Document:

Exhibit 10.1

 

 

 

CREDIT AGREEMENT

 

Dated as of May 15, 2019

 

among

 

THE ONE GROUP HOSPITALITY, INC.,

as the Borrower,

 

THE SUBSIDIARIES OF THE BORROWER PARTY HERETO,

as the Guarantors,

 

BANK OF AMERICA, N.A.,

as Administrative Agent and L/C Issuer

 

and

 

THE LENDERS PARTY HERETO

 

BANK OF AMERICA MERRILL LYNCH,

as Sole Lead Arranger and Sole Bookrunner

 

 

 

     

     

    

 

TABLE OF CONTENTS

  

	 	 	Page
	 	 
	Article I DEFINITIONS AND ACCOUNTING TERMS	1
	 	 	 
	1.01	Defined Terms	1
	1.02	Other Interpretive Provisions	33
	1.03	Accounting Terms	34
	1.04	Rounding	35
	1.05	Times of Day	35
	1.06	Letter of Credit Amounts	36
	1.07	UCC Terms	36
	1.08	Rates	36
	 	 
	Article II COMMITMENTS AND CREDIT EXTENSIONS	36
	 	 	 
	2.01	Loans	36
	2.02	Borrowings, Conversions and Continuations of Loans	37
	2.03	Prepayments	40
	2.04	Termination or Reduction of Commitments	41
	2.05	Repayment of Loans	42
	2.06	Interest and Default Rate	43
	2.07	Fees	44
	2.08	Computation of Interest and Fees	44
	2.09	Evidence of Debt	45
	2.10	Payments Generally; Administrative Agent’s Clawback	46
	2.11	Sharing of Payments by Lenders	48
	2.12	Defaulting Lenders	48
	2.13	Letters of Credit	51
	2.14	Cash Collateral	59
	 	 
	Article III TAXES, YIELD PROTECTION AND ILLEGALITY	60
	 	 	 
	3.01	Taxes	60
	3.02	Illegality and Designated Lenders	64
	3.03	Inability to Determine Rates	65
	3.04	Increased Costs; Reserves on Eurodollar Rate Loans	65
	3.05	Compensation for Losses	67
	3.06	Mitigation Obligations; Replacement of Lenders	68
	3.07	LIBOR Successor Rate	68
	3.08	Survival	69
	 	 
	Article IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	69
	 	 	 
	4.01	Conditions of Initial Credit Extension	69
	4.02	Conditions to all Credit Extensions	72
	 	 
	Article V REPRESENTATIONS AND WARRANTIES	72
	 	 	 
	5.01	Existence, Qualification and Power	72
	5.02	Authorization; No Contravention	73

 

    	 	i	 

     

    

 

	5.03	Governmental Authorization; Other Consents	73
	5.04	Binding Effect	73
	5.05	Financial Statements; No Material Adverse Effect	74
	5.06	Litigation	74
	5.07	No Default	74
	5.08	Ownership of Property	75
	5.09	Environmental Compliance	75
	5.10	Insurance	75
	5.11	Taxes	76
	5.12	ERISA Compliance, etc.	76
	5.13	Margin Regulations; Investment Company Act	77
	5.14	Disclosure	77
	5.15	Compliance with Laws	77
	5.16	Solvency	77
	5.17	Casualty, Etc.	77
	5.18	Sanctions Concerns and Anti-Corruption Laws	78
	5.19	Subsidiaries; Equity Interests; Loan Parties	78
	5.20	Collateral Representations	79
	5.21	Intellectual Property; Licenses, Etc.	80
	5.22	Labor Matters	80
	5.23	EEA Financial Institutions	80
	 	 
	Article VI AFFIRMATIVE COVENANTS	80
	 	 	 
	6.01	Financial Statements	80
	6.02	Certificates; Other Information	81
	6.03	Notices	84
	6.04	Payment of Obligations	84
	6.05	Preservation of Existence, Etc.	85
	6.06	Maintenance of Properties	85
	6.07	Maintenance of Insurance	85
	6.08	Compliance with Laws	86
	6.09	Books and Records	86
	6.10	Inspection Rights	86
	6.11	Use of Proceeds	86
	6.12	Material Contracts	87
	6.13	Covenant to Guarantee Obligations	87
	6.14	Covenant to Give Security	87
	6.15	Further Assurances	88
	6.16	Compliance with Terms of Leaseholds	88
	6.17	Compliance with Environmental Laws	88
	6.18	Primary Depository Bank	89
	6.19	Anti-Corruption Laws	89
	6.20	Post-Closing Covenant	89
	 	 
	Article VII NEGATIVE COVENANTS	89
	 	 	 
	7.01	Liens	89
	7.02	Indebtedness	91
	7.03	Investments	93
	7.04	Fundamental Changes	94
	7.05	Dispositions	94
	7.06	Restricted Payments	95

 

    	 	ii	 

     

    

 

	7.07	Change in Nature of Business	95
	7.08	Transactions with Affiliates	96
	7.09	Burdensome Agreements	96
	7.10	Use of Proceeds	96
	7.11	Financial Covenants	96
	7.12	Amendments of Organization Documents; Fiscal Year; Legal Name, Jurisdiction of Formation; Form of Entity and Accounting Changes	96
	7.13	Sale and Leaseback Transactions	97
	7.14	Prepayments, Etc. of Indebtedness	97
	7.15	Amendment, Etc. of Indebtedness	97
	7.16	Sanctions	97
	7.17	Anti-Corruption Laws	97
	7.18	New Locations	97
	7.19	Canadian Defined Benefit Pension Plans	98
	 	 
	Article VIII EVENTS OF DEFAULT AND REMEDIES	98
	 	 	 
	8.01	Events of Default	98
	8.02	Remedies upon Event of Default	101
	8.03	Application of Funds	101
	 	 
	Article IX ADMINISTRATIVE AGENT	102
	 	 	 
	9.01	Appointment and Authority	102
	9.02	Rights as a Lender	103
	9.03	Exculpatory Provisions	103
	9.04	Reliance by Administrative Agent	104
	9.05	Delegation of Duties	105
	9.06	Resignation of Administrative Agent	105
	9.07	Non-Reliance on Administrative Agent and Other Lenders	106
	9.08	No Other Duties, Etc.	106
	9.09	Administrative Agent May File Proofs of Claim; Credit Bidding	106
	9.10	Collateral and Guaranty Matters	108
	9.11	Secured Cash Management Agreements and Secured Hedge Agreements	109
	9.12	ERISA Matters	109
	 	 
	Article X CONTINUING GUARANTY	111
	 	 	 
	10.01	Guaranty	111
	10.02	Rights of Lenders	111
	10.03	Certain Waivers	111
	10.04	Obligations Independent	112
	10.05	Subrogation	112
	10.06	Termination; Reinstatement	112
	10.07	Stay of Acceleration	112
	10.08	Condition of Borrower	112
	10.09	Appointment of Borrower	113
	10.10	Right of Contribution	113
	10.11	Keepwell	113
	10.12	Guaranty Limitations	113
	 	 
	Article XI MISCELLANEOUS	114
	 	 	 
	11.01	Amendments, Etc.	114
	11.02	Notices; Effectiveness; Electronic Communications	116

 

    	 	iii	 

     

    

 

	11.03	No Waiver; Cumulative Remedies; Enforcement	118
	11.04	Expenses; Indemnity; Damage Waiver	118
	11.05	Payments Set Aside	120
	11.06	Successors and Assigns	120
	11.07	Treatment of Certain Information; Confidentiality	125
	11.08	Right of Setoff	126
	11.09	Interest Rate Limitation	127
	11.10	Counterparts; Integration; Effectiveness	127
	11.11	Survival of Representations and Warranties	127
	11.12	Severability	127
	11.13	Replacement of Lenders	128
	11.14	Governing Law; Jurisdiction; Etc.	128
	11.15	Waiver of Jury Trial	130
	11.16	Subordination	130
	11.17	No Advisory or Fiduciary Responsibility	130
	11.18	Electronic Execution	131
	11.19	USA PATRIOT Act Notice	131
	11.20	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	131
	11.21	Judgment Currency	132
	11.22	ENTIRE AGREEMENT	132
	11.23	Acknowledgement Regarding Any Supported QFCs	132

 

    	 	iv	 

     

    

 

	SCHEDULES	 
	 	 
	Schedule 1.01(a)	Certain Addresses for Notices
	Schedule 1.01(b)	Initial Commitments and Applicable Percentages
	Schedule 5.10	Insurance
	Schedule 5.19(a)	Subsidiaries, Joint Ventures, Partnerships and Other Equity Investments
	Schedule 5.19(b)	Loan Parties
	Schedule 5.20(b)	Intellectual Property
	Schedule 5.20(c)	Documents, Instruments, and Tangible Chattel Paper
	Schedule 5.20(d)(i)	Deposit Accounts & Securities Accounts
	Schedule 5.20(d)(ii)	Electronic Chattel Paper & Letter-of-Credit Rights
	Schedule 5.20(e)	Commercial Tort Claims
	Schedule 5.20(f)	Pledged Equity Interests
	Schedule 5.20(g)	Leased and Owned Properties
	Schedule 5.20(h)	Material Contracts
	Schedule 7.01	Existing Liens
	Schedule 7.02	Existing Indebtedness
	Schedule 7.03	Existing Investments
	 	 
	EXHIBITS	 
	 	 
	Exhibit A	Form of Assignment and Assumption
	Exhibit B	Form of Compliance Certificate
	Exhibit C	Form of Joinder Agreement
	Exhibit D	Form of Loan Notice
	Exhibit E	Form of Note
	Exhibit F	Form of Secured Party Designation Notice
	Exhibit G	Forms of U.S. Tax Compliance Certificates
	Exhibit H	Form of Notice of Loan Prepayment

 

    	 	v	 

     

    

 

CREDIT AGREEMENT

 

This CREDIT AGREEMENT
is entered into as of May 15, 2019, among THE ONE GROUP HOSPITALITY, INC., a Delaware corporation (the “Borrower”),
the Guarantors (defined herein), the Lenders (defined herein), and BANK OF AMERICA, N.A., as Administrative Agent and L/C
Issuer.

 

PRELIMINARY STATEMENTS:

 

WHEREAS, the
Loan Parties (as hereinafter defined) have requested that the Lenders and the L/C Issuer make loans and other financial accommodations
to the Loan Parties in an aggregate amount of up to $20,000,000.

 

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

 

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

 

Article
I

DEFINITIONS AND ACCOUNTING TERMS

 

1.01       Defined
Terms.

 

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

 

“Acquisition”
means the acquisition, whether through a single transaction or a series of related transactions, of (a) a majority of the
Voting Stock or other controlling ownership interest in another Person (including the purchase of an option, warrant or convertible
or similar type security to acquire such a controlling interest at the time it becomes exercisable by the holder thereof), whether
by purchase of such equity or other ownership interest or upon the exercise of an option or warrant for, or conversion of securities
into, such equity or other ownership interest, or (b) assets of another Person which constitute all or substantially all of
the assets of such Person or of a division, line of business or other business unit of such Person, in each case whether or not
involving a merger, amalgamation or consolidation and whether for cash, property, services, assumption of Indebtedness, securities
or otherwise.

 

“Additional
Secured Obligations” means (a) all obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements
and (b) all costs and expenses incurred in connection with enforcement and collection of the foregoing, including the fees, charges
and disbursements of counsel, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest 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; provided that Additional
Secured Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor.

 

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

 

    	 	1	 

     

    

 

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

 

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

 

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

 

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

 

“Agreement”
means this Credit Agreement.

 

“Applicable
Percentage” means, (a) in respect of the Term Facility, with respect to any Term Lender at any time, the percentage
(carried out to the ninth decimal place) of the Term Facility represented by (i) on or prior to the Closing Date, such Term
Lender’s Term Commitment at such time and (ii) thereafter, the outstanding principal amount of such Term Lender’s
Term Loans at such time, and (b) in respect of the Revolving Facility, with respect to any Revolving Lender at any time, the
percentage (carried out to the ninth decimal place) of the Revolving Facility represented by such Revolving Lender’s Revolving
Commitment at such time, subject to adjustment as provided in Section 2.12. If the Revolving Commitments of all of the Lenders
to make Revolving Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section
8.02, or if the Revolving Commitments have expired, then the Applicable Percentage of each Lender in respect of the Revolving
Facility shall be determined based on the Applicable Percentage of such Revolving Lender in respect of the Revolving Facility most
recently in effect, giving effect to any subsequent assignments. The Applicable Percentage of each Lender in respect of each Facility
is set forth opposite the name of such Lender on Schedule 1.01(b) or in the Assignment and Assumption or such other documentation
pursuant to which such Lender becomes a party hereto, as applicable.

 

“Applicable
Rate” means, with respect to Revolving Loans, the Term Loan, the Letter of Credit Fee and the Commitment Fee, the following
percentages per annum, based upon the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received
by the Administrative Agent pursuant to Section 6.02(a):

 

	Pricing
 Tier	 	Consolidated
 Leverage Ratio	 	Letter of
 Credit Fee	 	 	Eurodollar
 Rate Loans	 	 	Base Rate
 Loans	 	 	Commitment
 Fee	 
	I	 	< 3.00 to 1.0	 	 	2.75	%	 	 	2.75	%	 	 	1.75	%	 	 	0.35	%
	II	 	> 3.00 to 1.0 but < 3.50 to 1.0	 	 	3.00	%	 	 	3.00	%	 	 	2.00	%	 	 	0.35	%
	III	 	> 3.50 to 1.0 but < 4.00 to 1.0	 	 	3.25	%	 	 	3.25	%	 	 	2.25	%	 	 	0.50	%
	IV	 	> 4.00 to 1.0	 	 	3.50	%	 	 	3.50	%	 	 	2.50	%	 	 	0.50	%

 

    	 	2	 

     

    

 

Any increase or decrease in the Applicable
Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first (1st) Business
Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, that,
if a Compliance Certificate is not delivered when due in accordance with Section 6.02(a), then, upon the request of the
Required Lenders, Pricing Tier IV shall apply as of the first (1st) Business Day after the date on which such Compliance
Certificate was required to have been delivered and shall remain in effect until the first (1st) Business Day immediately
following the date on which such Compliance Certificate is delivered in accordance with Section 6.02(a), whereupon the Applicable
Rate shall be adjusted based upon the calculation of the Consolidated Leverage Ratio contained in such Compliance Certificate.
Notwithstanding anything to the contrary contained in this definition, (a) the Applicable Rate in effect from the Closing Date
through the first (1st) Business Day immediately following the date a Compliance Certificate is delivered pursuant to
Section 6.02(a) for the fiscal quarter ending June 30, 2019 shall be determined based upon Pricing Tier III and (b) the
determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.08(b).

 

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

 

“Appropriate
Lender” means, at any time, (a) with respect to any Facility, a Lender that has a Commitment with respect to such Facility
or holds a Loan under such Facility at such time, and (b) with respect to the Letter of Credit Sublimit, (i) the L/C Issuer and
(ii) if any Letters of Credit have been issued pursuant to Section 2.13, the Revolving Lenders.

 

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

 

“Arranger”
means Bank of America, N.A., an affiliate of Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its capacity as sole lead
arranger and sole bookrunner.

 

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

 

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

 

“Audited Financial
Statements” means the audited Consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended
December 31, 2018, and the related Consolidated statements of income or operations, shareholders’ equity and cash flows for
such fiscal year of the Borrower and its Subsidiaries, including the notes thereto.

 

    	 	3	 

     

    

 

“Authorization
to Share Insurance Information” means an authorization to share insurance in a form provided by the Administrative Agent
(or such other form as required by each of the Loan Party’s insurance companies).

 

“Availability
Period” means in respect of the Revolving Facility, the period from and including the Closing Date to the earliest
of (a) the Maturity Date, (b) the date of termination of the Revolving Commitments pursuant to Section 2.04, and
(c) the date of termination of the Commitment of each Revolving Lender to make Revolving Loans and of the obligation of the
L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in Section 4975 of the 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”.

 

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

 

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

 

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

 

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

 

    	 	4	 

     

    

 

“Canadian
AML Acts” means applicable Canadian law regarding anti-money laundering, anti-terrorist financing, government sanction
and “know your client” matters, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada).

 

“Canadian
Defined Benefit Pension Plan” means a Canadian Pension Plan that contains or has ever contained a "defined benefit
provision" as such term is defined in Section 147.1(1) of the Income Tax Act (Canada).

 

“Canadian
Pension Plan” means a pension plan or plan that is subject to applicable pension benefits legislation in any jurisdiction
of Canada and that is organized and administered to provide pensions, pension benefits or retirement benefits for employees and
former employees of any Loan Party or any Subsidiary thereof.

 

“Canadian
Sanctions List” means the list of names subject to the Regulations Establishing a List of Entities made under subsection
83.05(1) of the Criminal Code (Canada), the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism
and/or the United Nations Al-Qaida and Taliban Regulations as published by the Office of the Superintendent of Financial Institutions
Canada.

 

“Canadian
Security Agreement” means the security and pledge agreement, dated as of the Closing Date, executed in favor of the Administrative
Agent by each Loan Party organized under the laws of Canada or any province or territory thereof, and governed by the laws of the
Province of Ontario, Canada.

 

“Capital Expenditures”
means, with respect to any Person for any period, any expenditure in respect of the purchase or other acquisition of any fixed
or capital asset (excluding normal replacements and maintenance which are properly charged to current operations). For purposes
of this definition, the purchase price of equipment that is purchased simultaneously with the trade-in of existing equipment or
with insurance proceeds shall be included in Capital Expenditures only to the extent of the gross amount by which such purchase
price exceeds the credit granted by the seller of such equipment for the equipment being traded in at such time or the amount of
such insurance proceeds, as the case may be.

 

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

 

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

 

    	 	5	 

     

    

 

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

 

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

 

(b)          time
deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (A) is
a Lender or (B) is organized under the laws of the United States, any state thereof or the District of Columbia or is the
principal banking subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the
District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial
paper rated as described in clause (c) of this definition and (iii) has combined capital and surplus of at least $500,000,000,
in each case with maturities of not more than ninety (90) days from the date of acquisition thereof;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	6	 

     

    

 

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

 

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

 

(a)          any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its
capacity as trustee, agent or other fiduciary or administrator of any such plan) other than the Founder becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall
be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire, whether
such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly
or indirectly, of twenty-five percent (25)% or more of the Equity Interests of the Borrower entitled to vote for members of the
board of directors or equivalent governing body of the Borrower on a fully-diluted basis (and taking into account all such securities
that such “person” or “group” has the right to acquire pursuant to any option right); or

 

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

 

“Closing Date”
means the date hereof.

 

“Code”
means the Internal Revenue Code of 1986.

 

“Collateral”
means all of the “Collateral” referred to in the Collateral Documents and all of the other property that is
or is intended under the terms of the Collateral Documents to be subject to Liens in favor of the Administrative Agent for the
benefit of the Secured Parties.

 

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

 

    	 	7	 

     

    

 

“Commitment”
means a Revolving Commitment or a Term Commitment, as the context may require.

 

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

 

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

 

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

 

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

 

“Consolidated
Adjusted Indebtedness” means as of any date of determination, the sum of (a) Consolidated Funded Indebtedness plus
(b) the product of (i) Consolidated Cash Rent Expense for the four fiscal quarters of the Borrower most recently ended multiplied
by (ii) eight.

 

“Consolidated
Capital Expenditures” means, for any period, for the Borrower and its Subsidiaries on a Consolidated basis, all Capital
Expenditures but excluding expenditures to the extent made with the proceeds of any Involuntary Disposition used to purchase property
that is useful in the business of the Borrower and its Subsidiaries.

 

“Consolidated
Cash Rent Expense” means, for any period, for the Borrower and its Subsidiaries on a Consolidated basis, the aggregate
amount of rent expense paid in cash (or required to be paid in cash) during such period with respect to leases of real property.

 

“Consolidated
EBITDA” means, for any period, the sum of the following determined on a Consolidated basis, without duplication, for
the Borrower and its Subsidiaries in accordance with GAAP: (a) Consolidated Net Income for such period plus (b) 
the following to the extent deducted in calculating such Consolidated Net Income (without duplication): (i) Consolidated Interest
Charges for such period, (ii) the provision for federal, state, local and foreign income taxes payable for such period, (iii) depreciation
and amortization expense for such period, (iv) Pre-Opening Expenses for such period, (v) non-cash stock-based compensation expense
for such period (including, for the avoidance of doubt, stock options), (vi) non-cash charges and losses for such period (excluding
any such non-cash charges or losses to the extent (A) there were cash charges with respect to such charges and losses in past accounting
periods or (B) there is a reasonable expectation that there will be cash charges with respect to such charges and losses in future
accounting periods), (vii) to the extent not capitalized, all out-of-pocket fees, costs and expenses incurred during such period
(but not later than ninety (90) days after the Closing Date) in connection with the closing of this Agreement and the other Loan
Documents, in an aggregate amount not to exceed $500,000, (viii) (A) other non-recurring cash expenses and charges incurred during
such period and (B) any extraordinary, unusual, or non-recurring fees, expenses, charges or losses related to transaction costs,
restructuring costs, project consulting costs, systems and integration costs and systems implementation in connection with a Permitted
Acquisition, in an aggregate amount not to exceed $1,000,000 in the aggregate added back under this clause (viii) for any period
of four fiscal quarters of the Borrower, and (ix) an amount equal to the difference (if a positive number) between rent expenses
(as determined pursuant to GAAP) and rent expenses (as determined on a cash basis), minus (c) the following to the
extent reflected as a gain or otherwise included in calculating such Consolidated Net Income: (i) federal, state, local and foreign
income tax benefit or credits for such period, (ii) non-cash gains for such period (excluding any such non-cash gains to the
extent (A) there were cash gains with respect to such gains in past accounting periods or (B) there is a reasonable expectation
that there will be cash gains with respect to such gains in future accounting periods), (iii) any unusual or non-recurring cash
gains and (iv) an amount equal to the difference (if a positive number) between rent expenses (as determined on a cash basis) and
rent expenses (as determined pursuant to GAAP); provided that (x) Consolidated EBITDA attributable to any Subsidiary that
is not a Loan Party shall not exceed, for any period, the amount of cash distributed by such Subsidiary to a Loan Party during
such period and (y) the aggregate amount of Consolidated EBITDA attributable to Subsidiaries that are not Loan Parties shall not
exceed, for any period, 10% of Consolidated EBITDA for such period.

 

    	 	8	 

     

    

 

“Consolidated
EBITDAR” means, for any period, for the Borrower and its Subsidiaries on a Consolidated basis, an amount equal to the
sum of (a) Consolidated EBITDA for such period plus (b) Consolidated Cash Rent Expense for such period.

 

“Consolidated
Fixed Charge Coverage Ratio” means, as of any date of determination, determined for the Borrower and its Subsidiaries
on a Consolidated basis, the ratio of (a) (i) Consolidated EBITDAR for the period of four fiscal quarters of the Borrower
most recently ended, minus (ii) the aggregate amount of all Consolidated Maintenance Capital Expenditures for such
period, minus (iii) cash Taxes paid for such period to (b) Consolidated Fixed Charges for the period of four fiscal
quarters of the Borrower most recently ended; provided, that, for purposes of calculating the Consolidated Fixed Charge
Coverage Ratio for any period ending prior to the end of the fourth full fiscal quarter of the Borrower ending after the Closing
Date, (x) the cash portion of Consolidated Interest Charges shall be deemed to be actual cash Consolidated Interest Charges for
the period from the Closing Date to and including the end of the applicable measurement period multiplied by a fraction equal to
(i) 365 divided by (ii) the number of days actually elapsed from the Closing Date to the end of the applicable measurement period
and (y) the portion of Consolidated Scheduled Funded Debt Payments attributable to the Term Loan shall be calculated as the aggregate
amount of the first four quarterly principal payments of the Term Loan due hereunder after the Closing Date.

 

“Consolidated
Fixed Charges” means, for any period, for the Borrower and its Subsidiaries on a Consolidated basis, an amount equal
to the sum of (i) the cash portion of Consolidated Interest Charges for such period plus (ii) Consolidated Scheduled Funded
Debt Payments for such period plus (iii) Consolidated Cash Rent Expense for such period, all as determined in accordance
with GAAP.

 

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

 

    	 	9	 

     

    

 

“Consolidated
Interest Charges” means, for any period, for the Borrower and its Subsidiaries on a Consolidated basis, the sum of (a) all
interest, premium payments, debt discount, fees, charges and related expenses in connection with borrowed money (including capitalized
interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance
with GAAP, (b) all interest paid or payable with respect to discontinued operations, (c) the portion of rent expense
under Capitalized Leases that is treated as interest in accordance with GAAP and (d) the implied interest component of Synthetic
Lease Obligations and Synthetic Debt.

 

“Consolidated
Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Adjusted Indebtedness as of
such date to (b) Consolidated EBITDAR for the period of four fiscal quarters of the Borrower most recently ended.

 

“Consolidated
Maintenance Capital Expenditures” means, for any period, for the Borrower and its Subsidiaries on a Consolidated basis,
all Consolidated Capital Expenditures other than those made to finance development or acquisition of new Restaurants.

 

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

 

“Consolidated
Scheduled Funded Debt Payments” means for any period for the Borrower and its Subsidiaries on a Consolidated basis, the
sum of all scheduled payments of principal on Consolidated Funded Indebtedness. For purposes of this definition, “scheduled
payments of principal” (a) shall be determined without giving effect to any reduction of such scheduled payments resulting
from the application of any voluntary or mandatory prepayments made during the applicable period, (b) shall be deemed to include
the Attributable Indebtedness and (c) shall not include any voluntary prepayments or mandatory prepayments required pursuant
to Section 2.03.

 

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

 

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

 

    	 	10	 

     

    

 

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

 

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

 

“Debt Issuance”
means the issuance by any Loan Party or any Subsidiary of any Indebtedness other than Indebtedness permitted under Section 7.02.

 

“Debtor Relief
Laws” means the Bankruptcy Code of the United States, the Bankruptcy and Insolvency Act (Canada), the Companies’
Creditors Arrangement Act (Canada), the Winding-Up and Restructuring Act (Canada), the Insolvency Act 1986, 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, Canada or other applicable jurisdictions from time to time in effect.

 

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

 

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

 

    	 	11	 

     

    

 

“Defaulting
Lender” means, subject to Section 2.12(b), any Lender that (a) has failed to (i) fund all or any portion
of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies
the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that
one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be
specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the L/C Issuer or
any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of
Credit) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or the
L/C Issuer in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement
to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and
states that such position is based on such Lender’s determination that a condition precedent to funding (which condition
precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be
satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower,
to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations
hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such
written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company
that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation
of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority
acting in such a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting
Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent
company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity
from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets
or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made
with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses
(a) through (d) above, and the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender
shall be deemed to be a Defaulting Lender (subject to Section 2.12(b)) as of the date established therefor by the Administrative
Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Borrower, the L/C
Issuer and each other Lender promptly following such determination.

 

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

 

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

 

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

 

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

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any Sale and Leaseback
Transaction) of any property by any Loan Party or Subsidiary, 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 and including any disposition
of property to a Delaware Divided LLC pursuant to a Delaware LLC Division, but excluding any Involuntary Disposition.

 

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

 

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

 

“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.

 

    	 	12	 

     

    

 

“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.

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 11.06 (subject to such
consents, if any, as may be required under Section 11.06(b)(iii)) or for purposes of an assignment permitted pursuant
to Section 9.09, any acquisition vehicle formed pursuant to Section 9.09 in connection with any credit bid.

 

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

 

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

 

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

 

“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 the Borrower within the meaning of Section
414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

 

    	 	13	 

     

    

 

“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Borrower or any ERISA Affiliate
from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer”
as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section
4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or
notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment
of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings
to terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Pension Plan; or (g) the imposition of any liability under
Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA
Affiliate.

 

“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
Rate” means:

 

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

 

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

 

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

 

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

 

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

 

“Excluded
Property” means, with respect to any Loan Party, (a) any owned or leased real property, (b) unless requested
by the Required Lenders, any Intellectual Property for which a perfected Lien thereon is not effected either by filing of a UCC
or PPSA financing statement or by appropriate evidence of such Lien being filed in the United States Copyright Office, the United
States Patent and Trademark Office or the Canadian Intellectual Property Office, (c) unless requested by the Required Lenders,
any personal property (other than personal property described in clause (b) above) for which the attachment or perfection of a
Lien thereon is not governed by the UCC or the PPSA, (d) the Equity Interests of any Foreign Subsidiary of any Loan Party
to the extent not required to be pledged to secure the Secured Obligations pursuant to the Collateral Documents, (e) any property
which, subject to the terms of Section 7.02(c), is subject to a Lien of the type described in Section 7.01(i)
pursuant to documents that prohibit such Loan Party from granting any other Liens in such property and (f) any deposit or security
account that contains solely funds held in trust for third parties.

 

    	 	14	 

     

    

 

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

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and
branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of (or, in the
case of a U.K. Loan Party being incorporated under the laws of), or having its principal office or, in the case of any Lender,
its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are
Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the
account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on
which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the
Borrower under Section 11.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that,
pursuant to Section 3.01(a)(ii), (a)(iii) or (c), amounts with respect to such Taxes were payable either to
such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed
its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e), (d) any
U.S. federal withholding Taxes imposed pursuant to FATCA and (e) in the case of a Lender, any Taxes imposed on such Lender by reason
of such Lender (i) being a "specified shareholder” (as defined in subsection 18(5) of the ITA) of a Loan Party or (ii)
not dealing at arm's length (for purposes of the ITA) with a "specified shareholder" (as defined in subsection 18(5)
of the ITA) of the Loan Party.

 

“Facility”
means the Revolving Facility.

 

“Facility
Termination Date” means the date as of which all of the following shall have occurred: (a) the Aggregate Commitments
have terminated, (b) all Obligations have been paid in full (other than contingent indemnification obligations for which no
claim has then been asserted) and (c) all Letters of Credit have terminated or expired (other than Letters of Credit as to which
other arrangements with respect thereto satisfactory to the Administrative Agent and the L/C Issuer shall have been made).

 

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

 

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

 

    	 	15	 

     

    

 

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

 

“Fee Letter”
means the fee letter dated as of March 26, 2019 between the Borrower and Bank of America, N.A.

 

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

 

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

 

“Founder”
means Jonathan Segal.

