Document:

Document

EXHIBIT 10.2
U.S. $4,000,000,000
AMENDED AND RESTATED FIVE YEAR CREDIT AGREEMENT
Dated as of March 31, 2021
Among
HONEYWELL INTERNATIONAL INC.,
as Borrower,
and
THE INITIAL LENDERS NAMED HEREIN,
as Initial Lenders,
and
BANK OF AMERICA, N.A.,
as Administrative Agent
and
JPMORGAN CHASE BANK, N.A.
and
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Syndication Agents
and
BOFA SECURITIES, INC.,
JPMORGAN CHASE BANK, N.A.,
WELLS FARGO SECURITIES, LLC,
CITIBANK, N.A.,
DEUTSCHE BANK SECURITIES INC.,
GOLDMAN SACHS BANK USA,
MIZUHO BANK, LTD.,
MORGAN STANLEY MUFG LOAN PARTNERS, LLC
and
SUMITOMO MITSUI BANKING CORPORATION,
as Joint Lead Arrangers and Joint Bookrunners

and
BANCO SANTANDER, S.A., NEW YORK BRANCH
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH
BNP PARIBAS S.A.,
SOCIETE GENERALE S.A.,
THE TORONTO-DOMINION BANK, NEW YORK BRANCH,
UNICREDIT BANK AG, NEW YORK BRANCH
and
U.S. BANK NATIONAL ASSOCIATION
as Documentation Agents

TABLE OF CONTENTS

									
			Page
	ARTICLE I	
		SECTION 1.01.  Certain Defined Terms
	8

		SECTION 1.02.  Computation of Time Periods
	28

		SECTION 1.03.  Accounting Terms
	28

		SECTION 1.04.  Other Interpretive Provisions
	28

		SECTION 1.05.  Letter of Credit Amounts
	28

	ARTICLE II	
		SECTION 2.01.  The Revolving Credit Advances, Letters of Credit and Swing Line Advances
	28

		SECTION 2.02.  Making the Revolving Credit Advances and Swing Line Advances
	30

		SECTION 2.03.  [Reserved]
	33

		SECTION 2.04.  Issuance of and Drawings and Reimbursement Under Letters of Credit
	33

		SECTION 2.05.  Fees
	36

		SECTION 2.06.  Termination or Reduction of the Commitments
	37

		SECTION 2.07.  Repayment of Advances
	39

		SECTION 2.08.  Interest on Revolving Credit Advances and Swing Line Advances
	40

		SECTION 2.09.  Interest Rate Determination
	42

		SECTION 2.10.  Prepayments of Revolving Credit Advances and Swing Line Advances
	43

		SECTION 2.11.  Increased Costs
	44

		SECTION 2.12.  Illegality
	46

		SECTION 2.13.  Payments and Computations
	46

		SECTION 2.14.  Taxes
	48

		SECTION 2.15.  Sharing of Payments, Etc.
	51

    3

									
		SECTION 2.16.  Use of Proceeds
	51

		SECTION 2.17.  Evidence of Debt
	52

		SECTION 2.18.  Increase in the Aggregate Revolving Credit Commitments
	52

		SECTION 2.19.  Extension of Termination Date
	54

		SECTION 2.20.  Defaulting Lenders
	56

		SECTION 2.21.  Benchmark Replacement Setting
	59

	ARTICLE III	
		SECTION 3.01.  Conditions Precedent to Effectiveness of the Amendment and Restatement
	66

		SECTION 3.02.  Initial Advance to Each Designated Subsidiary
	68

		SECTION 3.03.  Conditions Precedent to Each Revolving Credit Borrowing, Swing Line Borrowing, Issuance, Commitment Increase and Extension Date
	69

		SECTION 3.04.  Determinations Under Section 3.01
	69

	ARTICLE IV	
		SECTION 4.01.  Representations and Warranties of the Company
	70

	ARTICLE V	
		SECTION 5.01.  Affirmative Covenants
	73

		SECTION 5.02.  Negative Covenants
	77

	ARTICLE VI	
		SECTION 6.01.  Events of Default
	78

		SECTION 6.02.  Actions in Respect of the Letters of Credit upon Default
	82

	ARTICLE VII	
		SECTION 7.01.  Unconditional Guarantee
	83

		SECTION 7.02.  Guarantee Absolute
	83

		SECTION 7.03.  Waivers
	84

		SECTION 7.04.  Remedies
	84

    4

									
		SECTION 7.05.  No Stay
	84

		SECTION 7.06.  Survival
	85

	ARTICLE VIII	
		SECTION 8.01.  Authorization and Authority
	85

		SECTION 8.02.  Rights as  a Lender
	85

		SECTION 8.03.  Duties of Agent; Exculpatory Provisions
	86

		SECTION 8.04.  Reliance by Agents
	87

		SECTION 8.05.  Indemnification
	87

		SECTION 8.06.  Delegation of Duties
	89

		SECTION 8.07.  Resignation of Agent
	89

		SECTION 8.08.  Non-Reliance on Agent and Other Lenders
	90

		SECTION 8.09.  Other Agents
	90

		SECTION 8.10.  Lender ERISA Matters
	90

		SECTION 8.11.  Recovery of Erroneous Payments
	92

	ARTICLE IX	
		SECTION 9.01.  Amendments, Etc.
	92

		SECTION 9.02.  Notices, Etc.
	93

		SECTION 9.03.  No Waiver; Remedies
	95

		SECTION 9.04.  Costs and Expenses
	95

		SECTION 9.05.  Binding Effect
	96

		SECTION 9.06.  Assignments and Participations
	96

		SECTION 9.07.  Designated Subsidiaries
	102

		SECTION 9.08.  Confidentiality
	103

		SECTION 9.09.  Mitigation of Yield Protection
	103

		SECTION 9.10.  Governing Law.
	104

    5

									
		SECTION 9.11.  Execution in Counterparts
	104

		SECTION 9.12.  Jurisdiction, Etc.
	104

		SECTION 9.13.  Substitution of Currency
	105

		SECTION 9.14.  Final Agreement
	105

		SECTION 9.15.  Judgment
	106

		SECTION 9.16.  No Liability of the Issuing Banks
	106

		SECTION 9.17.  Patriot Act Notice
	107

		SECTION 9.18.  [Reserved]
	107

		SECTION 9.19.  No Fiduciary Duty
	107

		SECTION 9.20.  Acknowledgement and Consent to Bail-In of Affected Financial Institutions
	107

		SECTION 9.21.  Waiver of Jury Trial
	110

    6

SCHEDULES
Schedule I - Commitments
Schedule 2.01(b) - Existing Letters of Credit
Schedule 9.02 - Agent’s Office; Certain Addresses for Notices
EXHIBITS
									
	Exhibit A	—	Form of Note
	Exhibit B-1	—	Form of Notice of Revolving Credit Borrowing

	Exhibit B-2	—	Form of Notice of Swing Line Borrowing

	Exhibit C	—	Form of Assignment and Assumption

	Exhibit D	—	Form of Designation Letter

	Exhibit E	—	Form of Opinion of the General Counsel or an Assistant General Counsel of the Company

	Exhibit F	—	Form of Opinion of Counsel to a Designated Subsidiary

    7

AMENDED AND RESTATED FIVE YEAR CREDIT AGREEMENT
Dated as of March 31, 2021
HONEYWELL INTERNATIONAL INC., a Delaware corporation (the “Company”), the banks, financial institutions and other institutional lenders (the “Initial Lenders”) and swing line banks (the “Initial Swing Line Banks”) listed on the signature pages hereof, and BANK OF AMERICA, N.A. (“Bank of America”), as administrative agent (the “Administrative Agent”) for the Lenders (as hereinafter defined), BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, LONDON BRANCH, as swing line agent (the “Swing Line Agent”) for the Swing Line Banks (as hereinafter defined), hereby agree as follows:
PRELIMINARY STATEMENT.
The Company, the lenders parties thereto and Citibank, N.A., as administrative agent, were parties to that certain Amended and Restated Five Year Credit Agreement dated as of April 26, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified to date and in effect immediately prior to the amendment and restatement set forth herein, the “Existing Credit Agreement”).  Subject to the satisfaction of the conditions set forth in Section 3.01, the Company, the parties hereto and Bank of America, as Administrative Agent, desire to amend and restate the Existing Credit Agreement as herein set forth.
ARTICLE I
DEFINITIONS AND ACCOUNTING TERMS
SECTION 1.01.  Certain Defined Terms.
  As used in this Agreement (this “Agreement”), the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined):
“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.
“Advance” means a Revolving Credit Advance or a Swing Line Advance.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 
“Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person or is a director or officer of such Person.  For purposes of this definition, the term “control” (including the terms “controlling”, “controlled by” and “under common control with”) of a Person means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of Voting Stock, by contract or otherwise.

Americas/2018759865.6

“Agents” means the Administrative Agent and the Swing Line Agent.
“Agent’s Office” means, with respect to any currency, the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 9.02 with respect to such currency, or such other address or account with respect to such currency as the Administrative Agent may from time to time notify the Company and the Lenders.
“Agreed Currency” means Dollars or any Major Currency.
“Anti-Corruption Laws” means all anti-bribery or anti-corruption laws and government rules and regulations of any jurisdiction applicable to the Company or its Subsidiaries.
“Applicable Bloomberg Screen” means, the bid on the CDS Curve Screen (CDSV) function for Honeywell International, Inc. using the pricing source CBIN. 
“Applicable Lending Office” means, with respect to each Lender, such Lender’s Domestic Lending Office in the case of a Base Rate Advance and such Lender’s Eurocurrency Lending Office in the case of a Eurocurrency Rate Advance.
“Applicable Letter of Credit Rate” means, as of any date, a percentage per annum equal to the Market Rate Spread on the Spread Determination Date in relation to Letters of Credit.
“Applicable Margin” means (a) for Eurocurrency Rate Advances and for Swing Line Advances as of any date, a percentage per annum equal to the Market Rate Spread on the Spread Determination Date in relation to such Advances and (b) for Base Rate Advances as of any date, a rate per annum that is 100 basis points lower than the rate determined in accordance with clause (a) above; provided that in no event shall the Applicable Margin for Base Rate Advances be lower than 0.00%.
“Applicable Percentage” means, as of any date, a percentage per annum determined by reference to the Public Debt Rating in effect on such date as set forth below:

						
	Public Debt Rating
S&P/Moody’s
	Applicable
Percentage

	Level 1
AA- or Aa3 or above
	

0.045%

	Level 2
Lower than Level 1 but at least A+ or A1 
	

0.050%

	Level 3
Lower than Level 2 but at least A or A2
	

0.070%

	Level 4
Lower than Level 3 but at least A- or A3
	

0.090%

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	Level 5
Lower than Level 4
	

0.110%

“Arrangers” means BofA Securities, Inc., JPMorgan Chase Bank, N.A. and Wells Fargo Securities, LLC.
“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 9.06), and accepted by the Administrative Agent, in substantially the form of Exhibit C or any other form approved by the Administrative Agent.
“Assuming Lender” has the meaning specified in Section 2.18(d).
“Assumption Agreement” has the meaning specified in Section 2.18(d)(ii).
“Available Amount” of any Letter of Credit means, at any time, the maximum amount available to be drawn under such Letter of Credit at such time (assuming compliance at such time with all conditions to drawing), converting all non-Dollar amounts into the Equivalent thereof in Dollars at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any L/C Related Document related thereto, provides for one or more automatic increases in the stated amount thereof, the Available Amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such times.
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to Section 2.21 (d).
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 
“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings. 
“Bank of America” means Bank of America, N.A.
    10

“Base Rate” means for any day a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the Eurocurrency Rate plus 1.00%.  The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate.  Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change.  If the Base Rate is being used as an alternate rate of interest pursuant to Section 2.21 hereof, then the Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above.
“Base Rate Advance” means a Revolving Credit Advance denominated in Dollars that bears interest as provided in Section 2.08(a)(i)(A).
“Benchmark” means, initially, the Relevant Rate; provided that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to such Relevant Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (a) of Section 2.21.
“Benchmark Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date; provided that, in the case of any Advance denominated in a Major Currency, “Benchmark Replacement” shall mean the alternative set forth in clause (3) below:
(1)    the sum of:  (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;
(2)    the sum of:  (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;
(3)    the sum of:  (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Company as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated in the applicable Agreed Currency at such time and (b) the related Benchmark Replacement Adjustment;
provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to 
    11

time as selected by the Administrative Agent in its reasonable discretion; provided further that, notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon occurrence of a Term SOFR Transition Event and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date, the “Benchmark Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1) of this definition (subject to the first proviso above) and will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document.  If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.
“Benchmark Replacement Adjustment” means, with respect to any replacement of the then- current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:
(1)    for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order below that can be determined by the Administrative Agent:
(a)    the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor;

(b)    the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and
(2)    for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Company for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in the applicable Agreed Currency at such time.;

    12

provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).
“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
(1)    in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof);
(2)    in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein; 
(3)     in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR Notice is provided to the Lenders and the Company pursuant to the definition of  “Benchmark Replacement”; or    
(4)    in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Majority Lenders.

    13

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Event” means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to the then-current Benchmark:
(1)    a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
(2)    a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or
(3)    a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative.
For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

    14

“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.21 and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.21.
“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Internal Revenue Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Internal Revenue Code) the assets of any such “employee benefit plan” or “plan”. 
“Borrower” means the Company or any Designated Subsidiary, as the context requires.
“Borrowing” means a Revolving Credit Borrowing or a Swing Line Borrowing.
“Bribery Act” means the United Kingdom Bribery Act of 2010.
“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the state where the applicable Agent’s Office is located; provided that:
(a)    if such day relates to any interest rate settings as to a Eurocurrency Rate Advance denominated in Dollars, any fundings, disbursements, settlements and payments in Dollars in respect of any such Eurocurrency Rate Advance, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Advance, means any such day that is also a London Banking Day;
(b)    if such day relates to any interest rate settings as to a Eurocurrency Rate Advance denominated in Euro, any fundings, disbursements, settlements and payments in Euro in respect of any such Eurocurrency Rate Advance, or any other dealings in Euro to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Advance, means a Business Day that is also a TARGET Day;
(c)    if such day relates to any interest rate settings as to a Eurocurrency Rate Advance denominated in a currency other than Dollars or Euro, means any such day on which dealings in deposits in the relevant currency are conducted by and between banks in the London or other applicable offshore interbank market for such currency; and

    15

(d)    if such day relates to any fundings, disbursements, settlements and payments in a currency other than Dollars or Euro in respect of a Eurocurrency Rate Advance denominated in a currency other than Dollars or Euro, or any other dealings in any currency other than Dollars or Euro to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Advance (other than any interest rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such currency.
“Cash Deposit Account” means an interest bearing cash deposit account to be established and maintained by the Administrative Agent, over which the Administrative Agent shall have sole dominion and control, upon such terms as may be satisfactory to the Administrative Agent.
“Change of Control” means that (i) any Person or group of Persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended (the “Act”)) (other than the Company, any Subsidiary of the Company or any savings, pension or other benefit plan for the benefit of employees of the Company or its Subsidiaries) which theretofore beneficially owned less than 30% of the Voting Stock of the Company then outstanding shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under the Act) of 30% or more in voting power of the outstanding Voting Stock of the Company or (ii) during any period of twelve consecutive calendar months commencing at the Restatement Date, individuals who at the beginning of such twelve-month period were directors of the Company shall cease to constitute a majority of the board of directors of the Company, except to the extent individuals who at the beginning of such twelve month period were replaced by individuals (x) whose election or nomination to the board was approved by a majority of the remaining board members at the time of such election or nomination or (y) who were nominated by a majority of the remaining board members at the time of such nomination and subsequently elected as directors by shareholders of the Company.
“Commitment” means a Revolving Credit Commitment, a Letter of Credit Commitment or a Swing Line Commitment.
“Commitment Date” has the meaning specified in Section 2.18(b).
“Commitment Increase” has the meaning specified in Section 2.18(a).
“Competitor” means a Person primarily engaged in the product and service areas of aerospace, home and building technologies, performance materials and technologies or safety and productivity solutions, as described under the heading “Competition” in the Company’s annual report on Form 10-K for the most recent fiscal year ended.
“Consenting Lender” has the meaning specified in Section 2.19(b).
“Consolidated” refers to the consolidation of accounts in accordance with GAAP.
“Consolidated Subsidiary” means, at any time, any Subsidiary the accounts of which are required at that time to be included on a Consolidated basis in the Consolidated financial statements of the Company, assuming that such financial statements are prepared in accordance with GAAP.

    16

“Convert”, “Conversion” and “Converted” each refers to a conversion of Revolving Credit Advances of one Type into Revolving Credit Advances of the other Type pursuant to Section 2.09, 2.12 or 2.21.
“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.
“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.
“Debt” means, with respect to any Person:  (i) indebtedness of such Person, which is not limited as to recourse to such Person, for borrowed money (whether by loan or the issuance and sale of debt securities) or for the deferred (for 90 days or more) purchase or acquisition price of property or services; (ii) indebtedness or obligations of others which such Person has assumed or guaranteed; (iii) indebtedness or obligations of others secured by a lien, charge or encumbrance on property of such Person whether or not such Person shall have assumed such indebtedness or obligations; (iv) obligations of such Person in respect of letters of credit (other than performance letters of credit, except to the extent backing an obligation of any Person which would be Debt of such Person), acceptance facilities, or drafts or similar instruments issued or accepted by banks and other financial institutions for the account of such Person; and (v) obligations of such Person under leases which are required to be capitalized on a balance sheet of such Person in accordance with GAAP.
“Default” means any Event of Default or any event that would constitute an Event of Default but for the requirement that notice be given or time elapse or both.
“Defaulting Lender” means at any time, subject to Section 2.20(d), (i) any Lender that has failed for two or more Business Days to comply with its obligations under this Agreement to make an Advance, unless such Lender notifies the Administrative Agent and the Company in writing that such failure to comply is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, (ii) any Lender that has notified the Administrative Agent or the Company in writing, or has stated publicly, that it does not intend to comply with its funding obligations hereunder (unless such writing or public statement relates to such Lender’s obligation to fund an Advance hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (iii) any Lender that has defaulted on its funding obligations under other loan agreements or credit agreements generally or that has notified, or whose Parent Company has notified, the Administrative Agent or the Company in writing, or has stated publicly, that it does not intend to comply with its funding obligations under loan agreements or credit agreements generally (unless such writing or public statement relates to such Lenders’ obligation to fund an Advance hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (iv) any Lender that has, for three or more Business Days after written request of the Administrative Agent or the Company, failed to confirm in writing to the Administrative Agent and the Company that it will comply with its prospective funding obligations hereunder (provided that such Lender will cease to be a 
    17

Defaulting Lender pursuant to this clause (iv) upon the Administrative Agent’s and the Company’s receipt of such written confirmation), or (v) any Lender with respect to which a Lender Insolvency Event has occurred and is continuing with respect to such Lender or its Parent Company.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any of clauses (i) through (v) above will be conclusive and binding absent manifest error, and such Lender will be deemed to be a Defaulting Lender (subject to Section 2.20(d)) upon notification of such determination by the Administrative Agent to the Company and the Lenders. 
“Designated Subsidiary” means any corporate Subsidiary of the Company designated for borrowing privileges under this Agreement pursuant to Section 9.07.
“Designation Letter” means, with respect to any Designated Subsidiary, a letter in the form of Exhibit D hereto signed by such Designated Subsidiary and the Company.
“Disqualified Institution” means, on any date, (a) any Person designated by the Company as a “Disqualified Institution” by written notice delivered to the Administrative Agent not less than two Business Days prior to the date hereof, (b) any other Person that is a Competitor of the Company or any of its Subsidiaries, which Person has been designated by the Company as a “Disqualified Institution” in writing to the Administrative Agent and the Lenders (including by posting such notice to the Platform) not less than two Business Days prior to such date but which designation shall not apply retroactively to disqualify any parties that have previously acquired an assignment or participation interest hereunder that is otherwise permitted hereunder, but upon the effectiveness of such designation, any such party may not acquire any additional Commitments, Advances or participations, and (c) Affiliates of the persons identified pursuant to clauses (a) or (b) that are identified in writing by the Company to the Administrative Agent (other than Affiliates that are bona fide debt funds); provided that “Disqualified Institutions” shall exclude any Person that the Company has designated as no longer being a “Disqualified Institution” by written notice delivered to the Administrative Agent from time to time.
“Dollar Swing Line Advance” means a Swing Line Advance denominated in Dollars that bears interest as provided in Section 2.08(a)(ii)(B).

    18

“Dollars” and the “$” sign each mean lawful money of the United States of America.
“Domestic Lending Office” means, with respect to any Initial Lender, the office of such Lender specified as its “Domestic Lending Office” in its Administrative Questionnaire delivered to the Administrative Agent, or such other office of such Lender as such Lender may from time to time specify to the Company and the Administrative Agent.
“DQ List” has the meaning specified in Section 9.06(g)(iv).
“Early Opt-in Election means:
(a)    in the case of Advances denominated in Dollars:
(1)    a notification by the Administrative Agent to (or the request by the Company to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and
(2)    the joint election by the Administrative Agent and the Company to trigger a fallback from LIBOR and the provision by the Administrative Agent of written notice of such election to the Lenders; and
(b)    in the case of Advances denominated in any Major Currency, the occurrence of:
(1)    (i) a determination by the Administrative Agent or the Company or (ii) a notification by the Majority Lenders to the Administrative Agent (with a copy to the Company) that the Majority Lenders have determined that syndicated credit facilities denominated in the applicable Major Currency being executed at such time, or that include language similar to that contained in Section 2.21 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the Relevant Rate, and
(2)    the joint election by the Administrative Agent and the Company to declare that an Early Opt-in Election has occurred and the provision by the Administrative Agent of written notice of such election to the Lenders.
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country that is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of any Person described in clause (a) above or (c) any entity established in an EEA Member Country that is a subsidiary of any Person described in clause (a) or (b) above and is subject to consolidated supervision with its parent.

    19

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein and Norway.
“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Eligible Assignee” means (any Person that meets the requirements to be an assignee under Section 9.06(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 9.06(b)(iii)).  
“Environmental Action” means any action, suit, demand, demand letter, claim, notice of non-compliance or violation, notice of liability or potential liability, investigation, proceeding, consent order or consent agreement relating in any way to any Environmental Law, Environmental Permit or Hazardous Materials or arising from alleged injury or threat of injury to health, safety or the environment, including, without limitation, (a) by any governmental or regulatory authority for enforcement, cleanup, removal, response, remedial or other actions or damages and (b) by any governmental or regulatory authority or any third party for damages, contribution, indemnification, cost recovery, compensation or injunctive relief.
“Environmental Law” means any federal, state, local or foreign statute, law, ordinance, rule, regulation, code, order, judgment, decree or judicial or agency interpretation, policy or guidance relating to pollution or protection of the environment, health, safety or natural resources, including, without limitation, those relating to the use, handling, transportation, treatment, storage, disposal, release or discharge of Hazardous Materials.
“Environmental Permit” means any permit, approval, identification number, license or other authorization required under any Environmental Law.
“Equivalent” (a) in Dollars of any Major Currency on any date means the equivalent in Dollars of such Major Currency determined by using the rate of exchange for the purchase of Dollars with the Major Currency last provided (either by publication or otherwise provided to the Administrative Agent or an Issuing Bank, as applicable) by the applicable Bloomberg source (or such other publicly available source for displaying exchange rates) at or about 11:00 a.m. on date that is two Business Days immediately preceding the date of determination (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in dollars as determined by the Administrative Agent or an Issuing Bank, as applicable using any method of determination it deems appropriate in its sole discretion), and (b) in any Major Currency of Dollars means the equivalent in such Major Currency of Dollars determined by using the rate of exchange for the purchase of Dollars with the Major Currency last provided (either by publication or otherwise provided to the Administrative Agent or an Issuing Bank, as applicable) by the applicable Bloomberg source (or such other publicly available source for displaying exchange rates) on date that is two Business Days immediately preceding the date of determination (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in dollars as determined by the Administrative Agent or an Issuing Bank, as applicable using any method of determination it deems appropriate in its sole discretion).  Any determination by the Administrative Agent or an Issuing Bank pursuant to clauses (a) or (b) above shall be conclusive absent manifest error.

    20

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder.
“ERISA Affiliate” of any Person means any other Person that for purposes of Title IV of ERISA is a member of such Person’s controlled group, or under common control with such Person, within the meaning of Section 414 of the Internal Revenue Code.
“ERISA Event” with respect to any Person means (a) (i) the occurrence of a reportable event, within the meaning of Section 4043 of ERISA, with respect to any Plan of such Person or any of its ERISA Affiliates unless the 30-day notice requirement with respect to such event has been waived by the PBGC, or (ii) an event described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur with respect to a Plan of such Person or any of its ERISA Affiliates within the following 30 days, and the contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of such Plan is required under Section 4043(b)(3) of ERISA (taking into account Section 4043(b)(2) of ERISA) to notify the PBGC that the event is about to occur; (b) the application for a minimum funding waiver with respect to a Plan of such Person or any of its ERISA Affiliates; (c) the provision by the administrator of any Plan of such Person or any of its ERISA Affiliates of a notice of intent to terminate such Plan in a distress termination pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (d) the cessation of operations at a facility of such Person or any of its ERISA Affiliates in the circumstances described in Section 4062(e) of ERISA; (e) the withdrawal by such Person or any of its ERISA Affiliates from a Multiple Employer Plan during a plan year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (f) the conditions for the imposition of a lien under Section 303(k) of ERISA shall have been met with respect to any Plan of such Person or any of its ERISA Affiliates; (g) the determination that any Plan is in “at risk” status (within the meaning of Section 303 of ERISA; or (h) the institution by the PBGC of proceedings to terminate a Plan of such Person or any of its ERISA Affiliates pursuant to Section 4042 of ERISA, or the occurrence of any event or condition described in Section 4042 of ERISA that constitutes grounds for the termination of, or the appointment of a trustee to administer, such Plan.
“Escrow” means an escrow established with an independent escrow agent pursuant to an escrow agreement reasonably satisfactory in form and substance to the Person or Persons asserting the obligation of one or more Borrowers to make a payment to it or them hereunder.
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“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.
“Euro” means the lawful currency of the European Union as constituted by the Treaty of Rome which established the European Community, as such treaty may be amended from time to time and as referred to in the EMU legislation.
“Eurocurrency Lending Office” means, with respect to any Initial Lender, the office of such Lender specified as its “Eurocurrency Lending Office” in its Administrative Questionnaire delivered to the Administrative Agent, or such other office of such Lender as such Lender may from time to time specify to the Company and the Administrative Agent.
“Eurocurrency Liabilities” has the meaning assigned to that term in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time.
“Eurocurrency Rate” means:
(a)    for any Interest Period, with respect to any Eurocurrency Rate Advance denominated in a Major Currency, the rate per annum equal to the London Interbank Offered Rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for such currency for a period equal in length to such Interest Period) (“LIBOR”), as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at or about 11:00 a.m. (London time) on the Rate Determination Date, for deposits in the relevant currency, with a term equivalent to such Interest Period;
(b)    for any interest calculation with respect to a Base Rate Advance on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two London Banking Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day; and
(c)    if the Eurocurrency Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.
“Eurocurrency Rate Advance” means a Revolving Credit Advance denominated in Dollars or in a Major Currency that bears interest as provided in Section 2.08(a)(i)(B).
“Eurocurrency Rate Reserve Percentage” for any Interest Period for all Eurocurrency Rate Advances comprising part of the same Borrowing means the reserve percentage applicable two Business Days before the first day of such Interest Period under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve System in New York City with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with 
    22

respect to any other category of liabilities that includes deposits by reference to which the interest rate on Eurocurrency Rate Advances is determined) having a term equal to such Interest Period.
“Euro Swing Line Advance” means a Swing Line Advance denominated in Euro that bears interest as provided in Section 2.08(a)(ii)(A).
“Events of Default” has the meaning specified in Section 6.01.
“Extension Date” has the meaning specified in Section 2.19(b).
“Facility” means the Revolving Credit Facility, the Letter of Credit Facility or the Swing Line Facility.
“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement, or any amended or successor version to the extent substantively comparable thereto, any current or future regulations or official interpretations thereof, any similar provision of law applicable under any intergovernmental agreement pursuant to the foregoing, or any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code.
“FCPA” means the United States Foreign Corrupt Practices Act of 1977.
“Federal Funds Rate” means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate; provided that if the Federal Funds Rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the Eurocurrency Rate.
“GAAP” has the meaning specified in Section 1.03.
“Hazardous Materials” means (a) petroleum and petroleum products, byproducts or breakdown products, radioactive materials, asbestos-containing materials, polychlorinated biphenyls and radon gas and (b) any other chemicals, materials or substances designated, classified or regulated as hazardous or toxic or as a pollutant or contaminant under any Environmental Law.
“Increase Date” has the meaning specified in Section 2.18(a).
“Increasing Lender” has the meaning specified in Section 2.18(b).
    23

“Insufficiency” means, with respect to any Plan, the amount, if any, of its unfunded benefit liabilities, as defined in Section 4001(a)(18) of ERISA.
“Interest Period” means for each Eurocurrency Rate Advance comprising part of the same Revolving Credit Borrowing, the period commencing on the date of such Eurocurrency Rate Advance or the date of the Conversion of any Base Rate Advance into such Eurocurrency Rate Advance and ending on the last day of the period selected by the Borrower requesting such Borrowing pursuant to the provisions below and, thereafter, with respect to Eurocurrency Rate Advances, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of the period selected by such Borrower pursuant to the provisions below.  The duration of each such Interest Period for a Eurocurrency Rate Advance shall be one, three or six months and, if available to all Lenders, two or twelve months, as the Borrower requesting the Borrowing may, upon notice received by the Administrative Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the first day of such Interest Period, select; provided, however, that:
(i)    such Borrower may not select any Interest Period that ends after the scheduled Termination Date;
(ii)    Interest Periods commencing on the same date for Eurocurrency Rate Advances comprising part of the same Revolving Credit Borrowing shall be of the same duration;
(iii)    whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day, provided, however, that, if such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period shall occur on the next preceding Business Day; and
(iv)    whenever the first day of any Interest Period occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month.
“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued thereunder.
“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.
“Issuing Bank” means each Lender (through itself or through one of its designated Affiliates or branch offices) that expressly agrees to perform in accordance with their 
    24

terms all of the obligations that by the terms of this Agreement are required to be performed by it as an Issuing Bank and notifies the Administrative Agent of its Letter of Credit Commitment and its Applicable Lending Office (which information shall be recorded by the Administrative Agent in the Register), for so long as such Lender shall have a Letter of Credit Commitment.
“L/C Related Documents” has the meaning specified in Section 2.07(b)(i).
“Lender Insolvency Event” means that (i) a Lender or its Parent Company is insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, or (ii) such Lender or its Parent Company is the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding or a Bail-In Action, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or its Parent Company, or such Lender or its Parent Company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment; provided that a Lender Insolvency Event shall not result solely by virtue of the ownership or acquisition of any equity interest in such Person by a governmental authority so long as 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 Lender (or such governmental authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Person.
“Lenders” means, collectively, (i) Initial Lenders, (ii) the Issuing Banks, (iii) the Swing Line Banks (unless the context otherwise requires), (v) each Assuming Lender that shall become a party hereto pursuant to Section 2.18 or 2.19 and (v) each Eligible Assignee that shall become a party hereto pursuant to Section 9.06.
“Letter of Credit” has the meaning specified in Section 2.01(b).
“Letter of Credit Application” has the meaning specified in Section 2.04(a).
“Letter of Credit Commitment” means, with respect to each Issuing Bank at any time, the obligation of such Issuing Bank to issue Letters of Credit to any Borrower in the amount set forth for such Issuing Bank in the Register maintained by the Administrative Agent pursuant to Section 9.06(c) as such Issuing Bank’s “Letter of Credit Commitment”, as such amount may be reduced prior to such time pursuant to Section 2.06; provided, however, for the avoidance of doubt, that each Issuing Bank’s Letter of Credit Commitment shall be at all times no less than its respective Revolving Credit Commitment as a Lender.
“Letter of Credit Facility” means, at any time, an amount equal to the least of (a) the aggregate amount of the Issuing Banks’ Letter of Credit Commitments at such time, (b) $700,000,000 and (c) the aggregate amount of the Revolving Credit Commitments, as such amount may be reduced at or prior to such time pursuant to Section 2.06.  The Letter of Credit Facility is part of, and not in addition to, the Revolving Credit Commitments.
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“LIBOR” has the meaning assigned to such term in the definition of “Eurocurrency Rate”. 
“Lien” means any lien, mortgage, pledge, security interest or other charge or encumbrance of any kind.
“Loan Document” means, collectively, this Agreement, each Note, each Designation Letter, each Letter of Credit Application and each Assignment and Assumption. 
“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market. 
“Major Currencies” means lawful currency of the United Kingdom of Great Britain and Northern Ireland, lawful currency of Japan and Euros.
“Majority Lenders” means at any time Lenders holding more than 50% of the then aggregate principal amount (based on the Equivalent in Dollars at such time) of the Revolving Credit Advances owing to Lenders, or, if no such principal amount is then outstanding, Lenders having more than 50% of the Revolving Credit Commitments; provided that if any Lender shall be a Defaulting Lender at such time, there shall be excluded from the determination of Majority Lenders at such time the Revolving Credit Commitments of such Lender at such time.
“Market Rate Spread” means a rate per annum equal to (i) until the first anniversary of the Restatement Date, the five-year credit default swap mid-rate spread of the Company, (ii) after the first anniversary of the Restatement Date until the second anniversary of the Restatement Date, the four-year credit default swap mid-rate spread of the Company, (iii) after the second anniversary of the Restatement Date until the third anniversary of the Restatement Date, the three-year credit default swap mid-rate spread of the Company, (iv) after the third anniversary of the Restatement Date until the fourth anniversary of the Restatement Date, the two-year credit default swap mid-rate spread of the Company and (v) after the fourth anniversary of the Restatement Date, the one-year credit default swap mid-rate spread of the Company, in each case, established on the most recent Spread Determination Date as shown on the Applicable Bloomberg Screen as of the close of business on the Business Day immediately prior to such Spread Determination Date, subject to a minimum rate and a maximum rate as determined by reference to the Public Debt Rating in effect on such date as set forth below:

									
	Public Debt Rating
S&P/Moody’s
	Minimum Rate	Maximum Rate
	Level 1
AA- or Aa3 or above
	

0.100%
	

0.750%

	Level 2
Lower than Level 1 but at least A+ or A1 
	

0.200%
	

0.875%

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	Level 3
Lower than Level 2 but at least A or A2
	

0.250%
	

1.000%

	Level 4
Lower than Level 3 but at least A- or A3
	

0.450%
	

1.250%

	Level 5
Lower than Level 4
	

0.600%
	

1.375%

If the Company’s credit default swap spread is unavailable on the Applicable Bloomberg Screen, the Company and the Lenders shall negotiate in good faith (for a period of up to thirty days after such spread becomes unavailable (such thirty-day period, the “Negotiation Period”)) to agree on an alternative method for establishing the Market Rate Spread.  The Applicable Margin at any determination date thereof which falls during the Negotiation Period shall be based upon the then most recently available quote of the Market Rate Spread.  If no such alternative method is agreed upon during the Negotiation Period, the Market Rate Spread at any determination date subsequent to the end of the Negotiation Period shall be a rate per annum equal to the maximum rate applicable from time to time as determined in the immediately preceding paragraph.  If the Company’s credit default swap spread again becomes available on the Applicable Bloomberg Screen, then Market Rate Spread shall be determined on the basis of such credit default swap spread as set forth above.
“Material Adverse Change” means any material adverse change in the financial condition or results of operations of the Company and its Consolidated Subsidiaries taken as a whole.
“Material Adverse Effect” means a material adverse effect on (a) the financial condition or results of operations of the Company and its Consolidated Subsidiaries taken as a whole, (b) the rights and remedies of any Agent or any Lender under this Agreement or any Note or (c) the ability of the Borrowers to perform their obligations under this Agreement or any Note.
“Moody’s” means Moody’s Investors Service, Inc., or any successor by merger or consolidation to the business thereof.
“Multiemployer Plan” of any Person means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which such Person or any of its ERISA Affiliates is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions.
“Multiple Employer Plan” of any Person means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of such Person or any of its ERISA Affiliates and at least one Person other than such Person or any of its ERISA Affiliates or (b) was so maintained and in respect of which such Person or any of its ERISA Affiliates could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated.

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“Net Tangible Assets of the Company and its Consolidated Subsidiaries”, as at any particular date of determination, means the total amount of assets (less applicable reserves and other properly deductible items) after deducting therefrom (a) all current liabilities (excluding any thereof which are by their terms extendible or renewable at the option of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed) and (b) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangible assets, as set forth in the most recent balance sheet of the Company and its Consolidated Subsidiaries and computed in accordance with GAAP.
“Non-Consenting Lender” has the meaning specified in Section 2.19(b).
“Non-Defaulting Lender” means, at any time, a Lender that is not a Defaulting Lender. 
“Note” means a promissory note of any Borrower payable to any Lender, delivered pursuant to a request made under Section 2.17 in substantially the form of Exhibit A hereto, evidencing the aggregate indebtedness of such Borrower to such Lender resulting from the Revolving Credit Advances made by such Lender to such Borrower.
“Notice of Issuance” has the meaning specified in Section 2.04(a).
“Notice of Revolving Credit Borrowing” has the meaning specified in Section 2.02(a).
“Notice of Swing Line Borrowing” has the meaning specified in Section 2.02(b).
“Obligations” has the meaning specified in Section 7.01(b).
“Overnight Rate” means, in relation to a Business Day and (a) with respect to any amount denominated in Dollars or a Major Currency other than Euro, the applicable overnight index average administered by ICE Benchmark Administration (or any other Person which takes over the administration of that rate) for the relevant Business Day displayed on the applicable Bloomberg screen as of 5:00 P.M. (London Time) on the Business Day preceding the date of determination for the offering of deposits in such currency for the period from one Business Day to the immediately following Business Day and (b) with respect to any amount denominated in Euro, the applicable euro short term rate (based on the wholesale euro unsecured overnight borrowing costs of euro area banks) published by European Central Bank ) as “€STER” as of 8:00 A.M. (London Time) on the date of determination; provided, that if the Overnight Rate is less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 
“Parent Company” means, with respect to a Lender, the bank holding company (as defined in Federal Reserve Board Regulation Y), if any, of such Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender.
“PBGC” means the Pension Benefit Guaranty Corporation (or any successor).

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“Person” means an individual, partnership, corporation (including a business trust), joint stock company, trust, unincorporated association, joint venture, limited liability company or other entity, or a government or any political subdivision or agency thereof.
“Plan” means a Single Employer Plan or a Multiple Employer Plan.
“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
 “Public Debt Rating” means, as of any date, the highest rating that has been most recently announced by either S&P or Moody’s, as the case may be, for any class of non-credit enhanced long-term senior unsecured debt issued by the Company.  For purposes of the foregoing, (a) if only one of S&P and Moody’s shall have in effect a Public Debt Rating, the Applicable Percentage and the Market Rate Spread shall be determined by reference to the available rating; (b) if neither S&P nor Moody’s shall have in effect a Public Debt Rating, the Applicable Percentage and the Market Rate Spread will be set in accordance with Level 5 under the definition of “Applicable Percentage” or “Market Rate Spread”, as the case may be; (c) if the ratings established by S&P and Moody’s shall fall within different levels, the Applicable Percentage and the Market Rate Spread shall be based upon the higher rating, provided that if the lower of such ratings is more than one level below the higher of such ratings, the Applicable Percentage and the Market Rate Spread shall be determined by reference to the level that is one level above such lower rating; (d) if any rating established by S&P or Moody’s shall be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change; and (e) if S&P or Moody’s shall change the basis on which ratings are established, each reference to the Public Debt Rating announced by S&P or Moody’s, as the case may be, shall refer to the then equivalent rating by S&P or Moody’s, as the case may be.
“Ratable Share” of any amount means, with respect to any Lender at any time, the product of (a) a fraction the numerator of which is the amount of such Lender’s Revolving Credit Commitment at such time and the denominator of which is the aggregate Revolving Credit Commitments at such time and (b) such amount.
“Rate Determination Date” means, with respect to any Interest Period, two Business Days  prior to the commencement of such Interest Period (or such other day as is generally treated as the rate fixing day by market practice in such interbank market, as determined by the Administrative Agent; provided that, to the extent such market practice is not administratively feasible for the Administrative Agent, then “Rate Determination Date” means such other day as otherwise reasonably determined by the Administrative Agent). 
“Rating Condition” has the meaning specified in Section 2.06(c)(ii).
“Rating Condition Notice” has the meaning specified in Section 2.06(c)(ii).
“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is LIBOR (as determined in respect of Advances denominated in Dollars), 11:00 a.m. (London time) on the day that is two London 
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banking days preceding the date of such setting, and (2) if such Benchmark is not LIBOR (as determined in respect of Advances denominated in Dollars), the time determined by the Administrative Agent in its reasonable discretion.
“Register” has the meaning specified in Section 9.06(c).
“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates.
“Relevant Governmental Body” means (a) with respect to a Benchmark Replacement in respect of Advances denominated in Dollars, the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto and (b) with respect to a Benchmark Replacement in respect of Advances denominated in any Major Currency, (i) the central bank for the currency in which such Benchmark Replacement is denominated or any central bank or other supervisor which is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (ii) any working group or committee officially endorsed or convened by (A) the central bank for the currency in which such Benchmark Replacement is denominated, (B) any central bank or other supervisor that is responsible for supervising either (1) such Benchmark Replacement or (2) the administrator of such Benchmark Replacement, (C) a group of those central banks or other supervisors or (D) the Financial Stability Board or any part thereof.
“Relevant Rate” means, with respect to any Eurocurrency Rate Advance denominated in an Agreed Currency, LIBOR with respect to such Agreed Currency.
“Rescindable Amount” has the meaning specified in Section 2.13(e).
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Restatement Date” has the meaning specified in Section 3.01.
“Restricted Property” means (a) any property of the Company located within the United States of America that, in the opinion of the Company’s board of directors, is a principal manufacturing property or (b) any shares of capital stock or Debt of any Subsidiary owning any such property.
“Revolving Credit Advance” means an advance by a Lender to any Borrower as part of a Revolving Credit Borrowing and refers to a Base Rate Advance or a Eurocurrency Rate Advance (each of which shall be a “Type” of Revolving Credit Advance).
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“Revolving Credit Borrowing” means a borrowing consisting of simultaneous Revolving Credit Advances of the same Type made by each of the Lenders pursuant to Section 2.01.
“Revolving Credit Commitment” means as to any Lender (i) the Dollar amount set forth opposite its name on Schedule I hereto under the caption “Revolving Credit Commitment”, (ii) if such Lender has become a Lender hereunder pursuant to an Assumption Agreement, the Dollar amount set forth in such Assumption Agreement or (iii) if such Lender has entered into any Assignment and Assumption, the Dollar amount set forth for such Lender in the Register maintained by the Administrative Agent pursuant to Section 9.06(c) as such Lender’s Revolving Credit Commitment, in each case as the same may be terminated or reduced, as the case may be, pursuant to Section 2.06 or increased pursuant to Section 2.18 (and, in the case of a Swing Line Bank, its Revolving Credit Commitment or that of its affiliate shall include such Swing Line Bank’s Swing Line Commitment).
“Revolving Credit Facility” means, at any time, the aggregate amount of the Revolving Credit Commitments, as such amount may be reduced at or prior to such time pursuant to Section 2.06.
“Sale and Leaseback Transaction” means any arrangement with any Person (other than the Company or a Subsidiary of the Company), or to which any such Person is a party, providing for the leasing to the Company or to a Subsidiary of the Company owning Restricted Property for a period of more than three years of any Restricted Property that has been or is to be sold or transferred by the Company or such Subsidiary to such Person, or to any other Person (other than the Company or a Subsidiary of the Company) to which funds have been or are to be advanced by such Person on the security of the leased property.  It is understood that arrangements pursuant to Section 168(f)(8) of the Internal Revenue Code of 1954, as amended, or any successor provision having similar effect, are not included within this definition of “Sale and Leaseback Transaction”.
“Sanctioned Country” means, at any time, a country, region or territory which is the target of any comprehensive (but not list based) Sanctions that broadly prohibit dealings with such country, region or territory (as of the date of this Agreement, Crimea, Cuba, Iran, North Korea and Syria).
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or by the United Nations Security Council, Her Majesty’s Treasury of the United Kingdom, Canada, the European Union or any EU member state, (b) any Person located, organized or resident in a Sanctioned Country to the extent such Person is subject to Sanctions or (c) any Person controlled or more than 50 percent owned by any such Person.
“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, Canada, the European Union or Her Majesty’s Treasury of the United Kingdom.

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“SEC” has the meaning specified in Section 5.01(h)(iii).
“Single Employer Plan” of any Person means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of such Person or any of its ERISA Affiliates and no Person other than such Person and its ERISA Affiliates or (b) was so maintained and in respect of which such Person or any of its ERISA Affiliates could have liability under Section 4069 of ERISA in the event such plan has been or were to be terminated.
“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.
“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
“SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.
“S&P” means S&P Global Ratings, a Standard & Poor’s Financial Services LLC business, or any successor by merger or consolidation to the business thereof.
“Spread Determination Date” means, at any time, (a) for any Eurocurrency Rate Advance, (i) the date that is two Business Days before the commencement of the Interest Period applicable to such Advance and (ii) in the case of an Interest Period of more than three months’ duration, the date that is the last Business Day of each successive three-month period during such Interest Period, and (b) for any Base Rate Advance or any Letter of Credit, (i) the Restatement Date and (ii) the last day (or if such day is not a Business Day, the immediately preceding Business Day) of each March, June, September and December after the Restatement Date.
“Subsidiary” of any Person means any corporation, partnership, joint venture, limited liability company, trust or estate of which (or in which) more than 50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such limited liability company, partnership or joint venture or (c) the beneficial interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries.
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“Swing Line Advance” means an advance by a Swing Line Bank to any Borrower as part of a Swing Line Borrowing and refers to a Euro Swing Line Advance or a Dollar Swing Line Advance (each of which shall be a “Type” of Swing Line Advance).
“Swing Line Agent” means Bank of America Europe Designated Activity Company, London Branch.
“Swing Line Bank” means each Initial Swing Line Bank and any other Lender acceptable to the Company and the Swing Line Agent that agrees to perform the duties of a Swing Line Bank hereunder.
“Swing Line Borrowing” means a borrowing consisting of simultaneous Swing Line Advances made by each of the Swing Line Banks pursuant to Section 2.01(c).
“Swing Line Commitment” means as to any Lender (i) the Euro amount that is the Equivalent of the amount set forth opposite such Lender’s name on Schedule I hereof or (ii) if such Lender has entered into an Assignment and Assumption, the Euro amount that is the Equivalent of the amount set forth for such Lender in the Register maintained by the Swing Line Agent pursuant to Section 9.06(c), in each case as such amount may be reduced pursuant to Section 2.06; provided, however, for the avoidance of doubt, that each Lender’s Swing Line Commitment shall be at all times no less than its respective Revolving Credit Commitment.
“Swing Line Facility” means, at any time, the aggregate amount of the Swing Line Banks’ Swing Line Commitments at such time.
“Swing Line Maturity Date” has the meaning specified in Section 2.02(b).  
“TARGET Day” means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, reasonably determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.
“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on November 19, 2007. 
“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Term SOFR Notice” means a notification by the Administrative Agent to the Lenders and the Company of the occurrence of a Term SOFR Transition Event.
“Term SOFR Transition Event” means the determination by the Administrative Agent and the Company that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event or an Early 
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Opt-in Election, as applicable, has previously occurred resulting in a Benchmark Replacement in accordance with Section 2.21 that is not Term SOFR.
“Termination Date” means the earlier of (a) March 31, 2026, subject to the extension thereof pursuant to Section 2.19 and (b) the date of termination in whole of the Commitments pursuant to Section 2.06 or Section 6.01 or, if all Lenders elect to terminate their Commitments as provided therein, Section 2.06(d); provided, however, that the Termination Date of any Lender that is a Non-Consenting Lender to any requested extension pursuant to Section 2.19 shall be the Termination Date in effect immediately prior to the applicable Extension Date for all purposes of this Agreement.  If any Termination Date is not a Business Day, the Termination Date shall be the next preceding Business Day.
“Threatened” means, with respect to any action, suit, investigation, litigation or proceeding, a written communication to the Company or a Designated Subsidiary, as the case may be, expressing an intention to immediately bring such action, suit, investigation, litigation or proceeding.
“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
 “Unissued Letter of Credit Commitment” means, with respect to any Issuing Bank, the obligation of such Issuing Bank to issue Letters of Credit to any Borrower in an amount (converting all non-Dollar amounts into the then Equivalent thereof in Dollars) equal to the excess of (a) the amount of its Letter of Credit Commitment over (b) the aggregate Available Amount of all Letters of Credit issued by such Issuing Bank.
“Unused Commitment” means, with respect to each Lender at any time, (a) the amount of such Lender’s Revolving Credit Commitment at such time minus (b) the sum of (i) the aggregate principal amount of all Revolving Credit Advances (based in respect of any Advances denominated in a Major Currency on the Equivalent in Dollars at such time) made by such Lender (in its capacity as a Lender) and outstanding at such time, plus (ii) such Lender’s Ratable Share of (A) the aggregate Available Amount of all the Letters of Credit outstanding at such time (based in respect of any Letters of Credit denominated in a Major Currency on the Equivalent in Dollars at such time) and (B) the aggregate principal amount of all Swing Line Advances outstanding at such time (based in respect of any Swing Line Advances denominated in Euros on the Equivalent in Dollars at such time); provided, further, that each Lender’s Revolving Credit Commitment shall be deemed used from time to time (x) to the extent of the Swing Line Advances made by it or its affiliate that is a Swing Line Bank and (y) to the extent of the aggregate Available Amount of all the Letters of Credit outstanding at such time issued by it or its affiliate that is an Issuing Bank.

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“Unused Commitment (Fee Calculation)” means, with respect to each Lender at any time, (a) the amount of such Lender’s Revolving Credit Commitment at such time minus (b) the sum of (i) the aggregate principal amount of all Revolving Credit Advances (based in respect of any Advances denominated in a Major Currency on the Equivalent in Dollars at such time) made by such Lender (in its capacity as a Lender) and outstanding at such time, plus (ii) such Lender’s Ratable Share of the aggregate Available Amount of all the Letters of Credit outstanding at such time (based in respect of any Letters of Credit denominated in a Major Currency on the Equivalent in Dollars at such time).
“Voting Stock” means capital stock issued by a corporation, or equivalent interests in any other Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to vote has been suspended by the happening of such a contingency.
“Withdrawal Liability” has the meaning specified in Part I of Subtitle E of Title IV of ERISA.
“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,  any powers of the applicable Resolution Authority  under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution  or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
SECTION 1.02.  Computation of Time Periods.  In this Agreement in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding”.
SECTION 1.03.  Accounting Terms.  All accounting terms not specifically defined herein shall be construed, and all financial computations and determinations pursuant hereto shall be made, in accordance with generally accepted accounting principles consistent with those applied in the preparation of the financial statements referred to in Section 4.01(e) (“GAAP”); provided, however, that, if any changes in accounting principles from those used in the preparation of such financial statements have been required by the rules, regulations, pronouncements or opinions of the Financial Accounting Standards Board or the American Institute of Certified Public Accountants (or successors thereto or agencies with similar functions) and have been adopted by the Company with the agreement of its independent certified public accountants, the Lenders agree to consider a request by the Company to amend this Agreement to take account of such changes.

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SECTION 1.04.  Other Interpretive Provisions.  Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, shall be deemed to apply to a division under Delaware law (or any comparable event under a different jurisdiction’s laws) of or by a limited liability company, or a division of assets to a series of a limited liability company (or the unwinding of such a division) (whether pursuant to a “plan of division” or similar arrangement), as if it were a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, as applicable, to, of or with a separate Person.  Any such division of a limited liability company shall constitute a separate Person hereunder (and each such division of any limited liability company that is a Subsidiary shall also constitute such a Person or entity).
SECTION 1.05.  Letter of Credit Amounts.  Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time (based in respect of any Letter of Credit denominated in a Major Currency on the Equivalent in Dollars determined at such time); provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any L/C Related Documents related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount (based in respect of any Letter of Credit denominated in a Major Currency on the Equivalent in Dollars determined at such time) of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.
ARTICLE II
AMOUNTS AND TERMS OF THE ADVANCES AND LETTERS OF CREDIT
SECTION 2.01.  The Revolving Credit Advances, Letters of Credit and Swing Line Advances.  (a)  Revolving Credit Advances.  Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Revolving Credit Advances to any Borrower from time to time on any Business Day during the period from the Restatement  Date until the Termination Date in an aggregate amount (based in respect of any Revolving Credit Advance denominated in a Major Currency on the Equivalent in Dollars determined on the date of delivery of the applicable Notice of Revolving Credit Borrowing), not to exceed such Lender’s Unused Commitment.  Each Revolving Credit Borrowing shall be in an aggregate amount not less than $10,000,000 (or the Equivalent thereof in any Major Currency determined on the date of delivery of the applicable Notice of Revolving Credit Borrowing) or an integral multiple of $1,000,000 (or the Equivalent thereof in any Major Currency determined on the date of delivery of the applicable Notice of Revolving Credit Borrowing) in excess thereof and shall consist of Revolving Credit Advances of the same Type made on the same day by the Lenders ratably according to their respective Revolving Credit Commitments; provided, however, that if there is no unused portion of the Commitment of one or more Lenders at the time of any requested Revolving Credit Borrowing such Borrowing shall consist of Revolving Credit Advances of the same Type made on the same day by the Lender or Lenders who do then have an Unused Commitment ratably according to the aggregate Unused Commitments.  Within the limits of each Lender’s Revolving Credit Commitment, any Borrower may borrow under this Section 2.01(a), prepay pursuant to Section 2.10 and reborrow under this Section 2.01(a).

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(b)    Letters of Credit.  Each Issuing Bank agrees, on the terms and conditions hereinafter set forth, to issue performance and financial letters of credit (each, a “Letter of Credit”) in Dollars or any Major Currency for the account of any Borrower from time to time on any Business Day during the period from the Restatement Date until 30 days before the Termination Date (i) in an aggregate Available Amount for all Letters of Credit issued by all Issuing Banks not to exceed at any time the Letter of Credit Facility at such time, (ii) in an amount for each Issuing Bank not to exceed the amount of such Issuing Banks’ Letter of Credit Commitment or Unused Commitment at such time and (iii) in an amount for each such Letter of Credit not to exceed an amount equal to the Unused Commitments of the Lenders at such time, in each case, converting all non-Dollar amounts into the Equivalent thereof in Dollars; provided that any Borrower may request that Letters of Credit be issued for the account of any of its Subsidiaries (without designating such Subsidiary as a Designated Subsidiary) so long as such Borrower remains obligated for the reimbursement of any drawings under such Letters of Credit under the terms of this Agreement.  No Letter of Credit shall have an expiration date (including all rights of the applicable Borrower or the beneficiary to require renewal) of later than the Termination Date, provided that no Letter of Credit may expire after the Termination Date of any Non-Consenting Lender if, after giving effect to such issuance, the aggregate Revolving Credit Commitments of the Consenting Lenders (including any replacement Lenders) for the period following such Termination Date would be less than the Available Amount of the Letters of Credit expiring after such Termination Date.  Within the limits referred to above, any Borrower may request the issuance of Letters of Credit under this Section 2.01(b), repay any Revolving Credit Advances resulting from drawings thereunder pursuant to Section 2.04(c) and request the issuance of additional Letters of Credit under this Section 2.01(b).  Each letter of credit listed on Schedule 2.01(b) shall be deemed to constitute a Letter of Credit issued hereunder, and each Lender that is an issuer of such a Letter of Credit shall, for purposes of Section 2.04, be deemed to be an Issuing Bank for each such letter of credit, provided that any renewal or replacement of any such letter of credit shall be issued by an Issuing Bank pursuant to the terms of this Agreement.  The terms “issue”, “issued”, “issuance” and all similar terms, when applied to a Letter of Credit, shall include any renewal, extension or amendment thereof.
(c)    The Swing Line Advances.  Each Swing Line Bank severally agrees, on the terms and conditions hereinafter set forth, to make Swing Line Advances in Dollars or in Euros to any Borrower from time to time on any Business Day during the period from the Restatement Date until the Termination Date in an aggregate amount outstanding not to exceed at any time the lesser of (i) such Swing Line Bank’s Swing Line Commitment or Unused Commitment at such time and (ii) the Unused Commitments of the Lenders at such time.  Each Swing Line Borrowing shall be in an aggregate amount of no less than €1,000,000 or $1,000,000, as the case may be.  Each Swing Line Borrowing shall consist of Swing Line Advances of the same Type made on the same day by the Swing Line Banks ratably according to their respective Swing Line Commitments.  Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, the Borrowers may borrow under this 2.01(c), prepay pursuant to Section 2.10 and reborrow under this Section 2.01(c).

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(d)    Relationship of the Swing Line Facility with the Revolving Credit Facility.  The Revolving Credit Facility may be used by way of Swing Line Advances.  The Swing Line Facility is not independent of the Revolving Credit Facility.
SECTION 2.02.  Making the Revolving Credit Advances and Swing Line Advances.  (a)  Each Revolving Credit Borrowing shall be made on notice, given not later than (x) 10:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Revolving Credit Borrowing in the case of a Revolving Credit Borrowing consisting of Eurocurrency Rate Advances denominated in any Major Currency, (y) 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Revolving Credit Borrowing in the case of a Revolving Credit Borrowing consisting of Eurocurrency Rate Advances denominated in Dollars or (z) 9:00 A.M. (New York City time) on the day of the proposed Revolving Credit Borrowing in the case of a Revolving Credit Borrowing consisting of Base Rate Advances, by any Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof by telecopier.  Each such notice of a Revolving Credit Borrowing (a “Notice of Revolving Credit Borrowing”) shall be by telephone, confirmed immediately in writing, or telecopier in substantially the form of Exhibit B-1 hereto, specifying therein the requested (i) date of such Revolving Credit Borrowing, (ii) Type of Advances comprising such Revolving Credit Borrowing, (iii) aggregate amount of such Revolving Credit Borrowing, and (iv) in the case of a Revolving Credit Borrowing consisting of Eurocurrency Rate Advances, initial Interest Period and currency for each such Revolving Credit Advance.  Each Lender shall, before 11:00 A.M. (New York City time) on the date of such Revolving Credit Borrowing, in the case of a Revolving Credit Borrowing consisting of Advances denominated in Dollars, and before 11:00 A.M. (London time) on the date of such Revolving Credit Borrowing, in the case of a Revolving Credit Borrowing consisting of Eurocurrency Rate Advances denominated in any Major Currency, make available for the account of its Applicable Lending Office to the Administrative Agent at the applicable Agent’s Office, in same day funds, such Lender’s ratable portion (as determined in accordance with Section 2.01) of such Revolving Credit Borrowing.  After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make such funds available to the Borrower requesting the Revolving Credit Borrowing at the Administrative Agent’s aforesaid address or at the applicable Agent’s Office, as the case may be; provided, however, that the Administrative Agent shall first make a portion of such funds equal to the aggregate principal amount of any Swing Line Advances made by the Swing Line Banks in the same currency as the requested Revolving Credit Advance and outstanding on the date of such Revolving Credit Borrowing, plus interest accrued and unpaid thereon to and as of such date, available to the Swing Line Banks and such other Lenders for repayment of such Swing Line Advances.
(b)    Each Swing Line Borrowing shall be made on notice, given not later than 9:30 A.M. (London time) on the date of the proposed Swing Line Borrowing, by the applicable Borrower to the Swing Line Agent which shall give to each Swing Line Bank and the Administrative Agent and prompt notice thereof by facsimile.  Each such notice of a Swing Line Borrowing (a “Notice of Swing Line Borrowing”) shall be by facsimile, such notice to be in substantially the form of Exhibit B-2 hereto, specifying therein the requested (i) date of such Swing Line Borrowing, (ii) Type of Swing Line Advances comprising such Swing Line Borrowing, (iii) aggregate amount of such Swing Line Borrowing, and (iv) the maturity date thereof, which shall be no later than five Business Days after the date of such Swing Line Advance (the “Swing Line Maturity Date”).  Each Swing Line Bank shall, before 11:00 A.M. (London time) on the date of such Swing Line Borrowing, make available for the account of its Applicable Lending Office to the Swing Line Agent, in same day funds, such Swing Line Bank’s ratable portion of such Swing Line Borrowing.  After receipt of such funds by the Swing Line Agent and upon 
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fulfillment of the applicable conditions set forth in Article III, the Swing Line Agent will make such funds available to the relevant Borrower as specified in the applicable Notice of Swing Line Borrowing.
(c)    Anything in subsection (a) or (b) above to the contrary notwithstanding, a Borrower may not select Eurocurrency Rate Advances for any proposed Revolving Credit Borrowing if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.09, 2.12 or 2.21.
(d)    Each Notice of Revolving Credit Borrowing and Notice of Swing Line Borrowing of any Borrower shall be irrevocable and binding on such Borrower.  In the case of any Revolving Credit Borrowing that the related Notice of Revolving Credit Borrowing specifies is to be comprised of Eurocurrency Rate Advances, the Borrower requesting such Revolving Credit Borrowing shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure by such Borrower to fulfill on or before the date specified in such Notice of Revolving Credit Borrowing for such Revolving Credit Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Revolving Credit Advance to be made by such Lender as part of such Revolving Credit Borrowing when such Revolving Credit Advance, as a result of such failure, is not made on such date.  The Borrower requesting a Swing Line Borrowing shall indemnify each Swing Line Bank against any loss, cost or expense incurred by such Swing Line Bank as a result of any failure to fulfill on or before the date specified in such Notice of Swing Line Borrowing for such Swing Line Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Swing Line Bank to fund the Swing Line Advance to be made by such Swing Line Bank as part of such Swing Line Borrowing when such Swing Line Advance, as a result of such failure, is not made on such date.
(e)    (i)  Unless the Administrative Agent shall have received notice from a Lender prior to the time of any Revolving Credit Borrowing that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of such Revolving Credit Borrowing the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Revolving Credit Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower proposing such Revolving Credit Borrowing on such date a corresponding amount.  If and to the extent that such Lender shall not have so made such ratable portion available to the Administrative Agent, such Lender and such Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (x) in the case of such Borrower, the higher of (A) the interest rate applicable at the time to Revolving Credit Advances comprising such Revolving Credit Borrowing and (B) the cost of funds incurred by the Administrative Agent in respect of such amount and (y) in the case of such Lender, the greater of (1)(A) the Federal Funds Rate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Administrative Agent in respect of such amount in the case of Advances denominated in any Major Currency and (2) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.  If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Revolving Credit Advance as part of such Revolving Credit Borrowing for purposes of this Agreement.
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(ii)    Unless the Swing Line Agent shall have received notice from a Swing Line Bank prior to 11:00 A.M. (London time) on the day of any Swing Line Borrowing that such Swing Line Bank will not make available to the Swing Line Agent such Swing Line Bank’s ratable portion of such Swing Line Borrowing, the Swing Line Agent may assume that such Swing Line Bank has made such portion available to the Swing Line Agent on the date of such Swing Line Borrowing in accordance with subsection (b) of this Section 2.02 and the Swing Line Agent may, in reliance upon such assumption, make available to the Borrower proposing such Swing Line Borrowing on such date a corresponding amount.  If and to the extent that such Swing Line Bank shall not have so made such ratable portion available to the Swing Line Agent such Swing Line Bank and such Borrower severally agree to repay to the Swing Line Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Swing Line Agent at (x) in the case of such Borrower, the higher of (A) the interest rate applicable at the time to Swing Line Advances comprising such Swing Line Borrowing and (B) the cost of funds incurred by the Swing Line Agent in respect of such amount, and (y) in the case of such Swing Line Bank, the cost of funds incurred by the Swing Line Agent in respect of such amount.  If such Swing Line Bank shall repay to the Swing Line Agent such corresponding amount, such amount so repaid shall constitute such Swing Line Bank’s Swing Line Advance as part of such Swing Line Borrowing for purposes of this Agreement.
(f)    (i)  The failure of any Lender to make the Revolving Credit Advance to be made by it as part of any Revolving Credit Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Revolving Credit Advance on the date of such Revolving Credit Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Revolving Credit Advance to be made by such other Lender on the date of any Revolving Credit Borrowing.
(ii)    The failure of any Swing Line Bank to make the Swing Line Advance to be made by it as part of any Swing Line Borrowing shall not relieve any other Swing Line Bank of its obligation hereunder to make its Swing Line Advance on the date of such Swing Line Borrowing, but no Swing Line Bank shall be responsible for the failure of any other Swing Line Bank to make the Swing Line Advance to be made by such other Swing Line Bank on the date of any Swing Line Borrowing.
(g)    If the respective Unused Commitments of the Lenders on the first day of an Interest Period for any Revolving Credit Borrowing are different from the respective Unused Commitments of the Lenders on the last day of such Interest Period, the Administrative Agent shall so notify the Lenders and the respective Revolving Credit Advances shall be reallocated among the Lenders so that, after giving effect to such reallocation, the Revolving Credit Advances comprising such Revolving Credit Borrowing and continuing into the subsequent Interest Period are funded by the Lenders ratably according to their respective Unused Commitments on such last day.  Each Lender agrees that the conditions precedent set forth in Section 3.03 shall not apply to any additional amounts required to be funded by such Lender pursuant to this Section 2.02(g).

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SECTION 2.03.  [Reserved].  
SECTION 2.04.  Issuance of and Drawings and Reimbursement Under Letters of Credit.  (a)  Request for Issuance.  (i) Each Letter of Credit shall be issued upon notice, given not later than 11:00 A.M. (New York City time) on the fifth Business Day prior to the date of the proposed issuance of such Letter of Credit (or on such shorter notice as the applicable Issuing Bank may agree), by any Borrower to any Issuing Bank, and such Issuing Bank shall give the Administrative Agent, prompt notice thereof by facsimile.  Each such notice of issuance of a Letter of Credit (a “Notice of Issuance”) shall be by telephone, confirmed immediately in writing, or facsimile, specifying therein the requested (A) date of such issuance (which shall be a Business Day), (B) Available Amount and currency (which shall be a Major Currency or Dollars) of such Letter of Credit, (C) expiration date of such Letter of Credit (which shall not be later than the Termination Date), (D) name and address of the beneficiary of such Letter of Credit and (E) form of such Letter of Credit, and shall be accompanied by such customary application and agreement for letter of credit as such Issuing Bank may specify to the Borrower requesting such issuance for use in connection with such requested Letter of Credit (a “Letter of Credit Application”).  If (A) the requested form of such Letter of Credit, in the reasonable judgment of the Issuing Bank, conforms to standard practices of financial institutions that regularly issue letters of credit, (B) the issuance of a letter of credit to the beneficiary of such Letter of Credit would not, in the reasonable judgment of the Issuing Bank, violate or conflict with (y) any regulatory or legal restriction applicable to the Issuing Bank, or (z) any internal policy, procedure or guideline of, the Issuing Bank that is consistent with standard practices of financial institutions that regularly issue letters of credit and (C) the Issuing Bank has not received written notice form any Lender, the Administrative Agent or any Borrower, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Section 3.03 shall not be satisfied, then such Issuing Bank will, upon fulfillment of the applicable conditions set forth in Article III, make such Letter of Credit available to the Borrower requesting such issuance at its office referred to in Section 9.02 or as otherwise agreed with such Borrower in connection with such issuance.  In the event and to the extent that the provisions of any Letter of Credit Application shall conflict with this Agreement, the provisions of this Agreement shall govern.  An Issuing Bank that issues a Letter of Credit which expires prior to the Termination Date but provides for automatic extension of the expiry date will not exercise its right to prevent the automatic extension of the expiry date unless (i) the applicable conditions set forth in Section 3.03 are not satisfied as to the date of such Issuing Bank’s required notice of non-extension, or (ii) such automatic extension would extend the expiry date beyond the Termination Date.
(b)    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 applicable Issuing Bank or the Lenders, such Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Ratable Share of the Available Amount of such Letter of Credit.  Each Borrower hereby agrees to each such participation.  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 such Issuing Bank, such Lender’s Ratable Share of each drawing made under a Letter of Credit funded by such Issuing Bank and not reimbursed by the applicable Borrower on the date made, or of any reimbursement payment required to be refunded to any 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 Revolving Credit Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.  Each Lender further acknowledges and agrees that its participation in each Letter of Credit will be automatically adjusted to reflect such Lender’s 
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Ratable Share of the Available Amount of such Letter of Credit at each time such Lender’s Revolving Credit Commitment is amended pursuant to the operation of Sections 2.06(b), (c) or (d), an assignment in accordance with Section 9.06 or otherwise pursuant to this Agreement.
(c)    Drawing and Reimbursement.  The payment by an Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by any such Issuing Bank of a Revolving Credit Advance, which, in the case of Letters of Credit denominated in Dollars, shall be a Base Rate Advance, in the amount of such draft or, in the case of a Letter of Credit denominated in any Major Currency, shall be an Advance that bears interest at the Overnight Rate plus the Applicable Margin for Eurocurrency Rate Advances for a period of five Business Days and thereafter, shall be a Base Rate Advance in the Equivalent in Dollars on such fifth Business Day for the amount of such draft.  Each Issuing Bank shall give prompt notice (and such Issuing Bank will use its commercially reasonable efforts to deliver such notice within one Business Day) of each drawing under any Letter of Credit issued by it to the Company, the applicable Borrower (if not the Company) and the Administrative Agent.  Upon written demand by such Issuing Bank, with a copy of such demand to the Administrative Agent and the Company, each Lender shall pay to the Administrative Agent such Lender’s Ratable Share of such outstanding Revolving Credit Advance, by making available for the account of its Applicable Lending Office to the Administrative Agent for the account of such Issuing Bank, by deposit to the account at the applicable Agent’s Office, in same day funds, an amount equal to the portion of the outstanding principal amount of such Revolving Credit Advance to be funded by such Lender, provided that the Lenders shall not be required to fund such Revolving Credit Advances resulting from drawings under a Letter of Credit denominated in any Major Currency until such Advance is exchanged for the Equivalent in Dollars and is a Base Rate Advance.  Each Lender acknowledges and agrees that its obligation to make Revolving Credit Advances 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 Revolving Credit Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.  Promptly after receipt thereof, the Administrative Agent shall transfer such funds to such Issuing Bank.  Each Lender agrees to fund its Ratable Share of an outstanding Revolving Credit Advance on (i) the Business Day on which demand therefor is made by such Issuing Bank, provided that notice of such demand is given not later than 11:00 A.M. (New York City time) on such Business Day, or (ii) the first Business Day next succeeding such demand if notice of such demand is given after such time.  If and to the extent that any Lender shall not have so made the amount of such Revolving Credit Advance available to the Administrative Agent, such Lender agrees to pay to the Administrative Agent forthwith on demand such amount together with interest thereon, for each day from the date of demand by any such Issuing Bank until the date such amount is paid to the Administrative Agent, at the greater of the Federal Funds Rate in the case of Advances denominated in Dollars and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation for its account or the account of such Issuing Bank, as applicable.  If such Lender shall pay to the Administrative Agent such amount for the account of any such Issuing Bank on any Business Day, such amount so paid in respect of principal shall constitute a Revolving Credit Advance made by such Lender on such Business Day for purposes of this Agreement, and the outstanding principal amount of the Revolving Credit Advance made by such Issuing Bank shall be reduced by such amount on such Business Day.  

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(d)    Letter of Credit Reports.  Each Issuing Bank shall furnish (A) to the Administrative Agent (with a copy to the Company) on the first Business Day of each month a written report summarizing issuance and expiration dates of Letters of Credit during the preceding month and drawings during such month under all Letters of Credit and (B) to the Administrative Agent (with a copy to the Company) on the first Business Day of each calendar quarter a written report setting forth the average daily aggregate Available Amount during the preceding calendar quarter of all Letters of Credit.
(e)    Failure to Make Advances.  The failure of any Lender to make the Revolving Credit Advance to be made by it on the date specified in Section 2.04(c) shall not relieve any other Lender of its obligation hereunder to make its Revolving Credit Advance on such date, but no Lender shall be responsible for the failure of any other Lender to make the Revolving Credit Advance to be made by such other Lender on such date.
SECTION 2.05.  Fees.  (a)  Commitment Fee.  The Company agrees to pay to the Administrative Agent for the account of each Lender a commitment fee on the aggregate amount of such Lender’s Unused Commitment (Fee Calculation) from the date hereof in the case of each Initial Lender and from the effective date specified in the Assumption Agreement or in the Assignment and Assumption pursuant to which it became a Lender in the case of each other Lender until the Termination Date at a rate per annum equal to the Applicable Percentage in effect from time to time, payable in arrears quarterly on the last day of each March, June, September and December, commencing June 30, 2021, and on the Termination Date, provided that no Defaulting Lender shall be entitled to receive any commitment fee for any period during which that Lender is a Defaulting Lender (and the Company shall not be required to pay such fee that otherwise would have been required to have been paid to that Defaulting Lender).
(b)    Letter of Credit Fees.  (i)  Each Borrower shall pay to the Administrative Agent for the account of each Lender a fee on such Lender’s Ratable Share of the sum of (x) the actual daily aggregate Available Amount of all Letters of Credit issued at the request of such Borrower and outstanding from time to time and (y) any Advances bearing interest determined by reference to the Overnight Rate as provided in Section 2.04(c) and outstanding from time to time, at a rate per annum equal to the Applicable Letter of Credit Rate in effect from time to time, during such calendar quarter, payable in arrears quarterly on the third Business Day after the last day of each March, June, September and December, commencing with the quarter ended June 30, 2021, and on and after the Termination Date payable upon demand; provided that the Applicable Letter of Credit Rate shall be 1% above the Applicable Letter of Credit Rate in effect upon the occurrence and during the continuation of an Event of Default if the Borrowers are required to pay default interest pursuant to Section 2.08(b); and provided, further, that no Defaulting Lender shall be entitled to receive any fee in respect of Letters of Credit for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay such fee to that Defaulting Lender but shall pay such fee in the manner and to the extent set forth in Section 2.20).

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(ii)    Each Borrower shall pay to each Issuing Bank for its own account such reasonable fees as have been agreed between the Company and such Issuing Bank.
(c)    Agent’s Fees.  The Company shall pay to the Administrative Agent and Swing Line Agent for its own account such fees, and at such times, as the Company and such Agent may separately agree.
SECTION 2.06.  Termination or Reduction of the Commitments.  (a)  Optional Ratable Termination or Reduction.  The Company shall have the right, upon at least three Business Days’ notice to the Administrative Agent, to terminate in whole or permanently reduce ratably in part the Unused Commitments of the Lenders, provided that each partial reduction shall be in an aggregate amount not less than $10,000,000 or an integral multiple of $1,000,000 in excess thereof, provided that following any such termination or reduction, the aggregate Swing Line Commitments shall not exceed the aggregate Revolving Credit Commitments.  The aggregate amount of the Commitments, once reduced as provided in this Section 2.06(a), may not be reinstated.
(b)    Non-Ratable Termination by Assignment.    The Company shall have the right, upon at least ten Business Days’ written notice to the Administrative Agent (which shall then give prompt notice thereof to the relevant Lender), to require any Lender (including any Defaulting Lender) to assign, pursuant to and in accordance with the provisions of Section 9.06, all of its rights and obligations under this Agreement and under the Notes to an Eligible Assignee selected by the Company; provided, however, that (i) no Event of Default shall have occurred and be continuing at the time of such request and at the time of such assignment; (ii) the assignee shall have paid to the assigning Lender the aggregate principal amount of, and any interest accrued and unpaid to the date of such assignment on, the Note or Notes of such Lender; (iii) the Company shall have paid to the assigning Lender any and all accrued commitment fees and Letter of Credit fees payable to such Lender and all other accrued and unpaid amounts owing to such Lender under any provision of this Agreement (including, but not limited to, any increased costs or other additional amounts owing under Section 2.11 and Section 9.04 and any indemnification for Taxes under Section 2.14) as of the effective date of such assignment; (iv) if the assignee selected by the Company is not an existing Lender, such assignee or the Company shall have paid the processing and recordation fee required under Section 9.06(b) for such assignment and (v) if the assigning Lender is an Issuing Bank, the Company shall pay to the Administrative Agent for deposit in the Cash Deposit Account an amount equal to the Available Amount of all Letters of Credit issued by such Issuing Bank; provided further that the Company shall have no right to replace more than three Non-Defaulting Lenders in any calendar year pursuant to this Section 2.06(b); and provided further that the assigning Lender’s rights under Sections 2.11, 2.14 and 9.04, and, in the case of an Issuing Bank, Sections 2.04(b) and 6.02, and its obligations under Section 8.05, shall survive such assignment as to matters occurring prior to the date of assignment.

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(c)    Non-Ratable Reduction.  (i)  The Company shall have the right, at any time other than during any Rating Condition, upon at least ten Business Days’ notice to a Lender (with a copy to the Administrative Agent), to terminate in whole such Lender’s Commitments.  Such termination shall be effective, (x) with respect to such Lender’s Unused Commitment, on the date set forth in such notice, provided, however, that such date shall be no earlier than ten Business Days after receipt of such notice and (y) with respect to each Advance outstanding to such Lender, in the case of Base Rate Advances, on the date set forth in such notice and, in the case of Eurocurrency Rate, on the last day of the then current Interest Period relating to such Advance; provided further, however, that such termination shall not be effective, if, after giving effect to such termination, the Company would, under this Section 2.06(c), reduce the Lenders’ Revolving Credit Commitments in any calendar year by an amount in excess of the Revolving Credit Commitments of any three Lenders or $240,000,000, whichever is greater on the date of such termination.  Notwithstanding the preceding proviso, the Company may terminate in whole the Commitments of any Lender in accordance with the terms and conditions set forth in Section 2.06(b).  Upon termination of a Lender’s Commitments under this Section 2.06(c), the Company will pay or cause to be paid all principal of, and interest accrued to the date of such payment on, Advances owing to such Lender and pay any accrued commitment fees or Letter of Credit fees payable to such Lender pursuant to the provisions of Section 2.05, and all other amounts payable to such Lender hereunder (including, but not limited to, any increased costs or other amounts owing under Section 2.11 and any indemnification for Taxes under Section 2.14); and upon such payments and, if such Lender is an Issuing Bank, shall pay to the Administrative Agent for deposit in the Cash Deposit Account an amount equal to the Available Amount of all Letters of Credit issued by such Issuing Bank, the obligations of such Lender hereunder shall, by the provisions hereof, be released and discharged; provided, however, that such Lender’s rights under Sections 2.11, 2.14 and 9.04, and, in the case of an Issuing Bank, Sections 2.04(b) and 6.02, and its obligations under Section 8.05 shall survive such release and discharge as to matters occurring prior to such date.  The aggregate amount of the Commitments of the Lenders once reduced pursuant to this Section 2.06(c) may not be reinstated.
(ii)    For purposes of this Section 2.06(c) only, the term “Rating Condition” shall mean a period commencing with notice (a “Rating Condition Notice”) by the Administrative Agent to the Company and the Lenders to the effect that the Administrative Agent has been informed that the rating of the senior public Debt of the Company is unsatisfactory under the standard set forth in the next sentence, and ending with notice by the Administrative Agent to the Company and the Lenders to the effect that such condition no longer exists.  The Administrative Agent shall give a Rating Condition Notice promptly upon receipt from the Company or any Lender of notice stating, in effect, that both of S&P and Moody’s, respectively, then rate the senior public Debt of the Company lower than BBB- and Baa3.  The Company agrees to give notice to the Administrative Agent forthwith upon any change in a rating by either such organization of the senior public Debt of the Company; the Administrative Agent shall have no duty whatsoever to verify the accuracy of any such notice from the Company or any Lender or to monitor independently the ratings of the senior public Debt of the Company and no Lender shall have any duty to give any such notice.  The Administrative Agent shall give notice to the Lenders and the Company as to the termination of a Rating Condition promptly upon receiving a notice from the Company to the Administrative Agent (which notice the Administrative Agent shall promptly notify to the Lenders) stating that the rating of the senior public Debt of the Company does not meet the standard set forth in the second sentence of this clause (ii), and requesting that the Administrative Agent notify the Lenders of the termination of the Rating Condition.  The Rating Condition shall terminate upon the giving of such notice by the Administrative Agent.

