Document:

Exhibit 10.2

 

EXECUTION COPY

 

 

U.S. $1,250,000,000

 

364-DAY CREDIT AGREEMENT

 

Dated as of November 15, 2019

 

Among

 

3M COMPANY

as Borrower,

 

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent,

 

CITIBANK, N.A.,

as Syndication Agent,

 

DEUTSCHE BANK SECURITIES INC.

 

and

 

BANK OF AMERICA, N.A.,

as Documentation Agents,

 

and

 

THE BANKS NAMED HEREIN,

as Banks

 

 

JPMORGAN CHASE BANK, N.A.,

 

CITIBANK, N.A.,

 

DEUTSCHE BANK SECURITIES INC.

 

and      

 

BOFA SECURITIES,
INC.,

as Joint Lead Arrangers and Joint Bookrunners

 

     

     

    

 

Table of Contents

 

Page

 

	1.   	DEFINITIONS	 	 	1	 
	 	1.1       Generally	 	 	1	 
	 	1.2       Times	 	 	9	 
	 	1.3       Interest Rates; LIBOR Notification	 	 	10	 
	 	1.4.      Divisions	 	 	10	 
	 	 	 	 	 	 
	2.  	LINE OF CREDIT	 	 	10	 
	 	2.1       Advances	 	 	10	 
	 	2.2       [Reserved]	 	 	11	 
	 	2.3       [Reserved]	 	 	11	 
	 	2.4       [Reserved]	 	 	11	 
	 	2.5       Conditions Precedent to Each Advance	 	 	11	 
	 	2.6       Evidence of Debt	 	 	11	 
	 	 	 	 	 	 
	3. 	[Reserved]	 	 	12	 
	 	 	 	 	 	 
	4.  	FEES AND EXPENSES	 	 	12	 
	 	4.1       Commitment Fee	 	 	12	 
	 	4.2       [Reserved]	 	 	12	 
	 	4.3       Expenses	 	 	12	 
	 	4.4       Additional Fees	 	 	13	 
	 	 	 	 	 	 
	5.   	INTEREST	 	 	13	 
	 	5.1       Floating Rate	 	 	13	 
	 	5.2       LIBO Rate	 	 	13	 
	 	5.3       Default Rate	 	 	15	 
	 	5.4       Fees on LIBO Rate Advances; Capital Adequacy; Funding Exceptions	 	 	15	 
	 	5.5       Mitigation of Yield Protection	 	 	18	 
	 	 	 	 	 	 
	6.   	DISBURSEMENTS AND PAYMENTS	 	 	18	 
	 	6.1       Requests for Borrowings	 	 	18	 
	 	6.2       Payments	 	 	19	 
	 	6.3       Prepayments	 	 	21	 
	 	6.4       Termination or Reduction of the Commitments	 	 	22	 
	 	6.5       Taxes	 	 	22	 
	 	6.6       Judgment Currency	 	 	23	 
	 	6.7       Defaulting Banks	 	 	24	 
	 	6.8       Replacement of Defaulting Banks	 	 	24	 
	 	 	 	 	 	 
	7.  	CONDITIONS PRECEDENT	 	 	25	 
	 	 	 	 	 	 
	8.  	REPRESENTATIONS AND WARRANTIES	 	 	25	 
	 	 	 	 	 	 
	9.  	COVENANTS	 	 	25	 
	 	9.1       Financial Information	 	 	25	 
	 	9.2       Covenants	 	 	26	 

 

    -i-

     

    

 

	10.   	EVENTS OF DEFAULT AND REMEDIES	 	 	28	 
	 	10.1     Default	 	 	28	 
	 	10.2     Remedies	 	 	30	 
	 	10.3     Setoff	 	 	30	 
	 	 	 	 	 	 
	11.   	AGENCY	 	 	30	 
	 	11.1     Authorization	 	 	30	 
	 	11.2     Distribution of Payments and Proceeds	 	 	31	 
	 	11.3     Expenses	 	 	31	 
	 	11.4     Payments Received Directly by Banks	 	 	32	 
	 	11.5     Indemnification	 	 	32	 
	 	11.6     Limitations on Agent’s Power	 	 	32	 
	 	11.7     Exculpation of the Agent by the Banks	 	 	33	 
	 	11.8     Agent and Affiliates	 	 	33	 
	 	11.9     Credit Investigation	 	 	33	 
	 	11.10   Resignation	 	 	33	 
	 	11.11   Assignments and Participations	 	 	34	 
	 	11.12   Syndication Agent and Documentation Agent	 	 	35	 
	 	11.13   Delegation of Duties	 	 	36	 
	 	11.14   Bank ERISA Representation	 	 	36	 
	 	 	 	 	 	 
	12.  	MISCELLANEOUS	 	 	37	 
	 	12.1     365-Day Year	 	 	37	 
	 	12.2     GAAP	 	 	37	 
	 	12.3     No Waiver; Cumulative Remedies	 	 	37	 
	 	12.4     Amendments, Etc	 	 	38	 
	 	12.5     Binding Effect: Assignment	 	 	38	 
	 	12.6     New York Law	 	 	38	 
	 	12.7     Severability of Provisions	 	 	38	 
	 	12.8     Integration	 	 	38	 
	 	12.9     Notice	 	 	38	 
	 	12.10   Indemnification by the Borrower	 	 	39	 
	 	12.11   Customer Identification - USA Patriot Act Notice	 	 	40	 
	 	12.12   Execution in Counterparts	 	 	40	 
	 	12.13   Waiver of Jury Trial	 	 	40	 
	 	12.14   Jurisdiction	 	 	41	 
	 	12.15   Substitution of Currency	 	 	41	 
	 	12.16   No Fiduciary Relationship	 	 	41	 
	 	12.17   Acknowledgement and Consent to Bail-In of Certain Financial Institutions	 	 	42	 

 

    -ii-

     

    

 

364-Day Credit Agreement

Dated as of November 15, 2019

 

3M Company, a Delaware corporation, the Banks, as defined below,
and JPMorgan Chase Bank, N.A., a national banking association, as Administrative Agent for the Banks, hereby agree as follows:

 

		1.	DEFINITIONS

 

		1.1	Generally.

 

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

 

“Advance” means an advance under Section 2.1.

 

“Affiliate”, as applied to any Person, means any
other Person directly or indirectly controlling, controlled by, or under common control with, that Person. For the purposes of
this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled
by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting
securities or by contract or otherwise.

 

“Agent” means JPMorgan, in its capacity as lead
arranger and administrative agent for the Banks hereunder (which may act through any of its Affiliates in performance of its duties
hereunder).

 

“Agent's Account” means (a) in the case of
Advances denominated in Dollars, the account of the Agent maintained by the Agent at JPMorgan at its office at 500 Stanton Christiana
Road, Ops 2, Floor 3, Newark, Delaware 19713, Account No. 9008113381H0305, Attention: Chelsea Hamilton, e-mail: chelsea.hamilton@jpmchase.com,
(b) in the case of Advances denominated in any Committed Currency, the account of the Agent designated in writing from time
to time by the Agent to the Borrower and the Banks for such purpose and (c) in any such case, such other account of the Agent
as is designated in writing from time to time by the Agent to the Borrower and the Banks for such purpose.

 

“Aggregate Commitment Amount” means the sum of each
Bank’s Commitment.

 

“Aggregate Outstandings” means, at any time, an
amount equal to the aggregate principal balance of the Advances then outstanding (based on the Equivalent in Dollars at such time).

 

“Agreement” means this 364-Day Credit Agreement.

 

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

 

“Applicable Fee Percentage” means 0.02%.

 

     

     

    

 

“Applicable Margin” means (a) for LIBO Rate Advances
as of any date, a percentage per annum equal to 0.625% and (b) for Floating Rate Advances as of any date, a rate per annum equal
to 0.00%.

 

“Assignment Certificate” means a certificate, acceptable
to the Agent in form and substance, assigning a Bank’s rights and obligations under this Agreement or a related document
pursuant to Section 11.11.

 

“Bail-In Action” has the meaning specified in Section
12.17.

 

“Bankruptcy Event” means,
with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar
Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of
the Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding
or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition
of any ownership interest, in such Person by a governmental authority or instrumentality thereof, provided, further, that such
ownership interest does not result in or provide such Person 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 Person (or such governmental authority
or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

 

“Banks” means JPMorgan, acting on its own behalf
and not as Agent; and each other Person (other than the Borrower) that is a party hereto or hereafter becomes a party hereto pursuant
to the procedures set forth in Section 11.11.

 

“Base Rate” means a fluctuating interest rate per
annum in effect from time to time, which rate per annum shall at all times be equal to the highest of (i) the Prime Rate in effect
on such day, (ii) the NYFRB Rate in effect on such day plus one-half of one percent (.50%) and (iii) the LIBO Base Rate applicable
to Dollars for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business
Day) (“One Month LIBOR”) plus 1.00% (for the avoidance of doubt, the One Month LIBOR for any day shall be based on
the rate appearing on Reuters LIBOR01 Page (or other commercially available source providing such quotations as designated by the
Agent from time to time) at approximately 11:00 a.m. London time on such day); provided that if One Month LIBOR shall be less than
zero, such rate shall be deemed to be zero for purposes of this Agreement. Any change in the Base Rate due to a change in the Prime
Rate, the NYFRB Rate or the LIBO Base Rate shall be effective from and including the effective date of such change in the Prime
Rate, the NYFRB Rate or the LIBO Base Rate, respectively. If the Base Rate is being used as an alternate rate of interest pursuant
to Section 5.2, then the Base Rate shall be the greater of clauses (i) and (ii) above and shall be determined without reference
to clause (iii) above. For the avoidance of doubt, if the Base Rate as determined pursuant to the foregoing would be less than
zero such rate shall be deemed to be zero for purposes of this Agreement.

 

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

 

    -2-

     

    

 

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

 

“Borrower” means 3M Company, a Delaware corporation.

 

“Borrowing” means a borrowing under Section 2.1
consisting of simultaneous pro rata Advances to the Borrower by each of the Banks severally.

 

“Borrowing Minimum” means, in respect of Advances
denominated in Dollars, $10,000,000, in respect of Advances denominated in Sterling, £5,000,000 and, in respect of Advances
denominated in Euros, €10,000,000.

 

“Bribery Act” means the United Kingdom Bribery Act
of 2010.

 

“Business Day” means a day other than a Saturday,
Sunday, United States national holiday or other day on which banks in New York are permitted or required by law to close. Whenever
the context relates to a LIBO Rate or amounts bearing interest at a LIBO Rate “Business Day” means a day (i) that meets
the foregoing definition, and (ii) on which dealings are carried on in the London interbank market and banks are open for business
in London and in the country of issue of the currency of such LIBO Rate Advance (or, in the case of an Advance denominated in Euro,
on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) System is open).

 

“Committed Currencies” means Sterling,
Euros and any other currency that is freely convertible into Dollars and agreed to by all Banks and the Agent.

 

“Commitment” means, with respect to each Bank, (a) the
Dollar amount set forth opposite such Bank’s name on Schedule I hereto or if such Bank has entered into an Assignment Certificate,
the Dollar amount set forth for such Bank in the records maintained by the Agent, as such amount may be reduced pursuant to Section 6.4,
or (b) the commitment of that Bank to make Advances hereunder, as the context may require.

 

“Commitment Termination Date” means November 13,
2020 or, if earlier, the date on which the Banks’ Commitments are terminated pursuant to Section 10 or by agreement of the
parties.

 

“Credit Exposure”
means, with respect to any Bank (i) at any time prior to termination of the Commitments in full, such Bank’s Commitment
(whether used or unused); provided that in the case of Section 6.7 when a Defaulting Bank shall exist, “Credit
Exposure” shall mean the percentage of the total Commitments (disregarding any Defaulting Bank’s Commitment) represented
by such Bank’s Commitment, or (ii) thereafter, such Bank’s Outstandings. 

 

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

 

    -3-

     

    

 

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

 

“Dollars” and the “$” sign each means
lawful currency of the United States of America.

 

"EBITDA" means, for any period, net income (or net
loss) plus the sum of (a) interest expense, (b) income tax expense, (c) depreciation expense and (d) amortization
expense, in each case determined in accordance with GAAP for such period.

 

“EBITDA to Interest Ratio” means, as of the last
day of any Fiscal Quarter, the ratio of (i) consolidated EBITDA of the Borrower and its subsidiaries for the period of four consecutive
Fiscal Quarters then ended to (ii) interest payable on, and amortization of debt discount in respect of, all Funded Debt of
the Borrower and its subsidiaries during such period of four Fiscal Quarters.

 

“EEA Financial Institution” has the meaning specified
in Section 12.17.

 

“Effective Date” means the date on which the conditions
precedent set forth in Section 7 have been satisfied, which shall be no later than November 15, 2019.

 

“Eligible Assignee” means (i) any Bank or any Affiliate
of any Bank; (ii) a commercial bank organized under the laws of the United States or any state thereof; or (iii) a commercial bank
organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development or
a political subdivision of such country; provided that (x) neither the Borrower nor any Affiliate of the Borrower shall be an Eligible
Assignee, (y) any Eligible Assignee or any corporation controlling such Eligible Assignee must also have senior unsecured long-term
debt ratings which are rated at least A- (or the equivalent) as publicly announced by S&P or Fitch or A3 (or the equivalent)
as publicly announced by Moody’s, and (z) any Eligible Assignee or any corporation controlling such Eligible Assignee must
have shareholders’ equity in an amount not less than $3,000,000,000.

 

    -4-

     

    

 

“Equivalent” in Dollars of any Committed Currency
or in any Committed Currency of Dollars on any date, means the quoted spot rate appearing at oanda.com/convert/classic or, if such
rate is not available, the rate at which the Agent offers, in accordance with normal banking industry practice, to exchange Dollars
or such Committed Currency for such Committed Currency or Dollars, as the case may be, in New York, New York prior to 4:00 P.M.
(New York time) on such date.

 

“ERISA” means the Employment Retirement Security
Act of 1974, as amended from time to time, and the regulations and rulings issued thereunder.

 

“EURIBO Rate” means, for any Interest Period, the
rate appearing on Page 248 of the Moneyline Telerate Service (or on any successor or substitute page of such Service, or any successor
to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service,
as determined by the Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in Euro
by reference to the Banking Federation of the European Union Settlement Rates for deposits in Euro) at approximately 10:00 A.M.,
London time, two Business Days prior to the commencement of such Interest Period, as the rate for deposits in Euro with a maturity
comparable to such Interest Period.

 

“Euro” means the lawful currency of the
European Union as constituted by the Treaty of Rome which established the European Community, as such treaty may be amended from
time to time and as referred to in the EMU legislation.

 

“Event of Default” means an event specified in Section
10.1.

 

“FCPA” means the United States Foreign Corrupt Practices
Act of 1977.

 

“Federal Funds Effective Rate” means, for any day,
the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined
in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business
Day by the NYFRB as the effective federal funds rate; provided that if the Federal Funds Effective Rate as so determined would
be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

“Fee Letter” means one or more separate agreements
between the Borrower and the Agent, setting forth the terms of certain fees to be paid by the Borrower to the Agent for the benefit
of the Banks and/or for the Agent’s own behalf, as more fully set forth therein.

 

“Fiscal Quarter” means any of the four periods,
each approximately three calendar months in length, comprising the Borrower’s fiscal year.

 

“Fitch” means Fitch, Inc.

 

“Floating Rate” means, for any period, a fluctuating
interest rate per annum equal for each such day during such period to the sum of the Base Rate for such day, plus the Applicable
Margin for such day.

 

“Funded Debt” means the sum of (i) all obligations
of the Borrower and its subsidiaries for borrowed money, including but not limited to principal and interest with respect to all
indebtedness hereunder and all other senior or subordinated debt for borrowed money, (ii) all purchase money obligations of
the Borrower and its subsidiaries, including obligations under any capitalized lease, (iii) the face amount of all letters
of credit issued for the account of the Borrower and its subsidiaries, and (iv) all other interest-bearing obligations of
the Borrower and its subsidiaries that are required to be listed as a liability on a balance sheet under GAAP. All determinations
under this definition shall be made with respect to the Borrower and its subsidiaries on a consolidated basis.

 

    -5-

     

    

 

“GAAP” has the meaning set forth in Section 12.2.