 

“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 that is a Revolving Lender, with respect to the L/C Issuer,
such Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which
such Defaulting Lender’s participation obligation has been reallocated to other Revolving Lenders or Cash Collateralized
in accordance with the terms hereof.

 

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

 

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

 

“Governmental
Authority” means the government of the United States, Canada 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, without limitation, any supra-national bodies such as the European Union or the European Central Bank).

 

    	 	16	 

     

    

 

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

 

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

 

“Guarantors”
means, collectively, (a) the Subsidiaries of the Borrower as are or may from time to time become parties to this Agreement pursuant
to Section 6.13, and (b) with respect to Additional Secured Obligations owing by any Loan Party or any of its Subsidiaries
and any Swap Obligation of a Specified Loan Party (determined before giving effect to Sections 10.01 and 10.11) under
the Guaranty, the Borrower.

 

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

 

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

 

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

 

    	 	17	 

     

    

 

“Honor Date”
has the meaning set forth in Section 2.13(c).

 

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

 

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

 

(b)          the
maximum amount available to be drawn (and amounts drawn and unreimbursed) under letters of credit (including standby and commercial),
bankers’ acceptances, bank guaranties, surety bonds and similar instruments for which such Person is obligated;

 

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

 

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

 

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

 

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

 

(g)         all
obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest
in such Person or any other Person or any warrant, right or option to acquire such Equity Interest, valued, in the case of a redeemable
preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and

 

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

 

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

 

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

 

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

 

“Information”
has the meaning specified in Section 11.07.

 

    	 	18	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)          no
Interest Period shall extend beyond the Maturity Date of the Facility under which such Loan was made.

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption
of debt of, or purchase or other acquisition of any other debt or interest in, another Person (including any partnership or joint
venture interest in such other Person and any arrangement pursuant to which the investor guaranties Indebtedness of such other
Person), or (c) an Acquisition. For purposes of covenant compliance, the amount of any Investment shall be the amount actually
invested, without adjustment for subsequent increases or decreases in the value of such Investment, but giving effect to any returns
or distributions of capital or repayment of principal actually received in cash by such Person with respect thereto (but only to
the extent that the aggregate amount of all such returns, distributions and repayments with respect to such Investment does not
exceed the principal amount of such Investment). The amount of an Investment shall not in any event be reduced by reason of any
write-off of such Investment nor increased by any increase in the amount of earnings retained in the Person in which such Investment
is made.

 

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

 

“IRS”
means the United States Internal Revenue Service.

 

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

 

    	 	19	 

     

    

 

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

 

“ITA”
means the Income Tax Act (Canada).

 

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

 

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

 

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

 

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

 

“L/C Issuer”
means Bank of America in its capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.

 

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

 

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

 

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

 

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

 

“Letter of
Credit” means any standby letter of credit issued hereunder providing for the payment of cash upon the honoring of a
presentation thereunder and “Letters of Credit” has a corresponding meaning.

 

    	 	20	 

     

    

 

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

 

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

 

“Letter of
Credit Fee” has the meaning specified in Section 2.13(h).

 

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

 

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

 

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

 

“LIBOR Screen
Rate” means the LIBOR quote on the applicable screen page the Administrative Agent designates to determine LIBOR (or
such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to
time).

 

“LIBOR Successor
Rate” has the meaning specified in Section 3.07.

 

“LIBOR Successor
Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition
of Base Rate, the definition of Eurodollar Rate, the definition of Interest Period, the timing and frequency of determining rates
and making payments of interest and other administrative matters as may be appropriate, in the discretion of the Administrative
Agent, to reflect the adoption of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent
in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion
of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor
Rate exists, in such other manner of administration as the Administrative Agent determines in consultation with the Borrower).

 

“Licensing
Agreements” means all licensing agreements pursuant to which a Loan Party or a Subsidiary is a licensor and licenses
the use of the “STK” brand and concept for use by a third party.

 

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

 

“Liquidity”
means, as of any date of determination, an amount equal to (a) unrestricted cash and Cash Equivalents of the Loan Parties at such
date that would be set forth on a consolidated balance sheet of the Borrower and its Subsidiaries for such date plus (b)
availability under the Aggregate Commitments as of such date, solely to the extent that a Borrowing under this Agreement on such
date would not cause the Loan Parties to exceed the maximum Consolidated Leverage Ratio permitted by Section 7.11(a) calculated
as of the most recent fiscal quarter end for which the Borrower was required to deliver financial statements pursuant to Section
6.01(a) or (b) on a Pro Forma Basis after giving effect to such Borrowing.

 

    	 	21	 

     

    

 

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

 

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

 

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

 

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

 

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

 

“Management
Agreements” means all management agreements pursuant to which a Loan Party or a Subsidiary manages a Restaurant.

 

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

 

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

 

“Material
Contract” means, with respect to any Person, (a) each contract or agreement to which such Person is a party involving
aggregate consideration payable to or by such Person in excess of the Threshold Amount in any year, (b) each contract or agreement
otherwise material to the business, condition (financial or otherwise), operations, performance, properties or prospects of such
Person, (c) each Management Agreement, (d) each Licensing Agreement, or (e) any other contract, agreement, permit or license,
written or oral, of the Borrower and its Subsidiaries as to which the breach, nonperformance, cancellation or failure to renew
by any party thereto, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

“Maturity
Date” means May 15, 2024; provided, however, that, if such date is not a Business Day, the Maturity Date shall be the
next preceding Business Day.

 

    	 	22	 

     

    

 

“Minimum Collateral
Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances provided
to reduce or eliminate Fronting Exposure during any period when a Lender constitutes a Defaulting Lender, an amount equal to 105%
of the Fronting Exposure of the L/C Issuer with respect to Letters of Credit issued and outstanding at such time, (b) with
respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section
2.14(a)(i), (a)(ii) or (a)(iii), an amount equal to 105% of the Outstanding Amount of all L/C Obligations, and
(c) otherwise, an amount determined by the Administrative Agent and the L/C Issuer in their sole discretion.

 

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

 

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

 

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

 

“Net Cash
Proceeds” means the aggregate cash or Cash Equivalents proceeds received by any Loan Party or any Subsidiary in respect
of any Disposition, Involuntary Disposition or Debt Issuance, net of (a) direct costs incurred in connection therewith (including
legal, accounting and investment banking fees, and sales commissions), (b) taxes paid or payable as a result thereof and (c) in
the case of any Disposition or any Involuntary Disposition, the amount necessary to retire any Indebtedness secured by a Permitted
Lien (ranking senior to any Lien of the Administrative Agent) on the related property; it being understood that “Net Cash
Proceeds” shall include any cash or Cash Equivalents received upon the sale or other disposition of any non-cash consideration
received by any Loan Party or any Subsidiary in any Disposition, Involuntary Disposition or Debt Issuance.

 

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

 

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

 

“Non-Extension
Notice Date” has the meaning specified in Section 2.13(b)(iv).

 

“Note”
means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender, substantially in the form
of Exhibit E.

 

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

 

“NPL”
means the National Priorities List under CERCLA.

 

    	 	23	 

     

    

 

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

 

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

 

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

 

“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 3.06).

 

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

 

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

 

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

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

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

 

    	 	24	 

     

    

 

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

 

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

 

“Permitted
Acquisition” means an Acquisition by a Loan Party (the Person or division, line of business or other business unit of
the Person to be acquired in such Acquisition shall be referred to herein as the “Target”) of any one or more
 “STK” brand restaurants (or any Person that owns and operates only “STK” brand restaurants), in each case
so long as:

 

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

 

(b)          a
Responsible Officer of the Borrower shall have delivered to the Administrative Agent a Pro Forma Compliance Certificate demonstrating
that, after giving effect to such Acquisition (and any incurrence of Indebtedness in connection therewith) on a Pro Forma Basis,
(i) the Consolidated Leverage Ratio would not be greater than the ratio that is 0.25 to 1.00 less than the maximum ratio permitted
under Section 7.11(a) as of the most recent fiscal quarter end for which the Loan Parties were required to deliver financial
statements pursuant to Section 6.01(a) or Section 6.01(b), as applicable, and (ii) the Loan Parties would otherwise
be in compliance with the financial covenants set forth in Section 7.11 as of the most recent fiscal quarter end for which
the Loan Parties were required to deliver financial statements pursuant to Section 6.01(a) or Section 6.01(b), as
applicable;

 

(c)          the
Administrative Agent, on behalf of the Secured Parties, shall have received (or shall receive in connection with the closing of
such Acquisition) a first priority perfected security interest (subject to Permitted Liens) in all property (including, without
limitation, Equity Interests) acquired in accordance with the terms of Section 6.14 and the Target, if a Person, shall be
a Domestic Subsidiary that becomes a Guarantor pursuant to Section 6.13;

 

(d)          the
Administrative Agent shall have received, not less than fifteen (15) days prior to the consummation of any such Acquisition (or
by such later date as is approved by the Administrative Agent in its sole discretion), in each case to the extent required by the
Administrative Agent, (i) a description of the material terms of such Acquisition, (ii) audited financial statements
(or, if unavailable, management-prepared financial statements) of the Target for its two most recent fiscal years and for any fiscal
quarters ended within the fiscal year to date, (iii) consolidated projected income statements of the Borrower and its Subsidiaries
(giving effect to such Acquisition);

 

(e)          after
giving effect to such Acquisition and any incurrence of Indebtedness in connection therewith, Liquidity shall be at least $3,000,000;

 

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

 

(g)         the
representations and warranties made by the Loan Parties in each Loan Document shall be true and correct in all material respects
(or, in the case of any such representation or warranty qualified by materiality or “Material Adverse Effect, in all respects)
at and as if made as of the date of such Acquisition (after giving effect thereto);

 

    	 	25	 

     

    

 

(h)          the
aggregate Cost of Acquisition paid by the Loan Parties and their Subsidiaries for all such Acquisitions made during the term of
this Agreement shall not exceed $5,000,000; provided further that any earnouts or similar deferred or contingent obligations
of any Loan Party in connection with such Acquisition shall be subordinated to the Secured Obligations in a manner and to the extent
required by the Administrative Agent; and

 

(i)           a
Responsible Officer of the Borrower shall have delivered to the Administrative Agent a certificate (which may be part of the Pro
Forma Compliance Certificate required by clause (b) above) certifying that such Acquisition complies with the requirements of this
definition.

 

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

 

“Permitted
Transfers” means (a) Dispositions of inventory in the ordinary course of business; (b) Dispositions of machinery
and equipment no longer used or useful in the conduct of the business of the Borrower and its Subsidiaries; (c) Dispositions of
property to the Borrower or any Subsidiary; provided, that if the transferor of such property is a Loan Party then the transferee
thereof must be a Loan Party; (d) Dispositions of accounts receivable in connection with the collection or compromise thereof;
(e) licenses, sublicenses, leases or subleases granted to others not interfering in any material respect with the business
of the Borrower and its Subsidiaries; and (f) the sale or disposition of Cash Equivalents for fair market value.

 

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

 

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

 

“Platform”
has the meaning specified in Section 6.02.

 

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

 

“PPSA”
means the Personal Property Security Act (Ontario); provided that, if perfection or the effect of perfection or non-perfection
or the priority of any security interest in any Collateral is governed by the Personal Property Security Act as in effect in a
Canadian jurisdiction other than the Province of Ontario, or the Civil Code of Quebec, “PPSA” means the Personal Property
Security Act as in effect from time to time in such other jurisdiction or the Civil Code of Quebec, as applicable, for purposes
of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.

 

“Pre-Opening
Expenses” means “Start-up costs” (such term used herein as defined in ASC 720-15 (formerly SOP 98-5) published
by the American Institute of Certified Public Accountants) relating to the opening of Restaurants incurred by the Borrower and/or
its Subsidiaries on a Consolidated basis during the period prior to the opening of such Restaurants.

 

    	 	26	 

     

    

 

“Pro Forma
Basis”, “Pro Forma Compliance” and “Pro Forma Effect” means, in respect of a Specified
Transaction, that such Specified Transaction and the following transactions in connection therewith (to the extent applicable)
shall be deemed to have occurred as of the first day of the applicable period of measurement for the applicable covenant or requirement:
(a)(i) with respect to any Disposition, Involuntary Disposition or sale, transfer or other disposition that results in a Person
ceasing to be a Subsidiary, income statement and cash flow statement items (whether positive or negative) attributable to the Person
or property disposed of shall be excluded and (ii) with respect to any Acquisition or other Investment, income statement and cash
flow statement items (whether positive or negative) attributable to the Person or property acquired shall be included to the extent
relating to any period applicable in such calculations to the extent (A) such items are not otherwise included in such income statement
items for the Borrower and its Subsidiaries in accordance with GAAP or in accordance with any defined terms set forth in Section
1.01, and (B) such items are supported by financial statements or other information reasonably satisfactory to the Administrative
Agent, (b) any retirement of Indebtedness of the Borrower or any of its Subsidiaries, and (c) any incurrence or assumption of Indebtedness
by the Borrower or any of its Subsidiaries (and if such Indebtedness has a floating or formula rate, such Indebtedness shall have
an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate which is
or would be in effect with respect to such Indebtedness as at the relevant date of determination); provided, that,
(x) Pro Forma Basis, Pro Forma Compliance and Pro Forma Effect in respect of any Specified Transaction shall be calculated in a
reasonable and factually supportable manner and certified by a Responsible Officer of the Borrower, and (y) any such calculation
shall be subject to the applicable limitations set forth in the definition of Consolidated EBITDA.

 

“Pro Forma
Compliance Certificate” means a certificate of a Responsible Officer of the Borrower containing reasonably detailed calculations
of the financial covenants set forth in Section 7.11 as of the most recent fiscal quarter end for which the Loan Parties
were required to deliver financial statements pursuant to Section 6.01(a) or Section 6.01(b), as applicable, after
giving Pro Forma Effect to the applicable Specified Transaction.

 

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

 

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

 

“Public Market”
shall exist if (a) a Public Offering has been consummated and (b) any Equity Interests of the Borrower (or a direct or
indirect parent company thereof) have been distributed by means of an effective registration statement under the Securities Act.

 

“Public Offering”
means a public offering of the Equity Interests of the Borrower (or a direct or indirect parent company thereof) pursuant to an
effective registration statement under the Securities Act.

 

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

 

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

 

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

 

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

 

    	 	27	 

     

    

 

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

 

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

 

“Required
Lenders” means, at any time, if there is one (1) Lender, then the sole Lender, and if there is more than one (1) Lender,
then at least two (2) Lenders having Total Credit Exposures representing more than 50% of the Total Credit Exposures of all Lenders.
The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time

 

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

 

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

 

“Restaurant”
means any restaurant or hospitality location owned or leased and operated by the Borrower or a Subsidiary, including any “STK”
restaurant.

 

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

 

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

 

“Revolving
Commitment” means, as to each Revolving Lender, its obligation to make Revolving Loans to the Borrower pursuant to Section
2.01 and purchase participations in L/C Obligations, in an aggregate principal amount at any one time outstanding not to exceed
the amount set forth opposite such Lender’s name on Schedule 1.01 under the caption “Revolving Commitment”
or in the Assignment and Assumption or other documentation pursuant to which such Lender becomes a party hereto, as applicable,
as such amount may be adjusted from time to time in accordance with this Agreement. The Revolving Commitments of all of the Revolving
Lenders on the Closing Date shall be $10,000,000.

 

    	 	28	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Scheduled
Unavailability Date” has the meaning specified in Section 3.07.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	29	 

     

    

 

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

 

“Security
Agreements” means, collectively, the U.S. Security Agreement, the U.K. Security Agreement, the U.K. Share Charge and
the Canadian Security Agreement.

 

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

 

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

 

“Specified
Transaction” means (a) any Acquisition, any Disposition of all or substantially all of the assets of a Person or of a
division, like of business or other business unit of a Person, any sale, transfer or other disposition that results in a Person
ceasing to be a Subsidiary, any Involuntary Disposition, any Investment that results in a Person becoming a Subsidiary, in each
case, whether by merger, consolidation or otherwise, (b) any incurrence or repayment of Indebtedness, or (c) any other event that
by the terms of the Loan Documents requires Pro Forma Compliance with a test or covenant, calculation as to Pro Forma Effect with
respect to a test or covenant, or requires such test or covenant to be calculated on a Pro Forma Basis.

 

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

 

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

 

    	 	30	 

     

    

 

“Swap Obligations”
means with respect to any Guarantor any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 

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

 

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

 

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

 

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

 

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

 

“Term Commitment”
means, as to each Term Lender, its obligation to make Term Loans to the Borrower pursuant to Section 2.01(a) in an aggregate
principal amount at any one time outstanding not to exceed the amount set forth opposite such Term Lender’s name on Schedule 1.01(b)
under the caption “Term Commitment” or in the Assignment and Assumption pursuant to which such Term Lender becomes
a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The Term Commitments
of all of the Term Lenders on the Closing Date shall be $10,000,000.

 

“Term Facility”
means, at any time, (a) on or prior to the Closing Date, the aggregate amount of the Term Commitments at such time and (b) thereafter,
the aggregate principal amount of the Term Loans of all Term Lenders outstanding at such time.

 

    	 	31	 

     

    

 

“Term Lender”
means (a) at any time on or prior to the Closing Date, any Lender that has a Term Commitment at such time, and (b) at any
time after the Closing Date, any Lender that holds Term Loans at such time.

 

“Term Loan”
means an advance made by any Term Lender under the Term Facility.

 

“Threshold
Amount” means $1,500,000.

 

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

 

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

 

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

 

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

 

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

 

“U.K. Loan
Party” means each Loan Party that is incorporated under the laws of England and Wales.

 

“U.K. Security
Agreement” means the English law governed security agreement, dated as of the Closing Date, executed in favor of the
Administrative Agent by each Loan Party incorporated under the laws of England and Wales.

 

“U.K. Share
Charge” means the English law governed charge agreement over the shares in T.O.G. (UK) Limited, dated as of the Closing
Date, executed in favor of the Administrative Agent by the Borrower.

 

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

 

“Unreimbursed
Amount” has the meaning specified in Section 2.13(c)(i).

 

“U.S. Loan
Party” means any Loan Party that is organized under the laws of one of the states of the United States and that is not
a CFC.

 

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

 

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

 

    	 	32	 

     

    

 

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

 

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

 

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

 

1.02       Other
Interpretive Provisions.

 

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

 

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

 

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

 

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

 

    	 	33	 

     

    

 

(d)          Any
reference herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer,
or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series
of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation,
amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate
Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited
liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

 

(e)          In
respect of any U.K. Loan Party, a person being “unable to pay its debts” or a reference to an “inability to pay
its debts” includes that person being unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986
but on the basis that the figure of £750 referred to in subsection 123(1)(a) were £50,000.

 

1.03       Accounting
Terms.

 

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

 

(b)          Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in
any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and
the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light
of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such
ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower
shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement
or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before
and after giving effect to such change in GAAP. Without limiting the foregoing, leases shall continue to be classified and accounted
for on a basis consistent with that reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding
any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such
changes, as provided for above.

 

(c)          Consolidation
of Variable Interest Entities. All references herein to Consolidated financial statements of the Borrower and its Subsidiaries
or to the determination of any amount for the Borrower and its Subsidiaries on a Consolidated basis or any similar reference shall,
in each case, be deemed to include each variable interest entity that the Borrower is required to consolidate pursuant to FASB
ASC 810 as if such variable interest entity were a Subsidiary as defined herein.

 

    	 	34	 

     

    

 

(d)          Pro
Forma Calculations. Notwithstanding anything to the contrary contained herein, all calculations of the Consolidated Leverage
Ratio (including for purposes of compliance with Section 7.11 and determining the Applicable Rate) and the Consolidated
Fixed Charge Coverage Ratio, in each case, shall be made on a Pro Forma Basis with respect to all Specified Transactions occurring
during the applicable period of measurement to which such calculation relates, and/or subsequent to the end of such period but
not later than the date of such calculation; provided, that, notwithstanding the foregoing, when calculating the
Consolidated Leverage Ratio or the Consolidated Fixed Charge Coverage Ratio, in each case, for purposes of determining (i) compliance
with Section 7.11, and/or (ii) the Applicable Rate, any Specified Transaction and any related adjustment contemplated in
the definition of Pro Forma Basis that occurred subsequent to the end of the applicable period of measurement shall not be given
Pro Forma Effect; provided further, that, no Pro Forma Effect will be given to ordinary course Borrowings and repayments
of Revolving Loans not incurred in connection with another Specified Transaction. For purposes of determining compliance with any
provision of this Agreement which requires Pro Forma Compliance with any financial covenant set forth in Section 7.11, (A)
in the case of any such compliance required after delivery of financial statements for the fiscal quarter ending June 30, 2019,
such Pro Forma Compliance shall be determined by reference to the maximum Consolidated Leverage Ratio and/or the minimum Consolidated
Fixed Charge Coverage Ratio, as applicable, permitted for the fiscal quarter most recently then ended for which financial statements
have been delivered (or were required to have been delivered) in accordance with Section 6.01(a) or Section 6.01(b),
as applicable, or (B) in the case of any such compliance required prior to the delivery referred to in clause (A) above,
such Pro Forma Compliance shall be determined by reference to (x) the financial statements of the Borrower and its Subsidiaries
referred to in Section 5.05(b) (or the financial statements of the Borrower and its Subsidiaries delivered pursuant to Section
6.01(b) for the fiscal quarter ended March 31, 2019, if such financial statements have been delivered) and (y) the maximum
Consolidated Leverage Ratio and/or the minimum Consolidated Fixed Charge Coverage Ratio, as applicable, permitted for the fiscal
quarter ending June 30, 2019.

 

(e)          Fiscal
Period End Dates. Notwithstanding anything to the contrary contained in this Agreement, all references to any fiscal period
of the Borrower and/or its Subsidiaries ending on a specified date (or to any corresponding measurement or calculation period under
this Agreement) shall be deemed to refer to the fiscal (or corresponding measurement or calculation) period ending on or about
(and closest to) such date.

 

1.04       Rounding.

 

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

 

1.05       Times
of Day.

 

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

 

    	 	35	 

     

    

 

1.06       Letter
of Credit Amounts.

 

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

 

1.07       UCC
Terms.

 

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

 

1.08       Rates.

 

The Administrative
Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration,
submission or any other matter related to the rates in the definition of “Eurodollar Rate” or with respect to any rate
that is an alternative or replacement for or successor to any such rate (including, without limitation, any LIBOR Successor Rate)
or the effect of any of the foregoing, or of any LIBOR Successor Rate Conforming Changes.

 

Article
II

COMMITMENTS AND CREDIT EXTENSIONS

 

2.01       Loans.

 

(a)          Term
Borrowing. Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make a single loan to
the Borrower, in Dollars, on the Closing Date in an amount not to exceed such Term Lender’s Applicable Percentage of the
Term Facility. The Term Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in accordance with their
respective Applicable Percentage of the Term Facility. Term Borrowings repaid or prepaid may not be reborrowed. Term Loans may
be Base Rate Loans or Eurodollar Rate Loans, as further provided herein; provided, however, any Term Borrowing made
on the Closing Date or any of the three (3) Business Days following the Closing Date shall be made as Base Rate Loans unless the
Borrower delivers a Funding Indemnity Letter not less than three (3) Business Days prior to the date of such Term Borrowing.

 

(b)          Revolving
Loans. Subject to the terms and conditions set forth herein, each Revolving Lender severally agrees to make loans (each such
loan, a “Revolving Loan”) to the Borrower, in Dollars, from time to time, on any Business Day during the Availability
Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolving Commitment; provided,
however, that after giving effect to any Borrowing, (i) the Total Revolving Outstandings shall not exceed the Revolving
Facility and (ii) the Revolving Exposure of any Revolving Lender shall not exceed such Lender’s Revolving Commitment.
Within the limits of each Revolving Lender’s Revolving Commitment, and subject to the other terms and conditions hereof,
the Borrower may borrow Revolving Loans, prepay under Section 2.03, and reborrow under this Section 2.01. Revolving
Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein; provided, however, any Revolving
Borrowing made on the Closing Date or any of the three (3) Business Days following the Closing Date shall be made as Base Rate
Loans unless the Borrower delivers a funding indemnity letter in form and content acceptable to the Administrative Agent not less
than three (3) Business Days prior to the date of such Borrowing.

 

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2.02       Borrowings,
Conversions and Continuations of Loans.

 

(a)          Notice
of Borrowing. Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar Rate
Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by: (A) telephone
or (B) a Loan Notice; provided that any telephonic notice must be confirmed immediately by delivery to the Administrative
Agent of a Loan Notice. Each such Loan Notice must be received by the Administrative Agent not later than 1:00 p.m. (i) three
(3) Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of
any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans.
Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $250,000 or a whole
multiple of $100,000 in excess thereof (or, in connection with any conversion or continuation of a Term Loan, if less, the entire
principal thereof then outstanding), and each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $250,000
or a whole multiple of $100,000 in excess thereof (or, in connection with any conversion or continuation of a Term Loan, if less,
the entire principal thereof then outstanding). Each Loan Notice and each telephonic notice shall specify (A) the applicable
Facility and whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation
of Loans, as the case may be, under such Facility, (B) the requested date of the Borrowing, conversion or continuation, as
the case may be (which shall be a Business Day), (C) the principal amount of Loans to be borrowed, converted or continued,
(D) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (E) if applicable, the duration
of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Loan Notice requesting a Borrowing,
then the applicable Loans shall be made as Base Rate Loans. If the Borrower fails to give a timely notice requesting a conversion
or continuation, then the applicable Loans shall be continued as Eurodollar Rate Loans with an Interest Period of one (1) month.
Any such automatic continuation as Eurodollar Rate Loans shall be effective as of the last day of the Interest Period then in effect
with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of
Eurodollar Rate Loans in any Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest
Period of one (1) month.

 

(b)          Advances.
Following receipt of a Loan Notice for a Facility, the Administrative Agent shall promptly notify each Appropriate Lender of the
amount of its Applicable Percentage under such Facility of the applicable Loans. In the case of a Borrowing, each Appropriate Lender
shall make the amount of its Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s
Office not later than 1:00 p.m. (or 3:00 p.m. in the case of Base Rate Loans) on the Business Day specified in the applicable
Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial
Borrowing, Section 4.01), the Administrative Agent shall make all funds so received available to the Borrower in like funds
as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of Bank of America
with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to
(and reasonably acceptable to) the Administrative Agent by the Borrower.

 

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

 

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

 

(e)          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 shall not be more than eight (8) Interest Periods in effect hereunder.

 

(f)           Cashless
Settlement Mechanism. Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or rollover
all or the portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted
by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent
and such Lender.

 

(g)          Increase
in Revolving Facility. The Borrower may at any time on or after the Closing Date, and from time to time, upon prior written
notice by the Borrower to the Administrative Agent, increase the Revolving Facility (but not the Letter of Credit Sublimit) with
additional Revolving Commitments from any existing Revolving Lender or new Revolving Commitments from one or more other Persons
selected by the Borrower and acceptable to the Administrative Agent and the L/C Issuer in their sole discretion (and so long as
such Persons are Eligible Assignees); provided, that:

 

(i)          the
aggregate amount of all such increases during the term of this Agreement shall not to exceed $5,000,000;

 

(ii)         any
such increase shall be in a minimum principal amount of $1,000,000 and in integral multiples of $500,000 in excess thereof;

 

(iii)        no
Default or Event of Default shall exist and be continuing at the time of any such increase;

 

(iv)        no
existing Revolving Lender shall be under any obligation to increase its Revolving Commitment and any such decision whether to increase
its Revolving Commitment shall be in such Revolving Lender’s sole and absolute discretion;

 

(v)         (1)
any new Lender shall join this Agreement by executing such joinder documents as are required by the Administrative Agent, and/or
(2) any existing Revolving Lender electing to increase its Revolving Commitment shall have executed a commitment agreement satisfactory
to the Administrative Agent;

 

(vi)        as
a condition precedent to such increase, the Borrower shall have delivered to the Administrative Agent a certificate dated as of
the date of such increase and signed by a Responsible Officer of the Borrower, certifying that, before and after giving effect
to such increase, (A) the representations and warranties of each Loan Party contained in this Agreement or in any other Loan Document,
or which are contained in any document furnished at any time under or in connection herewith or therewith, are (1) with respect
to representations and warranties that contain a materiality qualification, true and correct on and as of the date of such increase,
and (2) with respect to representations and warranties that do not contain a materiality qualification, true and correct in all
material respects on and as of the date of such increase, and except that for purposes of this Section 2.02(g)(vi)(A), the
representations and warranties contained in Sections 5.05(a) and (b) shall be deemed to refer to the most recent
statements furnished pursuant to Sections 6.01(a) and (b), respectively, and (B) no Default or Event of Default exists;

 

    	 	38	 

     

    

 

(vii)       as
a condition precedent to such increase, the Borrower shall have delivered to the Administrative Agent a certificate of each Loan
Party dated the date of such increase, executed by the secretary or assistant secretary of each Loan Party (or such other Responsible
Officers of each Loan Party as are acceptable to the Administrative Agent), certifying as to (A) the Organization Documents of
each Loan Party (which, to the extent filed with a Governmental Authority, shall be certified as of a recent date on or prior to
the date of such increase by such Governmental Authority) and attaching such Organization Documents (or, if such Organization Documents
have not been amended or otherwise modified since the Closing Date or the most recent prior delivery and certification thereof
to the Administrative Agent, certifying that such Organization Documents have not been amended or otherwise modified since such
date and remain in full force and effect in the form so previously delivered), (B) the resolutions adopted by such Loan Party approving
or consenting to such increase and attaching such resolutions, (C) a certificate of good standing, existence or equivalent of each
Loan Party issued by the relevant authority in the jurisdiction of organization of such Loan Party (and in the case of a U.K. Loan
Party, a certificate of incorporation) and (D) the incumbency (including specimen signatures) of the Responsible Officers of each
Loan Party acting in connection with such increase;

 

(viii)      as
a condition precedent to such increase, a Responsible Officer of the Borrower shall have delivered to the Administrative Agent
a Pro Forma Compliance Certificate demonstrating that, upon giving Pro Forma Effect to such increase (and assuming for such calculation
that such increase is fully drawn), the Loan Parties would be in compliance with the financial covenant set forth in Section
7.11(a) as of the most recent fiscal quarter end for which the Loan Parties were required to deliver financial statements pursuant
to Section 6.01(a) or Section 6.01(b), as applicable;

 

(ix)         as
a condition precedent to such increase, the Administrative Agent shall have received such amendments to the Collateral Documents
as the Administrative Agent reasonably requests to cause the Collateral Documents to secure the Secured Obligations after giving
effect to such increase;

 

(x)          Schedule
1.01(b) shall be deemed revised to include any increase in the Revolving Facility pursuant to this Section 2.02(g) and
to include thereon any Person that becomes a Revolving Lender pursuant to this Section 2.02(g); and

 

(xi)         to
the extent requested by the Administrative Agent in its discretion, the Administrative Agent shall have received, as a condition
precedent to such increase, (A) such lien, tax, judgment, bankruptcy and intellectual property searches as the Administrative Agent
requires and (B) an opinion or opinions (including, if requested by the Administrative Agent, local counsel opinions) of counsel
for the Loan Parties, dated the date of such increase and addressed to the Administrative Agent and the Lenders, in form and substance
acceptable to the Administrative Agent.