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(d)    Termination by a Lender.  In the event that a Change of Control occurs, each Lender may, by notice to the Company and the Administrative Agent given not later than 50 calendar days after such Change of Control, terminate its Revolving Credit Commitment, its Unissued Letter of Credit Commitment and its or its affiliate’s Swing Line Commitment, if any, which Commitments shall be terminated effective as of the later of (i) the date that is 60 calendar days after such Change of Control or (ii) the end of the Interest Period for any Eurocurrency Rate Advance outstanding at the time of such Change of Control or for any Eurocurrency Rate Advance made pursuant to the next sentence of this Section 2.06(d).  Upon the occurrence of a Change of Control, each Borrower’s right to make a Borrowing or request the issuance of a Letter of Credit under this Agreement shall be suspended for a period of 60 calendar days, except for Base Rate Advances and Eurocurrency Rate Advances having an Interest Period ending not later than 90 calendar days after such Change of Control.  A notice of termination pursuant to this Section 2.06(d) shall not have the effect of accelerating any outstanding Advance of such Lender and the Notes of such Lender.
(e)    Funds deposited to the Cash Deposit Account pursuant to Section 2.06(b)(v) above (in the case of an assigning Lender thereunder that is an Issuing Bank) or Section 2.06(c)(i) above (in the case of a Lender whose Commitments are terminated thereunder that is an Issuing Bank) shall be applied to reimburse any drawings made under any Letter of Credit issued by such applicable Issuing Bank to the extent permitted by applicable law, and if so applied then such reimbursement shall be deemed satisfaction of the obligations of the Lenders and of the applicable Borrower to reimburse such drawing.  After all of the Letters of Credit issued by such Issuing Banks shall have expired or been fully drawn upon and all other obligations of the Borrowers hereunder to such Issuing Banks have been paid in full, the balance, if any, in the Cash Deposit Account shall be promptly returned to the Company.
SECTION 2.07.  Repayment of Advances.  (a)  Revolving Credit Advances.  Each Borrower shall repay to the Administrative Agent for the ratable account of the Lenders on the Termination Date the aggregate principal amount of the Revolving Credit Advances then outstanding.
(b)    Letter of Credit Reimbursements.  The obligation of any Borrower under this Agreement, any Letter of Credit Application and any other agreement or instrument, in each case, to repay any Revolving Credit Advance that results from payment of a drawing under a Letter of Credit shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement, such Letter of Credit Application and such other agreement or instrument under all circumstances, including, without limitation, the following circumstances (it being understood that any such payment by a Borrower is without prejudice to, and does not constitute a waiver of, any rights such Borrower might have or might acquire as a result of the payment by any Lender of any draft or the reimbursement by the Borrower thereof as set forth in Section 9.16 or otherwise):

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(i)    any lack of validity or enforceability of this Agreement, any Note, any Letter of Credit Application, any Letter of Credit or any other agreement or instrument relating thereto (all of the foregoing being, collectively, the “L/C Related Documents”);
(ii)    any change in the time, manner or place of payment of any Letter of Credit;
(iii)    the existence of any claim, set-off, defense or other right that any Borrower may have at any time against any beneficiary or any transferee of a Letter of Credit (or any Persons for which any such beneficiary or any such transferee may be acting), any Issuing Bank, the Administrative Agent, any Lender or any other Person, whether in connection with the transactions contemplated by the L/C Related Documents or any unrelated transaction;
(iv)    any statement or any 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;
(v)    payment by any Issuing Bank under a Letter of Credit against presentation of a draft or certificate that does not substantially comply with the terms of such Letter of Credit;
(vi)    any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from any guarantee, for all or any of the obligations of any Borrower in respect of the L/C Related Documents; or
(vii)    any other circumstance or happening 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 such Borrower’s obligations hereunder.
(c)    Swing Line Advances.  (i)  Each Borrower shall repay to the Swing Line Agent for the ratable account of the Swing Line Banks the unpaid principal amount of each Swing Line Advance outstanding on the applicable Swing Line Maturity Date.
(ii)    In the event that a Borrower does not repay a Swing Line Advance made to it in full on the applicable Swing Line Maturity Date, on the Business Day immediately following such day, that Borrower shall be deemed to have served a Notice of Revolving Credit Borrowing for a Revolving Credit Borrowing to be made on the third Business Day thereafter in the amount (including accrued interest) and currency of such Swing Line Advance and with an Interest Period of one month and such Revolving Credit Advance shall be made on the third Business Day in accordance with Section 2.02(a) (without regard to the minimum amount thereof) and the proceeds thereof applied in repayment of such Swing Line Advance.  Notwithstanding anything contained herein to the contrary, for the time period from the day immediately following the applicable Swing Line Maturity Date for any such Swing Line Advance that is not repaid on the applicable Swing Line Maturity Date until and including the third Business Day thereafter, Section 2.08(b) shall apply to the unpaid principal amount of any such Swing Line Advance.
(iii)    Section 3.03 shall not apply to any Revolving Credit Advance to which this Section 2.07(c) refers.  
(iv)    In the circumstances set out in paragraph (ii) above, to the extent that it is not possible to make a Revolving Credit Advance due to the insolvency of a Borrower, the Lenders will indemnify (pro-rata according to their Revolving Credit Commitments) the Swing Line Banks for any loss that they incur as a result of the relevant Swing Line Borrowing.
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SECTION 2.08.  Interest on Revolving Credit Advances and Swing Line Advances.  (a)  Scheduled Interest.  (i)  Each Borrower shall pay interest on the unpaid principal amount of each Revolving Credit Advance owing by such Borrower to each Lender from the date of such Revolving Credit Advance, until such principal amount shall be paid in full, at the following rates per annum:
(A)    Base Rate Advances.  During such periods as such Revolving Credit Advance is a Base Rate Advance, a rate per annum equal at all times to the sum of (x) the Base Rate in effect from time to time plus (y) the Applicable Margin in effect from time to time, payable in arrears quarterly on the last Business Day of each March, June, September and December during such periods and on the date such Base Rate Advance shall be Converted or paid in full.
(B)    Eurocurrency Rate Advances.  During such periods as such Revolving Credit Advance is a Eurocurrency Rate Advance, a rate per annum equal at all times during each Interest Period for such Revolving Credit Advance to the sum of (x) the Eurocurrency Rate for such Interest Period for such Revolving Credit Advance plus (y) the Applicable Margin in effect from time to time, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every three months from the first day of such Interest Period and on the date such Eurocurrency Rate Advance shall be Converted or paid in full.
(ii)  Each Borrower shall pay interest on the unpaid principal amount of each Swing Line Advance owing by such Borrower to each Swing Line Bank from the date of such Swing Line Advance until such principal amount shall be paid in full, at the following rates per annum:
(A)    Euro Swing Line Advances.  For each Euro Swing Line Advance, a rate per annum equal at all times to the sum of (x) the Overnight Rate in effect from time to time plus (y) the Applicable Margin, payable in arrears on the applicable Swing Line Maturity Date.
(B)    Dollar Swing Line Advances.  For each Dollar Swing Line Advance, a rate per annum equal at all times during the Interest Period for such Dollar Swing Line Advance to the sum of (x) the Overnight Rate in effect from time to time plus (y) the Applicable Margin, payable in arrears on the applicable Swing Line Maturity Date.

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(b)    Default Interest.  Upon the occurrence and during the continuance of an Event of Default under Section 6.01(a), each Borrower shall pay interest on (i) the unpaid principal amount of each Revolving Credit Advance owing by such Borrower to each Lender, payable in arrears on the dates referred to in clause (a) above, at a rate per annum equal at all times to 1% per annum above the rate per annum required to be paid on such Revolving Credit Advance pursuant to clause (a) above and (ii) to the fullest extent permitted by law, the amount of any interest, fee or other amount payable hereunder by such Borrower that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 1% per annum above the rate per annum required to be paid on such Revolving Credit Advance pursuant to clause (a) above.
SECTION 2.09.  Interest Rate Determination.  (a)  The Administrative Agent shall give prompt notice (i) to the Company and the Lenders of the applicable interest rate determined by the Administrative Agent for purposes of Section 2.08(a)(i) and (ii) to the Company, the Swing Line Banks and the Swing Line Agent of the applicable interest rate determined by the Administrative Agent for purposes of Section 2.08(a)(ii).
(b)    If, with respect to any Eurocurrency Rate Advances, the Majority Lenders notify the Administrative Agent that (i) they are unable to obtain matching deposits in the London interbank market at or about 11:00 A.M. (London time) on the second Business Day before the making of a Borrowing in sufficient amounts to fund their respective Revolving Credit Advances as part of such Borrowing during its Interest Period or (ii) the Eurocurrency Rate for any Interest Period for such Advances will not adequately reflect the cost to such Majority Lenders of making, funding or maintaining their respective Eurocurrency Rate Advances for such Interest Period, the Administrative Agent shall forthwith so notify each Borrower and the Lenders, whereupon (A) such Borrower will, on the last day of the then existing Interest Period therefor, (1) if such Eurocurrency Rate Advances are denominated in Dollars, either (x) prepay such Advances or (y) Convert such Advances into Base Rate Advances and (2) if such Eurocurrency Rate Advances are denominated in any Major Currency, either (x) prepay such Advances or (y) exchange such Advances into an Equivalent amount of Dollars and Convert such Advances into Base Rate Advances, and (B) the obligation of the Lenders to make Eurocurrency Rate Advances in the same currency as such Eurocurrency Rate Advances shall be suspended until the Administrative Agent shall notify each Borrower and the Lenders that the circumstances causing such suspension no longer exist.
(c)    If any Borrower, in requesting a Revolving Credit Borrowing comprised of Eurocurrency Rate Advances, shall fail to select the duration of the Interest Period for such Eurocurrency Rate Advances in accordance with the provisions contained in the definition of “Interest Period” in Section 1.01, the Administrative Agent will forthwith so notify such Borrower and the Lenders and such Advances will (to the extent such Eurocurrency Rate Advances remain outstanding on such day) automatically, on the last day of the then existing Interest Period therefor, (i) if such Eurocurrency Rate Advances are denominated in Dollars, Convert into Base Rate Advances and (ii) if such Eurocurrency Rate Advances are denominated in any Major Currency, be exchanged into an Equivalent amount of Dollars and be Converted into Base Rate Advances.

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(d)    Upon the occurrence and during the continuance of any Event of Default under Section 6.01(a), (i) each Eurocurrency Rate Advance will (to the extent such Eurocurrency Rate Advance remains outstanding on such day) automatically, on the last day of the then existing Interest Period therefor, (A) if such Eurocurrency Rate Advance is denominated in Dollars, be Converted into a Base Rate Advance and (B) if such Eurocurrency Rate Advance is denominated in any Major Currency, be exchanged into an Equivalent amount of Dollars and Converted into a Base Rate Advance and (ii) the obligation of the Lenders to make Eurocurrency Rate Advances shall be suspended.
(e)    If the applicable Bloomberg screen is unavailable,
(i)    the Administrative Agent shall forthwith notify the relevant Borrower and the Lenders that the interest rate cannot be determined for such Eurocurrency Rate Advances,
(ii)    with respect to Eurocurrency Rate Advances, each such Advance will (to the extent such Eurocurrency Rate Advance remains outstanding on such day) automatically, on the last day of the then existing Interest Period therefor, (A) if such Eurocurrency Rate Advance is denominated in Dollars, be prepaid by the applicable Borrower or be automatically Converted into a Base Rate Advance and (B) if such Eurocurrency Rate Advance is denominated in any Major Currency, be prepaid by the applicable Borrower or be automatically exchanged into an Equivalent amount of Dollars and Converted into a Base Rate Advance, and
(iii)    the obligation of the Lenders to make Eurocurrency Rate Advances shall be suspended until the Administrative Agent shall notify the Borrowers and the Lenders that the circumstances causing such suspension no longer exist.
SECTION 2.10.  Prepayments of Revolving Credit Advances and Swing Line Advances.  (a)  Optional Prepayments.  (i)  Revolving Credit Advances.  Each Borrower may, upon notice to the Administrative Agent stating the proposed date and aggregate principal amount of the prepayment, given not later than 11:00 A.M. (New York City time) on the second Business Day prior to the date of such proposed prepayment, in the case of Eurocurrency Rate Advances, and not later than 11:00 A.M. (New York City time) on the day of such proposed prepayment, in the case of Base Rate Advances, and, if such notice is given, such Borrower shall, prepay the outstanding principal amount of the Revolving Credit Advances comprising part of the same Revolving Credit Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial prepayment shall be in an aggregate principal amount not less than $10,000,000 or the Equivalent thereof in a Major Currency (determined on the date notice of prepayment is given) or an integral multiple of $1,000,000 or the Equivalent thereof in a Major Currency (determined on the date notice of prepayment is given) in excess thereof and (y) in the event of any such prepayment of a Eurocurrency Rate Advance other than on the last day of the Interest Period therefor, such Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 9.04(c).  Each notice of prepayment by a Designated Subsidiary shall be given to the Administrative Agent through the Company.

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(ii)    Swing Line Advances.  Each Borrower may, upon notice to the Administrative Agent and the Swing Line Agent by 9:30 A.M. (London time) on the date of the prepayment stating the aggregate principal amount of the prepayment, and, if such notice is given, such Borrower shall prepay the outstanding principal amount of the Swing Line Advances comprising part of the same Swing Line Borrowing in whole or ratably in part; provided, however, that (x) each partial prepayment shall be in an aggregate principal amount of no less than €1,000,000 or $1,000,000, as the case may be and (y) in the event of any such prepayment of a Swing Line Advance other than on the maturity date therefor, such Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 9.04(c).
(b)    Mandatory Prepayments.  If, on any date, the sum of (i) the aggregate principal amount of all Advances denominated in Dollars then outstanding plus (ii) the Equivalent in Dollars (determined on the third Business Day prior to such date) of the aggregate principal amount of all Advances denominated in Major Currencies then outstanding plus (iii) the aggregate Available Amount of all Letters of Credit denominated in Dollars then outstanding plus (iv) the Equivalent in Dollars (determined on the third Business Day prior to such date) of the aggregate Available Amount of all Letters of Credit denominated in Major Currencies then outstanding exceeds 103% of the aggregate Commitments of the Lenders on such date, the Company and each other Borrower, if any, shall thereupon promptly prepay the outstanding principal amount of any Advances owing by such Borrower in an aggregate amount (or deposit an amount in the Cash Deposit Account) sufficient to reduce such sum (calculated on the basis of the Available Amount of Letters of Credit being reduced by the amount in the Cash Deposit Account) to an amount not to exceed 100% of the aggregate Commitments of the Lenders on such date, together with any interest accrued to the date of such prepayment on the principal amounts prepaid and, in the case of any prepayment of a Eurocurrency Rate Advance on a date other than the last day of an Interest Period, any additional amounts which such Borrower shall be obligated to reimburse to the Lenders in respect thereof pursuant to Section 9.04(c).  The Administrative Agent shall give prompt notice of any prepayment required under this Section 2.10(b) to the Borrowers and the Lenders.
SECTION 2.11.  Increased Costs.  (a)  If, due to either (i) the introduction of or any change in or in the interpretation of any law or regulation or (ii) the compliance with any guideline or request from any central bank or other governmental authority including, without limitation, any agency of the European Union or similar monetary or multinational authority (whether or not having the force of law), there shall be any increase in the cost to any Lender of agreeing to make or making, funding or maintaining Eurocurrency Rate Advances or agreeing to issue or of issuing or maintaining or participating in Letters of Credit (excluding for purposes of this Section 2.11 any such increased costs resulting from (i) Taxes or Other Taxes (as to which Section 2.14 shall govern) and (ii) changes in the basis of taxation of overall net income or overall gross income by the United States or by the foreign jurisdiction or state under the laws of which such Lender is organized or has its Applicable Lending Office or any political subdivision thereof), then the Borrower of such Advances shall from time to time, upon demand by such Lender (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender additional amounts sufficient to compensate such Lender for such increased cost.  A certificate as to the amount of such increased cost, submitted to such Borrower and the Administrative Agent by such Lender, shall be conclusive and binding for all purposes, absent manifest error.  For the avoidance of doubt, this Section 2.11(a) shall apply to all requests, rules, guidelines or directives issued in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act and 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 financial regulatory authorities, in each case pursuant to Basel III, regardless of the date adopted, issued, promulgated or implemented.
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(b)    If any Lender determines that compliance with any law or regulation or any guideline or request from any central bank or other governmental authority including, without limitation, any agency of the European Union or similar monetary or multinational authority (whether or not having the force of law) affects or would affect the amount of capital or liquidity required or expected to be maintained by such Lender or any corporation controlling such Lender and that the amount of such capital or liquidity is increased by or based upon the existence of such Lender’s commitment to lend or to issue or participate in Letters of Credit hereunder and other commitments of this type or the issuance of or participation in the Letters of Credit (or similar contingent obligations) hereunder, then, upon demand by such Lender (with a copy of such demand to the Administrative Agent), the Company shall pay to the Administrative Agent for the account of such Lender, from time to time as specified by such Lender, additional amounts sufficient to compensate such Lender or such corporation in the light of such circumstances, to the extent that such Lender reasonably determines such increase in capital or liquidity to be allocable to the existence of such Lender’s commitment to lend hereunder.  A certificate as to such amounts submitted to the Company and the Administrative Agent by such Lender shall be conclusive and binding for all purposes, absent manifest error.  For the avoidance of doubt, this Section 2.11(b) shall apply to all requests, rules, guidelines or directives concerning capital adequacy or liquidity issued in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives concerning capital adequacy or liquidity promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States financial regulatory authorities, in each case pursuant to Basel III, regardless of the date adopted, issued, promulgated or implemented.
(c)    Any Lender claiming any additional amounts payable pursuant to this Section 2.11 shall, upon the written request of the Company delivered to such Lender and the Administrative Agent, assign, pursuant to and in accordance with the provisions of Section 9.06, all of its rights and obligations under this Agreement and under the Notes to an Eligible Assignee selected by the Company; provided, however, that (i) no Default shall have occurred and be continuing at the time of such request and at the time of such assignment; (ii) the assignee shall have paid to the assigning Lender the aggregate principal amount of, and any interest accrued and unpaid to the date of such assignment on, the Note or Notes of such Lender; (iii) the Company shall have paid to the assigning Lender any and all commitment fees and other fees payable to such Lender and all other accrued and unpaid amounts owing to such Lender under any provision of this Agreement (including, but not limited to, any increased costs or other additional amounts owing under this Section 2.11 and Section 9.04(c), and any indemnification for Taxes under Section 2.14) as of the effective date of such assignment and (iv) if the assignee selected by the Company is not an existing Lender, such assignee or the Company shall have paid the processing and recordation fee required under Section 9.06(b) for such assignment; provided further that the assigning Lender’s rights under Sections 2.11, 2.14 and 9.04, and its obligations under Section 8.05, shall survive such assignment as to matters occurring prior to the date of assignment.

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(d)    Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Company shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 90 days prior to the date that such Lender notifies the Company of the change or circumstance giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the change or circumstance giving rise to such increased costs or reductions is retroactive, then the 90 day period referred to above shall be extended to include the period of retroactive effect thereof.
(e)    Notwithstanding any other provision in this Section, no Lender shall demand compensation for any increased cost pursuant to this Section 2.11 if it shall not at the time be the general policy or practice of such Lender to demand such compensation in similar circumstances under comparable provisions of other credit agreements; provided that no Lender shall be required to disclose any confidential or proprietary information in respect of such demand.
SECTION 2.12.  Illegality.  Notwithstanding any other provision of this Agreement, if any Lender shall notify the Administrative Agent that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for any Lender or its Eurocurrency Lending Office to perform its obligations hereunder to make Eurocurrency Rate Advances in Dollars or any Major Currency or Swing Line Advances in Euros or to fund or maintain Eurocurrency Rate Advances in Dollars or in any Major Currency or Swing Line Advances in Euros hereunder, (a) each such Eurocurrency Rate Advance or Swing Line Advance, as the case may be, will automatically, upon such demand, (i) if such Eurocurrency Rate Advance is denominated in Dollars, be Converted into a Base Rate Advance, and (ii) if such Eurocurrency Rate Advance or Swing Line Advance is denominated in any Major Currency, be exchanged into an Equivalent amount of Dollars and Converted into a Base Rate Advance and (b) the obligation of the Lenders to make such Eurocurrency Rate Advances or such Swing Line Advances shall be suspended until the Administrative Agent shall notify the Company and the Lenders that the circumstances causing such suspension no longer exist.
SECTION 2.13.  Payments and Computations.  (a)  Each Borrower shall make each payment hereunder and under any Notes, except with respect to principal of, interest on, and other amounts relating to, Advances denominated in a Major Currency or Swing Line Advances, not later than 11:00 A.M. (New York City time) on the day when due in Dollars to the Administrative Agent at the applicable Agent’s Office in same day funds without set-off, counterclaim or deduction of any kind.  Each Borrower shall make each payment hereunder and under any Notes with respect to principal of, interest on, and other amounts relating to Advances (other than Swing Line Advances) denominated in a Major Currency not later than 12:00 Noon (at the Agent’s Office for such Major Currency) on the day when due in such Major Currency to the Administrative Agent in same day funds by deposit of such funds to the account at the applicable Agent’s Office without set-off, counterclaim or deduction of any kind.  Each Borrower shall make each payment hereunder and under any Notes with respect to principal of, interest on, and other amounts relating to Swing Line Advances not later than 12:00 Noon (London time) on the day when due in the currency of such Swing Line Advance to the Swing Line Agent in same day funds by deposit of such funds to the account at the applicable Agent’s Office without set-off, counterclaim or deduction of any kind.  The Administrative Agent or Swing Line Agent, as the case may be, will promptly thereafter cause to be distributed like funds relating to the payment of principal, interest, commitment fees or Letter of Credit fees ratably (other than amounts payable pursuant to Section 2.04(c), 2.05(b)(ii), 2.06(b), 2.06(c), 2.11, 2.14 or 9.04(c)) to the applicable Lenders for the account of their respective Applicable Lending Offices, and like funds relating to the payment of any other amount payable to any Lender to such Lender for the account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement.  Upon any Assuming Lender becoming a Lender 
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hereunder as a result of a Commitment Increase pursuant to Section 2.18 or an extension of the Termination Date pursuant to Section 2.19, and upon the Administrative Agent’s receipt of such Lender’s Assumption Agreement and recording of the information contained therein in the Register, from and after the applicable Increase Date or Extension Date, as the case may be, the Administrative Agent or Swing Line Agent, as the case may be, shall make all payments hereunder and under any Notes issued in connection therewith in respect of the interest assumed thereby to the Assuming Lender.  Upon its acceptance of an Assignment and Assumption and recording of the information contained therein in the Register pursuant to Section 9.06(c), from and after the effective date specified in such Assignment and Assumption, the Administrative Agent or Swing Line Agent, as the case may be, shall make all payments hereunder and under any Notes in respect of the interest assigned thereby to the Lender assignee thereunder, and the parties to such Assignment and Assumption shall make all appropriate adjustments in such payments for periods prior to such effective date directly between themselves.
(b)    All computations of interest based on the Base Rate and of commitment fees shall be made by the Administrative Agent on the basis of a year of 365 or 366 days, as the case may be and all computations of interest on Swing Line Advances or based on the Eurocurrency Rate, the Overnight Rate or the Federal Funds Rate and of Letter of Credit fees shall be made by the Administrative Agent or the Swing Line Agent, as the case may be, on the basis of a year of 360 days (or, in each case of Advances denominated in Major Currencies where market practice differs, in accordance with market practice), in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest, commitment fees or Letter of Credit fees are payable.  Each determination by the Administrative Agent or Swing Line Agent, as the case may be, of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.
(c)    Whenever any payment hereunder or under the Notes shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest, commitment fee or Letter of Credit fee, as the case may be; provided, however, that, if such extension would cause payment of interest on or principal of Eurocurrency Rate Advances to be made in the next following calendar month, such payment shall be made on the next preceding Business Day.
(d)    Unless the Administrative Agent shall have received notice from any Borrower prior to the date on which any payment is due to the Lenders hereunder that such Borrower will not make such payment in full, the Administrative Agent may assume that such Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender.  If and to the extent such Borrower shall not have so made such payment in full to the Administrative Agent, each Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent, at the greater of (i) (x) the Federal Funds Rate in the case of Advances denominated in Dollars or (y) the cost of funds incurred by the Administrative Agent in respect of such amount in the case of Advances denominated in Major Currencies and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

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(e)    With respect to any payment that the Administrative Agent makes for the account of the Lenders or any Issuing Bank hereunder as to which the Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of the following applies (such payment referred to as the “Rescindable Amount”): (1) the applicable Borrower has not in fact made such payment; (2) the Administrative Agent has made a payment in excess of the amount so paid by such Borrower (whether or not then owed); or (3) the Administrative agent has for any reason otherwise erroneously made such payment; then each of the Lenders or the applicable Issuing Banks, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount so distributed to such Lender or such Issuing Bank, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of (i) (x) the Federal Funds Rate in the case of Advances denominated in Dollars or (y) the cost of funds incurred by the Administrative Agent in respect of such amount in the case of Advances denominated in Major Currencies and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
SECTION 2.14.  Taxes.  (a)  Except as otherwise provided in this Section 2.14, any and all payments by or on behalf of any Borrower (including the Company in its capacity as a guarantor under Article VII hereof) hereunder or under the Notes shall be made, in accordance with Section 2.13, free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, (i) in the case of each Lender and each Agent, (A) net income taxes imposed by the United States or any State thereof and taxes imposed on its overall net income, and franchise taxes imposed on it in lieu of net income taxes, by the jurisdiction under the laws of which such Lender or such Agent (as the case may be) is organized or any political subdivision thereof and (B) any United States withholding taxes resulting from FATCA and, (ii) in the case of each Lender, taxes imposed on its overall net income, and franchise taxes imposed on it in lieu of net income taxes, by the jurisdiction of such Lender’s Applicable Lending Office or any political subdivision thereof (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities in respect of payments hereunder or under the Notes being hereinafter referred to as “Taxes”).  If any Borrower (including the Company in its capacity as a guarantor under Article VII hereof) shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any Note to any Lender or any Agent, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.14) such Lender or such Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Borrower shall make such deductions and (iii) such Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law.

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(b)    In addition, each Borrower agrees to pay any present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies that arise from any payment made hereunder or under the Notes or from the execution, delivery or registration of, performing under, or otherwise with respect to, this Agreement or the Notes (hereinafter referred to as “Other Taxes”).
(c)    Each Borrower shall indemnify each Lender and each Agent for the full amount of Taxes or Other Taxes (including, without limitation, any taxes imposed by any jurisdiction on amounts payable under this Section 2.14) imposed on or paid by such Lender or such Agent (as the case may be) and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto; provided, however, that a Borrower shall not be obligated to pay any amounts in respect of penalties, interest or expenses pursuant to this paragraph that are payable solely as a result of (i) the failure on the part of the pertinent Lender or Agent to pay over those amounts received from the Borrowers under this clause (c) or (ii) the gross negligence or willful misconduct, as finally determined in a nonappealable judgment of a court of competent jurisdiction, on the part of the pertinent Lender or Agent.  This indemnification shall be made within 30 days from the date such Lender or the Administrative Agent (as the case may be) makes written demand therefor.  Each Lender agrees to provide reasonably prompt notice to the applicable Agent, the Company and any Borrower of any imposition of Taxes or Other Taxes against such Lender; provided that failure to give such notice shall not affect such Lender’s rights to indemnification hereunder.  Each Lender agrees that it will, promptly upon a request by the Company or a Borrower having made an indemnification payment hereunder, furnish to the Company or such Borrower, as the case may be, such evidence as is reasonably available to such Lender as to the payment of the relevant Taxes or Other Taxes, and that it will, if requested by the Company or such Borrower, cooperate with the Company or such Borrower, as the case may be, in its efforts to obtain a refund or similar relief in respect of such payment.
(d)    Within 30 days after the date of any payment of Taxes by a Borrower under subsection (a) above, each Borrower shall furnish to the Administrative Agent, at its address referred to in Section 9.02, the original or a certified copy of a receipt evidencing payment thereof.  In the case of any payment hereunder or under the Notes by or on behalf of any Borrower through an account or branch outside the United States or by or on behalf of any Borrower by a payor that is not a United States person, if such Borrower determines that no Taxes are payable in respect thereof, such Borrower shall furnish, or shall cause such payor to furnish, to the Administrative Agent, at such address, an opinion of counsel acceptable to the Administrative Agent stating that such payment is exempt from Taxes.  For purposes of this subsection (d) and subsection (e), the terms “United States” and “United States person” shall have the meanings specified in Section 7701 of the Internal Revenue Code.
(e)    (i)  Each Lender organized under the laws of a jurisdiction outside the United States, on or prior to the date of its execution and delivery of this Agreement in the case of each Initial Lender, on the date of the Assumption Agreement or the Assignment  and Assumption pursuant to which it becomes a Lender in the case of each other Lender and on the date it changes its Applicable Lending Office in the case of any Lender, and from time to time thereafter as requested in writing by any Borrower (unless a change in law renders such Lender unable lawfully to do so), shall provide the Administrative Agent and each Borrower with two original Internal Revenue Service forms W-8ECI, W-8BEN or W-8BEN-E, as appropriate, or any successor or other form prescribed by the Internal Revenue Service, certifying that such Lender is exempt from or entitled to a reduced rate of United States withholding tax on payments pursuant to this Agreement or the Notes.  In addition, each Lender further agrees to provide any Borrower with any form or document as any Borrower may reasonably request which is required by any taxing authority outside the United States in order to secure an exemption from, or reduction in the rate of, withholding tax in such jurisdiction, if available to such Lender.  If the forms provided by a 
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Lender at the time such Lender first becomes a party to this Agreement or changes its Applicable Lending Office indicate a United States interest withholding tax rate in excess of zero, withholding tax at such rate shall be considered excluded from Taxes unless and until such Lender provides the appropriate forms certifying that a lesser rate applies, whereupon withholding tax at such lesser rate only shall be considered excluded from Taxes for periods governed by such form; provided, however, that, in the case of a Lender that initially becomes a party to this Agreement pursuant to an assignment in accordance with Section 9.06 or a Lender that undertakes a change in its Applicable Lending Office, the term Taxes shall include (in addition to withholding taxes that may be imposed in the future or other amounts otherwise includable in Taxes) United States withholding tax, if any, applicable on the date of such assignment or change with respect to the assignee Lender or Lender after the change in Applicable Lending Office, but only to the extent of United States withholding tax included in Taxes, if any, applicable on the date of such assignment or change with respect to the assignor Lender or Lender prior to such change in Applicable Lending Office.  If any form or document referred to in this subsection (e) requires the disclosure of information, other than information necessary to compute the tax payable and information required on the date hereof by Internal Revenue Service form W-8ECI, W-8BEN or W-8BEN-E, that a Lender reasonably considers to be confidential, such Lender shall give notice thereof to each Borrower and shall not be obligated to include in such form or document such confidential information.
(ii)    In addition, if a payment made to a Lender hereunder or under the Notes would be subject to United States 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 Internal Revenue Code, as applicable), such Lender shall deliver to the Company and the Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Company or the Administrative Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Company or the Administrative Agent as may be necessary for each Borrower or the Administrative Agent to comply with its obligations under FATCA, 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.  
(f)    For any period with respect to which a Lender has failed to provide each Borrower with the appropriate form described in Section 2.14(e) (other than if such failure is due to a change in law occurring subsequent to the date on which a form originally was required to be provided), such Lender shall not be entitled to indemnification under Section 2.14(a) or (c) with respect to Taxes imposed by the United States by reason of such failure; provided, however, that should a Lender become subject to Taxes because of its failure to deliver a form required hereunder, each Borrower shall take such steps as such Lender shall reasonably request to assist such Lender to recover such Taxes.

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(g)    If any Borrower is required to pay any additional amount to any Lender or to any Agent or on behalf of any of them to any taxing authority pursuant to this Section 2.14, such Lender shall, upon the written request of the Company delivered to such Lender and such Agent, assign, pursuant to and in accordance with the provisions of Section 9.06, all of its rights and obligations under this Agreement and under the Notes to an Eligible Assignee selected by the Company; provided, however, that (i) no Default shall have occurred and be continuing at the time of such request and at the time of such assignment; (ii) the assignee shall have paid to the assigning Lender the aggregate principal amount of, and any interest accrued and unpaid to the date of such assignment on, the Note or Notes of such Lender; (iii) the Company shall have paid to the assigning Lender any and all commitment fees and other fees payable to such Lender and all other accrued and unpaid amounts owing to such Lender under any provision of this Agreement (including, but not limited to, any increased costs or other additional amounts owing under Section 2.11, any break funding costs under Section 9.04(c) and any indemnification for Taxes under this Section 2.14) as of the effective date of such assignment; and (iv) if the assignee selected by the Company is not an existing Lender, such assignee or the Company shall have paid the processing and recordation fee required under Section 9.06(b) for such assignment; provided further that the assigning Lender’s rights under Sections 2.11, 2.14 and 9.04, and its obligations under Section 8.05, shall survive such assignment as to matters occurring prior to the date of assignment.
SECTION 2.15.  Sharing of Payments, Etc.  If any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of setoff, if any, or otherwise) on account of the Revolving Credit Advances or Swing Line Advances owing to it (other than pursuant to Section 2.04(c), 2.06(b), 2.06(c), 2.11, 2.14, 2.20 or 9.04(c)) in excess of its Ratable Share of payments on account of the Revolving Credit Advances or Swing Line Advances obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Revolving Credit Advances or Swing Line Advances owing to them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery together with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered.  Each Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 2.15 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of setoff, if any) with respect to such participation as fully as if such Lender were the direct creditor of such Borrower in the amount of such participation.
SECTION 2.16.  Use of Proceeds.  The proceeds of the Advances shall be available (and each Borrower agrees that it shall use such proceeds) for general corporate purposes of such Borrower and its Subsidiaries.  No Borrower will request any Borrowing or Letter of Credit, and no Borrower or its Subsidiaries shall use, and each Borrower shall use commercially reasonable efforts to procure that it and its Subsidiaries’ respective directors, officers and employees, in each case, when acting on behalf of the Company or its Subsidiaries shall not use, the proceeds of any Borrowing or Letter of Credit (i) in furtherance of a corrupt offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of material value, to any Person in a manner which constitutes (x) a violation of the Bribery Act, (y) a violation of the FCPA or (z) a material violation of any other Anti-Corruption Laws, (ii) for the purpose of funding or financing any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country (unless such activity, business or transaction would not result in a violation of applicable Sanctions by any party hereto), or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.
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SECTION 2.17.  Evidence of Debt.  (a)  Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower to such Lender resulting from each Revolving Credit Advance owing to such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder in respect of Revolving Credit Advances.  Each Borrower agrees that upon request of any Lender to such Borrower (with a copy of such notice to the Administrative Agent) that such Lender receive a Note to evidence (whether for purposes of pledge, enforcement or otherwise) the Revolving Credit Advances owing to, or to be made by, such Lender, such Borrower shall promptly execute and deliver to such Lender a Note payable to such Lender in a principal amount up to the Revolving Credit Commitment of such Lender.
(b)    The Register maintained by the Administrative Agent pursuant to Section 9.06(c) shall include a control account, and a subsidiary account for each Lender, in which accounts (taken together) shall be recorded (i) the date and amount of each Borrowing made hereunder, the Type of Advances comprising such Borrowing and, if appropriate, the Interest Period applicable thereto, (ii) the terms of each Assumption Agreement and each Assignment and Assumption delivered to and accepted by it, (iii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder and (iv) the amount of any sum received by the Administrative Agent from each Borrower hereunder and each Lender’s share thereof.
(c)    Entries made in good faith by the Administrative Agent in the Register pursuant to subsection (b) above, and by each Lender in its account or accounts pursuant to subsection (a) above, shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from the Borrowers to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement, absent manifest error; provided, however, that the failure of the Administrative Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of any Borrower under this Agreement.
SECTION 2.18.  Increase in the Aggregate Revolving Credit Commitments.  (a) The Company may, at any time but in any event not more than once in any calendar year prior to the Termination Date, by notice to the Administrative Agent, request that the aggregate amount of the Revolving Credit Commitments be increased by an amount of $25,000,000 or an integral multiple thereof (each a “Commitment Increase”) to be effective as of a date that is at least 90 days prior to the earliest scheduled Termination Date then in effect (the “Increase Date”) as specified in the related notice to the Administrative Agent; provided, however that (i) in no event shall the aggregate amount of the Revolving Credit Commitments at any time exceed $4,500,000,000 and (ii) on the date of any request by the Company for a Commitment Increase and on the related Increase Date the applicable conditions set forth in Section 3.03 shall be satisfied.
(b)    The Administrative Agent shall promptly notify the Lenders of a request by the Company for a Commitment Increase, which notice shall include (i) the proposed amount of such requested Commitment Increase, (ii) the proposed Increase Date and (iii) the date by which Lenders wishing to participate in the Commitment Increase must commit to an increase in the amount of their respective Revolving Credit Commitments (the “Commitment Date”).  Each Lender that is willing to participate in such requested Commitment Increase (each an “Increasing Lender”) shall, in its sole discretion, give written notice to the Administrative Agent on or prior to the Commitment Date of the amount by which it is willing to increase its Revolving Credit Commitment.  If the Lenders notify the Administrative Agent that they are willing to increase the amount of their respective Revolving Credit Commitments by an aggregate amount that exceeds the amount of the requested Commitment Increase, the requested Commitment Increase shall be allocated among the Lenders willing to participate therein in 
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such amounts as are agreed between the Company and the Administrative Agent.  Each Lender’s proposed increased Revolving Credit Commitment shall be subject to the prior written approval of each Issuing Bank and each Swing Line Bank, which consent shall not be unreasonably withheld or delayed.
(c)    Promptly following each Commitment Date, the Administrative Agent shall notify the Company as to the amount, if any, by which the Lenders are willing to participate in the requested Commitment Increase.  If the aggregate amount by which the Lenders are willing to participate in any requested Commitment Increase on any such Commitment Date is less than the requested Commitment Increase, then the Company may extend offers to one or more Eligible Assignees approved by each Issuing Bank and each Swing Line Bank (which approval shall not be unreasonably withheld or delayed) to participate in any portion of the requested Commitment Increase that has not been committed to by the Lenders as of the applicable Commitment Date; provided, however, that the Revolving Credit Commitment of each such Eligible Assignee shall be in an amount of $25,000,000 or an integral multiple thereof.
(d)    On each Increase Date, each Eligible Assignee that accepts an offer to participate in a requested Commitment Increase in accordance with Section 2.18(c) (each such Eligible Assignee and each Eligible Assignee that agrees to an extension of the Termination Date in accordance with Section 2.19(c), an “Assuming Lender”) shall become a Lender party to this Agreement as of such Increase Date and the Revolving Credit Commitment of each Increasing Lender for such requested Commitment Increase shall be so increased by such amount (or by the amount allocated to such Lender pursuant to the last sentence of Section 2.18(b)) as of such Increase Date; provided, however, that the Administrative Agent shall have received on or before such Increase Date the following, each dated such date:
(i)    (A) certified copies of resolutions of the board of directors of the Company or the Executive Committee of such Board approving the Commitment Increase and the corresponding modifications to this Agreement and (B) an opinion of counsel for the Company (which may be in-house counsel), in substantially the form of Exhibit E hereto;

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(ii)    an assumption agreement from each Assuming Lender, if any, in form and substance satisfactory to the Company and the Administrative Agent (each an “Assumption Agreement”), duly executed by such Eligible Assignee, the Administrative Agent and the Company; and
(iii)    confirmation from each Increasing Lender of the increase in the amount of its Revolving Credit Commitment in a writing satisfactory to the Company and the Administrative Agent.
On each Increase Date, upon fulfillment of the conditions set forth in the immediately preceding sentence of this Section 2.18(d), the Administrative Agent shall notify the Lenders (including, without limitation, each Assuming Lender) and the Company, on or before 1:00 P.M. (New York City time), by telecopier, of the occurrence of the Commitment Increase to be effected on such Increase Date and shall record in the Register the relevant information with respect to each Increasing Lender and each Assuming Lender on such date.  Each Increasing Lender and each Assuming Lender shall, before 2:00 P.M. (New York City time) on the Increase Date, purchase that portion of outstanding Advances of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances and funded and unfunded participations in Swing Line Advances and Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Ratable Shares (calculated based on their Revolving Credit Commitments as a percentage of the aggregate Revolving Credit Commitments outstanding after giving effect to the relevant Commitment Increase).
SECTION 2.19.  Extension of Termination Date.  (a) At least 30 days but not more than 60 days prior to any anniversary of the Restatement Date, the Company, by written notice to the Administrative Agent, may request an extension of the Termination Date in effect at such time by one year from its then scheduled expiration.  The Administrative Agent shall promptly notify each Lender of such request, and each Lender shall in turn, in its sole discretion, not later than 15 days prior to such anniversary date, notify the Company and the Administrative Agent in writing as to whether such Lender will consent to such extension.  If any Lender shall fail to notify the Administrative Agent and the Company in writing of its consent to any such request for extension of the Termination Date at least 15 days prior to the applicable anniversary date, such Lender shall be deemed to be a Non-Consenting Lender with respect to such request.  The Administrative Agent shall notify the Company not later than ten days prior to the applicable anniversary date of the decision of the Lenders regarding the Company’s request for an extension of the Termination Date.
(b)    If all the Lenders consent in writing to any such request in accordance with subsection (a) of this Section 2.19, the Termination Date in effect at such time shall, effective as at the applicable anniversary date (the “Extension Date”), be extended for one year; provided that on each Extension Date the applicable conditions set forth in Section 3.03 shall be satisfied.  If fewer than all of the Lenders consent in writing to any such request in accordance with subsection (a) of this Section 2.19, the Termination Date in effect at such time shall, effective as at the applicable Extension Date and subject to subsection (d) of this Section 2.19, be extended as to those Lenders that so consented (each a “Consenting Lender”) but shall not be extended as to any other Lender (each a “Non-Consenting Lender”).  To the extent that the Termination Date is not extended as to any Lender pursuant to this Section 2.19 and the Commitment of such Lender is not assumed in accordance with subsection (c) of this Section 2.19 on or prior to the applicable Extension Date, each Commitment of such Non-Consenting Lender shall automatically terminate in whole on such unextended Termination Date without any further notice or other action by the Company, such Lender or any other Person; provided that such Non-Consenting Lender’s rights under Sections 2.11, 2.14 and 9.04, and its obligations under Section 8.05, shall survive the Termination Date for such Lender as to matters occurring prior to such date.  It is understood and agreed that no Lender shall have any obligation whatsoever to agree to any request made 
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by the Company for any requested extension of the Termination Date.  The failure of a Lender to respond to a notice of such an increase will be deemed an election by such Lender not to participate therein.
(c)    If fewer than all of the Lenders consent to any such request pursuant to subsection (a) of this Section 2.19, the Company may arrange for one or more Consenting Lenders or other Eligible Assignees approved by each Issuing Bank and each Swing Line Bank (which approval shall not be unreasonably withheld or delayed) as Assuming Lenders to assume, effective as of the Extension Date, any Non-Consenting Lender’s Commitment and all of the obligations of such Non-Consenting Lender under this Agreement thereafter arising, without recourse to or warranty by, or expense to, such Non-Consenting Lender; provided, however, that the amount of the Commitment of any such Assuming Lender as a result of such substitution shall in no event be less than $25,000,000 unless the amount of the Commitment of such Non-Consenting Lender is less than $25,000,000, in which case such Assuming Lender shall assume all of such lesser amount; and provided further that:
(i)    any such Consenting Lender or Assuming Lender shall have paid to such Non-Consenting Lender (A) the aggregate principal amount of, and any interest accrued and unpaid to the effective date of the assignment on, the outstanding Advances, if any, of such Non-Consenting Lender plus (B) any accrued but unpaid commitment fees owing to such Non-Consenting Lender as of the effective date of such assignment;
(ii)    all additional costs reimbursements, expense reimbursements and indemnities payable to such Non-Consenting Lender, and all other accrued and unpaid amounts owing to such Non-Consenting Lender hereunder, as of the effective date of such assignment shall have been paid to such Non-Consenting Lender; and
(iii)    with respect to any such Assuming Lender, the applicable processing and recordation fee required under Section 9.06(b) for such assignment shall have been paid;
provided further that such Non-Consenting Lender’s rights under Sections 2.11, 2.14 and 9.04, and its obligations under Section 8.05, shall survive such substitution as to matters occurring prior to the date of substitution.  At least three Business Days prior to any Extension Date, (A) each such Assuming Lender, if any, shall have delivered to the Company and the Administrative Agent an Assumption Agreement, duly executed by such Assuming Lender, such Non-Consenting Lender, the Company and the Administrative Agent, (B) any such Consenting Lender shall have delivered confirmation in writing satisfactory to the Company and the Administrative Agent as to the increase in the amount of its Commitment and (C) each Non-Consenting Lender being replaced pursuant to this Section 2.19 shall have delivered to the Administrative Agent any Note or Notes held by such Non-Consenting Lender.  Upon the payment or prepayment of all amounts referred to in clauses (i), (ii) and (iii) of the second immediately preceding sentence, each such Consenting Lender or Assuming Lender, as of the Extension Date, will be substituted for such Non-Consenting Lender under this Agreement and shall be a Lender for all purposes of this Agreement, without any further acknowledgment by or the consent of the other Lenders, and the obligations of each such Non-Consenting Lender hereunder shall, by the provisions hereof, be released and discharged.

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(d)    If (after giving effect to any assignments or assumptions pursuant to subsection (c) of this Section 2.19) Lenders having Revolving Credit Commitments equal to at least 50% of the Revolving Credit Commitments in effect immediately prior to the Extension Date consent in writing to a requested extension (whether by execution or delivery of an Assumption Agreement or otherwise) not later than one Business Day prior to such Extension Date, the Administrative Agent shall so notify the Company and the Swing Line Agent, and, subject to the satisfaction of the applicable conditions in Section 3.03, the Termination Date then in effect shall be extended for the additional one-year period as described in subsection (a) of this Section 2.19, and all references in this Agreement, and in the Notes, if any, to the “Termination Date” shall, with respect to each Consenting Lender and each Assuming Lender for such Extension Date, refer to the Termination Date as so extended.  Promptly following each Extension Date, the Administrative Agent shall notify the Lenders (including, without limitation, each Assuming Lender) of the extension of the scheduled Termination Date in effect immediately prior thereto and shall thereupon record in the Register the relevant information with respect to each such Consenting Lender and each such Assuming Lender.
SECTION 2.20.  Defaulting Lenders.  (a) If any Swing Line Advances or Letters of Credit are outstanding at the time a Lender becomes a Defaulting Lender, and the Commitments have not been terminated in accordance with Section 6.01, then:
(i)    so long as no Default has occurred and is continuing, all or any part of the participations in Swing Line Advances and the Available Amount of outstanding Letters of Credit shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Ratable Shares (disregarding any Defaulting Lender’s Revolving Credit Commitment) but only to the extent that the sum of (A) the aggregate principal amount of all Advances made by such Non-Defaulting Lenders (in their capacity as Lenders) and outstanding at such time, plus (B) such Non-Defaulting Lenders’ Ratable Shares (before giving effect to the reallocation contemplated herein) of the Available Amount of all outstanding Swing Line Advances and Letters of Credit, plus (C) the aggregate principal amount of all Advances made by each Swing Line Bank and each Issuing Bank pursuant to Section 2.04(c) that have not been ratably funded by such Non-Defaulting Lenders and outstanding at such time, plus (D) such Defaulting Lender’s Ratable Share of such outstanding Swing Line Advances and the Available Amount of such Letters of Credit, does not exceed the total of all Non-Defaulting Lenders’ Revolving Credit Commitments, and the respective revolving extensions of credit of each Non-Defaulting Lender do not exceed such Non-Defaulting Lender’s Revolving Credit Commitment;
(ii)    if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrowers shall within one Business Day following notice by any Swing Line Bank or any Issuing Bank, cash collateralize such Defaulting Lender’s Ratable Share of the outstanding Swing Line Advances or the Available Amount of such Letters of Credit (after giving effect to any partial reallocation pursuant to clause (i) above), as the case may be, by paying cash collateral to such Swing Line Bank or such Issuing Bank; provided that, so long as no Default is continuing, such cash collateral shall be released promptly upon the earliest of (A) the reallocation of the Swing Line Advances and the Available Amount of outstanding Letters of Credit among Non-Defaulting Lenders in accordance with clause (i) above, (B) a reduction in outstanding Swing Line Advances and the Available Amount of all outstanding Letters of Credit by an amount equal to or greater than such Defaulting Lender’s Ratable Share of such Swing Line Advances and the Available Amount of such Letters of Credit (after giving effect to 
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any partial reallocation to clause (i)), (C) the termination of the Defaulting Lender status of the applicable Lender, (D) such Swing Line Bank’s or Issuing Bank’s good faith determination that there exists excess cash collateral (in which case, the amount equal to such excess cash collateral shall be released) or (E) the posting of cash collateral for the amount of a Defaulting Lender as contemplated by Section 2.20(e).  In the event any Letter of Credit or a portion thereof is collateralized, no fees shall be payable by the applicable Borrower on the collateralized amount of such Letter of Credit or a portion thereof; 
(iii)    to the extent the Ratable Shares of Letters of Credit of the Non-Defaulting Lenders are reallocated pursuant to this Section 2.20(a), then the fees payable to the Lenders pursuant to Section 2.05(b)(i) shall be adjusted in accordance with such Non-Defaulting Lenders’ Ratable Shares of Letters of Credit as reallocated; or 
(iv)    to the extent any Defaulting Lender’s Ratable Share of Letters of Credit is neither cash collateralized nor reallocated pursuant to Section 2.20(a), then, without prejudice to any rights or remedies of any Issuing Bank or any Lender hereunder, all letter of credit fees payable under Section 2.05(b)(i) with respect to such Defaulting Lender’s Ratable Share of Letters of Credit that have not been reallocated or collateralized shall be payable to the applicable Issuing Bank until such Defaulting Lender’s Ratable Share of Letters of Credit has been fully cash collateralized and/or reallocated.
(b)    So long as any Lender is a Defaulting Lender, no Swing Line Bank shall be required to make a Swing Line Advance, and no Issuing Bank shall be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure will be 100% covered by the Revolving Credit Commitments of the Non-Defaulting Lenders and/or cash collateral will be provided by the Borrowers in accordance with Section 2.20(a), and participating interests in any such Swing Line Advances or newly issued or increased Letter of Credit shall be allocated among Non-Defaulting Lenders in a manner consistent with Section 2.20(a)(i) (and Defaulting Lenders shall not participate therein).
(c)    No Commitment of any Lender shall be increased or otherwise affected, and, except as otherwise expressly provided in this Section 2.20, performance by the Borrowers of their obligations shall not be excused or otherwise modified, as a result of the operation of this Section 2.20.  The rights and remedies against a Defaulting Lender under this Section 2.20 are in addition to any other rights and remedies which the Borrowers, any Agent, any Swing Line Bank, any Issuing Bank or any other Lender may have against such Defaulting Lender.

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(d)    If the Borrowers, the Administrative Agent, each Swing Line Bank and each Issuing Bank agree in writing that in their reasonable determination a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Advances of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances and funded and unfunded participations in Swing Line Advances and Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Ratable Shares (without giving effect to Section 2.20(a)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender.
(e)    Notwithstanding anything to the contrary contained in this Agreement, any payment of principal, interest, commitment fees, letter of credit fees or other amounts received by the Administrative Agent for the account of any Defaulting Lender under this Agreement (whether voluntary or mandatory, at maturity, pursuant to Article VI or otherwise) shall be applied at such time or times as may be determined by the Administrative Agent as follows:  first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Swing Line Bank or any Issuing Bank hereunder; third, if so determined by the Administrative Agent or requested by any Swing Line Bank or any Issuing Bank, to be held as cash collateral for future funding obligations of such Defaulting Lender in respect of any participation in any Swing Line Advance or Letter of Credit; fourth, as the Company may request (so long as no Default exists), to the funding of any Advance in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Company, to be held in the Cash Deposit Account and released in order to satisfy obligations of such Defaulting Lender to fund Advances under this Agreement; sixth, to the payment of any amounts owing to the Lenders, the Swing Line Banks or the Issuing Banks as a result of any judgment of a court of competent jurisdiction obtained by any Lender, Swing Line Bank or Issuing Bank against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default exists, to the payment of any amounts owing to any Borrower as a result of any judgment of a court of competent jurisdiction obtained by such Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Advance in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Advances were made or the related Letters of Credit were issued at a time when the applicable conditions set forth in Article III were satisfied or waived, such payment shall be applied solely to pay the Advances of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Advances of such Defaulting Lender and provided further that any amounts held as cash collateral for funding obligations of a Defaulting Lender shall be returned to such Defaulting Lender upon the termination of this Agreement and the satisfaction of such Defaulting Lender’s obligations hereunder.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts 
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owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.20 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.
SECTION 2.21.  Benchmark Replacement Setting.  (a)  Benchmark Replacement.  Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Majority Lenders.
(b)    Benchmark Replacement Conforming Changes.  In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.
(c)    Notices; Standards for Decisions and Determinations.  The Administrative Agent will promptly notify the Company and the Lenders of (i) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (d) below and (v) the commencement or conclusion of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.21, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.21.

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(d)    Unavailability of Tenor of Benchmark.  Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.
(e)    Benchmark Unavailability Period.  Upon the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrowers may revoke any request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Advances to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrowers will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Advances.  During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.  Furthermore, if any Eurocurrency Rate Advance in any Agreed Currency is outstanding on the date of the Borrowers’ receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Eurocurrency Rate Advance, then (i) if such Eurocurrency Rate Advance is denominated in Dollars, then on the last day of the Interest Period applicable to such Advance (or the next succeeding Business Day if such day is not a Business Day), such Advance shall be converted by the Administrative Agent to, and shall constitute, a Base Rate Advance on such day or (ii) if such Eurocurrency Rate Advance is denominated in any Major Currency, then such Advance shall, on the last day of the Interest Period applicable to such Advance (or the next succeeding Business Day if such day is not a Business Day), at the applicable Borrower’s election prior to such day, (A) be prepaid by such Borrower on such day or (B) be exchanged into the Equivalent amount thereof in Dollars and converted by the Administrative Agent to, and (subject to the remainder of this subclause (B)) shall constitute, a Base Rate Advance on such day (it being understood and agreed that if such Borrower does not so prepay such Advance on such day by 12:00 noon, New York City time, the Administrative Agent is authorized to effect such exchange and conversion of such Eurocurrency Rate Advance into a Base Rate Advance).

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ARTICLE III
CONDITIONS TO EFFECTIVENESS AND LENDING
SECTION 3.01.  Conditions Precedent to Effectiveness of the Amendment and Restatement.  The amendment and restatement of the Existing Credit Agreement shall become effective on and as of the first date (the “Restatement Date”) on which the following conditions precedent have been satisfied:
(a)    There shall have occurred no Material Adverse Change since December 31, 2020, except as otherwise publicly disclosed prior to the date hereof.
(b)    There shall exist no action, suit, investigation, litigation or proceeding affecting the Company or any of its Subsidiaries pending or to the knowledge of the Company Threatened before any court, governmental agency or arbitrator that (i) is reasonably likely to have a Material Adverse Effect, except as disclosed in public filings prior to the date hereof or (ii) purports to affect the legality, validity or enforceability of this Agreement or any Note of the Company or the consummation of the transactions contemplated hereby, and there shall have been no material adverse change in the status, or financial effect on the Company or any of its material Subsidiaries, of the matters disclosed in public filings prior to the date hereof.
(c)    The Company shall have paid all accrued fees and expenses of the Administrative Agent and the Lenders in respect of this Agreement.
(d)    On the Restatement Date, the following statements shall be true and the Administrative Agent shall have received a certificate signed by a duly authorized officer of the Company, dated the Restatement Date, stating that:
(i)    The representations and warranties contained in Section 4.01 are correct on and as of the Restatement Date, and
(ii)    No event has occurred and is continuing that constitutes a Default.
(e)    The Administrative Agent shall have received on or before the Restatement Date the following, each dated such day, in form and substance satisfactory to the Administrative Agent:

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(i)    The Notes of the Company to the Lenders to the extent requested by any Lender pursuant to Section 2.17.
(ii)    Certified copies of the resolutions of the board of directors of the Company approving this Agreement and any Notes, and of all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Agreement and such Notes.
(iii)    A certificate of the Secretary or an Assistant Secretary of the Company certifying the names and true signatures of the officers of the Company authorized to sign this Agreement and the Notes of the Company and the other documents to be delivered hereunder.
(iv)    A favorable opinion of the General Counsel or an Assistant General Counsel of the Company, substantially in the form of Exhibit E hereto and as to such other matters as any Lender through the Administrative Agent may reasonably request.
(v)    Such other approvals, opinions or documents as any Lender, through the Administrative Agent, may reasonably request.
(f)    The Administrative Agent shall have received counterparts of this Agreement executed by the Company and each of the Lenders or, as to any of the Lenders, advice satisfactory to the Administrative Agent that such Lender has executed this Agreement.
(g)    The Company shall have repaid or prepaid all of the accrued obligations under the Existing Credit Agreement.  Each of the Lenders that is a party to the Existing Credit Agreement hereby waives any requirement that notice of prepayment be made in advance of the Restatement Date.
SECTION 3.02.  Initial Advance to Each Designated Subsidiary.  The obligation of each Lender to make an initial Advance to each Designated Subsidiary following any designation of such Designated Subsidiary as a Borrower hereunder pursuant to Section 9.07 is subject to the Administrative Agent’s receipt on or before the date of such initial Advance of each of the following, in form and substance satisfactory to the Administrative Agent and dated such date, and (except for the Notes) in sufficient copies for each Lender:
(a)    The Notes of such Borrower to the Lenders to the extent requested by any Lender pursuant to Section 2.17.
(b)    Certified copies of the resolutions of the board of directors of such Borrower (with a certified English translation if the original thereof is not in English) approving this Agreement and the Notes of such Borrower, and of all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Agreement and such Notes.

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(c)    A certificate of the Secretary or an Assistant Secretary of such Borrower certifying the names and true signatures of the officers of such Borrower authorized to sign this Agreement and the Notes of such Borrower and the other documents to be delivered hereunder.
(d)    A certificate signed by a duly authorized officer of the Company or such Borrower, dated as of the date of such initial Advance, certifying that such Borrower shall have obtained all governmental and third party authorizations, consents, approvals (including exchange control approvals) and licenses required under applicable laws and regulations necessary for such Borrower to execute and deliver this Agreement and the Notes and to perform its obligations thereunder.
(e)    The Designation Letter of such Designated Subsidiary, substantially in the form of Exhibit D hereto.
(f)    A favorable opinion of counsel to such Designated Subsidiary, dated the date of such initial Advance, substantially in the form of Exhibit F hereto.
(g)    At least two Business Days prior to the initial Advance to such Designated Subsidiary, if such Designated Subsidiary qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, it shall deliver, to each Lender that so requests, a Beneficial Ownership Certification in relation to such Designated Subsidiary.
(h)    Such other approvals, opinions or documents as any Lender, through the Administrative Agent, may reasonably request.
SECTION 3.03.  Conditions Precedent to Each Revolving Credit Borrowing, Swing Line Borrowing, Issuance, Commitment Increase and Extension Date.  The obligation of each Lender to make an Advance (other than an Advance made by any Issuing Bank or any Lender pursuant to Section 2.04(c)), the obligation of the Issuing Bank to issue a Letter of Credit, each Commitment Increase and each extension of Commitments pursuant to Section 2.19 shall be subject to the conditions precedent that the Restatement Date shall have occurred and on the date of such Borrowing, issuance, Commitment Increase or extension of Commitments, as the case may be, (a) the following statements shall be true (and each of the giving of the applicable Notice of Revolving Credit Borrowing, Notice of Swing Line Borrowing, Notice of Issuance, request for Commitment Increase, request for Commitment extension and the acceptance by the Borrower requesting such Borrowing or issuance of the proceeds of such Borrowing or such issuance shall constitute a representation and warranty by such Borrower that on the date of such Borrowing or issuance, such Increase Date or such Extension Date such statements are true):
(i)    the representations and warranties of the Company contained in Section 4.01 (except, in the case of a Borrowing or an issuance, the representations set forth in the last sentence of subsection (e) thereof and in subsections (f), (h)-(l) and (n) thereof) are correct in all material respects (other than any representation or warranty qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as of the date of such Borrowing or issuance, before and after giving effect to such Borrowing or issuance, such Commitment Increase or such Extension Date and to the application of the proceeds therefrom, as though made on and as of such date, and additionally, if such Borrowing or issuance shall have been requested by a Designated Subsidiary, the representations and warranties of such Designated Subsidiary contained in its Designation Letter are correct in all material respects (other than any representation or warranty qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as of the date of such Borrowing or issuance, before and after giving effect to such Borrowing or issuance and to the application of the proceeds therefrom, as though made on and as of such date, and

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(ii)    no event has occurred and is continuing, or would result from such Borrowing or issuance, such Commitment Increase or such Extension Date or from the application of the proceeds therefrom, that constitutes a Default;
and (b) the Administrative Agent shall have received such other approvals, opinions or documents as any Lender through the Administrative Agent may reasonably request.
SECTION 3.04.  Determinations Under Section 3.01.  For purposes of determining compliance with the conditions specified in Section 3.01, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless an officer of the Administrative Agent responsible for the transactions contemplated by this Agreement shall have received notice from such Lender prior to the date that the Company, by notice to the Lenders, designates as the proposed Restatement Date, specifying its objection thereto.  The Administrative Agent shall promptly notify the Lenders of the occurrence of the Restatement Date.
ARTICLE IV
REPRESENTATIONS AND WARRANTIES
SECTION 4.01.  Representations and Warranties of the Company.  The Company represents and warrants as follows:
(a)    The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.
(b)    The execution, delivery and performance by the Company of this Agreement and the Notes of the Company, and the consummation of the transactions contemplated hereby, are within the Company’s corporate powers, have been duly authorized by all necessary corporate action, and do not and will not (i) cause or constitute a violation of any provision of law or regulation, (ii) cause or constitute a violation of any provision of the Certificate of Incorporation or By-Laws of the Company or (iii) result in the breach of, or constitute a default or require any consent under, or result in the creation of any lien, charge or encumbrance upon any of the properties, revenues, or assets of the Company pursuant to, any indenture or other agreement or instrument to which the Company is a party or by which the Company or its property may be bound or affected, except in the case of clauses (i) and (iii) where such violation would not be reasonably expected to have a Material Adverse Effect.

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(c)    No authorization, consent, approval (including any exchange control approval), license or other action by, and no notice to or filing or registration with, any governmental authority, administrative agency or regulatory body or any other third party is required for the due execution, delivery and performance by the Company of this Agreement or the Notes of the Company.
(d)    This Agreement has been, and each of the Notes when delivered hereunder will have been, duly executed and delivered by the Company.  This Agreement is, and each of the Notes of the Company when delivered hereunder will be, the legal, valid and binding obligation of the Company enforceable against the Company in accordance with their respective terms, except to the extent that such enforcement may be limited by applicable bankruptcy, insolvency and other similar laws affecting creditors’ rights generally.
(e)    The Consolidated balance sheet of the Company and its Consolidated Subsidiaries as at December 31, 2020, and the related Consolidated statements of income and cash flows of the Company and its Consolidated Subsidiaries for the fiscal year then ended (together with the notes to the financial statements of the Company and its Consolidated Subsidiaries and the Consolidated statements of cash flows of the Company and its Consolidated Subsidiaries), accompanied by an opinion of one or more nationally recognized firms of independent public accountants, copies of which have been furnished to each Lender, are materially complete and correct, and fairly present the Consolidated financial condition of the Company and its Consolidated Subsidiaries as at such date and the Consolidated results of the operations of the Company and its Consolidated Subsidiaries for the period ended on such date, all in accordance with GAAP consistently applied, except as otherwise noted therein; the Company and its Consolidated Subsidiaries do not have on such date any material contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments, except as referred to or reflected or provided for in such balance sheet or the notes thereto as at such date.  No Material Adverse Change has occurred since December 31, 2020, except as otherwise publicly disclosed prior to the date hereof.
(f)    There is no action, suit, investigation, litigation or proceeding, including, without limitation, any Environmental Action, pending or to the knowledge of the Company Threatened affecting the Company or any of its Subsidiaries before any court, governmental agency or arbitrator that (i) is reasonably likely to have a Material Adverse Effect (other than as disclosed in public filings prior to the date hereof), or (ii) purports to affect the legality, validity or enforceability of this Agreement or any Note or the consummation of the transactions contemplated hereby, and there has been no adverse change in the status, or financial effect on the Company or any of its material Subsidiaries, of the matters disclosed in public filings prior to the date hereof.
(g)    Following application of the proceeds of each Advance, not more than 25 percent of the value of the assets (either of the Borrower of such Advance or of such Borrower and its Subsidiaries on a Consolidated basis) subject to the provisions of Section 5.02(a) or subject to any restriction contained in any agreement or instrument between such Borrower and any Lender or any Affiliate of any Lender relating to Debt and within the scope of Section 6.01(e) will be margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System).

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(h)    The Company and each wholly owned direct Subsidiary of the Company have, in the aggregate, met their minimum funding requirements under ERISA with respect to their Plans in all material respects and have not incurred any material liability to the PBGC, other than for the payment of premiums, in connection with such Plans.
(i)    No ERISA Event has occurred or is reasonably expected to occur with respect to any Plan of the Company or any of its ERISA Affiliates that has resulted in or is reasonably likely to result in a material liability of the Company or any of its ERISA Affiliates.
(j)    Schedule SB (Actuarial Information) to the most recent annual report (Form 5500 Series) with respect to each Plan of the Company or any of its ERISA Affiliates, copies of which have been filed with the United States Department of Labor (and which will be furnished to any Lender through the Administrative Agent upon the request of such Lender through the Administrative Agent to the Company), are complete and accurate in all material respects and fairly present in all material respects the funding status of such Plans at such date, and since the date of each such Schedule SB there has been no material adverse change in funding status.
(k)    Neither the Company nor any of its ERISA Affiliates has incurred or reasonably expects to incur any Withdrawal Liability to any Multiemployer Plan in an annual amount exceeding 6% of Net Tangible Assets of the Company and its Consolidated Subsidiaries.
(l)    No Multiemployer Plan is, or is reasonably expected to be, in reorganization, insolvent or to be terminated, within the meaning of Title IV of ERISA or to be in “endangered” or “critical” status, in any such case, which might reasonably be expected to result in a liability of the Company in an amount in excess of $150,000,000.
(m)    The Company is not, and immediately after the application by the Company of the proceeds of each Advance will not be, required to be registered as an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
(n)    To the best of the Company’s knowledge, the operations and properties of the Company and its Subsidiaries taken as a whole comply in all material respects with all Environmental Laws, all necessary Environmental Permits have been applied for or have been obtained and are in effect for the operations and properties of the Company and its Subsidiaries and the Company and its Subsidiaries are in compliance in all material respects with all such Environmental Permits.  To the best of the Company’s knowledge no circumstances exist that would be reasonably likely to form the basis of an Environmental Action against the Company or any of its Subsidiaries or any of their properties that would have a Material Adverse Effect.
(o)    The Company has implemented and maintains in effect policies and procedures designed to promote compliance by the Company, its Subsidiaries and their respective directors, officers and employees, in each case, when acting on behalf of the Company or its Subsidiaries with Anti-Corruption Laws, and the Company, its Subsidiaries and their respective officers and employees and to the knowledge of the Company, its directors, in each case, when acting on behalf of the Company and its Subsidiaries, are in compliance with Anti-Corruption Laws in all material respects. 

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(p)    The Company has implemented and maintains in effect policies and procedures designed to promote compliance by the Company and its Subsidiaries with applicable Sanctions, and the Company and its Subsidiaries are in compliance with applicable Sanctions in all material respects.  None of the Company, its Subsidiaries, or any of their respective officers or directors are Sanctioned Persons.  
ARTICLE V
COVENANTS OF THE COMPANY
SECTION 5.01.  Affirmative Covenants.  So long as any Advance shall remain unpaid or any Lender shall have any Commitment hereunder, the Company will:
(a)    Compliance with Laws, Etc.  Comply, and cause each Designated Subsidiary to comply with all applicable laws, rules, regulations and orders, such compliance to include, without limitation, compliance with ERISA and Environmental Laws as provided in Section 5.01(j), if failure to comply with such requirements would have a Material Adverse Effect, and maintain in effect and enforce policies and procedures designed to promote compliance by the Company, its Subsidiaries and their respective directors, officers and employees, in each case, when acting on behalf of the Company or its Subsidiaries in all material respects with Anti-Corruption Laws and applicable Sanctions.
(b)    Payment of Taxes, Etc.  Pay and discharge, and cause each Designated Subsidiary to pay and discharge, all taxes, assessments and governmental charges or levies imposed upon it or on its income or profits or upon any of its property; provided, however, that neither the Company nor any of its Subsidiaries shall be required to pay or discharge any such tax, assessment, charge or claim that is being contested in good faith and by proper proceedings, as to which appropriate reserves are being maintained or the failure to make payment pending such contest would not reasonably be expected to result in a Material Adverse Effect.
(c)    Maintenance of Insurance.  Maintain, and cause each Designated Subsidiary to maintain, insurance with responsible and reputable insurance companies or associations in such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which the Company or such Subsidiary operates.
(d)    Preservation of Corporate Existence, Etc.  Preserve and maintain, and cause each Designated Subsidiary to preserve and maintain, its corporate existence and all its rights (charter and statutory) privileges and franchises; provided, however, that the Company and each Designated Subsidiary may consummate any merger, consolidation or sale of assets permitted under Section 5.02(b); and provided, further, that neither the Company nor any of its Designated Subsidiaries shall be required to preserve any right, permit, license, approval, privilege or franchise if the failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
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(e)    Visitation Rights.  At any reasonable time and from time to time upon reasonable notice but not more than once a year unless an Event of Default has occurred and is continuing, permit the Administrative Agent or any of the Lenders or any agents or representatives thereof, to examine and make copies of and abstracts from the records and books of account of, and visit the properties of, the Company and any Designated Subsidiary, and to discuss the affairs, finances and accounts of the Company and any Designated Subsidiary with any of their officers or directors and with their independent certified public accountants.
(f)    Keeping of Books.  Keep, and cause each Designated Subsidiary to keep, proper books of record and account, in which full and correct entries shall be made of all financial transactions and the assets and business of the Company and each Designated Subsidiary in accordance with generally accepted accounting principles in effect from time to time.
(g)    Maintenance of Properties, Etc.  Maintain and preserve, and cause each Designated Subsidiary to maintain and preserve, all of its properties that are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted; provided, however, that neither the Company nor any of its Designated Subsidiaries shall be required to maintain or preserve any property if the failure to maintain or preserve such property shall not have a Material Adverse Effect.
(h)    Reporting Requirements.  Furnish to the Administrative Agent (with a copy for each Lender) and the Administrative Agent shall promptly forward the same to the Lenders:
(i)    as soon as available and in any event within 60 days after the end of each of the first three quarters of each fiscal year of the Company, a Consolidated balance sheet of the Company and its Consolidated Subsidiaries as of the end of such quarter and a Consolidated statement of income and cash flows of the Company and its Consolidated Subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, setting forth in each case in comparative form the corresponding figures as of the corresponding date and for the corresponding period of the preceding fiscal year, all in reasonable detail and certified by the principal financial officer, principal accounting officer, the Vice-President and Treasurer or an Assistant Treasurer of the Company, subject, however, to year-end auditing adjustments, which certificate shall include a statement that such officer has no knowledge, except as specifically stated, of any condition, event or act which constitutes a Default;
(ii)    as soon as available and in any event within 120 days after the end of each fiscal year of the Company, a Consolidated balance sheet of the Company and its Consolidated Subsidiaries as of the end of such fiscal year and the related Consolidated statements of income and cash flows of the Company and its Consolidated Subsidiaries for such fiscal year setting forth in each case in comparative form the corresponding figures as of the close of and for the preceding fiscal year, all in reasonable detail and accompanied by an opinion of independent public accountants of nationally recognized standing, as to said financial statements and a certificate of the principal financial officer, principal accounting officer, the Vice-President and Treasurer or an Assistant Treasurer of the Company stating that such officer has no knowledge, except as specifically stated, of any condition, event or act which constitutes a Default;

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(iii)    copies of the Forms 8-K and 10-K reports (or similar reports) which the Company is required to file with the Securities and Exchange Commission of the United States of America (the “SEC”), promptly after the filing thereof;
(iv)    copies of each annual report, quarterly report, special report or proxy statement mailed to substantially all of the stockholders of the Company, promptly after the mailing thereof to the stockholders;
(v)    promptly and in any event within three Business Days, notice of the occurrence of any Default of which the principal financial officer, principal accounting officer, the Vice-President and Treasurer or an Assistant Treasurer of the Company shall have knowledge;
(vi)    as soon as available and in any event within 15 Business Days after the Company or any of its ERISA Affiliates knows or has reason to know that any ERISA Event involving liability of at least $150,000,000 has occurred, a statement of a senior officer of the Company with responsibility for compliance with the requirements of ERISA describing such ERISA Event and the action, if any, which the Company or such ERISA Affiliate proposes to take with respect thereto;
(vii)    at the request of any Lender, promptly after the filing thereof with the Internal Revenue Service, copies of Schedule SB (Actuarial Information) to each annual report (Form 5500 series) filed by the Company or any of its ERISA Affiliates with respect to each Plan;
(viii)    promptly after receipt thereof by the Company or any of its ERISA Affiliates, copies of each notice from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any Plan;
(ix)    promptly after such request, such other documents and information relating to any Plan as any Lender may reasonably request from time to time;
(x)    promptly and in any event within 15 Business Days after receipt thereof by the Company or any of its ERISA Affiliates from the sponsor of a Multiemployer Plan, copies of each notice concerning (A) (x) the imposition of Withdrawal Liability in an amount in excess of $150,000,000 with respect to any one Multiemployer Plan or in an aggregate amount in excess of $150,000,000 with respect to all such Multiemployer Plans within any one calendar year or (y) the reorganization or termination, within the meaning of Title IV of ERISA, of any Multiemployer Plan that has resulted or might reasonably be expected to result in Withdrawal Liability in an amount in excess of $150,000,000 or of all such Multiemployer Plans that has resulted or might reasonably be expected to result in Withdrawal Liability in an aggregate amount in excess of $150,000,000 within any one calendar year and (B) the amount of liability incurred, or that may be incurred, by the Company or any of its ERISA Affiliates in connection with any event described in such subclause (x) or (y);

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(xi)    promptly after the commencement thereof, notice of all actions and proceedings before any court, governmental agency or arbitrator affecting the Company or any Designated Subsidiary of the type described in Section 4.01(f); and
(xii)    from time to time such further information respecting the financial condition and operations of the Company and its Subsidiaries as any Lender may from time to time reasonably request.
Documents required to be delivered pursuant to this Section 5.01(h) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Company posts such documents, or provides a link thereto, on the Company’s website on the Internet or at www.sec.gov, (ii) on which such documents are posted on the Company’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent) or (iii) on which such documents are filed with the SEC on EDGAR; provided, that, in each case, the Company shall promptly notify the Administrative Agent (by facsimile or electronic mail) of the posting or filing of any such documents.
(i)    Authorizations.  Obtain, and cause each Designated Subsidiary to obtain, at any time and from time to time all authorizations, licenses, consents or approvals (including exchange control approvals) as shall now or hereafter be necessary or desirable under applicable law or regulations in connection with its making and performance of this Agreement and, upon the request of any Lender, promptly furnish to such Lender copies thereof.
(j)    Compliance with Environmental Laws.  Comply, and cause each of its Subsidiaries and all lessees and other Persons operating or occupying its properties to comply, in all material respects, with all applicable Environmental Laws and Environmental Permits; obtain and renew and cause each of its Subsidiaries to obtain and renew all Environmental Permits necessary for its operations and properties; and conduct, and cause each of its Subsidiaries to conduct, any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any of its properties, in accordance with the requirements of all Environmental Laws; provided, however, that neither the Company nor any of its Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances.

