Document:

Exhibit 4.1

 

Execution Copy

 

 

 

 

CREDIT AGREEMENT

 

dated as of

 

June 16, 2016

 

among

 

THE MARCUS CORPORATION,

 

The Lenders Party Hereto,

 

JPMORGAN CHASE BANK, N.A.

as Administrative Agent

 

U.S. BANK NATIONAL ASSOCIATION

 

as Syndication Agent

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

and

BANK OF AMERICA, N.A.,

 

as Co-Documentation Agents

 

 

 

JPMORGAN CHASE BANK, N.A.,

 

as Lead Left Bookrunner

 

JPMORGAN CHASE BANK, N.A.,

and

U.S. BANK NATIONAL ASSOCIATION

 

as Joint Lead Arrangers/Bookrunners

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I Definitions	1
	SECTION 1.01.	Defined Terms	1
	SECTION 1.02.	Classification of Loans and Borrowings	21
	SECTION 1.03.	Terms Generally	21
	SECTION 1.04.	Accounting Terms; GAAP; ProForma Calculations	22
	SECTION 1.05.	Status of Obligations	22
	ARTICLE II The Credits	22
	SECTION 2.01.	Commitments	22
	SECTION 2.02.	Loans and Borrowings	23
	SECTION 2.03.	Requests for Borrowings	23
	SECTION 2.04.	Expansion Option	24
	SECTION 2.05.	Swingline Loans	25
	SECTION 2.06.	Letters of Credit	26
	SECTION 2.07.	Funding of Borrowings	30
	SECTION 2.08.	Interest Elections	30
	SECTION 2.09.	Termination and Reduction of Commitments	31
	SECTION 2.10.	Repayment of Loans; Evidence of Debt	32
	SECTION 2.11.	Prepayment of Loans	32
	SECTION 2.12.	Fees	33
	SECTION 2.13.	Interest.	33
	SECTION 2.14.	Alternate Rate of Interest	34
	SECTION 2.15.	Increased Costs	35
	SECTION 2.16.	Break Funding Payments	36
	SECTION 2.17.	Taxes	36
	SECTION 2.18.	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	39
	SECTION 2.19.	Mitigation Obligations; Replacement of Lenders	41
	SECTION 2.20.	Defaulting Lenders	41
	ARTICLE III Representations and Warranties	43
	SECTION 3.01.	Organization; Powers	43
	SECTION 3.02.	Authorization; Enforceability	43
	SECTION 3.03.	Governmental Approvals; No Conflicts	43
	SECTION 3.04.	Financial Condition; No Material Adverse Change	43
	SECTION 3.05.	Properties	44
	SECTION 3.06.	Litigation and Environmental Matters	44
	SECTION 3.07.	Compliance with Laws and Agreements	45
	SECTION 3.08.	Investment Company Status	45
	SECTION 3.09.	Taxes	45
	SECTION 3.10.	ERISA	45
	SECTION 3.11.	Disclosure	45
	SECTION 3.12.	Anti-Corruption Laws and Sanctions	45
	SECTION 3.13.	EEA Financial Institutions	45
	SECTION 3.14.	Employment Matters	46
	ARTICLE IV Conditions	46
	SECTION 4.01.	Effective Date	46
	SECTION 4.02.	Each Credit Event	47
	ARTICLE V Affirmative Covenants	47
	SECTION 5.01.	Financial Statements and Other Information	47
	SECTION 5.02.	Notices of Material Events	48

 

    	 	i	 

     

    

 

	SECTION
    5.03.	Existence;
    Conduct of Business	48
	SECTION
    5.04.	Payment of Obligations	49
	SECTION
    5.05.	Maintenance
    of Properties; Insurance	49
	SECTION
    5.06.	Books and Records;
    Inspection Rights	49
	SECTION
    5.07.	Compliance with
    Laws	49
	SECTION
    5.08.	Use of Proceeds
    and Letters of Credit	49
	SECTION
    5.09.	Accuracy Of
    Information	50
	SECTION
    5.10.	Guarantees	50
	SECTION
    5.11.	Designation
    of Subsidiaries	50
	SECTION
    5.12.	Additional Covenants	51
	ARTICLE
    VI Negative Covenants	51
	SECTION
    6.01.	Priority Debt	51
	SECTION
    6.02.	Liens	51
	SECTION
    6.03.	Fundamental
    Changes; Sale of Assets	52
	SECTION
    6.04.	Investments,
    Loans, Advances	53
	SECTION
    6.05.	Swap Agreements	53
	SECTION
    6.06.	Restricted Payments	53
	SECTION
    6.07.	Transactions
    with Affiliates	53
	SECTION
    6.08.	Restrictive
    Agreements	54
	SECTION
    6.09.	Financial Covenants	54
	SECTION
    6.10.	Amendments of
    Organization Documents	54
	SECTION
    6.11.	Accounting Changes	54
	SECTION
    6.12.	Prepayments,
    Etc. of Subordinated Indebtedness	54
	ARTICLE
    VII Events of Default	55
	ARTICLE
    VIII The Administrative Agent	56
	ARTICLE
    IX Miscellaneous	58
	SECTION
    9.01.	Notices	58
	SECTION
    9.02.	Waivers; Amendments	60
	SECTION
    9.03.	Expenses; Indemnity;
    Damage Waiver	62
	SECTION
    9.04.	Successors and
    Assigns	63
	SECTION
    9.05.	Survival	67
	SECTION
    9.06.	Counterparts;
    Integration; Effectiveness	67
	SECTION
    9.07.	Severability	67
	SECTION
    9.08.	Right of Setoff	68
	SECTION
    9.09.	Governing Law;
    Jurisdiction; Consent to Service of Process	68
	SECTION
    9.10.	WAIVER OF JURY
    TRIAL	68
	SECTION
    9.11.	Headings	69
	SECTION
    9.12.	Confidentiality	69
	SECTION
    9.13.	Interest Rate
    Limitation	70
	SECTION
    9.14.	USA PATRIOT
    Act	70
	SECTION
    9.15.	Acknowledgement
    and Consent to Bail-In of EEA Financial Institutions	70
	Subsidiaries
    of The Marcus Corporation as of June 2, 2016	1

 

SCHEDULES:

 

Schedule 1.01 – Senior Notes

Schedule 2.01 – Commitments

Schedule 2.06 – Existing Letter of
Credit

Schedule 3.05 — Subsidiaries

Schedule 3.06 — Disclosed Matters

Schedule 6.02 — Existing Liens

 

    	 	ii	 

     

    

 

Schedule 6.04— Existing Investments

Schedule 6.08 — Existing Restrictions

 

EXHIBITS:

 

Exhibit
A — Form of Assignment and Assumption

Exhibit
B-1 — U.S. Tax Certificate (For Foreign Lenders that are not Partnerships for U.S. Federal Income Tax Purposes)

Exhibit
B-2 — U.S. Tax Certificate (For Foreign Lenders that are Partnerships for U.S. Federal Income Tax Purposes)

Exhibit
B-3 — U.S. Tax Certificate (For Non-U.S. Participants that are not Partnerships for U.S. Federal Income Tax Purposes)

Exhibit
B-4 — U.S. Tax Certificate (For Non-U.S. Participants that are Partnerships for U.S. Federal Income Tax Purposes)

 

    	 	iii	 

     

    

 

CREDIT AGREEMENT dated
as of June 16, 2016, among THE MARCUS CORPORATION, the LENDERS party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent,
U.S. BANK NATIONAL ASSOCIATION, as Syndication Agent, and WELLS FARGO BANK, NATIONAL ASSOCIATION and BANK OF AMERICA, N.A., as
Co-Documentation Agents.

 

The parties hereto agree
as follows:

 

ARTICLE
I

Definitions

 

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

 

"ABR",
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate.

 

"Acquisition"
means any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which the
Borrower or any of its Subsidiaries (i) acquires any going business, any business unit or all or substantially all of the assets
of any firm, corporation or limited liability company, or division thereof, whether through purchase of assets, merger or otherwise
or (ii) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least
a majority (in number of votes) of the Equity Interests of a Person.

 

"Adjusted
LIBO Rate" means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded
upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory
Reserve Rate.

 

"Administrative
Agent" means JPMCB in its capacity as administrative agent for the Lenders hereunder.

 

"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.

 

“Agency
Site” means the Electronic System established by the Administrative Agent to administer this Agreement.

 

“Agent
Party” has the meaning assigned to it in Section 9.01(d).

 

"Alternate
Base Rate" means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect
on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month
Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided
that, the Adjusted LIBO Rate for any day shall be based on the LIBO Rate at approximately 11:00 a.m. London time on such day. Any
change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective
from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively.

 

     

     

    

 

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

 

“Applicable
Percentage” means, with respect to any Lender, (a) with respect to Revolving Loans, LC Exposure or Swingline
Loans, the percentage equal to a fraction the numerator of which is such Lender’s Revolving Commitment and the denominator
of which is the aggregate Revolving Commitments of all Revolving Lenders (if the Revolving Commitments have terminated or expired,
the Applicable Percentages shall be determined based upon the Revolving Commitments most recently in effect, giving effect to any
assignments); provided that in the case of Section 2.20 when a Defaulting Lender shall exist, any such Defaulting Lender’s
Revolving Commitment shall be disregarded in the calculation, and (b) with respect to the Term Loans, if any, a percentage
equal to a fraction the numerator of which is such Lender’s outstanding principal amount of the Term Loans and the denominator
of which is the aggregate outstanding principal amount of the Term Loans of all Term Lenders; provided that in the case of Section 2.20
when a Defaulting Lender shall exist, any such Defaulting Lender’s Term Loan Commitment shall be disregarded in the calculation.

 

"Applicable
Rate" means, for any day, with respect to any Eurodollar Loan or ABR Loan or with respect to the facility fees under
Section 2.12(a) or the fees on Letters of Credit payable under Section 2.12(b)(i), as the case may be, the applicable rate per
annum set forth below under the caption "Eurodollar Spread", "ABR Spread", "Facility Fee Rate" or
"Letter of Credit Fee", as the case may be, based upon the Consolidated Debt to Capitalization Ratio as of the most recent
determination date:

 

	Level	 	Consolidated
 Debt to
 Capitalization
 Ratio	 	Facility Fee
 Rate	 	 	Eurodollar Spread for
 Revolving Loans and
 Letter of Credit Fee	 	 	ABR Spread for
 Revolving Loans	 
	I	 	<  0.25:1.0	 	 	0.150	%	 	 	0.85	%	 	 	0.0	%
	II	 	≥  0.25:1.0 and  < 0.35:1.0	 	 	0.175	%	 	 	0.95	%	 	 	0.0	%
	III	 	≥  0.35:1.0 and  < 0.40:1.0	 	 	0.175	%	 	 	1.075	%	 	 	0.075	%
	IV	 	≥  0.40:1.0 and  < 0.45:1.0	 	 	0.200	%	 	 	1.175	%	 	 	0.175	%
	V	 	≥  0.45:1.0 and  < 0.50:1.0	 	 	0.225	%	 	 	1.275	%	 	 	0.275	%
	VI	 	≥  0.50:1.0	 	 	0.250	%	 	 	1.375	%	 	 	0.375	%

 

    	 	2	 

     

    

 

The Applicable Rate
shall be determined in accordance with the foregoing table based on the Consolidated Debt to Capitalization Ratio as determined
in the then most recent quarterly financial statements for the first three Fiscal Quarters of each Fiscal Year and the audited
year-end financial statements for the last Fiscal Quarter of each Fiscal Year. Adjustments, if any, to the Applicable Rate shall
be effective the fifth Business Day after the date that the applicable financials under Section 5.01(a) or (b) and certificate
under Section 5.01(c) are due. If the Borrower fails to deliver the financials to the Administrative Agent at the time required
hereunder or any other Event of Default exists, then the Applicable Rate shall be set at Level VI until such financials are so
delivered. The Applicable Rate shall be set at Level III as of the Effective Date and will not be less than Level III until the
Applicable Rate is adjusted based on the Consolidated Debt to Capitalization Ratio as determined for the second Fiscal Quarter
of 2016.

 

Notwithstanding the
foregoing, in the event that any financial statement or compliance certificate delivered pursuant to Sections 5.01(a), (b) and
(c) is shown to be inaccurate, and such inaccuracy, if corrected, would have led to the application of (i) a higher Applicable
Rate for any period (an “Applicable Period”) than the Applicable Rate applied for such Applicable Period, then (a)
the Borrower shall immediately deliver to the Administrative Agent a corrected compliance certificate for such Applicable Period,
(y) the Applicable Rate for such Applicable Period shall be determined as if the Consolidated Debt to Capitalization Ratio in the
corrected compliance certificate were applicable for such Applicable Period, and (z) the Borrower shall immediately and retroactively
be obligated to pay to the Administrative Agent the accrued additional interest and fees owing as a result of such increased Applicable
Rate for such Applicable Period, or (ii) a lower Applicable Rate for the Applicable Period than the Applicable Rate applied for
such Applicable Period, then (x) the Borrower shall immediately deliver to the Administrative Agent a corrected compliance certificate
for such Applicable Period and (y) the Applicable Rate shall be adjusted in accordance with such corrected compliance certificate
on the date that the Administrative Agent receives such corrected compliance certificate notwithstanding that such date is not
otherwise a date on which the Applicable Rate is to be calculated, and such adjusted Applicable Rate shall remain in effect until
otherwise required to be modified hereunder. Nothing in this paragraph shall limit the rights of the Administrative Agent and Lenders
with respect to their rights under this Agreement. The Borrower’s obligations under this paragraph shall survive the termination
of the Commitments and the repayment of all Obligations.

 

"Approved
Fund" has the meaning assigned to such term in Section 9.04(b).

 

"Assignment
and Assumption" means an assignment and assumption entered into by a Lender and an assignee (with the consent of any
party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other
form approved by the Administrative Agent.

 

“Augmenting
Lender” has the meaning assigned to such term in Section 2.04(a).

 

"Availability
Period" means the period from and including the Effective Date to but excluding the earlier of the Revolving Credit
Maturity Date and the date of termination of the Commitments.

 

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

 

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

 

    	 	3	 

     

    

 

"Bankruptcy
Event" means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding,
or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person
charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative
Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding
or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition
of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such
ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States
or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority
or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

 

"Beneficial
Owner" means, with respect to any U.S. Federal withholding Tax, the beneficial owner, for U.S. Federal income tax
purposes, to whom such Tax relates.

 

"Board"
means the Board of Governors of the Federal Reserve System of the United States of America.

 

“Board
of Directors” means, with respect to any Person, (i) in the case of any corporation, the board of directors of such
Person, (ii) in the case of any limited liability company, the board of managers of such Person, (iii) in the case of any partnership,
the Board of Directors of the general partner of such Person and (iv) in any other case, the functional equivalent of the foregoing.

 

"Borrower"
means The Marcus Corporation, a Wisconsin corporation.

 

"Borrowing"
means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans,
as to which a single Interest Period is in effect, (b) a Term Loan made on the same date and, in the case of Eurodollar Loans,
as to which a single Interest Period is in effect or (c) a Swingline Loan.

 

"Borrowing
Request" means a request by the Borrower for a Borrowing in accordance with Section 2.03.

 

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

 

“Capital
Lease” means, as to any Person, any lease (or other arrangement conveying the right to use) which, in accordance
with GAAP consistently applied, is or should be capitalized on the books of such Person.

 

"Capital
Lease Obligations" of any Person means the obligations of such Person to pay rent or other amounts under any Capital
Lease of real or personal property, or a combination thereof, and the amount of such obligations shall be the capitalized amount
thereof determined in accordance with GAAP.

 

"Change
of Control" means any event, or combination of events, the result of which is that Stephen H. Marcus, Diane Marcus
Gershowitz and their respective heirs, together with trusts controlled by any such Persons, collectively, no longer beneficially
own (within the meaning of Rule 13d-3 of the SEC under the Exchange Act) 51% or more of the voting rights with respect to outstanding
Equity Interests of the Borrower.

 

    	 	4	 

     

    

 

"Change
in Law" means the occurrence after the date of this Agreement or, with respect to any Lender, such later date on which
such Lender becomes a party to this Agreement) of (a) the adoption of or taking effect of any law, rule, regulation or treaty,
(b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority
or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender
or by such Lender's or the Issuing Bank's holding company, if any) with any request, guideline or directive (whether or not having
the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that, notwithstanding
anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines
or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by
the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the
United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to be a “Change in Law,”
regardless of the date enacted, adopted or issued.