 

    	 	39	 

     

    

 

The Borrower
shall prepay any Revolving Loans outstanding on the date of any such increase (and pay any additional amounts required pursuant
to Section 3.05), the Revolving Lenders (including any Person that becomes a Revolving Lender pursuant to this Section
2.02(g) in connection with such increase) shall fund Revolving Loans and the Administrative Agent shall make such reallocations
and transfers in the Register, to the extent necessary to keep the outstanding Revolving Loans ratable with any revised Applicable
Revolving Percentages arising from such increase (and the transactions described in this sentence shall occur in accordance with
the foregoing and without requiring any further consent or that any further documents or instruments be executed in connection
therewith). Furthermore, upon the effectiveness of any such increase, the risk participation of each Lender with a Revolving Commitment
(including any Person that becomes a Revolving Lender pursuant to this Section 2.02(g) in connection with such increase)
in each outstanding Letter of Credit shall be automatically reallocated in accordance with such Lender’s Applicable Revolving
Percentage after giving effect to such increase.

 

2.03       Prepayments.

 

(a)          Optional.
The Borrower may, upon notice to the Administrative Agent pursuant to delivery to the Administrative Agent of a Notice of Loan
Prepayment, at any time or from time to time voluntarily prepay Loans in whole or in part without premium or penalty subject to
Section 3.05; provided that, unless otherwise agreed by the Administrative Agent, (A) such notice must be received
by the Administrative Agent not later than 1:00 p.m. (1) three (3) Business Days prior to any date of prepayment of Eurodollar
Rate Loans and (2) on the date of prepayment of Base Rate Loans; (B) any prepayment of Eurodollar Rate Loans shall be in a
principal amount of $250,000 or a whole multiple of $100,000 in excess thereof; and (C) any prepayment of Base Rate Loans
shall be in a principal amount of $250,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire
principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s)
of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative
Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion
of such prepayment (based on such Lender’s Applicable Percentage in respect of the relevant Facility). If such notice is
given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and
payable on the date specified therein. Any prepayment of principal shall be accompanied by all accrued interest on the amount prepaid,
together with any additional amounts required pursuant to Section 3.05. Each prepayment of the outstanding Term Loans pursuant
to this Section 2.03(a) shall be applied to the principal repayment installments thereof (including the final principal
repayment installment on the Maturity Date) in inverse order of maturity. Subject to Section 2.12, such prepayments shall
be paid to the Lenders in accordance with their respective Applicable Percentages in respect of each of the relevant Facilities.

 

(b)          Mandatory.

 

(i)          Revolving
Commitments. If for any reason the Total Revolving Outstandings at any time exceed the Revolving Facility at such time, the
Borrower shall immediately prepay Revolving Loans and L/C Borrowings (together with all accrued but unpaid interest thereon) and/or
Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Borrower
shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.03(b)(i) unless, after the prepayment
of the Revolving Loans and L/C Borrowings, the Total Revolving Outstandings exceed the Revolving Facility at such time.

 

    	 	40	 

     

    

 

(ii)         Dispositions
and Involuntary Dispositions. The Borrower shall prepay the Loans and/or Cash Collateralize the L/C Obligations as hereinafter
provided in an aggregate amount equal to 100% of the Net Cash Proceeds received by any Loan Party or any Subsidiary from all Dispositions
(other than Permitted Transfers) and Involuntary Dispositions in excess of $250,000 in the aggregate in any fiscal year] to the
extent such Net Cash Proceeds (A) are not reinvested in assets (excluding current assets as classified by GAAP) that are useful
in the business of the Borrower and its Subsidiaries within 180 days of the date of such Disposition or Involuntary Disposition
(it being understood that such prepayment shall be due immediately upon the expiration of such 180 day period) or (B) are contractually
committed to be reinvested in assets (excluding current assets as classified by GAAP) that are useful in the business of the Borrower
and its Subsidiaries within 180 days of the date of such Disposition or Involuntary Disposition to be reinvested within 270 days
of the date of such Disposition or Involuntary Disposition and are not actually so reinvested within 270 days of the date of such
Disposition or Involuntary Disposition (it being understood that such prepayment shall be due immediately upon the earlier of (1)
the expiration of such 270 day period and (2) the termination or cancellation of such contractual commitment).

 

(iii)        Debt
Issuance. Immediately upon the receipt by any Loan Party or any Subsidiary of the Net Cash Proceeds of any Debt Issuance, the
Borrower shall prepay the Loans and/or Cash Collateralize the L/C Obligations as hereinafter provided in an aggregate amount equal
to 100% of such Net Cash Proceeds.

 

(iv)        Application
of Mandatory Prepayments. All amounts required to be paid pursuant to this Section 2.03(b) shall be applied as follows:

 

(A)         with
respect to all amounts prepaid pursuant to Section 2.03(b)(i), first, ratably to the L/C Borrowings, second,
to the outstanding Revolving Loans, and, third, to Cash Collateralize the remaining L/C Obligations; and

 

(B)         with
respect to all amounts prepaid pursuant to Sections 2.03(b)(ii) and (iii), first to the Term Loan (to the
remaining principal amortization payments (including the final principal repayment installment on the Maturity Date) in inverse
order of maturity), second, ratably to the L/C Borrowings, third, to the outstanding Revolving Loans, and, fourth,
to Cash Collateralize the remaining L/C Obligations.

 

Within the parameters
of the applications set forth above, prepayments pursuant to this Section 2.03(b) shall be applied first to Base Rate Loans
and then to Eurodollar Rate Loans in direct order of Interest Period maturities. All prepayments under this Section 2.03(b)
shall be subject to Section 3.05, but otherwise without premium or penalty, and shall be accompanied by interest on the
principal amount prepaid through the date of prepayment.

 

2.04       Termination
or Reduction of Commitments.

 

(a)          Optional.
The Borrower may, upon notice to the Administrative Agent, terminate the Revolving Facility or the Letter of Credit Sublimit, or
from time to time permanently reduce the Revolving Facility or the Letter of Credit Sublimit; provided that (i) any
such notice shall be received by the Administrative Agent not later than 1:00 p.m. five (5) Business Days prior to the date of
termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $500,000 or any whole multiple
of $100,000 in excess thereof and (iii) the Borrower shall not terminate or reduce (A) the Revolving Facility if, after giving
effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Revolving Facility,
or (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations not fully Cash
Collateralized hereunder would exceed the Letter of Credit Sublimit.

 

    	 	41	 

     

    

 

(b)          Mandatory.
If after giving effect to any reduction or termination of Revolving Commitments under this Section 2.04, the Letter of Credit
Sublimit exceeds the Revolving Facility at such time, the Letter of Credit Sublimit shall be automatically reduced by the amount
of such excess.

 

(c)          Application
of Commitment Reductions; Payment of Fees. The Administrative Agent will promptly notify the Lenders of any termination or
reduction of the Revolving Commitments or Letter of Credit Sublimit under this Section 2.04. Upon any reduction of the Revolving
Commitments, the Revolving Commitment of each Revolving Lender shall be reduced by such Lender’s Applicable Revolving Percentage
of such reduction amount. All fees in respect of the Revolving Facility accrued until the effective date of any termination of
the Revolving Facility shall be paid on the effective date of such termination.

 

2.05       Repayment
of Loans.

 

(a)          Term
Loans. The Borrower shall repay to the Term Lenders the aggregate principal amount of all Term Loans outstanding on the following
dates in the respective amounts set forth opposite such dates (which amounts shall be reduced as a result of the application of
prepayments in accordance with the order of priority set forth in Section 2.03), unless accelerated sooner pursuant
to Section 8.02;

 

	Payment Dates	 	Principal Repayment Installments	 
	June 30, 2019	 	$	187,500	 
	September 30, 2019	 	$	187,500	 
	December 31, 2019	 	$	187,500	 
	March 31, 2020	 	$	187,500	 
	June 30, 2020	 	$	187,500	 
	September 30, 2020	 	$	187,500	 
	December 31, 2020	 	$	187,500	 
	March 31, 2021	 	$	187,500	 
	June 30, 2021	 	$	187,500	 
	September 30, 2021	 	$	187,500	 
	December 31, 2021	 	$	187,500	 
	March 31, 2022	 	$	187,500	 
	June 30, 2022	 	$	187,500	 
	September 30, 2022	 	$	187,500	 
	December 31, 2022	 	$	187,500	 
	March 31, 2023	 	$	187,500	 
	June 30, 2023	 	$	187,500	 
	September 30, 2023	 	$	187,500	 
	December 31, 2023	 	$	187,500	 
	March 31, 2024	 	$	187,500	 
	Maturity Date	 	 	Outstanding Principal Balance of Term Loan	 

 

    	 	42	 

     

    

 

provided,
however, that (i) the final principal repayment installment of the Term Loans shall be repaid on the Maturity Date for the
Term Facility and in any event shall be in an amount equal to the aggregate principal amount of all Term Loans outstanding on such
date and (ii) (A) if any principal repayment installment to be made by the Borrower (other than principal repayment installments
on Eurodollar Rate Loans) shall come due on a day other than a Business Day, such principal repayment installment shall be due
on the next succeeding Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may
be and (B) if any principal repayment installment to be made by the Borrower on a Eurodollar Rate Loan shall come due on a day
other than a Business Day, such principal repayment installment shall be extended to the next succeeding Business Day unless the
result of such extension would be to extend such principal repayment installment into another calendar month, in which event such
principal repayment installment shall be due on the immediately preceding Business Day.

 

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

 

2.06       Interest
and Default Rate.

 

(a)          Interest.
Subject to the provisions of Section 2.06(b), (i) each Eurodollar Rate Loan under a Facility shall bear interest on
the outstanding principal amount thereof for each Interest Period from the applicable borrowing date at a rate per annum equal
to the Eurodollar Rate for such Interest Period plus the Applicable Rate for such Facility and (ii) each Base Rate Loan under
a Facility shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum
equal to the Base Rate plus the Applicable Rate for such Facility. To the extent that any calculation of interest or any fee required
to be paid under this Agreement shall be based on (or result in) a calculation that is less than zero, such calculation shall be
deemed zero for purposes of this Agreement.

 

(b)          Default
Rate.

 

(i)          If
any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity,
by acceleration or otherwise, such amount shall, following written notice to Borrower, bear interest at a fluctuating interest
rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

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

 

(iii)        Upon
the request of the Required Lenders and written notice by the Administrative Agent to the Borrower, while any Event of Default
exists (including a payment default), all outstanding Obligations (including Letter of Credit Fees) may accrue at a fluctuating
interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

    	 	43	 

     

    

 

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

 

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

 

2.07       Fees.

 

(a)          Commitment
Fee. The Borrower shall pay to the Administrative Agent, for the account of each Revolving Lender in accordance with its Applicable
Revolving Percentage, a commitment fee in Dollars equal to the Applicable Rate times the actual daily amount by which the Revolving
Facility exceeds the sum of (i) the Outstanding Amount of Revolving Loans plus (ii) the Outstanding Amount of L/C Obligations,
subject to adjustment as provided in Section 2.12. The commitment fee shall accrue at all times during the Availability
Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and
payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such
date to occur after the Closing Date, and on the last day of the Availability Period. The commitment fee shall be calculated quarterly
in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and
multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

 

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

 

2.08       Computation
of Interest and Fees.

 

(a)          Computation
of Interest and Fees. All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to
the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All
other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in
more fees or interest, as applicable, being paid than if computed on the basis of a 365 day year). Interest shall accrue on each
Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan
or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.10(a),
bear interest for one (1) day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive
and binding for all purposes, absent manifest error.

 

    	 	44	 

     

    

 

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

 

(c)          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. Each Loan Party
hereby irrevocably agrees not to plead or assert, whether by way of defense or otherwise, in any proceeding relating to this Agreement
and the other Loan Documents, that the interest payable under this Agreement and the calculation thereof has not been adequately
disclosed to it, whether pursuant to section 4 of the Interest Act (Canada) or any other applicable law or legal principle.

 

2.09       Evidence
of Debt.

 

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

 

(b)          Maintenance
of Records. In addition to the accounts and records referred to in Section 2.09(a), each Lender and the Administrative
Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender
of participations in Letters of Credit. In the event of any conflict between the accounts and records maintained by the Administrative
Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent
shall control in the absence of manifest error.

 

    	 	45	 

     

    

 

2.10       Payments
Generally; Administrative Agent’s Clawback.

 

(a)          General.
All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for any counterclaim,
defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made
to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s
Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative
Agent will promptly distribute to each Lender its Applicable Percentage in respect of the relevant Facility (or other applicable
share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All
payments received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and
any applicable interest or fee shall continue to accrue. Subject to Section 2.05(a) and as otherwise specifically provided
for in this Agreement, if any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall
be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the
case may be.

 

(b)          (1)         Funding
by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior
to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 2:00
p.m. on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share
of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance
with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in
accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to the
Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available
to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith
on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date
such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in
the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees
customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made
by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the
Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount
of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative
Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower
shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the
Administrative Agent.

 

    	 	46	 

     

    

 

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

 

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

 

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

 

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

 

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

 

(f)           Pro
Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing shall be made from the Appropriate
Lenders, each payment of fees under Section 2.07 and Section 2.03(h) and (i) shall be made for account of
the Appropriate Lenders, and each termination or reduction of the amount of the Commitments shall be applied to the respective
Commitments of the Lenders, pro rata according to the amounts of their respective Commitments; (ii) each Borrowing
shall be allocated pro rata among the Lenders according to the amounts of their respective Commitments (in the case of the
making of Revolving Loans) or their respective Loans that are to be included in such Borrowing (in the case of conversions and
continuations of Loans); (iii) each payment or prepayment of principal of Loans by the Borrower shall be made for account
of the Appropriate Lenders pro rata in accordance with the respective unpaid principal amounts of the Loans held by them;
and (iv) each payment of interest on Loans by the Borrower shall be made for account of the Appropriate Lenders pro rata
in accordance with the amounts of interest on such Loans then due and payable to the respective Appropriate Lenders.

 

    	 	47	 

     

    

 

2.11       Sharing
of Payments by Lenders.

 

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

 

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

 

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

 

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

 

2.12       Defaulting
Lenders.

 

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

 

(i)          Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 11.01.

 

    	 	48	 

     

    

 

(ii)         Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received
by the Administrative Agent from a Defaulting Lender pursuant to Section 11.08 shall be applied at such time or times as
may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, to the payment of any amounts owing by such Defaulting Lender to the
L/C Issuer hereunder; third, to Cash Collateralize the L/C Issuer’s Fronting Exposure with respect to such Defaulting
Lender in accordance with Section 2.14; fourth, as the Borrower may request (so long as no Default or Event of Default
exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required
by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the
Borrower, to be held in a deposit account and released pro rata in order to (A) satisfy such Defaulting Lender’s potential
future funding obligations with respect to Loans under this Agreement and (B) Cash Collateralize the L/C Issuer’s future
Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement,
in accordance with Section 2.14; sixth, to the payment of any amounts owing to the Lenders or the L/ Issuer
as a result of any judgment of a court of competent jurisdiction obtained by any Lender or the L/ Issuer against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as
no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court
of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise as may be required
under the Loan Documents in connection with any Lien conferred thereunder or directed by a court of competent jurisdiction; provided
that if (1) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting
Lender has not fully funded its appropriate share, and (2) such Loans were made or the related Letters of Credit were issued at
a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely
to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the
payment of any Loans of, and L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded
participations in L/C Obligations are held by the Lenders pro rata in accordance with the Commitments hereunder without giving
effect to Section 2.12(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are
applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.12(a)(ii)
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)        Certain
Fees.

 

(A)         Fees.
No Defaulting Lender shall be entitled to receive any fee payable under Section 2.07(a) for any period during which that
Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required
to have been paid to that Defaulting Lender).

 

    	 	49	 

     

    

 

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

 

(C)         Defaulting
Lender Fees. With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (B)
above, the Borrower shall (1) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting
Lender with respect to such Defaulting Lender’s participation in L/C Obligations that has been reallocated to such Non-Defaulting
Lender pursuant to clause (iv) below, (2) pay to the L/C Issuer the amount of any such fee otherwise payable to such Defaulting
Lender to the extent allocable to such L/C Issuer’s Fronting Exposure to such Defaulting Lender, and (3) not be required
to pay the remaining amount of any such fee.

 

(iv)        Reallocation
of Applicable Revolving Percentages to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation
in L/C Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Revolving
Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation
does not cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving
Commitment. Subject to Section 11.20, no reallocation hereunder shall constitute a waiver or release of any claim of any
party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of
a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)         Cash
Collateral. If the reallocation described in clause (a)(iv) above cannot, or can only partially, be effected, the Borrower
shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, Cash Collateralize the L/C Issuer’s
Fronting Exposure in accordance with the procedures set forth in Section 2.14.

 

(b)          Defaulting
Lender Cure. If the Borrower, the Administrative Agent and the L/C Issuer agree in writing that a Lender is no longer a Defaulting
Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice
and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender
will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions
as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters
of Credit to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect
to Section 2.15(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments
will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was
a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties,
no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising
from that Lender’s having been a Defaulting Lender.

 

    	 	50	 

     

    

 

2.13       Letters
of Credit.

 

(a)          The
Letter of Credit Commitment.

 

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

 

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

 

(A)         subject
to Section 2.13(b)(iv), the expiry date of the requested Letter of Credit would occur more than twelve (12) months after
the date of issuance or last extension, unless the Required Lenders have approved such expiry date; or

 

(B)         the
expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Revolving
Lenders have approved such expiry date.

 

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

 

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

 

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

 

(C)         the
Letter of Credit is to be denominated in a currency other than Dollars;

 

(D)         any
Revolving Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including the delivery
of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower or such Revolving Lender to eliminate
the L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.12(a)(iv)) with respect
to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other
L/C Obligations as to which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion; or

 

(E)         the
Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iv)        If
the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole discretion, agree to issue
a standby Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”);
provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such extension at least
once in each twelve (12) month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to
the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve (12) month
period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower
shall not be required to make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit
has been issued, the Revolving Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension
of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however,
that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted,
or would have no obligation at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof
(by reason of the provisions of clause (ii) or (iii) of Section 2.13(a) or otherwise), or (B) it has received
notice (which may be by telephone or in writing) on or before the day that is seven (7) Business Days before the Non-Extension
Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such extension or (2) from the
Administrative Agent, any Revolving Lender or the Borrower that one or more of the applicable conditions specified in Section
4.02 is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension.

 

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(c)          Drawings
and Reimbursements; Funding of Participations.

 

(i)          Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer shall
notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment by the L/C Issuer
under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse the L/C Issuer through
the Administrative Agent in an amount equal to the amount of such drawing. If the Borrower fails to so reimburse the L/C Issuer
by such time, the Administrative Agent shall promptly notify each Revolving Lender of the Honor Date, the amount of the unreimbursed
drawing (the “Unreimbursed Amount”), and the amount of such Revolving Lender’s Applicable Revolving Percentage
thereof. In such event, the Borrower shall be deemed to have requested a Borrowing of Base Rate Loans to be disbursed on the Honor
Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02
for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments and
the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given by the L/C Issuer
or the Administrative Agent pursuant to this Section 2.13(c)(i) may be given by telephone if immediately confirmed in writing;
provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

 

(ii)         Each
Revolving Lender shall upon any notice pursuant to Section 2.13(c)(i) make funds available (and the Administrative
Agent may apply Cash Collateral provided for this purpose) for the account of the L/C Issuer at the Administrative Agent’s
Office in an amount equal to its Applicable Revolving Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business
Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.13(c)(iii),
each Revolving Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount.
The Administrative Agent shall remit the funds so received to the L/C Issuer.

 

(iii)        With
respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Base Rate Loans because the conditions set forth
in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the
L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due
and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Lender’s
payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.13(c)(ii) shall be deemed payment
in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its
participation obligation under this Section.

 

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(iv)        Until
each Revolving Lender funds its Revolving Loan or L/C Advance pursuant to this Section 2.13(c) to reimburse the L/C Issuer
for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Revolving Percentage of
such amount shall be solely for the account of the L/C Issuer.

 

(v)         Each
Revolving Lender’s obligation to make Revolving Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under
Letters of Credit, as contemplated by this Section 2.13(c), shall be absolute and unconditional and shall not be affected
by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have
against the L/C Issuer, the Borrower, any Subsidiary or any other Person for any reason whatsoever; (B) the occurrence or
continuance of a Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing;
provided, however, that each Revolving Lender’s obligation to make Revolving Loans pursuant to this Section 2.13(c)
is subject to the conditions set forth in Section 4.02 (other than delivery by the Borrower of a Loan Notice). No such
making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the L/C Issuer for the amount
of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein.

 

(vi)        If
any Revolving Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required
to be paid by such Lender pursuant to the foregoing provisions of this Section 2.13(c) by the time specified in Section
2.13(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer shall be entitled to recover from
such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date
such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal
to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank
compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the
foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s
Revolving Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be.
A certificate of the L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts
owing under this Section 2.13(c)(vi) shall be conclusive absent manifest error.

 

(d)          Repayment
of Participations.

 

(i)          At
any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Lender such Lender’s
L/C Advance in respect of such payment in accordance with Section 2.13(c), if the Administrative Agent receives for the
account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from
the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative
Agent will distribute to such Lender its Applicable Revolving Percentage thereof in the same funds as those received by the Administrative
Agent.

 

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(ii)         If
any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.13(c)(i) is required
to be returned under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into
by the L/C Issuer in its discretion), each Revolving Lender shall pay to the Administrative Agent for the account of the L/C Issuer
its Applicable Revolving Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such
demand to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time
in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination
of this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	56	 

     

    

 

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

 

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

 

(f)          Role
of L/C Issuer. Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the L/C Issuer shall
not have any responsibility to obtain any document (other than any sight or time draft, certificates and documents expressly required
by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the
Person executing or delivering any such document. None of the L/C Issuer, the Administrative Agent, any of their respective Related
Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any Lender for (i) any action
taken or omitted in connection herewith at the request or with the approval of the Revolving Lenders or the Required Lenders, as
applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due
execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document.
The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any
Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower’s
pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None
of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee
of the L/C Issuer shall be liable or responsible for any of the matters described in Section 2.13(e); provided, however,
that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against the L/C Issuer, and the L/C
Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary,
damages suffered by the Borrower which the Borrower proves, as determined by a final nonappealable judgment of a court of competent
jurisdiction, were caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure
to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight or time draft and certificate(s) strictly
complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer
may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of
any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument
transferring, endorsing or assigning or purporting to transfer, endorse or assign a Letter of Credit or the rights or benefits
thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. The L/C Issuer
may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial
Telecommunication (“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating
with a beneficiary.

 

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

 

(h)          Letter
of Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Revolving Lender in accordance,
subject to Section 2.12, with its Applicable Revolving Percentage a Letter of Credit fee (the “Letter of Credit
Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such
Letter of Credit. Letter of Credit Fees shall be (i) due and payable on the first Business Day following each fiscal quarter
end, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration
Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable
Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by
the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

 

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

 

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

 

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

 

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2.14       Cash
Collateral.

 

(a)          Certain
Credit Support Events. If (i) the L/C Issuer has honored any full or partial drawing request under any Letter of Credit
and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation for
any reason remains outstanding, (iii) the Borrower shall be required to provide Cash Collateral pursuant to Section 2.03
or 8.02(c), or (iv) there shall exist a Defaulting Lender, the Borrower shall immediately (in the case of clause (iii)
above) or within one (1) Business Day (in all other cases) following any request by the Administrative Agent or the L/C Issuer,
provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral
provided pursuant to clause (iv) above, after giving effect to Section 2.12(a)(iv) and any Cash Collateral provided by the
Defaulting Lender).

 

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

 

(c)          Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.14
or Sections 2.13, 2.03, 2.12 or 8.02 in respect of Letters of Credit shall be held and applied to the
satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided
by a Revolving Lender that is a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the
Cash Collateral was so provided, prior to any other application of such property as may be provided for herein.

 

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

 

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Article
III

TAXES, YIELD PROTECTION AND ILLEGALITY

 

3.01       Taxes.

 

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

 

(i)          Any
and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or
withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion
of the Administrative Agent) require the deduction or withholding of any Tax from any such payment by the Administrative Agent
or a Loan Party, then the Administrative Agent or such Loan Party shall be entitled to make such deduction or withholding, upon
the basis of the information and documentation to be delivered pursuant to subsection (e) below.

 

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

 

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

 

(b)          Payment
of Other Taxes by the Loan Parties. Without limiting the provisions of subsection (a) above, the Loan Parties shall timely
pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely
reimburse it for the payment of, any Other Taxes.

 

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(c)          Tax
Indemnifications.

 

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

 

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

 

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

 

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(e)          Status
of Lenders; Tax Documentation.

 

(i)          Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will
permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably
requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or reasonably
requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether
or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary
in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Section 3.01(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of such Lender.

 

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

 

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

 

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

 

(1)         in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN-E (or W-8BEN, as applicable) establishing an
exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty
and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN-E (or W-8BEN, as applicable) establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty;

 

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

 

(3)         in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate substantially in the form of Exhibit 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 “10 percent shareholder” of the Borrower within the meaning
of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the
Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN-E (or W-8BEN, as applicable);
or

 

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(4)         to
the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN-E (or W-8BEN, as applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit 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 shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
executed copies (or originals, as required) of any other form prescribed by applicable Law as a basis for claiming exemption from
or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed
by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made;
and

 

(D)         if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed
by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply
with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA
or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

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

 

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

 

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

 

3.02       Illegality
and Designated Lenders.

 

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

 

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3.03        Inability
to Determine Rates.

 

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

 

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

 

3.04        Increased
Costs; Reserves on Eurodollar Rate Loans.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(e)          Delay
in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the foregoing
provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to
demand such compensation, provided that the Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant to
the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than six (6) months prior
to the date that such Lender or the L/C Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such
increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except
that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six (6) month period referred
to above shall be extended to include the period of retroactive effect thereof).

 

3.05        Compensation
for Losses.

 

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

 

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

 

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

 

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

 

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

 

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

 

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3.06        Mitigation
Obligations; Replacement of Lenders.

 

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

 

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

 

3.07        LIBOR
Successor Rate.

 

Notwithstanding anything
to the contrary in this Agreement or any other Loan Document, if the Administrative Agent determines (which determination shall
be conclusive absent manifest error), or the Borrower or the Required Lenders notify the Administrative Agent (with, in the case
of the Required Lenders, a copy to the Borrower) that the Borrower or the Required Lenders (as applicable) have determined, that:
(a) adequate and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, including because the
LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or (b)
the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made
a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or
used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”); or
(c) syndicated loans currently being executed, or that include language similar to that contained in this Section 3.07,
are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR; then, reasonably
promptly after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable,
the Administrative Agent and the Borrower may amend this Agreement to replace LIBOR with an alternate benchmark rate (including
any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving
or then existing convention for similar syndicated credit facilities for such alternative benchmarks (any such proposed rate, a
 “LIBOR Successor Rate”), together with any proposed LIBOR Successor Rate Conforming Changes and any such amendment
shall become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent shall have posted
such proposed amendment to all Lenders unless, prior to such time, Lenders comprising the Required Lenders have delivered to the
Administrative Agent written notice that such Required Lenders do not accept such amendment.

 

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If no LIBOR Successor
Rate has been determined and the circumstances under clause (a) above exist or the Scheduled Unavailability Date has occurred
(as applicable), the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (i) the obligation
of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans
or Interest Periods), and (ii) the Eurodollar Rate component of the Base Rate shall no longer be utilized in determining the Base
Rate. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation
of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed
to have converted such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing clause (ii))
in the amount specified therein.

 

Notwithstanding anything
else herein, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be less than
zero for purposes of this Agreement.

 

3.08        Survival.

 

All of the Loan Parties’
obligations under this Article III shall survive termination of the Aggregate Commitments, repayment of all other Obligations
hereunder, resignation of the Administrative Agent and the Facility Termination Date.

 

Article
IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

4.01        Conditions
of Initial Credit Extension.

 

The obligation of each
Lender and the L/C Issuer and to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions
precedent:

 

(a)          Execution
of Credit Agreement; Loan Documents. The Administrative Agent shall have received (i) counterparts of this Agreement,
executed by a Responsible Officer of each Loan Party and a duly authorized officer of each Lender, (ii) for the account of
each Lender requesting a Note, a Note executed by a Responsible Officer of the Borrower, (iii) counterparts of the Security
Agreements and each other Collateral Document, executed by a Responsible Officer of the applicable Loan Parties and a duly authorized
officer of each other Person party thereto, as applicable and (iv) counterparts of any other Loan Document, executed by a
Responsible Officer of the applicable Loan Party and a duly authorized officer of each other Person party thereto.

 

(b)          Officer’s
Certificate. The Administrative Agent shall have received an officer’s certificate dated the Closing Date, executed by
the secretary or assistant secretary of each Loan Party (or such other Responsible Officers of each Loan Party as are acceptable
to the Administrative Agent), certifying as to the Organization Documents of each Loan Party (which, to the extent filed with a
Governmental Authority, shall be certified as of a recent date by such Governmental Authority), the resolutions of the governing
body of each Loan Party, the good standing, existence or its equivalent of each Loan Party (which, in the case of a U.K. Loan Party,
shall be evidenced by the certificate of incorporation) and of the incumbency (including specimen signatures) of the Responsible
Officers of each Loan Party.