 

"Interest Period" means, for each LIBO Rate Advance
comprising part of the same Borrowing, the period commencing on the date of such LIBO Rate Advance or the date of the Conversion
of any Floating Rate Advance into such LIBO Rate Advance and ending on the last day of the period selected by the Borrower pursuant
to the provisions of Section 5.2 and, thereafter, each subsequent period commencing on the last day of the immediately preceding
Interest Period and ending on the last day of the period selected by the Borrower pursuant to the provisions of Section 5.2. The
duration of each such Interest Period shall be one, two, three or six months, and subject to clause (c) of this definition, twelve
months, as the Borrower may, upon notice received by the Agent (and in the case of a LIBO Rate Advance denominated in a Committed
Currency, to the London Sub-Agent) not later than 11:00 A.M. (New York City time) on the third Business Day prior to
the first day of such Interest Period, select; provided, however, that:

 

(a)       the
Borrower may not select any Interest Period that ends after any Commitment Termination Date or, if the Advances have been converted
to a term loan pursuant to Section 6.2(c) prior to such selection, that ends after the Maturity Date;

 

(b)       Interest
Periods commencing on the same date for LIBO Rate Advances comprising part of the same Borrowing shall be of the same duration;

 

(c)       the
Borrower shall not be entitled to select an Interest Period having duration of twelve months
unless, by 2:00 P.M. (New York City time) on the third Business Day prior to the first day of such Interest Period, each Bank
notifies the Agent that such Bank will be providing funding for such Borrowing with such Interest Period (the failure of any Bank
to so respond by such time being deemed for all purposes of this Agreement as an objection by such Bank to the requested duration
of such Interest Period); provided that, if any or all of the Banks object to the requested duration of such Interest Period,
the duration of the Interest Period for such Borrowing shall be one, two, three or six months, as specified by the Borrower requesting
such Borrowing in the applicable Notice of Borrowing as the desired alternative to an Interest Period of twelve months;

 

(d)       whenever
the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period
shall be extended to occur on the next succeeding Business Day, provided, however, that, if such extension would
cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period
shall occur on the next preceding Business Day; and

 

(e)       whenever
the first day of any Interest Period occurs on a day of an initial calendar month for which there is no numerically corresponding
day in the calendar month that succeeds such initial calendar month by the number of months equal to the number of months in such
Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month.

 

    -6-

     

    

 

“JPMorgan” means JPMorgan Chase Bank, N.A., a national
banking association.

 

“LIBO Base Rate” means, with respect to any Interest
Period for each LIBO Rate Advance comprising part of the same Borrowing, (a) in the case of any Advance denominated in Dollars
or any Committed Currency other than Euro, the rate per annum which appears on Reuters Screen LIBOR01 Page (or any successor page)
as the London interbank offered rate for deposits in Dollars or the applicable Committed Currency at approximately 11:00 A.M. London
time on the date two Business Days before, or, in the case of LIBO Rate Advances denominated in Sterling, on the date of, the commencement
of such Interest Period as the rate at which deposits in immediately available funds are offered on the London interbank market
for a term substantially equivalent to the applicable Interest Period or (b) in the case of any LIBO Rate Advance denominated in
Euros, the EURIBO Rate; provided that if any LIBO Base Rate shall be less than zero, such rate shall be deemed to be zero
for purposes of this Agreement.

 

“LIBO Rate” means the annual rate equal to the sum
of (i) the rate obtained by dividing (a) the applicable LIBO Base Rate, by (b) a percentage equal to 100% minus
the reserve percentage (expressed as a percentage) applicable to “Eurocurrency liabilities” (as defined in Regulation
D of the Board of Governors of the Federal Reserve System), and (ii) the Applicable Margin.

 

“LIBO Screen Rate” means, for any day and time,
with respect to any LIBO Rate Borrowing for any applicable currency and for any Interest Period, the London interbank offered rate
as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for the relevant
currency for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of
the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor
or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes
such rate from time to time as selected by the Agent in its reasonable discretion); provided that if the LIBO Screen Rate as so
determined would be less than zero, such rate shall be deemed to zero for the purposes of this Agreement.

 

“Loan Documents” means this Agreement, the Notes,
any Fee Letter and any other document related hereto, together with all amendments, modifications and restatements thereof.

 

“London Sub-Agent” means J.P. Morgan Europe Limited.

 

“Maturity Date” means the earlier of (a) the first
anniversary of the Commitment Termination Date and (b) or, if earlier, the date on which the Banks’ Commitments are terminated
pursuant to Section 10 or by agreement of the parties.

 

“Moody’s” means Moody’s Investors Service,
Inc.

 

“Note” means a note in substantially the form of
Exhibit C hereto with all blanks appropriately completed, together with any modifications and extensions thereof and any note or
notes issues in renewal thereof or substitution or replacement therefor.

 

    -7-

     

    

 

“NYFRB” means the Federal Reserve Bank of New York.

 

“NYFRB Rate” means, for any day, the greater of
(a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for
any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published
for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at
11:00 a.m. on such day received by the Agent from a federal funds broker of recognized standing selected by it; provided, further,
that if any of the aforesaid rates as so determined be less than zero, such rate shall be deemed to be zero for purposes of this
Agreement.

 

“Outstandings” means, at any time with respect to
any Bank, an amount equal to the aggregate principal balance of that Bank’s Advances then outstanding (based on the Equivalent
in Dollars at such time).

 

“Overnight Bank Funding Rate” means, for any day,
the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository
institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and
published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

 

“Payment Office” means, for any Committed Currency,
such office of JPMorgan as shall be from time to time selected by the Agent and notified by the Agent to the Borrower and the Banks.

 

“PBGC” means the Pension Benefit Guaranty Corporation.

 

“Percentage” means, with respect to each Bank, the
ratio of (i) that Bank’s Credit Exposure, to (ii) the aggregate Credit Exposure of all of the Banks.

 

“Person” means any individual, corporation, partnership,
limited liability company, joint venture, association, joint stock company, trust, unincorporated organization or other entity
or government or any agency or political subdivision thereof.

 

“Prime Rate” means the rate of interest last quoted
by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate,
the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected
Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted
therein (as determined by the Agent) or any similar release by the Federal Reserve Board (as determined by the Agent). Each change
in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

 

“Required Banks” means one or more Banks having
an aggregate Percentage of at least fifty-one percent (51%).

 

“S&P” means S&P Global Ratings.

 

    -8-

     

    

 

“Sanctions” means economic or financial sanctions
or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered
by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United
Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.

 

“Sanctioned Country” means, at any time, a country
or territory which is itself the subject or target of any Sanctions.

 

“Sanctioned Person” means, at any time, (a) any
Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S.
Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union or any
EU member state, (b) any Person operating, organized or resident in a Sanctioned Country to the extent such Person is the subject
of Sanctions, or (c) any Person controlled or more than 50 percent owned by any such Person or Persons.

 

“Securitization Entity” means a corporation, partnership,
trust, limited liability company or other entity that is formed for the purpose of effecting or facilitating a Securitization Transaction
and which engages in no business and incurs no indebtedness or other liabilities other than those related to or incidental to a
Securitization Transaction.

 

“Securitization Transaction” means a transaction
or series of related transactions pursuant to which a corporation, partnership, trust, limited liability company or other entity
incurs obligations or issues interests, the proceeds of which are used to finance a discrete pool (which may be fixed or revolving)
of receivables or other financial assets.

 

“Sterling” means lawful currency of the United Kingdom
of Great Britain and Northern Ireland.

 

“Subsidiary” of any specified Person means any other
Person of which such first Person owns (either directly or indirectly through one or more other Subsidiaries) a majority of the
outstanding equity securities or other ownership interests carrying a majority of the voting power in the election of the board
of directors or other governing body of such Person.

 

“Term Loan Conversion Date” means the Commitment
Termination Date on which all Advances outstanding on such date are converted into a term loan pursuant to Section 6.2(c).

 

“Term Loan Election” has the meaning specified in
Section 6.2(c).

 

		1.2	Times

 

All references to times of day in this Agreement shall be references
to New York, New York time unless otherwise specifically provided.

 

    -9-

     

    

 

		1.3	Interest Rates; LIBOR Notification

 

The interest rate on LIBO Rate Advances is determined by reference
to the LIBO Base Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to
represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market.
In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel
contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark
Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible
that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate
reference rate upon which to determine the interest rate on LIBO Rate Advances. In light of this eventuality, public and private
sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London
interbank offered rate. In the event that the London interbank offered rate is no longer available or in certain other circumstances
as set forth in Section 5.2(d) of this Agreement, such Section 5.2(d) provides a mechanism for determining an alternative rate
of interest. The Agent will notify the Borrower, pursuant to Section 5.2, in advance of any change to the reference rate upon which
the interest rate on LIBO Rate Advances is based. However, the Agent does not warrant or accept any responsibility for, and shall
not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered
rate or other rates in the definition of “LIBO Base Rate” or with respect to any alternative or successor rate thereto,
or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative,
successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 5.2(d), will be similar to, or produce
the same value or economic equivalence of, the LIBO Base Rate or have the same volume or liquidity as did the London interbank
offered rate prior to its discontinuance or unavailability.

 

		1.4.	Divisions

 

For all purposes under the Loan Documents, in connection with
any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a)
any reference 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 and (b) 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).

 

		2.	LINE OF CREDIT

 

		2.1	Advances.

 

Each Bank (acting through its branches or Affiliates) severally
agrees, on the terms and conditions hereinafter set forth, to make Advances (each, an “Advance”) to the Borrower from
time to time on any Business Day during the period from the Effective Date until the Commitment Termination Date in accordance
with this Section 2.1; provided, however, that no Bank shall have any obligation to make any Advance if, after giving
effect to such Advance, (i) that Bank’s Outstandings (based in respect of any Advances to be denominated in a Committed
Currency by reference to the Equivalent thereof in Dollars determined on the date of delivery of the applicable request for such
Borrowing) would exceed that Bank’s Commitment, or (ii) the Aggregate Outstandings (based in respect of any Advances
to be denominated in a Committed Currency by reference to the Equivalent thereof in Dollars determined on the date of delivery
of the applicable request for such Borrowing) would exceed the Aggregate Commitment Amount. The credit facility established hereby
is revolving; subject to the terms and conditions of this Agreement, the Borrower may borrow, prepay pursuant to Section 6.3 and
reborrow under this Section 2.1. The obligations of the Banks hereunder shall be several, but not joint.

 

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		2.2	[Reserved].

 

		2.3	[Reserved].

 

		2.4	[Reserved].

 

		2.5	Conditions Precedent to Each Advance.

 

The obligation of each Bank to make any Advance hereunder shall
be subject to the satisfaction of the following conditions precedent (and any request for an Advance shall be deemed a representation
and warranty by the Borrower that each of the following conditions precedent has been satisfied):

 

		(a)	the Borrower has delivered to the Agent and the Banks each of the items required to be delivered pursuant to Section 7;
	 	 	 

		(b)	the representations and warranties of the Borrower contained in this Agreement (other than the representations and warranties
listed as “Material Adverse Effect”, “Litigation” and “Environmental Matters” on Exhibit B)
shall be true and correct on the date of such Advance as though made on and as of such date (except to the extent that any such
representation or warranty is expressly stated to have been made as of a specific date, then such representation or warranty shall
be true and correct as of such specific date); and
	 	 	 

		(c)	no Default or Event of Default exists.
	 	 	 

		2.6	Evidence of Debt.

 

		(a)	Each Bank shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower
to such Bank resulting from each Advance owing to such Bank from time to time, including the amounts of principal and interest
payable and paid to such Bank from time to time hereunder in respect of Advances. The Borrower agrees that upon notice by any Bank
to the Borrower (with a copy of such notice to the Agent) to the effect that a Note is required or appropriate in order for such
Bank to evidence (whether for purposes of pledge, enforcement or otherwise) the Advances owing to, or to be made by, such Bank,
the Borrower shall promptly execute and deliver to such Bank a Note payable to the order of such Bank in a principal amount up
to the Commitment of such Bank.

 

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		(b)	The Agent shall maintain a control account, and a subsidiary account for each Bank, in which accounts (taken together) shall
be recorded (i) the date and amount of each Borrowing made hereunder, the type of Advances comprising such Borrowing and, if appropriate,
the Interest Period applicable thereto, (ii) the terms of each Assignment Certificate delivered to and accepted by it, (iii) the
amount of any principal or interest due and payable or to become due and payable from the Borrower to each Bank hereunder and (iv)
the amount of any sum received by the Agent from the Borrower hereunder and each Bank’s share thereof.
	 	 	 

		(c)	Entries made in good faith and in conformity with sound industry standards by the Agent in the control and subsidiary accounts
pursuant to subsection (b) above shall be prima facie evidence of the amount of principal and interest due and payable or
to become due and payable from the Borrower to each Bank under this Agreement, absent manifest error; provided, however,
that the Borrower shall have the right to inspect such entries and the failure of the Agent to make an entry, or any finding that
an entry is incorrect, in such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this
Agreement.
	 	 	 

		3.	[Reserved]

 

		4.	FEES AND EXPENSES

 

		4.1	Commitment Fee.

 

The Borrower will pay each Bank a commitment fee on the aggregate
amount of such Bank’s unused Commitment from the date of this Agreement through the Commitment Termination Date at a rate
per annum equal to the Applicable Fee Percentage. Each Bank’s unused Commitment shall be determined by deducting from such
Commitment the aggregate principal balance of such Bank’s Advances. Such fee shall be due and payable quarterly in arrears
on the last day of each March, June, September and December and on the Commitment Termination Date.

 

		4.2	[Reserved].

 

		4.3	Expenses.

 

The Borrower shall pay (i) all reasonable attorneys’
fees and out-of-pocket expenses of such attorneys incurred by the Agent in connection with the preparation, negotiation, execution
and amendment of this Agreement and related documents and (ii) all costs and expenses (including but not limited to reasonable
attorneys’ fees and out-of-pocket expenses) incurred by the Agent or any of the Banks in connection with the enforcement
of this Agreement and related documents (including but not limited to reasonable attorneys’ fees and out-of-pocket expenses
of the Agent and each Bank, whether paid to outside counsel or allocated to in-house counsel).

 

    -12-

     

    

 

		4.4	Additional Fees.

 

The Borrower shall pay to the Agent additional fees in the amounts
set forth in any Fee Letter strictly pertaining to this Agreement.

 

		5.	INTEREST

 

		5.1	Floating Rate.

 

The principal balance of the Advances denominated in Dollars
shall bear interest at the Floating Rate unless the Borrower elects a LIBO Rate pursuant to Section 5.2, subject, however, to imposition
of the default rate pursuant to Section 5.3.

 

		5.2	LIBO Rate.

 

		(a)	The Borrower may from time to time notify the Agent in writing
or by telephone that a particular portion of the outstanding principal balance of the Advances shall bear interest at a LIBO Rate
for a particular Interest Period. The portion of the outstanding balance of the Advances to which a LIBO Rate is applied (i) must
be in an amount not less than the Borrowing Minimum or a multiple thereof, and (ii) must not bear, or otherwise be scheduled
to bear, interest at a LIBO Rate at any time during the applicable Interest Period. Any LIBO Rate notification shall be irrevocable,
must be made pro rata with respect to the Advances of each Bank, and must be received by the Agent before 11:00 a.m. (or, in the
case of an Advance denominated in a Committed Currency, before 11:00 a.m. London time) on the day three Business Days before the
Business Day which is the first day of the applicable Interest Period. Commencing on the first day of the applicable Interest
Period and continuing through the last day thereof, the portion of the outstanding principal balance of the Advances to which
the notification related shall bear interest at the applicable LIBO Rate (and the remaining part of the principal balance of the
Advances, if any, shall continue to bear interest at the rate or rates previously applicable to such amounts), subject, however,
to imposition of the default rate pursuant to Section 5.3. At the termination of such Interest Period, unless a new LIBO Rate
notification is requested and accepted by the Borrower, the interest rate applicable to the portion of the principal balance of
(1) the Advances denominated in Dollars to which the LIBO Rate was applicable shall revert to the Floating Rate and (2) the Advances
denominated in any Committed Currency shall be exchanged for an Equivalent amount of Dollars determined on such date and revert
to the Floating Rate.

 

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		(b)	Notwithstanding anything to the contrary in this Section, the Borrower’s right to have a portion of the Advances bear
interest at a LIBO Rate hereunder shall be suspended (i) at any time that there is a Default or an Event of Default under
this Agreement, (ii) if the Agent is advised by the Required Banks that the LIBO Base Rate for the applicable currency and
such Interest Period will not adequately and fairly reflect the cost to such Banks (or Bank) of making or maintaining their Advances
(or its Advance) included in such Borrowing for the applicable currency and such Interest Period, (iii) during any period in which
any Bank shall notify the Agent that the introduction of or any change in or in the interpretation of any law or regulation makes
it unlawful, or any governmental authority asserts that it is unlawful, for such Bank to perform its obligations hereunder or to
fund or maintain LIBO Rate Advances hereunder or (iv) if the Agent determines (which determination shall be conclusive absent manifest
error) that adequate and reasonable means do not exist for ascertaining the LIBO Base Rate for the applicable currency and such
Interest Period, in which case (A) for each Advance denominated in any Committed Currency, the Borrower shall either (x) prepay
such Advances or (y) exchange such Advances into an Equivalent amount of Dollars and such Advances shall revert to the Floating
Rate and (B) the obligation of the Bank to make LIBO Rate Advances shall be suspended until the Agent shall notify the Borrower
and the Banks that the circumstances causing such suspension no longer exist.
	 	 	 