 

"Charges"
has the meaning assigned to such term in Section 9.13.

 

"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.

 

“Co-Documentation
Agents” means Wells Fargo Bank, National Association and Bank of America, N.A., as co-documentation agents for the
credit facilities evidenced by this Agreement.

 

"Code"
means the Internal Revenue Code of 1986, as amended.

 

“Commitment”
means, with respect to each Lender, the sum of such Lender’s Revolving Commitment and Term Loan Commitment.  The
initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or other
documentation contemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable.

 

“Communications”
has the meaning assigned to it in Section 9.01(d).

 

"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
Adjusted Cash Flow” means, for any period, the Consolidated Net Income for such period plus, to the extent deducted
in determining such Consolidated Net Income, (a) depreciation and amortization for such period, (b) all current and deferred taxes
on income, provision for taxes on income, provision for taxes on unremitted foreign earnings which are included in consolidated
gross revenues and current additions to reserves for taxes, and (c) Consolidated Interest and Rental Expense.

 

"Consolidated
Adjusted Net Worth" means, as of any date of determination thereof, the Consolidated Net Worth less the total amount
of all Restricted Investments in excess of 20% of Consolidated Net Worth, each as of such date of determination.

 

    	 	5	 

     

    

 

“Consolidated
Debt” means, as of any date of determination thereof, the Indebtedness of the Borrower and its Restricted Subsidiaries
determined on a consolidated basis as of such date of determination; provided that the amount included in Consolidated Debt
that pertains to all obligations under the Master Licensing Agreement, to the extent considered a Capital Lease under GAAP, shall
be equal to (a) one twelfth of any shortfall amount required to be paid under the Master Licensing Agreement for the most recently
ended four consecutive Fiscal Quarters times (b) the number of months remaining in the term of the Master Licensing Agreement as
of the most recently ended Fiscal Quarter.

 

"Consolidated
Debt to Capitalization Ratio" means, as of any date of determination, the ratio of (a) Consolidated Debt to (b) Consolidated
Total Capitalization, in each case as of such date.

 

“Consolidated
Interest and Rental Expense” means, for any period, all amounts recorded and deducted in computing Consolidated Net
Income for such period in respect of interest charges and expense and rental charges for such period (whether paid or accrued,
or a cash or non-cash expense, and in the case of rental payments, including the full amount of those payments made under operating
leases or synthetic leases, but only the imputed interest under Capital Leases).

 

“Consolidated
Net Income” means, for any period, the consolidated gross revenues of the Borrower and its Restricted Subsidiaries,
less all operating and non-operating expenses of the Borrower and its Restricted Subsidiaries, including all charges of a proper
character (including current and deferred taxes on income, provision for taxes on income, provisions for taxes on unremitted foreign
earnings which are included in consolidated gross revenues, and current additions to reserves), all determined in accordance with
GAAP consistently applied, but not including in the computation thereof the amounts (including related expenses and any tax effect
related thereto) resulting from (i) any gains or losses resulting from the sale, conversion or other disposition of capital assets
(i.e., assets other than current assets), (ii) any gains or losses resulting from the reevaluation of assets, (iii) any gains or
losses resulting from an acquisition by the Borrower or any of its Restricted Subsidiaries at a discount of any debt of the Borrower
or any of its Restricted Subsidiaries, (iv) any equity of the Borrower or any of its Restricted Subsidiaries in the unremitted
earnings of any Person which is not a Restricted Subsidiary, (v) any earnings of any Person acquired by the Borrower or any of
its Restricted Subsidiaries through purchase, merger or consolidation or otherwise for any time prior to the date of acquisition,
(vi) any deferred credit representing the excess of equity in any Restricted Subsidiary of the Borrower at the date of acquisition
over the cost of the investment in such Restricted Subsidiary, (vii) any restoration to income of any reserve, except to the extent
that provision for such reserve was made out of income accrued during such period, (viii) any net gain from the collection of life
insurance policies, or (ix) any gain resulting from investments or any other nonrecurring item.

 

"Consolidated
Net Worth" means, as of any date of determination thereof, the shareholders’ equity of the Borrower and its
Restricted Subsidiaries, calculated in accordance with GAAP on a consolidated basis consistently applied.

 

“Consolidated
Total Capitalization” means, as of the date of any determination thereof, the sum of (i) Consolidated Debt, plus
(ii) Consolidated Adjusted Net Worth.

 

“Contingent
Obligation” means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise
becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment,
to supply funds to, or otherwise to invest in (including, without limitation, Deferred Equity Contribution Obligations), a debtor,
or otherwise to assure a creditor against loss) the indebtedness, obligation or any other liability of any other Person or guarantees
the payment of dividends or other distributions upon the shares of any other Person; excluding (i) endorsements of instruments
in the course of collection, (ii) so long as no claim or payment has been made thereon, guarantees that are effective solely upon
the occurrence of specified “bad boy” events that have not yet occurred in circumstances in which the occurrence of
such events is within the control of such Person or a Person controlled by such Person (e.g., provisions commonly known as “bad
boy” acts of such Person or a Person controlled by such Person, including fraud, gross negligence, willful misconduct, and
unlawful acts and such other customary “bad boy” acts as are reasonably acceptable to the Administrative Agent), and
(iii) so long as no claim or payment has been made thereon, guarantees by the Borrower of the payment of franchise fees (but not
of any Indebtedness) by its Subsidiaries consistent with past practices and in the ordinary course of business. The amount of any
Person’s obligation under any Contingent Obligation shall (subject to any limitation set forth therein) be deemed to be the
outstanding principal amount (or maximum principal amount, if larger) of the debt, obligation or other liability guaranteed thereby.

 

    	 	6	 

     

    

 

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

 

"Control"
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. "Controlling" and
"Controlled" have meanings correlative thereto.

 

“Credit
Exposure” means, as to any Lender at any time, the sum of (a) such Lender’s Revolving Credit Exposure at such
time, plus (b) an amount equal to the aggregate principal amount of its Term Loans outstanding at such time.

 

"Credit
Party" means the Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender.

 

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

 

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

 

“Deferred
Equity Contribution Obligations” means obligations of the Borrower or its Restricted Subsidiaries to make equity
contributions to Subsidiaries engaged in businesses of the type conducted by the Borrower and its Restricted Subsidiaries on the
date of execution of this Agreement and businesses reasonably related thereto, provided that no Default exists at the time such
obligation is incurred and the incurrence of any such obligation does not cause a Default.

 

    	 	7	 

     

    

 

"Disclosed
Matters" means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback
transaction) of any property by any Person (or the granting of any option or other right to do any of the foregoing), including
any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and
claims associated therewith.

 

"dollars"
or "$" refers to lawful money of the United States of America.

 

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

 

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

 

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

 

"Effective
Date" means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with
Section 9.02).

 

“Electronic
Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record
and adopted by a person with the intent to sign, authenticate or accept such contract or record.

 

“Electronic
System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain,
Syndtrak and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative
Agent or any Issuing Bank and any of its respective Related Persons or any other Person, providing for access to data protected
by passcodes or other security system.

 

"Environmental
Laws" means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation
or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety
matters.

 

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

 

    	 	8	 

     

    

 

"Equity
Interests" means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling
the holder thereof to purchase or acquire any such equity interest.

 

"ERISA"
means the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

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

 

"ERISA Event"
means (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with respect
to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an
"accumulated funding deficiency" (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum
funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under
Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the
PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer
any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or
partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice,
or the receipt by any Multiemployer Plan from the Borrower 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.

 

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

 

"Eurodollar",
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Adjusted LIBO Rate.

 

"Event of
Default" has the meaning assigned to such term in Article VII.

 

“Exchange
Act” means the Securities and Exchange Act of 1934, and regulations promulgated thereunder.

 

"Excluded
Taxes" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal withholding Taxes imposed
on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment
pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment
(other than pursuant to an assignment request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office,
except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such
Lender's assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment or
to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with
Section 2.17(f), and (d) any U.S. Federal withholding Taxes imposed under FATCA.

 

    	 	9	 

     

    

 

“Existing
Credit Agreement” means the credit agreement dated as of January 22, 2013, as modified, among the Borrower, the lenders
party thereto, and JPMCB, as administrative agent.

 

“Existing
Letters of Credit” means the currently outstanding letters of credit issued for the account of the Borrower and listed
on Schedule 2.06 hereto.

 

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

 

"Federal
Funds Effective Rate" means, for any day, the rate calculated by the NYFRB based on such day’s federal funds
transactions by depositary institutions (as determined in such manner as the NYFRB shall set forth on its public website from time
to time) and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate.

 

"Financial
Officer" means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower.

 

"Fiscal
Quarter" means each fiscal quarter of the Borrower based on three 13-week quarters and a final quarter consisting
of 13 or 14 weeks consistent with the Borrower’s current practice.

 

"Fiscal
Year" means each fiscal year of the Borrower based on a 52 or 53-week fiscal year and ending on the last Thursday
in December consistent with the Borrower’s current practice. Reference to any Fiscal Year with a reference to any year shall
be deemed the Fiscal Year ending on the last Thursday in December of that year (i.e., the 2015 Fiscal Year shall be the Fiscal
Year ending December 31, 2015).

 

"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.

 

"GAAP"
means generally accepted accounting principles in the United States of America.

 

"Governmental
Authority" means the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

"Hazardous
Materials" means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or
other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls,
radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental
Law.

 

"Impacted
Interest Period" has the meaning assigned to it in the definition of “LIBO Rate.”

 

“Increasing
Lender” has the meaning assigned to such term in Section 2.04(a).

 

    	 	10	 

     

    

 

“Incremental
Credits” has the meaning assigned to such term in Section 9.02(c).

 

“Incremental
Term Loan Amendment” has the meaning assigned to such term in Section 2.04(c).

 

“Incremental
Term Loan” has the meaning assigned to such term in Section 2.04(a).

 

“Indebtedness”
of any Person means, without duplication, (a) all indebtedness for borrowed money; (b) all obligations issued, undertaken
or assumed as the deferred purchase price of property or services (other than trade payables entered into in the ordinary course
of business on ordinary terms); (c) all non-contingent reimbursement or payment obligations with respect to Surety Instruments;
(d) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred
in connection with the acquisition of property, assets or businesses; (e) all indebtedness created or arising under any conditional
sale or other title retention agreement, or incurred as financing, in either case with respect to property acquired by the Person
(even though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession
or sale of such property); (f) all obligations with respect to Capital Leases; (g) all net obligations with respect to
Swap Agreements; (h) all indebtedness referred to in clauses (a) through (g) above secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in property (including accounts
and contracts rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness;
(i) all Contingent Obligations in respect of indebtedness or obligations of others of the kinds referred to in clauses (a)
through (h) above; and (j) all Contingent Obligations with respect to Surety Instruments.

 

"Ineligible
Institution" has the meaning assigned to it in Section 9.04(b).

 

"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 the Borrower under any Loan Document and (b) to the extent not otherwise described in (a) hereof, Other
Taxes.

 

"Indemnitee"
has the meaning assigned to such term in Section 9.03(b).

 

"Information"
has the meaning assigned to such term in Section 9.12.

 

"Information
Memorandum" means the loan syndication organizational materials relating to the Borrower and the Transactions.

 

"Interest
Election Request" means a request by the Borrower to convert or continue a Revolving Borrowing in accordance with
Section 2.08.

 

"Interest
Payment Date" means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June,
September and December, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing
of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months' duration,
each day prior to the last day of such Interest Period that occurs at intervals of three months' duration after the first day of
such Interest Period, and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid or as otherwise
required by the Swingline Lender.

 

    	 	11	 

     

    

 

"Interest
Period" means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending
either (x) one week thereafter or (y) on the numerically corresponding day in the calendar month that is one, two, three or six
months thereafter, as the Borrower may elect; provided, that (i) 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, in the case of a Eurodollar
Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall
end on the next preceding Business Day and (ii) if the Interest Period elected by the Borrower is for a term other than one week,
any Interest Period pertaining to a Eurodollar Borrowing 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. For purposes hereof, the date of a Borrowing initially shall be the date
on which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing.

 

“Interpolated
Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal
places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent
manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for
the longest period for which the LIBO Screen Rate is available) that is shorter than the Impacted Interest Period; and (b) the
LIBO Screen Rate for the shortest period (for which that LIBO Screen Rate is available) that exceeds the Impacted Interest Period,
in each case, at such time.

 

“Investment”
means any advance, loan, extension of credit or capital contribution to, or any investment in the Equity Interests, or
debt securities or other obligations of, another Person or any Contingent Obligation incurred for the benefit of another Person.
For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment
for subsequent increases or decreases in the value of such Investment.

 

"IRS"
means the United States Internal Revenue Service.

 

“Issuing
Bank” means, individually and collectively, each of JPMCB, U.S. Bank and any other Revolving Lender from time to
time designated by the Borrower as an Issuing Bank, with the consent of such Revolving Lender and the Administrative Agent, in
each case in its capacity as an issuer of Letters of Credit hereunder and their respective successors in such capacity as provided
herein. Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by its Affiliates, in which
case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate
(it being agreed that such Issuing Bank shall, or shall cause such Affiliate to, comply with the requirements of Section 2.06 with
respect to such Letters of Credit). At any time there is more than one Issuing Bank, all singular references to the Issuing Bank
means any Issuing Bank, either Issuing Bank, each Issuing Bank, the Issuing Bank that has issued the applicable Letter of Credit,
or both (or all) Issuing Banks, as the context may require.

 

“Issuing
Bank Sublimits” means, as of the Effective Date, (i) in the case of JPMCB, $20,000,000, (ii) in the case of U.S.
Bank, $10,000,000, and (iii) as to any other Issuing Bank, such amount as shall be agreed to in writing among the Administrative
Agent, the Company and such other Issuing Bank. Each Issuing Bank Sublimit may be (x) decreased at any time by agreement between
the Company and the Administrative Agent (and without the consent or approval of any other parties) and (y) increased at any time
by agreement between the Company, the Administrative Agent and the applicable Issuing Bank increasing its Issuing Bank Sublimit
(and without the consent or approval of any other parties). 

 

“Joint
Venture” means a single-purpose corporation, partnership, joint venture or other similar legal arrangement (whether
created by contract or conducted through a separate legal entity) now or hereafter formed by the Borrower or any of its Subsidiaries
with another Person in order to conduct a common venture or enterprise with such Person.

 

    	 	12	 

     

    

 

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

 

"LC Disbursement"
means a payment made by the Issuing Bank pursuant to a Letter of Credit.

 

"LC Exposure"
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the
aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC
Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time.

 

"Lender
Addition and Acknowledgement Agreement" means an agreement in form and substance satisfactory to the Administrative
Agent and the Borrower.

 

“Lender Parent”
means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

 

"Lenders"
means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment
and Assumption or Lender Addition and Acknowledgement Agreement, other than any such Person that ceases to be a party hereto pursuant
to an Assignment and Assumption. Unless the context otherwise requires, the term "Lenders" includes the Swingline Lender.

 

"Letter
of Credit" means any letter of credit issued pursuant to this Agreement.

 

"LIBO Rate"
means, with respect to any Eurodollar Borrowing for any Interest Period, the London interbank offered rate as administered by ICE
Benchmark Administration (or any other Person that takes over the administration of such rate for U.S. Dollars for a period equal
in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in
the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays
such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected
by the Administrative Agent in its reasonable discretion; in each case the “LIBO Screen Rate”) at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO
Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided further
that if the Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”)
then the LIBO Rate shall be the Interpolated Rate; provided that if any Interpolated Rate shall be less than zero, such
rate shall be deemed to be zero for purposes of this Agreement.

 

“LIBO Screen
Rate” has the meaning assigned to it in the definition of “LIBO Rate.”

 

"Lien"
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease
or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating
to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such
securities.

 

    	 	13	 

     

    

 

“Loan Documents”
means this Agreement, any promissory notes issued pursuant hereto, any Letter of Credit applications, and all other agreements,
instruments, documents and certificates executed and delivered to, or in favor of, the Administrative Agent or any Lenders in connection
with this Agreement or the transactions contemplated hereby. Any reference in this Agreement or any other Loan Document to a Loan
Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications
thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference
becomes operative.

 

"Loans"
means the loans made by the Lenders to the Borrower pursuant to this Agreement.