 

(c)          Legal
Opinions of Counsel. The Administrative Agent shall have received an opinion or opinions (including, if requested by the Administrative
Agent, local counsel opinions) of counsel for the Loan Parties, dated the Closing Date and addressed to the Administrative Agent
and the Lenders, in form and substance acceptable to the Administrative Agent.

 

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(d)          Financial
Statements. The Administrative Agent and the Lenders shall have received copies of the financial statements referred to in
Section 5.05.

 

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

 

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

 

(ii)         searches
of ownership of Intellectual Property in the appropriate governmental offices and such patent/trademark/copyright filings as requested
by the Administrative Agent in order to perfect the Administrative Agent’s security interest in the Intellectual Property;

 

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

 

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

 

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

 

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

 

(g)          Financial
Condition and Solvency Certificate. The Administrative Agent shall have received a certificate, in form and substance satisfactory
to the Administrative Agent, signed by the chief financial officer of the Borrower (or such other Responsible Officer of the Borrower
as is acceptable to the Administrative Agent) as of the Closing Date, certifying that, after giving effect to the initial Borrowings
under the Loan Documents and the other transactions contemplated hereby to occur on the Closing Date, (i) the Borrower is Solvent
individually and the Borrower and its Subsidiaries are Solvent on a Consolidated basis, (ii) there has not occurred since December
31, 2018 any event or condition that has had or would reasonably be expected to have, either individually or in the aggregate,
a Material Adverse Effect, (iii) there does not exist any action, suit, investigation or proceeding pending or, to the knowledge
of the Loan Parties, threatened in any court or before an arbitrator or Governmental Authority that would reasonably be expected
to have a Material Adverse Effect and (iv) the conditions specified in Sections 4.01(k), 4.02(a) and (b) have
been satisfied as of the Closing Date.

 

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

 

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

 

(j)           Consents.
The Administrative Agent shall have received evidence that all members, boards of directors, governmental, shareholder and material
third party consents and approvals necessary in connection with the entering into of this Agreement have been obtained.

 

(k)          Management
Agreements, Licensing Agreements and Leases. The Administrative Agent shall have received true, correct and complete copies
as of the Closing Date of each Management Agreement, each Licensing Agreement and each real property lease of the Loan Parties.

 

(l)           Due
Diligence; PATRIOT Act. The Administrative Agent and the Lenders shall have completed a due diligence investigation of the
Borrower and its Subsidiaries, in scope, and with results, reasonably satisfactory to the Administrative Agent and the Lenders,
including, OFAC, the United States Foreign Corrupt Practices Act of 1977, the Corruption of Foreign Public Officials Act (Canada),
and “know your customer” due diligence. The Loan Parties shall have provided to the Administrative Agent and the Lenders
(i) the documentation and other customary information reasonably requested by the Administrative Agent and the Lenders in order
to comply with applicable law, including the PATRIOT Act and the Canadian AML Acts, and (ii) if the Borrower qualifies as a “legal
entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to the Borrower.

 

(m)         Fees
and Expenses. The Administrative Agent and the Lenders shall have received all fees and expenses, if any, owing pursuant to
the Fee Letter and Section 2.07.

 

(n)          Attorney
Costs. Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable fees, charges and disbursements
of counsel to the Administrative Agent to the extent invoiced prior to or on the Closing Date, plus such additional amounts
of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred
or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling
of accounts between the Borrowers and the Administrative Agent).

 

(o)          Other
Documents. All other documents provided for herein or which the Administrative Agent or any other Lender may reasonably request
or require in connection with this Agreement or the Collateral Documents.

 

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

 

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Without limiting the generality of the
provisions of the last paragraph of Section 9.03, for purposes of determining compliance with the conditions specified in
this Section, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied
with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender
unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection
thereto.

 

4.02        Conditions
to all Credit Extensions.

 

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

 

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

 

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

 

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

 

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

 

Article
V

REPRESENTATIONS AND WARRANTIES

 

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

 

5.01        Existence,
Qualification and Power.

 

Each Loan Party and
each of its Subsidiaries (a) is duly organized or formed, validly existing and, as applicable, in good standing (to the extent
the concept exists in such jurisdiction) under the Laws of the jurisdiction of its incorporation or organization and, in respect
of each U.K. Loan Party, is duly incorporated and validly existing under the laws of England and Wales, (b) has all requisite
power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its
assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it
is a party, and (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction
(as applicable in the relevant jurisdiction) where its ownership, lease or operation of properties or the conduct of its business
requires such qualification or license (provided that this clause (c) shall not apply to each of STK Nashville, LLC and STK Rooftop
San Diego, LLC during the first sixty (60) days immediately following the Closing Date (or such longer period of time as agreed
to by the Administrative Agent in its sole discretion)); except in each case referred to in clause (b)(i) or (c), to the extent
that failure to do so could not reasonably be expected to have a Material Adverse Effect. The copy of the Organization Documents
of each Loan Party provided to the Administrative Agent pursuant to the terms of this Agreement is a true and correct copy of each
such document, each of which is valid and in full force and effect.

 

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5.02        Authorization;
No Contravention.

 

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

 

5.03        Governmental
Authorization; Other Consents.

 

No approval, consent,
exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary
or required in connection with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this
Agreement or any other Loan Document, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral
Documents, (c) the perfection or maintenance of the Liens created under the Collateral Documents (including the first priority
nature thereof) or (d) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents or the
remedies in respect of the Collateral pursuant to the Collateral Documents, other than (i) authorizations, approvals, actions,
notices and filings which have been duly obtained and (ii) filings to perfect the Liens created by the Collateral Documents
(including, without limitation, any Collateral Documents granted by a U.K. Loan party, which are required to be registered at the
Registry of Companies in England and Wales).

 

5.04        Binding
Effect.

 

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

 

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5.05        Financial
Statements; No Material Adverse Effect.

 

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

 

(b)          Quarterly
Financial Statements. The unaudited Consolidated balance sheet of the Borrower and its Subsidiaries dated December 31, 2018,
and the related Consolidated statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter
ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except
as otherwise expressly noted therein, and (ii) fairly present, in all material respects, the financial condition of the Borrower
and its Subsidiaries as of the date thereof and their results of operations, cash flows and changes in shareholders’ equity
for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end
audit adjustments.

 

(c)          Material
Adverse Effect. Since December 31, 2018, there has been no event or circumstance, either individually or in the aggregate,
that has had or could reasonably be expected to have a Material Adverse Effect.

 

(d)          Forecasted
Financials. The Consolidated forecasted balance sheets, statements of income and cash flows of the Borrower and its Subsidiaries
delivered pursuant to Section 4.01 or Section 6.01 were prepared in good faith on the basis of the assumptions stated
therein, which assumptions were fair in light, in all material respects, of the conditions existing at the time of delivery of
such forecasts, and represented, at the time of delivery, the Borrower’s best estimate of its future financial condition
and performance.

 

5.06        Litigation.

 

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

 

5.07        No
Default.

 

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

 

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5.08        Ownership
of Property.

 

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

 

5.09        Environmental
Compliance.

 

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

 

(b)          None
of the properties currently or formerly owned or operated by any Loan Party or any of its Subsidiaries is listed or proposed for
listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or is adjacent to any such property; there are
no and never have been any underground or above-ground storage tanks or any surface impoundments, septic tanks, pits, sumps or
lagoons in which Hazardous Materials are being or have been treated, stored or disposed on any property currently owned or operated
by any Loan Party or any of its Subsidiaries or, to the best of the knowledge of the Loan Parties, on any property formerly owned
or operated by any Loan Party or any of its Subsidiaries; there is no asbestos or asbestos-containing material on any property
currently owned or operated by any Loan Party or any of its Subsidiaries; and Hazardous Materials have not been released, discharged
or disposed of on any property currently or formerly owned or operated by any Loan Party or any of its Subsidiaries.

 

(c)          Neither
any Loan Party nor any of its Subsidiaries is undertaking, and no Loan Party or Subsidiary has completed, either individually or
together with other potentially responsible parties, any investigation or assessment or remedial or response action relating to
any actual or threatened release, discharge or disposal of Hazardous Materials at any site, location or operation, either voluntarily
or pursuant to the order of any Governmental Authority or the requirements of any Environmental Law; and all Hazardous Materials
generated, used, treated, handled or stored at, or transported to or from, any property currently or formerly owned or operated
by any Loan Party or any of its Subsidiaries have been disposed of in a manner not reasonably expected to result in material liability
to any Loan Party or any of its Subsidiaries.

 

5.10        Insurance.

 

The properties of the
Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of the Borrower,
in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses
and owning similar properties in localities where the applicable Loan Party or the applicable Subsidiary operates. The general
liability, casualty, property, terrorism and business interruption insurance coverage of the Loan Parties as in effect on the Closing
Date is outlined as to carrier, policy number, expiration date, type, amount and deductibles on Schedule 5.10 and such insurance
coverage complies with the requirements set forth in this Agreement and the other Loan Documents.

 

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5.11        Taxes.

 

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

 

5.12        ERISA
Compliance, etc.

 

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

 

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

 

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

 

(d)          As
of the Closing Date, the Borrower is not (i) an employee benefit plan subject to Title I of ERISA, (ii) a plan or account subject
to Section 4975 of the Code, (iii) an entity deemed to hold “plan assets” of any such plans or accounts for purposes
of ERISA or the Code, or (iv) a “governmental plan” within the meaning of ERISA.

 

(e)          No
Loan Party or Subsidiary maintains, contributes to, or has any liability or contingent liability with respect to, a Canadian Pension
Plan.

 

(f)          No
Loan Party or Subsidiary maintains, contributes to, or has any liability or contingent liability with respect to, a Canadian Defined
Benefit Pension Plan.

 

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5.13        Margin
Regulations; Investment Company Act.

 

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

 

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

 

5.14        Disclosure.

 

The Borrower has disclosed
to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it or any
of its Subsidiaries or any other Loan Party is subject, and all other matters known to it, that, individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Effect. No report, financial statement, certificate or other information
furnished (whether in writing or orally) by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection
with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan
Document (in each case as modified or supplemented by other information so furnished), when taken as a whole, 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 materially misleading; provided that, with respect to projected financial information, each
Loan Party represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at
the time and the Lenders acknowledge that actual results may differ materially from any such projections.

 

5.15        Compliance
with Laws.

 

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

 

5.16        Solvency.

 

The Borrower is Solvent
individually, and the Borrower and its Subsidiaries are Solvent on a Consolidated basis.

 

5.17        Casualty,
Etc.

 

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

 

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5.18        Sanctions
Concerns and Anti-Corruption Laws.

 

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

 

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

 

5.19        Subsidiaries;
Equity Interests; Loan Parties.

 

(a)          Subsidiaries,
Joint Ventures, Partnerships and Equity Investments. Set forth on Schedule 5.19(a) is the following information which
is true and complete in all respects as of the Closing Date: (i) a complete and accurate list of all Subsidiaries, joint ventures
and partnerships and other equity investments of the Loan Parties as of the Closing Date, (ii) the number of shares of each
class of Equity Interests in each Subsidiary outstanding, (iii) the number and percentage of outstanding shares of each class
of Equity Interests owned by the Loan Parties and their Subsidiaries and (iv) the class or nature of such Equity Interests
(i.e. voting, non-voting, preferred, etc.). The outstanding Equity Interests in all Subsidiaries are validly issued, fully paid
and non-assessable and are owned free and clear of all Liens (other than Permitted Liens). There are no outstanding subscriptions,
options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors
and directors’ qualifying shares) of any nature relating to the Equity Interests of any Loan Party or any Subsidiary thereof,
except as contemplated in connection with the Loan Documents or as described on Schedule 5.19(a).

 

(b)          Loan
Parties. Set forth on Schedule 5.19(b) is a complete and accurate list of all Loan Parties as of the Closing Date,
showing as of the Closing Date (as to each Loan Party) (i) the exact legal name, (ii) any former legal names of such
Loan Party in the four (4) months prior to the Closing Date, (iii) the jurisdiction of its incorporation or organization,
as applicable, (iv) the type of organization, (v) the jurisdictions in which such Loan Party is qualified to do business,
(vi) the address of its chief executive office, (vii) the address of its principal place of business, (viii) its
U.S. federal taxpayer identification number, (ix) the organization identification number, (x) ownership information (e.g.
publicly held or if private or partnership, the owners and partners of each of the Loan Parties) and (xi) the industry or
nature of business of such Loan Party.

 

(c)          Beneficial
Ownership Certification. As of the Closing Date, the information included in the Beneficial Ownership Certification, if any,
is true and correct in all respects.

 

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5.20        Collateral
Representations.

 

(a)          Collateral
Documents. Subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principles of equity, the provisions of the Collateral Documents are effective to create
in favor of the Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien
(subject to Permitted Liens) on all right, title and interest of the respective Loan Parties in the Collateral described therein.
Except for filings completed on or prior to the Closing Date and as contemplated hereby and by the Collateral Documents (including,
without limitation, the filing of the U.K. Security Agreement at Companies House in England), no filing or other action will be
necessary to perfect or protect such Liens.

 

(b)          Intellectual
Property. Set forth on Schedule 5.20(b), as of the Closing Date, is a list of all registered or issued Intellectual
Property (including all applications for registration and issuance) owned by each of the Loan Parties or that each of the Loan
Parties has the right to (including the name/title, current owner, registration or application number, and registration or application
date and such other information as reasonably requested by the Administrative Agent).

 

(c)          Documents,
Instrument, and Tangible Chattel Paper. Set forth on Schedule 5.20(c), as of the Closing Date, is a description
of all Documents, Instruments, and Tangible Chattel Paper of the Loan Parties (including the Loan Party owning such Document, Instrument
and Tangible Chattel Paper and such other information as reasonably requested by the Administrative Agent).

 

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

 

(i)          Set
forth on Schedule 5.20(d)(i), as of the Closing Date, is a description of all Deposit Accounts and Securities Accounts
(such terms being used herein as defined in the Security Agreements) of the Loan Parties and their Subsidiaries, including the
name of (A) the applicable Loan Party or Subsidiary, (B) in the case of a Deposit Account, the depository institution
and the nature of such account (e.g., whether such account is an operating account, a zero balance account or a payroll account),
and (C) in the case of a Securities Account, the Securities Intermediary or issuer and the average aggregate market value
held in such Securities Account, as applicable.

 

(ii)         Set
forth on Schedule 5.20(d)(ii), as of the Closing Date, is a description of all Electronic Chattel Paper (as defined
in the UCC) and Letter-of-Credit Rights (as defined in the UCC) of the Loan Parties, including the name of (A) the applicable
Loan Party, (B) in the case of Electronic Chattel Paper (as defined in the UCC), the account debtor and (C) in the case
of Letter-of-Credit Rights (as defined in the UCC), the issuer or nominated person, as applicable.

 

(e)          Commercial
Tort Claims. Set forth on Schedule 5.20(e), as of the Closing Date, is a description of all Commercial Tort Claims
(such term being used herein as defined in the U.S. Security Agreement) of the Loan Parties the amount of which exceeds $100,000
for any such Commercial Tort Claim (detailing such Commercial Tort Claim in such detail as reasonably requested by the Administrative
Agent).

 

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(f)          Pledged
Equity Interests. Set forth on Schedule 5.20(f), as of the Closing Date, is a list of (i) all Pledged Equity
and (ii) all other Equity Interests required to be pledged to the Administrative Agent pursuant to the Security Agreements,
in each case, detailing the Grantor (as defined in the applicable Security Agreement), the Person whose Equity Interests are pledged,
the number of shares of each class of Equity Interests, the certificate number and percentage ownership of outstanding shares of
each class of Equity Interests and the class or nature of such Equity Interests (i.e. voting, non-voting, preferred, etc.)).

 

(g)          Properties.
Set forth on Schedule 5.20(g), as of the Closing Date, is a list of all real property owned or leased by any Loan Party
(including (i) the name of the Loan Party owning (or leasing) such property, (ii) the property address, (iii) the city,
county, state (or province) and zip (or postal) code which such property is located and (iv) an indication if such location
is leased or owned, and if leased, the name of the owner).

 

(h)          Material
Contracts. Set forth on Schedule 5.20(h), as of the Closing Date, is a complete and accurate list of all Material
Contracts of the Borrower and its Subsidiaries.

 

5.21        Intellectual
Property; Licenses, Etc.

 

Each Loan Party and
each of its Subsidiaries own, or possess the right to use, all of the trademarks, service marks, trade names, copyrights, patents,
patent rights, franchises, licenses and other intellectual property rights that are reasonably necessary for the operation of their
respective businesses, without conflict with the rights of any other Person. To the best knowledge of the Borrower, no slogan or
other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed,
by any Loan Party or any of its Subsidiaries infringes upon any rights held by any other Person. No claim or litigation regarding
any of the foregoing is pending or, to the best knowledge of the Borrower, threatened, which, either individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect.

 

5.22        Labor
Matters.

 

There are no collective
bargaining agreements or Multiemployer Plans covering the employees of the Borrower or any of its Subsidiaries as of the Closing
Date and neither the Borrower nor any Subsidiary has suffered any strikes, walkouts, work stoppages or other material labor difficulty
within the last five (5) years preceding the Closing Date.

 

5.23        EEA
Financial Institutions.

 

No Loan Party is an
EEA Financial Institution.

 

Article
VI

AFFIRMATIVE COVENANTS

 

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

 

6.01        Financial
Statements.

 

Deliver to the Administrative
Agent and each Lender, in form and detail satisfactory to the Administrative Agent:

 

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(a)          Audited
Financial Statements. As soon as available, but in any event within one hundred twenty (120) days after the end of each fiscal
year of the Borrower (commencing with the fiscal year ending December 31, 2019), a Consolidated balance sheet of the Borrower and
its Subsidiaries as at the end of such fiscal year, and the related Consolidated statements of income or operations, changes in
shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for
the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and
opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Administrative
Agent, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject
to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such
audit (other than disclosures or exceptions or qualifications solely resulting from the impending maturity of the Obligations).

 

(b)          Quarterly
Financial Statements. As soon as available, but in any event within forty-five (45) days after the end of each fiscal quarter
of each fiscal year of the Borrower (including the last fiscal quarter of each fiscal year of the Borrower), commencing with the
fiscal quarter ended March 31, 2019, a Consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal
quarter, and the related Consolidated statements of income or operations, changes in shareholders’ equity and cash flows
for such fiscal quarter and for the portion of the Borrower’s fiscal year then ended, setting forth in each case in comparative
form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous
fiscal year, all in reasonable detail and prepared in accordance with GAAP, certified by the chief executive officer, chief financial
officer, treasurer or controller who is a Responsible Officer of the Borrower as fairly presenting, in all material respects, the
financial condition, results of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries, subject
only to normal year-end audit adjustments and the absence of footnotes.

 

(c)          Store-Level
Summary. As soon as available, but in any event within forty-five (45) days after the end of each fiscal quarter of each fiscal
year of the Borrower (including the last fiscal quarter of each fiscal year of the Borrower), commencing with the fiscal quarter
ending June 30, 2019, a store level summary with respect to each Restaurant or other hospitality location that is owned, licensed
or managed by a Loan Party, in form and detail reasonably satisfactory to the Administrative Agent, certified by a Responsible
Officer of the Borrower as fairly presenting the sales, GAAP revenue and Consolidated EBITDA for each such Restaurant or other
hospitality location.

 

(d)          Business
Plan and Budget. As soon as available, but in any event within forty-five (45) days after the end of each fiscal year of the
Borrower, an annual business plan and budget of the Borrower and its Subsidiaries on a Consolidated basis, including forecasts
prepared by management of the Borrower, in form satisfactory to the Administrative Agent, of Consolidated balance sheets and statements
of income or operations and cash flows of the Borrower and its Subsidiaries on a quarterly basis for the immediately following
fiscal year.

 

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

 

6.02        Certificates;
Other Information.

 

Deliver to the Administrative
Agent and each Lender, in form and detail satisfactory to the Administrative Agent:

 

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(a)          Compliance
Certificate; MD&A.

 

(i)          Concurrently
with the delivery of the financial statements referred to in Sections 6.01(a) and (b) (commencing with the delivery
of the financial statements for the fiscal quarter ending June 30, 2019), other than the financial statements referred to in Section
6.01(b) for the last fiscal quarter in any fiscal year of the Borrower, a duly completed Compliance Certificate signed
by the chief executive officer, chief financial officer, treasurer or controller which is a Responsible Officer of the Borrower
(and unless the Administrative Agent or a Lender requests executed originals, delivery of the Compliance Certificate may be by
electronic communication including fax or email and shall be deemed to be an original and authentic counterpart thereof for all
purposes); and

 

(ii) concurrently
with the delivery of the financial statements referred to in Sections 6.01(a) and (b) (commencing with the delivery
of the financial statements for the fiscal quarter ended March 31, 2019), a copy of management’s discussion and analysis
with respect to such financial statements.

 

(b)          Calculations.
Concurrently with the delivery of the Compliance Certificate referred to in Section 6.02(a) required to be delivered with
the financial statements referred to in Section 6.01(a), a certificate (which may be included in such Compliance Certificate)
including the amount of all Restricted Payments, Investments, Dispositions and Capital Expenditures that were made during the prior
fiscal year.

 

(c)          Changes
in Entity Structure. Within ten (10) Business Days after (or such extended period of time as agreed to by the Administrative
Agent) any merger, consolidation, dissolution or other change in entity structure of any Loan Party or any of its Subsidiaries
permitted pursuant to the terms hereof, provide notice of such change in entity structure to the Administrative Agent, along with
such other information as reasonably requested by the Administrative Agent. Provide notice to the Administrative Agent, not less
than ten (10) Business Days thereafter (or such extended period of time as agreed to by the Administrative Agent), of any change
in any Loan Party’s legal name, jurisdiction of organization, or organizational existence.

 

(d)          Audit
Reports; Management Letters; Recommendations. Promptly after any request by the Administrative Agent or any Lender, copies
of any detailed audit reports, material management letters or recommendations submitted to the board of directors (or the audit
committee of the board of directors) of any Loan Party by independent accountants in connection with the accounts or books of any
Loan Party or any of its Subsidiaries, or any audit of any of them.

 

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

 

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

 

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(g)          SEC
Notices. Promptly, and in any event within five (5) Business Days after receipt thereof by any Loan Party or any Subsidiary
thereof, 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 such agency regarding financial or other operational
results of any Loan Party or any Subsidiary thereof.

 

(h)          Notices.
Not later than five (5) Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of all material
notices, requests and other documents (including amendments, waivers and other modifications) so received under or pursuant to
any instrument, indenture, loan or credit or similar agreement and, from time to time upon request by the Administrative Agent,
such information and reports regarding such instruments, indentures and loan and credit and similar agreements as the Administrative
Agent may reasonably request.

 

(i)          Environmental
Notice. Promptly after the assertion or occurrence thereof, notice of any action or proceeding against or of any noncompliance
by any Loan Party or any of its Subsidiaries with any Environmental Law or Environmental Permit that could reasonably be expected
to have a Material Adverse Effect.

 

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

 

Documents required to be delivered pursuant
to Section 6.01(a) or (b) or Section 6.02(e) (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 (a) on
which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website
address listed on Schedule 1.01(a); or (b) on which such documents are posted on the Borrower’s behalf on an
Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party
website or whether sponsored by the Administrative Agent); provided that: (i) the Borrower shall deliver paper copies
of such documents to the Administrative Agent or any Lender upon its request to the Borrower to deliver such paper copies until
a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Borrower
shall notify the Administrative Agent and each Lender (by fax transmission or e-mail transmission) of the posting of any such documents
and provide to the Administrative Agent by e-mail 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 the Borrower with any such request by a Lender for delivery, and
each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

 

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

 

6.03        Notices.

 

Promptly, but in any
event within two (2) Business Days, notify the Administrative Agent:

 

(a)          of
the occurrence of any Default;

 

(b)          of
any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including (i) breach
or non-performance of, or any default under, a Contractual Obligation of the Borrower or any Subsidiary; (ii) any dispute,
litigation, investigation, proceeding or suspension between the Borrower or any Subsidiary and any Governmental Authority; or (iii) the
commencement of, or any material development in, any litigation or proceeding affecting the Borrower or any Subsidiary, including
pursuant to any applicable Environmental Laws;

 

(c)          of
the occurrence of any ERISA Event or any material failure by any Loan Party or any Subsidiary to perform its obligations under
a Canadian Pension Plan; and

 

(d)          of
any material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiary thereof, including
any determination by the Borrower referred to in Section 2.08(b).

 

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

 

6.04        Payment
of Obligations.

 

Pay and discharge as
the same shall become due and payable, all its obligations and liabilities, including (a) all tax liabilities, assessments
and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate
proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary;
(b) all lawful claims which, if unpaid, would by law become a Lien upon its property; and (c) all Indebtedness, as and
when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness,
except in clauses (a) - (c) above, where the failure to pay or discharge the same could not reasonably be expected to result in
a Material Adverse Effect.

 

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6.05        Preservation
of Existence, Etc.

 

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

 

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

 

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

 

6.06        Maintenance
of Properties.

 

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

 

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

 

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

 

6.07        Maintenance
of Insurance.

 

(a)          Maintenance
of Insurance. Maintain with financially sound and reputable insurance companies not Affiliates of any Loan Party, insurance
with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged
in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such
other Persons, including, without limitation, terrorism insurance.

 

(b)          Evidence
of Insurance. Cause the Administrative Agent to be named as lenders’ loss payable or loss payee, as its interest may
appear, and/or additional insured with respect of any such insurance providing liability coverage or coverage in respect of any
Collateral, and cause, unless otherwise agreed to by the Administrative Agent, each provider of any such insurance to agree, by
endorsement upon the policy or policies issued by it or by independent instruments furnished to the Administrative Agent that it
will give the Administrative Agent thirty (30) days prior written notice before any such policy or policies shall be altered or
cancelled (or ten (10) days prior notice in the case of cancellation due to the nonpayment of premiums). Annually (or, if sooner,
promptly upon expiration of current insurance coverage), the Loan Parties shall provide, or cause to be provided, to the Administrative
Agent, such evidence of insurance as required by the Administrative Agent, including, but not limited to: (i) certified copies
of such insurance policies, (ii) evidence of such insurance policies (including, without limitation and as applicable, ACORD
Form 28 certificates (or similar form of insurance certificate), and ACORD Form 25 certificates (or similar form of insurance certificate)),
(iii) declaration pages for each insurance policy and (iv) lender’s loss payable endorsement if the Administrative
Agent for the benefit of the Secured Parties is not on the declarations page for such policy. As requested by the Administrative
Agent, the Loan Parties agree to deliver to the Administrative Agent an Authorization to Share Insurance Information.

 

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6.08        Compliance
with Laws.

 

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

 

6.09        Books
and Records.

 

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

 

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

 

6.10        Inspection
Rights.

 

Permit representatives
and independent contractors of the Administrative Agent and each Lender to visit and inspect any of its properties, to examine
its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances
and accounts with its directors, officers, and independent public accountants, all at the expense of the Borrower and at such reasonable
times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower; provided,
however, that (a) when an Event of Default exists the Administrative Agent or any Lender (or any of their respective representatives
or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours
and without advance notice and (b) in the absence of an Event of Default, the Loan Parties shall only be responsible for the costs
and expenses in connection with one such inspection and/or examination per calendar year. For the avoidance of doubt, the Borrower
and its Subsidiaries will not be required to provide any information to the extent that the provision thereof would violate any
Law; provided that the Borrower shall, in such case, to the extent not in violation of Law, notify the Administrative Agent
as to the scope of the information that is not being provided and identify the legal basis for such withholding.

 

6.11        Use
of Proceeds.

 

Use the proceeds of
(a) the Revolving Loans for working capital and other general corporate purposes, Permitted Acquisitions and Restricted Payments
permitted under Section 7.06(c) and Section 7.06(d), not in contravention of any Law or of any Loan Documents, and
(b) the Term Loan on the Closing Date to refinance existing Indebtedness of the Borrower, including any payments to beneficiaries
of The TOG Liquidating Trust, and to pay transaction fees and expenses related thereto.

 

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6.12        Material
Contracts.

 

Perform and observe
in all material respects all the terms and provisions of each Material Contract to be performed or observed by it, maintain each
such Material Contract in full force and effect, enforce each such Material Contract in accordance with its terms and, upon request
of the Administrative Agent, make to each other party to each such Material Contract such demands and requests for information
and reports or for action as any Loan Party or any of its Subsidiaries is entitled to make under such Material Contract, and cause
each of its Subsidiaries to do so.

 

6.13        Covenant
to Guarantee Obligations.

 

Unless the Administrative
Agent otherwise agrees, the Loan Parties will cause each of their Subsidiaries whether newly formed, after acquired (including
by way of division) or otherwise existing to promptly (and in any event within thirty (30) days after such Subsidiary is formed
or acquired (or such longer period of time as agreed to by the Administrative Agent in its sole discretion)) become a Guarantor
hereunder by way of execution of a Joinder Agreement or such other joinder documents as the Administrative Agent shall deem appropriate
for such purpose; provided, however, (a) no Foreign Subsidiary shall be required to become a Guarantor to the extent
such Guaranty would (i) result in a material adverse tax consequence for the Borrower or (ii) conflict with any mandatory fiduciary
duties of such Foreign Subsidiary’s directors or contravene any legal prohibition, provided that in each case the
Borrower and the relevant Foreign Subsidiary shall use reasonable efforts to overcome any such obstacle so that such Foreign Subsidiary
may become a Guarantor in the manner contemplated by this Section, (b) Bagatelle Little West 12th, LLC shall not be required to
become a Guarantor if and for so long as the terms of its Organization Documents existing on the Closing Date (and not entered
into in contemplation of this Agreement and the other Loan Documents) prohibit it from becoming a Guarantor without the consent
of the holders of its Equity Interests that are not Loan Parties or Affiliates of Loan Parties (other than Persons that are Affiliates
of a Loan Party solely as a result of ownership of the Equity Interests of Bagatelle Little West 12th, LLC) and such consent has
not been obtained, and (c) each of Bridge Hospitality, LLC, JEC II, LLC and STK DC, LLC shall not be required to become a Guarantor
for so long as it has no assets, operations or net income other than de minimis assets, operations or net income (and if
any Person identified in clauses (b) and (c) ceases to qualify for exclusion as a Guarantor, it shall become a Guarantor in accordance
with this Section within thirty (30) days after such exclusion ceases to apply). In connection therewith, the Loan Parties
shall give prompt notice to the Administrative Agent of the creation or acquisition of a Subsidiary, or acquisition of the Equity
Interests of any other Person. In connection with the foregoing, the Loan Parties shall deliver to the Administrative Agent, with
respect to each new Guarantor to the extent applicable, substantially the same documentation required pursuant to Sections 4.01(b),
(c), (e) and (f) and 6.14 and such other documents or agreements as the Administrative Agent may reasonably
request.

