Document:

Document

Exhibit 10.23.5
EXECUTION VERSION

AMENDMENT NO. 5 TO MASTER REPURCHASE AND SECURITIES CONTRACT
AMENDMENT NO. 5 TO MASTER REPURCHASE AND SECURITIES CONTRACT, dated as of May 9, 2019 (this “Amendment”), between and among ISSUED HOLDINGS CAPITAL CORPORATION, a Virginia corporation (the “Seller”), WELLS FARGO BANK, N.A., a national banking association, as buyer (in such capacity, the “Buyer”) and DYNEX CAPITAL, INC., a Virginia corporation having its principal place of business at 4991 Lake Brook Drive, Suite 100, Glen Allen, VA 23060 (“Guarantor”).  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement.
RECITALS
WHEREAS, Seller and Buyer are parties to that certain Master Repurchase and Securities Contract, dated as of August 6, 2012 (as amended by that certain Amendment No. 1 to Master Repurchase and Securities Contract, dated as of October 1, 2013, as further amended by that certain Amendment No. 2 to Master Repurchase and Securities Contract, dated as of February 5, 2015, as further amended by that certain Amendment No. 3 to Master Repurchase and Securities Contract, dated as of April 29, 2016, as further amended by that certain Amendment No. 4 to Master Repurchase and Securities Contract, dated as of May 12, 2017, as amended hereby, and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the “Repurchase Agreement”);
WHEREAS, in connection with the Repurchase Agreement, (i) Guarantor executed and delivered to Buyer a Guarantee Agreement, dated as of August 6, 2012 (as amended by that certain Amendment No. 1 to Guarantee Agreement, dated as of September 13, 2018, and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the “Guarantee”), and (ii) Buyer and Seller executed and delivered a Fee and Pricing Letter dated as of August 6, 2012 (as amended by that certain Amendment No. 1 to Fee and Pricing Letter, dated as of October 1, 2013, as further amended by Amendment No. 2 to Fee and Pricing Letter, dated as of February 5, 2015, as further amended by Amendment No. 3 to Fee and Pricing Letter, dated as of April 29, 2016, and as further amended by Amendment No. 4 to Fee and Pricing Letter, dated as of May 12, 2017, and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the “Fee and Pricing Letter”); and
WHEREAS, Seller, Buyer and Guarantor have agreed to amend certain provisions of the Repurchase Agreement in the manner set forth herein.
THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller, Guarantor and Buyer each hereby agree as follows:

SECTION 1.Amendments to Repurchase Agreement.
(a) The following new defined terms “BHC Act Affiliate”, “Default Right” and “U.S. Special Resolution Regime” are each hereby added to Section 2.01 of the Repurchase Agreement in correct alphabetical order:
“BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
(b) The defined term “Facility Termination Date”, as set forth in ARTICLE 2 of the Repurchase Agreement, is hereby amended and restated in its entirety to read as follows:
“Facility Termination Date”:  The earliest of (a) June 12, 2019, (b) any Accelerated Repurchase Date and (c) any date on which the Facility Termination Date shall otherwise occur in accordance with the Repurchase Documents or Requirements of Law.
         (c)  Article 17 of the Repurchase Agreement is hereby amended by inserting the following new Section 17.24 in correct numerical order:
 “Section 17.24  Recognition of the U.S. Special Resolution Regimes
 
(a) In the event that Buyer becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from Buyer of this Agreement and/or the Repurchase Documents, and any interest and obligation in or under this Agreement and/or the Repurchase Documents, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement and/or the Repurchase Documents, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.
        (b) In the event that Buyer or a BHC Act Affiliate of Buyer becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement and/or the Repurchase Documents that may be exercised against Buyer are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement and/or the Repurchase Documents were governed by the laws of the United States or a state of the United States.”
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SECTION 2.Conditions Precedent.  This Amendment and its provisions shall become effective on the first date on which this Amendment is executed and delivered by a duly authorized officer of each of Seller, Buyer and Guarantor (the “Amendment Effective Date”).
SECTION 3.Representations, Warranties and Covenants.  Each of Seller and Guarantor hereby represents and warrants to Buyer, as of the date hereof and as of the Amendment Effective Date, that (i) each is in compliance with all of the terms and provisions set forth in each Repurchase Document to which it is a party on its part to be observed or performed, and (ii) no Default or Event of Default has occurred or is continuing.  Seller hereby confirms and reaffirms its representations, warranties and covenants contained in the Repurchase Agreement.
SECTION 4.Acknowledgement of Seller.  Seller hereby acknowledges that Buyer is in compliance with its undertakings and obligations under the Repurchase Agreement and the other Repurchase Documents.
SECTION 5.Acknowledgement of Guarantor. Guarantor hereby acknowledges (a) the execution and delivery of this Amendment and agrees that it continues to be bound by the Guarantee to the extent of the Obligations (as defined therein), as such obligations may be prolonged pursuant to this Amendment, and (b) that Buyer is in compliance with its undertakings and obligations under the Repurchase Agreement, the Guarantee Agreement and each of the other Repurchase Documents.
SECTION 6.Limited Effect.  Except as expressly amended and modified by Amendment, the Repurchase Agreement and each of the other Repurchase Documents shall continue to be, and shall remain, in full force and effect in accordance with their respective terms; provided, however, that upon the Amendment Effective Date, each (x) reference therein and herein to the “Repurchase Documents” shall be deemed to include, in any event, this Amendment, (y) each reference to the “Repurchase Agreement” in any of the Repurchase Documents shall be deemed to be a reference to the Repurchase Agreement, as amended hereby, and (z) each reference in the Repurchase Agreement to “this Agreement”, this “Repurchase Agreement”, “hereof”, “herein” or words of similar effect in referring to the Repurchase Agreement shall be deemed to be references to the Repurchase Agreement, as amended by this Amendment.
SECTION 7.No Novation, Effect of Agreement.  Seller and Buyer have entered into this Amendment solely to amend the terms of the Repurchase Agreement and do not intend this Amendment or the transactions contemplated hereby to be, and this Amendment and the transactions contemplated hereby shall not be construed to be, a novation of any of the obligations owing by Seller, Guarantor or any of their respective Affiliates (the “Repurchase Parties”) under or in connection with the Repurchase Agreement or any of the other Repurchase Documents.  It is the intention of each of the parties hereto that (i) the perfection and priority of all security interests securing the payment of the Repurchase Obligations of the Repurchase Parties under the Repurchase Agreement are preserved, (ii) the liens and security interests granted under the Repurchase Agreement continue in full force and effect, and (iii) any reference to the Repurchase Agreement in any such Repurchase Document shall be deemed to also reference this Amendment.
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SECTION 8.Counterparts.  This Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment in Portable Document Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart thereof.
SECTION 9.Expenses.  Seller and Guarantor agree to pay and reimburse Buyer for all out of pocket costs and expenses incurred by Buyer in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the fees and disbursements of Cadwalader, Wickersham & Taft LLP, counsel to Buyer.
SECTION 10. GOVERNING LAW.  THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.
[SIGNATURES FOLLOW]

4

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the day and year first above written.
SELLER
ISSUED HOLDINGS CAPITAL CORPORATION, a Virginia corporation

By: /s/ Stephen J. Benedetti                               
Name: Stephen J. Benedetti
Title: President

By: /s/ Robert M. Nilson, Jr.                            
        Name: Robert M. Nilson, Jr. 
Title: Senior Vice President
BUYER
WELLS FARGO BANK, N.A., a national banking association
By: /s/ John Rhee                                             
Name: John Rhee
Title: Managing Director
GUARANTOR
DYNEX CAPITAL, INC., a Virginia corporation

By: /s/ Stephen J. Benedetti                             
Name: Stephen J. Benedetti
Title: Executive Vice President, Chief Financial
Officer and Chief Operating Officer

By: /s/ Jeff Childress                                       
Name: Jeff Childress
Title: Vice PresidentExhibit 10.1

 

Execution Version

 

 

 

 

 

 

 

 

 

CREDIT AGREEMENT

 

dated as of May 16,
2019

 

among

 

LIBERTY TAX, INC.,

as the Borrower,

 

THE LENDERS PARTY HERETO,

 

CIBC BANK USA and

FIRST TENNESSEE BANK,
N.A.,

as Co-Syndication Agents 

 

and

 

CITIZENS BANK, N.A.,

as Administrative Agent

 

and

 

CITIZENS BANK, N.A.,

CIBC BANK USA and

FIRST TENNESSEE BANK,
N.A.,

as Joint Lead Arrangers and Joint Bookrunners

 

 

 

 

 

 

 

 

 

 

     

     

    

 

TABLE OF
CONTENTS

 

Page

 

	Article 1 Definitions and Rules of Construction	1
	Section 1.1   Definitions	1
	Section 1.2   Classification of Loans and Borrowings	41
	Section 1.3   Terms Generally	41
	Section 1.4   Accounting Terms; GAAP	42
	Section 1.5   Rounding	42
	Section 1.6   References to Time	42
	Section 1.7   Resolution of Drafting Ambiguities	43
	Section 1.8   Status of Loan Document Obligations	43
	Section 1.9   Interest	43
	Section 1.10   Divisions	43
	Article 2 The Credits	43
	Section 2.1   Commitments	43
	Section 2.2   Borrowings, Conversions and Continuations of Loans	43
	Section 2.3   Swingline Loans	45
	Section 2.4   Letters of Credit	47
	Section 2.5   Termination and Reduction of Commitments	53
	Section 2.6   Repayment of Loans; Evidence of Debt	54
	Section 2.7   Prepayments	55
	Section 2.8   Payments Generally; Administrative Agent’s Clawback	56
	Section 2.9   Defaulting Lenders	58
	Section 2.10   Cash Collateral	61
	Section 2.11   Incremental Commitments	62

 

     

     

    

 

	Section 2.12   Extensions of Commitments	63
	Article 3 Interest, Fees, Yield Protection, etc.	65
	Section 3.1   Interest	65
	Section 3.2   Fees	66
	Section 3.3   Alternate Rate of Interest	67
	Section 3.4   Increased Costs; Illegality	68
	Section 3.5   Break Funding Payments	70
	Section 3.6   Taxes	70
	Section 3.7   Mitigation Obligations; Replacement of Lenders	74
	Article 4 Conditions Precedent to Credit Extensions	75
	Section 4.1   Conditions to Initial Credit Extensions	75
	Section 4.2   Conditions to All Credit Extensions	77
	Article 5 Representations and Warranties	78
	Section 5.1   Existence, Qualification and Power; Compliance with Laws	78
	Section 5.2   Authorization; No Contravention	78
	Section 5.3   Governmental Authorization; Other Consents	79
	Section 5.4   Binding Effect	79
	Section 5.5   Financial Statements; No Material Adverse Effect	79
	Section 5.6   Litigation	79
	Section 5.7   Environmental Matters	79
	Section 5.8   Ownership of Properties; Liens	81
	Section 5.9   Casualty, Etc	81
	Section 5.10   Investment Company Status, Etc	81
	Section 5.11   Taxes	81
	Section 5.12   ERISA	82
	Section 5.13   Subsidiaries; Equity Interests	83

 

    	 	- ii -	 

     

    

 

	Section 5.14   Insurance	83
	Section 5.15   Federal Reserve Regulations, Etc	83
	Section 5.16   Collateral Documents	83
	Section 5.17   Solvency	84
	Section 5.18   Anti-Corruption Laws; Sanctions; Anti-Terrorism Laws	84
	Section 5.19   [Reserved]	85
	Section 5.20   Accuracy of Information, Etc	85
	Section 5.21   Labor Matters	85
	Section 5.22   Absence of Certain Restrictions	85
	Section 5.23   No Default	85
	Section 5.24   Common Enterprise	85
	Section 5.25   Brokers’ Fees	86
	Section 5.26   EEA Financial Institutions	86
	Article 6 Affirmative Covenants	86
	Section 6.1   Financial Statements and Other Information	86
	Section 6.2   Notices of Material Events	88
	Section 6.3   Existence; Conduct of Business	89
	Section 6.4   Payment and Performance of Obligations	89
	Section 6.5   Maintenance of Properties	89
	Section 6.6   Books and Records; Inspection Rights	89
	Section 6.7   Compliance with Laws	89
	Section 6.8   Use of Proceeds	90
	Section 6.9   Information Concerning Collateral	90
	Section 6.10   Insurance	90
	Section 6.11   [Reserved]	92
	Section 6.12   Covenant to Guarantee and Provide Security	92

 

    	 	- iii -	 

     

    

 

	Section 6.13   Environmental Matters	94
	Section 6.14   Accounts	94
	Section 6.15   Certain Post-Closing Obligations	94
	Section 6.16   Clean Down	94
	Article 7 Negative Covenants	95
	Section 7.1   Indebtedness; Equity Interests	95
	Section 7.2   Liens	96
	Section 7.3   Fundamental Changes; Business; Fiscal Year	97
	Section 7.4   Investments, Loans, Advances, Guarantees and Acquisitions	98
	Section 7.5   Dispositions	100
	Section 7.6   Sale and Leaseback Transactions	101
	Section 7.7   Swap Agreements	101
	Section 7.8   Restricted Payments	101
	Section 7.9   Transactions with Affiliates	101
	Section 7.10   Restrictive Agreements	101
	Section 7.11   Amendment of Material Documents	102
	Section 7.12   Financial Covenants	102
	Section 7.13   Payments on Junior Debt	102
	Section 7.14   Government Regulation	102
	Section 7.15   Hazardous Materials	103
	Article 8 Events of Default	103
	Section 8.1   Events of Default	103
	Section 8.2   Remedies Upon Event of Default	105
	Section 8.3   Application of Funds	106
	Article 9 The Administrative Agent	107
	Section 9.1   Appointment and Authority	107

 

    	 	- iv -	 

     

    

 

	Section 9.2   Rights as a Lender	107
	Section 9.3   Exculpatory Provisions	108
	Section 9.4   Reliance by Administrative Agent	108
	Section 9.5   Delegation of Duties	109
	Section 9.6   Resignation of Administrative Agent	109
	Section 9.7   Non-Reliance on Administrative Agent and Other Lenders	110
	Section 9.8   No Other Duties, Etc	110
	Section 9.9   Administrative Agent May File Proofs of Claim	110
	Section 9.10   Collateral and Guarantee Matters	111
	Section 9.11   Compliance with Flood Insurance Laws	111
	Section 9.12   Cash Management Obligations and Swap Agreement Obligations	112
	Article 10 Miscellaneous	112
	Section 10.1   Notices	112
	Section 10.2   Waivers; Amendments	114
	Section 10.3   Expenses; Indemnity; Damage Waiver	116
	Section 10.4   Successors and Assigns	117
	Section 10.5   Survival	121
	Section 10.6   Counterparts; Integration; Effectiveness; Electronic Execution	121
	Section 10.7   Severability	122
	Section 10.8   Right of Setoff	122
	Section 10.9   Governing Law; Jurisdiction; Consent to Service of Process	122
	Section 10.10   WAIVER OF JURY TRIAL	123
	Section 10.11   Payments Set Aside	123
	Section 10.12   Headings	124
	Section 10.13   Interest Rate Limitation	124
	Section 10.14   Treatment of Certain Information; Confidentiality	124

 

    	 	- v -	 

     

    

 

	Section 10.15   USA PATRIOT Act Notice	125
	Section 10.16   No Fiduciary Duty	125
	Section 10.17   Acknowledgement and Consent to Bail-In of EEA Financial Institutions	125
	Section 10.18   [Reserved]	126
	Section 10.19   Certain ERISA Matters	126

SCHEDULES:

 

	Schedule 2.1	Commitments
	Schedule 5.6	Disclosed Matters
	Schedule 5.13	Subsidiaries; Equity Interests
	Schedule 5.14	Insurance
	Schedule 5.16(a)	UCC Filing Offices 
	Schedule 6.15	Certain Post-Closing Obligations
	Schedule 7.1	Existing Indebtedness
	Schedule 7.2	Existing Liens
	Schedule 7.4	Existing Investments
	Schedule 7.10	Existing Restrictions
	Schedule 10.1	Notice Information

 

EXHIBITS:

 

	Exhibit A	Form of Assignment and Assumption
	Exhibit B-1	Form of Committed Loan Notice
	Exhibit B-2	Form of Swingline Loan Notice
	Exhibit C-1	Form of Revolving Loan Note
	Exhibit C-2	Form of Swingline Loan Note
	Exhibit D	Form of Perfection Certificate
	Exhibit E	Form of Compliance Certificate
	Exhibit F	Form of Closing Certificate
	Exhibit G	Form of Subsidiary Joinder Agreement
	Exhibit H-1	Form of U.S. Tax Compliance Certificate For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes
	Exhibit H-2	Form of U.S. Tax Compliance Certificate For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes
	Exhibit H-3	Form of U.S. Tax Compliance Certificate For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes
	Exhibit H-4	Form of U.S. Tax Compliance Certificate For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes
	Exhibit I	Form of Master Intercompany Note
	Exhibit J	Form of Solvency Certificate
	Exhibit K	Form of Secured Obligation Designation Notice

 

    	 	- vi -	 

     

    

 

CREDIT AGREEMENT

 

CREDIT AGREEMENT,
dated as of May 16, 2019, by and among LIBERTY TAX, INC. (formerly known as JTH Holding, Inc.), a Delaware corporation (the
“Borrower”), the Lenders party hereto and CITIZENS BANK, N.A., as Administrative Agent.

 

RECITALS

 

A.       The
Borrower has requested that the Lenders make loans and other financial accommodations to the Borrower as more fully set forth herein.

 

B.       The
Lenders have indicated their willingness to lend and the L/C Issuer has indicated its willingness to issue Letters of Credit,
in each case, on the terms and subject to the conditions set forth herein.

 

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

 

Article
1

Definitions and Rules of Construction

 

Section 1.1              
Definitions. As used in this Credit Agreement, the following terms have the meanings specified below:

 

“ABR Borrowing”
means, as to any Borrowing, the ABR Loans comprising such Borrowing.

 

“ABR Loan”
means a Loan (other than a Swingline Loan) bearing interest based on the Alternate Base Rate.

 

“Acquired
EBITDA” means, with respect to any Acquired Entity or Business for any period, the historical Consolidated EBITDA of
such Acquired Entity or Business for such period as certified by a Financial Officer of the Borrower, which historical Consolidated
EBITDA shall be calculated in a manner consistent with the definition of Consolidated EBITDA herein and to be based on financial
statements for such Acquired Entity or Business prepared in accordance with GAAP (subject to the absence of footnote disclosures
and year-end audit adjustments with respect to financial statements that are not annual audited financial statements), provided
that when such Acquired EBITDA is included in Consolidated EBITDA it shall be on a Pro Forma Basis.

 

“Acquired
Entity or Business” means, for any period, any Person, property, business or asset acquired by the Borrower or any of
its Subsidiaries in a Permitted Acquisition, to the extent not subsequently sold, transferred or otherwise Disposed of during such
period.

 

“Acquisition”
means any transaction or series of related transactions resulting, directly or indirectly, in: (a) the acquisition by any Person
of (i) all or substantially all of the assets of another Person or (ii) all or substantially all of any business line, unit or
division of another Person, (b) the acquisition by any Person (i) of in excess of 50% of the Equity Interests of any other Person,
or (ii) otherwise causing any other Person to become a subsidiary of such Person, or (c) a merger, amalgamation consolidation,
or any other combination of any Person with another Person (other than a Person that is a Loan Party or a Subsidiary of a Loan
Party) in which a Loan Party or any of its Subsidiaries is the surviving Person.

 

     

     

    

 

“Adjusted
LIBOR Rate” means, with respect to any LIBOR Borrowing for any Interest Period, an interest rate per annum equal to the
LIBOR Rate in effect for such Interest Period multiplied by the Statutory Reserve Rate; provided, however,
that the Adjusted LIBOR Rate shall at no time be less than 0% per annum.

 

“Administrative
Agent” means Citizens Bank, in its capacity as administrative agent for the Lenders or any successor thereto.

 

“Administrative
Agent’s Payment Office” means the Administrative Agent’s office located at 20 Cabot Road, Medford, MA 02155,
or such other office as to which the Administrative Agent may from time to time notify the Borrower and the Lenders.

 

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

 

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

 

“Agent
Parties” has the meaning assigned to such term in Section 10.1(d)(iii).

 

“Agreement
Date” means the first date appearing in this Credit Agreement.

 

“Alternate
Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b)
the Federal Funds Effective Rate in effect on such day plus 0.50% per annum and (c) the Adjusted LIBOR Rate in effect on
such day for deposits in Dollars for a one-month Interest Period (subject to any interest rate floor set forth in the definition
of “Adjusted LIBOR Rate”) plus 1.00% per annum, provided that the Alternate Base Rate shall at no time
be less than 1.00% per annum. If the Administrative Agent shall have determined (which determination shall be conclusive absent
clearly manifest error) that it is unable to ascertain the Federal Funds Effective Rate or the Adjusted LIBOR Rate for any reason,
including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms of
the definition of the term Federal Funds Effective Rate, the Alternate Base Rate shall be determined without regard to clause (b)
or (c), as applicable, of the preceding sentence until the circumstances giving rise to such inability no longer exist. Any change
in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBOR Rate shall
be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted
LIBOR Rate, respectively.

 

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

 

“Anti-Terrorism
Laws” has the meaning assigned to such term in Section 5.18(c).

 

“Applicable
Lending Office” means for any Lender, such Lender’s office, branch or affiliate designated for LIBOR Loans,
ABR Loans, Swingline Loans or Letters of Credit or participations therein, as applicable, as notified to the Administrative Agent,
any of which offices may be changed by such Lender.

 

“Applicable
Margin” means, with respect to the Revolving Loans, Swingline Loans, L/C Participation Fees and Commitment Fees,
during the applicable periods set forth below: in the case of (a) ABR Borrowings, the percentage per annum set forth in the following
table under the heading “ABR Margin”, (b) LIBOR Borrowings and L/C Participation Fees, the percentage per annum set
forth in the following table under the heading “LIBOR Margin and L/C Participation Fee” and (c) Commitment Fees, the
percentage per annum set forth in the following table under the heading “Commitment Fee”:

 

    	 	2	 

     

    

 

	Pricing

Level	Leverage Ratio	ABR

Margin	LIBOR

Margin and L/C Participation Fee	Commitment Fee
	I	Less than 1.00:1.00	2.00%	3.00%	0.25%
	II	Greater than or equal to 1.00:1.00 but less than 1.50:1.00	2.25%	3.25%	0.35%
	III	Greater than or equal to 1.50:1.00 but less than 2.00:1.00	2.50%	3.50%	0.375%
	IV	Greater than or equal to 2.00:1.00 but less than 2.50:1.00	2.75%	3.75%	0.50%
	V	Greater than 2.50:1.00	3.00%	4.00%	0.50%

 

The Applicable Margin shall be determined
and adjusted quarterly on the date (each a “Margin Determination Date”) that is five Business Days after receipt
by the Administrative Agent of the Compliance Certificate pursuant to Section 6.1(c) for the most recently ended fiscal
quarter of the Borrower (but in any event, not later than the 45th day after the end of each of the first three quarterly
periods of each Fiscal Year or the 90th day after the end of each Fiscal Year, as the case may be); provided
that (1) the Applicable Margin shall be based on Pricing Level III until the Margin Determination Date for the first fiscal quarter
ending after the Closing Date and (2) if the Borrower fails to deliver the Compliance Certificate as required by Section 6.1(c)
for the most recently ended fiscal quarter preceding the applicable Margin Determination Date, the Applicable Margin from such
Margin Determination Date shall be based on Pricing Level V until the fifth Business Day after an appropriate Compliance Certificate
is delivered, at which time the Pricing Level shall be determined by reference to the Leverage Ratio as of the last day of the
most recently ended fiscal quarter of the Borrower preceding such Margin Determination Date. The Applicable Margin shall be effective
from one Margin Determination Date until the next Margin Determination Date. Any adjustment in the Applicable Margin shall be applicable
to all Loans then existing or subsequently made during the applicable period for which the relevant Applicable Margin applies.
Notwithstanding the foregoing, in the event that any financial statement delivered pursuant to Section 6.1(a) or (b)
or any Compliance Certificate delivered pursuant to Section 6.1(c) is inaccurate (regardless of whether (i) this Credit
Agreement is in effect, (ii) any of the Commitments are in effect, or (iii) any Loans or Letters of Credit are outstanding when
such inaccuracy is discovered or such financial statement or Compliance Certificate was delivered), and such inaccuracy, if corrected,
would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than
the Applicable Margin applied for such Applicable Period, then (A) the Borrower shall immediately deliver to the Administrative
Agent a corrected Compliance Certificate for such Applicable Period, (B) the Applicable Margin for such Applicable Period shall
be determined as if the Leverage Ratio in the corrected Compliance Certificate were applicable for such Applicable Period, and
(C) the Borrower shall immediately pay to the Administrative Agent the accrued additional interest and fees owing as a result of
such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Administrative Agent
in accordance with Section 2.8. Nothing in this paragraph shall limit the rights of the Administrative Agent and Lenders
with respect to Section 3.1 and Section 8.1.

 

    	 	3	 

     

    

 

Notwithstanding the foregoing, the Applicable
Margin in respect of any Class of Extended Commitments shall be the applicable percentages per annum set forth in the relevant
Extension Amendment.

 

“Applicable
Percentage” means, at any time (a) with respect to any Lender with a Commitment (or a Commitment of any Class), the percentage
equal to a fraction the numerator of which is the amount of such Lender’s Commitment (or Commitment of such Class) and the
denominator of which is the aggregate amount of all Commitments (or Commitments of such Class) of all Lenders (provided
that if the Commitments under the Credit Facility have terminated or expired, the Applicable Percentages of the Lenders under the
Credit Facility shall be determined based upon the Revolving Exposure at such time of the determination pursuant to clause (b)
below) and (b) with respect to the Loans (or Loans of any Class), a percentage equal to a fraction the numerator of which is such
Lender’s Outstanding Amount of the Loans (or Loans of such Class) and the denominator of which is the aggregate Outstanding
Amount of all Loans of such Class.

 

“Appropriate
Lenders” means, at any time, (a) with respect to the Credit Facility (or Commitments of any Class), the Lenders (or Lenders
holding Commitments of such Class), (b) with respect to any Letters of Credit, the L/C Issuer and the Lenders, and (c) with
respect to any Swingline Loans, the Swingline Lender and the Lenders.

 

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

 

“Approved
Line of Business” means, collectively, (a) those lines of business in which the Borrower and its Subsidiaries operate
on the Closing Date and (b) any business or activity that is the same, similar or otherwise reasonably related, ancillary, complementary
or incidental thereto.

 

“Area Development
Rights” shall mean certain development rights allotted or sold, or able to be allotted or sold, to an area developer
to market and sell territories within a specified geographic area to eligible franchisees.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 10.4) and accepted by the Administrative Agent, in substantially
the form of Exhibit A or any other form approved by the Administrative Agent.

 

“Attorney
Costs” means when referring to the Attorney Costs of (a) the Administrative Agent, all reasonable and documented fees
and reasonable and documented out-of-pocket expenses, charges, disbursements and other charges of one law firm (and one local counsel
in each relevant jurisdiction and one special or regulatory counsel for each relevant subject matter to the extent reasonably necessary)
and (b) each Credit Party other than the Administrative Agent, all reasonable and documented fees and reasonable and documented
out-of-pocket expenses, charges, disbursements and other charges of one counsel to each such Credit Party.

 

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

 

“Audited Financial
Statements” means the audited consolidated balance sheet of the Borrower and its Subsidiaries as of the last day of each
of the three most recent Fiscal Years ended at least 90 days prior to the Closing Date and the related audited consolidated statements
of income, comprehensive income, cash flows and shareholders’ equity of the Borrower and its Subsidiaries for each of the
three most recent Fiscal Years ended at least 90 days prior to the Closing Date.

 

    	 	4	 

     

    

 

“Auto-Renewal
Letter of Credit” has the meaning assigned to such term in Section 2.4(b)(iii).

 

“Availability
Period” means the period from and including the Closing Date to but excluding the earlier of the Maturity Date and, if
different, the date of the termination of the Commitments in accordance with the provisions of this Credit Agreement.

 

“Back-to-Back
Letter of Credit” means a letter of credit, in form and substance reasonably satisfactory to the L/C Issuer and
issued by an issuer reasonably satisfactory to the L/C Issuer.

 

“Backstopped”
means, in respect of any Letter of Credit that remains outstanding on the applicable date, that the L/C Issuer shall have
received (a) a Back-to-Back Letter of Credit and/or (b) cash or Cash Equivalents, provided that (i) the sum of the maximum
drawable amount of such Back-to-Back Letter of Credit plus the amount of such cash and Cash Equivalents shall not be less
than the Minimum Collateral Percentage of the maximum drawable amount of such Letter of Credit, (ii) the arrangements with respect
to such cash, Cash Equivalents and drawings on any Back-to-Back Letter of Credit allow the L/C Issuer to apply the same
to reimburse itself with respect to drawings on, and other sums owing with respect to, such Letter of Credit, and (iii) the requirements
under clauses (i) and (ii) of this defined term are in all respects satisfactory to the L/C Issuer.

 

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

 

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

 

“Bankruptcy
Code” means Title 11 of the United State Code or any similar federal or state law for the relief of debtors.

 

“Beneficial
Ownership Certification” means, with respect to the Borrower, a certification regarding beneficial ownership as required
by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of
Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and
Trading Association and Securities Industry and Financial Markets Association or such other form satisfactory to the Administrative
Agent.

 

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

 

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

 

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

 

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

 

    	 	5	 

     

    

 

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

 

“Borrowing
Minimum” means (a) in the case of a LIBOR Borrowing, $500,000, (b) in the case of an ABR Borrowing, $100,000, and (c)
in the case of a Swingline Loan, $100,000.

 

“Borrowing
Multiple” means (a) in the case of a LIBOR Borrowing, $100,000, (b) in the case of an ABR Borrowing, $50,000, and (c)
in the case of a Swingline Loan, $50,000.

 

“Business
Day” means any day other than a Saturday, Sunday or day on which banks in New York City, New York are authorized or required
by law to close; provided, however, that when used in connection with a LIBOR Loan, the term “Business Day”
shall also exclude any day on which banks are not open for dealings in Dollar deposits in the London interbank market.

 

“Capital Expenditures”
means, for any period, with respect to any Person, the aggregate of all expenditures (whether paid in cash or other consideration
or accrued as a liability) by such Person and its subsidiaries for the acquisition or leasing (pursuant to a Capitalized Lease)
of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such
period) that should be capitalized under GAAP on a consolidated balance sheet of such Person and its Subsidiaries (it being understood
that “Capital Expenditures” shall not include any portion of the purchase price of a Permitted Acquisition that is
required to be capitalized under GAAP).

 

“Capitalized
Lease Obligations” means, at the time any determination thereof is to be made, the amount of the liabilities in respect
of Capitalized Leases that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding
the footnotes thereto) prepared in accordance with GAAP.

 

“Capitalized
Leases” means all leases that are required to be, in accordance with GAAP, recorded as capitalized leases; provided
that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for
as a liability in accordance with GAAP.

 

“Cash Collateralize”
means to deposit in a Controlled Account or to pledge and deposit with or deliver to the Administrative Agent, for the benefit
of one or more of the L/C Issuer or the Lenders, as collateral for L/C Obligations or obligations of the Lenders to fund participations
in respect of L/C Obligations, cash or deposit account balances or, if each of the Administrative Agent and the L/C Issuer
shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance reasonably
satisfactory to the Administrative Agent and the L/C Issuer. “Cash Collateral”, “Cash Collateralized”
and “Cash Collateralization” shall have a meaning analogous to the foregoing and shall include the proceeds
of such cash collateral and other credit support.

 

“Cash Equivalents”
means each of the following to the extent, except with respect to items described in clause (f) below, denominated in Dollars:

 

(a)               
debt obligations maturing within one year from the date of acquisition thereof to the extent the principal thereof and interest
thereon is backed by the full faith and credit of the United States;

 

(b)               
commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition,
the highest credit rating obtainable from S&P or Moody’s;

 

(c)               
certificates of deposit, banker’s acceptances and time deposits maturing within 270 days from the date of acquisition
thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of
any commercial bank organized under the laws of the United States or any state, commonwealth or other political subdivision thereof
that has a combined capital and surplus and undivided profits of not less than $500,000,000 or, to the extent not otherwise included,
any Lender, and which is rated at least A-2 by S&P and P-2 by Moody’s in the note or commercial paper rating category;

 

    	 	6	 

     

    

 

(d)               
repurchase agreements with a term of not more than 30 days for securities described in clause (a) of this definition and
entered into with a financial institution satisfying the criteria described in clause (c) of this definition;

 

(e)               
money market mutual funds, substantially all of the investments of which are in cash or investments contemplated by clauses
(a), (b) and (c) of this definition; and

 

(f)                
with respect to any Foreign Subsidiary, (i) obligations of the national government of the country in which such Foreign
Subsidiary maintains its chief executive office and principal place of business, provided that such country is a member
of the Organization for Economic Cooperation and Development, in each case maturing within one year after the date of investment
therein, (ii) certificates of deposit of, bankers acceptances of, or time deposits with, any commercial bank which is organized
and existing under the laws of the country in which such Foreign Subsidiary maintains its chief executive office and principal
place of business, provided such country is a member of the Organization for Economic Cooperation and Development, and whose
short term commercial paper rating from S&P is at least “A-1” or the equivalent thereof or from Moody’s is
at least “P-1” or the equivalent thereof (any such bank being an “Approved Foreign Bank”), and in
each case with maturities of not more than 270 days from the date of acquisition and (iii) the equivalent of demand deposit accounts
which are maintained with an Approved Foreign Bank.

 

“Cash
Management Obligations” means all obligations of the Loan Parties in respect of any Cash Management Services provided
to any Loan Party (whether absolute or contingent and howsoever and whenever created, arising, evidenced or acquired (including
all renewals, extensions and modifications thereof and substitutions therefor)) that are (a) owed to the Administrative Agent or
any of its Affiliates, (b) owed on the Closing Date to a Person that is a Lender or an Affiliate of a Lender as of the Closing
Date or (c) owed to a Person that is a Lender or an Affiliate of a Lender at the time such obligations are incurred or becomes
a Lender or an Affiliate of a Lender after it has incurred such obligations, provided that any such provider of Cash Management
Services (other than the Administrative Agent or its Affiliates) executes and delivers a Secured Obligation Designation Notice
to the Administrative Agent.

 

“Cash Management
Services” means, collectively, (a) commercial debit or credit cards, merchant card processing and other services, purchase
or debit cards, including non-card e-payables services, (b) treasury management services (including cash pooling arrangements,
controlled disbursement, netting, overdraft, lockbox and electronic or automatic clearing house fund transfer services, return
items, sweep and interstate depository network services, foreign check clearing services), and (c) any other demand deposit or
operating account relationships or other cash management services.

 

“Casualty
Event” means any event that gives rise to the receipt by any Loan Party or any of its Subsidiaries of any insurance proceeds
or condemnation awards arising from any damage to, destruction of, or other casualty or loss involving, or any seizure, condemnation,
confiscation or taking under power of eminent domain of, or requisition of title or use of or relating to or in respect of any
equipment, fixed assets or Real Property (including any improvements thereon) of such Loan Party or any of its Subsidiaries.

 

    	 	7	 

     

    

 

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

 

“Change in
Law” means the occurrence, after the Agreement Date, of any of the following: (a) the adoption or taking effect of any
law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline
or directive (whether or not having the force of law) by any Governmental Authority or the compliance therewith by any Credit Party
(or, for purposes of Section 3.4(b), by any Applicable Lending Office of such Credit Party or such Credit Party’s
holding company, if any); provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street
Reform and Consumer Protection Act and all requests, rules, guidelines and directives thereunder or issued in connection therewith
and (ii) all requests, rules, guidelines and directives promulgated by the Bank for International Settlements, the Basel Committee
on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each
case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted
or issued.

 

“Change of
Control” means an event or series of events by which (a) any Person or group (within the meaning of Rule 13d-5 of the
Securities Exchange Act of 1934 as in effect on the Agreement Date) other than Permitted Investors shall own directly or indirectly,
beneficially or of record, shares representing more than 35% of the aggregate ordinary voting power or economic interests represented
by the issued and outstanding Equity Interests of the Borrower on a fully diluted basis, (b) any Person or group (as so used) shall
own directly or indirectly, beneficially or of record, shares representing 50% of the aggregate ordinary voting power or economic
interests represented by the issued and outstanding Equity Interests of the Borrower on a fully diluted basis, (c) the Borrower
shall fail to own, directly or indirectly, free and clear of all Liens or other encumbrances (other than Liens created pursuant
to any Loan Document), 100% of the aggregate ordinary voting power and economic interests represented by the issued and outstanding
Equity Interests of each of its Subsidiaries (or such lesser percentage as may be owned, directly or indirectly, as of the Closing
Date or the later acquisition thereof) except where such failure is as a result of a transaction permitted by the Loan Documents
or (d) any change in control (or similar event, however denominated) with respect to any Loan Party or any of its Subsidiaries
shall occur under and as defined in any indenture or agreement in respect of Indebtedness in an outstanding principal amount in
excess of the Threshold Amount to which any Loan Party or any of its Subsidiaries is a party.

 

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

 

“Class”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving
Loans or Swingline Loans.

 

“Clean Down
Amount” means (a) $12,500,000 for the 2019 calendar year and (b) $0 for each calendar year thereafter.

 

“Closing Date”
means the date on which the conditions specified in Section 4.1 are satisfied (or waived in accordance with Section 10.2).

 

“Code”
means the Internal Revenue Code of 1986.

 

“Collateral”
means all the “Collateral” as defined in the Collateral Documents and all other property of whatever kind and nature
pledged or charged, or purported to be pledged or charged, as collateral under any Collateral Document, and shall include the Mortgaged
Properties; provided that the term Collateral shall exclude any Voting Equity Interests in any Foreign Subsidiary or Foreign Subsidiary
Holdco, in each case in excess of 65% of the total combined voting power of such Foreign Subsidiary or such Foreign Subsidiary
Holdco if a pledge of a greater percentage would result in material adverse tax consequences to the Borrower and its Subsidiaries
(as reasonably determined by the Borrower in consultation with Administrative Agent). For the avoidance of doubt, the assets of
Excluded Subsidiaries shall not constitute “Collateral”.

 

    	 	8	 

     

    

 

“Collateral
and Guarantee Requirement” means, at any time, the requirement that:

 

(a)               
the Administrative Agent shall have received each Collateral Document required to be delivered on the Closing Date pursuant
to Section 4.1, or, following the Closing Date, pursuant to pursuant to Section 6.15 (to the extent not
delivered on the Closing Date) or Section 6.12, duly executed by each Loan Party that is a party thereto;

 

(b)               
all Secured Obligations shall have been unconditionally guaranteed jointly and severally on a senior basis by the Guarantors;

 

(c)               
except to the extent otherwise provided hereunder or under any Collateral Document, the Secured Obligations shall have been
secured by a perfected first priority (subject to Liens expressly permitted pursuant to Section 7.2) security interest
in, and Mortgages on, substantially all tangible and intangible assets of each Loan Party (including (i) accounts receivable, (ii)
deposit accounts, commodity accounts and security accounts, which shall be, commencing 90 days after the Closing Date (or on such
later date as the Administrative Agent may agree), Controlled Accounts (other than Excluded Accounts (as defined in the Security
Agreement) and Local Deposit Accounts (as defined in the Security Agreement) which, in each case, shall not be required to be Controlled
Accounts) (iii) inventory, (iv) machinery and equipment, (v) investment property, (vi) cash, (vii) Intellectual Property, (viii)
other general intangibles, (ix) Material Owned Real Property, (x) Pledged Debt, Pledged Debt Securities and Pledged Equity Interests
(as such terms are defined in the Security Agreement), (xi) motor vehicles (provided that no action shall be required to
be taken to perfect the security interest therein other than the filing of a UCC financing statement), (xii) letter of credit rights
(provided that no action shall be required to be taken to perfect the security interest therein other than the filing of
a UCC financing statement), (xiii) commercial tort claims (to the extent required under the Security Agreement) and (xiv) the proceeds
of the foregoing), it being understood, that in the case of the pledge of Equity Interests, that the Administrative Agent shall
have received all stock certificates or other instruments (if any) representing such Equity Interests, together with stock powers
or other instruments of transfer with respect thereto endorsed in blank; provided that the pledge of any shares in respect
of any Subsidiaries that are not Wholly-Owned Subsidiaries shall be limited to the shares actually owned by the applicable pledgor;

 

(d)               
the Secured Obligations shall have been secured by a first priority security interest in (i) all Indebtedness of the Borrower
and each of its Subsidiaries that is owing to any Loan Party which shall be evidenced by the Master Intercompany Note and (ii)
all other Indebtedness owed to a Loan Party, which if evidenced by a promissory note or other instrument (other than any Excluded
Franchisee Note), shall have been pledged to the Administrative Agent, and in each case under clauses (i) and (ii), the Administrative
Agent shall have received the Master Intercompany Note and such other promissory notes and other instruments together with note
powers or other instruments of transfer with respect thereto endorsed in blank;

 

(e)               
none of the Collateral shall be subject to any Lien other than Liens expressly permitted by Section 7.2;

 

    	 	9	 

     

    

 

(f)                
the Administrative Agent shall have received a Perfection Certificate from the Borrower with respect to each Loan Party;
and

 

(g)               
the Mortgage Requirement shall have been satisfied.

 

The foregoing definition shall not require
the creation or perfection of pledges of or security interests in, or the obtaining of title insurance or surveys with
respect to, particular assets if and for so long as the Administrative Agent agrees in writing that the cost of creating or perfecting
such pledges or security interests in such assets or obtaining title insurance or surveys in respect of such assets shall be excessive
in view of the benefits to be obtained by the Lenders therefrom. The Administrative Agent may grant extensions of time for the
perfection of security interests in or the obtaining of title insurance and surveys and the other requirements pursuant to this
definition with respect to particular assets (including extensions beyond the Closing Date for the perfection of security interests
in the assets of the Loan Parties on such date) where it reasonably determines (and without the consent of any other Secured Party),
that, except as may be required by law, perfection or other requirements cannot be accomplished without undue effort or expense
by the time or times at which it would otherwise be required by this Credit Agreement or the Collateral Documents. Notwithstanding
the foregoing provisions of this definition or anything in this Credit Agreement or any other Loan Document to the contrary, (i)
Liens required to be granted from time to time pursuant to the Collateral and Guarantee Requirement shall be subject to exceptions
and limitations set forth herein and in the Collateral Documents and, to the extent appropriate in the applicable jurisdiction,
as agreed between the Administrative Agent and the Borrower, (ii) in no event shall the Collateral include any Excluded Assets
(as such term is defined in the Security Agreement), and (iii) notwithstanding anything to the contrary included in this definition,
delivery of only the Collateral Documents required to be delivered by Section 4.1 shall be a condition precedent to
the Credit Extensions on the Closing Date.

 

“Collateral
Documents” means, collectively, the Security Agreement, each account control agreement, each Mortgage, each Intellectual
Property Security Agreement, each Perfection Certificate, each agreement creating or perfecting rights in Cash Collateral and each
other security agreement, instrument or other document executed or delivered pursuant to the Collateral and Guarantee Requirement,
Section 6.12, Section 6.15 or the Security Agreement to secure any of the Secured Obligations.

 

“Commitment”
means, with respect to each Lender, the commitment hereunder of such Lender to make Loans and to acquire participations in Letters
of Credit and Swingline Loans in an aggregate outstanding amount not exceeding the amount of such Lender’s Commitment as
set forth on Schedule 2.1 or in the Assignment and Assumption pursuant to which such Lender shall have assumed its
Commitment in accordance with Section 10.4(b), as applicable, as such Commitment may be adjusted from time to time
pursuant to Section 2.5 or Section 2.11 or pursuant to assignments by or to such Lender pursuant to Section 10.4.
The initial aggregate amount of the Commitments on the Agreement Date is $135,000,000.

 

“Commitment
Fee” has the meaning assigned to such term in Section 3.2(a).

 

“Committed
Loan Notice” means a notice of a Borrowing (other than a Swingline Borrowing), a conversion of Loans from one Type to
the other, or a continuation of LIBOR Loans pursuant to Section 2.2(a), which, if in writing, shall be substantially
in the form of Exhibit B-1.

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.) and any successor statute.

 

“Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any
Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed to the Administrative Agent,
any Lender or any L/C Issuer by means of electronic communications pursuant to Section 10.1, including through
the Platform.

 

    	 	10	 

     

    

 

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

 

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

 

“Consolidated
Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of depreciation
and amortization expense, including the amortization of deferred financing fees or costs, capitalized expenditures, customer acquisition
costs and incentive payments, conversion costs and contract acquisition costs, the amortization of original issue discount and
amortization of favorable or unfavorable lease assets or liabilities, of such Person and its Subsidiaries for such period on a
consolidated basis and otherwise determined in accordance with GAAP.

 

“Consolidated
EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person and its Subsidiaries
for such period:

 

(a)               
increased (without duplication) by the following, in each case, to the extent deducted (and not added back) in computing
Consolidated Net Income for such Person for such period:

 

(i)                
federal, state, local and foreign income or franchise taxes of such Person and its Subsidiaries paid or payable in cash
during such period; plus

 

(ii)              
Consolidated Interest Expense of such Person and its Subsidiaries to the extent paid or payable in cash or otherwise; plus

 

(iii)            
Consolidated Depreciation and Amortization Expense of such Person and its Subsidiaries; plus

 

(iv)             
non-cash losses and non-cash charges (excluding any non-cash charges that constitute a write-down or write-off of inventory
or accounts receivable or that constitute an accrual of or a reserve for future cash charges or are reasonably likely to result
in a cash outlay in a future period); plus

 

(v)               
the net cash proceeds actually received from any business interruption insurance; plus

 

(vi)             
losses, charges and expenses attributed to asset Dispositions or the sale or other Disposition of any Equity Interests of
any Person other than in the ordinary course of business or the Disposition of any securities or the extinguishment of any Indebtedness;
plus

 

(vii)           
any fees paid in connection with the Credit Facility, amendments, restatements, supplements, waivers, consents or other
modifications thereto, and increased Commitments or other matters related to the Loan Documents (including arranger and upfront
fees but excluding any Commitment Fees, L/C Participation Fees and L/C Fronting Fees payable under Section 3.2(a) or
Section 3.2(b)); plus

 

(viii)         
(A) non-recurring losses, non-recurring charges or non-recurring expenses (including integration costs incurred in connection
with Permitted Acquisitions), (B) any restructuring charges related to any cost saving initiative and/or similar initiative and
(C) pro forma “run rate” cost savings, operating expense reductions and synergies (net of any amounts actually realized)
relating to any Permitted Acquisition or Disposition, provided that (x) any restructuring charges, cost savings, operating expense
reductions and synergies added to Consolidated Net Income pursuant to the foregoing clause (B) and (C) shall be of a type that
would be permitted to be included in pro forma financial statements prepared in accordance with Regulation S-X under the Securities
Act of 1933 and (y) the amount added to Consolidated Net Income pursuant to this clause (viii) shall not exceed in any period 30%
of Consolidated EBITDA for such period (determined before giving effect to this clause (viii)); plus

 

    	 	11	 

     

    

 

(ix)             
for any period ending on or prior to April 30, 2019, the amount of any restructuring charges or expenses during such period;
provided that the amount added to Consolidated Net Income pursuant to this clause (ix) shall not exceed $9,500,000 during the term
of this Agreement; and

 

(b)               
decreased (without duplication) by the following, in each case, to the extent taken into account (or added back) in computing
Consolidated Net Income for such Person for such period:

 

(i)                
interest income to the extent received in cash or otherwise during such period; plus

 

(ii)              
any gain realized in connection with the sale or Disposition of assets other than in the ordinary course of business or
the Disposition of any securities or the extinguishment of any Indebtedness.

 

For purposes of determining the Leverage
Ratio or the Fixed Charge Coverage Ratio, (a) there shall be included in determining Consolidated EBITDA of the Borrower and its
Subsidiaries for any period, without duplication, the Acquired EBITDA of any Acquired Entity or Business on a Pro Forma Basis and
(b) there shall be excluded in determining Consolidated EBITDA of the Borrower and its Subsidiaries for any period, the Disposed
EBITDA of any Sold Entity or Business on a Pro Forma Basis.

 

“Consolidated
Fixed Charges” means, for any Person for any period, the sum, without duplication, of each of the following with respect
to such Person, determined on a consolidated basis in accordance with GAAP:

 

(a)               
Consolidated Interest Expense of such Person for such period, plus

 

(b)               
scheduled principal payments required to be made on Consolidated Total Debt of such Person during such period, plus

 

(c)               
Restricted Payments paid during such period, other than, without duplication and without any clause limiting the effect
of any other clause, (x) intercompany dividends and distributions by and among the Borrower and the Subsidiaries, (y) repurchases
of Equity Interests and dividends made and used for the purposes of repurchases of Equity Interests and (z) cash dividends made
by the Borrower to its shareholders on at least a pro rata basis with any other shareholders, in each case, permitted by this Agreement.