 

“Master
Licensing Agreement” means the master licensing agreement entered into during the second Fiscal Quarter of the 2012
Fiscal Year by the Borrower and/or its Restricted Subsidiaries with CDF2 Holdings, LLC, a subsidiary of Cinedigm Digital Cinema
Corp. (CDF2), with respect to their digital cinema projection systems, and any amendments or modifications thereof and similar
agreements (i.e., agreements under which all payments are expected to be covered through the payment of virtual print fees from
film distributors to CDF2 or other independent third parties that are not affiliated with the Borrower or any of its Subsidiaries)
with respect to their digital cinema projection systems.

 

"Material
Adverse Effect" means a material adverse effect on (a) the business, assets, operations, prospects or condition, financial
or otherwise, of the Borrower and the Restricted Subsidiaries taken as a whole, (b) the ability of the Borrower to perform any
of its obligations under any Loan Document or (c) the rights of or benefits available to the Lenders under any Loan Document.

 

"Material
Indebtedness" means Indebtedness (other than the Loans and Letters of Credit), Contingent Obligations or obligations
in respect of one or more Swap Agreements, of any one or more of the Borrower and its Restricted Subsidiaries in an aggregate principal
amount exceeding $5,000,000. For purposes of determining Material Indebtedness, the "principal amount" of the obligations
of the Borrower or any Restricted Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount
(giving effect to any netting agreements) that the Borrower or such Restricted Subsidiary would be required to pay if such Swap
Agreement were terminated at such time.

 

"Maximum
Rate" has the meaning assigned to such term in Section 9.13.

 

"Moody's"
means Moody's Investors Service, Inc.

 

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

 

"Obligations"
means all unpaid principal of, accrued and unpaid interest and fees and reimbursement obligations on the Loans and Letters of Credit
and all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations (monetary (including without
limitation post-petition interest, allowed or not) or otherwise) of the Borrower to the Lenders, the Administrative Agent, their
respective Affiliates and the indemnified parties or any of them arising under the Loan Documents, in each case howsoever created,
arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due.

 

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

 

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

 

    	 	14	 

     

    

 

“Organization
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws
(or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited
liability company, the certificate or articles of formation or organization and operating agreement; 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, Letter of Credit
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 2.19).

 

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

 

"Participant"
has the meaning assigned to such term in Section 9.04.

 

"Participant
Register" has the meaning assigned to such term in Section 9.04(c).

 

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

 

"PBGC"
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

"Permitted
Encumbrances" means:

 

(a) Liens imposed by
law for Taxes that are not yet due or are being contested in compliance with Section 5.04;

 

(b) carriers', warehousemen's,
mechanics', materialmen's, repairmen's and other like Liens imposed by law, arising in the ordinary course of business and securing
obligations that are not overdue by more than 30 days or are being contested in compliance with Section 5.04;

 

    	 	15	 

     

    

 

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

 

(d) deposits to secure
the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations
of a like nature, in each case in the ordinary course of business;

 

(e) judgment liens
in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII; and

 

(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 obligations and do not materially detract from the value of the affected property or interfere
with the ordinary conduct of business of the Borrower or any Restricted Subsidiary;

 

provided that
the term "Permitted Encumbrances" shall not include any Lien securing Indebtedness.

 

"Permitted
Investments – Cash Equivalents" means:

 

(a) direct obligations
of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by
any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in
each case maturing within one year from the date of acquisition thereof;

 

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

 

(c) investments in
certificates of deposit, banker's acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued
or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial
bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and
undivided profits of not less than $500,000,000;

 

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

 

(e) money market funds
that (i) comply with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the Investment Company Act of
1940, (ii) are rated AAA by S&P and Aaa by Moody's and (iii) have portfolio assets of at least $5,000,000,000.

 

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

 

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

 

    	 	16	 

     

    

 

"Platform"
means Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.

 

"Primary
Financial Officer" means the chief executive officer or the chief financial officer of the Borrower.

 

“Priority
Debt” means (without duplication), as of the date of any determination thereof, the sum of (a) all Indebtedness of
Restricted Subsidiaries other than (i) Indebtedness owed to the Borrower or any other Restricted Subsidiary, and (ii) Indebtedness
outstanding at the time any Person becomes a Restricted Subsidiary (other than an Unrestricted Subsidiary which is designated as
a Restricted Subsidiary pursuant to Section 5.11 hereof) provided that such Indebtedness shall not have been incurred in contemplation
of such Person becoming a Restricted Subsidiary, and (b) Indebtedness of the Borrower secured by Liens.

 

"Prime Rate"
means the rate of interest per annum publicly announced from time to time by JPMCB as its prime rate in effect at its office located
at 270 Park Avenue, New York, New York; each change in the Prime Rate shall be effective from and including the date such change
is publicly announced as being effective.

 

"Recipient"
means, as applicable, (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as applicable.

 

“Refinanced
Term Loans” has the meaning assigned to such term in Section 9.02(c).

 

"Register"
has the meaning assigned to such term in Section 9.04.

 

"Related
Parties" means, with respect to any specified Person, such Person's Affiliates and the respective directors, officers,
employees, agents and advisors of such Person and such Person's Affiliates.

 

"Replacement
Term Loans" has the meaning assigned to such term in Section 9.02(c).

 

"Required
Lenders" means, at any time, Lenders having Credit Exposures and unused Commitments representing more than 50% of
the sum of the total Credit Exposures and unused Commitments at such time. The Credit Exposure and unused Commitments of any Defaulting
Lender shall be disregarded in determining Required Lenders at any time except in respect of any matters which would treat the
Defaulting Lender differently from the other Lenders having Credit Exposure.

 

“Required
Revolving Lenders” means, at any time, Lenders having Revolving Credit Exposure and unused Revolving Commitments
representing more than 50% of the sum of the total Revolving Credit Exposure and unused Revolving Commitments at such time. The
Revolving Credit Exposure and unused Revolving Commitments of any Defaulting Lender shall be disregarded in determining Required
Revolving Lenders at any time except in respect of any matters which would treat the Defaulting Lender differently from the other
Lenders having Revolving Credit Exposure.

 

“Required
Term Lenders” means, at any time, Term Lenders, if any, having Term Loans and unused Term Loan Commitments representing
more than 50% of the sum of the total Term Loans and unused Term Loan Commitments at such time. The Term Loans and unused Term
Loan Commitments of any Defaulting Lender shall be disregarded in determining Required Term Lenders at any time except in respect
of any matters which would treat the Defaulting Lender differently from the other Term Lenders.

 

    	 	17	 

     

    

 

“Restricted
Investments” means all Investments of the Borrower and its Restricted Subsidiaries other than the following:

 

(a) Investments by
the Borrower and its Restricted Subsidiaries in and to Restricted Subsidiaries, including any Investment in a corporation which,
after giving effect to such Investment, will become a Restricted Subsidiary;

 

(b) Permitted Investments
– Cash Equivalents;

 

(c) Investments resulting
from receivables arising from the sale of goods and services in the ordinary course of business of the Borrower and its Restricted
Subsidiaries;

 

(d) Investments by
the Borrower and its Restricted Subsidiaries in property, plant and equipment of the Borrower and its Restricted Subsidiaries to
be used in the ordinary course of business; and

 

(e) Investments of
the Borrower and its Restricted Subsidiaries existing as of the Effective Date and described on Schedule 6.04.

 

In valuing any Investments
for the purpose of applying the limitations set forth in this Agreement, such Investments shall be taken at the original cost thereof,
without allowance for any subsequent write-offs or appreciation or depreciation therein, but less any amount repaid or recovered
on account of capital or principal.

 

"Restricted
Payment" means any dividend or other distribution (whether in cash, securities or other property) with respect to
any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including
any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination
of any such Equity Interests in the Borrower or any option, warrant or other right to acquire any such Equity Interests in the
Borrower.

 

“Restricted
Subsidiary” means any Subsidiary other than an Unrestricted Subsidiary.

 

"Revolving
Commitment" means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire
participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount
of such Lender's Revolving Credit Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant
to Section 2.04, 2.09 or 9.04. The initial amount of each Lender's Revolving Commitment is set forth on Schedule 2.01, or in the
Assignment and Assumption or Lender Addition and Acknowledgement Agreement pursuant to which such Lender shall have assumed its
Revolving Commitment, as applicable. The initial aggregate amount of the Lenders' Revolving Commitments is $225,000,000.

 

"Revolving
Credit Exposure" means, with respect to any Lender at any time, the sum of the outstanding principal amount of such
Lender's Revolving Loans and its LC Exposure and Swingline Exposure at such time.

 

"Revolving
Credit Maturity Date" means the earlier of the date five years after the date of this Agreement or the date the Revolving
Commitments are reduced to zero or otherwise terminated.

 

    	 	18	 

     

    

 

“Revolving
Lender” means, as of any date of determination, each Lender that has a Revolving Commitment or, if the Revolving
Commitments have terminated or expired, a Lender with Revolving Credit Exposure.

 

 "Revolving
Loan" means a Loan made pursuant to Section 2.01.

 

"S&P"
means Standard & Poor's.

 

“Sanctioned
Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions
(at the time of this Agreement, Cuba, Iran, North Korea, Sudan, Syria and Crimea).

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by
the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United
Kingdom, or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country or (c)
any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).

 

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

 

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

 

“Senior
Indebtedness” means all Indebtedness of the Borrower for money borrowed which is not by its terms subordinated in
right of payment to the payment of any other Indebtedness of the Borrower.

 

“Senior
Notes” means the senior notes of the Borrower described on Schedule 1.01.

 

"Statutory
Reserve Rate" means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator
of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or
supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject with respect
to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as "Eurocurrency Liabilities" in Regulation
D of the Board). Such reserve percentage shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed
to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions
or offsets that may be available from time to time to any Lender under such 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
Indebtedness" of a Person means any Indebtedness of such Person the payment of which is subordinated to payment of
the Obligations to the written satisfaction of the Administrative Agent, and which is on such other terms satisfactory to the Administrative
Agent.

 

    	 	19	 

     

    

 

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

 

"Subsidiary"
means any subsidiary of the Borrower.

 

“Surety
Instruments” means all letters of credit (including standby and commercial), banker’s acceptances, bank guaranties,
shipside bonds, surety bonds and similar instruments.

 

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

 

"Swingline
Exposure" means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The
Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time.

 

"Swingline
Lender" means JPMorgan Chase Bank, in its capacity as lender of Swingline Loans hereunder.

 

"Swingline
Loan" means a Loan made pursuant to Section 2.05.

 

“Syndication
Agent” means U.S. Bank, as syndication agent for the credit facilities evidenced by this Agreement.

 

"Taxes"
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), value added
taxes, or any other goods and services, use or sales taxes, assessments, fees or other charges imposed by any Governmental Authority,
including any interest, additions to tax or penalties applicable thereto.

 

“Term Lender”
means, as of any date of determination, each Lender, if any, having a Term Loan Commitment or that holds Term Loans.

 

 “Term
Loan Commitment” means any commitment, if any, of any Lender, to make any Term Loan.

 

"Term Loan
Maturity Date" means the final maturity date of any Term Loan, if any.

 

“Term Loans”
means the Incremental Term Loans and Replacement Term Loans, if any.

 

"Transactions"
means the execution, delivery and performance by the Borrower of this Agreement, the borrowing of Loans, the use of the proceeds
thereof and the issuance of Letters of Credit hereunder.

 

    	 	20	 

     

    

 

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

 

“U.S. Bank”
means U.S. Bank National Association, a national banking association.

 

"U.S. Person"
means a "United States person" within the meaning of Section 7701(a)(30) of the Code.

 

"U.S. Tax
Compliance Certificate" has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).

 

“Unrestricted
Subsidiary” means any Subsidiary of the Borrower designated by a Primary Financial Officer of the Borrower as an
Unrestricted Subsidiary pursuant to Section 5.11.

 

“Wholly
Owned Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company or other
entity of which all of the Equity Interests (other than, in the case of a corporation, directors’ qualifying shares or nominee
shares required under applicable law) are directly or indirectly owned or controlled by such Person and/or one or more Wholly Owned
Subsidiaries of such Person. Unless the context clearly requires otherwise, all references to any Wholly Owned Subsidiary shall
mean a Wholly Owned Subsidiary of the Borrower.

 

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

 

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

 

SECTION 1.02.
Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class
(e.g., a "Revolving Loan") or by Type (e.g., a "Eurodollar Loan") or by Class and
Type (e.g., a "Eurodollar Revolving Loan"). Borrowings also may be classified and referred to by Class
(e.g., a "Revolving Borrowing") or by Type (e.g., a "Eurodollar Borrowing") or
by Class and Type (e.g., a "Eurodollar Revolving Borrowing").

 

SECTION 1.03.
Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include",
"includes" and "including" shall be deemed to be followed by the phrase "without limitation". The
word "will" shall be construed to have the same meaning and effect as the word "shall". Unless the context
requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed
as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject
to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person
shall be construed to include such Person's successors and assigns, (c) the words "herein", "hereof" and "hereunder",
and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections
of, and Exhibits and Schedules to, this Agreement and (e) 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.

 

    	 	21	 

     

    

 

SECTION 1.04.
Accounting Terms; GAAP; ProForma Calculations;. Except as otherwise expressly provided herein, all terms of an accounting
or financial nature shall be construed in accordance with GAAP, consistently applied, as in effect from time to time; provided
that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate
the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision
(or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for
such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have
become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding
any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations
of amounts and ratios referred to herein shall be made (i) without giving effect to any election under Accounting Standards Codification
825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification
or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower
or any Subsidiary at “fair value”, as defined therein and (ii) without giving effect to any treatment of Indebtedness
in respect of convertible debt instruments under Financial Accounting Standards Board Staff Position APB 14-1 to value any such
Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the
full stated principal amount thereof.

 

SECTION 1.05. Status
of Obligations. In the event that the Borrower or any of its Restricted Subsidiaries shall at any time issue or have outstanding
any Subordinated Indebtedness at any time, the Borrower shall take all such actions as shall be necessary to cause the Obligations
to constitute senior indebtedness or senior debt (however denominated) in respect of such Subordinated Indebtedness 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 Indebtedness. Without limiting the foregoing, the Obligations
are hereby designated as “senior indebtedness”, “senior debt” and “designated senior indebtedness”
and words of similar import under and in respect of any indenture or other agreement or instrument under which such Subordinated
Indebtedness is outstanding and are further given all such other designations as shall be required under the terms of any such
Subordinated Indebtedness in order that 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 Indebtedness.

 

ARTICLE
II

The Credits

 

SECTION 2.01. Commitments.
Subject to the terms and conditions set forth herein, each Revolving Lender agrees 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 (a) the amount of
such Lender’s Revolving Credit Exposure exceeding such Lender’s Revolving Commitment or (b) the sum of the total
Revolving Credit Exposures exceeding the aggregate Revolving Commitments.  Within the foregoing limits and subject to
the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.  

 

    	 	22	 

     

    

 

SECTION 2.02. Loans
and Borrowings. (a) Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Loans of the
same Class and Type made by the Lenders ratably in accordance with their respective Commitments of the applicable Class.  The
failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder;
provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure
to make Loans as required.  Any Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05.

 

(b) Subject to Section
2.14, each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance
herewith. Each Swingline Loan shall be an ABR Loan or shall bear interest as otherwise allowed under Section 2.13(c). Each Lender
at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan;
provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance
with the terms of this Agreement.

 

(c) At the commencement
of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple
of $500,000 and not less than $2,500,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate
amount that is an integral multiple of $100,000 and not less than $1,000,000; provided that an ABR Borrowing may be in an
aggregate amount that is equal to the entire unused balance of the total Revolving Commitments or that is required to finance the
reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Each Swingline Loan shall be in an amount that is an integral
multiple of $50,000 and not less than $100,000 or such other amounts agreed to between the Swingline Lender and the Borrower. Borrowings
of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than
a total of ten (10) Eurodollar Borrowings outstanding.

 

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

 

SECTION 2.03. Requests
for Borrowings. To request a Borrowing (other than a Swingline Borrowing), the Borrower shall notify the Administrative Agent
of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., Milwaukee time, three Business
Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., Milwaukee time,
on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly
by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative
Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in
compliance with Section 2.02:

 

(i) the aggregate
amount of the requested Borrowing;

 

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

 

(iii) whether
such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;

 

(iv) in the
case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the
definition of the term "Interest Period"; and

 

(v) the location
and number of the Borrower's account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07.