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(k)    Change of Control.  If a Change of Control shall occur, within ten calendar days after the occurrence thereof, provide the Administrative Agent with notice thereof, describing therein in reasonable detail the facts and circumstances giving rise to such Change of Control.          
SECTION 5.02.  Negative Covenants.  So long as any Advance shall remain unpaid or any Lender shall have any Commitment hereunder, the Company will not:
(a)     Liens, Etc.  Issue, assume or guarantee, or permit any of its Subsidiaries owning Restricted Property to issue, assume or guarantee, any Debt secured by Liens on or with respect to any Restricted Property without effectively providing that its obligations to the Lenders under this Agreement and any of the Notes shall be secured equally and ratably with such Debt so long as such Debt shall be so secured, except that the foregoing shall not apply to:
(i)    Liens affecting property of the Company or any of its Subsidiaries existing on the Restatement Date or of any Person existing at the time it becomes a Subsidiary of the Company or at the time it is merged into or consolidated with the Company or a Subsidiary of the Company;
(ii)    Liens on property of the Company or its Subsidiaries existing at the time of acquisition thereof or incurred to secure the payment of all or part of the purchase price thereof or to secure Debt incurred prior to, at the time of or within 24 months after acquisition thereof for the purpose of financing all or part of the purchase price thereof;
(iii)    Liens on property of the Company or its Subsidiaries (in the case of property that is, in the opinion of the board of directors of the Company, substantially unimproved for the use intended by the Company) to secure all or part of the cost of improvement thereof, or to secure Debt incurred to provide funds for any such purpose;
(iv)    Liens which secure only Debt owing by a Subsidiary of the Company to the Company or to another Subsidiary of the Company;
(v)    Liens in favor of the United States of America, any State, any foreign country, or any department, agency, instrumentality, or political subdivisions of any such jurisdiction, to secure partial, progress, advance or other payments pursuant to any contract or statute or to secure any Debt incurred for the purpose of financing all or any part of the purchase price or cost of constructing or improving the property subject thereto, including, without limitation, Liens to secure Debt of the pollution control or industrial revenue bond type; or

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(vi)    any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any Lien referred to in the foregoing clauses (i) to (v) inclusive of any Debt secured thereby, provided that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement, and that such extension, renewal or replacement Lien shall be limited to all or part of the property which secured the Lien extended, renewed or replaced (plus improvements on such property);
provided, however, that, the Company and any one or more Subsidiaries owning Restricted Property may issue, assume or guarantee Debt secured by Liens which would otherwise be subject to the foregoing restrictions in an aggregate principal amount which, together with the aggregate outstanding principal amount of all other Debt of the Company and its Subsidiaries owning Restricted Property that would otherwise be subject to the foregoing restrictions (not including Debt permitted to be secured under clause (i) through (vi) above) and the aggregate value of the Sale and Leaseback Transactions in existence at such time, does not at any one time exceed 10% of the Net Tangible Assets of the Company and its Consolidated Subsidiaries; and provided further that the following type of transaction, among others, shall not be deemed to create Debt secured by Liens: Liens required by any contract or statute in order to permit the Company or any of its Subsidiaries to perform any contract or subcontract made by it with or at the request of the United States of America, any foreign country or any department, agency or instrumentality of any of the foregoing jurisdictions.
(b)    Mergers, Etc.  Merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to, any Person; provided, however, that the Company may merge or consolidate with any other Person so long as the Company is the surviving corporation and so long as no Default shall have occurred and be continuing at the time of such proposed transaction or would result therefrom.
ARTICLE VI
EVENTS OF DEFAULT
SECTION 6.01.  Events of Default.  If any of the following events (“Events of Default”) shall occur and be continuing:
(a)    Any Borrower shall fail to pay:  (i) any principal of any Revolving Credit Advance when the same becomes due and payable; (ii) any principal of any Swing Line Advance within three Business Days after the same becomes due and payable, (iii) any commitment fees, Letter of Credit commissions or any interest on any Advance payable under this Agreement or any Note within three Business Days after the same becomes due and payable; or (iv) any other fees or other amounts payable under this Agreement or any Notes within 30 days after the same becomes due and payable other than those fees and amounts the liabilities for which are being contested in good faith by such Borrower and which have been placed in Escrow by such Borrower; or

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(b)    Any representation or warranty made (or deemed made) by any Borrower (or any of its officers) in connection with this Agreement or by any Designated Subsidiary in the Designation Letter pursuant to which such Designated Subsidiary became a Borrower hereunder shall prove to have been incorrect in any material respect when made (or deemed made); or
(c)    The Company shall contest in any manner the validity or enforceability of, deny that it has any or further liability or obligation under, or purport to revoke, terminate or rescind any term, covenant or agreement contained in Article VII of this Agreement; or
(d)    (i) The Company shall fail to perform or observe Section 5.01(h)(v), (ii) the Company shall fail to perform or observe any other term, covenant or agreement contained in Section 5.02(a) and such failure shall remain unremedied for a period of 30 days after any Lender shall have given notice thereof to the Company (through the Administrative Agent), or (iii) the Company or any other Borrower shall fail to perform or to observe any other term, covenant or agreement contained in this Agreement on its part to be performed or observed and such failure shall remain unremedied for a period of 30 days after any Lender shall have given notice thereof to the relevant Borrower or, in the case of the Company, any of the principal financial officer, the principal accounting officer, the Vice-President and Treasurer or an Assistant Treasurer of the Company, and in the case of any other Borrower, a responsible officer of such Borrower, first has knowledge of such failure; or
(e)    (i) The Company or any of its Consolidated or Designated Subsidiaries shall fail to pay any principal of or premium or interest on any Debt (other than Debt owed to the Company or its Subsidiaries or Affiliates) that is outstanding in a principal amount of at least $150,000,000 in the aggregate (but excluding Debt outstanding hereunder and Debt owed by such party to any bank, financial institution or other institutional lender to the extent the Company or any Subsidiary has deposits with such bank, financial institution or other institutional lender sufficient to repay such Debt) of the Company or such Subsidiary (as the case may be), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt, or (ii) any other event shall occur or condition shall exist under any agreement or instrument relating to any such Debt and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt, or (iii) any such Debt shall be declared to be due and payable, or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt shall be required to be made, in each case prior to the stated maturity thereof; provided, however, that, for purposes of this Section 6.01(e), in the case of (x) Debt of any Person (other than the Company or one of its Consolidated Subsidiaries) which the Company has guaranteed and (y) Debt of Persons (other than the Company or one of its Consolidated Subsidiaries) the payment of which is secured by a Lien on property of the Company or such Subsidiary, such Debt shall be deemed to have not been paid when due or to have been declared to be due and payable only when the Company or such Subsidiary, as the case may be, shall have failed to pay when due any amount which it shall be obligated to pay with respect to such Debt; provided further, however, that any event or occurrence described in this subsection (e) shall not be an Event of Default if (A) such event or occurrence relates to the Debt of any Subsidiary of the Company located in China, India, the Commonwealth of Independent States or Turkey (collectively, the “Exempt Countries”), (B) such Debt is not guaranteed or supported in any legally enforceable manner by any Borrower or by any Subsidiary or Affiliate of the Company located outside the Exempt Countries, (C) such event or occurrence is due to the direct or indirect action of any government entity or agency in any Exempt Country and (D) as of the last day of the calendar quarter immediately preceding such event or occurrence, the book value of the assets of such Subsidiary does not exceed $150,000,000 and the aggregate book value of the assets of all Subsidiaries of the Company located in Exempt Countries the Debt of which would cause an Event of Default to occur but for the effect of this proviso does not exceed $500,000,000; or

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(f)    The Company or any of its Designated or Consolidated Subsidiaries shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Company or any such Subsidiaries seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 30 days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or the Company or any such Subsidiaries shall take any corporate action to authorize any of the actions set forth above in this subsection (f); provided, however, that any event or occurrence described in this subsection (f) shall not be an Event of Default if (A) such event or occurrence relates to any Subsidiary of the Company located in an Exempt Country, (B) the Debt of such Subsidiary is not guaranteed or supported in any legally enforceable manner by any Borrower or by any Subsidiary or Affiliate of the Company located outside the Exempt Countries, (C) such event or occurrence is due to the direct or indirect action of any government entity or agency in any Exempt Country and (D) as of the last day of the calendar quarter immediately preceding such event or occurrence, the book value of the assets of such Subsidiary does not exceed $150,000,000 and the aggregate book value of the assets of all Subsidiaries of the Company located in Exempt Countries with respect to which the happening of the events or occurrences described in this subsection (f) would cause an Event of Default to occur but for the effect of this proviso does not exceed $500,000,000; or

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(g)    Any judgment or order for the payment of money in excess of $150,000,000 shall be rendered against the Company or any of its Subsidiaries and enforcement proceedings shall have been commenced by any creditor upon such judgment or order and there shall be any period of 10 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; provided, however, that any such judgment or order shall not be an Event of Default under this Section 6.01(g) if (A) such judgment or order is rendered against any Subsidiary of the Company located in an Exempt Country, (B) the Debt of such Subsidiary is not guaranteed or supported in any legally enforceable manner by any Borrower or by any Subsidiary or Affiliate of the Company located outside the Exempt Countries, (C) such judgment or order is due to the direct or indirect action of any government entity or agency in any Exempt Country and (D) as of the last day of the calendar quarter immediately preceding the tenth consecutive day of the stay period referred to above, the book value of the assets of such Subsidiary does not exceed $150,000,000 and the aggregate book value of the assets of all Subsidiaries of the Company located in Exempt Countries the judgments and orders against which would cause an Event of Default to occur but for the effect of this proviso does not exceed $500,000,000; or
(h)    Any non-monetary judgment or order shall be rendered against the Company or any of its Subsidiaries that is reasonably likely to have a Material Adverse Effect, and enforcement proceedings shall have been commenced by any Person upon such judgment or order and there shall be any period of 10 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or
(i)    Any license, consent, authorization or approval (including exchange control approvals) now or hereafter necessary to enable the Company or any Designated Subsidiary to comply with its obligations herein or under any Notes of such Borrower shall be modified, revoked, withdrawn, withheld or suspended; or
(j)    (i) Any ERISA Event shall have occurred with respect to a Plan of any Borrower or any of its ERISA Affiliates and the sum (determined as of the date of occurrence of such ERISA Event) of the Insufficiency of such Plan and the Insufficiency of any and all other Plans of the Borrowers and their ERISA Affiliates with respect to which an ERISA Event shall have occurred and then exist (or the liability of the Borrowers and their ERISA Affiliates related to such ERISA Event) exceeds $150,000,000; or (ii) any Borrower or any of its ERISA Affiliates shall be in default, as defined in Section 4219(c)(5) of ERISA, with respect to any payment of Withdrawal Liability and the sum of the outstanding balance of such Withdrawal Liability and the outstanding balance of any other Withdrawal Liability that any Borrower or any of its ERISA Affiliates has incurred exceeds 6% of Net Tangible Assets of the Company and its Consolidated Subsidiaries; or (iii) any Borrower or any of its ERISA Affiliates shall have been notified by the sponsor of a Multiemployer Plan of such Borrower or any of its ERISA Affiliates that such Multiemployer Plan is in reorganization, insolvent or is being terminated, within the meaning of Title IV of ERISA, or has been determined to be in endangered or critical status and as a result of such reorganization, insolvency, termination or determination the aggregate annual contributions of the Borrowers and their ERISA Affiliates to all Multiemployer Plans that are then in reorganization, insolvency, being terminated or so determined have been or will be increased over the amounts contributed to such Multiemployer Plans for the plan years of such Multiemployer Plans immediately preceding the plan year in which such event occurs by an amount exceeding $150,000,000; 

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then, and in any such event, the Administrative Agent (A) shall at the request, or may with the consent, of the Majority Lenders, by notice to the Company, declare the obligation of each Lender to make Advances (other than Advances by an Issuing Bank or a Lender pursuant to Section 2.04(c)) and of the Issuing Banks to issue Letters of Credit to be terminated, whereupon the same shall forthwith terminate, and (B) shall at the request, or may with the consent, of the Majority Lenders, by notice to the Company, declare the Advances, all interest thereon and all other amounts payable under this Agreement to be forthwith due and payable, whereupon the Advances, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrowers; provided, however, that in the event of an actual or deemed entry of an order for relief with respect to any Borrower under the United States Bankruptcy Code of 1978, as amended, (x) the obligation of each Lender to make Advances (other than Advances by an Issuing Bank or a Lender pursuant to Section 2.04(c)) and of the Issuing Banks to issue Letters of Credit shall automatically be terminated and (y) the Advances, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrowers.
SECTION 6.02.  Actions in Respect of the Letters of Credit upon Default.  If any Event of Default shall have occurred and be continuing, the Administrative Agent may with the consent, or shall at the request, of the Majority Lenders, irrespective of whether it is taking any of the actions described in Section 6.01 or otherwise, make demand upon the Company to, and forthwith upon such demand the Company will, (a) pay to the Administrative Agent on behalf of the Lenders in same day funds at the Agent’s Office designated in such demand, for deposit in the Cash Deposit Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding or (b) make such other reasonable arrangements in respect of the outstanding Letters of Credit as shall be acceptable to the Majority Lenders; provided, however, that in the event of an actual or deemed entry of an order for relief with respect to any Borrower under the United States Bankruptcy Code of 1978, as amended, the Borrowers shall immediately pay to the Administrative Agent on behalf of the Lenders for deposit in the Cash Deposit Account, an amount equal to the aggregate Available Amount of all Letters of Credit then outstanding, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by the Borrowers.  If at any time the Administrative Agent reasonably determines that any funds held in the Cash Deposit Account are subject to any right or interest of any Person other than the Administrative Agent and the Lenders or that the total amount of such funds is less than the aggregate Available Amount of all Letters of Credit, the Borrowers will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited and held in the Cash Deposit Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the Cash Deposit Account that are free and clear of any such right and interest.  Upon the drawing of any Letter of Credit, to the extent funds are on deposit in the Cash Deposit Account, such funds shall be applied to reimburse the Issuing Banks to the extent permitted by applicable law, and if so applied, then such reimbursement shall be deemed a repayment of the corresponding Advance in respect of such Letter of Credit.  After all such Letters of Credit shall have expired or been fully drawn upon and all other obligations of the Borrowers hereunder and under the Notes shall have been paid in full, the balance, if any, in the Cash Deposit Account shall be promptly returned to the Company.

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ARTICLE VII
GUARANTEE
SECTION 7.01.  Unconditional Guarantee.  For valuable consideration, receipt whereof is hereby acknowledged, and to induce each Lender to make Advances to the Designated Subsidiaries and to induce the Agents to act hereunder, the Company hereby unconditionally and irrevocably guarantees to each Lender and each Agent that:
(a)    the principal of and interest on each Advance to each Designated Subsidiary shall be promptly paid in full when due (whether at stated maturity, by acceleration or otherwise) in accordance with the terms hereof, and, in case of any extension of time of payment, in whole or in part, of such Advance, that all such sums shall be promptly paid when due (whether at stated maturity, by acceleration or otherwise) in accordance with the terms of such extension; and
(b)    all other amounts payable hereunder by any Designated Subsidiary to any Lender or the Administrative Agent or the Swing Line Agent, as the case may be, shall be promptly paid in full when due in accordance with the terms hereof (the obligations of the Designated Subsidiaries under these subsections (a) and (b) of this Section 7.01 being the “Obligations”).
In addition, the Company hereby unconditionally and irrevocably agrees that upon default in the payment when due (whether at stated maturity, by acceleration or otherwise) of any principal of, or interest on, any Advance to any Designated Subsidiary or such other amounts payable by any Designated Subsidiary to any Lender or any Agent, the Company will forthwith pay the same, without further notice or demand.
SECTION 7.02.  Guarantee Absolute.  The Company guarantees that the Obligations will be paid strictly in accordance with the terms of this Agreement, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of any Lender or any Agent with respect thereto.  The liability of the Company under this guarantee shall be absolute and unconditional irrespective of:
(a)    any lack of validity or enforceability of this Agreement or any other agreement or instrument relating thereto;
(b)    any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to departure from this Agreement;
(c)    any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from any other guaranty, for all or any of the Obligations; or

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(d)    any other circumstance which might otherwise constitute a defense available to, or a discharge of, the Company, any Borrower or a guarantor.
This guarantee shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Obligations is rescinded or must otherwise be returned by any of the Lenders or any Agent upon the insolvency, bankruptcy or reorganization of the Company or any Borrower or otherwise, all as though such payment had not been made.
SECTION 7.03.  Waivers.  The Company hereby expressly waives diligence, presentment, demand for payment, protest, any requirement that any right or power be exhausted or any action be taken against any Designated Subsidiary or against any other guarantor of all or any portion of the Advances, and all other notices and demands whatsoever.
SECTION 7.04.  Remedies.  Each of the Lenders and each Agent may pursue its respective rights and remedies under this Article VII and shall be entitled to payment hereunder notwithstanding any other guarantee of all or any part of the Advances to the Designated Subsidiaries, and notwithstanding any action taken by any such Lender or such Agent to enforce any of its rights or remedies under such other guarantee, or any payment received thereunder.  The Company hereby irrevocably waives any claim or other right that it may now or hereafter acquire against any Designated Subsidiary that arises from the existence, payment, performance or enforcement of the Company’s obligations under this Article VII, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Agents or the Lenders against any Designated Subsidiary, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from the Designated Subsidiary, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right.  If any amount shall be paid to the Company in violation of the preceding sentence at any time when all the Obligations shall not have been paid in full, such amount shall be held in trust for the benefit of the Lenders and the Agents and shall forthwith be paid to the Administrative Agent for its own account and the accounts of the respective Lenders to be credited and applied to the Obligations, whether matured or unmatured, in accordance with the terms of this Agreement, or to be held as collateral for any Obligations or other amounts payable under this Agreement thereafter arising.  The Company acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Agreement and that the waiver set forth in this section is knowingly made in contemplation of such benefits.
SECTION 7.05.  No Stay.  The Company agrees that, as between (a) the Company and (b) the Lenders and the Agents, the Obligations of any Designated Subsidiary guaranteed by the Company hereunder may be declared to be forthwith due and payable as provided in Article VI hereof for purposes of this Article VII by declaration to the Company as guarantor notwithstanding any stay, injunction or other prohibition preventing such declaration as against such Designated Subsidiary and that, in the event of such declaration to the Company as guarantor, such Obligations (whether or not due and payable by such Designated Subsidiary), shall forthwith become due and payable by the Company for purposes of this Article VII.

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SECTION 7.06.  Survival.  This guarantee is a continuing guarantee and shall (a) remain in full force and effect until payment in full (after the Termination Date) of the Obligations and all other amounts payable under this guaranty, (b) be binding upon the Company, its successors and assigns, (c) inure to the benefit of and be enforceable by each Lender (including each assignee Lender pursuant to Section 9.06) and each Agent and their respective successors, transferees and assigns and (d) shall be reinstated if at any time any payment to a Lender or the Administrative Agent hereunder is required to be restored by such Lender or such Agent.  Without limiting the generality of the foregoing clause (c) but subject to Section 9.06, each Lender may assign or otherwise transfer its interest in any Advance to any other person or entity, and such other person or entity shall thereupon become vested with all the rights in respect thereof granted to such Lender herein or otherwise.
ARTICLE VIII
THE AGENTS
SECTION 8.01.  Authorization and Authority.  Each Lender hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder 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.  Each Swing Line Bank hereby irrevocably appoints __________ to act on its behalf as the Swing Line Agent hereunder and authorizes the Swing Line Agent to take such actions on its behalf and to exercise such powers as are delegated to the Swing Line Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto.  The provisions of this Article are solely for the benefit of the Agents and the Lenders, and except as set forth in Section 8.07, no Borrower shall have rights as a third party beneficiary of any of such provisions.  It is understood and agreed that the use of the term “agent” herein or in any Note (or any other similar term) with reference to an Agent, any syndication agent or any documentation agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law.  Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.
SECTION 8.02.  Rights as a Lender.  The Person serving as an 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 an Agent, and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as an Agent hereunder in its individual capacity.  Such Person and its Affiliates may accept deposits from, lend money to, own securities of,  act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrowers or any Affiliate thereof as if such Person were not an Agent hereunder and without any duty to account therefor to the Lenders.
SECTION 8.03.  Duties of Agent; Exculpatory Provisions.  (a)  The Agents’ duties hereunder are solely ministerial and administrative in nature and no Agent shall have any duties or obligations except those expressly set forth herein.  Without limiting the generality of the foregoing, no Agent:

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(i)    shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;
(ii)    shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that such Agent is required to exercise as directed in writing by the Majority Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein); provided that no Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to this Agreement or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any debtor relief law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any debtor relief law; and
(iii)    shall, except as expressly set forth herein, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company or any of its Affiliates that is communicated to or obtained by such Agent or any of its Affiliates in any capacity.
(b)    No Agent shall be liable for any action taken or not taken by it (i) with the consent or at the request of the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary, or as such Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 9.01 or Section 6.01) or (ii) in the absence of its own gross negligence or willful misconduct, as finally determined in a nonappealable judgment of a court of competent jurisdiction.  Each Agent shall be deemed not to have knowledge of any Default or the event or events that give or may give rise to any Default unless and until the Company or any Lender shall have given notice to the Administrative Agent describing such Default and such event or events.  
(c)    No Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty, representation or other information made or supplied in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith or the adequacy, accuracy and/or completeness of the information contained therein, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document or the perfection or priority of any Lien or security interest created or purported to be created hereby or (v) the satisfaction of any condition set forth in Article III or elsewhere herein, other than (but subject to the foregoing clause (ii)) to confirm receipt of items expressly required to be delivered to such Agent.    
(d)    Nothing in this Agreement shall require an Agent or any of its Related Parties to carry out any “know your customer” or other checks in relation to any Person on behalf of any Lender and each Lender confirms to each Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by such Agent or any of its Related Parties.  

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(e)    The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Disqualified Institutions.  Without limiting the generality of the foregoing, the Administrative Agent shall not (i) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Institution or (ii) have any liability with respect to or arising out of any assignment or participation of Advances, or disclosure of confidential information, to any Disqualified Institution.
SECTION 8.04.  Reliance by Agents.  Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to the making of an Advance, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender, each Agent may presume that such condition is satisfactory to such Lender unless an officer of such Agent responsible for the transactions contemplated hereby shall have received notice to the contrary from such Lender prior to the making of such Advance or the issuance of such Letter of Credit, and in the case of a Borrowing, such Lender shall not have made available to such Agent such Lender’s ratable portion of such Borrowing.  Each Agent may consult with legal counsel (who may be counsel for the Company), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
SECTION 8.05.  Indemnification.  (a)  Each Lender severally agrees to indemnify the Administrative Agent (to the extent not reimbursed by a Borrower), from and against such Lender’s Ratable Share of any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against the Administrative Agent, in its capacity as such, in any way relating to or arising out of this Agreement or any action taken or omitted by the Administrative Agent, in its capacity as such, under this Agreement, provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s gross negligence or willful misconduct, as finally determined in a nonappealable judgment of a court of competent jurisdiction.  Without limitation of the foregoing, each Lender agrees to reimburse the Administrative Agent promptly upon demand for its Ratable Share of any out-of-pocket expenses (including counsel fees) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, to the extent that the Administrative Agent is not reimbursed for such expenses by a Borrower.
(b)    Each Lender severally agrees to indemnify the Issuing Banks (to the extent not promptly reimbursed by the Company) from and against such Lender’s Ratable Share of any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against any such Issuing Bank, in its capacity as such, in any way relating to or arising out of this Agreement or any action taken or omitted by such Issuing Bank, in its capacity as such, hereunder or in connection herewith; provided, however, that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Issuing Bank’s gross negligence or willful misconduct, as finally determined in a nonappealable judgment 
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of a court of competent jurisdiction.  Without limitation of the foregoing, each Lender agrees to reimburse any such Issuing Bank promptly upon demand for its Ratable Share of any costs and expenses (including, without limitation, fees and expenses of counsel) payable by the Company under Section 9.04, to the extent that such Issuing Bank is not promptly reimbursed for such costs and expenses by the Company.
(c)    The Lenders severally agree to indemnify the Swing Line Agent (to the extent not reimbursed by the Borrowers), from and against such Lender’s ratable share (determined according to their respective Revolving Credit Commitments at such time) of any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against the Swing Line Agent, in its capacity as such, in any way relating to or arising out of this Agreement or any action taken or omitted by the Swing Line Agent under this Agreement, provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements  resulting from the Swing Line Agent’s gross negligence or willful misconduct, as finally determined in a nonappealable judgment of a court of competent jurisdiction.  Without limitation of the foregoing, each Lender agrees to reimburse the Swing Line Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including counsel fees) payable by the Borrowers under Section 9.04, to the extent that the Swing Line Agent is not reimbursed for such expenses by the Borrowers.
(d)    The failure of any Lender to reimburse any Agent or any Issuing Bank promptly upon demand for its Ratable Share of any amount required to be paid by the Lenders to the Agents as provided herein shall not relieve any other Lender of its obligation hereunder to reimburse any Agent or any Issuing Bank for its Ratable Share of such amount, but no Lender shall be responsible for the failure of any other Lender to reimburse any Agent or any Issuing Bank for such other Lender’s Ratable Share of such amount.  Without prejudice to the survival of any other agreement of any Lender hereunder, the agreement and obligations of each Lender contained in this Section 8.05 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under the Notes.  Each of the Agents and each Issuing Bank agrees to return to the Lenders their respective Ratable Shares of any amounts paid under this Section 8.05 that are subsequently reimbursed by the Company or any Borrower.  In the case of any investigation, litigation or proceeding giving rise to any indemnified costs, this Section 8.05 applies whether any such investigation, litigation or proceeding is brought by any Agent, any Lender or a third party.
SECTION 8.06.  Delegation of Duties.  Each Agent may perform any and all of its duties and exercise its rights and powers hereunder by or through any one or more subagents appointed by such Agent.  Each Agent and any such subagent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.  Each such subagent and the Related Parties of each Agent and each such subagent shall be entitled to the benefits of all provisions of this Article VIII and Section 9.04 (as though such sub-agents were an “Agent” under this Agreement) as if set forth in full herein with respect thereto.

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SECTION 8.07.  Resignation of Agent.  (a) Each Agent may at any time resign by giving thirty (30) days’ written notice to the Lenders and the Company.  The Company may at any time after such notice of resignation, by notice to the applicable Agent, propose a successor Agent (which shall meet the criteria described below) and request that the Lenders be notified thereof by such Agent with a view to their appointment of such successor Agent; each Agent agrees to forward any such notice to the Lenders promptly upon its receipt by such Agent.  Upon receipt of any such notice of resignation, the Majority Lenders shall have the right, in consultation with the Company, to appoint a successor Administrative Agent, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States having a combined capital and surplus of at least $500,000,000, and the Swing Line Banks shall have the right, in consultation with the Company, to appoint a successor Swing Line Agent, which shall be a bank with an office in London.  If no such successor shall have been so appointed by the Majority Lenders or the Swing Line Banks, as applicable, and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation (the “Resignation Effective Date”), then the retiring Agent may (but shall not be obligated to), on behalf of the Lenders and the Issuing Banks and in consultation with the Company, appoint a successor Agent meeting the qualifications set forth above; provided that in no event shall any such successor Administrative Agent be a Defaulting Lender or a Disqualified Institution.  Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.  
(b)    If the Person serving as an Agent is a Defaulting Lender pursuant to clause (v) of the definition thereof, the Majority Lenders may, to the extent permitted by applicable law, by notice in writing to the Company and such Person remove such Person as an Agent and, in consultation with the Company, appoint a successor.  If no such successor shall have been so appointed by the Majority Lenders or the Swing Line Banks, as applicable, and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Majority Lenders or the Swing Line Banks, as applicable) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.
(c)    With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring Agent shall be discharged from its duties and obligations as Agent hereunder, (ii) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time as the Majority Lenders appoint a successor Administrative Agent as provided for above in this paragraph and (iii) all payments, communications and determinations provided to be made by, to or through the Swing Line Agent shall instead be made by or to each Swing Line Bank directly, until such time as the Swing Line Banks appoint a successor Swing Line Agent as provided for above in this paragraph.  Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties as Agent of the retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations as Agent hereunder (if not already discharged therefrom as provided above in this paragraph).  The fees payable by the Company to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor.  After the retiring Agent’s resignation hereunder, the provisions of this Article and Section 9.04 shall continue in effect for the benefit of such retiring Agent, its subagents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting as Agent.  

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(d)    Any resignation pursuant to this Section by a Person acting as Agent shall, unless such Person shall notify the Company and the Lenders otherwise, also act to relieve such Person and its Affiliates of any obligation to advance or issue new, or extend existing, Swing Line Advances or Letters of Credit where such advance, issuance or extension is to occur on or after the effective date of such resignation.  Upon the acceptance of a successor’s appointment as Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Bank and Swing Line Bank, (ii) the retiring Issuing Bank and Swing Line Bank shall be discharged from all of their respective duties and obligations hereunder, (iii) the successor Swing Line Bank shall enter into an Assignment and Assumption and acquire from the retiring Swing Line Bank each outstanding Swing Line Advance of such retiring Swing Line Bank for a purchase price equal to par plus accrued interest and (iv) the successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangement satisfactory to the retiring Issuing Bank to effectively assume the obligations of the retiring Issuing Bank with respect to such Letters of Credit.
SECTION 8.08.  Non-Reliance on Agent and Other Lenders.  Each Lender acknowledges that it has, independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Lender also acknowledges that it will, independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any Note or any related agreement or any document furnished hereunder or thereunder. 
SECTION 8.09.  Other Agents.  Each Lender hereby acknowledges that none of the syndication agent or any documentation agent nor any other Lender designated as any “Agent” on the cover or the signature pages hereof (other than the Administrative Agent and the Swing Line Agent) has any liability hereunder other than in its capacity as a Lender, if applicable.
SECTION 8.10.  Lender ERISA Matters.  (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Administrative Agent and each Arranger and their respective Affiliates, that at least one of the following is and will be true: 
(i)    such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Advances, the Letters of Credit or the Commitments, 

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(ii)    the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments and this Agreement, 
(iii)     (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Advances, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments and this Agreement, or 
(iv)     such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender. 
(b)     In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Company or any other Borrower, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto.
SECTION 8.11.  Recovery of Erroneous Payments .  Without limitation of any other provision in this Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender or any Issuing Bank (the “Credit Party”), whether or not in respect of an obligation due and owing by any Borrower at such time, where such payment is a Rescindable Amount, then in any such event, each Credit Party receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount received by such Credit Party in immediately available funds in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding the date of payment to the Administrative Agent, at the greater of (i) (x) the Federal Funds Rate in the case of Advances denominated in Dollars or (y) the cost of funds incurred by the Administrative Agent in respect of such amount in the case of Advances denominated in Major Currencies and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.  Each Credit Party irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt 
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owed by another) or similar defense to its obligation to return any Rescindable Amount.  The Administrative Agent shall inform each Credit Party promptly upon determining that any payment made to such Credit Party comprised, in whole or in part, a Rescindable Amount.
ARTICLE IX
MISCELLANEOUS
SECTION 9.01.  Amendments, Etc.  No amendment or waiver of any provision of this Agreement or the Notes, nor consent to any departure by any Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Majority Lenders, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver or consent shall, unless in writing and signed by each of the Lenders affected thereby, do any of the following:  (a) increase the Commitments of such Lender, (b) reduce the principal of, or rate of interest on, the Advances or any fees or other amounts payable hereunder, (c) postpone any date fixed for any payment of principal of, or interest on, the Advances or any fees or other amounts payable hereunder or extend the date of termination of such Lender’s Commitment, (d) release the Company from any of its obligations under Article VII, (e) require the duration of an Interest Period to be more than six months if such period is not available to all Lenders, (f) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Advances, or the number of Lenders, that shall be required for the Lenders or any of them to take any action hereunder; or (g) amend this Section 9.01; and provided further that (w) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above to take such action, affect the rights or duties of the Administrative Agent under this Agreement or any Note, (x) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Agent in addition to the Lenders required above to take such action, affect the rights or duties of the Swing Line Agent under this Agreement or any Note, (y) no amendment, waiver or consent shall, unless in writing and signed by the Issuing Banks in addition to the Lenders required above to take such action, adversely affect the rights or obligations of the Issuing Banks in their capacities as such under this Agreement and (z) no amendment, waiver or consent shall, unless in writing and signed by each Swing Line Bank, in addition to the Lenders required above to take such action, affect the rights or obligations of the Swing Line Banks under this Agreement; and provided further, that nothing contained in this Section 9.01 will require any Borrower or the Administrative Agent to seek the consent of any Lender in order to make any technical amendments to cure ambiguities or defects or make related modifications to any provision of a Loan Document.
SECTION 9.02.  Notices, Etc.  (a)  Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows:

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(i)    if to the Company or any Designated Subsidiary, to the Company’s address at 300 S. Tryon St. Suite 600, Charlotte, NC 28202, Attention: Assistant Treasurer (Facsimile No. (973) 695-1468; Telephone No. (973) 455-2290) or electronic mail address at corporate.finance@honeywell.com);
(ii)    if to the Administrative Agent, the Swing Line Agent or Bank of America in its capacity as an Issuing Bank or a Swing Line Lender, to the address, facsimile number, electronic mail address or telephone number specified for such Person on Schedule 9.02; and
(v)    if to a Lender, to it at its address (or facsimile 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 communications, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).
(b)    Electronic Communications.  Notices and other communications to the Lenders and the Issuing Banks hereunder may be delivered or furnished by electronic communication (including email and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or Issuing Bank pursuant to Article II if such Lender or Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.  The Agents or the Borrowers 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 applicable 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.

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(c)    Change of Address, etc.  Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto.
(d)    Platform.
(i)    Each Borrower agrees that the Administrative Agent may, but shall not be obligated to, make the Communications (as defined below) available to the Issuing Banks and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system (the “Platform”).  Each Borrower acknowledges and agrees that the DQ List shall be deemed suitable for posting and may be posted by the Administrative Agent on the Platform, including the portion of the Platform that is designated for “public side” Lenders.
(ii)    The Platform is provided “as is” and “as available.”  The Agent Parties (as defined below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications.  No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or the Platform.  In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Borrower, any Lender or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Borrower’s or the Administrative Agent’s transmission of communications through the Platform, except to the extent resulting from the gross negligence or willful misconduct, as finally determined in a nonappealable judgment of a court of competent jurisdiction, of an Agent Party.  “Communications” means, collectively, any notice, demand, communication, information, document or other material that any Borrower provides to the Administrative Agent pursuant to this Agreement or the transactions contemplated therein which is distributed to the Administrative Agent, any Lender or any Issuing Bank by means of electronic communications pursuant to this Section, including through the Platform.
SECTION 9.03.  No Waiver; Remedies.  No failure on the part of any Lender or any Agent to exercise, and no delay in exercising, any right hereunder or under any Note shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law.
SECTION 9.04.  Costs and Expenses.  (a)  The Company agrees to pay on demand all reasonable, documented and invoiced costs and expenses of the Administrative Agent in connection with the administration, modification and amendment of this Agreement, the Notes and the other documents to be delivered hereunder, including, without limitation, (i) all documented and invoiced due diligence, syndication (including printing, distribution and bank meetings), transportation, computer, duplication, appraisal, consultant, and audit expenses and (ii) the reasonable, documented and invoiced fees and expenses of counsel for the Administrative Agent with respect thereto.  The Company further agrees to pay on demand all documented and invoiced costs and expenses of the Agents and the Lenders, if any (including, without limitation, reasonable counsel fees and expenses), in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this Agreement, the Notes and the other documents to be delivered hereunder, including, without limitation, reasonable fees and expenses of 
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counsel for each Agent and each Lender in connection with the enforcement of rights under this Section 9.04(a).
(b)    Each Borrower agrees to indemnify and hold harmless each Agent and each Lender and each of their Related Parties (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable, documented and invoiced fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of, or in connection with the preparation for a defense of, any investigation, litigation or proceeding arising out of, related to or in connection with the Notes, this Agreement, any of the transactions contemplated herein or the actual or proposed use of the proceeds of the Advances whether or not such investigation, litigation or proceeding is brought by the Company, its directors, shareholders or creditors or an Indemnified Party or any other Person or any Indemnified Party is otherwise a party thereto and whether or not the transactions contemplated hereby are consummated, except to the extent any such claim, damage, loss, liability or expense has resulted from such Indemnified Party’s gross negligence or willful misconduct, as finally determined in a nonappealable judgment of a court of competent jurisdiction.  
The Company also agrees not to assert any claim against any Indemnified Party on any theory of liability for special, indirect, consequential or punitive damages arising out of or otherwise relating to the Notes, this Agreement, any of the transactions contemplated herein or the actual or proposed use of the proceeds of the Advances or for any damages arising from the use by unintended recipients of information or other materials distributed by it in connection with this Agreement through electronic telecommunications or other information transmission systems.
(c)    (i)  If any payment of principal of, or Conversion of, any Eurocurrency Rate Advance is made by the applicable Borrower to or for the account of a Lender other than on the last day of the Interest Period for such Advance, as a result of a payment or Conversion pursuant to Section 2.06(b), 2.10(a) or (b) or 2.12, acceleration of the maturity of the Notes pursuant to Section 6.01 or for any other reason, or by an Eligible Assignee to a Lender other than on the last day of an Interest Period for such Advance upon an assignment of rights and obligations under this Agreement pursuant to Section 9.06 as a result of a demand by the Company pursuant to Section 2.06(b), the applicable Borrower shall, upon demand by such Lender (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses that it may reasonably incur as a result of such payment or Conversion, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such Advance.
(ii)  If any payment of principal of any Swing Line Advance is made by the applicable Borrower to or for the account of a Swing Line Bank other than on the maturity date for such Advance as specified in the applicable Notice of Swing Line Borrowing, as a result of a payment pursuant to Section 2.06(b), 2.10(a) or (b) or 2.12, acceleration of the maturity of the Notes pursuant to Section 6.01 or for any other reason, the applicable Borrower shall, upon demand by a Swing Line Bank (with a copy of such demand to the Administrative Agent and the Swing Line Agent), pay to the Swing Line Agent for the account of such Swing Line Bank any amounts required to compensate such Swing Line Bank for any additional losses, costs or expenses that it may reasonably incur as a result of such payment, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Swing Line Bank to fund or maintain such Advance.
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(d)    Without prejudice to the survival of any other agreement of the Borrowers hereunder, the agreements and obligations of the Borrowers contained in Sections 2.11, 2.14 and 9.04 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under the Notes and the termination in whole of any Commitment hereunder.
SECTION 9.05.  Binding Effect.  This Agreement shall become effective on the Restatement Date and thereafter shall be binding upon and inure to the benefit of each Borrower, the Administrative Agent, the Swing Line Agent and each Lender and their respective successors and permitted assigns, except that no Borrower shall have the right to assign its rights hereunder or any interest herein without the prior written consent of each Lender (and any other attempted assignment or transfer by any party hereto shall be null and void).
SECTION 9.06.  Assignments and Participations.  (a)  Successors and Assigns Generally.  No Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of Section 9.06(b), (ii) by way of participation in accordance with the provisions of Section 9.06(d), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 9.06(f) (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, participants to the extent provided in Section 9.06(d) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)    Assignments by Lenders.  Any Lender may at any time, with notice to the Company prior to making any proposal to any potential assignee, assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Advances at the time owing to it); provided that (in each case with respect to any Facility) any such assignment shall be subject to the following conditions: 
(i)    Minimum Amounts.  
(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Advances at the time owing to it (in each case with respect to any Facility) or in the case of an assignment to a Lender or an Affiliate of a Lender, no minimum amount need be assigned; and

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(B) in any case not described in Section 9.06(b)(i)(A), the aggregate amount of the Commitment (which for this purpose includes Advances outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Advances of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $10,000,000, in the case of any assignment in respect of the Revolving Credit Facility, or $1,000,000, in the case of any assignment in respect of the Letter of Credit Facility, unless each of the Administrative Agent and the Company (unless a Default has occurred and is continuing at the time of such assignment) otherwise consents (each such consent not to be unreasonably withheld or delayed). 
(ii)    Proportionate Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Advance or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis, except that any assignment under the Revolving Credit Facility shall include a proportionate assignment under the Swing Line Facility, if applicable.
(iii)    Required Consents.  No consent shall be required for any assignment except to the extent required by Section 9.06(b)(i)(B) and, in addition:
(A) the consent of the Company (such consent not to be unreasonably withheld or delayed) shall be required unless (x) a Default has occurred and is continuing at the time of such assignment, or (y) such assignment is to a Lender or an Affiliate of a Lender if notice of such assignment is given to the Company; provided that the Company shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten Business Days after having received notice thereof;  
(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of the Revolving Credit Facility if such assignment is to a Person that is not a Lender with a Commitment in respect of such Facility or an Affiliate of such Lender; and
(C) the consent of each Issuing Bank and Swing Line Bank (such consent not to be unreasonably withheld or delayed) shall be required for any assignment in respect of the Revolving Credit Facility.
(iv)    Assignment and Assumption.  The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; provided that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment; provided, further, that any such Assignment and Assumption shall include a representation by the assignor that the assignee is not a Disqualified Institution.  The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

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(v)    No Assignment to Certain Persons.  No such assignment shall be made to (A) the Company or any of the Company’s Affiliates or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B) or (C) any Disqualified Institution.
(vi)    No Assignment to Natural Persons.  No such assignment shall be made to a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person).  
(vii)    Certain Additional Payments.  In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Company and the Administrative Agent, the applicable pro rata share of Advances previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to each Agent, each Issuing Bank, each Swing Line Bank and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all Advances and participations in Letters of Credit and Swing Line Advances in accordance with its Ratable Share.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.
Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 9.06(c), from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder 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 2.11, 2.14 and 9.04 and subject to its obligations under Section 8.05 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph 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 Section 9.06(d).

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(c)    Register.  The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at one of its offices in the United States a copy of each Assumption Agreement and each Assignment and Assumption delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Advances owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  In addition, the Administrative Agent shall maintain on the Register information regarding the designation and revocation of designation of any Lender as a Defaulting Lender.  The entries in the Register shall be conclusive absent manifest error, and the Company, each other Borrower, each Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The Register shall be available for inspection by the Company, any other Borrower or any Lender (other than any Disqualified Institution), at any reasonable time and from time to time upon reasonable prior notice.
(d)    Participations.  Each Lender may sell participations to one or more banks or other entities (other than the Company or any of its Affiliates or any Disqualified Institution) in or to all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment, the Advances owing to it and any Note or Notes held by it); provided, however, that (i) such Lender’s obligations under this Agreement (including, without limitation, its Commitment to the Company and the other Borrowers hereunder) shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) such Lender shall remain the holder of any such Note for all purposes of this Agreement, (iv) the Company, any other Borrower, each Agent 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, (v) no participant under any such participation shall have any right to approve any amendment or waiver of any provision of this Agreement or any Note, or any consent to any departure by any Borrower therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or interest on, the Notes or any fees or other amounts payable hereunder, in each case to the extent subject to such participation, or postpone any date fixed for any payment of principal of, or interest on, the Notes or any fees or other amounts payable hereunder, in each case to the extent subject to such participation and (vi) within 30 days of the effective date of such participation, such Lender shall provide notice of such participation to the Company.
Each Lender that sells a participation shall, acting solely for this purpose as a nonfiduciary agent of the Company, 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 Advances 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 Agent) shall have no responsibility for maintaining a Participant Register.

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(e)    Any Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 9.06, disclose to the assignee or participant or proposed assignee or participant, any information relating to the Company or any Borrower furnished to such Lender by or on behalf of such Borrower; provided that, prior to any such disclosure, the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality of any confidential information relating to such Borrower received by it from such Lender.
(f)    Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any central bank having jurisdiction over it; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
(g)    Disqualified Institutions.  (i) No assignment or participation shall be made or sold, as applicable, to any Person that was a Disqualified Institution as of the date (the “Trade Date”) on which the assigning or selling Lender entered into a binding agreement to sell and assign all or a portion of its rights and obligations under this Agreement to such Person (unless the Company has consented to such assignment or Incremental Commitment in writing in its sole and absolute discretion, in which case such Person will not be considered a Disqualified Institution for the purpose of such assignment or participation).  For the avoidance of doubt, with respect to any assignee or participant that becomes a Disqualified Institution after the applicable Trade Date, the execution by the Company of an Assignment and Assumption with respect to such assignee will not by itself result in such assignee no longer being considered a Disqualified Institution.  Any assignee or participation in violation of this clause (g)(i) shall not be void, but the other provisions of this clause (g) shall apply. 
(ii)    If any assignment or participation is made to any Disqualified Institution (x) without the Company’s prior written consent in violation of clause (i) above, or (y) if any Person becomes a Disqualified Institution after the applicable Trade Date, the Company may, upon notice to the applicable Disqualified Institution and the Administrative Agent, (A) terminate the Commitment of such Disqualified Institution and repay all obligations of the Borrowers owing to such Disqualified Institution in connection with such Commitment and/or (B) require such Disqualified Institution to assign, without recourse (in accordance with and subject to the restrictions contained in this Section), all of its interest, rights and obligations under this Agreement (including as a participant) to one or more Eligible Assignees at the lesser of (i) the principal amount thereof and (ii) the amount that such Disqualified Institution paid to acquire such interests, rights and obligations, in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder; provided, however, that all expenses arising from, or in connection with, any termination or assignment hereunder shall be borne solely by (a) the assigning or selling Lender and the relevant Disqualified Institution with respect to any assignment or participation set forth in (x) above, or (b) the Company with respect to any assignment or participation set forth in (y) above. 

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(iii)    Notwithstanding anything to the contrary contained in this Agreement, Disqualified Institutions (A) will not (x) have the right to receive information, reports or other materials provided to Lenders by the Company, the Administrative Agent or any other Lender, (y) attend or participate in meetings attended by the Lenders and the Administrative Agent, or (z) access any electronic site established for the Lenders or confidential communications from counsel to or financial advisors of the Administrative Agent or the Lenders and (B) (x) for purposes of any consent to any amendment, waiver or modification of, or any action under, and for the purpose of any direction to the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) under this Agreement or any other Loan Document, each Disqualified Institution will be deemed to have consented in the same proportion as the Lenders that are not Disqualified Institutions consented to such matter, and (y) for purposes of voting on any plan or reorganization or plan of liquidation pursuant to any debtor relief laws (a “Plan”), each Disqualified Institution party hereto hereby agrees (1) not to vote on such Plan, (2) if such Disqualified Institution does vote on such Plan notwithstanding the restriction in the foregoing clause (1), such vote will be deemed not to be in good faith and shall be “designated” pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision in any other debtor relief laws), and such vote shall not be counted in determining whether the applicable class has accepted or rejected such Plan in accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision in any other debtor relief laws) and (3) not to contest any request by any party for a determination by the Bankruptcy Court (or other applicable court of competent jurisdiction) effectuating the foregoing clause (2).
(iv)    The Administrative Agent shall have the right, and the Company hereby expressly authorizes the Administrative Agent, to (A) post the list of Disqualified Institutions provided by the Company and any updates thereto from time to time (collectively, the “DQ List”) on the Platform, including that portion of the Platform that is designated for “public side” Lenders and/or (B) provide the DQ List to each Lender requesting the same.
SECTION 9.07.  Designated Subsidiaries.  (a)  Designation.  The Company may at any time, and from time to time, upon not less than 15 Business Days’ notice in the case of any Subsidiary so designated after the Restatement Date, notify the Administrative Agent that the Company intends to designate a Subsidiary as a “Designated Subsidiary” for purposes of this Agreement.  On or after the date that is 15 Business Days after such notice, upon delivery to the Administrative Agent and each Lender of a Designation Letter duly executed by the Company and the respective Subsidiary and substantially in the form of Exhibit D hereto, such Subsidiary shall thereupon become a “Designated Subsidiary” for purposes of this Agreement and, as such, shall have all of the rights and obligations of a Borrower hereunder.  The Administrative Agent shall promptly notify each Lender of the Company’s notice of such pending designation by the Company and the identity of the respective Subsidiary.  Following the giving of any notice pursuant to this Section 9.07(a), if the designation of such Designated Subsidiary obligates the Administrative Agent or any Lender to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Company shall, promptly upon the request of the Administrative Agent or any Lender, supply such documentation and other evidence as is reasonably requested by the Administrative Agent or any Lender in order for the Administrative Agent or such Lender to carry out and be satisfied it has complied with the results of all necessary “know your customer” or other similar checks under all applicable laws and regulations.

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If the Company shall designate as a Designated Subsidiary hereunder any Subsidiary not organized under the laws of the United States or any State thereof, any Lender may, with notice to the Administrative Agent and the Company, fulfill its Commitment by causing an Affiliate of such Lender to act as the Lender in respect of such Designated Subsidiary.
As soon as practicable after receiving notice from the Company or the Administrative Agent of the Company’s intent to designate a Subsidiary as a Designated Borrower, and in any event no later than five Business Days after the delivery of such notice, for a Designated Subsidiary that is organized under the laws of a jurisdiction other than of the United States or a political subdivision thereof, any Lender that may not legally lend to, establish credit for the account of and/or do any business whatsoever with such Designated Subsidiary, either directly or through an Affiliate of such Lender selected pursuant to the immediately preceding paragraph (a “Protesting Lender”) shall so notify the Company and the Administrative Agent in writing.  With respect to each Protesting Lender, the Company shall, effective on or before the date that such Designated Subsidiary shall have the right to borrow hereunder, either (A) notify the Administrative Agent and such Protesting Lender that the Commitments of such Protesting Lender shall be terminated; provided that such Protesting Lender shall have received payment of an amount equal to the outstanding principal of its Advances and/or Letter of Credit reimbursement obligations, 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 Company or the relevant Designated Subsidiary (in the case of all other amounts), or (B) cancel its request to designate such Subsidiary as a “Designated Subsidiary” hereunder.
(b)    Termination.  Upon the payment and performance in full of all of the indebtedness, liabilities and obligations under this Agreement and the Notes of any Designated Subsidiary then, so long as at the time no Notice of Revolving Credit Borrowing in respect of such Designated Subsidiary is outstanding, such Subsidiary’s status as a “Designated Subsidiary” shall terminate upon notice to such effect from the Administrative Agent to the Lenders (which notice the Administrative Agent shall give promptly upon its receipt of a request therefor from the Company).  Thereafter, the Lenders shall be under no further obligation to make any Advance hereunder to such Designated Subsidiary.
SECTION 9.08.  Confidentiality.  Each of the Lenders and each Agent hereby agrees that it shall not disclose any financial reports and other information from time to time supplied to it by the Company hereunder to the extent that such information is not and does not become publicly available and which the Company indicates at the time is to be treated confidentially, provided, however, that nothing herein shall affect the disclosure of any such information (i) by the Administrative Agent to any Lender, (ii) to the extent required by law (including statute, rule, regulation or judicial process), (iii) to counsel for any Lender or any Agent or to their respective independent public accountants, (iv) to bank examiners and auditors and appropriate government examining authorities or self-regulatory bodies having or claiming oversight any Lender or its affiliates, (v) to any Agent or any other Lender, (vi) in connection with any litigation to which any Lender or the Administrative Agent is a party relating hereto or in connection with the exercise of any remedies hereunder, (vii) to actual or prospective assignees and participants as contemplated by Section 9.06(e), (viii) to any Affiliate of any Agent or any Lender or to such Agent’s, Lender’s or Affiliate’s officers, directors, employees, agents and advisors, provided that, prior to any such disclosure, such Affiliate or such Affiliate’s officers, directors, employees, agents or advisors, as the case may be, shall agree to preserve the confidentiality of any confidential information relating to the Company received by it, (ix) to any actual or prospective party (or its managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives) to any swap, derivative, financial insurance or other transaction under which payments are to be made by reference to the Borrowers and their obligations hereunder, this Agreement or 
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payments hereunder (it being understood that the DQ List may be disclosed to any assignee or Participant, or prospective assignee or Participant (in each case, for the avoidance of doubt, other than any Disqualified Institution), in reliance on this clause (ix)) or (x) with the written consent of the Company; a determination by a Lender or an Agent as to the application of the circumstances described in the foregoing clauses (i)-(ix) being conclusive if made in good faith; and each of the Lenders and each Agent agrees that it will follow procedures which are intended to put any transferee of such confidential information on notice that such information is confidential.
SECTION 9.09.  Mitigation of Yield Protection.  Each Lender hereby agrees that, commencing as promptly as practicable after it becomes aware of the occurrence of any event giving rise to the operation of Section 2.11(a), 2.12 or 2.14 with respect to such Lender, such Lender will give notice thereof through the Administrative Agent to the respective Borrower.  A Borrower may at any time, by notice through the Administrative Agent to any Lender, request that such Lender change its Applicable Lending Office as to any Advance or Type of Advance or that it specify a new Applicable Lending Office with respect to its Commitment and any Advance held by it or that it rebook any such Advance with a view to avoiding or mitigating the consequences of an occurrence such as described in the preceding sentence, and such Lender will use reasonable efforts to comply with such request unless, in the opinion of such Lender, such change or specification or rebooking is inadvisable or might have an adverse effect, economic or otherwise, upon it, including its reputation.  In addition, each Lender agrees that, except for changes or specifications or rebookings required by law or effected pursuant to the preceding sentence, if the result of any change or change of specification of Applicable Lending Office or rebooking would, but for this sentence, be to impose additional costs or requirements upon the respective Borrower pursuant to Section 2.11(a), Section 2.12 or Section 2.14 (which would not be imposed absent such change or change of specification or rebooking) by reason of legal or regulatory requirements in effect at the time thereof and of which such Lender is aware at such time, then such costs or requirements shall not be imposed upon such Borrower but shall be borne by such Lender.  All expenses incurred by any Lender in changing an Applicable Lending Office or specifying another Applicable Lending Office of such Lender or rebooking any Advance in response to a request from a Borrower shall be paid by such Borrower.  Nothing in this Section 9.09 (including, without limitation, any failure by a Lender to give any notice contemplated in the first sentence hereof) shall limit, reduce or postpone any obligations of the respective Borrower under Section 2.11(a), Section 2.12 or Section 2.14, including any obligations payable in respect of any period prior to the date of any change or specification of a new Applicable Lending Office or any rebooking of any Advance.

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SECTION 9.10.  Governing Law.  This Agreement and the Notes shall be governed by, and construed in accordance with, the law of the State of New York.
SECTION 9.11.  Execution in Counterparts; Electronic Signatures.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Agreement by telecopier shall be effective as delivery of a manually executed counterpart of this Agreement.  The words “execute,” “execution,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications, Notices of Issuance, Notices of Revolving Credit Borrowing, Notices of Swing Line Borrowing, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it (it being understood for the purposes of the Loan Documents DocuSign shall be acceptable if the signature so delivered conforms to the signature provided on the applicable incumbency certificate).
SECTION 9.12.  Jurisdiction, Etc.  (a)  Each of the parties hereto hereby irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against any Agent, any Lender, any Issuing Bank, or any Related Party of the foregoing in any way relating to this Agreement or the transactions relating hereto or thereto, in any forum other than the courts of the State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such  courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable law, in such federal court.  Each Designated Subsidiary hereby agrees that service of process in any such action or proceeding brought in the any such New York State court or in such federal court may be made upon the Company at its address specified in Section 9.02, and each Designated Subsidiary hereby irrevocably appoints the Company its authorized agent to accept such service of process, and agrees that the failure of the Company to give any notice of any such service shall not impair or affect the validity of such service or of any judgment rendered in any action or proceeding based thereon.  Each Borrower hereby further irrevocably consents to the service of process in any action or proceeding in such courts by the mailing thereof by any parties hereto by registered or certified mail, postage prepaid, to such Borrower at its address specified pursuant to Section 9.02.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement shall affect any right that any party may otherwise have to serve legal process in any other manner permitted by law or to bring any action or proceeding relating to this Agreement or the Notes in the courts of any jurisdiction.  To the extent that each Designated Subsidiary has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) 
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with respect to itself or its property, each Designated Subsidiary hereby irrevocably waives such immunity in respect of its obligations under this Agreement.
(b)    Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the Notes in any New York State or federal court.  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.
SECTION 9.13.  Substitution of Currency.  If a change in any Major Currency occurs pursuant to any applicable law, rule or regulation of any governmental, monetary or multi-national authority, this Agreement (including, without limitation, the definition of Eurocurrency Rate) will be amended to the extent determined by the Administrative Agent (acting reasonably and in consultation with the Company) to be necessary to reflect the change in currency and to put the Lenders and the Borrowers in the same position, so far as possible, that they would have been in if no change in such Major Currency had occurred.
SECTION 9.14.  Final Agreement.  This written agreement represents the full and final agreement between the parties with respect to the matters addressed herein and supersedes all prior communications, written or oral, with respect thereto.  There are no unwritten agreements between the parties.
SECTION 9.15.  Judgment.  (a)  If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder or under the Notes in any currency (the “Original Currency”) into another currency (the “Other Currency”), the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the Original Currency with the Other Currency at 9:00 A.M. (New York City time) on the first Business Day preceding that on which final judgment is given.
(b)    The obligation of each Borrower in respect of any sum due in the Original Currency from it to any Lender or any Agent hereunder or under the Note or Notes held by such Lender shall, notwithstanding any judgment in any Other Currency, be discharged only to the extent that on the Business Day following receipt by such Lender or such Agent (as the case may be) of any sum adjudged to be so due in such Other Currency, such Lender or such Agent (as the case may be) may in accordance with normal banking procedures purchase Dollars with such Other Currency; if the amount of Dollars so purchased is less than the sum originally due to such Lender or such Agent (as the case may be) in the Original Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or such Agent (as the case may be) against such loss, and if the amount of the Original Currency so purchased exceeds the sum originally due to any Lender or any Agent (as the case may be) in the Original Currency, such Lender or such Agent (as the case may be) agrees to remit to such Borrower such excess.

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SECTION 9.16.  No Liability of the Issuing Banks.  None of the Administrative Agent, the Lenders nor any Issuing Bank, nor any of their Affiliates, or the respective directors, officers, employees, agents and advisors of such Person or such Affiliate, 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, 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 applicable Issuing Bank; provided that the foregoing shall not be construed to excuse any Issuing Bank from liability to the applicable Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrowers to the extent permitted by applicable law) suffered by such Borrower that are caused by such 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 or any failure to honor a Letter of Credit where such Issuing Bank is, under applicable law, required to honor it.  The parties hereto expressly agree that, as long as the Issuing Bank has not acted with gross negligence or willful misconduct, as finally determined in a nonappealable judgment of a court of competent jurisdiction, such 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, an Issuing Bank may, in its reasonable discretion, either accept and make payment upon such documents without responsibility for further investigation 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.
SECTION 9.17.  Patriot Act Notice.  Each Lender hereby notifies the Company that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “USA Patriot Act”), it is required to obtain, verify and record information that identifies each borrower, guarantor or grantor (the “Loan Parties”), which information includes the name and address of each Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the USA Patriot Act.
SECTION 9.18.  [Reserved].  
SECTION 9.19.  No Fiduciary Duty.  Each Borrower acknowledges that each Agent, each Lender and their respective Affiliates (collectively, solely for purposes of this paragraph, the “Lender Parties”), each is acting pursuant to a contractual relationship on an arm’s length basis, and the parties hereto do not intend that any Lender Party act or be responsible as a fiduciary to any Borrower, its management, stockholders, creditors or any other person.  Each Borrower and each Lender Party hereby expressly disclaims any fiduciary relationship and agrees they are each responsible for making their own independent judgments with respect to any transactions entered into between them.  Each Borrower also hereby acknowledges that no Lender Party has advised nor is advising such Borrower as to any legal, accounting, regulatory or tax matters, and that such Borrower is consulting its own advisors concerning such matters to the extent it deems appropriate.  Each Lender Party may have economic interest that conflict with those of the Borrowers, their stockholders and/or their Affiliates.

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SECTION 9.20.  Acknowledgement and Consent to Bail-In of Affected Financial Institutions .  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or Issuing Bank that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
(b)    the effects of any Bail-In Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

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SECTION 9.21.  Waiver of Jury Trial.  Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement or any Note or the transactions contemplated hereby or thereby (whether based on contract, tort or any other theory).  Each party hereto (a) certifies that no representative, agent or attorney of any other Person has represented, expressly or otherwise, that such other Person would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this section.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.
HONEYWELL INTERNATIONAL INC.

By: /s/ James E. Colby
Name: James E. Colby
Title:  VP & Treasurer

BANK OF AMERICA, N.A., as Administrative Agent

By: /s/ Anthea Del Bianco
Name: Anthea Del Bianco
Title:  Vice President

BANK OF AMERICA, N.A., as an Initial Swing Line Bank and an Initial Lender

By: /s/ Shaf Hasan
Name: Shaf Hasan
Title:  Director

BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, LONDON BRANCH, as Swing Line Agent

By: /s/ Shaf Hasan
Name: Shaf Hasan
Title:  Director

[Honeywell 5 Year Credit Agreement]

BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY, LONDON BRANCH, as Initial Swing Line Bank 

By: /s/ Shaf Hasan 
Name: Shaf Hasan
Title:  Director

[Honeywell 5 Year Credit Agreement]

JPMORGAN CHASE BANK, N.A., as an Initial Lender

By: /s/ Peter S. Predun
Name: Peter S. Predun
Title:  Executive Director

WELLS FARGO BANK, NATIONAL ASSOCIATION, as an Initial Lender

By: /s/ Kara Treiber
Name: Kara Treiber
Title:  Director

CITIBANK, N.A., as an Initial Lender

By: /s/ Carolyn A. Kee
Name: Carolyn A. Kee
Title:  Vice President

DEUTSCHE BANK AG NEW YORK BRANCH, as an Initial Lender

By: /s/ Sal Vitale
Name: Sal Vitale
Title:  Managing Director

By: /s/ Marko Lukin
Name: Marko Lukin
Title:  Vice President

GOLDMAN SACHS BANK USA, as an Initial Lender

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

MIZUHO BANK, LTD., as an Initial Lender

By: /s/ Donna DeMagistris
Name: Donna DeMagistris
Title:  Authorized Signatory

[Honeywell 5 Year Credit Agreement]

MUFG BANK, LTD., as an Initial Lender

By: /s/ Oscar D. Cortez
Name: Oscar D. Cortez
Title:  Authorized Signatory 

MORGAN STANLEY BANK, N.A., as an Initial Lender

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

SUMITOMO MITSUI BANKING CORPORATION, as an Initial Lender

By: /s/ Jun Ashley
Name: Jun Ashley
Title:  Director

BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH, as an Initial Lender

By: /s/ Brian Crowley
Name: Brian Crowley
Title:  Managing Director

By: /s/ Miriam Trautmann
Name: Miriam Trautmann
Title:  Senior Vice President

BNP PARIBAS, as an Initial Lender

By: /s/ Tony Baratta
Name: Tony Baratta
Title:  Managing Director

By: /s/ Michael Hoffman
Name: Michael Hoffman
Title:  Director

[Honeywell 5 Year Credit Agreement]

SOCIETE GENERALE, as an Initial Lender

By: /s/ Shelley Yu
Name: Shelley Yu
Title:  Director

THE TORONTO DOMINION BANK, NEW YORK BRANCH, as an Initial Lender

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

U.S. BANK NATIONAL ASSOCIATION, as an Initial Lender

By: /s/ Mark Irey
Name: Mark Irey
Title:  Vice President

UNICREDIT BANK AG, NEW YORK BRANCH, as an Initial Lender

By: /s/ Christine MacInnes
Name: Christine MacInnes
Title:  Director

By: /s/ Peter Daugavietis
Name: Peter Daugavietis
Title:  Director

BANCO SANTANDER, S.A., NEW YORK BRANCH, as an Initial Lender

By: /s/ Andres Barbosa
Name: Andres Barbosa
Title:  Managing Director

By: /s/ Rita Walz-Cuccioli
Name: Rita Walz-Cuccioli
Title:  Executive Director

[Honeywell 5 Year Credit Agreement]

BARCLAYS BANK PLC, as an Initial Lender

By: /s/ Craig Malloy
Name: Craig Malloy
Title:  Director

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as an Initial Lender

By: /s/ Gordon Yip
Name: Gordon Yip
Title:  Director

By: /s/ Rose Mary Perez
Name: Rose Mary Perez
Title:  Managing Director

DBS BANK LTD., as an Initial Lender

By: /s/ Josephine Lim
Name: Josephine Lim
Title:  Senior Vice President

HSBC BANK USA, NATIONAL ASSOCIATION, as an Initial Lender

By: /s/ Patrick Mueller
Name: Patrick Mueller
Title:  Managing Director 

    INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH, as an Initial Lender

By: /s/ Christine Cai
Name: Christine Cai
Title:  Vice President

By: /s/ Pinyen Shih
Name: Pinyen Shih
Title:  Executive Director

    
[Honeywell 5 Year Credit Agreement]

NATIONAL WESTMINSTER BANK PLC, as an 
Initial Lender

By: /s/ Jonathan Eady
Name: Jonathan Eady
Title:  Director

ROYAL BANK OF CANADA, as an Initial Lender

By: /s/ Jason Clay
Name: Jason Clay
Title:  Vice President, Corporate Client Group - Finance

STANDARD CHARTERED BANK, as an Initial Lender

By: /s/ James Beck
Name: James Beck
Title:  Director

THE BANK OF NOVA SCOTIA, as an Initial Lender

By: /s/ Kevin D. McCarthy
Name: Kevin D. McCarthy
Title:  Director

THE NORTHERN TRUST COMPANY, as an Initial Lender

By: /s/ Andrew D. Holtz
Name: Andrew D. Holtz
Title:  Senior Vice President

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED, as an Initial Lender

By: /s/ Robert Grillo
Name: Robert Grillo
Title:  Director

    
[Honeywell 5 Year Credit Agreement]

BANK OF CHINA, NEW YORK BRANCH, as an 
Initial Lender

By: /s/ Raymond Qiao
Name: Raymond Qiao
Title:  Executive Vice President

CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as an Initial Lender

By: /s/ Andrew Campbell
Name: Andrew Campbell
Title:  Authorized Signatory 

DANSKE BANK A/S, as an Initial Lender

By: /s/ Jorgen Linnet
Name: Jorgen Linnet
Title:  Chief Loan Manager

By: /s/ Jesper Larsen
Name: Jesper Larsen
Title:  Senior Loan Manager

     

[Honeywell 5 Year Credit Agreement]

SCHEDULE I
REVOLVING CREDIT COMMITMENTS AND SWING LINE COMMITMENTS

									
	

NAME OF INITIAL LENDER
	

REVOLVING CREDIT COMMITMENT
	

SWING LINE COMMITMENT

	Bank of America, N.A.	$229,000,000	$470,000,000
	JPMorgan Chase Bank, N.A.	$229,000,000	
	Wells Fargo Bank, National Association	$229,000,000	
	Citibank, N.A.	$185,000,000	
	Deutsche Bank AG New York Branch	$185,000,000	
	Goldman Sachs Bank USA	$185,000,000	
	Mizuho Bank, Ltd.	$185,000,000	
	MUFG Bank, Ltd.	$111,000,000	
	Morgan Stanley Bank, N.A.	$74,000,000	
	Sumitomo Mitsui Banking Corporation	$185,000,000	
	Banco Bilbao Vizcaya Argentaria, S.A. New York Branch	$142,000,000	
	BNP Paribas	$142,000,000	
	Societe Generale	$142,000,000	
	The Toronto Dominion Bank, New York Branch	$142,000,000	
	U.S. Bank National Association	$142,000,000	
	UniCredit Bank AG, New York Branch	$142,000,000	
	Banco Santander, S.A. New York Branch	$142,000,000	
	Barclays Bank PLC	$98,000,000	
	Credit Agricole Corporate and Investment Bank	$98,000,000	
	DBS Bank Ltd.	$98,000,000	
	HSBC Bank USA, National Association	$98,000,000	
	Industrial and Commercial Bank of China Limited, New York Branch	$98,000,000	
	National Westminster Bank plc	$98,000,000	
	Royal Bank of Canada	$98,000,000	
	Standard Chartered Bank	$98,000,000	
	The Bank of Nova Scotia	$98,000,000	
	The Northern Trust Company	$98,000,000	
	Australia and New Zealand Banking Group Limited	$57,250,000	
	Bank of China, New York Branch	$57,250,000	
	Canadian Imperial Bank of Commerce, New York Branch	$57,250,000	
	Danske Bank A/S	$57,250,000	
	Total:	$4,000,000,000	

Americas/2018759865.6

EXECUTION COPY

			
	SCHEDULE 2.01(b)
EXISTING LETTERS OF CREDIT

NONE

EXECUTION COPY

SCHEDULE 9.02
ADMINISTRATIVE AGENT’S OFFICE; 
CERTAIN ADDRESSES FOR NOTICES

ADMINISTRATIVE AGENT:
Administrative Agent’s Office 
(for payments and Requests for Credit Extensions):
Bank of America, N.A.
Gateway Village-900 Building
900 W Trade St.
Mail Code: NC1-026-06-04
Charlotte, NC 28255-0001
Attention: Prentiss Smith
Telephone: 877-854-8358
Facsimile: 704-719-8127
Electronic Mail:  prentiss.smith@bofa.com

PAYMENT INSTRUCTIONS:    
USD                                                           
Bank of America
New York NY
ABA 026009593
Acct # 1366072250600
Acct Name: Wire Clearing Acct for Syn Loans, LIQ
Ref: Honeywell

EUR:
Beneficiary Bank:  Bank of America NT and SA
Beneficiary Account Number: GB89 BOFA 1650 5095687029
Swift Address: BOFAGB22
Beneficiary:  Bank of America, NA

GBP:
Beneficiary Bank:  Bank of America NT and SA
Beneficiary Account Number: GB90 BOFA 1650 5095687011
Swift Address: BOFAGB22
Beneficiary:  Bank of America, NA

Americas/2018759865.6

YEN:
Beneficiary Bank:  Bank of America NA
Beneficiary Account Number: 606495687013
Swift Address: BOFAJPJX
Beneficiary:  Bank of America, NA

Other Notices as Administrative Agent:
Bank of America, N.A.
Agency Management
555 California Street, 4th Floor
Mail Code: CA5-705-04-09
San Francisco, CA  94104
Attention: Anthea Del Bianco 
Telephone: 415-436-2776
Facsimile: 415-503-5101
Electronic Mail:  anthea.del_bianco@bofa.com

ISSUING BANKS:
Bank of America, N.A.
Trade Operations
1 Fleet Way
Mail Code: PA6-580-02-30
Scranton, PA 18507
Attention: Michael Grizzanti
Telephone: 570-496-9621
Facsimile: 800-755-8743
Electronic Mail:  michael.a.grizzanti@bofa.com
SWING LINE LENDER:
Swingline Agent:
Bank of America Europe Designated Activity Company, London Branch
2 King Edwards Street
London EC1A 1HQ
United Kingdom
Tel:    44-208-695-3389/ 0208 313 2735
Fax:    44-208-313-2140
Contact: Lending Services
Email:    emealendingservices@bofa.com 

Payment Instructions:
[Honeywell 5 Year Credit Agreement]

 
 

[Honeywell 5 Year Credit Agreement]

EXHIBIT A - FORM OF
PROMISSORY NOTE
Dated:  _______________, 20__
FOR VALUE RECEIVED, the undersigned, [NAME OF BORROWER], a _________________________ corporation (the “Borrower”), HEREBY PROMISES TO PAY to _________________________ (the “Lender”) for the account of its Applicable Lending Office on the Termination Date (each as defined in the Credit Agreement referred to below) the aggregate principal amount of the Revolving Credit Advances made by the Lender to the Borrower pursuant to the Amended and Restated Five Year Credit Agreement dated as of March 31, 2021, among Honeywell International Inc., the Lender and certain other lenders parties thereto, and Bank of America, N.A., as Administrative Agent for the Lender and such other lenders (as amended or modified from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined) outstanding on such date.
The Borrower promises to pay interest on the unpaid principal amount of each Revolving Credit Advance from the date of such Revolving Credit Advance until such principal amount is paid in full, at such interest rates, and payable at such times, as are specified in the Credit Agreement.
Both principal and interest in respect of each Revolving Credit Advance (i) in Dollars are payable in lawful money of the United States of America to Bank of America, N.A., as Administrative Agent, at the Agent’s Office, in same day funds and (ii) in any Major Currency are payable in such currency at the applicable Agent’s Office in same day funds.  Each Revolving Credit Advance owing to the Lender by the Borrower pursuant to the Credit Agreement, and all payments made on account of principal thereof, shall be recorded by the Lender and, prior to any transfer hereof, endorsed on the grid attached hereto which is part of this Promissory Note.
This Promissory Note is one of the Notes referred to in, and is entitled to the benefits of, the Credit Agreement.  The Credit Agreement, among other things, (i) provides for the making of Revolving Credit Advances by the Lender to the Borrower from time to time in an aggregate amount not to exceed at any time outstanding the Dollar amount first above mentioned or the Equivalent thereof in one or more Major Currencies, the indebtedness of the Borrower resulting from each such Revolving Credit Advance being evidenced by this Promissory Note, (ii) contains provisions for determining the Equivalent in Dollars of Revolving Credit Advances denominated in Major Currencies and (iii) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments on account of principal hereof prior to the maturity hereof upon the terms and conditions therein specified.
The Borrower hereby waives presentment, demand, protest and notice of any kind.  No failure to exercise, and no delay in exercising, any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights.

This Promissory Note shall be governed by, and construed in accordance with the laws of the State of New York.
[NAME OF BORROWER]
By    
Name:
Title:

    2

ADVANCES AND PAYMENTS OF PRINCIPAL
																					
	Date	Type of
Advance
	Amount of
Advance in
Relevant Currency
	Interest Rate	

Amount of
Principal Paid
or Prepaid
	

Unpaid Principal
Balance
	

Notation
Made By

							
							
							
							
							
							
							
							
							
							
							
							
							
							
							
							
							
							
							
							
							
							

    3

EXECUTION COPY

EXHIBIT B-1 - FORM OF NOTICE OF
REVOLVING CREDIT BORROWING

Bank of America, N.A., as Administrative Agent
  for the Lenders parties
  to the Credit Agreement
  referred to below
  [Address]                        [Date]

Attention:  Bank Loan Syndication
Ladies and Gentlemen:
The undersigned, [Name of Borrower], refers to the Amended and Restated Five Year Credit Agreement, dated as of March 31, 2021 (as amended or modified from time to time, the “Credit Agreement”, the terms defined therein being used herein as therein defined), among the undersigned, certain Lenders parties thereto, and Bank of America, N.A., as Administrative Agent for said Lenders, and hereby gives you notice, irrevocably, pursuant to Section 2.02 of the Credit Agreement that the undersigned hereby requests a Revolving Credit Borrowing under the Credit Agreement, and in that connection sets forth below the information relating to such Revolving Credit Borrowing (the “Proposed Revolving Credit Borrowing”) as required by Section 2.02(a) of the Credit Agreement:
(i)    The Business Day of the Proposed Revolving Credit Borrowing is _______________.
(ii)    The Type of Advances comprising the Proposed Revolving Credit Borrowing is [Base Rate Advances] [Eurocurrency Rate Advances].
(iii)    The aggregate amount of the Proposed Revolving Credit Borrowing is [$_______________] [for a Revolving Credit Borrowing in a Major Currency, list currency and amount of Revolving Credit Borrowing].
[(iv)    The initial Interest Period for each Eurocurrency Rate Advance made as part of the Proposed Revolving Credit Borrowing is _____ month[s].]

The undersigned hereby certifies that the conditions precedent to this Revolving Credit Borrowing set forth in Section 3.03 of the Credit Agreement have been satisfied and the applicable statements contained therein are true on the date hereof, and will be true on the date of the Proposed Revolving Credit Borrowing.
Very truly yours,

[NAME OF BORROWER]
By    
Name:
Title:
    2

EXHIBIT B-2 - FORM OF NOTICE OF
SWING LINE BORROWING

Bank of America [Europe], as Swing Line Agent
  for the Lenders parties
  to the Credit Agreement
  referred to below

Bank of America, N.A., as Administrative Agent
  for the Lenders parties
  to the Credit Agreement
  referred to below

                                          [Date]

Attention:  Loans Agency
Ladies and Gentlemen:
The undersigned, [Name of Borrower], refers to the Amended and Restated Five Year Credit Agreement, dated as of March 31, 2021 (as amended or modified from time to time, the “Credit Agreement”, the terms defined therein being used herein as therein defined), among the undersigned, certain Lenders parties thereto, Bank of America, N.A., as Administrative Agent for said Lenders, and Bank of America [Europe], as Swing Line Agent for the Swing Line Banks, and hereby gives you notice, irrevocably, pursuant to Section 2.02 of the Credit Agreement that the undersigned hereby requests a Swing Line Borrowing under the Credit Agreement, and in that connection sets forth below the information relating to such Swing Line Borrowing (the “Proposed Swing Line Borrowing”) as required by Section 2.02(b) of the Credit Agreement:
(i)    The Business Day of the Proposed Swing Line Borrowing is _______________.
(ii)    The aggregate amount of the Proposed Swing Line Borrowing is [$__________] [€__________].
(iii)    The maturity date for each Eurocurrency Rate Advance made as part of the Proposed Swing Line Borrowing is __________, 202__.

The undersigned hereby certifies that the conditions precedent to this Swing Line Borrowing set forth in Section 3.03 of the Credit Agreement have been satisfied and the applicable statements contained therein are true on the date hereof, and will be true on the date of the Proposed Swing Line Borrowing.
Very truly yours,

[NAME OF BORROWER]
By    
Name:
Title:
2

EXHIBIT C - FORM OF
ASSIGNMENT AND ASSUMPTION
Assignment and Assumption

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2 Assignee identified in item 2 below ([the][each, an] “Assignee”).  [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]3 hereunder are several and not joint.]4  Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective facilities identified below (including without limitation any letters of credit, guarantees, and swingline loans included in such facilities), and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”).  Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor.  

1 For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language.  If the assignment is from multiple Assignors, choose the second bracketed language.
2 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language.  If the assignment is to multiple Assignees, choose the second bracketed language.
3 Select as appropriate.
4 Include bracketed language if there are either multiple Assignors or multiple Assignees.

    

-2-

1.    Assignor[s]:        ________________________________

                ______________________________
    [Assignor [is] [is not] a Defaulting Lender]

2.    Assignee[s]:        ______________________________

                ______________________________
    [for each Assignee, indicate [Affiliate] of [identify Lender]] [Assignee is not a Disqualified Institution]

3.    Borrower(s):        Honeywell International Inc.

4.    Administrative Agent:      Bank of America, N.A., as the administrative agent under the Credit Agreement

5.    Credit Agreement:    The $4,000,000,000 Amended and Restated Five Year Credit Agreement dated as of March 31, 2021 among Honeywell International Inc., the Lenders parties thereto, Bank of America, N.A., as Administrative Agent, and the other agents parties thereto

6.     Assigned Interest[s]:

																					
	Assignor[s]5	Assignee[s]6	Facility Assigned7	Aggregate Amount of Commitment/Loans for all Lenders8	Amount of Commitment/Loans Assigned8
	Percentage Assigned of Commitment/
Loans9	CUSIP Number
				$	$	%	
				$	$	%	
				$	$	%	

[7.    Trade Date:        ______________]10

5 List each Assignor, as appropriate.
6 List each Assignee, as appropriate.
7 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g., “Revolving Credit Commitment,” “Letter of Credit Commitment,” etc.)
8 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.
9 Set forth, to at least 9 decimals, as a percentage of the Commitment/Advances of all Lenders thereunder.
10 To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date.

-3-

[Page break]

-4-

Effective Date:   _____________ ___, 20___ [TO BE INSERTED BY AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The terms set forth in this Assignment and Assumption are hereby agreed to:

ASSIGNOR[S]11
[NAME OF ASSIGNOR]

By:______________________________
   Title:

[NAME OF ASSIGNOR]

By:______________________________
   Title:

ASSIGNEE[S]12
[NAME OF ASSIGNEE]

By:______________________________
   Title:

[NAME OF ASSIGNEE]

By:______________________________
   Title:

[Consented to and]13 Accepted:

[NAME OF ADMINISTRATIVE AGENT], as 
  Administrative Agent

By: _________________________________
  Title:

11 Add additional signature blocks as needed. 
12 Add additional signature blocks as needed. 
13 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

-5-

[Consented to:]14 

[NAME OF RELEVANT PARTY]

By: ________________________________
  Title:  

14 To be added only if the consent of the Company and/or other parties (e.g. Swing Line Bank, Issuing Bank) is required by the terms of the Credit Agreement.  

-1-

ANNEX 1

STANDARD TERMS AND CONDITIONS FOR
ASSIGNMENT AND ASSUMPTION

        1.    Representations and Warranties.  

        1.1    Assignor[s].  [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or any collateral thereunder, (iii) the financial condition of any Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of the Credit Agreement, or (iv) the performance or observance by any Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under the Credit Agreement.

        1.2.    Assignee[s].  [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 9.06(b)(iii), (v) and (vi) of the Credit Agreement (subject to such consents, if any, as may be required under Section 9.06(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.01(h) thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Lender organized under the laws of a jurisdiction outside of the United States, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender.

    

-2-

    2.    Payments.  From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignee whether such amounts have accrued prior to, on or after the Effective Date.  The Assignor[s] and the Assignee[s] shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.  Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to [the][the relevant] Assignee.

    3.    General Provisions.  This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument.  Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption.  This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

-1-

EXHIBIT D - FORM OF DESIGNATION LETTER
[DATE]
To each of the Lenders
  parties to the
  Credit Agreement (as defined
  below) and to Bank of America, N.A.,
  as Administrative Agent for such Lenders
Ladies and Gentlemen:
Reference is made to the Amended and Restated Five Year Credit Agreement dated as of March 31, 2021, among Honeywell International Inc. (the “Company”), the Lenders named therein, and Bank of America, N.A., as Administrative Agent for said Lenders (the “Credit Agreement”).  For convenience of reference, terms used herein and defined in the Credit Agreement shall have the respective meanings ascribed to such terms in the Credit Agreement.
Please be advised that the Company hereby designates its undersigned Subsidiary, ____________ (“Designated Subsidiary”), as a “Designated Subsidiary” under and for all purposes of the Credit Agreement.
The Designated Subsidiary, in consideration of each Lender’s agreement to extend credit to it under and on the terms and conditions set forth in the Credit Agreement, does hereby assume each of the obligations imposed upon a “Designated Subsidiary” and a “Borrower” under the Credit Agreement and agrees to be bound by the terms and conditions of the Credit Agreement.  In furtherance of the foregoing, the Designated Subsidiary hereby represents and warrants to each Lenders as follows:
1.    The Designated Subsidiary is a corporation duly incorporated, validly existing and in good standing under the laws of __________________ and is duly qualified to transact business in all jurisdictions in which such qualification is required.
2.    The execution, delivery and performance by the Designated Subsidiary of this Designation Letter, the Credit Agreement, its Notes and the consummation of the transactions contemplated thereby, are within the Designated Subsidiary’s corporate powers, have been duly authorized by all necessary corporate action, and do not and will not cause or constitute a violation of any provision of law or regulation or any provision of the charter or by-laws of the Designated Subsidiary or result in the breach of, or constitute a default or require any consent under, or result in the creation of any lien, charge or encumbrance upon any of the properties, revenues, or assets of the Designated Subsidiary pursuant to, any indenture or other agreement or instrument to which the Designated Subsidiary is a party or by which the Designated Subsidiary or its property may be bound or affected.

