Document:

Exhibit
10.2

 

CREDIT,
SECURITY AND GUARANTY AGREEMENT (revolving Loan)

 

dated
as of May 6, 2021

 

by
and among

 

XTANT
MEDICAL, INC.,

 

BACTERIN
INTERNATIONAL, INC.,

 

X-SPINE
SYSTEMS, INC.,

 

and
any additional borrower that hereafter becomes party hereto, each as Borrower, and collectively as Borrowers,

 

XTANT
MEDICAL HOLDINGS, INC.,

 

and
any additional guarantor that hereafter becomes party hereto, each as Guarantor, and collectively as Guarantors,

 

and

 

MIDCAP
FINANCIAL TRUST,

 

as
Agent,

 

and

 

THE
LENDERS

 

FROM
TIME TO TIME PARTY HERETO

 

 

    	 

    	 

    

 

Table
of Contents

 

	 	Page
	 	 
	Article
    1 - DEFINITIONS	1
	 	 
	Section
    1.1 Certain Defined Terms	1
	Section
    1.2 Accounting Terms and Determinations	36
	Section
    1.3 Other Definitional and Interpretive Provisions	36
	Section
    1.4 Settlement and Funding Mechanics	36
	Section
    1.5 Time is of the Essence	36
	Section
    1.6 Time of Day	36
	 	 
	Article
    2 - LOANS	36
	 	 
	Section
    2.1 Loans.	36
	Section
    2.2 Interest, Interest Calculations and Certain Fees	39
	Section
    2.3 Notes	41
	Section
    2.4 Reserved.	41
	Section
    2.5 Reserved.	41
	Section
    2.6 General Provisions Regarding Payment; Loan Account.	41
	Section
    2.7 Maximum Interest	42
	Section
    2.8 Taxes; Capital Adequacy.	42
	Section
    2.9 Appointment of Borrower Representative.	46
	Section
    2.10 Joint and Several Liability; Rights of Contribution; Subordination and Subrogation.	47
	Section
    2.11 Collections and Lockbox Account	49
	Section
    2.12 Termination; Restriction on Termination.	51
	 	 
	Article
    3 - REPRESENTATIONS AND WARRANTIES	51
	 	 
	Section
    3.1 Existence and Power	51
	Section
    3.2 Organization and Governmental Authorization; No Contravention	52
	Section
    3.3 Binding Effect	52
	Section
    3.4 Capitalization	52
	Section
    3.5 Financial Information	52
	Section
    3.6 Litigation	53
	Section
    3.7 Ownership of Property	53
	Section
    3.8 No Default	53
	Section
    3.9 Labor Matters	53
	Section
    3.10 Investment Company Act	53
	Section
    3.11 Margin Regulations	53
	Section
    3.12 Compliance With Laws; Anti-Terrorism Laws.	54
	Section
    3.13 Taxes	54
	Section
    3.14 Compliance with ERISA.	54
	Section
    3.15 Consummation of Financing Documents; Brokers	55
	Section
    3.16 Reserved	55
	Section
    3.17 Material Contracts	55
	Section
    3.18 Compliance with Environmental Requirements; No Hazardous Materials	55
	Section
    3.19 Intellectual Property and License Agreements	56
	Section
    3.20 Solvency	56
	Section
    3.21 Full Disclosure	56

 

    	i

    	 

    

 

	Section
    3.22 Reserved	56
	Section
    3.23 Subsidiaries	56
	Section
    3.24 Accuracy of Schedules	57
	Section
    3.25 Eligible Accounts; Eligible Pending Accounts; Eligible Inventory.	57
	Section
    3.26 Regulatory Matters.	57
	Section
    3.27 Senior Indebtedness Status	58
	 	 
	Article
    4 - AFFIRMATIVE COVENANTS	58
	 	 
	Section
    4.1 Financial Statements, Other Reports and Notices	58
	Section
    4.2 Payment and Performance of Obligations	61
	Section
    4.3 Maintenance of Existence	61
	Section
    4.4 Maintenance of Property; Insurance.	61
	Section
    4.5 Compliance with Laws and Material Contracts	62
	Section
    4.6 Inspection of Property, Books and Records	63
	Section
    4.7 Use of Proceeds	63
	Section
    4.8 Reserved	63
	Section
    4.9 Notices of Material Contracts, Litigation and Defaults.	63
	Section
    4.10 Hazardous Materials; Remediation.	64
	Section
    4.11 Further Assurances.	64
	Section
    4.12 Reserved	65
	Section
    4.13 Power of Attorney	65
	Section
    4.14 Borrowing Base Collateral Administration	66
	Section
    4.15 Schedule Updates	67
	Section
    4.16 Intellectual Property and Licensing.	67
	Section
    4.17 Regulatory Covenants.	68
	 	 
	Article
    5 - NEGATIVE COVENANTS	68
	 	 
	Section
    5.1 Debt; Contingent Obligations	68
	Section
    5.2 Liens	69
	Section
    5.3 Distributions	69
	Section
    5.4 Restrictive Agreements	69
	Section
    5.5 Payments and Modifications of Subordinated Debt	69
	Section
    5.6 Consolidations, Mergers and Sales of Assets; Change in Control	70
	Section
    5.7 Purchase of Assets, Investments	70
	Section
    5.8 Transactions with Affiliates	70
	Section
    5.9 Modification of Organizational Documents	71
	Section
    5.10 Modification of Certain Agreements	71
	Section
    5.11 Conduct of Business	71
	Section
    5.12 [Reserved]	71
	Section
    5.13 Limitation on Sale and Leaseback Transactions	71
	Section
    5.14 Deposit Accounts and Securities Accounts; Payroll and Benefits Accounts	71
	Section
    5.15 Compliance with Anti-Terrorism Laws	72
	Section
    5.16 Change in Accounting	72
	Section
    5.17 Investment Company Act	72
	Section
    5.18 Passive Holding Company Status of Holdings	72
	Section
    5.19 Agreements Regarding Receivables	73
	 	 
	Article
    6 - FINANCIAL COVENANTS	73
	 	 
	Section
    6.1 Minimum Net Revenue	73

 

    	ii

    	 

    

 

	Section
    6.2 Minimum Liquidity	73
	Section
    6.3 Minimum EBITDA	73
	Section
    6.4 Evidence of Compliance	73
	Section
    6.5 Equity Cure	74
	 	 
	Article
    7 - CONDITIONS	74
	 	 
	Section
    7.1 Conditions to Closing	74
	Section
    7.2 Conditions to Each Loan	75
	Section
    7.3 Searches	76
	Section
    7.4 Post-Closing Requirements	76
	 	 
	Article
    8 – RESERVED	76
	 	 
	Article
    9 - SECURITY AGREEMENT	76
	 	 
	Section
    9.1 Generally	76
	Section
    9.2 Representations and Warranties and Covenants Relating to Collateral.	76
	 	 
	Article
    10 - EVENTS OF DEFAULT	81
	 	 
	Section
    10.1 Events of Default	81
	Section
    10.2 Acceleration and Suspension or Termination of Revolving Loan Commitment	83
	Section
    10.3 UCC Remedies.	84
	Section
    10.4 Protective Payments	85
	Section
    10.5 Default Rate of Interest	86
	Section
    10.6 Setoff Rights	86
	Section
    10.7 Application of Proceeds.	86
	Section
    10.8 Waivers.	87
	Section
    10.9 Injunctive Relief	88
	Section
    10.10 Marshalling; Payments Set Aside	89
	 	 
	Article
    11 - AGENT	89
	 	 
	Section
    11.1 Appointment and Authorization	89
	Section
    11.2 Agent and Affiliates	89
	Section
    11.3 Action by Agent	89
	Section
    11.4 Consultation with Experts	90
	Section
    11.5 Liability of Agent	90
	Section
    11.6 Indemnification	90
	Section
    11.7 Right to Request and Act on Instructions	90
	Section
    11.8 Credit Decision	91
	Section
    11.9 Collateral Matters	91
	Section
    11.10 Agency for Perfection	91
	Section
    11.11 Notice of Default	91
	Section
    11.12 Assignment by Agent; Resignation of Agent; Successor Agent.	92
	Section
    11.13 Payment and Sharing of Payment.	92
	Section
    11.14 Right to Perform, Preserve and Protect	95
	Section
    11.15 Additional Titled Agents	95
	Section
    11.16 Amendments and Waivers.	95
	Section
    11.17 Assignments and Participations.	96
	Section
    11.18 Funding and Settlement Provisions Applicable When Non-Funding Lenders Exist	99

 

    	iii

    	 

    

 

	Article
    12 – Guaranty	100
	 	 
	Section
    12.1 Guaranty	100
	Section
    12.2 Payment of Amounts Owed	100
	Section
    12.3 Certain Waivers by Guarantor	100
	Section
    12.4 Guarantor’s Obligations Not Affected by Modifications of Financing Documents	102
	Section
    12.5 Reinstatement; Deficiency	103
	Section
    12.6 Subordination of Borrowers’ Obligations to Guarantors; Claims in Bankruptcy.	103
	Section
    12.7 Maximum Liability	103
	Section
    12.8 Guarantor’s Investigation	104
	Section
    12.9 Termination	104
	Section
    12.10 Representative	104
	Section
    12.11 Guarantor Acknowledgement	104
	 	 
	Article
    13 - MISCELLANEOUS	105
	 	 
	Section
    13.1 Survival	105
	Section
    13.2 No Waivers	105
	Section
    13.3 Notices.	105
	Section
    13.4 Severability	106
	Section
    13.5 Headings	106
	Section
    13.6 Confidentiality	106
	Section
    13.7 Waiver of Consequential and Other Damages	107
	Section
    13.8 GOVERNING LAW; SUBMISSION TO JURISDICTION.	107
	Section
    13.9 WAIVER OF JURY TRIAL	107
	Section
    13.10 Publication; Advertisement.	108
	Section
    13.11 Counterparts; Integration	108
	Section
    13.12 No Strict Construction	108
	Section
    13.13 Lender Approvals	109
	Section
    13.14 Expenses; Indemnity	109
	Section
    13.15 reserved	110
	Section
    13.16 Reinstatement	110
	Section
    13.17 Successors and Assigns	110
	Section
    13.18 USA PATRIOT Act Notification	111
	Section
    13.19 Acknowledgement and Consent to Bail-In of Affected Financial Institutions	111
	Section
    13.20 Cross Default and Cross Collateralization.	111

 

    	iv

    	 

    

 

CREDIT,
SECURITY AND GUARANTY AGREEMENT (revolving Loan)

 

This
CREDIT, SECURITY AND GUARANTY AGREEMENT (REVOLVING LOAN) (as the same may be amended, supplemented, restated or otherwise
modified from time to time, the “Agreement”) is dated as of May 6, 2021 by and among XTANT MEDICAL, INC.,
a Delaware corporation (“Xtant”), BACTERIN INTERNATIONAL, INC., a Nevada corporation, X-SPINE SYSTEMS,
INC., an Ohio corporation and any additional borrower that may hereafter be added to this Agreement (each individually as
a “Borrower”, and collectively with any entities that become party hereto as Borrower and each of their successors
and permitted assigns, the “Borrowers”), XTANT MEDICAL HOLDINGS, INC., a Delaware corporation (“Holdings”),
as a Guarantor, MIDCAP FINANCIAL TRUST, a Delaware statutory trust, individually as a Lender, and as Agent, and the financial
institutions or other entities from time to time parties hereto, each as a Lender.