 

    	 	23	 

     

    

 

If no election as to the Type of Borrowing
is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested
Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. Promptly following
receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details
thereof and of the amount of such Lender's Loan to be made as part of the requested Borrowing.

 

SECTION 2.04. Expansion
Option. (a) The Borrower may from time to time elect to increase the Revolving Commitments or enter into one or more tranches
of term loans (each an “Incremental Term Loan”), in each case in minimum increments of $10,000,000 so long as, after
giving effect thereto, the aggregate amount of such increases and all such Incremental Term Loans does not exceed $75,000,000.
The Borrower may arrange for any such increase or tranche to be provided by one or more Lenders (each Lender so agreeing to an
increase in its Revolving Commitment, or to participate in such Incremental Term Loans, an “Increasing Lender”), or
by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity,
an “Augmenting Lender”), to increase their existing Revolving Commitments, or to participate in such Incremental Term
Loans, or extend Revolving Commitments, as the case may be; provided that (i) each Augmenting Lender, shall be subject to the approval
of the Borrower and the Administrative Agent and (ii) (x) in the case of an Increasing Lender and an Augmenting Lender, the Borrower,
the Administrative Agent and each such Augmenting Lender and Increasing Lender execute a Lender Addition and Acknowledgement Agreement.
No consent of any Lender (other than the Lenders participating in the increase or any Incremental Term Loan) shall be required
for any increase in Revolving Commitments or Incremental Term Loans pursuant to this Section 2.04.

 

(b) Increases and new
Revolving Commitments and Incremental Term Loans created pursuant to this Section 2.04 shall become effective on the date agreed
by the Borrower, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent
shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Revolving Commitments (or in the Revolving
Commitment of any Lender) or tranche of Incremental Term Loans shall become effective under this paragraph unless, (i) on the proposed
date of the effectiveness of such increase or Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of
Section 4.02 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate
to that effect dated as of such date and executed by a Financial Officer of the Borrower and (B) the Borrower shall be in compliance
(on a pro forma basis) with the covenants contained in Section 6.09 and (ii) the Administrative Agent shall have approved such
increase or Incremental Term Loans and shall have received documents consistent with those delivered on the Effective Date as to
the corporate power and authority of the Borrower to borrow hereunder after giving effect to such increase.

 

    	 	24	 

     

    

 

(c) On the effective
date of any increase in the Revolving Commitments or any Incremental Term Loans being made, (i) each relevant Increasing Lender
and Augmenting Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative
Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such increase
and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans
of all the Lenders to equal its Applicable Percentage (as modified by such increase) of such outstanding Revolving Loans, and (ii)
except in the case of any Incremental Term Loans, the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving
Loans as of the date of any increase in the Revolving Commitments (with such reborrowing to consist of the Types of Revolving Loans,
with related Interest Periods if applicable, specified in a notice delivered by the Borrower, in accordance with the requirements
of Section 2.03). The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by
payment of all accrued interest on the amount prepaid and, in respect of each Eurodollar Loan, shall be subject to indemnification
by the Borrower pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last day of the related
Interest Periods. The Incremental Term Loans (a) shall rank pari passu in right of payment with the Revolving Loans, (b) shall
not mature earlier than the Revolving Credit Maturity Date (but may have amortization prior to such date) and (c) shall be treated
substantially the same as (and in any event no more favorably than) the Revolving Loans; provided that (i) the terms and conditions
applicable to any tranche of Incremental Term Loans maturing after the Revolving Credit Maturity Date may provide for material
additional or different financial or other covenants or prepayment requirements applicable only during periods after the Revolving
Credit Maturity Date and (ii) the Incremental Term Loans may be priced differently than the Revolving Loans. Incremental Term Loans
may be made hereunder pursuant to an amendment or restatement (an “Incremental Term Loan Amendment”) of this Agreement
and, as appropriate, the other Loan Documents, executed by the Borrower, each Increasing Lender participating in such tranche,
each Augmenting Lender participating in such tranche, if any, and the Administrative Agent. The Incremental Term Loan Amendment
may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents only as may
be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.04
and otherwise include the Incremental Term Loans in the terms of the Loan Documents. Nothing contained in this Section 2.04 shall
constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Revolving Commitment hereunder,
or provide Incremental Term Loans, at any time.

 

SECTION 2.05. Swingline
Loans. (a) Subject to the terms and conditions set forth herein, the Swingline Lender may agree, but shall have no obligation,
to make Swingline Loans to the Borrower from time to time during the Availability Period, in an aggregate principal amount at any
time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding $22,500,000
or (ii) the total Revolving Credit Exposures exceeding the total Commitments; provided that the Swingline Lender shall not
be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the
terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans.

 

(b) To request a Swingline
Loan, the Borrower shall notify the Administrative Agent of such request by telephone (confirmed by telecopy), not later than 12:00
noon, Milwaukee time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested
date (which shall be a Business Day) and amount of the requested Swingline Loan. The Administrative Agent will promptly advise
the Swingline Lender of any such notice received from the Borrower. If the Swingline Lender determines in its discretion to make
a Swingline Loan, the Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to the general
deposit account of the Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement
of an LC Disbursement as provided in Section 2.06(e), by remittance to the Issuing Bank) by 3:00 p.m., Milwaukee time, on the requested
date of such Swingline Loan.

 

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(c) The Swingline Lender
may by written notice given to the Administrative Agent not later than 10:00 a.m., Milwaukee time, on any Business Day require
the Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding. Such notice
shall specify the aggregate amount of Swingline Loans in which Lenders will participate. Promptly upon receipt of such notice,
the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender's Applicable Percentage
of such Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above,
to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender's Applicable Percentage of such Swingline
Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to
this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence
and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any
offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation under this paragraph by wire
transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender
(and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative
Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders. The Administrative Agent shall
notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in
respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received
by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt
by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent;
any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that
shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided
that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and
to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of participations in a Swingline
Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.

 

SECTION 2.06. Letters
of Credit. (a) General. Subject to the terms and conditions set forth herein, the Borrower may request the issuance
of Letters of Credit as the applicant thereof for the support of its or its Restricted Subsidiaries' obligations, in a form reasonably
acceptable to the Administrative Agent and the applicable Issuing Bank, at any time and from time to time during the Availability
Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any
form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the
applicable Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. Notwithstanding
anything herein to the contrary, no Issuing Bank shall have any obligation hereunder to issue, and shall not issue, any Letter
of Credit 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 country or territory that, at the time of such funding, is the subject of any Sanctions or (ii) in any manner
that would result in a violation of any Sanctions by any party to this Agreement.

 

(b) Notice of Issuance,
Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal
or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication,
if arrangements for doing so have been approved by the applicable Issuing Bank) to the applicable Issuing Bank and the Administrative
Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension, but in any event no less than
three Business Days) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended,
renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the
date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter
of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend,
renew or extend such Letter of Credit. If requested by the applicable Issuing Bank, the Borrower also shall submit a letter of
credit application on the applicable Issuing Bank's standard form in connection with any request for a Letter of Credit. A Letter
of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter
of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal
or extension (i) the LC Exposure shall not exceed $30,000,000 and (ii) the sum of the total Revolving Credit Exposures shall not
exceed the total Commitments. Upon the effectiveness of this Agreement, each Existing Letter of Credit shall, without any further
action by any party, be deemed to have been issued as a Letter of Credit hereunder on the Effective Date and shall for all purposes
hereof be treated as a Letter of Credit under this Agreement. Notwithstanding the foregoing or anything to the contrary contained
herein, no Issuing Bank shall be obligated to issue or modify any Letter of Credit if, immediately after giving effect thereto,
the outstanding LC Exposure in respect of all Letters of Credit issued by such Person and its Affiliates would exceed such Issuing
Bank’s Issuing Bank Sublimit. Without limiting the foregoing and without affecting the limitations contained herein, it is
understood and agreed that the Borrower may from time to time request that an Issuing Bank issue Letters of Credit in excess of
its individual Issuing Bank Sublimit in effect at the time of such request, and each Issuing Bank may, in its sole discretion,
issue Letters of Credit in excess of its individual Issuing Bank Sublimit. Any Letter of Credit so issued by an Issuing Bank in
excess of its individual Issuing Bank Sublimit then in effect shall nonetheless constitute a Letter of Credit for all purposes
of the Credit Agreement, and shall not affect the Issuing Bank Sublimit of any other Issuing Bank, subject to the limitations on
the aggregate LC Exposure set forth in clause (i) of this Section 2.06(b).

 

    	 	26	 

     

    

 

(c) Expiration Date.
Each Letter of Credit shall expire (or be subject to termination by notice from the applicable Issuing Bank to the beneficiary
thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter
of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the date that
is five Business Days prior to the Revolving Credit Maturity Date.

 

(d) Participations.
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further
action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each Lender hereby acquires
from the Issuing Bank, a participation in such Letter of Credit equal to such Lender's Applicable Percentage of the aggregate amount
available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely
and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender's Applicable Percentage
of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e)
of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Lender acknowledges
and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute
and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any
Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such
payment shall be made without any offset, abatement, withholding or reduction whatsoever.

 

(e) Reimbursement.
If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement
by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, Milwaukee time, on the
date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m.,
Milwaukee time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not
later than 12:00 noon, Milwaukee time, on (i) the Business Day that the Borrower receives such notice, if such notice is received
prior to 10:00 a.m., Milwaukee time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower
receives such notice, if such notice is not received prior to such time on the day of receipt; provided that the Borrower
may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment
be financed with an ABR Revolving Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's
obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline Loan. If
the Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement,
the payment then due from the Borrower in respect thereof and such Lender's Applicable Percentage thereof. Promptly following receipt
of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower,
in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis
mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank
the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the
Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent
that Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing
Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Bank for any
LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute
a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

 

    	 	27	 

     

    

 

(f) Obligations
Absolute. The Borrower's obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute,
unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all
circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement,
or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent
or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank
under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of
Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for
the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower's
obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their Related Parties, shall
have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any
payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence),
or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under
or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation
of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing
shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed
to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent
permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank's failure to exercise care when determining
whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly
agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by
a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance
of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which
appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion,
either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or
information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance
with the terms of such Letter of Credit.

 

(g) Disbursement
Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a
demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by
telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement
thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to
reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement.

 

    	 	28	 

     

    

 

(h) Interim Interest.
If the Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the
date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such
LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then
applicable to ABR Revolving Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant
to paragraph (e) of this Section, then Section 2.13(d) shall apply. Interest accrued pursuant to this paragraph shall be for the
account of the Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph
(e) of this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment.

 

(i) Replacement
of the Issuing Bank. The Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative
Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such
replacement of the Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees
accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such
replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement
with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term "Issuing Bank" shall
be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the
context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto
and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit
issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

 

(j) Cash Collateralization.
If any Event of Default shall occur and be continuing or if any Letters of Credit are outstanding on the Revolving Credit Maturity
Date, on the Business Day that the Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity
of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the
deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account with the Administrative Agent,
in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash equal to the LC Exposure as of such
date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become
effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon
the occurrence of any Event of Default with respect to the Borrower described in clause (h) or (i) of Article VII. Such deposit
shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under
this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal,
over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option
and sole discretion of the Administrative Agent and at the Borrower's risk and expense, such deposits shall not bear interest.
Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the
Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent
not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such
time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing
greater than 50% of the total LC Exposure), be applied to satisfy other obligations of the Borrower under this Agreement. If the
Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such
amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of
Default have been cured or waived.

 

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SECTION 2.07. Funding
of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer
of immediately available funds by 12:00 noon, Milwaukee time, to the account of the Administrative Agent most recently designated
by it for such purpose by notice to the Lenders; provided that the Swingline Loans shall be made as provided in Section
2.05. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in
like funds, to an account of the Borrower maintained with the Administrative Agent in New York City and designated by the Borrower
in the applicable Borrowing Request; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement
as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Bank.

 

(b) Unless the Administrative
Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available
to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made
such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make
available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount
is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such
Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such
Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing.

 

SECTION 2.08. Interest
Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in
the case of a Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter,
the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar
Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options
with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among
the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate
Borrowing. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.

 

(b) To make an election
pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing
Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such
election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable
and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request
in a form approved by the Administrative Agent and signed by the Borrower.

 

(c) Each telephonic
and written Interest Election Request shall specify the following information in compliance with Section 2.02:

 

(i) the Borrowing
to which such Interest Election Request applies and, if different options are being elected with respect to different portions
thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant
to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

 

    	 	30	 

     

    

 

(ii) the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii) whether
the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and

 

(iv) if the
resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election,
which shall be a period contemplated by the definition of the term "Interest Period".

 

If any such Interest Election Request requests
a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest
Period of one month's duration.

 

(d) Promptly following
receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender's
portion of each resulting Borrowing.

 

(e) If the Borrower
fails to deliver a timely Interest Election Request with respect to a Eurodollar Revolving Borrowing prior to the end of the Interest
Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing
shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and
is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as
an Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar Borrowing
and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period
applicable thereto.

 

SECTION 2.09. Termination
and Reduction of Commitments. (a) Unless previously terminated, the Revolving Commitments shall terminate on the Revolving
Credit Maturity Date.

 

(b) Subject to paragraph
(a) above, the Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each
reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and
(ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment
of the Loans in accordance with Section 2.11, the total Revolving Credit Exposures would exceed the total Revolving Commitments.

 

(c) 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 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 delivered by the Borrower 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 notice to the Administrative Agent on or prior to the specified effective
date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of
the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.

 

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SECTION 2.10. Repayment
of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay:

 

(i) to the
Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan on the Revolving
Credit Maturity Date,

 

(ii) to the
Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Revolving Credit Maturity Date or
such other dates required by the Swingline Lender, and

 

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

 

(c) The Administrative
Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and
the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable
from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the
account of the Lenders and each Lender's share thereof.

 

(d) The entries made
in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the
existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent
to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans
in accordance with the terms of this Agreement.

 

(e) Any Lender may
request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver
to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered
assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest
thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes
in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and
its registered assigns).

 

SECTION 2.11.
Prepayment of Loans. (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in
whole or in part, subject to prior notice in accordance with paragraph (b) of this Section. All mandatory and voluntary prepayments
of the Term Loans shall be applied to principal installments due thereon in the inverse order of maturity.

 

(b) The Borrower shall
notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed
by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not later than 11:00
a.m., Milwaukee time, three Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR Revolving Borrowing,
not later than 11:00 a.m., Milwaukee time, one Business Day before the date of prepayment or (iii) in the case of prepayment of
a Swingline Loan, not later than 12:00 noon, Milwaukee time, on the date of prepayment. Each such notice shall be irrevocable and
shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided
that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated
by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section
2.09. Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the
Lenders of the contents thereof. Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted
in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving
Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued
interest to the extent required by Section 2.13.

 

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SECTION 2.12.
Fees.  (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee, which
shall accrue at the Applicable Rate on the daily amount of the Revolving Commitment, whether used or unused, of such Lender until
the Revolving Credit Termination Date, and after the Revolving Credit Termination Date such facility fee shall be payable on the
outstanding principal amount of the Revolving Credit Exposure (with the amount of any LC Exposure deemed an outstanding principal
amount) until the Revolving Credit Exposure is paid in full. Such accrued facility fees shall be payable in arrears on the last
day of each March, June, September and December of each year, on the date on which the Revolving Commitments terminate and on the
date all Revolving Credit Exposure has been paid in full, commencing on the first such date to occur after the date hereof. All
facility fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including
the first day but excluding the last day).

 

(b) The Borrower agrees
to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in
Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar
Revolving Loans on the average daily amount of such Lender's LC Exposure (excluding any portion thereof attributable to unreimbursed
LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such
Lender's Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a
fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC Exposure (excluding any
portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding
the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as the
Issuing Bank's standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing
of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of each March, June, September
and December of each year shall be payable on the third Business Day following such last day, commencing on the first such date
to occur after the Effective Date; provided that all such fees shall be payable on the date on which the 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 Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and fronting
fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including
the first day but excluding the last day).

 

(c) The Borrower agrees
to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between
the Borrower and the Administrative Agent.

 

(d) All fees payable
hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the Issuing Bank,
in the case of fees payable to it) for distribution, in the case of facility fees and participation fees, to the Lenders. Fees
paid shall not be refundable under any circumstances.