-2-

3.    This Designation Agreement and each of the Notes of the Designated Subsidiary, when delivered, will have been duly executed and delivered, and this Designation Letter, the Credit Agreement and each of the Notes of the Designated Subsidiary, when delivered, will constitute a legal, valid and binding obligation of the Designated Subsidiary enforceable against the Designated Subsidiary in accordance with their respective terms except to the extent that such enforcement may be limited by applicable bankruptcy, insolvency and other similar laws affecting creditors’ rights generally.
4.    There is no action, suit, investigation, litigation or proceeding including, without limitation, any Environmental Action, pending or to the knowledge of the Designated Subsidiary Threatened affecting the Designated Subsidiary before any court, governmental agency or arbitration that (i) is reasonably likely to have a Material Adverse Effect, or (ii) purports to effect the legality, validity or enforceability of this Designation Letter, the Credit Agreement, any Note of the Designated Subsidiary or the consummation of the transactions contemplated thereby.
5.    No authorizations, consents, approvals, licenses, filings or registrations by or with any governmental authority or administrative body are required in connection with the execution, delivery or performance by the Designated Subsidiary of this Designation Letter, the Credit Agreement or the Notes of the Designated Subsidiary except for such authorizations, consents, approvals, licenses, filings or registrations as have heretofore been made, obtained or effected and are in full force and effect.
6.    The Designated Subsidiary is not, and immediately after the application by the Designated Subsidiary of the proceeds of each Advance will not be, required to be registered as an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
7.    [As of the date hereof, to the knowledge of the Designated Subsidiary, the information included in the Beneficial Ownership Certification of the Designated Subsidiary is true and correct in all respects.]15
Very truly yours,
HONEYWELL INTERNATIONAL INC.

By _________________________
Name:
Title:

15 Include if applicable.
2

-3-

                            [THE DESIGNATED SUBSIDIARY]
By__________________________
Name:
Title:
3

EXHIBIT E - FORM OF OPINION
OF THE GENERAL COUNSEL OR AN
ASSISTANT GENERAL COUNSEL OF THE COMPANY
March 31, 2021
To each of the Lenders parties
to the Credit Agreement
(as defined below),
and to Bank of America, N.A.,
as Administrative Agent for said Lenders
Honeywell International Inc.
Ladies and Gentlemen:
This opinion is furnished to you pursuant to Sections 3.01(e)(iv) and 3.02(f) of the Amended and Restated Five Year Credit Agreement dated as of March 31, 2021, among Honeywell International Inc. (the “Company”), the Lenders parties thereto, and Bank of America, N.A., as Administrative Agent for said Lenders (the “Credit Agreement”).  Terms defined in the Credit Agreement are, unless otherwise defined herein, used herein as therein defined.
I have acted as counsel for the Company in connection with the preparation, execution and delivery of the Credit Agreement. 
In that connection I have examined:
(1)    The Credit Agreement.
(2)    The documents furnished by the Company pursuant to Article III of the Credit Agreement, including the Certificate of Incorporation of the Company and all amendments thereto (the “Charter”) and the By-laws of the Company and all amendments thereto (the “By-laws”).
(3)    A certificate of the Secretary of State of the State of Delaware, dated as of a recent date, attesting to the continued corporate existence and good standing of the Company in that State.
I have also examined the originals, or copies certified to my satisfaction, of such corporate records of the Company (including resolutions adopted by the board of directors of the Company), certificates of public officials and of officers of the Company, and agreements, instruments and documents, as I have deemed necessary as a basis for the opinions hereinafter expressed.  As to questions of fact material to such opinions, I have, when relevant facts were not independently established by me, relied upon certificates of the Company or its officers or of public officials.  

In rendering the opinions set forth below, I have assumed the authenticity of all documents submitted to me as originals, the genuineness of all signatures and the conformity to authentic originals of all documents submitted to me as copies.  I have also assumed the legal capacity for all purposes relevant hereto of all natural persons and, with respect to all parties to agreements or instruments relevant hereto other than the Company, that such parties had the requisite power and authority (corporate or otherwise) to execute, deliver and perform such agreements or instruments, that such agreements or instruments have been duly authorized by all requisite action (corporate or otherwise), executed and delivered by such parties and that such agreements or instruments are the valid, binding, and enforceable obligations of such parties.  
I am qualified to practice law in the State of New York, and I do not purport to be expert in, or to express any opinion herein concerning, any laws other than the laws of the State of New York, the General Corporation Law of the State of Delaware and the Federal laws of the United States.
Based upon the foregoing and upon such investigation as I have deemed necessary, I am of the following opinion:
1.    The Company (a) is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, (b) is duly qualified as a foreign corporation in each other jurisdiction in which it owns or leases property or in which the conduct of its business requires it to so qualify or be licensed, except where the failure to be so qualified would not be reasonably likely to have a Material Adverse Effect and (c) has all requisite corporate power and authority to own or lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted.
2.    The execution, delivery and performance by the Company of the Credit Agreement and the Notes of the Company, and the consummation of the transactions contemplated thereby, are within the Company’s corporate powers, have been duly authorized by all necessary corporate action, and do not (i) contravene the Charter or the By-laws or (ii) violate any law (including, without limitation, the Securities Exchange Act of 1934 and the Racketeer Influenced and Corrupt Organizations Chapter of the Organized Crime Control Act of 1970), rule, regulation (including, without limitation, Regulation X of the Board of Governors of the Federal Reserve System) or any material order, writ, judgment, decree, determination or award or (iii) conflict with or result in the breach of, or constitute a default under, any material indenture, loan or credit agreement, lease, mortgage, security agreement, bond, note or any similar document.  The Credit Agreement and the Notes of the Company have been duly executed and delivered on behalf of the Company.

2

3.    No authorization, approval, or other action by, and no notice to or filing with, any governmental authority, administrative agency or regulatory body, or any third party is required for the due execution, delivery and performance by the Company of the Credit Agreement or the Notes of the Company, or for the consummation of the transactions contemplated thereby.
4.    The Credit Agreement is, and each Note of the Company when delivered under the Credit Agreement will be, the legal, valid and binding obligation of the Company enforceable against the Company in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or moratorium or other similar laws relating to the enforcement of creditors’ rights generally or by the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and except that I express no opinion as to (i) the subject matter jurisdiction of the District Courts of the United States of America to adjudicate any controversy relating to the Credit Agreement or the Notes of the Company or (ii) the effect of the law of any jurisdiction (other than the State of New York) wherein any Lender or Applicable Lending Office may be located or wherein enforcement of the Credit Agreement or the Notes of the Company may be sought which limits rates of interest which may be charged or collected by such Lender.
5.    There is no action, suit, investigation, litigation or proceeding against the Company or any of its Subsidiaries before any court, governmental agency or arbitrator now pending or, to the best of my knowledge, Threatened that is reasonably likely to have a Material Adverse Effect (other than as disclosed in public filings prior to the date hereof) or that purports to affect the legality, validity or enforceability of the Credit Agreement or any Note of the Company or the consummation of the transactions contemplated thereby, and there has been no material adverse change in the status, or financial effect on the Company or any of its Subsidiaries, of the matters disclosed in public filings prior to the date hereof.
6.    The Company is not required to be registered as an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
In connection with the opinions expressed by me above in paragraphs 4 and 5, I wish to point out that (i) provisions of the Credit Agreement that permit the Administrative Agent or any Lender to take action or make determinations may be subject to a requirement that such action be taken or such determinations be made on a reasonable basis and in good faith, (ii) that a party to whom an advance is owed may, under certain circumstances, be called upon to prove the outstanding amount of the Advances evidenced thereby, (iii) the rights of the Administrative Agent and the Lenders provided for in Section 9.04(b) of the Credit Agreement may be limited in certain circumstances and (iv) I express no opinion with respect to the enforceability of any indemnity against loss in converting into a specified currency the proceeds or amount of a court judgment in another currency.

3

I do not express any opinion on any matter not expressly addressed above.  The opinions set forth herein are delivered based solely upon the examinations, assumptions and other matters described herein as of the date hereof, and I undertake no obligation to modify or supplement this opinion letter or otherwise to communicate with you with respect to changes in law or matters which occur or come to my attention after the date hereof.
This opinion letter is given for the sole and exclusive benefit of the addressees hereof and may not be relied upon by or delivered or disclosed to any other person, except that any person that becomes a Lender in accordance with the provisions of the Credit Agreement after the date hereof may rely on these opinions as if this opinion letter were addressed and delivered to such Lender on the date hereof.  In addition, this opinion letter relates only to the matters, the opinions and the transaction specifically referred to or provided herein, and no other opinions should be implied therefrom.  Notwithstanding the foregoing, you may show this opinion to any governmental authority pursuant to requirements of applicable law or regulations; however, we assume no obligation to advise you or any such governmental authority, or to make any investigations, as to any legal developments or actual matters arising subsequent to the date hereof that might affect the opinions expressed herein.
    Very truly yours,

4

EXHIBIT F - FORM OF OPINION OF COUNSEL
TO A DESIGNATED SUBSIDIARY
____________, 20__
To each of the Lenders parties
to the Credit Agreement
(as defined below),
and to Bank of America, N.A., as Administrative Agent
for said Lenders
Ladies and Gentlemen:
In my capacity as counsel to __________ (“Designated Subsidiary”), I have reviewed that certain Amended and Restated Five Year Credit Agreement dated as of March 31, 2021, among Honeywell International Inc., the Lenders named therein, and Bank of America, N.A., as Administrative Agent for such Lenders (the “Credit Agreement”).  In connection therewith, I have also examined the following documents:
(i)    The Designation Letter (as defined in the Credit Agreement) executed by the Designated Subsidiary.
[such other documents as counsel may wish to refer to]
I have also reviewed such matters of law and examined the original, certified, conformed or photographic copies of such other documents, records, agreements and certificates as I have considered relevant hereto.  As to questions of fact material to such opinions, I have, when relevant facts were not independently established by me, relied upon certificates of the Company or its officers or of public officials.  
Except as expressly specified herein all terms used herein and defined in the Credit Agreement shall have the respective meanings ascribed to them in the Credit Agreement.
I am qualified to practice law in __________, and I do not purport to be expert in, or to express any opinion herein concerning, any laws other than the laws of __________.
Based upon the foregoing and upon such investigation as I have deemed necessary, I am of the opinion that:
1.    The Designated Subsidiary (a) is a corporation duly incorporated, validly existing and in good standing under the laws of __________, (b) is duly qualified in each other jurisdiction in which it owns or leases property or in which the conduct of its business requires it to so qualify or be licensed, except where the failure to be so qualified would not be reasonably likely to have a Material Adverse Effect and (c) has all requisite corporate power and authority to own or lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted.

2.    The execution, delivery and performance by the Designated Subsidiary of its Designation Letter, the Credit Agreement and its Notes, and the consummation of the transactions contemplated thereby, are within the Designated Subsidiary’s corporate powers, have been duly authorized by all necessary corporate action, and do not and will not cause or constitute a violation of any provision of law or regulation or any material order, writ, judgment, decree, determination or award or any provision of the charter or by-laws or other constituent documents of the Designated Subsidiary or result in the breach of, or constitute a default or require any consent under, or result in the creation of any lien, charge or encumbrance upon any of the properties, revenues, or assets of the Designated Subsidiary pursuant to, any material indenture or other agreement or instrument to which the Designated Subsidiary is a party or by which the Designated Subsidiary or its property may be bound or affected.  The Designation Letter and each Note of the Designated Subsidiary has been duly executed and delivered on behalf of the Designated Subsidiary.
3.    The Credit Agreement and the Designation Letter of the Designated Subsidiary are, and each Note of the Designated Subsidiary when delivered under the Credit Agreement will be, the legal, valid and binding obligation of the Designated Subsidiary enforceable in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or moratorium or other similar laws relating to the enforcement of creditors’ rights generally or by the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and except that I express no opinion as to (i) the subject matter jurisdiction of the District Courts of the United States of America to adjudicate any controversy relating to the Credit Agreement, the Designation Letter of the Designated Subsidiary or the Notes of the Designated Subsidiary or (ii) the effect of the law of any jurisdiction (other than the State of New York) wherein any Lender or Applicable Lending Office may be located or wherein enforcement of the Credit Agreement, the Designation Letter of the Designated Subsidiary or the Notes of the Designated Subsidiary may be sought which limits rates of interest which may be charged or collected by such Lender.
4.    There is no action, suit, investigation, litigation or proceeding at law or in equity before any court, governmental agency or arbitration now pending or, to the best of my knowledge and belief, Threatened against the Designated Subsidiary that is reasonably likely to have a Material Adverse Effect or that purports to affect the legality, validity or enforceability of the Designation Letter of the Designated Subsidiary, the Credit Agreement or any Note of the Designated Subsidiary or the consummation of the transactions contemplated thereby.
5.    No authorizations, consents, approvals, licenses, filings or registrations by or with any governmental authority or administrative body are required for the due execution, delivery and performance by the Designated Subsidiary of its Designation Letter, the Credit Agreement or the Notes of the Designated Subsidiary except for such authorizations, consents, approvals, licenses, filings or registrations as have heretofore been made, obtained or affected and are in full force and effect.

2

6.    The Designated Subsidiary is not required to be registered as an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
In connection with the opinions expressed by me above in paragraph 3, I wish to point out that (i) provisions of the Credit Agreement which permit the Administrative Agent or any Lender to take action or make determinations may be subject to a requirement that such action be taken or such determinations be made on a reasonable basis and in good faith, (ii) a party to whom an advance is owed may, under certain circumstances, be called upon to prove the outstanding amount of the Advances evidenced thereby, (iii) the rights of the Administrative Agent and the Lenders provided for in Section 9.04(b) of the Credit Agreement may be limited in certain circumstances and (iv) I express no opinion with respect to the enforceability of any indemnity against loss in converting into a specified currency the proceeds or amount of a court judgment in another currency.
I do not express any opinion on any matter not expressly addressed above.  The opinions set forth herein are delivered based solely upon the examinations, assumptions and other matters described herein as of the date hereof, and I undertake no obligation to modify or supplement this opinion letter or otherwise to communicate with you with respect to changes in law or matters which occur or come to my attention after the date hereof.
This opinion letter is given for the sole and exclusive benefit of the addressees hereof and may not be relied upon by or delivered or disclosed to any other person, except that any person that becomes a Lender in accordance with the provisions of the Credit Agreement after the date hereof may rely on these opinions as if this opinion letter were addressed and delivered to such Lender on the date hereof.  In addition, this opinion letter relates only to the matters, the opinions and the transaction specifically referred to or provided herein, and no other opinions should be implied therefrom.

Very truly yours,

                            
3Exhibit 10.9

 

Execution Version

 

NINTH AMENDMENT
AND JOINDER

TO LOAN AND SECURITY AGREEMENT
AND CONSENT

 

This Ninth Amendment and Joinder
to Loan and Security Agreement and Consent (this “Amendment”) is entered into this 4th day of December, 2020,
by and among (a) KATAPULT SPV-1 LLC, a Delaware limited liability company (“Borrower”), (b) KATAPULT
GROUP, INC., a Delaware corporation (“Holdings”), (c) KATAPULT HOLDINGS, INC., a Delaware corporation
(“Parent Entity”), (d) MIDTOWN MADISON MANAGEMENT LLC, a Delaware limited liability company, as administrative,
payment and collateral agent for each of the Lenders (in such capacities, “Agent”) and (d) each of the Lenders
party hereto.

 

RECITALS

 

A. Borrower,
Holdings, Agent and Lenders have entered into that certain Loan and Security Agreement, dated as of May 14, 2019, as amended by that certain
First Amendment to Loan and Security Agreement, dated as of June 14, 2019, as amended by that certain Second Amendment to Loan and Security
Agreement, dated as of November 8, 2019, as amended by that certain Third Amendment to Loan and Security Agreement, dated as of November
20, 2019, as amended by that certain Fourth Amendment to Loan and Security Agreement, dated as of December 16, 2019, as amended by that
certain Fifth Amendment to Loan and Security Agreement, dated as of April 3, 2020, as amended by that certain Sixth Amendment to Loan
and Security Agreement, dated as of April 29, 2020, as amended by that certain Seventh Amendment to Loan and Security Agreement, dated
as of May 6, 2020 and as further amended by that certain Eighth Amendment to Loan and Security Agreement, dated as of September 28, 2020
(as heretofore and as may be hereafter further amended, modified, restated, amended or restated from time to time the “Loan Agreement”).

 

B. Agent, Borrower
and each Lender have agreed to execute this Amendment for the purpose of effectuating the matters set forth herein, all on the terms and
conditions set forth herein.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration,
the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

 

1. Definitions.
Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement as amended by this
Amendment (the “Loan Agreement”).

 

2.
Amendments to Loan Agreement and Consent.

 

2.1 Effective
as of the date hereof, the Loan Agreement is hereby amended (a) to delete the stricken text (indicated textually in the same manner
as the following examples: stricken text and stricken
text) and (b) to add the double-underlined text (indicated textually in the same manner as the following examples: double-underlined
text and double-underlined text), in each
case, as set forth in the marked copy of the Loan Agreement, along with those certain exhibits, schedules and appendices to the Loan
Agreement, attached hereto as Exhibit A hereto and made a part hereof for all purposes.

 

    Zibby – Ninth Amendment to Loan and Security Agreement
 

     

    

 

2.2 Effective
as of the Ninth Amendment Effective Date, the Agent and Lenders hereby (i) consent to the amendment of Borrower’s Limited Liability
Company Agreement and the payoff of the Victory Park Capital Management facility and the Ivy Management Loan Agreement and (ii) waive
any Default or Event of Default that would first arise on the Ninth Amendment Effective Date directly as a result of such amendment or
payoff.

 

3.
Limited Effect of Amendment.

 

3.1 Except
to the extent expressly set forth herein, this Amendment does not, and shall not be construed to, constitute a waiver of any past, present
or future violation of the Loan Agreement, the other Loan Documents or any other related document, and shall not, directly or indirectly
in any way whatsoever either: (i) impair, prejudice or otherwise adversely affect Agent’s or the Lenders’ right at any time
to exercise any right, privilege or remedy in connection with the Loan Agreement, any other Loan Document or any other related document
(all of which rights are hereby expressly reserved by Agent and the Lenders), (ii) amend or alter any provision of the Loan Agreement,
any other Loan Document or any other related document, (iii) constitute any course of dealing or other basis for altering any obligation
of Borrower, Holdings, Parent Entity or any of their respective Affiliates or any right, privilege or remedy of Agent or any Lender under
the Loan Agreement, any other Loan Document or any other related document or (iv) constitute any consent (deemed or express) by Agent
or any Lender to any prior, existing or future violations of the Loan Agreement, any other Loan Document or any other related document.
There are no oral agreements among the parties hereto, and no prior or future discussions or representations regarding the subject matter
hereof shall constitute a waiver of any past, present or future violation of the Loan Agreement, any other Loan Document or any other
related document.

 

3.2 This
Amendment shall be construed in connection with and as part of the Loan Agreement and all terms, conditions, representations, warranties,
covenants and agreements set forth in the Loan Agreement, as amended by this Amendment, are hereby ratified and confirmed and shall remain
in full force and effect.

 

4.
Joinder.

 

4.1 For
value received, Parent Entity hereby agrees to become a “Guarantor” under the Loan Agreement and the other Loan Documents
pursuant to the following terms and conditions hereof.

 

4.2 Borrower,
Holdings, Agent and the Lenders, which constitute all the parties to the Loan Agreement immediately prior to the joinder of Parent Entity
thereto, hereby amend the Loan Agreement, and each of the other Loan Documents, as applicable, to reflect that Parent Entity is hereby
a “Guarantor” in, under and pursuant to the Loan Agreement, with all the rights, obligations, liabilities and duties of a
Guarantor thereunder regardless of when such obligations, liabilities and duties first arose.

 

    Zibby – Ninth Amendment to Loan and Security Agreement
 
- 2 -

     

    

 

4.3 Parent
Entity hereby (i) joins in, becomes a party to, and agrees to comply with and be bound by, as a Guarantor, the terms and conditions of
the Loan Agreement and each other Loan Document to the same extent as if Parent Entity were an original signatory thereto, (ii) grants
to the Agent, for the ratable benefit of the Lenders, a security interest in the “Collateral” as defined in the Payment Guaranty,
which security interest shall be subject to the terms and conditions set forth in the Payment Guaranty, including Section 7, (iii) agrees
that it is a primary obligor (and not a surety) under the Loan Agreement and (iv) agrees that it shall be jointly and severally liable
with Holdings for all liabilities and Obligations regardless of when they first arose under the Loan Agreement and the other Loan Documents
as if it were an original party thereto. Parent Entity acknowledges and confirms that it has received a copy of the Loan Agreement and
the exhibits, schedules and other attachments thereto, and the other Loan Documents.

 

4.4 In
furtherance of the foregoing, Parent Entity agrees to execute and/or deliver to the Agent such other Loan Documents, UCC financing statements,
secretary’s certificate as to organization and incumbency and any other documents, instruments, certificates, or agreements as the
Agent described in Section 4.3 of the Loan Agreement with respect to the Parent Entity in connection with the joinder of Parent Entity
as a Guarantor.

 

5. Representations
and Warranties and Covenants. To induce Agent and Lenders to enter into this Amendment, Borrower,
Holdings and Parent Entity, jointly and severally, hereby represent and warrant to Agent and each Lender as follows:

 

5.1 Immediately
after giving effect to this Amendment (a) the representations and warranties contained in the Loan Agreement are true, accurate and complete
in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in
which case they are true and correct as of such date), and (b) no Regulatory Trigger Event, Default Trigger Event, First Payment Default
Trigger Event, Default or Event of Default has occurred and is continuing;

 

5.2 Each
of Borrower, Holdings and Parent Entity has the power and authority to execute and deliver this Amendment and to perform its obligations
under the Loan Agreement;

 

5.3 The
execution and delivery by Borrower, Holdings and Parent Entity of this Amendment and the performance by Borrower, Holdings and Parent
Entity of their respective obligations under the Loan Agreement have been duly authorized by all requisite action of such parties and
have been duly executed and delivered by such parties;

 

5.4 The
execution and delivery by Borrower, Holdings and Parent Entity of this Amendment and the performance by Borrower, Holdings and Parent
Entity of their obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license,
authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority,
or subdivision thereof, binding on either Borrower, Holdings or Parent Entity, except as already has been obtained or made; and

 

5.5 This
Amendment has been duly executed and delivered by each of Borrower, Holdings and Parent Entity and is the binding obligation of each
of Borrower, Holdings and Parent Entity, enforceable against each of Borrower, Holdings and Parent Entity in accordance with
its terms, subject to the effect of any applicable bankruptcy, moratorium, insolvency, reorganization or other similar law affecting
the enforceability of creditors’ rights generally and to the effect of general principles of equity (whether in a proceeding
at law or in equity).

 

6. Conditions
Precedent to Effectiveness of Amendment Against Agent and Lenders. This Amendment shall not be
effective against Agent or any Lender unless and until each of the following conditions shall have been satisfied as of the date hereof,
in Agent’s sole discretion:

 

6.1 Agent
shall have received this Amendment, duly executed by Borrower, Holdings and Parent Entity;

 

6.2 Agent
shall have received such additional documents, instruments and information as Agent may request;

 

6.3 Borrower
shall have paid to Agent, on behalf of itself and the Lenders, all fees, costs and expenses due and owing to Agent and the Lenders as
of the date hereof; and

 

6.4 After
giving effect to this Amendment, no Regulatory Trigger Event, Default Trigger Event, First Payment Default Trigger Event, Default or Event
of Default has occurred and is continuing.

 

    Zibby – Ninth Amendment to Loan and Security Agreement
 
- 3 -

     

    

 

7. Integration.
This Amendment and the Loan Agreement represent the entire agreement about this subject matter and supersede prior negotiations or agreements.
All prior agreements, understandings, representations, warranties and negotiations between the parties about the subject matter of this
Amendment and the Loan Agreement merge into this Amendment and the Loan Agreement.

 

8. Counterparts.
This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute
one and the same instrument. Signature pages delivered by facsimile or other electronic means shall have the same effect as manually
executed signature pages. The words “execution,” “executed”, “signed,” “signature,” and
words of like import in this Amendment shall be deemed to include electronic signatures, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature.

 

9. Release.
BORROWER, HOLDINGS AND PARENT ENTITY, TOGETHER WITH THEIR RESPECTIVE PARENTS, DIVISIONS, SUBSIDIARIES, AFFILIATES, MEMBERS,
MANAGERS, PARTICIPANTS, PREDECESSORS, SUCCESSORS, AND ASSIGNS, AND EACH OF ITS CURRENT AND FORMER DIRECTORS, OFFICERS, SHAREHOLDERS,
MEMBERS, MANAGERS, PARTNERS, AGENTS, AND EMPLOYEES, AND EACH OF THEIR RESPECTIVE PREDECESSORS, SUCCESSORS, HEIRS, AND ASSIGNS
(INDIVIDUALLY AND COLLECTIVELY, “RELEASORS”) HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER WAIVES
AND DISCHARGES AGENT AND EACH LENDER AND THEIR RESPECTIVE PARENTS, DIVISIONS, SUBSIDIARIES, AFFILIATES, MEMBERS, MANAGERS,
PARTICIPANTS, PREDECESSORS, SUCCESSORS, AND ASSIGNS, AND EACH OF ITS CURRENT AND FORMER DIRECTORS, OFFICERS, SHAREHOLDERS, MEMBERS,
MANAGERS, PARTNERS, ATTORNEYS, AGENTS, AND EMPLOYEES, AND EACH OF THEIR RESPECTIVE PREDECESSORS, SUCCESSORS, HEIRS, AND ASSIGNS
(INDIVIDUALLY AND COLLECTIVELY, THE “RELEASED PARTIES”) FROM ALL POSSIBLE CLAIMS, COUNTERCLAIMS, DEMANDS,
ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES AND LIABILITIES WHATSOEVER, WHETHER KNOWN OR UNKNOWN, ANTICIPATED OR
UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT OR CONDITIONAL, OR AT LAW OR IN EQUITY, IN ANY CASE ORIGINATING IN WHOLE
OR IN PART ON OR BEFORE THE DATE HEREOF THAT ANY OF THE RELEASORS MAY NOW OR HEREAFTER HAVE AGAINST THE RELEASED PARTIES (OR ANY OF
THEM), IF ANY, IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE,
INCLUDING WITHOUT LIMITATION ARISING DIRECTLY OR INDIRECTLY FROM THE LOAN AGREEMENT, THE LOAN DOCUMENTS, THE EXERCISE OF ANY RIGHTS
AND REMEDIES UNDER THE LOAN DOCUMENTS AND/OR NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT OR THE LOAN DOCUMENTS, INCLUDING,
WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST
LAWFUL RATE APPLICABLE. EACH OF THE RELEASORS WAIVES THE BENEFITS OF ANY LAW, WHICH MAY PROVIDE IN SUBSTANCE: “A GENERAL
RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN ITS FAVOR AT THE TIME OF EXECUTING THE
RELEASE, WHICH IF KNOWN BY IT MUST HAVE MATERIALLY AFFECTED ITS SETTLEMENT WITH THE DEBTOR.” EACH OF THE RELEASORS UNDERSTANDS
THAT THE FACTS WHICH IT BELIEVES TO BE TRUE AT THE TIME OF MAKING THE RELEASE PROVIDED FOR HEREIN MAY LATER TURN OUT TO BE DIFFERENT
THAN IT NOW BELIEVES, AND THAT INFORMATION WHICH IS NOT NOW KNOWN OR SUSPECTED MAY LATER BE DISCOVERED. EACH OF THE RELEASORS
ACCEPTS THIS POSSIBILITY, AND EACH OF THEM ASSUMES THE RISK OF THE FACTS TURNING OUT TO BE DIFFERENT AND NEW INFORMATION BEING
DISCOVERED; AND EACH OF THEM FURTHER AGREES THAT THE RELEASE PROVIDED FOR HEREIN SHALL IN ALL RESPECTS CONTINUE TO BE EFFECTIVE AND
NOT SUBJECT TO TERMINATION OR RESCISSION BECAUSE OF ANY DIFFERENCE IN SUCH FACTS OR ANY NEW INFORMATION. RELEASORS AGREE THAT (I)
THE COMMENCEMENT OF ANY LITIGATION OR LEGAL PROCEEDINGS BY ANY RELEASOR OR ANY OF THEIR RESPECTIVE AFFILIATES AGAINST ANY RELEASED
PARTY WITH RESPECT TO ANY CLAIMS, COUNTERCLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES AND LIABILITIES
RELEASED HEREBY, PURPORTED TO BE RELEASED HEREBY OR ARISING ON OR BEFORE THE DATE HEREOF, AND/OR (II) THE COMMENCEMENT OF ANY CLAIM,
INITIATION OR COMMENCEMENT OF ANY CLAIM OR PROCEEDING IN FAVOR OF, THROUGH OR BY ANY RELEASOR WHICH ALLEGES THAT THE RELEASE HEREIN
IS INVALID OR UNENFORCEABLE IN ANY RESPECT, SHALL, IN EACH CASE, CONSTITUTE AN IMMEDIATE EVENT OF DEFAULT.

 

10. Waiver
of Compliance with Article 9 of UCC. To the extent not prohibited by applicable law, each
of Borrower, Holdings and Parent Entity: (a) waives its right to receive notice under, and any other rights in respect to, Sections
9-611, 9-620(e), 9-621 and 9-623 of the UCC following the occurrence and during the continuance of an Event of Default; (b)
waives any right to object to the sale, transfer, conveyance or surrender of the Collateral following the occurrence and during the
continuance of an Event of Default; (c) waives any obligation of Agent to dispose of the Collateral under the UCC or otherwise
following the occurrence and during the continuance of an Event of Default; (d) waives any other right, whether legal or equitable,
which Borrower, Holdings or Parent Entity may possess in and to the Collateral following the occurrence and during the continuance
of an Event of Default; (e) agrees that the transactions contemplated herein have been effected and negotiated in a commercially
reasonable manner; and (f) agrees that Agent and each Lender has acted in, and has effected and negotiated the transactions
contemplated herein, in good faith. Each of Borrower, Holdings and Parent Entity acknowledges and agrees that the waivers set forth
in this Section 10 and elsewhere in this Agreement constitute material consideration for the agreement of Agent and the
Lenders to execute, deliver and accept this Agreement.

 

10.1 Lender
Addition Agreement. Each undersigned “Lender” (i) appoints and authorizes the Agent
to take such action as agent on its behalf and to exercise such powers under the Loan Agreement and the other Loan Documents as are delegated
to the Agent, by the terms thereof, together with such powers as are reasonably incidental thereto; and (ii) acknowledges and agrees that
upon the Ninth Amendment Effective Date, such undersigned Person (if not currently a Lender party to the Loan Agreement) shall, automatically
and without any further action, become a “Lender” under, and for all purposes of, the Loan Agreement and the other Loan Documents,
and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of a Lender
thereunder.

 

[Signature page follows.]

 

    Zibby – Ninth Amendment to Loan and Security Agreement
 
- 4 -

     

    

 

IN WITNESS WHEREOF, this Amendment is being
executed as of the date first written above.

 

	BORROWER:
	 
	KATAPULT SPV-1 LLC

 

	By:	/s/ Orlando Zayas	 
	Name: Orlando Zayas	 
	Title: Chief Executive Officer	 

 

Address:

500
7th Avenue, 8th Floor

New York, New York 10018

 

HOLDINGS:

 

KATAPULT GROUP, INC.

 

	By:	/s/ Orlando Zayas	 
	Name: Orlando Zayas	 
	Title: Chief Executive Officer	 

 

Address:

500 7th Avenue, 8th Floor

New
York, New York 10018

 

PARENT ENTITY:

KATAPULT HOLDINGS,
INC.

 

	By:	/s/ Orlando Zayas	 
	Name: Orlando Zayas	 
	Title: Chief Executive Officer	 

 

Address:

500 7th Avenue, 8th Floor

New
York, New York 10018

 

AGENT:

 

MIDTOWN MADISON MANAGEMENT LLC

 

	By:	/s/ David Aidi	 
	Name: David Aidi	 
	Title: Authorized Signatory	 

 

    Zibby – Ninth Amendment to Loan and Security Agreement
 

     

    

 

CLASS A LENDERS:

 

ATALAYA
SPECIAL OPPORTUNITIES FUND VII LP

 

	By:	/s/ David Aidi	 
	Name: David Aidi	 
	Title: Authorized Signatory	 

 

ATALAYA
ASSET INCOME FUND IV LP 

 

	By:	/s/ David Aidi	 
	Name: David Aidi	 
	Title: Authorized Signatory	 

  

ATALAYA ASSET INCOME FUND (CAYMAN)
IV LP

 

	By:	/s/ David Aidi	 
	Name: David Aidi	 
	Title: Authorized Signatory	 

  

ATALAYA SPECIAL OPPORTUNITIES FUND
(CAYMAN) VII LP

 

	By:	/s/ David Aidi	 
	Name: David Aidi	 
	Title: Authorized Signatory	 

  

ATALAYA ASSET INCOME FUND V LP

 

	By:	/s/ David Aidi	 
	Name: David Aidi	 
	Title: Authorized Signatory	 

 

CLASS B LENDER(S):

 

ATALAYA SPECIAL OPPORTUNITIES FUND VII LP

 

	By:	/s/ David Aidi	 
	Name: David Aidi	 
	Title: Authorized Signatory	 

  

    Zibby – Ninth Amendment to Loan and Security Agreement
 

     

    

 

ATALAYA ASSET INCOME FUND IV LP

 

	By:	/s/ David Aidi	 
	Name: David Aidi	 
	Title: Authorized Signatory	 

 

ATALAYA ASSET INCOME FUND V LP

 

	By:	/s/ David Aidi	 
	Name: David Aidi	 
	Title: Authorized Signatory	 

  

ATALAYA SPECIAL OPPORTUNITIES FUND
(CAYMAN) VII LP

 

	By:	/s/ David Aidi	 
	Name: David Aidi	 
	Title: Authorized Signatory	 

  

ATALAYA ASSET INCOME FUND (CAYMAN)
IV LP

 

	By:	/s/ David Aidi	 
	Name: David Aidi	 
	Title: Authorized Signatory	 

 

ATALAYA ASSET INCOME FUND (CAYMAN)
V LP

 

	By:	/s/ David Aidi	 
	Name: David Aidi	 
	Title: Authorized Signatory	 

 

    Zibby – Ninth Amendment to Loan and Security Agreement
 

     

    

 

EXHIBIT A

Conformed Loan Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

EXECUTION VERSIONCONFORMED
AS OF THE NINTH AMENDMENT

 

 

 

 

 

$125,000,000175,000,000
SENIOR SECURED TERM LOAN AND REVOLVING LOAN FACILITY

 

 

LOAN AND
SECURITY AGREEMENT

 

 

between

 

 

KATAPULT
SPV-1 LLC,

 

as Borrower,

 

 

and

 

 

KATAPULT
GROUP, INC., as Holdings

 

And

 

KATAPULT
HOLDINGS, INC., as Parent Entity

 

and

 

MIDTOWN
MADISON MANAGEMENT LLC

as Agent

 

 

and

 

 

THE FINANCIAL
INSTITUTIONS PARTY HERETO FROM TIME TO TIME

 

as Lenders

 

 

Dated as of

May 14, 2019

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	I.
           DEFINITIONS	16
	 	 
	1.1	General
    Terms	16
	 	 	 
	II.
         LOAN, PAYMENTS, INTEREST AND COLLATERAL	2739
	 	 
	2.1	The
    Revolving Loan Advances; Term Loan	2739
	2.2	Interest
    on the Loan	2941
	2.3	Loan
    Collections; Repayment.	3042
	2.4	Promise
    to Pay; Manner of Payment.	3143
	2.5	Voluntary
    Prepayments	3245
	2.6	Mandatory
    Prepayments	3346
	2.7	Payments
    by Agent; Protective Advances	3448
	2.8	Grant
    of Security Interest; Collateral	3548
	2.9	Collateral
    Administration	3650
	2.10	Power
    of Attorney	3751
	2.11	Deposit
    of Release Price or Substitution of Eligible Lease	3852
	2.12	Collateral
    Account	3852
	2.13	Maximum
    Revolving Loan Amount; Exclusive Right to Finance.	3953
	 	 	 
	III.
        FEES AND OTHER CHARGES	4053
	 	 
	3.1	Computation
    of Fees; Lawful Limits	4053
	3.2	Default
    Rate of Interest	4154
	3.3	Increased
    Costs; Capital Adequacy	4154
	3.4	Administration
    Fee	4255
	3.5	Original
    Issue Discount	4255
	3.6	Additional
    Interest.	4357
	 	 	 
	IV.
        CONDITIONS PRECEDENT	4457
	 	 
	4.1	Conditions
    to Closing	4457
	4.2	Conditions
    to Initial Revolving Advances and Subsequent Revolving Advances	4660
	4.3	Conditions
    to Initial Term Loan Funding Date	61
	 	 	 
	V.
          REPRESENTATIONS AND WARRANTIES	4762
	 	 
	5.1	Organization
    and Authority	4763
	5.2	Loan
    Documents	4863
	5.3	Subsidiaries,
    Capitalization and Ownership Interests	4864
	5.4	Properties	4864
	5.5	Other
    Agreements	4964
	5.6	Litigation	4964
	5.7	Tax
    Returns; Taxes	4965

 

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	5.8	Financial
    Statements and Reports	4965
	5.9	Compliance
    with Law	5065
	5.10	Intellectual
    Property	5066
	5.11	Licenses
    and Permits; Labor	5066
	5.12	No
    Default; Solvency	5166
	5.13	Disclosure	5167
	5.14	Existing
    Indebtedness; Investments, Guarantees and Certain Contracts	 5167
	5.15	Affiliated
    Agreements	5167
	5.16	Insurance	5167
	5.17	Names;
    Location of Offices, Records and Collateral; Deposit Accounts and Investment Property	5268
	5.18	Non-Subordination	5268
	5.19	Leases	5268
	5.20	Servicing	5268
	5.21	Legal
    Investments; Use of Proceeds	5268
	5.22	Broker’s
    or Finder’s Commissions	5369
	5.23	Anti-Terrorism;
    OFAC	5369
	5.24	Survival	5470
	 	 	 
	VI.
        AFFIRMATIVE COVENANTS	5470
	 	 
	6.1	Financial
    Statements, Reports and Other Information	5470
	6.2	Payment
    of Obligations	5672
	6.3	Conduct
    of Business and Maintenance of Existence and Assets	5673
	6.4	Compliance
    with Legal and Other Obligations	5773
	6.5	Insurance	5773
	6.6	True
    Books	5874
	6.7	Inspection;
    Periodic Audits; Quarterly Review	5874
	6.8	Further
    Assurances; Post Closing	5874
	6.9	Payment
    of Indebtedness	5974
	6.10	Other
    Liens	5974
	6.11	Use
    of Proceeds	5975
	6.12	Collateral
    Documents; Security Interest in Collateral	5975
	6.13	Servicing
    Agreement; Backup Servicer	6076
	6.14	Special
    Purpose Entity	6176
	6.15	Collections	6379
	6.16	Right
    of First Refusal	6480
	6.17	Interest
    Reserve Account.	65
    81
	6.18	Board
    of Directors; Observer Rights.	6581
	6.19	Financial
    Covenants.	6582
	6.20	Preemptive
    Rights.	6682
	6.21	Federal
    Securities Laws.	83
	6.22	Government
    Receivables.	83
	 	 	 
	VII.
       NEGATIVE COVENANTS	6784
	 	 
	7.1	Indebtedness	6784
	7.2	Liens	6784
	7.3	Investments;
    Investment Property; New Facilities or Collateral;
    Subsidiaries	6784
	7.4	Dividends;
    Redemptions; Equity	6885
	7.5	Transactions
    with Affiliates	6886
	7.6	Charter
    Documents; Fiscal Year; Dissolution; Use of Proceeds; Insurance Policies; Disposition of Collateral; Trade Names	6886
	7.7	Transfer
    of Collateral; Amendment of Pledged Leases	6986
	7.8	Contingent
    Obligations and Risks	6987
	7.9	Truth
    of Statements	6987
	7.10	Modifications
    of Agreements	6988
	7.11	Anti-Terrorism;
    OFAC	6988
	7.12	Deposit
    Accounts and Payment Instructions	7088
	7.13	Servicing
    Agreement	7088
	7.14	ERISA.	7189
	7.15	Restrictive
    Agreements.	89
	7.16	Sale
    and Leaseback Transactions..	90
	7.17	Hedging
    Transactions..	90
	7.18	Loans.
    .	90

 

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	VIII.
     EVENTS OF DEFAULT	7190
	 	 
	IX.
        RIGHTS AND REMEDIES AFTER DEFAULT	7493
	 	 
	9.1	Rights
    and Remedies	7493
	9.2	Application
    of Proceeds	7594
	9.3	Rights
    to Appoint Receiver	7595
	9.4	Attorney-in-Fact	7595
	9.5	Rights
    and Remedies not Exclusive	7595
	 	 	 
	X.
         WAIVERS AND JUDICIAL PROCEEDINGS	7695
	 	 
	10.1	Waivers	7695
	10.2	Delay;
    No Waiver of Defaults	7695
	10.3	Jury
    Waiver	7696
	10.4	Amendment
    and Waivers	7797
	 	 	 
	XI.
        EFFECTIVE DATE AND TERMINATION	7998
	 	 
	11.1	Effectiveness
    and Termination	7998
	11.2	Survival	7999
	 	 	 
	XII.
      MISCELLANEOUS	7999
	 	 
	12.1	Governing
    Law; Jurisdiction; Service of Process; Venue	7999
	12.2	Successors
    and Assigns; Assignments and Participations	80100
	12.3	Application
    of Payments	84104
	12.4	Indemnity	84104
	12.5	Notice	85105
	12.6	Severability;
    Captions; Counterparts; Facsimile Signatures	86105
	12.7	Expenses	86106
	12.8	Entire
    Agreement	87106
	12.9	Approvals
    and Duties	87107
	12.10	Publicity	87107
	12.11	Release
    of Collateral	90110
	12.12	Treatment
    of Fees	90110
	12.13	Release;
    Cooperation	90111
	 	 	 
	XIII.
     AGENT PROVISIONS; SETTLEMENT	91111
	 	 
	13.1	Agent	91111
	13.2	Lender
    Consent	96116
	13.3	Set-off
    and Sharing of Payments	96117
	13.4	Disbursement
    of Funds	97117
	13.5	Settlements;
    Payments; and Information	98118
	13.6	Dissemination
    of Information	99120
	13.7	Non-Funding
    Lender	100120
	13.8	Taxes	101121
	13.9	Patriot
    Act	105125

 

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	EXHIBITS
	 	 
	Exhibit A	Borrowing Base Certificate
	Exhibit B-1	Form of Revolving Note
	 Exhibit B-2	Form of Term Note
	Exhibit C	Form of Monthly Servicing Report/Lease Contract Multiple
	Exhibit D	Form of Portfolio Documents
	Exhibit E	Underwriting Guidelines
	Exhibit F	Form of Request for Revolving Advance
	Exhibit G	Servicing Policy
	Exhibit H	Performance Covenant Tables
	Exhibit I	Permitted Holders
	Exhibit J	Approved States
	Exhibit K	Series C Convertible Preferred Stock Purchase Agreement
	 	 
	SCHEDULES
	 	 
	Schedule A	Wiring Instructions
	Schedule B	Revolving Commitments
	 Schedule 1.1(a)	Convertible Notes
	Schedule 1.1(b)	VPC Bridge Notes
	Schedule 4.1	Required Consents
	Schedule 5.3	Managers, Managing Members and Directors of Borrowereach Credit Party
	Schedule 5.5	Other Agreements[Reserved]
	Schedule 5.10	Intellectual Property
	Schedule 5.15	Affiliate Agreements
	Schedule 5.16	Insurance
	Schedule 5.17A	Names
	Schedule 5.17B	Location of Offices, Records and Collateral
	Schedule 5.17C	Deposit Accounts and Investment Property
	Schedule 6.8	Further Assurances and Post Closing Deliverables
	 Schedule 7.1	Permitted Indebtedness
	Schedule 7.13	Approved Sub-Servicers

 

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LOAN
AND SECURITY AGREEMENT

 

THIS LOAN AND SECURITY AGREEMENT (the “Agreement”)
dated as of May 14, 2019, is entered into by and among KATAPULT SPV-1 LLC, a Delaware limited liability company (“Borrower”),
KATAPULT GROUP, INC, a Delaware corporation (“Holdings”), KATAPULT HOLDINGS,
INC., a Delaware corporation (“Parent Entity”), each of the lenders from time to time party hereto
(individually each a “Lender” and collectively the “Lenders”) and MIDTOWN MADISON
MANAGEMENT LLC, a Delaware limited liability company, as administrative, payment and collateral agent for itself, as a Lender, and
for the other Lenders (in such capacities, “Agent”).

 

WHEREAS,
pursuant to the Purchase and Sale Agreement, the Borrower desires to purchase from Holdings all of its rights, title and interest in and
to the Collateral, including, but not limited to, the Pledged Leases which were originated by Holdings and the Inventory related thereto;

 

WHEREAS, on
the Closing Date Lenders made available to Borrower has requested that Lenders
make available to Borrower a senior secured revolving credit facility in an initial maximum
principal amount of up to Fifty Million and No/100 Dollars ($50,000,000.00) (the “Initial Revolving 
Commitment Amount”), as such Initial Commitment Amount may be increased from time
to time pursuant to the terms of this Agreement, the proceeds of which shall be used by Borrower to fund the purchase of certain Pledged
Leases and Inventory from Holdings;

 

WHEREAS,
as of the Eighth Amendment Effective Date Lenders had increased the Initial Revolving Commitment Amount to a maximum principal
amount of up to One Hundred Twenty-Five and No/100 Dollars ($125,000,000.00) (the “Existing
Revolving Commitment Amount”);

 

WHEREAS,
on the Ninth Amendment Effective Date, certain of the Lenders have agreed, upon and subject to the provisions, terms and conditions hereinafter
set forth, to make available to Borrower a new senior secured
term loan credit facility in an initial maximum principal amount of up to Fifty Million and No/100 Dollars ($50,000,000.00) to provide
for working capital and general corporate needs and as otherwise provided herein;

 

WHEREAS, pursuant to the
terms of this Agreement, Lenders shall have the exclusive right to increase the maximum commitmentExisting
Revolving Commitment Amount hereunder up to an aggregate total of OneTwo
Hundred Fifty Million and No/100 Dollars ($150,000,000.00250,000,000.00);

 

WHEREAS,
Borrower is willing to grant Agent, for the benefit of itself and the other Lenders, a first priority lien on and security interest in
the Collateral to secure the Loans and other financial accommodations being granted by the Lenders to Borrower; and

 

WHEREAS,
Lenders are willing to make the Loans available to Borrower upon the terms and subject to the conditions set forth herein.

 

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NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt and adequacy of which hereby are acknowledged,
Borrower, Agent and Lenders hereby agree as follows:

 

I.
DEFINITIONS

 

1.1 General
Terms

 

For purposes
of the Loan Documents and all Annexes thereto, in addition to the definitions above and elsewhere in this Agreement or the other Loan
Documents, the terms listed in this Article I shall have the meanings given such terms in this Article I. All capitalized
terms used which are not specifically defined shall have the meanings provided in Article 9 of the UCC in effect on the date hereof to
the extent the same are used or defined therein. Unless otherwise specified, if a provision of this Agreement or any other Loan Document
requires the consent of or approval of Agent or any Lender, such consent or approval shall be in Agent’s or such Lender’s
sole discretion. Unless otherwise specified herein, this Agreement and any agreement or contract referred to herein shall mean such agreement
as modified, amended or supplemented from time to time. Unless otherwise specified, as used in the Loan Documents or in any certificate,
report, instrument or other document made or delivered pursuant to any of the Loan Documents, all accounting terms not defined in this
Article I or elsewhere in this Agreement shall have the meanings given to such terms in and shall be interpreted in accordance
with GAAP. Unless otherwise specified herein, the words “hereof”, “herein” and “hereunder” and words
of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement,
and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified.

 

“Account Lessee”
shall mean any Person that is an obligor in respect of any Lease. “Adjusted Current Lease Balance” shall mean for each
Lease, (a) if the ratio of the

 

Original Net Lease Cost to Lease
Cost is equal to or greater than ninety percent (90%), the Current Lease Balance, and (b) if the ratio of the Original Net Lease Cost
to Lease Cost is less than ninety percent (90%), the lesser of (i) the Original Net Lease Cost and (ii) the Current Lease Balance.

 

“Adjusted
Parent Consolidated Net Income” shall mean, for any period, as calculated for Parent Entity on a consolidated basis, the sum of
(a) the total Parent Consolidated Net Income for such period, plus (b) the total depreciation and amortization expense accrued by Parent
Entity and its consolidated subsidiaries during such period plus (c) all non-cash stock compensation and warrant expenses during such
period.

 

“Administration Fee”
shall have the meaning set forth in Section 3.4.

 

“Advance” shall mean any borrowing under and advance of the Loan, including, but not limited to,
the Term Loan, each Revolving Advance and any Protective Advance. Any amounts paid by Agent on
behalf of Borrower under any Loan Document shall be an Advance for purposes of this Agreement.

 

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“Advance
Rate” shall mean, as of any date of determination, (a) for the period beginning on the Closing Date and ending on the date that
is nine (9) months after the Closing Date, eighty-five percent (85%) and (b) thereafter, so long as no Advance Rate Trigger Event, Default
or Event of Default exists, ninety percent (90%). If any Advance Rate Trigger Event has occurred, the Advance Rate shall be immediately
reduced by five percent (5%); provided, that if, following any such Advance Rate Trigger Event, there occurs three (3) consecutive
calendar months in which such Advance Rate Trigger Event no longer exists and no other Advance Rate Trigger Event, Default or Event of
Default has occurred, then the Advance Rate shall be increased by five percent 5%.

 

“Advance Rate Trigger
Event” shall mean the occurrence of any of the following events with respect to the portfolio of Pledged Leases securing the
Loan, in each case, to be tested as of the last day of each calendar month but without giving effect to any Vintage Pool created prior
to the February 2019 Vintage Pool::

 

(a) The Charge-off Percentage Ratio
for any Vintage Pool exceeds the Advance Rate Trigger Charge-off Percentage Ratio for the corresponding thirty (30) day period set forth
on Exhibit H-4 since the first payment date for each Lease within each such Vintage Pool. For the avoidance of doubt, the first thirty
day period following the first payment date for each Lease within each Vintage Pool shall be Period 1; or

 

(b) The Cumulative Cash Collection
Percentage Ratio for any Vintage Pool is less than the Advance Rate Trigger Cumulative Cash Collection Percentage Ratio for the corresponding
thirty (30) day period set forth on Exhibit H-3 since the first payment date for each Lease within each such Vintage Pool. For the avoidance
of doubt, the first thirty day period following the first payment date for each Lease within each Vintage Pool shall be Period 1; or

 

(c) The average First Payment Default
Ratio for the three most recent Vintage Pools (excluding the Vintage Pool originated during the month ending on the date of determination
(i.e. as of end of December 2019, excluding the December 2019 Vintage Pool)) exceeds the Advance Rate Trigger First Payment Default Ratio
(Trailing Three Months T+30) ratio set forth on Exhibit H-2; or

 

(d) The First Payment Default Ratio
for any Vintage Pool within the three most recent Vintage Pools (excluding the Vintage Pool originated during the month ending on the
date of determination (i.e. as of end of December 2019, excluding the December 2019 Vintage Pool)) exceeds the Advance Rate Trigger First
Payment Default Ratio (T+30) ratio set forth on Exhibit H-1.

 

“Advensus”
means Nearshore Call Center Services LTD, dba Advensus, a British Virgin Islands corporation.

 

“Affiliate”
or “affiliate” shall mean, as to any Person, any other Person (a) that, directly or indirectly through one or
more intermediaries, controls, is controlled by, or is under common control with, such Person, (b) who is a director or officer (i)
of such Person, (ii) of any Subsidiary of such Person, or (iii) of any Person described in clause (a) above with respect to such
Person. For purposes of this definition, the term “control” (and the correlative terms, “controlled by” and
“under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies, whether through the ability to exercise voting power, by contract or otherwise.

 

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“Agent” shall have the meaning assigned
to it in the introductory paragraph hereof.

 

“Agent Advance” shall have the meaning assigned to it in Section 13.4.

 

“Agreement” shall have the meaning
assigned to it in the introductory paragraph hereof.

 

“Allocation Notice” shall have the meaning assigned to it in Section
2.12(b).

 

“Amortized
Lease Cost” shall mean, for any Lease and as of any date of determination, the product of (i) the cumulative payments received
to date (excluding upfront payments, application fees and/or merchant discounts) related to such Lease and (ii) the quotient of (x) one
and (y) the Lease Contract Multiple of such Lease.

 

“Applicable
Rate” shall mean the interest rates applicable from time to time under this Agreement.

 

“Applicable
Law” shall mean any and all federal, state, local and/or applicable foreign statutes, ordinances, rules, regulations, court
orders and decrees, administrative orders and decrees, and other legal requirements of any and every conceivable type applicable to the
Loan, the Loan Documents, Borrower, Guarantors or the Collateral or any portion thereof, including, but not limited to, in each case,
as applicable, Credit Protection Laws, credit disclosure laws and regulations, the Fair Labor Standards Act, and all state and federal
usury laws.

 

“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 (a) that is administered or managed by (i) a Lender, (ii)
an Affiliate of a Lender or (iii) an entity or an Affiliate of an entity that administers or manages a Lender or (b) is a Person (other
than a natural person) primarily engaged in the making of commercial loans having total assets in excess of $500,000,000.

 

“Approved State” shall mean a state listed
on Exhibit J attached hereto.

 

“Availability”
shall mean, at any date of determination, the lesser of (a) the Borrowing Base or (b) the aggregate of the Revolving Loan Commitments,
minus, in each case, the aggregate principal balance of the outstanding Advances.

 

“Available
Amounts” shall mean, as of any Payment Date, the sum of (a) all payments, including all Scheduled Payments, any
prepayments, fees or other amounts collected from or on behalf of the Account Lessees on the Pledged Leases during the related Due
Period, (b) all liquidation proceeds from the sale or disposition of any Pledged Lease and/or any property related thereto during
the related Due Period, whether to a third party purchaser or an Affiliate of the Borrower, (c) any amount received by the Borrower
or the Servicer related to a payment from the Guarantors regarding any Guaranty since the most recent Payment Date, (d) all other
proceeds of the Collateral received by the Borrower or Servicer during the Due Period, including, but not limited to, judgment
awards or settlements, late charges and other income collected from any source arising in connection with the Collateral and (e) all
interest earned on the amounts on deposit in the Collateral Account since the previous Payment Date.

 

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“Backup Servicer” shall mean Vervent Inc. (as successor to
First Associates Loan Servicing, LLC), or such other Person designated and engaged by the Agent and,
prior to the occurrence of an Event of Default, approved by the Borrower to succeed First Associates
Loan Servicing, LLCVervent Inc.
as Backup Servicer to perform the duties described in Section 6.13 hereunder and such other duties as may be agreed to by such Person,
all in accordance with the terms, provisions, and conditions a Backup Servicing Agreement.

 

“Backup
Servicer Fee” shall mean any fee payable monthly by Borrower to a Backup Servicer, such fee, including, without limitation,
fees for verification services, to be as specified in the applicable Backup Servicing Agreement.

 

“Backup
Servicing Agreement” shall mean that any Backup Servicing Agreement, to be entered into by and among Agent, Borrower and Backup
Servicer regarding the provision of certain services by the Backup Servicer with respect to the Leases, as the same may be amended, modified,
supplemented, restated, replaced or renewed in writing from time to time.

 

“Bankruptcy
Code” shall mean Title 11 of the United States Code, 11 U.S.C. §§ 101 et. seq., as amended from time to time.

 

“Board” shall have the meaning assigned
to it in Section 6.18 hereof.

 

“Borrower”
shall have the meaning assigned to it in the introductory paragraph hereof.

 

“Borrowing Base” shall mean the (a)
product of (i) the Advance Rate multiplied by (ii) the aggregate sum of the Adjusted Current Lease Balance for all Eligible Leases
pledged as Collateral hereunder.

 

“Borrowing
Base Certificate” shall mean a Borrowing Base Certificate substantially in the form of Exhibit A hereto.

 

“Business Day”
shall mean any day that is not a Saturday, Sunday or other day on which (a) commercial banks in New York City are authorized or required
by law to remain closed or (b) with respect to LIBOR, banks are not open for dealings in dollar deposits in the London interbank market.

 

“Calculated Rate”
shall have the meaning assigned to it in Section 2.2(a) hereof.

 

“Cash
Equivalents”: (a) securities with maturities of twelve (12) months or less from the date of acquisition or acceptance which
are issued or fully guaranteed or insured by the United States, or any agency or instrumentality thereof, (b) bankers’
acceptances, certificates of deposit and eurodollar time deposits with maturities of nine (9) months or less from the date of
acquisition and overnight bank deposits, in each case, of any Lender or of any international or national
commercial bank with commercial paper rated, on the day of such purchase, at least A-1 or the equivalent thereof by S&P or P-1
or the equivalent thereof by Moody’s, (c) commercial paper or any other
short term, liquid investment having a rating, on the date of purchase, of at least A-1 or the equivalent thereof by S&P or at
least P-1 or the equivalent thereof by Moody’s and that matures or resets not more than nine (9) months after the date of
acquisition, (d) investments in money market funds, and (e) investments in mutual
funds or other pooled investment vehicles, in each case acceptable to the Agent in its sole discretion, the assets of which
consist solely of the foregoing.

 

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“Change
in Law” shall mean (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law,
rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c)
compliance by any Lender (or, for purposes of Section 3.3 by any lending office of such Lender or by such 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, all requests, rules, guidelines or directives concerning
liquidity and capital adequacy issued by any Governmental Authority (x) under or in connection with the implementation of the Dodd-Frank
Wall Street Reform and Consumer Protection Act of 2010, as amended to the date hereof and from time to time hereafter, and any successor
statute and (y) in connection with the implementation of the recommendations of the Bank for International Settlements or the Basel Committee
on Banking Regulations and Supervisory Practices (or any successor or similar authority), shall be a “Change in Law” regardless
of the date adopted, issued, promulgated or implemented.

 

“Change of Control” shall mean:

 

(a) at
any time prior to a Public Company Transition Date, the occurrence of any of the following:

 

(i) (ii) Blumberg
Capital, CURO Financial Technologies Corp., Tribeca Ventures, Anchorage Capital and each other entity designated as a
“Permitted Holder” on Exhibit I attached hereto, as amended from time to time with the consent of Agent (such consent
not to be unreasonably withheld), at any time for any reason cease to collectively own at least 51% of the issued and outstanding
Equity Interests of Parent Entity (as the same may be adjusted for any combination, recapitalization or reclassification into a
greater or smaller number of shares or units);

 

(ii) (iii) Parent
Entity at any time for any reason ceases to own 100% of the issued and outstanding Equity Interests of Holdings (as the same
may be adjusted for any combination, recapitalization or reclassification into a greater or smaller number of shares or units), free
and clear of all Liens, rights, options, warrants or other similar agreements or understandings other than in favor of Agent,
Lenders or their Affiliates;

 

(iii) (iv)
Holdings at any time for any reason ceases to own 100% of the issued and outstanding Equity Interests of Borrower (as the same may
be adjusted for any combination, recapitalization or reclassification into a greater or smaller number of shares or units), free and
clear of all Liens, rights, options, warrants or other similar agreements or understandings other than in favor of Agent, Lenders or
their Affiliates; or

 

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(iv)
(v) Parent Entity at any time
ceases, directly or indirectly, to possess, directly or indirectly, the power to direct or cause the direction of the management
or policies, whether through ownership of securities or other interests by contract or otherwise of Holdings; or

 

(v) (vi) any
“change in/of control” or “sale” or “disposition” or “merger” or similar
event as defined in any certificate of incorporation or formation or statement of designations or operating agreement or partnership
agreement or trust agreement of Borrower or Holdings or in any document governing indebtedness of such Person (other than any Loan
Documents) which in any such case gives the holder of such indebtedness the right to accelerate or otherwise require payment of such
indebtedness prior to the maturity date thereof; orand

 

(b) at any time after a Public Company
Transition Date, the occurrence of any of the following:

 

(i) any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in
its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as
defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have
“beneficial ownership” of all securities that such person or group has the
right to acquire (such right, an “option right”), whether such right is exercisable immediately or only after the
passage of time), directly or indirectly, of 35% or more of the equity securities of the Parent Entity entitled
to vote for members of the board of directors or equivalent governing body of the Parent Entity on a fully-diluted basis (and taking
into account all such securities that such person or group has the right to acquire
pursuant to any option right); or

 

(ii)
during any period of 24 consecutive months, a majority of the members
of the board of directors or other equivalent governing body of the Parent Entity cease to be composed of individuals (i) who were members
of that board or equivalent governing body on the first day of such period, (ii) whose
election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (b) (i) above constituting
at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or
nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (b) (i) and (b) (ii) above
constituting at the time of such election or nomination at least a majority of that board
or equivalent governing body; and

 

(iii) Parent
Entity at any time for any reason ceases to own 100% of the issued and outstanding Equity Interests of Holdings (as the same may be
adjusted for any combination, recapitalization or reclassification into a greater or smaller number of shares or
units), free and clear of all Liens, rights, options, warrants or other similar agreements or
understandings other than in favor of Agent, Lenders or their Affiliates;

 

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(iv)
Holdings at any time for any reason ceases to own 100% of the issued and outstanding Equity Interests of Borrower (as
the same may be adjusted for any combination, recapitalization or reclassification into a greater or smaller number of shares or
units), free and clear of all Liens, rights, options, warrants or other similar agreements or
understandings other than in favor of Agent, Lenders or their Affiliates; or

 

(v) the
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more
series of related transactions, of all or substantially all of the assets of the Parent Entity and the assets of its Subsidiaries
taken as a whole to any “person” (as that term is defined in Section 13(d)(3)
of the Exchange Act) (other than to the Parent Entity or its Subsidiaries).

 

(vii) with respect to Parent Entity, Borrower or Holdings, the consummation ofNotwithstanding
the foregoing, an initial public offering which would causeof
the Parent Entity, Borrower or Holdings to
fail to comply witha SPAC Transaction, the consummation
of which would constitute a “Change of Control” under any other portion of this definition ofshall
not be a “Change of Control”.

 

“Charged-off
Lease” shall mean (a) any Pledged Lease for which any portion of a Scheduled Payment (without giving effect to any modifications
of such Pledged Lease after the date such Pledged Lease was first pledged hereunder or under any other Loan Document) is delinquent more
than ninety twenty (90) days, (b) with respect to which Servicer or Borrower shall have reasonably determined in good faith that the related
Account Lessee will not resume making Scheduled Payments, (c) unless otherwise approved by Agent in writing in its sole discretion, the
related Account Lessee shall have become the subject of a proceeding under a Debtor Relief Law and Servicer or Borrower shall have been
notified thereof or (d) that has been specifically and separately reserved against by Borrower or deemed charged-off or non-collectible
by Borrower or Servicer.

 

“Charge-off
Percentage Ratio” shall mean, with respect to any Vintage Pool, the percentage equivalent to a fraction, (a) the numerator
of which is the aggregate Lease Cost of such Lease related to such Vintage Pool that have become and remain Charged-off Leases and
(b) the denominator of which is the aggregate Lease Cost of the Pledged Leases in such Vintage Pool.

 

“Charter and Good Standing
Documents” shall mean, for the applicable Person, (i) a copy of the certificate of incorporation, certificate of formation,
statutory certificate of trust or other applicable charter document certified as of a date not more than five (5) Business Days before
the Closing Date by the applicable Governmental Authority of the jurisdiction of incorporation of such Person, (ii) a copy of the bylaws,
operating agreement, trust agreement or other applicable organizational document certified as of the Closing Date by the corporate secretary
or assistant secretary of such Person, (iii) an original certificate of good standing as of a date not more than five (5) Business Days
before the Closing Date issued by the applicable Governmental Authority of the jurisdiction of incorporation of such Person and of every
other jurisdiction in which such Person is otherwise required to be in good standing, and (iv) copies of the resolutions of the Board
of Directors (or other applicable governing body) and, if required, stockholders or other equity owners authorizing the execution, delivery
and performance of the Loan Documents to which such Person, as applicable, is a party, certified by an authorized officer of such Person
as of the Closing Date.

 

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“Claims”
shall mean any and all liabilities, obligations, losses, damages, penalties, claims, actions, litigation, proceedings, investigations,
judgments, suits, fees, costs, expenses, charges, advances and disbursements of any kind (including, without limitation, fees, costs,
expenses and charges of counsel (including in-house counsel)).

 

“Class
A Lender” shall mean each Lender having a Revolving Loan Commitment or holding Revolving
Advances.

 

“Class
A Obligations” shall mean all Obligations owed to the Class A Lenders in respect of the
Revolving Advances.

 

“Class
B Lender” shall mean each Lender having a Term Loan Commitment or holding a portion of
the Term Loan.

 

“Class B Lockout
Period Termination Date” has the meaning given to such term in Section 2.5(c).

 

“Closing”
shall mean the satisfaction, or written waiver by Agent and the Lenders, of all of the conditions precedent set forth in this Agreement
required to be satisfied prior to the consummation of the transactions contemplated hereby.

 

“Closing Date” shall mean the date of this
Agreement.

 

“Code” shall
mean the Internal Revenue Code of 1986, as amended, and all rules and regulations promulgated thereunder.

 

“Collateral”
shall mean, collectively and each individually, all collateral and/or security granted and/or securities pledged to Agent for the benefit
of itself and the other Lenders, by Borrower pursuant to the Loan Documents including, without limitation, the items set forth in Section
2.8 of this Agreement.

 

“Collateral
Assignment of Purchase Agreement” shall mean that certain Collateral Assignment of Purchase and Sale Agreement, dated on or
about the Closing Date, executed by Borrower in favor of Agent and agreed to and acknowledged by Holdings, as the same may be amended,
restated or modified from time to time.

 

“Collateral
Account” shall mean, individually and collectively, (a) that certain deposit account at Collateral Account Bank held in
the name of Borrower, with account number 10018516491001851631 or
(b) following the occurrence and during the continuance of an Event of Default, such other deposit account as designated from time
to time by Agent in a written notice to Borrower and Servicer.

 

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“Collateral Account Bank” shall mean Pacific
Western Bank or such other bank where the Collateral Account is being held from time to time in accordance with the terms of this
Agreement.”

 

“Collateral
Account Control Agreement” shall mean any full dominion account control agreement by and among Agent, Borrower and Collateral
Account Bank, which pledges a Collateral Account and all funds and sums contained therein to Agent, for the benefit of the Lenders, and
provides for disposition of funds therefrom, as the same may be amended, modified, supplemented, restated, replaced or renewed in writing
from time to time.

 

“Contingent
Obligations” shall mean, as to any Person, any obligation of such Person guaranteeing or intending to guaranty any Indebtedness,
leases, dividends or other obligations (“primary obligations”) of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent,
(a) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (b) to advance or supply
funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary
obligor or otherwise to maintain the net worth or solvency of the primary obligor, (c) to purchase property, securities or services primarily
for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary
obligation, or (d) otherwise to assure or to hold harmless the owner of such primary obligation against loss in respect thereof, provided,
however, that the term “Contingent Obligation” shall not include endorsements of instruments for deposit or collection
in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable
amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person
in good faith.

 

“Contract
Right” shall mean any right of Borrower to payment under a contract for the sale or lease of goods or the rendering of services,
which right is at the time not yet earned by performance.

 

“Convertible
Note” shall mean those certain convertible notes of Parent Entity listed on Schedule 1.1(a) attached hereto.

 

“Credit
Card Account” shall mean an arrangement whereby an Account Lessee makes Scheduled Payments under a Lease via pre-authorized
debit or charge to a Major Credit Card.

 

“Credit
Party” shall mean individually, Borrower and each Guarantor and “Credit Parties” shall
mean, collectively, the Borrower and Guarantors.

 

“Credit
Protection Laws” shall mean all federal, state and local laws in respect of the business of extending credit to borrowers,
including without limitation, the Truth in Lending Act (and Regulation M promulgated thereunder), Equal Credit Opportunity Act, Fair
Credit Reporting Act, Fair Debt Collection Practices Act, Gramm-Leach-Bliley Financial Privacy Act, Financial Institutions Reform,
Recovery and Enforcement Act of 1989, as amended, all rules and regulations issued by the Consumer Financial Protection Bureau,
Dodd–Frank Wall Street Reform and Consumer Protection Act, anti-discrimination and fair lending laws, laws relating to
servicing procedures or maximum charges and rates of interest, and other similar laws, each to the extent applicable, and all
applicable regulations in respect of any of the foregoing.

 

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“Cumulative
Cash Collection Percentage Ratio” shall mean, with respect to any Vintage Pool, the percentage equivalent to a fraction, the
numerator of which is the sum of all payments (including prepayments and application and/or other upfront payments, but excluding any
sales tax payments) collected from or on behalf of the Account Lessees on each Pledged Lease in such Vintage Pool since the date that
such Pledged Lease was originated and the denominator of which is the sum of the Lease Costs (as determined for each Pledged Lease as
of the date such Pledged Lease was originated) of each Pledged Lease with respect to such Vintage Pool.

 

“Current
Lease Balance” shall mean, for any Lease and as of any date of determination (i) the Lease Cost less (ii) the Amortized Lease
Cost of such Lease at such time.

 

“Debtor
Relief Law” shall mean, collectively, the Bankruptcy Code and all other United States or foreign applicable liquidation, conservatorship,
bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws from time to time in effect
affecting the rights of creditors generally, as amended from time to time.

 

“Deemed
Liquidation Event” shall have the meaning set forth in the certificate of incorporation of Holdings, as in effect on the Ninth Amendment
Effective Date, provided, that in no event shall any transaction involving the purchase of capital stock from one holder of Equity Interests
of Holdings by another holder of Equity Interests of Holdings constitute a Deemed Liquidation
Event.

 

“Default”
shall mean any event, fact, circumstance or condition that, with the giving of applicable notice or passage of time, if any, or both,
would constitute or be or result in an Event of Default.

 

“Default Rate” shall have the meaning assigned
to it in Section 3.2 hereof.

 

“Default
Trigger Event” shall mean the occurrence of any of the following events with respect to the portfolio of Pledged Leases securing
the Loan, in each case, to be tested as of the last day of each calendar month but without giving effect to any Vintage Pool created prior
to the February 2019 Vintage Pool::

 

(a) The Charge-off Percentage Ratio
for any Vintage Pool exceeds the Charge-off Trigger Percentage Ratio for the corresponding month set forth on Exhibit H-4 since the first
payment date for each Lease within each such Vintage Pool. For the avoidance of doubt, the first thirty day period following the first
payment date for each Lease within each Vintage Pool shall be Period 1; or

 

(b) The Cumulative Cash
Collection Percentage Ratio for any Vintage Pool is less than the Default Trigger Cumulative Cash Collection Percentage Ratio for
the corresponding month set forth on Exhibit H-3 since the first payment date for each Lease within each such Vintage Pool. For the
avoidance of doubt, the first thirty day period following the first payment date for each Lease within each Vintage Pool shall be
Period 1.

 

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“Defaulted
Lease” shall mean (a) any Pledged Lease for which any portion of a Scheduled Payment (without giving effect to any modifications
of such Pledged Lease after the date such Pledged Lease was first pledged hereunder or under any other Loan Document) is delinquent more
than sixty (60) days, (b) with respect to which Servicer or Borrower shall have reasonably determined in good faith that the related Account
Lessee will not resume making Scheduled Payments, (c) unless otherwise approved by Agent in writing in its sole discretion, the related
Account Lessee shall have become the subject of a proceeding under a Debtor Relief Law and Servicer or Borrower shall have been notified
thereof or (d) that has been specifically and separately reserved against by Borrower or deemed charged-off or non-collectible by Borrower
or Servicer.

 

“Defective
Lease” shall mean any Pledged Lease with an uncured breach of any representation or warranty of Borrower or that Holdings made
under the Purchase and Sale Agreement.

 

“Deposit
Account” shall mean, individually and collectively, any bank or other depository accounts of Borrower (or if referring to another
Person, such other Person’s).

 

“Designee” shall have
the meaning assigned to it in Section 6.18 hereof.

 

“Determination
Date” shall mean, with respect to any Payment Date, the third Business Day preceding such Payment Date.

 

“Distributable
Amounts Limit” means (i) the product of (a) the cumulative Adjusted Parent Consolidated Net Income since August 1, 2020 and (b)
fifty percent (50.0%), minus (ii) the cumulative aggregate amount paid by the Parent Entity to repurchase shares pursuant to clause (B)
of the proviso to Section 7.4 since the Ninth Amendment Effective Date, excluding amounts paid by the Parent Entity in respect of any
ROFR Share Repurchases since the Ninth Amendment Effective Date.

 

“Division”
shall mean, with respect to any Person which is an entity, the division of such Person into two (2) or more separate such Persons, with
the dividing Person either continuing or terminating its existence as part of such division, including as contemplated under Section 18-217
of the Delaware Limited Liability Act for limited liability companies formed under Delaware law, or any analogous action taken pursuant
to any other Applicable Law with respect to any corporation, limited liability company, partnership or other entity. The word “Divide,”
when capitalized, shall have a correlative meaning.

 

“Dollars” and “$”
shall mean lawful money of the United States of America.

 

“Due
Period” shall mean, for any Payment Date, the calendar week ending on the immediately preceding Friday.

 

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“Eighth Amendment Effective Date”
shall mean September 28, 2020.

 

“Eligible Leases”
shall mean those Leases that meet, as of any date of determination, all of the following requirements:

 

(i)
5.1.1.1.
such Lease has a Lease Term of no more than eighteen (18) months;

 

(ii)
5.1.1.2. such Lease has a Current Lease Balance of not more than $3,500;

 

(iii) 5.1.1.3.
payments under such Lease are due in Dollars and the Portfolio Documents do not permit the currency in which such Lease is payable
to be changed, and all previous payments have been made by the related Account Lessee and not by Holdings, Borrower or any Affiliate
thereof;

 

(iv)
5.1.1.4. payments in respect
of such Lease shall be due and payable weekly, bi-weekly, monthly or semi-monthly in equal installments;

 

(v) 5.1.1.5. such
Lease and all related Portfolio Documents shall be in full force and effect and shall represent a legal, or valid and binding
and absolute and unconditional payment obligation of the applicable Account Lessee enforceable against such Account Lessee in
accordance with its terms for the amount outstanding thereof without any right of rescission, offset, counterclaim or defense,
except to the extent that enforceability may be limited by Debtor Relief Laws and general principles of equity, and is not
contingent in any respect for any reason;

 

(vi) 5.1.1.6. to
Borrower’s knowledge after due inquiry, the applicable Account Lessee is not the subject of any proceeding under any
Debtor Relief Law;

 

(vii)
5.1.1.7.
such Lease is not a Defaulted Lease;

 

(viii) 5.1.1.8.
such Lease would not cause the percentage of Eligible Leases for which the Account Lessee thereon nor any guarantor thereof is an
employee, officer, director or Affiliate of, Holdings or Borrower to exceed 1% of Eligible Leases;

 

(ix)
5.1.1.9. Holdings or Borrower
shall not be engaged in any adverse litigation with the applicable Account Lessee in respect of such Lease;

 

(x)
5.1.1.10. such Lease shall
have been originated, documented and closed in accordance with the Underwriting Guidelines in all material respects and such Lease
and related Portfolio Documents shall not have been modified from their original terms in any material respect;

 

(xi) 5.1.1.11. the
applicable Account Lessee’s Lease application and the Portfolio Documents evidencing such Lease shall have been
delivered to Agent or Backup Servicer in accordance with Section 2.82.9 hereof
and the related Verification Certificate shall not have any exceptions noted by the Backup Servicer;

 

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(xii) 5.1.1.12. such
Lease shall comply in all material respects with all Applicable Laws and all statutory or other applicable cancellation or
rescission periods related thereto have expired;

 

(xiii)
5.1.1.13. to Borrower’s
knowledge, all amounts and information in respect of such Lease or furnished to Agent in connection therewith shall be true and
correct and undisputed by the Account Lessee thereon or any guarantor thereof;

 

(xiv)
5.1.1.14. such Lease shall
not be a renewal, amendment, modification, waiver or extension of any Defective Lease or Defaulted Lease that was previously substituted
with an Eligible Lease, except as otherwise approved in writing by Agent;

 

(xv)
5.1.1.15. neither Borrower
nor Holdings shall have made a Material Modification with respect to such Lease without the consent of Agent;

 

(xvi)
5.1.1.16. such Lease shall
not be evidenced by a judgment or have been reduced to judgment; 

 

(xvii)
5.1.1.17.
such Lease shall not be a revolving line of credit;

 

(xviii) 5.1.1.18.
such Lease shall not have been specifically and separately reserved against by Borrower or Holdings (except for loss provisions that
Borrower or Holdings makes as part of its policies in accordance with GAAP), have been the subject of fraud of any kind or deemed
charged-off or non-collectible by Holdings, Borrower or Servicer in accordance with standard servicing procedures;

 

(xix) 5.1.1.19. the
form of Portfolio Documents relating to such Lease shall be (i) substantially in the form of the Portfolio Documents in use
by Holdings or Borrower as of the Closing Date or as modified in accordance with Section
6.20Schedule 6.8
hereof, (ii) substantially in the form attached hereto as Exhibit D or (iii) otherwise in form and content acceptable to Agent in
its sole discretion and approved in advance by Agent in writing, in each case, except as may be required by Applicable Law;

 

(xx)
5.1.1.20. following the sale
of such Lease to Borrower, such Lease shall be 100% owned by Borrower and no other Person (other than Borrower and Agent) owns
or claims any legal or beneficial interest therein;

 

(xxi)
5.1.1.21. the Lease and all
other Portfolio Documents requiring the signature of an Account Lessee was signed with a digital or electronic signature that
complies with the Uniform Electronic Transaction Act or, as applicable to the jurisdiction governing such Lease, the Electronic Signatures
in Global and National Commerce Act (E-Sign Act), including all consumer consent and other applicable provisions thereof;

 

(xxii) 5.1.1.22. such
Lease represents the undisputed, bona fide transaction created by Holdings in the ordinary course of Holdings’ business
and completed in accordance with the terms and provisions contained in the related Portfolio Documents;

 

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(xxiii)
5.1.1.23. the Account Lessee
thereunder is a resident of the United States and/or its territories;

 

(xxiv) 5.1.1.24. such
Lease and the Inventory related to such Lease has been absolutely sold, transferred and conveyed by Holdings to Borrower and
purchased and accepted by Borrower from Holdings, pursuant to the Purchase and Sale Agreement and, after giving effect to such sale,
transfer and conveyance, such Lease shall be 100% owned by Borrower and no other Person (other than Borrower) owns or claims any
legal or beneficial interest therein;

 

(xxv) 5.1.1.25. no
facts, events or occurrences exist that, in any way, impair the validity or enforcement thereof or tend to reduce the amount
payable thereunder from the amount of the Lease shown on any schedule, or on all contracts, invoices or statements delivered to
Agent with respect thereto;

 

(xxvi) 5.1.1.26. all
Account Lessees in connection with such Lease were of sufficient age to have the legal capacity to contract at the time any
contract or other document giving rise to the Lease was executed and generally have the ability to pay their debts as they become
due;

 

(xxvii)
5.1.1.27. no proceedings or actions are pending, in existence or are, to Borrower’s
knowledge, threatened against any Account Lessee with respect to such Lease could reasonably be expected to materially impair such Account
Lessee’s ability to perform its obligations under the applicable Lease, provided, that Borrower shall have no obligation to make
any inquiry of any Account Lessee regarding the same;

 

(xxviii) 5.1.1.28. such
Lease and the Collateral related to such Lease have not been assigned or pledged to any Person other than Agent, for the
benefit of itself and the other Lenders;

 

(xxix)
5.1.1.29. except as would not result in a failure
to satisfy the requirements set forth in clause (xiv) above no instrument of release or waiver has been executed in connection
with any Portfolio Document with respect to such Lease, and the Account Lessee in respect of such Lease has not been released from its
obligations thereunder, in whole or in part, and no action has been taken by the Borrower to release any collateral from the Portfolio
Documents with respect to such Lease;

 

(xxx)
5.1.1.30. the Account Lessee
related to such Lease does not reside in a state for which a Regulatory Trigger Event has occurred and is continuing;

 

(xxxi)
5.1.1.31.
such Lease is not a Defective Lease;

 

(xxxii)
5.1.1.32. no buyout or repurchase option with respect to such Lease or the
Inventory that is the subject of such Lease has been exercised by the Account Lessee related to such Lease;

 

(xxxiii)
5.1.1.33. the goods that are
the subject of such Lease shall consist solely of Inventory and related items;

 

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(xxxiv)
5.1.1.34.
the Lease Contract Multiple with respect to such Lease is not less than 1.9x.