 

RECITALS

 

The
Credit Parties have requested that Lenders make available to Borrowers the financing facilities as described herein. Lenders are
willing to extend such credit to Borrowers under the terms and conditions herein set forth.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, Credit Parties,
Lenders and Agent agree as follows:

 

Article
1 - DEFINITIONS

 

Section
1.1 Certain Defined Terms. The following terms have the following meanings:

 

“Acceleration
Event” means the occurrence of an Event of Default (a) in respect of which Agent has declared all or any portion of
the Obligations to be immediately due and payable pursuant to Section 10.2, (b) pursuant to Section 10.1(a), and in respect of
which Agent has suspended or terminated the Revolving Loan Commitment pursuant to Section 10.2, and/or (c) pursuant to either
Section 10.1(e) and/or Section 10.1(f).

 

“Account
Debtor” means “account debtor”, as defined in Article 9 of the UCC, and any other obligor in respect of
an Account.

 

“Accounts”
means, collectively, (a) any right to payment of a monetary obligation, whether or not earned by performance, (b) without duplication,
any “account” (as defined in the UCC), any accounts receivable (whether in the form of payments for services rendered
or goods sold, rents, license fees or otherwise), any “health-care-insurance receivables” (as defined in the UCC),
any “payment intangibles” (as defined in the UCC) and all other rights to payment and/or reimbursement of every kind
and description, whether or not earned by performance, (c) all accounts, “general intangibles” (as defined in the
UCC), Intellectual Property, rights, remedies, Guarantees, “supporting obligations” (as defined in the UCC), “letter-of-credit
rights” (as defined in the UCC) and security interests in respect of the foregoing, all rights of enforcement and collection,
all books and records evidencing or related to the foregoing, and all rights under the Financing Documents in respect of the foregoing,
(d) all information and data compiled or derived by any Credit Party or to which any Credit Party is entitled in respect of or
related to the foregoing, and (e) all proceeds of any of the foregoing.

 

    	 

    	 

    

 

“Acquisition”
means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition
(including through licensing) of all or substantially all of the assets of a Person, or of any business, line of business or division
or other unit of operation of a Person, (b) the acquisition of fifty percent (50%) or more of the Equity Interests of any Person,
whether or not involving a merger or consolidation with such other Person, or otherwise causing any Person to become a Subsidiary
of a Credit Party, (c) any merger or consolidation or any other combination with another Person or (d) the acquisition (including
through licensing) of any Product, Product line or Intellectual Property of or from any other Person (but in each case excluding
in-bound licenses of, and purchases of, over-the-counter and other software that is commercially available to the public and open
source licenses in the Ordinary Course of Business).

 

“Additional
Titled Agents” has the meaning set forth in Section 11.15.

 

“Affected
Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate”
means, with respect to any Person, (a) any Person that directly or indirectly controls such Person, (b) any Person which is controlled
by or is under common control with such controlling Person, and (c) each of such Person’s (other than, with respect to any
Lender, any Lender’s) officers or directors (or Persons functioning in substantially similar roles). As used in this definition,
the term “control” of a Person means the possession, directly or indirectly, of the power to vote twenty percent (20%)
or more of any class of voting securities of such Person or to direct or cause the direction of the management or policies of
a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Affiliated
Credit Agreement” that certain Credit, Security and Guaranty Agreement (Term Loan)
(as the same may be amended, restated, supplemented or otherwise modified from time to time), among the Affiliated Financing
Agent, the lenders party thereto, Borrowers and Guarantors pursuant to which the Affiliated Financing Agent and lenders have extended
a term credit facility to Borrowers.

 

“Affiliated
Financing Agent” means the “Agent” under and as defined in the Affiliated Credit Agreement.

 

“Affiliated
Financing Documents” means the “Financing Documents” as defined in the Affiliated Credit Agreement.

 

“Affiliated
Intercreditor Agreement” means that certain Intercreditor Agreement dated as of the date hereof between Agent and the
Affiliated Financing Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Affiliated
Obligations” means all “Obligations”, as such term is defined in the Affiliated Financing Documents.

 

“Agent”
means MCF, in its capacity as administrative agent for itself and for Lenders hereunder, as such capacity is established in, and
subject to the provisions of, Article 11, and the successors and assigns of MCF in such capacity.

 

“Anti-Terrorism
Laws” means any Laws relating to terrorism or money laundering, including, without limitation, Executive Order No. 13224
(effective September 24, 2001), the USA PATRIOT Act, the Laws comprising or implementing the Bank Secrecy Act, and the Laws or
general or specific licenses administered by OFAC.

 

    	2

    	 

    

 

“Applicable
Margin” means four and one-half percent (4.50%).

 

“Applicable
Minimum Net Revenue Threshold” means the minimum Net Revenue amount set forth on Schedule 6.1 attached hereto
for such Defined Period.

 

“Approved
Fund” means any (a) investment company, fund, trust, securitization vehicle or conduit that is (or will be) engaged
in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course
of business, or (b) any Person (other than a natural person) which temporarily warehouses loans for any Lender or any entity described
in the preceding clause (a) and that, with respect to each of the preceding clauses (a) and (b), is administered or managed by
(i) a Lender, (ii) an Affiliate of a Lender, or (iii) a Person (other than a natural person) or an Affiliate of a Person (other
than a natural person) that administers or manages a Lender.

 

“Asset
Disposition” means any sale, lease, license, transfer, assignment or other consensual disposition (including by merger,
allocation of assets (including allocation of assets to any series of a limited liability company), division, consolidation or
amalgamation) by any Credit Party or any Subsidiary thereof of any asset of such Credit Party or such Subsidiary.

 

“Assignment
Agreement” means an assignment agreement in form and substance acceptable to Agent. 

 

“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).

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy”, as the same may be amended, modified
or supplemented from time to time, and any successor statute thereto.

 

“Base
LIBOR Rate” means, for each Interest Period, the rate per annum, determined by Agent in accordance with its customary
procedures, and utilizing such electronic or other quotation sources as it considers appropriate (rounded upwards, if necessary,
to the next 1/100%), to be the rate at which Dollar deposits (for delivery on the first day of such Interest Period) in the amount
of $1,000,000 are offered to major banks in the London interbank market on or about 11:00 a.m. (London time) two (2) Business
Days prior to the commencement of such Interest Period, for a term comparable to such Interest Period, which determination shall
be conclusive in the absence of manifest error; provided, however, that if
(a) the supervisor for or administrator responsible for determining and publishing such rate per annum, determined by Agent in
accordance with its customary procedures, has made a public announcement identifying a date certain on or after which such rate
shall no longer be provided or published, as the case may be; or (b) timely, adequate and reasonable means do not exist for ascertaining
such rate and the circumstances giving rise to the Agent’s inability to ascertain LIBOR are unlikely to be temporary as
determined in Agent’s reasonable discretion, then Agent may, upon prior written notice to Borrower Representative and consistent
with such determinations made by Agent with respect to other financing arrangements as to which the Agent serves in a similar
capacity, choose a reasonably comparable index or source together with corresponding adjustments to “Applicable Margin”
or scale factor, spread adjustment or floor to such index that Agent, in its reasonable discretion, has determined is necessary
to preserve the current all-in yield (including interest rate margins, any interest rate floors, original issue discount and upfront
fees, but without regard to future fluctuations of such alternative index, it being acknowledged and agreed that neither Agent
nor any Lender shall have any liability whatsoever from such future fluctuations) to use as the basis for Base LIBOR Rate.

 

    	3

    	 

    

 

“Base
Rate” means a per annum rate of interest equal to the greater of (a) one percent
(1.00%) per annum and (b) a per annum rate of interest equal to the rate of interest announced, from time to time, within
Wells Fargo Bank, National Association (“Wells Fargo”) at its principal office in San Francisco as its “prime
rate,” with the understanding that the “prime rate” is one of Wells Fargo’s base rates (not necessarily
the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for those loans making
reference thereto and is evidenced by the recording thereof after its announcement in such internal publications as Wells Fargo
may designate; provided, however, that Agent may, upon prior written notice to Borrower, choose a reasonably comparable
index or source to use as the basis for the Base Rate.

 

“Blocked
Person” means any Person: (a) listed in the annex to, or is otherwise subject to the provisions of, Executive Order
No. 13224, (b) owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise
subject to the provisions of, Executive Order No. 13224, (c) with which any Lender is prohibited from dealing or otherwise engaging
in any transaction by any Anti-Terrorism Law, (d) that commits, threatens or conspires to commit or supports “terrorism”
as defined in Executive Order No. 13224, or (e) that is named a “specially designated national” or “blocked
person” on the most current list published by OFAC or other similar sanctions list or is named as a “listed person”
or “listed entity” on other lists made under any Anti-Terrorism Law.

 

“Borrower”
and “Borrowers” has the meaning set forth in the introductory paragraph hereto.

 

“Borrower
Representative” means Xtant, in its capacity as Borrower Representative pursuant to the provisions of Section 2.9, or
any successor Borrower Representative selected by Borrowers and approved by Agent.

 

“Borrower
Unrestricted Cash” means unrestricted cash and Cash Equivalents of the Borrowers that (a) are held in the name of a
Borrower in a Deposit Account or Securities Account located in the United States that is subject to a Deposit Account Control
Agreement or Securities Account Control Agreement, as applicable, in favor of Agent at bank or financial institution located in
the United States, (b) is not subject to any Lien (other than Permitted Liens), and (c) are not funds for the payment of a drawn
or committed but unpaid draft, ACH or EFT transaction.

 

“Borrowing
Base” means:

 

(a)
the product of (i) eighty-five percent (85%) multiplied by (ii) the aggregate net amount at such time of the Eligible Accounts;
plus 

 

    	4

    	 

    

 

(b)
the lesser of (i) forty percent (40%) multiplied
by the Orderly Liquidation Value of the Eligible Inventory, or (ii) forty percent (40%) multiplied by (ii) the value
of the Eligible Inventory, valued at the lower of first-in-first-out cost or market cost, and after factoring in all rebates,
discounts and other incentives or rewards associated with the purchase of the applicable Inventory; plus

 

(c)
the product of (x) eighty-five percent (85%) multiplied by (y) the aggregate net amount at such time of the Eligible Pending
Accounts; provided that the portion of the Borrowing Base attributable to Eligible Pending Accounts shall not exceed $500,000
at any time; minus

 

(d)
the amount of any reserves and/or adjustments provided for in this Agreement;

 

provided,
that the Borrowing Base shall be adjusted down, if necessary, such that availability from Eligible Inventory shall never exceed
an amount equal to thirty percent (30%) of the Revolving Loan Limit as of any date of determination.

 

“Borrowing
Base Certificate” means a certificate, duly executed by a Responsible Officer of Borrower Representative, appropriately
completed and substantially in the form of Exhibit C hereto.

 

“Business
Day” means any day except a Saturday, Sunday or other day on which either the New York Stock Exchange is closed, or
on which commercial banks in New York, New York are authorized by Law to close and, in the
case of a Business Day which relates to a determination of the LIBOR Rate, a day on which dealings are carried on in the London
interbank eurodollar market.

