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally
taken by a judgment creditor to attach or levy upon any assets of any Loan Party or Subsidiary to enforce
any such judgment; or (ii) any Loan Party or Subsidiary  shall fail within thirty (30) days to discharge one
or more non-monetary judgments or orders which, individually or in the aggregate, could reasonably be
expected to have  a  Material Adverse Effect, which judgments or orders, in any such case, are not stayed
on  appeal  or  otherwise  being  appropriately  contested  in  good  faith  by  proper  proceedings  diligently
pursued;

(l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders,
when taken together with all other ERISA Events that have occurred, could reasonably be expected to
result in liability of the Borrowers and their Subsidiaries in an aggregate amount exceeding $1,000,000;

(m) a Change in Control shall occur; 

	
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(n) the Loan Guaranty or any Obligation Guaranty shall fail to remain in full force or
effect or any action shall be taken to discontinue or to assert the invalidity or unenforceability of the Loan
Guaranty or any Obligation Guaranty, or any Loan Guarantor shall fail to comply with any of the terms or
provisions of the Loan Guaranty or any Obligation Guaranty to which it is a party, or any Loan Guarantor
shall deny that it has any further liability under the Loan Guaranty or any Obligation Guaranty to which it is
a party, or shall give notice to such effect, including, but not limited to notice of termination delivered
pursuant to Section 10.08 or any notice of termination delivered pursuant to the terms of any Obligation
Guaranty;

(o) except as permitted by the terms of any Collateral Document, (i) any Collateral
Document  shall  for  any  reason  fail  to  create  a  valid  security  interest  in  any  Collateral  purported  to  be
covered  thereby,  or  (ii)  any  Lien  securing  any  Secured  Obligation  shall  cease  to  be  a  perfected,  first
priority Lien;

(p) any Collateral Document shall fail to remain in full force or effect or any action
shall be taken to discontinue or to assert the invalidity or unenforceability of any Collateral Document;

(q) any material provision of any Loan Document for any reason ceases to be valid,
binding and enforceable in accordance with its terms (or any Loan Party shall challenge the enforceability
of any Loan Document or shall assert in writing, or engage in any action or inaction that  evidences its
assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is not valid,
binding and enforceable in accordance with its terms);

(r) there shall be an act, condition or event that has a Material Adverse Effect after
the date hereof; or

(s) there shall be an event of default under the Timet Documents that allows Timet to
terminate and/or assert damages under the Timet Documents or foreclose on the Timet Collateral.

then, and in every such event (other than an event with respect to the Loan Parties described in clause (h)
or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative
Agent may, and at the request of the Required Lenders shall, by notice to the Borrower Representative,
take any or all of the following actions, at the same or different times: (i) terminate the Commitments
(including  the  Swingline  Commitment),  whereupon  the  Commitments  shall  terminate  immediately,
(ii) declare the Loans then outstanding to be due and payable in whole (or in part, but ratably as among the
Classes of Loans and the Loans of each Class at the time outstanding, in which case any principal not so
declared  to  be  due  and  payable  may  thereafter  be  declared  to  be  due  and  payable),  whereupon  the
principal of the Loans so declared to be due and payable, together with accrued interest thereon and all
fees (including, for the avoidance of doubt, any break funding payments) and other obligations of the Loan
Parties  accrued  hereunder  and  under  any  other  Loan  Document,  shall  become  due  and  payable
immediately, in each case without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by the Loan Parties, and (iii) require cash collateral for the LC Exposure in accordance
with Section 2.06(j) hereof; and in the  case of any event with respect to the Loan Parties described in
clause (h) or (i) of this Article, the Commitments (including the Swingline Commitment) shall automatically
terminate and the principal of the Loans then outstanding and the cash collateral for the LC Exposure,
together  with  accrued  interest  thereon  and  all  fees  (including,  for  the  avoidance  of  doubt,  any  break
funding payments) and other obligations of the Loan Parties accrued hereunder and under any other Loan
Documents,  shall  automatically  become  due  and  payable,  in  each case  without  presentment,  demand,
protest  or  other  notice  of  any  kind,  all  of  which  are  hereby  waived  by  the  Loan  Parties.  Upon  the
occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the
request  of  the  Required  Lenders  shall,  increase  the  rate  of  interest  applicable  to  the  Loans  and  other
Obligations  as  set  forth  in  this  Agreement  and  exercise  any  rights  and  remedies  provided  to  the 

	
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Administrative Agent under the Loan Documents or at law or equity, including all remedies provided under
the UCC.

ARTICLE VIII

The Administrative Agent.

SECTION 8.01  Authorization and Action.

(a) Each Lender, on behalf of itself and any of its Affiliates that are Secured Parties
and the Issuing Bank hereby irrevocably appoints the entity named as Administrative Agent in the heading
of this Agreement and its successors and assigns to serve as the administrative agent and collateral agent
under the Loan Documents and each Lender and the Issuing Bank authorizes the Administrative Agent to
take such actions as agent on its behalf and to exercise such powers under this Agreement and the other
Loan Documents  as  are  delegated to the Administrative Agent under such agreements and to exercise
such powers as are reasonably incidental thereto. In addition, to the extent required under the laws of any
jurisdiction other than within the United States, each Lender and the Issuing Bank hereby grants to the
Administrative Agent any required powers of attorney to execute and enforce any Collateral Document
governed by the laws of such jurisdiction on such Lender's or such Issuing Bank's behalf.  Without limiting
the foregoing, each Lender and the Issuing Bank hereby authorizes the Administrative Agent to execute
and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative
Agent is a party, and to exercise all rights, powers and remedies that the Administrative Agent may have
under such Loan Documents.

(b) As  to  any  matters  not  expressly  provided  for  herein  and  in  the other  Loan
Documents  (including  enforcement  or  collection),  the  Administrative  Agent  shall not  be  required  to
exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall
be  fully protected in so acting or  refraining from acting)  upon the  written instructions  of  the  Required
Lenders  (or  such other  number or percentage of the Lenders as shall be necessary, pursuant to the terms
in the Loan Documents), and, unless and until revoked in writing, such instructions shall be binding upon
each Lender and the Issuing Bank; provided, however, that the Administrative Agent shall not be required
to take any action that (i) the Administrative Agent in good faith believes exposes it to liability unless the
Administrative Agent receives an indemnification and is exculpated in a manner satisfactory to it from the
Lenders and the Issuing Bank with respect to such action or (ii) is contrary to this Agreement or any other
Loan Document or applicable law, including any action that may be in violation of the automatic stay under
any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may
effect  a  forfeiture,  modification  or  termination  of  property  of  a  Defaulting Lender  in violation of  any
requirement  of  law  relating  to  bankruptcy,  insolvency  or  reorganization or relief of debtors; provided,
further, that the Administrative Agent may seek clarification or direction from the Required Lenders prior
to  the  exercise  of  any  such  instructed  action  and  may  refrain  from  acting  until  such  clarification  or
direction  has  been  provided.  Except  as  expressly  set  forth  in  the  Loan  Documents, the Administrative
Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information
relating to any Borrower, any other Loan Party, any Subsidiary or any Affiliate of any of the foregoing
that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates
in any capacity. Nothing in this Agreement shall require the Administrative Agent to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the
exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of
such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

(c) In  performing  its  functions  and duties  hereunder  and  under  the other  Loan
Documents,  the  Administrative  Agent  is  acting  solely  on  behalf of  the  Lenders  and  the  Issuing  Bank
(except in limited circumstances expressly provided for herein relating to the maintenance of the Register), 

	
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and its duties are entirely mechanical and administrative in nature. Without limiting the generality of the
foregoing:

(i) the  Administrative  Agent  does  not  assume  and  shall  not  be  deemed  to
have assumed any obligation or duty or any other relationship as the agent, fiduciary or
trustee  of  or  for  any  Lender,  Issuing  Bank  or  Secured  Party  or holder  of  any  other
obligation  other  than  as  expressly  set  forth  herein  and  in  the other  Loan  Documents,
regardless  of whether a  Default or an Event of Default has occurred and is continuing
(and it is understood and agreed that the use of the term "agent" (or any similar term)
herein or in any other Loan Document with reference to the Administrative Agent is not
intended to connote any fiduciary duty or other implied (or express) obligations arising
under agency doctrine of any applicable law, and that such term is used as a matter of
market  custom  and  is  intended  to  create  or  reflect  only  an  administrative  relationship
between contracting parties); additionally, each Lender agrees that it will not assert any
claim against the  Administrative Agent based on an alleged breach of fiduciary duty by
the  Administrative  Agent  in  connection  with  this  Agreement  and/or  the  transactions
contemplated hereby;

(ii) [reserved];

(iii) [reserved]; and

(iv) nothing  in  this  Agreement  or  any  Loan  Document  shall  require  the
Administrative Agent to account to any Lender for any sum or the profit element of any
sum received by the Administrative Agent for its own account.

(d) The Administrative Agent may perform any of its duties and exercise its rights
and  powers  hereunder  or  under  any other  Loan  Document  by  or  through  any  one  or  more  sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform
any  of  their  respective  duties  and  exercise  their  respective  rights  and  powers  through  their  respective
Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the
Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective
activities pursuant to this Agreement. The Administrative Agent shall not be responsible for the negligence
or misconduct of any sub agent except to the extent that a court of competent jurisdiction determines in a
final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful
misconduct in the selection of such sub-agent.

(e) None of any Syndication Agent, any Co-Documentation Agent or any Arranger
shall  have  obligations  or  duties whatsoever  in  such  capacity  under  this  Agreement  or  any  other  Loan
Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons shall
have the benefit of the indemnities provided for hereunder.

(f) In case  of the pendency of any proceeding with respect to any Loan Party under
any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect,
the  Administrative  Agent  (irrespective  of  whether  the  principal  of  any  Loan  or  any  reimbursement
obligation in respect of any LC Disbursement 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 any Borrower) shall be entitled and empowered (but not obligated) by intervention in such
proceeding or otherwise:

(i) to  file  and  prove  a  claim  for  the  whole  amount  of  the  principal  and
interest  owing  and  unpaid  in  respect  of  the  Loans,  LC  Disbursements  and  all  other 

	
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Obligations  that  are  owing  and  unpaid  and  to  file  such  other  documents  as  may  be
necessary or advisable in order to have the claims of the Lenders, the Issuing Bank and
the Administrative Agent (including any claim under Sections 2.12, 2.13, 2.15, 2.17 and
9.03) allowed in such judicial proceeding; and

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

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such
proceeding is  hereby authorized by each Lender, the Issuing Bank and each other Secured Party to make
such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to
the making of such payments directly to the Lenders, the Issuing Bank or the other Secured Parties, to pay
to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under the
Loan Documents  (including under Section 9.03). Nothing contained herein shall be deemed to authorize
the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or Issuing
Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the
rights  of  any Lender  or  Issuing Bank or to authorize the Administrative Agent to vote in respect of the
claim of any Lender or Issuing Bank in any such proceeding.

The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the
Issuing Bank, and, except solely to the extent of the Borrowers' right to consent pursuant to and subject to
the conditions set forth in this Article, no Borrower nor any Subsidiary, or any of their respective Affiliates,
shall have  any rights  as a third party beneficiary under any such provisions. Each Secured Party, whether
or  not  a  party  hereto,  will  be  deemed,  by  its  acceptance  of  the  benefits  of  the  Collateral and  of  the
Guarantees  of  the  Secured  Obligations  provided  under  the  Loan  Documents,  to  have  agreed  to  the
provisions of this Article.

SECTION 8.02  Administrative Agent's Reliance, Indemnification, Etc.

(a) Neither the Administrative Agent nor any of its Related Parties shall be (i) liable
for any action taken or omitted to be taken by such party, the Administrative Agent or any of its Related
Parties  under or in connection with this  Agreement or the other Loan Documents (x) with the consent of
or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary,  or  as  the  Administrative  Agent  shall  believe  in  good  faith  to  be  necessary,  under  the
circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence or
willful misconduct (such absence to be presumed unless otherwise determined by a court of competent
jurisdiction by a final and non-appealable judgment) or (ii) 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 Administrative Agent 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 to perform its obligations hereunder or thereunder.

(b) The Administrative Agent shall be deemed not to have knowledge of any Default
unless and until written notice thereof (stating that it is a "notice of default") is given to the Administrative
Agent by the Borrower Representative, a Lender or the Issuing Bank, and the Administrative Agent shall
not  be  responsible  for  or  have any  duty  to  ascertain  or  inquire  into  (i)  any  statement,  warranty  or
representation  made  in  or  in  connection  with  any  Loan  Document,  (ii)  the  contents  of  any  certificate,
report  or  other  document  delivered  thereunder  or  in  connection therewith,  (iii)  the  performance  or
observance  of  any  of  the  covenants,  agreements  or  other  terms  or  conditions  set  forth  in  any  Loan
Document or the occurrence of any Default, (iv) the sufficiency, validity, enforceability, effectiveness or 

	
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genuineness  of any Loan Document or any other agreement, instrument or document, (v) the satisfaction
of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt
of  items  (which  on  their  face  purport  to  be  such  items)  expressly  required  to  be  delivered  to  the
Administrative Agent or satisfaction of any condition that expressly refers to the matters described therein
being acceptable or satisfactory to the Administrative Agent, or (vi) the creation, perfection or priority of
Liens on the Collateral.