 

(xxxv)
5.1.1.35. such Lease is for the leasing of goods that have been fully delivered,
and at the time of delivery were new and in good working order, and for which there are no outstanding disputes;

 

(xxxvi)
5.1.1.36. the goods which are the subject of such Lease have not been (i)
returned to Borrower by the Account Lessee, (ii) repossessed by Borrower, or (iii) acquired by the Account Lessee by exercising any option
to acquire said goods;

 

(xxxvii)
5.1.1.37. such Lease is not
a Lease that would cause (a) the Eligible Leases pledged as Collateral with Account Lessees who resided in any single State at
the time of the origination of such Lease to exceed thirty percent (30%) (as determined on the basis of the aggregate Current Lease Balances
of the Eligible Leases pledged as Collateral) or (b) the Eligible Leases pledged as Collateral with Account Lessees who resided at the
time of the origination of such Lease in all of the four (4) States with the highest aggregate Current Lease Balances of the Eligible
Leases pledged as Collateral to exceed fifty-five percent (55%) (as determined on the basis of the aggregate Current Lease Balances and
the Eligible Leases pledged as Collateral);

 

(xxxviii)
5.1.1.38. such Lease is not
a Lease that would cause Eligible Leases pledged as Collateral originated through (i) the Wayfair Inc. retail partnership to,
commencing December 31, 2020, exceed sixty-five percent (65%) or (ii) any other single retail partnership of Borrower, Holdings or Parent
Entity to exceed, unless otherwise approved by the Agent in writing, twenty-five percent (25%) (in each case, as determined on the basis
of the aggregate Current Lease Balances of the Eligible Leases pledged as Collateral);

 

(xxxix)
5.1.1.39. such Lease is not a Lease that would cause the quotient of Original
Net Lease Cost to Lease Cost or all Eligible Leases to be less than 95%.

 

(xl)
5.1.1.40. such Lease is not a Lease that would cause Eligible Leases pledged
as Collateral that constitute Unmatured Defaulted Leases to exceed ten percent (10%) (as determined on the basis of the aggregate Current
Lease Balances of the Eligible Leases pledged as Collateral);

 

(xli)
5.1.1.41. such Lease is not a Lease that would cause the average Current
Lease Balance of all Eligible Leases to exceed $1,000;

 

(xlii) 5.1.1.42.
such Lease shall have been originated in an Approved State.

 

“Equity Interests”
shall mean, with respect to any Person, its equity ownership interests, its common stock and any other capital stock or other equity
ownership units of such Person authorized from time to time, and any other shares, options, interests, participations or other equivalents
(however designated) of or in such Person, whether voting or nonvoting, including, without limitation, common stock, options, warrants,
preferred stock, phantom stock, membership units (common or preferred), stock appreciation rights, membership unit appreciation rights,
convertible notes or debentures, stock purchase rights, membership unit purchase rights and all securities convertible, exercisable or
exchangeable, in whole or in part, into any one or more of the foregoing.

 

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“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder.

 

“ERISA
Affiliate” shall mean, with respect to any Person, any trade or business (whether or not incorporated) which is treated as a
single employer with such Person under Section 414 of the Code or Section 4001 of ERISA.

 

“Event of Default” shall mean the occurrence of any event set forth in Article VIII.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

“Excluded Deposit Account” shall mean (i) deposit
accounts or trust accounts specifically and exclusively used for payroll, payroll taxes, deferred compensation and other employee
wage and benefit payments to or for the direct benefit of a Credit Party’s employees, and (ii) escrow accounts and
other accounts holding funds for third parties, including that certain account maintained in
the name of Holdings at Silicon Valley Bank having account number 3302893366 so long as it is maintained for the benefit of
Holdings’ landlord with respect to the real property located at 27 West 24th
Street, Suite 1101, New York, NY 10010.

 

“Excluded Taxes” shall have the meaning
assigned to it in Section 13.8(a) hereof.

 

“Fair
Valuation” shall mean the determination of the value of the consolidated assets of a Person on the basis of the amount which
may be realized by a willing seller within a reasonable time through collection or sale of such assets at market value on a going concern
basis to an interested buyer who is willing to purchase under ordinary selling conditions in an arm’s length transaction.

 

“FATCA”
shall mean 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, any
agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted
pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the
Code.

 

“First
Payment Default Ratio” shall mean, with respect to any Vintage Pool as of the date on which all Leases in such Vintage Pool
have had their first Scheduled Payment date occur and, subsequently, thirty (30) calendar days have elapsed, the percentage equivalent
of the fraction (a) whose numerator is the number of Pledged Leases comprising such Vintage Pool whose first Scheduled Payment (excluding
any Scheduled Payment that was due on the date of origination of a Lease) was thirty (30) calendar days delinquent and (b) whose denominator
is the number of all Pledged Leases comprising such Vintage Pool for which, as of the date of determination, have had their first Scheduled
Payment date occur and, subsequently, thirty (30) calendar days have elapsed.

 

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“First
Payment Default Trigger Event” shall mean the occurrence of any of the following events with respect to the portfolio of Pledged
Leases securing the Loan, in each case, to be tested as of the last day of each calendar month but without giving effect to any Vintage
Pool created prior to the January 2019 Vintage Pool:

 

(a) The average First Payment Default
Ratio for the three most recent Vintage Pools (excluding the Vintage Pool originated during the month ending on the date of determination
(i.e. as of end of December 2019, excluding the December 2019 Vintage Pool)) exceeds the Default Trigger First Payment Default Ratio (Trailing
Three Months T+30) set forth on Exhibit H-2; or

 

(b) The First Payment Default Ratio
for any Vintage Pool (excluding the Vintage Pool originated during the month ending on the date of determination (i.e. as of end of December
2019, excluding the December 2019 Vintage Pool)) exceeds the Default Trigger First Payment Default Ratio (T+30) ratio set forth on Exhibit
H-1.

 

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

 

“Governmental
Authority” shall mean any federal, state, municipal, national, local or other governmental department, court, commission, board,
bureau, agency or instrumentality or political subdivision thereof, or any entity or officer exercising executive, legislative or judicial,
regulatory or administrative functions of or pertaining to any government or any court, in each case, whether of the United States or
a state, territory or possession thereof, a foreign sovereign entity or country or jurisdiction or the District of Columbia.

 

“Guarantor”
shall mean, at any time, collectively and each individually, all
guarantors of the Obligations or any part thereof at such time, including, without limitation, the Payment Guarantors and
the Indemnity Guarantors.

 

“Guaranty”
shall mean, collectively and each individually, all guarantees executed by any Guarantors,
including, but not limited to, the Payment Guaranty and the Indemnity Guaranty.

 

“Hedging
Transaction” of any Person shall mean (a) any transaction (including an agreement
with respect to any such transaction) now existing or hereafter entered into by such Person that is a rate swap transaction, swap option,
basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap or option, bond option, interest
rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency
rate swap transaction, currency option, spot transaction, credit protection transaction, credit swap, credit default swap, credit default
option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction,
securities lending transaction, or any other similar transaction (including any option with respect to any of these transactions) or
any combination thereof, whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions
of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement
published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other
master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement.

 

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“Holdings”
shall have the meaning assigned to it in the introductory paragraph hereof.

 

“Increase OID”
shall have the meaning assigned to it Section 3.5(c) hereof.

 
“Indebtedness”
of any Person shall mean, without duplication, (a) all items which, in accordance with GAAP, would be
included in determining total liabilities as shown on the liability side of the balance sheet of such Person as of the date as of which
Indebtedness is to be determined, including any lease which, in accordance with GAAP would constitute Indebtednessobligations of such Person for borrowed money, (b) all indebtednessobligations
of such Person securedevidenced
by any mortgage, pledge, security, Lien orbonds,
debentures, notes or similar instruments, (c) all obligations of such Person upon which interest
charges are customarily paid, (d) all obligations of such Person under conditional
sale or other title retention agreement to whichagreements
relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property
or services, (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent
or otherwise, to be secured by) any Lien on property or
asset owned or heldacquired
by such Person is subject, whether or not the indebtednessIndebtedness
secured thereby shall havehas
been assumed, (c) all indebtedness of othersin
which such Person has directly or indirectly guaranteed, endorsed (otherwise than for collection or deposit
in the ordinary course of business), discounted or sold with recourse or agreed (contingently or otherwise) to purchase or repurchase
or otherwise acquire, or in respect of which such Person has agreed to supply or advance funds (whether by way of loan, Equity Interests,
equity or other ownership interest purchase, capital contribution or otherwise) or otherwise to become directly or indirectly liable and
(d) any Contingent Obligations of such Person.case non-recourse Indebtedness, for the purpose
of this clause (f), shall be limited to the fair market value of the property subject to such Lien), (g) all Guaranties or other Contingent
Obligations by such Person of Indebtedness of others, (h) all capital lease obligations
of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters
of guaranty, and (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. The Indebtedness
of any Person shall include the Indebtedness of any other entity (including any partnership
in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest
in or other relationship with such entity, except to the extent the terms of such Indebtedness
provide that such Person is not liable therefor.

 

“Indemnified Persons”
shall have the meaning assigned to it in Section 12.4 hereof.

 

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“Indemnified Taxes” shall have the meaning
assigned to it in Section 13.8(a) hereof.

 

“Indemnity Guarantor”
shall mean each of Holdings, Parent Entity and each other Person party to the Indemnity Guaranty from time to time.

 

“Indemnity Guaranty”
shall mean each Indemnity Guaranty, dated as of the date hereof, made by each Indemnity Guarantor in favor of Agent, as amended from time
to time.

 

“Ineligible Lease”
shall mean any Lease that fails at any time to meet all of the criteria set forth in the definition of “Eligible Lease” set
forth herein.

 

“Ineligible Transferee”
shall have the meaning assigned to it in Section 12.2(a) hereof. “Initial Term Loan Funding
Date” means, the date that the initial Term Loan is funded hereunder.

 

“Insured Event” shall have the meaning
assigned to it in Section 12.4 hereof.

 

“Interest
Reserve Account” shall mean that certain deposit account at Silicon Valley Bank held in the name of Holdings, with account number
3302706538, funded solely via capital contributions from the direct and indirect holders of its Equity
Interests, which shall at all times contain cumulative gross deposits since the Closing Date in an amount equal to or greater than the
product of (a) the sum of (i) one and (ii) the months that have elapsed since the Closing Date and (b) $75,000.00.

 

“Inventory”
shall mean furniture, household furnishings, appliances, consumer electronics (including cell phones), fitness equipment, tools and/or
other moveable but non-perishable goods, together with accessories related thereto.

 

“Ivy
Management Indebtedness” shall mean all indebtedness or other obligations of Holdings (or any Subsidiary of Holdings other than
the Borrower) incurred pursuant to the Ivy Management Loan Agreement.

 

“Ivy
Management Loan Agreement” shall mean that certain Amended and Restated
Loan Agreement, dated as of the Closing Date, by and among Ivy Mezzanine, LLC, a Delaware limited liability
company, as Lender, Parent Entity, as debtor, and Holdings, as guarantor, as it has been amended and as it may be further amended, restated
or otherwise modified in accordance with the provisions of this Agreement and the Subordination Agreement from time to time.

 

“Key
Man Trigger Event” shall mean the failure of Orlando Zayas to be the Chief Executive Officer of Holdings, unless a successor
chief executive officer approved by the Agent is appointed within ninety (90) days thereafter.

 

“Lease Contract Multiple”
shall mean, for each Pledged Lease, quotient of (a) the aggregate dollar amount of the scheduled payments (excluding upfront payments,
application fees, and/or merchant discounts) owed by an Account Lessee over the term of such Pledged Lease and (b) the Lease Cost of
such Pledged Lease.

 

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“Lease Cost” shall
mean, for any Pledged Lease, the total purchase price paid (excluding any delivery, installation and warranty costs charged to the applicable
Account Lessee) by Holdings to purchase the Inventory that is the subject of such Pledged Lease at the origination of such Pledged Lease.

 

“Lease
Term” shall mean, with respect to any Pledged Lease, the original term of the Lease to expiration calculated in calendar months.

 

“Leases”
shall mean all rights to payment (including, without limitation, the Scheduled Payments) owing by an Account Lessee in respect of a lease
or leases, lease-to-own or other financial accommodations made or extended by Borrower (or a predecessor in interest, including, without
limitation, Holdings) to or for the benefit of such Account Lessee in connection with the purchase of Inventory. Any such Lease shall
include, without limitation, all rights (including payment rights and enforcement rights), claims and entitlements under or pursuant to
all related Portfolio Documents in respect thereof, and all supporting obligations in connection therewith.

 

“Lender”
and “Lenders” shall have the meanings assigned to them in the introductory paragraph hereof.

 

“Lender Addition Agreement” shall have
the meaning assigned to it in Section 12.2(a) hereof.

 

“Lending Office” shall mean the office
or offices of any Lender set forth opposite its

name on the signature page hereto, as updated from time to
time.

 

“LIBOR
Rate” shall mean, in respect of any calendar month, a rate per annum rounded upwards, if necessary, to the nearest 1/1000
of 1% (3 decimal places) equal to the rate of interest which is identified and normally published by Bloomberg Professional Service
page USD-LIBOR-ICE (or any equivalent page used by Bloomberg Professional Service from time to time or, if Bloomberg Professional
Service no longer reports the LIBOR Rate, another nationally-recognized rate reporting source acceptable to Agent) as the offered
rate for loans in United States dollars for a one (1) month period as of 11:00 a.m. (London time) first calendar day of such month
(or, in the case of the month that includes the date hereof, the date hereof). If (i) Bloomberg Professional Service (or another
nationally-recognized rate reporting source acceptable to Agent) no longer reports the LIBOR Rate or (ii) Agent determines in good
faith that the rate so reported no longer accurately reflects the rate available to Agent in the London Interbank Market or (iii) if
such index no longer exists or if page USD-LIBOR-ICE no longer exists or accurately reflects the rate available to Agent in the
London Interbank Market, then in each case of the foregoing clauses (i) through (iii), Agent may select a comparable replacement
index or replacement page, as the case may be, (provided that such replacement rate is approved by the Borrower (which approval
shall not be unreasonably withheld or delayed); provided that (a) in the case that the conditions set forth in the foregoing clause
(i) through (iii) are likely to continue to occur or exist for an indefinite time frame or (b) the supervisor for the administrator
of the screen rate used by the Agent pursuant this definition or a Governmental Authority having jurisdiction over the Agent, in
each case, has made a public statement identifying a specific date after which such screen rate shall no longer be used or published
for determining interest rates for loans, in the case of the foregoing clauses (a) and (b), Agent in its Permitted Discretion, may
select a comparable replacement index or replacement page that gives due consideration to the then prevailing market convention for
determining a rate of interest for privately placed secured loans in the United States at such time, and shall enter into an
amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be
applicable to effect a comparable overall yield to that which was in place immediately prior to the occurrence of any of the
foregoing events described by clauses (i) through (iii) in the foregoing clause (provided that such replacement rate and amendments
are approved by the Borrower (which approval shall not be unreasonably withheld or delayed). Notwithstanding the foregoing, in no
event shall the LIBOR Rate with respect to (x) the Revolving Calculated Rate be less than
two percent (2.00%) at any time and (y) with respect to the Term Loan Calculated Rate be
less than one percent (1.00%) at any time.

 

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“Lien”
shall mean any mortgage, deed of trust, deed to secure debt, or pledge, security interest, encumbrance, lien or charge of any kind (including
any agreement to give any of the foregoing, any conditional sale or other title retention agreement or any lease in the nature thereof),
or any other arrangement pursuant to which title to the property is retained by or vested in some other Person for security purposes.

 

“Liquidity”
means, as of any date of determination, the amount of unrestricted cash on hand of Parent Entity and its Subsidiaries as of such date.

 

“Loan”
shall mean, collectively, the Term Loan, each Revolving Advance made by Lenders to the Borrower,
any Protective Advances or other Advances by Agent or Lenders pursuant to the terms hereof, and all Obligations related thereto.

 

“Loan
Documents” shall mean, collectively and each individually, this Agreement, the Notes, the Security Documents, each Servicing
Agreement, the Backup Servicing Agreement, the Borrowing Base Certificate, the Collateral Account Control Agreement, each
Subordination Agreement, any other blocked account agreement or account control agreement and all other agreements, documents,
instruments and certificates heretofore or hereafter executed or delivered to Agent and/or Lenders in connection with any of the foregoing
or the Loan, as the same may be amended, modified or supplemented from time to time.

 

“Lockout
Period Additional Interest” shall mean additional interest payable to Agent upon any prepayment of the Loan
contemplated by Section 2.5(b) or Section 2.6(a) occurring prior to the Lockout Period Termination Date, in an amount equal to the sum
of (i) five percent (5.0%) of the then applicable Maximum Loan Amount plus (ii) an amount equal to the amount of interest that would have
accrued on the sum of the principal balance of the Loan plus projected further utilization
of the Loan hereunder (as determined by Agent in its Permitted Discretion), from such date of prepayment to May 14, 2021, at a per annum
rate equal to the Calculated Rate.

 

“Major Credit Card”
shall mean a bank card issued by any VISA USA, Inc., MasterCard International Incorporated, American Express Company or Discover Bank.

 

“Material
Agreements” shall mean (a) all instruments, agreements, indentures or notes governing
the terms of any Indebtedness, (b) the Purchase and Sale Agreement, (c) the Servicing Agreement
and (d) all other agreements, documents, contracts, indentures and instruments (i) involving the performance of services, delivery
of goods or materials, or payments by or to the applicable Person of an amount or value in excess of $500,000 in the aggregate per
year for agreements of Borrower and $1,000,000 in the aggregate per year for agreements of any other Credit Party, other than (i)
leases of real property, (ii) merchant service agreements, (iii) payment processing agreements, (vi) professional service contract,
(vii) service agreements (including with respect to software and other information technology), and (viii) employment agreements or
(ii) of which a default, breach or termination could reasonably be expected to result in a Material Adverse
Effect.

 

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“Material
Adverse Effect” shall mean any event, condition, obligation, liability or circumstance or set of events, conditions, obligations,
liabilities or circumstances or any change(s) which:

 

(i) has had
or reasonably could be expected to have a material adverse effect upon or change in (a) the legality, validity or enforceability of any
Loan Document, (b) the perfection or priority of any Lien granted to Agent or any Lender under any of the Security Documents or (c) the
value, validity, enforceability or collectability of a material portion of the Pledged Leases or any of the other Collateral;

 

(ii) has been
or reasonably could be expected to be material and adverse to the value of the business, operations, properties, assets, liabilities or
financial condition of the Borrowerany
Credit Party; or

 

(iii) has materially
impaired or reasonably could be expected to materially impair the ability of Borrowerthe
Credit Parties to perform any of itsthe
Obligations or itstheir
obligations under the Loan Documents.

 

“Material
Modification” means any modification of a Lease that would (a) forgive any scheduled repayment, (b) reduce the interest rate,
(c) reduce the Current Lease Balance of the Lease or (d) be materially adverse to Agent and/or Lenders.

“Maturity
Date” shall mean the date that is three (3) years after the Initial Term Loan Funding Date;
provided that if the Initial Term Loan Funding Date has not occurred by December
4, 2020, or such later date as permitted by Agent in its sole discretion, the “Maturity Date” shall mean the
earlier to occur of (ax) May 14, 2023, and
(by) at 
the Agent’s option any date that is within the six (6) month period preceding the earliest maturity date of any existing or
future Significant Debt Facility of Parent Entity, Holdings and/or any of their Subsidiaries so long as the Agent has identified
such “Maturity Date” and given Borrower not less than one hundred twenty (120) calendar days prior written notice in
advance of its designation under this clause (bx).

 

“Maximum Revolving
Loan Amount” shall mean at any time the aggregate amount of the Revolving Loan Commitments held by all Lenders at such
time.

 

“Maximum
Rate” shall mean the highest lawful and non-usurious rate of interest applicable to the Loan, that at any time or from
time to time may be contracted for, taken, reserved, charged, or received on the Loan and the Obligations under the laws of the
United States and the laws of such states as may be applicable thereto, that are in effect or, to the extent allowed by such laws,
that may be hereafter in effect and that allow a higher maximum nonusurious and lawful interest rate than would any Applicable Laws
now allow.

 

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“Minimum Utilization
Additional Interest” shall have the meaning set forth in Section 3.53.6 hereof.

 

“Minimum
Utilization Ratio” shall mean, for the periods described in the table below, the applicable percentage set forth below for such
period:

 

	Period	 	Minimum Utilization Ratio	 
	Each of the first twelve (12) months following the Closing Date	 	 	0	%
	Each of the months occurring thirteen (13) months following the Closing Date through (and including) twenty-four (24) months following the Closing Date	 	 	25	%
	Each of the months occurring twenty five (25) months following the Closing Date through (and including) the end of the Maturity Date	 	 	50	%

 

“Monthly
Servicing Report” shall mean each monthly report prepared by the Servicer in accordance with the Servicing Agreement substantially
in the form of Exhibit C attached hereto.

 

“New
Equity” shall mean a primary issuance of Equity Interests by Parent Entity for cash, the proceeds of which
are designated and used as operating cash by Parent Entity and are not used to repay any existing liabilities or redeem any equity interests
of Parent Entity or any other Person. For the avoidance of doubt, the amounts raised pursuant to the Convertible Notes shall not constitute
New Equity. Ninth Amendment” means that certain Ninth Amendment to Loan and
Security Agreement, dated as of the Ninth Amendment Effective Date.

 

“Ninth Amendment
Effective Date” means December 4, 2020.

 

“Non-Consenting Lender”
shall have the meaning assigned to it in Section 10.4(d). “Non-Funding Lender” shall have the meaning assigned to it
in Section 13.7.

 

“Note(s)”
shall mean, individually and collectively, any Notes payable to the order of the Agent, for the benefit of Lenders, or payable to a Lender,
executed by Borrower evidencing the Loan, as the same may be amended, modified, supplemented and/or restated from time to time.

 

“Obligations”
shall mean, without duplication, all present and future obligations, Indebtedness and liabilities of Borrower to Agent and Lenders
at any time and from time to time of every kind, nature and description, direct or indirect, secured or unsecured, joint and
several, absolute or contingent, due or to become due, matured or unmatured, now existing or hereafter arising, contractual or
tortious, liquidated or unliquidated, under any of the Loan Documents or otherwise relating to this Agreement, any Notes and/or the
Loan, including, without limitation, principal, interest (including PIK
Interest), all applicable fees, charges and expenses and/or all amounts paid or advanced by Agent or a Lender on behalf
of or for the benefit of Borrower for any reason at any time, and including, in each case, obligations of performance as well as
obligations of payment and interest that accrue after the commencement of any proceeding under any Debtor Relief Law by or against
Borrower.

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“OFAC” shall
mean the U.S. Department of Treasury’s Office of Foreign Asset Control.

 

“Original Net Lease Cost” shall mean,
for each Lease, the difference between (a) the total retail price charged to the Account Lessee (including any delivery, installation
and warranty costs) related to such Lease and (b) any upfront Account Lessee payments (including, but not limited to, application fees),
and merchant discounts associated with such Lease.

 

“Other Lender”
shall have the meaning assigned to it in Section 13.7 hereof. “Other Taxes” shall have the meaning assigned
to it in Section 13.8(b) hereof.

 

“PAC”
shall mean an arrangement whereby an Account Lessee makes Scheduled Payments under a Pledged Lease via pre-authorized debit.

 

“Parent
Consolidated Net Income” shall mean, for any period, an amount equal to (a) the net income (or loss) of the Parent Entity
and its Subsidiaries on a consolidated basis for such period taken as a single accounting period determined in conformity with GAAP,
minus (b) any net extraordinary, nonrecurring or unusual gains, plus (c) any net extraordinary, nonrecurring or unusual losses. not
to exceed five percent (5%) of “Parent Consolidated Net Income”. For the avoidance of
doubt, any net extraordinary, nonrecurring or unusual losses beyond five percent (5%) of “Parent Consolidated Net
Income” shall be subject to the approval of Agent in its Permitted
Discretion.

 

“Parent
Entity” shall mean Katapult Holdings, Inc., a Delaware corporation (formerly known as Cognical Holdings, Inc.).

 

“Parent Entity” shall have the
meaning assigned to it in the introductory paragraph hereof.

 

“Parent
Entity Co-Sale Agreement” shall mean that certain Amended and Restated Right
of First Refusal and Co-Sale Agreement dated as of April 12, 2019 by and among the Parent Entity, the investors listed on Exhibit A thereto,
and the key holders listed on Exhibit B thereto, as amended by that certain Omnibus Amendment to Series C Investment Documents dated
as of September 18, 2020 with an effective date of April 12, 2019, as the same may be otherwise amended,
restated, supplemented or otherwise modified from time to time.

 

“Participant” shall have the meaning assigned
to it in Section 12.2(b) hereof.

 

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“Patriot
Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001, P.L. 107-56, as amended.

 

“Payment
Date” shall mean the Wednesday of each calendar week that the Loans are outstanding, or if such day is not a Business Day, on
the next succeeding Business Day.

 

“Payment
Guarantor” shall mean each of Holdings, Parent Entity, each subsidiary of Holdings (other than Borrower) and each other Person party
to the Payment Guaranty from time to time.

 

“Payment
Guaranty” shall mean that certain Payment Guaranty and Security Agreement dated
as of the date hereof made by Holdings, Parent Entity and each subsidiary of Holdings (other than Borrower) from time to time party thereto,
in favor of Agent, as amended from time to time.

 

“Permit”
shall mean collectively all licenses, leases, powers, permits, franchises, certificates, authorizations and approvals.

 

“Permitted
Discretion” shall mean a determination or judgment made in good faith in the exercise of reasonable (from the perspective of
a secured lender) credit or business judgment.

 

“Permitted
Indebtedness” shall have the meaning assigned to it in Section 
7.1 hereof.

 

“Permitted
Indebtedness” shall mean: (a) the Obligations; (b) existing Indebtedness listed on Schedule 7.1 hereof; (c) Indebtedness consisting
of Permitted Loans made by one or more Credit Parties to any other Credit Party; (d) interest rate hedges that are entered into by Credit
Parties to hedge their risks with respect to outstanding Indebtedness of Credit Parties and not for speculative or investment purposes;
(e) trade debt incurred in the ordinary course of business and (f) subject to the terms thereof, Indebtedness permitted under Section
2.13(d) and indemnity guarantees of any such Indebtedness.

 

“Permitted Liens”
shall mean Liens of Borrower permitted under Section 7.2 hereof.

 

“Permitted
Loan” shall mean, with respect to any Credit Party, an intercompany loan owed by such Credit Party to another Credit Party, which
intercompany loan is subject to a subordination agreement substantially in form and substance satisfactory to Agent in its Permitted
Discretion.

 

“Person”
shall mean an individual, a partnership, a corporation, a limited liability company, a business trust, a joint stock company, a trust,
an unincorporated association, a joint venture, a Governmental Authority or any other entity of whatever nature.

 

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“PIK
Interest” shall mean interest that is paid in kind, and not in cash, by capitalizing such
interest as principal of the outstanding Loan as provided herein.

 

“Pledge
Agreement” shall mean that certain Pledge Agreement made by Holdings in favor of Agent, as the same may be amended, modified,
supplemented and/or restated from time to time.

 

“Pledged
Leases” shall mean each Lease pledged as Collateral hereunder in accordance with Section 2.8 hereof or any other Loan
Document. For the avoidance of doubt, the term “Pledged Leases” shall not include any Third Party Serviced Lease.

 

“Portfolio
Documents” shall mean, collectively, any Lease or contract, and any other agreement or document executed and delivered by an
Account Lessee in connection with such Lease to or for the benefit of Holdings or any subsequent transferee thereof, including renewals,
extensions, modifications and amendments thereof.

 

“Positive
Net Income Trigger Date” shall mean the earliest date on which the Borrower has furnished to Agent financial statements that
evidence that the Trailing Six Month Parent Consolidated Net Income has been greater than zero for three (3) consecutive calendar months.

 

“Prepayment Date”
shall mean (i) the date specified in any notice of prepayment delivered
to the Agent in accordance with Section 2.5(b) hereof.

 

“Prepayment
Additional Interest” shall mean additional interest payable to Agent upon any Prepayment Date in an amount
equal to (i) if such Prepayment Date occurs after the Lockout Period Termination
Date but on or prior to the thirty-six (36) month anniversary of the Closing Date, five percent (5.0%) of the then applicable Maximum
Loan Amount, or (ii) if such Prepayment Date occurs after the thirty-six month anniversary of the Closing Date but on or prior to the
forty-two month anniversary of the Closing Date, three percent (3.0%) of the of the then applicable Maximum Loan Amount; provided,
that if such prepayment is made pursuant to a refinancing of the Loan by Agent or any of its Affiliates, the Prepayment Additional Interest
for such prepayment shall be fifty percent (50%) of the amounts provided above.or
Section 2.5(c) or the date of any prepayment pursuant to Section 2.6(a) or Section 2.6(b).

 

“Pro
Rata Share” shall mean, (a) with respect to any Lender
as to all Lenders holding Revolving
Loan Commitments, the percentage obtained by dividing (i) the aggregate amount of the Revolving
Loan Advances outstanding made by such Lender by (ii) the aggregate amount of all the Revolving
Loan Advances outstanding, as such percentage may be adjusted by assignments as permitted hereunder;
provided, however, that if no Revolving Loan
Advances are outstanding, then the percentage shall be obtained by dividing (i) the Revolving Loan Commitment held by such Lender by (ii)
the aggregate amount of all of the Revolving Loan Commitments
and (b) with respect to any Lender as to all Lenders holding Term Loan Commitments, the percentage obtained
by dividing (i) the Term Loan Commitment held by such Lender by (ii) the aggregate amount of
all of the Term Loan Commitments.

 

“Protective Advance” shall have the meaning
assigned to it Section 2.7(b).

 

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“Public
Company Transition Date” shall mean the date on which the Parent Entity becomes subject to the periodic reporting requirements of
Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended following an initial public offering or a SPAC Transaction.

 

“Purchase
and Sale Agreement” shall mean that certain Master Purchase and Sale Agreement, dated as of the Closing Date, by and between
Holdings, as seller of the Pledged Leases, and Borrower, as purchaser of the Pledged Leases, as the same may be amended, modified, supplemented,
restated, replaced or renewed in writing from time to time.

 

“Receipt” shall
have the meaning assigned to it in Section 12.5 hereof. “Register” shall have the meaning assigned to it in
Section 12.2(c) hereof.

 

“Regulatory
Trigger Event” shall mean (x) a “Level One Regulatory Trigger Event” which shall mean, the commencement by any Governmental
Authority of any formal inquiry or investigation (which for the avoidance of doubt excludes any Routine Inquiry), legal action or proceeding,
against (i) any of Borrower, Holdings, Servicer, any third party that has been engaged by Servicer as a sub-servicer or any of Borrower’s
Affiliates challenging its authority to originate, hold, own, service, collect, pledge or enforce any Pledged Lease with respect to the
residents of any state, or otherwise alleging any non-compliance by any of Borrower, Holdings, Servicer, any third party that has been
engaged by Servicer as a sub-servicer or any of Borrower’s Affiliates with such state’s Applicable Laws related to originating,
holding, collecting, pledging, servicing or enforcing such Pledged Leases or otherwise related to such Pledged Leases; (ii) any of Borrower,
Holdings, Servicer, any third party that has been engaged by Servicer or as a sub-servicer or any of Borrower’s Affiliates, relating
to the operation of its business; or (iii) the consumer leasing industry or consumer retail installment contract industry or any member
of such industries, which the Agent, in its Permitted Discretion, believes would have a material adverse effect on either of such industries,
as a whole, which inquiry, investigation, legal action or proceeding is not released or terminated in a manner acceptable to Agent in
its Permitted Discretion within forty-five (45) calendar days of commencement thereof or (y) a “Level Two Regulatory Trigger Event”
which shall mean the issuance or entering of any stay, order, judgment, cease and desist order, injunction, temporary restraining order,
or other judicial or non-judicial sanction, order or ruling against any of Borrower, Holdings, Servicer, any third party that has been
engaged by Servicer as a sub-servicer or any of Borrower’s Affiliates related in any way to the originating, holding, collecting,
pledging, servicing or enforcing of any Pledged Leases or rendering the Purchase and Sale Agreement or Portfolio Documents unenforceable
in such state; provided, that, in each case, upon the favorable resolution of such inquiry, investigation, action or proceeding
as determined by Agent in its Permitted Discretion and confirmed by written notice from Agent (whether by judgment, withdrawal of such
action or proceeding or settlement of such action or proceeding), such Regulatory Trigger Event for such Governmental Authority shall
cease to exist immediately upon such determination by Agent.

 

“Release Price”
shall mean an amount equal to the then Current Lease Balance of the Pledged Lease as of the close of business on the last Business Day
of the Due Period relating to the Payment Date immediately preceding the date on which the release is to be made.

 

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“Request for Revolving Advance” shall
have the meaning assigned to it in Section 4.2(a) hereof.

 

“Required Loan
Overadvance Principal Payment” shall mean, with respect to any Payment Date, the positive difference, if any, as of the
last day of the calendar week immediately preceding such Payment Date of (a) the outstanding principal balance of the LoansRevolving
Advances (prior to giving effect to any payments to be made on such Payment Date) minus (b) the Borrowing Base.

 

“Requisite
Lenders” shall mean at any time Lenders then holding fifty-one percent (51%) or more of the aggregate amount of the Advances
then outstanding, provided, that at any time that Agent and its Affiliates collectively own more than thirty five percent (35%)
or more of the aggregate amount of the Advances then outstanding, then Requisite Lenders must include Agent and any matter requiring the
consent or approval of Requisite Lenders shall require the consent or approval of Agent.

 

“Responsible
Officer” shall mean the chief executive officer, chief financial officer or the president of Borrower, or any other officer
having substantially the same authority and responsibility; or, with respect to compliance with financial covenants or delivery of financial
information, the chief financial officer, the treasurer or the controller of Borrower, or any other officer having substantially the same
authority and responsibility, and in all cases such person shall be listed on an incumbency certificate delivered to Agent, in form and
substance acceptable to Agent in its sole discretion.

 

“Revolving
Advance” or “Revolving Loan Advance” shall have the meaning assigned to it in Section 2.1 hereof.

 

“Revolving
Advance Prepayment Additional Interest” shall mean additional interest payable to Agent upon any Prepayment Date with respect to
the Revolving Advances in an amount equal to (i) if such Prepayment Date occurs after the Revolving Lockout
Period Termination Date but on or prior to the thirty-six (36) month anniversary of the Closing Date, five percent (5.0%) of the then
applicable Maximum Revolving Loan Amount, or (ii) if such Prepayment
Date occurs after the thirty-six month anniversary of the Closing Date but on or prior to the forty-two month anniversary of the Closing
Date, three percent (3.0%) of the of the then applicable Maximum Revolving Loan
Amount; provided, that if such prepayment is made pursuant to a refinancing of the Loan by Agent or any of its Affiliates, the
Revolving Advance Prepayment Additional Interest for such prepayment shall
be fifty percent (50%) of the amounts provided above.

 

“Revolving
Credit Period” shall mean the period beginning on the Closing Date and ending on the Maturity Date, unless terminated earlier
in accordance with the provisions hereof.

 

“Revolving Commitment
Lockout Period Additional Interest” shall mean additional interest payable to Agent upon any prepayment of the Loan
contemplated by Section 2.5(b) or Section 2.6(a) occurring prior to the Revolving Lockout Period Termination Date, in an amount equal to
the sum of (i) five percent (5.0%) of the then applicable Maximum Revolving Loan Amount plus (ii) an amount equal to the amount of
interest that would have accrued on the sum of the principal balance of the Revolving Advances plus
projected further utilization of the Loan hereunder (as determined by Agent in its Permitted Discretion), from such date of
prepayment to May 14, 2021, at a per annum rate equal to the Revolving
Calculated Rate.

 

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“Revolving
Lockout Period Termination Date” has the meaning given to such term in Section 2.5(c).

 

“Revolving
Loan Commitment” shall mean the commitment of a Class
A Lender to make or otherwise fund Revolving Loan Advances and “Revolving Loan Commitments”
shall mean such commitments of all Lenders to fund Revolving Loan Advances in the aggregate. The amount of each Lender’s Revolving
Loan Commitment, if any, is set forth on Schedule B attached hereto, subject to any adjustment or reduction pursuant to the terms
and conditions hereof. The aggregate amount of the Revolving Loan Commitments as of the Eighth Amendment Effective Date is $125,000,000.00,
provided, that, upon the election of the Agent and any Lenders that elect to increase their Revolving Loan Commitment, pursuant
to Section 2.13, the Revolving Loan Commitments may be increased incrementally up to, but shall never exceed, $150,000,000250,000,000.

 

“ROFR Share Repurchases” “shall
have the meaning assigned to it Section 7.4.

 

“Routine
Inquiry” shall mean, without limitation, any inquiry, written or otherwise, made by a competent Governmental Authority with
legal authority to regulate the activities of Borrower, Holdings or their respective Affiliates with respect to the Leases, made via a
form letter or otherwise in connection with the routine transmittal of a consumer complaint or an alleged failure to comply with such
State’s lending licensing requirements or its deferred deposit or “payday” lending laws or similar laws that are not
applicable to Borrower, Holdings or their respective Affiliates with respect to the Leases.

 

“Scheduled
Payment” shall mean the originally scheduled weekly, bi-weekly or monthly payment by or on behalf of an Account Lessee on a
Lease.

 

“Securities Act” shall mean the
Securities Act of 1933, as amended.

 

“Security
Documents” shall mean this Agreement, each Guaranty, the Collateral Assignment of Purchase Agreement, the Pledge Agreement,
UCC financing statements, the Collateral Account Control Agreement, other agreements related to Deposit Accounts, and all other documents
or instruments necessary to create or perfect the Liens in the Collateral, as such may be modified, amended or supplemented from time
to time.

 

“Servicer”
shall mean Holdings or such other Person, prior to the occurrence of an Event of Default, designated and engaged by the Borrower and approved
by Agent (including, without limitation, Advensus).

 

“Servicer
Default” shall mean a “Servicer Event of Default” as such term is defined in the Servicing Agreement.

 

“Servicer
Physical Payment Address” shall have the meaning assigned to it in Section 2.3(a) hereof.

 

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“Servicing
Agreement” shall mean (a) that certain Servicing Agreement, dated as of the Closing Date, by and among the Borrower, Holdings
and Agent, as the same may be amended, modified, supplemented, restated, replaced or renewed in writing from time to time and (b) each
other agreement pursuant to which Pledged Leases will be serviced and administered in accordance with the terms of this Agreement.

 

“Servicing
Fee” shall mean the fee payable monthly to Holdings pursuant to the Servicing Agreement, which shall be equal to the product
of (i) three percent (3%) and (ii) the sum of the amounts described in clauses (a), (c) and (e) of the definition
of “Available Amounts” collected by Servicer during the calendar month immediately preceding the Payment Date on which fee
is to be paid to the Servicer.

 

“Servicing
Policy” means servicing, collections and payment plan policies of each Servicer, copies of which are attached hereto as Exhibit
G, as such policies may be amended from time to time in compliance with the applicable Servicing Agreement.

 

“Settlement Date”
shall have the meaning assigned to it in Section 13.5(a)(ii) hereof.

 

“Significant Debt Facility” shall mean
theany credit
facilities evidenced by (a) the Convertible Notes, (b) the VPC Bridge Notes, (c) the Ivy Management
Loan Agreement, (d) any Subordinated Indebtedness facility, (e) any other facility, note, agreement or indenture or
other debt instrument evidencing Indebtedness of Parent Entity or Holdings and/or their Subsidiaries in excess of $1,000,000
(all indebtedness (x) made on substantially the same terms and (y) held by the same lenders or Affiliates of such lenders shall be considered
in totality when calculating compliance with this threshold).

 

“Solvency Certificate”
shall have the meaning assigned to it in Section 4.1(e) hereof. “SPAC Transaction” means
a business combination transaction between (a) the Parent Entity and (b) any special purpose acquisition company (SPAC), with the purpose
of taking the Parent Entity public without going through the traditional initial public offering process.

 

“Specified
Regulatory Change” means a legal or regulatory change, the effect of which is to materially and adversely impair the ability
of any Borrower, Holdings or Parent Entity to originate, own, hold, pledge, service, collect or enforce the Pledged Leases or similar
assets.

 

“Subordination
Agreement” means, initially, that certain Subordination Agreement, dated as of the Closing Date, by and between Agent and each
holder of Subordinated Indebtedness on the Closing Date, as amended, restated, supplemented,
or otherwise modified from time to time, and thereafter any other subordination and/or intercreditor agreement in form and substance
acceptable to Agent, subordinating any Indebtedness of Borrower or Holdings to the Indebtedness evidenced by this Agreement and the other
Loan Documents.

 

“Subordinated
Indebtedness” shall mean any Indebtedness or other obligations of Borrower, Holdings or any of its Subsidiaries owing to any Person
that is subordinated (pursuant to a Subordination Agreement), whether by written contract or otherwise, in right of payment, liens, security
and remedies to all of the Obligations and all of Agent and Lenders’ rights, Liens and remedies in form and substance satisfactory
to Agent in its sole discretion.

 

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“Subsidiary”
shall mean, as to any Person, any other Person in which more than fifty percent (50%) of all Voting Equity Interests is owned directly
or indirectly by such Person or one or more of its Subsidiaries.

 

“Tangible
Net Worth” shall mean, for any Person, without duplication, an amount equal to, such Person’s (a) total assets, minus
(b) capitalized information technology expenses, capitalized transaction expense and other capitalized expenses, minus (c) prepaid expenses,
minus (d) other intangible assets, minus (e) total liabilities plus (f.
For the avoidance of doubt the calculation of the Tangible Net Worth hereunder shall
be made without including any accrued and unpaid PIK Interest.

 

“Tangible
Net Worth to Term Loan Ratio” means the ratio of (a) Tangible Net Worth of Parent Entity and its Subsidiaries, on a consolidated
basis, to (b) the outstanding principal balance of the VPC Bridge Notes so long as the maturity
date of each VPC Bridge Note is at least six (6) months from the date of such Tangible Net Worth calculationTerm
Loan (including PIK Interest).

 

“Taxes”
shall mean present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto (including
penalties, interest and additions to tax), imposed by any Governmental Authority.

 

“Termination
Date” shall have the meaning assigned to it in Section 11.1 hereof.

 

“Term
Loan” shall have the meaning assigned to it in Section 2.1
hereof.

 

“Term Loan
Commitment” shall mean, as to any Class B Lender, the obligation of such Lender (if applicable), to make its Term Loan on the Initial
Term Loan Funding Date. The amount of each Lender’s Term Loan Commitment, if
any, is set forth on Schedule B attached hereto, subject to any adjustment or reduction pursuant to the terms and conditions hereof.
The aggregate amount of the Term Loan Commitments as of the Ninth Amendment Effective Date is $50,000,000.00.

 

“Term
Loan Lockout Period Additional Interest” shall mean additional interest payable to Agent upon any prepayment of the Term Loan for
any reason prior to the Class B Lockout Period Termination Date, in an amount equal
to (i) $1,000,000.00 plus (ii) the amount of interest that would have accrued on the sum of the principal balance of the Term Loan from
such date of prepayment to and including the Class B Lockout Period Termination Date,
at a per annum rate equal to the Term Loan Calculated Rate.

 

“Term
Loan Prepayment Additional Interest” shall mean additional interest payable to Agent upon any Prepayment Date with respect to the
Term Loan in an amount equal to (i) if such Prepayment Date occurs after the Class B
Lockout Period Termination Date but on or prior to the twenty-four (24) month anniversary
of the Initial Term Loan Funding Date, $1,000,000.00, (ii) if such Prepayment Date occurs after the twenty-four (24) month anniversary
of the Initial Term Loan Funding Date but on or prior to the thirty (30) month anniversary of the Initial Term Loan Funding Date, $500,000.00
or (iii) if such Prepayment Date occurs after the date that is thirty (30) months after the
Initial Term Loan Funding Date, $0.00.

 

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“Third
Party Serviced Lease” shall mean any Lease originated through Holdings’ origination platform on behalf of a third-party
(including Metro PCS) and serviced by Holdings.

 

“Total
Advance Rate” shall mean, as of any date of determination, a percentage equal to the quotient of (a) the sum of (i) the difference
between (x) the total principal amount outstanding under the Term Loan as of such date
and (y) $20,000,000 plus (ii) the total amount of Revolving Loan Advances outstanding as of such date divided, by (b) the aggregate Adjusted
Current Lease Balance for all Eligible Leases pledged hereunder.

 

“Trailing
Six Month Parent Consolidated Net Income” shall mean the sum of the Parent Consolidated Net Income for the prior six (6) calendar
month period.

 

“Transferee” shall
have the meaning assigned to it in Section 12.2(a) hereof.

 

“TTM
Adjusted EBITDA” shall mean, as of each month end, as calculated for Parent Entity on a consolidated basis, the sum of (a) the total
Parent Consolidated Net Income during the proceeding twelve months, plus (b) the total interest expense of Parent Entity and its consolidated
subsidiaries accrued and all other debt issuance costs incurred by Parent Entity and its consolidated subsidiaries during the proceeding
twelve months, plus (c) the total tax expense accrued by Parent Entity and its consolidated subsidiaries during the proceeding twelve
months, plus (d) the total depreciation and amortization expense accrued by Parent Entity and its consolidated subsidiaries during the
proceeding twelve months plus (e) all non-cash stock compensation and warrant expenses.

 

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

 

“Underwriting
Guidelines” shall mean Holdings’ customary credit and underwriting and guidelines as set forth in its underwriting model,
a copy of each is attached hereto as Exhibit E, as such guidelines are amended from time to time with the consent of Agent (which
consent may be provided in Agent’s Permitted Discretion), provided, that any material amendments thereto shall be subject
to Agent’s consent, which may be granted in Agent’s Permitted Discretion.

“Unrelated Connections”
shall have the meaning assigned to it in Section 13.8(a) hereof. “Unmatured Defaulted Lease” shall mean any
Pledged Lease for which any portion of a

Scheduled Payment (without giving
effect to any modifications of such Pledged Lease after the date such Pledged Lease was first pledged hereunder or under any other Loan
Document) is delinquent more than thirty (30) but less than sixty (60) days.

 

“Utilization
Ratio” shall mean, as of any date of determination, the percentage calculated as (a) the total outstanding principal balance
of the Loans as of such date, divided by (b) the then applicable Maximum Revolving
Loan Amount.

 

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“Verification
Certificate” shall mean the original certificate in the form annexed to the Backup Servicing Agreement, duly completed and signed
by the Backup Servicer.

 

“Verification Deliverables” shall mean:

 

with respect to each Pledged Lease:

 

		(a)	an electronic schedule in a format described in the Backup Servicing
Agreement containing a list of the proposed Leases to be pledged to Agent as Collateral for the Loan (including such Pledged Lease),
and account information with respect thereto;

 

		(b)	complete and accurate copy of the electronic record of the original
electronic credit application, Lease and the electronic signature by the related Account Lessee, and which shall originally be payable
to Holdings and, with respect to each electronic Lease, a bill of sale (or other documentation acceptable to Agent in its Permitted Discretion)
which evidences a complete chain of title and ownership from Holdings to Borrower, and such other documentation evidencing the pledge
from Borrower in favor of Agent, all as further provided in the Backup Servicing Agreement;

 

		(c)	electronic copies of all other agreements and documents relating
to such Lease; and

 

		(d)	a copy of each of the credit application, truth-in-lending disclosure,
credit report and similar information provided by or related to each Account Lessee for such Lease; and

 

		(e)	such other documents not otherwise described above as Agent,
as specified in writing to Borrower, may reasonably require from time to time.

 

“Vintage
Pool” shall mean and refers to, at any given time, all Pledged Leases that were originated in a particular fiscal month. By
way of example, and not by way of limitation, all Pledged Leases that were originated in a single fiscal month shall constitute one Vintage
Pool, regardless of when Borrower purchases said Pledged Leases from Holdings.

 

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

 

“VPC
Bridge Notes” shall mean each of the promissory notes made by Holdings in favor of Victory Park Capital Management listed on
Schedule 1.1(b) hereof.

 

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“Warrants”
means the Warrant issued by Holdings to Agent on or before the Ninth Amendment Effective Date, as amended, restated, supplemented or otherwise
modified from time to time.

 

II.
LOAN, PAYMENTS, INTEREST AND COLLATERAL

 

2.1
The Revolving Loan Advances;
Term Loan

 

(a)
Revolving Loan Advances. Subject to the provisions of this Agreement, including, without
limitation satisfaction or waiver in writing by Agent of all conditions set forth in Article IV hereof, each Lender severally
agrees to make Advances (or to request Agent to make Agent Advances pursuant to Section 13.4(b)) up to such Lender’s respective
Revolving Loan Commitment to Borrower under the Loan from time to time on or prior to the last day of the Revolving Credit Period (collectively,
the “Revolving Advances” or the “Revolving Loan Advances”).
Each Revolving Loan Advance shall be made in an amount requested by Borrower not to exceed the Availability as of such date of determination
by deposit into a Deposit Account designated by Borrower; provided, that under no circumstances shall the outstanding amount of
the Revolving Loan Advances
exceed the Maximum Revolving Loan Amount, and provided, further, no
Lender shall be obligated to provide funding for any Revolving Loan
Advance that would increase the aggregate of all outstanding amounts funded by such Lender (including any Revolving
Loan Advances made by any predecessor in interest to such Lender) to an amount in
excess of the stated principal amount of that Lender’s Note or such Lender’s Revolving Loan Commitment. Unless otherwise
permitted by Agent, each Revolving Loan Advance shall be in an amount of at least Two Hundred Fifty Thousand Dollars ($250,000). No more
than one (1) Revolving Loan Advance may be made hereunder in any calendar week. Any such request for ana
Revolving Loan Advance by Borrower must be made by 1:00 p.m. EST two (2) Business Days prior to the proposed borrowing date
and shall contain a certification from an officer of Borrower representing that all conditions precedent to the funding of such Revolving
Advance contained herein are satisfied. Subject to the terms hereof Revolving Advances may be repaid and re-borrowed prior to the expiration
of the Revolving Credit Period. The failure of any Lender to make any Advance required to be made by it shall not relieve any other Lender
of its obligations hereunder; provided, that the Revolving Loan Commitment of each Lender is several and no Lender shall be responsible
for any other Lender’s failure to make required Advances. Notwithstanding anything else herein to the contrary, no Revolving Loan
Advances shall be made or requested after the last day of the Revolving Credit Period. In connection with the initial Revolving Advance
made to Borrower on or after the Closing Date, Agent shall retain (for the benefit of Lenders), the OID required to be paid in accordance
with Section 3.5(a). In the event the Maximum Revolving Loan Amount is increased in accordance
with Section 2.14 hereof, Agent may retain (for the benefit of Lenders) from the next Revolving Advance made to Borrower, any
Increase OID required to be paid in accordance with Section 3.5(b) or (c) hereof from the Revolving Loan Advance(s) following
such increase.

 

(b) Term Loan. Subject to the terms
and conditions of this Agreement, each Class B Lender, severally and not jointly, will make a term loan to Borrowers in the amount
equal to such Lender’s Pro Rata Share of the Term Loan Commitments (the “Term Loan”). Subject to the satisfaction
of the conditions set forth in Section 4.3 hereof, the Term Loan shall be advanced on the Initial Term Loan Funding Date. The Term
Loan shall be, with respect to principal, payable in full on the Maturity Date.

 

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(c)
(b) Notes. The Advances made by each Lender shall, to the extent requested
by a Lender, be evidenced by a promissory note payable to the order of such Lender, substantially in the form of Exhibit B-1
with respect to Revolving Loan Advances and Exhibit B-2 with respect Advances of the Term Loan (as amended, restated, amended
and restated, supplemented or otherwise modified from time to time, a “Note”), executed by Borrower and delivered
to the Agent on the Closing Date or Ninth Amendment Effective Date as applicable (or after the
Closing Date or Ninth Amendment Effective Date in respect of any assignee of a Lender who becomes
a Lender pursuant to Section 12.2 or any Lender who requests a Note after the Closing Date). The Note payable to the order of
a Lender shall be in a stated maximum principal amount equal to such Lender’s applicable Revolving Loan Commitment or
Term Loan Commitment as applicable.

 

(d) (c) Payment
of the Loan. Borrower shall repay the Loan pursuant to and in accordance with the terms of this Agreement and the Notes
evidencing the Loans. Each Revolving Advance shall be due and payable in full, if not earlier in accordance with this Agreement, on
the Maturity Date. All other amounts outstanding under the Loan and all other Obligations under the Loan shall be due and payable in
full, if not earlier in accordance with this Agreement, on the Maturity Date.

 

(e) (d) Promptly
following receipt of a Request for Revolving Loan Advance in accordance with Section
4.2(a) and all other deliverables described therein, Agent shall advise each Class A
Lender of the details thereof and of the amount of such Class A Lender’s Revolving Advance
to be made as a part of the requested Revolving Advance. Each Class A
Lender shall make each Revolving Advance to be made by it
hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon (New York City time) to the
account of Agent most recently designated by it for such purpose by notice to Lenders. Unless Agent shall have received notice from
a Class A Lender prior
to the proposed date of any Revolving Advance that such Class A Lender
will not make available to Agent such Class A Lender’s
share of such Revolving Advance, Agent may assume that such Class A Lender
has made such share available on such date in accordance with the previous sentence and may, in reliance upon such assumption, make
available to Borrower a corresponding amount. In lieu of the foregoing, Agent may, on behalf of any Class A
Lender, make, or cause Lender that is an Affiliate of Agent to make, Revolving Advances
hereunder upon satisfaction of the provisions of Section 4.2(a). Each Class A
Lender shall, upon demand, reimburse Agent (or such Affiliate of Agent) for such Class
A Lender’s Pro Rata Share of each such Revolving Advance.
In such event, if a Class A Lender
has not in fact made its share of the applicable Revolving Advance
available to Agent, then the applicable Lender and Borrower severally agree to pay to Agent forthwith on demand such corresponding
amount with interest thereon, for each day from and including the date such amount is made available to Borrower to but excluding
the date of payment to Agent, at the applicable Revolving Calculated Rate and, until such
Lender has paid such amount to Agent, all amounts owed to such Lender hereunder (whether interest, fees, principal or otherwise)
shall paid to Agent (or any Affiliate of Agent that has funded such amounts in lieu of such Lender) in such amount as is necessary
to repay in full such unfunded amounts owed by such Lender and such Lender shall not be entitled to receive any amounts hereunder
until such unfunded amounts have been repaid in full. If such Lender pays such amount to Agent, then such amount shall constitute
such Lender’s Pro Rata Share of such Revolving Advance.
No Class A Lender
shall be obligated to make ana
Revolving Advance on behalf of another Class A
Lender.

 

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2.2
Interest on the Loan

 

(a)
The Borrower agrees to pay interest in respect of the outstanding principal amount of the Revolving
Loan Advances, weekly in arrears in accordance with
Section 3.42.4
to Agent for the account of Lenders, from the date the proceeds thereof are made available to the Borrower until paid in full, (x) at
all times prior to the occurrence of a Positive Net Income Trigger Date, at a rate per annum equal to the lesser of (i)(A) the LIBOR
Rate plus eleven (11%) per annum (such rate, the “Initial Revolving Calculated Rate”)
and (ii) the Maximum Rate and (y) after the occurrence of a Positive Net Income Trigger Date, at a rate per annum equal to the lesser
of (i)(A) the LIBOR Rate plus (B) seven and one half of one percent (7.5%) per annum (such rate, the “Positive Net Income
Trigger Calculated Rate” and together with the Initial Revolving
Calculated Rate, each a “Revolving Calculated
Rate”) and (ii) the Maximum Rate. The Borrower agrees to pay interest in respect of the outstanding
principal amount of the Term Loan, weekly in arrears, the Current Interest (as defined below) portion of which to be paid in accordance
with Section 2.4, to Agent for the account of Lenders holding Term Loan Commitments,
from the date the proceeds thereof are made available to the Borrower until paid in full, at a rate per annum equal to the lesser
of (i) the LIBOR Rate plus (A) eight (8%) per annum (“Current Interest”) plus (B) an additional three percent (3%)
per annum (“PIK Interest”)
to be paid in kind by capitalizing such PIK Interest and adding it to the outstanding principal balance of the Term Loan and (ii)
the Maximum Rate (the “Term Loan Calculated Rate” and together with the Revolving Calculated Rate, the “Calculated
Rate”). All such payments of interest shall be made weekly pursuant to Section 2.4, and, in any event, shall
be due and owing no later than the Payment Date of each calendar week for the immediately preceding calendar week, provided, that,
on any Interest Settlement Date on which interest has accrued, but has not been paid pursuant to Section 2.4, Agent shall be entitled
to apply any or all Available Amounts on deposit in the Collateral Account to the payment of any accrued interest and fees for the preceding
month payable to the Lenders pursuant to Section 13.5(a)(iii) hereof. The amount of PIK Interest
accrued on any Payment Date shall automatically and without further action be added to the outstanding principal balance of the Term
Loan on such Payment Date and any outstanding PIK Interest as of the Maturity Date
shall be payable in cash as part of the principal required to be repaid on the earlier
of (1) the Maturity Date or (2) the required repayment of the Term Loan, whether by reason of acceleration or otherwise. If
Lenders are prevented from charging or collecting interest at the applicable
Calculated Rate, to the extent permitted by law, then the interest rate shall continue to be the Maximum Rate until such time
as Lenders have charged and collected the full amount of interest that would be chargeable and collectable if interest at the applicable
Calculated Rate had always been lawfully chargeable and collectible. Whenever, subsequent to the date of this Agreement, the
LIBOR Rate is increased or decreased, the Applicable Rate shall be similarly changed without notice or demand of any kind by an amount
equal to the amount of such change in the LIBOR Rate (subject to the Maximum Rate).

 

(b) The
weekly interest due on the principal balance of the Loan outstanding shall be computed for the actual number of days elapsed on the
basis of a year consisting of 360 days and shall be calculated by determining the average daily principal balance of the Obligations
under the Loan Documents outstanding for each day.

 

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2.3
Loan Collections; Repayment.

 

(a) Borrower
shall, or shall cause Servicer to, instruct the Account Lessee and the Servicer’s payment processing company of each Pledged
Lease to pay directly to the Collateral Account or by delivery to the addresses set forth in the Servicing Agreement (the
“Servicer Physical Payment Address, all Scheduled Payments, prepayments (both voluntary and mandatory), and other amounts
received of any and every description payable to Borrower by or on behalf of such Account Lessee pursuant to the applicable Pledged
Lease, the related Portfolio Documents, or any other related documents or instruments. All such amounts delivered to the Servicer
Physical Payment Address shall be received and held in trust for the sole and exclusive benefit of the Agent and shall be directed
to the Collateral Account within two (2) Business Days after such amounts so received and held by the Servicer equals or exceeds
$25,000. In the event that Servicer or Borrower receives any payments on any Pledged Lease directly from or on behalf of the Account
Lessee thereof in a manner other than through a deposit into the Collateral Account or a payment at a Servicer Physical Payment
Address, the Servicer or Borrower, as applicable, shall receive and hold all such payments in trust for the sole and exclusive
benefit of Agent, and Servicer or Borrower, as applicable, shall deliver to the Collateral Account within two (2) Business Days
after such amounts so received and held by the Servicer equals or exceeds $25,000 all such payments (in the form so received) as and
when received by Servicer or Borrower, as applicable, unless Agent shall have notified Servicer or Borrower, as applicable, to
deliver directly to Agent all payments in respect of the Leases after the occurrence and during the continuance of an Event of
Default, in which event all such payments (in the form received) shall be endorsed by Servicer or Borrower, as applicable, to Agent
and delivered to Agent promptly upon Servicer or Borrower’s receipt thereof.

 

(b) At
any time after the occurrence and during the continuance of an Event of Default, Agent shall have the right to notify any Account
Lessee to mail or otherwise deliver payments directly to an address determined by Agent or to otherwise deposit such sums in the
Collateral Account or any other deposit account established by Agent from time to time.

 

(c) All
Scheduled Payments, interest, principal, prepayments (both voluntary and mandatory), and other amounts received of any and every
description payable to Borrower by or on behalf of such Account Lessee pursuant to the applicable Lease, the related Portfolio
Documents, or any other related documents or instruments with respect to the Leases pledged as Collateral for the Revolving Advances
shall be paid directly to the Collateral Account.

 

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2.4
Promise to Pay; Manner of Payment.

 

(a) Payments.
On each Payment Date, payments shall be made by the Agent from the Collateral Account in the following order of priority and to the
extent of the Available Amounts:

 

(i) to
the Borrower, the portion of the Available Amounts that are identifiable as sales tax receipts received by Borrower or Servicer
during the period since the prior Payment Date with respect to any Pledged Lease;

 

(ii) on
the last Payment Date to occur in each calendar month, to Servicer, the Servicing Fee for such calendar month until paid in full,
and any such fees that remain unpaid with respect to one or more prior Payment Dates, provided, that if Servicer is Holdings
or an Affiliate of Holdings, such payments shall not be made if an Event of Default has occurred and is continuing as of such
Payment Date unless otherwise agreed by Agent in its sole discretion;

 

(iii) on
the last Payment Date to occur in each calendar month, to the Backup Servicer, the Backup Servicer Fee for such calendar month until
paid in full, including any such fees that remain unpaid with respect to one or more prior Payment Dates;

 

(iv) to
Agent, for the benefit of Lenders, first, any Protective Advances, together with all interest owed with respect to all Protective
Advances, and second, any indemnities owed by Borrower or any
Guarantor to Agent or any Lender, in each case, to the extent not previously reimbursed or paid;

 

(v) to
Agent, for the benefit of itself and the Class A
Lenders, (A) all accrued and unpaid, costs, fees and expenses relating to the Revolving
Advances and (B) all accrued and unpaid costs, fees and expenses relating to the other
Obligations as of such Payment Date;

 

(vi) to
Agent, for the benefit of itself and the Class A
Lenders (A), all accrued and unpaid interest
(including any Revolving Advance Prepayment Additional Interest,
Revolving Commitment Lockout Period Additional Interest and Additional Interest) relating to the Revolving Advances and
(B) all accrued and unpaid interest relating to the other Obligations as of such Payment Date;

 

(vii) if
no Event of Default has occurred and is continuing, to Agent, for the benefit of itself and the Class
A Lenders, the Required Loan Overadvance Principal Payment, if any;

 

(viii) to
Agent, for the benefit of itself and the Class B Lenders, all accrued and unpaid, costs, fees and expenses relating to the Term Loan
as of such Payment Date;

 

(ix) to
Agent, for the benefit of itself and the Class B Lenders all accrued and unpaid interest (including any Term Loan Prepayment
Additional Interest and Term Loan Lockout Period Additional Interest, but excluding PIK Interest) relating to the Term Loan as of
such Payment Date;

 

(x) (viii)
if no Event of Default has occurred and is continuing and if directed in writing by the Borrower, to Agent, for the benefit of
itself and the Lenders, the Revolving Advances in the amount
specified by the Borrower in such writing;

 

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(xi) (ix)
if an Event of Default has occurred and is continuing, to Agent, for the benefit of Lenders, any remaining Available Amounts in the
Collateral Account to the extent of Obligations owing to Lenders to be applied in accordance with Section 2.4(c) hereof;
and

 

(xii)
 (x) to the Borrower, any remaining Available Amounts in the Collateral Account.

 

(b) In
the event that amounts distributed under Section 2.4(a) as of each Payment Date are insufficient for payment of the amounts
set forth in Section 2.4(a)(i),(ii), (iii), (iv), (v) and (vii) for
such Payment Date, Borrower shall pay an amount equal to the extent of such insufficiency (i) through a Revolving Loan Advance (if
available pursuant to the terms hereof) hereunder on such date of determination, or (ii) if insufficient Availability or another
failure of a condition precedent to an Advance then exists, from a wire transfer of immediately available funds by Holdings or
Borrower within two (2) Business Days of request by Agent. Agent shall distribute any such payment received by it for the account of
any Lender to the appropriate Lender in accordance with the terms hereof.

 

(c) Following the
occurrence and during the continuance of an Event of Default, Agentpayments shall havebe
made by the immediate right to direct and to apply all funds inAgent
from the Collateral Account delivered to it pursuant to Section
2.4(a)(vi) and any other Scheduled Payments, prepayments and other amounts received of every description
payable to Borrower or received by the Lender on account of the exercise of its remedies hereunder or under any other Loan Document
to the Obligations in suchin the following order of
priority and in such manner as Agent shall electto
the extent of the Available Amounts:

 

(i)
on the last Payment Date to occur in each calendar month, to Servicer, the Servicing Fee for
such calendar month until paid in full, and any such fees that remain unpaid with respect to one or more prior Payment Dates, provided,
that if Servicer is Holdings or an Affiliate of Holdings, such payments shall not be made unless otherwise
agreed by Agent in its sole discretion;

 

(ii) on
the last Payment Date to occur in each calendar month, to the Backup Servicer, the Backup Servicer Fee for such calendar month until
paid in full, including any such fees that remain unpaid with respect to one or
more prior Payment Dates;

 

(iii) to
Agent, for the benefit of Lenders, first, any Protective Advances, together with all interest owed with respect to all Protective
Advances, and second, any indemnities owed by Borrower or any Guarantor to Agent
or any Lender, in each case, to the extent not previously reimbursed or
paid;

 

(iv) to
Agent, for the benefit of itself and the Class A Lenders, all accrued and unpaid, costs, fees and expenses relating to the Revolving
Advances as of such Payment Date;

 

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(v) to
Agent, for the benefit of itself and the Class A Lenders all accrued and unpaid interest (including any Revolving Advance Prepayment
Additional Interest, Revolving Commitment Lockout Period Additional Interest and Additional Interest)
relating to the Revolving Advances as of such Payment Date;

 

(vi) to
Agent, for the benefit of itself and the Class A Lenders the outstanding principal amount of the Advances in respect of the Class A
Obligations until the aggregate outstanding principal amount of the Revolving Advances have been reduced
to zero;

 

(vii) to
Agent, for the benefit of itself and the Class B Lenders, all accrued and unpaid, costs, fees and expenses relating to the Term Loan
as of such Payment Date;

 

(viii) to Agent, for the benefit
of itself and the Class B Lenders (A) all accrued and unpaid interest (including any Term Loan Prepayment Additional Interest
and Additional Interest) relating to the Term Loan as of such Payment Date;

 

(ix) to
Agent, for the benefit of itself and the Class B Lenders the outstanding principal amount of the Term Loan until the aggregate
outstanding principal amount of the Term Loan has been reduced to zero;

 

(x)
to the Borrower, any remaining Available Amounts in the Collateral Account.

 

(d) Borrower
absolutely and unconditionally promises to pay, when due and payable pursuant hereto, principal, interest and all other amounts and
Obligations payable, hereunder or under any other Loan Document, without any right of rescission and without any deduction
whatsoever, including any deduction for set-off, recoupment or counterclaim, notwithstanding any damage to, defects in or
destruction of the Collateral or any other event, including obsolescence of any property or improvements. Except as expressly
provided for herein, Borrower hereby waives setoff, recoupment, demand, presentment, protest, and all notices and demands of any
description, and the pleading of any statute of limitations as a defense to any demand under this Agreement and any other Loan
Document, all to the extent permitted by law. Each Revolving Advance shall be due and payable in full, if not earlier in accordance
with this Agreement, on the Maturity Date. All other amounts outstanding under the Loan and all other Obligations under the Loan
shall be due and payable in full, if not earlier in accordance with this Agreement, on the Maturity Date.

 

2.5
Voluntary Prepayments

 

(a) Except
as set forth in Section 2.5(b) below, the Loan may be prepaid only through the collections of Scheduled Payments and any
other amounts with respect to the Leases.

 

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(b)
Revolving Loan Voluntary Prepayment. Borrower may voluntarily prepay, in whole,
but not in part, the principal balance of the Loan at any time after (but not before) May 14, 2021 (“Lockout
Period Termination Date”)Revolving
Advances and all accrued and unpaid interest thereon at any time, so long as Borrower shall have identified the Prepayment
Date and given Agent not less than thirty (30) calendar days prior written notice in advance of such proposed Prepayment Date. Notwithstanding
anything herein to the contrary, Borrower shall be liable for the Prepayment
Additional Interest with respect to any voluntary prepayment of the Loan pursuant to this Section
2.5(b), which Prepayment Additional Interest shall be paid concurrently
with such prepayment. For the avoidance of doubt, inIn
connection with any prepayment of the principal balance of the LoanRevolving
Advances pursuant to this Section 2.5(b)
made on or prior to theMay 14, 2021 (“Revolving
Lockout Period Termination Date”), Borrower shall be liable for the Revolving
Commitment Lockout Period Additional Interest with respect to any such prepayment of the LoanRevolving
Advances which shall be paid concurrently with such prepayment.
In connection with any prepayment of the principal balance of the Revolving Advances pursuant to
this Section 2.5(b) after the Revolving Lockout Period Termination Date, Borrower shall be
liable for the Revolving Advance Prepayment Additional Interest which shall be paid concurrently with
such prepayment. Upon the payment by the Borrower in cash in full of the Obligations with respect
to the Revolving Advances (other than indemnity obligations that are not then due and payable or with respect to which no
claim has been made) pursuant to this Section 2.5(b), the Revolving Loan Commitments shall terminate.

 

(c) Term Loan Voluntary Prepayment.
Borrower may voluntarily prepay, in whole, but not in part, the principal balance
of the Term Loan and all accrued and unpaid interest thereon (including PIK Interest) at any time so long as Borrower shall have
identified the Prepayment Date and given Agent not less than thirty (30) calendar
days prior written notice in advance of such proposed Prepayment Date. In connection with any prepayment of the principal balance
of the Term Loan made pursuant to this Section 2.5(c) on or prior to the date that is eighteen (18) months following the Initial
Term Loan Funding Date (“Class B Lockout Period Termination Date”),
Borrower shall be liable for the Term Loan Lockout Period Additional Interest which shall be paid concurrently with such prepayment.
In connection with any prepayment of the principal balance of the Term Loan made
pursuant to this Section 2.5(c) after the Class B Lockout Period Termination Date, Borrower shall be liable for the Term Loan Prepayment
Additional Interest which shall be paid concurrently with such prepayment.

 

2.6
Mandatory Prepayments

 

(a) If
a Change of Control occurs that has not been consented to in writing by Agent prior to the consummation thereof, on or prior to the
first Business Day following the date of such Change of Control, Borrower shall prepay the Loan and all other Obligations (other
than, indemnity obligations that are not then due and payable or with respect to which no claim has been made) in full in cash
together with accrued interest thereon to the date of such prepayment and all other amounts owing to Agent and Lenders under the
Loan Documents and the Revolving Advance
Prepayment Additional Interest and Term Loan Prepayment Additional Interest that would be payable on such date, and
whereupon the Revolving Loan Commitments shall be terminated; provided,
that if such Change of Controlevent occurs during
the first twelve months following the Closing Date as a result of a Change of Control occurring pursuant to clause (iii) of the
definition thereofon or prior to May 14, the2021,
Borrower shall prepay the Loan and all other Obligations (other than, indemnity obligations that
are not then due and payable or with respect to which no claim has been made) in full in cash together with accrued interest thereon
to the date of such prepayment and all other amounts owing toalso pay Agent and,
for the benefit of the Lenders under
the Loan Documents, an amount equal to the sum of the Revolving Commitment Lockout
Period Additional Interest and the Term Loan Lockout Period Additional Interest that
would be payable on such date; provided, further, that
any such prepayment shall be in compliance with Section 6.16 hereof.

 

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(b) In
addition to and without limiting any provision of any Loan Document, if Borrower, in any transaction or series of related
transactions, (a) sells any Pledged Lease or other material assets or other properties, (b) sells or issues any equity or debt
securities, Equity Interests or other ownership interests other than, in each case, to Holdings or (c) incurs any Indebtedness
except for Permitted Indebtedness, then it shall deposit 100% (or such lesser amount as is required to indefeasibly pay in cash in
full the Obligations (other than indemnity obligations that are not then due and payable or with respect to which no claim has been
made)) of the cash proceeds thereof (net of reasonable transaction costs and expenses and taxes) to the Collateral Account, and the Revolving
Advance Prepayment Additional Interest provided for in clause (i) of the definition thereof, provided, that if such event
occurs on or prior to May 14, 2021, Borrower shall also pay Agent, for the benefit of the Lenders, an amount equal to the amount of
interest that would have accrued on the sum of the principal balance of the Loan plus projected further utilization of the Loan
hereunder (as determined by Agent in its Permitted Discretion), from such date of prepayment to May 14, 2021, at a per annum rate
equal to the Calculated Rate.

 

(c) In
no event shall the sum of the aggregate outstanding principal balance of the Revolving Loan Advances
exceed the lesser of (i) the Borrowing Base and (ii) the Maximum Revolving
Loan Amount. If at any time and for any reason, the outstanding unpaid principal balance of the Revolving Loan exceedsAdvances
exceed the Maximum Revolving Loan Amount, Borrower
shall promptly, and in any event within five (5) Business Days, without the necessity of any notice or demand, whether or not a
Default or Event of Default has occurred or is continuing, prepay the principal balance of the Loan in an amount equal to the
difference between the then aggregate outstanding principal balance of the Revolving
Loan Advances and the Maximum Revolving
Loan Amount. If at any time and for any reason, the outstanding unpaid principal balance of the Loan exceeds the Borrowing Base
(including due to any Eligible Lease thereafter failing to meet the eligibility criteria and becoming an Ineligible Lease; provided, however,
that if such Lease is an Ineligible Lease solely as a result of a Regulatory Trigger Event described in clause (xxixxxx)
of the definition of “Eligible Leases” Borrower shall have forty five (45) calendar days after the earlier of its
discovery or receipt of notice thereof to comply with this clause(c) of Section 2.6), then Borrower shall without the
necessity of any notice or demand, whether or not a Default or Event of Default has occurred or is continuing, either (x)
prepay the principal balance of the Loan in an amount equal to the difference between the then aggregate outstanding principal
balance of the Loan and the Borrowing Base or (y) increase the aggregate principal balance of Eligible Leases pledged to
Agent in accordance with this Agreement so that the Borrowing Base is equal to or exceeds the then outstanding principal balance of
the Loan. The pledge and delivery to Agent of additional Eligible Leases shall comply with the document delivery requirements set
forth in Sections 2.9 and 4.2 of this Agreement, as applicable, and shall be accompanied by a certification from
Borrower that demonstrates that after giving effect to the pledge to Agent of such additional Eligible Leases, the outstanding
unpaid principal balance of the Loan is equal to or less than the Borrowing Base.

 

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2.7
Payments by Agent; Protective Advances

 

(a) Should
any amount required to be paid under any Loan Document be unpaid beyond any applicable cure period, such amount may be paid by
Agent, for the account of Lenders, which payment shall be deemed a request for an Advance under the Loan as of the date such payment
is due, and Borrower irrevocably authorizes disbursement of any such funds to Agent, for the benefit of itself and the Lenders, by
way of direct payment of the relevant amount, interest or Obligations in accordance with Section 2.4 without necessity of any
demand whether or not a Default or Event of Default has occurred or is continuing. No payment or prepayment of any amount by Agent,
Lenders or any other Person shall entitle any Person to be subrogated to the rights of Agent and/or Lenders under any Loan Document
unless and until the Obligations are repaid in full and the Loan Agreement and the other Loan Documents have been terminated. Any
sums expended or amounts paid by Agent and/or Lenders as a result of Borrower’s failure to pay, perform or comply with any
Loan Document or any of its Obligations may be charged to Borrower’s account as an Advance under the Loan and added to the
Obligations.

 

(b) Notwithstanding
any provision of any Loan Document, Agent, in its sole discretion, shall have the right, but not any obligation, at any time that
Borrower fails to do so, and from time to time, without prior notice, to: (i) discharge (at the Borrower’s expense) taxes or
Liens affecting any of the Collateral that have not been paid in violation of any Loan Document or that jeopardize the Agent’s
Lien priority in the Collateral, including any underlying collateral securing any Lease; or (ii) make any other payment (at the
Borrower’s expense) for the administration, servicing, maintenance, preservation or protection of the Collateral, or any
underlying collateral securing any Lease (each such advance or payment set forth in clauses (i) and (ii), a “Protective
Advance”). Agent shall be reimbursed for all Protective Advances pursuant to Section 2.4 and any Protective
Advances shall bear interest at the Applicable Rate plus the Default Rate from the date the Protective Advance is paid by Agent
until it is repaid. No Protective Advance by Agent shall be construed as a waiver by Agent, or any Lender of any Default, Event of
Default, Default Trigger Event, First Payment Default Trigger Event or any of the rights or remedies of Agent or any Lender.

 

2.8
Grant of Security Interest; Collateral

 

(a) To
secure the payment and performance of the Obligations, Borrower hereby grants to Agent, for the benefit of itself and the other
Lenders, a valid, perfected and continuing first priority Lien upon all of Borrower’s right, title, and interest, whether now
owned or existing or hereafter from time to time acquired or coming into existence, in, to, and under all of Borrower’s assets
(collectively, the “Collateral”), including, but not limited to Borrower’s right, title and
interest, if any, in, to and under: (i) all Leases and all amounts due or to become due under the Leases, (ii) all Inventory and
other personal property securing the payment of any Lease, (iii) all Portfolio Documents and all rights, remedies, powers,
privileges, and claims under the Portfolio Documents, (iv) the Collateral Account and all funds and other property credited to the
Collateral Account; (v) the Purchase and Sale Agreement, each Servicing Agreement, and the Backup Servicing Agreement and all
rights, remedies, powers, privileges, and claims under those contracts, (vi) all Accounts, General Intangibles, Chattel Paper,
Instruments, Documents, Goods, money and any rights to the payment of money or other forms of consideration of any kind, Deposit
Accounts, Investment Property, letters of credit, Letter-of-Credit Rights, Contract Rights, Contracts, Supporting Obligations,
Equipment, Inventory, Fixtures, Computer Hardware, Software, securities, Permits, intellectual property, and oil, gas and other
minerals; (vii) all other personal property and other types of property of Borrower (except as limited in clause (iv) above),
including, but not limited to, all goods (including, but not limited to, the Inventory) owned by Borrower, whether or not such goods
are the subject of a Lease and (viii) all Proceeds of all of the foregoing and all other types of property of Borrower (except as
limited in clause (iv) above).

 

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(b) Borrower
shall promptly notify Agent of any Commercial Tort Claims of the Borrower, individually or in the aggregate, involving damages of
more than $500,000 related to any Collateral in which Borrower has an interest arising after the Closing Date and shall provide all
necessary information concerning each such Commercial Tort Claim and take all necessary action with respect thereto to grant and
perfect a first priority Lien thereon in favor of Agent for the benefit of itself and the other Lenders.

 

(c) Borrower
has full right and power to grant to Agent, for the benefit of itself and the other Lenders, a perfected, first priority Lien on the
Collateral pursuant to this Agreement, subject to Permitted Liens. Upon the execution and delivery of this Agreement, and upon the
filing of the necessary financing statements and other documents and the taking of all other necessary action, Agent will have a
valid and first priority perfected Lien on the Collateral, subject to no transfer or other restrictions or Liens of any kind in
favor of any other Person other than Permitted Liens. As of the Closing Date, no financing statement naming Borrower as debtor and
describing any of the Collateral is on file in any public office except those naming Agent as secured party and those related to the
Permitted Liens. As of the Closing Date, Borrower is not party to any agreement, document or instrument that conflicts with this Section
2.8.