 

“Cash
Equivalents” means, as of any date of determination, any of the following: (a) marketable securities (i) issued or directly
and unconditionally guaranteed as to interest and principal by the United States government, or (ii) issued by any agency of the
United States the obligations of which are backed by the full faith and credit of the United States, in each case maturing within
one (1) year after such date; (b) marketable direct obligations issued by any state of the United States or any political subdivision
of any such state or any public instrumentality thereof, in each case maturing within one (1) year after such date and having,
at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (c) commercial
paper maturing no more than one (1) year from the date of creation thereof and having, at the time of the acquisition thereof,
a rating of at least A-1 from S&P or at least P-1 from Moody’s, or carrying an equivalent rating by a nationally recognized
rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally; (d) certificates
of deposit or bankers’ acceptances maturing within one (1) year after such date and issued or accepted by any Lender or
by any commercial bank organized under the laws of the United States or any state thereof or the District of Columbia that (i)
is at least “adequately capitalized” (as defined in the regulations of its primary federal banking regulator), and
(ii) has Tier 1 capital (as defined in such regulations) of not less than $100,000,000; and (e) shares of any money market mutual
fund that (i) has substantially all of its assets invested continuously in the types of investments referred to in clauses (a)
and (b) above, (ii) has net assets of not less than $500,000,000, and (iii) has the highest rating obtainable from either S&P
or Moody’s.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C.A. § 9601 et seq.,
as the same may be amended from time to time.

 

    	5

    	 

    

 

“Change
in Control” means any of the following events: (a) any “person” or “group” (as such terms are
used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined
in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial
ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately
or only after the passage of time (such right, an “option right”)), directly or indirectly, of forty percent (40%)
or more of the combined voting power of all voting stock of Holdings 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), but excluding any such “person”
or “group” that owns, on the date hereof, at least forty percent (40%) of the combined voting power of all voting
stock of Holdings, as so determined; (b) during any period of twelve (12) consecutive months, a majority of the members of the
board of directors or other equivalent governing body of Borrower 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 (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 (i) and (ii) above constituting at the time of such election
or nomination at least a majority of that board or equivalent governing body; (c) any Credit Party ceases to own, directly or
indirectly, 100% of the capital stock of any of its Subsidiaries (with the exception of any Subsidiaries permitted to be dissolved,
merged or otherwise disposed of to the extent otherwise permitted by this Agreement); or (d) the occurrence of a “Change
of Control”, “Fundamental Change”, “Change in Control”, “Deemed Liquidation Event” or
terms of similar import under any document or instrument governing or relating to Debt of or Equity Interests of such Person.
As used herein, “beneficial ownership” shall have the meaning provided in Rule 13d-3 of the Securities and Exchange
Commission under the Securities Exchange Act of 1934.

 

“Closing
Date” means the date of this Agreement.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, any successor statutes thereto, and applicable U.S. Department
of Treasury regulations issued pursuant thereto in temporary or final form.

 

“Collateral”
means all property, other than Excluded Property, now existing or hereafter acquired, mortgaged or pledged to, or purported to
be subjected to a Lien in favor of, Agent, for the benefit of Agent and Lenders, pursuant to this Agreement and the Security Documents,
including, without limitation, all of the property described in Schedule 9.1 hereto.

 

“Commitment
Annex” means Annex A to this Agreement.

 

“Compliance
Certificate” means a certificate, duly executed by a Responsible Officer of Borrower Representative, appropriately completed
and substantially in the form of Exhibit B hereto.

 

“Consolidated
Subsidiary” means, at any date, any Subsidiary the accounts of which would be consolidated with those of the “parent”
Credit Party (or any other Person, as the context may require hereunder) in its consolidated financial statements if such statements
were prepared as of such date.

 

    	6

    	 

    

 

“Contingent
Obligation” means, with respect to any Person, any direct or indirect liability of such Person: (a) with respect to
any Debt of another Person (a “Third Party Obligation”) if the purpose or intent of such Person incurring such
liability, or the effect thereof, is to provide assurance to the obligee of such Third Party Obligation that such Third Party
Obligation will be paid or discharged, or that any agreement relating thereto will be complied with, or that any holder of such
Third Party Obligation will be protected, in whole or in part, against loss with respect thereto; (b) with respect to any undrawn
portion of any letter of credit issued for the account of such Person or as to which such Person is otherwise liable for the reimbursement
of any drawing; (c) under any Swap Contract, to the extent not yet due and payable; (d) to make take-or-pay or similar payments
if required regardless of nonperformance by any other party or parties to an agreement; or (e) for any obligations of another
Person pursuant to any Guarantee or pursuant to any agreement to purchase, repurchase or otherwise acquire any obligation or any
property constituting security therefor, to provide funds for the payment or discharge of such obligation or to preserve the solvency,
financial condition or level of income of another Person. The amount of any Contingent Obligation shall be equal to the amount
of the obligation so Guaranteed or otherwise supported or, if not a fixed and determinable amount, the maximum amount so Guaranteed
or otherwise supported.

 

“Controlled
Group” means all members of a group of corporations and all members of a group of trades or businesses (whether or not
incorporated) under common control which, together with the Credit Parties, are treated as a single employer under Section 414(b),
(c), (m) or (o) of the Code or Section 4001(b) of ERISA and, solely for purposes of Section 412 and 436 of the Code, Section 414(m)
or (o) of the Code.

 

“Credit
Exposure” means, at any time, any portion of the Revolving Loan Commitment, any Loan or any other Obligations are outstanding
(other than inchoate indemnification obligations for which no claim has yet been made).

 

“Credit
Party” means each Borrower and each Guarantor; and “Credit Parties” means all such Persons, collectively.

 

“Debt”
of a Person means at any date, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations
of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the
deferred purchase price of property or services, except trade accounts payable arising and paid on a timely basis and in the Ordinary
Course of Business, (d) all Finance Leases of such Person, (e) all non-contingent obligations of such Person to reimburse any
bank or other Person in respect of amounts paid under a letter of credit, banker’s acceptance or similar instrument, (f)
all Disqualified Equity Interests, (g) all obligations secured by a Lien on any asset of such Person, whether or not such obligation
is otherwise an obligation of such Person, (h) “earnouts”, purchase price adjustments, profit sharing arrangements,
deferred purchase money amounts and similar payment obligations or continuing obligations of any nature of such Person arising
out of purchase and sale contracts, (i) all Debt of others Guaranteed by such Person, (j) off-balance sheet liabilities payable
in cash and/or Pension Plan or Multiemployer Plan liabilities of such Person, (k) obligations payable in cash in respect of Litigation
settlement agreements or similar arrangements, and (l) obligations payable in cash arising under bonus, deferred compensation,
incentive compensation or similar arrangements, other than those arising in the Ordinary Course of Business. Without duplication
of any of the foregoing, Debt of Credit Parties shall include any and all Loans.

 

“Default”
means any condition or event which with the giving of notice or lapse of time or both would, unless cured or waived, become an
Event of Default.

 

“Defaulted
Lender” means, so long as such failure shall remain in existence and uncured, any Lender which shall have failed to
make any Loan or other credit accommodation, disbursement, settlement or reimbursement required pursuant to the terms of any Financing
Document.

 

    	7

    	 

    

 

“Defined
Period” means for any given calendar quarter or date of determination, the immediately preceding twelve (12) month period
ending on the last day of such calendar quarter or if such date of determination is not the last day of a calendar quarter, the
twelve (12) month period immediately preceding any such date of determination.

 

“Deposit
Account” means a “deposit account” (as defined in Article 9 of the UCC), an investment account, or other
account in which funds are held or invested for credit to or for the benefit of any Credit Party.

 

“Deposit
Account Control Agreement” means an agreement, in form and substance reasonably satisfactory to Agent, among Agent,
any Credit Party and each financial institution in which such Credit Party maintains a Deposit Account, which agreement provides
that (a) such financial institution shall comply with instructions originated by Agent directing disposition of the funds in such
Deposit Account without further consent by the applicable Credit Party, and (b) such financial institution shall agree that it
shall have no Lien on, or right of setoff or recoupment against, such Deposit Account or the contents thereof, other than in respect
of usual and customary service fees and returned items for which Agent has been given value, in each such case expressly consented
to by Agent, and containing such other terms and conditions as Agent may require, including as to any such agreement pertaining
to any Lockbox Account, providing that such financial institution shall wire, or otherwise transfer, in immediately available
funds, on a daily basis to the Payment Account all funds received or deposited into such Lockbox or Lockbox Account.

 

“Disqualified
Equity Interests” means, with respect to any Person, any Equity Interest in such Person that, within less than 91 days
after the Termination Date, either by its terms (or by the terms of any security or any other Equity Interests into which it is
convertible or for which it is exchangeable) or upon the happening of any event or condition, (a) matures or is mandatorily redeemable
(other than solely for Permitted Debt or other Equity Interest in such Person or of Holdings that do not constitute Disqualified
Equity Interests and cash in lieu of fractional shares of such Equity Interests), pursuant to a sinking fund obligation or otherwise,
(b) is redeemable at the option of the holder thereof, in whole or in part (other than solely for Permitted Debt or other Equity
Interests in such Person or of Holdings that do not constitute Disqualified Equity Interests and cash in lieu of fractional shares
of such Equity Interests), (c) provides for the scheduled payments of dividends or distributions in cash, or (d) is or becomes
convertible into or exchangeable for Debt (other than Permitted Debt) or any other Equity Interest that would constitute Disqualified
Equity Interests.

 

“Distribution”
means as to any Person (a) any dividend or other distribution (whether in cash, securities or other property) on any Equity Interest
in such Person (except those payable solely in its Equity Interests other than Disqualified Equity Interests), (b) any payment
by such Person on account of (i) the purchase, redemption, retirement, defeasance, surrender, cancellation, termination or acquisition
of any Equity Interests in such Person or any claim respecting the purchase or sale of any Equity Interest in such Person, (ii)
any option, warrant or other right to acquire any Equity Interests in such Person or (iii) the Warrant Repurchase Obligation,
(c) any management fees, salaries or other fees or compensation to any Person holding an Equity Interest in a Credit Party or
a Subsidiary of a Credit Party (other than reasonable and customary (i) payments of salaries to individuals, (ii) directors fees,
and (iii) advances and reimbursements to employees or directors, all in the Ordinary Course of Business), an Affiliate of a Credit
Party or an Affiliate of any Subsidiary of a Credit Party, (d) any lease or rental payments to an Affiliate or Subsidiary of a
Credit Party, or (e) repayments of or debt service on loans or other indebtedness (other
than conversion to Equity Interests other than Disqualified Equity Interests) held
by an Affiliate of any Credit Party unless permitted under and made pursuant to a Subordination Agreement applicable to
such loans or other indebtedness.

 

    	8

    	 

    

 

“Dollars”
or “$” means the lawful currency of the United States of America.

 

“EBITDA”
has the meaning given such term on the Compliance Certificate.