 

For purposes of determining the Consolidated
Fixed Charges, (a) the Consolidated Interest Expense and scheduled principal payments on Consolidated Total Debt, in each case,
attributable to any Acquired Entity or Business shall be determined on a Pro Forma Basis and on the basis of the implied rate of
interest and scheduled principal payments of any Indebtedness incurred in connection with the acquisition of such Acquired Entity
or Business (using the rate of interest applicable as at the date of determination, in the case of Indebtedness bearing interest
at the floating rate) and certified by a Financial Officer of the Borrower and (b) the Consolidated Interest Expense and scheduled
principal payments on Consolidated Total Debt, in each case, attributable to any Sold Entity or Business shall be excluded on a
Pro Forma Basis and certified by Financial Officer of the Borrower.

 

    	 	12	 

     

    

 

“Consolidated
Interest Expense” means, with respect to any Person and its Subsidiaries for any period on a consolidated basis in accordance
with GAAP, the sum of (a) total interest expense, including without limitation the interest component of any payments in respect
of Capital Leases capitalized or expensed during such period (whether or not actually paid during such period) plus (b) the net
amount payable (or minus the net amount receivable) under Swap Agreements during such period (whether or not actually paid or received
during such period).

 

“Consolidated
Net Income” means, for any Person for any period, the sum of net income (or loss) for such period of such Person and
its subsidiaries determined on a consolidated basis in accordance with GAAP, excluding, without duplication, to the extent included
in determining such net income (or loss) for such period: (a) any income (or loss) of any Person that is not a Subsidiary of the
Borrower or a Subsidiary, except that the Borrower’s or its Subsidiary’s equity in the net income of any such other
Person for such period shall be included in the determination of Consolidated Net Income up to the aggregate amount of cash actually
distributed by such other Person during such period to the Borrower or any of its Subsidiaries as a dividend or other distribution,
(b) any extraordinary or non-recurring gains or losses, (c) any gains attributable to write-ups of assets or any losses attributable
to the write-down of assets, (d) any income (or loss) of any Person accrued prior to the date it becomes a Subsidiary or is merged
into or consolidated with the Borrower or any Subsidiary on the date that such Person’s assets are acquired by the Borrower
or any Subsidiary and (e) the income of any Subsidiary to the extent that the declaration or payment of dividends or similar distributions
by such Subsidiary of that income is prohibited by operation of the terms of its charter or any agreement, instrument, judgment,
decree, statute, rule or governmental regulation applicable to such Subsidiary.

 

“Consolidated
Net Worth” means, as of any date, (a) the total assets of the Borrower and its Subsidiaries that would be reflected
on the Borrower’s consolidated balance sheet as of such date prepared in accordance with GAAP, after eliminating all amounts
properly attributable to minority interests, if any, in the stock and surplus of Subsidiaries, minus (b) the sum of
(i) the total liabilities of the Borrower and its Subsidiaries that would be reflected on the Borrower’s consolidated
balance sheet as of such date prepared in accordance with GAAP and (ii) the amount of any write-up in the book value of any
assets resulting from a revaluation thereof or any write-up in excess of the cost of such assets acquired reflected on the consolidated
balance sheet of the Borrower as of such date prepared in accordance with GAAP.

 

“Consolidated
Total Debt” shall mean, as of any date, all Indebtedness of a Person and its Subsidiaries measured on a consolidated
basis as of such date, but excluding Indebtedness of the type described in subsection (d) of the definition of “Indebtedness.”

 

“Contested
in Good Faith” means, with respect to any matter, that such matter is being contested in good faith by appropriate proceedings
diligently conducted and for which adequate reserves have been provided in accordance with GAAP.

 

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

 

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

 

    	 	13	 

     

    

 

“Controlled
Account” means, as the context may require, a commodities account, deposit account and/or securities account that is
subject to a Control Agreement (as defined in the Security Agreement) in form and substance satisfactory to the Administrative
Agent and, with respect to Cash Collateral, the L/C Issuer.

 

“Controlled
Foreign Corporation” means a controlled foreign corporation within the meaning of Section 957(a) of the Code.

 

“Credit Agreement”
means this Credit Agreement.

 

“Credit Extension”
means the making of a Loan or a L/C Credit Extension.

 

“Credit
Facility” means the credit facility established hereunder and evidenced by the Commitments.

 

“Credit Parties”
means the Administrative Agent, the Swingline Lender, the L/C Issuer and the Lenders.

 

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

 

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

 

“Default Rate”
means (a) when used with respect to the outstanding principal balance of any Loan, the sum of (i) the rate of interest otherwise
applicable thereto plus (ii) 2.00% per annum, and (b) when used with respect to any L/C Borrowing or any interest, fee or
other amount payable under the Loan Documents which shall not have been paid when due, the sum of (i) the Alternate Base Rate
plus (ii) the Applicable Margin applicable to ABR Borrowings plus (iii) 2.00% per annum.

 

“Defaulting
Lender” means, subject to Section 2.9(b), any Lender that (a) has failed to (i) fund all or any portion of
its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the
Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one
or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically
identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the L/C Issuer, the Swingline
Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters
of Credit or Swingline Loans) within two Business Days of the date when due, (b) has notified the Borrower, the Administrative
Agent or the L/C Issuer or Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder,
or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation
to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent
to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or
public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative
Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective
funding obligations hereunder, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c)
upon receipt of such written confirmation by the Administrative Agent and the Borrower, or (d) has, or has a direct or indirect
holding company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver,
custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization
or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory
authority acting in such a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be
a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect
holding company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender
with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment
on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or
agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any
one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed
to be a Defaulting Lender (subject to Section 2.9(b)) upon delivery of written notice of such determination to the
Borrower, the L/C Issuer, the Swingline Lender and each Lender.

 

    	 	14	 

     

    

 

“Disclosed
Matters” means the environmental matters disclosed in Schedule 5.6.

 

“Disposed
EBITDA” means, with respect to any Sold Entity or Business for any period, the historical Consolidated EBITDA of such
Sold Entity or Business for such period as certified by a Financial Officer of the Borrower, which historical Consolidated EBITDA
shall be calculated in a manner consistent with the definition of Consolidated EBITDA herein and to be based on financial statements
for such Sold Entity or Business prepared in accordance with GAAP (subject to the absence of footnote disclosures and year-end
audit adjustments with respect to financial statements that are not annual audited financial statements), provided that
when such Disposed EBITDA is excluded from Consolidated EBITDA it shall be on a Pro Forma Basis).

 

“Disposition”
means, with respect to any Person, the sale, transfer, license, lease or other disposition (including any sale leaseback and any
sale or issuance of Equity Interests including by way of a merger) by such Person to any other Person, with or without recourse,
of (a) any notes or accounts receivable or any rights and claims associated therewith, (b) any Equity Interests of any Subsidiary
(other than directors’ qualifying shares), or (c) any other assets, provided, however, that none of the following
shall constitute a Disposition: (i) any sale, transfer, license, lease or other disposition by (A) a Loan Party to another Loan
Party or (B) a Non-Loan Party Subsidiary to another Non-Loan Party Subsidiary, in each case, on terms which are no less favorable
than are obtainable from any Person which is not one of its Affiliates, (ii) the collection of accounts receivable and other obligations
in the ordinary course of business, (iii) sales of inventory in the ordinary course of business, and (iv) dispositions of substantially
worn out, damaged, uneconomical, surplus or obsolete equipment, equipment that is no longer useful in the business of the Borrower
or its Subsidiaries. Each of the terms “Dispose” and “Disposed” when used as a verb shall
have an analogous meaning.

 

“Disqualified
Equity Interest” means, with respect to any Person, any Equity Interest of such Person which, by its terms, or by the
terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable, or upon the happening
of any event or condition, (a) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests and cash
in lieu of fractional shares of such Equity Interests) pursuant to a sinking fund obligation or otherwise (except as a result of
a change in control or asset sale so long as any rights of the holders thereof upon the occurrence of a change in control or asset
sale event shall be subject to the prior occurrence of the Termination Date), (b) is redeemable at the option of the holder thereof
(other than solely for Qualified Equity Interests), in whole or in part, (c) provides for the scheduled payments of dividends in
cash, or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute
Disqualified Equity Interests, in each case, prior to the date that is 91 days after the latest Maturity Date at the time such
Equity Interests are issued.

 

    	 	15	 

     

    

 

“Dollars”
or “$” refers to lawful money of the United States.

 

“Domestic
Subsidiary” means a Subsidiary incorporated or organized under the laws of the United States, or any state, commonwealth
or other political subdivision thereof (including, for the avoidance of doubt, the District of Columbia).

 

“Earn-Out
Obligations” means, with respect to any Person, obligations of such Person that are recognized under GAAP as a liability
of such Person, payable in cash or which may be payable in cash at the seller’s or obligee’s option arising from the
acquisition of a business or a line of business (whether pursuant to an acquisition of Equity Interests or assets, the consummation
of a merger or consolidation or otherwise) and payable to the seller or sellers thereof.

 

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

 

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

 

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

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 10.4(b)(iii), (v)
and (vi) (subject to such consents, if any, as may be required under Section 10.4(b)(iii)).

 

“Environmental
Claims” means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens,
notices of liability, non-compliance or violation, investigations, proceedings, settlements, consent decrees, consent orders, consent
agreements and all costs and liabilities relating to or arising from or under any Environmental Law, including (a) any and all
claims by Governmental Authorities for enforcement, investigation, corrective action, cleanup, removal, response, remedial or other
actions, cost recovery, damages, natural resource damages or penalties pursuant to or arising under any Environmental Law, (b)
any and all claims by any one or more Persons seeking damages, contribution, restitution, indemnification, cost recovery, compensation
or injunctive relief directly or indirectly resulting from, based upon or arising under Environmental Law, pertaining to Hazardous
Materials or an alleged injury or threat of injury to human health, safety, natural resources, or the indoor or outdoor environment,
and (c) all liabilities contingent or otherwise, expenses, obligations, losses, damages, fines and penalties arising under any
Environmental Law.

 

“Environmental
Law” means, collectively and individually any and all federal, state, local, or foreign statute, rule, regulation, code,
guidance, ordinance, order, judgment, directive, decree, injunction or common law as now or previously in effect and regulating,
relating to or imposing liability or standards of conduct concerning: the environment; protection of the environment and natural
resources; air emissions; water discharges; noise emissions; the Release, threatened Release or discharge into the environment
and physical hazards of any Hazardous Material; the generation, handling, management, treatment, storage, transport or disposal
of any Hazardous Material or otherwise concerning pollution or the protection of the outdoor or indoor environment, preservation
or restoration of natural resources, employee or human health or safety, and potential or actual exposure to or injury from Hazardous
Materials.

 

    	 	16	 

     

    

 

“Environmental
Liability” means, in respect of any Person, any statutory, common law or equitable liability, contingent or otherwise
of such Person directly or indirectly resulting from, arising out of or based upon (a) the violation of any Environmental Law or
Environmental Permit, or (b) an Environmental Claim.

 

“Environmental
Permit” means any permit, approval, authorization, certificate, license, variance, filing or permission required by or
from any Governmental Authority pursuant to any Environmental Law.

 

“Equity Interests”
means, with respect to any Person, (a) shares of capital stock of (or other ownership or profit interests in) such Person, (b)
warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership
or profit interests in) such Person, (c) securities (other than Indebtedness) convertible into or exchangeable for shares of capital
stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition
from such Person of such shares (or such other interests), (d) all other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or non-voting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination and (e) any Security Entitlement (as defined in the Security
Agreement) in respect of any Equity Interest described in this definition.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, and the rules and regulations issued thereunder.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with any Loan Party, is treated as a single employer under
Section 414(b) or 414(c) of the Code or, solely for purposes of Sections 302 and 303 of ERISA and Sections 412 and
430 of the Code, is treated as a single employer under subsection (b), (c), (m) or (o) of Section 414 of the Code.

 

“ERISA Event”
means (a) any “reportable event”, as defined in Section 4043(c) of ERISA with respect to a Pension Plan (other
than an event for which the 30-day notice period referred to in Section 4043 of ERISA is waived); (b) the existence with respect
to any Pension Plan of a non-exempt “prohibited transaction,” as defined in Section 406 of ERISA or Section 4975(c)(1)
of the Code; (c) any failure of any Pension Plan to satisfy the “minimum funding standard” applicable to such Pension
Plan under Section 412 or Section 430 of the Code or Section 302 or Section 303 of ERISA, whether or not waived;
(d) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Pension Plan, the failure to make by its due date a required installment under Section 430(j)(3)
of the Code with respect to any Pension Plan or the failure of any Loan Party or ERISA Affiliate to make any required contribution
to any Multiemployer Plan; (e) a determination that any Pension Plan is, or is expected to be, in “at-risk” status
(as defined in Section 430(i)(4) of the Code or Section 303(i)(4) of ERISA; (f) the incurrence by any Loan Party or any
ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Pension Plan including the imposition
of any Lien in favor of the PBGC or any Pension Plan(other than for PBGC premiums due but not delinquent under Section 4007
of ERISA); (g) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under
Section 4041 or Section 4041A or ERISA, the receipt by any Loan Party or any ERISA Affiliate from the PBGC or a Pension
Plan administrator of any notice relating to an intention to terminate any Pension Plan or Pension Plans or to appoint a trustee
to administer any Pension Plan under Section 4042 of ERISA or the occurrence of an event or condition which constitutes grounds
under Section 4042 of ERISA or the termination of, or the appointment of a trustee to administrator, any Pension Plan; (h)
any limitations under Section 436 of the Code become applicable; (i) the incurrence by any Loan Party or any of its ERISA
Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Pension Plan or Multiemployer Plan; (j)
a withdrawal by any Loan Party or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year
in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated
as such a withdrawal under Section 4062(e) of ERISA; (k) the receipt by any Loan Party or any ERISA Affiliate of any notice,
or the receipt by any Multiemployer Plan from any Loan Party or any ERISA Affiliate of any notice, concerning the imposition of
Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within
the meaning of Title IV of ERISA or in endangered or critical status within the meaning of Section 432 of the Code or Section 305
or Title IV of ERISA; or (l) the imposition on any Loan Party or any ERISA Affiliate of any tax under Chapter 43 of Subtitle D
of the Code, or the assessment of a civil penalty on any Loan Party or any ERISA Affiliate under Section 502(c) of ERISA.

 

    	 	17	 

     

    

 

“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.

 

“Event of
Default” has the meaning assigned to such term in Section 8.1.

 

“Excluded
CEA Swap Obligation” means, with respect to any Guarantor, any CEA Swap Obligation if, and only to the extent that, all
or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such CEA Swap
Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of
the Commodity Futures Trading Commission (or the application or official interpretation of any thereof), including by virtue of
such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity
Exchange Act and the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such security interest
becomes effective with respect to such CEA Swap Obligation. If a CEA Swap Obligation arises under a master agreement governing
more than one swap, such exclusion shall apply only to the portion of such CEA Swap Obligation that is attributable to swaps for
which such Guarantee or security interest is or becomes illegal.

 

“Excluded
Franchisee Notes” means each Franchisee Note payable to any Loan Party with an outstanding principal amount not greater
than $500,000.

 

“Excluded
Subsidiary” means (a) any Subsidiary that is prohibited by applicable law, rule or regulation or by any contractual
obligation (to the extent such contractual obligation is existing (i) on the Closing Date or (ii) at the time of acquisition of
such Subsidiary so long as the prohibition or restriction in such contract is not entered into in contemplation thereof) from providing
a Guarantee of the Secured Obligations or which would require governmental (including regulatory or any other Governmental Authority’s)
consent, approval, license or authorization to provide such a Guarantee unless such consent, approval, license or authorization
has been received, (b) any Foreign Subsidiary a Guarantee by which would result in material adverse tax consequences to the Borrower
and its Subsidiaries (as reasonably determined by the Borrower in consultation with the Administrative Agent), (c) any other Subsidiary
with respect to which the Borrower and the Administrative Agent reasonably determine in writing the cost or other consequences
of providing such a Guarantee shall be excessive in view of the benefits of such Guarantee to be afforded to the Lenders therefrom.
Notwithstanding the foregoing, in the event that an Excluded Subsidiary guarantees, grants a lien on its assets to secure, or has
greater than 65% of its voting Equity Interests pledged to secure, other Indebtedness of the Loan Parties, such Excluded Subsidiary
shall cease to be an Excluded Subsidiary and shall be required to become a Guarantor and (d) ACA Healthquest, LLC, a Virginia limited
liability company, but only until the earlier to occur of (i) such Person being reinstated as a limited liability company in good
standing in its jurisdiction of formation and (ii) the first date on which any Loan Party makes any Investment in such Person or
such Person acquires any asset or property.

 

    	 	18	 

     

    

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or
deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes,
and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having
its principal office or, in the case of any Lender, its Applicable Lending Office located in, the jurisdiction imposing such Tax
(or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding
Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment
pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant
to an assignment request by the Borrower under Section 3.7(b)) or (ii) such Lender changes its Applicable Lending Office,
except in each case to the extent that, pursuant to Section 3.6, amounts with respect to such Taxes were payable either
to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed
its Applicable Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.6(g)
and (d) any U.S. federal withholding Taxes imposed under FATCA.

 

“Extended
Commitment” has the meaning assigned to such term in Section 2.12(a)(i).

 

“Extended
Loans” has the meaning assigned to such term in Section 2.12(a)(i).

 

“Extension”
has the meaning assigned to such term in Section 2.12(a).

 

“Extension
Amendment” means an amendment to this Credit Agreement that is reasonably satisfactory to the Administrative Agent (to
the extent required by Section 2.12) and the Borrower executed by each of (a) the Borrower, (b) the Guarantors, (c) the
Administrative Agent and (d) each Lender that has accepted the applicable Extension Offer pursuant hereto and in accordance with
Section 2.12.

 

“Extension
Offer” has the meaning assigned to such term in Section 2.12(a).

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Credit Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official
interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory
legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities
and implementing such Sections of the Code.

 

“Federal Funds
Effective Rate” means, for any day, a rate per annum (expressed as a decimal, rounded upwards, if necessary, to the next
higher 1/100 of 1%) equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal
Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business
Day next succeeding such day, provided that (a) if the day for which such rate is to be determined is not a Business Day,
the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so
published on the next succeeding Business Day, (b) if such rate is not so published for any day, the Federal Funds Effective Rate
for such day shall be the average of the quotations for such day on such transactions received by the Administrative Agent from
three federal funds brokers of recognized standing selected by it and (c) if the Federal Funds Effective Rate shall be less than
zero, such rate shall be deemed to be zero for purposes of this Credit Agreement.

 

    	 	19	 

     

    

 

“Fee
Letter” means the Fee Letter dated February 1, 2019, between the Borrower and Citizens Bank.

 

“Financial
Covenants” means the covenants set forth in Section 7.12(a) through (c).

 

“Financial
Officer” means, with respect to any Person, the chief financial officer, principal accounting officer, treasurer
or comptroller of such Person (or such other financial officer as is acceptable to the Administrative Agent).

 

“Fiscal
Year” means the four fiscal quarter period of the Borrower ending on April 30 of each calendar year.

 

“Fixed
Charge Coverage Ratio” means, with respect to any Measurement Period, the ratio of (a) (i) Consolidated EBITDA
of the Borrower and its Subsidiaries minus (ii) federal, state, local and foreign income or franchise taxes of the Borrower
and its Subsidiaries paid or payable in cash during such period, minus (iii) Capital Expenditures of the Borrower and its
Subsidiaries, to (b) Consolidated Fixed Charges of the Borrower and its Subsidiaries, in each case for such Measurement Period.

 

“Flood Certificate”
means a “Standard Flood Hazard Determination Form” of the Federal Emergency Management Agency and any successor Governmental
Authority performing a similar function.

 

“Flood Documents”
has the meaning assigned to such term in Section 9.11.

 

“Flood Insurance
Laws” means, collectively, (i) the National Flood Insurance Reform Act of 1994 (which comprehensively revised the National
Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute
thereto, (ii) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (iii) the
Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto.

 

“Flood Insurance
Policies” has the meaning assigned to such term in Section 6.10(b).

 

“Flood Program”
means the National Flood Insurance Program created by the U.S. Congress pursuant to the National Flood Insurance Act of 1968, the
Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994 and the Flood Insurance Reform Act of 2004,
in each case as amended from time to time, and any successor statutes.

 

“Flood Zone”
means an area identified by the Federal Emergency Management Agency (or any successor agency) as a “Special Flood Hazard
Area” with respect to which flood insurance has been made available under Flood Insurance Laws.

 

“Foreign Lender”
means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a
Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax
purposes.

 

“Foreign Plan”
means any employee pension benefit plan or arrangement (a) maintained, or contributed to by any Loan Party or Subsidiary that is
not subject to the laws of the United States, or (b) mandated by a government other than the United States for employees of any
Loan Party or Subsidiary.

 

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

 

    	 	20	 

     

    

 

“Foreign
Subsidiary Holdco” means any Domestic Subsidiary that is a disregarded entity for U.S. federal income tax purposes
substantially all of whose assets consist of Equity Interests and/or Indebtedness of one or more Foreign Subsidiaries.

 

“Franchise
Rights” shall mean the rights of a franchisee of the Borrower or any of its Subsidiaries within any specified geographic
area.

 

“Franchisee
Notes” shall mean any promissory notes or other evidence of indebtedness from time to time made by one or more franchisees
or area developers of the Borrower and payable to the order of the Borrower or any of its Subsidiaries to evidence loans and/or
advances of operating funds to such franchisees or area developers in the ordinary course of the Borrower’s business.

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the L/C Issuer, such Defaulting
Lender’s L/C Exposure other than such Defaulting Lender’s L/C Exposure that has been reallocated to other Lenders or
Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swingline Lender, such Defaulting Lender’s
Swingline Exposure other than such Defaulting Lender’s Swingline Exposure that has been reallocated to other Lenders.

 

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

 

“GAAP”
means generally accepted accounting principles in effect from time to time in the United States.

 

“Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether
state or local, and any department, commission, board, bureau, agency, authority, instrumentality, regulatory body, court, central
bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any supra national bodies such as the European Union or the European Central Bank) and any
group or body charged with setting financial accounting or regulatory capital rules or standards (including the Financial Accounting
Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar
authority to any of the foregoing).

 

“Guarantee
Agreement” means the Guarantee Agreement, dated as of the date Closing Date, among the Borrower, the Guarantors
and the Administrative Agent.

 

“Guarantees”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement condition or liquidity of the primary obligor as to enable the
primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter
of guaranty issued to support such Indebtedness or obligation, provided that the term “Guarantee” shall not
include endorsements for collection or deposit in the ordinary course of business. The term “Guaranteed” has a meaning
analogous thereto. The amount of any Guarantee at any time shall be deemed to be an amount equal to the lesser at such time of
(i) the stated or determinable amount of the primary obligation in respect of which such Guarantee is made (or, if not stated or
determinable, the maximum reasonably anticipated amount of the obligations in respect of which such Guarantee is made) and (ii)
the maximum amount for which the guarantor may be liable pursuant to the terms of the instrument embodying such Guarantee.

 

    	 	21	 

     

    

 

“Guarantors”
means (a) each Subsidiary that executes and delivers the Guarantee Agreement and (b) each other Person that becomes a party to
the Guarantee Agreement as a Guarantor by the execution and delivery of a Subsidiary Joinder Agreement.

 

“Hazardous
Materials” means all substances, wastes, chemicals, pollutants, or other contaminants, including petroleum or
petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, mold, infectious, pharmaceutical
or medical wastes and all other substances of any nature that are now or hereafter regulated under any Environmental Law or are
now or hereafter defined, listed, classified, considered or described as hazardous, dangerous or toxic by any Governmental Authority
or under any Environmental Law.

 

“Incremental
Assumption Agreement” means an Incremental Assumption Agreement in form and substance reasonably satisfactory to the
Administrative Agent and the Borrower, among the Borrower, the Administrative Agent and each existing or additional Lender party
thereto.

 

“Incremental
Commitments” has the meaning assigned to such term in Section 2.11(a).

 

“Indebtedness”
of any Person means, without duplication:

 

(a)               
all obligations of such Person for borrowed money;

 

(b)               
all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments, including
seller paper;

 

(c)               
the maximum amount (after giving effect to any prior drawings or reductions which have been reimbursed) of all letters of
credit (including standby and commercial), banker’s acceptances, bank guaranties, surety bonds, and similar instruments issued
or created by or for the account of such Person;

 

(d)               
the Swap Termination Value of each Swap Agreement (to the extent reflecting an amount owed by such Person or an amount that
would be owing were such Swap Agreement terminated);

 

(e)               
the Attributable Indebtedness of such Person in respect of Capitalized Lease Obligations (regardless of whether accounted
for as indebtedness under GAAP);

 

(f)                
all obligations of such Person in respect of the deferred purchase price of property or services (other than trade payables
incurred in the ordinary course of business; provided, that for purposes of Section 8.1(f), trade payables overdue
by more than 120 days shall be included in this definition except to the extent that any of such trade payables are being disputed
in good faith and by appropriate measures);

 

(g)               
indebtedness (excluding prepaid interest thereon) secured by a Lien (or for which the holder of such indebtedness has an
existing right, contingent or otherwise, to be secured by a Lien) on property owned or being purchased by such Person (including
indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial
development bond and similar financings), whether or not such indebtedness shall have been assumed by such Person or is limited
in recourse;

 

    	 	22	 

     

    

 

(h)               
all Earn-Out Obligations due and owing of such Person;

 

(i)                
all obligations of such Person in respect of Disqualified Equity Interests;

 

(j)                
all obligations of such Person to pay a specified purchase price for goods or services whether or not delivered or accepted
(e.g., take or pay obligations) or similar obligations and, without duplication, all obligations of such Person under conditional
sale or other title retention agreements relating to property or assets purchased by such Person;

 

(k)               
all Off-Balance Sheet Liabilities of such Person; and

 

(l)                
all Guarantees by such Person of any of the foregoing.

 

The Indebtedness of any Person shall include the Indebtedness
of any partnership or joint venture (other than a joint venture that is itself a corporation, company, or limited liability company)
in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such
Person. The amount of Indebtedness of any Person for purposes of clause (g) shall be deemed to be equal to the greater of (i) the
aggregate unpaid amount of such Indebtedness and (ii) the fair market value of the property encumbered thereby as determined by
such Person in good faith.

 

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

 

“Indemnitee”
has the meaning assigned to such term in Section 10.3(b).

 

“Information”
has the meaning assigned to such term in Section 10.14(b).

 

“Intellectual
Property” has the meaning assigned to such term in the Security Agreement.

 

“Intellectual
Property Security Agreement” means any Patent Security Agreement, Trademark Security Agreement and/or Copyright Security
Agreement (as each such term is defined in the Security Agreement) executed by any Loan Party in favor of the Administrative Agent.

 

“Interest
Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December, (b) with
respect to any LIBOR Loan, the last day of the Interest Period applicable thereto and, in the case of a LIBOR Loan with an Interest
Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals
of three months’ duration after the first day of such Interest Period, (c) with respect to all Loans, the Maturity Date of
the Credit Facility under which such Loan was made and (d) with respect to any Swingline Loan, the earlier of the maturity date
selected therefor pursuant to Section 2.3(b)(iii) and the Maturity Date.

 

“Interest
Period” means, with respect to any LIBOR Borrowing, the period commencing on the date of such Borrowing and ending on
the numerically corresponding day in the calendar month that is one, two, three or six months (or, if made available by all of
the Appropriate Lenders, twelve months or any shorter period of whole months) thereafter as the Borrower may elect, provided
that: (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day, unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest
Period shall end on the next preceding Business Day, (b) any Interest Period that commences on the last Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall
end on the last Business Day of the last calendar month of such Interest Period, and (c) no Interest Period in respect of any Loan
shall end after the Maturity Date of the Credit Facility under which such Loan was made. For purposes hereof, the date of a Borrowing
initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion
or continuation of such Borrowing. Interest shall accrue from and including the first day of an Interest Period to but excluding
the last day of such Interest Period.

 

    	 	23	 

     

    

 

“Interpolated
Screen Rate” means in relation to the LIBOR Rate for any Loan, the rate per annum determined by the Administrative Agent
(which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating
on a linear basis between: (a) the rate as displayed on the applicable Bloomberg page (or on any successor or substitute page or
service providing quotations of interest rates applicable to Dollar deposits in the London interbank market comparable to those
currently provided on such page, as determined by the Administrative Agent from time to time; in each case the “Screen
Rate”) for the longest period (for which that Screen Rate is available) that is shorter than the applicable Interest
Period and (b) the Screen Rate for the shortest period (for which that Screen Rate is available) that exceeds such Interest Period,
in each case, at approximately 11:00 a.m., London time, on the Quotation Day for such Interest Period.

 

“Investment”
means, as to any Person, (a) any Acquisition by such Person, (b) any direct or indirect acquisition or investment by such Person
in another Person, whether by means of the purchase or other acquisition of Equity Interests or debt or other securities of another
Person (including any partnership or joint venture interest), or (c) any direct or indirect loan, advance or capital contribution
to, Guarantee with respect to any Indebtedness or other obligation of, such other Person. For purposes of covenant compliance,
the amount of any Investment on any date of determination shall be, in the case of any Investment in the form of (i) a loan or
an advance, the principal amount thereof outstanding on such date, (ii) a Guarantee, the amount of such Guarantee as determined
in accordance with the last sentence of the definition of such term, (iii) a transfer of Equity Interests or other property by
the investor to the investee, including any such transfer in the form of a capital contribution, or the issuance of Equity Interests
to such investor, the fair market value (as determined reasonably and in good faith by the chief financial officer of the Borrower)
of such Equity Interests or other property as of the time of the transfer or issuance, without any adjustment for increases or
decreases in value of, or write-ups, write-downs or write-offs with respect to, such Investment, and (iv) any Investment (other
than any Investment referred to in clauses (i), (ii) or (iii) above) in the form of an Acquisition or a purchase or other acquisition
for value of any evidences of Indebtedness or other securities of any other Person, the original cost of such Investment (including
any Indebtedness assumed in connection therewith), plus the cost of all additions, as of such date, thereto, and minus
the amount, as of such date, of any portion of such Investment repaid to the investor in cash as a repayment of principal or a
return of capital, as the case may be, but without any other adjustment for increases or decreases in value of, or write-ups, write-downs
or write-offs with respect to, such Investment.

 

“IRS”
means the United States Internal Revenue Service.

 

“ISP”
means the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof
as may be in effect at the applicable time of issuance)

 

“Junior Debt”
means any unsecured Indebtedness of the Borrower or any Subsidiary or any Indebtedness of the Borrower or any Subsidiary that is
junior in right of payment to the Loan Document Obligations or is secured by Liens that are junior to the Liens securing the Loan
Document Obligations.

 

“L/C Advance”
has the meaning assigned to such term in Section 2.4(c)(iii).

 

“L/C Borrowing”
means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the applicable
L/C Honor Date or refinanced as a Borrowing.

 

    	 	24	 

     

    

 

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

 

“L/C Disbursement”
means a payment made by the L/C Issuer pursuant to a Letter of Credit.

 

“L/C Exposure”
means, with respect to any Lender at any time, its Applicable Percentage of the L/C Obligations.

 

“L/C Fronting
Fee” has the meaning assigned to such term in Section 3.2(b)(ii).

 

“L/C Honor
Date” has the meaning assigned to such term in Section 2.4(c)(i).

 

“L/C Issuer”
means Citizens Bank in its capacity as issuer of Letters of Credit hereunder.

 

“L/C Obligations”
means, at any time, with respect to all of the Lenders, the sum, without duplication, of (a) the undrawn portion of all Letters
of Credit plus (b) the aggregate of all Unreimbursed Amounts in respect of Letters of Credit (unless refinanced as a Borrowing),
including all L/C Borrowings.

 

“L/C Participation
Fee” has the meaning assigned to such term in Section 3.2(b)(i).

 

“L/C Sublimit”
means an amount equal to the lesser of (a) $10,000,000 and (b) the aggregate amount of the Commitments. The L/C Sublimit is a sublimit
of the Commitments.

 

“Lead Arrangers”
means Citizens Bank, CIBC Bank USA and First Tennessee Bank, N.A., each in its capacity as joint lead arranger and joint bookrunner
of the credit facilities established under this Credit Agreement.

 

“Lenders”
means (a) the financial institutions listed on Schedule 2.1 (other than any such financial institution that has ceased to
be a party hereto pursuant to an Assignment and Assumption) and (b) any financial institution that has become a party hereto pursuant
to an Assignment and Assumption or pursuant to an Incremental Assumption Agreement. Unless the context clearly indicates
otherwise, the term “Lenders” shall include the Swingline Lender.

 

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

 

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

 

“Letter of
Credit Documents” means, with respect to each Letter of Credit, such Letter of Credit, any amendments thereto, any documents
delivered in connection therewith, any Letter of Credit Application and any agreements, instruments, guarantees or other documents
(whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations
of the parties concerned or (b) any collateral for such obligations.

 

“Letter of
Credit Expiration Date” means the day that is five (5) Business Days prior to the Maturity Date of the Credit Facility
(or, if such day is not a Business Day, the next preceding Business Day).

 

    	 	25	 

     

    

 

“Leverage
Ratio” means, with respect to any Measurement Period, the ratio of (a) Consolidated Total Debt of the Borrower
and its Subsidiaries as of the last day of such Measurement Period to (b) Consolidated EBITDA of the Borrower and its Subsidiaries
for such Measurement Period.

 

“LIBOR Borrowing”
means, as to any Borrowing, the LIBOR Loans comprising such Borrowing.

 

“LIBOR Loan”
means a Loan bearing interest based on the Adjusted LIBOR Rate.

 

“LIBOR Rate”
means:

 

(a)               
with respect to each day during each Interest Period pertaining to a LIBOR Loan in Dollars, the rate per annum determined
by the Administrative Agent to be the arithmetic average of the London Interbank Offered Rates administered by the ICE Benchmark
Administration (or any Person that takes over administration of such rate) for deposits in Dollars for a duration equal to or comparable
to the duration of such Interest Period which appear on the relevant Bloomberg page (or such other commercially available source
providing quotations of the London Interbank Offered Rates for deposits in Dollars as may be designated by the Administrative Agent
from time to time) at or about 11:00 a.m. (London time) on the Quotation Day for such Interest Period; or

 

(b)               
for any interest calculation with respect to an ABR Loan or a Swingline Loan on any date, rate per annum determined by the
Administrative Agent to be the arithmetic average of the London Interbank Offered Rates administered by the ICE Benchmark Administration
(or any Person that takes over administration of such rate) for deposits in Dollars with a term of one (1) month commencing such
day which appear on the relevant Bloomberg page (or such other commercially available source providing quotations of the London
Interbank Offered Rates for deposits in Dollars as may be designated by the Administrative Agent from time to time), at or about
11:00 am (London time) on such day;

 

provided that
if such rate is not available at such time for any reason, then the “LIBOR Rate” with respect to such Loan for such
period shall be the Interpolated Screen Rate, where applicable. Each calculation by the Administrative Agent of the LIBOR Rate
hereunder shall be conclusive and binding on the parties hereto for all purposes, absent clearly manifest error. Notwithstanding
the foregoing, for purposes of this Credit Agreement, the LIBOR Rate shall at no time be less than 0.00% per annum.

 

“LIBOR Scheduled
Unavailability Date” has the meaning specified in Section 3.3(b).

 

“LIBOR Successor
Rate” has the meaning specified in Section 3.3(b).

 

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

 

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, Capitalized Lease
or title retention agreement relating to such asset, and (c) in the case of securities, any purchase option, call or similar right
of a third party with respect to such securities.

 

    	 	26	 

     

    

 

“Loan”
means an extension of credit by a Lender to the Borrower under Article 2 in the form of a Revolving Loan or a Swingline
Loan.

 

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

 

“Loan Documents”
means, collectively, this Credit Agreement, the Notes, the Guarantee Agreement, each Incremental Assumption Agreement, each Extension
Amendment, each Letter of Credit Application, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions
of Section 2.10, the Fee Letter, the Collateral Documents and each other document entered into in connection herewith.

 

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

 

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

 

“Master Agreement”
has the meaning assigned to such term in the definition of “Swap Agreement.”

 

“Master
Intercompany Note” means a promissory note substantially in the form of Exhibit I.

 

“Material
Adverse Effect” means (a) a material adverse effect on the business, assets, operations, liabilities, prospects or condition,
financial or otherwise, of the Loan Parties and their respective Subsidiaries, taken as a whole, (b) the condition that results
when the legality, validity or enforceability of any Loan Document is affected in a manner that is material and adverse to the
Lenders, (c) the condition that results when the ability of any Loan Party to perform any of its obligations under any Loan Document
is affected in a manner that is material and adverse to the Lenders, or (d) the condition that results when the rights of or benefits
available to the Credit Parties under any Loan Document is affected in a manner that is material and adverse. In determining whether
any individual event would result in a Material Adverse Effect, notwithstanding that such event in and of itself does not have
such effect, a Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such event and all other then
existing events would result in a Material Adverse Effect.

 

“Material
Indebtedness” means, as of any date, Indebtedness (other than Indebtedness under the Loan Documents) or obligations in
respect of one or more Swap Agreements, of any one or more of the Loan Parties or any of their Subsidiaries in an aggregate principal
amount exceeding the Threshold Amount. For purposes of determining Material Indebtedness, the “principal amount” of
the obligations in respect of any Swap Agreement at any time shall be its Swap Termination Value.

 

“Material
Owned Real Property” means each parcel of Real Property located in the United States which is acquired after the Closing
Date by a Loan Party with a fair market value in excess of $2,500,000.

 

    	 	27	 

     

    

 

“Maturity
Date” means May 31, 2020, provided that if such day is not a Business Day, the Maturity Date shall be the
Business Day immediately preceding such day; provided that with respect to any Extended Commitment, the Maturity Date shall
be the final maturity date set forth in the applicable Extension Amendment.

 

“Measurement
Period” means, at any date of determination, the most recently completed four consecutive fiscal quarters of the
Borrower ending on or prior to such date. A Measurement Period may be designated by reference to the last day thereof (e.g.
the April 30, 2019 Measurement Period refers to the period of four consecutive fiscal quarters of the Borrower ended April 30,
2019), and a Measurement Period shall be deemed to end on the last day thereof.

 

“Minimum Collateral
Amount” means, as of any date, the aggregate amount of Cash Collateral required to be maintained with the Credit Parties
as of such date pursuant to the terms of Section 2.10 and Section 8.2 of this Credit Agreement.

 

“Minimum Collateral
Percentage” means 102.5%.

 

“Minimum Extension
Condition” has the meaning assigned to such term in Section 2.12(b).

 

“MIRE Event”
means if there are any Mortgaged Properties at any time, any increase (including any incremental commitment increase), extension
of the maturity or renewal of any of the Commitments or Loans (excluding (i) any continuation or conversion of Borrowings, (ii)
the making of any Revolving Loans or (iii) the issuance, renewal or extension of Letters of Credit).

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor to its rating agency business.

 

“Mortgage
Requirement” means, at any time, the requirement that, with respect to each Material Owned Real Property, the Administrative
Agent shall have received the following, each in form and substance satisfactory to the Administrative Agent:

 

(a)               
a Mortgage with respect to such Material Owned Real Property duly executed and delivered by the record owner of such Material
Owned Real Property,

 

(b)               
an appraisal with respect to such Material Owned Real Property,

 

(c)               
a survey with respect to such Material Owned Real Property,

 

(d)               
a title insurance policy (including any endorsements thereto) and appropriate lien searches with respect to such Material
Owned Real Property,

 

(e)               
with respect to such Material Owned Real Property: environmental reports, audits and analyses (whether produced by any Loan
Party or its Subsidiaries or any third party or Governmental Authority) and Phase I or Phase II reports,

 

(f)                
with respect to such Material Owned Real Property not located in a Flood Zone, a completed Flood Certificate from a third
party vendor in compliance with the Flood Program,

 

(g)               
with respect to any portion such Material Owned Real Property that is located in a Flood Zone:

 

    	 	28	 

     

    

 

(i)                
a completed Flood Certificate from a third party vendor in compliance with the Flood Program;

 

(ii)              
written acknowledgement from the Borrower that it received notification from the Administrative Agent that such Material
Owned Real Property is located within a Flood Zone and indicating whether the community in which such Material Owned Real Property
is located is participating in the Flood Program;

 

(iii)            
if such Material Owned Real Property is located in a community participating in the Flood Program, evidence that the Borrower
has complied with the insurance requirements set forth in Section 6.10 of the Credit Agreement;

 

(iv)             
such additional coverage as required by Administrative Agent, if any, under supplemental private insurance policies in an
amount so required by the Administrative Agent;

 

(h)               
evidence of earthquake insurance with respect to such Material Owned Real Property; and

 

(i)                
legal opinions with respect to such Mortgage and related matters.

 

“Mortgaged
Property” means each parcel of Material Owned Real Property, if any, which shall be subject to a Mortgage delivered pursuant
to Section 6.12 or Section 6.15, as applicable.

 

“Mortgages”
means mortgages, deeds of trust, assignments of leases and rents, modifications and other collateral documents delivered pursuant
to Section 6.12 or Section 6.15, each in form and substance reasonably satisfactory to the Administrative
Agent.

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all
or all affected Lenders in accordance with the terms of Section 10.2 and (b) has been approved by the Required Lenders.

 

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

 

“Non-Loan
Party Subsidiary” means any Subsidiary of the Borrower that is not a Loan Party.

 

“Nonrenewal
Notice Date” has the meaning assigned to such term in Section 2.4(b)(iii).

 

“Notes”
means, collectively, the Revolving Loan Notes and the Swingline Loan Notes.

 

“OFAC”
means the U.S. Department of the Treasury’s Office of Foreign Assets Control, and any successor thereto.

 

“Off-Balance
Sheet Liabilities” of any Person shall mean (i) any repurchase obligation or liability of such Person with respect to
accounts or notes receivable sold by such Person, (ii) any liability of such Person under any sale and leaseback transactions that
do not create a liability on the balance sheet of such Person, (iii) any Synthetic Lease Obligation or (iv) any obligation arising
with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not
constitute a liability on the balance sheet of such Person.

 

    	 	29	 

     

    

 

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

 

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

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 3.7(b)).

 

“Outstanding
Amount” means (a) with respect to any Loan on any date, the outstanding principal amount thereof after giving effect
to any borrowings and prepayments or repayments thereof (including any refinancing of outstanding Unreimbursed Amounts under Letters
of Credit or L/C Borrowings as a Borrowing) occurring on such date and (b) with respect to any Letter of Credit, Unreimbursed Amount,
L/C Borrowing or L/C Obligations on any date, the outstanding amount thereof on such date after giving effect to any related L/C
Credit Extension occurring on such date and any other changes thereto as of such date, including as a result of any reimbursements
of outstanding Unreimbursed Amounts under related Letters of Credit (including any refinancing of outstanding Unreimbursed Amounts
under related Letters of Credit or related L/C Credit Extensions as a Borrowing) or any reductions in the maximum amount available
for drawing under related Letters of Credit taking effect on such date.

 

“Participant”
has the meaning assigned to such term in Section 10.4(d).

 

“Participant
Register” has the meaning assigned to such term in Section 10.4(d).

 

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

 

“Pension Plan”
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412
or Section 430 of the Code or Section 302 or Section 303 of ERISA, and in respect of which any Loan Party or any
ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer”
as defined in Section 3(5) of ERISA.

 

“Perfection
Certificate” means a certificate substantially in the form of Exhibit D.

 

    	 	30	 

     

    

 

“Permitted
Acquisitions” means, collectively, each Acquisition (other than any acquisition of Area Development Rights or
a Person owning Area Development Rights or Franchise Rights) which satisfies each of the following conditions:

 

(a)               
at the time of and immediately before and after giving Pro Forma Effect thereto, no Default shall have occurred and be continuing;

 

(b)               
such Acquisition shall be consensual and, if applicable, has been approved by the Acquisition target’s board of directors
(or comparable governing body);

 

(c)               
the Person, assets or business unit acquired in the Acquisition shall be engaged in an Approved Line of Business;

 

(d)               
such Acquisition and all transactions related thereto shall be consummated in accordance with material laws, ordinances,
rules, regulations and requirements of all Governmental Authorities;

 

(e)               
all actions, if any, required to be taken with respect to such newly created or acquired Subsidiary (including each Subsidiary
thereof) or assets in order to satisfy the requirements set forth in the definition of the term “Collateral and Guarantee
Requirement” to the extent applicable shall be taken (or arrangements for the taking of such actions reasonably satisfactory
to the Administrative Agent shall have been made) within the time frames set forth in Section 6.12;

 

(f)                
to the extent required by the Collateral and Guarantee Requirement, (i) the property, assets, businesses and Equity Interests
acquired in such Acquisition shall become Collateral and (ii) any newly created or acquired Subsidiary (other than an Excluded
Subsidiary) shall become a Guarantor, in each case in accordance with Section 6.12;

 

(g)               
the aggregate cash consideration (excluding any amounts paid for with equity contributions from any direct or indirect equity
holder of any Loan Party or any of its Subsidiaries) paid by any Loan Party or any of its Subsidiaries in connection with all such
Acquisitions shall not exceed $25,000,000 in the aggregate per Fiscal Year, provided that the aggregate cash consideration
of Acquisitions of (i) Persons that do not become Guarantors as required pursuant to the “Collateral and Guarantee Requirement”
or (ii) assets that are not made part of the Collateral as required pursuant to the “Collateral and Guarantee Requirement”
that are acquired by the Borrower or a Guarantor, in each case, will be limited in an aggregate amount not to exceed $5,000,000;

 

(h)               
after giving Pro Forma Effect to such Acquisition and, if applicable, the making of a Credit Extension in connection with
such Acquisition, the Leverage Ratio shall not exceed 2.75:1.00;

 

(i)                
not later than ten Business Days (or such shorter period as may be reasonably practicable, if approved by the Administrative
Agent) prior to the consummation of any such Acquisition that is not funded solely with equity contributions, except with respect
to an Acquisition in which the cash acquisition consideration is less than $10,000,000, the Borrower shall have delivered to the
Administrative Agent (i) a description of the proposed Acquisition, (ii) to the extent obtained and available, a quality of earnings
report, (iii) to the extent requested by the Administrative Agent, satisfactory environmental assessments and (iv) such additional
documentation regarding the acquisition as the Administrative Agent shall reasonably require, including audited financial statements,
compiled financial statements or a financial review, as applicable, for its two most recent fiscal years prepared by independent
certified public accountants reasonably acceptable to the Administrative Agent, unaudited fiscal year-to-date statements for the
two most recent interim periods and pro forma financial statements for next succeeding two-year period giving effect to the acquisition;

 

    	 	31	 

     

    

 

(j)                
the consideration for such Acquisition consists solely of Qualified Equity Interests of the Borrower, cash funded entirely
with the net cash proceeds of an issuance of Qualified Equity Interests of the Borrower, or a combination of the foregoing;

 

(k)               
to the extent required to be obtained under the terms of the acquisition agreement for such Acquisition the applicable party
to such acquisition agreement shall have received all required regulatory and third party approvals to consummate such Acquisition;
and

 

(l)                
unused availability under the Credit Facility shall be least $5,000,000 after giving Pro Forma Effect to the Acquisition.