 

6.14        Covenant
to Give Security.

 

Except with respect
to Excluded Property:

 

(a)          Equity
Interests and Personal Property. Each Loan Party will cause the Pledged Equity and all of its tangible and intangible personal
property now owned or hereafter acquired by it (other than Excluded Property) to be subject at all times to a first priority, perfected
Lien (subject to Permitted Liens to the extent permitted by the Loan Documents) in favor of the Administrative Agent for the benefit
of the Secured Parties to secure the Secured Obligations pursuant to the terms and conditions of the Collateral Documents. Each
Loan Party shall provide opinions of counsel and any filings and deliveries reasonably necessary in connection therewith to perfect
the security interests therein, all in form and substance reasonably satisfactory to the Administrative Agent.

 

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(b)          Further
Assurances. At any time upon reasonable request of the Administrative Agent, promptly execute and deliver any and all further
instruments and documents and take all such other action as the Administrative Agent may deem necessary or desirable to maintain
in favor of the Administrative Agent, for the benefit of the Secured Parties, Liens and insurance rights on the Collateral that
are duly perfected in accordance with the requirements of, or the obligations of the Loan Parties under, the Loan Documents and
all applicable Laws.

 

6.15        Further
Assurances.

 

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

 

6.16        Compliance
with Terms of Leaseholds.

 

Make all payments and
otherwise perform all obligations in respect of all leases of real property to which the Borrower or any of its Subsidiaries is
a party, keep such leases in full force and effect and not allow such leases to lapse or be terminated or any rights to renew such
leases to be forfeited or cancelled, notify the Administrative Agent of any default by any party with respect to such leases and
cooperate with the Administrative Agent in all respects to cure any such default, and cause each of its Subsidiaries to do so,
except, in any case, where the failure to do so, either individually or in the aggregate, could not reasonably be expected to have
a Material Adverse Effect.

 

6.17        Compliance
with Environmental Laws.

 

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

 

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6.18        Primary
Depository Bank.

 

From and at all times
after the date that is one hundred twenty (120) days after the Closing Date (or such later date as the Administrative Agent may
determine in its sole discretion), maintain substantially all domestic deposit accounts (other than (i) accounts used solely for
payroll or related employee benefits or withholding taxes and (ii) trust accounts maintained solely for the benefit of unrelated
persons) and Cash Management Agreements of the Loan Parties with the Administrative Agent.

 

6.19        Anti-Corruption
Laws.

 

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

 

6.20        Post-Closing
Covenant.

 

(a)          Within
sixty (60) days of the Closing Date (or such longer period of time as agreed to by the Administrative Agent in its sole discretion),
the Loan Parties will (i) cause each of STK Nashville, LLC and STK Rooftop San Diego, LLC to be validly existing and in good standing
under the Laws of the jurisdiction of its incorporation or organization, and (ii) provide evidence reasonably satisfactory to the
Administrative Agent of the same.

 

(b)          Within
sixty (60) days of the Closing Date (or such longer period of time as agreed to by the Administrative Agent in its sole discretion),
the Loan Parties will provide evidence of insurance as required by Section 6.07 for The ONE Group - STKPR, LLC, The ONE
Group - Qatar Ventures, LLC, The ONE Group - Mexico, LLC and 9401415 Canada Ltd.

 

Article
VII

NEGATIVE COVENANTS

 

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

 

7.01        Liens.

 

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

 

(a)          Liens
pursuant to any Loan Document;

 

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

 

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(c)          Liens
for Taxes, assessments or governmental charges or levies not overdue for a period of more than thirty (30) days or which are being
contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained
on the books of the applicable Person in accordance with GAAP;

 

(d)          Statutory
or common law Liens such as landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s
or other like Liens imposed by law arising in the ordinary course of business, which are not overdue for a period of more than
thirty (30) days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves
with respect thereto are maintained on the books of the applicable Person; provided that a reserve or other appropriate
provision shall have been made therefor;

 

(e)          pledges
or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other
social security legislation, other than any Lien imposed by ERISA or in respect of a Canadian Pension Plan, and pledges and deposits
in the ordinary course of business securing liability for reimbursement or indemnification obligations of insurance carriers providing
property, casualty or liability insurance to any Loan Party;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(n)          Liens
on insurance premiums in favor of the applicable insurance carrier securing Indebtedness permitted pursuant to Section 7.02(i);

 

(o)          Liens
consisting of deposits securing the payment and performance of real property leases and contracts entered into in the ordinary
course of business and Liens consisting of earnest money deposits made in connection with any Permitted Acquisitions;

 

(p)          Liens
existing on property at the time of its acquisition pursuant to a Permitted Acquisition and securing the Indebtedness permitted
pursuant to Section 7.02(k); provided that (i) such Lien was not created in contemplation of such Permitted Acquisition,
(ii) such Lien does not extend to or cover any other assets or property (other than proceeds or products thereof), and (iii) such
Lien covers only specific property and is not a “blanket” Lien on any category or type of property; and

 

(q)          other
Liens securing Indebtedness or other obligations in an aggregate principal amount not to exceed $750,000 at any time outstanding.

 

7.02        Indebtedness.

 

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

 

(a)          Indebtedness
under the Loan Documents;

 

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

 

(c)          Indebtedness
in respect of Capitalized Leases, Synthetic Lease Obligations and purchase money obligations for fixed or capital assets within
the limitations set forth in Section 7.01(i); provided, however, that the aggregate amount of all such Indebtedness
at any one time outstanding shall not exceed $2,500,000;

 

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(d)          unsecured
Indebtedness of a Subsidiary of the Borrower owed to the Borrower or a wholly-owned Subsidiary of the Borrower, which Indebtedness
shall (i) to the extent required by the Administrative Agent, be evidenced by promissory notes which shall be pledged to the
Administrative Agent as Collateral for the Secured Obligations in accordance with the terms of the Security Agreements, (ii) be
on terms (including subordination terms) acceptable to the Administrative Agent and (iii) be otherwise permitted under the
provisions of Section 7.03 (“Intercompany Debt”);

 

(e)          Guarantees
of the Borrower or any Guarantor in respect of Indebtedness otherwise permitted hereunder of the Borrower or any other Guarantor;

 

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

 

(g)          Indebtedness
in respect of netting services, overdraft protections and other like services and Indebtedness in respect of corporate credit cards,
p-cards and similar cards, in each case incurred in the ordinary course of business;

 

(h)          to
the extent constituting Indebtedness, customary and reasonable indemnity obligations entered into the ordinary course of business
or in connection with the disposition of assets permitted by this Agreement or otherwise contained in leases and other contracts
entered into in the ordinary course of business and not otherwise prohibited hereunder, including those in favor of officers and
managers (or their equivalents) of such Loan Party pursuant to the terms of its operating agreement or other similar constituent
documents and those in favor of purchasers in connection with dispositions permitted under this Agreement;

 

(i)           Indebtedness
owed to insurance carriers and incurred in the ordinary course of business to finance insurance premiums;

 

(j)           Indebtedness
issued by a Loan Party to current, future or former officers, managers, and employees thereof, or to their respective estates,
spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of Borrower, in an aggregate
outstanding amount not to exceed at any time $500,000;

 

(k)          Indebtedness
assumed upon consummation of a Permitted Acquisition, and any renewals, extensions and refinancings thereof, in an aggregate outstanding
amount not to exceed $500,000 at any time, provided (i) such Indebtedness was not incurred in connection with, or in anticipation
or contemplation of, such Permitted Acquisition and (ii) the amount of such Indebtedness is not increased at the time of such refinancing,
renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably
incurred and by an amount equal to any existing commitments unutilized thereunder; and

 

(l)           other
unsecured Indebtedness in an aggregate principal amount not to exceed $750,000 at any time outstanding.

 

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7.03        Investments.

 

Make or hold any Investments,
except:

 

(a)          Investments
held by the Borrower and its Subsidiaries in the form of cash or Cash Equivalents;

 

(b)          advances
to officers, directors and employees of the Borrower and Subsidiaries in an aggregate amount not to exceed $100,000 at any time
outstanding, for travel, entertainment, relocation and analogous ordinary business purposes;

 

(c)          (i) Investments
by the Borrower and its Subsidiaries in their respective Subsidiaries outstanding on the date hereof, (ii) additional Investments
by the Borrower and its Subsidiaries in Loan Parties, (iii) additional Investments by Subsidiaries of the Borrower that are
not Loan Parties in other Subsidiaries that are not Loan Parties, and (iv) so long as (A) no Default has occurred and is continuing
or would result from such Investment and (B) after giving effect to such Investment, Liquidity is at least $3,000,000, additional
Investments by the Loan Parties in wholly-owned Subsidiaries that are not Loan Parties in an aggregate amount (1) not to exceed
$1,000,000 in any fiscal year and (2) at any time outstanding not to exceed $2,000,000;

 

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

 

(e)          Guarantees
permitted by Section 7.02;

 

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

 

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

 

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

 

(i)           deposits,
prepayments and other credits to suppliers and deposits in connection with lease obligations, taxes, insurance and similar items,
in each case made in the ordinary course of business and securing contractual obligations of a Loan Party;

 

(j)          Permitted
Acquisitions;

 

(k)          Guarantees
or letters of credit issued to support real property lease obligations of any Person that is not a Loan Party in an aggregate amount
not to exceed the Letter of Credit Sublimit, minus any outstanding Letters of Credit; and

 

(l)          other
Investments not exceeding $500,000 in the aggregate in any fiscal year of the Borrower.

 

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7.04        Fundamental
Changes.

 

Merge, dissolve, liquidate,
amalgamate, consolidate with or into another Person or consummate any Delaware LLC Division, or Dispose of (whether in one transaction
or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor
of any Person, except that, so long as no Default exists or would result therefrom:

 

(a)          any
Subsidiary may merge or amalgamate with (i) the Borrower; provided that the Borrower shall be the continuing or surviving
Person, or (ii) any one or more other Subsidiaries, provided that when any Loan Party is merging or amalgamating with another Subsidiary,
such Loan Party shall be the continuing or surviving Person, and in respect of any amalgamation, the amalgamated Person shall deliver
a confirmation and acknowledgement, and other ancillary documents to the Administrative Agent confirming that it is subject to
all of the Obligations hereunder;

 

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

 

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

 

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

 

7.05        Dispositions.

 

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

 

(a)          Permitted
Transfers;

 

(b)          Dispositions
of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

 

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

 

(d)          to
the extent constituting a Disposition, the granting of Liens, the making of Investments, the consummation of fundamental changes
and the making of Restricted Payments permitted by Sections 7.01, 7.03, 7.04 and 7.06, respectively;
and

 

(e)          other
Dispositions so long as (i) the consideration paid in connection therewith shall be (x) at least 75% cash or Cash Equivalents paid
contemporaneously with consummation of the transaction and (y) in an amount not less than the fair market value of the property
disposed of, (ii) if such transaction is a Sale and Leaseback Transaction, such transaction is not prohibited by the terms
of Section 7.13, (iii) such transaction does not involve the sale or other disposition of a minority Equity Interest
in any Subsidiary, (iv) such transaction does not involve a sale or other disposition of receivables other than receivables
owned by or attributable to other property concurrently being disposed of in a transaction otherwise permitted under this Section,
and (v) the aggregate net book value of all of the assets sold or otherwise disposed of by the Loan Parties and their Subsidiaries
in all such transactions in any fiscal year of the Borrower shall not exceed $1,000,000.

 

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7.06        Restricted
Payments.

 

Declare or make, directly
or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, or issue or sell any Equity
Interests or accept any capital contributions, except that, so long as no Default shall have occurred and be continuing at the
time of any action described below or would result therefrom:

 

(a)          each
Subsidiary may make Restricted Payments to any Person that owns Equity Interests in such Subsidiary, ratably according to their
respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made;

 

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

 

(c)          so
long as no Event of Default exists or would result therefrom, the Borrower may redeem, acquire, retire, repurchase or settle its
Equity Interests held by current or former officers, managers, consultants, directors and employees (or their respective spouses,
former spouses, successors, executors, administrators, heirs, legatees or distributees) of the Borrower, or any of the other Loan
Parties, in each case upon the death, disability, retirement or termination of employment of any such Person or otherwise in accordance
with any equity incentive plan or any other employment inventive agreements, in an aggregate amount for all such Restricted Payments
not to exceed $500,000 in any fiscal year; and

 

(d)          the
Borrower may make other Restricted Payments in amounts not to exceed (x) $2,000,000 in the aggregate in any fiscal year of the
Borrower and (y) $5,000,000 in the aggregate during the term of this Agreement, so long as (i) no Default then exists or would
result therefrom and (ii) after giving effect to any such Restricted Payment (and any Indebtedness incurred in connection therewith)
on a Pro Forma Basis, (A) the Consolidated Leverage Ratio would not be greater than the ratio that is 0.25 to 1.00 less than the
maximum ratio permitted under Section 7.11(a) as of the most recent fiscal quarter end for which the Loan Parties were required
to deliver financial statements pursuant to Section 6.01(a) or Section 6.01(b), as applicable, and the Borrower would
otherwise be in compliance with the financial covenants set forth in Section 7.11, in each case calculated on a Pro Forma
Basis as of the most recent fiscal quarter end for which the Loan Parties were required to deliver financial statements pursuant
to Section 6.01(a) or Section 6.01(b), as applicable, and (B) Liquidity is at least $3,000,000 (for the avoidance
of doubt, without counting the proceeds of any Indebtedness incurred in connection with such Restricted Payment as cash or Cash
Equivalents for purposes of determining Liquidity).

 

7.07        Change
in Nature of Business.

 

Engage in any material
line of business substantially different from those lines of business conducted by the Borrower and its Subsidiaries on the date
hereof or any business substantially related or incidental thereto.

 

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7.08        Transactions
with Affiliates.

 

Enter into or permit
to exist any transaction or series of transactions with any officer, director or Affiliate of such Person, or pay any management,
consulting, advisory or similar fees to any Person, other than (a) advances of working capital to any Loan Party, (b) transfers
of cash and assets to any Loan Party, (c) intercompany transactions expressly permitted by this Agreement, (d) reasonable
compensation and reimbursement of expenses of officers and directors, and (e) except as otherwise specifically limited in this
Agreement, other transactions which are entered into in the ordinary course of such Person’s business on terms and conditions
substantially as favorable to such Person as would be obtainable by it in a comparable arm’s length transaction with a Person
other than an officer, director or Affiliate.

 

7.09        Burdensome
Agreements.

 

Enter into, or permit
to exist, any Contractual Obligation (except for this Agreement and the other Loan Documents) that (a) encumbers or restricts
the ability of any such Person to (i) to act as a Loan Party; (ii) make Restricted Payments to any Loan Party, (iii) pay
any Indebtedness or other obligation owed to any Loan Party, (iv) make loans or advances to any Loan Party, or (v)
create any Lien upon any of their properties or assets, whether now owned or hereafter acquired, except, in the case of clauses
(a)(ii) - (a)(v), (1) for any document or instrument governing Indebtedness incurred pursuant to Section 7.02(c); provided
that any such restriction contained therein relates only to the asset or assets constructed or acquired in connection therewith,
(2) any Permitted Lien or any document or instrument governing any Permitted Lien, provided that any such restriction contained
therein relates only to the asset or assets subject to such Permitted Lien, (3) customary restrictions and conditions contained
in any agreement relating to the sale of any property permitted under Section 7.05 pending the consummation of such sale,
(4) applicable Laws, or (5) customary provisions in contracts prohibiting assignment, or (b) requires the grant of any Lien
on property for any obligation if a Lien on such property is given as security for the Secured Obligations.

 

7.10        Use
of Proceeds.

 

Use the proceeds of
any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry
margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying
margin stock or to refund indebtedness originally incurred for such purpose.

 

7.11        Financial
Covenants.

 

(a)          Consolidated
Leverage Ratio. Permit the Consolidated Leverage Ratio to be (i) greater than 4.75 to 1.00 as of the end of any fiscal quarter
of the Borrower ending on or prior to June 30, 2020 or (ii) greater than 4.50 to 1.00 as of the end of any fiscal quarter of the
Borrower ending thereafter.

 

(b)          Consolidated
Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio as of the end of any fiscal quarter of the
Borrower to be less than 1.35 to 1.00.

 

7.12        Amendments
of Organization Documents; Fiscal Year; Legal Name, Jurisdiction of Formation; Form of Entity and Accounting Changes.

 

(a)          Amend
any of its Organization Documents in a manner materially adverse to the Lenders without the prior written consent of the Administrative
Agent;

 

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(b)          change
its fiscal year;

 

(c)          without
providing ten (10) days prior written notice to the Administrative Agent (or such extended period of time as agreed to by the Administrative
Agent), change its name, jurisdiction of formation or form of organization; or

 

(d)          make
any material change in accounting policies or reporting practices, except as required by GAAP.

 

7.13        Sale
and Leaseback Transactions.

 

Enter into any Sale
and Leaseback Transaction.

 

7.14        Prepayments,
Etc. of Indebtedness.

 

Prepay, redeem, purchase,
defease or otherwise satisfy or obligate itself to do so prior to the scheduled maturity thereof in any manner (including by the
exercise of any right of setoff), or make any payment in violation of any subordination, standstill or collateral sharing terms
of or governing any Indebtedness, except (a) the prepayment of the Obligations in accordance with the terms of this Agreement,
and (b) regularly scheduled or required repayments or redemptions of Indebtedness under the Indebtedness set forth in Schedule 7.02
and refinancings and refundings of such Indebtedness in compliance with Section 7.02(b).

 

7.15        Amendment,
Etc. of Indebtedness.

 

Amend, modify or change
in any manner any term or condition of any Indebtedness (other than Indebtedness arising under the Loan Documents) if such amendment
or modification would add or change any terms in a manner adverse to any Loan Party or any Subsidiary, or shorten the final maturity
or average life to maturity or require any payment to be made sooner than originally scheduled or increase the interest rate applicable
thereto.

 

7.16        Sanctions.

 

Directly or indirectly,
use any Credit Extension or the proceeds of any Credit Extension, or lend, contribute or otherwise make available such Credit Extension
or the proceeds of any Credit Extension to any Person, to fund any activities of or business with any Person, or in any Designated
Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation
by any Person (including any Person participating in the transaction, whether as Lender, Arranger, Administrative Agent, L/C Issuer
or otherwise) of Sanctions.

 

7.17        Anti-Corruption
Laws.

 

Directly or indirectly,
use any Loan or the proceeds of any Loan for any purpose which would breach the United States Foreign Corrupt Practices Act of
1977, the Corruption of Foreign Public Officials Act (Canada), the UK Bribery Act 2010 and other similar anti-corruption legislation
in other jurisdictions.

 

7.18        New
Locations.

 

Enter into any lease
for any new Restaurant or other hospitality location, acquire any new Restaurant or other hospitality location (or any fee simple
interest in property for purposes of developing any new Restaurant or other hospitality location thereon), or commence development
of any new Restaurant or other hospitality location, unless in each case the Consolidated Leverage Ratio was less than 4.50 to
1.00 as of the most recent fiscal quarter end for which the Borrower was required to deliver financial statements pursuant to Section
6.01(a) or (b).

 

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7.19        Canadian
Defined Benefit Pension Plans.

 

Maintain, contribute
to, or incur any liability or contingent liability in respect of a Canadian Defined Benefit Pension Plan.

 

Article
VIII

EVENTS OF DEFAULT AND REMEDIES

 

8.01        Events
of Default.

 

Any of the following
shall constitute an Event of Default:

 

(a)          Non-Payment.
The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any
Loan or any L/C Obligation or deposit any funds as Cash Collateral in respect of L/C Obligations, or (ii) within three (3)
days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) within
five (5) days after the same becomes due, 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 6.01,
6.02, 6.03, 6.05(a), 6.10, 6.11, 6.12, 6.13, Article VII or Article
X; or

 

(c)          Other
Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a)
or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty
(30) days after the earlier of (i) the Borrower’s receipt of written notice thereof from the Administrative Agent or (ii)
any Responsible Officer of a Loan Party obtains knowledge thereof; or

 

(d)          Representations
and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the
Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith
shall be incorrect or misleading in any material respect (or, with respect to any such representation, warranty, certification
or statement of fact qualified by materiality or by reference to Material Adverse Effect, in any respect) when made or deemed made;
or

 

(e)          Cross-Default.
(i) Any Loan Party or any Subsidiary thereof (A) fails to make any payment when due within the applicable grace period,
if any (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise), in respect of any Indebtedness
or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including
undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement)
of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any such
Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event
occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the
beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries)
to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid,
defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be
made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or
(ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any
event of default under such Swap Contract as to which a Loan Party or any Subsidiary thereof is the Defaulting Party (as defined
in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which a Loan Party or any
Subsidiary thereof is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by such Loan Party
or such Subsidiary as a result thereof is greater than the Threshold Amount; or

 

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(f)          Insolvency
Proceedings, Etc. Any Loan Party or any Subsidiary thereof (other than a U.K. Loan Party) institutes or consents to the institution
of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; makes a proposal to its creditors
or files notice of its intention to do so, institutes any other proceeding under applicable Law seeking to adjudicate it a bankrupt
or an insolvent, or seeking liquidation, dissolution, winding-up, reorganization, compromise, arrangement, adjustment, protection,
moratorium, relief, stay of proceedings of creditors, composition of it or its debts or any other similar relief; or applies for
or consents to the appointment of any receiver, receiver-manager, trustee, custodian, conservator, liquidator, rehabilitator or
similar officer for it or for all or any material part of its property; or any receiver, receiver-manager, trustee, custodian,
conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the
appointment continues undischarged or unstayed for sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating
to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues
undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in any such proceeding and, in respect
of any U.K. Loan Party, any corporate action, legal proceedings or other formal procedure or step is taken in relation to (i) the
suspension of payments, a moratorium of indebtedness, winding-up, dissolution, administration or reorganization (by way of voluntary
arrangement, scheme of arrangement or otherwise) of that U.K. Loan Party, (ii) a composition, compromise, assignment or arrangement
with any creditor of that U.K. Loan Party (other than the Administrative Agent), (iii) the appointment of a liquidator, receiver,
administrative receiver, administrator, compulsory manager or other similar officer in respect of that U.K. Loan Party or any of
its assets, or (iv) enforcement of any security over any of such U.K. Loan Party's assets in each case, except for any winding-up
petition which is frivolous or vexatious and is discharged, stayed, or dismissed within five (5) Business Days of commencement;
or

 

(g)          Inability
to Pay Debts; Attachment. (i) Any Loan Party or any Subsidiary thereof (other than a U.K. Loan Party) becomes unable or
admits in writing its inability or fails generally to pay its debts as they become due, (ii) any writ or warrant of attachment
or execution or similar process is issued or levied against all or any material part of the property of any Loan Party or any Subsidiary
(other than a U.K. Loan Party) and is not released, vacated or fully bonded within thirty (30) days after its issue or levy, or
(iii) with respect to any U.K. Loan Party (A) such U.K. Loan Party (1) is unable or admits inability to pay its debts as they fall
due, (2) suspends making payment on any of its debts, or (3) by reason of actual or anticipated financial difficulties commences
negotiations with one or more of its creditors (other than the Administrative Agent, the Lenders and the L/C Issuer in their respective
capacities as such) with a view to rescheduling its indebtedness, (B) is unable to pay its debts within the meaning of section
123(2) of the Insolvency Act 1986 (unless such adjudication or finding is capable of remedy and is remedied within five (5) Business
Days of that U.K. Loan Party becoming aware of such adjudication or finding) or (C) a moratorium is declared in respect of any
of its indebtedness; or

 

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(h)          Judgments.
There is entered against any Loan Party or any Subsidiary thereof (i) one or more final judgments or orders for the payment
of money in an aggregate amount (as to all such judgments and orders) exceeding the Threshold Amount (to the extent not covered
by independent third-party insurance as to which the insurer is rated at least “A” by A.M. Best Company, has been notified
of the claim and does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings
are commenced by any creditor (other than the Lenders) upon such judgment or order, or (B) there is a period of twenty (20)
consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect;
or

 

(i)           ERISA,
etc. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably
be expected to result in liability of any Loan Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC
in an aggregate amount in excess of the Threshold Amount, or (ii) the Borrower or any ERISA Affiliate fails to pay when due,
after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section
4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount, or (iii) any material failure
by any Loan Party or any Subsidiary to perform its obligations under a Canadian Pension Plan which has resulted or could reasonably
be expected to result in liability of any Loan Party in an aggregate amount in excess of the Threshold Amount; or

 

(j)            Invalidity
of Loan Documents. Any material provision of any Loan Document, at any time after its execution and delivery and for any reason
other than as expressly permitted hereunder or thereunder or satisfaction in full of all Obligations arising under the Loan Documents,
ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner the validity or enforceability
of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision
of any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document; or

 

(k)          Collateral
Documents. Any Collateral Document after delivery thereof pursuant to the terms of the Loan Documents shall for any reason
cease to create a valid and perfected first priority Lien (subject to Permitted Liens) on the Collateral purported to be covered
thereby, or any Loan Party shall assert the invalidity of such Liens; or

 

(l)           Change
of Control. There occurs any Change of Control.

 

Without limiting the
provisions of Article IX, if a Default shall have occurred under the Loan Documents, then such Default will continue to
exist until it either is cured (to the extent specifically permitted) in accordance with the Loan Documents or is otherwise expressly
waived by Administrative Agent (with the approval of requisite Appropriate Lenders (in their sole discretion) as determined in
accordance with Section 11.01); and once an Event of Default occurs under the Loan Documents, then such Event of Default
will continue to exist until it is expressly waived by the requisite Appropriate Lenders or by the Administrative Agent with the
approval of the requisite Appropriate Lenders, as required hereunder in Section 11.01.

 

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8.02        Remedies
upon Event of Default.

 

If any Event of Default
occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders,
take any or all of the following actions:

 

(a)          declare
the Commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated,
whereupon such commitments and obligation shall be terminated;

 

(b)          declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice
of any kind, all of which are hereby expressly waived by the Borrower;

 

(c)          require
that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect thereto);
and

 

(d)          exercise
on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under
the Loan Documents or applicable Law or equity;

 

provided, however, that upon
the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the
United States, the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall
automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall
automatically become due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid
shall automatically become effective, in each case without further act of the Administrative Agent or any Lender.

 

8.03        Application
of Funds.

 

After the exercise
of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the
L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02)
or if at any time insufficient funds are received by and available to the Administrative Agent to pay fully all Secured Obligations
then due hereunder, any amounts received on account of the Secured Obligations shall, subject to the provisions of Section 2.12
and Section 2.14, be applied by the Administrative Agent in the following order:

 

First,
to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (including fees,
charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative
Agent in its capacity as such;

 

Second,
to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal, interest
and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the
respective Lenders and the L/C Issuer) arising under the Loan Documents and amounts payable under Article III, ratably among
them in proportion to the respective amounts described in this clause Second payable to them;

 

Third,
to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the
Loans, L/C Borrowings and other Secured Obligations arising under the Loan Documents, ratably among the Lenders and the L/C Issuer
in proportion to the respective amounts described in this clause Third payable to them;

 

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Fourth,
to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans, L/C Borrowings and Secured Obligations
then owing under Secured Hedge Agreements and Secured Cash Management Agreements, and to the to the Administrative Agent for the
account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters
of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant to Sections 2.13 and 2.14, in
each case ratably among the Administrative Agent, the Lenders, the L/C Issuer, the Hedge Banks and the Cash Management Banks in
proportion to the respective amounts described in this clause Fourth held by them; and

 

Last,
the balance, if any, after all of the Secured Obligations have been paid in full, to the Borrower or as otherwise required by Law.

 

Subject to Sections 2.13(c) and
2.14, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above
shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral
after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Secured
Obligations, if any, in the order set forth above. Excluded Swap Obligations with respect to any Guarantor shall not be paid with
amounts received from such Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other
Loan Parties to preserve the allocation to Secured Obligations otherwise set forth above in this Section.

 

Notwithstanding the foregoing, Secured
Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements shall be excluded from the application
described above if the Administrative Agent has not received a Secured Party Designation Notice, together with such supporting
documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may
be. Each Cash Management Bank or Hedge Bank not a party to this Agreement that has given the notice contemplated by the preceding
sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant
to the terms of Article IX for itself and its Affiliates as if a “Lender” party hereto.

 

Article
IX

ADMINISTRATIVE AGENT

 

9.01        Appointment
and Authority.

 

(a)          Appointment.
Each of the Lenders and the L/C Issuer hereby irrevocably appoints, designates and authorizes Bank of America to act on its behalf
as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions
on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together
with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of
the Administrative Agent, the Lenders and the L/C Issuer, and neither the Borrower nor any other Loan Party shall have rights as
a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein
or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote
any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term
is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting
parties.

 

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(b)          Collateral
Agent. The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of
the Lenders (including in its capacities as a potential Hedge Bank and a potential Cash Management Bank) and the L/C Issuer hereby
irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and the L/C Issuer for purposes
of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Secured
Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative
Agent, as “collateral agent” (and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent
pursuant to Section 9.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted
under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent),
shall be entitled to the benefits of all provisions of this Article IX and Article XI (including Section 11.04(c),
as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as
if set forth in full herein with respect thereto.

 

9.02        Rights
as a Lender.

 

The Person serving
as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and
may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative
Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities
of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust, financial,
advisory, underwriting or other business with any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were
not the Administrative Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent
of the Lenders with respect thereto.