 

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

 

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

 

“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
Account” means, subject to the criteria below, an account receivable of a Borrower, which was generated in the Ordinary
Course of Business, which was generated originally in the name of a Borrower and not acquired via assignment or otherwise, and
which Agent, in its good faith credit judgment and discretion, deems to be an Eligible Account. The net amount of an Eligible
Account at any time shall be (a) the face amount of such Eligible Account as originally billed minus all cash collections
and other proceeds of such Account received from or on behalf of the Account Debtor thereunder as of such date and any and all
returns, rebates, discounts (which may, at Agent’s option, be calculated on shortest terms), credits, allowances or excise
taxes of any nature at any time issued, owing, claimed by Account Debtors, granted, outstanding or payable in connection with
such Accounts at such time, and (b) adjusted by applying percentages (known as “liquidity factors”) by payor
and/or payor class based upon the applicable Borrower’s actual recent collection history for each such payor and/or payor
class in a manner consistent with Agent’s underwriting practices and procedures. Such liquidity factors may be adjusted
by Agent from time to time (and absent the occurrence and continuance of a Default or Event of Default, upon not less than two
(2) Business Days’ prior written notice to Borrower Representative) as warranted by Agent’s underwriting practices
and procedures and using Agent’s good faith credit judgment. Without limiting the generality of the foregoing, no Account
shall be an Eligible Account if:

 

(a)
the Account remains unpaid more than one hundred and twenty (120) days past the claim or invoice date (but in no event more than
one hundred and fifty (150) days after the applicable goods or services have been rendered or delivered);

 

(b)
the Account is subject to any defense, set-off, recoupment, counterclaim, deduction, discount, credit, chargeback, freight claim,
allowance, or adjustment of any kind (but only to the extent of such defense, set-off, recoupment, counterclaim, deduction, discount,
credit, chargeback, freight claim, allowance, or adjustment), or the applicable Borrower is not able to bring suit or otherwise
enforce its remedies against the Account Debtor through judicial process;

 

    	9

    	 

    

 

(c)
if the Account arises from the sale of goods, any part of any goods the sale of which has given rise to the Account has been returned,
rejected, lost, or damaged (but only to the extent that such goods have been so returned, rejected, lost or damaged);

 

(d)
if the Account arises from the sale of goods, the sale was not an absolute, bona fide sale, or the sale was made on consignment
or on approval or on a sale-or-return or bill-and-hold or progress billing basis, or the sale was made subject to any other repurchase
or return agreement, or the goods have not been shipped to the Account Debtor or its designee or the sale was not made in compliance
with applicable Laws;

 

(e)
if the Account arises from the performance of services, the services have not actually been performed or the services were undertaken
in violation of any Law or the Account represents a progress billing for which services have not been fully and completely rendered;

 

(f)
the Account is subject to a Lien (other than Liens in favor of Agent, Liens in favor of the Affiliated Financing Agent or Permitted
Liens that have been expressly subordinated to the Liens of Agent or that arise solely by
operation of law), or Agent does not have a first priority, perfected Lien on such Account;

 

(g)
the Account is evidenced by Chattel Paper or an Instrument of any kind, or has been reduced to judgment, unless such Chattel Paper
or Instrument has been delivered to Agent;

 

(h)
the Account Debtor is an Affiliate or Subsidiary of a Credit Party, or if the Account Debtor holds any Debt of a Credit Party;

 

(i)
more than fifty percent (50%) of the aggregate balance of all Accounts owing from the Account Debtor obligated on the Account
are ineligible under subclause (a) above (in which case all Accounts from such Account Debtor shall be ineligible);

 

(j)
without limiting the provisions of clause (i) above, fifty percent (50%) or more of the aggregate unpaid Accounts from the Account
Debtor obligated on the Account are not deemed Eligible Accounts under this Agreement for any reason;

 

(k)
the total unpaid Accounts of the Account Debtor obligated on the Account exceed twenty percent (20%) of the net amount of all
Eligible Accounts owing from all Account Debtors (but only the amount of the Accounts of such Account Debtor exceeding such twenty
percent (20%) limitation shall be considered ineligible);

 

(l)
any covenant, representation or warranty contained in the Financing Documents with respect to such Account has been breached in
any material respect;

 

(m)
the Account is unbilled or has not been invoiced to the Account Debtor in accordance with the procedures and requirements of the
applicable Account Debtor;

 

(n)
the Account is an obligation of an Account Debtor that is the federal, state or local government or any political subdivision
thereof, unless Agent has agreed to the contrary in writing and Agent has received from the Account Debtor the acknowledgement
of Agent’s notice of assignment of such obligation pursuant to this Agreement;

 

    	10

    	 

    

 

(o)
the Account is an obligation of an Account Debtor that has suspended business, made a general assignment for the benefit of creditors,
is unable to pay its debts as they become due or as to which a petition has been filed (voluntary or involuntary) under any law
relating to bankruptcy, insolvency, reorganization or relief of debtors, or the Account is an Account as to which any facts, events
or occurrences exist which could reasonably be expected to impair the validity, enforceability or collectability of such Account
or reduce the amount payable or delay payment thereunder;

 

(p)
the Account Debtor has its principal place of business or executive office outside the United States;

 

(q)
the Account is payable in a currency other than United States dollars;

 

(r)
the Account Debtor is an individual;

 

(s)
the Borrower owning such Account has not, to the extent requested by Agent, signed and delivered to Agent notices directing the
Account Debtors to make payment to the applicable Lockbox Account;

 

(t)
the Account includes late charges or finance charges (but only such portion of the Account shall be ineligible);

 

(u)
the Account arises out of the sale of any Inventory upon which any other Person holds, claims or asserts a Lien (other than Permitted
Liens arising solely by operation of law, Liens in favor of Agent, Liens in favor of the Affiliated Financing Agent or
Liens that have been expressly subordinated to the Liens of Agent); or

 

(v)
the Account or Account Debtor fails to meet such other specifications and requirements which may from time to time be established
by Agent in its good faith credit judgment and discretion (and absent the occurrence and continuance of a Default or Event of
Default, upon not less than two (2) Business Days’ prior written notice to Borrower Representative).

 

“Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and (d) any other Person (other than
a natural person) approved by Agent; provided, however, that notwithstanding the foregoing, (x) so long as no Event of
Default has occurred and is continuing, “Eligible Assignee” shall not include (i) any Credit Party or any of
a Credit Party’s Subsidiaries or (ii) any Person described in clause (d) above (other than any Person (other than a natural
person) that is acquiring such Lender or all or substantially all of such Lender’s loan portfolio), to which the Borrower
Representative has not consented in writing (such consent not to be unreasonably withheld or delayed, and provided that Borrower
Representative shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to Agent
within five (5) Business Days after having received notice thereof), and (y) no proposed assignee intending to assume all or any
portion of the Revolving Loan Commitment shall be an Eligible Assignee unless such proposed assignee either already holds a portion
of such Revolving Loan Commitment, or has been approved as an Eligible Assignee by Agent.

 

“Eligible
Inventory” means Inventory owned by a Borrower and acquired and dispensed by such Borrower in the Ordinary Course of
Business that Agent, in its good faith credit judgment and discretion, deems to be Eligible Inventory. Without limiting the generality
of the foregoing, no Inventory shall be Eligible Inventory if:

 

(a)
such Inventory is not owned by a Borrower free and clear of all Liens and rights of any other Person (including the rights of
a purchaser that has made progress payments and the rights of a surety that has issued a bond to assure such Borrower’s
performance with respect to that Inventory) except for Permitted Liens arising solely by
operation of law, Liens in favor of Agent, the Affiliated Financing Agent or Liens that have been expressly subordinated
to the Liens of Agent;

 

    	11

    	 

    

 

(b)
such Inventory is placed on consignment or is in transit;

 

(c)
such Inventory is covered by a negotiable document of title, unless such document has been delivered to Agent with all necessary
endorsements, free and clear of all Liens except for Permitted Liens arising solely by operation
of law and those in favor of Agent or the Affiliated Financing Agent;

 

(d)
such Inventory is excess, obsolete, unsalable, shopworn, seconds, damaged, unfit for sale, unfit for further processing, is of
substandard quality or is not of good and merchantable quality, free from any defects;

 

(e)
such Inventory consists of marketing materials, display items or packing or shipping materials, manufacturing supplies or Work-In-Process;

 

(f)
such Inventory is not subject to a first priority Lien in favor of Agent;

 

(g)
such Inventory consists of goods that can be transported or sold only with licenses that are not readily available or of any substances
defined or designated as hazardous or toxic waste, hazardous or toxic material, hazardous or toxic substance, or similar term,
by any Environmental Law or any Governmental Authority applicable to Borrowers or their business, operations or assets;

 

(h)
such Inventory is not covered by casualty insurance acceptable to Agent;

 

(i)
any covenant, representation or warranty contained in the Financing Documents with respect to such Inventory has been breached
in any material respect;

 

(j)
such Inventory is located (i) outside of the continental United States or (ii) on premises where the aggregate amount of all Inventory
(valued at cost) of Borrowers located thereon is less than $10,000;

 

(k)
such Inventory is located on premises with respect to which Agent has not received a landlord, warehouseman, bailee or mortgagee
letter acceptable in form and substance to Agent, unless Agent has instituted a reserve in an amount equal to three (3) months’
rent or third party charges, as applicable, in respect of each such location;

 

(l)
such Inventory consists of (A) discontinued items, (B) slow-moving or excess items held in inventory, or (C) used items held for
resale;

 

(m)
such Inventory does not consist of finished goods;

 

(n)
such Inventory does not meet all standards imposed by any Governmental Authority, including with respect to its production, acquisition
or importation (as the case may be);

 

    	12

    	 

    

 

(o)
such Inventory has an expiration date within the next six (6) months;

 

(p)
such Inventory consists of products for which Borrowers have a greater than six (6) month supply on hand, to the extent of such
excess;

 

(q)
such Inventory is held for rental or lease by or on behalf of Borrowers;

 

(r)
such Inventory is subject to any licensing, patent, royalty, trademark, trade name or copyright agreement with any third parties,
which agreement restricts the ability of Agent or any Lender to sell or otherwise dispose of such Inventory; or

 

(s)
such Inventory fails to meet such other specifications and requirements which may from time to time be established by Agent in
its good faith credit judgment (and absent the occurrence and continuance of a Default or Event of Default, upon not less than
two (2) Business Days’ prior written notice to Borrower Representative). Agent and Borrowers agree that Inventory shall
be subject to periodic appraisal by Agent and that valuation of Inventory shall be subject to adjustment pursuant to the results
of such appraisal. Notwithstanding the foregoing, the valuation of Inventory shall be subject to any legal limitations on sale
and transfer of such Inventory.

 

“Eligible
Pending Account” means any Account of a Borrower that (i) originates from an Account Debtor that is a consignee of Inventory
for the purposes of replacing existing Inventory used or disposed of in the operations of such Account Debtor, (ii) the applicable
Borrower has generated an invoice in respect of, but for which the applicable Account Debtor has not yet posted a purchase order
to the applicable Borrower and (iii) would otherwise constitute an Eligible Account but for the requirements of clause (d) of
the definition of “Eligible Account”; provided that (x) no more than thirty (30) days has elapsed since the
date upon which such Borrower invoiced the applicable Account Debtor and (y) each such Eligible Pending Account shall be properly
recorded on Borrowers’ accounting systems at all times.