		(c)	Absent manifest error, the records of the Agent shall be conclusive evidence as to the amount of the Advances bearing interest
at a LIBO Rate, the applicable LIBO Rate and the date on which the Interest Period applicable to such LIBO Rate expires. LIBO Rate
Advances may not be outstanding as more than six separate Interest Periods. The Agent shall give prompt notice to the Borrower
and the Banks of the applicable interest rate determined by the Agent as the Floating Rate and the LIBO Rate.
	 	 	 

		(d)	If at any time the Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances
set forth in clause (b)(iv) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set
forth in clause (b)(iv) have not arisen but either (w) the supervisor for the administrator of the LIBO Screen Rate has made
a public statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor administrator that will
continue publication of the LIBO Screen Rate), (x) the administrator of the LIBO Screen Rate has made a public statement identifying
a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published by it (and there is no
successor administrator that will continue publication of the LIBO Screen Rate), (y) the supervisor for the administrator of the
LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely
cease to be published or (z) the supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction
over the Agent has made a public statement identifying a specific date after which the LIBO Screen Rate may no longer be used for
determining interest rates for loans, then the Agent and the Borrower shall endeavor to establish an alternate rate of interest
to the LIBO Base Rate that gives due consideration to the then prevailing market convention for determining a rate of interest
for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate
rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related
changes shall not include a reduction of the Applicable Margin); provided that, if such alternate rate of interest as so determined
would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. Notwithstanding anything to the
contrary in Section 12.4, such amendment shall become effective without any further action or consent of any other party to this
Agreement so long as the Agent shall not have received, within five Business Days of the date a copy of such amendment is provided
to the Banks, a written notice from the Required Banks stating that such Required Banks object to such amendment. Until an alternate
rate of interest shall be determined in accordance with this clause (d) (but, in the case of the circumstances described in clause
(ii)(w), clause (ii)(x) or clause (ii)(y) of the first sentence of this Section 5.2(d), only to the extent the LIBO Screen Rate
for the applicable currency and such Interest Period is not available or published at such time on a current basis), (x) any
interest election request that requests the conversion of any Advances to, or continuation of any Advances as, a LIBO Rate Advances
shall be ineffective and (y) if any notice of a Borrowing requests a LIBO Rate Advances, such Advances shall be made as Floating
Rate Advances.

 

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		5.3	Default Rate.

 

Upon the occurrence of an Event of Default, and so long as such
Event of Default continues without written waiver thereof by the Agent and the Required Banks, in the sole discretion of the Required
Banks and without waiving any of their other rights and remedies, the outstanding principal balance of the Advances shall bear
interest at an annual rate which shall be equal to two percent (2.00%) over the annual rate or rates that would otherwise be in
effect with respect to such Advances had there been no occurrence of such Event of Default.

 

		5.4	Fees on LIBO Rate Advances; Capital Adequacy; Funding
Exceptions.

 

In addition to any interest payable on Advances made hereunder
and any fees or other amounts payable hereunder, the Borrower agrees:

 

		(a)	LIBO Rate Advances. If at any time any applicable law, rule or regulation or the interpretation or administration thereof
by any governmental authority (including, without limitation, Regulation D of the Federal Reserve Board):
	 	 	 

		(i)	shall subject any Bank to any tax, duty or other charges (including but not limited to any tax designed to discourage the purchase
or acquisition of foreign securities or debt instruments by United States nationals) with respect to this Agreement, or shall materially
change the basis of taxation of payments to any Bank of the principal of or interest on any portion of the principal balance of
any Advances bearing interest at a LIBO Rate (except for the imposition of or changes in respect of the rate of tax on the overall
net income of that Bank); or
	 	 	 

		(ii)	shall impose or deem applicable or increase any reserve, special deposit or similar requirement against assets of, deposits
with or for the account of, or credit extended by any Bank because of any portion of the principal balance of any Advances bearing
interest at a LIBO Rate and the result of any of the foregoing would be to increase the cost to that Bank of making or maintaining
any such portion or to reduce any sum received or receivable by that Bank with respect to such portion;

 

    -15-

     

    

 

then, within 30 days after demand by that Bank the Borrower
shall pay that Bank such additional amount or amounts as will compensate that Bank for such increased cost or reduction. A certificate
in reasonable detail of any Bank setting forth the basis for the determination of such additional amount or amounts shall, absent
obvious error, be conclusive evidence of such amount or amounts. The Agent shall endeavor to notify the Borrower of any change
in applicable laws, rules, regulations, interpretations or administrative practices that may give rise to liability under this
Section, but the Agent shall have no liability to the Borrower for failure to so notify the Borrower, and the failure to give such
notification shall not be a defense to the Borrower’s obligation to pay any amounts under this paragraph (a).

 

		(b)	Capital Adequacy. If any Bank determines at any time that its Return has been reduced as a result of any Capital Adequacy
Rule Change, that Bank may require the Borrower to pay it the amount necessary to restore that Bank’s Return to what it would
have been had there been no Capital Adequacy Rule Change, provided that such Bank is generally charging, or intends to generally
charge, such amounts to its customers that are similarly situated to the Borrower and with similar credit facilities, to the extent
such Bank has the right under such similar credit facilities to do so (but such Bank shall not be required to disclose any confidential
or proprietary information). For purposes of this paragraph (b), the following definitions shall apply:

 

		(i)	“Return”, for any calendar quarter or shorter period, means the percentage determined by dividing (A) the sum of
interest and ongoing fees earned by a Bank under this Agreement during such period by (B) the average capital that Bank is required
to maintain during such period as a result of its being a party to this Agreement, as determined by that Bank based upon its total
capital requirements and a reasonable attribution formula that takes account of the Capital Adequacy Rules then in effect. Return
may be calculated for each calendar quarter and for the shorter period between the end of a calendar quarter and the date of termination
in whole of this Agreement.

 

		(ii)	“Capital Adequacy Rule” means any law, rule, regulation or guideline regarding capital adequacy or liquidity that
applies to any Bank, or the interpretation thereof by any governmental or regulatory authority including, without limitation, any
agency of the European Union or similar monetary or multinational authority. Capital Adequacy Rules include rules requiring financial
institutions to maintain total capital or liquidity in amounts based upon percentages of outstanding loans, binding loan commitments
and letters of credit.

 

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		(iii)	“Capital Adequacy Rule Change” means any change in any Capital Adequacy Rule occurring after the date of this Agreement,
but does not include any changes in applicable requirements that at the date hereof are scheduled to take place under the existing
Capital Adequacy Rules or any increases in the capital or liquidity that any Bank is required to maintain to the extent that the
increases are required due to a regulatory authority’s assessment of that Bank’s financial condition. For the avoidance
of doubt, any changes resulting from requests, rules, guidelines or directives concerning capital adequacy or liquidity (x) issued
in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act or (y) promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign
regulatory authorities, in each case pursuant to Basel III, shall be deemed to occur after the date of this Agreement, regardless
of the date enacted, adopted or issued.

 

		(iv)	“Bank” includes (but is not limited to) the Agent, the Banks, as defined elsewhere in this Agreement, any assignee
of any interest of any Bank hereunder, any participant in the loans made hereunder and any holding company of any of the foregoing.

 

The initial notice sent by a Bank shall be sent as promptly
as practicable after that Bank learns that its Return has been reduced, shall include a demand for payment of the amount necessary
to restore that Bank’s Return for the quarter in which the notice is sent, shall state in reasonable detail the cause for
the reduction in that Bank’s Return and that Bank’s calculation of the amount of such reduction, and shall include
that Bank’s representation that it has made similar demand on one or more other commercial borrowers with revolving or term
loans in excess of $500,000. Thereafter, that Bank may send a new notice during each calendar quarter setting forth the calculation
of the reduced Return for that quarter and including a demand for payment of the amount necessary to restore that Bank’s
Return for that quarter. A Bank’s calculation in any such notice shall be conclusive and binding absent demonstrable error.

 

		(c)	Funding Exceptions. The Borrower shall also compensate any Bank, upon written request by that Bank (which request shall
set forth the basis for requesting such amounts), for all losses and imputed costs in respect of any interest or other consideration
paid by that Bank to lenders of funds borrowed by it or deposited with it to maintain any portion of the principal balance of any
Advances at a LIBO Rate which that Bank sustains (i) on account of any failure of the Borrower to borrow at a LIBO Rate on a date
specified therefor in a notice provided by the Borrower to the Agent under Section 5.2 of this Agreement or (ii) due to any
payment or prepayment (whether pursuant to Section 6.2, 6.3, 9.2(d) or 10.2) of any Advance bearing interest at a LIBO Rate on
a date other than the last day of the applicable Interest Period for such Advance. A certificate as to any such loss or cost (including
calculations, in reasonable detail, showing how the applicable Bank computed such loss or cost) shall be promptly submitted by
that Bank to the Borrower and shall, in the absence of manifest error, be conclusive and binding as to the amount thereof. Such
loss or cost may be computed as though the applicable Bank acquired deposits in the London interbank market to fund that portion
of the principal balance whether or not such Bank actually did so.

 

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		5.5	Mitigation of Yield Protection.

 

Each Bank hereby agrees that, commencing as promptly as practicable
after it becomes aware of the occurrence of any event giving rise to the operation of Section 5.4 or 6.5 with respect to such Bank,
such Bank will give notice thereof through the Agent to the Borrower. The Borrower may at any time, by notice through the Agent
to any Bank, request that such Bank change its lending office as to any Advance or type of Advance or that it specify a new lending
office with respect to its Commitment and any Advance held by it or that it rebook any such Advance with a view to avoiding or
mitigating the consequences of an occurrence such as described in the preceding sentence, and such Bank will use reasonable efforts
to comply with such request unless, in the opinion of such Bank, such change or specification or rebooking is inadvisable or might
have an adverse effect, economic or otherwise, upon it, including its reputation. In addition, each Bank agrees that, except for
changes or specifications or rebookings required by law or effected pursuant to the preceding sentence, if the result of any change
or change of specification of lending office or rebooking would, but for this sentence, be to impose additional costs or requirements
upon the Borrower pursuant to Section 5.4 or Section 6.5 (which would not be imposed absent such change or change of specification
or rebooking) by reason of legal or regulatory requirements in effect at the time thereof and of which such Bank is aware at such
time, then such costs or requirements shall not be imposed upon the Borrower but shall be borne by such Bank. All expenses incurred
by any Bank in changing a lending office or specifying another lending office of such Bank or rebooking any Advance in response
to a request from the Borrower shall be paid by the Borrower. Nothing in this Section 5.5 (including, without limitation, any failure
by a Bank to give any notice contemplated in the first sentence hereof) shall limit, reduce or postpone any obligations of the
Borrower under Section 5.4 or Section 6.5, including any obligations payable in respect of any period prior to the date of any
change or specification of a new lending office or any rebooking of any Advance.

 

		6.	DISBURSEMENTS AND PAYMENTS

 

		6.1	Requests for Borrowings.

 

Each Borrowing shall occur on written or telephonic request
(confirmed immediately in writing) to the Agent (and in the case of a LIBO Rate Borrowing denominated in a Committed Currency,
to the London Sub-Agent) from a person believed by the Agent to be an officer of or other authorized representative for the Borrower.
A request for a Borrowing must be received by the Agent (and in the case of a LIBO Rate Advance denominated in a Committed Currency,
to the London Sub-Agent) (i) not later than 1:00 P.M. on the day that such Borrowing is to be made in the case of a Borrowing that
is to bear interest initially at the Floating Rate or (ii) not later than 11:00 A.M. on the day three Business Days before the
Business Day which is the first day of the applicable Interest Period for such Borrowing in the case of a Borrowing denominated
in Dollars that is to bear interest initially (in whole or in part) at a LIBO Rate, (y) 2:00 P.M. (London time) on the day three
Business Days before the Business Day which is the first day of the applicable Interest Period for such Borrowing in the case of
a Borrowing denominated in any Committed Currency. Each Borrowing denominated in any Committed Currency shall bear interest at
a LIBO Rate. Each Borrowing must be in an amount not less than the Borrowing Minimum or a multiple thereof and shall consist of
Advances in the same currency made on the same day by the Banks ratably according to their respective Commitments. Each such notice
of a Borrowing shall specify the requested (i) date of such Borrowing, (ii) whether the Advances comprising such Borrowing
are to be LIBO Rate Advances, (iii) aggregate amount of such Borrowing, and (iv) in the case of a Borrowing consisting
of LIBO Rate Advances, initial Interest Period and currency for each such Advance. Upon receipt of any such request, the Agent
shall notify the Banks of the intended Borrowing no later than 2:00 P.M. on the date such request for such Borrowing is received
by the Agent. At or before 3:00 P.M. on the date the requested Borrowing is to be made, in the case of a Borrowing consisting of
Advances denominated in Dollars, and before 11:00 A.M. (London time) on the date of such Borrowing, in the case of a Borrowing
consisting of Advances denominated in any Committed Currency, each Bank shall remit its Percentage of the requested Borrowing to
the Agent at the applicable Agent's Account in immediately available funds. Prior to the close of business on the day the requested
Borrowing is to be made, the Agent shall disburse such funds by crediting the same to the Borrower’s demand deposit account
maintained with the Agent or in such other manner as the Agent and any officer of the Borrower may agree in writing. Any Borrowing
that is to initially bear interest at a LIBO Rate shall also be subject to all conditions set forth in Section 5.2 hereof.

 

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Unless the Agent shall have received notice from a Bank prior
to the time of any Borrowing that such Bank will not make available to the Agent such Bank’s ratable portion of such Borrowing,
the Agent may assume that such Bank has made such portion available to the Agent on the date of such Borrowing in accordance with
this Section 6.1 and the Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding
amount. If and to the extent that such Bank shall not have so made such ratable portion available to the Agent, such Bank and the
Borrower severally agree to repay to the Agent forthwith on demand such corresponding amount together with interest thereon, for
each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Agent, at (i) in
the case of the Borrower, the interest rate applicable at the time to such Advances comprising such Borrowing and (ii) in
the case of such Bank, (A) the NYFRB Rate, in the case of Advances denominated in Dollars or (B) the cost of funds incurred by
the Agent in respect of such amount in the case of Advances denominated in Committed Currencies. If such Bank shall repay to the
Agent such corresponding amount, such amount so repaid shall constitute such Bank’s Advance as part of such Borrowing for
purposes of this Agreement.

 

		6.2	Payments.

 

		(a)	Generally. The Borrower shall initiate all payments, except with respect to principal of, interest on, and other amounts
relating to, Advances denominated in a Committed Currency, of principal, interest, fees and other payments due under this Agreement
and all prepayments with respect to this Agreement to the Banks by means of payment made by the Borrower to the Agent in Dollars
not later than 12:00 noon in same day funds for the account of the Banks. The Borrower shall initiate each payment with respect
to principal of, interest on, and other amounts relating to, Advances denominated in a Committed Currency, not later than 11:00 A.M.
(at the Payment Office for such Committed Currency) on the day when due in such Committed Currency to the Agent, by deposit of
such funds to the applicable Agent's Account in same day funds. All such payments shall be made in immediately available funds.
Any payment due on a day on which the Agent is not open for substantially all of its business shall be due on the next day on which
the Agent is so open. Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment
shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation
of payment of interest or fee or commission, as the case may be; provided, however, that, if such extension would cause payment
of interest on or principal of LIBO Rate Advances to be made in the next following calendar month, such payment shall be made on
the next preceding Business Day. Absent obvious error, the records of the Agent will be conclusive evidence of the principal and
accrued interest owing with respect to all Advances.

 

    -19-

     

    

 

		(b)	Advances: Interest Payments. Interest accruing on the Advances during any month at the Floating Rate shall be payable
quarterly in arrears on the last day of each March, June, September and December and at maturity. Interest accruing on the Advances
at the LIBO Rate shall be payable on the last day of the applicable Interest Period and at maturity and, if the applicable Interest
Period has a duration of longer than three months, on the day during such Interest Period that is every three months after the
first day of such Interest Period.

 

		(c)	Advances: Principal Payment. Subject to the next succeeding sentence, the entire principal balance of the Advances owing
to each Bank shall be due and payable in full on the Commitment Termination Date. The Borrower may, upon not less than one Business
Day notice to the Agent and payment of a fee for the ratable benefit of the Banks equal to 0.50% of the aggregate principal amount
of the Advances then outstanding, elect (the “Term Loan Election”) to convert all of the Advances outstanding
on the Commitment Termination Date into a term loan which the Borrower shall repay in full ratably to the Banks on the Maturity
Date. The Term Loan Election may be exercised if: (i) on the date of notice of the Term Loan Election and on the Term Loan Conversion
Date no Default or Event of Default exists and the representations and warranties of the Borrower contained in this Agreement (other
than the representations and warranties listed as “Material Adverse Effect”, “Litigation” and “Environmental
Matters” on Exhibit B) shall be true and correct and (ii) the 0.50% fee has been paid to the Agent for the ratable benefit
of the Banks no later than Term Loan Conversion Date. All Advances converted into a term loan pursuant to this Section 6.2(c) shall
continue to constitute Advances except that the Borrower may not reborrow pursuant to Section 2.1 after all or any portion of such
Advances have been prepaid pursuant to Section 6.3.