 

“Permitted
Encumbrances” means:

 

(a)               
Liens imposed by law for taxes, assessments or other governmental charges that are not yet due or are being Contested in
Good Faith, provided that enforcement of such Liens is stayed pending such contest;

 

(b)               
landlords’, vendors’, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s
and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by
more than 30 days or are being Contested in Good Faith;

 

(c)               
pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment
insurance and other social security laws or regulations;

 

(d)               
deposits to secure the performance of bids, trade contracts (other than contracts for the payment of money), leases (other
than Capitalized Lease Obligations), statutory obligations, surety and appeal bonds, performance bonds and other obligations of
a like nature, in each case incurred in the ordinary course of business;

 

(e)               
judgment liens in respect of judgments that do not constitute an Event of Default under Section 8.1(k);

 

(f)                
easements, zoning restrictions, rights of way and similar encumbrances on real property imposed by law or arising in the
ordinary course of business that do not secure any monetary obligation and do not materially detract from the value of the affected
property or interfere with the ordinary conduct of business of the Loan Parties and their respective Subsidiaries;

 

(g)               
any interest or title of a licensor, sublicensor, lessor or sublessor with respect to any assets under any license or lease
agreement entered into in the ordinary course of business, provided that the same do not in any material respect interfere
with the business of the Loan Parties or their Subsidiaries or materially detract from the value of the relevant assets of the
Loan Parties or its Subsidiaries;

 

(h)               
licenses, sublicenses, leases or subleases with respect to any assets granted to third Persons in the ordinary course of
business, provided that the same do not in any material respect interfere with the business of the Loan Parties or their
Subsidiaries or materially detract from the value of the relevant assets of the Loan Parties or their Subsidiaries;

 

    	 	32	 

     

    

 

(i)                
customary rights of set off, bankers’ liens, refunds or charge backs, under deposit agreements, the Uniform Commercial
Code or common law, of banks or other financial institutions where any Loan Party or any of such Loan Party’s Subsidiaries
maintains deposits (other than deposits intended as cash collateral) in the ordinary course of business;

 

(j)                
Liens (i) on earnest money deposits made in cash by the Borrower or any of its Subsidiaries in connection with any letter
of intent or purchase agreement in connection with a Permitted Acquisition or other Investment permitted under this Credit Agreement
or (ii) on amounts deposited as “security deposits” (or their equivalent) in the ordinary course of business in connection
with actions or transactions not prohibited by this Credit Agreement;

 

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

 

(l)                
Liens resulting from the filing of precautionary UCC-1 financing statements (or equivalent) with respect to operating leases;

 

(m)             
Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered
into by any Loan Party or any of its Subsidiaries in the ordinary course of business; and

 

(n)               
Liens incurred in the ordinary course of business imposed by law in connection with the purchase or shipping of goods or
assets (or the related assets and proceeds thereof), which Liens are in favor of the seller or shipper of such goods or assets
and only attach to such goods or assets;

 

provided that
the term “Permitted Encumbrance” shall not include any Lien securing Indebtedness.

 

“Permitted
Investors” means Vintage Capital Management, LLC, B. Riley Financial, Inc., Cannell Capital LLC and each of their respective
Affiliates but excluding, in each case, any Person that is a portfolio company of any of the foregoing.

 

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

 

“Platform”
means DebtX, Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.

 

“Prime
Rate” means a rate per annum equal to the prime rate of interest announced from time to time by Citizens Bank
or its parent company (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate
changes.

 

“Pro
Forma Basis” means, with respect to any transaction, that such transaction shall be deemed to have occurred as
of the first day of the four-quarter period then ended (in the case of any determination of actual compliance with any covenants
set forth in Section 7.12) or as of the first day of the four-quarter period ending as of the most recent quarter end preceding
the date of such transaction for which financial statements have been delivered pursuant to Section 4.01 or Section 6.01(a)
or (b) (in the case of any determination of pro forma compliance with any covenant or ratio other than actual compliance
with any covenants set forth in Section 7.12); provided, however, with respect to any transaction occurring during
the first fiscal quarter following the Closing Date, for purposes of determining whether the results of the Loan Parties and their
Subsidiaries would be in compliance with the terms of this Credit Agreement on a Pro Forma Basis, compliance with the Financial
Covenants shall be calculated based on the levels applicable at the end of the fiscal quarter ending July 31, 2019. Each of the
terms “Pro Forma Compliance” and “Pro
Forma Effect” shall have an analogous meaning.

 

    	 	33	 

     

    

 

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

 

“Public
Lender” has the meaning assigned to such term in Section 10.1(d)(i).

 

“Qualified
Equity Interests” means, with respect to the Equity Interests of any Person, any Equity Interests other than Disqualified
Equity Interests of such Person.

 

“Quotation
Day” means, with respect to any LIBOR Borrowing and any Interest Period, the day that is two Business Days prior
to the first day of such Interest Period.

 

“Real
Property” means, collectively, all right, title and interest in and to any and all parcels of or interests in
real property owned or leased by any Person, together with, in each case, all easements, hereditaments and appurtenances relating
thereto, all improvements and appurtenant fixtures and equipment, all general intangibles and contract rights and other property
and rights incidental to the ownership thereof.

 

“Recipient”
means the Administrative Agent, any Lender or the L/C Issuer, as applicable.

 

“Refinancing
Indebtedness” means Indebtedness of any Loan Party or its Subsidiaries arising after the Closing Date issued in
exchange for, or the proceeds of which are used to extend, refinance, refund, replace, renew, continue or substitute for other
Indebtedness (such extended, refinanced, refunded, replaced, renewed, continued or substituted Indebtedness, the “Refinanced
Obligations”); provided that (a) the principal amount of such Refinancing Indebtedness shall not exceed
the principal amount of the Refinanced Obligations (plus any interest capitalized in connection with such Refinanced Obligations,
the amount of prepayment premium, if any, original issue discount, if any, and reasonable fees, costs, and expenses incurred in
connection therewith), (b) such Refinancing Indebtedness shall have a final maturity that is no earlier than the final maturity
date of such Refinanced Obligations, (c) such Refinancing Indebtedness shall have a Weighted Average Life to Maturity not less
than the Weighted Average Life to Maturity of the Refinanced Obligations, (d) such Refinancing Indebtedness shall rank in right
of payment no more senior than, and be subordinated (if subordinated) to the Secured Obligations on terms, taken as a whole, not
materially less favorable to the Secured Parties than the Refinanced Obligations, (e) as of the date of incurring such Refinancing
Indebtedness and after giving effect thereto, no Default shall exist or have occurred and be continuing, (f) if the Refinanced
Obligations or any Guarantees thereof are unsecured, such Refinancing Indebtedness and any Guarantees thereof shall be unsecured,
(g) if the Refinanced Obligations or any Guarantees thereof are secured, (i) such Refinancing Indebtedness and any Guarantees thereof
shall be secured by substantially the same or less collateral, taken as a whole, as secured such Refinanced Obligations or any
Guarantees thereof, on terms, taken as a whole, not materially less favorable to the Secured Parties and (ii) the Liens to secure
such Refinancing Indebtedness shall not have a priority, taken as a whole, more senior than the Liens securing the Refinanced Obligations
and if subordinated to any other Liens on such property, shall be subordinated, taken as a whole, to the Administrative Agent’s
Liens on terms and conditions, taken as a whole, not materially less favorable to the Secured Parties, (h) the obligors in respect
of the Refinanced Obligations immediately prior to such refinancing, refunding, extending, renewing, continuing, substituting or
replacing thereof shall be the only obligors on such Refinancing Indebtedness, and (i) the terms and conditions (excluding as to
pricing, premiums and optional prepayment or redemption provisions) of any such Refinancing Indebtedness, taken as a whole, are
not materially less favorable to the Loan Parties than the terms and conditions of the Refinanced Obligations.

 

    	 	34	 

     

    

 

“Register”
has the meaning assigned to such term in Section 10.4(c).

 

“Regulation
D” means Regulation D of the Board.

 

“Regulation
T, U or X” means Regulation
T, U or X, respectively, of the Board.

 

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

 

“Release”
means any actual or threatened releasing, spilling, leaking, pumping, pouring, leaching, seeping, emitting, migration, emptying,
discharging, injecting, escaping, depositing, disposing, or dumping of Hazardous Materials into the indoor or outdoor environment,
including the movement of any Hazardous Material through the air, soil, surface water, groundwater or property and any other conditions
resulting in potential or actual human exposure to Hazardous Materials within a structure.

 

“Removal
Effective Date” has the meaning assigned to such term in Section 9.6(b).

 

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

 

“Required
Lenders” means, at any time, two or more unaffiliated Lenders having Total Credit Exposures representing more
than 50% of the Total Credit Exposures of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded
in determining Required Lenders at any time.

 

“Resignation
Effective Date” has the meaning assigned to such term in Section 9.6(a).

 

“Responsible
Officer” means the chief executive officer, president, vice president, chief financial officer, treasurer, assistant
treasurer, or other similar officer of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of
a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action
on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan
Party.

 

“Restricted
Payment” means, as to any Person, (a) any dividend or other distribution by such Person (whether in cash, securities
or other property) with respect to any Equity Interests of such Person, (b) any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation
or termination of any such Equity Interest, or on account of any return of capital to the holders of Equity Interests of such Person,
(c) the acquisition for value by such Person of any Equity Interests issued by such Person or any other Person that Controls such
Person, (d) any payment with respect to any Earn-Out Obligation, and (e) with respect to clauses (a) through (d) any transaction
that has a substantially similar effect.

 

“Revolving
Exposure” means, as to any Lender at any time, the sum of (a) the Outstanding Amount of its Revolving Loans, plus
(b) its L/C Exposure, plus (c) its Swingline Exposure.

 

“Revolving
Loan” means a loan referred to in Section 2.1 and made pursuant to Section 2.2.

 

    	 	35	 

     

    

 

“Revolving
Loan Note” means with respect to a Lender, a promissory note evidencing the Revolving Loans of such Lender payable
to the order of such Lender (or, if required by such Lender, to such Lender and its registered assigns) substantially in the form
of Exhibit C-1.

 

“S&P”
means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc.

 

“Sale
and Leaseback” means any transaction or series of related transactions pursuant to which any Loan Party or any
of its Subsidiaries (a) sells, transfers or otherwise disposes of any property, real or personal, whether now owned or hereafter
acquired, and (b) as part of such transaction, thereafter rents or leases such property or other property that it intends to use
for substantially the same purpose or purposes as the property being sold, transferred or disposed.

 

“Sanctioned
Country” means any country, territory or region which is itself the subject or target of any comprehensive Sanctions
(at the date of this Credit Agreement, the Crimean region of Ukraine, Cuba, Iran, North Korea, Darfur, South Sudan and Syria).

 

“Sanctioned
Person” means (a) any Person or group listed in any Sanctions related list of designated Persons maintained by
OFAC, including the List of Specially Designated Nationals and Blocked Persons, or the U.S. Department of State, the United Nations
Security Council, the European Union or any EU member state, (b) any Person subject to any law that would prohibit all or substantially
all financial or other transactions with that Person or would require that assets of that Person that come into the possession
of a third-party be blocked, (c) any legal entity organized or domiciled in a Sanctioned Country, (d) any agency, political subdivision
or instrumentality of the government of a Sanctioned Country, (e) any natural person ordinarily resident in a Sanctioned Country,
or (f) any Person 50% or more owned, directly or indirectly, individually or in the aggregate by any of the above.

 

“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 OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union
or any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority.

 

“Secured
Obligation Designation Notice” means a notice substantially in the form of Exhibit K executed and delivered
to the Administrative Agent by a counterparty (other than the Administrative Agent and its Affiliates) to a Swap Agreement or an
agreement to provide Cash Management Services in order that the obligations in respect thereof constitute Swap Agreement Obligations
or Cash Management Obligations.

 

“Secured
Obligations” means, collectively, (a) the Loan Document Obligations, (b) the Cash Management Obligations and (c)
the Swap Agreement Obligations.

 

“Secured
Parties” means, collectively, (a) the Administrative Agent, (b) each Lender, (c) the L/C Issuer, (d) each
Person to whom any Cash Management Obligations are owed, (e) each counterparty to any Swap Agreement the obligations under which
constitute Swap Agreement Obligations, (f) the beneficiaries of each indemnification obligation undertaken by any Loan Party under
any Loan Document and (g) the permitted successors and assigns of each of the foregoing.

 

“Security
Agreement” means the Pledge and Security Agreement, dated as of the Closing Date, among the Loan Parties and the
Administrative Agent.

 

    	 	36	 

     

    

 

“Sold
Entity or Business” means any Person or any property or assets constituting a line of business or a division of
a Person Disposed of in a transaction permitted hereunder by the Borrower or any of its Subsidiaries.

 

“Solvency
Certificate” means a certificate, substantially in the form of Exhibit J.

 

“Solvent”
and “Solvency” mean, with respect to any Person on any date of determination,
that on such date (a) the fair value of the present assets of such Person and its Subsidiaries, taken as a whole, is not less than
the sum of the debt (including contingent liabilities) of such Person and its Subsidiaries, taken as a whole, (b) the present fair
salable value of the assets of such Person and its Subsidiaries, taken as a whole, is not less than the amount that will be required
to pay the probable liabilities (including contingent liabilities) of such Person and its Subsidiaries, taken as a whole, on their
debts as they become absolute and matured, (c) the capital of such Person and its Subsidiaries, taken as a whole, is not unreasonably
small in relation to the business of such Person or its Subsidiaries, taken as a whole, contemplated as of such date and (d) such
Person and its Subsidiaries, taken as a whole, do not intend to incur, or believe that they will incur, debts (including current
obligations and contingent liabilities) beyond their ability to pay such debts as they mature in the ordinary course of business;
provided that the amount of contingent liabilities at any time shall be computed as the amount that, in light of all the
facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured
liability.

 

“Specified
Transaction” means any Investment, Disposition, incurrence or repayment of Indebtedness, Restricted Payment or
Incremental Commitments, that by the terms of this Credit Agreement requires a test to be calculated on a “Pro Forma Basis”,
be given in “Pro Forma Compliance” with, or after giving “Pro Forma Effect”; provided that any increase
in the Commitments above the amount of Commitments in effect on the Closing Date, for purposes of this definition, shall be deemed
to be fully drawn.

 

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

 

“Subordinated
Debt” means Indebtedness of the Borrower under the Subordinated Note and any other Indebtedness incurred by a
Loan Party that is subordinated in right of payment to the prior payment of the Loan Document Obligations of such Loan Party and
contains subordination and other terms acceptable to the Administrative Agent.

 

“Subordinated
Debt Documents” means any agreement, indenture or instrument pursuant to which any Subordinated Debt is issued,
including, without limitation, the Subordinated Note, in each case as amended to the extent permitted under the Loan Documents.

 

“Subordinated
Note” means that certain Subordinated Note, dated as of the Closing Date, by the Borrower in favor of Vintage
Capital Management LLC in a maximum principal amount (excluding interest paid in kind thereon) of $10,000,000.

 

    	 	37	 

     

    

 

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

 

“Subsidiary”
means any direct or indirect subsidiary of any Loan Party.

 

“Subsidiary
Joinder Agreement” means a Subsidiary Joinder Agreement, substantially in the form of Exhibit G, pursuant
to which a Subsidiary (other than an Excluded Subsidiary) becomes a party to the Guarantee Agreement, to the Security Agreement
and to each other applicable Loan Document.

 

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

 

“Swap
Agreement Obligations” means all obligations of the Loan Parties under each Swap Agreement to which any Loan Party
is a party and that (a) is with a counterparty that is the Administrative Agent or any of its Affiliates, (b) is in effect on the
Closing Date with a counterparty that is a Lender or an Affiliate of a Lender as of the Closing Date or (c) is entered into after
the Closing Date with any counterparty that is a Lender or an Affiliate of a Lender at the time such Swap Agreement is entered
into or becomes a Lender or an Affiliate of a Lender after it has entered into such agreement, provided that any such counterparty
(other than the Administrative Agent or its Affiliates) executes and delivers a Secured Obligation Designation Notice to the Administrative
Agent and, provided, further, that Swap Agreement Obligations shall not include, with respect to any Guarantor, Excluded
CEA Swap Obligations of such Guarantor.

 

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

 

“Swingline
Borrowing” means, as to any Borrowing, the Swingline Loans comprising such Borrowing.

 

    	 	38	 

     

    

 

“Swingline
Exposure” means, with respect to any Lender at any time, its Applicable Percentage of the Outstanding Amount of
the Swingline Loans.

 

“Swingline
Lender” means Citizens Bank in its capacity as lender of Swingline Loans.

 

“Swingline
Loan” means a loan referred to and made pursuant to Section 2.3.

 

“Swingline
Loan Note” means with respect to the Swingline Lender, a promissory note evidencing the Swingline Loans of such
Lender payable to the order of such Lender (or, if required by such Lender, to such Lender and its registered assigns) substantially
in the form of Exhibit C-2.

 

“Swingline
Loan Notice” means a notice of a Swingline Borrowing pursuant to Section 2.3(b), which, if in writing,
shall be substantially in the form of Exhibit B-2.

 

“Swingline
Sublimit” means $20,000,000. The Swingline Sublimit is a sublimit of the Commitments.

 

“Syndication
Agents” means CIBC Bank USA and First Tennessee Bank, N.A., each in its capacity as co-syndication agents of the credit
facilities established under this Credit Agreement.

 

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

 

“Synthetic
Lease Obligation” means the monetary obligation of a Person at any time of determination under (i) a so called
synthetic, off balance sheet or tax retention lease, or (ii) an agreement for the use or possession of property, in each case,
creating obligations that do not appear on the balance sheet of such Person but which could be characterized as the indebtedness
of such Person (without regard to accounting treatment) (other than operating leases arising as a result of Sale and Leaseback
transactions).

 

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

 

“Termination
Date” means the date upon which all Commitments have terminated, no Letters of Credit are outstanding (or if Letters
of Credit remain outstanding, the same are Backstopped), and the Loans and L/C Obligations (other than with respect to the undrawn
portion of outstanding Letters of Credit), together with all interest and fees related thereto and other Loan Document Obligations
(other than unasserted contingent indemnification and unasserted expense reimbursement obligations in each case not yet due and
payable), have been indefeasibly paid in full in cash.

 

“Threshold
Amount” means $2,000,000.

 

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

 

“Total
Revolving Outstandings” means at any time, the aggregate Outstanding Amount of all Revolving Loans, Swingline
Loans and L/C Obligations at such time.

 

    	 	39	 

     

    

 

“Transaction
Expenses” means any fees, premiums, expenses or other costs incurred or paid by the Borrower or any Subsidiary
in connection with the Transactions, this Credit Agreement and the other Loan Documents and the transactions contemplated hereby
and thereby in connection therewith.

 

“Transactions”
means (a) the execution, delivery and performance by each Loan Party of each Loan Document to which it is a party, (b) the borrowing
of the Loans and the issuance of the Letters of Credit, (c) the use of the proceeds of the Loans and the Letters of Credit, (d)
the satisfaction of the Collateral and Guarantee Requirement, and (e) the payment of Transaction Expenses.

 

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

 

“Unaudited
Financial Statements” means the unaudited consolidated balance sheets of the Borrower and its Subsidiaries for
the periods ending July 31, 2018, October 31, 2018 and January 31, 2019 and the related statements of income, comprehensive income,
changes in equity and cash flows of the Borrower and its Subsidiaries.

 

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

 

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

 

“Unreimbursed
Amount” has the meaning assigned to such term in Section 2.4(c)(i).

 

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

 

“U.S.
Tax Compliance Certificate” has the meaning assigned to such term in Section 3.6(g)(v).

 

“USA
PATRIOT Act” means The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)).

 

“Voting
Equity Interests” means, with respect to any Person, shares of such Person’s Equity Interests having the
right to vote for the election of the members of the board of directors or other managing person of such Person under ordinary
circumstances.

 

“Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:
(a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity
or other required payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated
to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal
amount of such Indebtedness.

 

    	 	40	 

     

    

 

“Wholly-Owned”
means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity Interests of which (other
than (x) director’s qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable law)
are owned by such Person and/or by one or more wholly owned Subsidiaries of such Person.

 

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

 

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

 

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

 

Section 1.2              
Classification of Loans and Borrowings. For purposes of this Credit Agreement, Loans may be classified and referred
to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “LIBOR Loan”) or by Class and Type (e.g., a
“LIBOR Revolving Loan”). Borrowings may also be classified and referred to by Class (e.g., a “Revolving Borrowing”)
or by Type (e.g., a “LIBOR Borrowing”) or by Class and Type (e.g., a “LIBOR Revolving Borrowing”).

 

Section 1.3              
Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.”
In the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including”; the words “to” and “until” each mean “to but excluding”; and the word
“through” means “to and including.” Unless the context requires otherwise (a) any definition of or reference
to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document
as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements,
supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s
successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar
import, shall be construed to refer to this Credit Agreement in its entirety and not to any particular provision hereof, (d) all
references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits
and Schedules to, this Credit Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer
to such law or regulation as amended, modified or supplemented from time to time, and (f) the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights. Any terms used in this Credit Agreement that are defined in the UCC shall
be construed and defined as set forth in the UCC unless otherwise defined herein; provided, that to the extent that the
UCC is used to define any term herein and such term is defined differently in different Articles of the UCC, the definition of
such term contained in Article 9 of the UCC shall govern.

 

Section 1.4              
Accounting Terms; GAAP.

 

(a)               
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial
data (including financial ratios and other financial calculations) required to be submitted pursuant to this Credit Agreement shall
be prepared in conformity with, GAAP, applied in a manner consistent with that used in preparing the Audited Financial Statements,
except as otherwise specifically prescribed herein.

 

    	 	41	 

     

    

 

(b)               
Notwithstanding anything to the contrary herein, for purposes of determining compliance with any test contained in this
Credit Agreement with respect to any period during which any Specified Transaction occurs, the Leverage Ratio and the Fixed Charge
Coverage Ratio shall be calculated with respect to such period and all Specified Transactions occurring during such period on a
Pro Forma Basis.

 

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

 

Section 1.5              
Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this Credit Agreement shall
be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number
of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up
if there is no nearest number).

 

Section 1.6              
References to Time. Unless the context otherwise requires, references to a time shall refer to Eastern Standard Time
or Eastern Daylight Savings Time, as applicable.

 

Section 1.7              
Resolution of Drafting Ambiguities. Each Loan Party acknowledges and agrees that it was represented by counsel in
connection with the execution and delivery of the Loan Documents to which it is a party, that it and its counsel reviewed and participated
in the preparation and negotiation hereof and thereof and that any rule of construction to the effect that ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation hereof or thereof.

 

Section 1.8              
Status of Loan Document Obligations. In the event that any Loan Party shall at any time issue or have outstanding
any Subordinated Debt, the Borrower shall take or cause each other Loan Party to take all such actions as shall be necessary to
cause the Loan Document Obligations to constitute senior indebtedness (however denominated) in respect of such Subordinated Debt
and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies available or
potentially available to holders of senior indebtedness under the terms of such Subordinated Debt. Without limiting the foregoing,
the Loan Document Obligations are hereby designated as “senior indebtedness” and as “designated senior indebtedness”
and words of similar import under and in respect of the Subordinated Debt Documents under which such Subordinated Debt is issued
and are further given all such other designations as shall be required under the terms of any such Subordinated Debt in order that
the Administrative Agent and the Lenders may have and exercise any payment blockage or other remedies available or potentially
available to holders of senior indebtedness under the terms of such Subordinated Debt.

 

    	 	42	 

     

    

 

Section 1.9              
Interest. The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent
have any liability with respect to the administration, submission or any other matter related to the rates in the definition of
“LIBOR Rate” or with respect to any comparable or successor rate thereto.

 

Section 1.10           
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) if any asset, right, obligation or liability of
any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred
from to the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be
deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

 

Article
2

The Credits

 

Section 2.1              
Commitments. Subject to the terms and conditions hereof and relying upon the representations and warranties herein
set forth, each Lender agrees, severally and not jointly, to make Revolving Loans to the Borrower in Dollars from time to time
during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Exposure
exceeding such Lender’s Commitment, (ii) the Total Revolving Outstandings exceeding the aggregate Commitments. Within the
foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving
Loans. Revolving Loans may be ABR Loans or LIBOR
Loans, as further provided herein.

 

Section 2.2              
Borrowings, Conversions and Continuations of Loans.

 

(a)               
Each Borrowing (other than a Swingline Borrowing which shall be made in accordance with Section 2.3), each conversion
of Loans from one Type to the other, and each continuation of LIBOR Loans shall be made upon the Borrower’s irrevocable notice,
to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent substantially
in the form of a Committed Loan Notice (i) in the case of an ABR Borrowing, not later than 11:00 a.m. on the date of the proposed
Borrowing, or (ii) in the case of any other Borrowing, not later than 11:00 a.m. three Business Days before the date of the proposed
Borrowing.

 

(b)               
Each telephonic notice by the Borrower pursuant to Section 2.2(a) must be confirmed promptly by hand delivery
or facsimile (or transmitted by electronic communication, if arrangements for doing so have been approved by the Administrative
Agent) of a written Committed Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Except
as provided in Section 2.3(c) and Section 2.4(c), each Borrowing or conversion of Loans shall be in a principal
amount of the Borrowing Minimum or a whole multiple of the Borrowing Multiple in excess thereof. Each Committed Loan Notice (whether
telephonic or written) shall specify (A) whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to
the other, or a continuation of LIBOR Loans, (B) the requested date of the Borrowing, conversion or continuation, as the case may
be (which shall be a Business Day), (C) the Class and principal amount of Loans to be borrowed, converted or continued, (D) the
Type of Loans to be borrowed or to which existing Loans are to be converted, (E) if applicable, the duration of the Interest Period
with respect thereto which shall be a period contemplated by the definition of the term “Interest Period”, and (F)
the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements
of Section 2.2. Notwithstanding anything in this Credit Agreement to the contrary, if the Borrower requests a Borrowing
of, conversion to, or continuation of LIBOR Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it
will be deemed to have specified an Interest Period of one month. For avoidance of doubt the Borrower and Lenders acknowledge and
agree that any conversion or continuation of an existing Loan shall be deemed to be a continuation of that Loan with a converted
interest rate methodology and not a new Loan. Any automatic conversion or continuation as provided above shall be effective as
of the last day of the Interest Period then in effect with respect to the applicable LIBOR Loans.

 

    	 	43	 

     

    

 

(c)               
Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Appropriate Lender of
the amount of its Applicable Percentage of the applicable Class of Loans, and if no timely notice of a conversion or continuation
is provided by the Borrower, the Administrative Agent shall notify each Appropriate Lender of the details of any automatic conversion
or continuation described in Section 2.2(b). In the case of each Borrowing, each Appropriate Lender shall make (or
cause its Applicable Lending Office to make) the amount of its Loan available to the Administrative Agent, by transfer in immediately
available funds to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders,
not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction or waiver of
the applicable conditions set forth in Section 4.2 (and, if such Borrowing is the initial Credit Extension, Section 4.1),
the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by transfer to the
account of the Borrower maintained with Citizens Bank and designated in the Commitment Loan Notice the amount of such funds; provided
that if, on the date the Committed Loan Notice with respect to such Borrowing is given by the Borrower, there are Swingline Loans
or L/C Borrowings outstanding, then the proceeds of such Borrowing shall be applied first, to the payment in full of any such L/C
Borrowings, second, to the payment in full of any such Swingline Loans, and third, to the Borrower as provided above.

 

(d)               
Except as otherwise provided herein, a LIBOR Loan may be continued or converted only on the last day of an Interest Period
for such Loan unless the Borrower pays the amount due, if any, under Section 3.5 in connection therewith. During the
existence of an Event of Default, the Administrative Agent or the Required Lenders may require that (i) no Loans may be requested
as, converted to or continued as LIBOR Loans and (ii) unless repaid, each LIBOR Loan be converted to an ABR Loan at the end of
the Interest Period applicable thereto.

 

(e)               
The Administrative Agent shall promptly notify the Borrower and the Appropriate Lenders of the interest rate applicable
to any Interest Period for LIBOR Loans upon determination of such interest rate. The determination of the Adjusted LIBOR Rate by
the Administrative Agent shall be conclusive in the absence of manifest error.

 

(f)                
Anything in clauses (a) through (d) above to the contrary notwithstanding, after giving effect to all Borrowings, all conversions
of Loans from one Type to the other, and all continuations of Loans as the same Type, there shall not be more than six (6) Interest
Periods in effect at any time for all Borrowings of LIBOR Loans.

 

(g)               
The failure of any Appropriate Lender to make any Loan required to be made by it shall not relieve any other Appropriate
Lender of its obligations hereunder, provided that the Commitments of the Lenders are several, and no Lender shall be responsible
for any other Lender’s failure to make Loans as required. All Borrowings made on the Closing Date must be made as ABR Borrowings
unless the Borrower shall have given a Committed Loan Notice requesting a LIBOR Borrowing and provided an indemnity letter in form
and substance satisfactory to the Administrative Agent extending the benefits of Section 3.5 to the Appropriate Lenders
in respect of such Borrowings.

 

Section 2.3              
Swingline Loans.

 

    	 	44	 

     

    

 

(a)               
The Swingline. Subject to the terms and conditions hereof and relying upon the representations and warranties herein
set forth and upon the agreements of the Lenders set forth in this Section 2.3, the Swingline Lender may in its sole
discretion and without any obligation to do so make Swingline Loans to the Borrower in Dollars from time to time on any Business
Day after the making of the initial Revolving Loans through the seventh Business Day preceding the Maturity Date; provided
that after giving effect to each Swingline Loan, (i) the aggregate Outstanding Amount of Swingline Loans shall not exceed the Swingline
Sublimit and (ii) the Total Revolving Outstandings shall not exceed the aggregate Commitments; provided, further,
that the Borrower shall not use the proceeds of any Swingline Loan to refinance any outstanding Swingline Loan. Within the foregoing
limits, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.3, prepay
under Section 2.7, and reborrow under this Section 2.3.

 

(b)               
Borrowing Procedures. Each Swingline Borrowing shall be made upon the Borrower’s irrevocable notice to the
Swingline Lender, which may be given by telephone. Each such notice must be received by the Swingline Lender not later than 1:00
p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be in an aggregate amount that
is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum, (ii) the requested borrowing date, which
shall be a Business Day and (iii) the maturity date of the requested Swingline Loan which shall be not later than seven Business
Days after the making of such Swingline Loan. Each such telephonic notice must be confirmed promptly by hand delivery or facsimile
(or transmitted by electronic communication, if arrangements for doing so have been approved by the Swingline Lender and the Administrative
Agent) of a written Swingline Loan Notice to the Swingline Lender and the Administrative Agent, appropriately completed and signed
by a Responsible Officer of the Borrower. Promptly after receipt by the Swingline Lender of any telephonic Swingline Loan Notice,
the Swingline Lender will, if it is willing to make the requested Swingline Loan and provided that all applicable conditions in
Section 4.2 are satisfied or waived, not later than 3:00 p.m. on the borrowing date specified in such Swingline Loan
Notice, make the amount of its Swingline Loan available to the Borrower by crediting the account of the Borrower maintained with
the Swingline Lender and notify the Administrative Agent thereof in writing.

 

(c)               
Refinancing of Swingline Loans.

 

(i)                
The Swingline Lender at any time in its sole and absolute discretion may request, on behalf of the Borrower (which hereby
irrevocably authorizes the Swingline Lender to so request on its behalf), that each Lender make an ABR Loan in Dollars in an amount
equal to such Lender’s Applicable Percentage of the amount of Swingline Loans then outstanding. Such request shall be made
in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the
requirements of Section 2.2, without regard to the minimum and multiples specified therein for the principal amount
of ABR Loans. The Swingline Lender shall furnish the Borrower with a copy of the applicable Committed Loan Notice promptly after
delivering such notice to the Administrative Agent. Each Lender shall make an amount equal to its Applicable Percentage of the
amount specified in such Committed Loan Notice available to the Administrative Agent in immediately available funds in Dollars
for the account of the Swingline Lender at the Administrative Agent’s Payment Office not later than 1:00 p.m. on the day
specified in such Committed Loan Notice, whereupon, subject to Section 2.3(c)(ii), each Lender that so makes funds
available shall be deemed to have made an ABR Loan to the Borrower in such amount. The Administrative Agent shall remit the funds
so received to the Swingline Lender.

 

(ii)              
If for any reason any Swingline Loan cannot be refinanced by a Borrowing in accordance with Section 2.3(c)(i),
the request for ABR Loans submitted by the Swingline Lender as set forth therein shall be deemed to be a request by the Swingline
Lender that each of the Lenders purchase for cash a risk participation in the relevant Swingline Loan in Dollars and each Lender
hereby irrevocably and unconditionally agrees to make such purchase in an amount equal to the product of such Lender’s Applicable
Percentage multiplied by the amount of such Swingline Loan. Each Lender’s payment to the Administrative Agent for
the account of the Swingline Lender pursuant to Section 2.3(c)(i) shall be deemed payment in respect of such participation.

 

    	 	45	 

     

    

 

(iii)            
If any Lender fails to make available to the Administrative Agent for the account of the Swingline Lender any amount required
to be paid by such Lender pursuant to the foregoing provisions of this Section 2.3(c) by the time specified in Section 2.3(c)(i),
the Swingline Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount
with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available
to the Swingline Lender at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation. A certificate of the Swingline Lender submitted to any Lender
(through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest
error.

 

(iv)             
Each Lender’s obligation to make Revolving Loans or to purchase and fund risk participations in Swingline Loans pursuant
to this Section 2.3(c) shall be absolute and unconditional and shall not be affected by any circumstance, provided
that each Lender’s obligation to make Revolving Loans (but not to purchase and fund risk participations in Swingline Loans)
pursuant to this Section 2.3(c) is subject to the conditions set forth in Section 4.2. No such funding
of risk participations shall relieve or otherwise impair the obligation of the Borrower to repay Swingline Loans, together with
interest as provided herein.

 

(d)               
Repayment of Participations.

 

(i)                
At any time after any Lender has purchased and funded a risk participation in a Swingline Loan, if the Swingline Lender
receives any payment on account of such Swingline Loan, the Swingline Lender will distribute to such Lender its Applicable Percentage
of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s
risk participation was funded) in the same funds as those received by the Swingline Lender.

 

(ii)              
If any payment received by the Swingline Lender in respect of principal or interest on any Swingline Loan is required to
be returned by the Swingline Lender under any of the circumstances described in Section 10.11 (including pursuant to
any settlement entered into by the Swingline Lender in its discretion), each Lender shall pay to the Swingline Lender its Applicable
Percentage thereof on demand by the Administrative Agent, plus interest thereon from the date of such demand to the date
such amount is returned, at a rate per annum equal to the Federal Funds Effective Rate. The Administrative Agent will make such
demand upon the request of the Swingline Lender.

 

(e)               
Interest for Account of Swingline Lender. Until each Lender funds its ABR Loan or risk participation pursuant to
this Section 2.3 to refinance such Lender’s Applicable Percentage of any Swingline Loan, interest in respect
of such Applicable Percentage shall be solely for the account of the Swingline Lender.

 

(f)                
Payments Directly to Swingline Lender. The Borrower shall make all payments of principal and interest in respect
of the Swingline Loans directly to the Swingline Lender and the Swingline Lender shall notify the Administrative Agent thereof.

 

    	 	46	 

     

    

 

Section 2.4              
Letters of Credit.

 

(a)               
The Letter of Credit Commitment.

 

(i)                
Subject to the terms and conditions hereof and of any additional Letter of Credit Documents required by the L/C Issuer
and relying upon the representations and warranties herein set forth (A) based upon the agreements of the Lenders set forth in
this Section 2.4, the L/C Issuer agrees (1) from time to time on any Business Day during the Availability Period
to issue Letters of Credit denominated in Dollars for the account of the Borrower (provided that any Letter of Credit may
be for the joint account of the Borrower and any Subsidiary of the Borrower) and to amend or renew Letters of Credit previously
issued by it, in accordance with Section 2.4(b), and (2) to honor conforming drafts under the Letters of Credit and
(B) the Lenders severally agree to participate in Letters of Credit issued pursuant to this Section 2.4; provided
that the L/C Issuer shall not be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Lender
shall be obligated to participate in any such Letter of Credit if immediately after giving effect to such L/C Credit Extension,
(w) the aggregate L/C Obligations would exceed the L/C Sublimit, (x) the Revolving Exposure of any Lender would exceed such Lender’s
Commitment or (y) the Total Revolving Outstandings would exceed the aggregate Commitments.

 

(ii)              
The L/C Issuer shall be under no obligation to issue any Letter of Credit (and, in the case of clauses (B),
(C) or (D) below, shall not issue any Letter of Credit) if:

 

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

 

(B)             
subject to Section 2.4(b)(iii), the expiry date of such requested Letter of Credit would occur more than twelve
months after the date of issuance or last renewal;

 

(C)             
the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless arrangements
satisfactory to the L/C Issuer for the Backstopping of such Letter of Credit have been made prior to the issuance thereof;

 

(D)             
the proceeds of which would be made available to any Person (i) to fund any activity or business of or with any Sanctioned
Person, or in any Sanctioned Country or (ii) in any manner that would result in a violation of any Sanctions by any party to this
Credit Agreement;

 

(E)              
the issuance of such Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of
credit or any laws binding upon the L/C Issuer;

 

    	 	47	 

     

    

 

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

 

(G)             
any Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including the
delivery of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower or such Defaulting
Lender to eliminate the L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.10(a)(iv))
with respect to such Defaulting Lender arising from either the Letter of Credit then proposed to be issued or such Letter of Credit
and all other L/C Obligations as to which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its
sole discretion; or

 

(H)             
the Letter of Credit is in an initial amount less than $50,000 (or such lesser amount as agreed to by the L/C Issuer
and the Administrative Agent).

 

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

 

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

 

(i)                
Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower hand delivered or
sent by facsimile (or transmitted by electronic communication, if arrangements for doing so have been approved by the L/C Issuer)
to the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed
and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application must be received by the L/C Issuer
and the Administrative Agent not later than 1:00 p.m. at least three Business Days prior to the proposed issuance date or date
of amendment, as the case may be; or, in each case, such later date and time as the L/C Issuer may agree in a particular instance
in its sole discretion. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application
shall specify in form and detail reasonably satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested
Letter of Credit (which shall be a Business Day), (B) the amount, (C) the expiry date thereof, (D) the name and address of the
beneficiary thereof, (E) the documents to be presented by such beneficiary in case of any drawing thereunder, (F) the full text
of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (G) such other matters as the L/C Issuer
may reasonably request. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application
shall specify in form and detail reasonably satisfactory to the L/C Issuer (1) the Letter of Credit to be amended, (2) the
proposed date of amendment thereof (which shall be a Business Day), (3) the nature of the proposed amendment, and (4) such other
matters as the L/C Issuer may reasonably request.

 

(ii)              
Subject to the terms and conditions set forth herein, the L/C Issuer shall, on the requested date, issue a Letter of Credit
for the account of the Borrower or enter into the applicable amendment, as the case may be. Immediately upon the issuance of each
Letter of Credit, each Lender shall be deemed to have, and hereby irrevocably and unconditionally agrees to, acquire from the L/C
Issuer a risk participation in such Letter of Credit in an amount equal to such Lender’s Applicable Percentage of the aggregate
amount available to be drawn under such Letter of Credit. Each Lender acknowledges and agrees that its obligation to acquire risk
participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected
by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance
of a Default or reduction or termination of the Commitments.

 

    	 	48	 

     

    

 

(iii)            
If the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer shall agree to issue a Letter
of Credit that has automatic renewal provisions (each, an “Auto-Renewal Letter of Credit”); provided
that any such Auto-Renewal Letter of Credit must permit the L/C Issuer to prevent any such renewal at least once in each twelve-month
period (commencing with the date of issuance of such Auto-Renewal Letter of Credit) by giving prior notice to the beneficiary thereof
not later than a day (the “Nonrenewal Notice Date”) in each such twelve-month period to be agreed upon at the
time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make
a specific request to the L/C Issuer for any such renewal. Once an Auto-Renewal Letter of Credit has been issued, the Lenders
shall be deemed to have authorized (but may not require) the L/C Issuer to permit the renewal of such Auto-Renewal Letter
of Credit from time to time to an expiry date not later than the Letter of Credit Expiration Date; provided that the L/C Issuer
shall not permit any such renewal if (A) the L/C Issuer has determined that it would have no obligation at such time to issue
such Letter of Credit in its renewed form under the terms hereof (by reason of the provisions of Section 2.4(a)(ii)
or otherwise), or (B) it has received notice (which may be by telephone, followed promptly in writing, or in writing) on or before
the day that is five (5) Business Days before the applicable Nonrenewal Notice Date from the Administrative Agent or any Lender,
as applicable, or the Borrower that one or more of the applicable conditions specified in Section 4.2 is not then satisfied.

 

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

 

(c)               
Drawings and Reimbursements; Funding of Participations.

 

(i)                
Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer
shall notify promptly the Borrower and the Administrative Agent thereof. On the Business Day on which the Borrower shall have received
notice of any payment by the L/C Issuer under a Letter of Credit or, if the Borrower shall have received such notice later
than 12:00 p.m. on any Business Day, on the succeeding Business Day (such applicable Business Day, the “L/C Honor Date”),
the Borrower shall (regardless of whether or not such Letter of Credit shall be for the sole account of the Borrower or for the
joint account of the Borrower and any Subsidiary) reimburse the L/C Issuer through the Administrative Agent in an amount equal
to such drawing. If the Borrower fails to so reimburse the L/C Issuer on the L/C Honor Date (or if any such reimbursement
payment is required to be refunded to the Borrower for any reason), then (x) the Borrower shall be deemed to have requested a Borrowing
of ABR Loans in the amount of such drawing, and (y) the Administrative Agent shall promptly notify each Lender of the L/C Honor
Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s
Applicable Percentage thereof. Such Revolving Loans shall be made by the Lenders without regard to the Borrowing Minimums and Borrowing
Multiples. Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.4(c)(i) may
be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall
not affect the conclusiveness or binding effect of such notice. For the avoidance of doubt, if any drawing occurs under a Letter
of Credit and such drawing is not reimbursed on the same day, the Unreimbursed Amount of such drawing shall, without duplication,
accrue interest for each day until the date of reimbursement at (x) prior to the third Business Day following the L/C Honor Date,
the rate per annum applicable to the outstanding principal balance of ABR Loans pursuant to Section 3.1(a), and (y)
thereafter, a rate per annum equal to the Default Rate applicable to the outstanding principal balance of ABR Loans.

 

    	 	49	 

     

    

 

(ii)              
Each Lender (including the Lender acting as the L/C Issuer) shall upon any notice pursuant to Section 2.4(c)(i)
make funds available to the Administrative Agent for the account of the L/C Issuer at the Administrative Agent’s Payment
Office in an amount equal to its Applicable Percentage of any Unreimbursed Amount in respect of a Letter of Credit in Dollars not
later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent. The Administrative Agent shall remit
the funds so received to the L/C Issuer, and may apply Cash Collateral provided for this purpose to such Unreimbursed Amount.

 

(iii)            
Each Lender that makes funds available pursuant to Section 2.4(c)(ii) shall be deemed to have made an ABR Loan
in Dollars to the Borrower in such amount, provided that in the event the conditions for Borrowings set forth in Section 4.2
cannot be satisfied (and have not been waived) or for any other reason, then (A) the Borrower shall be deemed to have incurred
from the L/C Issuer a L/C Borrowing in Dollars in the amount of the Unreimbursed Amount, which L/C Borrowing shall
be due and payable on demand (together with interest) and shall bear interest at the Default Rate, and (B) such Lender shall be
deemed to have purchased a participation in such L/C Borrowing in an amount equal to its Applicable Percentage thereof (a “L/C Advance”).

 

(iv)             
Until each Lender funds its Revolving Loan or L/C Advance pursuant to this Section 2.4(c) to reimburse
the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage
of such amount shall be solely for the account of the L/C Issuer.

 

(v)               
Each Lender’s obligation to make Revolving Loans or L/C Advances to reimburse the L/C Issuer for amounts
drawn under Letters of Credit, as contemplated by this Section 2.4(c), shall be absolute and unconditional and shall
not be affected by any circumstance; provided that each Lender’s obligation to make Revolving Loans (but not L/C Advances)
pursuant to this Section 2.4(c) is subject to the conditions set forth in Section 4.2 (other than delivery
by the Borrower of a Committed Loan Notice). No such making of a L/C Advance shall relieve or otherwise impair the obligation
of the Borrower to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of
Credit, together with interest as provided herein.

 

(vi)             
If any Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required
to be paid by such Lender pursuant to the foregoing provisions of this Section 2.4(c) by the time specified in Section 2.4(c)(ii),
the L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount
with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available
to the L/C Issuer at the greater of the Federal Funds Effective Rate and a rate determined by the L/C Issuer in accordance
with banking industry rules on interbank compensation. A certificate of the L/C Issuer submitted to any Lender (through the
Administrative Agent) with respect to any amounts owing under this Section 2.4(c)(vi) shall be conclusive absent manifest
error.

 

(vii)           
If, at any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Lender
such Lender’s L/C Advance in respect of such payment in accordance with this Section 2.4(c), the Administrative
Agent receives for the account of such Lender any payment in respect of the related Unreimbursed Amount or interest thereon (whether
directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the
Administrative Agent will distribute to such Lender its Applicable Percentage thereof (appropriately adjusted, in the case of interest
payments, to reflect the period of time during which such Lender’s L/C Advance was outstanding) in the same funds as
those received by the Administrative Agent.

 

    	 	50	 

     

    

 

(viii)         
If any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.4(c)
is required to be returned under any of the circumstances described in Section 10.11, each Lender shall pay to the
Administrative Agent its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from
the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Effective
Rate.

 

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

 

(i)                
any lack of validity or enforceability of such Letter of Credit, this Credit Agreement, or any other agreement or instrument
relating thereto;

 

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

 

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

 

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

 

(v)               
any exchange, release or non-perfection of any Collateral, or any release or amendment or waiver of or consent to departure
from the Guarantee Agreement or any other guarantee, for all or any of the Loan Document Obligations of any Loan Party in respect
of such Letter of Credit; or

 

(vi)             
any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance
that might otherwise constitute a defense available to, or a discharge of, any Loan Party;

 

provided that the foregoing shall
not excuse the L/C Issuer from liability to the Borrower to the extent of any direct damages (as opposed to special, indirect,
consequential or punitive damages, claims in respect of which are waived by the Borrower to the extent permitted by applicable
law) suffered by the Borrower that are caused by the L/C Issuer’s gross negligence or willful misconduct when determining
whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.

 

    	 	51	 

     

    

 

(e)               
Role of L/C Issuer. Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit,
the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents
expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the
authority of the Person executing or delivering any such document. None of the L/C Issuer, any of its Related Parties nor
any of the correspondents, participants or assignees of the L/C Issuer shall be liable to any Lender for (i) any action taken
or omitted in connection herewith at the request or with the approval of the Required Lenders, (ii) any action taken or omitted
in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability
of any document or instrument related to any Letter of Credit or Letter of Credit Application. The Borrower hereby assumes all
risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided
that this assumption is not intended to, and shall not, preclude the Borrower from pursuing such rights and remedies as it may
have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, any of its Related
Parties nor any of the correspondents, participants or assignees of the L/C Issuer shall be liable or responsible for any
of the matters described in clauses (i) through (iii) of this Section 2.4(e); provided that anything in such
clauses to the contrary notwithstanding, the Borrower may have a claim against the L/C Issuer, and the L/C Issuer may
be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages
suffered by the Borrower caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s
willful or grossly negligent failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight
draft and certificate(s) strictly complying with the terms and conditions of such Letter of Credit. In furtherance and not in limitation
of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for
further investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible
for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit
or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for
any reason.

 

(f)                
Conflict with Letter of Credit Application. Notwithstanding anything else to the contrary in any Letter of Credit
Document (including any Letter of Credit Application), in the event of any conflict between the terms hereof and the terms of any
such Letter of Credit Document, the terms hereof shall control, provided that all non-conflicting terms of any such Letter
of Credit Document shall remain in full force and effect.

 

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

 

    	 	52	 

     

    

 

Section 2.5              
Termination and Reduction of Commitments.

 

(a)               
Subject to Section 2.12, unless previously terminated, the Commitments shall terminate on the last day of the Availability
Period.

 

(b)               
The Borrower may at any time terminate, or from time to time reduce, the Commitments, provided that (i) the Borrower
shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment or repayment of the Revolving
Loans and the Swingline Loans in accordance with Section 2.7, the sum of the Revolving Exposures of all Lenders would
exceed the aggregate Commitments, (ii) each such reduction of the Commitments shall be in an amount that is an integral multiple
the applicable Borrowing Multiple and not less than the applicable Borrowing Minimum, and (iii) any reduction of the Commitments
to an amount below the L/C Sublimit or the Swingline Sublimit shall automatically reduce the L/C Sublimit or the Swingline Sublimit,
as applicable, on a Dollar for Dollar basis. If at any time, as a result of such a partial reduction or termination as provided
in Section 2.5(a), the Revolving Exposure of all Lenders would exceed the aggregate Commitments, then the Borrower
shall on the date of such reduction or termination of Commitments, repay or prepay Borrowings or Swingline Loans (or a combination
thereof) and/or Cash Collateralize Letters of Credit in an aggregate amount equal to such excess.

 

(c)               
In addition to any termination or reduction of the Commitments under paragraphs (a) and (b) of this Section, the Commitments
shall be reduced as required under Section 2.7(b).

 

(d)               
The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph
(b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such
election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the
Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable, provided
that a notice of termination of the Commitments may state that such notice is conditioned upon the effectiveness of other credit
facilities, in which case such notice may be revoked by the Borrower (by written notice to the Administrative Agent on or prior
to the specified effective date) if such condition is not satisfied subject to the Borrower’s obligation to indemnify the
Lenders pursuant to Section 3.5. Each reduction, and any termination, of the Commitments shall be permanent and each
reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.

 

Section 2.6              
Repayment of Loans; Evidence of Debt.