 

“Environmental
Laws” means any present and future federal, state and local laws, statutes, ordinances, rules, regulations, standards,
policies and other governmental directives or requirements, as well as common law, pertaining to the environment, natural resources,
pollution, health (including any environmental clean-up statutes and all regulations adopted by any local, state, federal or other
Governmental Authority, and any statute, ordinance, code, order, decree, law rule or regulation all of which pertain to or impose
liability or standards of conduct concerning medical waste or medical products, equipment or supplies), safety or clean-up that
apply to any Credit Party and relate to Hazardous Materials, including, without limitation, the Comprehensive Environmental Response,
Compensation and Liability Act of 1980 (42 U.S.C. § 9601 et seq.), the Resource Conservation and Recovery Act of 1976
(42 U.S.C. § 6901 et seq.), the Federal Water Pollution Control Act (33 U.S.C. § 1251 et seq.), the Hazardous
Materials Transportation Act (49 U.S.C. § 5101 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.),
the Federal Insecticide, Fungicide and Rodenticide Act (7 U.S.C. § 136 et seq.), the Emergency Planning and Community
Right-to-Know Act (42 U.S.C. § 11001 et seq.), the Occupational Safety and Health Act (29 U.S.C. § 651 et
seq.), the Residential Lead-Based Paint Hazard Reduction Act (42 U.S.C. § 4851 et seq.), any analogous state or
local laws, any amendments thereto, and the regulations promulgated pursuant to said laws, together with all amendments from time
to time to any of the foregoing and judicial interpretations thereof.

 

“Equity
Interests” means, with respect to any Person, all shares of capital stock, partnership interests, membership interests
in a limited liability company or other ownership in participation or equivalent interests (however designated, whether voting
or non-voting) of such Person’s equity capital (including any warrants, options or other purchase rights with respect to
the foregoing), whether now outstanding or issued after the Closing Date.

 

    	13

    	 

    

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as the same may be amended, modified or supplemented from time to time,
and any successor statute thereto, and any and all rules or regulations promulgated from time to time thereunder.

 

“ERISA
Plan” means any “employee benefit plan”, as such term is defined in Section 3(3) of ERISA (other than a
Multiemployer Plan), which any Credit Party or any Subsidiary maintains, sponsors or contributes to, or, in the case of an employee
benefit plan which is subject to Section 412 of the Code or Title IV of ERISA, to which any Credit Party or any Subsidiary has
any liability, including on account of any member of the Controlled Group, including any liability by reason of having been a
substantial employer within the meaning of Section 4063 of ERISA, or by reason of being deemed to be a contributing sponsor under
Section 4069 of ERISA.

 

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

 

“Event
of Default” has the meaning set forth in Section 10.1.

 

“Excess
Availability” means, at a particular date, an amount equal to the Revolving Loan Availability minus all amounts due
and owing to any Credit Party’s trade creditors which are outstanding sixty (60) days or more past their due date.

 

“Excluded
Accounts” has the meaning set forth in Section 5.14(b).

 

“Excluded
Property” means, collectively:

 

(a)
any lease, license, contract, permit, letter of credit, purchase money arrangement, instrument or agreement to which any Credit
Party is a party or any of its rights or interests thereunder if and to the extent that the grant of the security interest hereunder
shall constitute or result in (i) the abandonment, invalidation or unenforceability of any right, title or interest of any Credit
Party therein or (ii) a breach or termination pursuant to the terms of, or default under, any such lease, license, contract, permit,
letter of credit, purchase money arrangement, instrument or agreement;

 

(b)
any governmental licenses or state or local franchises, charters and authorizations, to the extent that Agent may not validly
possess a security interest in any such license, franchise, charter or authorization under applicable Law;

 

(c)
any “intent-to-use” trademarks or service mark applications for which an amendment to allege use or statement of use
has not been filed under 15 U.S.C. § 1051 Section 1(c) or Section 1(d), respectively or if filed, has not been deemed in
conformance with 15 U.S.C. § 1051(a) or examined and accepted, respectively by the United States Patent and Trademark Office;
and

 

(d)
any equipment which is subject to a purchase money Lien or Finance Lease permitted hereunder and the proceeds thereof to the extent
the granting of a security interest in such asset is prohibited pursuant to the terms of the contract governing such purchase
money Lien or Finance Lease;

 

    	14

    	 

    

 

provided
that (x) any such limitation described in the foregoing clauses (a) and (b) on the security interests granted hereunder shall
apply only to the extent that any such prohibition could not be rendered ineffective pursuant to the UCC or any other applicable
Law (including Sections 9-406, 9-407 and 9-408 of the UCC) or principles of equity, (y) in the event of the termination or elimination
of any such prohibition or the requirement for any consent contained in such contract, agreement, permit, lease or license or
in any applicable Law, to the extent sufficient to permit any such item to become Collateral hereunder, or upon the granting of
any such consent, or waiving or terminating any requirement for such consent, a security interest in such contract, agreement,
permit, lease, license, franchise, authorization or asset shall be automatically and simultaneously granted hereunder and shall
be included as Collateral hereunder, and (z) all rights to payment of money due or to become due pursuant to, and all proceeds
(and rights to the proceeds) from the sale of, any Excluded Property shall be and at all times remain subject to the security
interests created by this Agreement (unless such proceeds would independently constitute Excluded Property).

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to Agent, any Lender or any other recipient of any
payment to be made by or on behalf of any obligation of Credit Parties hereunder or the Obligations or required to be withheld
or deducted from a payment to Agent, such Lender or such recipient (including any interest and penalties thereon): (a) Taxes to
the extent imposed on or measured by Agent’s, any Lender’s or such recipient’s revenue, net income (however
denominated), branch profits Taxes, and franchise Taxes and similar Taxes, in each case, (i) imposed by the jurisdiction (or any
political subdivision thereof) under which Agent, such Lender or such recipient is organized, has its principal office or conducts
business with respect to entering into any of the Financing Documents or taking any action thereunder or (ii) that are Other Connection
Taxes; (b) in the case of a Lender, United States withholding Taxes imposed on amounts payable to or for the account of such Lender
with respect to an applicable interest in the Loans pursuant to a Law in effect on the date on which (i) such Lender becomes a
party to this Agreement other than as a result of an assignment requested by a Credit Party under the terms hereof or (ii) such
Lender changes its lending office for funding its Loan, except in each case to the extent that, pursuant to Section 2.8, amounts
with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable
interest in a Loan or Revolving Loan Commitment or to such Lender immediately before it changed its lending office; (c) Taxes
attributable to such Lender’s failure to comply with Section 2.8(c); and (d) any U.S. federal withholding taxes imposed
in respect of a Lender under FATCA.

 

“FATCA”
means Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future U.S. Treasury regulations or official interpretations
thereof and any agreement entered into pursuant to the implementation of Section 1471(b)(1) of the Code, and any intergovernmental
agreement between the United States Internal Revenue Service, the U.S. Government and any governmental or taxation authority under
any other jurisdiction which agreement’s principal purposes deals with the implementation of such sections of the Code.

 

“FDA”
means the Food and Drug Administration of the United States of America, any comparable state or local Governmental Authority,
any comparable Governmental Authority in any non-United States jurisdiction, and any successor agency of any of the foregoing.

 

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

 

    	15

    	 

    

 

“Fee
Letter” means each agreement between Agent and Borrower relating to fees payable to Agent and/or Lenders in connection
with this Agreement.

 

“Finance
Lease” of any Person means a lease
that is required to be accounted for as a finance lease or capital lease on both the balance sheet and the income statement for
financial reporting purposes in accordance with GAAP. For the avoidance of doubt, a straight-line or operating lease shall not
be considered a Finance Lease.

 

“Financing
Documents” means this Agreement, any Notes, the Security Documents, each Fee Letter, the Affiliated Intercreditor Agreement,
each subordination or intercreditor agreement pursuant to which any Debt and/or any Liens securing such Debt is subordinated to
all or any portion of the Obligations and all other documents, instruments and agreements related to the Obligations and heretofore
executed, executed concurrently herewith or executed at any time and from time to time hereafter, as any or all of the same may
be amended, supplemented, restated or otherwise modified from time to time.

 

“Foreign
Lender” has the meaning set forth in Section 2.8(c)(i).

 

“GAAP”
means generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the United States accounting
profession), which are applicable to the circumstances as of the date of determination.

 

“General
Intangible” means any “general intangible” as defined in Article 9 of the UCC, and any personal property,
including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments,
investment property, letter-of-credit rights, letters of credit, money, and oil, gas or other minerals before extraction, but
including payment intangibles and software.

 

“Good
Manufacturing Practices” means current good manufacturing practices, as set forth in 21 C.F.R. Parts 210 and 211.

 

“Governmental
Authority” means any nation or government, any state, local or other political subdivision thereof, and any agency,
department or Person exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government
and any corporation or other Person owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing,
whether domestic or foreign.

 

“Guarantee”
by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt or other
obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent
or otherwise, of such Person (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other
obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities
or services, to take-or-pay, or to maintain financial statement conditions or otherwise), or (b) entered into for the purpose
of assuring in any other manner the obligee of such Debt or other obligation of the payment thereof or to protect such obligee
against loss in respect thereof (in whole or in part), provided, however, that the term Guarantee shall not include
endorsements for collection or deposit in the Ordinary Course of Business. The term “Guarantee” used as a verb
has a corresponding meaning.

 

    	16

    	 

    

 

“Guarantor”
means Holdings and each other Credit Party that has executed or delivered, or shall in the future execute or deliver, any Guarantee
of any portion of the Obligations.

 

“Hazardous
Materials” means petroleum and petroleum products and compounds containing them, including gasoline, diesel fuel and
oil; explosives, flammable materials; radioactive materials; polychlorinated biphenyls and compounds containing them; lead and
lead-based paint; asbestos or asbestos-containing materials; underground or above-ground storage tanks, whether empty or containing
any substance; any substance the presence of which is prohibited by any Environmental Laws; toxic mold, any substance that requires
special handling; and any other material or substance now or in the future defined as a “hazardous substance,” “hazardous
material,” “hazardous waste,” “toxic substance,” “toxic pollutant,” “contaminant,”
“pollutant” or other words of similar import within the meaning of any Environmental Law, including: (a) any “hazardous
substance” defined as such in (or for purposes of) CERCLA, or any so-called “superfund” or “superlien”
Law, including the judicial interpretation thereof; (b) any “pollutant or contaminant” as defined in 42 U.S.C.A. §
9601(33); (c) any material now defined as “hazardous waste” pursuant to 40 C.F.R. Part 260; (d) any petroleum or petroleum
by-products, including crude oil or any fraction thereof; (e) natural gas, natural gas liquids, liquefied natural gas, or synthetic
gas usable for fuel; (f) any “hazardous chemical” as defined pursuant to 29 C.F.R. Part 1910; (g) any toxic or harmful
substances, wastes, materials, pollutants or contaminants (including, without limitation, asbestos, polychlorinated biphenyls,
flammable explosives, radioactive materials, infectious substances, materials containing lead-based paint or raw materials which
include hazardous constituents); and (h) any other toxic substance or contaminant that is subject to any Environmental Laws or
other past or present requirement of any Governmental Authority.

 

“Hazardous
Materials Contamination” means contamination (whether now existing or hereafter occurring) of the improvements, buildings,
facilities, personalty, soil, groundwater, air or other elements on or of the relevant property by Hazardous Materials, or any
derivatives thereof, or on or of any other property as a result of Hazardous Materials, or any derivatives thereof, generated
on, emanating from or disposed of in connection with the relevant property.