 

To the extent that the Agent receives funds for application
to the amounts owing by the Borrower under or in respect of this Agreement or any Note in currencies other than the currency or
currencies required to enable the Agent to distribute funds to the Banks in accordance with the terms of this Section 6.2, the
Agent shall be entitled to convert or exchange such funds into Dollars or into a Committed Currency or from Dollars to a Committed
Currency or from a Committed Currency to Dollars, as the case may be, to the extent necessary to enable the Agent to distribute
such funds in accordance with the terms of this Section 6.2; provided that the Borrower and each of the Banks hereby agree that
the Agent shall not be liable or responsible for any loss, cost or expense suffered by the Borrower or such Bank as a result of
any conversion or exchange of currencies effected pursuant to this Section 6.2 or as a result of the failure of the Agent to effect
any such conversion or exchange, except for such loss, cost or expense due to the Agent’s negligence, gross negligence or
willful misconduct, as determined by a court of competent jurisdiction in a final non-appealable judgment; and provided further
that the Borrower agrees to indemnify the Agent and each Bank, and hold the Agent and each Bank harmless, for any and all losses,
costs and expenses incurred by the Agent or any Bank for any conversion or exchange of currencies (or the failure to convert or
exchange any currencies) in accordance with this Section 6.2 except for such losses, costs or expenses due to the Agent’s
or Bank’s negligence, gross negligence or willful misconduct, as determined by a court of competent jurisdiction in a final
non-appealable judgment.

 

    -20-

     

    

 

		6.3	Prepayments.

 

(a) Optional. The Borrower may prepay the Advances in
whole at any time or from time to time in part, without penalty or premium, provided that (i) prepayment of any Bank’s
Advances must be accompanied by pro rata prepayment of each other Bank’s Advances, (ii) any partial prepayment must
be in an aggregate amount not less than $5,000,000 (or the approximate Equivalent thereof in any Committed Currency), (iii) prepayment
of any principal bearing interest at a Base Rate may be made only on one Business Day’s notice to the Agent, and (iv) any
prepayment of Advances, which at the time of such prepayment bear interest at a LIBO Rate, shall be (A) made only on three
Business Days’ notice to the Agent, (B) in a principal amount equal to that portion of the entire Borrowing to which any
given LIBO Rate was applicable, and (C) accompanied by accrued interest on such prepayment through the date of prepayment
and additional compensation calculated in accordance with Section 5.4(c) hereof.

 

(b) Mandatory. If, on any date, the Agent notifies the
Borrower that, on any interest payment date, the sum of (i) the aggregate principal amount of all Advances denominated in Dollars
then outstanding plus (ii) the Equivalent in Dollars (determined on the third Business Day prior to such interest payment date)
of the aggregate principal amount of all Advances denominated in Committed Currencies then outstanding exceeds 105% of the aggregate
Commitments of the Banks on such date, the Borrower shall, as soon as practicable and in any event within two Business Days after
receipt of such notice, subject to the proviso to this sentence set forth below, prepay the outstanding principal amount of any
Advances in an aggregate amount sufficient to reduce such sum to an amount not to exceed 100% of the aggregate Commitments of the
Banks on such date together with any interest accrued to the date of such prepayment on the aggregate principal amount of Advances
prepaid; provided that if the aggregate principal amount of Floating Rate Advances outstanding at the time of such required prepayment
is less than the amount of such required prepayment, the portion of such required prepayment in excess of the aggregate principal
amount of Floating Rate Advances then outstanding shall be deferred until the earliest to occur of the last day of the Interest
Period of the outstanding LIBO Rate Advances in an amount equal to the excess of such required prepayment. The Agent shall give
prompt notice of any prepayment required under this Section 6.3(b) to the Borrower and the Banks, and shall provide prompt notice
to the Borrower of any such notice of required prepayment received by it from any Bank.

 

    -21-

     

    

 

 

		6.4	Termination or Reduction of the Commitments.

 

The Borrower may from time to time on at least ten calendar
days’ prior notice received by the Agent (which shall promptly advise each Bank thereof) terminate the Commitments of the
Banks in whole or permanently reduce the Commitments of the Banks in part, provided that (i) the Commitments of the Banks may not
be terminated in whole at any time that any Advance remains outstanding, (ii) each partial reduction of the Commitments of the
Banks shall be in the minimum amount of $10,000,000 or in a multiple of $10,000,000 in excess thereof, (iii) each partial reduction
of the Commitments of the Banks shall be pro rata as to all of the Commitments of the Banks on the basis of the respective Percentages
of the Banks, and (iv) no partial reduction of the Commitments of the Banks shall reduce the aggregate amount of the Commitments
of the Banks to an amount less than the Aggregate Outstandings.

 

		6.5	Taxes.

 

		(a)	All payments made by the Borrower to the Agent or any Bank (herein any “Payee”) under or in connection with this
Agreement shall be made without any setoff or other counterclaim, and free and clear of and without deduction for or on account
of any present or future Taxes now or hereafter imposed by any governmental or other authority, except to the extent that such
deduction or withholding is compelled by law. As used herein, the term “Taxes” shall include all income, excise and
other taxes of whatever nature (other than taxes generally assessed on the overall net income of the Payee by the government or
other authority of the country, state or political subdivision in which such Payee is incorporated or in which the office through
which the Payee is acting is located) as well as all levies, imposts, duties, charges, or fees of whatever nature. If the Borrower
is compelled by law to make any such deductions or withholdings it will:
	 	 	 

		(i)	pay to the relevant authorities the full amount required to be so withheld or deducted;
	 	 	 

		(ii)	provided that such Payee has furnished to the Agent and the Borrower U.S. Internal Revenue Service Form W-8BEN-E or W-8ECI,
or W-9, properly claiming entitlement to exemption from U.S. Federal withholding tax on all interest payments hereunder), pay such
additional amounts (including, without limitation, any penalties, interest or expenses) as may be necessary in order that the net
amount received by each Payee after such deductions or withholdings (including any required deduction or withholding on such additional
amounts) shall equal the amount such Payee would have received had no such deductions or withholdings for Taxes been made; and

 

    	 	 -22-	 

     

    

 

		(iii)	promptly forward to the Agent (for delivery to such Payee)
an official receipt or other documentation satisfactory to the Agent evidencing such payment to such authorities.

 

		(b)	If any Taxes otherwise payable by the Borrower pursuant
to the foregoing paragraph are directly asserted against any Payee, such Payee may pay such Taxes and the Borrower promptly shall
reimburse such Payee to the full extent otherwise required by such paragraph. The obligations of the Borrower under this Section
6.5 shall survive any termination of this Agreement. Each Bank by its execution of this Agreement does hereby represent (and each
additional Bank by its execution of any Assignment Certificate pursuant to Section 11.11 shall be deemed to represent) to each
other Bank, the Agent and the Borrower that if such Bank or additional Bank is organized under the laws of any jurisdiction other
than the United States or any state thereof, such Bank or additional Bank has furnished to the Agent and the Borrower either U.S.
Internal Revenue Service Form W-8BEN-E or W-8ECI, or W-9, as applicable. If the form provided by a Bank or additional Bank at
the time such Bank or additional Bank first becomes a party to this Agreement indicates a United States interest withholding tax
rate in excess of zero, withholding tax at such rate shall be considered excluded from Taxes.
	 	 	 

		(c)	If the Borrower makes an increased tax payment to a Bank under the foregoing clause (a)(ii) and that Bank determines in its
absolute discretion that (a) a tax credit is attributable to that tax payment, and (b) that Bank has obtained, utilized and fully
retained that tax credit on an affiliated group basis, then such Bank shall pay an amount to the Borrower which that Bank determines
in its absolute discretion will leave it (after that payment) in the same after-tax position as it would have been in had the payment
under clause (a)(ii) not been required to be made by the Borrower; provided, however, that (i) such Bank shall be the sole judge
of the amount of such tax credit and the date on which it is received, (ii) no Bank shall be obliged to disclose information regarding
its tax affairs or tax computations, (iii) nothing herein shall interfere with a Bank’s right to manage its tax affairs in
whatever manner it sees fit, and (iv) if such Bank shall subsequently determine that it has lost the credit of all or a portion
of such tax credit, the Borrower shall promptly remit to such Bank the amount certified by such Bank to be the amount necessary
to restore such Bank to the position it would have been in if no payment had been made pursuant to this sentence.

 

	6.6	Judgment	Currency.

 

If, for the purpose of obtaining judgment in any court, it is
necessary to convert a sum due under this Agreement in Dollars or any alternative currency (the “Specified Currency”)
into another currency (the “Judgment Currency”), the rate of exchange which shall be applied shall be that at which,
in accordance with normal banking procedures, the Agent could purchase the Specified Currency with the amount of the Judgment Currency
on the Business Day next preceding the day on which such judgment is rendered. The obligation of the Borrower with respect to any
such sum due from it to the Agent or any Bank (each, an “Entitled Person”) shall, notwithstanding the rate of exchange
actually applied in rendering such judgment, be discharged only to the extent that on the Business Day following receipt by such
Entitled Person of any sum adjudged to be due under this Agreement in the Judgment Currency, such Entitled Person may, in accordance
with normal banking procedures, purchase and transfer to the required location of payment the Specified Currency with the amount
of the Judgment Currency so adjudged to be due; and the Borrower hereby, as a separate obligation and notwithstanding any such
judgment, agrees to indemnify such Entitled Person against, and to pay such Entitled Person on demand, in the applicable Specified
Currency, any difference between the sum originally due to such Entitled Person in the Specified Currency and the amount of the
Specified Currency so purchased and transferred on that Business Day.

 

    	 	 -23-	 

     

    

 

		6.7	Defaulting
                                         Banks.
                                         Notwithstanding any provision
                                         of this Agreement to the contrary, if any
                                         Bank becomes a Defaulting Bank, then the following provisions
                                         shall apply for so long as such Bank is a Defaulting Bank:

 

(a)              
fees shall cease to accrue on the unfunded portion of the Commitment of such
Defaulting Bank pursuant to Section 4.1; and

 

(b)              
the Credit Exposure of such Defaulting Bank shall not be included in determining whether the Required Banks have taken
or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 12.4);
provided, that this clause (b) shall not apply to the vote of a Defaulting Bank in the case of an amendment, waiver or other modification
requiring the consent of such Bank or each Bank affected thereby.

 

In
the event that the Agent and the Borrower each agrees that a Defaulting Bank has adequately remedied all matters that caused such
Bank to be a Defaulting Bank, then such Bank shall purchase at par such of the Advances of the other Banks as the Agent shall
determine may be necessary in order for such Bank to hold such Advances in accordance with its Percentage.

 

		6.8	Replacement
                                         of Defaulting Banks.

 

If any Bank becomes a Defaulting Bank, then the Borrower may,
at its sole expense and effort, upon notice to such Bank and the Agent, require such Bank to assign and delegate, without recourse
(in accordance with and subject to the restrictions contained in Section 11.11), all its interests, rights and obligations
under this Agreement to an assignee that shall assume such obligations (which assignee may be another Bank, if a Bank accepts such
assignment); provided that (i) the Borrower shall have received the prior written consent of the Agent, which consent
shall not unreasonably be withheld, conditioned or delayed and (ii) such Bank shall have received payment of an amount equal
to the outstanding principal of its Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder,
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all
other amounts). A Bank shall not be required to make any such assignment and delegation if, prior thereto, the circumstances entitling
the Borrower to require such assignment and delegation cease to apply.

 

    	 	 -24-	 

     

    

 

		7.	CONDITIONS PRECEDENT

 

On or before the date hereof, the Borrower shall deliver to
the Agent the documents detailed in Exhibit A, properly executed and in form and content acceptable to the Agent and the Banks.
For purposes of determining compliance with the conditions of this Section 7, each Bank shall be deemed to have consented to, approved
or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable
or satisfactory to the Banks unless an officer of the Agent responsible for the transactions contemplated by this Agreement shall
have received notice from such Bank prior to the date hereof, specifying its objection thereto.

 

		8.	REPRESENTATIONS AND WARRANTIES

 

To induce the Agent and the Banks to enter into this Agreement,
the Borrower makes the representations and warranties contained in Exhibit B. Each request for a Borrowing under this Agreement
and the Term Loan Election in accordance with Section 6.2(c) constitutes a reaffirmation of these representations and warranties
(other than the representations and warranties listed as “Material Adverse Effect”, “Litigation” and “Environmental
Matters” on Exhibit B) as of the date of such Borrowing, such Term Loan Election and the Term Loan Conversion Date.

 

		9.	COVENANTS.

 

From the date hereof through the Commitment Termination Date,
and thereafter until the Advances are paid in full, unless the Required Banks (or the Agent, with the consent of the Required Banks)
shall otherwise agree in writing, the Borrower shall do the following:

 

		9.1	Financial Information

 

The Borrower shall deliver to the Agent:

 

		(a)	Annual Financial Statements. Within 100 days of the Borrower’s fiscal year end, the Borrower’s consolidated
annual financial statements. The statements must be audited with an unqualified opinion by a certified public accountant acceptable
to the Agent.
	 	 	 

		(b)	Interim Financial Statements. Within 60 days of each Fiscal Quarter, the Borrower’s interim financial statements.
These statements will be prepared on a consolidated basis and in accordance with GAAP. These statements will include a statement
of cash flows.
	 	 	 

		(c)	Compliance Certificate. Concurrent with the financial statements required above, a compliance certificate, in the form
of Exhibit E, signed by an officer of the Borrower, attesting to the accuracy of the financial statements, and demonstrating in
form acceptable to the Agent that the Borrower remains in compliance with the covenants detailed in this Agreement.

 

    	 	 -25-	 

     

    

 

		(d)	Notices. Promptly upon becoming aware of the
same, written notice of any Default or Event of Default.

     

		(e)	Additional Information. Promptly following any request therefor, (x) such other information as the Agent or any Bank
(through the Agent) may reasonably request and (y) information and documentation reasonably requested by the Agent or any Bank
for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including
the Patriot Act and the Beneficial Ownership Regulation..
	 	 	 

		(f)	Beneficial Ownership Certification. Promptly upon becoming aware of the same, written notice of any change in the information
provided in the Beneficial Ownership Certification delivered to such Bank that would result in a change to the list of beneficial
owners identified in such certification.

 

The Borrower shall deliver the statements required under paragraphs
(a) and (b) to the Agent by e-mail containing either the body of such statements or a hyperlink to the location of such statements
on the World Wide Web. Upon the Agent’s receipt of any of the foregoing from the Borrower, the Agent shall promptly deliver
a copy of the same to each Bank, transmitted in the manner received by the Agent.

 

	9.2	Covenants

 

The Borrower shall:

 

		(a)	Negative Pledge. Not create, incur or suffer to exist any pledge, lien, security interest, assignment or transfer upon
or of any of the Borrower’s accounts receivable or other rights to payment, whether now existing or hereafter created or
existing; provided, however, nothing in this Section 9.2(a) shall prohibit the Borrower from (i) assigning or transferring
certain of its accounts receivable in connection with a sale of the part of its business from which such accounts receivable have
arisen, or (ii) transferring not more than 25% of its accounts receivable (with such percentage determined by face amount
of the accounts receivable as of the time immediately before such transfer) to a Securitization Entity in connection with a Securitization
Transaction, so long as the Borrower receives reasonably equivalent value on account of such transfer.
	 	 	 

		(b)	Taxes. Pay, when due, all taxes, assessments and governmental charges levied or imposed upon the Borrower; provided,
however, the Borrower shall not be required to pay any such tax, assessment or governmental charge whose amount, applicability
or validity is being contested in good faith by appropriate proceedings and for which adequate reserves have been established by
the Borrower in accordance with generally accepted accounting principles.
	 	 	 

		(c)	Insurance. Cause its properties to be adequately insured against loss or damage and to carry such other insurance as
is usually carried by persons engaged in the same or similar business. Such insurance shall either be maintained by the Borrower
through self-insurance through captive insurance companies or by insurance issued by reputable and solvent insurance companies.

 

    	 	 -26-	 

     

    

 

		(d)	Merger. Refrain from being acquired by any other
entity and refrain from transferring all or substantially all of its assets to, or consolidating, merging or otherwise combining
with, any other entity where the Borrower is not the surviving entity; provided, however, the Borrower’s failure to comply
with the requirements of this Section 9.2(d) shall not constitute an Event of Default under Section 10.1(f) of this Agreement,
but instead shall give the Required Banks the right, by written notice to the Borrower, to demand payment of unpaid principal,
accrued interest and all other amounts payable under this Agreement and to terminate the Commitments, with such demand and termination
to be effective thirty calendar days’ following such written notice from the Required Banks to the Borrower.