 

(a)               
Payment at Maturity. The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the
account of each Lender holding Commitments of any Class the then unpaid principal amount of each Revolving Loan together with all
accrued interest thereon on the earlier of the Maturity Date applicable to such Class and, if different, the date of the termination
of the Commitments of such Class in accordance with the provisions of this Credit Agreement, and (ii) to the Swingline Lender the
then unpaid principal amount of each Swingline Loan together with all accrued interest thereon on the earliest of (A) the maturity
date selected by the Borrower for such Swingline Loan, (B) the Maturity Date and (C) the date of the termination of the Commitments
in accordance with the provisions of this Credit Agreement.

 

(b)               
Notes. Any Lender may request through the Administrative Agent that Loans made by it be evidenced by a promissory
note. In such event, the Borrower shall execute and deliver to (i) in the case of a Lender, a Revolving Loan Note and (ii) in the
case of the Swingline Lender, a Swingline Loan Note. In addition, if requested by a Lender, its Note may be made payable to such
Lender and its registered assigns in which case all Loans evidenced by such Note and interest thereon shall at all times (including
after assignment pursuant to Section 10.4) be represented by one or more Notes in like form payable to the order of
the payee named therein and its registered assigns.

 

    	 	53	 

     

    

 

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

 

(d)               
Register. Entries made in good faith by the Administrative Agent in the Register pursuant to Section 10.4(c),
and by each Lender in its account or accounts pursuant to Section 2.6(e), 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, in the case of the Register, each Lender
and, in the case of such account or accounts, such Lender, under this Credit Agreement, absent manifest error; provided,
however, that the failure of the Administrative Agent or such Lender to make an entry, or any finding that an entry is incorrect,
in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Credit
Agreement.

 

Section 2.7              
Prepayments.

 

(a)               
Optional Prepayments.

 

(i)                
The Borrower may, upon written notice to the Administrative Agent, at any time and from time to time, voluntarily prepay
any Borrowing of any Class (other than Swingline Loans, the prepayment of which is governed by clause (a)(ii) below) in whole or
in part without premium or penalty (except as set forth in Section 3.5)), provided that (A) such notice must
be received by the Administrative Agent not later than 1:00 p.m. (1) three Business Days prior to any date of prepayment of a LIBOR
Borrowing and (2) one Business Day prior to the date of prepayment of an ABR Borrowing and (B) each prepayment shall be in a principal
amount of the Borrowing Minimum or a whole multiple of the Borrowing Multiple in excess thereof or, in each case, the entire principal
amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Class(es) and Type(s)
of Loans to be prepaid. The Administrative Agent will promptly notify each Appropriate Lender of its receipt of each such notice,
and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the
Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified
therein, provided that a notice of prepayment may state that such notice is conditioned upon the effectiveness of other
credit facilities, in which case such notice may be revoked by the Borrower (by written notice to the Administrative Agent on or
prior to the specified effective date) if such condition is not satisfied subject to the Borrower’s obligation to indemnify
the Lenders pursuant to Section 3.5.

 

(ii)              
The Borrower may, upon written notice to the Swingline Lender (with a copy to the Administrative Agent), at any time or
from time to time, voluntarily prepay Swingline Loans in whole or in part without premium or penalty; provided that (A)
such notice must be received by the Swingline Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment
and (B) any such prepayment shall be in a principal amount of the Borrowing Minimum or a whole multiple of the Borrowing Multiple
in excess thereof or the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of
such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified
in such notice shall be due and payable on the date specified therein.

 

    	 	54	 

     

    

 

(b)               
Mandatory Prepayments.

 

(i)                
If for any reason the Total Revolving Outstandings at any time exceed the aggregate Commitments then in effect, the Borrower
shall immediately prepay, without premium or penalty, Revolving Loans and Swingline Loans and/or Cash Collateralize the L/C Obligations
in an aggregate amount equal to such excess.

 

(ii)              
The Borrower shall prepay the Loans from time to time as required by Section 6.16.

 

(iii)            
The Borrower shall deliver to the Administrative Agent, at the time of each prepayment required under this Section 2.7(b),
(i) a certificate signed by a Financial Officer of the Borrower setting forth in reasonable detail the calculation of the amount
of such prepayment and (ii) to the extent practicable, at least three Business Days’ prior written notice of such prepayment.
Each notice of prepayment shall specify the prepayment date, the Type of each Loan being prepaid and the principal amount of each
Loan (or portion thereof) to be prepaid.

 

(c)               
General Rules. All prepayments shall be subject to Section 3.5, but shall otherwise be without premium
or penalty. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. All prepayments
shall be accompanied by accrued interest thereon and, in the case of any prepayment of a LIBOR Loan, any additional amounts required
pursuant to Section 3.5.

 

Section 2.8              
Payments Generally; Administrative Agent’s Clawback.

 

(a)               
General. Each Loan Party shall make each payment required to be made by it hereunder or under any other Loan Document
(whether of principal of Loans, L/C Borrowings, interest or fees, or of amounts payable under Sections 3.4, 3.5,
3.6 or 10.3, or otherwise) prior to 12:00 noon on the date when due, in immediately available funds. All payments
to be made by a Loan Party hereunder shall be made free and clear of and without condition or deduction for any counterclaim, defense,
recoupment or setoff, without setoff or counterclaim. Any amounts received after such time on any date may, in the discretion of
the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest
thereon. All such payments shall be made to the Administrative Agent’s Payment Office, except payments to be made to the
L/C Issuer or the Swingline Lender as expressly provided herein and except that payments pursuant to Sections 3.4,
3.5, 3.6 or 10.3, shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute
any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.
If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding
Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.

 

(b)               
Pro Rata Treatment. Except as otherwise provided in this Section 2.8 and as otherwise required under
Section 3.4(e) or Section 2.12, each Borrowing, each payment or prepayment of principal of any Borrowing, each
payment of interest on the Loans, each payment of fees, each reduction of the Commitments and each conversion of any Borrowing
to or continuation of any Borrowing as a Borrowing of any Type shall be allocated pro rata among the Appropriate Lenders in accordance
with their respective applicable Commitments (or, if such Commitments shall have expired or been terminated, in accordance with
the respective principal amounts of their outstanding Loans of the applicable Class). Each Lender agrees that in computing such
Lender’s portion of any Borrowing to be made hereunder, the Administrative Agent may, in its discretion, round each Lender’s
percentage of such Borrowing to the next higher or lower whole Dollar amount.

 

    	 	55	 

     

    

 

(c)               
Administrative Agent’s Clawback.

 

(i)                
Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice
from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent
such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available
on such date in accordance with Section 2.2 and may, in reliance upon such assumption, make available to the Borrower
a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the
Administrative Agent, then the Appropriate Lender and the Borrower severally agree to pay to the Administrative Agent forthwith
on demand such corresponding amount with interest thereon for each day from and including the date such amount is made available
to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by
such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation, and (B) in the case of a payment to be made by the Borrower, the interest rate
applicable to ABR Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an
overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower
for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid
shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to
any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

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

 

(iii)            
Notice by Administrative Agent. A notice from the Administrative Agent to any Lender or the Borrower with respect
to any amount owing under this paragraph (c) shall be conclusive, absent manifest error.

 

(d)               
Obligations of Lenders Several. The obligations of the Lenders hereunder to make Loans and purchase participations
in Letters of Credit and Swingline Loans and to make payments pursuant to Section 10.3(c) are several and not joint.
The failure of any Lender to make any Loan or purchase participations in Letters of Credit and Swingline Loans or make any payment
under Section 10.3(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation
to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, purchase its
participation in Letters of Credit and Swingline Loans or to make its payment under Section 10.3(c).

 

    	 	56	 

     

    

 

(e)               
Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any
Loan to be made by such Lender as provided in the foregoing provisions of this Article 2, and such funds are not made
available to the Borrower by the Administrative Agent because the conditions to the borrowing of Loans set forth in Article 4
are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds
as received from such Lender) to such Lender, without interest.

 

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

 

(g)               
Insufficient Payment. Subject to the provisions of Article 8, whenever any payment received by the Administrative
Agent under this Credit Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable
to the Credit Parties under or in respect of this Credit Agreement and the other Loan Documents on any date, such payment shall
be distributed by the Administrative Agent and applied by the Administrative Agent (i) first, towards payment of all fees and expenses
due to the Administrative Agent under the Loan Documents, (ii) second, towards payment of all expenses then due hereunder, ratably
among the parties entitled thereto in accordance herewith, (iii) third, towards payment of interest, fees and commissions then
due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest, fees and commissions then
due to such parties, and (iv) fourth, towards payment of principal of Loans and unreimbursed L/C Borrowings then due hereunder,
ratably among the parties entitled thereto in accordance with the amounts of principal of Loans and unreimbursed L/C Borrowings
then due to such parties.

 

(h)               
Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such
Lender receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations
greater than its pro rata share thereof as provided herein, then such Lender shall (x) notify the Administrative Agent of such
fact, and (y) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or
make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably
in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing
them; provided that:

 

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

 

(ii)              
the provisions of this paragraph shall not be construed to apply to (x) any payment made by the Borrower pursuant to and
in accordance with the express terms of this Credit Agreement (including the application of funds arising from the existence of
a Defaulting Lender), or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Loans or participations in L/C Disbursements to any assignee or participant.

 

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

 

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Section 2.9              
Defaulting Lenders.

 

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

 

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

 

(ii)              
Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative
Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article 8
or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 10.8 shall be applied
at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts
owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any
amounts owing by such Defaulting Lender to the L/C Issuer or Swingline Lender hereunder; third, to Cash Collateralize
the L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.10;
fourth, as the Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such
Defaulting Lender has failed to fund its portion thereof as required by this Credit Agreement, as determined by the Administrative
Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released
pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under
this Credit Agreement and (y) Cash Collateralize the L/C Issuer’s future Fronting Exposure with respect to such Defaulting
Lender with respect to future Letters of Credit issued under this Credit Agreement, in accordance with Section 2.10;
sixth, to the payment of any amounts owing to the Lenders, the L/C Issuer or Swingline Lender as a result of any judgment
of a court of competent jurisdiction obtained by any Lender, the L/C Issuer or Swingline Lender against such Defaulting Lender
as a result of such Defaulting Lender’s breach of its obligations under this Credit Agreement; seventh, so long as
no Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Credit Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction;
provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which
such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit
were issued at a time when the conditions set forth in Section 4.2 were satisfied or waived, such payment shall be
applied solely to pay the Loans of, and L/C Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied
to the payment of any Loans of, or L/C Borrowings owed to, such Defaulting Lender until such time as all Loans and funded and unfunded
participations in L/C Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments under
the Credit Facility without giving effect to Section 2.9(a)(iv). Any payments, prepayments or other amounts paid or
payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral
pursuant to this Section 2.9(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender
irrevocably consents hereto.

 

(iii)            
Certain Fees.

 

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

 

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(B)             
Each Defaulting Lender shall be entitled to receive L/C Participation Fees for any period during which that Lender is a
Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which
it has provided Cash Collateral pursuant to Section 2.10.

 

(C)             
With respect to any L/C Participation Fees not required to be paid to any Defaulting Lender pursuant to clause (A) or (B)
above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting
Lender with respect to such Defaulting Lender’s participation in L/C Obligations or Swingline Loans that has been reallocated
to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the L/C Issuer and Swingline Lender, as applicable,
the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to the L/C Issuer’s or
Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any
such fee.

 

(iv)             
Reallocation of Participations to Reduce Fronting Exposure. If any L/C Obligations or Swingline Loans are outstanding
at the time such Lender becomes a Defaulting Lender, then all or any part of the Swingline Exposure and L/C Exposure of such Defaulting
Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated
without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause the aggregate
Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. Subject to Section 10.17,
no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender
arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such
Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)               
Cash Collateral, Repayment of Swingline Loans. If the reallocation described in clause (iv) above cannot, or can
only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law,
(x) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and (y) second, Cash Collateralize
the L/C Issuer’s Fronting Exposure in accordance with the procedures set forth in Section 2.10.

 

(b)               
Defaulting Lender Cure. If the Borrower, the Administrative Agent and each Swingline Lender and L/C Issuer agree
in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon
as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements
with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans
of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and
funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with
the Commitments under the Credit Facility (without giving effect to Section 2.9(a)(iv)), whereupon such Lender will
cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or
payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except
to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute
a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

    	 	59	 

     

    

 

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

 

Section 2.10           
Cash Collateral.

 

(a)               
Certain Credit Support Events. The Borrower shall provide Cash Collateral to the L/C Issuer:

 

(i)                
if the L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted
in a L/C Borrowing, within two (2) Business Days following any request by the Administrative Agent or the L/C Issuer, in an
amount not less than the Minimum Collateral Percentage of the principal amount of such L/C Borrowing,

 

(ii)              
if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, immediately (without
the necessity of any request), in an amount not less than the Minimum Collateral Percentage of such L/C Obligation,

 

(iii)            
if the Borrower shall be required to provide Cash Collateral pursuant to Section 8.2, immediately upon any request
by the Administrative Agent or the L/C Issuer, in an amount not less than the Minimum Collateral Percentage of all L/C Obligations,

 

(iv)             
if there shall exist a Defaulting Lender, within two (2) Business Days following any request by the Administrative Agent
or the L/C Issuer, in an amount not less than the Minimum Collateral Percentage of the Fronting Exposure of the L/C Issuer
with respect to such Defaulting Lender, and

 

(v)               
if on any date, the L/C Obligations exceed the L/C Sublimit, within two (2) Business Days following any request by the Administrative
Agent or the L/C Issuer, in an amount not less than the Minimum Collateral Percentage of such excess.

 

(b)               
Grant of Security Interest. As security for the obligations to which such Cash Collateral may be applied pursuant
to Section 2.10(c), (i) the Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender,
hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer
and the Lenders (and shall enter into documentation reasonably satisfactory to the Administrative Agent for such purpose), and
shall thereafter maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and
all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, and (ii) to the extent provided
by any Defaulting Lender, such Defaulting Lender hereby grants to (and subjects to the control of) the Administrative Agent, for
the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and agrees to maintain, a first priority security
interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant
hereto, and in all proceeds of the foregoing. If at any time the Administrative Agent determines that Cash Collateral is subject
to any right or claim of any Person other than the Administrative Agent or the L/C Issuer as herein provided, or that the
total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the
Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate
such deficiency. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained
in blocked, non-interest bearing deposit accounts at Citizens Bank. The Borrower shall pay on demand therefor from time to time
all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement
of Cash Collateral.

 

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(c)               
Application. Notwithstanding anything to the contrary contained in this Credit Agreement, Cash Collateral provided
under any of this Section 2.10 or Sections 2.4, 2.7, 2.10 or 8.2 in respect of Letters
of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein
(including, as to Cash Collateral provided by a Lender that is a Defaulting Lender, any interest accrued on such obligation) and
other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise
be provided for herein.

 

(d)               
Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure
or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or
other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as
appropriate, its assignee following compliance with Section 10.4(b)(vii))) or (ii) the determination by the Administrative
Agent and the L/C Issuer that there exists excess Cash Collateral; provided that, subject to this Section 2.10,
the Person providing Cash Collateral and the L/C Issuer may agree that Cash Collateral shall be held to support future anticipated
Fronting Exposure or other obligations; and provided further that to the extent that such Cash Collateral was provided by
the Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents.

 

Section 2.11                
Incremental Commitments.

 

(a)               
The Borrower may, from time to time, by written notice to the Administrative Agent, request additional Commitments, as applicable
(collectively, “Incremental Commitments”), from one or more Lenders (in the sole discretion of such Lenders)
or Eligible Assignees who will become Lenders, in an aggregate principal amount for all Incremental Commitments not to exceed $50,000,000;
provided that at the time of the incurrence of such Incremental Commitments and immediately after giving effect thereto
and to the use of the proceeds thereof (assuming the full utilization thereof), no Default shall have occurred and be continuing
or would result therefrom and the Borrower shall be in Pro Forma Compliance with Section 7.12(a); provided, further,
that each such person, if not already a Lender hereunder, shall be subject to the approval of the Administrative Agent and, in
connection with any additional Commitment, the L/C Issuer and the Swingline Lender (which approvals shall not be unreasonably
withheld or delayed). Such notice shall set forth (i) the amount of the additional Commitments being requested (which shall be
in minimum increments of $1,000,000 and a minimum amount of $5,000,000) and (ii) the date on which such additional Commitments
are requested to become effective (which shall not be less than ten Business Days nor more than 60 calendar days after the date
of such notice, unless otherwise agreed to by the Administrative Agent).

 

(b)               
The Borrower and each additional Lender shall execute and deliver to the Administrative Agent an Incremental Assumption
Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the Incremental Commitment
of such Lender. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental Assumption
Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Incremental Assumption Agreement, this
Credit Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of
the Incremental Commitments evidenced thereby. Any such deemed amendment may be memorialized in writing by the Administrative Agent
with the Borrower’s consent (not to be unreasonably withheld or delayed) and furnished to the other parties hereto.

 

    	 	61	 

     

    

 

(c)               
The Incremental Commitments shall rank pari passu in right of payment and of security with the existing Loan Document
Obligations and all terms of any additional Commitments and Credit Extensions under such additional Commitments shall be identical
to the existing Commitments and Credit Extensions.

 

(d)               
No additional Commitments shall become effective under this Section 2.11 unless, on the date of such effectiveness,
(i) the conditions set forth in paragraphs (a) and (b) of Section 4.2 shall be satisfied as if it was a borrowing date
and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer
of the Borrower; and (ii) the Administrative Agent shall have received (with sufficient copies for each of the additional Lenders)
closing certificates, opinions of counsel and other customary documentation requested by the Administrative Agent.

 

(e)               
Each of the parties hereto hereby agrees that the Administrative Agent may take any and all action as may be reasonably
necessary to ensure that following the establishment of any additional Commitments, the outstanding Revolving Loans are held by
the Lenders in accordance with their new Applicable Percentages. This may be accomplished at the discretion of the Administrative
Agent by requiring each outstanding LIBOR Borrowing of the relevant Class to be converted into an ABR Borrowing of such Class on
the date of each additional Commitment, or by requiring a prepayment and reborrowing of Revolving Loans. Any conversion or prepayment
made pursuant to the preceding sentence shall be subject to Section 3.5 (it being understood that, the Administrative
Agent shall consult with the Borrower regarding the foregoing and, to the extent practicable, will attempt to pursue options that
minimize breakage costs).

 

Section 2.12           
Extensions of Commitments.

 

(a)               
Notwithstanding anything to the contrary in this Credit Agreement, pursuant to one or more offers (each, an “Extension
Offer”) made from time to time by the Borrower to all Lenders holding Commitments of any Class on a pro rata basis (based
on the aggregate outstanding principal amount of the respective Commitments of such Class) and on the same terms to each such Lender,
the Borrower is hereby permitted to consummate transactions with any individual Lender who accepts the terms contained in the relevant
Extension Offer to extend the Maturity Date of all or a portion of such Lender’s Loans and Commitments of such Class (each,
an “Extension”); it being understood that any Extended Commitments shall constitute a separate Class of Commitments
from the Class of Commitments from which they were converted, so long as the following terms are satisfied:

 

(i)                
the Commitment of any Lender who agrees to an extension with respect to such Commitment (an “Extended Commitment”;
and the Loans thereunder, “Extended Loans”), and the related outstandings, shall constitute a commitment (or
related outstandings, as the case may be) with the same terms as the Class of Commitments subject to the relevant Extension Offer
(and related outstandings) provided hereunder; provided that (A) to the extent more than one Class of Commitments exists
after giving effect to any such Extension, (1) the borrowing and repayment (except for repayments required upon the Maturity Date
of any Class of Commitments) (subject to clause (3) below)) after the effective date of such Extended Commitments shall
be made on a pro rata basis with all other Classes of Commitments, (2) all Swingline Loans and Letters of Credit shall be participated
on a pro rata basis by all Lenders and (3) any permanent repayment of Revolving Loans with respect to, and reduction or termination
of Commitments under, any Class of Commitments after the effective date of such Extended Commitments shall be made with respect
to such Extended Loans on a pro rata basis or less than pro rata basis with all other Classes of Commitments, except that the Borrower
shall be permitted to permanently repay Revolving Loans and terminate Commitments of any Class on a greater than pro rata basis
as compared to any other Classes with a later Maturity Date than such Commitments and (B) at no time shall there be Commitments
hereunder which have more than two (2) different maturity dates;

 

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(ii)              
no Extended Commitments or Extended Loans may have a final maturity date earlier than (or require commitment reductions
prior to) the latest Maturity Date applicable to any Class of Commitments;

 

(iii)            
if the aggregate principal amount of Commitments in respect of which Lenders have accepted the relevant Extension Offer
exceed the maximum aggregate principal amount of Commitments offered to be extended by the Borrower pursuant to such Extension
Offer, then the Commitments of such Lenders shall be extended ratably up to such maximum amount based on the respective principal
amounts (but not to exceed the applicable Lender’s actual holdings of record) with respect to which such Lenders have accepted
such Extension Offer;

 

(iv)             
unless the Administrative Agent otherwise agrees, any Extension Offer must be in a minimum amount of $10,000,000;

 

(v)               
any applicable Minimum Extension Condition must be satisfied or waived by the Borrower;

 

(vi)             
any documentation in respect of any Extension shall be consistent with the foregoing; and

 

(vii)           
no Extension shall be effective as to the obligations of the Swingline Lender to make any Swingline Loans or the L/C Issuer
with respect to Letters of Credit without the consent of the Swingline Lender or the L/C Issuer (such consents not to be unreasonably
withheld or delayed) (and, in the absence of such consent, all references herein to the latest Maturity Date shall be determined,
when used in reference to the Swingline Lender or the L/C Issuer, as applicable, without giving effect to such Extension).

 

(b)               
(i) No Extension consummated in reliance on this Section 2.12 shall constitute a voluntary prepayment for purposes
of Section 2.7, and (ii) except as set forth in clauses (a)(iv) and (a)(v) above, no Extension Offer
is required to be in any minimum amount or any minimum increment; provided that the Borrower may at its election specify
as a condition (a “Minimum Extension Condition”) to the consummation of any Extension that a minimum amount
(to be specified in the relevant Extension Offer in the Borrower’s sole discretion) of Commitments (as applicable) of any
or all applicable Classes be tendered; it being understood that the Borrower may, in its sole discretion, waive any such Minimum
Extension Condition. The Administrative Agent and the Lenders hereby consent to the transactions contemplated by this Section 2.12
(including, for the avoidance of doubt, the payment of any interest, fees or premium in respect of any Extended Commitments on
such terms as may be set forth in the relevant Extension Offer) and hereby waive the requirements of any provision of this Credit
Agreement (including Sections 2.7 and/or 2.8) or any other Loan Document that may otherwise prohibit any such Extension
or any other transaction contemplated by this Section.

 

(c)               
Subject to any consent required under Section 2.12(a)(vii), no consent of any Lender or the Administrative Agent
shall be required to effectuate any Extension, other than the consent of each Lender agreeing to such Extension with respect to
its Commitments of any Class (or a portion thereof). All Extended Commitments and all obligations in respect thereof shall constitute
Loan Document Obligations under this Credit Agreement and the other Loan Documents that are secured by the Collateral and guaranteed
on a pari passu basis with all other applicable Loan Document Obligations under this Credit Agreement and the other Loan
Documents. The Lenders hereby irrevocably authorize the Administrative Agent to enter into any Extension Amendment and any amendments
to any of the other Loan Documents with the Loan Parties as may be necessary in order to establish new Classes in respect of Loans
or Commitments so extended and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative
Agent and the Borrower in connection with the establishment of such new Classes on terms consistent with this Section 2.12.

 

    	 	63	 

     

    

 

(d)               
In connection with any Extension, the Borrower shall provide the Administrative Agent at least 10 Business Days’ (or
such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures
(including regarding timing, rounding and other adjustments and to ensure reasonable administrative management of the credit facilities
hereunder after such Extension), if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting
reasonably to accomplish the purposes of this Section 2.12.

 

Article
3

Interest, Fees, Yield Protection, etc.

 

Section 3.1              
Interest.

 

(a)               
Interest Rate Generally. All ABR Loans shall bear interest at the Alternate Base Rate plus the Applicable
Margin. Each LIBOR Loan shall bear interest at a rate per annum equal to the sum of the Adjusted LIBOR Rate for the Interest Period
in effect for such Loan plus the Applicable Margin. Each Swingline Loan shall bear interest at the Alternate Base Rate plus
the Applicable Margin.

 

(b)               
Default Rate.

 

(i)                
Notwithstanding the foregoing, if any principal of or interest on any Loan, any reimbursement obligation in respect of any
L/C Disbursement or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity,
upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum
equal to the Default Rate to the fullest extent permitted by applicable law.

 

(ii)              
Notwithstanding the foregoing, if an Event of Default has occurred and is continuing and the Administrative Agent, at the
request of the Required Lenders, so notifies the Borrower (provided that no such notification shall be required, and the following
interest shall automatically be payable, in the case of an Event of Default under Sections 8.1(a), (b), (h) or (i)), then, so long
as such Event of Default is continuing, all outstanding principal of each Loan and all Unreimbursed Amounts in respect of L/C Disbursements
(including L/C Borrowings) shall, without duplication of amounts payable under the preceding sentence, bear interest, after as
well as before judgment, at a rate per annum equal to the Default Rate to the fullest extent permitted by applicable law.

 

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

 

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

 

    	 	64	 

     

    

 

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

 

Section 3.2              
Fees.

 

(a)               
Commitment Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Lender, a commitment
fee (the “Commitment Fee”), which shall accrue at a rate per annum equal to the Applicable Margin on the average
daily unused amount of the Commitment of such Lender during the period from and including the date on which this Credit Agreement
becomes effective pursuant to Section 10.6(a) to but excluding the date on which such Commitment terminates; provided
that, if such Lender continues to have any Revolving Exposure after its Commitment terminates, the Commitment Fee shall continue
to accrue on the daily amount of such Lender’s Revolving Exposure from and including the date on which such Lender’s
Commitment terminates to but excluding the date on which such Lender ceases to have any Revolving Exposure. For purposes of computing
Commitment Fees, the Commitment of any Lender shall be deemed to be used to the extent of the aggregate principal amount at such
time of its outstanding Revolving Loans and such Lender’s L/C Exposure. Accrued Commitment Fees shall be payable in arrears
on the last day of March, June, September and December of each year, each date on which the Commitments are permanently reduced
and on the date on which the Commitments terminate, commencing on the first such date to occur after the Agreement Date. All Commitment
Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including
the first day but excluding the last day).

 

(b)               
L/C Fees. The Borrower agrees to pay (i) to the Administrative Agent for the account of the Lenders a fee (the “L/C
Participation Fee”) in Dollars for each Letter of Credit, at a rate per annum equal to the Applicable Margin multiplied
by the average daily amount available to be drawn under such Letter of Credit, and (ii) to the L/C Issuer for its own
account a fee (the “L/C Fronting Fee”), which shall accrue at the rate of 0.125% per annum on the average daily
amount of the L/C Obligations (excluding any portion thereof attributable to unreimbursed L/C Disbursements) during the period
from and including the Closing Date to but excluding the later of the date of termination of the Commitments and the date on which
there ceases to be any L/C Obligations, as well as the L/C Issuer’s standard fees with respect to the issuance, amendment,
renewal or extension of any Letter of Credit or processing of drawings thereunder. Accrued L/C Participation Fees and L/C Fronting
Fees shall be payable in arrears on the last day of March, June, September and December of each year, commencing on the first such
date to occur after the Agreement Date; provided that all such fees shall be payable on the date on which the Commitments
terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees
payable to the L/C Issuer pursuant to this paragraph shall be payable within ten days after demand. All L/C Participation
Fees and L/C Fronting Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days
elapsed (including the first day but excluding the last day). Notwithstanding the foregoing, if an Event of Default has occurred
and is continuing, then, so long as such Event of Default is continuing, L/C Participation Fees and L/C Fronting Fees, as applicable,
shall be calculated at a rate per annum equal to the Default Rate.

 

    	 	65	 

     

    

 

(c)               
Other Fees. The Borrower agrees to pay to each Credit Party, for its own account, fees and other amounts payable
in the amounts and at the times separately agreed upon between the Borrower and such Credit Party.

 

(d)               
Payment of Fees Generally. All fees and other amounts payable hereunder shall be paid on the dates due, in immediately
available funds. Fees and other amounts paid shall not be refundable under any circumstances.

 

Section 3.3              
Alternate Rate of Interest.

 

(a)               
Temporary Unavailability of LIBOR Rate. If prior to the commencement of any Interest Period for a LIBOR Borrowing:

 

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

 

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

 

then the Administrative Agent shall give
notice thereof to the Borrower and the Lenders (or the Swingline Lender, as the case may be) by telephone or facsimile as promptly
as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders (or the Swingline Lender, as
the case may be) that the circumstances giving rise to such notice no longer exist, (x) any Committed Loan Notice that requests
the conversion of any Borrowing to, or continuation of any Borrowing as, a LIBOR Borrowing shall be ineffective, and (y) if any
Request for Credit Extension requests a LIBOR Borrowing, such Borrowing shall be made as an ABR Borrowing (determined without reference
to the component of the Alternate Base Rate that is based on the Adjusted LIBOR Rate).

 

(b)               
Successor LIBOR Rate.

 

(i)                
If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that
(A) the circumstances set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary, (B) the applicable
supervisor or administrator of the LIBOR Rate or a Governmental Authority having jurisdiction over the Administrative Agent has
made a public statement identifying a specific date after which the LIBOR Rate shall no longer be made available or used for determining
interest rates for loans (such specific date, the “LIBOR Scheduled Unavailability Date”), or (C) a rate other
than the LIBOR Rate has become a widely recognized benchmark interest rate for newly originated loans of this type made in Dollars
to borrowers domiciled in the United States, then the Administrative Agent may, in consultation with the Borrower, select an alternate
benchmark interest rate (including any credit spread or other adjustments to such alternate benchmark (if any) incorporated therein)
to replace the LIBOR Rate for purposes of this Credit Agreement (such rate, the “LIBOR Successor Rate”).

 

(ii)              
The Administrative Agent and the Borrower shall negotiate in good faith any amendments to this Credit Agreement as may be
necessary and appropriate to effectively replace the LIBOR Rate with the LIBOR Successor Rate and incorporate any LIBOR Successor
Rate Conforming Changes related thereto. Notwithstanding anything to the contrary in Section 10.2, any such amendment
entered into by the Administrative Agent and the Borrower shall become effective without any further action or consent of any other
party to this Credit Agreement on the fifth Business Day following the date that a draft of such amendment is provided to the Lenders
for review, unless the Administrative Agent receives, on or before noon on such date, a written notice from the Required Lenders
stating that such Required Lenders object to such amendment.

 

    	 	66	 

     

    

 

(iii)            
If the Administrative Agent determines (which determination shall be conclusive absent manifest error) that the circumstances
under Section 3.3(b)(i)(A) have arisen or the LIBOR Scheduled Unavailability Date has occurred, then (A) the Administrative
Agent shall promptly notify the Borrower and the Lenders of such determination, which notice may be given by telephone, and (B)
until such time as a LIBOR Successor Rate has been selected and this Credit Agreement has been amended to implement such LIBOR
Successor Rate and any LIBOR Successor Rate Conforming Changes, (1) the obligation of the Lenders to make or maintain LIBOR
Loans shall be suspended, (2) any Committed Loan Notice that requests the conversion of any Borrowing to, or continuation
of any Borrowing as, a LIBOR Borrowing shall be ineffective, (3) if any Committed Loan Notice requests a LIBOR Borrowing, such
Borrowing shall be made as an ABR Borrowing and (4) the Alternate Base Rate shall be determined without reference to the Adjusted
LIBOR Rate component thereof.

 

(iv)             
The LIBOR Successor Rate and any LIBOR Successor Rate Conforming Changes shall be determined, applied and implemented in
a manner that gives due consideration to the then-prevailing market practice in the United States for determining, applying and
implementing benchmark interest rates for newly originated loans of this type made in Dollars to borrowers domiciled in the United
States. Notwithstanding anything contained herein to the contrary, for purposes of this Credit Agreement, no LIBOR Successor Rate
selected in accordance with the foregoing shall at any time be less than 0.00% per annum.

 

Section 3.4              
Increased Costs; Illegality.

 

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

 

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

 

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

 

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

 

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

 

    	 	67	 

     

    

 

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

 

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

 

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

 

(e)               
Illegality. Notwithstanding any other provision of this Credit Agreement, if, after the Agreement Date, any Change
in Law shall make it unlawful for any Lender to make or maintain any LIBOR Loan or to give effect to its obligations as contemplated
hereby with respect to any LIBOR Loan, then, by written notice to the Borrower and to the Administrative Agent:

 

(i)                
such Lender may declare that LIBOR Loans will not thereafter (for the duration of such unlawfulness) be made by such Lender
hereunder (or be continued for additional Interest Periods) and ABR Loans will not thereafter (for such duration) be converted
into LIBOR Loans, whereupon any request for a LIBOR Borrowing or to convert an ABR Borrowing to a LIBOR Borrowing or to continue
a LIBOR Borrowing, as applicable, for an additional Interest Period shall, as to such Lender only, be deemed a request for an ABR
Loan (or a request to continue an ABR Loan as such for an additional Interest Period or to convert a LIBOR Loan into an ABR Loan,
as applicable), unless such declaration shall be subsequently withdrawn; and

 

(ii)              
such Lender may require that all outstanding LIBOR Loans made by it be converted to ABR Loans, in which event all such LIBOR
Loans shall be automatically converted to ABR Loans, as of the effective date of such notice as provided in the last sentence of
this paragraph.

 

    	 	68	 

     

    

 

In the event any Lender shall exercise
its rights under clause (i) or (ii) of this paragraph, all payments and prepayments of principal that would otherwise have been
applied to repay the LIBOR Loans that would have been made by such Lender or the converted LIBOR Loans of such Lender shall instead
be applied to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion of, such LIBOR Loans, as applicable.
For purposes of this paragraph, a notice to the Borrower by any Lender shall be effective as to each LIBOR Loan made by such Lender,
if lawful, on the last day of the Interest Period currently applicable to such LIBOR Loan; in all other cases such notice shall
be effective on the date of receipt by the Borrower.

 

Section 3.5              
Break Funding Payments. In the event of (a) the payment or prepayment of any principal of any LIBOR Loan other than
on the last day of an Interest Period applicable thereto (whether voluntary, mandatory, automatic, by reason of acceleration (including
as a result of a bankruptcy filing, or otherwise), (b) the conversion of any LIBOR Loan other than on the last day of the Interest
Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any LIBOR Loan on the date specified in any notice
delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.7(a) and is revoked in
accordance therewith), or (d) the assignment of any LIBOR Loan other than on the last day of the Interest Period or maturity date
applicable thereto as a result of a request by the Borrower pursuant to Section 3.7(b), then, in any such event, the
Borrower shall compensate each applicable Lender for the loss, cost and expense attributable to such event. In the case of a LIBOR
Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess,
if any, of (i) the amount of interest that would have accrued on the principal amount of such Loan had such event not occurred,
at the Adjusted LIBOR Rate that would have been applicable to such Loan, for the period from the date of such event to the last
day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that
would have been the Interest Period for such Loan), over (ii) the amount of interest that would accrue on such principal amount
for such period at the interest rate that such Lender would bid were it to bid, at the commencement of such period, for Dollar
deposits of a comparable amount and period from other banks in the eurocurrency market. A certificate of any Lender setting forth
any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall
be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within
ten days after receipt thereof.

 

Section 3.6              
Taxes.

 

(a)               
Defined Terms. For purposes of this Section 3.6, the term “Lender” includes the L/C Issuer
and the term “applicable law” includes FATCA.

 

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

 

    	 	69	 

     

    

 

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

 

(d)               
Indemnification by the Loan Parties. Each of the Loan Parties shall jointly and severally indemnify each Recipient,
within ten days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted
on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted
from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such
payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. Each of the Loan Parties shall also,
and does hereby, jointly and severally indemnify the Administrative Agent, and shall make payment in respect thereof within ten
(10) days after demand therefor, for any amount which a Lender or the L/C Issuer for any reason fails to pay indefeasibly
to the Administrative Agent as required pursuant to Section 3.6(e)(ii).

 

(e)               
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten days after
demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not
already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties
to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.4(d)
relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that
are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time
owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source
against any amount due to the Administrative Agent under this paragraph (e).

 

(f)                
Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority
pursuant to this Section 3.6, such Loan Party shall deliver to the Administrative Agent the original or a certified
copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or
other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

(g)               
Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect
to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably
requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested
by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the
Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting
requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission
of such documentation (other than such documentation set forth in Section 3.6(g)(ii)(A), (ii)(B) and (ii)(D)
below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject
such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such
Lender.

 

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(ii)              
Without limiting the generality of the foregoing,

 

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

 

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

 

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

 

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

 

(3)               
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c)
of the Code, (A) a certificate substantially in the form of Exhibit H-1 to the effect that such Foreign Lender is not a
“bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of
the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (B) executed copies
of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or

 

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

 

    	 	71	 

     

    

 

(C)             
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Credit Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in
U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable
law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

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

 

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

 

(h)               
Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.6 (including by the payment
of additional amounts pursuant to this Section 3.6), it shall pay to the indemnifying party an amount equal to such
refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund),
net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid
by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified
party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest
or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay
such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the
indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would
place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax
subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid.

 

(i)                
Survival. Each party’s obligations under this Section 3.6 shall survive the resignation or replacement
of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender and the Termination Date.

 

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(j)                
Confidentiality. Nothing contained in this Section shall require any Credit Party or any other indemnified party
to make available any of its Tax returns (or any other information that it deems to be confidential or proprietary) to the indemnifying
party or any other Person.

 

Section 3.7              
Mitigation Obligations; Replacement of Lenders.

 

(a)               
Designation of a Different Lending Office. If any Lender requests compensation under Section 3.4, or
requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account
of any Lender pursuant to Section 3.6, then such Lender shall (at the request of the Borrower) use reasonable efforts
to designate a different Applicable Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 3.4 or Section 3.6, as the case may be,
in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous
to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any
such designation or assignment.

 

(b)               
Replacement of Lenders. If any Lender requests compensation under Section 3.4 or if the Borrower is required
to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 3.6 and, in each case, such Lender has declined or is unable to designate a different Applicable Lending
Office in accordance with Section 3.7(a), or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then
the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender
to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required
by, Section 10.4), all of its interests, rights (other than its existing rights to payments pursuant to Section 3.4
or Section 3.6) and obligations under this Credit Agreement and the related Loan Documents to an Eligible Assignee
that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided
that:

 

(i)                
unless waived by the Administrative Agent in its sole discretion, the Borrower shall have paid to the Administrative Agent
the assignment fee (if any) specified in Section 10.4;

 

(ii)              
such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations
in L/C Obligations, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan
Documents (including any amounts under Section 3.5) 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);

 

(iii)            
in the case of any such assignment resulting from a claim for compensation under Section 3.4 or payments required
to be made pursuant to Section 3.6, such assignment will result in a reduction in such compensation or payments thereafter;

 

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

 

(v)               
in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have
consented (or is willing to consent upon becoming a Lender) to the applicable amendment, waiver or consent.

 

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

 

Article
4

Conditions Precedent to Credit Extensions

 

Section 4.1              
Conditions to Initial Credit Extensions. The effectiveness of this Credit Agreement and the obligation of each Lender
and the L/C Issuer to make its initial Credit Extension hereunder on the Closing Date is subject to satisfaction or waiver
of the following conditions precedent (provided that the delivery of any document or the performance of any obligation required
to be delivered or performed under Section 6.15 shall not be a condition precedent to the initial Credit Extensions on the
Closing Date):

 

(a)               
Credit Agreement. The Administrative Agent (or its counsel) shall have received a counterpart of this Credit Agreement
(which may include facsimile transmission or electronic mail transmission of a signed signature page of this Credit Agreement)
that, when taken together, bear the signatures of the Borrower and each Lender.

 

(b)               
Notes. The Administrative Agent shall have received a Note executed by the Borrower in favor of each Lender that
shall have requested a Note.

 

(c)               
Legal Opinions. The Administrative Agent shall have received a favorable written opinion (addressed to the Credit
Parties and their permitted assignees and dated the Closing Date) from Troutman Sanders LLP, special counsel to the Loan Parties,
in form, scope and substance satisfactory to the Administrative Agent. The Borrower hereby requests such counsel to deliver such
opinions.

 

(d)               
Closing Certificate. The Administrative Agent shall have received a certificate of the President or a Vice President
and the Secretary or Assistant Secretary of each Loan Party, dated the Closing Date, substantially in the form of Exhibit F.

 

(e)               
Fees and Expenses. Substantially contemporaneously with the making of the Loans to be made on the Closing Date, the
Borrower shall have paid all fees and expenses that under the terms hereof or of the Fee Letter are due and payable on or prior
to the Closing Date, as well as the reasonable fees, disbursements and other charges of counsel to the Administrative Agent in
connection with the Transactions to the extent invoiced on or prior to the Closing Date.

 

(f)                
Collateral and Guarantee Requirement.

 

(i)                
Each of the Security Agreement and each Intellectual Property Security Agreement required by the Security Agreement to be
executed on the Closing Date shall have been duly executed and/or delivered by each Loan Party that is to be a party thereto and
shall be in full force and effect;

 

(ii)              
The Administrative Agent shall have received a Perfection Certificate with respect to each Loan Party dated the Closing
Date and duly executed by a Responsible Officer of the Borrower and shall have received the results of a search of the Uniform
Commercial Code filings (or equivalent filings) made with respect to the Loan Parties in the states (or other jurisdictions) of
formation of such persons, in each case as indicated on such Perfection Certificate, together with copies of the financing statements
(or similar documents) disclosed by such search, and accompanied by evidence satisfactory to the Administrative Agent that the
Liens indicated in any such financing statement (or similar document) have been or will be contemporaneously released or terminated
(other than Permitted Encumbrances).

 

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(iii)            
The Administrative Agent shall have received satisfactory results of customary lien searches for the Borrower and each Guarantor
in such Person’s jurisdiction of incorporation or formation and each other relevant jurisdiction, to the extent applicable,
reasonably requested by the Administrative Agent

 

(iv)             
Each document (including any UCC (or similar) financing statement) required by any Collateral Document or under applicable
law to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Secured
Parties, a perfected Lien on the Collateral required to be delivered pursuant to such Collateral Document, shall be in proper form
for filing, registration or recordation, as applicable.

 

(v)               
The Administrative Agent (or its counsel) shall have received (i) the certificates representing the Equity Interests required
to be pledged pursuant to the Security Agreement (if any), together with an executed undated stock power or similar instrument
of transfer for each such certificate endorsed in blank by a duly authorized officer of the pledgor thereof, and (ii) any other
possessory collateral to be pledged pursuant to the Security Agreement.

 

(g)               
Guarantee Agreement. The Guarantee Agreement shall have been duly executed and delivered by each Loan Party that
is to be a party thereto and shall be in full force and effect.

 

(h)               
Solvency Certificate. The Administrative Agent shall have received a Solvency Certificate attesting to the Solvency
of each Loan Party and its Subsidiaries (taken as a whole) on the Closing Date immediately before and after giving effect to the
Transactions, from the chief financial officer or an authorized person performing similar function of the Borrower.

 

(i)                
Committed Loan Notice; Letter of Credit Application. The Administrative Agent shall have received a completed Committed
Loan Notice and/or Letter of Credit Application, duly executed by a Responsible Officer of the Borrower with respect to any Credit
Extensions to be made on the Closing Date.

 

(j)                
Insurance. The Administrative Agent shall have received evidence that all insurance required to be maintained pursuant
to the Loan Documents has been obtained and is in effect and that the Administrative Agent has been named as lender’s loss
payee and/or additional insured, as applicable, under each insurance policy with respect thereto and all endorsements thereto have
been delivered, in each case, in accordance with the terms of the Loan Documents, and the Administrative Agent is otherwise satisfied
with all of the insurance arrangements of the Loan Parties and their Subsidiaries.

 

(k)               
Pro-Forma Compliance Certificate. The Administrative Agent shall have received a certificate, dated the Closing Date
and signed by a Financial Officer of the Borrower, setting forth reasonably detailed calculations demonstrating compliance with
the Financial Covenants on a Pro Forma Basis immediately after giving effect to the Transactions occurring on the Closing Date.

 

(l)                
USA PATRIOT Act; KYC. At least five days prior to the Closing Date, each Lender shall have received:

 

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(i)                
any and all documentation and other information requested by such Lender in connection with applicable “know your
customer” and anti-money-laundering rules and regulations, including the USA PATRIOT Act; and

 

(ii)              
to the extent the Borrower constitutes a “legal entity customer” under the Beneficial Ownership Regulation,
a completed Beneficial Ownership Certification in relation to the Borrower.

 

(m)             
Financial Statements. The Administrative Agent shall have received (i) the Audited Financial Statements and (ii)
the Unaudited Financial Statements.

 

(n)               
Legal Impediments. No law or regulation shall be applicable that restrains, prevents or imposes materially adverse
conditions upon the Credit Facilities.

 

(o)               
No Material Adverse Effect. Since April 30, 2018, there shall not have occurred a Material Adverse Effect or any
event or circumstance that could reasonably be expected to result in a Material Adverse Effect and the Administrative Agent shall
have received a certificate of a Financial Officer of the Borrower to the foregoing effect.

 

(p)               
Financial Officer Certificate. The Administrative Agent shall have received a certificate, dated the Closing Date
and signed by a Financial Officer of the Borrower, confirming that the conditions set forth in subsections (n) and (o)
of this Section 4.1 and subsections (a) and (b) of Section 4.2 shall be satisfied.

 

(q)               
Subordinated Note. The Administrative Agent shall have received an executed copy of the Subordinated Note.

 

For purposes of determining whether the
Closing Date has occurred, each Lender that has executed this Credit Agreement shall be deemed to have consented to, approved or
accepted, or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable
or satisfactory to the Lead Arrangers, Administrative Agent or such Lender, as the case may be, unless such Lender has notified
the Administrative Agent of any disagreement prior to the initial Credit Extensions hereunder. Notwithstanding the foregoing, the
obligations of the Lenders to make Credit Extension and of the L/C Issuer to issue Letters of Credit hereunder shall not become
effective unless each of the foregoing conditions shall have been satisfied (or waived pursuant to Section 10.2) at or prior to
5:00 p.m. on May 16, 2019 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at
such time).

 

Section 4.2              
Conditions to All Credit Extensions. The obligation of each Lender or the L/C Issuer, as the case may be, to
honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type,
or a continuation of LIBOR Loans) is subject to the satisfaction of the conditions in Section 4.1 and the following
additional conditions precedent:

 

(a)               
Each of the representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct
in all material respects, in each case on and as of such date as if made on and as of such date, provided that to the extent
that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material
respects as of such earlier date; provided further that any representation and warranty that is qualified as to “materiality”,
“Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein)
in all respects on such respective dates.

 

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

 

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

 

Each Request for Credit Extension (other
than a Committed Loan Notice requesting only a conversion of Loans to the other Type or a continuation of LIBOR Loans) submitted
by the Borrower shall be deemed to be a representation and warranty that the applicable conditions specified in Sections 4.2(a)
and, if applicable, (b) have been satisfied on and as of the date of the applicable Credit Extension.

 

Article
5

Representations and Warranties

 

The Borrower represents and warrants to the Administrative Agent
and the Lenders that:

 

Section 5.1              
Existence, Qualification and Power; Compliance with Laws. Each Loan Party and each of its Subsidiaries (a) is duly
incorporated, organized or formed, and validly existing and, where applicable, in good standing under the laws of the jurisdiction
of its incorporation or organization, (b) has all requisite power and authority to (i) own or lease its assets and carry on its
business as now conducted and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party,
(c) is duly qualified and, where applicable, in good standing under the laws of each jurisdiction where its ownership, lease or
operation of properties or the conduct of its business requires such qualification, and (d) has all requisite governmental licenses,
authorizations, consents and approvals to operate its business as currently conducted; except in each case referred to in clause
(c) or (d), to the extent that failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. The Borrower and its Subsidiaries are in compliance with all laws, rules, regulations and orders of any Governmental
Authority applicable to it or its property and maintains all permits and licenses necessary to conduct its business, except where
the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

Section 5.2              
Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document
to which such Loan Party is a party, and the consummation of the Transactions, are within such Loan Party’s corporate, limited
liability company or other analogous powers, have been duly authorized by all necessary corporate, limited liability company or
other analogous action, and do not and will not (a) contravene the terms of any of such Person’s Organizational Documents,
(b) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than under the Loan Documents),
or require any payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person
or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority
or any arbitral award to which such Person or its property is subject; or (c) violate any law; except with respect to any conflict,
breach or contravention or payment (but not creation of Liens) referred to in clause (b)(i), to the extent that such conflict,
breach, contravention or payment could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

Section 5.3              
Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or
notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with (a) the execution,
delivery or performance by, or enforcement against, any Loan Party of any Loan Document to which it is a party, or for the consummation
of the Transactions, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection
or maintenance of the Liens created under the Collateral Documents (including the priority thereof) or (d) the exercise by the
Administrative Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant
to the Loan Documents, except for (i) filings and recordings necessary to satisfy the Collateral and Guarantee Requirement, and
(ii) the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given
or made and are in full force and effect.