 

SECTION 2.13. Interest.
 (a) The Loans comprising each ABR Borrowing (including each Swingline Loan that is an ABR Borrowing) shall bear interest at
the Alternate Base Rate plus the Applicable Rate.

 

(b) The Loans comprising
each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus
the Applicable Rate.

 

    	 	33	 

     

    

 

(c) Each Swingline
Loan shall bear interest as separately agreed to between the Borrower and the Swingline Lender, or if no such other agreement is
made, then at the Alternate Base Rate plus the Applicable Rate, or as otherwise required hereunder.

 

(d) Notwithstanding
the foregoing, (x) for purposes of the interest rate on all Loans outstanding and the fees under Section 2.12(b)(i) on all Letters
of Credit outstanding, the Applicable Rate under the headings “Eurodollar Spread and Letter of Credit Fee” and “ABR
Spread” in the grid contained in the definition of Applicable Rate shall be increased by 2% and (y) interest shall accrue
on all other amounts outstanding hereunder that are due hereunder at 2% plus the rate applicable to ABR Loans as provided in paragraph
(a) of this Section, in each case:

 

(i) automatically
upon the occurrence of any Event of Default under clauses (a), (b), (h) or (i) of Article VII until such Event of Default is no
longer continuing;

 

(ii) in the
event any other Event of Default is continuing and Required Lenders declare (at their option) by written notice to the Borrower
that they elect to have such interest accrue, upon the delivery of such notice until such Event of Default is no longer continuing
or such notice is revoked by Required Lenders (which revocation shall be at the option of Required Lenders notwithstanding any
provision of Section 9.02).

 

(e) Accrued interest
on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon
termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall
be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving
Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable
on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to
the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

 

(f) All interest hereunder
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 LIBO Rate or LIBO Rate shall be determined by the Administrative Agent,
and such determination shall be conclusive absent manifest error.

 

SECTION 2.14.
Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

 

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

 

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

 

    	 	34	 

     

    

 

then the Administrative
Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter
and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no
longer exist, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation
of any Revolving Borrowing as, a Eurodollar Borrowing shall be ineffective, (ii) if any Borrowing Request requests a Eurodollar
Revolving Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that, if the circumstances giving
rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted.

 

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

 

(i) impose,
modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement,
insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender
(except any such reserve requirement reflected in the Adjusted LIBO Rate) or the Issuing Bank;

 

(ii) impose
on any Lender or the Issuing Bank or the London interbank market any other condition, cost or expense (other than Taxes) affecting
this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or

 

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

 

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

 

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

 

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

 

    	 	35	 

     

    

 

(d) Failure or delay
on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of
such Lender's or the Issuing Bank's right to demand such compensation; provided that the Borrower shall not be required
to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 270
days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving
rise to such increased costs or reductions and of such Lender's or the Issuing Bank's intention to claim compensation therefor;
provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then
the 270-day period referred to above shall be extended to include the period of retroactive effect thereof.

 

SECTION 2.16. Break
Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an
Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other
than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar
Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section
2.11(b) and is revoked in accordance therewith), or (d) the assignment of any Eurodollar Loan other than on the last day of the
Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event,
the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar
Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess,
if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred,
at the Adjusted LIBO 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 which would accrue on such principal amount
for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar
deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender setting forth
any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall
be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within
10 days after receipt thereof.

 

SECTION 2.17. Taxes.
Any and all payments by or on account of any obligation of the Borrower 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 Borrower shall be increased as necessary so that after such deduction or withholding has been
made (including such deductions and withholdings applicable to additional sums payable under this Section 2.17) the applicable
Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

(a) Payment of Other
Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law,
or at the option of the Administrative Agent timely reimburse it for, Other Taxes.

 

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

 

    	 	36	 

     

    

 

(c) Indemnification
by the Borrower. The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of
any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section)
payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to 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.

 

(d) Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i)
any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to
such Lender's failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register and
(iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection
with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the
Administrative Agent to 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 (d).

 

(e) 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 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender's
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of such Lender.

 

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

 

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

 

    	 	37	 

     

    

 

 

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

 

(1) in the
case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to
payments of interest under any Loan Document, an executed IRS Form W-8BEN-E or IRS Form W-8BEN establishing an exemption from,
or reduction of, U.S. Federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect
to any other applicable payments under any Loan Document, IRS Form W-8BEN-E or IRS Form W-8BEN 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) in the
case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, an executed IRS
Form W-8ECI;

 

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

 

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

 

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

 

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

 

    	 	38	 

     

    

 

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.

 

(f) Treatment of
Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of
any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant
to this Section 2.17), 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 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified
party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount
to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable
net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such
refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect
to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax
returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(g) Survival.
Each party's obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any
assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or
discharge of all obligations under any Loan Document.

 

(h) Defined Terms.
For purposes of this Section 2.17, the term "Lender" includes any Issuing Bank and the term "applicable
law" includes FATCA.

 

SECTION 2.18. Payments
Generally; Pro Rata Treatment; Sharing of Set-offs. (a) The Borrower shall make each payment required to be made by it
hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15,
2.16 or 2.17, or otherwise) prior to 12:00 noon, Milwaukee time, on the date when due, in immediately available funds, without
set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be
deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments
shall be made to the Administrative Agent at its offices designated from time to time by the Administrative Agent, except payments
to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections
2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any
such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.
If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding
Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.
All payments hereunder shall be made in dollars.

 

    	 	39	 

     

    

 

(b) If at any time
insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed
LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and
fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due
to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among
the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties.

 

(c) If any Lender shall,
by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any
of its Revolving Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a
greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and Swingline Loans and
accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall
purchase (for cash at face value) participations in the Revolving Loans and participations in LC Disbursements and Swingline Loans
of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance
with the aggregate amount of principal of and accrued interest on their respective Revolving Loans and participations in LC Disbursements
and Swingline Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery,
without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower
pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for
the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant,
other than to the Borrower or any Restricted Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall
apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any
Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and
counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount
of such participation.

 

(d) Unless the Administrative
Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for
the account of the Lenders or the Issuing Bank 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 Issuing Bank, 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 Issuing Bank, as the case may be, severally agrees to repay to the Administrative
Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater
of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules
on interbank compensation.

 

(e) If any Lender shall
fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), then
the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, apply any amounts thereafter
received by the Administrative Agent for the account of such Lender to satisfy such Lender's obligations under such Sections until
all such unsatisfied obligations are fully paid, and/or (ii) hold such amounts in a segregated account over which the Administrative
Agent shall have exclusive control as cash collateral for, and application to, any future funding obligations of such Lender under
any such Section, in the case of each of clause (i) and (ii) above, in any order as determined by the Administrative Agent in its
discretion..

 

    	 	40	 

     

    

 

SECTION 2.19. Mitigation
Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section 2.15, or if the Borrower is required
to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17,
then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder
or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such
Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case
may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous
to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any
such designation or assignment.

 

(b) If any Lender requests
compensation under Section 2.15, or if the Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.17, or if any Lender becomes a Defaulting Lender, then the Borrower
may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and
delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights
and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if
a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative
Agent (and if a Commitment is being assigned, the Issuing Bank), which consent shall not unreasonably be withheld, (ii) such Lender
shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements
and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to
the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts), (iii)
in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant
to Section 2.17, such assignment will result in a reduction in such compensation or payments, and (iv) such assignment does not
conflict with applicable law. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a
result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation
cease to apply.

 

SECTION 2.20. Defaulting
Lenders.

 

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

 

(a) fees shall cease
to accrue on the unfunded portion of the Revolving Commitment of such Defaulting Lender pursuant to Section 2.12(a);

 

(b) the Commitment
and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders or Required
Revolving Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification
pursuant to Section 9.02); provided, that this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an
amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby;

 

    	 	41	 

     

    

 

(c) if any Swingline
Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then:

 

(i) if no
Default has occurred and is continuing at such time, all or any part of the Swingline Exposure and LC Exposure of such Defaulting
Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only
to the extent that the sum of all non-Defaulting Lenders' Revolving Credit Exposures plus such Defaulting Lender's Swingline Exposure
and LC Exposure does not exceed the total of all non-Defaulting Lenders' Commitments;

 

(ii) if the
reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within one Business Day
following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize for the
benefit of the Issuing Bank only the Borrower's obligations corresponding to such Defaulting Lender's LC Exposure (after giving
effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j)
for so long as such LC Exposure is outstanding;

 

(iii) if
the Borrower cash collateralizes any portion of such Defaulting Lender's LC Exposure pursuant to clause (ii) above, the Borrower
shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b)(i) with respect to such Defaulting
Lender's LC Exposure during the period such Defaulting Lender's LC Exposure is cash collateralized;

 

(iv) if the
LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant
to Section 2.12(a) and Section 2.12(b)(i) shall be adjusted in accordance with such non-Defaulting Lenders' Applicable Percentages;
and

 

(v) if all
or any portion of such Defaulting Lender's LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or
(ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder, all letter of
credit fees payable under Section 2.12(b)(i) with respect to such Defaulting Lender's LC Exposure shall be payable to the Issuing
Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and

 

(d) so long as such
Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall
not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting
Lender's then outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral
will be provided by the Borrower in accordance with Section 2.20(c), and participating interests in any newly made Swingline Loan
or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section
2.20(c)(i) (and such Defaulting Lender shall not participate therein).

 

If (i) a Bankruptcy
Event with respect to a Lender Parent of any Lender shall occur following the date hereof and for so long as such event shall continue
or (ii) the Swingline Lender or the Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations
under one or more other agreements in which such Lender commits to extend credit, the Swingline Lender shall not be required to
fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless the
Swingline Lender or the Issuing Bank, as the case may be, shall have entered into arrangements with the Borrower or such Lender,
satisfactory to the Swingline Lender or the Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender
hereunder.

 

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In the event that the
Administrative Agent, the Borrower, the Swingline Lender and the Issuing Bank each agrees that a Defaulting Lender has adequately
remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders
shall be readjusted to reflect the inclusion of such Lender's Commitment and on such date such Lender shall purchase at par such
of the Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in
order for such Lender to hold such Loans in accordance with its Applicable Percentage.

 

ARTICLE
III  Representations and Warranties

 

The Borrower represents
and warrants to the Lenders that:

 

SECTION 3.01. Organization;
Powers. Each of the Borrower and its Subsidiaries is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except
where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.

 

SECTION 3.02. Authorization;
Enforceability. The Transactions are within the Borrower's corporate powers and have been duly authorized by all necessary
corporate and, if required, stockholder action. This Agreement has been duly executed and delivered by the Borrower and constitutes
a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of
equity, regardless of whether considered in a proceeding in equity or at law.

 

SECTION 3.03. Governmental
Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or any
other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will
not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any of
its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement
or other instrument binding upon the Borrower or any of its Subsidiaries or its assets, or give rise to a right thereunder to require
any payment to be made by the Borrower or any of its Subsidiaries, and (d) will not result in the creation or imposition of any
Lien on any asset of the Borrower or any of its Subsidiaries.

 

SECTION 3.04. Financial
Condition; No Material Adverse Change. (a) The Borrower has heretofore furnished to the Lenders its consolidated balance sheet
and statements of income, stockholders equity and cash flows (i) as of the end of and for the 2015 Fiscal Year, reported on by
Deloitte & Touche LLP, independent public accountants, and (ii) as of and for the first Fiscal Quarter of 2016, certified by
its chief financial officer. Such financial statements present fairly, in all material respects, the financial position and results
of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance
with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause
(ii) above.

 

(b) Since December
31, 2015, there has been no material adverse change in the business, assets, operations, prospects or condition, financial or otherwise,
of the Borrower and its Subsidiaries, taken as a whole.

 

    	 	43	 

     

    

 

(c) The outstanding
principal balance of each of the Senior Notes as of the Effective Date and the scheduled payments and maturities thereof are described
on Schedule 1.01 hereof.

 

(d) No Subsidiary has
outstanding any Contingent Obligations with respect to Indebtedness of the Borrower.

 

SECTION 3.05. Properties.
(a) Each of the Borrower and its Subsidiaries 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 materially interfere with its ability to conduct its business
as currently conducted or to utilize such properties for their intended purposes.

 

(b) Each of the Borrower
and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property
material to its business, and the use thereof by the Borrower and its 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) As of the Effective
Date, each Subsidiary of the Borrower, including its ownership, is described on Schedule 3.05 hereto, and each Subsidiary that
is an Unrestricted Subsidiary as of the Effective Date is designated as such on Schedule 3.05 hereto. Each Subsidiary of the Borrower
has and will have all requisite power to own or lease the properties material to its business and to carry on its business as now
being conducted and as proposed to be conducted. All outstanding shares of Equity Interests of each class of each Subsidiary of
the Borrower have been and will be validly issued and are and will be fully paid and nonassessable and, except as otherwise indicated
in Schedule 3.05 hereto or disclosed in writing to the Administrative Agent and the Lenders from time to time, are and will be
owned, beneficially and of record, by the Borrower or another Subsidiary of the Borrower, free and clear of any Liens other than
Liens permitted under this Agreement.

 

(d) As of the Effective
Date, there are no restrictions on the Borrower or any of its Subsidiaries which prohibit or otherwise restrict the transfer of
cash or other assets from any Subsidiary of the Borrower to the Borrower, other than (i) prohibitions or restrictions existing
under or by reason of this Agreement or the other Loan Documents, (ii) prohibitions or restrictions existing under or by reason
of applicable requirements of law and (iii) other prohibitions or restrictions which, either individually or in the aggregate,
have not had, or could not reasonably be expected to have, Material Adverse Effect.

 

SECTION 3.06. Litigation
and Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority
pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (i)
as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be
expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that
involve this Agreement or the Transactions.

 

(b) Except for the
Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, neither the Borrower nor any of its Subsidiaries (i) has failed to comply with
any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental
Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental
Liability or (iv) knows of any basis for any Environmental Liability.

 

    	 	44	 

     

    

 

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

 

SECTION 3.07. Compliance
with Laws and Agreements. Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and orders
of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon
it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect. No Default has occurred and is continuing.

 

SECTION 3.08. Investment
Company Status. Neither the Borrower nor any of its Subsidiaries is an "investment company" as defined in, or subject
to regulation under, the Investment Company Act of 1940.

 

SECTION 3.09. Taxes.
Each of the Borrower and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been
filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in
good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as applicable, has set aside on its books
adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse
Effect.

 

SECTION 3.10. ERISA.
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.

 

SECTION 3.11. Disclosure.
The Borrower has disclosed to the Lenders 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. Neither the Information Memorandum nor any of the other reports, financial statements,
certificates or other information furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection
with the negotiation of this Agreement or delivered hereunder (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
Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the
time.

 

SECTION 3.12. Anti-Corruption
Laws and Sanctions. The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance
by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and
applicable Sanctions, and the Borrower, its Subsidiaries and their respective officers and directors and to the knowledge of the
Borrower its employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.
None of (a) the Borrower, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of
the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the
credit facility established hereby, is a Sanctioned Person.  No Borrowing or Letter of Credit, use of proceeds or other
transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions.

 

SECTION 3.13. EEA
Financial Institutions. No Loan Party is an EEA Financial Institution.

 

    	 	45	 

     

    

 

SECTION 3.14. Employment
Matters. As of the Effective Date, there are no strikes, lockouts or slowdowns against the Borrower or any Subsidiary pending
or, to the knowledge of the Borrower, threatened. There are no labor controversies pending against or, to the knowledge of the
Borrower, threatened against or affecting the Borrower or any of its Subsidiaries which could reasonably be expected, individually
or in the aggregate, to result in a Material Adverse Effect. The hours worked by and payments made to employees of the Borrower
and its Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or
foreign law dealing with such matters which could reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect.

 

ARTICLE
IVConditions

 

SECTION 4.01. Effective
Date. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become
effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):

 

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

 

(b) The Administrative
Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective
Date) of counsel for the Borrower, in a form satisfactory to the Administrative Agent. The Borrower hereby requests such counsel
to deliver such opinion.

 

(c) The Administrative
Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating
to the organization, existence and good standing of the Borrower, the authorization of the Transactions and any other legal matters
relating to the Borrower and its Subsidiaries, this Agreement or the Transactions, all in form and substance satisfactory to the
Administrative Agent and its counsel.

 

(d) The Administrative
Agent shall have received a certificate, dated the Effective Date and signed by a Financial Officer of the Borrower, confirming
compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02 and calculating the compliance with all financial
covenants hereunder, all in form and substance satisfactory to the Administrative Agent.