(c) Without limiting the foregoing, the Administrative Agent (i) may treat the payee of
any promissory note as its holder until such promissory note has been assigned in accordance with Section
9.04, (ii) may rely on the  Register  to the  extent set forth in Section 9.04(b), (iii) may consult with legal
counsel (including counsel to the Borrowers), independent public accountants and other experts selected
by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance
with the  advice  of such counsel, accountants or experts, (iv) makes no warranty or representation to any
Lender  or  Issuing  Bank and shall not be responsible to any Lender or Issuing Bank for any statements,
warranties or representations made  by or on behalf of any Loan Party in connection with this Agreement
or any other Loan Document, (v) in determining compliance with any condition hereunder to the making of
a  Loan, or  the  issuance  of  a  Letter  of Credit, that by its terms must be fulfilled to the satisfaction of a
Lender  or  an  Issuing  Bank, may  presume  that  such  condition  is  satisfactory to such Lender or Issuing
Bank  unless  the  Administrative  Agent  shall have  received  notice  to  the  contrary  from such Lender or
Issuing Bank sufficiently in advance of the making of such Loan or the issuance of such Letter of Credit
and (vi) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any
other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing (which
writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or
any statement  made  to it  orally or  by telephone  and believed by it to be genuine and signed or sent or
otherwise  authenticated  by  the  proper  party  or  parties  (whether  or  not  such  Person  in  fact  meets  the
requirements set forth in the Loan Documents for being the maker thereof).

SECTION 8.03  Posting of Communications.

(a) The  Borrowers  agree  that  the  Administrative  Agent  may,  but  shall  not  be
obligated to, make  any Communications available to the Lenders and the Issuing Bank by posting the
Communications  on  IntraLinksTM,  DebtDomain,  SyndTrak,  ClearPar  or  any  other  electronic  system
chosen by the Administrative Agent to be its electronic transmission system (the "Approved Electronic
Platform").

(b) Although  the  Approved  Electronic  Platform  and  its  primary  web  portal  are
secured  with  generally-applicable  security  procedures  and  policies  implemented  or  modified  by  the
Administrative  Agent  from  time  to  time  (including,  as  of  the  Effective  Date,  a  user  ID/password
authorization system) and the Approved Electronic Platform is secured through a per-deal authorization
method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis,
each of  the  Lenders, the  Issuing Bank and each Borrower acknowledges and agrees that the distribution
of material through an electronic medium is not necessarily secure, that the Administrative Agent is not
responsible for approving or vetting the representatives or contacts of any Lender that are added to the
Approved Electronic Platform, and that there may be confidentiality and other risks associated with such
distribution. Each of the Lenders, the Issuing Bank and each Borrower hereby approves distribution of the
Communications  through  the  Approved  Electronic  Platform  and  understands  and  assumes  the  risks  of
such distribution.

(c) THE  APPROVED  ELECTRONIC  PLATFORM  AND  THE
COMMUNICATIONS  ARE  PROVIDED  "AS  IS"  AND  "AS  AVAILABLE".  THE  APPLICABLE
PARTIES  (AS  DEFINED  BELOW)  DO  NOT  WARRANT  THE  ACCURACY  OR
COMPLETENESS  OF  THE  COMMUNICATIONS,  OR  THE  ADEQUACY  OF  THE  APPROVED 

	
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ELECTRONIC  PLATFORM  AND  EXPRESSLY  DISCLAIM  LIABILITY  FOR  ERRORS OR
OMISSIONS  IN  THE  APPROVED  ELECTRONIC  PLATFORM  AND  THE  COMMUNICATIONS.
NO  WARRANTY  OF  ANY  KIND,  EXPRESS,  IMPLIED  OR  STATUTORY,  INCLUDING  ANY
WARRANTY  OF  MERCHANTABILITY,  FITNESS  FOR  A  PARTICULAR  PURPOSE, NON-
INFRINGEMENT  OF  THIRD  PARTY  RIGHTS  OR  FREEDOM  FROM  VIRUSES  OR  OTHER
CODE  DEFECTS,  IS  MADE  BY  THE  APPLICABLE  PARTIES  IN  CONNECTION  WITH  THE
COMMUNICATIONS  OR  THE  APPROVED  ELECTRONIC  PLATFORM.  IN  NO  EVENT  SHALL
THE  ADMINISTRATIVE  AGENT,  ANY  ARRANGER,  ANY  CO-DOCUMENTATION  AGENT,
ANY  SYNDICATION  AGENT  OR  ANY  OF  THEIR  RESPECTIVE  RELATED  PARTIES
(COLLECTIVELY,  "APPLICABLE  PARTIES")  HAVE  ANY  LIABILITY  TO  ANY LOAN  PARTY,
ANY  LENDER,  ANY  ISSUING  BANK  OR ANY  OTHER PERSON  OR ENTITY  FOR DAMAGES
OF  ANY  KIND,  INCLUDING  DIRECT  OR  INDIRECT,  SPECIAL,  INCIDENTAL OR
CONSEQUENTIAL  DAMAGES,  LOSSES  OR  EXPENSES  (WHETHER  IN  TORT,  CONTRACT  OR
OTHERWISE)  ARISING  OUT  OF  ANY  LOAN  PARTY'S  OR  THE  ADMINISTRATIVE  AGENT'S
TRANSMISSION  OF  COMMUNICATIONS  THROUGH  THE  INTERNET  OR  THE  APPROVED
ELECTRONIC PLATFORM.

"Communications" means, collectively, any notice, demand, communication, information, document
or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or
the  transactions  contemplated  therein  which  is  distributed  by  the  Administrative  Agent,  any
Lender or Issuing Bank by means of electronic communications pursuant to this Section, including
through an Approved Electronic Platform.

(d) Each Lender and Issuing Bank agrees  that notice to it (as provided in the next
sentence)  specifying  that Communications  have  been  posted  to  the  Approved  Electronic  Platform  shall
constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents.
Each Lender and Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could be in
the  form  of  electronic  communication)  from  time  to  time  of  such  Lender's  or  Issuing  Bank's  (as
applicable) email address to which the foregoing notice may be sent by electronic transmission and (ii) that
the foregoing notice may be sent to such email address.

(e) Each  of  the  Lenders,  Issuing  Bank  and  each  Borrower  agrees  that the
Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to,
store the Communications on the Approved Electronic Platform in accordance with the Administrative
Agent's generally applicable document retention procedures and policies.

(f) Nothing herein shall prejudice the right of the Administrative Agent, any Lender
or Issuing Bank to give any notice or other communication pursuant to any Loan Document in any other
manner specified in such Loan Document.

SECTION 8.04    The  Administrative  Agent  Individually. With  respect  to  its  Commitment,
Loans (including Swingline Loans) and Letters of Credit, the Person serving as the Administrative Agent
shall have and may exercise the same rights and powers hereunder and is subject to the same obligations
and liabilities  as  and to the  extent set forth herein for any other Lender or Issuing Bank, as the case may
be.  The  terms  "Issuing  Bank",  "Lenders",  "Required  Lenders"  and  any  similar  terms  shall,  unless  the
context clearly otherwise indicates, include the Administrative Agent in its individual capacity as a Lender,
Issuing Bank or as one of the Required Lenders, as applicable. The Person serving as the Administrative
Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial
advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other
business with, any Loan Party, any Subsidiary or any Affiliate of any of the foregoing as if such Person 

	
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was not acting as the Administrative Agent and without any duty to account therefor to the Lenders or the
Issuing Bank.

SECTION 8.05  Successor Administrative Agent.

(a) The Administrative Agent may resign at any time by giving 30 days' prior written
notice  thereof  to  the  Lenders,  the  Issuing  Bank  and  the  Borrower  Representative,  whether  or  not  a
successor Administrative Agent has been appointed.  Upon any such resignation, the Required Lenders
shall have the right, to appoint a successor Administrative Agent.  If no successor Administrative Agent
shall have  been so appointed by the  Required Lenders  and shall have  accepted such appointment within
30  days  after  the  retiring  Administrative  Agent's  giving  of  notice  of  resignation,  then  the  retiring
Administrative  Agent  may,  on  behalf  of  the  Lenders  and  the  Issuing  Bank,  appoint  a  successor
Administrative Agent which shall be a bank with an office in New York, New York or an Affiliate of any
such bank.  In either case, such appointment shall be subject to the prior written approval of the Borrower
Representative  (which  approval  may  not  be  unreasonably  withheld  and  shall  not  be  required  while  an
Event  of  Default  has  occurred  and  is  continuing).  Upon  the  acceptance  of  any  appointment  as
Administrative  Agent  by  a  successor  Administrative  Agent,  such successor  Administrative  Agent  shall
succeed  to  and  become  vested  with,  all  the  rights,  powers,  privileges  and  duties  of  the  retiring
Administrative  Agent.  Upon  the  acceptance  of  appointment  as  Administrative  Agent  by  a  successor
Administrative Agent, the retiring Administrative Agent shall be discharged from its duties and obligations
under  this  Agreement  and  the  other  Loan  Documents.  Prior  to  any  retiring  Administrative  Agent's
resignation hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as
may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative
Agent under the Loan Documents.

(b) Notwithstanding  paragraph  (a)  of  this  Section,  in  the  event  no successor
Administrative  Agent  shall have been so appointed and shall have accepted such appointment within 30
days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative
Agent  may  give  notice  of  the  effectiveness  of  its  resignation  to the Lenders, the Issuing Bank and the
Borrowers,  whereupon,  on  the  date  of  effectiveness  of  such  resignation  stated  in  such  notice, (i) the
retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the
other Loan Documents; provided that, solely for purposes of maintaining any security interest granted to
the  Administrative  Agent  under  any  Collateral  Document  for  the benefit  of  the  Secured  Parties, the
retiring Administrative Agent shall continue to be vested with such security interest as collateral agent for
the  benefit  of  the  Secured Parties  and continue  to be  entitled to the  rights  set  forth in such Collateral
Document and Loan Document, and, in the case of any Collateral in the possession of the Administrative
Agent, shall continue to hold such Collateral, in each case until such time as a successor Administrative
Agent is appointed and accepts such appointment in accordance with this Section (it being understood and
agreed that  the  retiring Administrative  Agent  shall have no duty or obligation to take any further action
under  any  Collateral  Document,  including  any  action  required  to  maintain  the  perfection of  any such
security  interest), and  (ii) the  Required  Lenders  shall succeed to and become  vested with all the rights,
powers, privileges and duties of the retiring Administrative Agent; provided that (A) all payments required
to be made hereunder or under any other Loan Document to the Administrative Agent for the account of
any Person other than the  Administrative  Agent shall be made directly to such Person and (B) all notices
and other communications required or contemplated to be given or made to the Administrative Agent shall
directly  be  given  or  made  to  each  Lender  and  Issuing  Bank.  Following  the  effectiveness  of  the
Administrative Agent's resignation from its capacity as such, the provisions of this Article, Section 2.17(d)
and Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any
other  Loan Document, shall continue  in effect  for  the  benefit of such retiring Administrative Agent, its
sub-agents  and their respective  Related Parties  in respect of any actions  taken or omitted to be taken by 

	
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any of them while the retiring Administrative Agent was acting as Administrative Agent and in respect of
the matters referred to in the proviso under clause (a) above.

SECTION 8.06  Acknowledgements of Lenders and Issuing Bank.

(a) Each  Lender  represents  that  it  is  engaged  in  making,  acquiring or  holding
commercial loans in the ordinary course of its business and that it has, independently and without reliance
upon the  Administrative Agent, any Arranger, any Syndication Agent, any Co-Documentation Agent, or
any other  Lender  , or  any of  the Related Parties  of  any of  the foregoing, and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this
Agreement as  a Lender, and to make, acquire or hold Loans hereunder.  Each Lender also acknowledges
that  it  will,  independently  and  without  reliance  upon  the  Administrative  Agent,  any  Arranger,  any
Syndication Agent, any Co-Documentation Agent, or any other Lender, or any of the Related Parties of
any of the foregoing, and based on such documents and information (which may contain material, non-
public information within the meaning of the United States securities laws concerning the Borrowers and
their Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking
or  not  taking  action  under  or  based  upon  this  Agreement,  any  other  Loan  Document  or  any  related
agreement or any document furnished hereunder or thereunder.

(b) Each Lender, by delivering its signature page to this Agreement on the Effective
Date,  or  delivering  its  signature  page  to  an  Assignment  and  Assumption  or  any  other  Loan  Document
pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of,
and consented to and approved, each Loan Document and each other document required to be delivered
to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date or
the  effective  date  of  any  such  Assignment  and  Assumption  or  any  other  Loan  Document  pursuant  to
which it shall have become a Lender hereunder.