 

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Section 5.4              
Binding Effect. Each Loan Document has been duly executed and delivered by each Loan Party that is party thereto
and constitutes a legal, valid and binding obligation of each such Loan Party, enforceable in accordance with its terms, subject
to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally
and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

Section 5.5              
Financial Statements; No Material Adverse Effect.

 

(a)               
The Audited Financial Statements and Unaudited Financial Statements:

 

(i)                
fairly present the financial condition of the Borrower and its Subsidiaries, as applicable, as of the dates thereof and
its results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the periods covered
thereby, subject, in the case of the Unaudited Financial Statements, to normal year-end audit adjustments and the absence of footnotes;
and

 

(ii)              
show all material Indebtedness and other liabilities, direct or contingent, of the Borrower and its Subsidiaries, as applicable,
as of the date thereof, including liabilities for Taxes, material commitments and contingent obligations

 

(b)               
Since April 30, 2018, there has been no event or circumstance, either individually or in the aggregate, that has had or
could reasonably be expected to have a Material Adverse Effect.

 

Section 5.6              
Litigation. There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending
against any Loan Party or, to the knowledge of the Borrower, threatened against or affecting the Loan Parties or any of their Subsidiaries
(a) that would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect or (b) that involve
or affect, or that purport to or could reasonably be expected to involve or affect, any Loan Document or the Transactions. Since
the Agreement Date, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has
resulted in, or materially increased the likelihood of, a Material Adverse Effect.

 

Section 5.7              
Environmental Matters.

 

(a)               
Except for the Disclosed Matters and except for Environmental Claims which have been fully resolved with no remaining material
obligations or conditions:

 

(i)                
each Loan Party and its Subsidiaries possess all Environmental Permits required under applicable Environmental Law to conduct
their respective businesses and are, and within applicable statutes of limitation, have been, in material compliance with the terms
of such Environmental Permits. No Loan Party or any of its Subsidiaries has received written notice that any Environmental Permits
possessed by any of them will be revoked, suspended or will not be renewed;

 

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(ii)              
the execution and delivery of this Credit Agreement and the consummation by the Loan Parties of the Transactions does not
require any notification, registration, reporting, filing, investigation, or environmental response action under any Environmental
Law;

 

(iii)            
each of the Loan Parties and their Subsidiaries are currently, and within applicable statutes of limitation, have been,
in material compliance with all applicable Environmental Law;

 

(iv)             
no Loan Party nor any of its Subsidiaries has received (A) notice of any pending or threatened civil, criminal or administrative
action, suit, demand, claim, hearing, notice of violation, investigation, notice or demand letter or request for information under
any Environmental Law, or (B) notice of actual or potential liability under any Environmental Law including any Environmental Liability
that such Loan Party or Subsidiary may have retained or assumed either contractually or by operation of law or of any Environmental
Claim, in either case with respect to clauses (A) or (B) that reasonably could be expected to result in material expenditure by
such Loan Party or Subsidiary. No Loan Party or any of its Subsidiaries has knowledge of any circumstances that reasonably could
be expected to result in a material Environmental Liability;

 

(v)               
as of the Agreement Date: (A) no property or facility currently, or to the knowledge of each Loan Party, formerly owned,
operated or leased by any Loan Party or any of its current or former Subsidiaries or by any respective predecessor in interest,
and (B) no property at which Hazardous Materials generated, owned or controlled by any Loan Party, any of its present or former
Subsidiaries or any predecessor in interest have been stored, treated or disposed of, have been identified by a Governmental Authority
as recommended for or requiring or potentially requiring environmental assessment and/or response actions under Environmental Law;

 

(vi)             
(A) there has been no disposal, spill, discharge or Release of any Hazardous Material generated, used, owned, stored or
controlled by any Loan Party, any of its Subsidiaries or any predecessor in interest, on, at or under any property currently or
formerly owned, leased or operated by any Loan Party, any of its current or former Subsidiaries or any predecessor in interest,
(B) there are no Hazardous Materials located in, at, on or under such facility or property, or at any other location, in either
case (A) or (B), that reasonably could be expected to require investigation, removal, remedial or corrective measures by any Loan
Party or any of its Subsidiaries or that reasonably could result in material liabilities of, or material losses, damages or costs
to any Loan Party or any of its Subsidiaries under any Environmental Law, and (C) neither the Loan Parties nor any of their Subsidiaries
has retained or assumed any liability contractually or by operation of law with regard to the generation, treatment, storage or
disposal of Hazardous Materials or compliance with Environmental Law that could reasonably be expected to result in material expenditures
by any Loan Party or any of its Subsidiaries;

 

(vii)           
(A) there has not been any underground or aboveground storage tank or other underground storage receptacle or related piping,
or any impoundment or other disposal area in each case containing Hazardous Materials located on any facility or property currently
or formerly owned, leased or operated by any Loan Party or any of its Subsidiaries, and (B) no asbestos or polychlorinated biphenyls
have been used or disposed of, or have been located at, on or under any facility or property currently or formerly owned, leased
or operated by any Loan Party or any of its Subsidiaries, in either case (A) or (B) except in material compliance with applicable
Environmental Laws or as would not result in material Environmental Liability;

 

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(viii)         
no Lien has been recorded against any properties, assets or facilities currently owned, leased or operated by any Loan Party
or any of its Subsidiaries under any Environmental Law.

 

(b)               
Since the Agreement Date, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate,
has resulted in, or materially increased the likelihood of, a Material Adverse Effect.

 

(c)               
The Loan Parties and their Subsidiaries have provided to the Administrative Agent and its authorized representatives all
material records and files, including all material assessments, reports, studies, analyses, audits, tests and data in their possession
or under their control concerning any Environmental Claim, the existence of Hazardous Materials or any other environmental concern
at properties, assets or facilities currently or formerly owned, operated or leased by any Loan Party or any of their present or
former Subsidiaries or predecessor in interest, or concerning compliance by any Loan Party or any such Subsidiary with, or liability
under any Environmental Law.

 

Section 5.8              
Ownership of Properties; Liens. Each Loan Party and its Subsidiaries (a) has good title to, or valid leasehold interests
in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its
ability to conduct its business as currently conducted or to utilize such properties for their intended purposes, (b) owns, or
is entitled to use, all trademarks, service marks, trade names, domain names, copyrights, patents, patent rights, technology, software,
know-how database rights, design rights and other intellectual property rights material to its business, and the use thereof by
the Loan Parties and their respective Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements
that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, (c) has complied
in all material respects with all obligations under all material leases to which it is a party and all such leases are in full
force and effect and (d) enjoys peaceful and undisturbed possession under all such material leases.

 

Section 5.9              
Casualty, Etc. Neither the businesses nor the properties of any Loan Party or any of its Subsidiaries are affected
by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God
or of the public enemy or other casualty (whether or not covered by insurance) that, either individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect.

 

Section 5.10           
Investment Company Status, Etc. No Loan Party or any of its Subsidiaries is (a) an “investment company”
as defined in, or subject to regulation under, the Investment Company Act of 1940 or (b) otherwise subject to any other regulatory
scheme limiting its ability to incur debt.

 

Section 5.11           
Taxes. Each Loan Party and its Subsidiaries has timely filed or caused to be filed all federal, provincial, state,
municipal, foreign and other Tax returns and reports required to be filed, and have timely paid all federal, provincial, state,
municipal, foreign and Taxes levied or imposed upon them or their properties, income or assets otherwise due and payable, except
(a) those which are being Contested in Good Faith and (b) failures to file or pay as could not, either individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect. There are no Tax audits, deficiencies, assessments or other claims
with respect to any Loan Party or any of its Subsidiaries that could, either individually or in the aggregate, reasonably be expected
to result in a Material Adverse Effect.

 

Section 5.12           
ERISA.

 

(a)               
Each Loan Party and each of its ERISA Affiliates is in compliance in all material respects with the applicable provisions
of ERISA and the Code and the regulations and published interpretations thereunder. No ERISA Event has occurred or is reasonably
expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur,
could reasonably be expected to result in a Material Adverse Effect. No event described in Section 4062(e) of ERISA has occurred
and is continuing with respect to any Pension Plan. The present value of all accumulated benefit obligations under each Pension
Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date
of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Pension Plan
and the present value of all accumulated benefit obligations of all underfunded Pension Plans (based on the assumptions used for
purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements
reflecting such amounts, exceed the fair market value of the assets of all such underfunded Pension Plans.

 

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(b)               
Each Pension Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination
letter from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto and, to the
knowledge of the Loan Parties, nothing has occurred which would prevent, or cause the loss of, such qualification. Each Loan Party
and ERISA Affiliate has made all required contributions to each Pension Plan subject to Section 412 of the Code, and no application
for a funding waiver pursuant to Section 412 of the Code has been made with respect to any Pension Plan.

 

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

 

(d)               
No Loan Party or ERISA Affiliate (i) has incurred, or reasonably expects to incur, any liability under Title IV of ERISA
with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA), (ii) has incurred,
or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219
of ERISA, would result in such liability) under Section 4201 of ERISA with respect to a Multiemployer Plan, and (iii) has
engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA.

 

(e)               
No such Pension Plan or trust created thereunder, or party in interest (as defined in Section 3(14) of ERISA), or any
fiduciary (as defined in Section 3(21) of ERISA), has engaged in a “prohibited transaction” (as such term is defined
in Section 406 of ERISA or Section 4975 of the Code) which would subject such Pension Plan or any other plan of any Loan
Party or any of its ERISA Affiliates, any trust created thereunder, or any such party in interest or fiduciary, or any party dealing
with any such Pension Plan or any such trust, to any material penalty or tax on “prohibited transactions” imposed by
Section 502 of ERISA or Section 4975 of the Code.

 

(f)                
With respect to any Foreign Plan, (i) all employer and employee contributions required by law or by the terms of the Foreign
Plan have been made, or, if applicable, accrued, in accordance with normal accounting practices; (ii) the fair market value of
the assets of each funded Foreign Plan, the liability of each insurer for any Foreign Plan funded through insurance, or the book
reserve established for any Foreign Plan, together with any accrued contributions, is sufficient to procure or provide for the
accrued benefit obligations with respect to all current and former participants in such Foreign Plan according to the actuarial
assumptions and valuations most recently used to account for such obligations in accordance with applicable generally accepted
accounting principles; and (iii) it has been registered as required and has been maintained in good standing with applicable regulatory
authorities.

 

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Section 5.13           
Subsidiaries; Equity Interests. As of the Agreement Date, no Loan Party has any direct or indirect Subsidiaries or
investments (other than Cash Equivalents) in, or joint ventures or partnerships with, any Person, except as disclosed in Schedule 5.13.
Such Schedule sets forth (a) the name and jurisdiction of organization or incorporation of each Subsidiary and identifies each
Subsidiary that is an Excluded Subsidiary on the Agreement Date, (b) the ownership interest of each Loan Party and their respective
Subsidiaries in each of their respective Subsidiaries, including the percentage of such ownership and (c) identifies each Person
the Equity Interests of which are required to be pledged on the Closing Date pursuant to the Collateral and Guarantee Requirement.
Neither any Loan Party nor any of its Subsidiaries has issued any Disqualified Equity Interests and there are no outstanding options
or warrants to purchase Equity Interests of any Loan Party (other than the Borrower) or any Subsidiary of any Loan Party of any
class or kind, and there are no agreements, voting trusts or understandings with respect thereto or affecting in any manner the
sale, pledge, assignment or other disposition thereof, including any right of first refusal, option, redemption, call or other
rights with respect thereto, whether similar or dissimilar to any of the foregoing. All of the issued and outstanding Equity Interests
owned by any Loan Party in its Subsidiaries have been duly authorized and issued and are fully paid and non-assessable and are
free and clear of all Liens other than Liens in favor of the Administrative Agent under the Collateral Documents.

 

Section 5.14           
Insurance. Schedule 5.14 sets forth a description of all insurance maintained by or on behalf of the
Loan Parties and their Subsidiaries on the Agreement Date (including names of carriers, policy number, expiration dates, insurance
types and coverage amounts). As of the Agreement Date, all premiums in respect of such insurance that are due and payable have
been paid.

 

Section 5.15           
Federal Reserve Regulations, Etc. Neither any Loan Party nor any of its Subsidiaries is engaged principally, or as
one of their important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock. Immediately
before and after giving effect to the making of each Loan and the issuance of each Letter of Credit, Margin Stock will constitute
less than 25% of each Loan Party’s assets as determined in accordance with Regulation U. No part of the proceeds of any Loan
or any Letter of Credit will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, (a)
to purchase, acquire or carry any Margin Stock or for any purpose that entails a violation of, or that is inconsistent with, the
provisions of the regulations of the Board, including Regulation T, U or X or (b) for any purpose that would violate any Anti-Corruption
Laws or applicable Sanctions.

 

Section 5.16           
Collateral Documents.

 

(a)               
The Security Agreement, upon execution and delivery thereof by the parties thereto, will create in favor of the Administrative
Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral in which
the Security Agreement purports by its terms to grant a security interest, and the proceeds of such Collateral and (i) when the
Pledged Equity Interests (other than uncertificated Equity Interests) and the Pledged Debt Securities (as each such term is defined
in the Security Agreement) are delivered to the Administrative Agent together with the proper endorsements, the Lien created under
Security Agreement shall constitute a fully perfected first priority Lien on, and security interest in, all right, title and interest
of the Loan Parties in such Pledged Equity Interests and Pledged Debt Securities to the extent that the laws of the United States
or any state, commonwealth or other political subdivision thereof govern the creation and perfection of any such security interest,
in each case prior and superior in right to any other Lien or right of any other person and (ii) when financing statements in appropriate
form are filed in the offices specified on Schedule 5.16(a) and, with respect to Collateral consisting of Intellectual
Property, when the applicable Intellectual Property Security Agreements are filed with the United States Patent and Trademark Office
or the United States Copyright Office, as applicable, and in each case, all applicable filing fees have been paid, the Lien created
under the Security Agreement will constitute a fully perfected Lien on, and security interest in, all right, title and interest
of the Loan Parties in the Collateral to the extent such security interest may be perfected by the filing of a UCC financing statement
and, with respect to Intellectual Property, the filing of such Intellectual Property Security Agreements with the United States
Patent and Trademark Office or the United States Copyright Office, as applicable, in each case prior and superior in right to any
other Lien or right of any other person, other than Liens expressly permitted by Section 7.2 which by operation of
law or contract have priority over the Liens securing the Secured Obligations.

 

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(b)               
The Mortgages, upon the execution and delivery thereof by the parties thereto, will create in favor of the Administrative
Agent, subject to the exceptions listed in each insurance policy covering such Mortgage, for the ratable benefit of the Secured
Parties, a legal, valid and enforceable Lien on all of the Loan Parties’ right, title and interest in and to the Mortgaged
Property thereunder and the proceeds thereof, and when Mortgages to be delivered pursuant to Section 6.12 and Section 6.15,
and all applicable fees have been paid, the Mortgages will constitute a fully perfected Lien on, and security interest in, all
right, title and interest of the Loan Parties in such Mortgaged Property and the proceeds thereof, in each case prior and superior
in right to any other person, other than with respect to the rights of persons pursuant to Liens expressly permitted by Section 7.2
which by operation of law or contract would have priority over the Liens securing the Secured Obligations.

 

Section 5.17           
Solvency. Immediately before and after the consummation of each Transaction, the Loan Parties, on a consolidated
basis, are Solvent.

 

Section 5.18           
Anti-Corruption Laws; Sanctions; Anti-Terrorism Laws.

 

(a)               
Each Loan Party, its Subsidiaries and their respective officers and employees and their directors and agents, are in compliance
with Anti-Corruption Laws and applicable Sanctions. Neither any Loan Party, any of its Subsidiaries or any of their respective
directors, officers or employees is a Sanctioned Person. Each Loan Party and each of its Subsidiaries has implemented and maintains
in effect policies and procedures reasonably designed to ensure compliance by the Loan Party, its Subsidiaries and their respective
directors, officers, employees and agents with Anti-Corruption Laws and all applicable Sanctions.

 

(b)               
No Loan or Letter of Credit, use of the proceeds of any Loan or Letter of Credit or other transactions contemplated hereby
will violate Anti-Corruption Laws or applicable Sanctions. No part of the proceeds of the Loans or the Letters or Credit will be
used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political
party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business
or obtain any improper advantage, in violation of the Anti-Corruption Laws.

 

(c)               
Neither the making of the Loans hereunder nor the use of the proceeds thereof will violate the any regulations passed under
the USA PATRIOT Act or will violate the Trading with the Enemy Act, the International Emergency Economic Powers Act, or any regulations
passed thereunder, including the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle
B, Chapter V) or any enabling legislation or executive order relating thereto or successor statute thereto (together with Sanctions,
“Anti-Terrorism Laws”). Each Loan Party and each of its Subsidiaries are in compliance with applicable Anti-Terrorism
Laws.

 

Section 5.19           
[Reserved].

 

Section 5.20           
Accuracy of Information, Etc.

 

    	 	83	 

     

    

 

(a)               
Each Loan Party has disclosed to the Credit Parties all agreements, instruments and corporate or other restrictions to which
it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably
be expected to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other information
furnished (whether in writing or orally) by or on behalf of any Loan Party to any Credit Party in connection with the transactions
contemplated hereby and the negotiation of this Credit Agreement or delivered hereunder or under any other Loan Document (in each
case as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state
any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading,
provided that, with respect to projected financial information, the Loan Parties represent only that such information was
prepared in good faith based upon assumptions believed to be reasonable at the time.

 

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

 

Section 5.21           
Labor Matters. There are no strikes, lockouts or slowdowns against any Loan Party or any of its Subsidiaries pending
or, to the knowledge of any Loan Party, threatened. The hours worked by and payments made to employees of the Loan Parties and
their Subsidiaries have not been in violation in any material respect of the Fair Labor Standards Act or any other applicable Federal,
state, local or foreign law dealing with such matters. All material payments due from the Loan Parties or any of their Subsidiaries,
or for which any claim may be made against any of the Loan Parties or any of their Subsidiaries, on account of wages and employee
health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of such Loan Party or such
Subsidiary. The consummation of the Transactions will not give rise to any right of termination or right of renegotiation on the
part of any union under any collective bargaining agreement to which any of the Loan Parties or any of their Subsidiaries is bound.

 

Section 5.22           
Absence of Certain Restrictions. No indenture, certificate of designation for preferred stock, agreement or instrument
to which any Loan Party or any of its Subsidiaries is a party (other than this Credit Agreement), prohibits or limits in any way,
directly or indirectly the ability of any Subsidiary to make Restricted Payments or loans to, to make any advance on behalf of,
or to repay any Indebtedness to, any Loan Party or to another Subsidiary.

 

Section 5.23           
No Default. No Loan Party nor any of its Subsidiaries is in default in the performance, observance or fulfillment
of any of the obligations, covenants or conditions contained in any agreement, instrument or other undertaking to which such Person
is a party or by which it or any of its property is bound in any respect that could reasonably be expected to have a Material Adverse
Effect. No Default has occurred and is continuing.

 

Section 5.24           
Common Enterprise. The successful operation and condition of each of the Loan Parties is dependent on the continued
successful performance of the functions of the group of the Loan Parties as a whole and the successful operation of each of the
Loan Parties is dependent on the successful performance and operation of each other Loan Party. Each Loan Party expects to derive
benefit (and its board of directors or other governing body has determined that it may reasonably be expected to derive benefit),
directly and indirectly, from (a) successful operations of each of the other Loan Parties and (b) the credit extended by the Lenders
to the Borrower hereunder, both in their separate capacities and as members of the group of companies. Each Loan Party has determined
that execution, delivery, and performance of this Credit Agreement and any other Loan Documents to be executed by such Loan Party
is within its purpose, will be of direct and indirect benefit to such Loan Party, and is in its best interest.

 

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Section 5.25           
Brokers’ Fees. None of the Loan Parties or their Subsidiaries has any obligation to any Person in respect of
any finder’s, broker’s, investment banking or other similar fee in connection with any of the transactions contemplated
under the Loan Documents other than the closing and other fees payable pursuant to this Credit Agreement and as set forth in the
Fee Letter.

 

Section 5.26           
EEA Financial Institutions. No Loan Party is an EEA Financial Institution.

 

Article
6

Affirmative Covenants

 

Until the Termination Date, the Borrower
covenants and agrees with the Credit Parties that:

 

Section 6.1              
Financial Statements and Other Information. The Borrower will furnish or caused to be furnished to the Administrative
Agent and each Lender either in hard copy or by electronic communication (including by email, internet and intranet websites) pursuant
to procedures approved by the Administrative Agent:

 

(a)               
within 120 days after the end of each fiscal year, (i) the audited consolidated balance sheet of the Borrower and its Subsidiaries
together with the related statements of income, comprehensive income, stockholders’ equity and cash flows as of the end of
and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by
Cherry Bekaert LLP or another registered independent public accounting firm of recognized national standing acceptable to the Administrative
Agent (without a “going concern” or qualification, exception or explanation other than a going concern qualification,
exception or explanation resulting solely from an upcoming maturity date under the Loan Documents occurring within one (1) year
from the time such opinion is delivered) or any qualification, exception or explanation as to scope of audit to the effect that
such consolidated financial statements present fairly in all material respects the financial condition and results of operations
of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied and (ii) the unaudited
consolidating balance sheets of the Borrower and its Subsidiaries and the related consolidating statements of income, comprehensive
income, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative
form the figures for the previous fiscal year and certified by one of its Financial Officers as presenting fairly in all material
respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidating basis in accordance
with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes, together with a schedule
of other financial information consisting of consolidating or combining details in columnar form with its Subsidiaries separately
identified, in accordance with GAAP consistently applied;

 

(b)               
within 45 days after the end of each of the first three fiscal quarters of each fiscal year, the unaudited consolidated
balance sheet of the Borrower and its Subsidiaries and the related unaudited statements of income, comprehensive income, stockholders’
equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth
in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet,
as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material
respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance
with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

 

(c)               
concurrently with any delivery of financial statements under clause (a) or (b) above, a Compliance Certificate signed by
a Financial Officer of the Borrower (i) stating whether any change in GAAP or in the application thereof has occurred since the
date of the Audited Financial Statements and, if any such change has occurred, specifying the effect of such change on the financial
statements accompanying such Compliance Certificate, (ii) containing either a certification that no Default exists or, specifying
the nature of each such Default, the nature and status thereof and any action taken or proposed to be taken with respect thereto,
(iii) certifying that there have been no changes to the jurisdiction of organization or legal name of any Loan Party since the
date of the last Compliance Certificate delivered pursuant to the Credit Agreement, (iv) attaching reasonably detailed calculations
demonstrating compliance with Section 7.12, and (v) certifying that the Borrower has no Subsidiaries other than (A)
those that existed on the Closing Date and were reflected in the Perfection Certificate on the Closing Date, (B) those formed or
acquired after the Closing Date with respect to which the Administrative Agent was previously notified either pursuant to Section 6.12,
in an additional Perfection Certificate or in a previous Compliance Certificate, and (C) those other Subsidiaries set forth on
the relevant Schedule to such Compliance Certificate, which Schedule sets forth for each such Subsidiary whether such Subsidiary
is (w) a Domestic Subsidiary, (x) a Guarantor (including the basis for it not being a Guarantor, if applicable), (y) a first tier
Foreign Subsidiary or (z) an Excluded Subsidiary (including the basis for its constituting an Excluded Subsidiary);

 

    	 	85	 

     

    

 

(d)               
concurrently with any delivery of financial statements under clause (a) above, a certificate of the accounting firm that
reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial
statements of any Default (which certificate may be limited to the extent required by accounting rules or guidelines);

 

(e)               
(i) within 60 days after the beginning of each Fiscal Year (commencing with the Fiscal Year beginning May 1, 2019), an annual
consolidated forecast for the Borrower and its Subsidiaries for such fiscal year, including projected consolidated statements of
income and comprehensive income of the Borrower and its Subsidiaries, all in reasonable detail acceptable to the Administrative
Agent; (ii) promptly upon preparation thereof, such other forecasts that the Borrower or any Subsidiary may prepare and any revisions
that may be made to any forecast previously delivered to the Administrative Agent and the Lenders; and (iii) promptly upon the
request of the Administrative Agent after the end of any fiscal quarter in which there has been a material deviation from a forecast
provided to the Administrative Agent and the Lenders, a certificate of a Financial Officer of the Borrower explaining the deviation
and the action, if any, that has been taken or is proposed to be taken with respect thereto; in each case the foregoing forecasts
shall state all underlying assumptions;

 

(f)                
concurrently with the delivery of any Compliance Certificate under clause (c) above, a discussion and analysis of the financial
condition and results of operations of the Borrower and its Subsidiaries for the portion of the Fiscal Year then elapsed, including
a discussion of the reasons for any significant variations from the figures for the corresponding period of the previous Fiscal
Year;

 

(g)               
for each acquisition for which the value of the total consideration paid by the Borrower or any Subsidiary (whether in cash
or otherwise) is greater than or equal to $10,000,000, within five (5) Business Days following the consummation of such acquisition,
(1) a notice of such acquisition, which notice shall set forth evidence of Pro Forma Compliance with all the financial covenants
under the Loan Documents, and (1) true and complete copies of each acquisition document together with all schedules thereto, each
executed by all of the parties thereto; and

 

(h)               
promptly following any request therefor, (i) such other information and documentation reasonably requested by the Administrative
Agent or any Lender for purposes of compliance with applicable “know your customer” requirements under the USA Patriot
Act, the Beneficial Ownership Regulation or other applicable Anti-Corruption and Anti-Terrorism Laws (including those passed pursuant
to the USA PATRIOT Act), and (ii) such other information regarding the operations, business affairs and financial condition of
the Borrower or any Subsidiary, or compliance with the terms of the Loan Documents, as any Credit Party may reasonably request.

 

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Section 6.2              
Notices of Material Events. The Borrower will furnish or caused to be furnished to the Administrative Agent each
Lender prompt written notice of the following:

 

(a)               
the occurrence of any Default, specifying the nature and extent thereof;

 

(b)               
the filing or commencement of, or any threat or notice of intention of any Person to file or commence, any action, suit
or proceeding, whether at law or in equity or by or before any Governmental Authority, against, or affecting, any Loan Party or
any of its Subsidiaries that could reasonably be expected to result in a Material Adverse Effect;

 

(c)               
if requested by Administrative Agent from time to time, copies of any annual report required to be filed in connection with
each Pension Plan or Foreign Plan, and as soon as possible after, and in any event within ten days after any Loan Party or any
ERISA Affiliate knows or has reason to know that, any ERISA Event (or any similar event with respect to a Foreign Plan) has occurred
that, alone or together with any other ERISA Event (or any similar event with respect to a Foreign Plan) could reasonably be expected
to result in liability of any Loan Party or any ERISA Affiliate in an aggregate amount exceeding the Threshold Amount;

 

(d)               
as soon as possible and in no event later than five (5) Business Days after the receipt by any Loan Party or any of its
Subsidiaries, of a copy of any notice, summons, citation or other written communication concerning any actual, alleged, suspected
or threatened violation of any Environmental Law by, Environmental Claim against or Environmental Liability of, any Loan Party
or any of its Subsidiaries, in each case, which could reasonably be expected to have a Material Adverse Effect;

 

(e)               
to the extent applicable, promptly after the same become publicly available, copies of all periodic and other reports, proxy
statements and other materials filed by any Loan Party or any of its Subsidiaries with the Securities and Exchange Commission,
or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange,
or distributed by any Loan Party to its shareholders generally, as the case may be;

 

(f)                
to the extent applicable, promptly after the furnishing thereof, copies of any statement or report furnished to any holder
of debt securities of any Loan Party or of any of its Subsidiaries pursuant to the terms of any indenture, loan or credit or similar
agreement and not otherwise required to be furnished to the Lenders pursuant to any other clause of this Section 6.2;

 

(g)               
promptly after any Loan Party or any of its Subsidiaries (i) being required to file reports under Section 15(d) of
the Securities Exchange Act of 1934, or (ii) registering securities under Section 12 of the Securities Exchange Act of 1934;

 

(h)               
in the event that any Person shall become, or cease to be, a Subsidiary or a Guarantor, the Borrower shall promptly furnish
to the Administrative Agent an updated list of Subsidiaries or Guarantors, as the case may be; and

 

(i)                
the occurrence of any other development that has resulted in, or could reasonably be expected to result in, a Material Adverse
Effect.

 

Each notice delivered under this Section
shall be accompanied by a statement of a Financial Officer of the Borrower or other executive officer of the Borrower setting forth
the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 

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Section 6.3              
Existence; Conduct of Business. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be
done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits,
privileges and franchises material to the conduct of its business, provided that the foregoing shall not prohibit any merger,
consolidation, liquidation or dissolution permitted under Section 7.3 or any sale, lease, transfer or other disposition
permitted by Section 7.5.

 

Section 6.4              
Payment and Performance of Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay or perform
its obligations, including Tax liabilities, that, if not paid or performed, could reasonably be expected to result in a Material
Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being
Contested in Good Faith and (b) the failure to make payment pending such contest could not reasonably be expected to result in
a Material Adverse Effect, provided that nothing in this Section shall be deemed to require any Loan Party to pay any subordinated
Indebtedness in violation of the subordination provisions applicable thereto.

 

Section 6.5              
Maintenance of Properties. The Borrower will, and will cause each of its Subsidiaries to, keep and maintain all property
material to the conduct of its business in good working order and condition, casualty, condemnation and ordinary wear and tear
excepted.

 

Section 6.6              
Books and Records; Inspection Rights. The Borrower will, and will cause each of its Subsidiaries to, (a) keep proper
books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its
business and activities and (b) permit any representatives designated by any Credit Party, upon reasonable prior notice, to visit
and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition
with its officers and independent accounting firm, all at the expense of the Borrower and at such reasonable times and as often
as reasonably requested; provided, however, during the existence of an Event of Default, the Administrative Agent
or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense
of the Borrower at any time during normal business hours and without advance notice.

 

Section 6.7              
Compliance with Laws. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules,
regulations and orders of any Governmental Authority applicable to it or its property and maintain all permits and licenses necessary
to conduct its business, except where the failure to do so, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect. In addition, and without limiting the foregoing sentence, each Loan Party will, and will
cause each of its Subsidiaries to, comply with all applicable Environmental Laws in all material respects, and with Anti-Corruption
Laws, applicable Sanctions and the USA PATRIOT Act and the regulations promulgated thereunder in all respects.

 

Section 6.8              
Use of Proceeds.

 

(a)               
The proceeds of the Loans and the Letters of Credit will be used only for working capital and other general corporate purposes
not inconsistent with the terms hereof or in contravention of any Law or any Loan Document, including, on the Closing Date, and
to pay Transaction Expenses.

 

(b)               
No part of the proceeds of any Loan or any Letter of Credit will be used, whether directly or indirectly, and whether immediately,
incidentally or ultimately, (a) to purchase, acquire or carry any Margin Stock or (b) for any purpose that entails a violation
of any of the regulations of the Board, including Regulations T, U and X. The Borrower will not request any Credit Extension, and
the Borrower shall not use, and shall ensure that each Loan Party, their respective Subsidiaries and their respective directors,
officers, employees and agents shall not use, the proceeds of any Credit Extension (i) in furtherance of an offer, payment, promise
to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption
Laws or (ii) in any manner that would result in the violation of any applicable Sanctions or any Anti-Terrorism Laws by any Person,
including any Credit Party.

 

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Section 6.9              
Information Concerning Collateral. The Borrower will furnish to the Administrative Agent at least ten (10) days prior
written notice of any change in (a) the legal name or jurisdiction of incorporation or formation of any Loan Party, (b) the location
of the chief executive office of any Loan Party or its principal place of business, (c) the identity or organizational structure
of any Loan Party such that a filed financing statement becomes misleading or (d) the Federal Taxpayer Identification Number or
company organizational number of any Loan Party. The Borrower agrees not to effect or permit any change referred to in the preceding
sentence unless all filings have been made under the UCC or otherwise that are required in order for the Administrative Agent to
continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral. The Borrower
will promptly to notify the Administrative Agent if any material portion of the Collateral is damaged or destroyed.

 

Section 6.10           
Insurance.

 

(a)               
The Borrower will, and will cause each of its Subsidiaries to, maintain, with financially sound and reputable insurance
companies, adequate insurance for its insurable properties, all to such extent and against such risks, including fire, casualty,
business interruption and other risks insured against by extended coverage, as is customary with companies in the same or similar
businesses operating in the same or similar locations and of same or similar size, including public liability insurance against
claims for personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties
owned, occupied or controlled by it (including the insurance required pursuant to the Collateral Documents); and maintain such
other insurance as may be required by law.

 

(b)               
With respect to any portion of any Mortgaged Property that is located in a Flood Zone within a community participating in
the Flood Program, the Borrower will, and will cause any applicable Loan Party to, maintain through the Flood Program or through
private insurance policies, with financially sound and reputable insurance companies (except to the extent that any insurance company
insuring the Mortgaged Property of the Borrower and each other Loan Party ceases to be financially sound and reputable after the
Closing Date, in which case, the Borrower shall promptly replace such insurance company with a financially sound and reputable
insurance company), (A) such flood insurance coverage under policies issued pursuant to and in compliance with the Flood Insurance
Laws (“Flood Insurance Policies”) in an amount equal to the maximum limit of coverage available for such Mortgaged
Property under Flood Insurance Laws, subject only to deductibles consistent in scope and amount with those permitted under the
Flood Program and (B) such additional coverage as required by Administrative Agent, if any, under supplemental private insurance
policies in an amount so required by the Administrative Agent;

 

(c)               
The Borrower will, and will cause each of its Subsidiaries to, (i) cause all such policies of such Loan Party and its Subsidiaries
to be endorsed or otherwise amended to include a “standard” or “New York” lender’s loss payable endorsement,
in form and substance reasonably satisfactory to the Administrative Agent, which endorsement or amendment shall provide that, from
and after the Closing Date, if the insurance carrier shall have received written notice from the Administrative Agent of the occurrence
of an Event of Default, the insurance carrier shall pay all proceeds otherwise payable to such Loan Party under such policies directly
to the Administrative Agent, (ii) cause all such policies to provide that neither such Loan Party, any Subsidiary or the Administrative
Agent nor any other party shall be a co-insurer thereunder and to contain a “Replacement Cost Endorsement”, without
any deduction for depreciation, and such other provisions as the Administrative Agent may reasonably require from time to time
to protect its interests, (iii) deliver original or certified copies of all such policies to the Administrative Agent, (iv) cause
each such policy to provide that it shall not be canceled, modified or not renewed for any other reason upon not less than 30 days’
(or in the case of Flood Insurance Policies issued by private insurance companies, 45 days’) prior written notice thereof
by the insurer to the Administrative Agent, (v) deliver to the Administrative Agent, prior to the cancellation, modification or
non-renewal of any such policy of insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a policy
previously delivered to the Administrative Agent) together with evidence satisfactory to the Administrative Agent of payment of
the premium therefor.

 

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(d)               
The Borrower will promptly upon request of the Administrative Agent or any other Lender, deliver to the Administrative Agent
(for distribution to all Lenders), evidence of compliance by all Loan Parties with the requirements contained Sections 6.10(a)
through (c) in form and substance reasonably acceptable to the Administrative Agent and the Lenders, including, without
limitation, evidence of annual renewals of such insurance.

 

(e)               
The Borrower will, and will cause each of its Subsidiaries to, notify the Administrative Agent immediately whenever any
separate insurance concurrent in form or contributing in the event of loss with that required to be maintained under this Section 6.10
is taken out by any Loan Party; and promptly deliver to the Administrative Agent a duplicate original copy of such policy or policies.

 

(f)                
In connection with the covenants set forth in this Section 6.10, it is understood and agreed that:

 

(i)                
no Credit Party or any of its Related Parties shall be liable for any loss or damage insured by the insurance policies required
to be maintained under this Section 6.10, it being understood that (A) each Loan Party shall look solely to its insurance
companies or any other parties other than the aforesaid parties for the recovery of such loss or damage and (B) such insurance
companies shall have no rights of subrogation against any Credit Party or any of their Related Parties, provided, however,
that if the insurance policies do not provide waiver of subrogation rights against such parties, as required above, then the Borrower
(for itself and each of its Subsidiaries) hereby agrees, to the extent permitted by law, to waive its right of recovery, if any,
against the Credit Parties and their Related Parties; and

 

(ii)              
the designation of any form, type or amount of insurance coverage by the Administrative Agent or the Required Lenders under
this Section 6.10 shall in no event be deemed a representation, warranty or advice by any Credit Party that such insurance
is adequate for the purposes of the business of any Loan Party or its Subsidiaries or the protection of their properties and the
Administrative Agent and the Required Lenders shall have the right from time to time to require the Loan Parties and their respective
Subsidiaries to keep other insurance in such form and amount as the Administrative Agent or the Required Lenders may reasonably
request; provided that such insurance shall be obtainable on commercially reasonable terms.

 

Section 6.11           
[Reserved].

 

Section 6.12           
Covenant to Guarantee and Provide Security.

 

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(a)               
Guarantors. If any Subsidiary of a Loan Party is formed or acquired after the Agreement Date or if an Excluded Subsidiary
ceases to be an Excluded Subsidiary, the Borrower will notify the Credit Parties in writing thereof within 10 Business Days following
the date on which such Subsidiary is formed or acquired or such Excluded Subsidiary ceases to be an Excluded Subsidiary (or such
later date as may be acceptable to the Administrative Agent in its sole discretion) and, by such date:

 

(i)                
the Borrower will cause each such Subsidiary (other than an Excluded Subsidiary) to (A) execute and deliver a Subsidiary
Joinder Agreement and a Perfection Certificate and (B) promptly take such actions to create and perfect Liens on such Subsidiary’s
assets to secure the Secured Obligations as the Administrative Agent shall reasonably request (it being understood that a pledge
of Voting Equity Interests in any Foreign Subsidiary or Foreign Subsidiary Holdco shall not include more than 65% of the Voting
Equity Interests of such Foreign Subsidiary or Foreign Subsidiary Holdco if a pledge of a greater percentage would result in material
adverse tax consequences to the Borrower and its Subsidiaries (as reasonably determined by the Borrower in consultation with Administrative
Agent)),

 

(ii)              
if any Equity Interests issued by any such Subsidiary are owned or held by or on behalf of any Loan Party, the Borrower
will cause such Equity Interests to be pledged pursuant to the Collateral Documents, to the extent required by the Collateral and
Guarantee Requirement, not later than the tenth Business Day after the date on which such Subsidiary is formed or acquired (it
being understood that Voting Equity Interests in each such Subsidiary that is a Foreign Subsidiary or Foreign Subsidiary Holdco
shall not include more than 65% of the Voting Equity Interests of such Subsidiary if a pledge of a greater percentage would result
in material adverse tax consequences to the Borrower and its Subsidiaries (as reasonably determined by the Borrower in consultation
with Administrative Agent)),

 

(iii)            
the Borrower will cause each such Subsidiary to become a party to the Master Intercompany Note not later than the tenth
Business Day after the date on which such Subsidiary is formed or acquired, and

 

(iv)             
the Borrower will deliver or cause to be delivered to the Administrative Agent such certificates and legal opinions as would
have been required had such Subsidiary been a Guarantor on the Closing Date.

 

(b)               
Real Property.

 

(i)                
Upon the acquisition by any Loan Party after Closing Date of any Material Owned Real Property or if any Real Property becomes
Material Owned Real Property, the Borrower shall immediately notify the Administrative Agent, setting forth with specificity a
description of such Material Owned Real Property, including the location thereof, any structures or improvements thereon and, as
determined by the Administrative Agent in its sole discretion, either an appraisal or Borrower’s good faith estimate of the
current value of such Material Owned Real Property. Within 45 days of the delivery of such notice and unless the Administrative
Agent in its sole discretion determines not to require a Mortgage on such Material Owned Real Property:

 

(A)             
the Loan Party that owns such Material Owned Real Property shall have satisfied the Mortgage Requirement, and

 

(B)             
the Borrower shall, or shall cause such Loan Party to, pay all fees and expenses, including Attorney Costs, and all title
insurances charges and premiums, in connection with each Loan Party’s obligations under this Section.

 

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(ii)              
Notwithstanding the foregoing, the Administrative Agent shall not enter into any Mortgage in respect of any improved real
property acquired by any Loan Party after the Closing Date or to be mortgaged in connection with a MIRE Event unless the Administrative
Agent has provided to the Lenders:

 

(A)             
if such Mortgage relates to an improved real property not located in a Flood Zone, a completed Flood Certificate from a
third party vendor at least ten (10) days prior to entering into such Mortgage; or

 

(B)             
if such Mortgage relates to an improved real property located in a Flood Zone, the following documents with respect to such
improved real property at least thirty (30) days prior to entering into such Mortgage: (i) a Flood Certificate a third party vendor;
(ii) a notification to the applicable Loan Parties of that fact and (if applicable) notification to the applicable Loan Parties
that flood insurance coverage is not available, (iii) evidence of the receipt by the applicable Loan Parties of such notice; and
(iv) if required by the Flood Program, evidence of required flood insurance;

 

provided that the Administrative Agent may enter
into any such Mortgage prior to the end of any notice period set forth above if the Administrative Agent shall have received confirmation
from each applicable Lender that such Lender has completed any necessary flood insurance due diligence to its reasonable satisfaction.

 

(c)               
Further Assurances.

 

(i)                
The Borrower will, and will cause each of the Loan Parties to, grant to the Administrative Agent, for the benefit of the
Secured Parties, security interests in such of its assets and properties as are not covered by the Collateral Documents in order
that the Borrower be in compliance with the Collateral and Guarantee Requirement. Such security interests shall (i) be granted
pursuant to documentation reasonably satisfactory in form and substance to the Administrative Agent and (ii) constitute valid and
enforceable perfected security interests superior to and prior to the rights of all third Persons, and subject to no other Liens,
except Liens permitted by Section 7.2. Such additional collateral documents and the other instruments related thereto
shall have been duly recorded or filed in such manner and in such places as are required by law to establish, perfect, preserve
and protect the Liens in favor of the Administrative Agent required to be granted pursuant to such additional collateral documents
and all taxes, fees and other charges payable in connection therewith shall have been paid in full.

 

(ii)              
The Borrower will, and will cause each of the Loan Parties to, at its own expense, make, execute, endorse, acknowledge,
file or deliver to the Administrative Agent from time to time such vouchers, invoices, schedules, confirmatory assignments, conveyances,
financing statements, transfer endorsements, powers of attorney, certificates, surveys, reports and other assurances or instruments,
and take such further steps relating to the Collateral covered by any of the Collateral Documents as the Administrative Agent may
reasonably require. The Borrower shall cause to be delivered to the Administrative Agent such opinions of counsel and other related
documents as may be reasonably requested by the Administrative Agent.

 

(iii)            
Each action required by this Section 6.12(c) shall be completed as soon as possible, but in no event later than
30 days (or such longer period in the case of actions involving third parties as determined by the Administrative Agent in its
reasonable discretion) after any such assets or properties are acquired or such action is requested to be taken by the Administrative
Agent, as the case may be.

 

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Section 6.13           
Environmental Matters. The Borrower will, and will cause each of its Subsidiaries to, (a) conduct its operations
in material compliance with all applicable Environmental Laws, (b) implement any and all investigation, remediation, removal and
response actions that either are necessary to materially comply with Environmental Laws pertaining to the presence, generation,
treatment, storage, use, disposal, transportation or Release of any Hazardous Material on, at, under, or from any of their owned
or leased property or are requested by Government Authorities pursuant to Environmental Law, (c) notify the Administrative Agent
promptly upon becoming aware of any violation of Environmental Laws or any Release of Hazardous Materials on, at, under, or from,
any property that is reasonably likely to result in an Environmental Claim against any Loan Party or any of its Subsidiaries in
excess of the Threshold Amount in the aggregate and promptly forward to the Administrative Agent a copy of any written communication
received in connection therewith. If the Administrative Agent at any time has a reasonable basis to believe that there may be a
violation of any Environmental Laws or a Release of Hazardous Materials on, at, under, or from any property owned or leased by
any Loan Party or any of its Subsidiaries that could reasonably be expected to have a Material Adverse Effect, then, subject to
Section 9.3(d), upon request by the Administrative Agent the Borrower shall cause such Loan Party to permit the Administrative
Agent to appoint a nationally-recognized independent environmental testing firm or such other consultant as the Administrative
Agent shall determine, at the Loan Parties’ expense, to have access to all property owned or leased by each Loan Party and
each of its Subsidiaries for the purpose of conducting such environmental testing, including subsurface sampling of soil and groundwater,
as the Administrative Agent deems appropriate to investigate the subject of the potential violation or Release.

 

Section 6.14           
Accounts. Subject to Section 6.15, the Borrower will maintain, and will cause each of the other Loan Parties
to maintain, all of their respective operating and deposit accounts in the United States with Citizens Bank.

 

Section 6.15                
Certain Post-Closing Obligations. As promptly as practicable, and in any event within the time periods after the
Closing Date specified in Schedule 6.15 or such later date as the Administrative Agent may reasonably agree to in writing,
the Borrower and each other Loan Party shall deliver the documents or take the actions specified on Schedule 6.15,
in each case except to the extent otherwise agreed by the Administrative Agent pursuant to its authority as set forth in the definition
of the term “Collateral and Guarantee Requirement”.

 

Section 6.16                
Clean Down. For a period of 30 consecutive days commencing with the Closing Date, and for the period from April 30,
2020 until the Maturity Date, the Borrower shall prepay the Revolving Loans, Swingline Loans and/or Cash Collateralize the L/C
Obligations in an aggregate amount such that, after giving effect to such prepayment, the Total Revolving Outstandings (excluding
L/C Obligations that have been Cash Collateralized) do not exceed the Clean Down Amount applicable to the calendar year in which
such period falls.

 

Article
7

Negative Covenants

 

Until the Termination Date, the Borrower
covenants and agrees with the Credit Parties that:

 

Section 7.1              
Indebtedness; Equity Interests.

 

(a)               
The Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness,
except:

 

(i)                
Indebtedness created under the Loan Documents;

 

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(ii)              
Indebtedness existing on the Agreement Date and set forth in Schedule 7.1, and any Refinancing Indebtedness
with respect thereto;

 

(iii)            
Indebtedness of the Borrower or any of its Subsidiaries incurred to finance the acquisition, construction or improvement
of any fixed or capital assets, including Capitalized Lease Obligations, including Indebtedness assumed in connection with the
acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and any Refinancing Indebtedness
with respect thereto, provided that (A) such Indebtedness is incurred prior to or within 90 days after such acquisition
or the completion of such construction or improvement and (B) the aggregate outstanding principal amount of Indebtedness permitted
by this clause (iii) shall not exceed $6,500,000 at any time;

 

(iv)             
Indebtedness of the Borrower (but not of any Subsidiary of the Borrower) under the Subordinated Note in a principal amount
not to exceed $10,000,000 plus the amount of interest thereon capitalized and added to principal in accordance with the
terms thereof, provided that no Indebtedness may be incurred under the Subordinated Note (other than to add accrued interest to
principal in accordance with the terms of the Subordinated Note) on any date if the aggregate Revolving Exposures of the Lenders
as of such date are not equal to the aggregate Commitments as of such date;

 

(v)               
Indebtedness of the Borrower or any Guarantor secured only by Real Property owned in fee by the Borrower or such Guarantor,
as the case may be, and not constituting Material Owned Real Property, provided that the aggregate outstanding principal
amount of Indebtedness permitted by this clause (v) shall not, when aggregated with the aggregate principal amount of Indebtedness
outstanding in reliance on clause (xii) below, exceed $15,000,000 at any time;

 

(vi)             
intercompany Indebtedness of the Borrower or any Subsidiary owing to and held by the Borrower or any Subsidiary; provided,
however, that (A) if the Borrower or any Guarantor is the obligor on such Indebtedness and any Subsidiary (other than a
Guarantor) is the obligee thereof, such Indebtedness must be unsecured and expressly subordinated to the prior payment in full
in cash of all Secured Obligations (including, with respect to any Guarantor, its obligations under the Security Agreement), (B)
Indebtedness owed to the Borrower or any Guarantor must be evidenced by the Master Intercompany Note or an unsubordinated promissory
note pledged to the Administrative Agent under the Security Agreement and (C) Indebtedness of Subsidiaries (other than Guarantors)
owed to the Borrower and/or a Guarantor may not exceed $35,000,000 in the aggregate at any time outstanding;

 

(vii)           
Guarantees by (A) any Loan Party of Indebtedness of any other Loan Party, (B) any Non-Loan Party Subsidiary of Indebtedness
of any other Non-Loan Party Subsidiary, and (C) any Non-Loan Party Subsidiary of any Indebtedness of any Loan Party, provided
that, in each case, such Indebtedness is otherwise permitted by this Section 7.1(a) and is not Indebtedness under the
Subordinated Note as described in Section 7.1(a)(iv) above

 

(viii)         
obligations under any Swap Agreements permitted by Section 7.7;

 

(ix)             
unsecured guarantees arising as a result of customary indemnification obligations to purchasers that are not Affiliates
of a Loan Party in connection with any Disposition permitted by Section 7.5;

 

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(x)               
Indebtedness incurred in the ordinary course of business under (A) appeal bonds or similar instruments and (B) surety bonds,
payment bonds, performance bonds, bid bonds, completion guarantees and similar obligations, workers’ compensation claims,
health, disability or other employee benefits, and bankers acceptances issued for the account of any Loan Party or its Subsidiaries
and unsecured guarantees thereof;

 

(xi)             
contingent payment obligations and contingent liabilities in respect of any indemnification obligations and adjustments
of purchase price, in each case in connection with a Permitted Acquisition; and

 

(xii)           
additional unsecured Indebtedness in an aggregate outstanding principal amount, when aggregated with the aggregate principal
amount of Indebtedness outstanding in reliance on clause (v) above, shall not exceed $15,000,000 at any time.