 

“Healthcare
Laws” means all applicable Laws relating to the procurement, development, provision, clinical and non-clinical evaluation
or investigation, product approval or clearance, manufacture, production, analysis, distribution, dispensing, importation, exportation,
use, handling, quality, reimbursement, sale, labeling, advertising, promotion, or postmarket requirements of any medical device
or other product (including, without limitation, any ingredient or component of, or accessory to, the foregoing products) subject
to regulation under the Federal Food, Drug and Cosmetic Act, as amended, 21 U.S.C. Section 301 et seq., and all regulations promulgated
thereunder, and similar state or foreign laws, consumer product safety laws, the National Organ Transplant Act or any regulations
promulgated thereunder or any state laws or foreign laws and/or regulations of similar import, Medicare, Medicaid, TRICARE, and
all laws, policies, procedures, requirements and regulations pursuant to which Permits are issued, in each case, as the same may
be amended from time to time.

 

“Holdings”
has the meaning set forth in the introductory paragraph hereto.

 

    	17

    	 

    

 

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

 

“Instrument”
means “instrument”, as defined in Article 9 of the UCC.

 

“Intellectual
Property” means all copyright rights, copyright applications, copyright registrations and like protections in each work
of authorship and derivative work, whether published or unpublished, any patents, patent applications and like protections, including
improvements, divisions, continuations, renewals, reissues, extensions, and continuations-in-part of the same, trademarks, trade
names, service marks, rights of use of any name, domain names, or any other similar rights, any applications therefor, whether
registered or not, know-how, operating manuals, trade secret rights, clinical and non-clinical data, rights to unpatented inventions,
and any claims for damage by way of any past, present, or future infringement of any of the foregoing.

 

“Interest
Period” means any period commencing on the first day of a calendar month and ending on the last day of such calendar
month.

 

“Inventory”
means “inventory” as defined in Article 9 of the UCC.

 

“Investment”
means, with respect to any Person, directly or indirectly, (a) to purchase or acquire any stock or stock equivalents, or any obligations
or other securities of, or any interest in, any Person, including the establishment or creation of a Subsidiary, (b) to make,
commit to make or otherwise consummate any Acquisition, or (c) make, purchase or hold any advance, loan, extension of credit or
capital contribution to or in, or any other investment in, any Person. The amount of any
Investment shall be the original cost of such Investment plus the cost of all additions thereto, without any adjustments for increases
or decreases in value, or write-ups, write-downs or write-offs with respect thereto.

 

“IRS”
has the meaning set forth in Section 2.8(c)(i).

 

“Joinder
Requirements” has the meaning set forth in Section 4.11(d).

 

“Laws”
means any and all federal, state, provincial, territorial, local and foreign statutes, laws, judicial decisions, regulations,
ordinances, rules, judgments, orders, decrees, codes, injunctions, permits, governmental agreements and governmental restrictions,
whether now or hereafter in effect, which are applicable to any Credit Party in any particular circumstance. “Laws”
includes, without limitation, Healthcare Laws and Environmental Laws.

 

“Lender”
means each of (a) MCF, in its capacity as a lender hereunder, (b) each other Person party hereto in its capacity as a lender hereunder,
(c) each other Person that becomes a party hereto as Lender pursuant to Section 11.17, and (d) the respective successors of all
of the foregoing, and “Lenders” means all of the foregoing.

 

“LIBOR
Rate” means, for each Loan, a per annum rate of interest equal to the greater of (a) one percent (1.00%) and (b) the
rate determined by Agent (rounded upwards, if necessary, to the next 1/100th%) by dividing (i) the Base LIBOR Rate for
the Interest Period, by (ii) the sum of one minus the daily average during such Interest Period of the aggregate
maximum reserve requirement (expressed as a decimal) then imposed under Regulation D of the Board of Governors of the Federal
Reserve System (or any successor thereto) for “Eurocurrency Liabilities” (as defined therein).

 

    	18

    	 

    

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind, in respect
of such asset. For the purposes of this Agreement and the other Financing Documents, any Credit Party or any Subsidiary thereof
shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor
under any conditional sale agreement, Finance Lease or other title retention agreement relating to such asset.

 

“Liquidity”
means, at any time, the sum of (a) Borrower Unrestricted Cash plus (b) Excess Availability.

 

“Litigation”
means any action, suit or proceeding before any court, mediator, arbitrator or Governmental Authority.

 

“Loan
Account” has the meaning set forth in Section 2.6(b).

 

“Loan(s)”
means the Revolving Loans.

 

“Lockbox”
has the meaning set forth in Section 2.11(a).

 

“Lockbox
Account” means an account or accounts maintained at the Lockbox Bank into which collections of Accounts are paid, which
account or accounts shall be, if requested by Agent, opened in the name of Agent (or a nominee of Agent).

 

“Lockbox
Bank” has the meaning set forth in Section 2.11.

 

“Margin
Stock” means “margin stock” as such term is defined in Regulation T, U, or X of the Board of Governors of
the Federal Reserve System.

 

“Market
Withdrawal” means a Person’s Removal or Correction of a distributed product which involves a minor violation that
would not be subject to legal action by the FDA or which involves no violation, e.g., normal stock rotation practices, routine
equipment adjustments and repairs, etc.

 

“Material
Adverse Effect” means with respect to any event, act, condition or occurrence of whatever nature (including any adverse
determination in any Litigation, arbitration, or governmental investigation or proceeding), whether singly or in conjunction with
any other event or events, act or acts, condition or conditions, occurrence or occurrences, whether or not related, a material
adverse change in, or a material adverse effect upon, any of (a) the condition (financial or otherwise), operations, business,
properties or prospects of the Credit Parties taken as a whole, (b) the rights and remedies of Agent or Lenders under any Financing
Document, or the ability of any Credit Party to perform any of its obligations under any Financing Document to which it is a party,
(c) the legality, validity or enforceability of any Financing Document, (d) the existence, perfection or priority of any security
interest granted in any Financing Document, (e) the value of any material Collateral, or (f) a material impairment of the prospect
of repayment of any portion of the Obligations when due.

 

“Material
Contracts” means (a) the Financing Documents, (b) the agreements listed on Schedule 3.17, and (c) any other agreement
or contract to which such Credit Party or its Subsidiaries is a party the termination of which could reasonably be expected to
result in a Material Adverse Effect.

 

    	19

    	 

    

 

“Material
Intangible Assets” means all of (a) Intellectual Property owned by the Credit Parties or their Subsidiaries and (b)
license or sublicense agreements or other agreements with respect to rights in Intellectual Property not
owned by a Credit Party or a Subsidiary thereof, in each case that are material to the condition (financial or otherwise),
business or operations of the Credit Parties and their Subsidiaries (taken as a whole),
as determined by Agent in its reasonable discretion.

 

“Maturity
Date” means May 1, 2026.

 

“Maximum
Lawful Rate” has the meaning set forth in Section 2.7.

 

“MCF”
means MidCap Financial Trust, a Delaware statutory trust, and its successors and assigns.

 

“Minimum
Balance” means, at any time, an amount that equals the product of: (a) the average Borrowing Base (or, if less on any
given day, the Revolving Loan Commitment) during the immediately preceding month multiplied by (b) the Minimum Balance
Percentage for such month.

 

“Minimum
Balance Fee” means a fee equal to (a) the positive difference, if any, remaining after subtracting (i) the average end-of-day
principal balance of Revolving Loans outstanding during the immediately preceding month (without giving effect to the clearance
day calculations referenced in Section 2.2(a) from (ii) the Minimum Balance multiplied by (b) the average daily interest
rate applicable to the Revolving Loans during such month (or, during the existence of an Event of Default, the average daily default
rate of interest set forth in Section 10.5).

 

“Minimum
Balance Percentage” means thirty percent (30%).

 

“Minimum
Liquidity Covenant” has the meaning set forth in Section 6.2.

 

“Multiemployer
Plan” means a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which any Credit Party or any
other member of the Controlled Group (or any Person who in the last five years was a member of the Controlled Group) is making
or accruing an obligation to make contributions or has within the preceding five plan years (as determined on the applicable date
of determination) made contributions.

 

“Net
Revenue” means, for any period, (a) the consolidated gross revenues of Borrowers and their Subsidiaries generated solely
through the commercial sale of Products by Borrowers and their Subsidiaries during such period, less, without duplication, (b)(i)
trade, quantity and cash discounts allowed by Borrower, (ii) discounts, refunds, rebates, charge backs, retroactive price adjustments
and any other allowances which effectively reduce net selling price, (iii) product returns and allowances, (iv) allowances for
shipping or other distribution expenses, (iv) set-offs and counterclaims, and (v) any other similar and customary deductions used
by Borrower in determining net revenues, all, in respect of (a) and (b), as determined in accordance with GAAP (as applicable)
and in the Ordinary Course of Business. For the avoidance of doubt, in no event shall any Net Revenue attributable to any entity
or assets acquired pursuant to or in connection with a Permitted Acquisition be counted for purposes of determining Borrower’s
compliance with the financial covenant set forth in this Section 6.1.

 

“Notes”
has the meaning set forth in Section 2.3.

 

“Notice
of Borrowing” means a notice of a Responsible Officer of Borrower Representative, appropriately completed and substantially
in the form of Exhibit D hereto.

 

    	20

    	 

    

 

“Obligations”
means all obligations, liabilities and indebtedness (monetary (including, without limitation, the payment of interest and other
amounts arising after the commencement of any case with respect to any Credit Party under the Bankruptcy Code or any similar statute
which would accrue and become due but for the commencement of such case, whether or not such amounts are allowed or allowable
in whole or in part in such case) or otherwise) of each Credit Party under this Agreement or any other Financing Document, in
each case howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing,
or due or to become due.

 

“OFAC”
means the U.S. Department of Treasury Office of Foreign Assets Control.

 

“OFAC
Lists” means, collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant
to Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons
maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Executive Orders.

 

“Orderly
Liquidation Value” means the net amount (after all costs of sale), expressed in terms of money, which Agent, in its
good faith discretion, estimates can be realized from a sale, as of a specific date, given a reasonable period to find a purchaser(s),
with the seller being compelled to sell on an as-is/where-is basis, as reflected in the most recent appraisal delivered hereunder.

 

“Ordinary
Course of Business” means, in respect of any transaction involving any Credit Party or any Subsidiary, the ordinary
course of business of such Credit Party or Subsidiary, as conducted by such Credit Party or Subsidiary in accordance with past
practices.

 

“Organizational
Documents” means, with respect to any Person other than a natural person, the documents by which such Person was organized
(such as a certificate of incorporation, articles of incorporation, certificate of
limited partnership or articles of organization, and including, without limitation, any certificates of designation for preferred
stock or other forms of preferred equity) and which relate to the internal governance of such Person (such as by-laws, a partnership
agreement or an operating agreement, joint venture agreement, limited liability company agreement or members agreement), including
any and all shareholder agreements or voting agreements relating to the capital stock or other Equity Interests of such Person.

 

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

 

“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Financing Document, except any such taxes that are
Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.8(i)).

 

“Overadvance”
has the meaning set forth in Section 2.1(b)(ii)(B).

 

“Participant
Register” has the meaning set forth in Section 11.17(a)(iii).

 

    	21

    	 

    

 

“Payment
Account” means the account specified on the signature pages hereof into which all payments by or on behalf of each Borrower
to Agent under the Financing Documents shall be made, or such other account as Agent shall from time to time specify by notice
to Borrower Representative.

 

“PBGC”
means the Pension Benefit Guaranty Corporation and any Person succeeding to any or all of its functions under ERISA.

 

“Pension
Plan” means any ERISA Plan that is subject to Section 412 of the Code or Title IV of ERISA.

 

“Perfection
Certificate” means the Perfection Certificate delivered to Agent as of the Closing Date, together with any amendments
thereto required under this Agreement.