(c) Each  Lender  hereby  agrees  that  (i)  it  has  requested  a  copy  of  each  Report
prepared  by  or  on  behalf  of  the  Administrative  Agent;  (ii)  the Administrative  Agent  (A)  makes  no
representation or  warranty, express  or  implied, as  to the  completeness  or  accuracy of any Report or any
of the information contained therein or any inaccuracy or omission contained in or relating to a Report and
(B) shall not be liable for any information contained in any Report; (iii) the Reports are not comprehensive
audits  or  examinations, and that any Person performing any field examination will inspect only specific
information regarding the Loan Parties and will rely significantly upon the Loan Parties' books and records,
as  well as on representations of the Loan Parties' personnel and that the Administrative Agent undertakes
no obligation to update, correct  or  supplement  the  Reports;  (iv) it will keep all Reports confidential and
strictly  for  its  internal  use,  not  share  the  Report  with  any  Loan  Party  or  any  other  Person  except  as
otherwise  permitted  pursuant  to  this  Agreement;  and  (v) without  limiting  the  generality  of  any  other
indemnification provision contained in this Agreement, (A) it will hold the Administrative Agent and any
such  other  Person  preparing  a  Report  harmless  from any  action  the  indemnifying  Lender  may take or
conclusion the indemnifying Lender may reach or draw from any Report in connection with any extension
of credit that the indemnifying Lender has made or may make to a Borrower, or the indemnifying Lender's
participation in, or the indemnifying Lender's purchase of, a Loan or Loans; and (B) it will pay and protect,
and indemnify, defend, and hold the Administrative Agent and any such other Person preparing a Report
harmless  from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts
(including reasonable attorneys' fees) incurred by the Administrative Agent or any such other Person as
the  direct  or  indirect  result  of  any third parties  who might  obtain all or  part of any Report through the
indemnifying Lender.

(d) (i)  Each  Lender  hereby  agrees  that  (x)  if  the  Administrative  Agent
notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds
received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, 

	
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prepayment  or  repayment  of  principal,  interest,  fees  or  otherwise;  individually  and  collectively,  a
"Payment") were erroneously transmitted to such Lender (whether or not known to such Lender), and
demands  the  return of such Payment (or a portion thereof), such Lender shall promptly, but in no event
later  than  one  (1)  Business  Day  thereafter,  return  to  the  Administrative  Agent  the  amount of  any  such
Payment  (or  portion  thereof)  as  to  which  such  a  demand  was  made  in  same  day  funds,  together  with
interest thereon in respect of each day from and including the date such Payment (or portion thereof) was
received by such Lender  to the  date  such amount is  repaid to the  Administrative Agent at the greater of
the  NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable
law,  such  Lender  shall  not  assert,  and  hereby  waives,  as  to  the  Administrative  Agent,  any  claim,
counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim
by the Administrative Agent for the return of any Payments received, including without limitation any
defense based on "discharge for value" or any similar doctrine.  A notice of the Administrative Agent to
any Lender under this Section 8.06(d) shall be conclusive, absent manifest error.
(ii) Each Lender hereby further agrees that if it receives a Payment from the
Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a
different date from, that specified in a notice of payment sent by the Administrative Agent
(or any of its Affiliates) with respect to such Payment (a "Payment Notice") or (y) that
was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such
case,  that  an error  has  been made with respect  to such Payment.  Each Lender  agrees
that, in each such case, or  if  it otherwise becomes aware a Payment (or portion thereof)
may have been sent in error, such Lender shall promptly notify the Administrative Agent
of  such occurrence  and, upon demand from the Administrative Agent, it shall promptly,
but  in  no  event  later than one (1) Business Day thereafter, return to the Administrative
Agent the  amount of any such Payment (or portion thereof) as  to which such a demand
was  made  in same  day funds, together with interest thereon in respect of each day from
and including the date such Payment (or portion thereof) was received by such Lender to
the date such amount is repaid to the Administrative Agent at the greater of the NYFRB
Rate  and  a  rate  determined  by  the  Administrative  Agent  in  accordance  with  banking
industry rules on interbank compensation from time to time in effect.

(iii) Each Borrower  and each other  Loan Party hereby agrees that (x) in the
event an erroneous  Payment (or portion thereof) are not recovered from any Lender that
has received such Payment (or portion thereof) for any reason, the Administrative Agent
shall be subrogated to all the rights of such Lender with respect to such amount and (y) an
erroneous  Payment  shall  not  pay,  prepay,  repay,  discharge  or  otherwise  satisfy  any
Obligations owed by any Borrower or any other Loan Party.
(iv) Each  party's  obligations  under  this  Section  8.06(d)  shall  survive  the
resignation  or  replacement  of  the  Administrative  Agent  or  any  transfer  of  rights  or
obligations by, or the replacement of, a Lender, the termination of the Commitments or the
repayment, satisfaction or discharge of all Obligations under any Loan Document.

SECTION 8.07  Collateral Matters.

(a) Except  with  respect  to  the  exercise  of  setoff  rights  in  accordance  with
Section 9.08 or with respect to a Secured Party's right to file a proof of claim in an insolvency proceeding,
no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce any
Guarantee of the Secured Obligations, it being understood and agreed that all powers, rights and remedies
under the Loan Documents may be exercised solely by the Administrative Agent on behalf of the Secured
Parties in accordance with the terms thereof. In  its capacity,  the Administrative Agent  is a 

	
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"representative" of the Secured Parties within the meaning of the term "secured party" as defined in the
UCC.  In  the  event  that  any  Collateral  is  hereafter  pledged  by  any  Person  as  collateral  security  for  the
Secured  Obligations,  the  Administrative  Agent  is  hereby  authorized,  and  hereby  granted  a  power  of
attorney,  to  execute  and  deliver  on  behalf  of  the  Secured  Parties  any  Loan  Documents  necessary  or
appropriate  to grant and perfect a  Lien on such Collateral in favor of the Administrative Agent on behalf
of the Secured Parties.

(b) In furtherance of the foregoing and not in limitation thereof, no arrangements in
respect  of  Banking  Services  the  obligations  under  which  constitute  Secured  Obligations  and  no  Swap
Agreement  the  obligations  under  which  constitute  Secured  Obligations,  will  create  (or  be  deemed  to
create) in favor of any Secured Party that is a party thereto any rights in connection with the management
or  release  of  any  Collateral  or  of  the  obligations  of  any  Loan Party  under  any  Loan  Document.  By
accepting  the  benefits  of  the  Collateral,  each  Secured  Party  that  is  a  party  to  any  such  arrangement  in
respect of Banking Services or Swap Agreement, as applicable, shall be deemed to have appointed the
Administrative Agent to serve as administrative agent and collateral agent under the Loan Documents and
agreed to be bound by the Loan Documents as a Secured Party thereunder, subject to the limitations set
forth in this paragraph.

(c) The Secured Parties irrevocably authorize the Administrative Agent, at its option
and in its discretion, to subordinate any Lien on any property granted to or held by the Administrative
Agent  under  any  Loan  Document  to  the  holder  of  any  Lien  on  such  property  that  is  permitted  by
Section  6.02(b).  The  Administrative  Agent  shall  not  be  responsible  for  or  have  a  duty  to  ascertain  or
inquire into any representation or warranty regarding the existence, value or collectability of the Collateral,
the existence, priority or perfection of the Administrative Agent's Lien thereon or any certificate prepared
by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable to
the Lenders or any other Secured Party for any failure to monitor or maintain any portion of the Collateral.

SECTION  8.08  Credit  Bidding. The  Secured  Parties  hereby  irrevocably  authorize  the
Administrative  Agent,  at  the  direction  of  the  Required  Lenders,  to  credit  bid  all  or  any  portion  of  the
Obligations  (including  by  accepting  some  or  all  of  the  Collateral  in  satisfaction  of  some  or  all  of  the
Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either
directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale
thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or
1129  of  the  Bankruptcy  Code,  or  any similar  laws  in  any  other  jurisdictions  to  which  a  Loan  Party  is
subject, or  (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or
with the  consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise)
in  accordance  with  any  applicable  law.  In  connection  with  any  such  credit  bid  and  purchase,  the
Obligations  owed  to  the  Secured  Parties  shall  be  entitled  to  be,  and  shall  be,  credit  bid  by  the
Administrative Agent at the direction of the Required Lenders on a ratable basis (with Obligations with
respect  to  contingent  or  unliquidated  claims  receiving  contingent  interests  in  the  acquired  assets  on  a
ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the liquidated
portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets so
purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are
issued in connection with such purchase). In connection with any such bid (i) the Administrative Agent
shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such
acquisition vehicle or vehicles, (ii) each of the Secured Parties' ratable interests in the Obligations which
were credit bid shall be deemed without any further action under this Agreement to be assigned to such
vehicle or vehicles for the purpose of closing such sale, (iii) the Administrative Agent shall be authorized to
adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any
actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any
disposition of  the  assets  or  equity interests  thereof, shall be governed, directly or indirectly, by, and the 

	
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governing documents shall provide for, control by the vote of the Required Lenders or their permitted
assignees  under  the  terms  of  this  Agreement  or  the  governing  documents  of  the  applicable  acquisition
vehicle  or  vehicles,  as  the  case  may  be,  irrespective  of  the  termination  of  this  Agreement  and  without
giving  effect  to  the  limitations  on  actions  by  the  Required  Lenders  contained  in  Section  9.02  of  this
Agreement),  (iv)  the  Administrative  Agent  on  behalf  of  such  acquisition  vehicle  or  vehicles  shall  be
authorized to issue to each of the Secured Parties, ratably on account of the relevant Obligations which
were  credit  bid,  interests,  whether  as  equity,  partnership  interests,  limited  partnership  interests  or
membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition
vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and
(v) to  the  extent  that  Obligations  that  are  assigned  to  an  acquisition  vehicle  are  not  used  to  acquire
Collateral  for  any  reason  (as  a  result  of  another  bid  being  higher  or  better,  because  the  amount  of
Obligations  assigned  to  the  acquisition  vehicle  exceeds  the  amount  of  Obligations  credit  bid  by  the
acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Secured Parties
pro rata with their original interest in such Obligations and the equity interests and/or debt instruments
issued by any acquisition vehicle on account of such Obligations shall automatically be cancelled, without
the need for any Secured Party or any acquisition vehicle to take any further action.  Notwithstanding that
the ratable portion of the Obligations of each Secured Party are deemed assigned to the acquisition vehicle
or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents and provide
such  information  regarding  the  Secured  Party  (and/or  any  designee  of  the  Secured  Party  which  will
receive interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent
may reasonably request in connection with the formation of any acquisition vehicle, the formulation or
submission of any credit bid or the consummation of the transactions contemplated by such credit bid.

SECTION 8.09  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
each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of
any 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  the  Plan
Asset Regulations) of one or more Benefit Plans in connection with the Loans, the Letters
of Credit or the Commitments,

(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 

	
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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 sub-clause (i) in the immediately preceding clause (a) is true
with  respect  to  a  Lender  or  such Lender has not provided another representation, warranty and covenant
as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents
and warrants, as  of  the  date  such Person became  a  Lender  party hereto, to, and (y) covenants, from the
date  such  Person  became  a  Lender party  hereto  to the date such Person ceases being a Lender party
hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and
not, for the avoidance of doubt, to or for the benefit of any Borrower or any other Loan Party, that none of
the  Administrative  Agent, any Arranger, any Syndication Agent, any Co-Documentation Agent, or any of
their  respective  Affiliates  is  a  fiduciary  with  respect  to  the Collateral  or  the  assets  of  such  Lender
(including in connection with the reservation or exercise of any rights by the Administrative Agent under
this Agreement, any Loan Document or any documents related to hereto or thereto).

(c) The  Administrative  Agent  and  each  Arranger,  Syndication  Agent  and  Co-
Documentation  Agent  hereby  informs  the  Lenders  that  each  such Person is not undertaking to provide
investment  advice  or  to  give  advice  in  a  fiduciary  capacity,  in  connection  with  the  transactions
contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby
in that such Person or an Affiliate  thereof (i) may receive  interest or other payments with respect to the
Loans, the Letters of Credit, the Commitments, this Agreement and any other Loan Documents, (ii) may
recognize  a  gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less
than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such
Lender  or  (iii) may  receive  fees  or  other  payments  in  connection  with the  transactions  contemplated
hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees,
facility fees, upfront  fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral
agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate
transaction  fees,  amendment  fees,  processing  fees,  term  out  premiums,  banker's  acceptance  fees,
breakage or other early termination fees or fees similar to the foregoing.

SECTION 8.10  Flood Insurance Laws. JPMCB has adopted internal policies and procedures
that address Flood Insurance Laws. JPMCB, as administrative agent or collateral agent on a syndicated
facility,  will  post  on  the  applicable  electronic  platform  (or  otherwise  distribute  to  each  Lender  in  the
syndicate) documents that it receives in connection with the Flood Insurance Laws.  However, JPMCB
reminds  each  Lender  and  Participant  in  the  facility  that,  pursuant  to  the  Flood  Insurance  Laws,  each
federally  regulated  Lender  (whether  acting  as  a  Lender  or  Participant  in  the  facility)  is  responsible  for
assuring its own compliance with the flood insurance requirements.