 

		(e)	Maintenance of Properties. Make all repairs, renewals or replacements necessary to keep its plant, properties and equipment
in good working condition; provided, however, that nothing in this Section 9.2(e) shall prevent the Borrower from discontinuing
the operation or maintenance of such plant, properties or equipment if such discontinuance is, in the judgment of the Borrower,
desirable in the conduct of its business.
	 	 	 

		(f)	Books and Records. Maintain adequate books and records in accordance with generally accepted accounting principles.
	 	 	 

		(g)	Compliance with Laws. Comply with all material laws and regulations applicable to its business.
	 	 	 

		(h)	Preservation of Rights. Maintain and preserve its corporate existence and all material rights, privileges, charters
and franchises it now has; provided, however, that the Borrower shall not be required to preserve any such right, privilege, charter
or franchise if the Board of Directors of the Borrower shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Borrower.
	 	 	 

		(i)	Inspection. Upon reasonable notice by the Agent to the Borrower, permit the Agent or any Bank to visit and inspect the
Borrower’s properties and examine its books and records to the extent the Agent or such Bank determines such inspection and
examination is necessary for the Agent or such Bank to observe and monitor the Borrower’s financial performance and financial
condition and to assure the Borrower’s compliance with its obligations under this Agreement.
	 	 	 

		(j)	Use of Proceeds. (x) Use the proceeds of the Advances solely for the Borrower’s general corporate purposes; provided,
however, the proceeds of the Advances shall not be used by the Borrower (i) in connection with any acquisition by the
Borrower of other businesses, whether through merger, consolidation, acquisition of assets, acquisition of stock or other ownership
interests or otherwise; or (ii) in connection with or preparation for any case or proceeding contemplated by Section 10.1(j) hereof;
and (y) not request any Borrowing, and not knowingly use, and use commercially reasonable efforts to procure that its Subsidiaries
and its or their respective directors, officers, employees and agents shall not knowingly use, the proceeds of any Borrowing (A)
in furtherance of a corrupt offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else
of value, to any Person in a manner which constitutes (1) a violation of the FCPA, (2) a violation of the Bribery Act, or (3) a
material violation of any other Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities,
business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent licensed by the Office
of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or otherwise authorized under
the U.S. law, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

 

    	 	 -27-	 

     

    

 

		(k)	Foreign Assets Control. Ensure that neither
the Borrower nor any subsidiary of the Borrower nor any Person who owns a controlling interest in or otherwise controls the Borrower
is or shall be listed on (i) the lists of Specially Designated Nationals and Blocked Persons maintained by the Department
of the Treasury’s Office of Foreign Assets Control, or (ii) the list of persons whose property or interests in property
are blocked or subject to blocking pursuant to section 1 of Executive Order 13224 of September 23, 2001.

     

		(l)	Ratio of EBITDA to Interest. Maintain its EBITDA to Interest Ratio as of the end of each fiscal quarter of the Borrower
at not less than 3.0 to 1.
	 	 	 

		(m)	Anti-Corruption Laws and Sanctions. Maintain in effect and enforce policies and procedures reasonably designed to ensure
compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents in all material respects
with Anti-Corruption Laws and applicable Sanctions.
	 	 	 

These covenants were negotiated by the Banks and the Borrower
based on information provided to the Banks by the Borrower. A breach of a covenant is an indication that the risk of the transaction
has increased. In consideration for any waiver or modification of these covenants, the Banks may require: collateral or other credit
support; higher fees or interest rates; and/or revised loan documentation or monitoring. Any covenant waiver or modification will
be made in the sole discretion of the Required Banks. The foregoing in no way limits the rights of the Agent and Banks under Section
10 of this Agreement.

 

	10.	EVENTS OF DEFAULT AND REMEDIES.

 

	10.1	Default

 

As used herein, “Event of Default” means any of
the following:

 

		(a)	Default in the payment when due of any principal due with respect to any of the Advances and the continuance of such default
for one (1) calendar day.

 

    	 	 -28-	 

     

    

 

		(b)	Default in the payment when due of any interest, fees,
costs, expenses or other payments required to be paid by the Borrower under this Agreement and the continuance of such default
for five (5) calendar days.
	 	 	 

		(c)	Default in the payment of unpaid principal, interest and other payments under this Agreement (other than as set forth in subsections
(a) and (b) above) following the Borrower’s receipt of written notice from the Required Banks demanding payment thereof as
permitted in this Agreement and the passage of thirty calendar days following such written notice.
	 	 	 

		(d)	Default in the observance or performance of any covenant or agreement contained in Section 9.2(a), 9.2(h) (as to corporate
existence) or 9.2(l) of this Agreement.
	 	 	 

		(e)	Default in the observance or performance of any covenant or agreement contained in Section 9.1 of this Agreement and continuance
of such default for twenty (20) calendar days.
	 	 	 

		(f)	Default in the observance or performance of any covenant or agreement contained in this Agreement or related documents (other
than a covenant or agreement a default in whose performance is elsewhere in this Section 10.1 specifically dealt with) and continuance
for more than thirty (30) calendar days.
	 	 	 

		(g)	Default in the payment of any indebtedness of the Borrower when due or, if payable on demand, on demand, or any other default
by the Borrower in any agreement relating to indebtedness or contingent liabilities that would allow the maturity of such indebtedness
to be accelerated, in each case if the outstanding balance (including principal, interest, and any other sums) of all such indebtedness
or liabilities in default at any one time exceeds $300,000,000.
	 	 	 

		(h)	Any representation or warranty made by the Borrower to the Agent or the Banks proves to be untrue in any material respect.
	 	 	 

		(i)	The rendering against the Borrower of any final judgment, decree or order for the payment of money in excess of $500,000,000
(excluding any portion of such judgment, decree or order which is insured by an unrelated third-party insurer which has not objected
to or denied coverage), and the continuance of such judgment, decree or order unsatisfied and in effect for any period of ninety
(90) calendar days without a stay of execution.
	 	 	 

		(j)	With or without the Borrower’s consent, a custodian, trustee or receiver shall be appointed for the majority of the properties
of the Borrower, or a petition shall be filed by or against the Borrower under the United States Bankruptcy Code or any similar
comprehensive bankruptcy or insolvency law, whether domestic or foreign.

 

    	 	 -29-	 

     

    

 

	10.2	Remedies.

 

Upon the occurrence of any one or more Events of Default, or
at any time thereafter, the Agent may, with the consent of the Required Banks, and shall, upon request of the Required Banks:

 

		(a)	terminate the Commitments;
	 	 	 

		(b)	declare the unpaid principal, accrued interest and all other amounts payable under this Agreement to be immediately due and
payable; and/or
	 	 	 

		(c)	exercise any or all remedies available to the Agent or the Banks under the other Loan Documents or otherwise available by law
or agreement.

 

Notwithstanding the foregoing, upon the occurrence of an Event
of Default under paragraph 10.1(j), the Commitments shall immediately terminate and the unpaid principal, accrued interest and
all other amounts payable under this Agreement will become immediately due and payable.

 

	10.3	Setoff

 

Each Bank may, upon the occurrence of an Event of Default or
at any time thereafter, without prior notice to the Borrower, set off and apply any and all deposits held by, and other indebtedness
owing by, such Bank to or for the credit or the account of the Borrower against any and all obligations owing to such Bank hereunder,
whether now or hereafter existing, whether or not the Agent or such Bank has made demand under this Agreement or any Loan Document
and whether such obligations may be contingent or unmatured. Such right shall be in addition to and not in lieu of any other rights
and remedies available to the Agent or the Banks under the other Loan Documents or otherwise available by law or agreement. Each
Bank will endeavor to notify the Borrower and the Agent promptly after any such setoff made by such Bank; provided, however, that
the failure to give such notice shall not affect the validity of such setoff or any application of funds realized by such setoff.
Each Bank shall have the obligations, if any, specified in Section 11.4 with respect to any amounts obtained pursuant to this Section
10.3.

 

	11.	AGENCY

 

	11.1	Authorization.

 

Each Bank irrevocably appoints and authorizes the Agent to act
on behalf of such Bank to the extent provided herein or in any document or instrument delivered hereunder or in connection herewith,
and to take such other action as may be reasonably incidental thereto. As to any matters not expressly provided for by this Agreement
or the other Loan Documents, the Agent shall not be required to exercise any discretion or take any action, but shall be required
to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of
the Required Banks, and such instruments shall be binding upon all Banks.

 

    	 	 -30-	 

     

    

 

	11.2	Distribution of Payments and Proceeds.

 

		(a)	After deduction of any costs of collection as hereinafter provided in Section 11.3, any fees specified herein or in any
Fee Letter, and any servicing fee provided in any agreement between the Agent and the applicable Bank, the Agent shall remit to
each Bank that Bank’s Percentage of all payments of principal, interest, fees and other payments that are received by the
Agent under the Loan Documents. Each Bank’s interest in the Loan Documents shall be payable solely from payments, collections
and proceeds actually received by the Agent under the Loan Documents; and the Agent’s only liability to the Banks hereunder
shall be to account for each Bank’s Percentage of such payments, collections and proceeds in accordance with this Agreement.
If the Agent is ever required for any reason to refund any such payments, collections or proceeds, each Bank will refund to the
Agent, upon demand, its Percentage of such payments, collections or proceeds, together with its Percentage of interest or penalties,
if any, payable by the Agent in connection with such refund. The Agent may, in its sole discretion, make payment to the Banks in
anticipation of receipt of payment from the Borrower. If the Agent fails to receive any such anticipated payment from the Borrower,
each Bank shall promptly refund to the Agent, upon demand, any such payment made to it in anticipation of payment from the Borrower,
together with interest for each day on such amount until so refunded at a rate equal to (A) the NYFRB Rate, in the case of Advances
denominated in Dollars or (B) the cost of funds incurred by the Agent in respect of such amount in the case of Advances denominated
in Committed Currencies, for each such date.
	 	 	 

		(b)	Notwithstanding the foregoing, if any Bank has wrongfully refused to fund its Percentage of any Borrowing or other advance
as required hereunder, or if the principal balance of any Bank’s Advances is for any other reason less than its Percentage
of the aggregate principal balances of the Advances, the Agent may remit all payments received by it to the other Banks until such
payments have reduced the aggregate amounts owed by the Borrower to the extent that the aggregate amount owing to such Bank hereunder
is equal to its Percentage of the aggregate amount owing to all of the Banks hereunder. The provisions of this paragraph are intended
only to set forth certain rules for the application of payments, proceeds and collections in the event that a Bank has breached
its obligations hereunder and shall not be deemed to excuse any Bank from such obligations.

 

	11.3	Expenses.

 

All payments, collections and proceeds received or effected
by the Agent may be applied, first, to pay or reimburse the Agent (in its capacity as Agent) for all reasonable costs, expenses,
damages and liabilities at any time incurred by or imposed upon the Agent in connection with this Agreement or any other Loan Document
(including but not limited to all reasonable attorney’s fees, foreclosure expenses and advances made to protect the security
of any collateral), except to the extent that the Agent shall have previously received reimbursement of such costs, expenses, damages
or liabilities from the Borrower. If the Agent does not receive payments, collections or proceeds sufficient to cover any such
costs, expenses, damages or liabilities within five (5) calendar days after their incurrence or imposition, each Bank shall, upon
demand, remit to the Agent its Percentage of the difference between (i) such costs, expenses, damages and liabilities, and
(ii) such payments, collections and proceeds; provided, however, that no Bank shall be liable for any portion of such costs, expenses,
damages and liabilities resulting from the gross negligence or willful misconduct of the Agent, as determined by a court of competent
jurisdiction in a final non-appealable judgment.

 

    	 	 -31-	 

     

    

 

	11.4	Payments Received Directly by Banks.

 

If any Bank shall obtain any payment or other recovery (whether
voluntary, involuntary, by application of offset or otherwise) on account of principal of or interest on any Advances other than
through distributions made in accordance with Section 11.2, such Bank shall promptly give notice of such fact to the Agent and
shall purchase from the other Banks such participations in the Advances as shall be necessary to cause the purchasing Bank to share
the excess payment or other recovery ratably with each of them; provided, however, that if all or any portion of the excess payment
or other recovery is thereafter recovered from such purchasing Bank, the purchase shall be rescinded and the purchasing Bank restored
to the extent of such recovery (but without interest thereon). The Borrower agrees that any Bank so purchasing a participation
from another Bank pursuant to this Section 11.4 may, to the fullest extent permitted by law, exercise all its rights of payment
(including the right of set-off) with respect to such participation as fully as if such Bank were the direct creditor of the Borrower
in the amount of such participation.

 

	11.5	Indemnification.

 

Each Bank severally (but not jointly) hereby agrees to indemnify
and hold harmless the Agent (in its capacity as Agent), as well as the Agent’s agents, employees, officers and directors,
ratably according to the respective Percentages of each of the Banks from and against any and all losses, liabilities (including
liabilities for penalties), actions, suits, judgments, demands, damages, costs, disbursements, or expenses (including reasonable
attorneys’ fees and expenses) of any kind or nature whatsoever, which are imposed on, incurred by, or asserted against the
Agent or its agents, employees, officers or directors in any way relating to or arising out of this Agreement or the other Loan
Documents, or as a result of any action taken or omitted to be taken by the Agent; provided, however, that no Bank shall be liable
for any portion of any such losses, liabilities (including liabilities for penalties), actions, suits, judgments, demands, damages,
costs, disbursements, or expenses resulting from the gross negligence or willful misconduct of the Agent, as determined by a court
of competent jurisdiction in a final non-appealable judgment. Notwithstanding any other provisions of this Agreement or the other
Loan Documents, the Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall be indemnified
to its satisfaction by the Banks against any and all liability and expense that may be incurred by it by reason of taking or continuing
to take any such action.

 

	11.6	Limitations on Agent’s Power.

 

Notwithstanding any other provision of this Agreement, the Agent
shall not have the power, without the written consent of all of the Banks, to (i) forgive or reduce any indebtedness of the
Borrower arising under this Agreement, (ii) agree to reduce the rate of interest or fees charged under this Agreement except
as expressly provided in this Agreement, (iii) agree to extend the due date for payment of principal, interest, fees or any
other amount due under this Agreement, (iv) extend the Commitment Termination Date or increase the amount of any of the Commitments,
(v) amend the definition of “Required Banks,” (vi) amend this Section 11.6, Section 12.4 or Section 12.5
of this Agreement, or any provision herein providing for consent or other action by all Banks, (vii) amend any provision for
the pro rata treatment of the Banks with respect to the sharing of payments of principal or interest or the making of Advances,
or (viii) release the Borrower from personal liability on account of its obligations hereunder.

 

    	 	 -32-	 

     

    

 

	11.7	Exculpation of the Agent by the Banks.

 

The Agent shall be entitled to rely upon advice of counsel concerning
legal matters, and upon any writing which it believes to be genuine or to have been presented by a proper person. Neither the Agent
nor any of its directors, officers, employees or agents shall (a) be responsible to any of the Banks for any recitals, representations
or warranties contained in, or for the execution, validity, genuineness, effectiveness or enforceability of this Agreement, any
Loan Document, or any other instrument or document delivered hereunder or in connection herewith, (b) be responsible to any of
the Banks for the validity, genuineness, perfection, effectiveness, enforceability, existence, value or enforcement of any collateral
security, (c) be under any duty to any of the Banks to inquire into or pass upon any of the foregoing matters, or to make any inquiry
concerning the performance by the Borrower or any other obligor of its obligations, or (d) in any event, be liable to any of the
Banks for any action taken or omitted by it or them, except for its or their own gross negligence or willful misconduct, as determined
by a court of competent jurisdiction in a final non-appealable judgment.

 

	11.8	Agent and Affiliates.

 

The Agent shall have the same rights, powers and obligations
hereunder in its individual capacity as any other Bank, and may exercise or refrain from exercising the same as though it were
not the Agent, and the Agent and its affiliates may accept deposits from and generally engage in any kind of business with the
Borrower as fully as if the Agent were not the Agent hereunder.

 

	11.9	Credit Investigation.

 

Each Bank acknowledges that it has made such inquiries and taken
such care on its own behalf as would have been the case had its Commitment been granted and the Advances made directly by such
Bank to the Borrower without the intervention of the Agent or any other Bank. Each Bank agrees and acknowledges that the Agent
makes no representations or warranties about the creditworthiness of the Borrower or any other party to this Agreement or with
respect to the legality, validity, sufficiency or enforceability of this Agreement, any Loan Document, or any other instrument
or document delivered hereunder or in connection herewith.