 

9.03        Exculpatory
Provisions.

 

(a)          The
Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents,
and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative
Agent and its Related Parties:

 

(i)          shall
not be subject to any fiduciary or other implied duties, regardless of whether a 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 or by the other Loan Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in
its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document
or applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor
Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any
Debtor Relief Law; and

 

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(iii)        shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty or responsibility to disclose, and shall
not be liable for the failure to disclose, any information relating to any Loan Party or any of its Affiliates that is communicated
to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

(b)          Neither
the Administrative Agent nor any of its Related Parties shall be liable for any action taken or not taken by the Administrative
Agent under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby
(i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall
be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided
in Sections 11.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined
by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to have
knowledge of any Default unless and until notice describing such Default is given in writing to the Administrative Agent by the
Borrower, a Lender or the L/C Issuer.

 

(c)          Neither
the Administrative Agent nor any of its Related Parties have any duty or obligation to any Lender or participant or any other Person
to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or
any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder
or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms
or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness
or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection
or priority of any Lien purported to be created by the Collateral Documents, (v) the value or the sufficiency of any Collateral,
or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt
of items expressly required to be delivered to the Administrative Agent.

 

9.04        Reliance
by Administrative Agent.

 

The Administrative
Agent shall be entitled to rely upon, and shall be fully protected in relying and shall not incur any liability for relying upon,
any notice, request, certificate, communication, consent, statement, instrument, document or other writing (including any electronic
message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent
or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or
by telephone and believed by it to have been made by the proper Person, and shall be fully protected in relying and shall not incur
any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance,
extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the
L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the
Administrative Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the making of such
Loan or the issuance, extension, renewal or increase of such Letter of Credit. The Administrative Agent may consult with legal
counsel (who may be counsel for the Loan Parties), independent accountants and other experts selected by it, and shall not be liable
for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. For purposes
of determining compliance with the conditions specified in Section 4.01, each Lender that has signed this Agreement shall
be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder
to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received
notice from such Lender prior to the proposed Closing Date specifying its objections.

 

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9.05        Delegation
of Duties.

 

The Administrative
Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or
through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform
any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions
of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent,
and shall apply to their respective activities in connection with the syndication of the Facilities as well as activities as Administrative
Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent
that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with
gross negligence or willful misconduct in the selection of such sub-agents.

 

9.06        Resignation
of Administrative Agent.

 

(a)          Notice.
The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Borrower. Upon receipt
of any such notice of resignation, the Required Lenders shall have the right, with the consent of the Borrower so long as no Event
of Default exists (such consent not to be unreasonably withheld or delayed), to appoint a successor, which shall be a bank with
an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall
have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring
Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation
Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders
and the L/C Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that in
no event shall any successor Administrative Agent be a Defaulting Lender. Whether or not a successor has been appointed, such resignation
shall become effective in accordance with such notice on the Resignation Effective Date.

 

(b)          Effect
of Resignation. With effect from the Resignation Effective Date (i) the retiring Administrative Agent shall be discharged
from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security
held by the Administrative Agent on behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring Administrative
Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii) except
for any indemnity payments or other amounts then owed to the retiring Administrative Agent, all payments, communications and
determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the
L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for
above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the retiring Administrative Agent (other than as provided
in Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the retiring Administrative
Agent as of the Resignation Effective Date), and the retiring Administrative Agent shall be discharged from all of its duties and
obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section).
The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless
otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder
and under the other Loan Documents, the provisions of this Article and Section 11.04 shall continue in effect for the
benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken
or omitted to be taken by any of them (i) while the retiring Administrative Agent was acting as Administrative Agent and (ii) after
such resignation or removal for as long as any of them continues to act in any capacity hereunder or under the other Loan Documents,
including, without limitation, (A) acting as collateral agent or otherwise holding any collateral security on behalf of any of
the Secured Parties and (B) in respect of any actions taken in connection with transferring the agency to any successor Administrative
Agent.

 

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(c)          L/C
Issuer. Any resignation or removal by Bank of America as Administrative Agent pursuant to this Section shall also constitute
its resignation as L/C Issuer. If Bank of America resigns as an L/C Issuer, it shall retain all the rights, powers, privileges
and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation
as L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make Base Rate Loans
or fund risk participations in Unreimbursed Amounts pursuant to Section 2.13(c). Upon the appointment by the Borrower of
a successor L/C Issuer hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender), (i) such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, (ii) the retiring
L/C Issuer shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents, and (iii) the
successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of
such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America
with respect to such Letters of Credit.

 

9.07        Non-Reliance
on Administrative Agent and Other Lenders.

 

Each Lender and the
L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any
of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis
and decision to enter into this Agreement. Each Lender and the L/C Issuer also acknowledges that it will, independently and without
reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information
as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based
upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

9.08        No
Other Duties, Etc.

 

Anything herein to
the contrary notwithstanding, none of the titles listed on the cover page hereof shall have any powers, duties or responsibilities
under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the
L/C Issuer or a Lender hereunder.

 

9.09        Administrative
Agent May File Proofs of Claim; Credit Bidding.

 

In case of the pendency
of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent
(irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration
or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled
and empowered, by intervention in such proceeding or otherwise:

 

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(a)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations
and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in
order to have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and
counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent under Sections 2.07, 2.08(b),
2.13(h) and 11.04) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
and the L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent
to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for
the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any
other amounts due the Administrative Agent under Sections 2.07, 2.08(b) and 11.04.

 

Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or
the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights
of any Lender or the L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or the L/C
Issuer in any such proceeding.

 

The Secured Parties
hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion
of the Secured Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations
pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition
vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code of
the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws
in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in
lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or
otherwise) in accordance with any applicable Law.  In connection with any such credit bid and purchase, the Secured Obligations
owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Secured Obligations with
respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would
vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used
in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of
the acquisition vehicle or vehicles that are used to consummate such purchase).  In connection with any such bid (i) the Administrative
Agent shall be authorized to form one or more acquisition vehicles to make a bid, (ii) to adopt documents providing for the governance
of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition
vehicle or vehicles, including any disposition of the assets or Equity Interests thereof shall be governed, directly or indirectly,
by the vote of the Required Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations
on actions by the Required Lenders contained in clauses (a) through (h) of Section 11.01 of this Agreement), (iii) the Administrative
Agent shall be authorized to assign the relevant Secured Obligations to any such acquisition vehicle pro rata by the Lenders, as
a result of which each of the Lenders shall be deemed to have received a pro rata portion of any Equity Interests and/or debt instruments
issued by such an acquisition vehicle on account of the assignment of the Secured Obligations to be credit bid, all without the
need for any Secured Party or acquisition vehicle to take any further action, and (iv) to the extent that Secured Obligations that
are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher
or better, because the amount of Secured Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid
by the acquisition vehicle or otherwise), such Secured Obligations shall automatically be reassigned to the Lenders pro rata and
the Equity Interests and/or debt instruments issued by any acquisition vehicle on account of the Secured Obligations that had been
assigned to the acquisition vehicle shall automatically be cancelled, without the need for any Secured Party or any acquisition
vehicle to take any further action.

 

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9.10        Collateral
and Guaranty Matters.

 

Each of the Lenders
(including in its capacities as a potential Cash Management Bank and a potential Hedge Bank) and the L/C Issuer irrevocably authorizes
the Administrative Agent, at its option and in its discretion,

 

(a)          to
release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon the Facility
Termination Date, (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection
with any sale or other disposition permitted hereunder or under any other Loan Document, or (iii) if approved, authorized
or ratified in writing by the Required Lenders in accordance with Section 11.01;

 

(b)          to
subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any
Lien on such property that is permitted by Section 7.01(i); and

 

(c)          to
release any Guarantor from its obligations under the Loan Documents if such Person ceases to be a Subsidiary as a result of a transaction
permitted under the Loan Documents.

 

Upon request by the
Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release
or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the
Guaranty pursuant to this Section 9.10. In each case as specified in this Section 9.10, the Administrative Agent
will, at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably
request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral
Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guaranty, in
each case in accordance with the terms of the Loan Documents and this Section 9.10.

 

The Administrative
Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence,
value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon,
or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable
to the Lenders for any failure to monitor or maintain any portion of the Collateral.

 

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9.11        Secured
Cash Management Agreements and Secured Hedge Agreements.

 

Except as otherwise
expressly set forth herein, no Cash Management Bank or Hedge Bank that obtains the benefit of the provisions of Section 8.03,
the Guaranty or any Collateral by virtue of the provisions hereof or any Collateral Document shall have any right to notice of
any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect
of the Collateral (including the release or impairment of any Collateral) (or to notice of or to consent to any amendment, waiver
or modification of the provisions hereof or of the Guaranty or any Collateral Document) other than in its capacity as a Lender
and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article
IX to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements
have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements
except to the extent expressly provided herein and unless the Administrative Agent has received a Secured Party Designation Notice
of such Secured Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable
Cash Management Bank or Hedge Bank, as the case may be. The Administrative Agent shall not be required to verify the payment of,
or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management
Agreements and Secured Hedge Agreements in the case of a Facility Termination Date.

 

9.12        ERISA
Matters.

 

(a)          Each
Lender (i) represents and warrants, as of the date such Person became a Lender party hereto, and (ii) 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, the Arranger, and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of any Loan Party,
that at least one of the following is and will be true: (A) such Lender is not using “plan assets” (within the meaning
of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans,
the Letters of Credit or the Commitments; (B) 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, (C)(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 Loans, the Letters of Credit, the Commitments and this
Agreement, (3) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the
Commitments and this Agreement satisfies the requirements of subsections (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 Loans, the Letters of Credit, the Commitments and this
Agreement; or (D) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent,
in its sole discretion, and such Lender.

 

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(b)          In
addition, unless subclause (A) 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 subclause (D) in the immediately preceding
clause (a), such Lender further (i) represents and warrants, as of the date such Person became a Lender party hereto, and
(ii) 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, the Arranger, and their respective Affiliates, and not, for the avoidance of doubt,
to or for the benefit of any Loan Party, that: (A) none of the Administrative Agent, the Arranger, or any of their respective Affiliates
is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights
by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto); (B) the Person
making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of
and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of 29
CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or
has under management or control, total assets of at least $50,000,000, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E);
(C) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment
risks independently, both in general and with regard to particular transactions and investment strategies (including in respect
of the Secured Obligations); (D) the Person making the investment decision on behalf of such Lender with respect to the entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement
is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Letters of Credit, the Commitments and this Agreement
and is responsible for exercising independent judgment in evaluating the transactions hereunder; and (E) no fee or other compensation
is being paid directly to the Administrative Agent, the Arranger, or any their respective Affiliates for investment advice (as
opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments or this Agreement.

 

(c)          Each
of the Administrative Agent and the Arranger hereby informs the Lenders that each such Person is not undertaking to provide impartial
investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that
such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may
receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, (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.

 

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Article
X

CONTINUING GUARANTY

 

10.01      Guaranty.

 

Each Guarantor hereby
absolutely and unconditionally, jointly and severally guarantees, as primary obligor and as a guaranty of payment and performance
and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration,
demand or otherwise, and at all times thereafter, of any and all Secured Obligations (for each Guarantor, subject to the proviso
in this sentence, its “Guaranteed Obligations”); provided that (a) the Guaranteed Obligations of a Guarantor
shall exclude any Excluded Swap Obligations with respect to such Guarantor and (b) the liability of each Guarantor individually
with respect to this Guaranty shall be limited to an aggregate amount equal to the largest amount that would not render its obligations
hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any
applicable state law. The Administrative Agent’s books and records showing the amount of the Obligations shall be admissible
in evidence in any action or proceeding, and shall be binding upon each Guarantor, and, in the absence of manifest error, conclusive
for the purpose of establishing the amount of the Secured Obligations. This Guaranty shall not be affected by the genuineness,
validity, regularity or enforceability of the Secured Obligations or any instrument or agreement evidencing any Secured Obligations,
or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact
or circumstance relating to the Secured Obligations which might otherwise constitute a defense to the obligations of the Guarantors,
or any of them, under this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire
in any way relating to any or all of the foregoing.

 

10.02      Rights
of Lenders.

 

Each Guarantor consents
and agrees that the Secured Parties may, at any time and from time to time, without notice or demand, and without affecting the
enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise
change the time for payment or the terms of the Secured Obligations or any part thereof; (b) take, hold, exchange, enforce,
waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Secured Obligations;
(c) apply such security and direct the order or manner of sale thereof as the Administrative Agent, the L/C Issuer and the
Lenders in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors
of any of the Secured Obligations. Without limiting the generality of the foregoing, each Guarantor consents to the taking of,
or failure to take, any action which might in any manner or to any extent vary the risks of such Guarantor under this Guaranty
or which, but for this provision, might operate as a discharge of such Guarantor.

 

10.03      Certain
Waivers.

 

Each Guarantor waives
(a) any defense arising by reason of any disability or other defense of the Borrower or any other guarantor, or the cessation
from any cause whatsoever (including any act or omission of any Secured Party) of the liability of the Borrower or any other Loan
Party; (b) any defense based on any claim that such Guarantor’s obligations exceed or are more burdensome than those
of the Borrower or any other Loan Party; (c) the benefit of any statute of limitations affecting any Guarantor’s liability
hereunder; (d) any right to proceed against the Borrower or any other Loan Party, proceed against or exhaust any security
for the Secured Obligations, or pursue any other remedy in the power of any Secured Party whatsoever; (e) any benefit of and
any right to participate in any security now or hereafter held by any Secured Party; and (f) to the fullest extent permitted
by law, any and all other defenses or benefits that may be derived from or afforded by applicable Law limiting the liability of
or exonerating guarantors or sureties (other than defense of payment of the Obligations). Each Guarantor expressly waives all setoffs
and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests,
notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Secured
Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Secured
Obligations.

 

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10.04      Obligations
Independent.

 

The obligations of
each Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Secured Obligations
and the obligations of any other guarantor, and a separate action may be brought against each Guarantor to enforce this Guaranty
whether or not the Borrower or any other person or entity is joined as a party.

 

10.05      Subrogation.

 

No Guarantor shall
exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes
under this Guaranty until all of the Secured Obligations and any amounts payable under this Guaranty have been paid and performed
in full and the Commitments and the Facilities are terminated. If any amounts are paid to a Guarantor in violation of the foregoing
limitation, then such amounts shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to the
Secured Parties to reduce the amount of the Secured Obligations, whether matured or unmatured.

 

10.06      Termination;
Reinstatement.

 

This Guaranty is a
continuing and irrevocable guaranty of all Secured Obligations now or hereafter existing and shall remain in full force and effect
until the Facility Termination Date. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be
revived, as the case may be, if any payment by or on behalf of the Borrower or a Guarantor is made, or any of the Secured Parties
exercises its right of setoff, in respect of the Secured Obligations and such payment or the proceeds of such setoff or any part
thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any
settlement entered into by any of the Secured Parties in their discretion) to be repaid to a trustee, receiver or any other party,
in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff
had not occurred and whether or not the Secured Parties are in possession of or have released this Guaranty and regardless of any
prior revocation, rescission, termination or reduction. The obligations of each Guarantor under this paragraph shall survive termination
of this Guaranty.

 

10.07      Stay
of Acceleration.

 

If acceleration of
the time for payment of any of the Secured Obligations is stayed, in connection with any case commenced by or against a Guarantor
or the Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by each Guarantor, jointly
and severally, immediately upon demand by the Secured Parties.

 

10.08      Condition
of Borrower.

 

Each Guarantor acknowledges
and agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrower and any other guarantor
such information concerning the financial condition, business and operations of the Borrower and any such other guarantor as such
Guarantor requires, and that none of the Secured Parties has any duty, and such Guarantor is not relying on the Secured Parties
at any time, to disclose to it any information relating to the business, operations or financial condition of the Borrower or any
other guarantor (each Guarantor waiving any duty on the part of the Secured Parties to disclose such information and any defense
relating to the failure to provide the same).

 

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10.09      Appointment
of Borrower.

 

Each of the Loan Parties
hereby appoints the Borrower to act as its agent for all purposes of this Agreement, the other Loan Documents and all other documents
and electronic platforms entered into in connection herewith and agrees that (a) the Borrower may execute such documents and
provide such authorizations on behalf of such Loan Parties as the Borrower deems appropriate in its sole discretion and each Loan
Party shall be obligated by all of the terms of any such document and/or authorization executed on its behalf, (b) any notice
or communication delivered by the Administrative Agent, L/C Issuer or a Lender to the Borrower shall be deemed delivered to each
Loan Party and (c) the Administrative Agent, L/C Issuer or the Lenders may accept, and be permitted to rely on, any document,
authorization, instrument or agreement executed by the Borrower on behalf of each of the Loan Parties.

 

10.10      Right
of Contribution.

 

The Guarantors agree
among themselves that, in connection with payments made hereunder, each Guarantor shall have contribution rights against the other
Guarantors as permitted under applicable Law.

 

10.11      Keepwell.

 

Each Loan Party that
is a Qualified ECP Guarantor at the time the Guaranty or the grant of a Lien under the Loan Documents, in each case, by any Specified
Loan Party becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and
irrevocably undertakes to provide such funds or other support to each Specified Loan Party with respect to such Swap Obligation
as may be needed by such Specified Loan Party from time to time to honor all of its obligations under the Loan Documents in respect
of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without
rendering such Qualified ECP Guarantor’s obligations and undertakings under this Article X voidable under applicable
law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings
of each Qualified ECP Guarantor under this Section shall remain in full force and effect until the Secured Obligations have been
paid and performed in full. Each Loan Party intends this Section to constitute, and this Section shall be deemed to constitute,
a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of, each Specified
Loan Party for all purposes of the Commodity Exchange Act.

 

10.12      Guaranty
Limitations.

 

The Guaranty under
this Article X shall not apply to any liability to the extent that it would result in this Guaranty constituting unlawful
financial assistance within the meaning of sections 678 or 679 of the Companies Act 2006 (in respect of a Loan Party incorporated
in England and Wales) and, with respect to any Guarantor who accedes to this Agreement pursuant to a Joinder Agreement, is subject
to any limitations as may be more particularly described in that Joinder Agreement as are applicable to that Guarantor.

 

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Article
XI

MISCELLANEOUS

 

11.01      Amendments,
Etc.

 

No amendment or waiver
of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan
Party therefrom, shall be effective unless in writing signed by the Required Lenders (or by the Administrative Agent with the consent
of the Required Lenders) and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative
Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which
given; provided, however, that no such amendment, waiver or consent shall:

 

(a)          extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written
consent of such Lender (it being understood and agreed that a waiver of any condition precedent in Section 4.02 or of any
Default or a mandatory reduction in Commitments is not considered an extension or increase in Commitments of any Lender);

 

(b)          postpone
any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal,
interest, fees or other amounts due to the Lenders (or any of them) hereunder or under such other Loan Document without the written
consent of each Lender entitled to such payment;

 

(c)          reduce
the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iii) of the second
proviso to this Section 11.01) any fees or other amounts payable hereunder or under any other Loan Document, without
the written consent of each Lender entitled to such amount; provided, however, that (i) only the consent of the Required
Lenders shall be necessary to (A) amend the definition of “Default Rate” or to waive any obligation of the Borrower
to pay interest or Letter of Credit Fees at the Default Rate or (B) 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, and (ii) this Agreement may be amended to replace LIBOR with a LIBOR Successor Rate and to
make any necessary LIBOR Successor Rate Conforming Changes in connection therewith, in each case as contemplated by Section
3.07;

 

(d)          change
(i) Section 8.03 or Section 2.11 in a manner that would alter the pro rata sharing of payments required thereby
without the written consent of each Lender or (ii) Section 2.10(f) in a manner that would alter the pro rata application
required thereby without the written consent of each Lender directly affected thereby;

 

(e)          change
any provision of the first proviso of this Section 11.01 or the definition of “Required Lenders” or any other
provision of any Loan Document specifying the number or percentage of Lenders required to amend, waive or otherwise modify any
rights hereunder or thereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;

 

(f)          release
all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent of
each Lender;

 

(g)          release
all or substantially all of the value of the Guaranty, without the written consent of each Lender, except to the extent the release
of any Subsidiary from the Guaranty is permitted pursuant to Section 9.10 (in which case such release may be made by the
Administrative Agent acting alone); or

 

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(h)          release
the Borrower or permit the Borrower to assign or transfer any of its rights or obligations under this Agreement or the other Loan
Documents without the consent of each Lender;

 

and provided, further, that,
notwithstanding anything herein to the contrary: (i) no amendment, waiver or consent shall, unless in writing and signed by the
L/C Issuer in addition to the Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any
Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless
in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the
Administrative Agent under this Agreement or any other Loan Document; (iii) any fee letters executed in connection with the
Facilities may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto; (iv) no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment,
waiver or consent which by its terms requires the consent of all Lenders or each affected Lender, or all Lenders or each affected
Lender under a Facility, may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that
(A) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (B) any
waiver, amendment or modification requiring the consent of all Lenders or each affected Lender, or all Lenders or each affected
Lender under a Facility, that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected
Lenders shall require the consent of such Defaulting Lender; (v) each Lender is entitled to vote as such Lender sees fit on
any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c)
of the Bankruptcy Code of the United States supersedes the unanimous consent provisions set forth herein; (vi) the Required
Lenders shall determine whether or not to allow a Loan Party to use cash collateral in the context of a bankruptcy or insolvency
proceeding and such determination shall be binding on all of the Lenders; (vii) in order to implement any increase in Commitments
pursuant to Section 2.02(g), this Agreement and any other Loan Document may be amended (including any amendments contemplated
by Sections 2.02(g)(ix) and 2.02(g)(x)) for such purpose (but solely to the extent necessary to implement such increase
in Commitments and otherwise in accordance with Section 2.02(g)) by the Loan Parties, the Administrative Agent and each
Lender providing a portion of such increase in Commitments; (viii) this Agreement may be amended (or amended and restated) with
the written consent of the Required Lenders, the Administrative Agent, the Loan Parties, and the relevant Lenders providing such
additional credit facilities (A) to add one or more additional credit facilities to this Agreement, to permit the extensions of
credit from time to time outstanding hereunder and the accrued interest and fees in respect thereof to share ratably in the benefits
of this Agreement and the other Loan Documents with the Revolving Loans and the accrued interest and fees in respect thereof and
to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders (or any similar
defined term specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or
to make any determination or grant any consent hereunder), and (B) to change, modify or alter Section 2.10(f), Section
2.11, Section 8.03 or any other provision hereof relating to the pro rata sharing of payments among the Lenders to the
extent necessary to effectuate any of the amendments (or amendments and restatements) enumerated in this clause (viii); (ix) the
Administrative Agent may, with the prior written consent of the Borrower only, amend, modify or supplement this Agreement or any
of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency; and (x) as to any amendment, amendment
and restatement or other modifications otherwise approved in accordance with this Section, it shall not be necessary to obtain
the consent or approval of any Lender that, upon giving effect to such amendment, amendment and restatement or other modification,
would have no Commitment or outstanding Loans so long as such Lender receives payment in full of the principal of and interest
accrued on each Loan made by, and all other amounts owing to, such Lender or accrued for the account of such Lender under this
Agreement and the other Loan Documents at the time such amendment, amendment and restatement or other modification becomes effective.

 

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If any Lender does not consent to a proposed
amendment, waiver, consent or release with respect to any Loan Document that requires the consent of each Lender and that has been
approved by the Required Lenders, the Borrower may replace such Non-Consenting Lender in accordance with Section 11.13;
provided that such amendment, waiver, consent or release can be effected as a result of the assignment contemplated by such
Section (together with all other such assignments required by the Borrower to be made pursuant to this paragraph).

 

11.02      Notices;
Effectiveness; Electronic Communications.

 

(a)          Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax transmission or e-mail transmission
as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the
applicable telephone number, as follows:

 

(i)          if
to the Borrower or any other Loan Party, the Administrative Agent or the L/C Issuer, to the address, fax number, e-mail address
or telephone number specified for such Person on Schedule 1.01(a); and

 

(ii)         if
to any other Lender, to the address, fax number, e-mail address or telephone number specified in its Administrative Questionnaire
(including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then
in effect for the delivery of notices that may contain material non-public information relating to the Borrower).

 

Notices and
other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have
been given when received; notices and other communications sent by fax transmission shall be deemed to have been given when sent
(except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of
business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications
to the extent provided in subsection (b) below shall be effective as provided in such subsection (b).

 

(b)          Electronic
Communications. Notices and other communications to the Administrative Agent, the L/C Issuer and the Lenders hereunder may
be delivered or furnished by electronic communication (including e-mail, FPML messaging and Internet or intranet websites) pursuant
to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender
or the L/C Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable, has notified the Administrative
Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent, the L/C
Issuer or the Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices
or communications.

 

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Unless the
Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received
upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement) and (ii) notices and other communications posted to an
Internet or intranet website shall be deemed received by the intended recipient upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail address
or other written acknowledgement) indicating that such notice or communication is available and identifying the website address
therefor; provided that for both clauses (i) and (ii), if such notice or other communication is not sent during the normal
business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business
on the next Business Day for the recipient.

 

(c)          The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW)
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE
DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative
Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower,
any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort,
contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative Agent’s transmission
of Borrower Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through
the Internet.

 

(d)          Change
of Address, Etc. Each of the Borrower, the Administrative Agent and the L/C Issuer may change its address, fax number or telephone
number or e-mail address for notices and other communications hereunder by notice to the other parties hereto. Each other Lender
may change its address, fax number or telephone number or e-mail address for notices and other communications hereunder by notice
to the Borrower, the Administrative Agent and the L/C Issuer. In addition, each Lender agrees to notify the Administrative Agent
from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone
number, fax number and e-mail address to which notices and other communications may be sent and (ii) accurate wire instructions
for such Lender. Furthermore, each Public Lender agrees to cause at least one (1) individual at or on behalf of such Public Lender
to at all times have selected the “Private Side Information” or similar designation on the content declaration screen
of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance
procedures and applicable Law, including United States federal and state securities Laws, to make reference to Borrower Materials
that are not made available through the “Public Side Information” portion of the Platform and that may contain material
non-public information with respect to the Borrower or its securities for purposes of United States federal or state securities
laws.

 

(e)          Reliance
by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the L/C Issuer and the Lenders shall be entitled
to rely and act upon any notices (including, without limitation, telephonic or electronic notices, Loan Notices, Letter of Credit
Applications, and Notices of Loan Prepayment) purportedly given by or on behalf of any Loan Party even if (i) such notices
were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified
herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Loan Parties
shall indemnify the Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses,
costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of
a Loan Party. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the
Administrative Agent, and each of the parties hereto hereby consents to such recording.

 

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11.03      No
Waiver; Cumulative Remedies; Enforcement.

 

No failure by any,
the L/C Issuer or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power
or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise
of any right, remedy, power or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and
provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided
by law.

 

Notwithstanding anything
to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under
the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings
at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance
with Section 8.02 for the benefit of all the Lenders and the L/C Issuer; provided, however, that the foregoing shall
not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit
(solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer from exercising
the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer) hereunder and under the other Loan Documents,
(c) any Lender from exercising setoff rights in accordance with Section 11.08 (subject to the terms of Section 2.11),
or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a
proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no
Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have
the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters
set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.11, any Lender may, with the consent
of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

 

11.04      Expenses;
Indemnity; Damage Waiver.

 

(a)          Costs
and Expenses. The Loan Parties shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative
Agent and its Affiliates (including the reasonable and documented fees, charges and disbursements of counsel for the Administrative
Agent), 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 the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and
documented out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment, renewal or extension of
any Letter of Credit or any demand for payment thereunder and (iii) all reasonable and documented out-of-pocket expenses incurred
by the Administrative Agent, the L/C Issuer or any Lender (including the reasonable and documented fees, charges and disbursements
of any counsel for the Administrative Agent, the L/C Issuer or any Lender), in connection with the enforcement or protection of
its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or
(B) in connection with Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred
during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

 

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(b)          Indemnification
by the Loan Parties. The Loan Parties shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and
the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including
the reasonable and documented fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or
asserted against any Indemnitee by any Person (including the Borrower or any other Loan Party) arising out of, in connection with,
or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or
the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent
thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect
of any matters addressed in Section 3.01), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds
therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented
in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged
presence or release of Hazardous Materials on or from any property owned or operated by a Loan Party or any of its Subsidiaries,
or any Environmental Liability related in any way to a Loan Party or any of its Subsidiaries, or (iv) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory,
whether brought by a third party or by the Borrower or any other Loan Party or any of the Borrower’s or such Loan Party’s
directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses
(x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence
or willful misconduct of such Indemnitee (y) result from a claim brought by any Loan Party against an Indemnitee for breach in
bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if such Loan Party has obtained a
final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. Without limiting
the provisions of Section 3.01(c), this Section 11.04(b) shall not apply with respect to Taxes other than any
Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

(c)          Reimbursement
by Lenders. To the extent that the Loan Parties for any reason fail to pay any amount required under subsection (a) or (b)
of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the L/C Issuer or any Related Party of
any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the L/C Issuer or
such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such time) of such unpaid
amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among
them based on such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or
indemnity payment is sought), provided, further that, the unreimbursed expense or indemnified loss, claim, damage, liability
or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or
the L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent
(or any such sub-agent) or the L/C Issuer in connection with such capacity. The obligations of the Lenders under this subsection (c)
are subject to the provisions of Section 2.10(d).

 

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(d)          Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, no party hereto shall assert, and each party
hereto hereby waives, and acknowledges that no other Person shall have, any claim against any other party hereto and each Related
Party thereof, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof
(other than in respect of any such damages incurred or paid by an Indemnitee to a third party and to which such Indemnitee is otherwise
entitled to indemnification as provided above). No Indemnitee referred to in subsection (b) above shall be liable for any
damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients
by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement
or the other Loan Documents or the transactions contemplated hereby or thereby.

 

(e)          Payments.
All amounts due under this Section shall be payable not later than ten (10) Business Days after demand therefor.

 

(f)          Survival.
The agreements in this Section and the indemnity provisions of Section 11.02(e) shall survive the resignation of the Administrative
Agent and the L/C Issuer, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction
or discharge of all the other Obligations.

 

11.05      Payments
Set Aside.

 

To the extent that
any payment by or on behalf of the Borrower is made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative
Agent, the L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part
thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any
settlement entered into by the Administrative Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a trustee,
receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent
of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force
and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer severally
agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from
or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a
rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders and the L/C Issuer under
clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

 

11.06      Successors
and Assigns.

 

(a)          Successors
and Assigns Generally. The provisions of this Agreement and the other Loan Documents shall be binding upon and inure to the
benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, except neither the Borrower
nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder or under any other Loan Document
without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any
of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b)
of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or
(iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (e) of this Section
(and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed
or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated
hereby, the Related Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable right,
remedy or claim under or by reason of this Agreement.