ARTICLE IX

Miscellaneous.

SECTION 9.01  Notices.

(a) Except in the case of notices and other communications expressly permitted to be
given by telephone  or Electronic Systems (and subject in each case to paragraph (b) below), all notices 

	
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and  other  communications  provided  for  herein  shall  be  in  writing  and  shall  be  delivered  by  hand  or
overnight courier service, mailed by certified or registered mail or sent by facsimile, as follows:
(i) if to any Loan Party, to the Borrower Representative at:
Haynes International, Inc.
1020 W. Park Avenue
Kokomo, Indiana 46904
Attention: Daniel Maudlin, Chief Financial Officer
Janice W. Gunst, General Counsel
Facsimile: (765) 456-6935
Email: dmaudlin@haynesintl.com; jgunst@haynesintl.com

(ii) if to the Administrative Agent, JPMCB in its capacity as an Issuing Bank
or the Swingline Lender, to JPMorgan Chase Bank, N.A. at:

10 S. Dearborn, Floor L2
Chicago, Illinois 60603
Attention: John Morrone
Facsimile No:   (312) 548-1943
Email: john.morrone@jpmorgan.com

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

All such notices and other communications (A) sent by hand or overnight courier service, or mailed by
certified or registered mail, shall be deemed to have been given when received, (B) sent by facsimile shall
be deemed to have been given when sent, provided that if not given during normal business hours of the
recipient, such notice or communication shall be deemed to have been given at the opening of business on
the  next  Business  Day  of  the  recipient,  or  (C)  delivered  through  Electronic  Systems  or  Approved
Electronic Platforms, as applicable, to the extent provided in paragraph (b) below shall be effective  as
provided in such paragraph.

(b) Notices and other communications to the Lenders hereunder may be delivered or
furnished  by  using  Electronic  Systems  or  Approved  Electronic  Platforms,  as  applicable,  or  pursuant  to
procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices
pursuant to Article II or to Compliance Certificates delivered pursuant to Section 5.01(d) unless otherwise
agreed by the Administrative Agent and the applicable Lender.  Each of the Administrative Agent and the
Borrower  Representative  (on  behalf  of  the  Loan Parties)  may, in its  discretion, agree  to accept notices
and  other  communications  to  it  hereunder  by  Electronic  Systems or  Approved  Electronic  Platforms,  as
applicable,  pursuant  to  procedures  approved  by  it;  provided  that  approval  of  such  procedures  may  be
limited to particular notices or communications. Unless the Administrative Agent otherwise proscribes, all
such notices and other communications (i) sent to an e-mail address shall be deemed received upon the
sender's  receipt  of  an  acknowledgement  from  the  intended  recipient  (such  as  by  the  "return  receipt
requested" function, as available, return e-mail or other written acknowledgement), provided that if not
given during the normal business hours of the recipient, such notice or communication shall be deemed to
have been given at the opening of business on the next Business Day for the recipient, and (ii) posted to an
Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at
its e-mail address as described in the foregoing clause (i), of notification that such notice or communication
is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if
such notice, e-mail or other communication is not sent during the normal business hours of the recipient, 

	
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such notice or communication shall be deemed to have been sent at the opening of business on the next
Business Day of the recipient.

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

SECTION 9.02  Waivers; Amendments.

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

(b) Except  as  provided  in  the  first sentence  of Section 2.09(f) (with respect to any
commitment  increase)  and  subject  to  Section  2.14(c)  and  (d)  and  Section  9.02(e)  below, neither  this
Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or
modified  except  (x) in  the  case of  this  Agreement, pursuant  to an  agreement  or agreements in writing
entered  into  by  the  Borrower  Representative  and  the  Required Lenders or (y) in the  case  of any other
Loan  Document, pursuant  to  an  agreement  or  agreements in writing entered into by the Administrative
Agent  and  the  Borrower  Representative,  on  behalf  of  the  Loan  Party  or  Loan Parties  that are  parties
thereto, with the  consent of the  Required Lenders; provided that no such agreement shall (i) increase the
Commitment of any Lender without the written consent of such Lender (including any such Lender that is
a  Defaulting  Lender), (ii) reduce  or  forgive  the  principal amount  of  any Loan or  LC  Disbursement  or
reduce  the rate of interest thereon, or reduce or forgive any interest or fees payable hereunder, without
the  written  consent  of  each  Lender  (including  any  such  Lender  that  is  a  Defaulting  Lender)  affected
thereby (provided that  any amendment  or  modification of the financial covenants in this Agreement (or
any defined term used therein) shall not constitute a reduction in the rate of interest or fees for purposes of
this clause (ii)), (iii) postpone any scheduled date of payment of the principal amount of any Loan or LC
Disbursement, or any date for the payment of any interest, fees or other Obligations payable hereunder, or
reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of
any  Commitment,  without  the  written  consent  of  each  Lender  (including  any  such  Lender  that  is  a
Defaulting Lender) affected thereby, (iv) change Section 2.09(c) or Section 2.18(b) or (d) in a manner that
would alter the ratable reduction of Commitments or the manner in which payments are shared, without
the written consent of each Lender (other than any Defaulting Lender), (v) increase the advance rates set
forth  in  the  definition  of  Borrowing  Base,  amend  the  definition  of  "Eligible  Accounts"  or  "Eligible
Inventory" with  the  effect  of  increasing  the  Borrowing  Base, or  add  new  categories  of eligible assets,
without  the  written  consent  of  the  Supermajority  Lenders,  (vi) change  any  of  the  provisions  of  this
Section or the  definition of "Required Lenders", "Supermajority Lenders" or any other provision of any
Loan  Document  specifying the  number or percentage  of Lenders (or Lenders of any Class) required to
waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder,
without the  written consent of each Lender (other than any Defaulting Lender) directly affected thereby,
(vii) change  Section 2.20 without the  consent of  each Lender (other than any Defaulting Lender), (viii) 

	
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release  any  Guarantor  from  its obligation  under  its  Loan  Guaranty  or  Obligation  Guaranty  (except  as
otherwise permitted herein or in the other Loan Documents), without the written consent of each Lender
(other  than  any  Defaulting  Lender),  or  (ix)  except  as  provided in  clause  (c)  of  this  Section  or  in  any
Collateral Document, release all or substantially all of the Collateral, without the written consent of each
Lender (other than any Defaulting Lender); provided, further, that no such agreement shall amend, modify
or otherwise affect the rights or duties of the Administrative Agent, the Issuing Bank or the Swingline
Lender hereunder without the prior written consent of the Administrative Agent, the Issuing Bank or the
Swingline  Lender,  as  the  case  may  be  (it  being  understood  that any  amendment  to  Section 2.20  shall
require the consent of the Administrative Agent, the Issuing Bank and the Swingline Lender); provided
further that no such agreement shall amend or modify the provisions of Section 2.07 or any letter of credit
application  and  any  bilateral  agreement  between  the  Borrower  Representative  and  the  Issuing  Bank
regarding the Issuing Bank's Issuing Bank Sublimit or the respective rights and obligations between any
Borrower  and  the  Issuing  Bank  in  connection  with  the  issuance  of  Letters  of  Credit  without  the  prior
written  consent  of  the  Administrative  Agent  and  the  Issuing  Bank,  respectively.  The  Administrative
Agent  may  also  amend  the  Commitment  Schedule  to  reflect  assignments  entered  into  pursuant  to
Section  9.04.  Any  amendment,  waiver  or  other  modification  of  this  Agreement  or  any  other  Loan
Document  that  by its  terms  affects  the  rights  or duties under this Agreement of the Lenders of one or
more  Classes  (but  not  the  Lenders  of  any other  Class), may be effected by an agreement or agreements
in  writing  entered  into  by  the  Borrowers  and  the  requisite  number  or  percentage  in  interest  of  each
affected Class of Lenders that would be required to consent thereto under this Section if such Class of
Lenders were the only Class of Lenders hereunder at the time.

(c) The  Lenders  and  the  Issuing  Bank  hereby  irrevocably  authorize  the
Administrative  Agent,  at  its  option  and  in  its  sole  discretion,  to  release  any  Liens  granted  to  the
Administrative Agent by the Loan Parties on any Collateral (i) upon the Payment in Full of all Secured
Obligations, and the cash collateralization of all Unliquidated Obligations in a manner satisfactory to each
affected Lender, (ii) constituting property being sold or disposed of if the Loan Party disposing of such
property certifies to the Administrative Agent that the sale or disposition is made in compliance with the
terms  of  this  Agreement  (and  the  Administrative  Agent  may  rely conclusively  on  any  such  certificate,
without further inquiry), and to the extent that the property being sold or disposed of constitutes 100% of
the Equity Interests of a Subsidiary, the Administrative Agent is authorized to release any Loan Guaranty
or Obligation Guaranty provided by such Subsidiary, (iii) constituting property leased to a Loan Party under
a lease which has expired or been terminated in a transaction permitted under this Agreement, or (iv) as
required  to  effect  any  sale  or  other  disposition  of  such  Collateral  in  connection  with  any  exercise  of
remedies of the Administrative Agent and the Lenders pursuant to Article VII.  Except as provided in the
preceding sentence, the Administrative Agent will not release any Liens on Collateral without the prior
written  authorization  of  the  Required  Lenders;  provided  that,  the  Administrative  Agent  may  in  its
discretion, release its Liens on Collateral valued in the aggregate not in excess of $10,000,000 during any
calendar  year  without  the  prior  written  authorization  of  the  Required  Lenders(it  being  agreed  that  the
Administrative  Agent may rely conclusively on one  or more  certificates of the Borrowers as to the value
of any Collateral to be so released, without further inquiry). Any such release shall not in any manner
discharge, affect, or impair the Obligations or any Liens (other than those expressly being released) upon
(or obligations of the Loan Parties in respect of) all interests retained by the Loan Parties, including the
proceeds of any sale, all of which shall continue to constitute part of the Collateral.  Any execution and
delivery by the Administrative Agent of documents in connection with any such release shall be without
recourse to or warranty by the Administrative Agent.

(d) If, in connection with any proposed amendment, waiver or consent requiring the
consent  of  "each  Lender"  or  "each  Lender  affected  thereby,"  the  consent  of  the  Required  Lenders  is
obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is
necessary  but  has  not  been  obtained  being  referred  to  herein as a "Non-Consenting Lender"), then the 

	
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Borrowers may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided
that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory
to  the  Borrower  Representative,  the  Administrative  Agent and the  Issuing Bank shall agree, as of such
date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to
an  Assignment  and  Assumption  and  to  become  a  Lender for all purposes under this Agreement and to
assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with
the requirements of clause (b) of Section 9.04, and (ii) the Loan Parties shall pay to such Non-Consenting
Lender  in  same  day  funds  on the day of such replacement (1) all interest, fees and other amounts then
accrued  but  unpaid  to  such Non-Consenting Lender by the Loan Parties hereunder to and including the
date  of  termination,  including  without  limitation  payments  due to  such  Non-Consenting  Lender  under
Sections  2.15  and  2.17, and  (2) an amount, if any, equal to the payment which would have been due to
such Lender on the  day of such replacement under Section 2.16 had the  Loans of such Non-Consenting
Lender  been prepaid on such date  rather  than sold to the replacement Lender.  Each party hereto agrees
that  an  assignment  required pursuant to this  paragraph may be  effected pursuant to an Assignment and
Assumption executed by the Borrower Representative, the Administrative Agent and the assignee (or, to
the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to
an Approved Electronic Platform as to which the Administrative Agent and such parties are participants),
and the Lender required to make such assignment need not be a party thereto in order for such assignment
to be  effective and shall be deemed to have consented to an be bound by the terms thereof; provided that,
following the  effectiveness  of any such assignment, the other parties to such assignment agree to execute
and  deliver  such  documents  necessary  to  evidence  such  assignment  as  reasonably  requested  by  the
applicable  Lender,  provided  that  any  such  documents  shall be  without  recourse  to  or  warranty  by  the
parties thereto.

(e) Notwithstanding anything to the contrary herein the Administrative Agent may,
with the  consent of the Borrower Representative only, amend, modify or supplement this Agreement or
any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency.

SECTION 9.03  Expenses; Indemnity; Damage Waiver.