 

The Borrower and its Subsidiaries may not incur Indebtedness
under the Subordinated Note other than under clause (iv) above.

 

(b)               
the Borrower will not, and will not permit any of its Subsidiaries to, (i) issue any Disqualified Equity Interests, or (ii)
be or become liable in respect of any obligation (contingent or otherwise) to purchase, redeem, retire, acquire or make any other
payment in respect of any Equity Interests of any Loan Party or any of its Subsidiaries, except as permitted under Section 7.8.

 

Section 7.2              
Liens. The Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to
exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including
accounts receivable) or rights in respect of any thereof, except:

 

(a)               
Liens created under the Loan Documents;

 

(b)               
Permitted Encumbrances;

 

(c)               
any Lien on any property or asset of the Borrower or any Subsidiary existing on the Agreement Date and set forth in Schedule
7.2, provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary and
(ii) such Lien shall secure only those obligations which it secures on the Agreement Date and any extensions, renewals and replacements
thereof that do not increase the outstanding principal amount thereof;

 

(d)               
Liens securing Indebtedness permitted by Section 7.1(a)(iii) or (iv); provided that (i) in the case
of Liens securing Indebtedness permitted by Section 7.1(a)(iii), (A) such Lien and the Indebtedness secured thereby are
incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement and (B) the Indebtedness
secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and (ii) in each
such case, such Lien shall not apply to any other property or assets of the Borrower or any Subsidiary;

 

(e)               
any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing
on any property or asset of any Person that becomes a Subsidiary after the Agreement Date prior to the time such Person becomes
a Subsidiary, provided that (i) such Lien secures Indebtedness permitted by Section 7.1(a)(v), (ii) such Lien is not created
in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as applicable, (iii) such Lien
shall not apply to any other property or assets of the Borrower or any Subsidiary and (iv) such Lien shall secure only the Indebtedness
and other obligations that it secures on the date of such extensions, renewals, or replacements of any Lien referred to in subsections
(a) through (e) of this Section 7.2; provided, that the principal amount of the Indebtedness secured thereby is not increased
and that any such extension, renewal or replacement is limited to the assets originally encumbered thereby;

 

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(f)                
extensions, renewals, or replacements of any Lien referred to in subsections (a) through (e) of this Section 7.2;
provided, that the principal amount of the Indebtedness secured thereby is not increased and that any such extension, renewal or
replacement is limited to the assets originally encumbered thereby; and

 

(g)               
Liens (i) of a collection bank arising under Section 4-208 of the Uniform Commercial Code on the items in
the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in
the ordinary course of business and not for speculative purposes and (iii) in favor of a banking or other financial institution
arising as a matter of law encumbering deposits or other funds maintained with a financial institution (including the right of
setoff) and that are within the general parameters customary in the banking industry.

 

Section 7.3              
Fundamental Changes; Business; Fiscal Year.

 

(a)               
The Borrower will not, and will not permit any of its Subsidiaries to, merge into or consolidate with any other Person,
or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise Dispose of (in one transaction
or in a series of transactions) all or substantially all of its assets, or all or substantially all of the Equity Interests issued
by any of its Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, provided that,
if at the time thereof and immediately after giving effect thereto, no Default or Event of Default shall or would have occurred
and be continuing:

 

(i)                
any Wholly-Owned Subsidiary of the Borrower may merge into or consolidate with (A) the Borrower in a transaction in which
the Borrower is the surviving entity, (B) any Guarantor in a transaction in which such Guarantor is the surviving entity, and (C)
to the extent such Subsidiary is a Non-Loan Party Subsidiary, any other Non-Loan Party Subsidiary;

 

(ii)              
the Borrower or any Subsidiary may merge into or consolidate with any Person in a transaction that is not permitted by Section 7.3(a)(i),
provided that (x) in the case of a merger involving the Borrower, the Borrower shall be the surviving entity of such merger,
(y) such merger is permitted by Section 7.4 and either (A) the Guarantor shall be the surviving entity or (B) such
other Person shall become a Guarantor pursuant to Section 6.12, and (z) such merger shall not be prohibited by Section 7.5;

 

(iii)            
(A) any Subsidiary of a Loan Party may sell, transfer, lease or otherwise Dispose of all or substantially all of its assets
to the Borrower or to any Guarantor and (B) any Non-Loan Party Subsidiary may sell, transfer, lease or otherwise Dispose of all
or substantially all of its assets to the Borrower or any Subsidiary of the Borrower;

 

(iv)             
the Borrower or any of its Subsidiaries may sell, transfer, lease or otherwise Dispose of its assets in a transaction that
is not permitted by Section 7.3(a)(iii), provided that such sale, transfer, lease or other Disposition is permitted
by Section 7.5; and

 

(v)               
(A) any Non-Loan Party Subsidiary may liquidate or dissolve so long as any remaining assets are transferred to another
Non-Loan Party Subsidiary or a Loan Party and (B) any Guarantor may liquidate or dissolve so long as any remaining assets of
such Guarantor are transferred to another Loan Party; provided that, in each case, the Borrower determines in good faith
that such liquidation or dissolution is in the best interests of Borrower and its Subsidiaries and is not disadvantageous to the
Administrative Agent or any Lender in any material respect.

 

    	 	96	 

     

    

 

(b)               
The Borrower will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other
than an Approved Line of Business.

 

(c)               
The Borrower will not, and will not permit any of its Subsidiaries to, change its Fiscal Year.

 

Section 7.4              
Investments, Loans, Advances, Guarantees and Acquisitions. The Borrower will not, and will not permit any of its
Subsidiaries to, purchase, hold or acquire (including pursuant to any merger) any Investment, make or permit to exist any Guarantees
of any obligations of, or make or permit to exist any investment or any other interest in, any other Person, make any Acquisition
or purchase or otherwise enter into or become party to any derivative transaction, except:

 

(a)               
Investments in cash and Cash Equivalents;

 

(b)               
Investments existing on the Agreement Date and set forth in Schedule 5.13 and Schedule 7.4;

 

(c)               
Investments made by the Borrower or any Subsidiary in the Borrower or any other Subsidiary; provided that the aggregate
outstanding amount of Investments by Loan Parties in Non-Loan Party Subsidiaries shall not exceed $35,000,000 at any time;

 

(d)               
Swap Agreements permitted by Section 7.7;

 

(e)               
Permitted Acquisitions;

 

(f)                
Guarantees constituting Indebtedness permitted by Section 7.1; provided, that the aggregate principal amount of Indebtedness
of Subsidiaries that are not Subsidiary Loan Parties that is Guaranteed by any Loan Party shall be subject to the limitation set
forth in subsection (c) above;

 

(g)               
Loans or advances to employees, officers or directors of the Borrower or any Subsidiary in the ordinary course of business
for travel, relocation and related expenses; provided, however, that the aggregate amount of all such loans and advances
does not exceed $1,000,000 at any time;

 

(h)               
repurchases of Area Development Rights; provided,
that for purposes of this clause (h), (x) no Default or Event of Default shall have occurred and be continuing at the time such
repurchase is made nor would occur after giving effect thereto and (y) after giving Pro Forma Effect to such repurchase,
the Leverage Ratio shall not exceed the ratio that is 0.25x lower than the Leverage Ratio then permitted under Section 7.12(a);

 

(i)                
(i) promissory notes and other non-cash consideration received in connection with Dispositions permitted by Section 7.5
and (ii) Investments received in settlement of amounts due to any Loan Party or any of its Subsidiaries effected in the ordinary
course of business as a result of insolvency, bankruptcy, reorganization, or other similar proceeding involving an account debtor
or upon the foreclosure or enforcement of any Lien in favor of a Loan Party or its Subsidiaries;

 

(j)                
Investments of any Person existing at the time such Person becomes a Subsidiary or consolidates or merges with the Borrower
or any Subsidiary thereof (including in connection with a Permitted Acquisition) so long as such Investments were not made in contemplation
of such Person becoming a Subsidiary or of such consolidation or merger;

 

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(k)               
Investments of any Person existing at the time such Person becomes a Subsidiary or consolidates or merges with Borrower
or any Subsidiary thereof (including in connection with a Permitted Acquisition) so long as such Investments were not made in contemplation
of such Person becoming a Subsidiary or of such consolidation or merger;

 

(l)                
deposits of cash made in the ordinary course of business to secure performance of (i) operating leases and (ii) other contractual
obligations that do not constitute Indebtedness, including earnest money deposits made in cash in connection with any letter of
intent or purchase agreement in connection with a Permitted Acquisition;

 

(m)             
Investments in negotiable instruments deposited or to be deposited for collection in the ordinary course of business;

 

(n)               
Loans to area developers or franchisees made in the ordinary course of business of the Borrower in connection with the acquisition
by the Borrower of Area Development Rights or Franchise Rights, as applicable, whether or not evidenced by Franchisee Notes; provided
that any such loan having an outstanding principal amount in excess of $500,000 shall be evidenced by a Franchisee Note;

 

(o)               
Loans to area developers or franchisees for operating costs and expenses made in the ordinary course of business of the
Borrower consistent with past practices; provided that (i) any such loan having an outstanding principal amount in excess of $500,000
shall be evidenced by a Franchisee Note and (ii) the aggregate principal amount of loans outstanding in reliance on this clause
(o) shall not exceed $85,000,000 at any time; and

 

(p)               
so long as no Default shall have occurred and be continuing or would immediately result therefrom, other Investments by
the Borrower and its Subsidiaries after the Agreement Date in an aggregate outstanding amount not to exceed $5,000,000 at any time.

 

In determining the amount
of Investments, acquisitions, loans, and advances permitted under this Section 7.4, Investments and acquisitions shall
always be taken at the original cost thereof (regardless of any subsequent appreciation or depreciation therein) minus all
returns of principal, capital, dividends, distributions and other cash returns thereof and minus all liabilities expressly
assumed by another Person in connection with the sale or other Disposition of any Investment, and loans and advances shall be taken
at the principal amount thereof then remaining unpaid.

 

Section 7.5              
Dispositions. The Borrower will not, and will not permit any of its Subsidiaries to, Dispose of any of its assets
except:

 

(a)               
the sale or lease of inventory in the ordinary course of business;

 

(b)               
the use or transfer of money, cash or Cash Equivalents in a manner that is not prohibited by the terms of this Credit Agreement
or the other Loan Documents;

 

(c)               
the licensing and sublicensing on a non-exclusive basis of patents, trademarks, copyrights, and other intellectual property
rights in the ordinary course of business, and the leasing and subleasing of any other property;

 

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(d)               
the granting of Liens permitted hereunder and the other transactions permitted by Section 7.2;

 

(e)               
any Casualty Event and the Disposition of any property subject thereto;

 

(f)                
the abandonment, cancellation or lapse of issued patents, registered trademarks and other registered intellectual property
of a Loan Party or Subsidiary thereof to the extent, in such Loan Party’s reasonable business judgment, not economically
desirable in the conduct of such Loan Party’s business or so long as such lapse is not materially adverse to the interests
of the Lenders and (ii) the expiration of patents in accordance with their statutory terms;

 

(g)               
any trade in of equipment in exchange for other equipment in the ordinary course of business;

 

(h)               
the Disposition of obsolete or worn out property in the ordinary course of business;

 

(i)                
the unwinding or terminating of hedging arrangements or transactions contemplated by any Swap Agreement which are not prohibited
hereunder;

 

(j)                
the sale of Area Development Rights, Franchise Rights and store locations (and customer lists and other assets related only
thereto) owned by the Borrower or any other Loan Party, in each case, in the ordinary course of business and consistent with past
practices;

 

(k)               
the Disposition of fee ownership interests in Real Property not constituting Material Owned Real Property (i) in any Sale
and Leaseback arrangement permitted under Section 7.6 or (ii) having an aggregate fair market value for all assets Disposed
of in reliance on this clause (ii) not exceeding $15,000,000 in any Fiscal Year less the fair market value of assets Disposed
of in such Fiscal Year in reliance on Section 7.6; and

 

(l)                
the sale or other disposition of such assets in an aggregate amount not to exceed $5,000,000 in any Fiscal Year;

 

provided that any Disposition pursuant
to subsections (a), (c), (g), (i), (j), (k) or (l) of this Section 7.5
is for fair market value.

 

To the extent the Required Lenders or all
the Lenders, as applicable, waive the provisions of this Section 7.5 with respect to the sale of any Collateral, or
any Collateral is sold as permitted by this Section 7.5, such Collateral (unless sold to a Loan Party) shall be sold
automatically free and clear of the Liens created by the Collateral Documents and, at the expense of the Loan Parties, the Administrative
Agent shall take all reasonable actions any Loan Party reasonably requests in writing in order to effect the foregoing.

 

Section 7.6              
Sale and Leaseback Transactions. The Borrower will not, and will not permit any of its Subsidiaries to, enter into
any Sale and Leaseback arrangement, directly or indirectly, with any Person other than in respect of Sale and Leaseback transactions
involving the Disposition of assets having an aggregate fair market value for all assets so Disposed of not exceeding $15,000,000
in any Fiscal Year, less the fair market value of assets Disposed of in such Fiscal Year in reliance on Section 7.5(k)(ii).

 

Section 7.7              
Swap Agreements. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement,
except Swap Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any
Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or any Subsidiary) and that are
not for speculative purposes.

 

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Section 7.8              
Restricted Payments. The Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree
to pay for or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so,
except:

 

(a)               
subject to the Collateral and Guarantee Requirement, any Subsidiary of the Borrower may declare and pay, and agree to pay,
dividends and other distributions with respect to its Equity Interests payable solely in Equity Interests (other than Disqualified
Equity Interests),

 

(b)               
any Subsidiary of the Borrower may declare and pay dividends or other distributions with respect to its Equity Interests
to the Borrower or any Guarantor; provided that such dividends are on at least a pro rata basis with any other shareholders
if such Subsidiary is not wholly owned by the Borrower and other wholly owned Subsidiaries,

 

(c)               
[reserved];

 

(d)               
[reserved]; and

 

(e)               
the making of dividends or distributions by a Non-Loan Party Subsidiary to a Loan Party or another Non-Loan Party Subsidiary.

 

Section 7.9              
Transactions with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to, Dispose (including
pursuant to a merger) of any property or assets to, or purchase, lease or otherwise acquire (including pursuant to a merger) any
property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) transactions in
the ordinary course of business and at prices and on terms and conditions not less favorable to such Loan Party or such Subsidiary
than could be obtained on an arm’s-length basis from unrelated third parties (it being understood that this Section shall
not apply to any transaction that is expressly permitted under Sections 7.1, 7.3, 7.4, 7.5 or
7.8 of this Credit Agreement entirely between or among the Loan Parties and not involving any other Affiliate), (b) any
Restricted Payment permitted by Section 7.8, (c) the Transactions and (d) transactions pursuant to the Subordinated Note.

 

Section 7.10           
Restrictive Agreements. The Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly,
enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon
(a) the ability of any Loan Party or any of its Subsidiaries to create, incur or permit to exist any Lien upon any of its property
or assets (unless such agreement or arrangement does not prohibit, restrict or impose any condition upon the ability of any Loan
Party to create, incur or permit to exist, or the ability of the Administrative Agent to exercise any right or remedy with respect
to, any Lien in favor of the Administrative Agent on behalf of the Secured Parties created under the Loan Documents) or (b) the
ability of any Subsidiary to pay dividends or make other distributions with respect to any of its Equity Interests or to make or
repay loans or advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary,
provided that (i) the foregoing shall not apply to (A) restrictions and conditions imposed by law or by the Loan Documents,
(B) restrictions and conditions existing on the Agreement Date identified on Schedule 7.10 (but shall apply to any
extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), and (C) customary
restrictions and conditions contained in agreements relating to the sale of a subsidiary pending such sale, provided that
such restrictions and conditions apply only to its Subsidiary that is to be sold and such sale is permitted hereunder, (ii) clause
(a) of this Section shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted
by this Credit Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness, and
(iii) clause (a) of this Section shall not apply to customary provisions in leases restricting the assignment thereof.

 

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Section 7.11           
Amendment of Material Documents. The Borrower will not, and will not permit any of its Subsidiaries to, (a) amend,
supplement modify or waive any of its rights under any document governing Junior Debt (other than the Subordinated Note) or any
of its Organizational Documents, other than immaterial amendments, modifications or waivers that could not reasonably be expected
to adversely affect the Credit Parties, provided that the Borrower shall deliver or cause to be delivered to the Administrative
Agent and each Lender a copy of all amendments, modifications or waivers thereto promptly after the execution and delivery thereof
or (b) amend, supplement, modify or waive any of its rights under the Subordinated Note (including by reducing or terminating any
commitment thereunder).

 

Section 7.12           
Financial Covenants.

 

(a)               
Leverage Ratio. The Borrower will not permit the Leverage Ratio as of the end of any fiscal quarter to be greater
than 3.00:1.00 (or, with respect to the third fiscal quarter of any Fiscal Year, 5.25:1.00).

 

(b)               
Fixed Charge Coverage Ratio. The Borrower will not permit the Fixed Charge Coverage Ratio as of the end of any fiscal
quarter to be less than 1.50:1.00.

 

(c)               
Consolidated Net Worth. The Borrower will maintain, as of the end of each Fiscal Year commencing with the Fiscal
Year ending April 30, 2019, its Consolidated Net Worth in an amount not less than $50,000,000.

 

Section 7.13           
Payments on Junior Debt. The Borrower will not, and will not permit any of its Subsidiaries to, declare or make,
or agree to pay for or make, directly or indirectly, any payment of principal or interest or any purchase, redemption, retirement,
acquisition or defeasance with respect to any Junior Debt except that so long as no Default shall have occurred and shall be continuing
or would immediately result therefrom, (a) the Borrower or any Subsidiary may make payments on Subordinated Debt (other than the
Subordinated Note) to the extent permitted by the subordination provisions applicable thereto and (b) the Borrower may make current
(and not accelerated) payments of interest in kind (but not in cash) on the Subordinated Note.

 

Section 7.14           
Government Regulation. The Borrower will not, and will not permit any of its Subsidiaries to, (a) at any time be
or become the subject of any law, regulation, or list of any government agency (including the United States Office of Foreign Asset
Control list) that prohibits or limits any Lender from making any loans or extension of credit (including the Loans and the Letters
of Credit) to any Loan Party or from otherwise conducting business with any Loan Party, or (b) fail to provide documentary and
other evidence of any Loan Party’s identity as may be requested by any Credit Party at any time to enable such Credit Party
to verify any Loan Party’s identity or to comply with any applicable law or regulation, including Section 326 of the USA
PATRIOT Act.

 

Section 7.15           
Hazardous Materials. The Borrower will not, and will not permit any of its Subsidiaries or agents to, cause or permit
a Release or threat of Release of Hazardous Materials on, at, in, above, to, from or about any of the property where such Release
or threat of Release would (a) violate, or form the basis for any Environmental Claims under, any Environmental Law or any Environmental
Permit or (b) otherwise adversely impact the value or marketability of any property of any Loan Party or any of its Subsidiaries
or any of the Collateral, other than such Release, violation or Environmental Claim as could not reasonably be expected to result
in a material Environmental Liability.

 

    	 	101	 

     

    

 

Article
8

Events of Default

 

Section 8.1              
Events of Default. Any of the following shall constitute an Event of Default:

 

(a)               
Non-Payment of Principal or L/C Disbursement. Any Loan Party shall fail to pay any principal of any Loan or any reimbursement
obligation in respect of any L/C Disbursement when and as the same shall become due and payable, whether at the due date thereof
or at a date fixed for prepayment thereof or otherwise.

 

(b)               
Other Non-Payment. Any Loan Party shall fail to pay any interest on any Loan or on any reimbursement obligation in
respect of any L/C Disbursement or any fee, commission or any other amount (other than an amount referred to in clause (a) of this
Section) payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied
for a period of five Business Days.

 

(c)               
Representations and Warranties. Any representation or warranty made or deemed made by or on behalf of any Loan Party
or any of its Subsidiaries in or in connection with any Loan Document or any amendment or modification hereof or waiver thereunder,
or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Loan Document
or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when
made or deemed made.

 

(d)               
Specific Covenants. Any Loan Party shall fail to observe or perform any covenant, condition or agreement contained
in Sections 6.3, 6.7, 6.8, 6.10, 6.15 or 6.16 or in Article 7 or any
Loan Party shall fail to observe or perform any covenant, condition or agreement contained in the Guarantee Agreement or any Collateral
Document to which it is a party.

 

(e)               
Other Covenants. Any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in
any Loan Document to which it is a party (other than those specified in clause (a), (b) or (d) of this Article), and such failure
shall continue unremedied for a period of 10 days after the occurrence thereof (in the case of Section 6.1, 6.2(a),
6.12 or 6.14) or 30 days after the occurrence thereof (in the case of any other covenant, condition or agreement).

 

(f)                
Cross Default - Payment Default on Material Indebtedness. Any Loan Party shall fail to make any payment (whether
of principal, interest or otherwise and regardless of amount) in respect of any Material Indebtedness when and as the same shall
become due and payable (after giving effect to any applicable notice, cure or grace period).

 

(g)               
Other Cross-Defaults. (i) Any event or condition occurs that results in any Material Indebtedness becoming due prior
to its scheduled maturity or payment date, or that enables or permits (with or without the giving of notice, the lapse of time
or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material
Indebtedness to become due prior to their scheduled maturity or payment date or to require the prepayment, repurchase, redemption
or defeasance thereof prior to their scheduled maturity or payment date (in each case after giving effect to any applicable notice
and any applicable cure period), provided that this clause (g) shall not apply to secured Indebtedness that becomes due
solely as a result of the voluntary sale, transfer or other disposition of the property or assets securing such Indebtedness; or
(ii) any Loan Party or any of its Subsidiaries shall breach or default on any payment obligation constituting a Swap Agreement
Obligation.

 

    	 	102	 

     

    

 

(h)               
Involuntary Proceedings. An involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking
(i) liquidation, reorganization or other relief in respect of any Loan Party or any of its Subsidiaries or its debts, or of a substantial
part of its assets, under any Debtor Relief Law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for any Loan Party or any of its Subsidiaries or for a substantial part of its assets,
and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering
any of the foregoing shall be entered.

 

(i)                
Voluntary Proceedings. Any Loan Party or any of its Subsidiaries shall (i) voluntarily commence any proceeding or
file any petition seeking liquidation, reorganization or other relief under any Debtor Relief Law now or hereafter in effect, (ii)
consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause
(h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator
or similar official for any Loan Party or any of its Subsidiaries or for a substantial part of its assets, (iv) file an answer
admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the
benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing.

 

(j)                
Inability to Pay Debts. Any Loan Party or any of its Subsidiaries shall become unable, admit in writing its inability
or fail generally to pay its debts as they become due.

 

(k)               
Judgments. (i) One or more judgments for the payment of money in an aggregate amount in excess of the Threshold Amount
shall be rendered against any Loan Party or any of its Subsidiaries or any combination thereof (which shall not be fully covered
(without taking into account any applicable deductibles) by insurance from an unaffiliated insurance company with an A.M. Best
financial strength rating of at least A-, it being understood that even if such amounts are covered by insurance from such an insurance
company, such amounts shall count against such basket if responsibility for such amounts has been denied by such insurance company)
or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, and, in either case, the same shall remain undischarged or unbonded for a period of 30 consecutive
days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach
or levy upon any assets of any Loan Party or any of its Subsidiaries to enforce any such judgment.

 

(l)                
ERISA Events. (i) An ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together
with all other ERISA Events that have occurred, could reasonably be expected to result in liability of any Loan Party or any of
its Subsidiaries (or in the case of an ERISA Event described in subsection (b) of the definition of that term in Section 1.1,
could reasonably be expected to subject any Loan Party, any of its Subsidiaries, any Pension Plan, any trust created thereunder,
any trustee or administrator thereof, or any party dealing with any Pension Plan or trust to a tax or penalty on “prohibited
transactions” under Section 502 of ERISA or Section 4975 of the Code) in an aggregate amount exceeding the Threshold
Amount for all periods, (ii) an ERISA Event shall occur with respect to a Pension Plan or Multiemployer Plan that constitutes grounds
for appointment of a trustee for or termination by the PBGC of any Pension Plan or Multiemployer Plan; (iii) a Loan Party or ERISA
Affiliate shall fail to pay when due any installment payment with respect to its withdrawal liability under Section 4201 of
ERISA under a Multiemployer Plan; (iv) any event similar to the foregoing shall occur or exist with respect to a Foreign Plan;
or (v) there shall be at any time a Lien imposed against the assets of any Loan Party or ERISA Affiliate under Section 412
or Section 430 of the Code or Sections 302, Section 303, or Section 4068 of ERISA.

 

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(m)             
Invalidity of Loan Documents. Any Loan Document shall cease, for any reason, to be in full force and effect, or any
Loan Party shall so assert in writing or shall disavow any of its obligations thereunder.

 

(n)               
Liens. Any Lien purported to be created under any Collateral Document shall cease to be, or shall be asserted by
any Loan Party not to be, a valid and perfected Lien on a material portion of the Collateral, with the priority required by the
applicable Collateral Document, except (i) as a result of the sale or other disposition of the applicable Collateral in a transaction
permitted under the Loan Documents or (ii) as a result of the Administrative Agent’s failure to maintain possession of any
stock certificates, promissory notes or other instruments delivered to it under the Security Agreement.

 

(o)               
Licenses. There shall occur the loss, suspension or revocation of, or failure to renew any license or permit now
held or hereafter acquired if such loss, suspension, revocation or failure to renew could reasonably be expected to have a Material
Adverse Effect.

 

(p)               
Change of Control. A Change of Control shall occur.

 

(q)               
Subordination. The subordination provisions of the documents evidencing or governing any Junior Debt (the “Subordination
Provisions”) shall, in whole or in part, terminate, cease to be effective or cease to be legally valid, binding and enforceable
against any holder of the applicable Junior Debt; or (ii) either Borrower or any other Loan Party shall, directly or indirectly,
disavow or contest in any manner (A) the effectiveness, validity or enforceability of any of the Subordination Provisions, (B)
that the Subordination Provisions exist for the benefit of the Administrative Agent, the Lenders and the L/C Issuer or (C) that
all payments of principal of or premium and interest on the applicable Junior Debt, or realized from the liquidation of any property
of any Loan Party, shall be subject to any of the Subordination Provisions.

 

Section 8.2              
Remedies Upon Event of Default. If any Event of Default occurs and is continuing, then, and in every such event (other
than an event described in Section 8.1(h) or (i)), and at any time thereafter during the continuance of such
event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or
both of the following actions (whether before or after the Closing Date), at the same or different times: (i) terminate the Commitments,
and thereupon the Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole
(or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable),
and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees
and other obligations of each Loan Party accrued under the Loan Documents, shall become due and payable immediately, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Borrower, and (iii) require that the Borrower
Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect thereto) and thereupon
such Cash Collateral shall become due and payable immediately, without presentment, demand, protest or other notice of any kind,
all of which are hereby waived by the Borrower, and in case of any event described in Section 8.1(h) or (i),
the Commitments shall automatically terminate (whether before or after the Closing Date) the principal of the Loans then outstanding,
together with accrued interest thereon and all fees and other obligations of each Loan Party accrued under the Loan Documents,
shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are
hereby waived by the Borrower and Cash Collateral for the L/C Obligations as described above shall automatically become due and
payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

 

Section 8.3              
Application of Funds. After the exercise of remedies provided for in Section 8.2 (or after the Loans
have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized
as set forth in Section 2.10), any amounts received on account of the Secured Obligations shall be applied by the Administrative
Agent in the following order:

 

    	 	104	 

     

    

 

First, to the payment
of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges
and disbursements of counsel to the Administrative Agent and amounts payable under Article 3), in each case payable
to the Administrative Agent in its capacity as such;

 

Second, to the extent
of any excess of such proceeds, to the payment of that portion of the Secured Obligations constituting fees, indemnities, expenses
and other amounts (including fees, charges and disbursements of counsel to the L/C Issuer and the L/C Fronting Fee), in each
case payable to the L/C Issuer in its capacity as such;

 

Third, to the extent
of any excess of such proceeds, to the payment of that portion of the Secured Obligations constituting fees, indemnities and other
amounts, payable to the Credit Parties (including fees, charges and disbursements of counsel to the respective Credit Parties and
amounts payable under Article 3 but excluding fees described in Section 3.2(b)), ratably among them in
proportion to the respective amounts described in this clause Third payable to them;

 

Fourth, to the extent
of any excess of such proceeds, to the payment of that portion of the Secured Obligations constituting accrued and unpaid fees
under Section 3.2(b) and interest on the Loans, L/C Obligations and other Secured Obligations, ratably among the Credit
Parties in proportion to the respective amounts described in this clause Fourth payable to them;

 

Fifth, to the extent
of any excess of such proceeds, to the payment of that portion of the Secured Obligations constituting unpaid principal of the
Loans and L/C Obligations, the Cash Management Obligations and the Swap Agreement Obligations, ratably among the Secured Parties
in proportion to the respective amounts described in this clause Fifth held by them;

 

Sixth, to the extent
of any excess of such proceeds, to the Administrative Agent for the account of the L/C Issuer, to Cash Collateralize that
portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit;

 

Seventh, to the extent
of any excess of such proceeds, to the payment of all other Secured Obligations of the Loan Parties owing under or in respect of
the Loan Documents that are due and payable to the Credit Parties, or any of them, on such date, ratably based on the respective
aggregate amounts of all such Secured Obligations owing to the Administrative Agent and the Lenders on such date; and

 

Last, to the extent
of any excess of such proceeds, the balance, if any, after all of the Secured Obligations (other than unasserted contingent indemnification
and unasserted expense reimbursement obligations in each case not yet due and payable) have been paid in full, to the Borrower
or as otherwise required by law.

 

Subject to Section 2.10, amounts
used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied
to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters
of Credit have either been fully drawn or expired, such remaining amount shall be applied to the Secured Obligations, if any, in
the order set forth above. Notwithstanding anything to the contrary set forth above, Excluded CEA Swap Obligations with respect
to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall be
made with respect to payments from other Loan Parties to preserve the allocation to Secured Obligations otherwise set forth above
in this Section.

 

    	 	105	 

     

    

 

Article
9

The Administrative Agent

 

Section 9.1              
Appointment and Authority. Each of the Lenders and the L/C Issuer hereby irrevocably appoints Citizens Bank
to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative
Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms
hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are
solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and neither the Borrower nor any other
Loan Party shall have rights as a third-party beneficiary of any of such provisions. It is understood and agreed that the use of
the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative
Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable
law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship
between contracting parties.

 

Section 9.2              
Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the
term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates
may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for,
and generally engage in any kind of business with, the Borrower or any Subsidiary or other Affiliate thereof as if such Person
were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

Section 9.3              
Exculpatory Provisions.

 

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

 

(i)                
shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(ii)              
shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights
and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as
directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for
herein or in the other Loan Documents); provided that the Administrative Agent shall not be required to take any action
that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any
Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay
under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in
violation of any Debtor Relief Law; and

 

    	 	106	 

     

    

 

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

 

(b)               
The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request
of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent
shall believe in good faith shall be necessary, under the circumstances as provided in Section 8.2 and Section 11.2),
or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by
final and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until
notice describing such Default is given to the Administrative Agent in writing by the Borrower, a Lender or the L/C Issuer.

 

(c)               
The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty
or representation made in or in connection with this Credit Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default,
(iv) the validity, enforceability, effectiveness or genuineness of this Credit Agreement, any other Loan Document or any other
agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article 4 or elsewhere herein,
other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

(d)               
The Administrative Agent shall not be responsible or have any liability for, or have any duty to investigate a violation
or potential violation of an Environmental Law or a Release or threat of Release of a Hazardous Material pursuant to Section 6.13,
nor shall it have any liability for any action it takes or does not take in connection with any such investigation.

 

Section 9.4              
Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including
any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to
it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or
increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the
Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Administrative
Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the making of such Loan or the
issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower),
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts.

 

Section 9.5              
Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent.
The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or
through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the
Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection
with the syndication of the Credit Facility as well as activities as Administrative Agent. The Administrative Agent shall not be
responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines
in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection
of such sub-agents.

 

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Section 9.6              
Resignation of Administrative Agent.

 

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

 

(b)               
If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the
Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such
Person as Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been
so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed
by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective
in accordance with such notice on the Removal Effective Date.

 

(c)               
With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed
Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that
in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuer under any
of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such
time as a successor Administrative Agent is appointed) and (ii) except for any indemnity payments owed to the retiring or removed
Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative
Agent shall instead be made by or to each Lender and the L/C Issuer directly, until such time, if any, as the Required Lenders
appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative
Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring or removed Administrative Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative
Agent), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or
under the other Loan Documents. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those
payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative
Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 10.3
shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective
Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative
Agent was acting as Administrative Agent.

 

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Section 9.7              
Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the L/C Issuer acknowledges that it
has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based
on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Credit
Agreement. Each Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative
Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to
time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Credit Agreement,
any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

Section 9.8              
No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Lead Arrangers or any agent listed
on the cover page hereof shall have any powers, duties or responsibilities under this Credit Agreement or any of the other Loan
Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the L/C Issuer hereunder.

 

Section 9.9              
Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief
Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal
of any Loan or reimbursement for any L/C Disbursement shall then be due and payable as herein expressed or by declaration or otherwise
and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered
(but not obligated) by intervention in such proceeding or otherwise:

 

(a)               
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C
Obligations and all other Loan Document Obligations that are owing and unpaid and to file such other documents as may be necessary
or advisable in order to have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any claim
for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative
Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative
Agent under Section 10.3) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
and the L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall
consent to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any
amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and
counsel, and any other amounts due the Administrative Agent Section 10.3.

 

Section 9.10           
Collateral and Guarantee Matters.

 

(a)               
The Secured Parties irrevocably authorize the Administrative Agent, at its option and in its discretion,

 

(i)                
to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (A) at the Termination
Date, (B) that is sold or otherwise Disposed of or to be sold or otherwise Disposed of as part of or in connection with any sale
or other Disposition permitted under the Loan Documents (including all of the Collateral of a Guarantor which is released from
its obligations under the Loan Documents pursuant to clause (iii) below); provided, however, any sale or Disposition of
all or substantially all of the Collateral or all or substantially all of the value of the Guarantees under the Guarantee Agreement
shall be subject to Section 10.2(b), or (C) subject to Section 10.2, if approved, authorized or ratified
in writing by the Required Lenders;

 

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(ii)              
to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder
of any Lien on such property that is permitted by Section 7.2(d); and

 

(iii)            
to release any Guarantor from its obligations under the Loan Documents if such Person ceases to be a Subsidiary as a result
of a transaction permitted under the Loan Documents, provided, however, that the release of all or substantially
all of the Collateral or all or substantially all of the value of the Guarantees under the Guarantee Agreement shall be subject
to Section 10.2(b).

 

Upon request by the Administrative Agent
at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate
its interest in particular types or items of property, or to release any Guarantor from its obligations under the Loan Documents
pursuant to this Section 9.10.

 

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

 

Section 9.11           
Compliance with Flood Insurance Laws. The Administrative Agent has adopted internal policies and procedures that
address requirements placed on federally regulated lenders under the Flood Insurance Laws and will post on the applicable electronic
platform (or otherwise distribute to each Lender documents that it receives in connection with the Flood Insurance Laws (collectively,
the “Flood Documents”); provided, however that the Administrative Agent makes no representation or warranty
with respect to the adequacy of the Flood Documents or their compliance with the Flood Insurance Laws. Each Lender acknowledges
and agrees that it is individually responsible for its own compliance with the Flood Insurance Laws and that it shall, independently
and without reliance upon Administrative Agent or any other Lender and based on such documents and information as it shall from
time to time deem appropriate, including the Flood Documents posted or distributed by the Administrative Agent, continue to do
its own due diligence to ensure its compliance with the Flood Insurance Laws.

 

Section 9.12           
Cash Management Obligations and Swap Agreement Obligations. Except as otherwise expressly set forth herein or in
the Security Agreement, any other Collateral Document or any other Loan Document, no Person holding Cash Management Obligations
or Swap Agreement Obligations that obtains the benefits of any Guarantee under the Guarantee Agreement or any Collateral by virtue
of the provisions hereof or of any Loan Document shall have any right to notice of any action or to consent to, direct or object
to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment
of any Collateral or amendment to any Loan Document (including any Collateral Document) other than in its capacity as a Lender
or Administrative Agent and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other
provision of this Article 9 to the contrary, the Administrative Agent shall not be required to verify the payment of,
or that other satisfactory arrangements have been made with respect to, Cash Management Obligations or Swap Agreement Obligations
except to the extent expressly required hereunder, provided that the Administrative Agent has received a Secured Obligation
Designation Notice, together with such supporting documentation as the Administrative Agent may request, from the applicable Person
holding such Secured Obligations. The Administrative Agent shall not be required to verify the payment of, or that other satisfactory
arrangements have been made with respect to, Cash Management Obligations and Swap Agreement Obligations in the case of the Termination
Date.

 

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Article
10

Miscellaneous

 

Section 10.1           
Notices.

 

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

 

(i)                
if to any Loan Party, to the address, facsimile number, electronic mail address or telephone number specified for such Person
on Schedule 10.1;

 

(ii)              
the Administrative Agent, the L/C Issuer or the Swingline Lender, to the address, facsimile number, electronic mail
address or telephone number specified for such Person on Schedule 10.1; and

 

(iii)            
if to any other Credit Party, the address, facsimile number, electronic mail address or telephone number specified in its
Administrative Questionnaire.

 

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

 

(b)               
Electronic Communications. Notices and other communications to the Credit Parties hereunder may be delivered or furnished
by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent, provided that the foregoing shall not apply to notices to any Credit Party pursuant to Article 2 if such
Credit Party has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.
The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder
by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited
to particular notices or communications.

 

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

 

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(c)               
Change of Address, Etc. Any party hereto may change its address or facsimile number for notices and other communications
hereunder by notice to the other parties hereto.

 

(d)               
Platform.

 

(i)                
The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make the Communications available
to the L/C Issuer and the other Lenders by posting the Communications on the Platform and that certain of the Lenders (each,
a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect
to the Loan Parties or their Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment
and other market-related activities with respect to such Persons’ securities.

 

(ii)              
The Borrower hereby acknowledges hereby agrees that so long as any Loan Party is the issuer of any outstanding debt or equity
securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities
it will use commercially reasonable efforts to identify that portion of the Communications that may be distributed to the Public
Lenders and that: (A) all such Communications shall be clearly and conspicuously marked “PUBLIC” which, at a minimum,
means that the word “PUBLIC” shall appear prominently on the first page thereof; (B) by marking such Communications
“PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Lead Arrangers and the Lenders
to treat such Communications as not containing any material non-public information (although it may be sensitive and proprietary)
with respect to any Loan Party or its securities for purposes of United States Federal and state securities laws (provided,
however, that to the extent such Communications constitute Information, they shall be treated as set forth in Section 10.14);
(C) all Communications marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
“Public Side Information”; and (D) the Administrative Agent and the Lead Arrangers shall be entitled to treat any Communications
that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public
Side Information”.

 

(iii)            
The Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not
warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty
of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement
of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications
or the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”)
have any liability to the Borrower or the other Loan Parties, any Lender or any other Person or entity for damages of any kind,
including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise)
arising out of any Loan Party’s or the Administrative Agent’s transmission of communications through the Platform.

 

Section 10.2           
Waivers; Amendments.

 

(a)               
No failure or delay by any Credit Party in exercising any right or power under any Loan Document shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to
enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The
rights and remedies of the Credit Parties under the Loan Documents are cumulative and are not exclusive of any rights or remedies
that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom
shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 10.2, and then
such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the
generality of the foregoing, the making of a Loan and/or the issuance, amendment, extension or renewal of a Letter of Credit shall
not be construed as a waiver of any Default, regardless of whether any Credit Party may have had notice or knowledge of such Default
at the time.

 

    	 	112	 

     

    

 

(b)               
Except as expressly provided by Section 2.11, Section 3.3(b), or in the other paragraphs of this
Section 10.2, neither this Credit Agreement, any other Loan Document nor any provision thereof may be waived, amended
or modified except pursuant to an agreement or agreements in writing entered into by the Loan Parties and the Required Lenders,
or by the Loan Parties and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement
shall:

 

(i)                
extend or increase any Commitment of any Lender without the written consent of such Lender or increase the L/C Sublimit
without the consent of the L/C Issuer (it being understood that a waiver of (x) any condition precedent set forth in Article 4,
(y) any Default or Event of Default or (z) a mandatory prepayment required by Section 2.7(b)(ii) shall not constitute an
extension or increase of any Commitment of any Lender or an increase of the L/C Sublimit);

 

(ii)              
reduce the principal amount of any Loan or any reimbursement obligation with respect to a L/C Disbursement, or reduce the
rate of any interest, or reduce any fees or other amounts, payable under the Loan Documents, without the written consent of each
Credit Party directly and adversely affected thereby; provided that only the consent of the Required Lenders shall be necessary
to (1) amend or modify any Financial Covenant, any defined terms used therein or the definition of “Default Rate”,
(2) waive any obligation of the Borrower to pay interest at the Default Rate, (3) waive any condition precedent set forth in Article 4,
(4) waive any Default or Event of Default or (5) waive any mandatory prepayment required by Section 2.7(b)(ii) in each case,
notwithstanding the fact that any such amendment, modification or waiver actually results in reduction in the rate of interest
or fees;

 

(iii)            
postpone any date scheduled for any payment of principal of, or interest on, any Loan or reimbursement obligation with respect
to any L/C Disbursement, or any fees or other amounts payable hereunder or under any other Loan Document, or reduce the amount
of, waive or excuse any such payment, or postpone the stated termination or expiration of the Commitments or reduce the amount
of or postpone the date of any prepayment required by Section 2.7(b) without the written consent of each Credit Party
directly and adversely affected thereby (it being understood that a waiver of (x) any Default or Event of Default and (y) any mandatory
prepayment required by Section 2.7(b)(ii) shall not constitute such a postponement);

 

(iv)             
except as provided in Section 2.10 and subsection (c) below change any provision hereof in a manner that would
alter the pro rata sharing of payments required by Section 2.8(b) or the pro rata reduction of Commitments required
by Section 2.5(d), without the written consent of each Credit Party directly and adversely affected thereby;

 

(v)               
change any of the provisions of this Section or the definition of the terms “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make
any determination or grant any consent hereunder;

 

    	 	113	 

     

    

 

(vi)             
amend, modify or waive any provision of Section 2.10 without the written consent of the Administrative Agent,
the Swingline Lender and the L/C Issuer;

 

(vii)           
change the currency in which any Commitment or Loan is, or is to be, denominated, Letters of Credit are to be issued or
payment under the Loan Documents is to be made without the written consent of each Lender directly affected thereby;

 

(viii)         
release any Guarantor from its Guarantee under the Guarantee Agreement (except as expressly provided therein or in Section 9.10),
or limit its liability in respect of such Guarantee, without the written consent of each Lender; or

 

(ix)             
release all or substantially all of the Collateral from the Liens of the Loan Documents (except as expressly provided in
the applicable Collateral Document or in connection with a transaction permitted by Section 7.3), without the consent
of each Lender; and

 

provided, further,
that no such amendment, waiver or consent shall amend, modify or otherwise affect the rights or duties hereunder or under any other
Loan Document of (A) the Administrative Agent, unless in writing executed by the Administrative Agent, (B) any L/C Issuer,
unless in writing executed by such L/C Issuer and (C) any Swingline Lender, unless in writing executed by such Swingline Lender,
in each case in addition to the Borrower and the Lenders required above.

 

(c)               
Notwithstanding anything herein to the contrary, no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder (and any amendment, waiver or consent that by its terms requires the consent of all the
Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders, except
that (x) the Commitment of any Defaulting Lender may not be increased or extended, or the maturity of any of its Loan may
not be extended, the rate of interest on any of its Loans may not be reduced and the principal amount of any of its Loans may not
be forgiven, in each case without the consent of such Defaulting Lender and (y) any amendment, waiver or consent requiring
the consent of all the Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than the
other affected Lenders shall require the consent of such Defaulting Lender.

 

(d)               
In addition, notwithstanding anything in this Section to the contrary, if the Administrative Agent and the Borrower shall
have jointly identified an obvious error or any error or omission of a technical nature, in each case, in any provision of the
Loan Documents, then the Administrative Agent and the Borrower shall be permitted to amend such provision, and, in each case, such
amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not
objected to in writing by the Required Lenders to the Administrative Agent within ten Business Days following receipt of notice
thereof.

 

Section 10.3           
Expenses; Indemnity; Damage Waiver.

 

(a)               
Costs and Expenses. The Loan Parties, jointly and severally, shall pay (i) all reasonable out-of-pocket expenses
incurred by the Administrative Agent and its Affiliates (including Attorney Costs of counsel for the Administrative Agent), in
connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery
and administration of this Credit Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket
expenses incurred by the L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit
or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lead Arranger
or any Credit Party (including Attorney Costs of the Administrative Agent or any Credit Party), in connection with the enforcement
or protection of its rights (whether through negotiations, legal proceedings or otherwise) (A) in connection with this Credit Agreement
and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit
issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect
of such Loans or Letters of Credit.

 

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(b)               
Indemnification by Loan Parties. The Loan Parties, jointly and severally, shall indemnify the Administrative Agent
(and any sub-agent thereof), each Credit Party, and each Related Party of any of the foregoing Persons (each such Person being
called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses (including Attorney Costs), incurred by any Indemnitee or asserted against any Indemnitee by any
third party or by any Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Credit
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties
hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby,
(ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer
to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly
comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release of Hazardous Materials at, on,
under or from any property owned or operated by any Loan Party or any of its Subsidiaries, or any Environmental Claim or Environmental
Liability related in any way to any Loan Party or any of its Subsidiaries, (iv) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third
party or by any Loan Party, and regardless of whether any Indemnitee is a party thereto or (v) any government investigation, audit,
hearing or enforcement action resulting from any Loan Party’s or any of its Affiliate’s noncompliance (or purported
noncompliance) with any applicable Sanctions, other Anti-Terrorism Laws or Anti-Corruption Laws (it being understood and agreed
that the Indemnitees shall be entitled to indemnification pursuant to this clause (including indemnification for fines, penalties
and other expenses) regardless of whether any adverse finding is made against any Loan Party or any of its Affiliates), provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
or related expenses (x) are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted
from the bad faith, gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by any Loan Party
against an Indemnitee for a material breach of such Indemnitee’s obligations hereunder or under any other Loan Document,
if such Loan Party has obtained a final and non-appealable judgment in its favor on such claim as determined by a court of competent
jurisdiction. To the extent that the indemnity set forth above in this paragraph shall be held to be unenforceable in whole or
in part because it is violative of any law or public policy, the Borrower shall contribute the maximum portion that it is permitted
to pay and satisfy under applicable law to the payment and satisfaction of all indemnified amounts incurred by Indemnitees or any
of them.