 

“Permit”
means all licenses, certificates, accreditations, product clearances or approvals, supplier numbers, marketing authorizations,
drug or device authorizations and approvals, other authorizations, franchises, qualifications, accreditations, registrations,
permits, consents and approvals of a Credit Party issued or required under Laws applicable to the business of the Credit Parties
or any of their Subsidiaries or necessary in the manufacturing, importing, exporting, possession, ownership, warehousing, marketing,
promoting, sale, labeling, furnishing, distribution or delivery of goods or services under Laws applicable to the business of
the Credit Parties or any of their Subsidiaries. Without limiting the generality of the foregoing, “Permit”
includes any Regulatory Required Permit.

 

“Permitted
Acquisition” means any Acquisition by a Borrower, in each case, to the extent that each of the following conditions
shall have been satisfied:

 

	 	(a)	the
    Borrower Representative shall have delivered to Agent at least ten (10) Business Days (or such shorter period as may be agreed
    by Agent) prior to the closing of the proposed Acquisition: (i) a description of the proposed Acquisition; (ii) a due diligence
    package (including, to the extent available, a quality of earnings report); and (iii) copies of the respective agreements,
    documents or instruments pursuant to which such Acquisition is to be consummated (or substantially final drafts thereof),
    any schedules to such agreements, documents or instruments and all other material ancillary agreements, instruments and documents
    to be executed or delivered in connection therewith, and, to the extent required to be completed prior to the closing of such
    Acquisition under the related acquisition agreement and reasonably requested by Agent, all material regulatory and third party
    approvals and copies of any environmental assessments, if applicable; 
	 	 	 
	 	(b)	the
    Credit Parties (including any new Subsidiary to the extent required by Section 4.11) shall comply with the Joinder Requirements
    and execute and deliver the agreements, instruments and other documents to the extent required by Section 4.11 hereof, including
    such agreements, instruments and other documents necessary to ensure that Agent receives a first priority perfected Lien in
    all entities and assets acquired in connection with the Acquisition to the extent required by this Agreement;
	 	 	 
	 	(c)	at
    the time of such Acquisition and after giving effect thereto, no Event of Default has occurred and is continuing;
	 	 	 
	 	(d)	the
    Acquisition would not result in a Change in Control and each Credit Party remains a surviving legal entity after such Acquisition;

 

    	22

    	 

    

 

	 	(e)	with
    respect to any Acquisition involving an in-license to a Credit Party, all such in-licenses or agreements related thereto shall
    constitute “Collateral” and Agent shall have the ability in the event of a liquidation of any Collateral to dispose
    of such Collateral in accordance with Agent’s rights and remedies under this Agreement and the other Financing Documents;
	 	 	 
	 	(f)	all
    transactions in connection with such Acquisition shall be consummated in all material respects in accordance with applicable
    Laws;
	 	 	 
	 	(g)	the
    assets acquired in such Acquisition are for use in the same, similar, related or complementary lines of business as the Credit
    Parties are currently engaged or a similar, related or complementary line of business reasonably related, ancillary or supplemental
    thereto or incidental thereto or reasonably expansive thereof;
	 	 	 
	 	(h)	is
    not hostile and, to the extent required for due authorization, such Acquisition shall have been approved by the board of directors
    (or other similar body) and/or the stockholders or other equity holders of any Person being acquired in such Acquisition;
	 	 	 
	 	(i)	no
    Debt or Liens (other than Permitted Liens and Permitted Debt, including Permitted Liens and Permitted Debt of any new Subsidiary
    which becomes a Credit Party in accordance with this definition) are assumed or created in connection with such Acquisition;
    
	 	 	 
	 	(j)	Agent
    shall have received a certificate of a Responsible Officer of the Borrower Representative demonstrating, on a pro forma basis
    after giving effect to the consummation of such Acquisition, that Credit Parties are in compliance with the financial covenants
    set forth in Article 6 hereof; 
	 	 	 
	 	(k)	unless
    Agent shall otherwise consent in writing (in its sole discretion), (x) if the Acquisition is an equity purchase or merger,
    the target and its Subsidiaries must have as their jurisdiction of formation a state within the United States or the District
    of Columbia, and (y) if the Acquisition is an asset purchase, all or substantially all of the assets so acquired shall be
    located within the United States (or in the case of Registered Intellectual Property, registered in the United States (it
    being understood that such Intellectual Property may also be registered in other jurisdictions));
	 	 	 
	 	(l)	the
    consideration payable by the Credit Parties and their Subsidiaries in connection with such Acquisition shall consist solely
    of (x) noncash Equity Interests (other than Disqualified Equity Interest) in Holdings and/or (y) cash and Cash Equivalents
    not to exceed in the aggregate the cap set forth in clause (m) below;
	 	 	 
	 	(m)	the
    sum of all cash amounts (including Cash Equivalents) paid or payable in connection with all Permitted Acquisitions (including
    all Debt, liabilities and Contingent Obligations (in each case to the extent otherwise permitted hereunder) incurred or assumed
    and the maximum amount of any royalties, earn-outs or comparable payment obligation in connection therewith, regardless of
    when due or payable and whether or not reflected on a consolidated balance sheet of Borrowers) shall not exceed $5,000,000
    in the aggregate for the twelve month period ending with the month in which such Acquisition is consummated, plus the amount
    of net cash proceeds of the issuance Equity Interests (other than Disqualified Equity Interests) by Holdings issued for the
    purpose of, and substantially contemporaneously with, the funding of such Acquisition; and 

 

    	23

    	 

    

 

	 	(n)	Agent
    has received, prior to the consummation of such Acquisition, updated financial projections, in form and substance reasonably
    satisfactory to Agent, for the immediately succeeding twelve (12) months following the proposed consummation of the Acquisition
    beginning with the month during which the Acquisition is to be consummated. 

 

Notwithstanding
the foregoing, no Accounts or Inventory acquired by a Credit Party in a Permitted Acquisition shall be included as Eligible Accounts,
Eligible Pending Accounts or Eligible Inventory until a field examination (and, if required by Agent, an Inventory appraisal)
with respect thereto has been completed to the reasonable satisfaction of Agent, including the establishment of reserves required
in Agent’s reasonable discretion; provided that field examinations and appraisals in connection with Permitted Acquisitions
shall not count against the limited number of field examinations or appraisals for which expense reimbursement may be sought.

 

“Permitted
Asset Dispositions” means the following Asset Dispositions, provided, however, that at the time of such Asset
Disposition, no Default or Event of Default exists or would result from such Asset Disposition:

 

	 	(a)	dispositions
    of Inventory and surgical instruments in the Ordinary Course of Business and not pursuant to any bulk sale; 
	 	 	 
	 	(b)	dispositions
    of furniture, fixtures and equipment in the Ordinary Course of Business that the applicable Credit Party or Subsidiary determines
    in good faith is no longer used or useful in the business of such Credit Party and its Subsidiaries and
    with a fair salable value not to exceed One Hundred Thousand Dollars ($100,000) in the aggregate for all such furniture, fixtures
    and equipment in any calendar year; 
	 	 	 
	 	(c)	expiration,
    forfeiture, invalidation, cancellation, abandonment or lapse (including, without limitation, the narrowing of claims) of Intellectual
    Property (other than Material Intangible Assets) that is, in the reasonable good faith judgment of a Credit Party, no longer
    useful in the conduct of the business of the Credit Parties or any of their Subsidiaries;
	 	 	 
	 	(d)	Permitted
    Licenses;
	 	 	 
	 	(e)	(i)
    Asset Dispositions by any Borrower to another Borrower, and (ii) Asset Dispositions
    by any other Credit Party or Subsidiary to a Borrower or another Credit Party (other than Holdings);
	 	 	 
	 	(f)	sales,
    forgiveness or discounting, on a non-recourse basis and in the Ordinary Course of Business, of past due Accounts (other than
    Eligible Accounts included in the Borrowing Base) in connection with the settlement of delinquent Accounts or in connection
    with the bankruptcy or reorganization of suppliers or customers in accordance with the applicable terms of this Agreement;
	 	 	 
	 	(g)	to
    the extent constituting an Asset Disposition, the granting of Permitted Liens and the disposition of cash and Cash Equivalents
    to make Permitted Investments; 
	 	 	 
	 	(h)	the
    disposition of Permitted Investments in the Ordinary Course of Business for (i) consideration consisting of cash or other
    Permitted Investments and (ii) fair value as determined by Borrowers in good faith; provided that, no assets or Equity
    Interests acquired pursuant to a Permitted Acquisition shall be disposed of pursuant to this clause (h);

 

    	24

    	 

    

 

	 	(i)	dispositions
    consisting of the use or payment of cash or Cash Equivalents in the Ordinary Course of Business and in a manner that is not
    prohibited by the terms of this Agreement or the other Financing Documents
	 	 	 
	 	(j)	dispositions
    of tangible personal property (and not, for the avoidance of doubt, any Intellectual Property or other intangible assets)
    so long as (i) the assets subject to such Asset Dispositions are sold for fair value, as determined by the Borrowers in good
    faith, (ii) at least 75% of the consideration therefor is cash or Cash Equivalents, (iii) the aggregate amount of such Asset
    Dispositions in any twelve (12) month period does not exceed $100,000, and (iv) no Event of Default has occurred and is continuing
    or would result from the making of such disposition; 
	 	 	 
	 	(k)	involuntary
    dispositions of property subject to casualty, eminent domain or condemnation proceedings (including in lieu thereof or any
    similar proceeding); and
	 	 	 
	 	(l)	other
    dispositions approved by Agent in writing from time to time in its sole discretion. 

 

“Permitted
Contest” means, with respect to any tax obligation or other obligation allegedly or potentially owing from any Credit
Party or its Subsidiary to any governmental tax authority or other third party, a contest maintained in good faith by appropriate
proceedings promptly instituted and diligently conducted and with respect to which such reserve or other appropriate provision,
if any, as shall be required in conformity with GAAP shall have been made on the books and records and financial statements of
the applicable Credit Party(ies); provided, however, that (a) compliance with the obligation that is the subject
of such contest is effectively stayed during such challenge; (b) Credit Parties’ and their Subsidiaries’ title to,
and its right to use, the Collateral is not adversely affected thereby and Agent’s Lien and priority on the Collateral are
not adversely affected, altered or impaired thereby; (c) Credit Parties have given prior
written notice to Agent of such Credit Party’s or its Subsidiary’s intent to so contest the obligation; (d) the
Collateral or any part thereof or any interest therein shall not be in any danger of being sold, forfeited or lost by reason of
such contest by Credit Parties or their Subsidiaries; (e) the Credit Parties have given
Agent notice of the commencement of such contest and upon request by Agent, from time to time, notice of the status of such contest
by the Credit Parties and/or confirmation of the continuing satisfaction of this definition; and (f) upon a final determination
of such contest, Credit Parties and their Subsidiaries shall promptly comply with the requirements thereof.