(a) The  Loan  Parties  shall,  jointly  and  severally,  pay  all  (i)  reasonable  and
documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the
reasonable  fees, charges and disbursements of counsel for the Administrative Agent, in connection with
the syndication and distribution (including, without limitation, via the internet or through any Electronic
System or Approved Electronic Platform) of the credit facilities provided for herein, the preparation and
administration of the Loan Documents and any amendments, modifications or waivers of the provisions of
the  Loan  Documents  (whether  or  not  the  transactions  contemplated  hereby  or  thereby  shall  be
consummated), (ii) reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in
connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for
payment thereunder and (iii) documented out-of-pocket expenses incurred by the Administrative Agent,
the  Issuing  Bank  or  any  Lender,  including  the  fees,  charges  and  disbursements  of  any  counsel  for  the
Administrative Agent, the Issuing Bank or any Lender, in connection with the enforcement, collection or
protection of its rights in connection with the Loan Documents, including its rights under this Section, or in
connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of
Credit.  Expenses being reimbursed by the Loan Parties under this Section include, without limiting the
generality of the foregoing, fees, costs and expenses incurred in connection with:

(A) appraisals and insurance reviews;

(B) field examinations  and the  preparation of Reports based on the
fees  charged  by  a  third  party  retained  by  the  Administrative  Agent  or  the 

	
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internally allocated fees for each Person employed by the Administrative Agent
with respect to each field examination;

(C) background  checks  regarding  senior  management  and/or  key
investors,  as  deemed  necessary  or  appropriate  in  the  sole  discretion  of  the
Administrative Agent;

(D) Taxes, fees and other charges for (1) lien and title searches and
title  insurance  and  (2)  filing  financing  statements  and  continuations,  and  other
actions to perfect, protect, and continue the Administrative Agent's Liens;

(E) sums  paid  or  incurred  to  take  any  action  required  of  any  Loan
Party under the Loan Documents that such Loan Party fails to pay or take; and

(F) forwarding loan proceeds, collecting checks and other items of
payment, and establishing and maintaining the accounts and lock boxes, and costs
and expenses of preserving and protecting the Collateral.

All of the foregoing fees, costs and expenses may be charged to the Borrowers as Revolving Loans or to
another deposit account, all as described in Section 2.18(c).

(b) The Loan Parties shall, jointly and severally, indemnify the Administrative Agent,
each  Arranger,  each  Syndication  Agent,  each  Co-Documentation  Agent,  the  Issuing  Bank  and  each
Lender,  and  each  Related  Party  of  any  of  the  foregoing  Persons (each  such  Person  being  called  an
"Indemnitee")  against,  and  hold  each  Indemnitee  harmless  from, any  and  all  losses,  claims,  damages,
penalties, incremental taxes, liabilities and related expenses, including the fees, charges and disbursements
of  any  counsel  for  any  Indemnitee,  incurred  by  or  asserted  against  any  Indemnitee  arising  out  of,  in
connection with, or as a result of (i) the execution or delivery of the Loan Documents or any agreement or
instrument  contemplated  thereby,  the  performance  by  the  parties  hereto  of  their  respective  obligations
thereunder  or  the  consummation  of  the  Transactions  or  any  other  transactions  contemplated  hereby,
(ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing
Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged
presence  or Release of Hazardous Materials on or from any property owned or operated by a Loan Party
or a Subsidiary, or any Environmental Liability related in any way to a Loan Party or a Subsidiary, (iv) the
failure  of  a  Loan  Party  to  deliver  to  the  Administrative  Agent the  required  receipts  or  other  required
documentary evidence  with respect  to a payment made by a Loan Party for Taxes pursuant to Section
2.17, or (v) any actual or prospective claim, litigation, investigation, arbitration or proceeding relating to any
of the foregoing, whether or not such claim, litigation, investigation, arbitration or proceeding is brought by
any  Loan  Party  or  their  respective  equity  holders,  Affiliates, creditors  or  any  other  third  Person  and
whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party
thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such
losses, claims, damages, penalties, liabilities or related expenses are determined by a court of competent
jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful
misconduct of such Indemnitee.  This Section 9.03(b) shall not apply with respect to Taxes other than any
Taxes that represent losses or damages arising from any non-Tax claim.

(c) Each Lender severally agrees to pay any amount required to be paid by any Loan
Party under paragraph (a) or (b) of this Section 9.03 to the Administrative Agent, each Issuing Bank and
the  Swingline  Lender,  and  each  Related  Party  of  any  of  the  foregoing  Persons  (each,  an  "Agent
Indemnitee") (to the extent not reimbursed by a Loan Party and without limiting the obligation of any Loan
Party to do so), ratably according to their respective Applicable Percentage in effect on the date on which 

	
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indemnification is sought under this Section (or, if indemnification is sought after the date upon which the
Commitments shall have  terminated and the Loans shall have been paid in full, ratably in accordance with
such Applicable Percentage immediately prior to such date), from and against any and all losses, claims,
damages,  liabilities  and  related  expenses,  including  the  fees, charges  and  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  Indemnitee  in  any  way  relating  to  or  arising  out  of  the
Commitments, this Agreement, any of the other Loan Documents 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 Indemnitee under or in connection with any of the foregoing; provided that the
unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be,
was  incurred by or  asserted against  such Agent Indemnitee in its capacity as such; provided, further, 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 non-
appealable decision of a court of competent jurisdiction to have resulted from such Agent Indemnitee's
gross negligence or willful misconduct.  The agreements in this Section shall survive the termination of this
Agreement and the Payment in Full of the Secured Obligations.

(d) To the extent permitted by applicable law, no Loan Party shall assert, and each
Loan Party hereby waives, any claim against any Indemnitee (i) for any damages arising from the use by
others  of  information  or  other  materials  obtained  through  telecommunications,  electronic  or  other
information  transmission  systems  (including  the  Internet)  or  (ii) 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 or thereby, the  Transactions, any Loan or Letter of Credit or the use of
the  proceeds  thereof;  provided  that,  nothing  in  this  paragraph (d)  shall  relieve  any  Loan  Party  of  any
obligation  it  may  have  to  indemnify  an  Indemnitee  against  special,  indirect,  consequential  or  punitive
damages asserted against such Indemnitee by a third party.

(e) All amounts due under this Section shall be payable promptly, but in any event not
later than five (5) days, after written demand therefor.

SECTION 9.04  Successors and Assigns.

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of
the Issuing Bank that issues any Letter of Credit), except that (i) no Borrower may 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 any Borrower without such consent shall be null and void) and
(ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance
with this Section.  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any
Person (other than the parties hereto, their respective successors and assigns permitted hereby (including
any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in
paragraph (c)  of  this  Section)  and, to the  extent expressly contemplated hereby, the Related Parties of
each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy
or claim under or by reason of this Agreement.

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

	
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(A) the  Borrower  Representative,  provided  that  the  Borrower
Representative  shall be  deemed to have  consented to any such assignment of all
or  a  portion  of  the  Revolving  Loans  and  Commitments  unless  it  shall  object
thereto  by  written  notice  to  the  Administrative  Agent  within  ten  (10)  Business
Days after having received notice thereof, and provided further that no consent of
the Borrower Representative shall be required for an assignment to a Lender, an
Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred
and is continuing, any other assignee;

(B) the Issuing Bank; and

(C) the Swingline Lender.

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

(A) except in the case of an assignment to a Lender or an Affiliate of
a  Lender or an Approved Fund or an assignment of the entire remaining amount
of the assigning Lender's Commitment or Loans of any Class, the amount of the
Commitment or Loans of the assigning Lender subject to each such assignment
(determined as of the date the Assignment and Assumption with respect to such
assignment  is  delivered  to  the  Administrative  Agent)  shall  not be  less  than
$5,000,000 unless each of the Borrower Representative and the Administrative
Agent  otherwise  consent,  provided  that  no  such  consent  of  the  Borrower
Representative  shall  be  required  if  an  Event  of  Default  has  occurred  and  is
continuing;

(B) each  partial  assignment  shall  be  made  as  an  assignment  of  a
proportionate part of all the assigning Lender's rights and obligations under this
Agreement,  provided  that  this  clause  shall  not  be  construed  to prohibit  the
assignment  of  a  proportionate  part  of  all  the  assigning  Lender's  rights  and
obligations in respect of one Class of Commitments or Loans;

(C) the  parties  to  each  assignment  shall  execute  and  deliver  to  the
Administrative  Agent  (x)  an  Assignment  and  Assumption  or  (y)  to the extent
applicable,  an  agreement  incorporating  an  Assignment  and  Assumption  by
reference  pursuant  to  an  Approved  Electronic  Platform  as  to  which  the
Administrative  Agent  and  the  parties  to  the  Assignment  and  Assumption  are
participants, together with a processing and recordation fee of $3,500; and

(D) the  assignee,  if  it  shall  not  be  a  Lender,  shall  deliver  to  the
Administrative  Agent  an  Administrative  Questionnaire  in  which  the  assignee
designates one or more credit contacts  to whom all syndicate-level information
(which  may  contain  material  non-public  information  about  Haynes  Parent,  the
other Loan Parties and their Related Parties or their respective securities) will be
made  available  and  who  may  receive  such  information  in  accordance  with  the
assignee's compliance procedures and applicable laws, including Federal and state
securities laws. 

	
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For the purposes of this Section 9.04(b), the terms "Approved Fund" and "Ineligible Institution"
have the following meanings:

"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 of its
business  and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity
or an Affiliate of an entity that administers or manages a Lender.

"Ineligible  Institution"  means  (a)  a  natural  person,  (b)  a  Defaulting  Lender  or  its  Parent,  (c)  a
holding  company,  investment  vehicle  or  trust  for, or  owned  and operated  for  the  primary  benefit  of,  a
natural  person  or  relative(s)  thereof;  provided  that,  with  respect  to  clause  (c),  such  holding  company,
investment vehicle or trust shall not constitute an Ineligible Institution if it (x) has not been established for
the primary purpose of acquiring any Loans or Commitments, (y) is managed by a professional advisor,
who  is  not  such  natural  person  or  a  relative  thereof,  having  significant  experience  in  the  business  of
making or purchasing commercial loans, and (z) has assets greater than $25,000,000 and a significant part
of its activities consist of making or purchasing commercial loans and similar extensions of credit in the
ordinary course of its business or (d) a Loan Party or a Subsidiary or other Affiliate of a Loan Party.

(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv)
of  this  Section,  from  and  after  the  effective  date  specified  in  each  Assignment  and
Assumption,  the  assignee  thereunder  shall be  a  party  hereto  and, to  the  extent  of  the
interest assigned by such Assignment and Assumption, have the rights and obligations of a
Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of
the interest assigned by such Assignment and Assumption, be released from its obligations
under this Agreement (and, in the case of an Assignment and Assumption covering all 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 9.03).  Any assignment  or  transfer  by a  Lender  of  rights or obligations
under this Agreement that does not comply with this Section shall be treated for purposes
of  this  Agreement  as  a  sale  by  such  Lender  of  a  participation  in  such  rights  and
obligations in accordance with paragraph (c) of this Section.

(iv) The  Administrative  Agent,  acting  for  this  purpose  as  a  non-fiduciary
agent  of  the  Borrowers, shall maintain at one of its offices 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 Commitment of, and principal amount of the Loans and
LC Disbursements 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 Borrowers, the
Administrative Agent, the Issuing Bank 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, notwithstanding notice to the contrary.  The Register shall
be available for inspection by the Borrowers, the Issuing Bank and any Lender, at any
reasonable time and from time to time upon reasonable prior notice.

(v) Upon  its  receipt  of  (x)  a  duly  completed  Assignment  and  Assumption
executed  by  an  assigning  Lender  and  an  assignee,  or  (y)  to  the extent  applicable,  an
agreement  incorporating  an  Assignment  and  Assumption  by  reference  pursuant  to  an
Approved Electronic Platform as to which the Administrative Agent and the parties to the
Assignment  and  Assumption  are  participants,  the  assignee's  completed  Administrative
Questionnaire (unless the assignee shall already be a Lender hereunder), 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 

	
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accept such Assignment and Assumption and record the information contained therein in
the Register; provided that if either the assigning Lender or the assignee shall have failed
to make any payment required to be made by it pursuant to Section 2.05, 2.06(d) or (e),
2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no obligation to accept
such  Assignment  and  Assumption  and  record  the  information  therein  in  the  Register
unless  and  until  such  payment  shall  have  been  made  in  full,  together  with  all  accrued
interest thereon.  No assignment shall be effective for purposes of this Agreement unless
it has been recorded in the Register as provided in this paragraph.

(c) Any  Lender  may,  without  the  consent  of,  or  notice  to,  the  Borrowers,  the
Administrative Agent, the Issuing Bank or the Swingline Lender, sell participations to one or more banks
or other entities (a "Participant") other than an Ineligible Institution in all or a portion of such Lender's
rights and obligations under this Agreement (including all or a portion of its Commitment and/or the Loans
owing to it); provided that (i) such Lender's obligations under this Agreement shall remain unchanged;
(ii) such  Lender  shall remain  solely  responsible  to  the  other parties hereto for the performance of such
obligations; and (iii) the Borrowers, the Administrative Agent, the Issuing Bank and the other Lenders shall
continue  to  deal  solely  and  directly  with  such  Lender  in  connection  with  such  Lender's  rights  and
obligations under this Agreement.  Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide  that such Lender  shall retain the  sole right to enforce this Agreement and to
approve  any amendment, modification or waiver of any provision of this Agreement; provided that such
agreement  or  instrument  may provide  that  such Lender  will not, without the consent of the Participant,
agree  to  any  amendment,  modification  or  waiver  described in the  first  proviso to Section 9.02(b)  that
affects  such  Participant. The  Borrowers  agree  that each Participant shall be  entitled to the  benefits  of
Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements
under  Section 2.17(f)  and (g) (it being understood that the documentation required under Section 2.17(f)
shall  be  delivered  to  the  participating  Lender  and  the  information  and  documentation  required  under
Section 2.17(g)  will be  delivered to the  Borrower Representative and the Administrative Agent)) to the
same  extent as  if it were  a  Lender and had acquired its interest by assignment pursuant to paragraph (b)
of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 2.18
and  2.19  as  if  it  were  an  assignee  under  paragraph (b)  of  this Section;  and  (B) shall not be entitled to
receive  any  greater  payment  under  Section 2.15  or  2.17,  with  respect  to  any  participation,  than  its
participating Lender would have been entitled to receive, except to the extent such entitlement to receive a
greater  payment  results from a  Change  in Law that occurs after the  Participant acquired the  applicable
participation.