 

	11.10	Resignation.

 

The Agent may resign as such at any time upon at least 30 days’
prior notice to the Borrower and the Banks. In the event of any resignation of the Agent, the Required Banks shall as promptly
as practicable appoint a successor Agent. If no such successor Agent shall have been so appointed by the Required Banks and shall
have accepted such appointment within 30 days after the resigning Agent’s giving of notice of resignation, then the resigning
Agent may, on behalf of the Banks, appoint a successor Agent, which shall be a commercial bank organized under the laws of the
United States of America or of any State thereof. Upon the acceptance of any appointment as Agent hereunder by a successor Agent,
such successor Agent shall thereupon be entitled to receive from the prior Agent such documents of transfer and assignment as such
successor Agent may reasonably request and the resigning Agent shall be discharged from its duties and obligations under this Agreement.
After any resignation pursuant to this Section, the provisions of this Section shall inure to the benefit of the successor Agent
as to any actions taken or omitted to be taken by it while it is an Agent hereunder and to the retiring Agent as to any actions
taken or omitted to be taken by it while it was an Agent hereunder.

 

    	 	 -33-	 

     

    

 

	11.11	Assignments and Participations.

 

		(a)	Participations. Any Bank may, at its option, sell one or more participations in that Bank’s Advances; provided,
however, (i) no such participation shall relieve any Bank of its obligations under this Agreement and the other Loan Documents,
including, without limitation, its obligation to make Advances hereunder on the terms and subject to the conditions set forth herein,
(ii) the Borrower, the Agent and the other Banks shall continue to deal solely and directly with such Bank granting any such participation
in connection with such Bank’s rights and obligations under this Agreement and the other Loan Documents, and (iii) no such
participant under any such participation shall have any right to approve any amendment or waiver of any provision of this Agreement
or the other Loan Documents, or to consent to any departure by the Borrower therefrom, except to the extent that such amendment,
waiver or consent would reduce the principal of, or interest on, the Advances in which such participant has such participation,
or any fees or other amounts payable hereunder if such participant participates therein, or would postpone any date fixed for any
payment of principal of, or interest on, the Advances in which such participant has such participation, or any fees or other amounts
payable hereunder if such participant participates therein. Except as set forth in (iii) above, no holder of any such participation
shall be entitled to require the Bank granting such participation to take or omit to take any action hereunder.
	 	 	 

		(b)	Assignments.
	 	 	 

		(i)	Generally. Subject to the limitations set forth in subsection (ii) below, any Bank may, at its option, assign to another
Person all or a part of its Commitment, Advances and other rights and obligations under this Agreement, but only pursuant to an
Assignment Certificate. From and after the effective date of any such assignment, the assignee thereunder shall, to the extent
that rights and obligations hereunder have been assigned to it pursuant to such assignment, have the rights and obligations so
assigned to it, and the assigning Bank shall, to the extent that rights and obligations have been assigned by it pursuant to such
assignment, relinquish its rights and be released from its obligations under this Agreement. Any Bank making an assignment under
this Section shall pay the Agent a transfer fee in the amount of $3,500 concurrent with such assignment.
	 	 	 

		(ii)	Limitations. Notwithstanding paragraph (i):
	 	 	 

 

    	 	 -34-	 

     

    

 

 

		(A)	Any assignment under paragraph (i) may be made only
with the prior written consent of the Agent and the Borrower, which consent shall not be unreasonably withheld, conditioned or
delayed; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by
written notice to the Agent within ten Business Days after having received notice thereof.

     

		(B)	Unless the Agent and the Borrower otherwise consent in writing, which consent shall not be unreasonably withheld, conditioned
or delayed, no assignment may be made to any Person that is not an Eligible Assignee.
	 	 	 

		(C)	Unless the Agent and the Borrower otherwise consent in writing and except as provided herein, which consent shall not be unreasonably
withheld, conditioned or delayed, the aggregate Credit Exposure assigned by any Bank shall not exceed 60% of its original Commitment
hereunder, as such Commitment may have been reduced from time to time pursuant to Section 6.4.
	 	 	 

		(D)	Unless the Agent and the Borrower otherwise consent in writing, which consent shall not be unreasonably withheld, conditioned
or delayed, any assignment of a part of a Bank’s Commitment, Advances and other rights and obligations must be in a minimum
amount of $10,000,000.
	 	 	 

No consent of the Borrower that
would otherwise be required under this subsection (ii) shall be required during any period in which an Event of Default exists.
No consent of the Agent or the Borrower that would otherwise be required under this subsection (ii) shall be required in connection
with an assignment by any Bank to any Affiliate of that Bank or to another Bank, that in each case is an Eligible Assignee.

 

		(c)	Information. The Borrower authorizes the Agent and each Bank to disclose to its affiliates and any participant or assignee
and any prospective participant or assignee any and all financial and other information in the possession of the Agent or that
Bank concerning the Borrower.
	 	 	 

		(d)	Assignment to Federal Reserve Bank. Nothing herein shall prohibit any Bank from pledging or assigning its rights under
this Agreement to any Federal Reserve Bank in accordance with applicable law.

 

	11.12	Syndication Agent and Documentation Agent.

 

The Banks identified on the title page as “Syndication
Agent” and “Documentation Agent” shall have no right, power, obligation or liability under this Agreement or
any other Loan Document other than those applicable to all Banks as such. Each Bank acknowledges that it has not relied, and will
not rely, on any Bank so identified in deciding to enter into this Agreement or in taking or omitting any action hereunder.

 

    	 	 -35-	 

     

    

 

	11.13	Delegation of Duties.

 

The 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 Agent,
including the London Sub-Agent. The exculpatory provisions of this Article shall apply to any such sub-agent.

 

	11.14	Bank ERISA Representation

 

(a) Each Bank (x) represents and warrants, as of the date such
Person became a Bank party hereto, to, and (y) covenants, from the date such Person became a Bank party hereto to the date such
Person ceases being a Bank party hereto, for the benefit of, the Agent and not, for the avoidance of doubt, to or for the benefit
of the Borrower, that at least one of the following is and will be true:

 

(i)       such
Bank is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Bank’s entrance into, participation in, administration of and performance of the Advances, the
Commitments or this Agreement,

 

(ii)      the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by
independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Bank’s entrance into,
participation in, administration of and performance of the Advances, the Commitments and this Agreement,

 

(iii)    (A)
such Bank is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI
of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Bank to enter into,
participate in, administer and perform the Advances, the Commitments and this Agreement, (C) the entrance into, participation in,
administration of and performance of the Advances, the Commitments and this Agreement satisfies the requirements of sub-sections
(b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Bank, the requirements of subsection (a) of Part I
of PTE 84-14 are satisfied with respect to such Bank’s entrance into, participation in, administration of and performance
of the Advances, the Commitments and this Agreement, or

 

(iv)       such
other representation, warranty and covenant as may be agreed in writing between the Agent, in its sole discretion, and such Bank.

 

    	 	 -36-	 

     

    

 

(b)      In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Bank or (2) a Bank
has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause
(a), such Bank further (x) represents and warrants, as of the date such Person became a Bank party hereto, to, and (y) covenants,
from the date such Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for the benefit
of, the Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that the Agent is not a fiduciary with
respect to the assets of such Bank involved in such Bank’s entrance into, participation in, administration of and performance
of the Advances, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by
the Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

 

As used in
this Section:

 

“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 and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42)
or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan”
or “plan”.

 

“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.

 

	12.	MISCELLANEOUS.

 

	12.1	365-Day Year.

 

All interest on Advances subject to the Floating Rate and LIBO
Rate in the case of Advances denominated in Sterling due under this Agreement will be calculated based on the actual days elapsed
in a 365-day year. All interest on Advances subject to a LIBO Rate (other than Advances denominated in Sterling) or the NYFRB Rate
and all fees will be calculated based on the actual days elapsed in a 360-day year.

 

	12.2	GAAP.

 

Except as otherwise stated in this Agreement, all financial
information provided to the Agent or the Banks and all calculations for compliance with financial covenants will be made using
generally accepted accounting principles consistently applied (“GAAP”).

 

	12.3	No Waiver; Cumulative Remedies.

 

No failure or delay by the Agent or any Bank in exercising any
rights under this Agreement shall be deemed a waiver of those rights. The remedies provided for in the Agreement are cumulative
and not exclusive of any remedies provided by law.

 

    	 	 -37-	 

     

    

 

	12.4	Amendments, Etc.

 

Any amendment, modification, termination, or waiver of any provision
of this Agreement must be in writing and signed by the Agent with the approval of the Required Banks (or such other number of Banks,
if any, as may be required hereunder for such amendment, modification, termination or waiver). Notwithstanding the foregoing (i)
any modification of the type described in Section 11.6 shall be effective only if signed by each Bank, and (ii) any amendment,
modification, termination, or waiver of Section 12.17 shall be effective only if signed by each Bank that is a EEA Financial Institution.

 

	12.5	Binding Effect: Assignment.

 

This Agreement is binding on the Borrower, the Agent and the
Banks and their successors and assigns. The Borrower may not assign its rights hereunder without the prior written consent of all
of the Banks.

 

	12.6	New York Law.

 

This Agreement is governed by the substantive laws of the State
of New York.

 

	12.7	Severability of Provisions.

 

If any part of this Agreement is unenforceable, the rest of
the Agreement may still be enforced.

 

	12.8	Integration.

 

This Agreement contains the entire understanding between the
parties and supersedes all other oral or written agreements between the Borrower and the Agent

or any Bank.

 

	12.9	Notice.

 

(a)       Except as otherwise
specified herein, all notices and other communications hereunder shall be in writing and shall be (i) personally delivered,
(ii) sent by registered mail, postage prepaid, or (iii) transmitted by telecopy, as follows:

 

(i) if to the Borrower, to it at Building
224-5S 26, 3M Center, St. Paul, MN 55144-1000, Attention of Sarah Grauze (Fax No. (651) 737-0010);

 

(ii) if to the Agent, to JPMorgan Chase
Bank, N.A., JPMorgan Loan Services, 500 Stanton Christiana Road, Ops 2, 3rd Floor Newark, DE 19713, Attention of
Loan and Agency Services Group (Fax No. (302) 634-3301);

 

(iii) if to the London Sub-Agent, to J.P.
Morgan Europe Limited, 25 Bank Street, 6th Floor, London, E14 5JP; and

 

    	 	 -38-	 

     

    

 

(iv) if to any other Bank, to it
at its address (or telecopy number) set forth in its Administrative Questionnaire;or, as to each party, at such other
address or telecopier number as may hereafter be designated in a notice by that party to the other party complying with the
terms of this Section. All such notices or other communications shall be deemed to have been given on (i) the date
received if delivered personally, (ii) the date of posting if delivered by mail, or (iii) the date of transmission
if delivered by telecopy. All communications required hereunder to be delivered by e-mail shall be transmitted to the e-mail
address set forth by the applicable party’s signature below, or, as to each party, at such other e-mail address as may
hereafter be designated in a notice by that party to the other party complying with the terms of this Section.

 

(b)       So long as JPMorgan
or any of its Affiliates is the Agent, materials required to be delivered pursuant to Section 9.1(a) and (b) shall be delivered
to the Agent in an electronic medium in a format acceptable to the Agent and the Banks. The Borrower agrees that the Agent may
make such materials, as well as any other written information, documents, instruments and other material relating to the Borrower,
any of its subsidiaries or any other materials or matters relating to this Agreement, the Notes or any of the transactions contemplated
hereby (collectively, the “Communications”) available to the Banks by posting such notices on Intralinks or
a substantially similar electronic system (the “Platform”). The Borrower acknowledges that (i) the distribution
of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated
with such distribution, (ii) the Platform is provided “as is” and “as available” and (iii) neither the
Agent nor any of its affiliates warrants the accuracy, adequacy or completeness of the Communications or the Platform and each
expressly disclaims liability for errors or omissions in the Communications or the Platform. No warranty of any kind, express,
implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement
of third party rights or freedom from viruses or other code defects, is made by the Agent or any of its Affiliates in connection
with the Platform.

 

(c)       Each Bank agrees
that notice to it (as provided in the next sentence) (a “Notice”) specifying that any Communications have been
posted to the Platform shall constitute effective delivery of such information, documents or other materials to such Bank for purposes
of this Agreement; provided that if requested by any Bank the Agent shall deliver a copy of the Communications to such Bank
by email or telecopier. Each Bank agrees (i) to notify the Agent in writing of such Bank’s e-mail address to which a Notice
may be sent by electronic transmission (including by electronic communication) on or before the date such Bank becomes a party
to this Agreement (and from time to time thereafter to ensure that the Agent has on record an effective e-mail address for such
Bank) and (ii) that any Notice agreed by such Bank to be deliverable by email may be sent to such e-mail address.

 

	12.10	Indemnification by the Borrower.

 

The Borrower hereby agrees to indemnify
and hold harmless the Agent and each Bank, as well as their agents, employees, officers and directors (collectively, the “Indemnified
Parties” and individually an “Indemnified Party”) from and against any and all losses, liabilities (including
liabilities for penalties), actions, suits, judgments, demands, damages, costs, disbursements, or expenses (including reasonable
attorneys’ fees and expenses) of any kind or nature whatsoever, which are imposed on, incurred by, or asserted against an
Indemnified Party in any way relating to or arising out of this Agreement or the other Loan Documents; provided, however, that
the Borrower shall not be liable for any portion of any such losses, liabilities (including liabilities for penalties), actions,
suits, judgments, demands, damages, costs, disbursements, or expenses to the extent resulting from (i) an Indemnified Party’s
failure to perform its obligations under this Agreement, or (ii) any negligence, gross negligence or willful misconduct of
an Indemnified Party, as determined by a court of competent jurisdiction in a final non-appealable judgment. In the case of an
investigation, litigation or other proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective
whether or not such investigation, litigation or proceeding is brought by the Borrower, any of its directors, security holders
or creditors, an Indemnified Party or any other person or an Indemnified Party is otherwise a party thereto and whether or not
the transactions contemplated hereby are consummated.

    	 	 -39-	 

     

    

 

No Indemnified Party shall have any liability
(whether in contract, tort or otherwise) to the Borrower or any of its security holders or creditors for or in connection with
the transactions contemplated hereby, except to the extent such liability is determined in a final non-appealable judgment by a
court of competent jurisdiction to have resulted from such Indemnified Party’s negligence, gross negligence or willful misconduct,
as determined by a court of competent jurisdiction in a final non-appealable judgment. In no event, however, shall any Indemnified
Party be liable on any theory of liability for any special, indirect, consequential or punitive damages (including, without limitation,
any loss of profits, business or anticipated savings).

 

	12.11	Customer Identification - USA Patriot Act Notice.

 

Each Bank and the Agent (for itself and not on behalf of any
other party) hereby notifies the Borrower that, pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56,
signed into law October 26, 2001 (the “Act”) and the Beneficial Ownership Regulation, it is required to obtain, verify
and record information that identifies the Borrower, which information includes the name and address of the Borrower and other
information that will allow such Bank or the Agent, as applicable, to identify the Borrower in accordance with the Act and the
Beneficial Ownership Regulation. The Borrower agrees to promptly provide such information upon request.

 

	12.12	Execution in Counterparts.

 

This Agreement and the other Loan Documents may be executed
in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which
counterparts of this Agreement or such other Loan Document, as the case may be, taken together, shall constitute but one and the
same instrument.

 

	12.13	Waiver of Jury Trial.

 

THE BORROWER, THE AGENT AND THE BANKS HEREBY WAIVE TRIAL
BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE)
IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, THE NOTES AND ANY OTHER LOAN DOCUMENT OR THE RELATIONSHIPS
ESTABLISHED HEREUNDER.

 

    	 	 -40-	 

     

    

 

 

		12.14	Jurisdiction.

 

The Borrower hereby irrevocably and unconditionally (i) agrees
that it will not commence any action, litigation or proceeding of any kind or description, whether in law or in equity, whether
in contract, tort or otherwise, against any other party hereto arising out of or in any way relating to this Agreement or any of
the other Loan Documents in any forum other than any New York State or Federal court located in New York County, and any appellate
court from any thereof, (ii) submits, for itself and its property, to the jurisdiction of such courts over any suit, action or
proceeding arising out of or relating to this Agreement or any of the other Loan Documents and agrees that all claims in respect
of such actions or proceeding may be heard and determined in such state or federal court, (iii) waives, to the fullest extent it
may effectively do so, any defense of an inconvenient forum to the maintenance of such action or proceeding and (iv) consents to
the service of any process, summons, notice or document in any such suit, action or proceeding by registered mail addressed to
the Borrower at its address referred to in Section 12.9. The Borrower agrees that a final judgment in any such action or proceeding
may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Section
12.14 shall affect the right of the Agent or any Bank to serve legal process in any other manner permitted by law or affect the
right of the Agent or any Bank to bring any action or proceeding against the Borrower or its property in the courts of other jurisdictions.