 

(d) Borrower
hereby authorizes Agent to prepare and file financing statements provided for by the UCC with all appropriate jurisdictions to
perfect or protect the Lenders’ security interest or rights hereunder, and to take such other action as may be required, in
Agent’s Permitted Discretion, in order to perfect and to continue the perfection of Agent’s Lien on the Collateral, for
the benefit of itself and the other Lenders, including a notice that any disposition of the Collateral, by either the Borrower or
any other Person, shall be deemed to violate the rights of the Lender under the UCC. Such financing statements may indicate the
Collateral as “all assets of the Debtor” or words of similar effect, or as being of an equal or lesser scope, or with
greater detail, all in the Agent’s sole discretion.

 

(e) For
the avoidance of doubt, no Collateral shall be released (except as specifically set forth herein) until payment in full of all of
the Obligations.

 

(f) Agent,
Lenders and Borrower hereby agree that upon funding of any Revolving Loan Advance, the Borrowing Base Certificate prepared by
Borrower and approved by Agent shall automatically supplement and add the Leases described therein to any Leases described in any
previously-delivered Borrowing Base Certificate and shall constitute Collateral for purposes of this Agreement.

 

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2.9
Collateral Administration

 

(a) All
tangible Collateral (except Collateral in the possession of Backup Servicer or Agent) will at all times be kept by Borrower or
Servicer at the locations set forth on Schedule 5.17B hereto, and shall not, without thirty (30) calendar days prior written
notice to Agent, be moved therefrom other than to another such location, and in any case shall not be moved outside the continental
United States. Borrower hereby agrees to deliver to the Agent and Backup Servicer or, upon the request of the Agent, to the
Servicer, on or prior to the date of each Revolving Advance, the Verification Deliverables for each Lease that is to be added to the
Collateral in connection with such Revolving Advance. From and after the funding of each Advance hereunder, the originals of all
Leases constituting Collateral in respect of such Advance shall, regardless of their location, be deemed to be under Agent’s
dominion and control and deemed to be in Agent’s possession. Any of Agent’s officers, employees, representatives or
agents, including, without limitation, Backup Servicer, shall have the right upon reasonable notice, at any time during normal
business hours, in the name of Agent or any designee of Agent or Borrower, to verify the validity, amount or any other matter
relating to the Collateral. Borrower shall cooperate fully with Agent in an effort to facilitate and promptly conclude such
verification process. In addition to any provision of any Loan Document, Agent shall have the right at all times after the
occurrence and during the continuance of an Event of Default to notify Account Lessees party to Leases held by Borrower that their
Leases have been assigned to Agent and to collect such Leases directly in Agent’s own name, for the benefit of itself and the
Lenders, and to charge collection costs and expenses, including attorney’s fees, to Borrower.

 

(b) As
and when determined by Agent in its sole discretion, Agent will perform the searches described in clauses (i) and (ii) below against
Borrower, Servicer and Holdings: (i) UCC searches with the Secretary of State and local filing offices of each jurisdiction where
Borrower, Servicer or Holdings is organized; and (ii) judgment, bankruptcy, federal tax lien and corporate and partnership tax lien
searches, in each jurisdiction where Borrower, Servicer or Holdings maintains their executive offices, a place of business or any
assets.

 

(c) Borrower
shall keep accurate and complete records of the Collateral and all payments and collections thereon and shall submit such records to
Agent on such periodic basis as Agent may request in its Permitted Discretion.

 

(d) In
respect of the portion of the Collateral consisting of any Lease which is evidenced by an electronic record that is not a
transferable record under Applicable Law, Borrower shall deliver to Agent or, at the request of Agent, Servicer (i) the original
Portfolio Documents; and (ii) originals or true copies of the truth-in-lending disclosure statements and, if required by Agent,
lease applications, any related Account Lessee’s acknowledgments and understandings, and other receipts and payment
authorization agreements, which shall be delivered, at Borrower’s expense, to Agent at its address set forth herein or as
otherwise specified by Agent and, except as otherwise expressly provided herein to the contrary, held in Agent’s custody or,
if Agent has so requested, Servicer’s or Backup Servicer’s custody until all of the Obligations have been fully
satisfied or Agent expressly agrees to release such custody of such documents. In respect of the portion of the Collateral
consisting of any Lease which is evidenced by an electronic record that is a transferable record under applicable law, Borrower
shall deliver to Agent the control of such transferable electronic record in accordance with Applicable Law (to ensure, among other
things, that Agent has a first priority perfected Lien in such Collateral), which shall be delivered, at Borrower’s expense,
to Agent at its address as set forth herein or as otherwise specified by Agent and, except as otherwise expressly provided herein to
the contrary, held in Agent’s possession, custody, and control until all of the Obligations have been fully satisfied or Agent
expressly agrees to release such documents. Alternatively, Agent, in its sole discretion, may elect for the Servicer or Backup
Servicer or any other agent to accept delivery of and maintain possession, custody, and control of all such documents and any
instruments on behalf of Agent during such period of time. Borrower shall identify (or cause any applicable servicing agent to
identify) on the related electronic record the pledge of such Lease by Borrower to Agent.

 

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(e) Borrower
hereby agrees to, and to cause Servicer to, take the following protective actions to prevent destruction of records pertaining to
the Collateral: create an electronic file of the computerized information regarding the Collateral and provide Agent and Backup
Servicer monthly with a copy of such file (A) no later than fifteen (15) days following the Closing Date and (B) no later than
fifteen (15) days following the end of each calendar month following the Closing Date. Subject to the limitations set forth in Section
6.7 of this Agreement, Agent at all times during regular business hours (provided, that any electronic materials available on a
website or through other remote electronic means for which Agent has been given access shall be available to Agent at all times)
shall have the right to access and review any and all Portfolio Documents in Borrower’s or Servicer’s possession and any
and all data and other information relating to Portfolio Documents as may from time to time be input to or stored within
Borrower’s or Servicer’s computers and/or computer records including, without limitation, diskettes, tapes and other
computer software and computer systems.

 

2.10
Power of Attorney

 

Borrower hereby
acknowledges and agrees that Agent is hereby irrevocably made, constituted and appointed the true and lawful attorney for Borrower (without
requiring Agent to act as such) with full power of substitution to do the following upon the occurrence and during the continuation of
an Event of Default: (i) endorse the name of Borrower upon any and all checks, drafts, money orders and other instruments for the payment
of money that are payable to Borrower and constitute collections on the Pledged Leases; (ii) execute and/or file in the name of Borrower
any financing statements, amendments to financing statements, schedules to financing statements, releases or terminations thereof, assignments,
instruments or documents that it is obligated to execute and/or file under any of the Loan Documents (to the extent Borrower fails to
so execute and/or file any of the foregoing within two (2) Business Days of Agent’s request or the time when Borrower is otherwise
obligated to do so); (iii) execute and/or file in the name of Borrower assignments, instruments, documents, schedules and statements that
it is obligated to give Agent under any of the Loan Documents (to the extent Borrower fails to so execute and/or file any of the foregoing
within two (2) Business Days of Agent’s request or the time when Borrower is otherwise obligated to do so); (iv) execute and/or
file such documents as may be necessary to register and/or otherwise perfect Agent’s Lien on Borrower’s owned goods, including,
but not limited to, the Inventory, and (v) do such other and further acts and deeds in the name of Borrower that Agent may deem necessary
to enforce, make, create, maintain, continue, enforce or perfect Lender’s security interest, Lien or rights in any Collateral.

 

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2.11
Deposit of Release Price or Substitution of Eligible Lease.

 

(a) Subject to Section
2.11(b), at any time, upon discovery by Borrower or upon notice from Holdings, Servicer or Agent that (i) any Lease is a
Defaulted Lease, Borrower may, within ten (10) calendar days after the earlier of its discovery or receipt of notice thereof deposit
the Release Price for such Lease in the Collateral Account. Notwithstanding the foregoing, Borrower may exercise its rights pursuant
to this Section 2.11 solely with respect to the repurchase of Pledged Leases in a pool of Eligible Leases having an aggregate
Current Lease Balance (measured as of the date of such repurchase) that is less than or equal to five percent (5%) of the sum of the
funded Revolving Advances and the total unfunded Revolving Loan Commitment held by the Lenders with respect to such pool of Eligible
Leases. Borrower shall deliver, or cause Servicer to deliver, a schedule of any Defaulted Leases so removed to Agent in connection
with the Monthly Servicing Report and shall update all other reports and schedules accordingly.

 

(b) Release
of Ineligible Lease. If the Release Price for any Defaulted Lease is deposited in the Collateral Account then, (a) the Agent’s
Lien on such Defaulted Lease and all related Collateral is automatically released without any further action and (b) Agent shall, and
shall cause Backup Servicer to, at Borrower’s sole cost and expense, deliver the related Portfolio Documents to Borrower or its
designee and shall execute such documents, releases and instruments of transfer, prepared by Borrower at its sole cost and expense, or
assignment and take such other actions as shall reasonably be requested by the Borrower to effect the release of such Defaulted Lease
and the related Collateral.

 

2.12
Collateral Account

 

(a) Collateral
Account. Deposits made into the Collateral Account shall be limited to amounts deposited therein by, or at the direction of,
Borrower or Servicer in accordance with this Agreement or the Purchase and Sale Agreement, as applicable, and Available Amounts.

 

(b) Withdrawals.
Other than as set forth in clause (c) below, Agent shall have the sole and exclusive right to withdraw or order a transfer of funds
from the Collateral Account, in all events in accordance with the terms and provisions of the Collateral Account Control Agreement,
the Monthly Servicing Report and this Agreement. In addition, notwithstanding anything in the foregoing to the contrary, the
Servicer may request, but Agent is obligated to comply only if an Event of Default has not occurred and is then continuing with such
request, withdrawals or order transfers of funds from the Collateral Account, to the extent such funds either (i) have been
mistakenly deposited into the Collateral Account or (ii) related to items subsequently returned for insufficient funds or as a
result of stop payments. In the case of any withdrawal or transfer pursuant to the foregoing sentence, the Servicer shall provide
Agent with notice of such request of withdrawal or transfer, together with reasonable supporting details, on the next Monthly
Servicing Report to be delivered by the Servicer following the date of such withdrawal or transfer (or in such earlier written
notice as may be required by Agent from the Servicer from time to time). Borrower shall cause the Servicer to deposit all proceeds
of the Collateral processed by the Servicer to the Collateral Account within two (2) Business Days of receipt. On each Payment Date,
amounts in the Collateral Account shall be applied to make the payments and disbursements described in Section 2.4 and this Section
2.12. Agent agrees to use its best efforts to provide Borrower and Servicer, at all times other than during the continuance of
an Event of Default, with on-line access to view account related activity (such as deposits to and withdrawals from) the Collateral
Account to view account related activity such as deposits to and withdrawals from the Collateral Account. On the date that is two
(2) Business Days prior to each Payment Date, Agent shall deliver to Borrower a notice setting forth the allocation of funds in the
Collateral Account to be made on such Payment Date in accordance with Section 2.4 hereto (each such notice, an
“Allocation Notice”), provided, that the failure of Agent to deliver an Allocation Notice to
Borrower with respect to any Payment Date shall not affect any of the rights of Agent or any Lender or any obligation of Borrower
under this Agreement or any other Loan Document. Except with respect to any manifest error in any Allocation Notice, the application
of funds pursuant to Section 2.4 for the following Payment Date shall be made in accordance with such Allocation Notice.

 

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(c) Irrevocable
Deposit. Any deposit made into the Collateral Account hereunder shall, except as otherwise provided herein, be irrevocable, and
the amount of such deposit and any money, instruments, investment property or other property on deposit in, carried in or credited
to such Collateral Account hereunder and all interest thereon shall be held in trust by the Agent and applied solely as provided
herein.

 

2.13
Maximum Revolving Loan Amount; Exclusive Right to Finance.

 

(a) At
any time that the outstanding principal amount of the LoansRevolving Loan
Advances is equal to 80% or more of the then-existing Maximum Revolving Loan
Amount, Agent and the Lenders that are Affiliates of the Agent may, in their sole discretion, elect to provide Borrower one or more
increases to the Maximum Revolving Loan Amount up to an
aggregate amount after giving effect to all such increases equal to $150,000,000250,000,000 with
additional Revolving Loan Commitments from Lenders that are Affiliates of the Agent or new Revolving Loan Commitments from Persons
acceptable to Agent, provided, that: (A) unless waived by Agent, in its sole discretion, at the time of any such increase, no
Regulatory Trigger Event, Default Trigger Event, First Payment Default Trigger Event, Default or Event of Default has occurred and
is continuing; (B) unless waived by each Lender, in its sole discretion, no Lender shall be obligated to participate in any such
increase by increasing the amount of its own Revolving Loan Commitment, which decision shall be in the sole discretion of each
Lender whose Revolving Loan Commitment is being increased; (C) no such increase shall exceed $25,000,000; (D) Agent and Lenders
shall have received any reasonable and documented fees or other amounts required by Agent and Lenders (including, without
limitation, the payment (or net funding) of the applicable Increase OID) and (E) all documents reasonably required by Agent to
evidence any such increase shall be executed and delivered to Agent on or before the effective date of such increase, including,
without limitation, one or more new or replacement Notes.

 

(b) Reserved.

 

(c) Except as expressly
provided in clause (d) below, Agent and Lenders shall have the exclusive right to finance on a first lien basis
all Leases originated, acquired or held by Borrower, Holdings, the Parent Entity (if any) and/or their respective Subsidiaries
(it being understood that sales of Defaulted Leases otherwise permitted under this Agreement and the other
Loan Documents shall not be treated as a financing), which Leases are serviced (or sub-serviced) by
(x) Borrower, Holdings or any of their respective Subsidiaries (or any Person who performs servicing
with respect to such Leases using the employees, facilities, equipment, systems or any other property that is owned by (or was previously
owned by) Borrower, Holdings or their respective Subsidiaries) or (y) any third party servicer that is
not an Affiliate of Borrower or Holdings on the same terms and conditions set forth in this Agreement. Borrower and Holdings covenant
and agree not to form, or consent to or otherwise acquiesce in the formation of, any Affiliate or Subsidiary, or otherwise use any Affiliate
or Subsidiary, or participate in any reorganization of or transfer of assets between Borrower or Holdings
and any Affiliate or Subsidiary in an effort to circumvent the intent of the covenants, agreements and obligations set forth in this
Section 2.13(c).

 

(d) (c)
Subject to Section 6.16 (Right of First Refusal), until such time as
and notwithstanding clause (c) above,
in the event that prior to the Public Company Transition Date (i) the outstanding principal amount of the LoansRevolving
Advances is equal to and remains 95% or more of the Maximum Revolving
Loan Amount in effect as of the Closing Date and (ii) the Agent and the Lenders
have elected not to increase such Maximum Revolving Loan Amount
pursuant to clause (a) above, Agent and Lenders shall have the exclusive rightBorrower,
Holdings, Parent Entity and/or any of their Subsidiaries shall be permitted to finance
on a first liennon-recourse
basis all Leases(other than the pledge by a
Subsidiary described in the final sentence of this clause (d) of its assets and/or
the pledge by Borrower or Holdings of the equity interest in any such Subsidiary), Leases (excluding the Leases pledged as Collateral
hereunder) originated, acquired or held by Borrower, Holdings, the Parent Entity (if any)
and/or their respective Subsidiaries (it being understood that sales of Defaulted
Leases otherwise permitted under this Agreement and the other Loan Documents shall not be treated as a financing), which Leases are,
whether serviced (or sub-serviced) by (x) Borrower, Holdings or any of their respective Subsidiaries (or
any Person who performs servicing with respect to such Leases using the employees, facilities, equipment, systems or any other property
that is owned by (or was previously owned by) Borrower, Holdings or their respective Subsidiaries) or (y) any third party
servicer that is not an Affiliate of Borrower or Holdings on the same terms and conditions set forth
in this Agreement. In connection with any such financing, Borrower and Holdings
covenant and agree not tomay
form, or consent to or otherwise acquiesce in the formation of, any Affiliate ora
Subsidiary, or otherwise use any Affiliate ora
Subsidiary, or participate in connection
with any reorganization of or transfer of assets
between Borrower or Holdings and any Affiliate or Subsidiary in an effort to circumvent the intent of the covenants, agreements and obligations
set forth in this Section 2.13(c)such financing.

 

III.
FEES AND OTHER CHARGES

 

3.1
Computation of Fees; Lawful Limits

 

All fees hereunder shall be
computed on the basis of a 360-day year consisting of twelve 30-day months. In no contingency or event whatsoever, whether by reason
of acceleration or otherwise, shall the interest and other charges paid or agreed to be paid to Agent, for the benefit of itself and
the other Lenders, for the use, forbearance or detention of money hereunder exceed the Maximum Rate permissible under Applicable Law
which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. If, due to any circumstance
whatsoever, fulfillment of any provision hereof, at the time performance of such provision shall be due, shall exceed any such
limit, then the obligation to be so fulfilled shall be reduced to such lawful limit, and, if Agent or Lenders shall have received
interest or any other charges of any kind which might be deemed to be interest under Applicable Law in excess of the Maximum Rate,
then such excess shall be applied first to any unpaid fees and charges hereunder, then to unpaid principal balance
owed by Borrower hereunder, and if the then remaining excess interest is greater than the previously unpaid principal balance, Agent
and Lenders shall promptly refund such excess amount to Borrower and the provisions hereof shall be deemed amended to provide for
such permissible rate. The terms and provisions of this Section 3.1 shall control to the extent any other provision of any
Loan Document is inconsistent herewith.

 

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3.2
Default Rate of Interest

 

Upon the occurrence
and during the continuation of a Default or an Event of Default, the Applicable Rate of interest then in effect at such time with respect
to the Obligations shall be increased by three percent (3.0%) per annum (subject to the Maximum Rate) (the “Default Rate”).
Interest at the Default Rate shall accrue from the initial date of such Default or Event of Default until such Default or Event of Default
is waived or ceases to continue, and shall be payable upon demand.

 

3.3
Increased Costs; Capital Adequacy

 

(a) If any
Change in Law shall impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of,
deposits with or for the account of, or credit extended by, any Lender (other than a Non-Funding Lender) and the result of any of
the foregoing shall be to increase the cost (other than for Indemnified Taxes, Excluded Taxes or Other Taxes) to such Lender of
making or maintaining any Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received
or receivable by such Lender hereunder (whether of principal, interest or otherwise), then Borrower will pay to such Lender on
demand (which demand shall be accompanied by a statement setting forth the basis for such demand and a calculation of the amount
thereof in reasonable detail, a copy of which shall be furnished to Agent) such additional amount or amounts as will compensate
Lender for such additional costs incurred or reduction suffered.

 

(b) If
any Lender (other than a Non-Funding Lender) determines that any Change in Law regarding capital requirements (other than in respect
of Taxes) has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such
Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender to a level materially
below that which such Lender or such Lender’s holding company, as applicable, could have achieved but for such Change in Law
(taking into consideration such Lender’s policies and the policies of such Lender’s holding company, as applicable, with
respect to capital adequacy), then from time to time Borrower will pay to such Lender on demand (which demand shall be accompanied
by a statement setting forth the basis for such demand and a calculation of the amount thereof in reasonable detail, a copy of which
shall be furnished to Agent) such additional amount or amounts as will compensate such Lender’s or such Lender’s holding
company, as applicable, for any such reduction suffered.

 

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(c) A
certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or such Lender’s holding
company, as the case may be, as specified in Sections 3.3(a) and (b), shall be delivered to Borrower and shall be
conclusive absent manifest error. Borrower shall pay such Lender on demand the amount shown as due on any such certificate pursuant
to Section 2.4 of this Agreement.

 

(d) Failure
or delay on the part of any Lender to demand compensation pursuant to this Section 3.3 shall not constitute a waiver of such
Lender’s right to demand such compensation; provided that Borrower shall not be required to compensate a Lender
pursuant to this Section 3.3 for any increased costs or reductions incurred more than 180 days prior to the date such Lender
notifies Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’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 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

 

(e) Each
Lender shall promptly notify Borrower and Agent of any event of which it has actual knowledge which will result in, and will use
reasonable commercial efforts available to it (and not, in such Lender’s sole judgment, otherwise disadvantageous to such Lender) to
mitigate or avoid, (i) any obligation by Borrower to pay any amount pursuant to Sections 3.3(a) or (b) or (ii) the
occurrence of any circumstances described in Sections 3.3(a) or (b) (and, if any Lender has given notice of any such
event described in clause (i) or (ii) above and thereafter such event ceases to exist, such Lender shall promptly so notify Borrower
and Agent).

 

3.4
Administration Fee

 

Borrower hereby
agrees to pay to Agent, solely for the account of Agent, an administration fee (the “Administration Fee”) in
the sum of Twelve Thousand Five Hundred and No/100 Dollars ($12,500), which fee shall be payable on the Closing Date and on the first
Payment Date of each calendar quarter thereafter, in advance, for such calendar quarter.

 

3.5
Original Issue Discount

 

(a) In
connection with the initial Revolving Loan Advance, Borrower agrees that the funded amount of such initial Revolving Loan Advance
shall be reduced by an original issue discount of $250,000.00 (the “Closing Date OID”), which Closing Date
OID shall be retained by the Agent, for the benefit of the Lenders, provided, that for the avoidance of doubt, Borrower
agrees that, notwithstanding such deduction from the funded amount of the initial Revolving Loan Advance, Borrower remains liable to
pay (a) the full principal amount of such Revolving Loan Advance (inclusive of such Closing Date OID), without giving effect to such
deduction, which shall be due and payable in full, if not earlier in accordance with this Agreement, on the Maturity Date and (b)
accrued interest shall be payable on the full outstanding principal amount of such Revolving Loan Advance (inclusive of such Closing
Date OID), without giving effect to such deduction.

 

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(b) In
connection with each Revolving Loan Advance made after the initial Revolving Loan Advance hereunder, until the sum of the Closing
Date OID and Post-Closing OID (as defined below) equals $500,000.00, Borrower agrees that the funded amount of such Revolving Loan
Advance shall be reduced by an original issue discount equal to the product of (x) 1.50% and (y) the amount of such Revolving Loan
Advance (the “Post-Closing OID”), which OID shall be retained by the Agent, for the benefit of the
Lenders, provided, that for the avoidance of doubt, Borrower agrees that, notwithstanding such deduction from the funded amount of
the initial Revolving Loan Advance, Borrower remains liable to pay (a) the full principal amount of such Revolving Loan Advance
(inclusive of such Post-Closing OID), without giving effect to such deduction, which shall be due and payable in full, if not
earlier in accordance with this Agreement, on the Maturity Date and (b) accrued interest shall be payable on the full outstanding
principal amount of such Revolving Loan Advance (inclusive of such Post-Closing OID), without giving effect to such deduction. For
the avoidance of doubt, if the sum of the Closing Date OID and the Post-Closing OID does not equal $500,000.00 by the date that is
eighteen (18) months following the Closing Date, the difference shall be immediately earned by Agent, for the benefit of Lenders,
and shall be withheld from the first Advance made to or on account of the Borrower following such date.

 

(c)
In connection with each increase of the Maximum Revolving
Loan Amount pursuant to Section 2.142.13(a)(i)
hereof, Borrower agrees that the funded amount of the initial Revolving Loan Advance after giving effect to each such increase shall
be reduced by an original issue discount equal to one percent (1.00%) of the aggregate Revolving Loan Commitments being added on such
date (the “Increase OID”), which Increase OID shall be retained by the Agent, for the benefit of the Lenders,
provided, that for the avoidance of doubt, Borrower agrees that, notwithstanding such deduction from the funded amount of any
such Revolving Loan Advance, Borrower remains liable to pay (a) the full principal amount of such Revolving Loan Advance (inclusive of
such Increase OID), without giving effect to such deduction, which shall be due and payable in full, if not earlier in accordance with
this Agreement, on the Maturity Date and (b) accrued interest shall be payable on the full outstanding principal amount of such Revolving
Loan Advance (inclusive of such Increase OID), without giving effect to such deduction.

 

(d) On the Initial Term Loan Funding
Date, Borrower agrees that the funded amount of the Term Loan shall be reduced by an original issue discount
of $800,000.00 (the “Term Loan OID”), which Term Loan OID shall be retained by the Agent, for the benefit of the Class
B Lenders, provided, that for the avoidance of doubt, Borrower agrees
that, notwithstanding such deduction from the funded amount of the Term Loan, Borrower remains liable to pay (a) the full principal amount
of such Term Loan (inclusive of such Term Loan OID), without giving effect to such deduction, which shall be due and payable in full,
if not earlier in accordance with this Agreement, on the Maturity Date and (b) accrued interest shall be payable on the full outstanding
principal amount of such Term Loan (inclusive of such Term Loan OID), without giving effect to such deduction.

 

1.
The parties hereto agree to treat such Closing Date OID, Post-Closing OID and Increase OID as original issue discount under the Code and
to account for the annual income and expense for such original issue discount consistently and as required by the Code.

 

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3.6
Additional Interest.

 

(a) On
each Payment Date prior to the last day of the Revolving Credit Period, as well as on the Payment Date immediately following the
expiration of the Revolving Credit Period, Borrower shall pay to Agent, for the benefit of Lenders, with respect to the Due Period
occurring since the immediately prior Payment Date (or, with respect to the first Payment Date, for the Due Period occurring since
the Closing Date and, with respect to the Payment Date immediately following the expiration of the Revolving Credit Period, for the
Due Period up to and including the last day of the Revolving Credit Period, as additional interest (the “Unused Additional
Interest”) an amount equal to the product of (A) one-half of one percent (0.50%) multiplied by (B) the difference between
the then-applicable Maximum Revolving Loan Amount and the
average daily principal balance of the Obligations for such period multiplied by (C) the number of days in the applicable Due
Period, divided by (d) 360.

 

(b) In
addition to the above, if, as of any Payment Date prior to the last day of the Revolving Credit Period, as well as on the Payment
Date immediately following the expiration of the Revolving Credit Period, the Utilization Ratio is less than the Minimum Utilization
Ratio for the correlative time period, Borrower shall pay to Agent, for the benefit of Lenders, with respect to the Due Period
occurring since the immediately prior Payment Date (or, with respect to the first Payment Date, for the Due Period occurring since
the Closing Date and, with respect to the Payment Date immediately following the expiration of the Revolving Credit Period, for the
Due Period up to and including the last day of the Revolving Credit Period, as additional interest an amount equal to (a) the Revolving Calculated
Rate multiplied by (b) the total amount of additional principal balance of the LoanRevolving
Advances that would have needed to be outstanding in order to cause the Utilization Ratio to be equal to Minimum
Utilization Ratio for the correlative time period (the “Minimum Utilization Additional Interest” and together
with the Unused Additional Interest, collectively, the “Additional Interest”). For the avoidance of doubt, if the
Minimum Utilization Additional Interest is paid on any Payment Date, the Borrower shall not be required to pay any Unused Additional
Interest solely with respect to the total amount of additional principal balance of the Loan that would have needed to be
outstanding in order to cause the Utilization Ratio to be equal to Minimum Utilization Ratio for the correlative time period.

 

IV.
CONDITIONS PRECEDENT

 

4.1
Conditions to Closing

 

The obligations
of Agent and Lenders to consummate the transactions contemplated herein and the obligations of Lenders to make the initial Revolving Advance
under the Loan are subject to the satisfaction (or waiver), in the sole judgment and discretion of Agent, of the following:

 

(a)
Borrower shall have delivered to Agent (i) a Note payable to each Lender in an aggregate amount up to such Lender’s
Revolving Loan Commitment, (ii) the other Loan Documents to which it or any Guarantor is a party, each duly executed by a Responsible
Officer of Borrower and the Guarantors parties thereto, and (iii) a Borrowing Base Certificate for the initial Revolving Advances, executed
by a Responsible Officer of Borrower;

 

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(b)
all in form and substance satisfactory to Agent in its Permitted Discretion, Agent shall have received (i) a report of UCC
financing statement, bankruptcy, tax and judgment lien searches performed with respect to Borrower and each Guarantor in each jurisdiction
determined by Agent in its Permitted Discretion, and such report shall show no Liens on the Collateral (other than Permitted Liens),
(ii) each document (including, without limitation, any UCC financing statement) required by any Loan Document or under law or requested
by Agent to be filed, registered or recorded to create, in favor of Agent, for the benefit of itself and the other Lenders, a first priority
and perfected security interest upon the Collateral, and (iii) evidence of each such filing, registration or recordation and of the payment
by Borrower of any necessary fee, tax or expense relating thereto;

 

(c)
Agent shall have received (i) the Charter and Good Standing Documents of Borrower and each Guarantor (to the extent applicable),
all in form and substance acceptable to Agent in its Permitted Discretion, (ii) a certificate of the secretary or assistant secretary
of Borrower and each Guarantor in his or her capacity as such and not in his or her individual capacity dated the Closing Date, as to
the incumbency and signature of the Persons executing the Loan Documents on behalf of such Person in form and substance acceptable to
Agent in its Permitted Discretion, and (iii) a certificate executed by an authorized officer of Borrower, which shall constitute a representation
and warranty by Borrower as of the Closing Date that the conditions contained in this Agreement have been satisfied;

 

(d)
Agent shall have received the written (i) legal opinion of Borrower’s outside legal counsel regarding certain customary
closing matters, (ii) true-sale opinion of Borrower’s outside counsel and (iii) non-consolidation opinion of Borrower’s outside
counsel, each in form and substance satisfactory to Agent;

 

(e)
Agent shall have received a certificate of the chief financial officer (or, in the absence of a chief financial officer, the
chief executive officer) of Borrower, in his or her capacity as such and not in his or her individual capacity, in form and substance
satisfactory to Agent in its Permitted Discretion (each, a “Solvency Certificate”), certifying the solvency
of Borrower, after giving effect to the transactions and the Indebtedness contemplated by the Loan Documents;

 

(f)
Agent shall have completed examinations, the results of which shall be satisfactory in form and substance to Agent, in its
Permitted Discretion, of Borrower and each Guarantor, including, without limitation, (i) an examination of background checks with respect
to the chief executive officer, chief financial officer and chief operating officer of Holdings and (ii) an examination of the Collateral
and the Underwriting Guidelines, and Borrower shall have demonstrated to Agent’s satisfaction, in its Permitted Discretion, that
(x) the forms of Portfolio Documents used by Borrower and Holdings comply, in all respects deemed material by Agent, in its Permitted
Discretion, with all Applicable Law and (y) no operations of Borrower or Holdings are the subject of any governmental investigation,
evaluation or any remedial action which would be reasonably expected to result in it being unable to perform its obligations in connection
with these transactions, and (z) Borrower has no liabilities or obligations (whether contingent or otherwise), other than the Obligations,
that are deemed material by Agent, in its Permitted Discretion;

 

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(g)
Agent shall have received (or is satisfied that it will receive simultaneously with the funding of the initial Revolving Advance)
all fees, charges and expenses due and payable to Agent and Lenders on or prior to the Closing Date pursuant to the Loan Documents;

 

(h)
all in form and substance satisfactory to Agent, in its Permitted Discretion, Agent shall have received such consents, approvals
and agreements from such third parties as set forth on Schedule 4.1 hereto;

 

(i)
all corporate and other proceedings, documents, instruments and other legal matters of Borrower and any Guarantor (to the
extent applicable) in connection with the transactions contemplated by the Loan Documents (including, but not limited to, those relating
to corporate and capital structures of the Borrower) shall be satisfactory to Agent in its Permitted Discretion;

 

(j)
the making of the Loans shall not contravene in any material respects any Applicable Laws and there shall exist no Material
Adverse Effect;

 

(k)
each Lender shall have received all required internal approvals;

 

(l)
Agent shall have received duly executed copies of the Ivy Management Loan Agreement and the documents, agreements, instruments
and certificates executed in connection therewith, which shall evidence a minimum principal commitment amount of no less than $12,000,000;

 

(m)
Agent shall have received a duly executed copy of the Convertible Note;

 

(n)
Agent shall have received evidence that the VPC Bridge Notes have been extended to at least December 31, 2021;

 

(o)
Agent shall have received evidence of release and termination of, or Agent’s authority to release and terminate, any
and all Liens and/or UCC financing statements in, on, against or with respect to any of the Collateral (other than Permitted Liens);

 

(p)
Backup Servicer shall have received the Verification Deliverables with respect to each Pledged Lease, and shall have issued
and delivered to Agent the initial Verification Certificate (without any exceptions noted thereon unless otherwise waived by Agent) provided
for in the Backup Servicing Agreement, all in form and substance acceptable to Agent;

 

(q)
Agent shall have received evidence to the effect that Borrower, and Servicer have caused the portions of the computer files
relating to the Pledged Leases and other Collateral pledged to the Agent on the Closing Date to be clearly and unambiguously marked to
indicate that such Leases constitute part of the Collateral pledged by the Borrower in accordance with the terms of the Loan Documents;

 

(r)
Agent shall have received a copy of the Purchase and Sale Agreement, together with a certificate of the Secretary of Borrower
certifying such document as being a true, correct and complete copy thereof;

 

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(s)
Parent Entity shall have received not less than $5,000,000 from the issuance of Series C stock on terms substantially similar
to those set forth in the Series C Convertible Preferred Stock Purchase Agreement attached hereto as Exhibit K; and

 

(t)
Agent shall have received evidence that Borrower has deposited an amount of not less than $75,000 into the Interest Reserve
Account.

 

4.2 Conditions to Initial Revolving Advances and Subsequent Revolving Advances

 

The obligations of Lenders to make
any Revolving Advance under the Loan are subject to the satisfaction (or waiver), in the sole judgment and discretion of Agent, of the
following:

 

(a)
Borrower shall have delivered to Agent, not later than 12:59 p.m. (Eastern Standard Time) two (2) Business Days prior to the
proposed date for such requested Revolving Advance, a request for advance in the form of Exhibit F hereto (a “Request
for Revolving Advance”), and a Borrowing Base Certificate for such Revolving Advance with necessary supporting documentation
executed by a Responsible Officer of Borrower, which shall constitute a representation and warranty by Borrower as of the date of such
Revolving Advance that the conditions contained in this Section 4.2 have been satisfied;

 

(b)
Borrower shall own or, after payment of the purchase price pursuant to the Purchase and Sale Agreement, will have the unconditional
right to purchase from Holdings, the Leases to be financed by such Revolving Advance and the Inventory related to such Leases free and
clear of any Liens, encumbrances or other rights of third parties, with respect to any of the Leases or other Collateral sold to Borrower
pursuant to the Purchase and Sale Agreement, and Agent shall have received evidence satisfactory to Agent that all such Liens have been
released and UCC Financing Statements terminated or partially released and filed;

 

(c)
each of the representations and warranties made by Borrower or any Affiliate of the Borrower in or pursuant to the Loan Documents
shall be accurate in all material respects before and after giving effect to the making of such Revolving Advance (except for those representations
and warranties made as of a specific date) and no Default or Event of Default shall have occurred or be continuing or would exist after
giving effect to the requested Revolving Advance on such date;

 

(d)
immediately after giving effect to the requested Revolving Advance, the aggregate outstanding principal amount of Advances
under the Loan shall not exceed the lesser of (i) the Maximum Revolving
Loan Amount and (ii) the Borrowing Base;

 

(e)
Agent shall have received all fees, charges and expenses to the extent due and payable to Agent and Lenders on or prior to
such date pursuant to the Loan Documents;

 

(f)
there shall not have occurred any Material Adverse Effect; and

 

(g)
Backup Servicer shall have received the Verification Deliverables with respect to each Lease to be pledged pursuant to such
Revolving Advance, and shall have issued and delivered to Agent a Verification Certificate (without any exceptions noted thereon unless
otherwise waived by Agent) provided for in the Backup Servicing Agreement, all in form and substance acceptable to Agent at its Permitted
Discretion.

 

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4.3 Conditions
to Initial Term Loan Funding Date

 

The obligations
of Lenders to make the Term Loan under the Loan are subject to the satisfaction (or waiver),
in the sole judgment and discretion of Agent, of the following:

 

(a)
Borrower shall have delivered to Agent (i) if requested by a Lender, a Note payable to
such Lender in an aggregate amount up to such Lender’s Term Loan Commitment and (ii) the other Loan Documents to which it or
any Guarantor is a party, including, without limitation, the Payment Guaranty, each duly executed by a Responsible Officer of
Borrower and the Guarantors parties thereto;

 

(b) all
in form and substance satisfactory to Agent in its Permitted Discretion, Agent shall have received (i) a report of UCC financing
statement, bankruptcy, tax and judgment lien searches performed with respect to Borrower and each Guarantor in each jurisdiction determined
by Agent in its Permitted Discretion, and such report shall show no Liens on the Collateral (other than Permitted Liens), (ii) each
document (including, without limitation, any UCC financing statement) required by any Loan Document or under law or requested by
Agent to be filed, registered or recorded to create, in favor of Agent, for the benefit of itself and the other Lenders,
a first priority and perfected security interest upon the Collateral, and (iii) evidence of each such filing, registration or
recordation and of the payment by Borrower of any necessary fee, tax or expense relating
thereto;

 

(c) Agent
shall have received (i) the Charter and Good Standing Documents of Borrower and each Guarantor (to the extent applicable), all in
form and substance acceptable to Agent in its Permitted Discretion, (ii) a certificate of the secretary or assistant secretary of Borrower
and each Guarantor in his or her capacity as such and not in his or her individual capacity dated the Closing Date, as to the
incumbency and signature of the Persons executing the Loan Documents on behalf of such Person in form and substance acceptable to
Agent in its Permitted Discretion, and (iii) a certificate executed by an authorized officer of Borrower, which shall constitute a
representation and warranty by Borrower as of the Initial Term Loan Funding Date that the conditions contained in this Agreement
have been satisfied and the Credit Parties are in compliance with the covenants set forth
herein;

 

(d) Agent
shall have received the written legal opinion of Borrower’s outside legal counsel
regarding certain customary closing matters;

 

(e)
Agent shall have received (or is satisfied that it will receive simultaneously with the funding of the Term Loan) all fees, charges
and expenses due and payable to Agent and Lenders on or prior to the Initial Term Loan Funding Date pursuant to the Loan
Documents;

 

(f) all
in form and substance satisfactory to Agent, in its Permitted Discretion, Agent shall have received such consents, approvals and
agreements from such third parties as set forth on Schedule 4.1 hereto;

 

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(g) all
corporate and other proceedings, documents, instruments and other legal matters of Borrower and any Guarantor (to the extent
applicable) in connection with the transactions contemplated by the Loan Documents (including, but not limited to, those relating to corporate
and capital structures of the Borrower) shall be satisfactory to Agent in its Permitted Discretion;

 

(h) the
making of the Term Loan shall not contravene in any material respects any Applicable Laws
and there shall exist no Material Adverse Effect;

 

(i) Agent
shall have received evidence of release and termination of, or Agent’s authority to release and terminate, any and all Liens
and/or UCC financing statements in, on, against or with respect to any of the Collateral
(other than Permitted Liens);

 

(j) each
of the representations and warranties made by any Credit Party or any Affiliate of
such Credit Party in or pursuant to the Loan Documents shall be accurate in all material respects before and after giving effect to
the making of such Term Loan (except for those representations and warranties made as of a specific date) and no Default or Event of
Default shall have occurred or be continuing or would exist after giving effect to the Term Loan on
such date;

 

(k) except
as disclosed and consented to by Agent in its sole discretion, no Credit Party shall have any Indebtedness other than the
Obligations hereunder and under the other Loan Documents;

 

(l) the
Warrants shall have been issued and delivered on the Ninth Amendment Effective
Date;

 

(m) the
date that the Term Loan is funded hereunder shall not be later than December 4, 2020;
and

 

(n) Agent
shall have received (a) a certificate of the chief financial officer (or, in the absence of a chief financial officer, the chief
executive officer) of Borrower, in his or her capacity as such and not in his or
her individual capacity, in form and substance satisfactory to Agent in its Permitted Discretion (each, a “Closing
Certificate”), certifying that after giving effect to the transactions and the Term Loan the requirements of clause (j)
above have been met and attaching a true, correct and complete calculation of the financial covenants set forth in Section 6.19
evidencing pro forma compliance therewith and (b) a Borrowing Base Certificate, executed
by a Responsible Officer of Borrower.

 

V.
REPRESENTATIONS AND WARRANTIES

 

Borrower and,
from and after the Initial Term Loan Funding Date, each other Credit Party represents and warrants, as of the Closing
Date and as of the date of any Request for Revolving Advance
and the making of each Revolving Advance, as follows:

 

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5.1
Organization and Authority

 

Borrower is a limited liability
company, duly organized, validly existing and in good standing under the laws of its state of organization. HoldingsEach
Guarantor is a limited liability companycorporation,
duly organized, validly existing and in good standing under the laws of its state of organization. Each of
Borrower and HoldingsCredit Party (a) has all requisite power and authority to
own its properties and assets (including, without limitation, the Collateral) and to carry on its business as now being conducted and
as contemplated in the Loan Documents, and (b) is duly qualified to do business in each jurisdiction in which failure to so qualify could
reasonably be likely to have or result in a Material Adverse Effect. BorrowerEach
Credit Party has all requisite power and authority (i) to execute, deliver and perform the Loan Documents to which it is a
party, (ii) with respect to Borrower, to acquire the Pledged Leases and other Collateral under
the Purchase and Sale Agreement, (iii) to consummate the transactions contemplated under the Loan Documents to which it is a party, and
(iv) to grant the Liens with regard to the Collateral pursuant to the Security Documents to which it is a party. Holdings
has all requisite power and authority (i) to execute, deliver and perform the Loan Documents to which it is a party and (ii) to consummate
the transactions contemplated under the Loan Documents to which it is a party. Borrower has all requisite power and authority
to borrow hereunder. Neither Borrower nor HoldingsNo Credit
Party is an “investment company” registered or required to be registered under the Investment Company Act of 1940,
as amended, nor controlled by such an “investment company.” No transaction contemplated in this Agreement or the other Loan
Documents requires compliance with any bulk sales act or similar law.

 

5.2
Loan Documents

 

The execution, delivery and
performance by Borrower and Holdingseach Credit
Party of the Loan Documents to which it is a party, and the consummation by such parties of the transactions contemplated
thereby, (a) have been duly authorized by all requisite action of such parties and have been duly executed and delivered by such
parties; (b) do not violate any provisions of (i) any Applicable Law, (ii) any order of any Governmental Authority binding on any
such party or any of their respective properties, or (iii) the limited liability company agreement (or any other equivalent
governing agreement or document) of any such party, or any agreement between any such party and its equity owners or among any such
equity owners; (c) are not in conflict with, and do not result in a breach or default of or constitute an event of default, or an
event, fact, condition or circumstance which, with notice or passage of time, or both, would constitute or result in a conflict,
breach, default or event of default under, any indenture, agreement or other instrument to which any such party is a party, or by
which the properties or assets of such party are bound, the effect of which could reasonably be expected to be, have or result in a
Material Adverse Effect; (d) except as set forth herein or therein, will not result in the creation or imposition of any Lien of any
nature upon any of the properties or assets of such party, and (e) except for filings in connection with the perfection of
Agent’s Liens, do not require the consent, approval or authorization of, or filing, registration or qualification with, any
Governmental Authority or any other Person that has not been obtained. When executed and delivered, each of the Loan Documents will
constitute the legal, valid and binding obligation of each party signatory thereto (other than Agent and the Lenders), enforceable
against such parties in accordance with its terms, subject to the effect of any applicable bankruptcy, moratorium, insolvency,
reorganization or other similar law affecting the enforceability of creditors’ rights generally and to the effect of general
principles of equity (whether in a proceeding at law or in equity). The Purchase and Sale Agreement is the only agreement pursuant
to which the Borrower purchases the Pledged Leases and the related Collateral. The Borrower has furnished to the Agent a true,
correct and complete copy of the Purchase and Sale Agreement. The purchase by the Borrower under the Purchase and Sale Agreement
constitutes a true sale at a fair market valuation enforceable against creditors of Holdings and is not merely a financing or
extension of credit.

 

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5.3
Subsidiaries, Capitalization and Ownership Interests

 

Borrower has
no Subsidiaries as of the Closing Date. 100% of the outstanding Equity Interest in the Borrower is directly owned (both beneficially and
of record) by Holdings. The outstanding ownership or voting interests of Borrower have been duly authorized and validly issued. Schedule
5.3 lists the managers or managing members or directors of Borrower and Holdingseach
Credit Party as of the ClosingNinth Amendment
Effective Date. Borrower does not (i) own any Investment Property or (ii) own any interest or participate or engage in any
joint venture, partnership or similar arrangements with any Person. Borrower will only purchase Leases and other Collateral pursuant to
the Purchase and Sale Agreement with Holdings.

 

5.4
Properties

 

Borrower is the lawful owner of,
and has good title to, each Pledged Lease, free and clear of any Liens (other than the Lien of this Agreement and any Permitted Liens).

 

5.5
Other Agreements

 

Neither
Borrower nor HoldingsNo Credit Party is (a) a party to any judgment, order or
decree or any agreement, document or instrument, or subject to any restriction, which would have a Material Adverse Effect its ability
to execute and deliver, or perform under, any Loan Document or to pay the Obligations or (b) in default in the performance, observance
or fulfillment of any obligation, covenant or condition contained in any agreement, document or instrument to which it is a party or to
which any of its properties or assets are subject, which default, if not remedied within any applicable grace or cure period, could reasonably
be expected to be, have or result in a Material Adverse Effect, nor is there any event, fact, condition or circumstance which, with notice
or passage of time or both, would constitute or result in a conflict, breach, default or event of default under, any of the foregoing
which, if not remedied within any applicable grace or cure period could reasonably be expected to be, have or result in a Material Adverse
Effect.

 

5.6
Litigation

 

(a) Borrower
nor HoldingsNo Credit Party is a party to any material pending or, to the
knowledge of Borrower or Holdings, threatened action, suit, proceeding or investigation related to its respective business that
could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (b) there is no pending or, to
the knowledge of Borrower or Holdingsany Credit
Party, threatened action, suit, proceeding or investigation against Borrower or
Holdingsany such Credit Party that could reasonably be expected to prevent
or materially delay the consummation by Borrower or Holdingssuch
Credit Party of the transactions contemplated herein, (c) neither Borrower nor
Holdingsno Credit Party is a party or subject to any order, writ,
injunction, judgment or decree of any Governmental Authority and (d) there is no action, suit, proceeding or investigation initiated
by Borrower or Holdingsany Credit Party
currently pending that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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5.7
Tax Returns; Taxes

 

BorrowerEach
Credit Party has timely filed or caused to be timely filed all federal, state, local and foreign tax returns which are required
to be filed by Borrowersuch Credit Party, has
paid or caused to be paid all taxes shown thereon to be due and owing by it, and Borrower
has paid or caused to be paid all property taxes due and owing by it with respect to any Inventory related to Pledged Leases except for
(i) any taxes or assessments, the validity of which are being contested in good faith by appropriate proceedings timely instituted and
diligently pursued and with respect to which Borrowersuch
Credit Party has set aside adequate reserves on its books in accordance with GAAP and which proceedings have not given rise
to any Lien or (ii) any taxes or assessments which could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

5.8
Financial Statements and Reports

 

All financial
statements and financial information relating to Borrower, Holdings or Parent Entity that have been or may hereafter be delivered to Agent
by Borrower, Holdings or Parent Entity (a) are consistent with the books of account and records of Borrower, Holdings or Parent Entity,
(b) have been prepared in accordance with GAAP, on a consistent basis throughout the indicated periods, except that the unaudited financial
statements contain no footnotes or year-end adjustments, and (c) present fairly in all material respects the financial condition, assets
and liabilities and results of operations of Borrower, Holdings and Parent Entity at the dates and for the relevant periods indicated
in accordance with GAAP on a basis consistently applied. Neither Borrower, Holdings nor Parent Entity has any material obligations or
liabilities of any kind required to be disclosed therein that are not disclosed in such financial statements, and since the date of the
most recent financial statements submitted to Agent pursuant to Section 6.1, there has not occurred any Material Adverse Effect.

 

5.9
Compliance with Law

 

Borrower
and HoldingsEach Credit Party (a) areis in
compliance with all Applicable Laws, and (b) areis not
in violation of any order of any Governmental Authority or other board or tribunal, except, in the case of both (a) and (b), where
noncompliance or violation could not reasonably be expected to be, have or result in a Material Adverse Effect. Neither
Borrower nor HoldingsNo Credit Party has received any written notice that Borrower
or Holdingssuch Credit Party
is not in material compliance in any respect with any of the requirements of any of the foregoing. Neither
Borrower nor HoldingsNo Credit Party has established or maintains or
contributes (or has an obligation to contribute) to, or otherwise has any liability (including any liability as an ERISA Affiliate
of another entity) with respect to any “employee benefit plan” that is covered by Title IV of ERISA or Section 412 of
the Code. Borrower and Holdings haveEach Credit
Party has maintained in all material respects all records required to be maintained by any applicable Governmental
Authority, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. Since its
formation, Borrower has not engaged, directly or indirectly, in any business other than the activities set forth herein and in the
Purchase and Sale Agreement and the Loan Documents.

 

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5.10
Intellectual Property

 

Borrower
does not own, license, utilize, and is not a party to,Other than as provided on Schedule
5.10, as of the Ninth Amendment Affective Date, no Credit Party owns any patents, patent applications,
registered or trademarks,
trademark applications, that are registered service
marks, service mark applications, registered copyrights, domain name registrations, copyright applications, trade secrets, trade names,
software (other than mass marketed, commercially available software) or licenses or other registrations or applications for registration
of intellectual property. Borrowerwith the United States Patent and Trademark Office or any
copyrights that are registered with the United States Copyright Office. No Credit Party is not
in breach of or default under the provisions of any license agreement, domain name registration or other agreement related to intellectual
property, nor is there any event, fact, condition or circumstance which breach or default would reasonably be expected to be, have or
result in a Material Adverse Effect.

 

5.11
Licenses and Permits; Labor

 

Borrower
and Holdings areEach Credit Party is in compliance with and have all Permits necessary
or required by Applicable Law or any Governmental Authority for the operation of their respective businesses as presently conducted and
as proposed to be conducted except where noncompliance, violation or lack thereof could not reasonably be expected to be, have or result
in a Material Adverse Effect. All Permits necessary or required by Applicable Law or Governmental Authority for the operation of Borrower’s
and Holdings’ respectiveeach Credit Party’s
businesses are in full force and effect and not in known conflict with the rights of others, except where such conflict or lack of being
in full force and effect could not reasonably be expected to be, have or result in a Material Adverse Effect. Neither
Borrower nor HoldingsNo Credit
Party has been involved in any labor dispute, strike, walkout or union organization which could reasonably be expected to be,
have or result in a Material Adverse Effect.

 

5.12
No Default; Solvency

 

There does
not exist any Default or Event of Default. BorrowerEach
Credit Party is and, after giving effect to the transactions and the Indebtedness contemplated by the Loan Documents, will
be solvent and able to meet its obligations and liabilities as they become due, and the assets of the Borrowereach
Credit Party, at a Fair Valuation, exceed the total liabilities (including contingent, subordinated, unmatured and unliquidated
liabilities) of Borrowersuch Credit Party, and
no unreasonably small capital base exists with respect to Borrowersuch
Credit Party.

 

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5.13
Disclosure

 

No Loan Document
nor any other agreement, document, certificate, or statement furnished to Agent and Lenders and prepared by or on behalf of Borrowerany
Credit Party in connection with the transactions contemplated by the Loan Documents, nor any representation or warranty made
by Borrowerany Credit Party in any Loan Document,
contains any untrue statement of material fact or omits to state any fact necessary to make the factual statements therein taken as a
whole not materially misleading in light of the circumstances under which it was furnished. There is no fact known to Borrowerany
Credit Party which has not been disclosed to Agent in writing which could reasonably be expected to be, have or result in a
Material Adverse Effect.

 

5.14
Existing Indebtedness; Investments, Guarantees and Certain Contracts

 

Borrower
does notNo Credit Party (a) havehas
any outstanding Indebtedness, except Indebtedness under the Loan Documents,
or (b) ownowns or
holdholds any
equity or long-term debt investments in, or have any outstanding advances to or any outstanding guarantees for, the obligations of, or
any outstanding borrowings from, any other Person, except as permitted under Section 7.47.3.

 

5.15
Affiliated Agreements

 

Except for the
Loan Documents, the Charter and Good Standing Documents of the Borrower and those set forth on Schedule 5.15, (i) there are no
existing or proposed agreements, arrangements, understandings or transactions between Borrower, on the one hand, and Borrower’s
members, managers, managing members, investors, officers, directors, stockholders, other equity holders, employees, or Affiliates or any
members of their respective families, on the other hand, and (ii) to Borrower’s knowledge, none of the employees or officers of
the Parent Entity or its Subsidiaries are directly or indirectly, indebted to or have any direct or indirect ownership or voting interest
in any Person with which Borrower has a business relationship or which competes with Borrower (except that any such Person may own Equity
Interests in any publicly traded company that may compete with Borrower.

 

5.16
Insurance

 

As of the Closing Date, Borrower
has in full force and effect such insurance policies as are listed on Schedule 5.16.

 

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5.17 Names;
Location of Offices, Records and Collateral; Deposit Accounts and Investment Property

 

Neither
BorrowerNo Credit Party nor any of its predecessors has conducted
business under or used any name (whether corporate, partnership or assumed) other than as shown on Schedule 5.17A. BorrowerEach
Credit Party is (or Borrowersuch
Credit Party’s predecessors were) the sole owner(s) of all of its names listed on Schedule 5.17A, and
any and all business done and invoices issued in such names are Borrowersuch
Credit Party’s (or any such predecessors’) sales, business and invoices. BorrowerEach
Credit Party maintains, and during the preceding five (5) years, its predecessors
maintained, its respective places of
business and chief executive offices only at the locations set forth on Schedule 5.17B or, after the Closing Date, as
additionally disclosed to Agent in writing, and all Leases of Borrower arise, originate and are located, and all of the
Collateral and all books and records in connection therewith or in any way relating thereto or evidencing the Collateral are
located and shall be only, in and at such locations (other than (i) Deposit Accounts, and (ii) Collateral in the possession
of Agent or the Backup Servicer). All of the Collateral is located only in the continental United States. Schedule
5.17C lists all of Borrower’s Deposit Accounts and Investment Property as of the Closing Date.

 

5.18
Non-Subordination

 

TheOther
than with respect to the payment priorities of the Class A Loans and the Class B Loans set forth herein, none of the Obligations
are not subordinated in any way to any other obligations of Borrower,
any other Credit Party or to the rights of any other Person.

 

5.19
Leases

 

With respect
to each Pledged Lease, Borrower continuously warrants and represents to Agent and Lenders that until the Maturity Date and so long as
any of its Obligations remain unpaid: (i) as of the Closing Date and each date any Revolving Advance is made, each of the Pledged Leases
set forth in the Borrowing Base Certificate delivered in connection therewith constitutes an Eligible Lease and (ii) in determining which
Leases are “Eligible Leases,” Lender may rely upon all statements or representations made by Borrower.

 

5.20
Servicing

 

Borrower has
entered into the each Servicing Agreement with Servicer pursuant to which Borrower has engaged each Servicer, as servicer and as Borrower’s
agent, to monitor, manage, enforce and collect the Pledged Leases and disburse any collections in respect thereof as provided by the applicable
Servicing Agreement, subject to this Agreement. Borrower acknowledges that each Servicer has the requisite knowledge, experience, expertise
and capacity to service the Pledged Leases.

 

5.21
Legal Investments; Use of Proceeds

 

BorrowerNo
Credit Party is not engaged in the business of extending credit for the purpose
of purchasing or carrying any “margin stock” or “margin security” (within the meaning of Regulations T, U or X
issued by the Board of Governors of the Federal Reserve System), and no proceeds of the Loan will be used to purchase or carry any margin
stock or margin security or to extend credit to others for the purpose of purchasing or carrying any margin stock or margin security.

 

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5.22
Broker’s or Finder’s Commissions

 

No broker’s,
finder’s or placement fee or commission will be payable to any broker or agent engaged by Borrower or any of its
officers, directors or agents with respect to the Loan or the transactions contemplated by this Agreement. Borrower
and HoldingsEach Credit Party, jointly and severally, agree to
indemnify Agent and each Lender and each of their respective Affiliates and hold Agent and each Lender and each of their
respective Affiliates harmless from and against any and all claims, demands, liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever (including, without
limitation, reasonable fees and disbursements of counsel, but limited, in the case of legal fees and expenses, to the
reasonable and documented fees, disbursements and expenses of one regulatory counsel and one other firm of outside counsel to
Agent and each Lender and each of their respective Affiliates taken as a whole and, solely in the case of an actual or
potential conflict of interest, one additional firm of outside counsel to each group of similarly situated Persons)), which
may be imposed on, incurred by or asserted against Agent, any Lender or any of their respective Affiliates with respect to or
arising out of, or in any litigation, proceeding or investigation instituted or conducted by any Person with respect to
broker’s, finder’s or placement fees or similar commissions, whether or not payable by the
Borrower or Holdingssuch Credit Party or their respective Affiliates,
alleged to have been incurred in connection with such transactions, other than any broker’s or finder’s fees
payable to Persons engaged by Agent and/or Lenders or their respective Affiliates without the knowledge of the Borrower
or Holdingssuch Credit Party. Agent and each Lender, jointly and
severally, agree to indemnify Borrower and HoldingsCredit
Parties and each of their respective Affiliates and hold Borrower and
HoldingsCredit Parties and each of their respective Affiliates
harmless from and against any and all claims, demands, liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever (including, without limitation,
reasonable fees and disbursements of counsel, but limited, in the case of legal fees and expenses, to the reasonable and
documented fees, disbursements and expenses of one firm of outside counsel to Borrower and
HoldingsCredit Parties and each of their respective Affiliates taken
as a whole and, solely in the case of an actual or potential conflict of interest, one additional firm of outside counsel to
each group of similarly situated Persons) which may be imposed on, incurred by or asserted against Borrower,
Holdingsany Credit Party or any of their respective Affiliates with
respect to or arising out of, or in any litigation, proceeding or investigation instituted or conducted by any Person with
respect to broker’s, finder’s or placement fees or similar commissions, whether or not payable by the Agent, any
Lender or their respective Affiliates, alleged to have been incurred in connection with such transactions, other than any
broker’s or finder’s fees payable to Persons engaged by Borrower or
Holdingsany Credit Party
or their respective Affiliates without the knowledge of the Agent or Lenders.

 

5.23
Anti-Terrorism; OFAC

 

(a) (i)
Neither Borrower, Holdings nor any Guarantor nor any Person controlling or controlled by Borrower, Holdings or any Guarantor,
nor any Person for whom Borrower, Holdings or any Guarantor is acting as agent or nominee in connection with this transaction
(“Transaction Persons”) (1) is a Person whose property or interest in property is blocked or subject to
blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions
With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (2) engages in any dealings or
transactions prohibited by Section 2 of such executive order, or is otherwise associated with any such Person in any manner
violative of Section 2 of such executive order, or (3) is a Person on the list of Specially Designated Nationals and Blocked
Persons or is in violation of the limitations or prohibitions under any other OFAC regulation or executive order.

 

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(b) No
part of the proceeds of the Loans will be used, directly or indirectly, for any payments to any governmental official or
employee, political party, official of a political party, candidate for political office, or anyone else acting in an
official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United
States Foreign Corrupt Practices Act of 1977, as amended.

 

(c) Borrower
acknowledges by executing this Agreement that Agent has notified Borrower and each Guarantor that, pursuant to the
requirements of the Patriot Act, Agent is required to obtain, verify and record such information as may be necessary to
identify Borrower and each Guarantor (including, without limitation) the name and address of Borrower and each Guarantor) in
accordance with the Patriot Act.

 

5.24
Survival

 

Borrower hereby
makes the representations and warranties contained herein with the knowledge and intention that Agent and Lenders are relying and will
rely thereon. All such representations and warranties will survive the execution and delivery of this Agreement, the Closing and the making
of any and all Advances.

 

VI.
AFFIRMATIVE COVENANTS

 

Borrower,
Holdings and Parent Entity covenantEach Credit Party covenants and
agrees that, until the indefeasible payment in full in cash, of all the Obligations (other than indemnity obligations that
are not then due and payable or with respect to which no claim has been made) and termination of this Agreement:

 

6.1
Financial Statements, Reports and Other Information

 

(a) Financial
Reports. Borrower shall furnish to Agent (i) as soon as available and in any event within thirty (30) calendar days after
the end of each calendar month of Parent Entity, unaudited monthly financial statements of Parent Entity and its Subsidiaries
on a consolidated basis consisting of a balance sheet and statements of income and cash flows as of the end of the
immediately preceding calendar month, (ii) as soon as available and in any event within one hundred fifty (150) calendar days
after the end of each fiscal year of Parent Entity, audited annual financial statements of Parent Entity on a consolidated
and consolidating basis, including the notes thereto, consisting of a balance sheet at the end of such completed fiscal year
and the related statements of income, retained earnings, cash flows and owners’ equity for such completed fiscal year,
which financial statements shall be prepared and certified without qualification by Deloitte & Touche LLP or such other
independent certified public accounting firm mutually agreeable to Agent and Borrower and accompanied by related management
letters, if available and (iii) no later than thirty (30) days after the beginning of Parent Entity’s and
Borrower’s fiscal years commencing with fiscal year ended December 31, 2019, a month by month projected operating
budget and cash flow of Parent Entity and its Subsidiaries for such fiscal year (including an income statement for each month
and a balance sheet as at the end of the last month in each fiscal quarter). All such financial statements shall be prepared
in accordance with GAAP consistently applied with prior periods (subject, as to interim statements, to lack of footnotes and
year-end adjustments). With the quarterly financial statements of Parent Entity, Borrower shall also deliver a compliance
certificate of a Responsible Officer of Borrower in the form satisfactory to Agent stating that (A) such person has reviewed
the relevant terms of the Loan Documents and the condition of Borrower, (B) no Default or Event of Default has occurred or is
continuing, or, if any of the foregoing has occurred or is continuing, specifying the nature and status and period of
existence thereof and the steps taken or proposed to be taken with respect thereto and (C) no Material Adverse Effect has
occurred since the last delivery of such monthly financial statements.

 

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(b)
Servicing Reports and Information; Borrowing Base Certificates.

 

(i)
As soon as available, and in any event not later than the fifteenth (15th) of
each calendar month or if such day is not a Business Day than on the immediately preceding Business Day (or, upon the request of Agent,
at any time following the occurrence and continuance of an Event of Default), Borrower shall cause Servicer to deliver to Agent and Backup
Servicer, a Monthly Servicing Report, in computer file form reasonably accessible and usable by Agent and Backup Servicer showing, as
of the end of the immediately preceding calendar month, with respect to all Leases, the information contained in the form of Monthly
Servicing Report attached hereto as Exhibit C (which Monthly Servicing Report shall include Servicer’s calculation of the
Current Lease Balance with respect to each Pledged Lease) and such other matters as Agent may from time to time reasonably request, all
prepared by Servicer and certified as to being true, correct and complete in all material respects by the Servicer. Together with the
Monthly Servicing Report delivered to Agent as set forth above, Borrower shall deliver to Agent, in a form and substance acceptable to
Agent, a monthly roll rate report and first payment default report (each in form and substance and with details and reporting information
acceptable to Agent), on the entire portfolio of Leases owned by Borrower.

 

(ii) As
soon as available, and in any event not later than each Payment Date (or, upon the request of Agent, at any time following
the occurrence and continuance of an Event of Default), Borrower shall cause Servicer to deliver to Backup Servicer, in
computer “data tape” form, all of the loan-level data generated by the Servicer with respect to the Leases,
(including, but not limited to, data related to collections, defaults, Servicer’s calculation of the Current Lease
Balance with respect to each Pledged Lease, and such other matters as Agent or Backup Servicer may from time to time
reasonably request), all prepared by Servicer and certified as to being true, correct and complete in all material respects
by the Servicer.

 

(iii) As
soon as available, and in any event not later than each Payment Date (or, upon the request of Agent, at any time following
the occurrence and continuance of an Event of Default), Borrower shall deliver a Borrowing Base Certificate to Agent, without
regard to whether any Revolving Advances have been requested in the calendar week in which such Payment Date (or request)
occurs.

 

(iv) As
soon as available, and in any event not later than the last Business Day of each month (or, upon the request of Agent, at any
time following the occurrence and continuance of an Event of Default) until the Positive Net Income Trigger Date, Borrower
shall deliver to Agent copies off all bank statements with respect to the Interest Reserve Account.

 

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(v) The
Borrower shall promptly furnish or cause to be furnished to the Agent any other financial information regarding Borrower
and/or the Pledged Leases reasonably requested by the Agent.

 

(c) Notices. BorrowerEach
Credit Party shall promptly, and in any event within five (5) Business Days after the end of each calendar month
notify Agent in writing of (i) any notice Borrower, Holdingsany
Credit Party or any of their respective Subsidiaries received of any material litigation, claims, offsets,
protests or disputes asserted by any Account Lessee with respect to the Pledged Leases, (ii) any pending or threatened legal
action, litigation, suit, investigation, arbitration, dispute resolution proceeding or administrative or regulatory
proceeding brought or initiated or threatened in writing by or against Borrowerany
Credit Party or otherwise affecting or involving or relating to Borrowerany
Credit Party or any of its property or assets in an amount in excess of $500,000, (iii) any Default or Event of
Default, which notice shall specify the nature and status thereof, the period of existence thereof and what action is
proposed to be taken with respect thereto, (iv) any other development, event, fact, circumstance or condition that could
reasonably be expected to be, have or result in a Material Adverse Effect, in each case describing the nature and status
thereof and the action proposed to be taken with respect thereto, (v) any matter(s) known to Borrowerany
Credit Party and in existence at any one time materially adversely affecting the value, enforceability or
collectability of any material portion of the Collateral, (vi) receipt of any material notice, inquiry, investigation, legal
action or proceeding or request from any Governmental Authority, (vii) receipt of any notice or document by Borrowerany
Credit Party regarding any lease of real property of Borrower (and such notice shall include a copy of the notice
or document), (viii) any lease of real property entered into by Borrowerany
Credit Party after the Closing Date, (ix) the filing, recording or assessment of any federal, state, local or
foreign tax lien against the Collateral or Borrowerany
Credit Party which becomes known to Borrowersuch
Credit Party, (x) any action taken or, to Borrower’s knowledge, threatened to be taken by any Governmental
Authority (or any notice of any of the foregoing) with respect to Borrower which could reasonably be expected to be, have or
result in a Material Adverse Effect or with respect to any Collateral, (xi) any change in the corporate name of Borrowerany
Credit Party, and/or (xii) the loss, termination or expiration of any material contract to which Borrowersuch
Credit Party is a party or by which its properties or assets are subject or bound.

 

(d)
Notwithstanding the foregoing, Agent may, upon written notice to Parent Entity, temporarily waive the reporting
requirements of Parent Entity and its Subsidiaries under this Section 6.1 until such date as indicated by Agent in a
subsequent written notice provided to Parent Entity.

 

6.2
Payment of Obligations

 

Borrower shall make
full and timely indefeasible payment in cash of the principal of and interest on the Loan and all other Obligations when due
and payable (other than indemnity obligations that are not then due and payable or with respect to which no claim has been
made), provided, however, that to the extent the Agent has indicated in any Allocation Notice that amounts on
deposit in the Collateral Account are to be applied as of any applicable Payment Date to the amounts due and owing pursuant
to Section 2.4, and such application is actually made on such Payment Date, or in the event Agent, in breach of this
Agreement, fails to make such application, Borrower shall be deemed to have made all such payments as of the Payment
Date.

 

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6.3
Conduct of Business and Maintenance of Existence and Assets

 

BorrowerEach
Credit Party shall (a) maintain all of its tangible Collateral used or useful in its business in good repair, working order
and condition (normal wear and tear excepted and except as may be disposed of in the ordinary course of business and in accordance with
the terms of the Loan Documents), except in
each case where the failure to do so individually or in the aggregate could not reasonably
be expected to be, have or result in a Material Adverse Effect, (eb)
maintain and keep in full force and effect its existence and all material Permits and qualifications to do business and good standing
in its jurisdiction of formation and each other jurisdiction in which the ownership or lease of property or the nature of its business
makes such Permits or qualification necessary and in which failure to maintain such Permits or qualification could reasonably be expected
to be, have or result in a Material Adverse Effect; (fc) remain
in good standing and maintain operations in all jurisdictions in which currently located, except where the failure to remain in good standing
or maintain operations could not reasonably be expected to be, have or result in a Material Adverse Effect, and (gd)
maintain, comply with and keep in full force and effect its existence and all Intellectual Propertyintellectual
property and Permits necessary to conduct its business, except in each case where the failure to maintain, comply with or keep
in full force and effect could not reasonably be expected to be, have or result in a Material Adverse Effect.

 

6.4
Compliance with Legal and Other Obligations

 

BorrowerEach
Credit Party shall (a) comply with all Applicable Law except where any failure to do so could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, (b) pay all taxes, assessments, fees, governmental charges, claims for labor,
supplies, rent and all other obligations or liabilities of any kind when due and payable, except in each
case liabilities being contested in good faith and against which adequate reserves have been established in accordance with
GAAP consistently applied, (c) perform in accordance with its terms each contract, agreement or other arrangement to which it is a party
or by which it or any of the Collateral is bound except where any failure to do so could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect,, and (d) properly file all reports required to be filed
by Borrowersuch Credit Party with any Governmental
Authority, except under clauses (a), (b), (c), and/or (d) where the failure to comply, pay, file or perform would not reasonably be expected
to be, have or result in a Material Adverse Effect.

 

6.5
Insurance

 

BorrowerEach
Credit Party shall keep all of its insurable properties and assets adequately insured in all material respects
against losses, damages and hazards as are customarily insured against by businesses of similar size engaging in similar
activities or lines of business or owning similar assets or properties and at least the minimum amount required by this
Agreement, Applicable Law and any agreement to which any such Person is a party or pursuant to which such Person provides any
services; all such insurance policies and coverage levels shall (a) be satisfactory in form and substance to Agent in its
Permitted Discretion (it being understood that the insurance policies of the BorrowerCredit
Parties provided to Agent shall be deemed satisfactory to the Agent until the Agent provides notice to the BorrowerCredit
Parties to the contrary), (b) name Agent, for the benefit of itself and the other Lenders, as a loss payee or
additional insured thereunder, as applicable, and (c) expressly provide that such insurance policies and coverage levels
cannot be altered, amended or modified in any manner which is adverse to Agent and/or Lenders, or canceled or terminated
without thirty (30) calendar days prior written notice to Agent, and that they inure to the benefit of Agent and Lenders,
notwithstanding any action or omission or negligence of or by Borrowerany
Credit Party, or any insured thereunder.

 

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6.6
True Books

 

BorrowerEach
Credit Party shall (or, with respect to Borrower, at all times that Servicer is an
Affiliate of Borrower, shall cause Servicer to, on its behalf) (a) keep true, complete and accurate (in accordance with GAAP, except for
the omission of footnotes and year-end adjustments in interim financial statements) books of record and account in accordance with commercially
reasonable business practices in which true and correct entries are made of all of its dealings and transactions in all material respects;
and (b) set up and maintain on its books such reserves as may be required by GAAP with respect to doubtful accounts and all taxes, assessments,
charges, levies and claims and with respect to its business.

 

6.7
Inspection; Periodic Audits; Quarterly Review

 

BorrowerEach
Credit Party shall permit, and shall cause the Servicer to permit, the representatives of Agent and each Lender, at, in the
case of Agent only, the expense of BorrowerCredit Parties
(which expenses must be reasonably incurred), from time to time during normal business hours upon reasonable notice, to (a) visit and
inspect Servicer’s offices, BorrowerCredit Parties’s
offices or properties or any other place where Collateral is located to inspect the Collateral and/or to examine and/or audit all of Borrower’s
and Servicer’s books of account, records, reports and other papers (provided, however, that at all times, BorrowerCredit
Parties shall be responsible for the costs and expenses of all such visits) (b) make copies and extracts therefrom, and (c)
discuss BorrowerCredit Parties’s
business, operations, prospects, properties, assets, liabilities, condition and/or Pledged Leases with its officers and independent public
accountants (and by this provision such officers and accountants are authorized to discuss the foregoing); provided, however,
so long as an Event of Default has occurred and is continuing, no such notice shall be required; provided, further that,
so long as no Event of Default has occurred and is continuing not more than four (4) such visits shall take place annually. Additionally,
Borrower shall cause Servicer to permit Agent to have online access to Servicer’s internal electronic reporting system, including
without limitation tracking of collections on the Pledged Leases and agings of the same, and summaries for each of the Pledged Leases.
Borrower shall cause Servicer’s officers to meet with Agent at least once per quarter, if requested by Agent (which meeting may
take place telephonically if requested by Agent), to review the Servicer’s operations, prospects, properties, assets, liabilities,
condition and/or Pledged Leases.

 

6.8
Further Assurances; Post Closing

 

(a) At BorrowerCredit
Parties’s cost and expense, Borrowereach
Credit Party shall (a) within five (5) Business Days (or such longer period in the case of actions involving third
parties as determined by Agent in its Permitted Discretion) after Agent’s written demand, take such further actions,
obtain such consents and approvals and shall duly execute and deliver such further agreements, assignments, instructions or
documents as Agent may request in its Permitted Discretion in order to ensure the validity and effectiveness of this
Agreement and the Loan Documents and the consummation of the transactions contemplated thereby, whether before, at or after
the performance and/or consummation of the transactions contemplated hereby or the occurrence and during the continuation of
a Default or Event of Default, (b) without limiting and notwithstanding any other provision of any Loan Document, execute and
deliver, or cause to be executed and delivered, such agreements and documents, and take or cause to be taken such actions,
and otherwise perform, observe and comply with such obligations, as are set forth on Schedule 6.8, and (c) upon the
exercise by Agent, any Lender or any of its Affiliates of any power, right, privilege or remedy pursuant to any Loan Document
or under Applicable Law or at equity following the occurrence and during the continuance of an Event of Default which
requires any consent, approval, registration, qualification or authorization of such Person (including, without limitation,
any Governmental Authority), execute and deliver, or cause the execution and delivery of, all applications, certificates,
instruments and other documents that may be so required for such consent, approval, registration, qualification or
authorization.

 

(b)
Borrower shall within thirty (30) days of the Ninth Amendment Effective Date deliver a trademark security
agreement in form and substance satisfactory to Agent in its sole discretion with respect to the trademark identified on
Schedule 5.10.

 

(c) Borrower
shall within five (5) Business Days of the Ninth Amendment Effective date deliver to Agent (i) a deposit account control
agreement duly executed by Holdings, Agent and Silicon Valley Bank and (ii) a deposit account control agreement duly executed
by Parent Entity, Agent and Silicon Valley Bank.

 

6.9
Payment of Indebtedness

 

Except as otherwise
prescribed in the Loan Documents, Borrowereach Credit Party
shall pay, discharge or otherwise satisfy when due and payable (subject to applicable grace periods and, in the case of trade payables,
to ordinary course of payment practices) all of its obligations and liabilities to the extent that the failure to pay, discharge or otherwise
satisfy such obligations or liability could become a Lien on the Collateralreasonably
be expected have or result in a Material Adverse Effect, except when the amount or validity thereof is being contested in good
faith by appropriate proceedings and such reserves shall have been made in accordance with GAAP consistently applied.

 

6.10
Other Liens

 

If Liens with respect
to Borrowerany Credit Party or its
assets (other than Permitted Liens) exist, Borrowersuch
Credit Party immediately shall take all actions, and execute and deliver all documents and instruments necessary
to promptly release and terminate such Liens. Immediately upon discovery of any Lien other than a Permitted Lien, Borrower
shall notify Agent.

 

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6.11
Use of Proceeds

 

Borrower shall use
the proceeds from each Revolving Advance under the Loan only for (a) the
purposes set forth in the recitals to this Agreement, (b) to make a distribution to Holdings
to repay existing indebtedness of Holdings to Victory Park Capital Management, LLC (exclusive of the VPC Bridge Notes) on the
Closing Date, (c) for the purposes set forth in Section 2.4(b) or as otherwise expressly authorized herein or
in the other Loan Documents, (c) to pay the Term Loan OID on the Initial Term Loan Funding
Date and (d) to pay other fees, costs and
expenses incurredapproved by Agent in connection with the transactions contemplated hereby and approved by
Agent in its sole discretion on the Closing DateNinth
Amendment.

 

6.12
Collateral Documents; Security Interest in Collateral

 

On demand of Agent, BorrowerCredit
Parties shall (or, at all times that Servicer is an Affiliate of Borrower, shall cause Servicer to) make available
to Agent copies of any and all documents, instruments, materials and other items that relate to, secure, evidence, give rise
to or generate or otherwise involve Collateral, including, without limitation, the Leases to the extent BorrowerCredit
Parties or Servicer has access to such documents, instruments, materials and other items. BorrowerEach
Credit Party shall (or, at all times that Servicer is an Affiliate of Borrower, shall cause Servicer to) (i)
execute, obtain, deliver, file, register and/or record any and all financing statements, continuation statements, stock
powers, instruments and other documents, or cause the execution, filing, registration, recording or delivery of any and all
of the foregoing, that are necessary or required under law or otherwise requested by Agent, in its Permitted Discretion, to
be executed, filed, registered, obtained, delivered or recorded to create, maintain, perfect, preserve, validate or otherwise
protect Borrowersuch Credit
Party’s interest in the Collateral and the pledge of the Collateral to Agent’s perfected first
priority (other than with respect to property or assets covered by Permitted Liens) Lien on the Collateral (and Borrowereach
Credit Party irrevocably grants Agent the right, at Agent’s option, to file any or all of the foregoing),
(ii) maintain, or cause to be maintained, at all times, the pledge of the Collateral to Agent and Agent’s perfected
first priority (other than with respect to property or assets covered by Permitted Liens) perfected Lien on the Collateral,
and (iii) defend the Collateral and Agent’s first priority (other than with respect to property or assets covered by
Permitted Liens) perfected Lien thereon against all claims and demands of all Persons at any time claiming the same or any
interest therein adverse to Agent, and pay all costs and expenses (including, without limitation, in-house documentation and
diligence fees and expenses and reasonable attorneys’ fees and expenses) in connection with such defense, which may, at
Agent’s discretion, be added to the Obligations. Borrower acknowledges and agrees that Agent is authorized, pursuant to
the power of attorney granted to Agent by Borrower pursuant to Section 2.10 of this Agreement, to perform any or all
of the obligations or duties of Borrower pursuant to this Section 6.12 following the occurrence and during the
continuance of an Event of Default.

 

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6.13
Servicing Agreement; Backup Servicer

 

(a)
Borrower shall enter into a Backup Servicing Agreement as of the Closing Date. From and after the Closing Date, Borrower and Servicer
shall be required to provide the Monthly Servicing Report in computer “data tape” form to Backup Servicer and Agent in a
manner reasonably acceptable to Agent as described in Section 6.1(b) hereof. Borrower shall cause Servicer to promptly provide
Agent with true and complete copies of all written notices concerning defaults, amendments, waivers notice information or other matters
that are material to a Pledged Lease sent or received by any Servicer under any Servicing Agreement. Borrower shall cause Servicer to
service all Pledged Leases in accordance with, in all material respects, the terms of each Servicing Agreement,
Borrower shall comply, in all material respects, with the provisions, terms and conditions set forth in such Servicing Agreement
and Borrower shall not terminate any Servicing Agreement without Agent’s prior written consent at its sole discretion.

 

(b) Borrower
agrees not to, and will cause Servicer not to, interfere with Backup Servicer’s performance of its duties under any
Backup Servicing Agreement or to take any action that would be inconsistent in any way with the terms of such Backup
Servicing Agreement. Borrower covenants and agrees to, and will cause Servicer to, provide any and all information and data
requested by Agent (in its Permitted Discretion) to be provided promptly to Backup Servicer in the manner and form so
requested by Agent. Upon the occurrence and during the continuance of any Event of Default, Agent shall have the right to
immediately substitute Backup Servicer, Agent or an Affiliate of Agent or another third party servicer acceptable to Agent
for Servicer in all of Servicer’s roles and functions as contemplated by the Loan Documents and the Servicing
Agreements. In connection with any substitution of Backup Servicer, Agent, Affiliate of Agent or another third party servicer
for Servicer, Borrower shall (and, at all times that Servicer is an Affiliate of Borrower, shall cause Servicer to) cooperate
with Agent and Backup Servicer in connection with such substitution and to take such further actions, obtain such consents
and approvals, to deliver such documents and to duly execute and deliver such further agreements, assignments, instructions
or documents as each of Agent or Backup Servicer may request in its Permitted Discretion in order to effectuate such
substitution, in each case, at no cost or expense to Agent or any Lender.