Each  Lender  that  sells  a  participation  agrees,  at  the  Borrowers'  request  and  expense,  to  use
reasonable efforts to cooperate with the Borrowers to effectuate the provisions of Section 2.19(b) with
respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the
benefits  of  Section 9.08  as  though it  were  a  Lender,  provided  such  Participant  agrees  to  be  subject  to
Section 2.18(c) as though it were a Lender.  Each Lender that sells a participation shall, acting solely for
this  purpose  as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name
and  address  of  each  Participant  and  the  principal  amounts  (and stated  interest)  of  each  Participant's
interest  in  the  Loans  or  other obligations  under  this  Agreement  or  any  other  Loan  Document  (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 

	
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to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative
Agent) shall have no responsibility for maintaining a Participant Register.

(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 without limitation
any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply
to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a
security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee
or assignee for such Lender as a party hereto.

SECTION 9.05  Survival.  All covenants, agreements, representations and warranties made by
the  Loan  Parties  in  the  Loan  Documents  and  in  the  certificates or  other  instruments  delivered  in
connection with or pursuant to this Agreement or any other Loan Document shall be considered to have
been  relied  upon by the  other  parties  hereto and shall survive the  execution and delivery of  the  Loan
Documents  and  the  making  of  any  Loans  and  issuance  of  any  Letters  of  Credit,  regardless  of  any
investigation made  by any such other  party or on its behalf and notwithstanding that the Administrative
Agent, the  Issuing  Bank  or  any  Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder, and shall continue in full force and
effect  as  long  as  the  principal of  or  any  accrued  interest on any Loan or any fee  or any other amount
payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long
as the Commitments have not expired or terminated.  The provisions of Sections 2.15, 2.16, 2.17 and 9.03
and Article VIII shall survive and remain in full force and effect regardless of the consummation of the
transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters
of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any
provision hereof or thereof.

SECTION 9.06  Counterparts; Integration; Effectiveness; Electronic Execution.

(a) This Agreement may be executed in counterparts (and by different parties hereto
on different counterparts), each of which shall constitute an original, but all of which when taken together
shall  constitute  a  single  contract.  This  Agreement,  the  other  Loan  Documents  and  any  separate  letter
agreements with respect to (i) fees payable to the Administrative Agent and (ii) increases or reductions of
the Issuing Bank Sublimit of the Issuing Bank constitute the entire contract among the parties relating to
the  subject  matter  hereof  and  supersede  any  and  all  previous  agreements  and  understandings,  oral  or
written, relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement shall
become  effective  when  it  shall  have  been  executed  by  the  Administrative  Agent  and  when  the
Administrative  Agent  shall  have  received  counterparts  hereof  which,  when  taken  together,  bear  the
signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns.

(b) Delivery  of  an  executed  counterpart  of  a  signature  page  of  this  Agreement  by
telecopy,  emailed  pdf.  or  any  other  electronic  means  that  reproduces  an  image  of  the  actual  executed
signature page shall be effective as delivery of a manually executed counterpart of this Agreement.  The
words "execution," "signed," "signature," "delivery," and words of like import in or relating to any document
to be  signed in connection with this Agreement and the transactions contemplated hereby or thereby shall
be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of
which  shall  be  of  the  same  legal  effect,  validity  or  enforceability  as  a  manually  executed  signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case  may be, to the
extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
state  laws  based on the Uniform Electronic Transactions Act; provided that nothing herein shall require 

	
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the  Administrative  Agent to accept electronic  signatures in any form or format without its prior written
consent.

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

SECTION 9.08  Right of Setoff.  If an Event of Default shall have occurred and be continuing,
each Lender, the Issuing Bank and each of their respective Affiliates is hereby authorized at any time and
from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general
or special, time or demand, provisional or final) at any time held, and other obligations at any time owing,
by  such  Lender, the Issuing Bank or any such Affiliate, to or for the credit or the account of any Loan
Party  against  any  and  all  of  the  Secured  Obligations  held  by  such  Lender, the  Issuing  Bank  or  their
respective  Affiliates, irrespective  of  whether  or  not  such  Lender, the  Issuing  Bank  or  their  respective
Affiliates shall have made any demand under the Loan Documents and although such obligations may be
contingent or unmatured or are owed to a branch office or Affiliate of such Lender or the Issuing Bank
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 the Administrative Agent for further application in
accordance  with  the provisions of Section 2.20 and, pending such payment, shall be segregated by such
Defaulting  Lender  from its  other  funds  and deemed held in trust  for  the  benefit  of  the  Administrative
Agent, the  Issuing Bank, and the  Lenders, and (y) the  Defaulting Lender  shall provide promptly to the
Administrative  Agent  a  statement describing in reasonable detail the Secured Obligations owing to such
Defaulting Lender as to which it exercised such right of setoff. The applicable Lender, the Issuing Bank or
such  Affiliate  shall notify  the  Borrower  Representative  and  the Administrative Agent of such setoff or
application, provided that any failure to give or any delay in giving such notice shall not affect the validity
of any such setoff or application under this Section.  The rights of each Lender, the Issuing Bank and their
respective Affiliates under this Section are in addition to other rights and remedies (including other rights
of setoff) that such Lender, the Issuing Bank or their respective Affiliates may have.

SECTION 9.09  Governing Law; Jurisdiction; Consent to Service of Process.

(a) The Loan Documents (other than those containing a contrary express choice of
law provision) shall be governed by and construed in accordance with the internal laws of the State of
Illinois, but giving effect to federal laws applicable to national banks.

(b) Each  of  the  Lenders  and  the  Administrative  Agent  hereby  irrevocably  and
unconditionally  agrees  that,  notwithstanding  the  governing  law provisions  of  any  applicable  Loan
Document,  any  claims  brought  against  the  Administrative  Agent  by  any  Secured  Party  relating  to  this
Agreement,  any  other  Loan  Document,  the  Collateral  or  the  consummation  or  administration  of  the
transactions contemplated hereby or thereby shall be construed in accordance with and governed by the
law of the State of Illinois.

(c) Each  of  the  parties  hereto  hereby  irrevocably  and  unconditionally  submits,  for
itself  and  its  property,  to  the  exclusive  jurisdiction  of  any  U.S.  federal  or  Illinois  state  court  sitting  in
Chicago, Illinois, and any appellate court from any thereof, in any action or proceeding arising out of or
relating  to  any  Loan  Documents, the  transactions  relating  hereto  or  thereto,  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 (and any such claims, cross-claims
or third party claims brought against the Administrative Agent or any of its Related Parties may only) be 

	
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heard  and  determined  in  Illinois  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  or  any  other  Loan  Document  shall  affect  any  right  that  the  Administrative  Agent,  the
Issuing  Bank  or  any  Lender  may  otherwise  have  to  bring  any  action  or  proceeding  relating  to  this
Agreement  or  any  other  Loan  Document  against  any  Loan  Party  or its  properties  in  the  courts  of  any
jurisdiction.

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

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

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

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

SECTION 9.12    Confidentiality.  Each  of  the  Administrative  Agent,  the  Issuing Bank and the
Lenders  agrees  to  maintain  the  confidentiality  of  the  Information  (as  defined  below),  except  that
Information  may  be  disclosed  (a)  to  its  and  its  Affiliates'  directors,  officers,  employees  and  agents,
including accountants, legal counsel and other advisors (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such Information and instructed to keep
such Information confidential), (b) to the extent requested by any Governmental Authority (including any
self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent
required by any Requirement of Law or by any subpoena or similar legal process, (d) to any other party to
this Agreement, (e) in connection with the exercise of any remedies under this Agreement or any other
Loan Document or  any suit, action or proceeding relating to this Agreement or any other Loan Document
or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or
prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Loan Parties
and  their  obligations,  (g) with  the  consent  of  the  Borrower  Representative  or  (h) to  the  extent  such 

	
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Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes
available to the Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis from a
source other than the Borrowers, or (i) on a confidential basis to (1) any rating agency in connection with
rating any Borrower or its Subsidiaries or the credit facilities provided for herein or (2) the CUSIP Service
Bureau or any similar agency in connection with the issuance and monitoring of identification numbers
with respect to the credit facilities provided for herein.

For the purposes of this Section, "Information" means all information received from the Borrowers relating
to the Borrowers or their business, other than any such information that is available to the Administrative
Agent, the  Issuing Bank or any Lender on a non-confidential basis prior to disclosure by the Borrowers
and other than information pertaining to this Agreement provided by arrangers to data service providers,
including league table providers, that serve the lending industry; provided that, in the case of information
received from the Borrowers  after the date hereof, such information is clearly identified at the time of
delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in
this Section shall be considered to have complied with its obligation to do so if such Person has exercised
the  same  degree  of care  to maintain the confidentiality of such Information as such Person would accord
to its own confidential information.

EACH  LENDER  ACKNOWLEDGES  THAT  INFORMATION  (AS  DEFINED  IN  THIS
SECTION  9.12)  FURNISHED  TO  IT  PURSUANT  TO  THIS  AGREEMENT  MAY  INCLUDE
MATERIAL  NON-PUBLIC  INFORMATION  CONCERNING  HAYNES  PARENT,  AND  ITS
AFFILIATES,  THE  OTHER  LOAN  PARTIES  AND  THEIR  RELATED  PARTIES  OR THEIR
RESPECTIVE  SECURITIES,  AND  CONFIRMS  THAT  IT  HAS  DEVELOPED  COMPLIANCE
PROCEDURES  REGARDING  THE  USE  OF  MATERIAL  NON-PUBLIC  INFORMATION AND
THAT  IT  WILL  HANDLE  SUCH  MATERIAL  NON-PUBLIC  INFORMATION  IN  ACCORDANCE
WITH  THOSE  PROCEDURES  AND  APPLICABLE  LAW,  INCLUDING  FEDERAL  AND  STATE
SECURITIES LAWS.

ALL  INFORMATION,  INCLUDING  REQUESTS  FOR  WAIVERS  AND  AMENDMENTS,
FURNISHED  BY THE BORROWERS OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR
IN  THE  COURSE  OF  ADMINISTERING,  THIS  AGREEMENT  WILL  BE  SYNDICATE-LEVEL
INFORMATION,  WHICH  MAY  CONTAIN  MATERIAL  NON-PUBLIC  INFORMATION ABOUT
HAYNES  PARENT,  THE  LOAN  PARTIES  AND  THEIR  RELATED  PARTIES  OR  THEIR
RESPECTIVE  SECURITIES.  ACCORDINGLY,  EACH  LENDER  REPRESENTS  TO  THE
BORROWERS  AND  THE  ADMINISTRATIVE  AGENT  THAT  IT  HAS  IDENTIFIED  IN  ITS
ADMINISTRATIVE  QUESTIONNAIRE  A  CREDIT  CONTACT  WHO  MAY  RECEIVE
INFORMATION  THAT  MAY  CONTAIN  MATERIAL  NON-PUBLIC  INFORMATION  IN
ACCORDANCE  WITH  ITS  COMPLIANCE PROCEDURES  AND  APPLICABLE  LAW,
INCLUDING FEDERAL AND STATE SECURITIES LAWS.

SECTION 9.13  Several  Obligations;  Nonreliance;  Violation  of  Law.  The  respective
obligations of the Lenders hereunder are several and not joint and the failure of any Lender to make any
Loan  or  perform  any  of  its  obligations  hereunder  shall  not  relieve  any  other  Lender  from any of  its
obligations  hereunder.  Each Lender hereby represents  that it is  not relying on or looking to any margin
stock (as defined in Regulation U of the Board) for the repayment of the Borrowings provided for herein.
Anything contained in this Agreement to the contrary notwithstanding, neither the Issuing Bank nor any
Lender shall be obligated to extend credit to the Borrowers in violation of any Requirement of Law.

SECTION 9.14  USA PATRIOT Act.  Each Lender that is subject to the requirements of the
USA  PATRIOT  Act  hereby  notifies  each  Loan  Party  that  pursuant  to  the  requirements  of  the  USA
PATRIOT  Act,  it  is  required to obtain, verify and record information that  identifies  such Loan Party, 

	
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which information includes the name and address of such Loan Party and other information that will allow
such Lender to identify such Loan Party in accordance  with the USA PATRIOT Act.