 

		12.15	Substitution of Currency.

 

If a change in any Committed Currency occurs pursuant to any
applicable law, rule or regulation of any governmental, monetary or multi-national authority, this Agreement (including, without
limitation, the definitions of LIBO Base Rate) will be amended to the extent determined by the Agent (acting reasonably and in
consultation with the Borrower) to be necessary to reflect the change in currency and to put the Banks and the Borrower in the
same position, so far as possible, that they would have been in if no change in such Committed Currency had occurred.

 

		12.16	No Fiduciary Relationship.

 

The Agent and the Banks may be engaged in a broad range of transactions
that involve interests that differ from those of the Borrower and its Affiliates, and neither the Agent nor any Lender has any
obligation to disclose any of such interest to the Borrower or its Affiliates. The Borrower acknowledges that the Banks have no
fiduciary relationship with, or fiduciary duty to, the Borrower arising out of or in connection with this Agreement or the other
Loan Documents, and the relationship between each Bank and the Borrower is solely that of creditor and debtor.  This Agreement
and the other Loan Documents do not create a joint venture among the parties hereto.

 

    	 	-41-	 

     

    

 

		12.17	Acknowledgement and Consent to Bail-In of Certain Financial
Institutions.

 

Notwithstanding anything to the contrary in this Agreement or
in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges and accepts that any
liability of any Bank under or in connection with this Agreement may be subject to Bail-In Action by the relevant Resolution Authority
and acknowledges and accepts to be bound by the effect of:

 

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

		(b)	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 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

 

(iii)     the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any Resolution
Authority.

 

As used in this Agreement:

 

“Article 55 BRRD”
means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment
firms.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers.

 

“Bail-In Legislation”
means:

 

(a)       with
respect to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD, the relevant implementing
law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and

 

(b)       with
respect to any state other than such an EEA Member Country or (to the extent that the United Kingdom is not such an EEA Member
Country) the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-Down
and Conversion Powers contained in that law or regulation.

 

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

 

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

 

    	 	-42-	 

     

    

 

“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.

 

“Resolution Authority”
means any body which has authority to exercise any Write-Down and Conversion Powers.

 

“UK Bail-In Legislation”
means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD)
Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the
resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through
liquidation, administration or other insolvency proceedings).

 

“Write-Down and
Conversion Powers” means:

 

(a)      with
respect to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as
such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule;

 

(b)      in
relation to any other applicable Bail-In Legislation:

 

(i)       any
powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a Person that is a bank or investment firm
or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify
or change the form of a liability of such a Person or any contract or instrument under which that liability arises, to convert
all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such
contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and

 

(ii)      any
similar or analogous powers under that Bail-In Legislation; and

 

(c)      with
respect to any UK Bail-In Legislation:

 

(i)       any
powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a Person that is a bank or investment firm
or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify
or change the form of a liability of such a Person or any contract or instrument under which that liability arises, to convert
all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such
contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and

 

(ii)      any
similar or analogous powers under that UK Bail-In Legislation.

 

    	 	-43-	 

     

    

 

IN WITNESS WHEREOF, the undersigned have executed this Agreement
as of the day and year first above written.

 

	 	3M
    COMPANY

 

	 	By: 	/s/ Sarah Grauze
	 	 	Name: Sarah Grauze
	 	 	Title: Treasurer and Vice President, Finance

 

3M 364-Day Credit Agreement

 

     

     

    

 

	 	JPMORGAN
    CHASE BANK, N.A., as
	 	Agent
    and as Bank

 

	 	By
    	/s/
    Gene Riego de Dios
	 	 	Name:
    Gene Riego de Dios
	 	 	Title:
    Executive Director

 

	 	CITIBANK,
    N.A.

 

	 	By	/s/
    Susan Olsen
	 	 	Name:
    Susan Olsen
	 	 	Title:
    Vice President

 

	 	DEUTSCHE
    BANK AG NEW YORK 

BRANCH

 

	 	By	/s/
    Ming K. Chu
	 	 	Name:
    Ming K. Chu
	 	 	Title:
    Director

 

	 	By	/s/
    Virginia Cosenza
	 	 	Name:
    Virginia Cosenza
	 	 	Title:
    Vice President

 

	 	BANK
    OF AMERICA, N.A.

 

	 	By
    	/s/
    Alexandra Korchmar
	 	 	Name:
    Alexandra Korchmar
	 	 	Title:
    Associate

 

	 	BARCLAYS
    BANK PLC

 

	 	By	/s/
    Sean Duggan
	 	 	Name:
    Sean Duggan
	 	 	Title:
    Vice President

 

3M 364-Day Credit Agreement

 

     

     

    

 

	 	BNP
    PARIBAS

 

	 	By	/s/
    Mike Shryock
	 	 	Name:
    Mike Shryock
	 	 	Title:
    Managing Director

 

	 	By	/s/
    Emma Petersen
	 	Name:	Emma
    Petersen
	 	Title:	Director

 

	 	CREDIT
    SUISSE AG, CAYMAN 

ISLANDS BRANCH

 

	 	By	/s/
    Judith E. Smith
	 	 	Name:
    Judith E. Smith
	 	 	Title:
    Authorized Signatory

 

	 	By	/s/
    Emerson Almeida
	 	 	Name:
    Emerson Almeida
	 	 	Title:
    Authorized Signatory

 

	 	GOLDMAN
    SACHS BANK USA

 

	 	By	/s/
    Ryan Durkin
	 	 	Name:
    Ryan Durkin
	 	 	Title:
    Authorized Signatory

 

	 	MORGAN STANLEY BANK, N.A.

 

	 	By	/s/
    Michael King
	 	 	Name:
    Michael King
	 	 	Title:
    Authorized Signatory

 

	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION

 

	 	By	/s/
    Mark H. Halldorson
	 	 	Name:
    Mark H. Halldorson
	 	 	Title:
    Director

 

3M 364-Day Credit Agreement

 

     

     

    

 

SCHEDULE AND EXHIBITS

 

	Schedule I	 	Commitments
	 	 	 
	Exhibit A	 	Conditions Precedent
	 	 	 
	Exhibit B	 	Representations and Warranties
	 	 	 
	Exhibit C	 	Form of Note
	 	 	 
	Exhibit D	 	[Reserved]
	 	 	 
	Exhibit E	 	Form of Compliance Certificate
	 	 	 

 

     

     

    

 

Schedule
I

COMMITMENTS

 

	Name of Bank	Commitment
	 	 
	JPMorgan Chase Bank, N.A.	$147,500,000
	Citibank, N.A.	$147,500,000
	Deutsche Bank AG New York Branch	$147,500,000
	Bank of America, N.A.	$147,500,000
	Barclays Bank PLC	$110,000,000
	BNP Paribas	$110,000,000
	Credit Suisse AG, Cayman Islands Branch	$110,000,000
	Goldman Sachs Bank USA	$110,000,000
	Morgan Stanley Bank, N.A.	$110,000,000
	Wells Fargo Bank, National Association	$110,000,000
	 	 
	Total:	$1,250,000,000

 

3M 364-Day Credit Agreement

 

     

     

    

 

Exhibit A

 

CONDITIONS PRECEDENT

 

		1.	A Note to the order
of the Banks to the extent requested by any Bank pursuant to Section 2.6.

 

	2.	Authorization

 

		(a)	A certified copy of resolutions of the Borrower’s board of directors authorizing the execution of this Agreement and
all related documents.

 

		(b)	A certificate of the Borrower’s corporate secretary as to the incumbency and signatures of the officers of the Borrower
signing this Agreement.

 

	3.	Organization

 

		(a)	A certified copy of the Borrower’s Articles of Incorporation and By-Laws.
	 	 	 

		(b)	A Certificate of Good Standing issued by the Secretary of the State of the state of the Borrower’s incorporation dated
not more than 30 days prior to the date hereof.
	 	 	 

	4.	An opinion of counsel to the Borrower, opining as to the due authorization, execution, delivery and enforceability of the Loan
Documents and such other matters as the Agent may require.
	 	 

	5.	(i) The Agent shall have received, at least five days prior to the Effective Date, all documentation and other information
regarding the Borrower requested in connection with applicable “know your customer” and anti-money laundering rules
and regulations, including the Patriot Act, to the extent requested in writing of the Borrower at least 10 days prior to the Effective
Date and (ii) to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation,
at least five days prior to the Effective Date, any Bank that has requested, in a written notice to the Borrower at least 10 days
prior to the Effective Date, a Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial
Ownership Certification (provided that, upon the execution and delivery by such Bank of its signature page to this Agreement, the
condition set forth in this clause (ii) shall be deemed to be satisfied).

 

    	 	A-1	 

     

    

 

Exhibit B

REPRESENTATIONS AND WARRANTIES

 

Corporate Status. The Borrower is a corporation duly
formed and in good standing under the laws of the jurisdiction of its organization.

 

Authorization. The execution, delivery and performance
of this Agreement are within the Borrower’s powers, have been duly authorized, and do not conflict with the articles or bylaws
of the Borrower, any agreement by which the Borrower is bound or any court, administrative or other ruling by which the Borrower
is bound.

 

Financial Reports. The Borrower has provided the Banks
with its annual audited financial statement as of December 31, 2018. That statement fairly represents the financial condition of
the Borrower as of its date and was prepared in accordance with GAAP.

 

Material Adverse Change. Except as disclosed in the Borrower’s
Quarterly Reports on Form 10-Q or reports on Form 8-K, as filed with the Securities and Exchange Commission (“SEC”)
prior to the Effective Date, since December 31, 2018, there has occurred no event or circumstance that would individually or in
the aggregate have a material adverse effect on the consolidated financial condition or operations of the Borrower.

 

Litigation. Except as disclosed in the Borrower’s
Annual Report on Form 10-K for the year ended December 31, 2018 or in the Borrower’s Quarterly Reports on Form 10-Q or reports
on Form 8-K, as filed with the SEC prior to the Effective Date, there are no legal or governmental proceedings pending or, to the
best of the Borrower’s knowledge, threatened by governmental authorities or others, by which the Borrower is or may be bound,
which, if determined adversely to the Borrower, would individually or in the aggregate have a material adverse effect on the consolidated
financial condition or operations of the Borrower.

 

Taxes. The Borrower has filed when due all federal, state
and local tax returns and paid all amounts shown as due thereon, except for such amounts which are being contested in good faith
by appropriate proceedings.

 

No Default. There is no Default or Event of Default under
this Agreement.

 

ERISA. The Borrower is in compliance in all material
respects with ERISA and has received no notice to the contrary from the PBGC or other governmental area.

 

Environmental Matters. Except as disclosed in the Borrower’s
Annual Report on Form 10-K for the year ended December 31, 2018 or in the Borrower’s Quarterly Reports on Form 10-Q or reports
on Form 8-K, as filed with the SEC prior to the Effective Date, to the best of the Borrower’s knowledge, the Borrower has
not incurred, directly or indirectly, any material contingent liability in connection with (i) the release of any toxic or
hazardous waste or substance into the environment or (ii) noncompliance with applicable environmental, health and safety statutes
and regulations.

 

    	 	B-1	 

     

    

 

Insurance. The Borrower is maintaining the insurance
required by Section 9.2(c).

 

Legal Agreements. This Agreement and the other Loan Documents
constitute the legal, valid and binding obligations and agreements of the Borrower, enforceable against the Borrower in accordance
with their respective terms, including against claims of usury, except to the extent that enforcement thereof may be limited by
any applicable bankruptcy, insolvency or similar laws now or hereafter in effect affecting creditors’ rights generally.

 

Regulation U. The Borrower is not engaged in the business
of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of
Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry any margin
stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.  After application of the
proceeds of each Advance, not more than 25 percent of the value (as determined by any reasonable method) of the assets of the Borrower
subject to any provision of this Agreement under which the sale, pledge or disposition of assets is restricted will consist of
margin stock.

 

Anti-Corruption Laws and Sanctions. The Borrower has
implemented and maintains in effect policies and procedures reasonably designed to ensure compliance by the Borrower, its Subsidiaries
and their respective directors, officers, employees and agents in all material respects with Anti-Corruption Laws and applicable
Sanctions. The Borrower, its Subsidiaries, and to the knowledge of the Borrower, its officers, employees, directors and agents
when acting on behalf of the Borrower and its Subsidiaries, are in compliance with Anti-Corruption Laws and applicable Sanctions
in all material respects. None of the Borrower or any Subsidiary is a Sanctioned Person. No Borrowing or use of proceeds from the
credit facility will constitute (i) a violation of the FCPA, (ii) a violation of the Bribery Act, or (iii) a material violation
of any other Anti-Corruption Laws or applicable Sanctions.

 

EEA Financial Institution. The Borrower is not an EEA
Financial Institution.

 

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

 

3M 364-Day Credit Agreement

 

     

     

    

 

Exhibit C

NOTE

$_____________

__________ __, 20___

 

FOR VALUE RECEIVED, 3M Company, a Delaware
corporation (the “Borrower”), promises to pay to the order of ____________________________________ (the “Bank”),
at such place as Agent under the Credit Agreement defined below may from time to time designate in writing, the principal sum of
_______________________________ Dollars ($_______________), or, if less, the aggregate unpaid principal amount of all advances
made by the Bank to the Borrower pursuant to Section 2.1 of the 364-Day Credit Agreement dated November 15, 2019 among the Borrower,
JPMorgan Chase Bank, N.A., as Agent (in such capacity, the “Agent”), and various Banks, including the Bank (the “Credit
Agreement”), and to pay interest on the principal balance of this Note outstanding from time to time at the rate or rates
determined pursuant to the Credit Agreement.

 

This Note is issued pursuant to, and is subject
to, the Credit Agreement, which provides (among other things) for the amount and date of payments of principal and interest hereunder,
for the acceleration of this Note upon an Event of Default, for the determination of the Dollar Equivalent of Advances denominated
in Committed Currencies and for the voluntary prepayment of this Note. This Note is a “Note,” as defined in the Credit
Agreement.

 

The Borrower shall pay all costs of collection,
including reasonable attorneys’ fees and legal expenses, if this Note is not paid when due, whether or not legal proceedings
are commenced.

 

Presentment or other demand for payment, notice
of dishonor and protest are expressly waived.

 

	 	3M COMPANY

 

	 	By	 
	 		Its	 

 

3M 364-Day Credit Agreement

 

    	 		 

     

    

Exhibit D

 

[Reserved]

 

    	 	D-1	 

     

    

 

Exhibit E

CERTIFICATE OF COMPLIANCE

 

In accordance with the 364-Day Credit Agreement dated as of
November 15, 2019, by and among JPMorgan Chase Bank, N.A., as agent for the Banks, 3M Company (the “Borrower”) and
the Banks, as such Credit Agreement has been or may hereafter be amended from time to time, attached are the consolidated financial
statements for the Borrower for the period ending _______________, 20__ (the “Effective Date”).

 

I certify that the financial statements have been prepared in
accordance with generally accepted accounting principles applied on a basis consistent with those applied in the annual financial
statements. I also certify that as of the Effective Date, the Borrower is in compliance with the covenants stated in the Credit
Agreement.

 

I further certify that the Borrower’s EBITDA to Interest
Ratio, as defined in the Credit Agreement, as of the Effective Date is as set forth below:

 

	(a)    EBITDA	 	$_____________
	(b)    Interest	 	$_____________

	EBITDA to Interest Ratio [(a)/(b)]	 	____ to 1	 
	Minimum Permitted EBITDA to Interest Ratio	 	3.0 to 1	 

 

Furthermore, I have no knowledge of the occurrence of an Event
of Default under the Credit Agreement or of any event which with notice of lapse of time would constitute an Event of Default,
except those specifically stated below.

 

	 	3M
    COMPANY

 

	 	By	 
	 		Its	 

 
 

    	 	E-1awsm-ex42_135.htm

 

Exhibit 4.2

THIS NOTE AND THE SECURITIES INTO WHICH THIS NOTE MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE OR SOLD, ASSIGNED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS WRITTEN EVIDENCE REASONABLY SATISFACTORY TO THE BORROWER IS SUPPLIED TO THE BORROWER TO THE EFFECT THAT THE PROPOSED OFFER, SALE, ASSIGNMENT OR OTHER TRANSFER MAY BE EFFECTED WITHOUT SUCH REGISTRATION.

unSECURED CONVERTIBLE note

$______________August 8, 2019

FOR VALUE RECEIVED, COOL HOLDINGS, INC., a Maryland corporation (the “Borrower”), hereby promises to pay _________________ (the “Holder”), the principal sum of ___________________________ Dollars ($_____________), together with simple interest thereon.  Interest shall accrue at a rate of twelve percent (12%) per annum commencing on the date hereof, and shall be calculated based on a 360-day year of twelve 30-day months.  Unless earlier converted into shares of Equity Securities (as defined below) pursuant to the terms of this Note or paid in full in accordance with the terms hereof, (a) accrued interest shall be payable to the Holder quarterly in arrears commencing on the date that the Borrower obtains any shareholder or other required regulatory approval (the “Approval Date”) to permit the conversion of this note, in stock of the Borrower, and (b) the outstanding principal amount and any unpaid accrued interest shall be due and payable by Borrower on demand by the Holder at any time after the earlier of: (i) the date 12 months following the original issuance date of this Note (“Maturity Date”) and (ii) an Event of Default (as defined below).  