 

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(b)          Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under
this Agreement and the other Loan Documents (including all or a portion of its Commitment(s) and the Loans (including for purposes
of this subsection (b), participations in L/C Obligations) at the time owing to it); provided that (in each case with respect
to any Facility) any such assignment shall be subject to the following conditions:

 

(i)          Minimum
Amounts.

 

(A)         in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment under any Facility and/or the
Loans at the time owing to it (in each case with respect to any Facility) or contemporaneous assignments to related Approved Funds
(determined after giving effect to such assignments) that equal at least the amount specified in paragraph (b)(i)(B) of this Section
in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need
be assigned; and

 

(B)         in
any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans
of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption,
as of the Trade Date, shall not be less than $1,000,000 in the case of any assignment in respect of a Revolving Commitment (and
the related Revolving Loans thereunder) and $1,000,000 in the case of any assignment in respect of the Term Loan, unless each of
the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each
such consent not to be unreasonably withheld or delayed); provided, that this Section 11.06(b)(i)(B) shall not apply
to assignments permitted pursuant to Section 9.09.

 

(ii)         Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement and the other Loan Documents with respect to the Loans and/or the Commitment assigned,
except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among
separate Facilities on a non-pro rata basis.

 

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(iii)        Required
Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section
and, in addition:

 

(A)         the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of
Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate
of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless
it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice
thereof; and provided, further, that the Borrower’s consent shall not be required during the primary syndication
of the Facilities;

 

(B)         the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments
in respect of (1) any unfunded Term Commitment or any Revolving Commitment if such assignment is to a Person that is not a
Lender with a Commitment in respect of the applicable Facility, an Affiliate of such Lender or an Approved Fund with respect to
such Lender or (2) any Term Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; and

 

(C)         the
consent of the L/C Issuer shall be required for any assignment in respect of the Revolving Facility.

 

(iv)        Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative
Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment; provided,
further, that such processing and recordation fee shall not apply to any assignment permitted pursuant to Section 9.09.
The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(v)         No
Assignment to Certain Persons. No such assignment shall be made (A) to the Borrower or any of the Borrower’s Affiliates
or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B), or (C) to a natural Person (or a holding company, investment
vehicle or trust for, or owned and operated for the primary benefit of a natural person).

 

(vi)        Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution
thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata
share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor
hereby irrevocably consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to
the Administrative Agent, the L/C Issuer or any Lender hereunder (and interest accrued thereon) and (B) acquire (and fund
as appropriate) its full pro rata share of all Loans and participations in Letters of Credit in accordance with its Applicable
Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender
hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee
of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

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Subject to acceptance and recording thereof
by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment
and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01,
3.04, 3.05 and 11.04 with respect to facts and circumstances occurring prior to the effective date of such
assignment); provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a
Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having
been a Defaulting Lender. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender.
Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection
shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with subsection (d) of this Section.

 

(c)          Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower (and such agency being solely
for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered
to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant
to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent
manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available
for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)          Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations
to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the
primary benefit of a natural Person, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries)
(each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations)
owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower,
the Administrative Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible
for the indemnity under Section 11.04(c) without regard to the existence of any participations.

 

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Any agreement
or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided
that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
waiver or other modification described in the first proviso to Section 11.01 that affects such Participant. The Borrower
agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 (subject to
the requirements and limitations therein, including the requirements under Section 3.01(e) (it being understood that the
documentation required under Section 3.01(e) shall be delivered to the Lender who sells the participation)) to the same
extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided
that such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 11.13 as if it were an
assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment under Sections
3.01 or 3.04, with respect to any participation, than the Lender from whom it acquired the applicable participation
would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in
Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at
the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions
of Section 3.06 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled
to the benefits of Section 11.08 as though it were a Lender; provided that such Participant agrees to be subject
to Section 2.11 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose
as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the
principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents
(the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any
portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s
interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to
the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in
registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall
be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance
of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant
Register.

 

(e)          Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note or Notes, if any) to secure obligations of such Lender, including any pledge or assignment to secure
obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of
its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

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(f)          Resignation
as L/C Issuer after Assignment. Notwithstanding anything to the contrary contained herein, if at any time Bank of America assigns
all of its Revolving Commitment and Revolving Loans pursuant to subsection (b) above, Bank of America may, upon thirty (30) days’
notice to the Borrower and the Lenders, resign as L/C Issuer. In the event of any such resignation as L/C Issuer, the Borrower
shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided, however, that no
failure by the Borrower to appoint any such successor shall affect the resignation of Bank of America as L/C Issuer. If Bank of
America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect
to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect
thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts
pursuant to Section 2.13(c)). Upon the appointment of a successor L/C Issuer, (A) such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer and (B) the successor L/C Issuer shall
issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other
arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect to such Letters
of Credit.

 

11.07      Treatment
of Certain Information; Confidentiality.

 

(a)          Treatment
of Certain Information. Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain the confidentiality
of the Information (as defined below), except that Information may be disclosed (i) to its Affiliates 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), (ii) to the extent required or requested by any regulatory authority
purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National
Association of Insurance Commissioners), (iii) to the extent required by applicable Laws or regulations or by any subpoena
or similar legal process, (iv) to any other party hereto, (v) in connection with the exercise of any remedies hereunder
or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement
of rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this
Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and
obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 11.01 or Section
2.02(g) or (B) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under
which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (vii) on
a confidential basis to (A) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities
provided hereunder or (B) the provider of any Platform or other electronic delivery service used by the Administrative Agent
or the L/C Issuer to deliver Borrower Materials or notices to the Lenders or (C) the CUSIP Service Bureau or any similar agency
in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities
provided hereunder, or (viii) with the consent of the Borrower or to the extent such Information (1) becomes publicly
available other than as a result of a breach of this Section or (2) becomes available to the Administrative Agent, any Lender,
the L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower. For purposes
of this Section, “Information” means all information received from the Borrower or any Subsidiary relating to
the Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to the
Administrative Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary,
provided that, in the case of information received from the Borrower or any Subsidiary after the date hereof, such information
is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information
as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the
same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement
to market data collectors, similar service providers to the lending industry and service providers to the Administrative Agent
and the Lenders in connection with the administration of this Agreement, the other Loan Documents and the Commitments.

 

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(b)          Non-Public
Information. Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (i) the Information may
include material non-public information concerning a Loan Party or a Subsidiary, as the case may be, (ii) it has developed
compliance procedures regarding the use of material non-public information and (iii) it will handle such material non-public
information in accordance with applicable Law, including United States federal and state securities Laws.

 

(c)          Press
Releases. The Loan Parties and their Affiliates agree that they will not in the future issue any press releases or other public
disclosure using the name of the Administrative Agent or any Lender or their respective Affiliates or referring to this Agreement
or any of the Loan Documents without the prior written consent of the Administrative Agent, unless (and only to the extent that)
the Loan Parties or such Affiliate is required to do so under Law and then, in any event the Loan Parties or such Affiliate will
consult with such Person before issuing such press release or other public disclosure.

 

(d)          Customary
Advertising Material. The Loan Parties consent to the publication by the Administrative Agent or any Lender of customary advertising
material relating to the transactions contemplated hereby using the name, product photographs, logo or trademark of the Loan Parties.

 

11.08      Right
of Setoff.

 

If an Event of Default
shall have occurred and be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized
at any time and from time to time, after obtaining the prior written consent of the Administrative Agent, to the fullest extent
permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final,
in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer
or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations
of the Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or
the L/C Issuer or their respective Affiliates, irrespective of whether or not such Lender, the L/C Issuer or Affiliate shall have
made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such Loan Party
may be contingent or unmatured, secured or unsecured, or are owed to a branch, office or Affiliate of such Lender or the L/C Issuer
different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in
the event that any Defaulting Lender shall exercise any such right of setoff, (a) all amounts so set off shall be paid over
immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.12 and,
pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit
of the Administrative Agent, the L/C Issuer and the Lenders, and (b) the Defaulting Lender shall provide promptly to the Administrative
Agent a statement describing in reasonable detail the Secured Obligations owing to such Defaulting Lender as to which it exercised
such right of setoff. The rights of each Lender, the L/C Issuer and their respective Affiliates under this Section are in addition
to other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates
may have. Each Lender and the L/C Issuer agrees to notify the Borrower and the Administrative Agent promptly after any such setoff
and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.

 

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11.09      Interest
Rate Limitation.

 

Notwithstanding anything
to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed
the maximum rate of non-usurious interest permitted by applicable Law (including without limitation, the Criminal Code (Canada))
(the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds
the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded
to the Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender
exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is
not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof,
and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated
term of the Obligations hereunder.

 

11.10      Counterparts;
Integration; Effectiveness.

 

This Agreement and
each of the other Loan Documents may be executed in counterparts (and by different parties hereto in different counterparts), each
of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement,
the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent or the L/C
Issuer, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01,
this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative
Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.
Delivery of an executed counterpart of a signature page of this Agreement or any other Loan Document, or any certificate delivered
thereunder, by fax transmission or e-mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery
of a manually executed counterpart of this Agreement or such other Loan Document or certificate. Without limiting the foregoing,
to the extent a manually executed counterpart is not specifically required to be delivered under the terms of any Loan Document,
upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed
counterpart.

 

11.11      Survival
of Representations and Warranties.

 

All representations
and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection
herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been
or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative
Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge
of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other
Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

 

11.12      Severability.

 

If any provision of
this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and
enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby
and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. Without limiting the foregoing provisions of this Section, if and to the extent that the enforceability
of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good
faith by the Administrative Agent or the L/C Issuer, as applicable, then such provisions shall be deemed to be in effect only to
the extent not so limited.

 

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11.13      Replacement
of Lenders.

 

If the Borrower is
entitled to replace a Lender pursuant to the provisions of Section 3.06, or if any Lender is a Defaulting Lender or
a Non-Consenting Lender or if any other circumstance exists hereunder that gives the Borrower the right to replace a Lender as
a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent,
require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in,
and consents required by, Section 11.06), all of its interests, rights (other than its existing rights to payments
pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan Documents to an
Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment),
provided that:

 

(a)          the
Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.06(b);

 

(b)          such
Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans and L/C Advances, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any
amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and
fees) or the Borrower (in the case of all other amounts);

 

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

 

(d)          such
assignment does not conflict with applicable Laws; and

 

(e)          in
the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
to the applicable amendment, waiver or consent.

 

A Lender shall not
be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

11.14      Governing
Law; Jurisdiction; Etc.

 

(a)          GOVERNING
LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND
ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS
CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

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(b)          SUBMISSION
TO JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY
ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE,
AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, THE L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE
STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND
ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION
OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN
SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO
AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS
BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT
ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY
JURISDICTION.

 

(c)          WAIVER
OF VENUE. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. THE
BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE
DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)          SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.

 

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11.15      Waiver
of Jury Trial.

 

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

 

11.16      Subordination.

 

Each Loan Party (a
 “Subordinating Loan Party”) hereby subordinates the payment of all obligations and indebtedness of any other
Loan Party owing to it, whether now existing or hereafter arising, including but not limited to any obligation of any such other
Loan Party to the Subordinating Loan Party as subrogee of the Secured Parties or resulting from such Subordinating Loan Party’s
performance under the Guaranty, to the payment in full in cash of all Obligations. If the Secured Parties so request, any such
obligation or indebtedness of any such other Loan Party to the Subordinating Loan Party shall be enforced and performance received
by the Subordinating Loan Party as trustee for the Secured Parties and the proceeds thereof shall be paid over to the Secured Parties
on account of the Secured Obligations, but without reducing or affecting in any manner the liability of the Subordinating Loan
Party under this Agreement. Without limitation of the foregoing, so long as no Default has occurred and is continuing, the Loan
Parties may make and receive payments with respect to Intercompany Debt; provided, that in the event that any Loan Party
receives any payment of any Intercompany Debt at a time when such payment is prohibited by this Section, such payment shall be
held by such Loan Party in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to the
Administrative Agent.

 

11.17      No
Advisory or Fiduciary Responsibility.

 

In connection with
all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof
or of any other Loan Document), the Borrower and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates’
understanding, that: (a) (i) the arranging and other services regarding this Agreement provided by the Administrative
Agent and any Affiliate thereof, the Arranger and the Lenders are arm’s-length commercial transactions between the Borrower,
each other Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent and, as applicable, its Affiliates
(including the Arranger) and the Lenders and their Affiliates (collectively, solely for purposes of this Section, the “Lenders”),
on the other hand, (ii) each of the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory
and tax advisors to the extent it has deemed appropriate, and (iii) the Borrower and each other Loan Party is capable of evaluating,
and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents;
(b) (i) the Administrative Agent and its Affiliates (including the Arranger) and each Lender each is and has been acting
solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be
acting as an advisor, agent or fiduciary, for Borrower, any other Loan Party or any of their respective Affiliates, or any other
Person and (ii) neither the Administrative Agent, any of its Affiliates (including the Arranger) nor any Lender has any obligation
to the Borrower, any other Loan Party or any of their respective Affiliates with respect to the transactions contemplated hereby
except those obligations expressly set forth herein and in the other Loan Documents; and (c) the Administrative Agent and
its Affiliates (including the Arranger) and the Lenders may be engaged in a broad range of transactions that involve interests
that differ from those of the Borrower, the other Loan Parties and their respective Affiliates, and neither the Administrative
Agent, any of its Affiliates (including the Arranger) nor any Lender has any obligation to disclose any of such interests to the
Borrower, any other Loan Party or any of their respective Affiliates. To the fullest extent permitted by law, each of the Borrower
and each other Loan Party hereby waives and releases any claims that it may have against the Administrative Agent, any of its Affiliates
(including the Arranger) or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with
any aspect of any transactions contemplated hereby.

 

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11.18      Electronic
Execution.

 

The words “delivery,”
 “execute,” “execution,” “signed,” “signature,” and words of like import in any
Loan Document or any other document executed in connection herewith shall be deemed to include electronic signatures, the electronic
matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping
of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as
provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act;
provided that notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation
to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant
to procedures approved by it; provided further without limiting the foregoing, upon the request of the Administrative Agent,
any electronic signature shall be promptly followed by such manually executed counterpart.

 

11.19      USA
PATRIOT Act Notice.

 

Each Lender that is
subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies
the Borrower and the other Loan Parties that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies
each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such
Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the Act. The Borrower and the
Loan Parties agree to, promptly following a request by the Administrative Agent or any Lender, provide all such other documentation
and information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable
 “know your customer” and anti-money laundering rules and regulations, including the Act, and the Beneficial Ownership
Regulation.

 

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

 

Solely to the extent
any Lender or the L/C Issuer that is an EEA Financial Institution is a party to this Agreement, and notwithstanding anything to
the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any Lender or the L/C Issuer that is an EEA Financial Institution arising under any Loan Document,
to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority
and agrees and consents to, and acknowledges and agrees to be bound by: (a) the application of any Write-Down and Conversion Powers
by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender or the L/C Issuer
that is an EEA Financial Institution; and (b) the effects of any Bail-In Action on any such liability, including, if applicable,
(i) a reduction in full or in part or cancellation of any such liability, (ii) a conversion of all, or a portion of, such liability
into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that
may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it
in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document, or (iii) the variation
of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.

 

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11.21       Judgment
Currency.

 

If, for the purposes
of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into
another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative
Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is
given. The obligation of each Loan Party in respect of any such sum due from it to the Administrative Agent or any Lender hereunder
or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”)
other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement
Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or
such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender,
as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency.
If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any Lender
from any Loan Party in the Agreement Currency, such Loan Party agrees, as a separate obligation and notwithstanding any such judgment,
to indemnify the Administrative Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency
so purchased is greater than the sum originally due to the Administrative Agent or any Lender in such currency, the Administrative
Agent or such Lender, as the case may be, agrees to return the amount of any excess to such Loan Party (or to any other Person
who may be entitled thereto under applicable law).

 

11.22      ENTIRE
AGREEMENT.

 

THIS AGREEMENT AND
THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES CONCERNING THE SUBJECT MATTER HEREOF AND THEREOF AND MAY
NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS AMONG THE PARTIES CONCERNING THE SUBJECT MATTER HEREOF OR THEREOF.

 

11.23      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 State of New York and/or of the United States or any other state of the
United States):

 

    	 	132	 

     

    

 

(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. 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.

 

(b)          As
used in this Section 11.23, the following terms have the following meanings:

 

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

 

“Covered
Entity” means 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).

 

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

 

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

 

[signature pages follow]

 

    	 	133	 

     

    

 

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

 

	BORROWER:	THE ONE GROUP HOSPITALITY, INC.
	 	 	 
	 	By:	 
	 	Name:	   
	 	Title:	 
	 	 	 
	GUARANTORS:	[GUARANTORS]
	 	 	 
	 	By:	 
	 	Name:	    
	 	Title:	 
	 	 	 
	ADMINISTRATIVE AGENT:	BANK OF AMERICA, N.A.,
		as Administrative Agent
	 	 	 
	 	By:	 
	 	Name:	     
	 	Title:	 
	 	 	 
	LENDERS:	BANK OF AMERICA, N.A.,
		as a Lender and L/C Issuer
	 	 	 
	 	By:	 
	 	Name:	            
	 	Title:	 

 

    	 	134PRPO_Ex10-1

		
			Exhibit 10.1
		

		
			 
		

		
			NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT  OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.
		

		
			 
		

		
			Principal Amount: $[     ]
		

		
			Payment Amount:  $[     ]
		

		
			 
		

		
			Date of Issue: May [   ], 2019
		

		
			 
		

		
			 
		

		
			PRECIPIO, INC.
		

		
			 
		

		
			8%  SENIOR SECURED CONVERTIBLE
		

		
			PROMISSORY NOTE
		

		
			DUE APRIL 16, 2020 
		

		
			 
		

		
			THIS 8%  SENIOR SECURED CONVERTIBLE PROMISSORY NOTE is one of a series of duly authorized and validly issued 8%  Senior Secured Convertible Promissory Notes of Precipio, Inc., a Delaware corporation, (the “Company”), having its principal place of business at 4 Science Park, New Haven, CT 06511, designated as its 8%  Senior Secured Convertible Promissory Notes due April 16, 2020 (this note, the “Note” and, collectively with the other notes of such series, the “Notes”).
		

		
			 
		

		
			FOR  VALUE  RECEIVED,  the  Company  promises  to  pay to NAME OF INVESTOR [         ] or  its registered assigns (the “Holder”), or shall have paid pursuant to the terms hereunder, the  principal sum of $[AMOUNT] on the earlier of (i) April 16, 2020, or (ii) upon the closing of a Qualified Offering (the “Maturity Date”), or such earlier date as this Note is required or permitted to be repaid as provided hereunder, and to pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Note in accordance with the provisions hereof. Any payment due as a result of a Qualified Offering shall be deemed to be an Optional Redemption and the Redemption Amount shall be paid in accordance with the terms and conditions of Section 6(b) herein.  This Note is subject to the following additional provisions:
		

		
			

		 

		

			 

		

 

		

		
			 
		

		
			Section 1.  Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Note, (a) capitalized terms not otherwise defined herein shall have the meanings set forth in the Purchase Agreement and (b) the following terms shall have the following meanings:
		

		
			 
		

		
			“Alternate Consideration” shall have the meaning set forth in Section 5(d).
		

		
			 
		

		
			“Authorized Failure Shares” shall have the meaning set forth in Section 4(c)(vii).
		

		
			 
		

		
			“Authorized Share Failure” shall have the meaning set forth in Section 4(c)(vii).
		

		
			 
		

		
			“Bankruptcy Event” means any of the following events: (a) the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to the Company or any Significant Subsidiary thereof, (b) there is commenced against the Company or any Significant Subsidiary thereof any such case or proceeding that is not dismissed within 60 days after commencement, (c) the Company or any Significant Subsidiary thereof is adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or proceeding is entered, (d) the Company or any Significant Subsidiary thereof suffers any appointment of any custodian or the like for it or any substantial part of its property that is not discharged or stayed within 60 calendar days after such appointment, (e) the Company or any Significant Subsidiary thereof makes a general assignment for  the benefit of creditors, (f) the Company or any Significant Subsidiary thereof calls a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts or (g) the Company or any Significant Subsidiary thereof, by any act or failure to act, expressly indicates its consent to, approval of or acquiescence in any of the foregoing or takes any corporate or other action for the purpose of effecting any of the foregoing.
		

		
			 
		

		
			“Beneficial  Ownership  Limitation” shall  have the meaning set  forth in  Section
		

		
			4(d).
		

		
			 
		

		
			“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.
		

		
			“Buy-In” shall have the meaning set forth in Section 4(c)(v).
		

		
			 
		

		
			“Change of Control Transaction” means the occurrence after the date hereof of any of (a) an acquisition after the date hereof by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of 50% of the voting securities of the Company (other than by means of conversion or exercise of the Notes and the Securities issued together 

		 

		

			 

		

 

with the Notes), (b) the Company merges into or consolidates with any other Person, or any Person merges into or consolidates with the Company and, after giving effect to such transaction, the stockholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction, (c) the Company sells or transfers all or substantially all of its assets to another Person and the stockholders of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the acquiring entity immediately after the transaction, (d) a replacement at one time or within a one year period of more than one-half of the members of the Board of Directors which is not approved by a majority of those individuals who are members of the Board of Directors on the Original Issue Date (or by those individuals who are serving as members of the Board of Directors on any date whose nomination to the Board of Directors was approved by a majority of the members of the Board of Directors who are members on the date hereof), or (e) the execution by the Company of an agreement to which the Company is a party or by which it is bound, providing for any of the events set forth in clauses (a) through (d) above.
		

		
			 
		

		
			“Conversion” shall have the meaning ascribed to such term in Section 4.
		

		
			 
		

		
			“Conversion Date” shall have the meaning set forth in Section 4(a).
		

		
			 
		

		
			“Conversion Price” shall have the meaning set forth in Section 4(b).
		

		
			 
		

		
			 “Conversion Shares” means, collectively, the shares of Common Stock issuable upon conversion of this Note in accordance with the terms hereof.
		

		
			 
		

		
			 “Event of Default” shall have the meaning set forth in Section 8(a).
		

		
			 
		

		
			“Floor Price” means $2.25 per share.
		

		
			 
		

		
			“Fundamental Transaction” shall have the meaning set forth in Section 5(d).
		

		
			 
		

		
			 
		

		
			“New York Courts” shall have the meaning set forth in Section 9(e).
		

		
			 
		

		
			“Notice of Conversion” shall have the meaning set forth in Section 4(a).
		

		
			 
		

		
			“Optional Redemption” shall have the meaning set forth in Section 6(a).
		

		
			 
		

		
			“Optional Redemption Date” shall have the meaning set forth in Section 6(a).
		

		
			 
		

		
			“Optional Redemption Notice” shall have the meaning set forth in Section 6(a).
		

		
			 
		

		
			“Optional Redemption Notice Date” shall have the meaning set forth in Section
		

		
			6(a).
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			“Optional Redemption Period” shall have the meaning set forth in Section 6(a).
		

		
			 
		

		
			“Original Issue Date” means the date of the first issuance of the Notes, regardless of any transfers of any Note and regardless of the number of instruments which may be issued to evidence such Notes.
		

		
			 
		

		
			“Purchase Agreement” means the Securities Purchase Agreement, dated as of May [__], 2019, among the Company and the Purchasers (as defined therein) and the other  persons  signatory thereto, as amended, modified or supplemented from time to time in accordance with its terms.
		

		
			 
		

		
			“Purchase Rights” shall have the meaning set forth in Section 5(b).
		

		
			 
		

		
			“Qualified Offering” means an offering of the Company’s securities, in one or a series of financings, in which the Company receives gross proceeds of at least $7,000,000. 
		

		
			 
		

		
			  “Redemption Amount” means the sum of 105%, if within 90 days of the Original Issue Date, 110% if within 180 days of the Original Issue Date, or 115%  if after 180 days from the Original Issue Date, of (a) the then outstanding principal amount of the Note, (b) accrued but unpaid interest, and (c) all liquidated damages and other amounts due in respect of the Note.
		

		
			 
		

		
			 “Registration Statement” means a registration statement meeting the requirements of the Securities Act and covering the resale of the Underlying Shares by each Holder.
		

		
			 
		

		
			“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
		

		
			 
		

		
			“Share Delivery Date” shall have the meaning set forth in Section 4(c)(ii).
		

		
			 
		

		
			“Successor Entity” shall have the meaning set forth in Section 5(d).
		

		
			 
		

		
			“Trading Day” means a day on which the principal Trading Market is open for trading.
		

		
			 
		

		
			“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the OTCQB or OTCQX(or any successors to any of the foregoing).
		

		
			 
		

		
			 
		

		
			Section 2.Interest.     The Company shall pay interest to the Holder on the aggregate principal amount of this Note at the rate of 8% per annum,  with one year of interest 

		 

		

			 

		

 

guaranteed, which amount shall be payable in full regardless of how long the this Note remains outstanding.
		

		
			 
		

		
			Section 3.        Registration of Transfers and Exchanges; Registration Rights.
		

		
			 
		

			
	
			
				 a)
			Different Denominations. This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations, as requested by the Holder surrendering the same. No service charge will be payable for such registration of transfer or exchange.

		
			 
		

			
	
			
				 b)
			Investment Representations. This Note has been issued subject to certain  investment  representations  of  the  original  Holder  set  forth  in  the    Purchase Agreement and may be transferred or exchanged only in compliance with the Purchase Agreement and applicable federal and state securities laws and regulations.

		
			 
		

			
	
			
				 c)
			Reliance on Note Register. Prior to due presentment for transfer to the Company of this Note, the Company and any agent of the Company may treat the Person in whose name this Note is duly registered on the Company’s note register as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such agent shall be affected by notice to the contrary.

		
			 
		

		
			Section 4.Conversion.
		

		
			 
		

			
	
			
				 a)
			Voluntary Conversion. At any time after the Original Issue Date until this Note is no longer outstanding, this Note together with any accrued interest shall be convertible, in whole or in part, into shares of Common Stock at the option of the Holder, at any time and from time to time (subject to the conversion limitations set forth in Section 4(d) hereof).  The  Holder shall effect conversions by delivering to the Company a Notice of Conversion, the form of which is attached hereto as Annex A (each, a “Notice of Conversion”),  specifying therein the principal amount and accrued interest of this Note to be converted and the date on which such conversion shall be effected (such date, the “Conversion Date”). If no Conversion Date is specified in a Notice of Conversion, the Conversion Date shall be the date that such Notice of Conversion is deemed delivered hereunder. To effect conversions hereunder, the Holder shall not be required to physically surrender this Note to the Company unless the entire principal amount of this Note, plus all accrued and unpaid interest thereon, has been so converted. Conversions hereunder shall have the effect of lowering the outstanding principal amount of this Note in an amount equal to the applicable conversion. The Holder and the Company shall maintain records showing the principal amount(s) converted and the date of such conversion(s). 

		
			 
		

			
	
			
				 b)
			Conversion Price. The conversion price in effect on any Conversion Date shall be equal to greater of (x) $7.00 or $.75 above the closing bid price of the Common 

		 

		

			 

		

 

	Stock on the date prior to the Original Issue Date (the “Conversion Price”). In the event this Note is not paid or converted in full prior to 180 days after the Original Issue Date or upon a Registration Statement declared effective (the “Trigger Date”), the Conversion Price shall be equal to 80% of the lowest VWAP in the 10 trading days prior to the date of the notice of conversion, but in no event below the Floor Price.

		
			 
		

			
	
			
				 c)
			

			
	
			
			Mechanics of Conversion.

		
			 
		

			
	
			
				 i.
			Conversion Shares Issuable. The number of Conversion Shares issuable upon a conversion hereunder shall be determined by the quotient obtained by dividing (x) the outstanding principal amount of this Note, plus accrued interest by (y) the Conversion Price.

		
			 
		

			
	
			
				 ii.
			Delivery of Certificate Upon Conversion. Not later than two  (2) Trading Days after each Conversion Date (the “Share Delivery Date”), the Company shall deliver, or cause to be delivered, to the Holder a certificate or certificates  representing the number of Conversion Shares being acquired upon the conversion of this Note. On or after the Effective Date (as defined the Purchase Agreement), the Company shall use its best efforts to deliver any certificate or certificates required to be delivered by the Company under this Section 4(c) electronically through the Depository Trust Company or another established clearing corporation performing similar functions.

		
			 
		

			
	
			
				 iii.
			Failure to Deliver Certificates. If, in the case of any Notice of Conversion, such certificate or certificates are not delivered to or as directed by the applicable Holder by the Share Delivery Date, the Holder shall be entitled to elect by written notice to the Company at any time on or before its receipt of such certificate or certificates, to rescind such Conversion, in which event the  Company shall promptly return to the Holder any original Note delivered to the Company and the Holder shall promptly return to the Company the Common Stock certificates issued to such Holder pursuant to the rescinded Notice of Conversion.

		
			 
		

			
	
			
				 iv.
			Obligation Absolute; Partial Liquidated Damages. The Company’s obligations to issue and deliver the Conversion Shares upon conversion of this Note in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective  of  any  other  circumstance  which  might  otherwise  limit such obligation of the Company to the Holder in connection with the issuance of such Conversion Shares; provided,  however, that such delivery shall not operate as a waiver by the Company of any such action the Company may have against the Holder. In the event the Holder of this Note shall 

		 

		

			 

		

 

	elect to convert any or all of the outstanding principal amount hereof, the Company may not refuse conversion based on any claim that the Holder or anyone associated or affiliated with the Holder has been engaged in any violation of law, agreement or for any other reason, unless an injunction from a court, on notice to Holder, restraining and or enjoining conversion of all or part of this Note shall have been sought and obtained, and the Company posts a surety bond for the benefit of the Holder  in the amount of 100% of the outstanding principal amount of this Note, which is subject to the injunction, which bond shall remain in effect until the completion of arbitration/litigation of the underlying dispute and the proceeds of which shall be payable to the Holder to the extent it obtains judgment. In the absence of such injunction, the Company shall issue Conversion Shares or, if applicable, cash, upon a properly noticed conversion. If the Company fails for  any reason to deliver to the Holder such certificate or certificates pursuant to Section 4(c)(ii) by the Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of principal amount being converted, $10 per Trading Day (increasing to $20 per Trading Day on the fifth (5th) Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Share Delivery Date until such certificates are delivered or Holder rescinds such conversion. Nothing herein shall limit a Holder’s right to pursue actual damages or declare an Event of Default pursuant to Section 8 hereof for the Company’s failure to deliver Conversion Shares within the period specified herein and the Holder shall have the right to pursue all remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law.