SECTION  9.15 Disclosure.  Each  Loan  Party,  each  Lender  and  the  Issuing  Bank  hereby
acknowledges and agrees that the Administrative Agent and/or its Affiliates from time to time may hold
investments  in,  make  other  loans  to  or have  other  relationships  with  any  of  the  Loan  Parties  and  their
respective Affiliates.

SECTION  9.16  Appointment  for  Perfection.    Each  Lender  hereby  appoints  each  other
Lender as its agent for the purpose of perfecting Liens, for the benefit of the Administrative Agent and the
other Secured Parties, in assets  which, in accordance  with Article  9 of the  UCC or any other applicable
law  can  be  perfected  only  by  possession  or  control.  Should  any Lender  (other  than  the Administrative
Agent) obtain possession or control of any such Collateral, such Lender shall notify the Administrative
Agent thereof, and, promptly upon the Administrative Agent's request therefor shall deliver such Collateral
to the Administrative Agent or otherwise deal with such Collateral in accordance with the Administrative
Agent's instructions.

SECTION 9.17      Interest Rate  Limitation.  Notwithstanding anything herein to the contrary, if
at any time  the  interest rate  applicable  to any Loan, together with all fees, charges and other amounts
which are  treated as interest on such Loan under applicable law (collectively the "Charges"), shall exceed
the maximum lawful rate (the "Maximum Rate") which may be contracted for, charged, taken, received or
reserved by the  Lender  holding such Loan in accordance with applicable law, the rate of interest payable
in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to
the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in
respect of such Loan but were  not payable  as a  result of the operation of this Section shall be cumulated
and  the  interest  and  Charges  payable  to  such  Lender  in  respect of  other  Loans  or  periods  shall  be
increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest
thereon at the NYFRB Rate to the date of repayment, shall have been received by such Lender.

SECTION 9.18  Marketing Consent.

The Borrowers hereby authorize JPMCB and its affiliates (collectively, the "JPMCB Parties"), at
their respective sole expense, but without any prior approval by the Borrowers, to publish such tombstones
and  give  such  other  publicity  to  this  Agreement  as  each  may  from  time  to  time  determine  in  its  sole
discretion.  The foregoing authorization shall remain in effect unless and until the Borrower Representative
notifies JPMCB in writing that such authorization is revoked.

SECTION 9.19  Acknowledgement and Consent to Bail-In of Affected Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement
or  understanding  among  any  such  parties,  each  party  hereto  acknowledges  that  any  liability  of  any
Affected Financial Institution arising under any Loan Document may be subject to the Write-Down and
Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by:

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

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

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

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

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

SECTION 9.20  No Fiduciary Duty, etc.

(a) Each  Borrower  acknowledges  and  agrees,  and  acknowledges  its  Subsidiaries'
understanding, that no Credit Party will have any obligations except those obligations expressly set forth
herein and in the other Loan Documents and each Credit Party is acting solely in the capacity of an arm's
length  contractual  counterparty  to  each  Borrower  with  respect  to  the  Loan  Documents  and  the
transactions  contemplated herein and  therein and not as  a  financial advisor or a fiduciary to, or an agent
of, any Borrower or any other person.  Each Borrower agrees that it will not assert any claim against any
Credit Party based on an alleged breach of fiduciary duty by such Credit Party in connection with this
Agreement  and  the  transactions  contemplated  hereby.  Additionally,  each  Borrower  acknowledges  and
agrees  that  no  Credit  Party  is  advising  any  Borrower  as  to  any legal,  tax,  investment,  accounting,
regulatory or any other matters in any jurisdiction.  Each Borrower shall consult with its own advisors
concerning  such  matters  and  shall  be  responsible  for  making  its  own  independent  investigation  and
appraisal of the transactions contemplated herein or in the other Loan Documents, and the Credit Parties
shall have no responsibility or liability to any Borrower with respect thereto.

(b) Each  Borrower  further  acknowledges  and  agrees,  and  acknowledges  its
Subsidiaries' understanding, that each Credit Party, together with its Affiliates, is a full service securities or
banking firm engaged in securities trading and brokerage activities as well as providing investment banking
and other financial services.  In the ordinary course of business, any Credit Party may provide investment
banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts
of customers, equity, debt and other securities and financial instruments (including bank loans and other
obligations) of, any Borrower and other companies with which any Borrower may have commercial or
other relationships.  With respect to any securities and/or financial instruments so held by any Credit Party
or any of its customers, all rights in respect of such securities and financial instruments, including any
voting rights, will be exercised by the holder of the rights, in its sole discretion.

(c) In  addition,  each  Borrower  acknowledges  and  agrees,  and  acknowledges  its
Subsidiaries' understanding, that each Credit Party and its affiliates may be providing debt financing, equity
capital or other services (including financial advisory services) to other companies in respect of which a
Borrower may have conflicting interests regarding the transactions described herein and otherwise.  No
Credit Party will use confidential information obtained from any Borrower by virtue of the transactions
contemplated by the Loan Documents or its other relationships with such Borrower in connection with the
performance by such Credit Party of services for other companies, and no Credit Party will furnish any
such  information  to  other  companies.  Each  Borrower  also  acknowledges  that  no  Credit  Party  has  any
obligation to use in connection with the transactions contemplated by the Loan Documents, or to furnish to
any Borrower, confidential information obtained from other companies.

SECTION 9.21    Acknowledgement  Regarding  Any  Supported  QFCs.  To the  extent  that  the
Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other
agreement  or  instrument  that  is a  QFC  (such  support  "QFC  Credit  Support"  and  each  such  QFC  a
"Supported QFC"), the parties acknowledge and agree as follows with respect to the resolution power of
the  Federal Deposit  Insurance  Corporation under the Federal Deposit Insurance Act and Title II of the 

	
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Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated
thereunder, the "U.S. Special Resolution Regimes") in respect of such Supported QFC and QFC Credit
Support  (with  the  provisions  below  applicable  notwithstanding  that  the  Loan  Documents  and  any
Supported QFC may in fact be stated to be governed by the laws of the State of Illinois and/or of the
United States or any other state of the United States):

In  the  event  a  Covered  Entity  that  is  party  to  a  Supported  QFC (each,  a  "Covered  Party")
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported
QFC  and  the  benefit  of  such  QFC  Credit  Support  (and  any  interest  and  obligation  in  or  under  such
Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or
such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer
would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit
Support (and any such interest, obligation and rights in property) were governed by the laws of the United
States or a  state  of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered
Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the
Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may
be  exercised  against  such  Covered  Party  are  permitted  to  be  exercised  to  no  greater  extent  than  such
Default  Rights  could be exercised under the U.S. Special Resolution Regime if the Supported QFC and
the  Loan  Documents  were  governed  by  the  laws  of  the  United  States  or  a  state  of  the  United  States.
Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with
respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a
Supported QFC or any QFC Credit Support.

ARTICLE X

Loan  Guaranty

SECTION  10.01    Guaranty.  Each  Loan  Guarantor  (other  than  those that  have  delivered  a
separate Guaranty) hereby agrees that it is jointly and severally liable for, and, as a primary obligor and not
merely as surety, absolutely, unconditionally and irrevocably guarantees to the Secured Parties, the prompt
payment  when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter,
of the Secured Obligations and all costs and expenses, including, without limitation, all court costs and
attorneys' and paralegals' fees (including allocated costs of in-house counsel and paralegals) and expenses
paid or incurred by the Administrative Agent, the Issuing Bank and the Lenders in endeavoring to collect
all or any part of the Secured Obligations from, or in prosecuting any action against, any Borrower, any
Loan  Guarantor  or  any  other  guarantor  of  all  or  any  part  of  the  Secured  Obligations  (such  costs  and
expenses,  together  with  the  Secured  Obligations,  collectively  the  "Guaranteed  Obligations";  provided,
however,  that  the  definition  of  "Guaranteed  Obligations"  shall not  create  any  guarantee  by  any  Loan
Guarantor of (or grant of security interest by any Loan Guarantor to support, as applicable) any Excluded
Swap  Obligations  of  such  Loan Guarantor  for  purposes  of  determining  any  obligations  of  any  Loan
Guarantor).  Each  Loan  Guarantor further  agrees  that  the  Guaranteed  Obligations  may  be  extended  or
renewed in whole or in part without notice to or further assent from it, and that it remains bound upon its
guarantee notwithstanding any such extension or renewal.  All terms of this Loan Guaranty apply to and
may  be  enforced  by  or  on  behalf  of  any  domestic  or  foreign  branch  or  Affiliate  of  any  Lender  that
extended any portion of the Guaranteed Obligations.

SECTION 10.02    Guaranty of Payment.  This Loan Guaranty is a guaranty of payment and not
of  collection.  Each  Loan  Guarantor  waives  any  right  to  require the  Administrative  Agent,  the  Issuing
Bank  or  any  Lender  to  sue  any  Borrower,  any  Loan  Guarantor,  any  other  guarantor  of,  or  any  other
Person  obligated  for,  all  or  any  part  of  the  Guaranteed  Obligations  (each,  an  "Obligated  Party"),  or 

	
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otherwise  to  enforce  its  payment  against  any  collateral  securing  all  or  any  part  of  the  Guaranteed
Obligations.

SECTION 10.03  No Discharge or Diminishment of Loan Guaranty.

(a) Except as otherwise provided for herein, the obligations of each Loan Guarantor
hereunder  are  unconditional  and  absolute  and  not  subject  to  any  reduction,  limitation,  impairment  or
termination for any reason (other than Payment in Full of the Guaranteed Obligations), including:  (i) any
claim of waiver, release, extension, renewal, settlement, surrender, alteration or compromise of any of the
Guaranteed  Obligations,  by  operation  of  law  or  otherwise;  (ii) any  change  in  the  corporate  existence,
structure  or  ownership  of  any  Borrower or any other Obligated Party  liable  for  any  of  the  Guaranteed
Obligations;  (iii)  any  insolvency,  bankruptcy,  reorganization  or  other  similar  proceeding  affecting  any
Obligated Party or their assets or any resulting release or discharge of any obligation of any Obligated
Party; or (iv) the existence of any claim, setoff or other rights which any Loan Guarantor may have at any
time against any Obligated Party, the Administrative Agent, the Issuing Bank, any Lender or any other
Person, whether in connection herewith or in any unrelated transactions.

(b) The obligations of each Loan Guarantor hereunder are not subject to any defense
or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or
unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable law or
regulation purporting to prohibit payment by any Obligated Party, of the Guaranteed Obligations or any
part thereof.

(c) Further, the obligations of any Loan Guarantor hereunder are not discharged or
impaired or otherwise affected by: (i) the failure of the Administrative Agent, the Issuing Bank or any
Lender  to  assert  any  claim  or  demand  or  to  enforce  any  remedy  with  respect  to  all  or  any  part  of  the
Guaranteed  Obligations;  (ii)  any  waiver  or  modification  of  or  supplement  to  any  provision  of  any
agreement  relating  to  the  Guaranteed  Obligations;  (iii) any  release,  non-perfection  or  invalidity  of  any
indirect  or  direct  security  for  the  obligations  of  any  Borrower  for  all  or  any  part  of  the  Guaranteed
Obligations or any obligations of any other Obligated Party liable for any of the Guaranteed Obligations;
(iv) any action or failure to act by the Administrative Agent, the Issuing Bank or any Lender with respect
to any collateral securing any part of the Guaranteed Obligations; or (v) any default, failure or delay, willful
or  otherwise,  in  the  payment  or  performance  of  any  of  the  Guaranteed  Obligations,  or  any  other
circumstance, act, omission or delay that might in any manner or to any extent vary the risk of such Loan
Guarantor or that would otherwise  operate  as a  discharge  of any Loan Guarantor as a  matter of law or
equity (other than Payment in Full of the Guaranteed Obligations).

SECTION 10.04    Defenses Waived.  To the  fullest extent permitted by applicable law, each
Loan  Guarantor  hereby waives  any defense  based on or  arising out of  any defense  of  any Borrower  or
any  Loan  Guarantor  or  the  unenforceability of  all or  any  part of  the  Guaranteed  Obligations  from  any
cause, or the cessation from any cause of the liability of any Borrower, any Loan Guarantor or any other
Obligated Party, other than Payment in Full of the Guaranteed Obligations. Without limiting the generality
of  the  foregoing,  each  Loan  Guarantor  irrevocably  waives  acceptance  hereof,  presentment,  demand,
protest  and,  to  the  fullest  extent  permitted  by  law,  any  notice  not  provided  for  herein,  as  well  as  any
requirement that at any time any action be taken by any Person against any Obligated Party or any other
Person.  Each Loan Guarantor confirms that it is not a surety under any state law and shall not raise any
such  law  as  a  defense  to  its  obligations  hereunder.  The  Administrative  Agent  may,  at  its  election,
foreclose on any Collateral held by it by one or more judicial or nonjudicial sales, accept an assignment of
any  such  Collateral  in  lieu  of  foreclosure  or  otherwise  act  or fail  to  act  with  respect  to  any  collateral
securing all or a part of the Guaranteed Obligations, compromise or adjust any part of the Guaranteed
Obligations,  make  any  other  accommodation  with  any  Obligated  Party  or  exercise  any  other  right  or
remedy available to it against any Obligated Party, without affecting or impairing in any way the liability of 

	
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such Loan Guarantor under this Loan Guaranty except to the extent the Guaranteed Obligations have been
Paid in Full.  To the fullest extent permitted by applicable law, each Loan Guarantor waives any defense
arising  out  of  any such election even though that  election may operate, pursuant  to applicable  law, to
impair  or  extinguish  any  right  of  reimbursement or  subrogation or  other  right or  remedy of  any Loan
Guarantor against any Obligated Party or any security.