 

(c)               
Reimbursement by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required
under paragraph (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the L/C Issuer,
the Swingline Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent
(or any such sub-agent), the L/C Issuer, the Swingline Lender or such Related Party, as the case may be, such Lender’s
pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each
Lender’s share of the Total Credit Exposure at such time) of such unpaid amount (including any such unpaid amount in respect
of a claim asserted by such Lender); provided that with respect to such unpaid amounts owed to the L/C Issuer or the
Swingline Lender solely in its capacity as such, only the Lenders shall be required to pay such unpaid amounts, such payment to
be made severally among them based on such Lender’s Applicable Percentage (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought) provided, further, that the unreimbursed expense or indemnified
loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent
(or any such sub-agent), the L/C Issuer or the Swingline Lender in its capacity as such, or against any Related Party of any
of the foregoing acting for the Administrative Agent (or any such sub-agent), the L/C Issuer or the Swingline Lender in connection
with such capacity. The obligations of the Lenders under this paragraph (c) are subject to the provisions of Section 2.8(d).

 

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(d)               
Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, no Loan Party shall assert,
and each Loan Party hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Credit
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the transactions contemplated
hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in paragraph (b)
above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed
by it through telecommunications, electronic or other information transmission systems in connection with this Credit Agreement
or the other Loan Documents or the transactions contemplated hereby or thereby.

 

(e)               
Payments. All amounts due under this Section 10.03 shall be payable promptly and in no event later than ten
Business Days after demand therefor.

 

Section 10.4           
Successors and Assigns.

 

(a)               
Successors and Assigns Generally. The provisions of this Credit Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns permitted hereby, except that no Loan Party may assign
or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent
and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee
in accordance with the provisions of paragraph (b) of this Section, (ii) by way of participation in accordance with the provisions
of paragraph (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of
paragraph (e) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing
in this Credit Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to
the extent expressly contemplated hereby, the Related Parties of each of Credit Party) any legal or equitable right, remedy or
claim under or by reason of this Credit Agreement.

 

(b)               
Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights
and obligations under this Credit Agreement (including all or a portion of its Commitments and the Loans at the time owing to it);
provided that any such assignment shall be subject to the following conditions:

 

(i)                
Minimum Amounts.

 

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

 

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(B)             
in any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this
purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding
balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment
and Assumption, as of the Trade Date) shall not be less than $5,000,000 (or an integral multiple of $1,000,000 in excess thereof)
unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise
consents (each such consent not to be unreasonably withheld or delayed).

 

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

 

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

 

(A)             
the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event
of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender (other than a Defaulting
Lender), an Affiliate of a Lender (other than a Defaulting Lender) or an Approved Fund, provided that the Borrower shall
be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent
within five Business Days after written notice of such assignment shall have delivered to the Borrower;

 

(B)             
the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for
assignments if such assignment is to a Person that is not a Lender with a Commitment, an Affiliate of a Lender or an Approved Fund
with respect to such Lender; and

 

(C)             
the consent of the L/C Issuer and the Swingline Lender (in each case, such consent not to be unreasonably withheld
or delayed) shall be required for any assignment.

 

(iv)             
Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee of $3,500 (which fee may be waived or reduced in the
sole discretion of the Administrative Agent), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent
an Administrative Questionnaire. In addition, each assignee shall, on or before the effective date of such assignment, deliver
to the Borrower and the Administrative Agent certification as to exemption from deduction or withholding of any United States Taxes
in accordance with Section 3.6(g).

 

(v)               
No Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of the Borrower’s
Affiliates or Subsidiaries, (B) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder,
would constitute a Defaulting Lender or a Subsidiary thereof or (C) a Person who, at the time of such assignment, is a Sanctioned
Person if such assignment would violate applicable law.

 

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(vi)             
No Assignment to Natural Persons. No such assignment shall be made to a natural person (or a holding company, investment
vehicle or trust for, or owned and operated for the primary benefit of, a natural person).

 

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

 

Subject to acceptance and recording thereof
by the Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment
and Assumption, the assignee thereunder shall be a party to this Credit Agreement and, to the extent of the interest assigned by
such Assignment and Assumption, have the rights and obligations of a Lender under this Credit Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under
this Credit Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and
obligations under this Credit Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the
benefits of Section 3.5 and Section 10.3 with respect to facts and circumstances occurring prior to the
effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Credit Agreement
that does not comply with this paragraph shall be treated, for purposes of this Credit Agreement, as a sale by such Lender of a
participation in such rights and obligations in accordance with paragraph (d) of this Section.

 

(c)               
Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain a
copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amounts of (and stated interest on) of the Loans owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower,
the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof
as a Lender hereunder for all purposes of this Credit Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)               
Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative
Agent, sell participations to any Person (other than (w) a natural person (or a holding company, investment vehicle or trust for,
or owned and operated for the primary benefit of, a natural person), (x) the Borrower or any of the Borrower’s Affiliates
or Subsidiaries, (y) any Defaulting Lender or any of its subsidiaries or (z) a Person who, at the time of such participation, is
a Sanctioned Person if the sale of such participation would violate applicable law) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Credit Agreement (including all or a portion of
its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Credit Agreement
shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations and (iii) the Borrower, the Administrative Agent and each Credit Party shall continue to deal solely and directly with
such Lender in connection with such Lender’s rights and obligations under this Credit Agreement.

 

    	 	118	 

     

    

 

Any agreement or instrument pursuant to
which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Credit Agreement
and to approve any amendment, modification or waiver of any provision of this Credit Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver described in Section 10.2(b) that affects such Participant. The Borrower agrees that each Participant shall
be entitled to the benefits of Sections 3.4, 3.5 and 3.6 (subject to the requirements and limitations
therein, including the requirements under Section 3.6 (it being understood that the documentation required under Section 3.6(g)
shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of
Sections 3.7 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive
any greater payment under Sections 3.5 or 3.6, with respect to any participation, than its participating Lender
would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from (x) a Change
in Law that occurs after the Participant acquired the applicable participation or (y) the sale of the participation to such Participant
is made with the consent of the Borrower. Each Lender that sells a participation agrees, at the Borrower’s request and expense,
to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.7(b) with respect
to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.8
as though it were a Lender; provided that such Participant agrees to be subject to Section 2.8(h) as though
it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the
Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts of (and stated
interest on) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments,
loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure
is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c)
of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and
such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all
purposes of this Credit Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent
(in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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

 

    	 	119	 

     

    

 

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

 

Section 10.5           
Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates
or other instruments prepared or delivered in connection with or pursuant to this Credit Agreement or any other Loan Document shall
be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of any Loan Document
and the making of any Loans and the issuance of any Letter of Credit, regardless of any investigation made by any such other party
or on its behalf and notwithstanding that any Credit Party may have had notice or knowledge of any Default or incorrect representation
or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal
of or any accrued interest on any Loan or any L/C Obligation or any fee or any other amount payable under the Loan Documents is
outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The
provisions of Sections 3.4, 3.5, 3.6, 10.3, 10.9, and 10.10 and Article 9
shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby or the
Termination Date.

 

Section 10.6           
Counterparts; Integration; Effectiveness; Electronic Execution.

 

(a)               
Counterparts; Integration; Effectiveness. This Credit Agreement may be executed in counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. This Credit Agreement and the other Loan Documents, and any separate letter agreements with respect
to fees payable to the Administrative Agent, constitute the entire contract among the parties relating to the subject matter hereof
and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except
as provided in Section 4.1, this Credit Agreement shall become effective when it shall have been executed by the Administrative
Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures
of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Credit Agreement by facsimile
or in electronic (e.g., “pdf” or “tif”) format shall be effective as delivery of a manually executed
counterpart of this Credit Agreement.

 

(b)               
Electronic Execution of Assignments. The words “execution,” “signed,” “signature,”
and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

Section 10.7           
Severability. In the event any one or more of the provisions contained in this Credit Agreement should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein
shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular
jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor
in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

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Section 10.8           
Right of Setoff. If an Event of Default shall have occurred and be continuing, each Credit Party and each of their
respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law,
to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any
time held and other obligations (in whatever currency) at any time owing by Credit Party or any such Affiliate to or for the credit
or the account of any Loan Party or any of its Subsidiaries against any and all of the obligations of such Loan Party or such Subsidiary
now or hereafter existing under this Credit Agreement or any other Loan Document to such Credit Party or Affiliate, irrespective
of whether or not such Credit Party shall have made any demand under this Credit Agreement or any other Loan Document and although
such obligations of such Loan Party or Subsidiary may be contingent or unmatured or are owed to a branch or office of such Credit
Party different from the branch or office holding such deposit or obligated on such indebtedness, provided, that in the
event that any Defaulting Lender shall exercise any right of setoff, (x) all amounts so set off shall be paid over immediately
to the Administrative Agent for further application in accordance with the provisions of Section 2.9 and, pending such
payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative
Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing
in reasonable detail the Secured Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The
rights of each Credit Party and its Affiliates under this Section are in addition to other rights and remedies (including other
rights of setoff) that such Credit Party and its Affiliates may have. Each Credit Party agrees to notify the Borrower and the Administrative
Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the
validity of such setoff and application.

 

Section 10.9           
Governing Law; Jurisdiction; Consent to Service of Process.

 

(a)               
Governing Law. This Credit Agreement shall be governed by, and construed in accordance with, the laws of the State
of New York.

 

(b)               
Submission to Jurisdiction. Each of the parties hereto irrevocably and unconditionally submits, for itself and its
property, to the exclusive jurisdiction of the courts of the State of New York sitting in New York County and of the United States
District Court of the for the Southern District of New York and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Credit Agreement or any other Loan Document, or for recognition or enforcement of any judgment,
and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in such New York State court or, to the fullest extent permitted by applicable law, in such Federal
court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Credit Agreement
or in any other Loan Document shall affect any right that any Credit Party may otherwise have to bring any action or proceeding
relating to this Credit Agreement or any other Loan Document against the Borrower or any other Loan Party or its properties in
the courts of any jurisdiction.

 

(c)               
Waiver of Objection to Venue. Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent
permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding
arising out of or relating to this Credit Agreement or any other Loan Document in any court referred to in paragraph (b) of this
Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of
an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

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(d)               
Service of Process. Each of the parties hereto irrevocably consents to service of process in the manner provided
for notices in Section 10.1. Nothing in this Credit Agreement will affect the right of any party to this Credit Agreement
to serve process in any other manner permitted by law.

 

Section 10.10       
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT
OR ANY OTHER THEORY). EACH PARTY HERETO HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS CREDIT AGREEMENT AND THE
OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section 10.11       
Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative
Agent or any Lender, or the Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds
of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to
a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or Fraudulent Transfer Law,
then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally
agrees to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by the Administrative
Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to
the Federal Funds Effective Rate.

 

Section 10.12       
Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Credit Agreement and shall not affect the construction of, or be taken into consideration in interpreting,
this Credit Agreement.

 

Section 10.13       
Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable
to any Loan or L/C Obligation, together with all fees, charges and other amounts that are treated as interest thereon under applicable
law (collectively the “charges”), shall exceed the maximum lawful rate (the “maximum rate”)
that may be contracted for, charged, taken, received or reserved by the Lender holding an interest in such Loan or L/C Obligation
in accordance with applicable law, the rate of interest payable in respect of such Loan or L/C Obligation hereunder, together with
all of the charges payable in respect thereof, shall be limited to the maximum rate and, to the extent lawful, the interest and
the charges that would have been payable in respect of such Loan or L/C Obligation but were not payable as a result of the operation
of this Section shall be cumulated, and the interest and the charges payable to such Lender in respect of other Loans or L/C Obligations
or periods shall be increased (but not above the maximum rate therefor) until such cumulated amount, together with interest thereon
at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

 

Section 10.14       
Treatment of Certain Information; Confidentiality.

 

    	 	122	 

     

    

 

(a)               
Each Credit Party agrees to maintain the confidentiality of the Information (as defined below), except that Information
may be disclosed (i) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees,
agents, advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be informed
of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested
by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National
Association of Insurance Commissioners), (iii) to the extent required by applicable laws or regulations or by any subpoena or similar
legal process, (iv) to any other party hereto, (v) in connection with the exercise of any remedies hereunder or under any other
Loan Document or any action or proceeding relating to this Credit Agreement or any other Loan Document or the enforcement of rights
hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section, to
(A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under
this Credit Agreement or (B) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction
under which payments are to be made by reference to the Borrower and its obligations, this Credit Agreement or payments hereunder,
(vii) on a confidential basis to (A) any rating agency in connection with rating the Borrower, its Subsidiaries or the Credit Facility
or (B) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect
to the Credit Facility, (viii) with the consent of the Borrower or (ix) to the extent such Information (A) becomes publicly available
other than as a result of a breach of this Section or (B) becomes available to the Administrative Agent, any Credit Party or any
of their respective Affiliates on a non-confidential basis from a source other than the Borrower or (C) is independently generated
by the Administrative Agent, any Credit Party or any of their respective Affiliates. In addition, the Administrative Agent and
the Lenders may disclose the existence of this Credit Agreement and information about this Credit Agreement to market data collectors,
league table providers and other similar service providers to the lending industry and service providers to the Administrative
Agent and the Lenders in connection with the administration of this Credit Agreement, the other Loan Documents, and the Commitments.

 

(b)               
For purposes of this Section, “Information” means all information received from any Loan Party or any
of its Subsidiaries relating to any Loan Party or any of its Subsidiaries or any of their respective businesses, other than any
such information that is available to the Administrative Agent or any other Credit Party on a non-confidential basis prior to disclosure
by any Loan Party or any Subsidiary or that is independently prepared by the Administrative Agent or any other Credit Party, provided
that, in the case of information received from any Loan Party or any of its Subsidiaries after the Agreement Date, such information
is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information
as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the
same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
Notwithstanding anything herein to the contrary, “Information” shall not include, and each Credit Party (and their
Affiliates and respective partners, directors, officers, employees, agents, advisors and representatives) may disclose to any and
all persons, without limitation of any kind, any information with respect to the U.S. federal income tax treatment and U.S. federal
income tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses)
that are provided to such Credit Party relating to such tax treatment and tax structure.

 

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

 

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

 

Section 10.15       
USA PATRIOT Act Notice. Each Lender that is subject to the USA PATRIOT Act and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act, it is required
to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each
Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan
Party in accordance with the USA PATRIOT Act. The Borrower shall, and shall cause each Subsidiary to, provide such information
and take such actions as are reasonably requested by the Administrative Agent or any Lender in order to assist the Administrative
Agent and the Lenders in maintaining compliance with the USA PATRIOT Act.

 

Section 10.16       
No Fiduciary Duty. Each Loan Party agrees that in connection with all aspects of the transactions contemplated hereby
and any communications in connection therewith, such Loan Party and its Affiliates, on the one hand, and the Administrative Agent,
each Lead Arranger, each Syndication Agent, the other Credit Parties and their respective Affiliates, on the other hand, will have
a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the Administrative
Agent, each Lead Arranger, each Syndication Agent, the other Credit Parties or their respective Affiliates and no such duty will
be deemed to have arisen in connection with any such transactions or communications.

 

Section 10.17       
Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in
any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by:

 

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

 

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

 

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

 

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

 

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

 

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Section 10.18       
[Reserved].

 

Section 10.19       
Certain ERISA Matters.

 

(a)               
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent, each Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for
the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:

 

(i)                
such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section
3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,

 

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

 

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

 

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

 

(b)               
In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender
has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause
(a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent, each Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for
the benefit of the Borrower or any other Loan Party, that:

 

(i)                
none of the Administrative Agent, or any Lead Arranger or any of their respective Affiliates is a fiduciary with respect
to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent
under this Credit Agreement, any Loan Document or any documents related to hereto or thereto),

 

    	 	125	 

     

    

 

(ii)              
the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Credit Agreement is independent
(within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or
other person that holds, or has under management or control, total assets of at least $50 million, in each case as described in
29 CFR § 2510.3-21(c)(1)(i)(A)-(E),

 

(iii)            
the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Credit Agreement is capable of
evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies
(including in respect of the Loan Document Obligations),

 

(iv)             
the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Credit Agreement is a fiduciary
under ERISA or the Code, or both, with respect to the Loans, the Letters of Credit, the Commitments and this Credit Agreement and
is responsible for exercising independent judgment in evaluating the transactions hereunder, and

 

(v)               
no fee or other compensation is being paid directly to the Administrative Agent, or any Lead Arranger or any their respective
Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments
or this Credit Agreement.

 

(c)               
The Administrative Agent and each Lead Arranger hereby informs the Lenders that each such Person is not undertaking to provide
impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby,
and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof
(i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Credit Agreement,
(ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount
being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other
payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees,
commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent
or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction
fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees
or fees similar to the foregoing.

 

[Signature pages follow]

 

 

 

 

 

 

 

 

 

 

    	 	126	 

     

    

 

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

 

	 	LIBERTY TAX, INC., as the Borrower
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Michael Piper	 
	 	 	Name: Michael Piper
	 	 	Title: Vice President and Chief Financial Officer

 

 

 

 

 

 

 

 

 

     

     

    

 

	 	CITIZENS BANK, N.A., as the Administrative Agent, Swingline Lender and L/C Issuer and as a Lender
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Tracy Van Riper	 
	 	 	Name: Tracy Van Riper
	 	 	Title: Senior Vice President 
	 	 	 	 
	 	 	 	 

 

 

 

 

 

 

 

 

     

     

    

 

	 	CIBC BANK USA, as a Lender
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Daniel Costello	 
	 	 	Name: Daniel Costello
	 	 	Title: Group Portfolio Manager
	 	 	 	 
	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

	 	First Tennessee Bank N A, as a Lender
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Keith A. Sherman	 
	 	 	Name: Keith A. Sherman
	 	 	Title: Senior Vice President 
	 	 	 	 
	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

	 	Union Bank & Trust, as a Lender
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Peter W. Strauss	 
	 	 	Name: Peter W. Strauss
	 	 	Title: Senior Vice President 
	 	 	 	 
	 	 	 	 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

	 	Republic Bank & Trust Company, as a Lender
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Robert J. Arnold	 
	 	 	Name: Robert J. Arnold
	 	 	Title: Senior Vice President

 

 

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE 2.1

 

COMmitMENTS

 

	Lender	Commitment
	Citizens Bank, N.A.	$50,000,000
	CIBC Bank USA	$30,000,000
	First Tennessee Bank, N.A.	$30,000,000
	Union Bank & Trust	$15,000,000
	Republic Bank & Trust Company	$10,000,000
	Totals:	$135,000,000

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE 5.6

DISCLOSED MATTERS

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE 5.13

SUBSIDIARIES

 

	Name	Jurisdiction of Incorporation or Organization	Owner	Percentage of Ownership	Excluded Subsidiary?	Equity Pledged Pursuant to Security Agreement?
	JTH Tax, Inc.	Delaware	Liberty Tax, Inc.	100%	No	Yes
	SiempreTax+ LLC	Virginia	Liberty Tax, Inc.	100%	No	Yes
	JTH Financial, LLC	Virginia	Liberty Tax, Inc.	100%	No	Yes
	WeFile Inc.	Virginia	JTH Tax, Inc.	100%	No	Yes
	JTH Properties 1632, LLC	Virginia	JTH Tax, Inc.	100%	No	Yes
	LTS Properties, LLC	Virginia	JTH Tax, Inc.	100%	No	Yes
	LTS Software Inc.	Virginia	JTH Tax, Inc.	100%	No	Yes
	JTH Tax Office Properties, LLC	Virginia	JTH Tax, Inc.	100%	No	Yes
	360 Accounting Solutions LLC	Virginia	JTH Tax, Inc.	100%	No	Yes
	JTH Court Plaza, LLC	Virginia	JTH Tax, Inc.	100%	No	Yes
	Liberty Tax Holding Corporation	Ontario	JTH Tax, Inc.	100%	Yes	Yes
	Liberty Tax Service, Inc.	Ontario	JTH Tax, Inc.	60%	Yes	Yes
	Liberty Tax Service, Inc.	Ontario	Liberty Tax Holding Corporation	40%	Yes	No
	Trilogy Software, Inc.	Ontario	Liberty Tax, Inc.	20%	Yes	No

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE 5.14

INSURANCE

 

	Type of Insurance	Carrier	Policy Number	Expiration Date	Coverage Amount
	Property 	The Hartford	10 UUN HH3136	10/01/19	
        Building & Business Personal Property
        Limit - $19,674,000

        Business Income and Extra Expense - $20,000,000

	General Liability	The Hartford	10 UUN HH3136	10/01/19	$1,000,000
	Workers’ Compensation	The Hartford	10 WE AB8YUT	10/01/19	Statutory
	Employers Liability Insurance	The Hartford	10 WE AB8YUT	10/01/19	$1,000,000
	Commercial Automobile	The Hartford	10 UUN HH3136	10/01/19	$1,000,000
	Umbrella Liability	The Hartford	10 RHU HH2805	10/01/19	$10,000,000
	Employment Practices Liability	AIG	02-602-97-84	10/30/19	$7,500,000
	Fiduciary	AIG	02-590-40-03	10/30/19	$5,000,000
	Crime	AIG	02-590-58-96	10/30/19	$3,000,000
	Cyber / Errors & Omissions	Sompo 	PR010005075504	10/30/19	$10,000,000
	Directors & Officers	AIG	02-602-97-91	10/30/19	$10,000,000

 

 

 

     

     

    

 

SCHEDULE 5.16(a)

UCC FILING OFFICES

 

For Liberty Tax, Inc. and JTH Tax, Inc.: 

 

Delaware Division of Corporations

401 Federal St. – Ste. 4

Dover, DE 19901

 

All other Subsidiaries:

 

State Corporation Commission - Commonwealth of Virginia

Clerk’s Office, UCC Section

P.O. Box 1197

Richmond, Virginia 23218

 

 

 

 

 

 

     

     

    

 

SCHEDULE 6.15

POST-CLOSING OBLIGATIONS

 

		1.	The Loan Parties shall deliver, or cause to be delivered, to the Administrative Agent within 10
days after the Closing Date, to the extent not delivered on or before the Closing Date, all stock certificates or other instruments
(if any) representing Pledged Equity Interests, together with stock powers or other instruments of transfer with respect thereto
endorsed in blank, as may be required by the Collateral and Guarantee Requirement.

 

		2.	The Loan Parties shall deliver, or cause to be delivered, to the Administrative
Agent within 10 Business Days after the Closing Date evidence of the proper filing of a UCC-3 amendment with the Commonwealth of
Virginia State Corporation Commission with respect to the UCC Financing Statement File No. 19-03-12-6523-4, filed on March 12,
2019 with the Commonwealth of Virginia State Corporation Commission, naming Chrysalis4Wealth, Inc. and Liberty Tax, as Debtors,
and Independence Bank, as the Secured Party, which UCC-3 amendment shall (a) remove Liberty Tax as a debtor therefrom and (b) correct
the debtor name thereon to “Chrysalis4Wealth, Inc. d/b/a Liberty Tax Service #7821”.

 

		3.	The Loan Parties shall deliver, or cause to be delivered, to the Administrative Agent within 30
days after the Closing Date (a) a fully executed amendment to the Credit Line Deed of Trust, Assignment of Rents and Leases, Security
Agreement and Fixture Filing relating to real property located at 1716 Corporate Landing Parkway, Virginia Beach, Virginia (the
“Deed of Trust”), by LTS Properties, LLC, as grantor, to and in favor of Stanley J. Wrobel, as Trustee, for
the benefit of First Tennessee Bank, N.A., as Beneficiary, which amendment shall permit under the Deed of Trust the Liens on the
Collateral granted to the Administrative Agent under the Loan Documents and shall otherwise be in form and substance reasonably
satisfactory to the Administrative Agent and (b) evidence that such amendment to the Deed of Trust has been properly recorded in
the local land records of Virginia Beach, Virginia.

 

		4.	The Loan Parties shall deliver, or cause to be delivered, to the Administrative Agent within 30
days after the Closing Date endorsements in respect of the insurance policies of the Loan Parties evidencing compliance with Section
6.10 of the Credit Agreement.

 

		5.	The Loan Parties shall deliver, or cause to be delivered, to the Administrative Agent within 90
days after the Closing Date a fully executed Control Agreement (as defined in the Security Agreement) with respect to each Deposit
Account (as defined in the Security Agreement) of any Loan Party, other than Excluded Accounts (as defined in the Security Agreement)
and Local Deposit Accounts (as defined in the Security Agreement).

 

		6.	Within 30 days after the earlier to occur of (a) the date on which ACA Healthquest, LLC, a Virginia
limited liability company (“ACA”), is reinstated as a limited liability company in good standing in its jurisdiction
of formation or (b) the first date on which any Loan Party makes any Investment in ACA or ACA acquires any asset or property, the
Loan Parties shall cause ACA to comply with the requirements set forth in Section 6.12(c) (Further Assurances) of the Credit Agreement.

 

     

     

    

 

SCHEDULE 7.1

 

EXISTING INDEBTEDNESS

 

	Payee	Company	Note Purpose	Date of Issue	Maturity Date	Unpaid Balance
	Mortgage:	 	 	 	 	 
	First Tennessee Bank 	LTS Properties, LLC	Mortgage	12/06/2016	12/1/2026	
        1,922,800.00

         

	First Tennessee Bank	Liberty Tax, Inc.	Guaranty	12/06/2016	12/1/2026	1,922,800.00
	Credit Line Deed of Trust, Assignment of Rents and Leases, Security Agreement and Fixture Filing by LTS Properties, LLC in favor of First Tennessee Bank National Association, covering certain real and personal property located at 1716 Corporate Landing Parkway, Virginia Beach, VA.
	Payment obligations under Purchase and Sale Agreements and/or Buy Back Agreements with Franchisees to buy back certain franchise territories:
	Quantum Investments	JTH Tax, Inc.	Acquired Territories	5/27/2016	6/20/2019	
        206,578.01

         

	Bablu Shahbuddin	JTH Tax, Inc. 	Acquired Territories	7/31/2016	7/1/2019	9,108.36
	Cinnamon Stoval	JTH Tax, Inc. 	Acquired Territories	5/31/2017	5/1/2022	20,000.00
	Raymond D. Nations	JTH Tax, Inc.	Acquired Territories	11/26/2018	5/15/2019	17,002.58
	The Fat Slobs, LLC	JTH Tax, Inc. 	Acquired Territories	1/10/2019	5/15/2019	
        15,045.09

         

	Hauser Holdings, Inc. 	Liberty Tax Service, Inc. (Canada)	Acquired Territories	10/9/2018	5/31/2022	209,324.64 CAD$
	Payment obligations under Purchase and Sale Agreements and/or Buy Back Agreements with Franchise Area Developers to buy back certain area developer rights:
	DAT, LLC	JTH Tax, Inc. 	Acquired Area	4/30/2018	5/6/2019	
        297,552.50

         

	Capitalized Lease Obligations:	 	 	 	 	 
	CSI Leasing	Liberty Tax Service, Inc. (Canada)	Server	01/19/2019	01/19/2022	60,729 CAD$

 

     

     

    

 

SCHEDULE 7.2

EXISTING LIENS

	LTS PROPERTIES, LLC
	Jurisdiction	File Number	Original Financing Statement, Continuation	Secured Party	Filing Date
	Virginia State Corporation Commission	1702133863-7	Original Financing Statement	First Tennessee Bank National Association	02/13/2017
	City of Virginia Beach	20170000055720	Original Financing Statement	
        First Tennessee Bank National Association

         
	1/20/17

 

Credit Line Deed of Trust, Assignment of Rents and Leases, Security
Agreement and Fixture Filing by LTS Properties, LLC in favor of First Tennessee Bank National Association, covering certain real
and personal property located at 1716 Corporate Landing Parkway, Virginia Beach, VA.

 

 

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE 7.4

EXISTING INVESTMENTS

 

Liberty Tax Service, Inc. owns 20% of Trilogy Software, Inc.

 

 

 

 

 

     

     

    

 

SCHEDULE 7.10

 

EXISTING RESTRICTIONS

 

None.

 

 

 

 

     

     

    

 

SCHEDULE 10.1

 

NOTICE INFORMATION

 

 

If to the Administrative Agent, Swingline
Lender or L/C Issuer:

 

Citizens Bank, N.A.

20 Cabot Road

Medford, MA 02155

Attention: Kendra Walfield

Phone: 781-655-4087

Email: Kendra.Walfield@citizensbank.com

 

 

If to any Loan Party:

 

c/o Liberty Tax, Inc.

1716 Corporate Landing Parkway

Virginia Beach, VA 23454

Attn: Michael S. Piper, Chief Financial Officer

Telephone: (757) 301-8072

Email: msp@libtax.com

 

with a copy to:

 

Troutman Sanders LLP

222 Central Park Avenue, Suite 2000

Virginia Beach, VA 23462

Attention: John M. Ramirez, Esq.

Telephone: (757) 687-7559

Email: John.Ramirez@troutman.com

 

 

     

     

    

 

EXHIBIT A

 

FORM OF ASSIGNMENT AND ASSUMPTION

 

This Assignment and
Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered
into by and between [the][each]1
Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2
Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood
and agreed that the rights and obligations of [the Assignors][the Assignees]3
hereunder are several and not joint.]4
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified
below (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set forth
in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment
and Assumption as if set forth herein in full.

 

For an agreed consideration,
[the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each]
Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance
with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent
as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its
capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments
delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding
rights and obligations of [the Assignor][the respective Assignors] under the respective facilities identified below (including,
without limitation, any Letters of Credit and Swingline Loans included in such facilities) and (ii) to the extent permitted to
be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity
as a Lender)] [the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown,
arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the
loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract
claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations
sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any]
Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”).
Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment
and Assumption, without representation or warranty by [the][any] Assignor.

 

 

 

 

____________________________

		1	NTD: For bracketed language here and elsewhere in this form relating to the Assignor(s), if the
assignment is from a single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose
the second bracketed language.

 

		2	NTD: For bracketed language here and elsewhere in this form relating to the Assignee(s), if the
assignment is to a single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the
second bracketed language.

 

		3	NTD: Select as appropriate.
		 	 
		4	NTD: Include bracketed language, if appropriate, if there are either multiple Assignors or multiple Assignees.

 

     

     

    

 

	 	1.                   Assignor[s]: _____________________________________
	 	 
	 	2.                   Assignee[s]: _____________________________________
	 	 
	 	[Assignee is an [Affiliate][Approved Fund] of [identify Lender]]
	 	 
	 	3.                   Borrower:          Liberty Tax, Inc., a Delaware corporation
	 	 
	 	4.                   Administrative Agent: Citizens Bank, N.A., as the administrative agent under the Credit Agreement.
	 	 
	 	5.                   Credit Agreement: The Credit Agreement, dated as of May 16, 2019, among the Borrower, the Lenders party thereto and the Administrative Agent, as from time to time amended, restated, supplemented or otherwise modified.
	 	 
	 	6.                   Assigned Interest[s]:

 

	Assignor[s]5	Assignee[s]6	Facility Assigned7	
        Aggregate Amount of Commitment/

        Loans for all Lenders8

         
	
        Amount of Commitment/

        Loans Assigned

         
	
        Percentage Assigned of Commitment/

        Loans9

         

	 	 	 	$____________	$____________	____%
	 	 	 	$____________	$____________	____%
	 	 	 	$____________	$____________	____%

 

7.                  
Trade Date:[_____ __], 20[__]10

 

8.                  
Effective Date: [_____ __], 20[__]11

 

[Signature pages follow]

 

 

 

____________________

		5	NTD:
                                         List each Assignor, as appropriate.

 

		6	NTD:
                                         List each Assignee, as appropriate.

 

		7	NTD:
                                         Fill in the commitment(s) that are being assigned under this Assignment (e.g. “Revolving
                                         Commitment,” “Term Loan Commitment,” etc.).

 

		8	NTD:
                                         Amount to be adjusted by the counterparties to take into account any payments or prepayments
                                         made between the Trade Date and the Effective Date.

 

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

 

		10	NTD:
                                         To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment
                                         amount is to be determined as of the Trade Date.

 

		11	NTD:
                                         To be inserted by Administrative Agent and which shall be the Effective Date of recordation
                                         of transfer in the register therefor.

 

     

     

    

 

The terms set forth in
this Assignment and Assumption are hereby agreed to:

 

	 	ASSIGNOR[S]12	 
	 	[NAME OF ASSIGNOR]	 
	 	 	 
	 	 	 
	 	By: 	 	 	 
	 	  Title: 	 	 
	 	[NAME OF ASSIGNOR]	 
	 	 	 
	 	 	 
	 	By: 	 	 	 
	 	  Title: 	 	 
	 	 	 	 	 
	 	ASSIGNEE[S]13	 
	 	[NAME OF ASSIGNEE]	 
	 	 	 
	 	 	 
	 	By: 	 	 	 
	 	  Title: 	 	 
	 	[NAME OF ASSIGNEE]	 
	 	 	 
	 	 	 
	 	By: 	 	 	 
	 	  Title: 	 	 

 

 

 

 

________________________

	12	NTD:
                                         Add additional signature blocks as needed.

 

		13	NTD:
                                         Add additional signature blocks as needed.

 

     

     

    

 

[Consented to and]14
Accepted:

CITIZENS BANK, N.A., as Administrative Agent

 

 

	By:	 	 	 
	  Title:	 	 

 

 

 

[Consented to:]15

[NAME OF RELEVANT PARTY]

 

 

	By:	 	 	 
	  Title:	 	 

 

 

 

 

 

______________________

 

14
NTD: To be added only if the consent of the Administrative Agent is required by the
terms of the Credit Agreement.

 

15
NTD: To be added only if the consent of the Borrower and/or other parties (e.g. Swingline
Lender, L/C Issuer) is required by the terms of the Credit Agreement.

 

 

 

     

     

    

 

STANDARD TERMS AND CONDITIONS
FOR

ASSIGNMENT AND ASSUMPTION

 

1.       Representations
and Warranties

 

1.1       Assignor[s].
[The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant]
Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim,
(iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption
and to consummate the transactions contemplated hereby and (iv) it is not a Defaulting Lender; and (b) assumes no responsibility
with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other
Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents
or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other
Person obligated in respect of any Loan Document, or (iv) the performance or observance by the Borrower, any of its Subsidiaries
or Affiliates or any other Person of any of their respective obligations under any Loan Document.

 

1.2       Assignee[s].
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.4(b)(iii), (v) and
(vi) of the Credit Agreement (subject to such consents, if any, as may be required thereunder), (iii) from and after the
Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the
relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions
to acquire assets of the type represented by the Assigned Interest and either it, or the person exercising discretion in making
its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the
Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements
delivered pursuant to Section 6.1 thereof, as applicable, and such other documents and information as it deems appropriate
to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned
Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption
and to purchase [the][such] Assigned Interest, and (vii) attached to the Assignment and Assumption is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such]
Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any] Assignor
or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its
own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their
terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

2.       Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest
(including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have
accrued to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and
after the Effective Date. Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or
other amounts paid or payable in kind from and after the Effective Date to [the][the relevant] Assignee.

 

     

     

    

 

3.       General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by facsimile
shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption
shall be governed by, and construed in accordance with, the laws of the State of New York.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	2	 

     

    

 

EXHIBIT B-1

 

FORM OF COMMITTED LOAN NOTICE

[Date]

Citizens Bank, N.A., as Administrative Agent

20 Cabot Road

Medford, MA 02155

Attention: Kendra Walfield

Email: Kendra.Walfield@citizensbank.com

 

Ladies and Gentlemen:

 

Reference is made to
the Credit Agreement, dated as of May 16, 2019, among LIBERTY TAX, INC., a Delaware corporation, the Lenders party thereto and
CITIZENS BANK, N.A., as Administrative Agent (as the same may be amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”). Capitalized terms used herein and not defined herein shall have the meanings
assigned to such terms in the Credit Agreement.

 

1.                  
Borrowings.16
Pursuant to Section 2.2 of the Credit Agreement, the Borrower hereby irrevocably requests the following Borrowing[s]
of Revolving Loans under the Credit Agreement and sets forth below the information relating to such Borrowing[s] (the “Proposed
Borrowing”) as required by Section 2.2 of the Credit Agreement:

 

(a)               
The Business Day of the Proposed Borrowing is [________ __], 20[__].

 

(b)               
The Class, Type and amount of the Loans comprising the Proposed Borrowing, in the case of LIBOR Borrowings and the initial
Interest Period applicable thereto are as follows:

 

	Class of Borrowings	Type of Borrowing (ABR or LIBOR)	Amount17	Initial Interest Period
	 	 	 	__ months
	 	 	 	__ months

 

(c)               
The location and number of the Borrower’s account to which funds are to be disbursed is:

 

Bank: ______________________________

ABA #: ____________________________

Account #: _________________________

Account Name: ______________________

 

2.                  
Certifications with respect to all Borrowings.18
The Borrower hereby certifies that on the date hereof as well as on the date of the Proposed Borrowing, (a) each
of the representations and warranties of the Loan Parties set forth in the Loan Documents are true and correct in all material
respects, in each case on and as of the date hereof as if made on and as of such date, provided that to the extent that
such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects
as of such earlier date; provided further that any representation and warranty that is qualified as to “materiality”,
“Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification
therein) in all respects on such respective dates and (b) no Default exists or would result from such Proposed Borrowing or from
the application of the proceeds therefrom.

 

______________________

16
NTD: Include this Section if Borrowings are being requested. Delete inapplicable bracketed
terms.

 

17
NTD: Must be a minimum of the Borrowing Minimum or a whole multiple of the Borrowing
Multiple in excess thereof.

 

		18	NTD:
                                         Include this Section if Borrowings are being requested.

 

     

     

    

 

3.                  
Conversions and Continuations. Pursuant to Section 2.2 of the Credit Agreement, the Borrower hereby irrevocably
requests a [conversion] [continuation] under the Credit Agreement and sets forth below the information relating to such
[conversion] [continuation] (the “Proposed [Conversion] [Continuation]”):

 

(a)               
The Business Day of the Proposed [Conversion] [Continuation] is [________ __], 20[__].

 

(b)               
The Class, Type and amount of the Proposed [Conversion] [Continuation], in the case of LIBOR Borrowings, the initial
Interest Period are as follows:

 

	Class of Borrowings	Type of Borrowing (ABR or LIBOR) being [Converted] [Continued]	Amount19	Interest Period
	 	 	 	__ months
	 	 	 	__ months

 

Delivery of an executed
counterpart of this Committed Loan Notice by facsimile or other electronic method of transmission shall be effective as delivery
of an original executed counterpart of this Committed Loan Notice.

 

[Signature page follows]

 

 

 

 

 

 

 

 

 

______________________

 

		19	NTD:
                                         Must be a minimum of the Borrowing Minimum or a whole multiple of the Borrowing Multiple
                                         in excess thereof.

 

 

 

    	 	2	 

     

    

 

IN WITNESS WHEREOF, the
Borrower has caused this Committed Loan Notice to be executed as of the date and year first written above.

 

	 	LIBERTY TAX, INC.
	 	 	 	 
	 	 	 	 
	 	By: 	 	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT B-2

 

FORM OF SWINGLINE LOAN NOTICE

[Date]

Citizens Bank, N.A., as Administrative Agent and as Swingline
Lender

20 Cabot Road

Medford, MA 02155

Attention: Kendra Walfield

Email: Kendra.Walfield@citizensbank.com

 

Ladies and Gentlemen:

 

Reference is made to
the Credit Agreement, dated as of May 16, 2019, among LIBERTY TAX, INC., a Delaware corporation, the Lenders party thereto and
CITIZENS BANK, N.A., as Administrative Agent (as the same may be amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”). Capitalized terms used herein and not defined herein shall have the meanings
assigned to such terms in the Credit Agreement.

 

1.                  
Pursuant to Section 2.3 of the Credit Agreement, the Borrower hereby irrevocably requests a Swingline Loan under
the Credit Agreement and sets forth below the information relating to such Swingline Loan (the “Proposed Swingline Loan”)
as required by Section 2.3 of the Credit Agreement:

 

(a)               
The Business Day of the Proposed Swingline Loan is [________ __], 20[__].

 

(b)               
The aggregate amount of the Proposed Swingline Loan is $[___________].20

 

(c)               
The maturity date of the Proposed Swingline Loan is [________ __], 20[__].21

 

(d)               
The location and number of the Borrower’s account to which funds are to be disbursed is:

 

Bank: ______________________________

ABA #: ____________________________

Account #: _________________________

Account Name: ______________________

 

2.                  
Certifications with respect to all Borrowings. The Borrower hereby certifies that on the date hereof as well as on
the date of the Proposed Swingline Loan, (a) each of the representations and warranties of the Loan Parties set forth in the Loan
Documents are true and correct in all material respects, in each case on and as of the date hereof as if made on and as of such
date, provided that to the extent that such representations and warranties specifically refer to an earlier date, they shall
be true and correct in all material respects as of such earlier date; provided further that any representation and warranty
that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and
correct (after giving effect to any qualification therein) in all respects on such respective dates and (b) no Default exists or
would result from such Proposed Swingline Loan or from the application of the proceeds therefrom.

 

 

______________________

 

		20	NTD:
                                         Must be a minimum of the Borrowing Minimum or a whole multiple of the Borrowing Multiple
                                         in excess thereof.

 

		21	NTD:
                                         Not later than seven Business Days after the making of the Swingline Loan.

 

     

     

    

 

Delivery of an executed
counterpart of this Swingline Loan Notice by facsimile or other electronic method of transmission shall be effective as delivery
of an original executed counterpart of this Swingline Loan Notice.

 

[Signature page follows]

 

 

 

 

 

 

 

 

 

 

 

 

    	 	2	 

     

    

 

IN WITNESS WHEREOF,
the Borrower has caused this Swingline Loan Notice to be executed as of the date and year first written above.

 

	 	LIBERTY TAX, INC.
	 	 	 	 
	 	 	 	 
	 	By: 	 	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

  

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT C-1

 

FORM OF REVOLVING LOAN NOTE

 

[_______ __], 20[__]

 

FOR VALUE RECEIVED,
LIBERTY TAX, INC., a Delaware corporation (the “Borrower”), hereby promises to pay [___________] (the
“Lender”) or its registered assigns the unpaid principal amount of the Revolving Loans made by the Lender to
the Borrower, in the amounts and at the times set forth in the Credit Agreement, dated as of May 16, 2019, among the Borrower,
the Lenders party thereto and CITIZENS BANK, N.A., as Administrative Agent (as the same may be amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”) and to pay interest from the date hereof on
the principal balance of such Revolving Loans from time to time outstanding at the rate or rates and at the times set forth in
the Credit Agreement, in each case at the Administrative Agent’s Payment Office, in the currency in which such Loan is denominated
in immediately available funds. Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms
in the Credit Agreement.

 

The Revolving Loans
evidenced by this Revolving Loan Note (this “Note”) are prepayable in the amounts, and under the circumstances,
and their respective maturities are subject to acceleration upon the terms, set forth in the Credit Agreement. This Note is subject
to, and shall be construed in accordance with, the provisions of the Credit Agreement and is entitled to the benefits and security
set forth in the Loan Documents.

 

The Lender is hereby
authorized to record on the Schedule annexed hereto, and any continuation sheets which the Lender may attach hereto, (a) the date
of each Revolving Loan made by the Lender, (b) the Type and amount thereof, (c) the interest rate (without regard to the Applicable
Margin) and Interest Period applicable to each such Revolving Loan that is a LIBOR Loan, and (d) the date and amount of each conversion
of, and each payment or prepayment of the principal of, each such Revolving Loan. The entries made on such Schedule shall be prima
facie evidence of the existence and amounts of the obligations recorded thereon, provided that the failure to so record
or any error therein shall not in any manner affect the obligation of the Borrower to repay such Revolving Loans in accordance
with the terms of the Credit Agreement.

 

Except as specifically
otherwise provided in the Credit Agreement, the Borrower hereby waives presentment, demand, notice of dishonor, protest, notice
of protest and all other demands, protests and notices in connection with the execution, delivery, performance, collection and
enforcement of this Note.

 

Whenever in this Note
a Person is referred to, such reference shall be deemed to include the successors and assigns of such Person. The Borrower shall
not have the right to assign its rights or obligations hereunder or any interest herein (and any such attempted assignment shall
be void), except as expressly permitted by the Loan Documents. No failure or delay of the Lender in exercising any power or right
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment
or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of
any other right or power. Neither this Note nor any provision hereof may be waived, amended or modified, nor shall any departure
therefrom be consented to, except pursuant to a written agreement entered into between the Borrower and the Lender with respect
to which such waiver, amendment, modification or consent is to apply, subject to any consent required in accordance with Section
10.2 of the Credit Agreement.

 

All communications
and notices hereunder shall be in writing and given as provided in Section 10.1 of the Credit Agreement.

 

     

     

    

 

THIS NOTE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

The Borrower, and by
accepting this Note, the Lender, each hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the courts of the State of New York sitting in New York County and of the United States District Court of the for
the Southern District of New York and any appellate court from any thereof, in any action or proceeding arising out of or relating
to this Note or the other Loan Documents, or for recognition or enforcement of any judgment, and the Borrower, and by accepting
this Note, the Lender, each hereby irrevocably and unconditionally agrees that, to the extent permitted by applicable law, all
claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted
by applicable law, in such Federal court. The Borrower, and by accepting this Note, the Lender, each agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Note shall affect any right that the Lender may otherwise have to bring any action
or proceeding relating to this Note or the other Loan Documents against the Borrower, or any of its property, in the courts of
any jurisdiction.

 

The Borrower, and by
accepting this Note, the Lender, hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of
or relating to this Note or the other Loan Documents in any court referred to in the preceding paragraph hereof. The Borrower,
and by accepting this Note, the Lender, hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense
of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

The Borrower, and by
accepting this Note, the Lender, irrevocably consents to service of process in the manner provided for notices herein. Nothing
herein will affect the right of the Lender to serve process in any other manner permitted by law.

 

THE BORROWER, AND
BY ACCEPTING THIS NOTE, THE LENDER, EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE. THE
BORROWER, AND BY ACCEPTING THIS NOTE, THE LENDER, EACH (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT SUCH OTHER PERSON HAS BEEN INDUCED TO ACCEPT THIS NOTE AND ENTER INTO THE LOAN DOCUMENTS TO WHICH
IT IS A PARTY BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS IN THIS PARAGRAPH.

 

    	 	- 2 -	 

     

    

 

IN WITNESS WHEREOF,
the Borrower has executed this Revolving Loan Note as of the date and year first written above.

 

	 	LIBERTY TAX, INC.
	 	 	 	 
	 	 	 	 
	 	By: 	 	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	- 3 -	 

     

    

 

SCHEDULE TO REVOLVING LOAN NOTE

 

	Date	Type of Revolving Loan	Amount of Revolving Loan	Currency of Revolving Loan	Amount of principal converted, repaid or prepaid	Interest Rate if LIBOR Loan22	Interest Period if LIBOR Loan	Notation Made By
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

____________________

 

		22	NTD:
                                         Without regard to the Applicable Margin.

 

     

     

    

 

EXHIBIT C-2

 

FORM OF SWINGLINE LOAN
NOTE

 

[_______ __], 20[__]

 

FOR VALUE RECEIVED,
LIBERTY TAX, INC., a Delaware corporation (the “Borrower”), hereby promises to pay CITIZENS BANK, N.A. (the
“Swingline Lender”) or its registered assigns the unpaid principal amount of the Swingline Loans made by the
Swingline Lender to the Borrower, in the amounts and at the times set forth in the Credit Agreement, dated as of May 16, 2019,
among the Borrower, the Lenders party thereto and CITIZENS BANK, N.A., as Administrative Agent (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”) and to pay interest from the date
hereof on the principal balance of such Swingline Loans from time to time outstanding at the rate or rates and at the times set
forth in the Credit Agreement, in each case at [set out the Swingline Lender’s office for payments] or at such other
place as the Swingline Lender may specify from time to time, in lawful money of the United States in immediately available funds.
Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

The Swingline Loans
evidenced by this Swingline Loan Note (this “Note”) are prepayable in the amounts, and under the circumstances,
and their respective maturities are subject to acceleration upon the terms, set forth in the Credit Agreement. This Note is subject
to, and shall be construed in accordance with, the provisions of the Credit Agreement and is entitled to the benefits and security
set forth in the Loan Documents.

 

The Swingline Lender
is hereby authorized to record on the Schedule annexed hereto, and any continuation sheets which the Swingline Lender may attach
hereto, (a) the date of each Swingline Loan, (b) the maturity date applicable thereto, and (c) the date and amount of each payment
or prepayment of the principal of each Swingline Loan. The entries made on such Schedule shall be prima facie evidence of the existence
and amounts of the obligations recorded thereon, provided that the failure to so record or any error therein shall not in
any manner affect the obligation of the Borrower to repay the Swingline Loans in accordance with the terms of the Credit Agreement.

 

Except as specifically
otherwise provided in the Credit Agreement, the Borrower hereby waives presentment, demand, notice of dishonor, protest, notice
of protest and all other demands, protests and notices in connection with the execution, delivery, performance, collection and
enforcement of this Note.