 

(e) The Administrative
Agent shall have received satisfactory evidence that Existing Credit Agreement shall be terminated simultaneously with the effectiveness
of this Agreement and all obligations under such credit agreement shall be paid in full.

 

(f) The Administrative
Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent
invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.

 

(g) The Administrative
Agent shall have received such other agreements and documents as may be required by the Administrative Agent.

 

    	 	46	 

     

    

 

The Administrative Agent shall notify the
Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

 

SECTION 4.02. Each
Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Bank to issue,
amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions:

 

(a) The representations
and warranties of the Borrower set forth in this Agreement or any other Loan Document shall be true and correct on and as of the
date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable.

 

(b) At the time of
and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit,
as applicable, no Default or Material Adverse Effect shall have occurred and be continuing.

 

Each Borrowing and each issuance, amendment,
renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date
thereof as to the matters specified in paragraphs (a) and (b) of this Section.

 

ARTICLE
V    Affirmative Covenants

 

Until the Commitments
have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid
in full and all Letters of Credit shall have expired or terminated, in each case, without any pending draw, and all LC Disbursements
shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:

 

SECTION 5.01. Financial
Statements and Other Information. The Borrower will furnish to the Administrative Agent and each Lender:

 

(a) as soon as available
and in any event within 90 days after the end of each Fiscal Year of the Borrower, a copy of the Borrower’s Form 10-K (or
any successor form) filed with the SEC for such Fiscal Year, including therein its audited consolidated balance sheet and related
statements of 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 independent public accountants of recognized national standing
(without a "going concern" or like qualification, commentary or exception arising out of the scope of the audit, or without
any qualification or exception as to the scope of such 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 consolidated Subsidiaries
on a consolidated basis in accordance with GAAP consistently applied;

 

(b) as soon as available
and in any event within 45 days after the end of each of the first three Fiscal Quarters of each Fiscal Year of the Borrower, a
copy of the Borrower’s Form 10-Q (or any successor form) filed with the SEC for such Fiscal Quarter, including therein its
consolidated balance sheet and related statements of 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 consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject
to normal year-end audit adjustments and the absence of footnotes;

 

    	 	47	 

     

    

 

(c) concurrently with
any delivery of Form 10-K or 10-Q, as applicable, under clause (a) or (b) above, a certificate of a Financial Officer of the Borrower
(i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action
taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance
with Section 6.01 and 6.09, including any reconciliation to reflect the exclusion of Unrestricted Subsidiaries, and (iii) stating
whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred
to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying
such certificate;

 

(d) promptly after
the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the
Borrower or any Subsidiary with the SEC, or with any national securities exchange, or distributed by the Borrower to its shareholders
generally, as the case may be; and

 

(e) promptly following
any request therefor, such other information regarding the operations, business affairs and financial condition of the Borrower
or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request.

 

Documents required
to be delivered pursuant to Sections 5.01(a) and 5.01(b) shall be delivered electronically to the Administrative Agent to be distributed
to the Lenders. Notwithstanding the above, documents required to be delivered pursuant to Section 5.01(d) may be delivered electronically
and shall be deemed to have been delivered in compliance with Section 5.01(d) on the date on which the Borrower files such documents
on the SEC’s EDGAR system (or any successor thereto) or any other publicly available database maintained by the SEC or provides
a link thereto on the Borrower’s website at http://www.marcuscorp.com to which each Lender and the Administrative Agent have
access, provided the Borrower provides notice of such filing directly to each Lender or provides a procedure for the Lenders to
receive electronic notification of such filing. The Administrative Agent shall have no obligation or responsibility to request
the delivery or to maintain copies of the documents required to be delivered pursuant to Section 5.01(d), to distribute any such
documents to the Lenders, or otherwise to monitor compliance by the Borrower with Section 5.01(d), and each Lender shall be solely
responsible for obtaining copies of such documents.

 

SECTION 5.02. Notices
of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following:

 

(a) the occurrence
of any Default;

 

(b) the filing or commencement
of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any
Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect;

 

(c) the occurrence
of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result
in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $2,500,000;

 

(d) any other development
that results 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 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.

 

SECTION 5.03. Existence;
Conduct of Business. The Borrower will, and will cause each of its Restricted 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 6.03.

 

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SECTION 5.04. Payment
of Obligations. The Borrower will, and will cause each of its Restricted Subsidiaries to, pay its obligations, including Tax
liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default,
but subject to any subordination provisions contained in any instrument or agreement evidencing such obligations, except where
(a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Restricted
Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make
payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.

 

SECTION 5.05. Maintenance
of Properties; Insurance. The Borrower will, and will cause each of its Restricted Subsidiaries to, (a) keep and maintain all
property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b)
maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily
maintained by companies engaged in the same or similar businesses operating in the same or similar locations.

 

SECTION 5.06. Books
and Records; Inspection Rights. The Borrower will, and will cause each of its Restricted Subsidiaries to, 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. The Borrower will, and will cause each of its Restricted Subsidiaries to, at its expense permit any representatives
designated by the Administrative Agent or any Lender, 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
accountants, all at such reasonable times and as often as reasonably requested.

 

SECTION 5.07. Compliance
with Laws. The Borrower will, and will cause each of its Restricted Subsidiaries to, comply with all laws, rules, regulations
and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Borrower will maintain in effect and
enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors,
officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

 

SECTION 5.08. Use
of Proceeds and Letters of Credit. The proceeds of the Loans and Letter of Credit will be used only for refinancing existing
Indebtedness and for general corporate purposes. No part of the proceeds of any Loan will be used, whether directly or indirectly,
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 Borrowing or Letter of Credit, and the Borrower shall not use, and shall ensure that its Subsidiaries and
its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit
(A) 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, (B) for the purpose of funding, financing or facilitating any activities,
business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, business
or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in the United States or in a European
Union member state, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

 

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SECTION 5.09. Accuracy
Of Information. The Borrower will ensure that any information, including financial statements or other documents, furnished
to the Administrative Agent or the Lenders in connection with this Agreement or any amendment or modification hereof or waiver
hereunder contains no material misstatement of fact or omits to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading, and the furnishing of such information shall be deemed
to be representation and warranty by the Borrower on the date thereof as to the matters specified in this Section 5.09.

 

SECTION 5.10. Guarantees.
If any Restricted Subsidiary shall have any Contingent Obligation with respect to any Indebtedness of the Borrower, the Borrower
shall cause such Restricted Subsidiary to take such actions as are reasonably necessary, or as the Administrative Agent or any
Lender may reasonably request from time to time, to guarantee the payment of the Obligations.

 

SECTION 5.11. Designation
of Subsidiaries.

 

(a) A Primary Financial
Officer may at any time designate any Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted
Subsidiary; provided that (i) immediately before and after such designation, no Default shall have occurred and be continuing,
(ii) no Subsidiary may be designated as an Unrestricted Subsidiary if the Borrower or any Restricted Subsidiary has any Contingent
Obligation (other than Deferred Equity Contribution Obligations) with respect to any Indebtedness or other obligations of such
Subsidiary (and the Borrower and its Restricted Subsidiaries will not have any Contingent Obligation (other than Deferred Equity
Contribution Obligations) with respect to any Indebtedness or other obligations of any Unrestricted Subsidiary at any time), (iii)
the designation of any Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary may not be changed on more than two
occasions, (iv) no Subsidiary may be designated as an Unrestricted Subsidiary if it is party to any agreement or contract with
the Borrower or any Restricted Subsidiary, unless the terms of such agreement are no less favorable to the Borrower or Restricted
Subsidiary, as applicable, than those that might be obtained from an unaffiliated third-party, (v) other than Deferred Equity Contribution
Obligations, no Subsidiary may be designated as an Unrestricted Subsidiary if such Subsidiary is a Person with respect to which
the Borrower or any Restricted Subsidiary has any direct or indirect obligation to make capital contributions or to maintain such
Subsidiary’s financial condition or otherwise has any Contingent Obligation with respect to such Subsidiary or any of its
Indebtedness or other obligations, and neither the Borrower nor any Restricted Subsidiary will have any direct or indirect obligation
to make capital contributions or to maintain such Subsidiary’s financial condition or otherwise have any Contingent Obligation
with respect to such Subsidiary or any of its Indebtedness or other obligations at any time after such designation, (vi) for so
long as any Senior Note is outstanding, no Subsidiary may be (x) designated an Unrestricted Subsidiary hereunder unless it simultaneously
becomes an “Unrestricted Subsidiary” under all Senior Notes and (y) designated a Restricted Subsidiary hereunder unless
it simultaneously becomes a “Restricted Subsidiary” under the Senior Notes, (vii) at such time and immediately after
giving effect thereto the Borrower would be permitted to incur at least $1.00 of additional Priority Debt, and (viii) immediately
after giving effect to such designation and at all times thereafter, the ratio of the consolidated total assets of the Borrower
and its Restricted Subsidiaries to the consolidated total assets of the Borrower and its Subsidiaries and the ratio of the consolidated
net income of the Borrower and its Restricted Subsidiaries to the consolidated net income of the Borrower and its Subsidiaries
(in each case based on the most recent four consecutive Fiscal Quarters, and calculated on a pro forma basis as if all payments
and other contributions to be made under all Deferred Equity Contribution Obligations were fully funded and contributed) shall
be not less than 0.8:1.0. The Borrower shall, within 10 days after the designation of any Subsidiary as a Restricted Subsidiary
or Unrestricted Subsidiary, give written notice of such action to the Administrative Agent.

 

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(b) The Borrower acknowledges
and agrees that if, after the date hereof, any Person becomes a Restricted Subsidiary, all Indebtedness, leases and other obligations
and all Liens and Investments of such Person existing as of the date such Person becomes a Restricted Subsidiary shall be deemed,
for all purposes of this Agreement, to have been incurred, entered into, made or created at the same time such Person so becomes
a Restricted Subsidiary.

 

SECTION 5.12. Additional
Covenants. If at any time the Borrower shall enter into or be a party to any instrument or agreement, including all such instruments
or agreements in existence as of the date hereof and all such instruments or agreements entered into after the date hereof, relating
to or amending any provisions applicable to any of its Indebtedness which in the aggregate, together with any related Indebtedness,
exceeds $5,000,000, which includes covenants, defaults or the equivalent thereof not substantially provided for in this Agreement
or more favorable to the lender or lenders thereunder than those provided for in this Agreement, then the Borrower shall promptly
so advise the Administrative Agent and the Lenders. If the Administrative Agent or the Required Lenders shall request, upon notice
to the Borrower, the Administrative Agent and the Lenders shall enter into an amendment to this Agreement or an additional agreement
(as the Administrative Agent may request), providing for substantially the same financial covenants or the equivalent thereof as
those provided for in such instrument or agreement to the extent required and as may be selected by the Administrative Agent.

 

ARTICLE
VI   Negative Covenants

 

Until the Commitments
have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full
and all Letters of Credit have expired or terminated, in each case, without any pending draw, and all LC Disbursements shall have
been reimbursed, the Borrower covenants and agrees with the Lenders that:

 

SECTION 6.01. Priority
Debt. The Borrower will not, and will not permit any Restricted Subsidiary to, create, assume or incur or in any manner be
or become liable in respect of any Priority Debt, unless at the time of issuance thereof and after giving effect thereto and to
the application of the proceeds thereof, Priority Debt shall not exceed 20% of Consolidated Total Capitalization. Any Person which
becomes a Restricted Subsidiary after the date of this Agreement shall, for all purposes of this Section 6.01, be deemed to have
created, assumed or incurred, at the time it becomes a Restricted Subsidiary, all Priority Debt of such Person existing immediately
after it becomes a Restricted Subsidiary.

 

SECTION 6.02. Liens.
The Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to exist any Lien on any
property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable)
or rights in respect of any thereof, except:

 

(a) Permitted Encumbrances;

 

(b) any Lien on any
property or asset of the Borrower or any Restricted Subsidiary existing on the date hereof and set forth in Schedule 6.02; provided
that (i) such Lien shall not apply to any other property or asset of the Borrower or any Restricted Subsidiary and (ii) such Lien
shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof that
do not increase the outstanding principal amount thereof;

 

(c) Liens existing
on any property or asset prior to the acquisition thereof by the Borrower or any Restricted Subsidiary or existing on any property
or asset of any Person that becomes a Restricted Subsidiary after the date hereof prior to the time such Person becomes a Restricted
Subsidiary; provided that (i) such Liens secure Indebtedness permitted hereunder, (ii) such Lien is not created in contemplation
of or in connection with such acquisition or such Person becoming a Restricted Subsidiary, as the case may be, (iii) such Lien
shall not apply to any other property or assets of the Borrower or any Restricted Subsidiary and (iv) such Lien shall secure only
those obligations which it secures on the date of such acquisition or the date such Person becomes a Restricted Subsidiary, as
the case may be and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;

 

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(d) purchase money
Liens on fixed or capital assets acquired, constructed or improved by the Borrower or any Restricted Subsidiary after the Effective
Date; provided that (i) such Liens and the Indebtedness secured thereby are incurred prior to or within 90 days after such
acquisition or the completion of such construction or improvement, (ii) the Indebtedness secured thereby does not exceed the cost
of acquiring, constructing or improving such fixed or capital assets and (iii) such Liens shall not apply to any other property
or assets of the Borrower or any Restricted Subsidiary; and

 

(e) other Liens provided
that the aggregate outstanding amount of Indebtedness secured by all such other Liens shall not exceed $50,000,000 at any time
after the Effective Date and shall not result in a breach of Section 6.01,
provided that the Indebtedness permitted to be secured under this clause (e) shall not include the Senior Notes or similar Indebtedness
or any refinancing or replacement thereof.

 

SECTION 6.03.  Fundamental
Changes; Sale of Assets. (a) The Borrower shall not, and shall not suffer or permit any Restricted Subsidiary to purchase or
otherwise acquire, whether in one or a series of transactions, all or a substantial portion of the business, assets, rights, revenues
or property, real, personal or mixed, tangible or intangible, of any Person, or all or a substantial portion of the capital stock
of or other ownership interest in any other Person; nor merge or consolidate or amalgamate with any other Person or take any other
action having a similar effect, nor enter into any Joint Venture or similar arrangement with any other Person; provided, however,
that this Section 6.03 shall not prohibit any Acquisition by the Borrower or any of its Restricted Subsidiaries of any Person
engaged in substantially the same business as the Borrower or such Restricted Subsidiary if (a) in the case of an Acquisition
of stock or a merger, the acquired Person shall be immediately merged with and into the Borrower or such Restricted Subsidiary
which shall be the surviving corporation, and (b) immediately after such Acquisition, no Default or Event of Default shall
exist or shall have occurred and be continuing and, prior to the consummation of such Acquisition, the Borrower shall have provided
to the Administrative Agent a certificate of a Financial Officer (attaching computations to demonstrate compliance with all financial
covenants hereunder) stating that such Acquisition complies with this Section 6.03 and will not cause a Default or Event of
Default to occur or continue and that any other conditions under this Agreement and the other Loan Documents relating to such transaction
have been satisfied; and provided, further, that this Section 6.03 shall not prohibit any merger or consolidation solely between
or among the Borrower and its Restricted Subsidiaries, so long as the Borrower is the surviving person of such merger or consolidation.
Notwithstanding any of the foregoing, the Borrower shall not, and shall not suffer or permit any Restricted Subsidiary to, (a)
make any Acquisition of any Person that has not been approved (prior to such Acquisition) by the board of directors or similar
governing body of such Person and as to which such approval has not been withdrawn; or (b) commit, or otherwise take steps, to
make any Acquisition of any Person if the board of directors or similar governing body of such Person has announced that it will,
or has commenced litigation to, oppose such Acquisition.

 

(b) The Borrower will
not, and will not permit any of its Restricted Subsidiaries to, engage to any material extent in any business other than businesses
of the type conducted by the Borrower and its Restricted Subsidiaries on the date of execution of this Agreement and businesses
reasonably related thereto.