SECTION 10.05    Rights  of  Subrogation.  No Loan Guarantor will assert any right, claim or
cause of action, including, without limitation, a claim of subrogation, contribution or indemnification, that it
has  against any Obligated Party or any collateral, until the Loan Parties and the Loan Guarantors have
fully performed all their obligations to the Administrative Agent, the Issuing Bank and the Lenders.

SECTION  10.06    Reinstatement;  Stay  of  Acceleration.  If  at  any  time  any  payment  of  any
portion of the Guaranteed Obligations (including a payment effected through exercise of a right of setoff)
is rescinded, or must otherwise be restored or returned upon the insolvency, bankruptcy or reorganization
of any Borrower or otherwise (including pursuant to any settlement entered into by a Secured Party in its
discretion), each Loan Guarantor's obligations under this Loan Guaranty with respect to that payment shall
be  reinstated  at  such  time  as  though  the  payment  had  not  been  made  and  whether  or  not  the
Administrative  Agent,  the  Issuing  Bank  and  the  Lenders  are  in  possession  of  this  Loan  Guaranty.  If
acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency,
bankruptcy or reorganization of any Borrower, all such amounts otherwise subject to acceleration under
the terms of  any agreement relating to the Guaranteed Obligations shall nonetheless be payable by the
Loan Guarantors forthwith on demand by the Administrative Agent.

SECTION  10.07 Information.  Each  Loan  Guarantor  assumes  all  responsibility  for  being  and
keeping itself informed of the Borrowers' financial condition and assets, and of all other circumstances
bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the
risks that each Loan Guarantor assumes and incurs under this Loan Guaranty, and agrees that none of the
Administrative  Agent, the  Issuing Bank or any Lender shall have any duty to advise any Loan Guarantor
of information known to it regarding those circumstances or risks.

SECTION 10.08    Termination.  Each of the  Lenders  and the  Issuing Bank may continue  to
make  loans  or  extend  credit  to  the  Borrowers  based  on  this  Loan  Guaranty  until  five  (5)  days  after  it
receives  written  notice  of  termination  from  any  Loan  Guarantor.  Notwithstanding  receipt  of  any  such
notice,  each  Loan  Guarantor  will  continue  to  be  liable  to  the  Lenders  for  any  Guaranteed  Obligations
created,  assumed  or  committed  to  prior  to  the  fifth  day  after  receipt  of  the  notice,  and  all  subsequent
renewals, extensions, modifications and amendments with respect to, or substitutions for, all or any part of
such Guaranteed Obligations.  Nothing in this Section 10.08 shall be deemed to constitute a waiver of, or
eliminate, limit, reduce or otherwise impair any rights or remedies the Administrative Agent or any Lender
may have in respect of, any Default or Event of Default that shall exist under clause (n) of Article VII
hereof as a result of any such notice of termination.

SECTION 10.09    Taxes.  Each payment of the Guaranteed Obligations will be made by each
Loan Guarantor without withholding for any Taxes, unless such withholding is required by law.  If any
Loan Guarantor determines, in its sole discretion exercised in good faith, that it is so required to withhold
Taxes, then such Loan Guarantor may so withhold and shall timely pay the full amount of withheld Taxes
to the relevant Governmental Authority in accordance with applicable law.  If such Taxes are Indemnified
Taxes, then the  amount payable  by such Loan Guarantor shall be increased as necessary so that, net of
such withholding (including such withholding applicable to additional amounts payable under this Section),
the Administrative Agent, Lender or Issuing Bank (as the case may be) receives the amount it would have
received had no such withholding been made. 

	
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SECTION  10.10  Maximum  Liability.  Notwithstanding  any  other  provision  of  this  Loan
Guaranty, the amount guaranteed by each Loan Guarantor hereunder shall be limited to the extent, if any,
required  so  that  its  obligations  hereunder  shall  not  be  subject  to  avoidance  under  Section  548  of  the
Bankruptcy  Code  or  under  any  applicable  state  Uniform  Fraudulent  Transfer  Act,  Uniform  Fraudulent
Conveyance Act, Uniform Voidable Transactions Act or similar statute or common law.  In determining
the  limitations,  if  any,  on  the  amount  of  any  Loan  Guarantor's obligations  hereunder  pursuant  to  the
preceding sentence, it is the intention of the parties hereto that any rights of subrogation, indemnification or
contribution  which  such  Loan  Guarantor  may  have  under  this  Loan  Guaranty,  any  other  agreement  or
applicable law shall be taken into account.

SECTION 10.11  Contribution.

(a) To  the  extent  that  any  Loan  Guarantor  shall  make  a  payment  under  this  Loan
Guaranty  (a  "Guarantor  Payment")  which,  taking  into  account  all  other  Guarantor  Payments  then
previously  or  concurrently  made  by  any  other  Loan  Guarantor,  exceeds  the  amount  which  otherwise
would  have  been  paid  by  or  attributable  to  such  Loan  Guarantor if  each  Loan  Guarantor  had  paid  the
aggregate Guaranteed Obligations satisfied by such Guarantor Payment in the same proportion as such
Loan  Guarantor's  "Allocable  Amount"  (as  defined  below)  (as  determined  immediately  prior  to  such
Guarantor  Payment)  bore  to  the  aggregate  Allocable  Amounts  of  each  of  the  Loan  Guarantors  as
determined  immediately  prior  to  the  making  of  such  Guarantor  Payment,  then,  following  indefeasible
payment in full in cash of the Guarantor Payment and the Payment in Full of the Guaranteed Obligations
and the termination of this Agreement, such Loan Guarantor shall be entitled to receive contribution and
indemnification payments from, and be reimbursed by, each other Loan Guarantor for the amount of such
excess,  pro  rata  based  upon  their respective  Allocable  Amounts in  effect  immediately  prior  to  such
Guarantor Payment.

(b) As of any date of determination, the "Allocable Amount" of any Loan Guarantor
shall be equal to the excess of the fair saleable value of the property of such Loan Guarantor over the total
liabilities of such Loan Guarantor (including the maximum amount reasonably expected to become due in
respect of contingent liabilities, calculated, without duplication, assuming each other Loan Guarantor that is
also liable for such contingent liability pays its ratable share thereof), giving effect to all payments made by
other Loan Guarantors as of such date in a manner to maximize the amount of such contributions.

(c) This  Section  10.11  is  intended  only  to  define  the  relative  rights  of  the  Loan
Guarantors, and nothing set forth in this Section 10.11 is intended to or shall impair the obligations of the
Loan Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and
payable in accordance with the terms of this Loan Guaranty.

(d) The parties hereto acknowledge that the rights of contribution and indemnification
hereunder  shall constitute  assets  of  the  Loan Guarantor or Loan Guarantors to which such contribution
and indemnification is owing.

(e) The rights of the indemnifying Loan Guarantors against other Loan Guarantors
under this Section 10.11 shall be exercisable upon the Payment in Full of the Guaranteed Obligations and
the termination of this Agreement.

SECTION 10.12    Liability Cumulative.  The liability of each Loan Party as a Loan Guarantor
under this Article X is in addition to and shall be cumulative with all liabilities of each Loan Party to the
Administrative  Agent,  the  Issuing  Bank  and  the  Lenders  under  this  Agreement  and  the  other  Loan
Documents to which such Loan Party is a party or in respect of any obligations or liabilities of the other 

	
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Loan  Parties,  without  any  limitation  as  to  amount,  unless  the  instrument  or  agreement  evidencing or
creating such other liability specifically provides to the contrary.

SECTION  10.13  Keepwell.  Each  Qualified  ECP  Guarantor  hereby  jointly  and  severally
absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be
needed from time to time by each other Loan Party to honor all of its obligations under this Guarantee in
respect of a Swap Obligation (provided, however, that each Qualified ECP Guarantor shall only be liable
under this Section 10.13 for the maximum amount of such liability that can be hereby incurred without
rendering its obligations under this Section 10.13 or otherwise under this Loan Guaranty voidable under
applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).
Except  as  otherwise  provided  herein, the  obligations  of  each  Qualified  ECP  Guarantor  under  this
Section 10.13 shall remain in full force and effect until the termination of all Swap Obligations.  Each
Qualified ECP Guarantor intends that this Section 10.13 constitute, and this Section 10.13 shall be deemed
to constitute, a "keepwell, support, or other agreement" for the benefit of each other Loan Party for all
purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

ARTICLE XI

The Borrower  Representative.

SECTION 11.01  Appointment; Nature of Relationship.

Haynes  International,  Inc.  is  hereby  appointed  by  each  of  the  Loan  Parties  as  their
contractual  representative  (herein referred to as  the  "Borrower  Representative")  hereunder  and under
each  other  Loan  Document,  and  each  of  the  Loan  Parties  irrevocably  authorizes  the  Borrower
Representative  to  act  as  the  contractual  representative  of  such  Loan  Party  with  the  rights  and  duties
expressly  set  forth  herein  and in the other Loan Documents.  The Borrower Representative agrees to act
as such contractual representative upon the express conditions contained in this Article XI.  Additionally,
the Borrowers hereby appoint the Borrower Representative as their agent to receive all of the proceeds of
the Loans in the Funding Account(s), at which time the Borrower Representative shall promptly disburse
such Loans to the appropriate Borrower(s), provided that, in the case of a Revolving Loan, such amount
shall not exceed Availability.  The Administrative Agent and the Lenders, and their respective officers,
directors, agents or employees, shall not be liable to the Borrower Representative or any Loan Party for
any action taken or  omitted to be taken by the  Borrower  Representative  or  the Loan Parties pursuant to
this Section 11.01.

SECTION  11.02    Powers.  The  Borrower  Representative  shall  have  and  may  exercise  such
powers under the Loan Documents as are specifically delegated to the Borrower Representative by the
terms  of  each  thereof,  together  with  such  powers  as  are  reasonably  incidental  thereto.  The  Borrower
Representative shall have no implied duties to the Loan Parties, or any obligation to the Lenders to take
any action thereunder except any action specifically provided by the Loan Documents to be taken by the
Borrower Representative.

SECTION 11.03    Employment of  Agents.  The  Borrower  Representative  may execute  any of
its duties as the Borrower Representative hereunder and under any other Loan Document by or through
authorized officers.

SECTION  11.04  Notices.  Each  Loan  Party  shall  immediately  notify the Borrower
Representative  of  the  occurrence  of  any  Default  or  Event  of  Default  hereunder  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 Borrower  Representative  receives  such  a  notice,  the  Borrower
Representative shall give prompt notice thereof to the Administrative Agent and the Lenders.  Any notice 

	
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provided to the Borrower Representative hereunder shall constitute notice to each Loan Party on the date
received by the Borrower Representative.

SECTION  11.05 Successor  Borrower  Representative.  Upon  the  prior  written  consent  of  the
Administrative  Agent,  the  Borrower  Representative  may  resign  at  any  time,  such  resignation  to  be
effective upon the appointment of a successor Borrower Representative.  The Administrative Agent shall
give prompt written notice of such resignation to the Lenders.

SECTION  11.06    Execution  of  Loan  Documents;  Borrowing  Base  Certificate.  The  Loan
Parties  hereby  empower  and  authorize  the  Borrower  Representative,  on  behalf  of  the  Loan  Parties,  to
execute  and  deliver  to  the  Administrative  Agent  and  the  Lenders  the  Loan  Documents  and  all  related
agreements,  certificates,  documents,  or  instruments  as  shall  be  necessary  or  appropriate  to  effect  the
purposes of the Loan Documents, including, without limitation, the Borrowing Base Certificates and the
Compliance  Certificates. Each  Loan  Party agrees that any action taken by the  Borrower Representative
or the Loan Parties in accordance with the terms of this Agreement or the other Loan Documents, and the
exercise by the Borrower Representative of its powers set forth therein or herein, together with such other
powers that are reasonably incidental thereto, shall be binding upon all of the Loan Parties.

SECTION 11.07    Reporting.  Each Loan Party hereby agrees that such Borrower shall furnish
promptly after each fiscal month to the Borrower Representative a copy of its Borrowing Base Certificate
and  any  other  certificate  or  report  required  hereunder  or  requested  by  the  Borrower  Representative  on
which the Borrower Representative shall rely to prepare the Borrowing Base Certificates and Compliance
Certificate required pursuant to the provisions of this Agreement.

(Signature Pages Follow)

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