 

Whenever in this Note
a Person is referred to, such reference shall be deemed to include the successors and assigns of such Person. The Borrower shall
not have the right to assign its rights or obligations hereunder or any interest herein (and any such attempted assignment shall
be void), except as expressly permitted by the Loan Documents. No failure or delay of the Swingline Lender in exercising any power
or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. Neither this Note nor any provision hereof may be waived, amended or modified, nor shall
any departure therefrom be consented to, except pursuant to a written agreement entered into between the Borrower and the Swingline
Lender with respect to which such waiver, amendment, modification or consent is to apply, subject to any consent required in accordance
with Section 10.2 of the Credit Agreement.

 

All communications
and notices hereunder shall be in writing and given as provided in Section 10.1 of the Credit Agreement.

 

     

     

    

 

THIS NOTE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

The Borrower, and by
accepting this Note, the Swingline Lender, each hereby irrevocably and unconditionally submits, for itself and its property, to
the exclusive jurisdiction of the courts of the State of New York sitting in New York County and of the United States District
Court of the for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Note or the other Loan Documents, or for recognition or enforcement of any judgment, and the Borrower,
and by accepting this Note, the Swingline Lender, each hereby irrevocably and unconditionally agrees that, to the extent permitted
by applicable law, all claims in respect of any such action or proceeding may be heard and determined in such New York State court
or, to the extent permitted by applicable law, in such Federal court. The Borrower, and by accepting this Note, the Swingline Lender,
each agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Nothing in this Note shall affect any right that the Swingline
Lender may otherwise have to bring any action or proceeding relating to this Note or the other Loan Documents against the Borrower,
or any of its property, in the courts of any jurisdiction.

 

The Borrower, and by
accepting this Note, the Swingline Lender, hereby irrevocably and unconditionally waives, to the fullest extent it may legally
and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding
arising out of or relating to this Note or the other Loan Documents in any court referred to in the preceding paragraph hereof.
The Borrower, and by accepting this Note, the Swingline Lender, hereby irrevocably waives, to the fullest extent permitted by applicable
law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

The Borrower, and by
accepting this Note, the Swingline Lender, irrevocably consents to service of process in the manner provided for notices herein.
Nothing herein will affect the right of the Swingline Lender to serve process in any other manner permitted by law.

 

THE BORROWER, AND
BY ACCEPTING THIS NOTE, THE SWINGLINE LENDER, EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS NOTE. THE BORROWER, AND BY ACCEPTING THIS NOTE, THE SWINGLINE LENDER, EACH (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT SUCH OTHER PERSON HAS BEEN INDUCED TO ACCEPT THIS NOTE AND ENTER
INTO THE LOAN DOCUMENTS TO WHICH IT IS A PARTY BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS IN THIS PARAGRAPH.

 

 

    	 	2	 

     

    

 

IN WITNESS WHEREOF,
the Borrower has executed this Swingline Loan Note as of as of the date and year first written above.

 

 

	 	LIBERTY TAX, INC.
	 	 	 	 
	 	 	 	 
	 	By: 	 	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	3	 

     

    

 

SCHEDULE TO SWINGLINE LOAN NOTE

 

	Date	Amount	Amount of principal repaid or prepaid	Maturity Date	Notation Made by
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

     

     

    

 

EXHIBIT D

 

FORM OF PERFECTION CERTIFICATE

 

 

 

[See Attached]

 

 

 

 

 

     

     

    

 

PERFECTION CERTIFICATE

 

[_____], 2019

 

Reference is made to
(a) the Credit Agreement, dated as of May 16, 2019 among LIBERTY TAX, INC., a Delaware
corporation (the “Borrower”), the Lenders party thereto and CITIZENS BANK, N.A., as administrative agent (in
such capacity, the “Administrative Agent”) (as the same may be amended, restated supplemented or otherwise modified
from time to time, the “Credit Agreement”), and (b) the Pledge and Security Agreement, dated as of May 16, 2019
(as amended, supplemented or otherwise modified from time to time, the “Security Agreement”), among the Borrower,
the Guarantors party thereto (together with the Borrower, collectively, the “Loan Parties”; each, a “Loan
Party”) and the Administrative Agent (as the same may be amended, restated supplemented or otherwise modified from time
to time, the “Security Agreement”). Capitalized terms used but not defined herein have the meanings set forth
in the Credit Agreement or the Security Agreement, as applicable.

 

The undersigned, the
Vice President and Chief Financial Officer of the Borrower, hereby certifies to the Administrative Agent and each other Secured
Party as follows:

 

1.                  
Applicable Date. All of the information set forth in this Perfection Certificate is true, correct and complete
as of the Closing Date.

 

2.                  
Legal Names and General Information.

 

(a)       Set
forth below is the exact legal name of each Loan Party as it appears in its certificate of incorporation or formation (or analogous
document), the date and jurisdiction of its organization, its Federal Employer Identification Number (or other analogous number)
and its Organizational Identification Number (or other analogous number), if any:

 

	Legal Name 	Date and Jurisdiction of Organization	Federal Employer Identification Number	Organizational Identification Number
	 	 	 	 
	 	 	 	 

 

(b)Each of
the Loan Parties is a Registered Organization (within the meaning of Section 9-102(a)(70) of the Uniform Commercial Code).

 

3.                  
Name Changes. Set forth below is the name of each Loan Party that changed its legal name within the five (5)
years immediately preceding the date hereof, together with a list of each legal name used by such Loan Party during such five years
and the period of use thereof during such five (5) years:

 

	Loan Party	Former Name(s)	Period of Use
	 	 	 
	 	 	 

 

4.                  
Other Names. Set forth below are all other names (including fictitious names, d/b/a’s, trade names and
similar appellations) used by any Loan Party or any of its divisions or other unincorporated business units during the five (5)
years immediately preceding the date hereof:

 

     

     

    

 

	Loan Party	Trade Name(s) or Other Name(s)
	 	 
	 	 

 

5.                  
Changes in Capital Structure; Transactions. Except as set forth in Schedule 5 hereto, no Loan
Party has changed its identity or corporate structure in any way within five (5) years immediately preceding the date hereof. Changes
in identity or corporate structure would include mergers, consolidations and acquisitions, as well as any change in the form, nature
or jurisdiction of organization. If any such change has occurred, include in Schedule 5 the information required by
Sections 2, 3 and 4 of this Perfection Certificate as to each acquiree or constituent party to a merger
or consolidation.

 

6.                  
Other Acquisitions. Except as set forth in Schedule 6 hereto and other than in connection with
any transaction referred to in Section 5 hereof, no Loan Party has acquired any property other than in the ordinary course
of business.

 

7.                  
Locations.

 

(a)       The
chief executive office of each Loan Party is located at the address set forth opposite its name below and has been located at such
location for at least the previous four (4) months:

 

	Loan Party	Street Address	County	State
	 	 	 	 
	 	 	 	 

 

(b)      No property
of any Loan Party is in the possession of a third party such as a warehouse, consignee or other bailee, except as follows

 

	Loan Party	Name and Address of other Person	Nature of Relationship (e.g. Consignment)	Documents of Title Issued
	 	 	 	 
	 	 	 	 

 

(c)         No Loan
Party maintains (or has maintained during the previous four (4) months) any place of business or keeps (or has kept during the
previous four (4) months) any of its books and records or any other property or assets at any location other than the locations
listed in Section 7(a) or (b) above and the following locations:

 

	Loan Party	Location	Record Owner of Location
	 	 	 
	 	 	 

 

8.                  
Debt Instruments. Attached hereto as Schedule 8 is a true and correct list of all promissory notes,
Franchisee Notes and other evidence of Indebtedness (in each case, other than Excluded Franchisee Notes) held by each Loan Party,
including all intercompany notes.

 

9.                  
Advances. Attached hereto as Schedule 9 is a true and correct list of all outstanding loans or other
advances in excess of $100,000 made by the Borrower to any Subsidiary or made by any Subsidiary to the Borrower or to any other
Subsidiary (other than those identified on Schedule 8), which advanced will be on and after the date hereof evidenced
by the Master Intercompany Note pledged to the Administrative Agent under the Security Agreement.

 

     

     

    

 

10.              
Stock Ownership and other Equity Interests.

 

(a)       Attached
hereto as Schedule 10(a) is a true and correct list of all of the issued and outstanding Equity Interests in each Loan Party
or held by any Loan Party and the record and beneficial owners of such Equity Interests.

 

(b)       Attached
hereto as Schedule 10(b) is a true and correct list of all Equity Interests held by any Loan Party that represents 50% or
less of the Equity Interests of the entity in which such investment was made.

 

11.              
Brokerage, Securities and Commodities Accounts. Attached hereto as Schedule 11 is a true and correct
list of all brokerage accounts or other Securities Accounts and Commodities Accounts maintained by each Loan Party, including the
name and address of the securities intermediary, the type of account, and the account number.

 

12.              
Deposit Accounts. Attached hereto as Schedule 12 is a true and correct list of all Deposit Accounts maintained
by each Loan Party, including the name and address of the depositary institution, the type of account, and the account number.

 

13.              
Intellectual Property.

 

(a)       Attached
hereto as Schedule 13(a) in proper form for filing with the United States Patent and Trademark Office is a schedule setting
forth all of each Loan Party’s Patents, Patent Licenses, Trademarks, Trademark Licenses and Domain Names, including, where
applicable, the name of the registered owner, the registration number and the expiration date of each such Patent, Patent License,
Trademark and Trademark License.

 

(b)       Attached
hereto as Schedule 13(b) in proper form for filing with the United States Copyright Office is a schedule setting forth all
of each Loan Party’s Copyrights and Copyright Licenses, including the name of the registered owner, the registration number
and the expiration date of each such Copyright and Copyright License.

 

14.              
Commercial Tort Claims. Attached hereto as Schedule 14 is a true and correct list of Commercial Tort
Claims in excess of $100,000 held by any Loan Party, including a brief description thereof.

 

15.              
Letter of Credit Rights. Attached hereto as Schedule 15 is a schedule setting forth is a list of all
letters of credit issued in favor of any Loan Party, as beneficiary thereunder.

 

16.              
Material Authorizations. Attached hereto as Schedule 16 is a schedule setting forth all licenses, approvals,
permits or other authorizations issued by any Governmental Authority (each, an Authorization) which is material to the business
of any Loan Party.

 

17.              
Real Property. Attached hereto as Schedule 17 is a schedule setting forth each item of real property
owned or leased by any Loan Party, indicating whether such real property is owned or leased by such Loan Party and, if leased,
the name and address of the record owner thereof.

 

     

     

    

 

18.              
Assignment of Claims Act. Attached hereto as Schedule 18 is a true and correct list of all written
contracts between any Loan Party and the United States government or any department or agency thereof that have a remaining value
of at least $100,000, setting forth the contract number, name and address of contracting officer (or other party to whom a notice
of assignment under the Assignment of Claims Act should be sent), contract start date and end date, agency with which the contract
was entered into, and a description of the contract type.

 

[Signature page follows]

 

 

 

 

 

 

 

 

 

     

     

    

 

IN WITNESS WHEREOF, I have hereunto set
my hand and the corporate seal of the Borrower as of the date first above-written.

 

	 	LIBERTY TAX, INC., as the Borrower
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

 

 

 

 

 

[Signature Page to Perfection Certificate]

 

     

     

    

 

Schedule 5 to Perfection Certificate

 

Changes in Identity or Corporate Structure
Within Past Five Years

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 6 to Perfection Certificate

 

Acquisitions of Property Other Than
in the Ordinary Course of Business

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 8 to Perfection Certificate

 

Debt Instruments

 

	Maker	Payee	Date	Amount
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 9 to Perfection Certificate

 

Advances

 

	Lender	Borrower	Date	Amount
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 10(a) to Perfection Certificate

 

Equity Interests of Loan Parties in
Subsidiaries

 

	Entity	Owner	Number and Class of Shares or Interests Owned	Certificate No. (if certificated)	Percent Owned
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 10(b) to Perfection Certificate

 

Other Equity Interests

 

	Entity	Owner	Number and Class of Shares or Interests Owned	Certificate No. (if certificated)	Percent Owned
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

 

 

 

 

 

     

     

    

 

Schedule 11 to Perfection Certificate

 

Brokerage and Other Securities Accounts

 

	Loan Party	Name and Address of Securities Intermediary	Account No.	Type of Account
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

Commodities Accounts

 

	Loan Party	Name and Address of Commodities Intermediary	Account No.	Type of Account
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 12 to Perfection Certificate

 

Deposit Accounts

 

	Loan Party	Name and Address of Depository Bank	Account No.	Type of Account
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

 

 

 

 

     

     

    

 

Schedule 13(a) to Perfection Certificate

 

Patents and Trademarks

 

Patents

 

	Loan Party	Title	Serial Number	Filing Date	Status
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

Patent Licenses

 

	Licensor	Licensee	Date of License Agreement	Expiration Date of License	Patents Licensed
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

Trademarks

 

	Loan Party	Mark	Reg. No.	Reg. Date	Serial No.	Filing Date	Status
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

 

Trademark Licenses

 

	Licensor	Licensee	Date of License Agreement	Expiration Date of License	Trademarks Licensed
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

     

     

    

 

Trade Secret Licenses

 

	

Licenser	

Licensee	Date of License Agreement	Expiration Date of License	Trade Secrets Licensed
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

Domain Names

 

	Loan Party	Domain Name
	 	 
	 	 
	 	 
	 	 

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 13(b) to Perfection Certificate

 

Copyrights

 

 

 

	Loan Party	Title	Registration No.	Registration Date
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

Copyright Licenses

 

	Licensor	Licensee	Date of License Agreement	Expiration Date of License	Copyrights Licensed
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 14 to Perfection Certificate

 

Commercial Tort Claims

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 15 to Perfection Certificate

 

Letter of Credit Rights

 

	Loan Party	Account Party	Issuer	LC No.	Issue Date	Expiry Date	Amount
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

 

 

 

 

 

     

     

    

 

Schedule 16 to Perfection Certificate

 

Material Authorizations

 

 

 

 

 

 

 

 

 

     

     

    

 

Schedule 17 to Perfection Certificate

 

Real Property

 

	Loan Party	Address	Owned or Leased	If Leased, Name and Address of Record Owner
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

 

 

 

 

     

     

    

 

Schedule 18 to Perfection Certificate

 

Government Contracts

 

	Loan Party	Name and Address of Contracting Officer	Contract Start Date	Contract End Date	Agency	Description of Contract
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT E

 

FORM OF COMPLIANCE CERTIFICATE

 

[_______ __], 20[__]

 

I, ______________,
do hereby certify that I am the [Chief Financial Officer] of LIBERTY TAX, INC., a Delaware corporation (the “Borrower”),
and that, as such, I am duly authorized to execute and deliver this Compliance Certificate on the Borrower’s behalf pursuant
to Section 6.1(c) of the Credit Agreement, dated as of May 16, 2019, among the Borrower, the Lenders party thereto and CITIZENS
BANK, N.A., as Administrative Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”). Capitalized terms used herein and not defined herein shall have the meanings assigned
to such terms in the Credit Agreement. Section references herein relate to the Credit Agreement unless stated otherwise. In the
event of any conflict between the calculations set forth in this Compliance Certificate and the manner of calculation required
by the Credit Agreement, the terms of the Credit Agreement shall govern and control.

 

1.                  
Test Date. This Compliance Certificate is delivered for the fiscal [quarter/year] ended [________ __],
20[__] (the “Test Date”). Unless otherwise indicated, references to the “Period” refer
to the four fiscal quarters ending on the Test Date.

 

2.                  
No Default. No Default exists [, except as follows: [describe]].23

 

3.                  
Financial Statements. All financial statements delivered herewith have been prepared in accordance with GAAP. There
has been no change in GAAP or in the application thereof that has resulted in a change to the financial statements accompanying
this Compliance Certificate since the date of the Audited Financial Statements [, except as follows: [describe]].24

 

4.                  
Subsidiaries. The Borrower has no Subsidiaries other than (a) those that existed on the Closing Date and were reflected
in the Perfection Certificate delivered to the Administrative Agent on such date, (b) those formed or acquired after the Closing
Date with respect to which the Administrative Agent was previously notified either pursuant to Section 6.12 of the Credit
Agreement, in an additional Perfection Certificate or in a previous Compliance Certificate, and (c) those other Subsidiaries set
forth on Schedule 4 to this Compliance Certificate, which Schedule sets forth for each such Subsidiary whether such Subsidiary
is (i) a Domestic Subsidiary, (ii) a Guarantor (including the basis for it not being a Guarantor, if applicable), (iii) a first
tier Foreign Subsidiary or (iv) an Excluded Subsidiary (including the basis for its constituting an Excluded Subsidiary).

 

5.                  
Security Interests. There have been no changes to the jurisdiction of organization or legal name of any Loan Party
since the latest of the (i) the Closing Date, (ii) any later written notice of such change provided to the Administrative Agent
and (iii) the date of the last Compliance Certificate delivered pursuant to Section 6.1(c) of the Credit Agreement [in
each case, except as follows: [describe]].25

 

_____________________________

 

		23	Specify
                                         the nature and status thereof and any action taken or proposed to be taken with respect
                                         thereto.

 

24
Specify the nature of such change and the effect on the financial statements accompanying
this Compliance Certificate.

 

		25	Specify
                                         each such change.

 

     

     

    

 

6.                  
Financial Covenant Compliance.

 

(a)               
Leverage Ratio. As of the Test Date, the Leverage Ratio was [_.__]:1:00, calculated as set forth on Schedule
6(a) to this Compliance Certificate. The maximum permitted Leverage Ratio as of the Test Date pursuant to Section 7.12(a)
of the Credit Agreement was [_.__]:1:00.

 

(b)               
Fixed Charge Coverage Ratio. As of the Test Date, the Fixed Charge Coverage Ratio was [_.__]:1:00, calculated
as set forth on Schedule 6(b) to this Compliance Certificate. The minimum required Fixed Charge Coverage Ratio as of the
Test Date pursuant to Section 7.12(b) of the Credit Agreement was [_.__]:1:00.

 

(c)               
Consolidated Net Worth. As of the Test Date, the Consolidated Net Worth was calculated as set forth on Schedule
6(c) to this Compliance Certificate. The minimum required Consolidated Net Worth pursuant to Section 7.12(c) of the
Credit Agreement is $50,000,000.

 

 

 

[Signature page follows]

 

 

 

 

 

 

     

     

    

 

IN WITNESS WHEREOF,
I have executed this Compliance Certificate on behalf of the Borrower as of the date first above-written.

 

	 	LIBERTY TAX, INC.	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	 	 	 
	 	Name: 	[Chief Financial Officer]	 
	 	Title: 	 	 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE 4 TO COMPLIANCE CERTIFICATE

 

SUBSIDIARIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE 6(a) TO COMPLIANCE
CERTIFICATE

 

CALCULATION OF THE
LEVERAGE RATIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE 6(b) TO COMPLIANCE CERTIFICATE

 

CALCULATION OF THE
FIXED CHARGE COVERAGE RATIO

 

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE 6(c) TO COMPLIANCE CERTIFICATE

 

CALCULATION OF CONSOLIDATED
NET WORTH

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT F

 

FORM OF CLOSING CERTIFICATE OF [NAME
OF LOAN PARTY]

 

May 16, 2019

 

Reference is made to
the Credit Agreement, dated as of May 16, 2019, among LIBERTY TAX, INC., a Delaware corporation, the Lenders party thereto and
CITIZENS BANK, N.A., as Administrative Agent (as the same may be amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”). Capitalized terms used herein and not defined herein shall have the meanings
assigned to such terms in the Credit Agreement. This Certificate is being delivered pursuant to Section 4.1(d) of the Credit
Agreement.

 

The undersigned, [the
Secretary] [an Assistant Secretary] of [Name of Loan Party], a [___________] [corporation] [limited liability company]
(the “Company”), hereby certifies as follows:

 

1.                  
Annexed hereto as Annex A is a true, complete and correct copy of a long form [Certificate of Incorporation]
[Certificate of Formation] of the Company certified by the [Secretary of State] of the [Commonwealth][State]
of [_________], including, without limitation, all amendments thereto through the date hereof.

 

2.                  
Annexed hereto as Annex B is a true, complete and correct copy of the [by-laws] [Operating Agreement]
of the Company, including, without limitation, all amendments thereto through the date hereof.

 

3.                  
Annexed hereto as Annex C is a true, complete and correct copy of all resolutions of the [Board of Directors]
[Board of Managers] [Managing Member] of the Company, adopted [at a meeting duly called at which a quorum was present and
voting throughout] [by unanimous written consent], authorizing the execution, delivery and performance of the Loan Documents
to which the Company is a party and the transactions contemplated thereby, all of which resolutions are in full force and effect
on the date hereof. There are no other resolutions adopted by the Company related to the Loan Documents or the transactions contemplated
thereby.

 

4.                  
Annexed hereto as Annex D is a true and correct list of the persons that are duly elected or appointed, as the
case may be, and qualified officers of the Company holding the offices indicated opposite their respective names, authorized to
execute the Credit Agreement and the other Loan Documents (as defined in the Credit Agreement) on behalf of the Company and the
signatures and offices appearing opposite their respective names are the genuine signatures and offices of such persons.

 

5.                  
Attached hereto as Annex E are certificates of good standing issued by the [Secretaries of State] [and the
relevant taxing authorities] of the [Commonwealths][States] of [_________].

 

[Signature page follows]

 

 

 

 

     

     

    

 

IN WITNESS WHEREOF,
we have hereunto set our names as of the date first above-written.

 

	 	 	 
	 	[President][Vice President]	 
	 	 	 
	 	 	 
	 	[Secretary][Assistant Secretary]	 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT G

 

FORM OF SUBSIDIARY JOINDER AGREEMENT

 

SUBSIDIARY JOINDER
AGREEMENT (this “Agreement”), dated as of [________ __], 20[__], by and between [NAME OF NEW SUBSIDIARY]
a [___________] [corporation] [limited liability company] (the “New Subsidiary”), and CITIZENS BANK,
N.A., as Administrative Agent under the Credit Agreement referred to in the next paragraph acting on behalf of the Secured Parties.

 

RECITALS

 

A.      
Reference is made to (i) Credit Agreement, dated as of May 16, 2019, among Liberty Tax, Inc., a Delaware corporation
(the “Borrower”), the Lenders party thereto and the Administrative Agent (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), (ii) the Guarantee Agreement,
dated as of May 16, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Guarantee Agreement”),
by and among the Borrower, the Guarantors party thereto (together with the Borrower, the “Loan Parties”; each,
a “Loan Party”) and the Administrative Agent, and (iii) the Pledge and Security Agreement, dated as of May 16,
2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Security Agreement”),
by and among the Loan Parties and the Administrative Agent.

 

B.      
Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in the Credit
Agreement, the Guarantee Agreement and the Security Agreement, as applicable.

 

C.      
The New Subsidiary is a [direct] [indirect] Subsidiary of the Borrower.

 

D.      
Pursuant to Section 6.12 of the Credit Agreement, the New Subsidiary is required to execute and deliver this
Agreement for the purposes described herein.

 

NOW, THEREFORE, in
consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the New Subsidiary hereby agrees as follows:

 

Section 1.         
Assumption and Joinder.

 

(a)               
Guarantee. The New Subsidiary hereby expressly (i) joins in and agrees to be bound by all of the provisions of the
Guarantee Agreement, (ii) hereby assumes the obligations and liabilities of a Guarantor (as defined in the Guarantee Agreement)
under the Guarantee Agreement and (iii) agrees to all the terms and provisions of the Guarantee Agreement applicable to it as a
Guarantor thereunder, in each case with the same force and effect as if originally named therein as a Guarantor. The New Subsidiary
acknowledges and agrees that its liability under the Guarantee Agreement shall be joint and several with the other Guarantors party
thereto. From and after the date hereof, each reference to a “Guarantor” in the Loan Documents shall be deemed to include
the New Subsidiary.

 

(b)               
Security Agreement. The New Subsidiary hereby expressly joins in and agrees to be bound by all of the provisions
of the Security Agreement and hereby assumes the obligations and liabilities of a Grantor (as defined in the Security Agreement)
under the Security Agreement with the same force and effect as if originally named therein as a Grantor, and the New Subsidiary
hereby agrees to all the terms and provisions of the Security Agreement applicable to it as a Grantor thereunder. In furtherance
of the foregoing, the New Subsidiary, as security for the payment and performance in full of the Secured Obligations, does hereby
grant, subject to the terms and conditions of the Security Agreement, to the Administrative Agent for the benefit of the Secured
Parties, a security interest in and lien on all of the New Subsidiary’s right, title and interest in and to the Collateral
(as defined in the Security Agreement) now or hereafter owned or held by or on behalf of the New Subsidiary. From and after the
date hereof, each reference to a “Grantor” in the Security Agreement shall be deemed to include the New Subsidiary.

 

     

     

    

 

Section 2.         
Representations and Warranties.

 

(a)               
The execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party are within
the New Subsidiary’s corporate, partnership, limited liability company or other analogous powers and have been duly authorized
by all necessary corporate, partnership, limited liability company or other analogous and, if required, equity holder action of
the New Subsidiary. This Agreement has been duly executed and delivered by the New Subsidiary and this Agreement and each of the
other Loan Documents to which the New Subsidiary is a party constitutes a legal, valid and binding obligation of the New Subsidiary,
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered
in a proceeding in equity or at law.

 

(b)               
The New Subsidiary hereby expressly represents and warrants that each of the representations and warranties made by or with
respect to it set forth in the Loan Documents are true and correct in all material respects, provided that to the extent
that such representations and warranties specifically refer to an earlier date, they are true and correct in all material respects
as of such earlier date; provided further that any representation and warranty that is qualified as to “materiality”,
“Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein)
in all respects on such respective dates.

 

(c)               
The New Subsidiary represents and warrants that it has received and reviewed copies of the Credit Agreement and each of
the other Loan Documents.

 

Section 3.         
Perfection Certificate, Etc. 

 

(a)               
The New Subsidiary has delivered or caused to be delivered to the Administrative Agent a Perfection Certificate and all
other documents required of it as a Loan Party.

 

Section 4.         
Miscellaneous.

 

(a)               
This Agreement, the Guarantee Agreement and the Security Agreement constitute the entire contract among the New Subsidiary
and the Secured Parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, among such parties relating to the subject matter hereof.

 

(b)               
This Agreement shall be binding upon the New Subsidiary and its permitted successors and assigns, and shall inure to the
benefit of the Administrative Agent and the other Secured Parties, and their successors and assigns.

 

(c)               
In the event any one or more of the provisions contained in this
Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby
(it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect
the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace
the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which shall be as close as possible
to that of the invalid, illegal or unenforceable provisions.

 

     

     

    

 

(d)               
The New Subsidiary shall pay, or shall cause to be paid, all costs and expenses of the Administrative Agent, including,
without limitation, reasonable and documented attorneys’ fees in connection with the preparation, negotiation, execution
and delivery of this Agreement.

 

(e)               
The New Subsidiary represents and warrants that it has consulted with independent legal counsel of its selection in connection
with this Agreement and is not relying on any representations or warranties of the Administrative Agent or the other Secured Parties
or their counsel in entering into this Agreement.

 

(f)                
The New Subsidiary hereby agrees that all notices and other communications required or permitted to be sent to it under
this Agreement and the Loan Documents are to be sent to it at the same address as provided in Section 10.1 of the Credit
Agreement for notices to the Loan Parties.

 

(g)               
This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

(h)               
Each of the parties hereto irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of the courts of the State of New York sitting in New York County and of the United States District Court of the for the Southern
District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that, to the extent permitted by applicable law, all claims in respect of any such action
or proceeding may be heard and determined in such New York State court or, to the extent permitted by applicable law, in such Federal
court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall
affect any right that any Credit Party may otherwise have to bring any action or proceeding relating to this Agreement or the other
Loan Documents against the New Subsidiary, or any of its property, in the courts of any jurisdiction.

 

(i)                
Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any
objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this
Agreement or any other Loan Document in any court referred to in clause (h) above. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court.

 

(j)                
Each of the parties hereto irrevocably consents to service of process in the manner provided for notices in Section 10.1
of the Credit Agreement. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner
permitted by law.

 

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

 

     

     

    

 

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

 

[Signature pages follow]

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have caused this Subsidiary
Joinder Agreement to be duly executed as of the date first above written.

 

	 	 	 	 	[NAME OF NEW SUBSIDIARY]	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By: 	 	 	 
	 	 	 	 	Name: 	 	 
	 	 	 	 	Title: 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Acknowledged and accepted as of the 	 	 	 	 	 
	date first written above:	 	 	 	 	 
	 	 	 	 	 	 	 	 
	CITIZENS BANK, N.A., 	 	 	 	 	 
	as Administrative Agent 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	By:	 	 	 	 	 	 	 
	Name:	 	 	 	 	 	 
	Title:	 	 	 	 	 	 

 

 

 

 

 

 

     

     

    

 

EXHIBIT H-1

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is made to
Credit Agreement, dated as of May 16, 2019, among Liberty Tax, Inc., a Delaware corporation, the Lenders party thereto and Citizens
Bank, N.A., as Administrative Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”). Capitalized terms used herein and not defined herein shall have the meanings assigned
to such terms in the Credit Agreement.

 

Pursuant to the provisions
of Section 3.6 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner
of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is
not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a “ten percent shareholder”
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a “controlled foreign corporation”
related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E
(as applicable). By executing this certificate, the undersigned agrees that (1) if the information provided in this certificate
changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have
at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments.

 

	 	[NAME OF LENDER]
	 	 	 	 
	 	 	 	 
	 	By: 	 	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

Date: [________ __], 20[__]

 

 

 

 

     

     

    

 

EXHIBIT H-2

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Participants That Are Not
Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is made to
Credit Agreement, dated as of May 16, 2019, among Liberty Tax, Inc., a Delaware corporation, the Lenders party thereto and Citizens
Bank, N.A., as Administrative Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”). Capitalized terms used herein and not defined herein shall have the meanings assigned
to such terms in the Credit Agreement.

 

Pursuant to the provisions
of Section 3.6 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner
of the participation in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning
of Section 881(c)(3)(A) of the Code, (iii) it is not a “ten percent shareholder” of the Borrower within the meaning
of Section 871(h)(3)(B) of the Code and (iv) it is not a “controlled foreign corporation” related to the Borrower as
described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable).
By executing this certificate, the undersigned agrees that (1) if the information provided in this certificate changes, the undersigned
shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.

 

	 	[NAME OF PARTICIPANT]
	 	 	 	 
	 	 	 	 
	 	By: 	 	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

Date: [________ __], 20[__]

 

 

 

 

 

     

     

    

 

EXHIBIT H-3

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is made to
Credit Agreement, dated as of May 16, 2019, among Liberty Tax, Inc., a Delaware corporation, the Lenders party thereto and Citizens
Bank, N.A., as Administrative Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”). Capitalized terms used herein and not defined herein shall have the meanings assigned
to such terms in the Credit Agreement.

 

Pursuant to the provisions
of Section 3.6 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation
in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners
of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members
is a “bank” extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business
within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a “ten percent
shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect
partners/members is a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C)
of the Code.

 

The undersigned has
furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) or (ii) an IRS
Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided in this certificate changes, the undersigned shall promptly so inform such Lender and (2) the
undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such
payments.

 

	 	[NAME OF PARTICIPANT]
	 	 	 	 
	 	 	 	 
	 	By: 	 	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

Date: [________ __], 20[__]

 

 

 

 

     

     

    

 

EXHIBIT H-4

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is made to
Credit Agreement, dated as of May 16, 2019, among Liberty Tax, Inc., a Delaware corporation, the Lenders party thereto and Citizens
Bank, N.A., as Administrative Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”). Capitalized terms used herein and not defined herein shall have the meanings assigned
to such terms in the Credit Agreement.

 

Pursuant to the provisions
of Section 3.6 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s)
(as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect
partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect
to the extension of credit pursuant to this Agreement or any other Loan Document, neither the undersigned nor any of its direct
or indirect partners/members is a “bank” extending credit pursuant to a loan agreement entered into in the ordinary
course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a “ten percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none
of its direct or indirect partners/members is a “controlled foreign corporation” related to the Borrower as described
in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) or (ii) an IRS Form
W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E (as applicable) from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided in this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative
Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.

 

	 	[NAME OF LENDER]
	 	 	 	 
	 	 	 	 
	 	By: 	 	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

Date: [________ __], 20[__]

 

 

     

     

    

 

EXHIBIT I

FORM OF MASTER INTERCOMPANY
NOTE

 

May 16, 2019

 

FOR VALUE RECEIVED,
each of the undersigned, to the extent a borrower (each, in such capacity, a “Payor”) from time to time with
respect to any loan or advance (each an “Advance” and collectively, “Advances”) from any
other entity listed on the signature page hereto, hereby promises to pay on demand to such other entity (each, in such capacity,
a “Payee”) or its registered assigns, in immediately available funds in the currencies as shall be agreed from
time to time between such Payor and such Payee (or its assigns) at such location as the applicable Payee (or its registered assigns)
shall from time to time designate, the unpaid principal amount of all Advances made by such Payee to such Payor. Each Payor promises
also to pay interest, if any, on the unpaid principal amount of all such Advances in like currency at said location from the date
of each such Advance until paid at such rate per annum as shall be agreed upon from time to time by such Payor and such Payee (or
its assigns).

 

This note is the Master
Intercompany Note referred to in the Credit Agreement, dated as of May 16, 2019, among Liberty Tax, Inc., a Delaware corporation,
the Lenders party thereto and the Citziens Bank, N.A., as Administrative Agent (as the same may be amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), and is subject to the terms thereof, and
shall be pledged by each Payee pursuant to the Security Agreement, to the extent required pursuant to the terms thereof. Capitalized
terms used herein and not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

Each Payee hereby acknowledges
and agrees that the Administrative Agent may exercise all rights provided in the Credit Agreement and the Security Agreement with
respect to this Master Intercompany Note as long as the Credit Agreement remains in effect.

 

Each Payee is hereby
authorized (but not required) to record all Advances made by it to any Payor (all of which shall be evidenced by this Master Intercompany
Note), the date of each Advance, the interest rate applicable thereto, and all repayments or prepayments thereof, in its books
and records, such books and records constituting prima facie evidence absent manifest error of the accuracy of the information
contained therein, provided that the failure to so record or any error therein shall not in any manner affect the obligation
of each Payor to repay the Advances. Each payment in respect of an Advance shall be applied first to accrued and unpaid interest
thereon and then to the unpaid principal amount thereof.

 

Anything in this Master
Intercompany Note to the contrary notwithstanding, the indebtedness evidenced by this Master Intercompany Note owed by any Payor
that is a Loan Party (or a Payor that becomes a Loan Party pursuant to the terms of the Credit Agreement) to any Payee that is
not a Loan Party (any such Payor and Payee with respect to any such indebtedness, an “Affected Payor” or “Affected
Payee”, as relevant) shall be subordinate and junior in right of payment, to the extent and in the manner hereinafter
set forth, to all Loan Document Obligations of such Affected Payor, including without limitation, where applicable, under the Credit
Agreement and the other Loan Documents (such Loan Document Obligations being hereinafter collectively referred to as “Senior
Indebtedness”):

 

(i)                
in the event of any insolvency or bankruptcy proceedings, and any receivership, liquidation, reorganization or other
similar proceedings in connection therewith, relative to any Affected Payor or to its property, and in the event of any proceedings
for voluntary liquidation, dissolution or other winding up of such Affected Payor in connection with an insolvency or bankruptcy
event referred to above, then (A) the Termination Date shall have occurred before any Affected Payee shall be entitled to receive
(whether directly or indirectly), or shall make any demand for, any payment on account of this Master Intercompany Note and (B)
until the Termination Date shall have occurred, each payment or distribution to which such Affected Payee would otherwise be entitled
(other than in the form of debt securities of such Applicable Payor that are subordinated, to at least the same extent as this
Master Intercompany Note, to the payment of all Senior Indebtedness then outstanding (such securities being hereinafter referred
to as “Restructured Debt Securities”)) in respect of this Master Intercompany Note shall instead be made to
the Administrative Agent for the account of the holders of Senior Indebtedness;

 

     

     

    

 

(i)                
if any Default shall occur and be continuing, then each payment or distribution to which such Affected Payee would
otherwise be entitled in respect of this Master Intercompany Note shall instead be made to the Administrative Agent for the account
of the holders of Senior Indebtedness; and

 

(ii)              
if any payment or distribution of any character, whether in cash, securities or other property (other than Restructured
Debt Securities), in respect of this Master Intercompany Note shall (despite these subordination provisions) be received by any
Payee in violation of clause (i) or (ii) above, such payment or distribution shall be held in trust by such Person for the benefit
of, and shall be paid over or delivered to, the Administrative Agent for the account of the holders of Senior Indebtedness.

 

To the fullest extent
permitted by law, no present or future holder of Senior Indebtedness shall be prejudiced in its right to enforce the subordination
of this Master Intercompany Note by any act or failure to act on the part of any Affected Payor or by any act or failure to act
on the part of such holder or any trustee or agent for such holder. Each Affected Payee and each Affected Payor hereby agrees that
the subordination of this Master Intercompany Note is for the benefit of the Secured Parties and that the Administrative Agent
may, on behalf of itself and the other Secured Parties, proceed to enforce the subordination provisions herein. Notwithstanding
anything to the contrary contained herein, the right to enforce the subordination of this Master Intercompany Note may only be
enforced by the Administrative Agent, and its successors and assigns to the extent permitted by the terms of the Credit Agreement,
on behalf of the holders of Senior Indebtedness.

 

Nothing contained in
the subordination provisions set forth above is intended to or will impair, as between each Payor and each Payee, the obligations
of such Payor, which are absolute and unconditional, to pay to such Payee the principal of and interest, if any, on this Master
Intercompany Note as and when due and payable in accordance with its terms, or is intended to or will affect the relative rights
of such Payee and other creditors of such Payor other than the holders of Senior Indebtedness. For the avoidance of doubt, this
Master Intercompany Note as between each Payor and each Payee contains additional terms to any intercompany loan agreement between
them and this Master Intercompany Note does not in any way replace such intercompany loans between them nor does this Master Intercompany
Note in any way change the principal amount of any intercompany loans between them; provided, that the terms of such intercompany
agreements shall not be in conflict with the terms of this Master Intercompany Note, and to the extent that there is a conflict,
the terms of this Master Intercompany Note shall control and govern.

 

Upon the commencement
of any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or
similar proceeding of any jurisdiction relating to any Payor, the unpaid principal amount hereof and all unpaid interest thereon
with respect to the applicable Payor shall become immediately due and payable without presentment, demand, protest or notice of
any kind in connection with this Master Intercompany Note.

 

     

     

    

 

Each Payor hereby waives
(to the fullest extent permitted by applicable law) presentment, demand, notice of dishonor, protest, notice of protest and all
other demands, protests and notices in connection with the execution, delivery, performance, collection and enforcement of this
Master Intercompany Note.

 

Whenever in this Master
Intercompany Note either party hereto is referred to, such reference shall be deemed to include the successors and assigns of such
party. Each Payor shall not have the right to assign its rights or obligations hereunder or any interest herein (and any such attempted
assignment shall be void), except as expressly permitted by the Loan Documents. No failure or delay of each Payee in exercising
any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power,
or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof
or the exercise of any other right or power. Neither this Master Intercompany Note nor any provision hereof may be waived, amended
or modified, nor shall any departure therefrom be consented to, except pursuant to a written agreement entered into between each
Payor and each Payee with respect to which such waiver, amendment, modification or consent is to apply.

 

THIS MASTER INTERCOMPANY
NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Each Payor, and by
accepting this Note, each Payee, hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the courts of the State of New York sitting in New York County and of the United States District Court of the for
the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating
to this Master Intercompany Note or the other Loan Documents, or for recognition or enforcement of any judgment, and each Payor
hereby irrevocably and unconditionally agrees that, to the extent permitted by applicable law, all claims in respect of any such
action or proceeding may be heard and determined in such New York State court or, to the extent permitted by applicable law, in
such Federal court. Each Payor, and by accepting this Master Intercompany Note, each Payee, agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this Master Intercompany Note shall affect any right that each Payee may otherwise have to bring
any action or proceeding relating to this Master Intercompany Note or the other Loan Documents against each Payor, or any of its
property, in the courts of any jurisdiction.

 

Each Payor, and by
accepting this Master Intercompany Note, each Payee, hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding
arising out of or relating to this Master Intercompany Note or the other Loan Documents in any court referred to in the preceding
paragraph hereof. Each Payor, and by accepting this Master Intercompany Note, each Payee, hereby irrevocably waives, to the fullest
extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any
such court.

 

Each Payor and, by
accepting this Master Intercompany Note, each Payee, irrevocably consents to service of process in any matter regarding this Master
Intercompany Note in any manner permitted by law.

 

     

     

    

 

EACH PAYOR, AND BY
ACCEPTING THIS MASTER INTERCOMPANY NOTE, EACH PAYEE, EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS MASTER INTERCOMPANY NOTE. EACH PAYOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY PAYEE HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH PAYEE WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT EACH PAYEE HAS BEEN INDUCED TO ACCEPT THIS MASTER INTERCOMPANY NOTE BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS
IN THIS PARAGRAPH.

 

[Signature Pages Follow]

 

 

 

 

 

 

 

 

     

     

    

 

IN WITNESS WHEREOF,
each Payor has executed this Master Intercompany Note as of the date and year first written above.

 

	 	LIBERTY TAX, INC. 	 
	 	 	 
	 	 	 
	 	By: 	 	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 	 	 	 
	 	[NAME OF PAYOR]	 
	 	 	 
	 	 	 
	 	By: 	 	 	 
	 	Name: 	 	 
	 	Title: 	 	 
	 	 	 	 
	 	[NAME OF PAYOR]	 
	 	 	 
	 	 	 
	 	By: 	 	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

 

 

 

 

 

     

     

    

 

SCHEDULE TO MASTER INTERCOMPANY NOTE

 

	Payor	Payee	Date	Advance	Repayment	Balance Outstanding
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

 

     

     

    

 

EXHIBIT J

 

FORM OF SOLVENCY CERTIFICATE

 

[________], 2019

 

The undersigned, [the Chief Financial Officer]
of LIBERTY TAX, INC., a Delaware corporation (the “Borrower”), hereby certifies on behalf of the Borrower, pursuant
to Section 4.1(h) of the Credit Agreement, dated as of May 16, 2019, among the Borrower, the Lenders party thereto and CITIZENS
BANK, N.A., as Administrative Agent (the “Credit Agreement”), that:

 

1.                  
Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

2.                  
I have reviewed the Credit Agreement and have made, or have caused to be made, such examinations or investigations as is
necessary to enable me to express an informed opinion as to the matters referred to herein. The financial information, projections
and assumptions that underlie and form the basis for the certifications made in this Solvency Certificate were made in good faith
and were based on assumptions reasonably believed by the Borrower to be fair in light of the circumstances existing at the time
made and continue to be fair as of the date hereof. For purposes of providing this Solvency Certificate, the amount of contingent
liabilities has been computed as the amount that, in the light of all the facts and circumstances existing as of the time of such
computation, represents the amount that can reasonably be expected to become an actual or matured liability.

 

3.                  
I acknowledge that the Administrative Agent, the L/C Issuer and the Lenders are relying on the truth and accuracy of this
Solvency Certificate in connection with the making of Loans and the issuance of Letters of Credit under the Credit Agreement.

 

4.                  
Based upon the review and examination described in paragraph 2 above, I hereby certify, on behalf of the Borrower and not
individually, that as of the date hereof, immediately before and immediately after giving effect to the Transactions on the Closing
Date:

 

(a)               
the present fair salable value of the property and assets of the Borrower and its Subsidiaries on a consolidated basis in
accordance with GAAP exceeds the debts and liabilities, including contingent liabilities, of the Borrower and the Subsidiaries
on a consolidated basis in accordance with GAAP;

 

(b)               
the present fair salable value of the property and assets of the Borrower and its Subsidiaries on a consolidated basis in
accordance with GAAP is greater than the amount that will be required to pay the probable liability of the Borrower and the Subsidiaries
on a consolidated basis in accordance with GAAP on their debts and other liabilities, including contingent liabilities, as such
debts and other liabilities become absolute and matured;

 

(c)               
the Borrower and its Subsidiaries do not intend to, and do not believe that they will, incur debts or liabilities, including
contingent liabilities, beyond their ability to pay such debts and liabilities as they become absolute and matured;

 

(d)               
the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP do not have unreasonably small capital
with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted;
and

 

     

     

    

 

(e)               
in consummating the Transactions contemplated by the Credit Agreement, neither any Loan Party nor any of its Subsidiaries
intends to disturb, delay, hinder or defraud either present or future creditors or other persons to which such Loan Party or such
Subsidiary is or will become, on or after the date hereof, indebted.

 

IN WITNESS WHEREOF, the undersigned has
executed this Solvency Certificate on behalf of the Borrower as of the date first above-written.

 

	 	LIBERTY TAX, INC.	 
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	 	 	 
	 	Name: 	[Chief Financial Officer]	 
	 	Title: 	 	 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT K

 

FORM OF SECURED OBLIGATION DESIGNATION
NOTICE

 

Date: [________ __], 20[__]

		To:	Citizens Bank, N.A.,
		 	as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to
the Credit Agreement, dated as of May 16, 2019, among LIBERTY TAX, INC., a Delaware corporation, the Lenders party thereto and
CITIZENS BANK, N.A., as Administrative Agent (as the same may be amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”). Capitalized terms used herein and not defined herein shall have the meanings
assigned to such terms in the Credit Agreement.

 

The undersigned, [Name
of Provider], a [___________] [corporation] [limited liability company] (the “Counterparty”), is
a counterparty to the [Swap Agreement] [agreement to provide Cash Management Services] described on Schedule 1 hereto
(the “Agreement”) with the Loan Party referred to on such Schedule. The Counterparty is delivering this Secured
Obligation Designation Notice as required under the Credit Agreement in order that the obligations of such Loan Party to the Counterparty
under the Agreement constitute [Swap Agreement Obligations] [Cash Management Obligations] and that the Counterparty be a
Secured Party in respect thereof.26

 

1.       Designation.
The Counterparty hereby represents and warrants to the Administrative Agent that the Agreement [was in effect on the Closing
Date and the Counterparty was a Lender or an Affiliate of a Lender on the Closing Date] [was entered into after the Closing Date
and on the date on which the Agreement was entered into or thereafter, the Counterparty was or became a Lender or Affiliate of
a Lender].27

 

2.       Loan
Documents. By executing and delivering this Secured Obligation Designation Notice, the Counterparty hereby agrees to be bound
by all of the provisions of the Loan Documents which are applicable to it as a provider of the services described in the Agreement,
including, without limitation, the provisions of Articles 9 and 10 of the Credit Agreement. In addition, the Counterparty
hereby (a) acknowledges and agrees that it has received a copy of the Loan Documents and such other documents and information as
it has deemed appropriate to make its own decision to enter into the Agreement and execute and deliver this Secured Obligation
Designation Notice, (b) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise
such powers and discretion under the Credit Agreement, the other Loan Documents or any other instrument or document furnished pursuant
thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto
(including, without limitation, the provisions of Articles 9 and 10 of the Credit Agreement), (c) agrees that it
will be bound by the provisions of the Loan Documents and will perform in accordance with its terms all the obligations which by
the terms of the Loan Documents are required to be performed by it as a provider of the services described in the Agreement. Without
limiting the foregoing, the Counterparty agrees to indemnify the Administrative Agent as contemplated by Section 10.3(b)
of the Credit Agreement and agrees to the provisions of Section 10.3(d) of the Credit Agreement mutatis mutandis
and (d) acknowledges and agrees to the terms and conditions set forth in Section 9.12 of the Credit Agreement.

 

______________________

		26	Delete
                                         inapplicable items.

 

		27	Delete
                                         inapplicable items.

 

 

     

     

    

 

3.       Governing
Law. This Secured Obligation Designation Notice shall be governed by and construed in accordance with the laws of the State
of New York.

 

IN WITNESS WHEREOF, the undersigned has
caused this Secured Obligation Designation Notice to be duly executed as of the date first above written.

 

 

	 	 	 	 	[NAME OF COUNTERPARTY]
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By: 	 	 	 
	 	 	 	 	Name: 	 	 
	 	 	 	 	Title: 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Acknowledged and accepted as of the 	 	 	 	 
	date first written above:	 	 	 	 
	 	 	 	 	 	 	 	 
	CITIZENS BANK, N.A., 	 	 	 	 
	as Administrative Agent 	 	 	 	 
	 	 	 	 	 	 	 	 
	By:	 	 	 	 	 	 	 
	Name:	 	 	 	 	 	 
	Title:	 	 	 	 	 	 

 

     

     

    

 

Schedule 1 to Secured Obligation Designation
Notice

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