		
			 
		

			
	
			
				 v.
			Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Conversion.  In addition to any other rights available to the Holder, if the Company fails for any reason to deliver to the Holder such certificate or certificates by the Share Delivery Date pursuant to Section 4(c)(ii), and if after such Share Delivery Date the Holder is required by its brokerage firm to purchase (in an open market transaction or otherwise), or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Conversion Shares which the Holder was entitled to receive upon the conversion relating to such Share Delivery Date (a “Buy-In”), then the Company shall (A) pay in cash to the Holder (in addition to any other remedies available to or elected by the Holder) the amount, if any, by which (x) the Holder’s total purchase price (including any brokerage commissions) for the Common Stock so purchased exceeds (y) the product of (1) the aggregate number of shares of Common Stock that the Holder was entitled to receive from the conversion at issue multiplied by (2) the actual sale price at which the sell order giving rise to such purchase obligation was executed (including any brokerage commissions) and (B) at the option of the Holder, either reissue (if surrendered) this Note in a principal amount equal to the principal amount of the attempted conversion (in which case 

		 

		

			 

		

 

	such conversion shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued if the Company had timely complied with its delivery requirements under Section 4(c)(ii). For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted conversion of this Note with respect to which the actual sale price of the Conversion Shares (including any brokerage commissions) giving rise to such purchase obligation was a total of $10,000 under clause (A) of the immediately preceding sentence, the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver  certificates representing shares of Common Stock upon conversion of this Note as required pursuant to the terms hereof.

		
			 
		

			
	
			
				 vi.
			Reservation of Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available out of its authorized and unissued shares of Common Stock for the sole purpose of issuance upon conversion of this Note and payment of interest on this Note, each as herein provided, free from preemptive rights or any other actual contingent purchase rights of Persons other than the Holder (and the other Holder of the Notes), not less than such aggregate number of shares equal to two and one half times the number of shares of the Common Stock as shall (subject to the terms and conditions set forth in the Purchase Agreement) be issuable (taking into account the adjustments and restrictions of Section 5) upon the conversion of the then outstanding principal amount of this Note and accrued interest hereunder. The Company covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable, and, if the Registration Statement is then effective under the Securities Act shall be registered for public resale in accordance with such Registration Statement.

		
			 
		

			
	
			
				 vii.
			Insufficient Authorized Shares. If, notwithstanding Section 4(c)(v), and not in limitation thereof, at any time while any of the Notes remain outstanding the Company does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon conversion of the Notes at least a number of shares of Common Stock equal to the amount specified in Section 4(c)(v) (an “Authorized Share Failure”), then the Company shall immediately take all action necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve the applicable amount for the Notes then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than sixty  (60) days after the occurrence of such Authorized Share Failure, the Company shall hold a 

		 

		

			 

		

 

	meeting of its stockholders for the approval of an increase in the number of authorized shares of Common Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its best efforts to solicit its stockholders’ approval of such increase in authorized shares of Common Stock and to cause its board of directors to recommend to the stockholders that they approve such proposal. In the event that the Company is prohibited from issuing shares of Common Stock upon any conversion due to the failure by the Company to have sufficient shares of Common Stock available out of the authorized but unissued shares of Common Stock (such unavailable number of shares of Common Stock, the “Authorized Failure Shares”), in lieu of delivering such Authorized Failure Shares to the Holder, the Company shall pay cash in exchange for the portion of the Note convertible into such Authorized Failure Shares at a price equal to the sum of the product of (x) such number of Authorized  Failure Shares and (y) the greatest closing sale price of the Common Stock on any Trading Day during the period commencing on the date the Authorized Failure Shares should have been issued pursuant to the terms of this Note and ending on the date of such issuance of payment under this Section 4(c)(vi).

		
			 
		

			
	
			
				 viii.
			Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of this Note. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion, the Company shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Conversion Price or round up to the next whole share.

		
			 
		

			
	
			
				 ix.
			Transfer Taxes and Expenses. The issuance of certificates for shares of the Common Stock on conversion of this Note shall be made without charge to the Holder hereof for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such certificates, provided that, the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such certificate upon conversion in a name other than that of the Holder of this Note so converted and the Company shall not be required to issue or deliver such certificates unless or until the Person or Persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Conversion.

		
			 
		

			
	
			
				 d)
			Holder’s Conversion Limitations.  

		
			 
		

		
			(i)The Company shall not effect any conversion of this Note, and a Holder shall not have the right to convert any portion of this Note, to the extent that after giving effect to the conversion set forth on the applicable Notice of Conversion, the Holder (together with the Holder’s Affiliates, and any Persons acting as a group together with the Holder or any of the Holder’s Affiliates) would beneficially own 

		 

		

			 

		

 

in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon conversion of this Note with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon (i) conversion of the remaining, unconverted principal amount of this Note beneficially owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein (including, without limitation, any other Notes or the Warrants) beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 4(d), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this Section 4(d) applies, the determination of whether this Note is convertible (in relation to other securities owned by the Holder together with any Affiliates) and of which principal amount of this Note is convertible shall be in the sole discretion of the Holder, and the submission of a Notice of Conversion shall be deemed to be the Holder’s determination of whether this Note may be converted (in relation to other securities owned by the Holder together with any Affiliates) and which principal amount of this Note is convertible, in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, the Holder will be deemed to represent to the Company each time it delivers a Notice of Conversion that such Notice of Conversion has not violated the restrictions set forth in this paragraph and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 4(d),  in  determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following: (i) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (ii) a more recent public announcement by the Company, or (iii) a more recent written notice by the Company or  the  Company’s transfer agent setting forth the number of shares of Common Stock outstanding.      Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Note, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial  Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of this Note held by the Holder.  The Holder may increase or decrease the Beneficial Ownership 

		 

		

			 

		

 

Limitation provisions of this Section 4(d) provided that any such increase will not be effective until the 61st day after such notice is delivered to the Company. The Beneficial Ownership Limitation provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 4(d) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Note.
		

		
			 
		

		
			Section 5.        Certain Adjustments.
		

		
			 
		

			
	
			
				 a)
			Stock Dividends and Stock Splits.  If the Company, at any time while this Note is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any Common Stock Equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon conversion of, or payment of interest on, the Notes), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues, in the event of a reclassification of shares of the Common Stock, any shares of capital stock of the Company, then the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding any treasury  shares of the Company) outstanding immediately before such event, and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to this Section shall become effective immediately after the record date for the determination of stockholder entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

		
			 
		

			
	
			
				 b)
			Subsequent Rights Offerings. If the Company, at any time while the Note is outstanding, shall issue rights, options or warrants to all holders of Common Stock (and not to the Holder) entitling them to subscribe for or purchase warrants, securities or other property pro rata to all or substantially all of the record holders of any class of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete conversion of this Note  (without taking into account any limitations or restrictions on the convertibility of this Note)  immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares 

		 

		

			 

		

 

	of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

		
			 
		

			
	
			
				 c)
			Pro Rata Distributions. If the Company, at any time while this Note is outstanding, shall distribute to all Holders of Common Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe for or purchase any security other than the Common Stock (which shall be subject to Section 5(b)), then in each such case the Conversion Price shall be adjusted by multiplying the Conversion Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the VWAP determined as of the record date mentioned above, and of which the numerator shall be such VWAP on such record date less the then per share fair market value at such record date of the portion of such assets  or evidence of indebtedness or rights or warrants so distributed applicable to one outstanding share of the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments shall be described in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned above.

		
			 
		

			
	
			
				 d)
			Fundamental Transaction.  If at any time while this Note is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person and the Company is not the surviving entity, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which Holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the Holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another  Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons  making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent conversion of this Note, the Holder shall have the right to receive, for each Conversion Share that would have been issuable upon such conversion immediately prior to the occurrence of such Fundamental 

		 

		

			 

		

 

	Transaction (without regard to any limitation in Section 4(d) on the conversion of this Note), the number of shares of Common Stock of the successor  or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Note is convertible immediately prior to such Fundamental Transaction (without regard to any limitation in Section 4(d) on the conversion of this Note).  For purposes of any such conversion, the determination of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one (1) share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Conversion Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any conversion of this Note following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Note and the other Transaction Documents (as defined in the Purchase Agreement) in accordance with the provisions of this Section 5(d) and shall, at the option of the holder  of this Note, deliver to the Holder in exchange for this Note a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Note which is convertible for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon conversion of this Note (without regard to any limitations on the conversion of this Note) at the closing of such Fundamental Transaction, and with a conversion price which applies the conversion price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of  such shares of capital stock, such number of shares of capital stock and such conversion price being for the purpose of protecting the economic value of this Note immediately prior to the consummation of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Note and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Note and the other Transaction Documents with the same effect as if such  Successor Entity had been named as the Company herein.

		
			 
		

			
	
			
				 e)
			Calculations. All calculations under this Section 5 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 5, the number of shares of Common Stock deemed to be issued and outstanding  as of a given date shall be the sum of the number of shares of Common Stock (excluding any treasury shares of the Company) issued and outstanding.

		
			 
		

		
			

		 

		

			 

		

 

		

			
	
			
				 f)
			

			
	
			
			Notice to the Holder.

		
			 
		

			
	
			
				 i.
			Adjustment to Conversion Price. Whenever the Conversion Price  is adjusted pursuant to any provision of this Section 5, the Company shall promptly deliver to each Holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

		
			 
		

			
	
			
				 ii.
			Notice to Allow Conversion by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all Holder of the Common Stock of rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholder of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up  of the affairs of the Company, then, in each case, the Company shall cause to be  filed at each office or agency maintained for the purpose of conversion of this Note, and shall cause to be delivered to the Holder at its last address as it shall appear upon the Company’s note register, at least ten (10) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the Holder of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holder of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other   property deliverable upon such reclassification, consolidation, merger, sale, transfer  or share exchange, provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to convert this Note during the 20-day period commencing on the date of such notice through the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

		
			 
		

		
			Section 6.Redemption.
		

		
			 
		

		
			

		 

		

			 

		

 

		

			
	
			
				 a)
			Optional Redemption at Election of Company.  Subject to the provisions  of this Section 6(a), the Company may deliver a notice to the Holder (an “Optional Redemption Notice” and the date such notice is deemed delivered hereunder, the “Optional Redemption Notice Date”) of its irrevocable election to redeem some or all of the then outstanding principal amount of this Note for cash in an amount equal to the Redemption Amount on the 5th Trading Day following the Optional Redemption Notice Date (such date, the “Optional Redemption Date”, such five Trading Day period, the “Optional Redemption Period” and such redemption, the “Optional Redemption”).

		
			 
		

			
	
			
				 b)
			Optional Redemption Procedure. The payment of cash pursuant to an Optional Redemption shall be payable on the Optional Redemption Date. If any portion  of the payment pursuant to an Optional Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption, ab initio. The Holder may elect to convert the outstanding principal amount and accrued interest of the Note pursuant to Section 4 prior to actual payment in cash for any Optional Redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.

		
			 
		

		
			Section 7.  Negative Covenants. As long as any portion of this Note remains outstanding, unless the Holder of at least 80% in principal amount of the then outstanding Notes shall have otherwise given prior written consent, the Company shall not, and shall not permit any of the Subsidiaries to, directly or indirectly:
		

		
			 
		

			
	
			
				 a)
			amend its charter documents, including, without limitation, its certificate of incorporation and bylaws, in any manner that materially and adversely affects any rights of the Holder;

		
			 
		

			
	
			
				 b)
			pay cash dividends or distributions on any equity securities of the Company;

		
			 
		

			
	
			
				 c)
			enter into any transaction with any Affiliate of the Company which would be required to be disclosed in any public filing with the Commission, unless such transaction is expressly approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise required for board approval); 

		
			 
		

		
			 
		

			
	
			
				 d)
			sell, lease, license, assign, transfer, spin-off, split-off, close, convey or otherwise dispose of any assets or rights of the Company or any Subsidiary owned or hereafter acquired whether in a single transaction or a series of related transactions, other than (i) sales, leases, licenses, assignments, transfers, conveyances and other dispositions of such assets or rights by the Company and its Subsidiaries in the ordinary course of business consistent with its past practice for fair consideration, (ii) sales of inventory and 

		 

		

			 

		

 

	product in the ordinary course of business consistent with past practice for fair consideration, and (iii) a sale or disposition of assets to a third party that has been approved by the independent members of the Board of Directors;

		
			 
		

			
	
			
				 e)
			fail to take all action necessary or advisable to maintain all of the Intellectual Property Rights (as defined in the Purchase Agreement) of the Company and/or any of its Subsidiaries that are necessary or material to the conduct of the business of the Company in full force and effect except in connection with the sale or disposition of assets to a third party that has been approved by the independent members of the Board of Directors; or

		
			 
		

			
	
			
				 f)
			

			
	
			
			enter into any agreement with respect to any of the foregoing.

		
			 
		

		
			Section 8.Events of Default.
		

		
			 
		

			
	
			
				 a)
			“Event of Default” means, wherever used herein, any of the following events (whatever the reason for such event and whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental  body):

		
			 
		

			
	
			
				 i.
			any default in the payment of (A) the principal amount of any Note or (B) interest, liquidated damages and other amounts owing to the Holder on any Note, as and when the same shall become due and payable (whether on a Conversion Date or the Maturity Date or by acceleration or otherwise) which default, solely in the case of an interest payment or other default under clause (B) above, is not cured within three (3) Trading Days after receipt of written notice of such default;

		
			 
		

			
	
			
				 ii.
			the Company shall fail to observe or perform any other covenant or agreement contained in the Notes (other than a breach by the Company of its obligations to deliver shares of Common Stock to the Holder upon conversion, which breach is addressed in clause (xi) below) which failure is not cured, if possible to cure, within the earlier to occur of (A) five (5) Trading Days after notice of such failure sent by the Holder or by any other Holder to the Company and (B) 10 Trading Days after the Company has become aware of such failure;

		
			 
		

			
	
			
				 iii.
			a default or event of default (subject to any grace or cure period provided in the applicable agreement, document or instrument) shall have been declared under (A) any of the Transaction Documents or (B) any other material agreement, lease, document or instrument to which the Company or any Subsidiary is obligated (and not covered by clause (vi) below);

		
			 
		

			
	
			
				 iv.
			any representation or warranty made in this Note, any other Transaction Documents, any material written statement pursuant hereto or thereto or any other report, financial statement or certificate made or delivered to the 

		 

		

			 

		

 

	Holder  shall be untrue or incorrect as of the date when made or deemed made except where such untrue or incorrect statement could not reasonably be expected to have a Material Adverse Effect (as defined in the Purchase Agreement);

		
			 
		

			
	
			
				 v.
			the Company or any Significant Subsidiary (as such term is  defined in Rule 1-02(w) of Regulation S-X) shall be subject to a Bankruptcy Event;

		
			 
		

			
	
			
				 vi.
			the Company or any Subsidiary shall default on any of its obligations under any mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement that (a) involves an obligation greater than $100,000, whether such indebtedness now exists or shall hereafter be created, and (b) results in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise become due and payable;

		
			 
		

			
	
			
				 vii.
			the Common Stock shall not be eligible for listing or quotation for trading on a Trading Market and shall not be eligible to resume listing or  quotation for trading thereon within five (5) Trading Days;

		
			 
		

			
	
			
				 viii.
			the Company shall be a party to any Change of Control  Transaction or Fundamental Transaction or shall agree to sell or dispose of all or in excess of 50% of its assets in one transaction or a series of related transactions (whether or not such sale would constitute a Change of Control Transaction);

		
			 
		

			
	
			
				 ix.
			the Company does not meet the current public information requirements under Rule 144 in respect of the Registrable Securities, subject to a cure period of ten (10) days;

		
			 
		

			
	
			
				 x.
			the Company shall fail for any reason to deliver certificates to a Holder prior to the fifth Trading Day after a Conversion Date pursuant to Section 4(c) or the Company shall provide at any time notice to the Holder, including   by way of public announcement, of the Company’s intention to not honor requests for conversions of any Notes in accordance with the terms hereof; or

		
			 
		

			
	
			
				 xi.
			any monetary judgment, writ or similar final process shall be entered or filed against the Company, any subsidiary or any of their respective property or other assets for more than $100,000, and such judgment, writ or similar final process shall remain unvacated, unbonded or unstayed for a period of 45 calendar days. 

		
			 
		

			
	
			
				 b)
			Remedies Upon Event of Default. If any Event of Default occurs, the outstanding principal amount of this Note, plus accrued but unpaid interest, plus all interest that would have been earned through the Maturity Date if such interest has not yet accrued, 

		 

		

			 

		

 

	liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become, at the Holder’s election, immediately due and payable in cash at the Redemption Amount. Commencing five (5) days after the occurrence of any Event of Default that results in the eventual acceleration of this Note, the interest rate on this Note shall accrue at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted under applicable law. Upon the payment in full of the Redemption Amount, the Holder shall promptly surrender this Note to or as directed by the Company. In connection with such acceleration described herein, the Holder need not provide, and the Company hereby waives, any presentment, demand, protest or other notice of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded and annulled by Holder at any time prior to payment hereunder and the Holder shall have all rights as a holder of the Note until such time, if any, as the Holder receives full payment pursuant to this Section 8(b). No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

		
			 
		

		
			Section 9.Registration Rights.    On and after August 22, 2019, if this Note shall then be outstanding, the Holder shall have a right to demand registration of the Conversion Shares under the Securities Act.  
		

		
			 
		

		
			a.Resale Registration Statement.  Upon written demand by the Holder (“Demand Notice”), the Company will file a registration statement (the “Registration Statement”), within thirty (30) days after written demand by the Holder (the “Filing Date”), covering the resale of all or such portion of the Conversion Shares as permitted by SEC Guidance, for an offering to be made on a continuous basis pursuant to Rule 415.  The Company shall provide written notice to each other Holder of Notes within five (5) days of receipt of the Demand Notice, providing such other Holders the opportunity to include their Conversion Shares on the Registration Statement.  The Registration Statement filed shall be on Form S-3 or Form S-1, at the option of the Company. If the Company does not file a Registration Statement in accordance herewith by the Filing Date, then, in addition to any other rights the Holder may have hereunder or under applicable law, on the business day following the Filing Date and on each monthly anniversary of the business day following the Filing Date (if no registration statement shall have been filed by the Company in accordance herewith by such date), the Company shall pay to the Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to 1% per month (pro-rata for partial months) based upon such Holder’s gross purchase price of Notes (calculated on a daily basis) paid under this Agreement until the Registration Statement is filed, up to a maximum of 6% of such gross purchase price.  The Company shall use its best efforts to cause the Registration Statement to be declared effective within 90 days of filing.  
		

		
			 
		

		
			b.Registration Procedures.  Whenever required under this Section 9 to include Conversion Shares in a Company registration statement, the Company shall, as expeditiously as reasonably possible:
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			(A)Use its commercially best efforts to (i) cause such Registration Statement to become effective, and (ii) cause such Registration Statement to remain effective until such date as the sellers of Conversion Shares (the “Selling Holders”) have completed the distribution described in the Registration Statement.  The Company will also use its commercially best efforts to, during the period that such Registration Statement is required to be maintained hereunder, file such post-effective amendments and supplements thereto as may be required by the Securities Act and the rules and regulations thereunder or otherwise to ensure that the Registration Statement does not contain any untrue statement of material fact or omit to state a fact required to be stated therein or necessary to make the statements contained therein, in light of the circumstances under which they are made, not misleading; provided, however, that if applicable rules under the Securities Act governing the obligation to file a post-effective amendment permits, in lieu of filing a post-effective amendment that (i) includes any prospectus required by Section 10(a)(3) of the Securities Act or (ii) reflects facts or events representing a material or fundamental change in the information set forth in the Registration Statement, the Company may incorporate by reference information required to be included in (i) and (ii) above to the extent such information is contained in periodic reports filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) in the registration statement. 
		

		
			 
		

		
			(B)Prepare and file with the SEC such amendments and supplements to such Registration Statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement.
		

		
			 
		

		
			(C)Furnish to the Selling Holders such numbers of copies of a prospectus, including a preliminary prospectus as amended or supplemented from time to time, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Conversion Shares owned by them.
		

		
			 
		

		
			(D)Use commercially best efforts to register and qualify the securities covered by such registration statement under such other federal or state securities laws of such jurisdictions as shall be reasonably requested by the Holder and any other Holder who has requested inclusion of their Conversion Shares in the Registration Statement; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act.
		

		
			 
		

		
			(E)Notify each Holder of Conversion Shares covered by such Registration Statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, (i) when the Registration Statement or any post-effective amendment and supplement thereto has become effective; (ii) of the issuance by the Commission of any stop order or the initiation of proceedings for that purpose (in which 

		 

		

			 

		

 

event the Company shall make every effort to obtain the withdrawal of any order suspending effectiveness of the Registration Statement at the earliest possible time or prevent the entry thereof); (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Conversion Shares for sale in any jurisdiction or the initiation of any proceeding for such purpose; and (iv) of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing.
		

		
			 
		

		
			(F)Cause all such Conversion Shares registered hereunder to be listed on each securities exchange or quotation service on which similar securities issued by the Company are then listed or quoted.
		

		
			 
		

		
			c.Furnish Information.  It shall be a condition precedent to the obligation of the Company to take any action pursuant to this Section 9 with respect to the Conversion Shares of any Selling Holder that such Holder shall furnish to the Company such information regarding the Holder, the Conversion Shares held by the Holder, and the intended method of disposition of such securities as shall be reasonably required by the Company to effect the registration of such Holder’s Conversion Shares.
		

		
			 
		

		
			d.Registration Expenses.  The Company shall bear and pay all registration expenses incurred in connection with any registration, filing or qualification of Conversion Shares with respect to registration herewith for each Holder, but excluding (i) legal expenses of the Holders and (ii) any underwriting discounts and commissions relating to Conversion Shares.
		

		
			 
		

		
			Section 10.Miscellaneous.
		

		
			 
		

			
	
			
				 a)
			Notices. Any and all notices or other communications or deliveries to be provided by the Holder hereunder, including, without limitation, any Notice of Conversion, shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized overnight courier service, addressed to the Company, at the address set forth above, or such other facsimile number or address as the Company may specify for such purposes by notice to the Holder delivered in accordance with this Section 10(a). Any and all notices or other communications or deliveries to be provided by the  Company hereunder shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized overnight courier service addressed to the Holder at the facsimile number or address of the Holder appearing on the books of the Company, or if no such facsimile number or address appears on the books of the Company, at the principal place of business of the Holder, as set forth in the Purchase Agreement. Any notice or other communication or deliveries hereunder shall be deemed given and effective on  the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered 

		 

		

			 

		

 

	via facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (iv) upon actual receipt by the party to whom such notice is required to be given.

		
			 
		

			
	
			
				 b)
			Nasdaq.  Commencing on the Trigger Date, the Company shall not be obligated to issue any shares of Common Stock upon conversion of this Note, and the Holder of this Note shall not have the right to receive upon conversion of this Note any shares of Common Stock, if the issuance of such shares of Common Stock (taken together with any prior issuance of such shares upon the conversion of the Notes or otherwise pursuant to the terms of the Notes) would exceed the aggregate number of shares of Common Stock which the Company may issue upon conversion of the Notes without breaching the Company’s obligations under the rules or regulations of the Nasdaq Capital Market (the “Exchange Cap”), except that such limitation shall not apply in the event that the Company (A) obtains the approval of its stockholders as required by the applicable rules of the Nasdaq Capital Market for issuances of Common Stock in excess of such amount or (B) obtains a written opinion from outside counsel to the Company that such approval is not required, which opinion shall be reasonably satisfactory to the Holder. Until such approval or written opinion is obtained, no purchaser of the Notes pursuant to the Purchase Agreement (the “Purchasers”) shall be issued in the aggregate, upon conversion of Notes, shares of Common Stock in an amount greater than the product of the Exchange Cap multiplied by a fraction, the numerator of which is the principal amount of Notes issued to such Purchaser pursuant to the Purchase Agreement and the denominator of which is the aggregate principal amount of all Notes issued to the Purchasers as of the last Closing pursuant to the Purchase Agreement (with respect to each Purchaser, the “Exchange Cap Allocation”). In the event that any Purchaser shall sell or otherwise transfer any of such Purchaser's Notes, the transferee shall be allocated a pro rata portion of such Purchaser's Exchange Cap Allocation with respect to the portion of this Note so transferred, and the restrictions of the prior sentence shall apply to such transferee with respect to the portion of the Exchange Cap Allocation allocated to such transferee.  Upon conversion in full of a holder’s Notes, the difference (if any) between such holder’s Exchange Cap Allocation and the number of shares of Common Stock actually issued to such holder upon such holder's conversion in full of such Notes shall be allocated to the respective Exchange Cap Allocations of the remaining holders of Notes on a pro rata basis in proportion to the shares of Common Stock underlying the Notes then held by each such holder. In the  event that the Company is prohibited from issuing any shares of Common Stock pursuant to this Section 10(b) (the “Exchange Cap Shares”), in lieu of issuing and delivering such Exchange Cap Shares to the Holder, the Company shall pay cash to the Holder in exchange for the cancellation of such conversion amount of this Note convertible into such Exchange Cap Shares at a price equal to the sum of (x) the product of (A) such number of Exchange Cap Shares and (B) the greatest closing price of the Common Stock on any Trading Day during the period commencing on the date the Holder delivers the applicable Conversion Notice with respect to such Exchange Cap Shares to the Company and ending on the date immediately preceding the date of such payment under this Section 10(b) and (y) to the 

		 

		

			 

		

 

	extent the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of Exchange Cap Shares, any brokerage commissions and other out-of-pocket expenses, if any, of the Holder incurred in connection therewith.

		
			 
		

			
	
			
				 c)
			Absolute Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable, on this Note at the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company. This Note ranks pari passu with all other Notes now or hereafter issued under the terms set forth herein.

		
			 
		

			
	
			
				 d)
			Lost or Mutilated Note.  If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of such loss, theft or destruction of such Note, and of the ownership hereof, reasonably satisfactory to the Company.

		
			 
		

			
	
			
				 e)
			Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of the transactions contemplated by any of the Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors, officers, shareholder, employees or agents) shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”). Each party hereto hereby irrevocably submits to  the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)  to such party at the address in effect for notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by applicable law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Note or the transactions contemplated hereby. If any party shall commence an action or proceeding to enforce any provisions of this Note, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney’s fees and 

		 

		

			 

		

 

	other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

		
			 
		

			
	
			
				 f)
			Amendments; Waiver. No provision of this Note may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by each of the Company and the Holder or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Company or the  Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note on any other occasion.

		
			 
		

			
	
			
				 g)
			Severability. If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any provision  is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of the principal of or interest on this Note as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Note, and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

		
			 
		

			
	
			
				 h)
			Successors and Assigns. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. The Company may not assign this note or delegate any of its obligations hereunder without the written consent of the Holder. The Holder may assign this Note, in whole or in part, and its rights hereunder at any time without consent of Company.

		
			 
		

			
	
			
				 i)
			Next Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

		
			 
		

			
	
			
				 j)
			Headings. The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit or affect any of the provisions hereof.

		
			 
		

		
			

		 

		

			 

		

 

		

		
			 
		

		
			*********************
		

		
			 
		

		
			(Signature Pages Follow)
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			IN WITNESS WHEREOF, the Company has caused this Note to be duly executed by a duly authorized officer as of the date first above indicated.
		

		
			 
		

		
			 
		

		
			PRECIPIO,   INC.
		

		
			 
		

		
			 
		

		
			By:_     Name: Ilan Danieli
		

		
			Title::CEO 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			ANNEX A NOTICE OF CONVERSION
		

		
			 
		

		
			The undersigned hereby elects to convert principal under the 8%  Senior Secured Convertible Promissory Note due April 16, 2020 of Precipio, Inc., a Delaware corporation (the “Company”), into shares of common stock (the “Common Stock”), of the Company according to the conditions hereof, as of the date written below.  If shares of Common Stock are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company in accordance therewith. No fee will be charged to the holder for any conversion, except for such transfer taxes, if any.
		

		
			 
		

		
			By the delivery of this Notice of Conversion the undersigned represents and warrants to the Company that its ownership of the Common Stock does not exceed the amounts specified under Section 4 of this Note, as determined in accordance with Section 13(d) of the Exchange Act.
		

		
			 
		

		
			The undersigned agrees to comply with the prospectus delivery requirements under the applicable securities laws in connection with any transfer of the aforesaid shares of Common Stock.
		

		
			 
		

		
			 
		

		
			 

		

		
			Conversion calculations:
		

		
			

		

		
			Date to Effect Conversion:_____________________________
		

		
			 
		

		
			Principal Amount of Note to be Converted: 
		

		
			_______________________________________
		

		
			Number of shares of Common Stock to be issued:
		

		
			  __________________________________________
		

		
			 
		

		
			 
		

		
			Signature:_______________________________
		

		
			Name:__________________________________
		

		
			Address for Delivery of Common Stock Certificates: Or
		

		
			 

		

		
			DWAC Instructions:
		

		
			 
		

		
			Broker No:   Account No:  
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			 
		

		
			Schedule 1 CONVERSION SCHEDULE
		

		
			The 8%  Senior Secured Convertible Promissory Notes due April 16, 2020 in the aggregate principal amount of $[AMOUNT] is issued by Precipio, Inc., a  Delaware  corporation.   This Conversion Schedule reflects conversions made under Section 4 of the above referenced Note.
		

		
			 
		

		
			Dated:
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						Aggregate

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Principal

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Amount

					
					
						 

				
	
					
						Date of Conversion (or for first entry, Original Issue Date)

					
					
						Amount of Conversion

					
					
						Remaining Subsequent to Conversion

					
					
						 

					
						Company Attest

				
	
					
						 

					
					
						 

					
					
						(or original

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Principal

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Amount)

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