 

6.14
Special Purpose Entity[RESERVED]

 

Borrower has not, and shall not:

 

(a) engage
in any business or activity other than the acquisition, ownership, operation and maintenance of the Leases and the other Collateral,
and activities incidental thereto, provided, that for the avoidance of doubt, Borrower
hereby agrees that it shall not originate Leases;

 

(b)
acquire or own any material assets other than the Leases and the other Collateral (including the goods (including, but not limited
to, the Inventory) purchased from Holdings), and such incidental personal property as may be necessary for the operation of the
Leases and the other Collateral;

 

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(c)
merge into or consolidate with any Person or dissolve, terminate or liquidate in whole or in part, transfer or otherwise dispose of
all or substantially all of its assets or change its legal structure, without in each case Agent’s consent and, in the case of
the dissolution or liquidation of the Borrower, without the consent of the independent manager;

 

(d)
fail to preserve its existence as an entity duly organized, validly existing and in good standing (if applicable) under the laws
of the jurisdiction of its organization or formation, and qualifications to do business, or without the prior written consent
of Agent, amend, modify, terminate or fail to comply in any material respect with the provisions of its partnership agreement,
certificate of limited partnership, bylaws, articles of incorporation, operating agreement, articles of organization, or other
similar organizational documents, as the case may be;

 

(e)
own any Subsidiary or make any investment in, any Person without the consent of Agent;

 

(f)
commingle its assets with the assets of any of its members, general or limited partners, shareholders, Affiliates, principals or of
any other Person other than payments received directly by the Servicer in respect of Pledged Leases that are transferred to the
Collateral Account in accordance with this Agreement;

 

(g)
incur any indebtedness for borrowed money, secured or unsecured, direct or contingent (including guaranteeing any indebtedness for
borrowed money) except as permitted in Section 7.1 hereof;

 

(h)
become insolvent or fail to pay its debts and liabilities from its assets as the same shall become due;

 

(i)
fail to maintain its records, books of accounts and bank accounts separate and apart from those of the members, partners,
shareholders, principals and Affiliates of Holdings and Servicer or any other Person;

 

(j)
other than any Loan Documents or the Purchase and Sale Agreement and or as otherwise required by the Loan Documents, without the
consent of the Agent, enter into any contract or agreement with any member, general or limited partner, shareholder, principal or
Affiliate of Borrower, or Holdings, or any member, general or limited partner, shareholder, principal or Affiliate of any of the
foregoing, except upon terms and conditions that are intrinsically fair and substantially similar to those that would be available
on an arms-length basis with third parties other than any member, general or limited partner, shareholder, principal or Affiliate of
Borrower or Holdings, or any member, general or limited partner, shareholder or Affiliate of any of the
foregoing;

 

(k)
seek the dissolution or winding up in whole, or in part, of Borrower;

 

(l)
fail to correct any known misunderstandings regarding the separate identity of Borrower, as applicable (provided that the foregoing
shall not preclude the Servicer from performing its duties in its own name with respect to the Pledged Leases without disclosing the
name of the Borrower);

 

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(m)
hold itself out to be responsible for the debts of another Person;

 

(n)
other than owning the Leases and other Collateral (including the Inventory) purchased from Holdings pursuant to the Purchase and
Sale Agreement, respectively and any extensions, waivers, amendments or other modifications of such Leases otherwise permitted
hereunder, make or extend any financial accommodations or leases to any third party, including any member, general or limited
partner, shareholder, principal or Affiliate of Borrower, Servicer or Holdings, or any member, general or limited partner, shareholder,
principal or Affiliate of any of the foregoing;

 

(o)
fail either to hold itself out to the public as a legal entity separate and distinct from any other Person or to conduct its
business solely in its own name (for the avoidance of doubt, any reference to Borrower as “Zibby” shall not be deemed to
be a violation of this Section 6.14(o)) in order not (i) to mislead others as to the identity with which such other party is
transacting business (provided that the foregoing shall not preclude the Servicer from performing its duties in its own name with
respect to the Pledged Leases without disclosing the name of the Borrower), or (ii) to suggest that Borrower is responsible for the
debts of any third party (including any member, general or limited partner, shareholder, principal or Affiliate of Borrower,
Servicer or Holdings, or any member, general or limited partner, shareholder, principal or Affiliate of any of the
foregoing);

 

(p)
fail to maintain adequate capital for the normal obligations reasonably
foreseeable in businesses of its size and character and in light of its contemplated business operations;

 

(q)
except for invoicing for collections and servicing of Leases, share any common logo with or hold itself out as or be considered
as a department or division of (i) any general or limited partner, shareholder, principal, member or Affiliate of Borrower, (ii)
any Affiliate of a general or limited partner, shareholder, principal or member of Borrower, or (iii) any other Person (provided
that the foregoing shall not preclude the Servicer from performing its duties in its own name with respect to the Pledged Leases
without disclosing the name of the Borrower);

 

(r)
without the unanimous written consent of its directors, managers or managing members, or general or limited partners, as the case
may be, and the consent of any independent directors or independent managers required herein, file or consent to the filing of any
petition, either voluntary or involuntary, to take advantage of any applicable insolvency, bankruptcy, liquidation or reorganization
statute, or make an assignment for the benefit of creditors; or

 

(s)
fail at any time to have at least one (1) of its managers be an independent manager who is not and has not been for at least five
(5) years a director, manager, officer, employee, trade creditor, supplier or shareholder (or spouse, parent, sibling or child of
the foregoing) of (or a Person who directly or indirectly controls) (i) the Borrower, (ii) Holdings or (iii) any Affiliate of the
Borrower, Holdings or any general or limited partner, shareholder, principal or member of the Borrower or
Holdings.

 

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(t)
Borrower shall further comply with, any further customary requirements for a single purpose entity arising out of a change in
law or industry practice as Agent may require from time to time in its sole discretion by notice to Borrower.

 

6.15
Collections

 

Borrower and Servicer each agree and covenant that it shall:

 

(a) Instruct
or cause all Account Lessees to be instructed to either:

 

(i) send
all Scheduled Payments directly to the Collateral Account; or

 

(ii) in
the alternative, make Scheduled Payments by way of pre-authorized debits from a deposit account of such Account Lessee
pursuant to a PAC or from a credit card of such Account Lessee pursuant to a Credit Card Account from which Scheduled
Payments shall be electronically transferred to the Collateral Account.

 

(b) In
the case of funds transfers pursuant to a PAC or Credit Card Account, take, or cause each of the Servicer, the Collateral
Account Bank and/or the Agent to take, all necessary and appropriate action to ensure that each such pre-authorized debit or
credit card payments is credited directly to the Collateral Account;

 

(c) If
the Borrower or Servicer shall receive any collections or other proceeds of the Collateral, hold such collections or proceeds
in trust for the benefit of the Agent and deposit such collections into the Collateral Account within two (2) Business Days
after such amounts so received and held by Borrower or Servicer equals or exceeds $25,000; and

 

(d) Prevent
the deposit into the Collateral Account of any funds other than collections from Leases or other funds to be deposited into
the Collateral Account under this Agreement or the other Loan Documents (provided that, this covenant shall not be
breached to the extent that such other funds are inadvertently or mistakenly deposited into the Collateral Account if
Borrower or Servicer promptly requests that such funds be segregated and removed from the Collateral Account in accordance
with Section 2.12(b)).

 

(e) Notwithstanding
anything to the contrary in this Section 6.15, Borrower hereby authorizes Agent, at any time after the occurrence of
an Event of Default, to send directions to each Account Lessee to make payments directly to the Collateral Account.

 

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6.16
Right of First Refusal

 

InSubject
to the last sentence of this paragraph, in addition to the rights granted to Agent and the Lenders pursuant to Section
2.13 hereof, Borrower, Holdings and Parent Entity hereby agree that, if at any time prior to the date that all of the
Obligations (other than indemnity obligations of Borrower that are not then due and payable or with respect to which no claim has
been made) have been indefeasibly paid in full in cash and the Revolving Loan Commitments terminated, Borrower, Holdings or any
Subsidiary of Borrower, Holdings or Parent Entity shall have obtained a bona fide third-party offer (the “Third-Party
Offer”) (for the avoidance of doubt, a bonafide, fully negotiated and executed term sheet delivered by the applicable
lender to Borrower, Holdings or any Subsidiary of Borrower, Holdings or Parent Entity, as applicable, together with a commitment
letter, if any, shall qualify as a “Third-Party Offer” hereunder) for (a) senior debt financing or refinancing of the
Loan or the financing, refinancing or acquisition of any Leases to be originated, acquired or otherwise held by Holdings, Borrower,
Parent Entity or any Subsidiary of Borrower, Holdings or Parent Entity that is formed for the purpose of originating Leases or (b)
with respect to Borrower, Holdings, Parent Entity or any Subsidiary of Borrower, Holdings or Parent Entity, for senior or junior
debt financing of any type and with respect to any type of collateral or any business unit (other
than refinancing of the Ivy Management Indebtedness by Ivy Mezzanine, LLC), Borrower, Holdings or Parent Entity
shall, in writing within five (5) Business Days of receipt of such offer, promptly inform Agent (such writing to Agent is referred
to herein as the “First Refusal Offer”) of such Third-Party Offer and the terms and conditions of such
Third-Party Offer (and, if such Third-Party Offer is in writing, shall attach a copy of such Third-Party Offer to such First Refusal
Offer) and, in such First Refusal Offer, shall offer to Agent a right of first refusal in respect of such financing or refinancing.
Agent’s right of first refusal shall grant Agent the right to, within fifteen (15) days after the receipt of such First
Refusal Offer, deliver a writing to Borrower, Holdings and Parent Entity (the “Acceptance”) stating that
Agent and Lenders agree to extend such financing on Material Terms which shall be the same or more favorable (taken as a whole) to
the applicable borrower than the Material Terms of financing under such Third-Party Offer (as such Material Terms were communicated
to Agent by Borrower, Holdings or Parent Entity or such Affiliate), it being agreed and understood that, with respect to any such
Third-Party Offer, the (i) aggregate principal amount, (ii) pricing (including, without limitation, interest rate, closing,
commitment, structuring, arrangement or similar fees and original issue discount) and payment and prepayment terms and conditions,
(iii) term and/or duration, (iv) financial covenants, borrowing base or availability, (v) events of default, (vi) material
conditions to closing and borrowing, (vii) operational covenants, including as to debt, liens, investments, prepayments and
repayments of other debt, use of proceeds, dividends and distributions, reporting, access to cash, and (viii) collateral and
transaction structure (with respect to any financing, such material terms are referred to as “Material
Terms”). Upon receipt of the Acceptance by Borrower, Holdings or Parent Entity, Agent and one or more of the Lenders
or their respective Affiliates, on the one hand, and Borrower, Holdings, Parent Entity or the applicable Subsidiary, on the other
hand, shall, in good faith negotiate an agreement for such financing on the terms set forth in such Acceptance (subject to the
satisfaction of appropriate conditions in respect of due diligence, documentation and other customary and commercial conditions
precedent set forth in (or incorporated by reference) in the Acceptance). If Agent shall have declined to exercise its right under
such First Refusal Offer, or shall have failed to timely respond within fifteen (15) Business Days to such First Refusal Offer or
shall have offered a counterproposal to Borrower, Holdings or Parent Entity in respect of such First Refusal Offer, Borrower,
Holdings, Parent Entity or such applicable Subsidiary shall be free to close such Third-Party Offer within one hundred twenty (120)
days of the date of such First Refusal Offer on terms substantially similar to the terms thereof set forth in such Third-Party Offer
(as communicated to Agent). If Borrower, Holdings, Parent Entity or such applicable Subsidiary shall have failed to so close such
financing within said one hundred twenty (120) days or if the material terms of such financing are modified from the description of
such terms in the Third-Party Offer, then a new right of first refusal for the benefit of Agent with respect to such financing shall
immediately arise. Borrower, Holdings and Parent Entity agree to inform any Person making a Third-Party Offer of Agent’s and
Lender’s rights under this Section 6.16 in respect thereof. Notwithstanding
the foregoing, the rights granted to Agent and the Lenders pursuant this Section 6.16 shall not apply following the Public Company
Transition Date with respect to any Third-Party Offer for a bond issuance, public securitization or a syndicated corporate credit
facility. For the avoidance of doubt, any refinancing of the Class A Obligations with a financing similar in nature to the terms of
this Agreement shall be subject to a right of first refusal under this Section 6.16.

 

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Borrower and
Holdings covenant and agree not to form, or consent to or otherwise acquiesce in the formation of, any Affiliate, or otherwise use any
Subsidiary existing on the Closing Date, to originate, acquire or finance any Leases in circumvention of the intent of the covenants,
agreements and obligations set forth in this Section 6.16.

 

6.17
Interest Reserve Account.

 

Until the
Positive Net Income Trigger Date, Holdings shall maintain the existence of the Interest Reserve Account and at all times keep on deposit
the amounts required by the definition thereof.

 

6.18
Board of Directors; Observer Rights.

 

Effective as
of the Closing Date until the Public Company Transition Date, Agent (or its designee) shall have
the right to designate two (2) representatives (each, a “Designee”) to: (a) receive prior written notice of all meetings
(both regular and special) of Parent Entity’s or Holdings’ board of directors and each committee thereof (such notice to be
delivered or mailed as specified in Section 12.5 at the same time as notice is given to the members of such board and/or committee)
held or to be held prior to the Public
Company Transition Date; (b) be entitled to attend (or, at the option of such representatives, monitor by telephone) all such
meetings at the Designee’s sole cost and expense; (c) until the Public Company Transition Date,
receive all notices, information and reports which are furnished or made available to the members of such board (solely in their capacity
as a “board member”) and/or committee at the same time and in the same manner as the same is furnished or made available to
such members; (d) until the Public Company Transition Date, be entitled to participate in all
discussions conducted at such meetings; and (e) until the Public Company Transition Date, receive
(to the extent and when so provided to the members of any such board) copies of the minutes of all such meetings. If any action is proposed
to be taken after the Closing Date until the Public Company Transition Date by such board and/or
committee by written consent in lieu of a meeting, Parent Entity or Holdings, as applicable, will provide a copy of such consent to such
Designees, which shall be delivered or mailed as specified in Section 12.5 at the same time as notice is given to the members of
such board and/or committee. Until the Public Company Transition Date, Parent Entity or Holdings,
as applicable, will furnish or cause to be furnished such Designees with a copy of each such written consent promptly after it has become
effective. Such Designees shall not constitute a member of such board and/or committee and shall not be entitled to vote on any matters
presented at meetings of such board and/or committee or to consent to any matter as to which the consent of any such board and/or committee
shall have been requested. The parties hereto agree that the Designees shall have no fiduciary duties or any other duties or responsibilities
to Borrower, Parent Entity, Holdings or any of their respective Affiliates.

 

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6.19
Financial Covenants.

 

(a) Tangible
Net Worth of Parent Entity. As of the end of each fiscal month, the Tangible Net Worth of Parent Entity and its
Subsidiaries, on a consolidated basis, shall be greater than or equal to the sum of (i) $(18,500,000) plus (ii) the greater
of (A) zero dollars and (B) fifty percent (50%) of all aggregate Parent Consolidated Net Income since April 30, 2019 (as
determined in accordance with GAAP).

 

(b) Liquidity.
As of any date of determination, Parent Entity agrees that it shall not permit Liquidity to be less than $500,000 if the outstanding
principal amount of the Loan is less than $25,000,000 and to be less than $1,000,000 if the outstanding principal amount of the Loan
is greater than or equal to $25,000,000.

 

(c) Total Advance Rate. As
of the end of each fiscal month and as of the making of each Advance hereunder (before and after giving effect to such
Advance), the Total Advance Rate shall not exceed (i) from the Initial Term
Loan Funding Date to and including the first anniversary thereof, 130%, (ii) from the first anniversary of the Initial Term
Loan Funding Date to and including the second anniversary thereof, 115% and (iii) at all times thereafter, 110%.

 

(d) TTM Adjusted EBITDA. As
of the end of each fiscal month, TTM Adjusted EBITDA, shall not be less than: (i) until the date that is six (6) months after
the Initial Term Loan Funding Date, $20,000,000, (ii) during the period on and after the date that is six (6) months from the
Initial Term Loan Funding Date and until (but excluding) the date that is twelve (12) months from the Initial Term Loan Funding
Date, $25,000,000, (iii) during the period on and after the date that is twelve (12) months from the Initial Term Loan Funding
Date and until (but excluding) the date that is eighteen (18) months from the Initial Term Loan Funding Date, $30,000,000,
(iv) during the period on and after the date that is eighteen (18) months from the Initial Term Loan Funding Date and until
(but excluding) the date that is twenty four (24) months from the Initial Term Loan Funding Date, $35,000,000 and (v) at all times
thereafter, $40,000,000.

 

6.20
Preemptive Rights. Except

 

At
any time prior to a Public Company Transition Date, except in connection with any initial public offering, a SPAC Transaction or any transaction
that would result in a Change of Control or as otherwise expressly contemplated
by this Agreement, Parent Entity and Holdings shall not issue any Equity Interests unless such issuance is in compliance with the following
procedures:

 

(a) Prior
to the date of a proposed issuance of any Equity Interests, Parent Entity or Holdings shall deliver notice of such proposed
issuance (an “Issuance Notice”) to Agent. The Issuance Notice shall specify (i) the number of Equity
Interests and class of Equity Interests which Parent Entity or Holdings proposes to issue, the consideration to be received
therefor and the date on which such consideration for such Equity Interests shall be paid (which date shall be no less than
thirty (30) days from the date of delivery of the Issuance Notice); (ii) all of the material terms and conditions, including
the terms and conditions of payment, upon which Parent Entity or Holdings proposes to issue such Equity Interests; (iii) the
proportionate number of such Equity Interests that Agent shall have the option to purchase under this Section 6.20,
which proportionate number shall be no less than ten percent (10%) of the number of Equity Interests which Parent Entity or
Holdings proposes to issue (such proportionate number for Agent, its “Pro-Rata-Share”); and (iv) where the
proposed purchasers of such Equity Interests are known, the identities of such proposed purchasers.

 

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(b) Upon
delivery of an Issuance Notice, Agent shall have the right (exercisable by delivery to Parent Entity or Holdings, as
applicable, of written notice within the thirty (30) day period following the date of delivery of the Issuance Notice), to
purchase its Pro-Rata-Share of the offering at the price and on the terms and conditions contained therein. The foregoing
preemptive rights shall be deemed waived by Agent if it does not exercise its preemptive right and pay for the Equity
Interests within the period of time prescribed by the Issuance Notice in accordance with this Section 6.20.

 

(c) Notwithstanding
anything to the contrary contained in this Section 6.20, if the consideration to be received by Parent Entity or
Holdings, as applicable, with respect to the issuance of Equity Interests specified in the Issuance Notice is other than cash
to be paid upon the issuance of the Equity Interests (that is, if the consideration would constitute so-called
“in-kind” property, such as membership interests or other Equity Interests), or if security is to be provided to
secure the payment of any deferred portion of the purchase price, then Agent may purchase such Equity Interests by making a
cash payment at the time of the closing specified in the offer, in the amount of the reasonably equivalent value of the
“in-kind” property specified in the Issuance Notice and/or may provide reasonably equivalent security to that
provided in the Issuance Notice.

 

6.21 Federal Securities
Laws. Each Credit Party shall promptly notify Agent in writing
if any such Credit Party or any of their Subsidiaries (i) is required to file periodic reports under the Exchange Act, (ii)
registers any securities under the Exchange Act or (iii) files a registration
statement under the Securities Act.

 

6.22 Government
Receivables. Take all steps necessary to protect Agent’s interest in the Collateral under the Federal
Assignment of Claims Act, the Uniform Commercial Code and all other applicable state or local statutes or ordinances and
deliver to Agent appropriately endorsed, any instrument or tangible chattel paper connected with any receivable arising out
of any contract between any Credit Party and the United States, any state or any department, agency or
instrumentality of any of them.

 

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VII.
NEGATIVE COVENANTS

 

Borrower,
Holdings and Parent Entity covenant and agreeEach Credit Party covenants and
agrees that, until the indefeasible payment in full in cash, of all the Obligations under the Loan Documents
(other than indemnity obligations under the Loan Documents that are not then due and payable or with respect to which no
claim has been made) and termination of this Agreement:

 

7.1
Indebtedness

 

Borrower

 

No
Credit Party shall not create, incur, assume or suffer to exist any Indebtedness
of Borrower, except (a) Indebtedness under the Loan
Documents and (b) Indebtedness incurred pursuant to the Purchase and Sale Agreement (such Indebtedness described in clauses (a) and (b),
the “Permitted Indebtedness”). Borrower shall not make prepayments on any existing or future Indebtedness to any Person
other than to Agent and Lenders. Neither Parent Entity nor Holdings shall not create, incur, assume or suffer to exist any Ivy Management
Indebtedness unless such Ivy Management Indebtedness is subject to a Subordination Agreement in form and substance satisfactory to Agent
in its sole discretion; provided that in no event shall Holdings or Parent Entity make any payments with respect to the VPC Bridge Notes
from any source other than the Interest Reserve Account until the Positive Net Income Trigger DatePermitted
Indebtedness.

 

7.2
Liens

 

BorrowerNo
Credit Party shall not create, incur, assume or suffer to exist any Lien upon,
in or against, or pledge of, any of the Collateral, whether now owned or hereafter acquired, except the following (collectively, “Permitted
Liens”): (a) Liens under the Loan Documents or otherwise arising in favor of Agent, for the benefit of itself and the other
Lenders and (b) any Lien or right of set-off granted in favor of any financial institution in
respect of Deposit Accounts opened and maintained in the ordinary course of business or pursuant to the requirements of this Agreement
covering fees, expenses and overdrafts with respect to such Deposit Accounts; provided,
that with respect to any such Deposit Account, other than an Excluded Deposit Account,
Agent has a perfected Lien thereon and control thereof, in form, scope and substance satisfactory to Agent in its Permitted Discretion.

 

7.3
Investments; Investment Property; New Facilities or Collateral; Subsidiaries

 

BorrowerNo
Credit Party shall not, directly or indirectly, (a) merge with, purchase,
own, hold, invest in or otherwise acquire any obligations or Equity Interests or securities of, or any other interest in, all or substantially
all of the assets of, any Person or any joint venture other than Permitted Investments (as defined below),
(b) purchase, own, hold, invest in or otherwise acquire any Investment Property (except (i) those set forth on Schedule 5.17C
as of the Closing Date), (ii) Permitted Loans and any other investments
in a Subsidiary formed by any Credit Party, (iii) investments constituting Permitted Indebtedness, (iv) Deposit Accounts with
financial institutions in the ordinary course of business or as required by this Agreement; provided, that with respect to any
such Deposit Accounts (other than an Excluded Account), Agent has a perfected Lien thereon and
control thereof, in form, scope and substance satisfactory to Agent in its Permitted Discretion and,
(iiiv) investments in Cash Equivalents, (vi) accounts
payable, (vi) the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary
course of business) and (vii) a SPAC Transaction (the investments described
in clauses (i) through (vii) being “Permitted Investments”) or (c) make or permit to exist any loan, advances
or guarantees to or for the benefit of any Person or assume, guarantee, endorse, contingently agree to purchase or otherwise become liable
for or upon or incur any obligation of any Person. Borrower other
than Permitted Investments. No Credit Party shall not purchase, lease, own,
operate, hold, invest in or otherwise acquire any property or asset or any Collateral that is located outside of the continental United
States. Borrower shall not have any Subsidiaries.

 

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Other
than as contemplated by Section 2.13(d), no Credit Party shall form any Subsidiary unless (i) such Subsidiary, (x) expressly joins in
this Agreement as a borrower and becomes jointly and severally liable for the obligations of Borrower hereunder and under any other agreement
between Borrower and Lenders, or (y) becomes a Guarantor with respect to the Obligations
and executes a guaranty and security agreement in favor of Agent, and (ii) Agent shall have received all documents, including without
limitation, legal opinions and appraisals it may reasonably require to establish compliance with each of the foregoing conditions in connection
therewith.

   

7.4
Dividends; Redemptions; Equity

 

Notwithstanding
any provision of any Loan Document, BorrowerParent entity
shall not (ai) declare, pay or make any dividend or
distribution on any Equity Interests or other securities or ownership interests, (bii)
apply any of its funds, property or assets to the acquisition, redemption or other retirement of any Equity Interests or other securities
or interests or of any options to purchase or acquire any of the foregoing, (ciii)
otherwise make any payments, dividends or distributions to any member, manager, managing member, stockholder, director or other equity
owner in such Person’s capacity as such, (div)
make any payment of any management, service or related or similar fee to any Affiliate or holder of Equity Interests of Borrower or
(e) issue, sell or create any Equity Interests; provided, howeverunless,
 in each case and before and after giving effect thereto, (x) the Tangible Net Worth to Term Loan Ratio is greater
than 1.00 to 1.00 and (y) no Default or Event of Default shall have occurred and be continuing and the cumulative amount of distributions
under this Section 7.4 (other than with respect to clauses (A) and (B) below) has not exceed the Distributable Amounts Limit; provided,
however, notwithstanding the foregoing, Holdings and Parent Entity shall be permitted to (A) subject to Section 2.6(a), exchange any shares
in connection with an initial public offering of the shares of the Parent Entity or
a SPAC Transaction and (B) repurchase shares pursuant to Article VI of the bylaws of Parent Entity as in effect on the Ninth Amendment
Effective Date in connection with the rights of first refusal of Parent Entity provided
therein, Section 2.2 of the Parent Entity Co-Sale Agreement as in effect on the Ninth Amendment Effective Date in connection
with the rights of first refusal of Parent Entity provided therein or in connection with Section 6.16 hereof (all such share repurchases
being collectively referred to as “ROFR Share Repurchases”) or otherwise (collectively in an aggregate amount not to exceed
$10,000,000 during the term hereof), in each case, so long as no Default
or Event of Default shall havehas
occurred and beis
continuing or would result therefrom, Borrower shall be permitted to make distributions or payments,
as applicable, to Holdings (i) in amounts necessary to pay the purchase price to Holdings for the purchase of Leases and other Collateral
under the Purchase and Sale Agreement and (ii) of amounts distributed to Borrower pursuant to Sections 2.4(a)(x)
hereof.

 

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7.5
Transactions with Affiliates

 

BorrowerNo
Credit Party shall not enter into or consummate any transaction of any kind
with any of its Affiliates other than (i) the transactions contemplated hereby and by the other Loan Documents and (ii) to the extent
not otherwise prohibited under this Agreement, other transactions upon fair and reasonable terms materially no less favorable to Borrowersuch
Credit Party than would be obtained in a comparable arms-length transaction
with a Person not an Affiliate.

 

7.6 Charter
Documents; Fiscal Year; Dissolution; Use of Proceeds; Insurance Policies; Disposition of Collateral; Trade Names

 

BorrowerNo
Credit Party shall not (a) except in connection
with a SPAC Transaction or to permit the Parent Entity to issue additional shares following the Public Company Transition Date,
amend, modify, restate or change its certificate of formation, limited liability company agreement or similar charter or governance documents
in a manner that would be adverse toadversely affect the
rights of the Agent or Lenders under the Loan Documents, (b) change its state of formation
or change its name without thirty (30) calendar days prior written notice to Agent, (c) change its fiscal year, (d) amend, alter, suspend,
terminate or make provisional in any material way, any Permit, the suspension, amendment, alteration or termination of which would reasonably
be expected to be, have or result in a Material Adverse Effect without the prior written consent of Agent, (e) other
than a SPAC Transaction, wind up, liquidate or dissolve (voluntarily or involuntarily), effectuate any Division or commence
or suffer any proceedings seeking or that would result in any of the foregoing, (f) use any proceeds of any Loan for “purchasing”
or “carrying” “margin stock” as defined in Regulations T, U or X of the Board of Governors of the Federal Reserve
System for any use not contemplated or permitted by this Agreement, (g) amend, modify, restate or change any insurance policy in a manner
adverse to Agent or Lenders in any material respect, (h) engage, directly or indirectly, in any business other than as set forth herein,
(i) establish new or additional trade names without providing not less than thirty (30) days advance written notice to Agent or (j) certificate,
or cause to have certificated, any equity ownership interest in Borrower that is not evidenced by a certificate as of the Closing Date
that is Collateral subject to this Agreement, without Agent’s prior written consent.

 

7.7
Transfer of Collateral; Amendment of Pledged Leases

 

(a) BorrowerNo
Credit Party shall not sell, lease, transfer, pledge, encumber, assign or
otherwise dispose (a “Disposition”) of any Collateral, except:

   

(i)
the repurchase of Leases by Holdings as otherwise provided in Section 2.11,

 

(ii) the
Disposition of surplus, obsolete or worn out property in the ordinary course of
business;

 

(iii)
disbursements of cash not otherwise prohibited under this Agreement
or any other Loan Document;

 

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(iv)
any Disposition by such Person to another Credit Party;

 

(v)
any Disposition permitted under Sections 7.2, 7.3, 7.4 and 7.5;

 

(vi) any
sale of inventory (other than Leases) in the ordinary course of business;

 

(vii) any
sale, trade-in or other Disposition of used equipment for value in the ordinary
course of business;

 

(viii)
licenses of technology in the ordinary course of business;

 

(ix) the
surrender, modification, release or waiver of contract rights to the
extent not otherwise prohibited under this Agreement.

 

(b) Except
for the purpose of granting payment discounts to Account Lessees in the ordinary course of business consistent in all
material respects with the Underwriting Guidelines and Servicing Policy or in connection with the payment in full of such
Pledged Lease, Borrower shall not extend, amend, waive or otherwise modify the terms of any Pledged Lease or permit the
rescission or cancellation of any Pledged Lease, whether for any reason relating to a negative change in the related Account
Lessee’s creditworthiness or inability to make any payment under the Pledged Lease or otherwise, except in accordance
with the Underwriting Guidelines and the Servicing Policy.

 

(c) Except
in connection with the payment in full of such Pledged Lease or settlements of a Defaulted Lease in accordance with the
Servicing Policy, Borrower shall not terminate or reject any Pledged Lease prior to the end of the term of such Lease,
whether such rejection or early termination is made pursuant to an Applicable Law, unless prior to such termination or
rejection, such Pledged Lease and any related Collateral have been released from the Lien created by this Agreement.

 

7.8
Contingent Obligations and Risks

 

Except for
the Loan Documents, the Purchase and Sale Agreement and as otherwise expressly permitted by this Agreement, Borrowerno
Credit Party shall not enter into any Contingent Obligations with
respect to Indebtedness for borrowed money or assume, guarantee, endorse, contingently agree to purchase or otherwise become
liable for or upon or incur any obligationIndebtedness for
borrowed money of any Person other than another Credit Party (other than indemnities
to officers and directors of such Person to the extent permitted by Applicable Law) or indemnity guarantees
in connection with Indebtedness permitted under Section 2.13(d); provided, however, that nothing contained in
this Section 7.8 shall prohibit Borrowerany Credit
Party from endorsing checks in the ordinary course of its business.

 

7.9
Truth of Statements

 

BorrowerNo
Credit Party shall not furnish to Agent any certificate or other
document prepared by or on behalf of Borrowersuch
Credit Party with respect to which the representations and warranties set forth in Section 5.13 would not be true
if made at the time such certificate or other document were so furnished to Agent.

 

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7.10
Modifications of Agreements

 

BorrowerNo
Credit Party shall not make, or agree to make, any modification, amendment
or waiver of any of the terms or provisions of the Purchase and Sale Agreement or any
ServicingMaterial
Agreement , without the prior written consent of Agent. Borrower shall not make, or agree to make, any Material Modification with respect
to any Lease, without the prior written consent of Agent.

 

7.11
Anti-Terrorism; OFAC

 

BorrowerNo
Credit Party shall not, nor shall Borrowerany
Credit Party permit Holdings or any of its Subsidiaries to, (a) be or become
a Person whose property or interests in property are blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of
September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit or Support Terrorism (66
Fed. Reg. 49079 (2001)), (b) engage in any dealings or transactions prohibited by Section 2 of such executive order, or otherwise be associated
with any such Person in any manner violative of Section 2 of such executive order, or (c) otherwise become a Person on the list of Specially
Designated Nationals and Blocked Persons in violation of the limitations or prohibitions under any other OFAC regulation or executive
order.

 

7.12
Deposit Accounts and Payment Instructions

 

(a) BorrowerNo
Credit Party shall not open a Deposit Account (other than those
listed on Schedule 5.17C as of the Closing Dateamended
from time to time) without the prior written consent of Agent.

 

(b) Borrower
shall not make any change in the instructions to any Servicer with respect to the deposits of collections regarding Leases to
the Collateral Account in accordance with this Agreement and the applicable Servicing Agreement.

 

(c) Borrower
shall not, and shall cause Servicer to not, make any change in the instructions to any Account Lessee on any Lease with
respect to any instructions to such Account Lessees regarding payment to be made to the Collateral Account or any Servicer
Physical Payment Address.

 

7.13
Servicing Agreement

 

Borrower shall not:

 

(a) amend,
modify or terminate (or permit or cause Servicer to amend, modify or terminate) any Servicing Agreement without the prior
written consent of Agent (which consent may be provided in Agent’s Permitted Discretion), provided, that with
respect to termination of any Servicing Agreement or material amendments thereto, Agent’s consent may be granted in
Agent’s sole discretion;

 

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(b) except
in connection with (i) the replacement of the Servicer by the Backup Servicer or third party servicer acceptable to Agent
after the occurrence and during the continuance of an Event of Default and/or (ii) the delegation by the Servicer of certain
duties to any of the Persons set forth on Schedule 7.13(b) the delegation by the Servicer to third-party collection
agencies the enforcement of Defaulted Leases or the delegation of certain duties to such other Persons, in each case,
consistent with the Servicing Policy, if any, as Agent may approve from time to time (which approval may be provided in
Agent’s Permitted Discretion), transfer or delegate (or allow Servicer to transfer or delegate) any of its duties or
functions under any Servicing Agreement to any Person, or otherwise engage any such Person to perform any such duties or
functions for or on behalf of the Servicer or Borrower, provided, that any delegation of duties under any Servicing
Agreement by Servicer pursuant to clause (ii) of this Section 7.13(b) shall (x) be terminable without the
payment of any fee or penalty upon not more than thirty (30) calendar days prior notice and (y) not relieve Servicer of any
of its rights, duties or obligations under the applicable Servicing Agreement and Servicer agrees that it shall remain liable
to Agent and the Lenders for any breach in the performance of the same, whether such breach is by the Servicer or its
delegate; or

 

(c)
except in connection with the replacement of the Servicer by the Backup Servicer, Agent, an Affiliate of Agent or a third
party servicer acceptable to Agent after an Event of Default, transfer or delegate (or allow the Servicer to transfer or delegate)
the duties and functions of the Servicer under any Servicing Agreement to any other Persons.

 

7.14
ERISA.

 

BorrowerNo
Credit Party shall not sponsor, maintain or contribute to any “employee
benefit plan” that is covered by Title IV of ERISA or Section 412 of the Code.

 

7.15 Restrictive
Agreements.

 

No
Credit Party will directly or indirectly, enter into, incur or permit to exist any agreement (other than its Charter and Good Standing
Documents or, in the case of the Parent Entity, any agreements with its shareholders) that prohibits, restricts or imposes any condition
upon (a) the ability of such Credit Party or any such Subsidiary to create, incur or
permit any Lien upon any of its assets or properties, whether now owned or hereafter acquired, or (b) the ability of any of the Subsidiaries
to pay dividends or other distributions with respect to capital stock, to make or repay loans or advances to such Credit Party or any
other Subsidiary or to transfer any of its property or assets to such Credit Party or any other
Subsidiary thereof.

 

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7.16 Sale
and Leaseback Transactions. No Credit Party will, and no Credit Party will permit any Subsidiary to, enter into
any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in
its business, whether now owned or hereinafter acquired, and thereafter rent or lease such property or other property that it
intends to use for substantially the same purpose or purposes as the property sold
or transferred.

 

7.17 Hedging
Transactions. No Credit Party will, and no Credit Party will permit any Subsidiary to,
enter into any Hedging Transaction, other than Hedging Transactions entered into in the ordinary course of business to hedge
or mitigate risks to which the Credit Parties or any of their Subsidiaries is exposed in the conduct of its business or the
management of its liabilities. Solely for the avoidance of doubt, the Credit Parties acknowledge that a Hedging Transaction
entered into for speculative purposes or of a speculative nature (which shall be deemed to include any Hedging Transaction
under which any Credit Party or any Subsidiary of a Credit Party is or may become obliged to make any payment (a) in
connection with the purchase by any third party of any capital stock or any Indebtedness or (b) as a result of changes in the
market value of any capital stock or any Indebtedness) is not a Hedging Transaction entered into in the ordinary course
of business to hedge or mitigate risks.

 

7.18 Loans. No
Credit Party shall make advances, loans or extensions of credit to any Person (other than another Credit Party). For the
avoidance of doubt, this Section 7.18 shall not be construed to prohibit the
Leases.

 

7.19 Borrower
Purpose. Borrower shall not engage in any business or activity other than the
acquisition, ownership, operation and maintenance of the Leases and the other Collateral, and activities incidental
thereto.

 

VIII.
EVENTS OF DEFAULT

 

The occurrence of any
one or more of the following shall constitute an “Event of Default”:

  

(a) BorrowerAny
Credit Party shall fail to pay any amount on the Obligations or provided for in any Loan Document when due (in all
cases, whether on any payment date, at maturity, by reason of acceleration, by notice of intention to prepay, by required
prepayment or otherwise) and such failure shall continue or not be cured within a period of two (2) Business Days;

 

(b) any
representation, statement or warranty made by Borrowerany
Credit Party in any Loan Document or in any other certificate,
document, report or opinion delivered in conjunction with any Loan Document to which it is a party, shall not be true and
correct in all material respects (except to the extent already qualified by materiality, in which case it shall be true and
correct in all respects) except those made as of a specific date;

 

(c) Borrower,
any Guarantor or any other party hereto, other than Agent or any Lender, shall be in violation, breach or default of, or
shall fail to perform, observe or comply with any covenant, obligation or agreement set forth in this Agreement and such
violation, breach or failure (only if reasonably susceptible to being cured) shall not be cured within a period of thirty
(30) days after such violation, breach or default or such other applicable period set forth in this Agreement (other than any
violation, breach or default in the covenants set forth in Section 6.17 or Article VII of this Agreement or in Article
VIII(a) above or the misappropriation of any funds to be delivered to the Collateral Account pursuant to Section
2.3 and applied pursuant to Section 2.4 of this Agreement, for which there shall be no cure period or Section
6.20;

 

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(d) Borrower,
any Guarantor or any other party thereto, other than Agent, Backup Servicer or any Lender, shall be in violation, breach or
default of, or shall fail to perform, observe or comply with any covenant, obligation or agreement set forth in, or any event
of default occurs under, any Loan Document other than this Agreement and such violation, breach, default, event of default or
failure shall not be cured within the applicable period set forth in the applicable Loan Document and such violation, breach
or failure (only if reasonably capable of being cured) shall not be cured within a period of thirty (30) days after such;

 

(e) (i)
any of the Loan Documents ceases to be in full force and effect (other than in accordance with its terms), or (ii) any Lien
created under any Loan Document ceases to constitute a valid first priority (other than with respect to property or assets
covered by Permitted Liens) perfected Lien on the Collateral in accordance with the terms thereof, except with respect to
Collateral that is released from the Lien of Agent as permitted under the Loan Documents or the Security Documents;

 

(f) one
or more judgments or decrees is rendered against any of Borrower or any Guarantor in an amount in excess of $1,000,000
individually or $1,000,000 in the aggregate (excluding judgments to the extent covered by insurance of such Person), which
is/are not satisfied, stayed, vacated or discharged of record within sixty (60) calendar days of being rendered;

 

(g) (i)
any default or breach occurs, which is not cured within any applicable grace period or waived in writing to the satisfaction
of Agent, in the payment of any amount with respect to any Indebtedness (other than the Obligations) of any of Borrower,
Parent Entity or Holdings in excess of $1,000,000 individually or $1,000,000 in the aggregate, including,
but not limited to, the Subordinated Indebtedness or (ii) any Indebtedness of Borrower, Parent Entity or
Holdings in excess of $1,000,000 individually or $1,000,000 in the aggregate is declared to be due and payable and that has
been accelerated by the holder of such Indebtedness or is required to be prepaid (other than by a regularly scheduled payment
or a payment due on the voluntary termination of a capital lease) prior to the stated maturity thereof;

 

(h) any
of Borrower or any Guarantor shall (i) be unable to pay its debts generally as they become due, (ii) file a petition under
any insolvency statute, (iii) make a general assignment for the benefit of its creditors, (iv) commence a proceeding for the
appointment of a receiver, trustee, liquidator or conservator of itself or of the whole or any substantial part of its
property or shall otherwise be dissolved or liquidated, or (v) file a petition seeking reorganization or liquidation or
similar relief under any Debtor Relief Law or any other Applicable Law or statute;

 

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(i) (i)
a court of competent jurisdiction shall (A) enter an order, judgment or decree appointing a custodian, receiver, trustee,
liquidator or conservator of any of Borrower or any Guarantor or the whole or any substantial part of any of Borrower’s
or such Guarantor’s properties, which shall continue unstayed and in effect for a period of sixty (60) calendar days,
(B) shall approve a petition filed against any of Borrower or any Guarantor seeking reorganization, liquidation or similar
relief under the any Debtor Relief Law or any other Applicable Law or statute, which is not dismissed within sixty (60)
calendar days or, (C) under the provisions of any Debtor Relief Law or other Applicable Law or statute, assume custody or
control of any of Borrower or any Guarantor or of the whole or any substantial part of Borrower’s or any
Guarantor’s properties, which is not irrevocably relinquished within sixty (60) calendar days, or (ii) there is
commenced against any of Borrower or any Guarantor any proceeding or petition seeking reorganization, liquidation or similar
relief under any Debtor Relief Law or any other Applicable Law or statute, which (A) is not unconditionally dismissed within
sixty (60) calendar days after the date of commencement, or (B) is with respect to which any of Borrower or any Guarantor
takes any action to indicate its approval of or consent;

 

(j) (i) any
Change of Control occurs, (ii) any Material Adverse Effect occurs or (iiiii)
Borrower or any Guarantor ceases any material portion of its business operations as conducted at the Closing Date, in the
case of each of clause (i) and
(iiiii), without the prior written consent of Agent;

 

(k) Servicer
shall fail at any time to use Advensus as a sub-servicer with respect to at least twenty-five percent (25%) of the Pledged
Leases defined by the percentage of inbound calls;

 

(l) Reserved;

 

(m) the
occurrence and continuance of one or more Default Trigger Events;

 

(n) the
occurrence of a First Payment Default Trigger Event:

 

(o) the
occurrence of one or more Level Two Regulatory Trigger Events;

 

(p) the
occurrence of a Specified Regulatory Change;

 

(q) the
occurrence of a Servicer Default;

 

(r) the
occurrence of a Key Man Trigger Event; or

 

(s) any
formal enforcement order or criminal complaint relating to financial crimes or major felonies is brought by a Governmental
Authority against Borrowerany Credit Party,
which has not been dismissed or satisfied or of which the Borrowerapplicable
Credit Party has not been found not guilty within sixty (60) days of the filing of such order or complaint, provided,
however, that no Event of Default under this clause (s) shall be deemed to be continuing if at any time the Borrowerapplicable
Credit Party is found not guilty under such order or complaint.

 

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In the case of any such Event
of Default, notwithstanding any other provision of any Loan Document, (I) Agent may (and, at the request of Requisite Lenders (x)
with respect to any Event of Default occurring under Article VIII(m), may and (y) with respect to any other Event of Default
described in this Article VIII, shall), by notice to Borrower (i) terminate the commitment to make Advances hereunder,
whereupon the same shall immediately terminate, (ii) substitute immediately Backup Servicer or any other third party servicer
acceptable to Agent, in its sole discretion, for Servicer in all of Servicer’s roles and functions as contemplated by the Loan
Documents and the Servicing Agreements and any fees, costs and expenses of, for or payable to Backup Servicer or other third party
servicer acceptable to Agent, in its sole discretion, shall be at Borrower’s sole cost and expense, (iii) with respect to the
Collateral, (A) terminate any Servicing Agreement and service the Collateral, including the right to institute collection,
foreclosure and other enforcement actions against the Collateral; (B) enter into modification agreements and make extension
agreements with respect to payments and other performances; (C) release Account Lessees and other Persons liable for performance;
(D) settle and compromise disputes with respect to payments and performances claimed due, all without notice to Borrower or
Guarantors, and all in Agent’s sole discretion and without relieving Borrower or Guarantors from performance of the
obligations hereunder; (E) receive, collect, open and read all mail of Borrower, Servicer or Guarantors for the purpose of obtaining
all items pertaining to the Collateral and any collateral described in any Loan Document; (F) collect all Scheduled Payments (both
voluntary and mandatory), and other amounts of any and every description payable by or on behalf of any Account Lessee pursuant to
any Pledged Lease, the related Portfolio Documents, or any other related documents or instruments directly from such Account Lessee;
and (G) apply all amounts in or subsequently deposited in the Collateral Account to the payment of the unpaid Obligations or
otherwise as Agent in its sole discretion shall determine; and (iv) declare all or any of the Loan and/or Notes, all interest
thereon and all other Obligations to be due and payable immediately (except in the case of an Event of Default under Section 8clauses (h)
or (i) of this Article VIII in which event all of the foregoing shall automatically and
without further act by Agent or Lenders be due and payable and Agent’s or Lenders’ obligations hereunder shall
terminate, in each case without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived
by Borrower and (II) effective immediately upon receipt of notice from Agent (unless specifically prohibited and provided for in Article
VII, in which case effective immediately upon an Event of Default without any action of Agent or any Lender), no action
permitted to be taken under Article VII hereof may be taken.

 

IX.
RIGHTS AND REMEDIES AFTER DEFAULT

 

9.1
Rights and Remedies

 

(a) In
addition to the acceleration provisions set forth in Article VIII above, upon the occurrence and during the
continuation of an Event of Default, Agent shall have the right to (and at the request of Requisite Lenders, shall) exercise
any and all rights, options and remedies provided for in any Loan Document, under the UCC or at law or in equity, including,
without limitation, the right to (i) apply any property of Borrower held by Agent to reduce the Obligations, (ii) foreclose
the Liens created under the Loan Documents, (iii) realize upon, take possession of and/or sell any Collateral, with or
without judicial process, (iv) exercise all rights and powers with respect to the Collateral as Borrower might exercise, (v)
collect and send notices regarding the Collateral, with or without judicial process, (vi) by its own means or with judicial
assistance, enter any premises at which Collateral are located, or render any of the foregoing unusable or dispose of the
Collateral on such premises without any liability for rent, storage, utilities, or other sums, and Borrower shall not resist
or interfere with such action, (vii) at Borrower’s expense, require that all or any part of the Collateral be assembled
and made available to Agent at any place designated by Agent in its sole discretion, (viii) reduce or otherwise change the
Maximum Revolving Loan Amount and/or any component of
the Maximum Revolving Loan Amount and/or (ix)
relinquish or abandon any Collateral or securities pledged or any Lien thereon. Notwithstanding any provision of any Loan
Document, Agent, in its sole discretion, shall have the right, at any time that Borrower fails to do so, after an Event of
Default, without prior notice, to: (A) obtain insurance covering any of the Collateral to the extent required hereunder; (B)
pay for the performance of any of the Obligations; (C) discharge taxes, levies and/or Liens on any of the Collateral that are
in violation of any Loan Document; and (D) pay for the maintenance, repair and/or preservation of the Collateral. Such
expenses and advances shall be deemed Advances hereunder and shall be added to the Obligations until reimbursed to Agent, for
its own account and for the benefit of the other Lenders, and shall be secured by the Collateral, and such payments by Agent,
for its own account and for the benefit of the other Lenders, shall not be construed as a waiver by Agent or Lenders of any
Event of Default or any other rights or remedies of Agent or Lenders.

 

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(b) Borrower
and Holdings each agree that notice received at least ten (10) calendar days before the time of any intended public sale, or
the time after which any private sale or other disposition of Collateral is to be made, shall be deemed to be reasonable
notice of such sale or other disposition. If permitted by Applicable Law, any perishable Collateral which threatens to
speedily decline in value or which is sold on a recognized market may be sold immediately by Lender without prior notice to
Borrower or Holdings. At any sale or disposition of Collateral or securities pledged, Agent may (to the extent permitted by
Applicable Law) purchase all or any part thereof free from any right of redemption by Borrower which right is hereby waived
and released. Borrower and Holdings each covenant and agree not to interfere with or impose any obstacle to Agent’s
exercise of its rights and remedies with respect to the Collateral. In dealing with or disposing of the Collateral or any
part thereof, Agent shall not be required to give priority or preference to any item of Collateral or otherwise to marshal
assets or to take possession or sell any Collateral with judicial process.

 

9.2
Application of Proceeds

 

Notwithstanding
any other provision of this Agreement (including, without limitation, Section 2.4 hereof), in addition to any other rights, options
and remedies Agent and Lenders have under the Loan Documents, the UCC, at law or in equity, all lease payments, dividends, interest, rents,
issues, profits, fees, revenues, income and other proceeds collected or received from collecting, holding, managing, renting, selling,
or otherwise disposing of all or any part of the Collateral or any proceeds thereof upon exercise of its remedies hereunder upon the occurrence
and continuation of an Event of Default shall be applied in accordance with the provisions of Section 2.4 hereof; provided,
that Borrower shall be liable for any deficiency if such proceeds are insufficient to satisfy the Obligations (other than indemnity obligations
that are not then due and payable or with respect to which no claim has been made).

 

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9.3
Rights to Appoint Receiver

 

Without limiting and
in addition to any other rights, options and remedies Agent and Lenders have under the Loan Documents, the UCC, at law or in
equity, upon the occurrence and continuation of an Event of Default, Agent shall have the right to apply for and have a
receiver appointed by a court of competent jurisdiction in any action taken by Agent and/or any Lender to enforce its rights
and remedies in order to manage, protect and preserve the Collateral and continue the operation of the business of Borrower
and to collect all revenues and profits thereof and apply the same to the payment of all expenses and other charges of such
receivership including the compensation of the receiver and to the payments as aforesaid until a sale or other disposition of
such Collateral shall be finally made and consummated.

 

9.4
Attorney-in-Fact

 

Borrower hereby
irrevocably appoints Agent as its attorney-in-fact for the limited purpose of taking any action permitted under the Loan Documents that
Agent deems necessary or desirable (in Agent’s sole discretion) upon the occurrence and continuation of an Event of Default to protect,
foreclose, enforce and realize upon Agent’s Lien in the Collateral, including the execution and delivery of any and all documents
or instruments related to the Collateral in Borrower’s name, and said appointment shall create in Agent a power coupled with an
interest.

 

9.5
Rights and Remedies not Exclusive

 

Agent shall
have the right in its sole discretion to determine which rights, Liens and/or remedies Agent and Lenders may at any time pursue, relinquish,
subordinate or modify, and such determination will not in any way waive, compromise, modify or affect any of Agent’s or Lenders’
rights, Liens or remedies under any Loan Document, Applicable Law or equity. The enumeration of any rights and remedies in any Loan Document
is not intended to be exhaustive, and all rights and remedies of Agent and Lenders described in any Loan Document are cumulative and are
not alternative to or exclusive of any other rights or remedies which Agent and Lenders otherwise may have. The partial or complete exercise
of any right or remedy shall not preclude any other further exercise of such or any other right or remedy.

 

X.
WAIVERS AND JUDICIAL PROCEEDINGS

 

10.1
Waivers

 

Except as expressly
provided for herein, Borrower hereby waives set off, counterclaim, demand, presentment, protest, all defenses with respect to any and
all instruments and all notices and demands of any description, and the pleading of any statute of limitations as a defense to any demand
under any Loan Document. Borrower hereby waives any and all defenses and counterclaims it may have or could interpose in any action or
procedure brought by Agent to obtain an order of court recognizing the assignment of, or Lien of Agent in and to, any Collateral.

 

10.2
Delay; No Waiver of Defaults

 

No course of action
or dealing, renewal, release or extension of any provision of any Loan Document, or single or partial exercise of any such
provision, or delay, failure or omission on Agent’s part in enforcing any such provision shall affect the liability of
Borrower or operate as a waiver of such provision or preclude any other or further exercise of such provision. No waiver by
any party to any Loan Document of any one or more defaults by any other party in the performance of any of the provisions of
any Loan Document shall operate or be construed as a waiver of any future default, whether of a like or different nature, and
each such waiver shall be limited solely to the express terms and provisions of such waiver. Notwithstanding any other
provision of any Loan Document, by completing the Closing under this Agreement and/or by making Advances, neither the Agent
nor any Lender waives any breach of any representation or warranty of under any Loan Document, and all of Agent’s or
any Lender’s claims and rights resulting from any such breach or misrepresentation are specifically reserved.

 

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10.3
Jury Waiver

 

(A) EACH PARTY
HEREBY (i) EXPRESSLY, KNOWINGLY AND VOLUNTARILY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION ARISING UNDER ANY LOAN
DOCUMENT OR IN ANY WAY CONNECTED WITH OR INCIDENTAL TO THE DEALINGS OF THE PARTIES WITH RESPECT TO ANY LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED THEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND (ii) AGREES
AND CONSENTS THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT
MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION AS WRITTEN EVIDENCE OF THE CONSENTS OF THE PARTIES TO THE WAIVER OF THEIR RESPECTIVE
RIGHTS TO TRIAL BY JURY.

 

(B) IN THE
EVENT ANY SUCH CLAIM OR CAUSE OF ACTION IS BROUGHT OR FILED IN ANY UNITED STATES FEDERAL COURT SITTING IN THE STATE OF CALIFORNIA OR IN
ANY STATE COURT OF THE STATE OF CALIFORNIA, AND THE WAIVER OF JURY TRIAL SET FORTH IN SECTION 10.3(A) IS DETERMINED OR HELD TO
BE INEFFECTIVE OR UNENFORCEABLE, THE PARTIES AGREE THAT ALL CLAIMS AND CAUSES OF ACTION SHALL BE RESOLVED BY REFERENCE TO A PRIVATE JUDGE
SITTING WITHOUT A JURY, PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 638, BEFORE A MUTUALLY ACCEPTABLE REFEREE OR, IF THE PARTIES
CANNOT AGREE, A REFEREE SELECTED BY THE PRESIDING JUDGE OF THE SANTA CLARA COUNTY, CALIFORNIA. SUCH PROCEEDING SHALL BE CONDUCTED IN SANTA
CLARA COUNTY, CALIFORNIA, WITH CALIFORNIA RULES OF EVIDENCE AND DISCOVERY APPLICABLE TO SUCH PROCEEDING. IN THE EVENT CLAIMS OR CAUSES
OF ACTION ARE TO BE RESOLVED BY JUDICIAL REFERENCE, ANY PARTY MAY SEEK FROM ANY COURT HAVING JURISDICTION THEREOVER ANY PREJUDGMENT ORDER,
WRIT OR OTHER RELIEF AND HAVE SUCH PREJUDGMENT ORDER, WRIT OR OTHER RELIEF ENFORCED TO THE FULLEST EXTENT PERMITTED BY LAW NOTWITHSTANDING
THAT ALL CLAIMS AND CAUSES OF ACTION ARE OTHERWISE SUBJECT TO RESOLUTION BY JUDICIAL REFERENCE.

 

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10.4
Amendment and Waivers

 

(a) 1.1.1
No waiver of any provision of this Agreement or consent to any departure by 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 an Advance shall not be construed as a waiver of any Default or Event of Default, regardless of
whether Agent or any Lender may have had notice or knowledge of such Default or Event of Default at the time.

 

(b) 1.1.2
Neither this Agreement nor any provision hereof may be waived, amended or modified (except pursuant to an agreement or
agreements in writing entered into by Borrower and the Agent), except for an amendment to increase the Maximum Revolving
Loan Amount in accordance with Section 2.14 hereof, such amendment to require the consent of Agent and such Lenders so
increasing their Revolving Loan Commitment, or by Borrower and Agent with the consent of the Requisite Lenders, without
taking into account the Loans held by Non-Funding Lenders; provided that no such agreement shall:

 

(i) (a)
increase the Revolving Loan Commitment or Term Loan Commitment
of any Lender without the written consent of such Lender;

 

(ii) (i)
reduce the principal amount of any Loan or reduce the rate of interest thereon (other than a waiver of post-default
interest), or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby;

 

(iii) (b)
postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable
hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any
Revolving Loan Commitment or Term Loan Commitment, without the written consent of
each Lender directly affected thereby,

 

(iv) (c)
change any of the provisions of this Section or the definition of “Requisite Lenders” or any other provision
hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any
determination or grant any consent hereunder, without the written consent of each Lender;

 

(v) (d)
release any Guarantor from its obligations under a Guaranty without the written consent of each Lender; or

 

(vi) (e)
except as otherwise specifically provided in this Agreement, release all or substantially all of the Collateral, without the
written consent of each Lender;

 

provided further that no such agreement shall amend,
modify or otherwise affect the rights or duties of Agent hereunder without the prior written consent of Agent.

 

(c) 1.1.3
Notwithstanding the foregoing, this Agreement and any other Loan Document may be amended (or amended and restated) with the written
consent of the Requisite Lenders, Agent and Borrower (x) to add one or more credit facilities to this Agreement and to permit
extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably
in the benefits of this Agreement and the other Loan Documents with the Loan and the accrued interest and fees in respect thereof
and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Requisite Lenders and
Lenders.

 

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(d) 1.1.4
If, in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each
Lender directly affected thereby,” the consent of the necessary Lenders is not obtained (any such Lender whose consent is
necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then Agent or Borrower
may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided, that, concurrently with such
replacement, (i) another bank or other entity which is reasonably satisfactory to Agent shall agree, as of such date, to purchase
for cash the principal balance of the Loans due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become
a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of
such date and to comply with the requirements of clause (a) of Section 12.2, and (ii) Borrower shall pay to such
Non-Consenting Lender in same day funds on the day of such replacement all interest, fees and other amounts then accrued but unpaid
to such Non-Consenting Lender by Borrower hereunder to and including the date of termination, including without limitation any
indemnity payments due to such Non-Consenting Lender hereunder for which the amount is known.

 

(e) (b)
Notwithstanding anything to the contrary herein Agent may, with the consent of Borrower only, amend, modify or supplement this
Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency.

 

XI.
EFFECTIVE DATE AND TERMINATION

 

11.1
Effectiveness and Termination

 

Subject to Agent’s
right to accelerate the Loan and terminate the Revolving Loan Commitments and cease making and funding Advances upon the occurrence and
during the continuation of any Event of Default, this Agreement shall continue in full force and effect until the earlier of the Maturity
Date and the date on which the Revolving Loan Commitments are terminated pursuant to Section 2.5(b). All of the Obligations shall
be immediately due and payable upon the earlier of (i) the Maturity Date, (ii) the date on which Agent accelerates the Loan following
the occurrence and during the continuance of an Event of Default or (iii) the Prepayment Date stated in the notice of prepayment delivered
by Borrower pursuant to Section 2.5(b), as applicable (the “Termination Date”). Notwithstanding any other
provision of any Loan Document, no termination of this Agreement shall affect Agent’s or any Lender’s rights or any of the
Obligations under the Loan Documents existing as of the effective date of such termination, and the provisions of the Loan Documents shall
continue to be fully operative until the Obligations under the Loan Documents (other than indemnity obligations of Borrower under the
Loan Documents that are not then due and payable or with respect to which no claim has been made) have been indefeasibly paid in cash
in full. The Liens granted to Agent, under the Security Documents and the financing statements filed pursuant thereto and the rights and
powers of Agent shall continue in full force and effect until all of the Obligations (other than indemnity obligations of Borrower under
the Loan Documents that are not then due and payable or with respect to which no claim has been made) have been fully performed and indefeasibly
paid in full in cash.

 

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11.2
Survival

 

Unless expressly provided
herein, all obligations, covenants, agreements, representations, warranties, waivers and indemnities made by Borrower in any Loan
Document shall survive the execution and delivery of the Loan Documents, the Closing, the making and funding of the Loan and any
termination of this Agreement until all Obligations under the Loan Documents (other than indemnity obligations under the Loan
Documents that are not then due and payable or with respect to which no claim has been made) are indefeasibly paid in full in cash.
The obligations and provisions of Sections 3.1, 3.2, 3.3, 3.4, 3.5, 10.1, 10.3, 11.1, 11.2, 12.1, 12.3, 12.4, 12.7, 12.9, 12.10, 12.11, 12.13
and 13.8 shall survive termination of the Loan Documents and any payment, in full or in part, of the Obligations.

 

XII.
MISCELLANEOUS

 

12.1
Governing Law; Jurisdiction; Service of Process; Venue

 

(A) THE LOAN
DOCUMENTS, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ITS CHOICE OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF A DIFFERENT
JURISDICTION.

 

(B) BY EXECUTION
AND DELIVERY OF EACH LOAN DOCUMENT TO WHICH IT IS A PARTY, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS,
FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY
AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, 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 NEW YORK 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 AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(C) 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 (A) OF THIS SECTION 12.1. 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.

 

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(D) EACH OF
THE PARTIES HERETO WAIVES PERSONAL SERVICE OF PROCESS AND AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED
FOR NOTICES IN SECTION 12.5. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW.

 

12.2
Successors and Assigns; Assignments and Participations

 

(a)
Subject to Sections 12.2(fc) and
(gd), a Lender may at any time assign all or
a portion of its rights and delegate all or a portion of its obligations under this Agreement and the other Loan Documents (including
all its rights and obligations with respect to the Loan) to one or more Persons other than the Borrower or any Affiliate of the Borrower
(subject to the following proviso, each, a “Transferee”), provided, that unless an Event of Default
has occurred and is continuing (in which event no such restriction shall apply), no natural person, Non-Funding Lender or Affiliate of
a Non-Funding Lender, direct competitor of Borrower or Holdings or any Person who is directly engaged in consumer lease financing to
big box retail, or is controlled by a Person which is a direct competitor of Borrower or who is directly engaged in consumer lease financing
to big box retail, shall constitute a Transferee hereunder and Borrower shall have a right to consent to any Transferee that is not an
Approved Fund of a Lender (each such Person that is precluded from being a Transferee pursuant to this proviso, an “Ineligible
Transferee”). Notwithstanding anything to the contrary in this Agreement, other than restrictions set forth in the definition
of “Transferee”, there shall be no limitation or restriction on any Lender’s ability to assign, pledge or otherwise
transfer any Note or other Obligation. The Transferee and such Lender shall execute and deliver for acceptance and recording in the Register,
a Lender Addition Agreement, which shall be in form and substance reasonably acceptable to Agent in its Permitted Discretion (“Lender
Addition Agreement”). Upon such execution, delivery, acceptance and recording, from and after the effective date determined
pursuant to such Lender Addition Agreement, (i) the Transferee thereunder shall be a party hereto and, to the extent provided in such
Lender Addition Agreement, have the same rights, benefits and obligations as it would if it were a Lender hereunder, (ii) the assigning
Lender shall be relieved of its obligations hereunder with respect to its Advances or assigned portion thereof, as the case may be, to
the extent that such obligations shall have been expressly assumed by the Transferee pursuant to such Lender Addition Agreement (and,
in the case of a Lender Addition Agreement covering all or the remaining portion of an assigning Lender’s rights and obligations
under this Agreement, such assigning Lender shall cease to be a party hereto but, with respect to matters occurring before such assignment,
shall nevertheless continue to be entitled to the benefits of Sections 12.4 and 12.7). Borrower hereby acknowledges and
agrees that any assignment will give rise to a direct obligation of Borrower to the Transferee and that the Transferee shall be considered
to be a “Lender” hereunder. Borrower may not sell, assign or transfer any interest in this Agreement, any of the other Loan
Documents, or any of its Obligations, or any portion thereof, including Borrower’s rights, title, interests, remedies, powers,
and duties hereunder or thereunder.

 

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(b) Each
Lender may at any time sell participations in all or any part of its rights and obligations under this Agreement and the other Loan
Documents (including all its rights and obligations with respect to the Loan) to one or more Persons acceptable to Agent that is not
a non direct competitor of Borrower or Holdings or any Person who is directly engaged in consumer lease financing to big box retail,
or is controlled by a Person which is a direct competitor of Borrower or who is directly engaged in consumer lease financing to big
box retail (each, a “Participant” and each Person that is precluded from being a Participant pursuant to
this sentence, an “Ineligible Participant”). In the event of any such sale by a Lender of a participation
to a Participant, (i) such Lender’s obligations under this Agreement to the other parties to this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible for the performance thereof, (iii) such Lender shall remain the holder
of any such Loan (and any Note evidencing such Loan) for all purposes under this Agreement and the other Loan Documents, (iv)
Borrower and Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement and the other Loan Documents, and (v) all amounts payable pursuant to Section 6.2 by
Borrower hereunder shall be determined as if such Lender had not sold such participation. Any agreement pursuant to which any Lender
shall sell any such participation shall provide that such Lender shall retain the sole right and responsibility to exercise such
Lender’s rights and enforce Borrower’s obligations hereunder, including the right to consent to any amendment,
supplement, modification or waiver of any provision of this Agreement or any of the other Loan Documents; provided, that such
participation agreement may provide that such Lender will not agree, without the consent of the Participant, to any amendment,
supplement, modification or waiver ofrelating
to: (A) any reduction in the principal amount, interest rate or fees or premium
payments payable to Lenders with respect to any Loan in which such holder
participates; (B) any extension of the termination date of this Agreement orMaturity
Date or of the scheduled date fixed
for any payment of principal, interest or fees payable with respect to any Loan in which such holder
participatesof expiration of any Revolving Loan Commitment or any reinstatement of any
terminated Revolving Loan Commitment; and (C) any release of all or
substantially all of the Collateral (other than in accordance with the terms of this Agreement or the Loan Documents);
(D) any amendment or modification to the priority of payments or pro rata treatment of payments in connection with the application
of any amounts due in respect of the Loan (including, without limitation, as set
forth in Section 2.4 hereof), (E) discharging any Credit Party from its respective payment obligations in respect of the Loan except
as otherwise may be provided in the Loan and Security Agreement or the other Loan Documents, (F) increasing any fees payable to
Agent under this Agreement, (G) waiving any Event of Default arising as a result of a Change of Control or Servicer Default or (H)
amending or modifying any of Section 7.4 or 7.13 of this Agreement.
Borrower hereby acknowledges and agrees that the Participant under each participation shall, solely for the purposes of Sections
12.4 and 12.7 of this Agreement be considered to be a “Lender” hereunder. 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 (x) 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 and (y) that
each Lender must notify the Agent of the date and the amount of such participation. 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 Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.

 

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(c) Agent
shall maintain at its address referred to in Section 12.5 a copy of each Lender Addition Agreement delivered to it and a
written or electronic register (the “Register”) for the recordation of the names and addresses of the
Lenders and the Advances made by, and the principal amount of the Loan owing to, and the Notes evidencing such Loan owned by, each
Lender from time to time. Notwithstanding anything in this Agreement to the contrary, Borrower and the Agent shall treat each Person
whose name is recorded in the Register as the owner of the Loan, the Notes and the Advances recorded therein for all purposes of
this Agreement. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to
time upon reasonable prior notice.

 

(d) Notwithstanding
anything in this Agreement to the contrary, no assignment under Section 12.2(a) of any rights or obligations under or in
respect of the Loan or the Notes evidencing such Loan shall be effective unless and until Agent shall have recorded the assignment
pursuant to Section 12.2(c). Upon its receipt of a Lender Addition Agreement executed by an assigning Lender and a
Transferee, Agent shall (i) promptly accept such Lender Addition Agreement and (ii) on the effective date determined pursuant
thereto record the information contained therein in the Register and give prompt notice of such acceptance and recordation to the
Lender and Borrower. On or prior to such effective date, the assigning Lender shall surrender any outstanding Notes held by it, all
or a portion of which are being assigned, and Borrower, at its own expense, shall, upon the request of Agent by the assigning Lender
or the Transferee, as applicable, execute and deliver to Agent, within five (5) Business Days of any request, new Notes to reflect
the interest held by the assigning Lender and its Transferee.

 

(e) Except
as otherwise provided in this Section 12.2 Agent shall not, as between Borrower and Agent, be relieved of any of its
obligations hereunder as a result of any sale, assignment, transfer or negotiation of, or granting of participation in, all or any
part of the Loan or other Obligations owed to Agent and Lenders. Agent may furnish any information concerning Borrower in the
possession of Agent from time to time to assignees and participants (including prospective assignees and participants), subject to
confidentiality requirements hereunder.

 

(f) Notwithstanding
any other provision set forth in this Agreement, Agent and each Lender may at any time create a security interest in all or any
portion of its rights under this Agreement, including, without limitation, the Loan owing to it and the Notes held by it and (solely
with respect to the Agent) the other Loan Documents and Collateral.

 

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(g) Borrower
agrees to use commercially reasonable efforts to assist Agent and each Lender in assigning or selling participations in all or any
part of any Loan made by any Lender to another Person identified by such Lender.

 

(h) Notwithstanding
anything in the Loan Documents to the contrary, (i) Agent and its Affiliates shall not be required to execute and deliver a Lender
Addition Agreement in connection with any transfer, assignment or participation transaction involving its Affiliates or lenders, in
each case, who, unless an Event of Default has occurred and is continuing, are not Ineligible Transferees, (ii) no lender to or
funding or financing source of Agent or its Affiliates shall be considered a Transferee, (iii) there shall be no limitation or
restriction on Agent’s ability to assign (except to any Ineligible Transferee at such time as no Event of Default has occurred
and is continuing), participate or otherwise transfer any Loan Document to any such Affiliate or lender or funding or financing
source, (iv) there shall be no limitation or restriction on such Affiliates’ or lenders’ or financing or funding
sources’ ability to assign, participate or otherwise transfer any Loan Document, Loan, Note or Obligation (or any of its
rights thereunder or interest therein) and (v) no notice shall be required to be delivered to Borrower in connection with any
assignment, participation or other transfer described in this Section 12.2(g); provided, however, Agent shall
continue to be liable as a “Lender” under the Loan Documents unless such Affiliate or lender or funding or financing
source executes a Lender Addition Agreement and thereby becomes a “Lender.”

 

(i) The
Loan Documents shall inure to the benefit of Agent, Lenders, Transferee, Participant (to the extent expressly provided herein only)
and all future holders of the Notes, the Obligations and/or any of the Collateral, and each of their respective successors and
permitted assigns. Each Loan Document shall be binding upon the Persons other than Agent that are parties thereto and their
respective successors and assigns, and no such Person may assign, delegate or transfer any Loan Document or any of its rights or
obligations thereunder without the prior written consent of Agent. No rights are intended to be created under any Loan Document for
the benefit of any third party donee, creditor or incidental beneficiary of Borrower. Nothing contained in any Loan Document shall
be construed as a delegation to Agent of any other Person’s duty of performance. BORROWER ACKNOWLEDGES AND AGREES THAT AGENT
AT ANY TIME AND FROM TIME TO TIME MAY (I) DIVIDE AND REISSUE (WITHOUT SUBSTANTIVE CHANGES OTHER THAN THOSE RESULTING FROM SUCH
DIVISION) THE NOTES, AND/OR (II) SELL, ASSIGN OR GRANT PARTICIPATING INTERESTS IN OR TRANSFER ALL OR ANY PART OF ITS RIGHTS OR
OBLIGATIONS UNDER ANY LOAN DOCUMENT, NOTE, THE OBLIGATIONS AND/OR THE COLLATERAL TO OTHER PERSONS, IN EACH CASE ON THE TERMS AND
CONDITIONS PROVIDED HEREIN. Each Transferee and Participant shall have all of the rights, obligations and benefits with respect to
the Obligations, Notes, Collateral and/or Loan Documents held by it as fully as if the original holder thereof; provided,
that, notwithstanding anything to the contrary in any Loan Document, Borrower shall not be obligated to pay under this Agreement to
any Transferee or Participant any sum in excess of the sum which it would have been obligated to pay to Agent had such participation
not been effected. Agent may disclose to any Transferee or Participant all information, reports, financial statements, certificates
and documents obtained under any provision of any Loan Document; provided, that Transferees and Participants shall be subject
to the confidentiality provisions contained herein that are applicable to Agent.

 

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(j) Any
Lender may assign or pledge all or any portion of the Loans or Notes held by it to any Federal Reserve Bank or the United States
Treasury as collateral security to secure obligations of such Lender, including without limitation, any assignment or pledge
pursuant to Regulation A of the Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal
Reserve Bank, provided, that any payment in respect of such assigned Loans or Notes made by Borrower to or for the account of
the assigning or pledging Lender in accordance with the terms of this Agreement shall satisfy Borrower’s obligations hereunder
in respect to such assigned Loans or Notes to the extent of such payment. No such assignment shall release the assigning Lender from
its obligations hereunder.

 

12.3
Application of Payments

 

To the extent
that any payment made or received with respect to the Obligations is subsequently invalidated, determined to be fraudulent or preferential,
set aside, defeased or required to be repaid to a trustee, debtor in possession, receiver, custodian or any other Person under any Debtor
Relief Law, common law or equitable cause or any other law, then the Obligations intended to be satisfied by such payment shall be revived
and shall continue as if such payment had not been received by Agent and the Liens created hereby shall be revived automatically without
any action on the part of any party hereto and shall continue as if such payment had not been received by Agent. Any payments with respect
to the Obligations received shall be credited and applied in accordance with Section 2.4.

 

12.4
Indemnity

 

Borrower shall indemnify
Agent, each Lender, each Transferee, each Participant, their respective Affiliates, managers, members, officers, employees, agents,
representatives, successors, assigns, accountants and attorneys (collectively, the “Indemnified Persons”)
from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses and
disbursements of any kind or nature whatsoever (including, without limitation, reasonable fees and disbursements of counsel, but
limited, in the case of legal fees and expenses, to the reasonable and documented fees, disbursements and expenses of one regulatory
counsel to such Indemnified Person and one other firm of outside counsel to such Indemnified Person taken as a whole and, solely in
the case of an actual or potential conflict of interest, one additional firm of outside counsel to each group of similarly situated
Indemnified Person) which are incurred or actually paid by any Indemnified Person with respect to or arising out of, or in any
litigation, proceeding or investigation instituted or conducted by any Person with respect to any aspect of, or any transaction
contemplated by, or any matter related to, any act of or omission by Borrower or any of its Affiliates, officers, directors and
agents relating to the Loan, this Agreement or any other Loan Document, except to the extent resulting or arising from the
applicable Indemnified Person’s own gross negligence or willful misconduct. Agent agrees to give Borrower reasonable notice of
any event of which Agent becomes aware for which indemnification may be required under this Section 12.4 (provided,
that the failure of Agent to give such notice shall not affect the obligation of Borrower or any other Person pursuant to this Section
12.4 unless materially prejudiced thereby) and Agent may elect (but is not obligated) to direct the defense thereof; provided,
that the selection of counsel shall be subject to Borrower’s consent, which consent shall not be unreasonably withheld or
delayed, and Borrower shall be entitled to participate in the defense of any matter for which indemnification may be required under
this Section 12.4 and to employ counsel at its own expense to assist in the handling of such matter. Any Indemnified Person
may, in its reasonable discretion, take such actions as it deems necessary and appropriate to investigate, defend or settle any
event or take other remedial or corrective actions with respect thereto as may be necessary for the protection of such Indemnified
Person or the Collateral, subject to Borrower’s prior approval of any settlement, which shall not be unreasonably withheld or
delayed. Notwithstanding the foregoing, if any insurer agrees to undertake the defense of an event (an “Insured
Event”), Agent agrees not to exercise its right to select counsel to defend the event if that would cause
Borrower’s insurer to deny coverage; provided, however, that Lender reserves the right to retain counsel to
represent any Indemnified Person with respect to an Insured Event at its sole cost and expense. To the extent that Agent obtains
recovery from a third party other than an Indemnified Person of any of the amounts that Borrower has paid to Lender pursuant to the
indemnity set forth in this Section 12.4, then Agent shall promptly pay to Borrower the amount of such recovery. Without
limiting any of the foregoing, (a) Borrower indemnifies the Indemnified Persons for all claims for brokerage fees or commissions
(other than claims of a broker with whom such Indemnified Person has directly contracted in writing) and (b) Agent indemnifies the
Borrower for all claims for brokerage fees or commissions (other than the claims of a broker with whom Borrower or any of its
Affiliates has directly contracted in writing), in each case, which may be made in connection with respect to any aspect of, or any
transaction contemplated by or referred to in, or any matter related to, any Loan Document or any agreement, document or transaction
contemplated thereby.

 

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12.5
Notice

 

Any notice
or request under any Loan Document shall be given to the applicable party to this Agreement at such party’s address set forth beneath
its signature on the signature page to this Agreement, or at such other address as such party may hereafter specify in a notice given
in the manner required under this Section 12.5. Any notice or request hereunder shall be given only by, and shall be deemed to
have been received upon (each, a “Receipt”): (i) registered or certified mail, return receipt requested, on
the date on which such received as indicated in such return receipt, (ii) delivery by a nationally recognized overnight courier, one (1)
Business Day after deposit with such courier, or (iii) facsimile or electronic transmission, in each case upon telephone or further electronic
communication from the recipient acknowledging receipt (whether automatic or manual from recipient), as applicable.

 

12.6
Severability; Captions; Counterparts; Facsimile Signatures

 

If any provision
of any Loan Document is adjudicated to be invalid under Applicable Laws or regulations, such provision shall be inapplicable to the extent
of such invalidity without affecting the validity or enforceability of the remainder of the Loan Documents which shall be given effect
so far as possible. The captions in the Loan Documents are intended for convenience and reference only and shall not affect the meaning
or interpretation of the Loan Documents. The Loan Documents may be executed in one or more counterparts (which taken together, as applicable,
shall constitute one and the same instrument) and by facsimile transmission, which facsimile signatures shall be considered original executed
counterparts. Each party to this Agreement agrees that it will be bound by its own facsimile signature and that it accepts the facsimile
signature of each other party.

 

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12.7
Expenses

 

Borrower shall
pay, whether or not the Closing occurs, all out-of-pocket fees, costs and expenses incurred or actually paid by Agent, any Lender, and/or
its Affiliates, including, without limitation, documentation and diligence fees and expenses prior to and following the Closing, all search,
audit, appraisal, recording, professional and filing fees and expenses and all other charges and expenses (including, without limitation,
UCC and judgment and tax lien searches and UCC filings and fees for post-Closing UCC and judgment and tax lien searches and wire transfer
fees and audit expenses), and reasonable external attorneys’ fees and expenses (including, without limitation, reasonable fees and
disbursements of counsel, but limited, in the case of legal fees and expenses, to the reasonable and documented fees, disbursements and
expenses of one regulatory counsel to such Indemnified Person and one other firm of outside counsel to such Indemnified Person taken as
a whole and, solely in the case of an actual or potential conflict of interest, one additional firm of outside counsel to each group of
similarly situated Indemnified Person) , (i) in any effort to enforce, protect or collect payment of any Obligation or to enforce any
Loan Document or any related agreement, document or instrument, (ii) in connection with entering into, negotiating, preparing, reviewing
and executing the Loan Documents and/or any related agreements, documents or instruments, (iii) arising in any way out of administration
of the Obligations or the taking or refraining from taking by Agent of any action requested by Borrower, (iv) in connection with instituting,
maintaining, preserving, enforcing and/or foreclosing on Agent’s Liens in any of the Collateral or securities pledged under the
Loan Documents, whether through judicial proceedings or otherwise, (v) in defending or prosecuting any actions, claims or proceedings
arising out of or relating to Agent’s or any Lender’s transactions with Borrower, (vi) in seeking, obtaining or receiving
any advice with respect to its rights and obligations under any Loan Document and any related agreement, document or instrument, (vii)
arising out of or relating to any Default or Event of Default or occurring thereafter or as a result thereof, (viii) in connection with
all actions, visits, audits and inspections undertaken by Agent or its Affiliates pursuant to the Loan Documents, and/or (ix) in connection
with any modification, restatement, supplement, amendment, waiver or extension of any Loan Document and/or any related agreement, document
or instrument. All of the foregoing shall be charged to Borrower’s account and shall be part of the Obligations. Without limiting
the forgoing, Borrower shall pay all Taxes (other than Taxes based upon or measured by Agent’s income or revenues or any personal
property tax), if any, in connection with the issuance of any Note and the filing and/or recording of any documents and/or financing statements.