 

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(c) The Borrower will
not, and will not permit any of its Restricted Subsidiaries to, make any Disposition or enter into any agreement to make any Disposition,
except (i) inventory sold in the ordinary course of business upon customary credit terms and sales of obsolete or damaged
material or equipment, (ii) sales of assets in connection with sale-leaseback transactions in an aggregate amount not to exceed
$25,000,000 and (iii) other sales of assets not to exceed 10% of the consolidated total assets of the Borrower and its Restricted
Subsidiaries in any Fiscal Year of the Borrower ending after the Effective Date; except that (x) any Restricted Subsidiary
may sell, lease, transfer or otherwise dispose of its assets to the Borrower or any other Restricted Subsidiary; and (y) the
Borrower may sell, lease, transfer or otherwise dispose of assets in excess of the limitations set forth above if the proceeds
thereof (A) are used to purchase or are committed to purchase other property of a similar nature, or other real estate or
other property reasonably acceptable to the Administrative Agent, of at least equivalent value within one year of such sale, lease,
transfer or other disposition or (B) are used to prepay Senior Indebtedness (including the Loans) on a pro-rata basis.

 

SECTION 6.04. Investments,
Loans, Advances. The Borrower shall not and shall not suffer or permit any Restricted Subsidiary to make or commit to make
any Investment, other than: (a) Permitted Investments – Cash Equivalents; (b) Investments in its existing Restricted
Subsidiaries; (c) Investments in new Restricted Subsidiaries engaged in businesses of the type conducted by the Borrower and
its Restricted Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto; (d) loans
or advances to franchisees not to exceed $10,000,000, on a consolidated basis, in the aggregate at any time after the Effective
Date; (e) existing Investments listed in the attached Schedule 6.04, (f) Investments required under Deferred Equity Contribution
Obligations, (g) Investments (excluding Contingent Obligations) to owners of properties or businesses managed by the Borrower
or a Restricted Subsidiary, consistent with the Borrower’s existing business practices or policies; (h) Investments
permitted under clause (A) of Section 6.03(c), (i) Investments, consisting of Contingent Obligations, to owners of properties or
businesses managed by the Borrower or a Restricted Subsidiary not to exceed $25,000,000, on a consolidated basis, in the aggregate
at any time after the Effective Date; (j) investments by the Borrower’s captive insurance Subsidiary consistent with its
investment policy and current practices approved by the Administrative Agent from time to time; and (k) other Investments (including
Contingent Obligations) not to exceed $25,000,000 on a consolidated basis, in the aggregate at any time after the Effective Date.

 

SECTION 6.05. Swap
Agreements. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, enter into any Swap Agreement,
except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Restricted Subsidiary has actual
exposure (other than those in respect of Equity Interests of the Borrower or any of its Restricted Subsidiaries), and (b) Swap
Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one
floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower
or any Restricted Subsidiary.

 

SECTION 6.06. Restricted
Payments. The Borrower shall not, and shall not suffer or permit any Restricted Subsidiary to, declare or make any Restricted
Payment if a Default has occurred and is continuing or would result therefrom.

 

SECTION 6.07. Transactions
with Affiliates. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, sell, lease or otherwise
transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in
any other transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions
not less favorable to the Borrower or such Restricted Subsidiary than could be obtained on an arm's-length basis from unrelated
third parties, (b) transactions between or among the Borrower and its wholly owned Restricted Subsidiaries not involving any other
Affiliate and (c) any Restricted Payment permitted by Section 6.06.

 

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SECTION 6.08. Restrictive
Agreements. The Borrower will not, and will not permit any of its Restricted 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 the Borrower or any Restricted Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets,
or (b) the ability of any Restricted Subsidiary to pay dividends or other distributions with respect to any shares of its capital
stock or to make or repay loans or advances to the Borrower or any other Restricted Subsidiary or to guarantee, or incur any other
Contingent Obligation with respect to, Indebtedness of the Borrower or any other Restricted Subsidiary; provided that (i)
the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement, (ii) the foregoing shall not
apply to restrictions and conditions existing on the date hereof identified on Schedule 6.08 (but shall apply to any extension
or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing
shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Restricted Subsidiary
pending such sale, provided such restrictions and conditions apply only to the Restricted Subsidiary that is to be sold and such
sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement
relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets
securing such Indebtedness and (v) clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts
restricting the assignment thereof, and (vi) the foregoing shall not apply to the restrictions or conditions imposed by any of
the Senior Notes or by any customary restrictions or conditions imposed by any similar Indebtedness permitted under this Agreement.

 

SECTION 6.09. Financial
Covenants. (a) Consolidated Debt to Capitalization Ratio. The Borrower shall not permit or suffer the Consolidated
Debt to Capitalization Ratio to exceed at any time 0.55 to 1.0.

 

(b) Fixed Charge
Coverage Ratio. The Borrower shall not permit or suffer the ratio at any Fiscal Quarter end, as calculated for the four Fiscal
Quarters then ending, of Consolidated Adjusted Cash Flow to Consolidated Interest and Rental Expense to be less than 3.0 to 1.0.

 

SECTION 6.10. Amendments
of Organization Documents. The Borrower will not, and will not permit any Restricted Subsidiary to, amend any of its Organization
Documents in any respect that could reasonably be expected to have a Material Adverse Effect.

 

SECTION 6.11. Accounting
Changes. The Borrower will not, and will not permit any Restricted Subsidiary to, make any change in (a) its accounting policies
or reporting practices, except as required by GAAP, or (b) its Fiscal Year or Fiscal Quarters.

 

SECTION 6.12. Prepayments,
Etc. of Subordinated Indebtedness. The Borrower will not, and will not permit any Restricted Subsidiary to, prepay, redeem,
purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner, or make any payment in violation
of any subordination terms of, any Subordinated Indebtedness.

 

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ARTICLE
VII Events of Default

 

If any of the following
events ("Events of Default") shall occur:

 

(a) the Borrower shall
fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall
become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

 

(b) the Borrower shall
fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article)
payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for
a period of five days;

 

(c) any representation
or warranty made or deemed made by or on behalf of the Borrower or any Restricted Subsidiary in or in connection with this Agreement
or any amendment or modification hereof or waiver hereunder, or in any report, certificate, financial statement or other document
furnished pursuant to or in connection with this Agreement or any amendment or modification hereof or waiver hereunder, shall prove
to have been incorrect when made or deemed made;

 

(d) the Borrower shall
fail to observe or perform any covenant, condition or agreement contained in Section 5.02, 5.03 (with respect to the Borrower's
existence), 5.08, 5.10, 5.11 or 5.12 or in Article VI;

 

(e) the Borrower shall
fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause
(a), (b) or (d) of this Article), or any other Loan Document and such failure shall continue unremedied for a period of 30 days
after notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender);

 

(f) the Borrower or
any Restricted Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect
of any Material Indebtedness, when and as the same shall become due and payable;

 

(g) any event or condition
occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with
or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or
agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption
or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness
that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness;

 

(h) an involuntary
proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief
in respect of the Borrower or any Restricted Subsidiary or its debts, or of a substantial part of its assets, under any Federal,
state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Restricted Subsidiary 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) the Borrower or
any Restricted Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization
or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect,
(ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described
in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator
or similar official for the Borrower or any Restricted Subsidiary or for a substantial part of its assets, (iv) file an answer
admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the
benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

 

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(j) the Borrower or
any Restricted Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become
due;

 

(k) one or more judgments
for the payment of money in an aggregate amount in excess of $5,000,000 shall be rendered against the Borrower, any Restricted
Subsidiary or any combination thereof and the same shall remain undischarged for a period of 60 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 the Borrower or any Restricted Subsidiary to enforce any such judgment;

 

(l) an ERISA Event
shall have occurred that, in the reasonable opinion of the Required Lenders, when taken together with all other ERISA Events that
have occurred, could reasonably be expected to result in liability of the Borrower and its Restricted Subsidiaries in an aggregate
amount exceeding $5,000,000 for all periods;

 

(m) a Change of Control
shall occur; or

 

(n) any Loan Document,
at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or the
satisfaction in full of all the Obligations, shall cease to be in full force and effect; or the Borrower (or any Person by, through
or on behalf of the Borrower), shall contest in any manner the validity or enforceability of any provision of any Loan Document;
or the Borrower shall deny that it has any or further liability or obligation under any provision of any Loan Document, or purport
to revoke, terminate or rescind any provision of any Loan Document;

 

then, and in every such
event (other than an event with respect to the Borrower described in clause (h) or (i) of this Article), and at any time thereafter
during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice
to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and
thereupon the Commitments shall terminate immediately, and (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 the Borrower accrued hereunder, 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 with respect to the
Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the
Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder,
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.

 

ARTICLE
VIII The Administrative Agent

 

Each of the Lenders
and the Issuing Bank hereby irrevocably appoints the Administrative Agent as its agent 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,
together with such actions and powers as are reasonably incidental thereto.

 

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The bank 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 such bank and its Affiliates may accept deposits from, lend
money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were
not the Administrative Agent hereunder.

 

The Administrative
Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the
foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or
exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative
Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders
as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set forth herein, the Administrative
Agent shall not 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 Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its
Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent
or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances
as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall
be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by
the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into
(i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the
contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness
or genuineness of this Agreement, any other Loan Document, or any other agreement, instrument or document, or (v) the satisfaction
of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered
to the Administrative Agent.

 

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 believed by it to be genuine and to have been signed or sent 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 be made by the
proper Person, and shall not incur any liability for relying thereon. 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.

 

The Administrative
Agent may perform any and all its duties and exercise its rights and powers 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 its duties and exercise its
rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs 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 facilities provided for herein as well as activities as Administrative
Agent.

 

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Subject to the appointment
and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time
by notifying the Lenders, the Issuing Bank and the Borrower. Upon any such resignation, the Required Lenders shall have the right,
in consultation with the Borrower, to appoint a successor. If no 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,
then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent
which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment
as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its
duties and obligations hereunder. 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 Administrative Agent's resignation
hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative
Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them
while it was acting as Administrative Agent.

 

Each Lender acknowledges
and agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not investments in a business
enterprise or securities. Each Lender further represents that it is engaged in making, acquiring or holding commercial loans in
the ordinary course of its business and 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 Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each Lender shall, independently and without reliance
upon the Administrative Agent or any other Lender and based on such documents and information (which may contain material, non-public
information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall from
time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement,
any related agreement or any document furnished hereunder or thereunder and in deciding whether or to the extent to which it will
continue as a Lender or assign or otherwise transfer its rights, interests and obligations hereunder.

 

None of the Lenders
identified in this Agreement as the Syndication Agent, a Co-Documentation Agent, the Lead Left Bookrunner or a Joint Lead Arranger/Bookrunner
shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to
all Lenders as such.  Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary
relationship with any Lender.  Each Lender hereby makes the same acknowledgments with respect to the relevant Lenders
in their respective capacity as Syndication Agent or as a Co-Documentation Agent as it makes with respect to the Administrative
Agent in the preceding paragraph.

 

The Lenders are not
partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein
in case of the Administrative Agent) authorized to act for, any other Lender.  The Administrative Agent shall have the
exclusive right on behalf of the Lenders to enforce the payment of the principal of and interest on any Loan after the date such
principal or interest has become due and payable pursuant to the terms of this Agreement.

 

ARTICLE
IX Miscellaneous

 

SECTION 9.01. Notices.
(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to 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 telecopy, as follows:

 

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(i) if to
the Borrower, to it at 100 East Wisconsin Ave. Suite 1900, Milwaukee, WI 53202, Attention: Chief Financial Officer (Telecopy No.
414-905-1100, e-mail: dougneis@marcuscorp.com);

 

(ii) if to
the Administrative Agent or the Swingline Lender, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 10 S. Dearborn
St., Floor 7, Chicago, Illinois, 60603-2003, Attention of Yuvette Owens (Facsimile No. 312-385-7103; Telephone 312-385-7021, e-mail:
jpm.agency.servicing4@jpmchase.com).

 

(iii) if
to the Issuing Bank, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 10 S. Dearborn St., Floor 7, Chicago, Illinois,
60603-2003, Attention of Yuvette Owens (Facsimile No. 312-385-7103; Telephone 312-385-7021, e-mail: Chicago.LC.agency.closing.team@jpmchase.com).

 

(iv) if to
any other Lender, to it at its address (or telecopy number) set forth 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
Systems, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

(b) Notices and other
communications to the Lenders and the Issuing Bank hereunder may be delivered or furnished by using Electronic Systems pursuant
to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II
unless otherwise agreed by the Administrative Agent and the applicable Lender. 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), 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; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during
the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business
on the next business day for the recipient.

 

(c) Any party hereto
may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.

 

(d) Electronic Systems.

 

(i)  The
Borrower agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available
to the Issuing Banks and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially
similar Electronic System.

 

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(ii)
Any Electronic System used by the Administrative Agent is provided “as is” and “as available.” The Agent
Parties (as defined below) do not warrant the adequacy of such Electronic Systems 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 any Electronic System. In no event shall the Administrative Agent or
any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any
Lender, the Issuing Bank or any other Person or entity for damages of any kind, including direct or indirect, special, incidental
or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s or the
Administrative Agent’s transmission of communications through an Electronic System. “Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of the
Borrower pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent,
any Lender or any Issuing Bank by means of electronic communications pursuant to this Section, including through an Electronic
System.

 

SECTION 9.02. Waivers;
Amendments. (a) No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in exercising any right or
power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of
any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further
exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing
Bank and the Lenders hereunder and under any other Loan Document are cumulative and are not exclusive of any rights or remedies
that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by the Borrower therefrom
shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent
shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing,
the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether
the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time.

 

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(b) Except as
set forth in this Section 9.02 or as provided in Section 2.04 with respect to an Incremental Term Loan Amendment, neither
this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except (i) in
the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders
or (ii) in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative
Agent and the Borrower, with the consent of the Required Lenders; provided that no such agreement shall (i) increase
any Commitment of any Lender without the written consent of such Lender, (ii) reduce or forgive the principal amount of any
Loan or LC Disbursement or reduce the rate of interest (other than a waiver of default interest) thereon, or reduce or forgive
any interest (other than a waiver of default interest) or fees or other amounts payable hereunder, without the written consent
of each Lender directly affected thereby, (iii) postpone any scheduled date of payment of the principal amount of any Loan or LC
Disbursement (excluding any reduction of the amount of, or any extension of the payment date for, the mandatory prepayments required
under Section 2.10), or any date for the payment of any interest, fees or other Obligations payable hereunder, or reduce the amount
of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent
of each Lender directly affected thereby, (iv) change Section 2.18(b) or (c) in a manner that would alter the manner
in which payments are shared, without the written consent of each Lender directly affected thereby (it being understood and agreed
that (x) any increase in the total Commitments and related modifications approved by each Lender increasing any of its Commitments
and by the Required Lenders shall not be deemed to alter the manner in which payments are shared or alter any other pro rata sharing
of payments and (y) any “amend-and-extend” transaction that extends the Revolving Credit Maturity Date and/or any Term
Loan Maturity Date only for those Lenders that agree to such an extension (which extension may include increased pricing and fees
for such extending Lenders, and which extension shall not apply to those Lenders that do not approve such extension) shall not
be deemed to alter the manner in which payments are shared or alter any other pro rata sharing of payments), or (v) except
as otherwise provided in this Section 9.02, change any of the provisions of this Section or the definition of “Required Lenders”,
“Required Revolving Lenders”, “Required Term Lenders” or any other provision of any Loan Document specifying
the number or percentage of Lenders (or Lenders of any Class) required to waive, amend or modify any rights thereunder or make
any determination or grant any consent thereunder, without the written consent of each Lender (it being understood that, solely
with the consent of the parties prescribed by Section 2.04 to be parties to an Incremental Term Loan Amendment, Incremental
Term Loans may be included in the determination of Required Lenders and related terms on substantially the same basis as the Commitments
and the Loans are included on the Effective Date), without the written consent of each Lender directly affected thereby; provided
further that (x) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the
Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, the Issuing Bank
or the Swingline Lender, as the case may be, and (y) the foregoing shall not prevent any amendment contemplated by the terms of
Section 2.04 and in connection with any Incremental Term Loans the Borrower and the Administrative Agent may agree to any required
changes in the Credit Agreement not inconsistent with the terms of Section 2.04. The Administrative Agent may also amend the Commitment
Schedule to reflect assignments and other agreements entered into pursuant to Section 9.04 or transactions under Section
2.04. Without limiting the foregoing, Section 2.20 may not be amended or otherwise modified without the prior written consent of
the Administrative Agent, the Issuing Bank and the Swingline Lender.