1.Payment.  Except in connection with the conversion of principal and unpaid accrued interest hereunder into the common stock of the Borrower (the “Equity Securities”)  as provided for herein, (i) all payments shall be made in lawful money of the United States of America at the principal office of the Borrower, or at such other place as the holder hereof may from time to time designate in writing to the Borrower; and (ii) payment shall be credited first to accrued interest due and payable and the remainder applied to principal.    

2.Unsecured Obligation.  This Note is an unsecured obligation of the Borrower. 

3.Use of Proceeds.  The Borrower agrees to use the principal sum hereunder only in connection with the Borrower’s acquisition of Simply Mac, Inc. from GameStop Corp.

4.Conversion of the Note.  This Note shall be convertible according to the following terms:

(a)The principal and unpaid accrued interest of this Note will be automatically converted into Equity Securities at the election of the Holder which may be exercised at any time after the Approval Date.  The number of Equity Securities to be issued upon such conversion shall be equal to the quotient obtained by dividing the outstanding principal and unpaid accrued interest 

 

 

due on this Note on the date of conversion, by the Conversion Price. “Conversion Price” shall mean the amount which is 20% below the 5-day average closing price immediately prior to the Approval Date.

(b)Upon the conversion of this Note into Equity Securities, in lieu of any fractional shares to which the Holder of this Note would otherwise be entitled, the Borrower shall pay the Holder cash equal to such fraction multiplied by the issue price of such Equity Securities.  

(c)Upon the conversion of this Note, the Holder shall surrender this Note, duly endorsed, at the principal office of the Borrower.  As soon as practicable thereafter, the Borrower will issue in the name of and deliver to the Holder, a certificate or certificates for the number of shares of the Equity Securities to which the Holder shall be entitled on such conversion.  Such conversion shall be deemed to have been made immediately prior to the close of business on the date of conversion. 

5.Events of Defaults and Remedies.  The following events shall be considered Events of Default with respect to this Note: (a) the Borrower shall default in the payment of any part of the principal or unpaid accrued interest on this Note when due; (b) the Borrower or any of its subsidiaries shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due, or shall file a voluntary petition for bankruptcy, or shall file any petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, dissolution or similar relief under any present or future statute, law or regulation, or shall file any answer admitting the material allegations of a petition filed against the Borrower or any subsidiary in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of the Borrower or any subsidiary, or of all or any substantial part of the properties of the Borrower or any subsidiary, or the Borrower or any subsidiary or any of their respective directors or majority stockholders shall take any action looking to the dissolution or liquidation of the Borrower or any subsidiary; (c) within thirty (30) days after the commencement of any proceeding against the Borrower or any subsidiary seeking any bankruptcy reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed, or within thirty (30) days after the appointment without the consent or acquiescence of the Borrower or any subsidiary of any trustee, receiver or liquidator of the Borrower or any subsidiary or of all or any substantial part of the properties of the Borrower or any subsidiary, such appointment shall not have been vacated; (d) any material representation or warranty made by the Borrower or any subsidiary in this Note or any agreement or instrument provided to the Holder  in accordance with the specific terms and conditions of this Note shall prove to have been incorrect when made in any material respect; (e) the Borrower or any subsidiary fails to perform or observe any covenant contained in this Note where the failure to do so could reasonably be expected to have a material adverse effect on the business, assets or financial condition of the Borrower; (f) any material judgment, writ, warrant of attachment or execution or similar process shall be issued or levied against a material part of the property of the Borrower and such judgment, writ, warrant of attachment or execution or similar process shall not be released, vacated or fully bonded within sixty (60) days after its issue or levy; or (g) this Note is deemed to be unenforceable.  Upon the occurrence of an Event of Default under Section 4 hereof, at the option and upon the declaration of the Holder of this Note, the entire unpaid principal and accrued and unpaid interest on this Note shall, without presentment, demand, protest, or notice of any kind, all of which are hereby 

2

2

 

expressly waived, be forthwith due and payable, and such holder may, immediately and without expiration of any period of grace, enforce payment of all amounts due and owing under this Note and exercise any and all other remedies granted to it at law, in equity or otherwise. The Borrower shall promptly notify the Holder of the occurrence of any Event of Default.

6.Miscellaneous.

(a)Successors and Assigns.  Except as otherwise provided herein, 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.  Nothing in this Note, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Note, except as expressly provided in this Note.  This Note shall be transferable and assignable by the Holder at any time subsequent to the date hereof subject to the requirement (i) that any transferee or assignee of this Note must first agree in writing, in a form acceptable to the Borrower, to be bound by the terms of this Note, (ii) that any such assignment or transfer be, in the reasonable opinion of the Borrower’s counsel, in full compliance with applicable state and federal securities laws.

(b)Governing Law.  This Note shall be governed by and construed under the laws of the State of New York, without giving effect to the principles of conflicts of law thereof. Any claims or legal actions arising hereunder shall be commenced and maintained in any state or federal court of competent jurisdiction located in the State of New York, and the Holder consents and submits to the exclusive jurisdiction and venue of any such court.

(c)Severability.  If one or more provisions of this Note are held to be unenforceable under applicable law, such provision shall be excluded from this Note and the balance of this Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms.

 (Signature Page Follows)

 

3

3

 

IN WITNESS WHEREOF, the Borrower has caused this Unsecured Convertible Note to be signed in its name and executed as of the date first above written.

COOL HOLDINGS, INC.

 

 

By:  ______________________________

Name:  Vernon A. LoForti

Title:  Senior VP & CFO

 

ACKNOWLEDGED AND AGREED:

HOLDER:

________________________

 

Signature:  

Name: 

Title: 

F-1

 

SCHEDULE A

Accredited Investor CERTIFICATE

Capitalized terms not specifically defined in this certification have the meaning ascribed to them in the Unsecured Convertible Note to which this Schedule “A” is attached.  In the event of a conflict between the terms of this certification and such Unsecured Convertible Note, the terms of this certification shall prevail.

	
TO:
	
COOL HOLDINGS, INC.  (the “Corporation”)

In connection with the acquisition by the Borrower of the Unsecured Convertible Note (the “Note”), the Borrower hereby represents, warrants, covenants and certifies to the Corporation and acknowledges that the Corporation and its counsel are relying thereon that:

 

	
(a)
	
It is authorized to consummate the purchase of the Note.

	
(b)
	
It has such knowledge, skill and experience in financial, investment and business matters as to be capable of evaluating the merits and risks of its acquisition of the Note and it is able to bear the economic risk of loss of its entire investment.  To the extent necessary, the Borrower has retained, at his or her own expense, and relied upon, appropriate professional advice regarding the investment, tax and legal merits and consequences of owning the Note and the Common Shares issuable upon exercise thereof.

	
(c)
	
The Corporation has provided to it the opportunity to ask questions and receive answers concerning the terms and conditions of the Note and it has had access to such information concerning the Corporation as it has considered necessary or appropriate in connection with its investment decision to acquire the Note, and that any answers to questions and any request for information have been complied with to the Borrower’s satisfaction.

	
(d)
	
It is acquiring the Note for its own account, or for the account of one or more persons for whom it is exercising sole investment discretion (a "Beneficial Purchaser"), for investment purposes only, and not with a view to any resale, distribution or other disposition of the Note  and/or Common Shares in violation of the United States federal or state securities laws.

	
(e)
	
The Borrower understands and acknowledges that the Note and the Common Shares issuable upon conversion of the Note have not been and will not be registered under the Securities Act of 19ss, as amended (the “U.S. Securities Act”) or the securities laws of any state of the United States, and that the offer and sale of the Note to it is being made in reliance on the exemption from the registration requirements of the U.S. Securities Act provided by Rule 506(b) of Regulation D thereunder, or Rule 903 of Regulation S thereunder, and similar exemptions under applicable state securities laws.

	
(f)
	
It understands and acknowledges that the Note and the Common Shares issuable on conversion thereof, will be “restricted securities” within the meaning of Rule 144(a)(3) under the U.S. Securities Act and may be offered, sold, pledged, or otherwise transferred, directly or indirectly in accordance with an available exemption from the registration requirements of the U.S. Securities Act and in compliance with local laws and regulations.

	
(g)
	
The Borrower is either (i) resident outside the United States, or (ii) resident in the United States and is a U.S. Accredited Investor by virtue of meeting one of the following criteria (please write "SUB" for the criteria the Borrower meets and "BEN" for the criteria any persons for whose account or benefit the Borrower is purchasing the Special Warrant meet):

		
	
1.
Initials _______
	
A bank, as defined in Section 3(a)(2) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity; or

	
2.
Initials _______
	
A savings and loan association or other institution as defined in Section 3(a)(5)(A) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity; or

	
3.
Initials _______
	
A broker or dealer registered pursuant to Section 15 of the United States Securities Exchange Act of 1934; or

	
4.
Initials _______
	
An insurance company as defined in Section 2(a)(13) of the U.S. Securities Act; or

 

F-2

 

 

		
	
5.
Initials _______
	
An investment company registered under the United States Investment Company Act of 1940; or

	
6.
Initials _______
	
A business development company as defined in Section 2(a)(48) of the United States Investment Company Act of 1940; or

	
7.
Initials _______
	
A small business investment company licensed by the U.S. Small Business Administration under Section 301 (c) or (d) of the United States Small Business Investment Act of 1958; or

	
8.
Initials _______
	
A plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, with total assets in excess of US$5,000,000; or

	
9.
Initials _______
	
An employee benefit plan within the meaning of the United States Employee Retirement Income Security Act of 1974 in which the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company or registered investment adviser, or an employee benefit plan with total assets in excess of US$5,000,000 or, if a self-directed plan, with investment decisions made solely by persons who are U.S. Accredited Investors; or

	
10.
Initials _______
	
A private business development company as defined in Section 202(a)(22) of the United States Investment Advisers Act of 1940; or

	
11.
Initials _______
	
An organization described in Section 501(c)(3) of the United States Internal Revenue Code, a corporation, a Massachusetts or similar business trust, or a partnership, not formed for the specific purpose of acquiring the Note, with total assets in excess of US$5,000,000; or

	
12.
Initials _______
	
Any director or executive officer of the Corporation; or

	
13.
Initials _______
	
A natural person whose individual net worth, or joint net worth, with that person’s spouse, exceeds US$1,000,000 as determined on the following basis: 

(i) the person’s primary residence shall not be included as an asset; 

(ii) indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary residence at the time of the sale and purchase of the Note, shall not be included as a liability (except that if the amount of such indebtedness outstanding at such time exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and 

(iii) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the primary residence shall be included as a liability; or 

	
14.
Initials _______ 
	
A natural person who had an individual income in excess of US$200,000 in each of the two most recent years or joint income with that person’s spouse in excess of US$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; or

	
15.
Initials _______
	
A trust, with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the Note, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the U.S. Securities Act; or

	
16.
Initials _______ 
	
Any entity in which all of the equity owners meet the requirements of at least one of the above categories (if this alternative is checked, you must identify each equity owner and provide statements signed by each demonstrating how each qualifies as a U.S. Accredited Investor).

	
(h)
	
The Borrower has not purchased the Note as a result of any “directed selling efforts” (as defined in Regulation S under the U.S. Securities Act) or any any form of “general solicitation” or “general advertising” (as those terms are used in Regulation D under the U.S. Securities Act), including, without limitation, advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or on the internet, or broadcast over radio or television or the internet, or other form of telecommunications, including electronic display, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising.

 

F-3

 

 

	
(i)
	
The Borrower understands and acknowledges that the Note and the Common Shares issuable upon conversion thereof,  will be “restricted securities” within the meaning of Rule 144 under the U.S. Securities Act and that if in the future it decides to offer, sell, pledge or otherwise transfer any of such securities it will not offer, sell or otherwise transfer any of such securities, directly or indirectly, unless:

	
 
	

	
(i)the sale is to Corporation;

	
 
	
(ii)
	
the sale is made outside the United States in a transaction meeting the requirements of Rule 905 of Regulation S under the U.S. Securities Act and in compliance with applicable local laws and regulations;

	
 
	
(iii)
	
the sale is made pursuant to the exemption from the registration requirements of the U.S. Securities Act provided by Rule 144 or Rule 144A thereunder, if available, and in accordance with any applicable state securities or "blue sky" laws; or

	
 
	
(iv)
	
the securities are sold in a transaction that does not require registration under the U.S. Securities Act or any applicable state laws and regulations governing the offer and sale of securities, 

and, in the case of each of it has prior to such sale furnished to the Corporation an opinion of counsel reasonably satisfactory to the Corporation stating that such transaction is exempt from registration under the U.S. Securities Act and applicable state securities.

 

	
(j)
	
The certificates representing the Note and Common Shares issuable upon conversion of the Note, as well as all certificates issued in exchange for or in substitution of the foregoing, until such time as is no longer required under the applicable requirements of the U.S. Securities Act or applicable state securities laws, will bear, on the face of such certificates, the following legend: 

“THE SECURITIES REPRESENTED HEREBY [for Note, add: AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF] HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR UNDER ANY STATE SECURITIES LAWS, AND THE SECURITIES REPRESENTED HEREBY [for Note, add: AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF]  MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY IN COMPLIANCE, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (i) RULE 144 OR (ii) 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE U.S. STATE SECURITIES LAWS, (D) IN COMPLIANCE WITH ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR (E) UNDER AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT PROVIDED THAT IN EACH CASE, A LEGAL OPINION REASONABLY SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO THE CORPORATION AND THE CORPORATION’S TRANSFER AGENT TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.”

	
(k)
	
The Borrower understands and agrees that there may be material tax consequences to it of an acquisition, holding, conversion or disposition of the Note and the and the Common Shares issuable upon conversion thereof. The Corporation gives no opinion and makes no representation with respect to the tax consequences to the Borrower under United States, state, local or foreign tax law of its acquisition, holding, conversion or disposition of the note or the  Common  Shares issuable upon conversion thereof and the Borrower acknowledges that it is solely responsible for determining the tax consequences to it with respect to its investment.

	
(l)
	
It understands that if the Corporation is ever determined to be an issuer that is, or that has been at any time previously, an issuer with no or nominal operations and no or nominal assets other than cash and cash equivalents, Rule 144 under the U.S. Securities Act may not be available for re-sales of the Note or the Common Shares issuable upon conversion thereof.

	
(m)
	
It consents to the Corporation  making a notation on its records or giving instructions to any transfer agent of the Corporation in order to implement the restrictions on transfer set forth and described in this certification.

	
(n)
	
If required by applicable securities legislation, regulatory policy or order or by any securities commission, stock exchange or other regulatory authority, the Borrower will execute, deliver, file and otherwise assist the Corporation 

 

F-4

 

 

		
in filing reports, questionnaires, undertakings and other documents with respect to the ownership of the Note and/or the Common Shares issuable upon conversion thereof.

	
(o)
	
It understands that the Corporation has no obligation to register, and has no present intention to register, the resale of any of the Note or Common Shares issuable upon conversion thereof under the U.S. Securities Act.  Accordingly, the Borrower understands that absent registration, under the rules of the SEC, the Borrower may be required to hold the Note and/or the Common Shares issuable upon conversion thereof indefinitely or to transfer such securities in transactions which are exempt from registration under the U.S. Securities Act, in which event the transferee may acquire "restricted securities" subject to the same limitations as in the hands of the Borrower.  As a consequence, the Borrower understands that it must bear the economic risks of the investment in the Note for an indefinite period of time.

	
(p)
	
That the funds representing the amount of the Note will not represent proceeds of crime for the purposes of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (the “PATRIOT Act”) and the Borrower acknowledges that the Corporation may in the future be required by law to disclose the Borrower’s name and other information relating to the Note, on a confidential basis, pursuant to the PATRIOT Act.  No portion of the funds representing the amount of the Note provided by the Borrower (i) has been or will be derived from or related to any activity that is deemed criminal under the laws of the United States, or any other jurisdiction, or (ii) is being tendered on behalf of a person or entity who has not been identified to or by the Borrower, and it shall promptly notify the Corporation if the Borrower discovers that any of such representations ceases to be true and provide them with appropriate information in connection therewith..

 

[signature page follows]

 

 

F-5

 

 

The foregoing representations and warranties are true and accurate.  If any such representation or warranty shall not be true as of the date of the Note, the Borrower shall give immediate written notice of such fact to the Corporation.

 

Dated _______________     2018.

		
	
 
	
X 
Signature of individual (if Borrower is an individual)

X 
Authorized signatory (if Borrower is not an individual)

Name of Borrower (please print)

Name of authorized signatory (please print)

Official capacity of authorized signatory (please print)

 

 

[Signature Page to Unsecured Convertible Note]

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