 

12.8
Entire Agreement

 

This Agreement and the other
Loan Documents to which Borrower is a party constitute the entire agreement between Borrower, Agent and Lenders with respect to the
subject matter hereof and thereof, and supersede all prior agreements and understandings (including but not limited to the term
sheet dated on or about January 29, 2019), if any, relating to the subject matter hereof or thereof. Any promises, representations,
warranties or guarantees not herein contained and hereinafter made shall have no force and effect unless in writing signed by
Borrower, Agent and Requisite Lenders, as appropriate. Except as set forth in and subject to Section 10.4, no provision of
any Loan Document may be changed, modified, amended, restated, waived, supplemented, discharged, canceled or terminated orally or by
any course of dealing or in any other manner other than by an agreement in writing signed by Borrower, Agent and Requisite Lenders, provided,
that no consent or agreement by Borrower shall be required to amend, modify, change, restate, waive, supplement, discharge, cancel
or terminate any provision of Article XIII, so long as no additional duties are required to be assumed by Borrower and there
is no adverse effect on Borrower or its rights or duties under this Agreement or any other Loan Document. Each party hereto
acknowledges that it has been advised by counsel in connection with the negotiation and execution of this Agreement and is not
relying upon oral representations or statements inconsistent with the terms and provisions hereof. The schedules attached hereto may
be amended or supplemented by Borrower upon delivery to Agent of such amendments or supplements and, except as expressly provided
otherwise in this Agreement, the written approval thereof by Agent.

 

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12.9
Approvals and Duties

 

Unless expressly
provided herein to the contrary, any approval, consent, waiver or satisfaction of Agent with respect to any matter that is subject of
any Loan Document may be granted or withheld by Agent, as applicable, in its sole and absolute discretion. Agent shall have no responsibility
for or obligation or duty with respect to any of the Collateral or any matter or proceeding arising out of or relating thereto, including,
without limitation, any obligation or duty to collect any sums due in respect thereof or to protect or preserve any rights pertaining
thereto.

 

12.10
Publicity

 

(a) 2.
Borrower agrees, and agrees to cause each of its Affiliates, (i) not to transmit or disclose provision of any Loan Document to any
Person (other than to the advisors, managers, directors, officers and employees of the Borrower, Holdings and Parent Entity on a
need-to-know basis) without Agent’s prior written consent, (ii) to inform all Persons of the confidential nature of the Loan
Documents and to direct them not to disclose the same to any other Person and to require each such Person (other than to the
advisors, managers, directors, officers and employees of the Borrower, Holdings and Parent Entity) of them to be bound by these
provisions. Borrower agrees to submit to Agent and Agent reserves the right to review and approve all materials that Borrower or any
of its Affiliates prepares to Persons other than Borrower, Holdings and Parent Entity and their Affiliates and their respective
advisors, managers, directors, officers and employees) that contain Agent’s or any Lender’s name or describe or refer to
any Loan Document, any of the terms thereof or any of the transactions contemplated thereby; provided, that Borrower and its
Affiliates shall have the right to disclose the Loan Documents to:

 

(i)
1. Agent, Lenders and their respective Affiliates;

 

(ii) 2.
such Person’s investors and prospective investors, rating agencies and their respective directors, officers, trustees,
partners, members, managers, employees, agents, advisors, representatives, attorneys, equity owners, professional consultants,
portfolio management services and rating agencies (in each case, provided that such Person agrees to be bound by this Section
12.10);

 

(iii) 3.
any Governmental Authority to which the Borrower, Holdings or Parent Entity is subject at the request or pursuant to any requirement
of such Governmental Authority, or in connection with an examination of Borrower, Holdings or Parent Entity by any such Governmental
Authority; and

 

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(iv) 4.
any Person (A) to the extent required by applicable law, (B) in response to any subpoena or other legal process or informal
investigative demand, (C) in connection with any litigation, or (D) in connection with the actual or potential exercise or
enforcement of any right or remedy under any Loan Document.

 

(b) 3. The
obligations of Borrower, Holdings or Parent Entity and their respective Affiliates under this Section 12.10 shall supersede and
replace any other confidentiality obligations to the Agent and Lenders with respect to the Loan Documents agreed to by Borrower,
Holdings or Parent Entity or any of their respective Affiliates.

 

(c) 4.
Borrower shall not, and shall not permit any of its Affiliates to, use Agent’s or any Lender’s name (or the name of any
of Agent’s or any Lender’s Affiliates) in connection with any of its business operations, including without limitation,
advertising, marketing or press releases or such other similar purposes, without Agent’s prior written consent. Nothing
contained in any Loan Document is intended to permit or authorize Borrower or any of its Affiliates to contract on behalf of Agent
or any Lender.

 

(d) 5. Borrower
hereby agrees that Agent or any Affiliate of Agent may (i) disclose a general description of transactions arising under the Loan
Documents for advertising, marketing or other similar purposes and (ii) use Borrower’s or any Borrower Party’s name,
logo or other indicia germane to such party in connection with such advertising, marketing or other similar purposes.

 

(e) 6.
Lenders and Agent shall exercise commercially reasonable efforts to maintain in confidence, in accordance with its customary
procedures for handling confidential information, all written non-public information of a Borrower Party that any Borrower Party
furnishes on a confidential basis (“Confidential Information”), other than any such Confidential Information that
becomes generally available to the public or becomes available to Lender or Agent from a source other than Borrower, Holdings,
Parent Entity or any of their respective Affiliates (collectively, the “Borrower Parties”)that is not known to
such recipient to be subject to confidentiality obligations; provided, that each Lender and Agent and their respective
Affiliates shall have the right to disclose Confidential Information, in each case, provided that such Person agrees to be bound by
this Section 12.10, to:

 

(i) Borrower
or its Affiliates;

 

(ii)  such Person’s Affiliates;

 

(iii) such
Person’s or such Person’s Affiliates’ lenders, funding or financing
sources;

 

(iv) such Person’s
or such Person’s Affiliates’ directors, officers, trustees, partners, members, managers, employees, agents, advisors, representatives,
attorneys, equity owners, professional consultants, portfolio management services and rating agencies;

 

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(v) any
Person to whom Agent or a Lender offers or proposes to offer to sell, assign or transfer the Loan or any part thereof or any
interest or participation therein (other than an Ineligible Transferee) ;

 

(vi) any
Person that provides statistical analysis and/or information services to a Lender or Agent or any of their respective
Affiliates;

 

(vii) any
Governmental Authority to which any Lender or Agent is subject at the request or pursuant to any requirement of such Governmental
Authority, or in connection with an examination of any Lender or Agent by any such Governmental Authority; and

 

(viii) any
Person (A) to the extent required by applicable law, (B) in response to any subpoena or other legal process or informal
investigative demand, (C) in connection with any litigation, or (D) in connection with the actual or potential exercise or
enforcement of any right or remedy under any Loan Document.

 

In addition, each
of the Lenders and Agent agrees at all times upon and following the Public Company Transition Date (i) to use commercially reasonable
efforts to insure that no material non-public information provided to it by or on behalf of any Borrower Party will be utilized by such
Lender or the Agent or any of their respective affiliates, agents, advisors or representatives to trade any securities of the Parent Entity
(or its successors) and (ii) not to use, or cause any of its respective affiliates, agents, advisors or representatives to use, any material
non-public information provided to it by or on behalf of any Borrower Party to trade any securities of the Parent
Entity (or its successors).

 

(f) 7.
The obligations of Lenders and Agent and their respective Affiliates under this Section 12.10 shall supersede and replace any
other confidentiality obligations agreed to by any Lender or Agent or any of their respective Affiliates.

 

(g) (b)
Notwithstanding anything herein to the contrary, each party to this Agreement may disclose without limitation the tax treatment and
tax structure of the transactions contemplated by this Agreement.

 

(h) (c)
Any disclosure by Agent or Lenders of any of a Borrower Parties’ Confidential Information pursuant to applicable federal,
state or local law, regulation or a valid order issued by a court or governmental agency of competent jurisdiction (a
“Legal Order”) shall be subject to the terms of this paragraph. Prior to making any such disclosure, Agent or
Lenders shall make commercially reasonable efforts to provide the Borrower Parties with prompt written notice of such compelled
disclosure so that the Borrower Parties may seek a protective order or other remedy and reasonable assistance in opposing such
disclosure or seeking a protective order or other limitations on disclosure. If, after providing such notice and assistance as
required herein, Agent or Lenders remain subject to a Legal Order to disclose any Confidential Information, Agent or such Lender
shall disclose, and, if applicable, shall require its representatives or other persons to whom such Legal Order is directed to
disclose, no more than that portion of the Confidential Information which, on the advice of Agent’s or such Lender’s
legal counsel, such Legal Order specifically compels and shall use commercially reasonable efforts to obtain assurances from the
applicable court or agency that such Confidential Information will be afforded confidential treatment.

 

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12.11
Release of Collateral

 

So long as no
Default or Event of Default has occurred and is continuing, upon request of Borrower, Agent shall release any Lien granted to or held
by Agent upon any Collateral being sold or disposed of in compliance with the provisions of the Loan Documents, as determined by Agent
in its sole discretion. Subject to Section 12.3, promptly following indefeasible payment in full in cash of all Obligations (other
than indemnity obligations under the Loan Documents that are not then due and payable or with respect to which no claim has been made)
and the termination of this Agreement, the Liens created hereby shall terminate and Agent shall execute and deliver such documents, at
Borrower’s expense, as are necessary to release Agent’s Liens in the Collateral and shall return or cause the return of or
consent to the return of the Collateral to Borrower; provided, however, that the parties agree that, notwithstanding any
such termination or release or the execution, delivery or filing of any such documents or the return of any Collateral, if and to the
extent that any such payment made or received with respect to the Obligations is subsequently invalidated, determined to be fraudulent
or preferential, set aside, defeased or required to be repaid to a trustee, debtor in possession, receiver, custodian or any other Person
under any Debtor Relief Law, common law or equitable cause or any other law, then the Obligations intended to be satisfied by such payment
shall be revived and shall continue as if such payment had not been received by Agent and the Liens created hereby shall be revived automatically
without any action on the part of any party hereto and shall continue as if such payment had not been received by Agent. Agent shall not
be deemed to have made any representation or warranty with respect to any Collateral so delivered except that such Collateral is free
and clear, on the date of such delivery, of any and all Liens arising from such Person’s own acts. Section 12.9 shall not
be applicable to any actions required to be taken by the Agent under this Section.

 

12.12
Treatment of Fees

 

The parties
hereto agree that all fees due and payable by the Borrower under this Agreement, including, without limitation, pursuant to Article
III hereof, shall be deemed to be and shall be treated as interest in respect of the outstanding principal amount of the Loan; provided,
however, that nothing in this Section 12.12 shall in any way modify or reduce the obligations of the Borrower under Sections
2.2 or 3.2 of this Agreement.

 

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12.13
Release; Cooperation

 

(a) Borrower
hereby acknowledges and agrees that as of the date hereof it has no defense, counterclaim, offset, cross-complaint, claim or demand
of any kind or nature whatsoever that can be asserted to reduce or eliminate all or any part of its liability to repay the
obligations or to seek affirmative relief or damages of any kind or nature from Agent or any Lender. To the extent permitted by
applicable law, Borrower hereby voluntarily and knowingly releases and forever discharges Agent and each Lender and each of their
respective predecessors, agents, employees, affiliates, attorneys, successors and assigns (collectively, the “Released
Parties”) from all Claims whatsoever, whether known or unknown, anticipated or unanticipated, suspected or
unsuspected, fixed, contingent or conditional, or at law or in equity, in any case to the extent originating on or before the date
this Agreement is executed that Borrower may now or hereafter have against the Released Parties, if any, irrespective of whether any
such claims arise out of contract, tort, violation of law or regulations, or otherwise, and that arise from any of the Loans, the
exercise of any rights and remedies under this Agreement or any of the other Loan Documents, and/or the negotiation for and
execution of this Agreement, including, without limitation, any contracting for, charging, taking, reserving, collecting or
receiving interest in excess of the highest lawful rate applicable. Borrower acknowledges that the foregoing release is a material
inducement to each Lender’s decision to extend to Borrower the financial accommodations hereunder and has been relied upon by
such Lender in agreeing to make the Loan. Borrower hereby further specifically waives any rights that it may have under Section 1542
of the California Civil Code (to the extent applicable), which provides as follows: “A GENERAL RELEASE DOES NOT EXTEND TO
CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM
MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR,” and further waives any similar rights under applicable
laws.

 

(b) In
any litigation, arbitration or other dispute resolution proceeding relating to any Loan Document, Borrower waives any and all
defenses, objections and counterclaims it may have or could interpose with respect to (i) any of its directors, officers, employees
or agents being deemed to be employees or managing agents of Borrower for purposes of all applicable law or court rules regarding
the production of witnesses by notice for testimony (whether in a deposition, at trial or otherwise), (ii) Agent’s or any
other Lender’s counsel examining any such individuals as if under cross-examination and using any discovery deposition of any
of them as if it were an evidence deposition, and (iii) using all commercially reasonable efforts to produce in any such dispute
resolution proceeding, at the time and in the manner requested by Agent or such other Lender, all Persons, documents (whether in
tangible, electronic or other form) and other things under its control and relating to the dispute.

 

XIII.
AGENT PROVISIONS; SETTLEMENT

 

13.1
Agent

 

(a) Appointment.
Each Lender hereby designates and appoints Midtown Madison Management LLC as the administrative agent, payment agent and collateral
agent under this Agreement and the other Loan Documents, and each Lender hereby irrevocably authorizes Midtown Madison Management
LLC, as Agent for such Lender, to take such action or to refrain from taking such action on its behalf under the provisions of this
Agreement and the other Loan Documents and to exercise such powers and perform such duties as are delegated to Agent by the terms of
this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Agent agrees to
act as such on the conditions contained in this Article XIII. The provisions of this Article XIII are solely for the
benefit of Agent and Lenders, and Borrower shall have no rights as third-party beneficiaries of any of the provisions of this Article
XIII other than the second sentence of Section 13.1(h)(iii). Agent may perform any of its duties hereunder, or under the
Loan Documents, by or through its agents, employees or sub-agents.

 

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(b) Nature
of Duties. In performing its functions and duties under this Agreement, Agent is acting solely on behalf of Lenders, and its
duties are administrative in nature, and does not assume and shall not be deemed to have assumed, any obligation toward or
relationship of agency or trust with or for Lenders, other than as expressly set forth herein and in the other Loan Documents, or
Borrower. Agent shall have no duties, obligations or responsibilities except those expressly set forth in this Agreement or in the
other Loan Documents. Agent shall not have by reason of this Agreement or any other Loan Document a fiduciary relationship in
respect of any Lender. Each Lender shall make its own independent investigation of the financial condition and affairs of Borrower
in connection with the extension of credit hereunder and shall make its own appraisal of the creditworthiness of Borrower. Except
for information, notices, reports and other documents expressly required to be furnished to Lenders by Agent hereunder or given to
Agent for the account of or with copies for Lenders, Agent shall have no duty or responsibility, either initially or on a continuing
basis, to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before
the Closing Date or at any time or times thereafter. If Agent seeks the consent or approval of any Lenders to the taking or
refraining from taking any action hereunder, then Agent shall send prior written notice thereof to each Lender. Agent shall promptly
notify each Lender in writing any time that the applicable percentage of Lenders have instructed Agent to act or refrain from acting
pursuant hereto.

 

(c) Rights,
Exculpation, Etc. Neither Agent nor any of its officers, directors, managers, members, equity owners, employees, attorneys or
agents shall be liable to any Lender for any action lawfully taken or omitted by them hereunder or under any of the other Loan
Documents, or in connection herewith or therewith; provided that the foregoing shall not prevent Agent from being be liable to the
extent of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction on a final and
nonappealable basis. Notwithstanding the foregoing, Agent shall be obligated on the terms set forth herein for performance of its
express duties and obligations hereunder. Agent shall not be liable for any apportionment or distribution of payments made by it in
good faith, and if any such apportionment or distribution is subsequently determined to have been made in error, the sole recourse
of any Lender to whom payment was due but not made shall be to recover from the other Lenders any payment in excess of the amount to
which they are determined to be entitled (and such other Lenders hereby agree promptly to return to such Lender any such erroneous
payments received by them). In performing its functions and duties hereunder, Agent shall exercise the same care which it would in
dealing with loans for its own account. Agent shall not be responsible to any Lender for any recitals, statements, representations
or warranties made by Borrower herein or for the execution, effectiveness, genuineness, validity, enforceability, collectability or
sufficiency of this Agreement or any of the other Loan Documents or the transactions contemplated thereby, or for the financial
condition of Borrower. Agent shall not be required to make any inquiry concerning either the performance or observance of any of the
terms, provisions, or conditions of this Agreement or any of the Loan Documents or the financial condition of Borrower, or the
existence or possible existence of any Default or Event of Default. Agent may at any time request instructions from Lenders with
respect to any actions or approvals which by the terms of this Agreement or of any of the other Loan Documents Agent is permitted or
required to take or to grant, and Agent shall be absolutely entitled to refrain from taking any action or to withhold any approval
and shall not be under any liability whatsoever to any Person for refraining from taking any action or withholding any approval
under any of the Loan Documents until it shall have received such instructions from the applicable percentage of Lenders. Without
limiting the foregoing, no Lender shall have any right of action whatsoever against Agent as a result of Agent acting or refraining
from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of the applicable percentage
of Lenders and, notwithstanding the instructions of Lenders, Agent shall have no obligation to take any action if it, in good faith,
believes that such action exposes Agent or any of its officers, directors, managers, members, equity owners, employees, attorneys or
agents to any personal liability unless Agent receives an indemnification satisfactory to it from Lenders with respect to such
action.

 

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(d) Reliance.
Agent shall be entitled to rely upon any written notices, statements, certificates, orders or other documents or any telephone
message or other communication (including any writing, telex, telecopy or telegram) believed by it in good faith to be genuine and
correct and to have been signed, sent or made by the proper Person, and with respect to all matters pertaining to this Agreement or
any of the other Loan Documents and its duties hereunder or thereunder, upon advice of legal counsel, independent accountants and
other experts selected by Agent in its sole discretion.

 

(e) Indemnification.
Each Lender, severally and not (i) jointly or (ii) jointly and severally, agrees to reimburse and indemnify and hold harmless Agent
and its officers, directors, managers, members, equity owners, employees, attorneys and agents (to the extent not reimbursed by
Borrower), ratably according to their respective Pro Rata Share in effect on the date on which indemnification is sought under this
subsection of the total outstanding Obligations under the Loan Documents (or, if indemnification is sought after the date upon which
the Loans shall have been paid in full, ratably in accordance with their Pro Rata Share immediately prior to such date of the total
outstanding Obligations), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses, advances, or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or
asserted against Agent or any of its officers, directors, managers, members, equity owners, employees, attorneys or agents in any
way relating to or arising out of this Agreement or any of the other Loan Documents or any action taken or omitted by Agent under
this Agreement or any of the other Loan Documents; provided, however, that no Lender shall be liable for the payment
of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, advances or
disbursements to the extent resulting from Agent’s gross negligence or willful misconduct as determined by a court of
competent jurisdiction on a final and non-appealable basis. The obligations of Lenders under this Article XIII shall survive
the payment in full of the Obligations and the termination of this Agreement.

 

(f) Agent
in its Individual Capacity. With respect to the Loans made by it, if any, Midtown Madison Management LLC and its successors as
the Agent shall have, and may exercise, the same rights and powers under the Loan Documents, and is subject to the same obligations
and liabilities, as and to the extent set forth in the Loan Documents, as any other Lender. The terms “Lenders” or
“Requisite Lenders” or any similar terms shall include Agent in its individual capacity as a Lender. Agent and its
Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally
engage in any kind of lending, banking, trust, financial advisory or other business with, Borrower or any Subsidiary or Affiliate of
Borrower as if it were not acting as Agent pursuant hereto.

 

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(g)
Successor Agent.

 

(i) Resignation.
Agent may resign from the performance of all or part of its functions and duties hereunder at any time by giving at least thirty
(30) calendar days’ prior written notice to Borrower and Lenders. Such resignation shall take effect upon the acceptance by a
successor Agent of appointment pursuant to clause (ii) below or as otherwise provided below.

 

(ii) Appointment
of Successor. Upon any such notice of resignation pursuant to clause (g)(i) of this Section 13.1, Requisite Lenders shall
appoint a successor Agent which is not an Ineligible Transferee. If a successor Agent shall not have been so appointed within said
thirty (30) calendar day period referenced in clause (g)(i) above, the retiring Agent, upon notice to Borrower, may, on behalf of
Lenders, appoint a successor Agent which is not an Ineligible Transferee, who shall serve as Agent until such time as Requisite
Lenders appoint a successor Agent as provided above. If no successor Agent has been appointed pursuant to the foregoing within said
thirty (30) calendar day period, the resignation shall become effective and Requisite Lenders thereafter shall perform all the
duties of Agent hereunder, until such time, if any, as Requisite Lenders appoint a successor Agent as provided above.

 

(iii) Successor
Agent. Upon the acceptance of any appointment as Agent under the Loan Documents by a successor Agent which is not an Ineligible
Transferee, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of
the retiring Agent and, upon the earlier of such acceptance or the effective date of the retiring Agent’s resignation, the
retiring Agent shall be discharged from its duties and obligations under the Loan Documents, provided that any indemnity
rights or other rights in favor of such retiring Agent shall continue after and survive such resignation and succession. After any
retiring Agent’s resignation as Agent under the Loan Documents, the provisions of this Article XIII shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was Agent under the Loan Documents.

 

(h)
Collateral Matters.

 

(i) Collateral.
Each Lender agrees that any action taken by Agent or the Requisite Lenders (or, where required by the express terms of this
Agreement, a greater number of Lenders) in accordance with the provisions of this Agreement or of the other Loan Documents relating
to the Collateral, and the exercise by Agent or the Requisite Lenders (or, where so required, such greater number of Lenders) of the
powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and
binding upon all of Lenders and Agent. Without limiting the generality of the foregoing, Agent shall have the sole and exclusive
right and authority to (i) act as the disbursing and collecting agent for Lenders with respect to all payments and collections
arising in connection herewith and with the Loan Documents in connection with the Collateral; (ii) execute and deliver each Loan
Document relating to the Collateral and accept delivery of each such agreement delivered by the Borrower or any Guarantor; (iii) act
as collateral agent for Lenders for purposes of the perfection of all security interests and Liens created by such agreements and
all other purposes stated therein; (iv) manage, supervise and otherwise deal with the Collateral; (v) take such action as is
necessary or desirable to maintain the perfection and priority of the security interests and Liens created or purported to be
created by the Loan Documents relating to the Collateral; and (vi) except as may be otherwise specifically restricted by the terms
hereof or of any other Loan Document, exercise all right and remedies given to such Agent and Lenders with respect to the Collateral
under the Loan Documents relating thereto, Applicable Law or otherwise.

 

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(ii) Release
of Collateral. Lenders hereby irrevocably authorize Agent, at its option and in its discretion, to release any Lien granted to
or held by Agent, for the benefit the of Lenders, upon any Collateral covered by the Loan Documents (A) upon termination of this
Agreement and the indefeasible payment in full in cash of all Obligations under the Loan Documents (other than contingent
indemnification Obligations to the extent no claim giving rise thereto has been asserted); (B) constituting Collateral being sold or
disposed of if Borrower certifies to Agent that the sale or disposition is made in compliance with the provisions of the Loan
Documents (and Agent may rely conclusively on any such certificate, without further inquiry); or (C) constituting Collateral leased
to Borrower under a lease which has expired or been terminated in a transaction permitted under this Agreement or is about to expire
and which has not been, and is not intended by Borrower to be, renewed or extended.

 

(iii) Confirmation of Authority;
Execution of Releases. Without in any manner limiting Agent’s authority to act without any specific or further authorization
or consent by Lenders (as set forth in Section 13.1(h)(i) and (ii)), each Lender agrees to confirm in writing, upon request
by Borrower, the authority to release any property covered by this Agreement or the Loan Documents conferred upon Agent under Section
13.1(h)(ii). So long as no Event of Default exists, upon receipt by Agent of confirmation from the requisite percentage of Lenders
of its authority to release any particular item or types of Collateral covered by this Agreement or the other Loan Documents, and upon
at least five (5) Business Days’ prior written request by Borrower, Agent shall (and hereby is irrevocably authorized by Lenders
to) execute such documents as may be necessary to evidence the release of the Liens granted to Agent, for the benefit itself and the Lenders,
herein or pursuant hereto upon such Collateral; provided, however, that (A) Agent shall not be required to execute any such
document on terms which, in Agent’s opinion, would expose Agent to liability or create any obligation or entail any consequence
other than the release of such Liens without recourse or warranty (other than that such Collateral is free and clear, on the date of such
delivery, of any and all Liens arising from such Person’s own acts), and (B) such release shall not in any manner discharge, affect
or impair the Obligations or any Liens upon (or obligations of Borrower or any Subsidiary of Borrower in respect of) all interests retained
by Borrower or any Subsidiary of Borrower, including, without limitation, the proceeds of any sale, all of which shall continue to constitute
part of the Collateral covered by this Agreement or the Loan Documents.

 

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(iv) Absence of Duty. Agent
shall have no obligation whatsoever to any Lender or any other Person to assure that the Collateral covered by this Agreement or the other
Loan Documents exists or is owned by Borrower or is cared for, protected or insured or has been encumbered or that the Liens granted to
Agent, on behalf of the Lenders, herein or pursuant hereto have been properly or sufficiently or lawfully created, perfected, protected,
enforced or maintained or are entitled to any particular priority, or to exercise at all or in any particular manner or under any duty
of care, disclosure, or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to Agent in
this Section 13.1(h) or in any of the Loan Documents; it being understood and agreed that in respect of the Collateral covered
by this Agreement or the other Loan Documents, or any act, omission or event related thereto, Agent may act in any manner it may deem
appropriate, in its discretion, given Agent’s own interest in Collateral covered by this Agreement or the Loan Documents as one
of Lenders and Agent shall have no duty or liability whatsoever to any of the other Lenders; provided, that Agent shall exercise
the same care which it would in dealing with loans for its own account.

 

(i) Agency
for Perfection. Each Lender hereby appoints Agent as agent for the purpose of perfecting Lenders’ security interest in
Collateral which, in accordance with Article 9 of the UCC in any applicable jurisdiction, can be perfected only by possession.
Should any Lender (other than Agent) obtain possession of any such Collateral, such Lender shall hold such Collateral for purposes
of perfecting a security interest therein for the benefit of the Lenders, notify Agent thereof and, promptly upon Agent’s
request therefor, deliver such Collateral to Agent or otherwise act in respect thereof in accordance with Agent’s
instructions.

 

(j) Exercise
of Remedies. Except as set forth in Section 13.4, each Lender agrees that it will not have any right individually to
enforce or seek to enforce this Agreement or any other Loan Document or to realize upon any Collateral security for the Loans or
other Obligations; it being understood and agreed that such rights and remedies may be exercised only by Agent in accordance with
the terms of the Loan Documents.

 

13.2
Lender Consent

 

(a) In
the event Agent requests the consent of a Lender and does not receive a written denial thereof within five (5) Business Days after
such Lender’s receipt of such request, then such Lender will be deemed to have given such consent so long as such request contained
a notice stating that such failure to respond within five (5) Business Days would be deemed to be a consent by such Lender.

 

(b) In
the event Agent requests the consent of a Lender in a situation where such Lender's consent would be required and such consent is
denied, then Agent may, at its option, require such Lender to assign its interest in the Loans to Agent for a price equal to the
then outstanding principal amount thereof due such Lender plus accrued and unpaid interest and fees due such Lender, which
principal, interest and fees will be paid to the Lender when collected from Borrower. In the event that Agent elects to require any
Lender to assign its interest to Agent pursuant to this Section 13.2 Agent will so notify such Lender in writing within
forty-five (45) days following such Lender’s denial, and such Lender will assign its interest to Agent no later than five (5)
calendar days following receipt of such notice.

 

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13.3
Set-off and Sharing of Payments

 

In addition
to any rights and remedies now or hereafter granted under Applicable Law and not by way of limitation of any such rights, upon the occurrence
and during the continuation of any Event of Default, each Lender is hereby authorized by Borrower at any time or from time to time, to
the fullest extent permitted by law, with the prior written consent of Agent and without notice to Borrower or any other Person other
than Agent (such notice being hereby expressly waived) to set off and to appropriate and to apply any and all (a) balances (general or
special, time or demand, provisional or final) held by such Lender at any of its offices for the account of Borrower (regardless of whether
such balances are then due to Borrower ), and (b) other Collateral at any time held or owing by such Lender to or for the credit or for
the account of Borrower, against and on account of any of the Obligations which are not paid when due; provided, that no Lender
or any such holder shall exercise any such right without prior written notice to Agent. Any Lender that has exercised its right to set-off
or otherwise has received any payment on account of the Obligations shall, to the extent the amount of any such set off or payment exceeds
its Pro Rata Share of payments obtained by all of the Lenders on account of such Obligations, purchase for cash (and the other Lenders
or holders of the Loans shall sell) participations in each such other Lender’s or holder’s Pro Rata Share of Obligations as
would be necessary to cause such Lender to share such excess with each other Lenders or holders in accordance with their respective Pro
Rata Shares; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from
such purchasing Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery.
Borrower agrees, to the fullest extent permitted by law, that (y) any Lender or holder may exercise its right to set-off with respect
to amounts in excess of its Pro Rata Share of the Obligations and may sell participations in such excess to other Lenders and holders,
and (z) any Lender so purchasing a participation in the Loans made or other Obligations held by other Lenders may exercise all rights
of set-off, bankers’ lien, counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct
holder of Loans and other Obligations in the amount of such participation.

 

13.4
Disbursement of Funds

 

(a) Agent
may, on behalf of Lenders, disburse funds to Borrower for the Revolving Advance requested or any other Advance. Each Lender shall
reimburse Agent on demand for its Pro Rata Share of all funds disbursed on its behalf by Agent, or if Agent so requests, each Lender
shall remit to Agent its Pro Rata Share of any Advance before Agent disburses such Advance to or on account of Borrower. If Agent so
elects to require that funds be made available prior to disbursement to Borrower, Agent shall advise each Lender by telephone, telex
or telecopy of the amount of such Lender’s Pro Rata Share of such Advance no later than one (1) Business Day prior to the
funding date applicable thereto, and each such Lender shall pay Agent such Lender’s Pro Rata Share of such requested Loan, in
same day funds, by wire transfer to Agent’s account not later than 2:00 p.m. (New York City time). If Agent shall have
disbursed funds to Borrower on behalf of any Lender and such Lender fails to pay the amount of its Pro Rata Share forthwith upon
Agent’s demand, Agent shall promptly notify Borrower, and Borrower shall immediately repay such amount to Agent. Any repayment
by Borrower required pursuant to this Section 13.4 shall be without premium or penalty. Nothing in this Section 13.4
or elsewhere in this Agreement or the other Loan Documents, including, without limitation, the provisions of Section 13.5,
shall be deemed to require Agent to advance funds on behalf of any Lender or to relieve any Lender from its obligation to fulfill
its commitments hereunder or to prejudice any rights that Agent or Borrower may have against any Lender as a result of any default
by such Lender hereunder.

 

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(b) As
a matter of administrative convenience, as requested from time to time by a Lender, Agent may, either directly, or through one or
more of its Affiliates, on behalf of one or more Lenders, disburse funds to Borrower for an Advance that is otherwise required to be
funded pursuant to Section 2.1(a) by such Lender by advancing the amount thereof on behalf of such Lender (on terms to be
agreed upon between Agent and such Lender (each such advance, an “Agent Advance”)). With respect to each
Agent Advance, Agent or its Affiliate(s) shall have, subject to the agreed upon terms related to such Agent Advance, the right to
set off against the amounts of any payments or distributions to be made to such Lender hereunder, the entire amount of such Agent
Advance, together with any agreed upon interest or fees thereon, until such Agent Advance is paid in full. For the avoidance of
doubt, nothing in this Section 13.4, or elsewhere in this Agreement or the other Loan Documents, including, without
limitation, the provisions of this Section 13.4, shall be deemed to require Agent or its Affiliates to advance funds on
behalf of any Lender, whether in the form of an Agent Advance, or otherwise, or to relieve any Lender from such Lender’s
obligation to fulfill its commitments hereunder, or to prejudice any rights that Agent or Borrower may have against any Lender as a
result of any default by such Lender hereunder.

 

13.5
Settlements; Payments; and Information

 

(a) Advances;
Payments; Interest and Fee Payments.

 

(i) The
amount of the outstanding Loan may fluctuate from day to day through Agent’s disbursement of funds to or on account of, and
receipt of funds from, Borrower. In order to minimize the frequency of transfers of funds between Agent and each Lender,
notwithstanding terms to the contrary set forth in Section 13.4, Advances and repayments thereof may be settled according to
the procedures described in Sections 13.5(a)(ii) and 13.5(a)(iii). Notwithstanding these procedures, each
Lender’s obligation to fund its Pro Rata Share of any Advances made by Agent to or on account of Borrower will commence on the
date such Advances are made by Agent. Nothing contained in this Agreement shall obligate a Lender to make an Advance at any time any
Default or Event of Default exists. All such payments will be made by such Lender without set-off, counterclaim or deduction of any
kind.

 

(ii) Once
each week, or more frequently (including daily), if Agent so elects (each such day being a “Settlement
Date”), Agent will advise each Lender by 1:00 p.m. (New York City time) on a Business Day by telephone, telex or
telecopy of the amount of each such Lender’s Pro Rata Share of the outstanding Advances. In the event payments are necessary
to adjust the amount of such Lender’s share of the Advances to such Lender’s Pro Rata Share of the Advances, the party
from which such payment is due will pay the other party, in same day funds, by wire transfer to the other’s account not later
than 2:00 p.m. (New York City time) on the Business Day following the Settlement Date.

 

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(iii) On
the fifteenth (15th) calendar day of each month (or, if such day shall not be a Business Day, on the next Business Day following
such day) (the “Interest Settlement Date”), Agent will advise each Lender by telephone or facsimile of the
amount of interest and fees charged to and collected from Borrower from and including the prior Interest Settlement Date (but
excluding such current Interest Settlement Date) in respect of the Loans. Provided that such Lender has made all payments required
to be made by it under this Agreement and provided that Lender has not received its Pro Rata Share of interest and fees directly
from Borrower, Agent will pay to such Lender, by wire transfer to such Lender’s account (as specified by such Lender on Schedule
A of this Agreement as amended by such Lender from time to time after the date hereof pursuant to the notice provisions
contained herein or in the applicable Lender Addition Agreement) not later than 2:00 p.m. (New York City time) on the next Business
Day following the Interest Settlement Date, such Lender’s share of such interest and fees.”

 

(b)
Availability of Lenders’ Pro Rata Share.

 

(i) Unless
Agent has been notified by a Lender prior to any proposed funding date of such Lender’s intention not to fund its Pro Rata
Share of an Advance, Agent may assume that such Lender will make such amount available to Agent on the proposed funding date or the
Business Day following the next Settlement Date, as applicable; provided, however, nothing contained in this Agreement
shall obligate a Lender to make an Advance at any time any Default or Event of Default exists. If such amount is not, in fact, made
available to Agent by such Lender when due, Agent will be entitled to recover such amount on demand from such Lender without
set-off, counterclaim or deduction of any kind.

 

(ii) Nothing
contained in this Section 13.5(b) will be deemed to relieve a Lender of its obligation to fulfill its commitments or to
prejudice any rights Agent or Borrower may have against such Lender as a result of any default by such Lender under this
Agreement.

 

(c)
Return of Payments.

 

(i) If
Agent pays an amount to a Lender under this Agreement in the belief or expectation that a related payment has been or will be
received by Agent from Borrower and such related payment is not received by Agent, then Agent will be entitled to recover such
amount from such Lender without set-off, counterclaim or deduction of any kind.

 

(ii) If
Agent determines at any time that any amount received by Agent under this Agreement must be returned to Borrower or paid to any
other Person pursuant to any Debtor Relief Law or otherwise, then, notwithstanding any other term or condition of this Agreement,
Agent will not be required to distribute any portion thereof to any Lender. In addition, each Lender will repay to Agent on demand
any portion of such amount that Agent has distributed to such Lender, together with interest at such rate, if any, as Agent is
required to pay to Borrower or such other Person, without set-off, counterclaim or deduction of any kind.

 

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13.6
Dissemination of Information

 

Upon request
by a Lender, Agent will distribute promptly to such Lender, unless previously provided by Borrower to such Lender, copies of all notices,
schedules, reports, projections, financial statements, agreements and other material and information, including, without limitation, financial
and reporting information received from Borrower or generated by a third party (and excluding only internal information generated by Midtown
Madison Management LLC for its own use as a Lender or as Agent and any attorney-client privileged communications or work product), as
provided for in this Agreement and the other Loan Documents as received by Agent. Agent shall not be liable to any of the Lenders for
any failure to comply with its obligations under this Section 13.6, except to the extent that such failure is attributed to Agent’s
gross negligence or willful misconduct and results in demonstrable damages to such Lender as determined, in each case, by a court of competent
jurisdiction on a final and non-appealable basis.

 

13.7
Non-Funding Lender

 

(a) The
failure of any Lender to make any Advance (the “Non-Funding Lender”) on the date specified therefor shall
not relieve any other Lender (each such other Lender, an “Other Lender”) of its obligations to make such
Advance, but neither any Other Lender nor Agent shall be responsible for the failure of any Non-Funding Lender to make an Advance or
make any other payment required hereunder. Notwithstanding anything set forth herein to the contrary, a Non-Funding Lender shall not
have any voting or consent rights under or with respect to any Loan Document or constitute a “Lender” for any voting or
consent rights under or with respect to any Loan Document. In the event that any Lender (other than a Non-Funding Lender) shall fund
such Non-Funding Lender’s Pro Rata Share of such Advance, in accordance with such Lender’s Pro Rata Share (any such
funding Lender, a “Funding Lender”), then such Non-Funding Lender agrees immediately to pay to each
Funding Lender the amount so funded by such Funding Lender, with interest thereon, for each day from and including the date such
amount was funded by such Funding Lender to, but excluding, the date of payment to each such Funding Lender, at the rate per
annum equal to the LIBOR Rate plus three percent (3.0%). If, at a later date, such Non-Funding Lender pays the amount of its
failed Pro Rata Share of the applicable Advance to the Funding Lenders, together with interest as provided above, then such amount
attributable to principal shall constitute such Non-Funding Lender’s funding of its Pro Rata Share of the applicable Advance.
The failure of any Lender to fund its Pro Rata Share of any Advance shall not relieve any other Lender of its obligation to fund its
Pro Rata Share of such Advance.

 

(b) Non-Funding
Lender Commitment Assignment. An Other Lender who is not then an Affiliate of an Non-Funding Lender shall have the right, but
not the obligation, to acquire and assume its Pro Rata Share of an Non-Funding Lender’s then remaining Revolving Loan
Commitment. Immediately upon receiving written notice from such Other Lender that it desires to acquire its Pro Rata Share of such
Non-Funding Lender’s then remaining Revolving Loan Commitment, the Non-Funding Lender shall assign, in accordance with this
Agreement, all or part, as the case may be, of its Revolving Loan Commitment and other rights and obligations under this Agreement
and all other Loan Documents to such Other Lender.

 

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If no Other
Lender elects to acquire and assume its Pro Rata Share of such Non-Funding Lender’s then remaining Revolving Loan Commitment as
set forth in the immediately preceding paragraph within thirty (30) calendar days of such Non-Funding Lender becoming an Non-Funding Lender,
then the Borrower may, by notice (a “Replacement Notice”) in writing to the Agent and the Non-Funding Lender,
(i) request such Non-Funding Lender to cooperate with the Borrower in obtaining a Replacement Lender for such Non-Funding Lender (each
a “Replacement Lender”); or (ii) propose a Replacement Lender. If a Replacement Lender shall be accepted by
the Agent who, at the time of determination, is neither an Non-Funding Lender nor an Affiliate of an Non-Funding Lender or an Ineligible
Transferee, then such Non-Funding Lender shall assign its then remaining Revolving Loan Commitment and other rights and obligations related
to unfunded Revolving Loan Commitments under this Agreement and all other Loan Documents to such Replacement Lender.

 

In either case,
following the consummation of the assignment and assumption of the Non-Funding Lender’s remaining Revolving Loan Commitment pursuant
to one of the two immediately preceding paragraphs in this Section 13.7, any remaining Revolving Loan Commitment of such Non-Funding
Lender shall not terminate, but shall be reduced proportionately to reflect any such assignments and assumptions, and such Non-Funding
Lender shall continue to be a “Lender” hereunder with its Revolving Loan Commitment and Pro Rata Share eliminated to reflect
such assignments and assumptions. Upon the effective date of such assignment(s) and assumption(s) such Replacement Lender shall, if not
already a Lender, become a “Lender” for all purposes under this Agreement and the other Loan Documents. The assignment and
assumption contemplated by this paragraph shall modify the ownership of obligations related to unfunded Revolving Loan Commitments only
and shall not modify the Non-Funding Lender’s rights and obligations, including, without limitation, all indemnity obligations hereunder,
with respect to Advances previously funded.

 

13.8
Taxes

 

(a) Subject to Section
13.8(g), any and all payments by or on account of any obligations of Borrower to each Lender or Agent under this Agreement or
any other Loan Document shall be made free and clear of, and without deduction or withholding for, any and all Taxes, excluding, in
the case of each Lender and Agent, (i) such Taxes (including income taxes or franchise taxes) as are imposed on or measured by the
net income (however denominated), overall receipts or total capital of such Lender or Agent, respectively, by the jurisdiction in
which such Lender or Agent, as the case may be, is organized or maintains a Lending Office or any political subdivision thereof,
(ii) such Taxes that are branch profits Taxes imposed by the United States of America, (iii) such Taxes as are imposed by reason of
Agent’s or such Lender’s place of organization or lending office or other present or former connection between Agent or
such Lender and the jurisdiction imposing such Tax (other than such connections arising from Agent or such Lender having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or
Loan Document) (such connections described in this clause (iii), other than those connections set forth in the parenthetical, being
referred to herein as “Unrelated Connections”) and (iv) such Taxes expressly described in clauses (i)-(iv)
of Section 13.8(g) hereof (all such excluded Taxes described in the foregoing clauses (i)-(iv) above being referred to as
“Excluded Taxes” and such Taxes, levies, imposts, deductions, charges, withholdings and liabilities
described above in this Section 13.8(a) other than Excluded Taxes being referred to as “Indemnified Taxes”
for the purposes of this Agreement).

 

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(b) In
addition, Borrower shall pay to the relevant Governmental Authority any present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies which arise from any payment made hereunder or from the execution, delivery or
registration of, or otherwise with respect to, this Agreement or any other Loan Document, except any such Taxes that are imposed as
a result of Unrelated Connections and with respect to an assignment(hereinafter referred to as “Other
Taxes”).

 

(c) Borrower
shall indemnify and hold harmless each Lender and Agent for the full amount of any and all Indemnified Taxes or Other Taxes
(including any Indemnified Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 13.8) paid
or payable by such Lender or Agent and any liability (other than any penalties, interest, additions, and expenses that accrue both
after the 120th day after the receipt by Agent or such Lender of written notice of the
assertion of such Indemnified Taxes or Other Taxes and before the date that Agent or such Lender provides Borrower with a
certificate relating thereto pursuant to Section 13.8(l)) arising therefrom or with respect thereto, whether or not such
Taxes or Other Taxes were correctly or legally asserted by the relevant Governmental Authority. Payments under this indemnification
shall be made within 10 days from the date any Lender or Agent makes written demand therefor.

 

(d) If
Borrower shall be required by Applicable Law to deduct or withhold any Indemnified Taxes or Other Taxes from or in respect of any
sum payable hereunder to any Lender or Agent, then:

 

(i) the
sum payable shall be increased to the extent necessary so that after making all required deductions (including deductions applicable
to additional sums payable under this Section 13.8), such Lender or Agent, as the case may be, receives an amount equal to
the sum it would have received had no such deductions been made;

 

(ii) Borrower
shall make such deductions; and

 

(iii)
Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with Applicable Law.

 

(e) Borrower
shall furnish to Agent (and the applicable Lender) a receipt evidencing payment by Borrower of Indemnified Taxes or Other Taxes to a
Governmental Authority promptly, but in any event within ten (10) Business Days, after obtaining such receipt, or other evidence of
payment satisfactory to Agent (and the applicable Lender) within ten (10) Business Days after the date of any payment by Borrower of
Indemnified Taxes or Other Taxes to a Governmental Authority.

 

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(f) Each
Lender that is not a citizen or resident of the United States of America, a corporation, partnership or other entity created or
organized in or under the laws of the United States (or any jurisdiction thereof), or any estate or trust that is subject to United
States federal income taxation regardless of the source of its income or is otherwise a “foreign person” within the
meaning of Treasury Regulation Section 1.1441-1(c) (a “Non-U.S. Lender”) shall deliver to Borrower and
Agent (or, in the case of an assignment that is not disclosed to Borrower in accordance with the provisions of Section 12.2,
solely to the assigning Lender and Agent and not to Borrower) two (2) copies of each applicable U.S. Internal Revenue Service Form
W-8BEN, Form W-8BEN-E, Form W-8IMY or Form W-8ECI, or any subsequent versions thereof or successors thereto or other forms
prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, properly
completed and duly executed by such Non-U.S. Lender claiming complete exemption from United States federal withholding Tax on all
payments by Borrower under this Agreement and the other Loan Documents. Such forms shall be delivered by each Non-U.S. Lender on or
before the date it becomes a party to this Agreement. In addition, each Non-U.S. Lender shall deliver such forms promptly upon the
obsolescence or invalidity of any form previously delivered by such Non-U.S. Lender. In addition to properly completing and duly
executing Forms W-8BEN, W-8BEN-E or W-8IMY (or any subsequent versions thereof or successor thereto), if such Non-U.S. Lender is
claiming an exemption from withholding of United States Federal income tax under Section 871(h) or 881(c) of the Code, such Lender
hereby represents and warrants that (A) it is not a “bank” within the meaning of Section 881(c) of the Code, (B) it is
not subject to regulatory or other legal requirements as a bank in any jurisdiction, (C) it has not been treated as a bank for
purposes of any Tax, securities law or other filing or submission made to any governmental securities law or other legal
requirements, (D) it is not a “10 percent shareholder” within the meaning of Section 871(h)(3)(B) of the Code of
Borrower, (E) it is not a controlled foreign corporation receiving interest from a related person within the meaning of Section
881(c)(3)(C) of the Code and (F) none of the interest arising from this Agreement constitutes contingent interest within the meaning
of Section 871(h)(4) or Section 881(c)(4) of the Code and such Non-U.S. Lender agrees that it shall provide Agent, and Agent shall
provide to Borrower (or, in the case of an assignment that is not disclosed to Borrower in accordance with the provisions of Section
12.2, solely to the assigning Lender and Agent and not to Borrower), with prompt notice at any time after becoming a Lender
hereunder that it can no longer make the foregoing representations and warranties. If a payment made to a Non-U.S. Lender under any
Loan Document would be subject to United States federal withholding Tax imposed by FATCA if such Lender were to fail to comply with
the applicable reporting requirements of FATCA, such Lender shall deliver to the Borrower and Agent at the time or times prescribed
by Applicable Law and at such time or times reasonably requested by the Borrower or the Agent such documentation prescribed by
Applicable Law and such additional documentation reasonably requested by the Borrower or the Agent as may be necessary for the
Borrower and the 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, if any, to deduct and withhold from such payment. (Solely for
purposes of the foregoing sentence, FACTA shall include all amendments to FACTA after the date of this Agreement.) Each Non-U.S.
Lender shall promptly notify Borrower (or, in the case of an assignment that is not disclosed to Borrower in accordance with the
provisions of Section 12.2, solely to the assigning Lender and Agent and not to Borrower) at any time it determines that it
is no longer in a position to provide any previously delivered form or certificate (or any other form of certification adopted by
the U.S. taxing authorities for such purpose). Notwithstanding any other provision of this section, a Non-U.S. Lender shall not be
required to deliver any form pursuant to this subsection (other than Form W-8BEN, Form W-8BEN-E, Form W-8IMY or Form W-8ECI, or any
subsequent versions thereof or successors thereto, as applicable) 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. Each Lender who makes an assignment pursuant to Section 12.2 shall indemnify and
agree to hold Agent, Borrower and the other Lenders harmless from and against any United States federal withholding Tax, interest
and penalties that would not have been imposed but for (i) the failure of the Affiliate that received such assignment under Section
12.2 to comply with this Section 13.8(f) or (ii) the failure of such Lender to withhold and pay such tax at the proper
rate in the event such Affiliate does not comply with this Section 13.8(f) (or complies with Section 13.8(f) but
delivers forms indicating it is entitled to a reduced rate of such tax). Any Lender that is a U.S. Lender shall deliver to Borrower
and Agent (i) a properly prepared and duly executed U.S. Internal Revenue Service Form W-9, or any subsequent versions thereof or
successors thereto, certifying that such Lender is entitled to receive any and all payments under this Agreement and each other Loan
Document free and clear from withholding of United States federal income taxes and (ii) upon Borrower’s reasonable request,
such other reasonable documentation as will enable Borrower and/or Agent to determine whether or not such Lender is subject to
backup withholding or information reporting requirements. Each Person that shall become a Participant pursuant to Section
12.2 shall, on or before the date of the effectiveness of the related transfer, be required to provide all of the forms,
certifications and statements required pursuant to this Section 13.8(f) and Section 13.8(h), and shall make the
representations and warranties set forth in clauses (A) – (F) above, provided that the obligations of such Participant,
pursuant to this Section 13.8(f) and Section 13.8(h), shall be determined as if such Participant were a Lender except
that such Participant shall furnish all such required forms, certifications and statements to the Lender from which the related
participation shall have been purchased.

 

    Katapult SPV-1 LLC – Loan and Security Agreement
 
123 

     

    

 

(g) Borrower
will not be required to pay any additional amounts in respect of United States federal withholding or income Tax pursuant to Section
13.8(d) to any Lender or Agent or to indemnify any Lender or Agent pursuant to Section 13.8(c) to the extent that (i) the
obligation to pay such additional amounts would not have arisen but for a failure by such Lender to comply with its obligations
under Section 13.8(f) for any reason; (ii) with respect to a Lender, the obligation to withhold amounts with respect to the
United States federal withholding Tax existed on the date such Lender became a party to this Agreement or, with respect to payments
to a lending office newly designated by a Lender (a “New Lending Office”), the date such Lender designated such
New Lending Office with respect to the applicable Loan; provided that this clause (ii) shall not apply to the extent the
additional amounts any Lender (or Transferee) through a New Lending Office, would be entitled to receive (without regard to this
clause (ii)) do not exceed the additional amounts that the Person making the transfer, or Lender (or Transferee) making the
designation of such New Lending Office, would have been entitled to receive in the absence of such transfer or designation; (iii)
such Lender is claiming an exemption from withholding of United States Federal income Tax under Sections 871(h) or 881(c) of the
Code but is unable at any time to make the representations and warranties set forth in clauses (A) – (F) of Section
13.8(f) or (iv) any withholding Taxes imposed under FATCA.

 

(h) Each
Non-U.S. Lender agrees to provide Borrower and the Agent, upon the reasonable request of Borrower, such other forms or documents as
may be reasonably required under Applicable Law in order to establish an exemption from or eligibility for a reduction in the rate
or imposition of Taxes or Other Taxes. If, at any time, Borrower requests any Lender to deliver any such additional forms or other
documentation, then Borrower shall, on demand of such Lender through Agent, reimburse such Lender for any out-of-pocket costs and
expenses (including reasonable attorneys’ fees and expenses) reasonably incurred by such Lender in the preparation or delivery
of such forms or other documentation.

 

(i) If
Borrower is required to pay additional amounts to or for the account of any Lender or Agent pursuant to this Section 13.8,
then such Lender or Agent shall use its reasonable efforts (consistent with legal and regulatory restrictions) to file any
certificate or document reasonably requested by Borrower or to designate a Lending Office from a different jurisdiction (if such a
Lending Office exists) so as to eliminate or reduce any such additional payments by Borrower which may accrue in the future if such
filing or changes in the reasonable judgment of such Lender or Agent, would not require such Lender to disclose information such
Lender deems confidential and is not otherwise disadvantageous to such Lender or Agent.

 

(j) If
Agent or a Lender, in its reasonable judgment, receives a refund of any Taxes or Other Taxes as to which it has been indemnified by
Borrower or with respect to which Borrower has paid additional amounts pursuant to this Section 13.8, it shall promptly pay
to Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by
Borrower under this Section 13.8 with respect to the Taxes or Other Taxes giving rise to such refund) and any interest paid
by the relevant Governmental Authority with respect to such refund, provided, that Borrower, upon the request of Agent or
such Lender, shall repay the amount paid over to Borrower (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to Agent or such Lender in the event Agent or such Lender is required to repay the applicable refund to such
Governmental Authority.

 

(k) Notwithstanding
anything herein to the contrary, if Agent is required by law to deduct or withhold any Taxes or Other Taxes or any other Taxes from
or in respect of any sum payable to any Lender by Borrower or Agent, the Agent shall not be required to make any gross-up payment to
or in respect of such Lender, except to the extent that a corresponding gross-up payment is actually received by Agent from
Borrower.

 

    Katapult SPV-1 LLC – Loan and Security Agreement
 
124 

     

    

 

(l) Any
Lender claiming reimbursement or compensation pursuant to this Section 13.8 shall deliver to Borrower (with a copy to Agent)
a certificate setting forth in reasonable detail the amount payable to such Lender hereunder and such certificate shall be
conclusive and binding on Borrower in the absence of manifest error.

  

The agreements and obligations of
Borrower in this Section 13.8 shall survive the payment of all other Obligations.

  

13.9
Patriot Act

 

Each Lender
that is subject to the requirements of the Patriot Act and Agent (for itself and not on behalf of any Lender) hereby notifies Borrower
that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies Borrower,
which information includes the name and address of Borrower and other information that will allow Agent and each Lender to identify Borrower
in accordance with the Patriot Act. Borrower shall, promptly following a request by Agent or any Lender, provide all documentation and
other information that Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your
customer” an anti-money laundering rules and regulations, including the Patriot Act.

 

[REMAINDER OF PAGE INTENTIONALLY
BLANK; SIGNATURE PAGES FOLLOW]

 

    Katapult SPV-1 LLC – Loan and Security Agreement
 
125 

     

    

 

IN WITNESS WHEREOF, each of the
parties has duly executed this Loan and Security Agreement as of the date first written above.

 

	 	BORROWER:
	 	 
	 	KATAPULT SPV-1 LLC

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	Address:

 

	 	HOLDINGS:
	 	 
	 	COGNICALKATAPULT
GROUP, INC.

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	Address:

 

	 	PARENT ENTITY:
	 	 
	 	COGNICALKATAPULT
HOLDINGS, INC.

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	Address:

 

[Signature
Page to Loan and Security Agreement]

 

     

     

    

 

	 	AGENT:
	 	 
	 	MIDTOWN MADISON MANAGEMENT LLC

 

	 	By:	 
	 	Name:	 
	 	Title:	Authorized Signatory

 

Address:

780 Third AvenueOne
Rockefeller Plaza, 27th32nd
Floor

New York, NY 1001710020

Attention: David Aidi

Telephone: 212-201-1912

Facsimile: 917-464-7350

Email: aidi@atalayacap.com

 

With a copy to:

 

200 Crescent Court, Suite 1600

Dallas, Texas 75201

Attention: Matthew Fontane

Phone:
214-964-9454

Email: matthew.fontane@hklaw.com

 

[Signature
Page to Loan and Security Agreement]

 

     

     

    

 

CLASS
A LENDER(S):

 

ATALAYA SPECIAL OPPORTUNITIES FUND VII LP

 

	By:	 	 
	Name:	 	 
	Title:	Authorized Signatory	 

 

[Signature
Page to Loan and Security Agreement]

 

     

     

    

 

CLASS
B LENDER(S):

 

ATALAYA
SPECIAL OPPORTUNITIES FUND VII LP

 

By:                                                                                           

Name:

Title:
Authorized Signatory

 

ATALAYA
ASSET INCOME FUND IV LP

 

By:                                                                                           

Name:

Title:
Authorized Signatory

 

ATALAYA
ASSET INCOME FUND V LP

 

By:                                                                                           

Name:

Title:
Authorized Signatory

 

ATALAYA
SPECIAL OPPORTUNITIES FUND (CAYMAN) VII LP

 

By:                                                                                           

Name:

Title:
Authorized Signatory

 

ATALAYA
ASSET INCOME FUND (CAYMAN) IV LP

 

By:                                                                                           

Name:

Title:
Authorized Signatory

 

ATALAYA
ASSET INCOME FUND (CAYMAN) V LP

 

By:                                                                                           

Name:

Title:
Authorized Signatory

 

Katapult
SPV-1 LLC –[Signature Page to Loan
and Security Agreement ]

 

     

     

    

 

EXHIBIT B-1

 

FORM OF PROMISSORYREVOLVING
NOTE

 

THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, OFFERED, PLEDGED
OR OTHERWISE DISTRIBUTED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND/OR SUCH LAWS COVERING SUCH NOTE OR THE
ISSUER HEREOF, OR SUCH SALE, TRANSFER, ASSIGNMENT, OFFER, PLEDGE OR OTHER DISTRIBUTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS
DELIVERY REQUIREMENTS OF SUCH ACT AND APPLICABLE STATE OR FOREIGN LAWS.

 

New York, New York

 

	U.S. $[______________]	Dated: [______________]

 

FOR VALUE RECEIVED,
the undersigned KATAPULT SPV-1 LLC, a Delaware limited liability company (“Borrower”), hereby promises to pay to the
order of MIDTOWN MADISON MANAGEMENT LLC, a Delaware limited liability company (“Lender”), in its capacities as administrative,
payment and collateral agent (in such capacities, the “Agent”), for the benefit of itself as Lender, and for the benefit
of each other Lender, the unpaid principal amount at any time outstanding, which shall not exceed [ ] ($[ ]) (the “Loan”),
with interest thereon and all other Obligations with respect to the Loan under that certain Loan and Security Agreement dated as of April
[ ], 2019, among Borrower, COGNICAL, INC., a Delaware corporation, Agent and the lenders from time to time party to said Loan and Security
Agreement (collectively with the Lender, the “Lenders”) (as it may be amended, restated, supplemented or otherwise
modified from time to time, the “Loan and Security Agreement”), in the manner set forth in the Loan and Security Agreement.
Capitalized terms used but not defined herein shall have the meanings given them in the Loan and Security Agreement.

 

1.
Interest Payments.

 

(a)
Borrower hereby promises to pay interest as provided in the Loan and Security Agreement on the outstanding principal amount
of the Loan from the date advanced by the Lenders to Borrower until such principal amount is irrevocably paid in full in the
lawful currency of the United States of America (“Dollars”) in immediately available funds. Interest on
the outstanding principal amount of the Loan shall be due and payable in accordance with the terms of the Loan and Security
Agreement.

 

(b) Any
payments of principal or interest or other amounts on or payments under this PromissoryRevolving Note
(this “Note”) shall be paid to Agent only by wire transfer or certified funds on the date when due,
without offset or counterclaim, in Dollars in immediately available funds as required in the Loan and Security Agreement.
Notwithstanding and without limiting or being limited by any other provision of this Note, any payments or prepayments
received upon termination or otherwise under this Note shall be credited and applied in such manner and order as set forth in
the Loan and Security Agreement.

 

[Zibby]– Form of Revolving
Note

 

     

     

    

 

2. Principal Payment and
Maturity. Unless earlier due and payable or accelerated under the Loan and Security Agreement, this Note shall
mature, and the outstanding principal balance hereunder and other Obligations with respect to the Loan, shall become due and
payable in full on the Maturity Date. Borrower promises to make all payments of principal as and when required under the Loan
and Security Agreement.

 

3. Default Rate. Notwithstanding
any other provision of this Note, the Default Rate set forth in the Loan and Security Agreement shall apply to this Note as
and when provided therein.

 

4.
Loan and Security Agreement and Security Documents.

 

(a)
This Note is referred to in, made pursuant to, and entitled to the benefits of the Loan and Security Agreement. The Loan and
Security Agreement, among other things, (i) provides for the making of the Loan by the Lenders to Borrower in the cumulative
Dollar amount set forth in the Loan and Security Agreement, (ii) contains provisions for acceleration of the maturity hereof
upon the happening of certain stated events upon the terms and conditions therein specified and (iii) contains provisions
defining a Default, and any cure periods therefor, and an Event of Default and the rights and remedies of Agent and Lenders
upon the occurrence of an Event of Default.

 

(b)
This Note is a secured note, entitled to the benefits of and security interests granted in, among other things, the Loan and
Security Agreement and the other Security Documents.

 

5. Prepayments. This Note may
not be prepaid in whole or in part except as provided in the Loan and Security Agreement. No payment or prepayment of any
amount shall entitle any Person to be subrogated to the rights of Agent or any Lender hereunder or under the Loan and
Security Agreement unless and until the Obligations have been performed in full and paid irrevocably in full in cash and the
Loan and Security Agreement has been terminated.

 

6. Payments Due on a Day other than a
Business Day. If any payment to be made on or under this Note is stated to be due or becomes due and payable on a day
other than a Business Day, the due date thereof shall be extended to, and such payment shall be made on, the next succeeding
Business Day, and such extension of time in such case shall be included in the computation of payment of any interest (at the
interest rate then in effect during such extension) and/or fees, as the case may be.

 

7. Waivers. Borrower hereby
waives demand, presentment, protest, notice of dishonor or non-payment, as well as all defenses with respect to this Note,
the Loan and Security Agreement and any Obligation, notice of acceptance hereof, and all other demands and notices of any
description, except such as are expressly provided for herein or in the Loan and Security Agreement. The pleading of any
statute of limitations as a defense to any demand against Borrower hereunder is expressly waived by Borrower. No course of
action or dealing, renewal, release or extension of this Note or any Loan Document or any rights hereunder or thereunder,
release of any guarantor of all or any portion of the Obligations, or delay, failure or omission on Agent or any
Lender’s part in enforcing this Note or any other Loan Document or in exercising or enforcing any right, remedy, option
or power hereunder or under any other Loan Document shall affect the liability of Borrower or such guarantor of the
Obligations or operate as a waiver of such or any other right, remedy, power or option or of any Default or Event of Default,
nor shall any single or partial exercise of any right, remedy, option or power hereunder or under any other Loan Document
affect the liability of Borrower or any guarantor of the Obligations or preclude any other or further exercise of such or any
other right, remedy, power or option. No waiver of any one or more Defaults or Events of Default shall operate or be
construed as a waiver of any future default or defaults, whether of a like or different nature. Borrower hereby waives the
right to assert that Borrower has not assigned and pledged to Agent or any Lender a valid and enforceable assignment of or
Lien on any Collateral, subject to restrictions of Applicable Law and the terms of the Loan Documents, in any action or
procedure brought by Agent or any Lender to obtain an order of court recognizing the assignment of, or Lien of Agent or the
Lenders, or any of them, in and to, any Collateral. Notwithstanding any other provision of any Loan Document, Agent and the
Lenders’ completion of the closing under the Loan and Security Agreement and/or the making of Advances shall not
constitute a waiver of any breach of any representation or warranty under any Loan Document, and all of Agent and the
Lenders’ claims and rights resulting from any such breach or misrepresentation are specifically reserved.

 

[Zibby]– Form of Revolving
Note

 

     

     

    

 

8. Exercise of Rights.
Agent’s rights, powers, Liens, security interests and remedies hereunder shall be as provided in the Loan and Security
Agreement.

 

9. Lawful Limits. This Note is
expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration or otherwise, shall the
interest and other charges paid or agreed to be paid to Agent and the Lenders for the use, forbearance or detention of money
hereunder exceed the maximum rate permissible under Applicable Law which a court of competent jurisdiction shall, in a final
determination, deem applicable hereto. If, due to any circumstance whatsoever, fulfillment of any provision hereof, at the
time performance of such provision shall be due, shall exceed any such limit, the terms and provisions in respect thereof as
set forth in the Loan and Security Agreement shall control.

 

10. Governing Law. This Note,
pursuant to New York General Obligations Law Section 5-1401, shall be governed by and construed in accordance with the laws
of the State of New York without giving effect to its choice of law provisions that would result in the application of the
laws of a different jurisdiction.

 

[SIGNATURE
PAGE FOLLOWS]

 

[Zibby]– Form of Revolving
Note

 

     

     

    

 

	 	KATAPULT SPV-1 LLC,
	 	a Delaware limited liability company

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Zibby]– Form of Revolving
Note

 

     

     

    

 

EXHIBIT
B-2

 

 FORM OF TERM NOTE

 

THIS NOTE HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED,
OFFERED, PLEDGED OR OTHERWISE DISTRIBUTED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND/OR SUCH LAWS COVERING
SUCH NOTE OR THE ISSUER HEREOF, OR SUCH SALE, TRANSFER, ASSIGNMENT, OFFER, PLEDGE OR OTHER DISTRIBUTION IS EXEMPT FROM THE REGISTRATION
AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT AND APPLICABLE STATE OR FOREIGN LAWS.

 

New York, New York

 

	U.S. $[______________]	Dated:
    [______________]

 

FOR VALUE RECEIVED, the undersigned
KATAPULT SPV-1 LLC, a Delaware limited liability company (“Borrower”), hereby promises to pay to the order of MIDTOWN
MADISON MANAGEMENT LLC, a Delaware limited liability company (“Lender”), in its capacities as administrative, payment
and collateral agent (in such capacities, the “Agent”), for the benefit of itself as Lender, and for the benefit of
each other Lender, the unpaid principal amount at any time outstanding, which shall not exceed [                           
] ($[                           ])
(the “Loan”), with interest thereon and all other Obligations with respect to the Loan under that certain Loan and
Security Agreement dated as of April [   ], 2019, among Borrower, COGNICAL, INC., a Delaware corporation, Agent and
the lenders from time to time party to said Loan and Security Agreement (collectively with the Lender, the “Lenders”)
(as it may be amended, restated, supplemented or otherwise modified from time to time, the “Loan and Security Agreement”),
in the manner set forth in the Loan and Security Agreement. Capitalized terms used but not defined herein shall have the meanings
given them in the Loan and Security Agreement.

 

11.
Interest Payments.

 

(a)
Borrower hereby promises to pay interest as provided in the Loan and Security Agreement on the outstanding principal
amount of the Loan from the date advanced by the Lenders to Borrower until such principal amount is irrevocably paid in full in
the lawful currency of the United States of America (“Dollars”)
in immediately available funds. Interest on the outstanding principal amount of the Loan shall be due and payable in accordance
with the terms of the Loan and Security Agreement.

 

(b)
Any payments of principal or interest or other amounts on or payments under this Term Note (this “Note”)
shall be paid to Agent only by wire transfer or certified funds on the date when due, without offset or counterclaim, in Dollars
in immediately available funds as required in the Loan and Security Agreement. Notwithstanding and without limiting or being limited
by any other provision of this Note, any payments or prepayments received upon termination or otherwise under this Note
shall be credited and applied in such manner and order as set forth in the Loan and
Security Agreement.

 

[Zibby]– Form
of Term Note

 

     

     

    

 

12. Principal Payment and
Maturity. Unless earlier due and payable or accelerated under the Loan and Security Agreement, this Note shall
mature, and the outstanding principal balance hereunder and other Obligations with respect to the Loan, shall become due and
payable in full on the Maturity Date. Borrower promises to make all payments of principal as and when required
under the Loan and Security Agreement.

 

13. Default
Rate. Notwithstanding any other provision of this Note, the Default Rate set forth in the Loan and Security
Agreement shall apply to this Note as and when provided therein.

 

14.
Loan and Security Agreement and Security Documents.

 

(a) This
Note is referred to in, made pursuant to, and entitled to the benefits of the Loan and Security Agreement. The Loan and
Security Agreement, among other things, (i) provides for the making of the
Loan by the Lenders to Borrower in the cumulative Dollar amount set forth in the Loan and Security Agreement, (ii) contains
provisions for acceleration of the maturity hereof upon the happening of certain stated events upon the terms and conditions
therein specified and (iii) contains provisions defining a Default, and any cure periods therefor, and an Event of Default
and the rights and remedies of Agent and Lenders upon the occurrence of an Event
of Default.

 

(b) This
Note is a secured note, entitled to the benefits of and security interests granted in, among other things, the Loan and
Security Agreement and the other Security Documents.

 

15. Prepayments.
This Note may not be prepaid in whole or in part except as provided in the Loan and Security Agreement. No payment
or prepayment of any amount shall entitle any Person to be subrogated to the rights of Agent or any Lender hereunder or under
the Loan and Security Agreement unless and until the Obligations have been performed in full and paid
irrevocably in full in cash and the Loan and Security Agreement has been terminated.

 

16. Payments Due
on a Day other than a Business Day. If any payment to be made on or under this Note is stated to be due or becomes
due and payable on a day other than a Business Day, the due date thereof shall be extended to, and such payment shall be made
on, the next succeeding Business Day, and such extension of time in such case shall be included in the computation of payment
of any interest (at the interest rate then in effect during such extension) and/or
fees, as the case may be.

 

[Zibby]– Form
of Term Note

 

     

     

    

 

17. Waivers.
Borrower hereby waives demand, presentment, protest, notice of dishonor or non-payment, as well as all defenses with respect
to this Note, the Loan and Security Agreement and any Obligation, notice of acceptance hereof, and all other demands and
notices of any description, except such as are expressly provided for herein or in the Loan and Security Agreement. The
pleading of any statute of limitations as a defense to any demand against Borrower hereunder is expressly waived by Borrower.
No course of action or dealing, renewal, release or extension of this Note or any Loan Document or any rights hereunder or
thereunder, release of any guarantor of all or any portion of the Obligations, or delay, failure or omission on Agent or
any Lender’s part in enforcing this Note or any other Loan Document or in exercising or enforcing any
right, remedy, option or power hereunder or under any other Loan Document shall affect the liability of Borrower or such
guarantor of the Obligations or operate as a waiver of such or any other right, remedy, power or option or of any Default or
Event of Default, nor shall any single or partial exercise of any right, remedy, option or power hereunder or under any other
Loan Document affect the liability of Borrower or any guarantor of the Obligations or preclude any other or further exercise
of such or any other right, remedy, power or option. No waiver of any one or more Defaults or Events of Default shall operate
or be construed as a waiver of any future default or defaults, whether of a like or different nature. Borrower hereby waives
the right to assert that Borrower has not assigned and pledged to Agent or any Lender a valid and enforceable assignment of
or Lien on any Collateral, subject to restrictions of Applicable Law and the terms of the Loan Documents, in any action or
procedure brought by Agent or any Lender to obtain an order of court recognizing the assignment of, or Lien of Agent or the
Lenders, or any of them, in and to, any Collateral. Notwithstanding any other provision of any Loan Document, Agent and the
Lenders’ completion of the closing under the Loan and Security Agreement and/or the making of Advances shall not
constitute a waiver of any breach of any representation or warranty under any Loan Document, and all of Agent and the
Lenders’ claims and rights resulting from any such breach or
misrepresentation are specifically reserved.

 

18. Exercise of Rights.
Agent’s rights, powers, Liens, security interests and remedies hereunder shall
be as provided in the Loan and Security Agreement.

 

19. Lawful Limits.
This Note is expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration or otherwise,
shall the interest and other charges paid or agreed to be paid to Agent and the Lenders for the use, forbearance or detention
of money hereunder exceed the maximum rate permissible under Applicable Law which a court of competent jurisdiction shall, in
a final determination, deem applicable hereto. If, due to any circumstance whatsoever, fulfillment of any provision hereof, at
the time performance of such provision shall be due, shall exceed any such limit,
the terms and provisions in respect thereof as set forth in the Loan and Security Agreement
shall control.

 

20. Governing Law.
This Note, pursuant to New York General Obligations Law Section 5-1401, shall be governed by and construed in accordance with
the laws of the State of New York without giving effect to its choice of law provisions that would result in the application
of the laws of a different jurisdiction.

 

[SIGNATURE
PAGE FOLLOWS]

 

[Zibby]–
Form of Term Note

 

     

     

    

 

	 	KATAPULT SPV-1 LLC,
	 	a Delaware limited liability company

 

	 	By:                                                                          
	 	Name:                                                                     
	 	Title:                                                                       

 

[Zibby]–
Form of Term Note

 

     

     

    

 

Schedule
B

 

Revolving Loan
Commitments:

 

	Lender	Revolving
    Loan Commitment
	Atalaya Special Opportunities Fund VII LP	$32,680,000.00
	Atalaya Special Opportunities Fund (Cayman) VII LP	$17,320,000.00
	Atalaya Asset Income Fund IV LP	$16,880,000.00
	Atalaya Asset Income Fund IV (Cayman) LP	$8,120,000.00
	Atalaya Asset Income Fund V LP	$50,000,000.00
	Total Revolving Loan Commitments:	$125,000,000.00

 

Term
Loan Commitments:

 

	Lender	Term Loan Commitment
	Atalaya Special Opportunities Fund VII LP	$13,072,000.00
	Atalaya Special Opportunities Fund (Cayman) VII LP	$6,928,000.00
	Atalaya Asset Income Fund IV LP	$6,752,000.00
	Atalaya Asset Income Fund (Cayman) IV LP	$3,248,000.00
	Atalaya Asset Income Fund V LP	$9,388,000.00
	Atalaya Asset Income Fund (Cayman) V LP	$10,612,000.00
	Total Term Loan Commitments	$50,000,000.00

 

Katapult
SPV-1 LLC – Loan and Security Agreement

 

     

     

    

 

Schedule
1.1(a)

 

Convertible Notes

 

None.

 

Schedule
1.1(a)5.3

 

     

     

    

 

Schedule
1.1(b)

 

VPC Bridge
Notes

 

	Issuer Name	Shareholder Name	Guaranteed Amount	Effective Date
	Cognical Holdings Inc.	Barr Funding, LLC	$ 340,909.00	11-12-2018
	Cognical Holdings Inc.	Blumberg Capital III, L.P.	681,818.00	11-12-2018
	Cognical Holdings Inc.	CURO Financial Technologies Corp.	5,454,545.00	11-12-2018
	Cognical Holdings Inc.	Tribeca Venture Fund I (NY), L.P.	558,182.49	11-12-2018
	Cognical Holdings Inc.	Tribeca Venture Fund I, L.P.	123,636.51	11-12-2018
	Cognical Holdings Inc.	Zibby 1 Series, a series of Ivy Venture Fund, LLC	340,909.00	11-12-2018
	 	 	$
    7,500,000.00	 

 

Schedule
5.3

 

     

     

    

 

Schedule 5.3 

 

Managers, Managing Members
and Directors of Borrower each
Credit Party

 

Katapult SPV-1
LLC

 

	Role	Name
	Sole Member	Katapult Group, Inc.

 

Katapult Group, Inc.

 

	Role	Name
	President, CEO & Chairman of the Board of Directors	Orlando Zayas
	CFO & Treasurer	Karissa Long
	
    EVP
    of OperationsCOO & Secretary of the
    Board
	Derek Medlin
	CCOChief Risk & Underwriting Officer	Fangqiu Sun
	CTO	Chandan Chopra
	Board of Directors	Brian Hirsch (Tribeca)
	Board of Directors	Bruce Taragin (Blumberg)
	Board of Directors	Don Gayhardt (Curo)
	Board of Directors	Gene Lockhart (MissionOG)
	Board of Directors	Carlo Ruiz (Anchorage)	 

 

Schedule
5.3

 

     

     

    

 

Katapult Holdings,
Inc.

 

	Role	Name
	President, CEO & Chairman of the Board of Directors	Orlando Zayas
	CFO & Treasurer	Karissa Long
	COO & Secretary of the Board	Derek Medlin
	Chief Risk & Underwriting Officer	Fangqiu Sun
	CTO	Chandan Chopra
	Board of Directors	Brian Hirsch (Tribeca)
	Board of Directors	Bruce Taragin (Blumberg)
	Board of Directors	Don Gayhardt (Curo)
	Board of Directors	Gene Lockhart (MissionOG)

 

Schedule
5.3

 

     

     

    

 

Schedule
5.10

 

Intellectual
Property

  

 

	Mark	Registration 

No.	Registration

 Date	Combined Declaration

 Due Date
	KATAPULT	6,130,914	August 18, 2020	Between August 18, 2025, and August 18, 2026

 

 

Schedule 5.17A5.10

 

     

     

    

 

Schedule
5.17A

 

Names

 

	Obligor (Current Legal Name)	Prior Names	DBAs/Assumed Names	Recording JurisdictionJurisdictions
	Katapult SPV-1 LLC	None	None	Delaware
	Katapult Group, Inc.	Cognical, Inc.	Zibby	Delaware
	Katapult Holdings, Inc.	Cognical Holdings, Inc.	None	Delaware

 

Schedule 5.17A

 

     

     

    

 

Schedule
5.17B

 

Location of Offices, Records and
Collateral

 

Katapult SPV-1 LLC

 

1.
1. Chief Executive Office

 

500 7th Ave, 8th Floor

27 W. 24th
St, Suite 1101, New York, New York 10018NY
10010

 

2.
2. Other Collateral Locations

 

5204 Tennyson, Suite 500

Plano, TX 75024

 

Katapult Group, Inc.

 

1.
Chief Executive Office

27 W. 24th
St, Suite 1101, New York, NY 10010

 

2.
Other Collateral Locations

5204
Tennyson, Suite 500

Plano, TX 75024

 

Katapult Holdings,
Inc.

 

1.
Chief Executive Office

27 W. 24th
St, Suite 1101, New York, NY 10010

 

2.
Other Collateral Locations

5204
Tennyson, Suite 500

Plano, TX 75024

 

Schedule 5.17B

 

     

     

    

 

Schedule
5.17C

 

Deposit Accounts and Investment
Property

 

Katapult SPV-1 LLC

 

	Bank Name	Account
	Pacific Western Bank	*10018516491001851631: Katapult SPV 1 LLC – COLLECTIONS ACCOUNT
	Pacific Western Bank	*1222382001001851649: Katapult SPV 1 LLC – OPERATING ACCOUNT

 

Katapult Group, Inc.

 

	Bank Name	Account
	Silicon Valley Bank	*3302996311: Katapult Group, Inc. – OPERATING ACCOUNT
	Silicon Valley Bank	 *3302996326: Katapult Group, Inc. – PURCHASING ACCOUNT
	Silicon Valley Bank	*3302996345: Katapult Group, Inc. – RESERVE ACCOUNT
	Silicon Valley Bank	*3302996330: Katapult Group, Inc. – INTEREST RESERVE ACCOUNT
	Silicon Valley Bank	*3302893366-
    COLLATERAL MMA1

 

Katapult Holdings,
Inc.

 

	Bank
    Name	Account
	Silicon
    Valley Bank	*3302057030:
    Katapult Holdings, Inc. – OPERATING ACCOUNT
	Silicon
    Valley Bank	*3302721685:
    Katapult Holdings, Inc. – RESERVE ACCOUNT
	Silicon
    Valley Bank	*3302706538:
    Katapult Holdings, Inc. – INTEREST RESERVE ACCOUNT

 

1
This account is an Excluded Account.

 

Schedule
5.17C

 

     

     

    

 

Schedule
7.1

 

Permitted
Indebtedness

 

None.

 

 

 

Schedule
7.1

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