 

(c) Notwithstanding
Section 9.02(b), (i) this Agreement and any other Loan Document may be amended with the written consent of the Administrative Agent,
the Borrower and the Lenders providing the relevant Replacement Term Loans (as defined below) to permit the refinancing of all
outstanding Term Loans or any replacement therefor (“Refinanced Term Loans”) with a replacement term loan tranche hereunder
(“Replacement Term Loans”), and all holders of the Refinanced Term Loans shall no longer be Lenders of the Refinanced
Term Loans hereunder upon the payment in full of the Refinanced Term Loans and the Obligations relating thereto, (ii) this Agreement
and any other Loan Document may be amended with the written consent of the Required Lenders, Lenders providing one or more additional
credit facilities, the Administrative Agent and the Borrower (x) to add one or more additional credit facilities to this Agreement
and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof
(collectively, the “Incremental Credits”) to share ratably in the benefits of this Agreement and the other Loan
Documents with the Revolving Loans and Term Loans and other extensions of credit hereunder and the accrued interest and fees in
respect thereof, (y) to include reasonably appropriately the Lenders holding such credit facilities in any determination of
the Required Lenders and (z) to make such other technical amendments as are reasonably deemed appropriate by the Administrative
Agent and the Borrower in connection with the foregoing, (iii) no condition precedent to obtaining any Revolving Borrowing (including
without limitation by amending or waiving any provision of Article III, V, VI or VII if the effect of such amendment or waiver
would be to waive any such condition or otherwise allow the making of a Revolving Borrowing when it would not otherwise be permitted)
or any other term directly relating to any Revolving Borrowing may be waived, amended or modified except with the written consent
of the Required Revolving Lenders, (iv) no condition precedent to obtaining any Term Loan Borrowing (including without limitation
by amending or waiving any provision of Article III, V, VI or VII if the effect of such amendment or waiver would be to waive any
such condition or otherwise allow the making of a Term Loan Borrowing when it would not otherwise be permitted) or any other term
directly relating to any Term Loan Borrowing may be waived, amended or modified except with the written consent of the Required
Term Lenders, (v) any waiver, amendment or modification of this Agreement that by its terms affects the rights or duties under
this Agreement of one Class of Lenders (but not of any other Class of Lenders) may be effected by an agreement or agreements in
writing entered into by the Administrative Agent, the Borrower and the requisite percentage in interest of the affected Class of
Lenders that would be required to consent thereto under this Section if such Class of Lenders were the only Class of Lenders hereunder
at the time and (vi) any waiver, amendment or modification of any commitment letter or fee letter may be effected by an agreement
or agreements in writing entered into only by the parties thereto.

 

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(d) Notwithstanding
anything herein to the contrary, Defaulting Lenders shall not be entitled to vote (whether to consent or to withhold its consent)
with respect to any amendment, modification, termination or waiver and, for purposes of determining the Required Lenders, the Commitments
and the Loans of such Defaulting Lender shall be disregarded except as provided in Section 2.20(b).

 

(e) Notwithstanding
anything herein to the contrary, Lenders that are Ineligible Institutions shall not be entitled to vote (whether to consent or
to withhold its consent) with respect to any amendment, modification, termination or waiver and, for purposes of determining the
Required Lenders hereunder or all Lenders or any Lender directly affected under this Section 9.02, the Commitments and the Loans
of any Lender that is an Ineligible Institution shall be disregarded.

 

(f) Notwithstanding
anything to the contrary herein or in any other Loan Document, the Administrative Agent may, with the consent of the Borrower only,
amend, modify or supplement this Agreement or any of the other Loan Documents as may be reasonably necessary or advisable to cure
any error, ambiguity, omission, defect or inconsistency in order to more accurately reflect the intent of the parties, provided
that (x) prior written notice of such proposed cure shall be given to the Lenders and (y) the Required Lenders do not object to
such cure in writing to the Administrative Agent within ten Business Days of such notice.

 

SECTION 9.03. Expenses;
Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative
Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in
connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement
or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby
shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance,
amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses
incurred by the Administrative Agent, the Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel
for the Administrative Agent, the Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in
connection with this Agreement, including its rights under this Section, or in connection with the Loans made or Letters of Credit
issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect
of such Loans or Letters of Credit.

 

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(b) The Borrower shall
indemnify the Administrative Agent, the Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each
such Person being called an "Indemnitee") against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, penalties, liabilities and related expenses, including the fees, charges and disbursements of any counsel
for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the
execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto
of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby,
(ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand
for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the
terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property
owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower
or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of
the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
penalties, liabilities or related expenses resulted from the gross negligence or willful misconduct of such Indemnitee as determined
by a court of competent jurisdiction by final and nonappealable judgment.. This Section 9.3(b) shall not apply with respect to
Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim.

 

(c) To the extent that
the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, the Issuing Bank or the Swingline Lender
under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, the Issuing Bank or
the Swingline Lender, as the case may be, such Lender's Applicable Percentage (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss,
claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent,
the Issuing Bank or the Swingline Lender in its capacity as such.

 

(d) To the extent permitted
by applicable law, the Borrower shall not assert, and 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 Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter
of Credit or the use of the proceeds thereof.

 

(e) All amounts due
under this Section shall be payable promptly after written demand therefor.

 

SECTION 9.04. Successors
and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of
Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the
prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null
and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this
Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties
hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter
of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby,
the Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy
or claim under or by reason of this Agreement.

 

(b) (i) Subject
to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible
Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment,
participations in Letters of Credit and the Loans at the time owing to it) with the prior written consent (such consent not to
be unreasonably withheld) of:

 

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(A) the Borrower,
provided that, the Borrower shall be deemed to have consented to an assignment unless it shall have objected thereto by
written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; provided
that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or,
if an Event of Default has occurred and is continuing, any other assignee;

 

(B) the Administrative
Agent, provided that no consent of the Administrative Agent shall be required for an assignment of (x) any Revolving Commitment
to an assignee that is a Lender (other than a Defaulting Lender) with a Revolving Commitment immediately prior to giving effect
to such assignment and (y) all or any portion of any Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund;

 

(C)
the Issuing Banks, provided that no consent of any Issuing Bank shall be required for an assignment of all or any portion
of any Term Loan; and

 

(D)
each Swingline Lender, provided that no consent of any Swingline Lender shall be required for an assignment of all or any
portion of any Term Loan.

 

(ii) Assignments
shall be subject to the following additional conditions:

 

(A)
except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of
the assigning Lender's Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject
to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to
the Administrative Agent) shall not be less than $5,000,000 or, in the case of any Term Loan, $1,000,000 unless each of the Borrower
and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event
of Default has occurred and is continuing;

 

(B)
each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations
under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate part
of all the assigning Lender's rights and obligations in respect of one Class of Commitments or Loans; 

 

(C)
the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to
the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which
the Administrative Agent and the parties to the Assignment and Assumption are participants), together with a processing and recordation
fee of $3,500; and

 

(D)
the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the
assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public
information about the Borrower and its related parties or its securities) will be made available and who may receive such information
in accordance with the assignee's compliance procedures and applicable laws, including Federal and state securities laws.

 

For the purposes of
this Section 9.04(b), the term "Approved Fund" and “Ineligible Institution” have the following
meanings:

 

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"Approved
Fund" means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in
bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

“Ineligible
Institution” means (a) a natural person, (b) a Defaulting Lender or its Lender Parent, (c) a company, investment
vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof or (d) the Borrower
or any of its Affiliates; provided that, such company, investment vehicle or trust shall not constitute an Ineligible Institution
if it (x) has not been established for the primary purpose of acquiring any Loans or Commitments, (y) is managed by a professional
advisor, who is not such natural person or a relative thereof, having significant experience in the business of making or purchasing
commercial loans, and (z) has assets greater than $25,000,000 and a significant part of its activities consist of making or purchasing
commercial loans and similar extensions of credit in the ordinary course of its business.

 

(iii) Subject
to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified
in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by
such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17
and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this
Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with paragraph (c) of this Section.

 

(iv) The
Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a
copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant
to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive,
and the Borrower, the Administrative Agent, the Issuing Bank and the Lenders shall treat each Person whose name is recorded in
the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary. The Register shall be available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time
and from time to time upon reasonable prior notice.

 

(v) Upon
its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent
applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative
Agent and the parties to the Assignment and Assumption are participants), the assignee's completed Administrative Questionnaire
(unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b)
of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative
Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided
that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to
Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no obligation to accept
such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been
made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless
it has been recorded in the Register as provided in this paragraph.

 

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(c) Any Lender may,
without the consent of the Borrower, the Administrative Agent, the Issuing Bank or the Swingline Lender, sell participations to
one or more banks or other entities (a "Participant"), other than an Ineligible Institution, in all or
a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans
owing to it); provided that (A) such Lender's obligations under this Agreement shall remain unchanged; (B) such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (C) the Borrower,
the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender
sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve
any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described
in the first proviso to Section 9.02(b) that affects such Participant. The Borrower agrees that each Participant shall be
entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the
requirements under Sections 2.17(f) and (g) (it being understood that the documentation required under Section 2.17(f) shall be
delivered to the participating Lender and the information and documentation required under 2.17(g) will be delivered to the Borrower
and the Administrative Agent)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section
2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment
under Section 2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled to receive,
except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant
acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower's request and expense, to
use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.19(b) with respect to any
Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though
it were a Lender; provided that such Participant agrees to be subject to Section 2.18(c) as though it were a Lender.
Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on
which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's
interest in the Loans or other obligations under the Loan Documents (the "Participant Register"); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of
any Participant or any information relating to a Participant's interest in any Commitments, Loans, Letters of Credit or its other
obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such
Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement
notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative
Agent) shall have no responsibility for maintaining a Participant Register.

 

(d) Any Lender may
at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations
of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall
not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security
interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender
as a party hereto.

 

    	 	66	 

     

    

 

SECTION 9.05. Survival.
All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto
and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit,
regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent,
the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time
any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest
on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding
and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article
VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby,
the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this
Agreement or any provision hereof.

 

SECTION 9.06. Counterparts;
Integration; Effectiveness. (a) This Agreement may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.
This Agreement, the other Loan Documents and any separate letter agreements with respect to (i) fees payable to the Administrative
Agent and (ii) the reductions of the Letter of Credit Commitment of any Issuing Bank constitute the entire contract among the parties
relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating
to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have
been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when
taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.

 

(b) Delivery of an executed
counterpart of a signature page of this Agreement by telecopy, emailed pdf. or any other electronic means that reproduces an image
of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The
words “execution,” “signed,” “signature,” “delivery,” and words of like import
in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be
deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require the Administrative
Agent to accept electronic signatures in any form or format without its prior written consent.

 

SECTION 9.07. Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.

 

    	 	67	 

     

    

 

SECTION 9.08. Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender (in any capacity hereunder) and each of
its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time
owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of
the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall
have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this
Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.

 

SECTION 9.09. Governing
Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by
the law of the State of Wisconsin.

 

(b) The Borrower hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any State court of Wisconsin
and of the United States District Court for the Eastern District of Wisconsin, and any appellate court from any thereof, in any
action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each
of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in such Wisconsin State or, to the extent permitted by law, in such Federal court. Each of the parties
hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative
Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the
Borrower or its properties in the courts of any jurisdiction.

 

(c) The Borrower hereby
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may
now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement 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 law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d) Each party to this
Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this Agreement
will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 

SECTION 9.10. WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    	 	68	 

     

    

 

SECTION 9.11. Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

SECTION 9.12. Confidentiality.
(a) Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information
(as defined below), except that Information may be disclosed (i) to its and its Affiliates' directors, officers, employees and
agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is
made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii)
to the extent requested by any Governmental Authority (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 to this Agreement, (v) in connection with the exercise of any remedies hereunder or any suit,
action or proceeding relating to this Agreement or the enforcement of rights hereunder, (vi) subject to an agreement containing
provisions substantially the same as those of this Section, to (x) any assignee of or Participant in, or any prospective assignee
of or Participant in, any of its rights or obligations under this Agreement or (y) any actual or prospective counterparty (or its
advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (vii) with the consent of the Borrower
or (viii) to the extent such Information (1) becomes publicly available other than as a result of a breach of this Section or (2)
becomes available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source other than
the Borrower. For the purposes of this Section, "Information" means all information received from the Borrower
relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, the Issuing
Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrower and other than information pertaining to this
Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry;
provided that, in the case of information received from the Borrower after the date hereof, such information is clearly
identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided
in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree
of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

(b) EACH LENDER
ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC
INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED
COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION
IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 

 

(c) ALL INFORMATION,
INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE
OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE
BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE
BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE
INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW. 

 

    	 	69	 

     

    

 

SECTION 9.13. Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan,
together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively
the "Charges"), shall exceed the maximum lawful rate (the "Maximum Rate") which
may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law,
the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be
limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such
Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable
to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated
amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by
such Lender.

 

SECTION 9.14. USA
PATRIOT Act. Each Lender that is subject to the requirements of the Patriot Act hereby notifies the Borrower that pursuant
to the requirements of the Act, it is required to obtain, verify and record information that identifies the Borrower, which information
includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance
with the Act.

 

SECTION 9.15. 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 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
entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other
Loan Document; or

 

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

 

    	 	70	 

     

    

 

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

 

	 	THE MARCUS CORPORATION
	 	 	 
	 	By: 	/s/ Douglas A Neis
	 	 	 
	 	 	Name: Douglas A. Neis
	 	 	 
	 	 	Title: Treasurer and Chief Financial Officer

 

Signature page to The Marcus Group Credit
Agreement

 

     

     

    

 

	 	JPMORGAN CHASE BANK, individually and as Administrative Agent
	 	 	 
	 	By: 	/s/ Danielle M. Clarke
	 	 	 
	 	 	Name: Danielle M. Clarke
	 	 	 
	 	 	Title: Authorized Signer

 

Signature page to The Marcus Group Credit
Agreement

 

     

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, individually and as Syndication Agent
	 	 	 
	 	By: 	/s/ Brett M. Justman
	 	 	 
	 	 	Name: Brett M. Justman
	 	 	 
	 	 	Title: Vice President

 

Signature page to The Marcus Group Credit
Agreement

 

     

     

    

 

	 	WELLS FARGO BANK, NATIONAL  ASSOCIATION, individually and as a Co- Documentation Agent
	 	 	 
	 	By: 	/s/ Sasha Korobova
	 	 	 
	 	 	Name: Sasha Korobova
	 	 	 
	 	 	Title: Assistant Vice President

 

Signature page to The Marcus Corporation
Credit Agreement

 

     

     

    

 

	 	BANK OF AMERICA, N.A.,
	 	individually and as a Co-Documentation Agent
	 	 	 
	 	By: 	/s/ Katherine Plother
	 	 	 
	 	 	Name: Katherine Plother
	 	 	 
	 	 	Title: AVP

 

Signature page to The Marcus Corporation
Credit Agreement

 

 

     

     

    

 

	 	FIFTH THIRD BANK
	 	 	 
	 	By: 	/s/ Robert M. Mangers
	 	 	 
	 	 	Name: Robert M. Mangers
	 	 	 
	 	 	Title: Vice President

 

Signature page to The Marcus Corporation
Credit Agreement

 

     

     

    

 

	 	BMO HARRIS BANK, N.A.
	 	 	 
	 	By:	/s/ Ron Carey
	 	 	 
	 	 	Name: Ron Carey
	 	 	 
	 	 	Title: Director – Senior Vice President

 

Signature page to The Marcus Corporation
Credit Agreement

 

 

     

     

    

 

	 	ASSOCIATED BANK, N.A.
	 	 	 
	 	By:	/s/ James W. Engel
	 	 	 
	 	 	Name: James W. Engel
	 	 	 
	 	 	Title: Sr Vice President

 

Signature page to The Marcus Corporation
Credit Agreementa101.htm - Generated by SEC Publisher for SEC Filing

  

VERBAL AGREEMENT

 

1. Parties: 

The Parties are Geant Corp. (the “Company”), and the president and treasurer of Geant Corp. Suneetha Sudusinghe (the “President) has conducted this Verbal (the “Agreement”). 

 

2. Date of the Agreement: March 1, 2016. 

 

3. Breakdown of the Agreement: 

President has agreed to loan to the Company needed funds, in the amount up to $50,000 USD (the “Loan”), which is necessary for the Form S-1 Registration Statement filing process and further operations and expanses.

 

4. In the event that if the Company needs more then the Loan, it must be certified by written.

 

5. The Loan is unsecured and does not hold up under any interest. The Loan does not have the repayment date and other provisions.

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