 

“Permitted
Contingent Obligations” means

 

	 	(a)	Contingent
    Obligations arising in respect of the Debt under the Financing Documents or the Affiliated Financing Documents; 
	 	 	 
	 	(b)	Contingent
    Obligations resulting from endorsements for collection or deposit in the Ordinary Course of Business; 
	 	 	 
	 	(c)	Contingent
    Obligations outstanding on the Closing Date and set forth on Schedule 5.1 (but not including any refinancings, extensions,
    increases or amendments to such Debt other than a Permitted Refinancing); 

 

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	 	(d)	Contingent
    Obligations incurred in the Ordinary Course of Business with respect to surety and appeal bonds, performance bonds and other
    similar obligations not to exceed One Hundred Thousand Dollars ($100,000) in the aggregate at any time outstanding; 
	 	 	 
	 	(e)	Contingent
    Obligations arising under indemnity agreements with title insurers to cause such title insurers to issue to Agent mortgagee
    title insurance policies; 
	 	 	 
	 	(f)	Contingent
    Obligations arising with respect to customary indemnification obligations in favor of purchasers in connection with dispositions
    of personal property assets permitted under Section 5.6 or in connection with any other
    commercial agreement entered into by a Credit Party or a Subsidiary thereof in the Ordinary Course of Business; 
	 	 	 
	 	(g)	so
    long as there exists no Event of Default both immediately before and immediately after giving effect to any such transaction,
    Contingent Obligations existing or arising under any Swap Contract, provided, however, that such obligations are (or
    were) entered into by a Credit Party or an Affiliate in the Ordinary Course of Business for the purpose of directly mitigating
    risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person
    and not for purposes of speculation; 
	 	 	 
	 	(h)	Contingent
    Obligations existing or arising in connection with any letter of credit for the primary purpose of securing a lease of real
    property in the Ordinary Course of Business, provided that the aggregate amount of all such letter of credit reimbursement
    obligations does not at any time exceed One Hundred Thousand Dollars ($100,000) outstanding; and 
	 	 	 
	 	(i)	other
    Contingent Obligations not permitted by clauses (a) through (h) above, not to exceed One Hundred Thousand Dollars ($100,000)
    in the aggregate at any time outstanding. 

 

“Permitted
Cure Securities” means any Equity Interests of Holdings other than Disqualified Equity Interests.

 

“Permitted
Debt” means:

 

	 	(a)	Borrowers’
    and its Subsidiaries’ Debt to Agent and each Lender under this Agreement and the other Financing Documents;
	 	 	 
	 	(b)	Debt
    incurred as a result of endorsing negotiable instruments received in the Ordinary Course of Business; 
	 	 	 
	 	(c)	purchase
    money Debt and Finance Leases not to exceed $500,000 in the aggregate at any time (whether in the form of a loan or a lease)
    used solely to acquire equipment used in the Ordinary Course of Business and secured only by such equipment and
    any Permitted Refinancing thereof; 
	 	 	 
	 	(d)	Debt
    existing on the date of this Agreement and described on Schedule 5.1 (but not including any refinancings, extensions,
    increases or amendments to such Debt other than a Permitted Refinancing); 

 

    	26

    	 

    

 

	 	(e)	so
    long as there exists no Event of Default both immediately before and immediately after giving effect to any such transaction,
    Debt existing or arising under any Swap Contract, provided, however, that such obligations are (or were) entered into
    by Borrower or an Affiliate in the Ordinary Course of Business for the purpose of directly mitigating risks associated with
    liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person and not for purposes
    of speculation; 
	 	 	 
	 	(f)	Debt
    owed to any Person providing property, casualty, liability, or other insurance to the
    Credit Parties, including to finance insurance premiums, so long as the amount
    of such Debt is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance
    for the policy year in which such Debt is incurred and such Debt is outstanding only during such policy year; 
	 	 	 
	 	(g)	trade
    accounts payable in the Ordinary Course of Business; 
	 	 	 
	 	(h)	Debt
    of the Credit Parties incurred under the Affiliated Financing Documents;
	 	 	 
	 	(i)	Debt
    consisting of unsecured intercompany loans and advances incurred by (1) any Borrower owing to any other Borrower, or (2) any
    Credit Party (other than a Borrower) owing to any other Credit Party (including any Borrower); provided that any such
    Debt owed by a Credit Party shall, at the request of Agent, be subordinated to the payment in full of the Obligations pursuant
    to documentation in form and substance reasonably satisfactory to Agent;
	 	 	 
	 	(j)	Subordinated
    Debt; 
	 	 	 
	 	(k)	to
    the extent also constituting Debt (without duplication), Permitted Contingent Obligations; 
	 	 	 
	 	(l)	to
    the extent constituting Debt, the Warrant Repurchase Obligation; provided that no payment in respect of such Warrant
    Repurchase Obligation shall be made at any time prior to the Termination Date; and 
	 	 	 
	 	(m)	other
    unsecured Debt in an aggregate principal amount not to exceed $100,000 at any one time outstanding. 

 

“Permitted
Distributions” means the following Distributions:

 

	 	(a)	Distributions
    by any Subsidiary of a Borrower to a Borrower; 
	 	 	 
	 	(b)	dividends
    payable solely in Equity Interests (other than Disqualified Equity Interests) so long as such dividends do not result in a
    Change in Control; 
	 	 	 
	 	(c)	repurchases
    of stock of current or former employees, directors or consultants pursuant to stock purchase agreements so long as an Event
    of Default does not exist at the time of such repurchase and would not exist after giving effect to such repurchase, provided,
    however, that such repurchase does not exceed One Hundred Thousand Dollars ($100,000) in the aggregate per fiscal year;
    and 

 

    	27

    	 

    

 

	 	(d)	dividends
    in the Ordinary Course of Business to Holdings to the extent necessary to permit Holdings: (i) to pay general administrative
    costs and expenses (including corporate overhead, legal or similar expenses) and franchise fees and taxes and similar fees,
    taxes and expenses required to maintain the organizational existence of Holdings, in each case, which are reasonable and customary
    and incurred in the Ordinary Course of Business, plus any reasonable and customary indemnification claims made by directors,
    officers, members of management or employees of Holdings, in each case, to the extent attributable to the ownership or operations
    of Holdings or any of its Subsidiaries and (ii) to pay audit and other accounting and reporting expenses at Holdings to the
    extent relating to the ownership or operations of its Subsidiaries.

 

“Permitted
Investments” means:

 

	 	(a)	Investments
    shown on Schedule 5.7 and existing on the Closing Date; 
	 	 	 
	 	(b)	to
    the extent constituting an Investment, the holding by a Person of cash and Cash Equivalents owned by such Person; 
	 	 	 
	 	(c)	Investments
    consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the Ordinary
    Course of Business; 
	 	 	 
	 	(d)	Investments
    consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the Ordinary Course
    of Business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrowers
    or their Subsidiaries pursuant to employee stock purchase plans or agreements approved by Borrowers’ Board of Directors
    (or other governing body), but the aggregate of all such loans and advances outstanding pursuant to this clause (d) may not
    exceed $100,000 at any time; 
	 	 	 
	 	(e)	Investments
    (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in
    settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the Ordinary Course of
    Business; 
	 	 	 
	 	(f)	Investments
    consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not
    Affiliates, in the Ordinary Course of Business, provided, however, that this subpart (f) shall not apply to Investments
    of Credit Parties in any Subsidiary; 
	 	 	 
	 	(g)	Investments
    consisting of Deposit Accounts or Securities Accounts in which Agent has received a Deposit Account Control Agreement or Securities
    Account Control Agreement, as applicable and other Cash Equivalents in which Agent has been granted a first priority perfected
    Lien; 
	 	 	 
	 	(h)	Investments
    by any Borrower in (1) any other Borrower, or (2) any Subsidiary now owned or hereafter created by such Borrower, which Subsidiary
    is organized under the laws of the United States or any State thereof and provided a Guarantee of the Obligations of the Borrowers
    which Guarantee is secured by a Lien granted by such Subsidiary to Agent in all or substantially all of its property of the
    type described in Schedule 9.1 hereto and otherwise made in compliance with Section 4.11(d); 

 

    	28

    	 

    

 

	 	(i)	so
    long as no Event of Default exists or results therefrom, the granting of Permitted Licenses; 
	 	 	 
	 	(j)	Investments
    constituting Permitted Acquisitions; and
	 	 	 
	 	(k)	so
    long as no Event of Default exists at the time of such Investment or after giving effect to such Investment, other Investments
    of cash and Cash Equivalents in an amount not exceeding One Hundred Thousand Dollars ($100,000) in the aggregate at any time
    outstanding. 

 

“Permitted
License” means: any non-exclusive license or sublicense of patent rights of Credit Parties or their Subsidiaries so
long as all such licenses or sublicenses (i) are granted to third parties in the Ordinary Course of Business, (ii) do not result
in a legal transfer of title to the licensed property, (iii) have been granted in exchange for fair consideration on commercially
reasonable terms, and (iv) no Event of Default has occurred and is continuing or would result from the granting of such license
or sublicense.

 

“Permitted
Liens” means:

 

	 	(a)	deposits
    or pledges of cash arising in the Ordinary Course of Business to secure obligations
    under workmen’s compensation, social security or similar laws, or under unemployment insurance (but excluding Liens
    arising under ERISA or, with respect to any Pension Plan or Multiemployer Plan, the Code) pertaining to a Borrower’s
    or its Subsidiary’s employees, if any; 
	 	 	 
	 	(b)	deposits
    or pledges of cash and Cash Equivalents in the Ordinary Course of Business to secure, without duplication, (i) leases and
    other obligations of like nature arising in the Ordinary Course of Business and (ii) Permitted Contingent Obligations described
    in clause (h) of the definition thereof; 
	 	 	 
	 	(c)	carrier’s,
    warehousemen’s, mechanic’s, workmen’s, landlord’s materialmen’s or other like Liens on Collateral,
    other than any Collateral which is part of the Borrowing Base, arising in the Ordinary Course of Business with respect to
    obligations which are not due, or which are being contested pursuant to a Permitted Contest; 
	 	 	 
	 	(d)	Liens,
    other than on Collateral that is part of the Borrowing Base, for taxes or other governmental charges not at the time delinquent
    or thereafter payable without penalty or the subject of a Permitted Contest; provided that no notice of any such Lien
    has been filed or recorded under any applicable law, including, without limitation, the Code and the treasury regulations
    adopted thereunder; 
	 	 	 
	 	(e)	attachments,
    stay or appeal bonds, judgments and other similar Liens on Collateral arising in connection with court proceedings that do
    not constitute an Event of Default; provided, however, that the execution or other enforcement of such Liens
    is effectively stayed and the claims secured thereby are the subject of a Permitted Contest; 

 

    	29

    	 

    

 

	 	(f)	Liens
    with respect to real estate, easements, rights of way, restrictions, minor defects or irregularities of title, none of which,
    individually or in the aggregate, materially interfere with the benefits of the security intended to be provided by the Security
    Documents, materially affect the value or marketability of the Collateral, impair the use or operation of the Collateral for
    the use currently being made thereof or impair Credit Parties’ ability to pay the Obligations in a timely manner or
    impair the use of the Collateral or the ordinary conduct of the business of any Credit Party or any Subsidiary and which,
    in the case of any real estate that is part of the Collateral, are set forth as exceptions to or subordinate matters in the
    title insurance policy accepted by Agent insuring the lien of the Security Documents; 
	 	 	 
	 	(g)	Liens
    and encumbrances in favor of Agent under the Financing Documents; 
	 	 	 
	 	(h)	Liens,
    other than on Collateral that is part of the Borrowing Base, existing on the date hereof and set forth on Schedule 5.2
    and Liens incurred in a Permitted Refinancing of the obligations or liabilities
    secured by such Liens; 
	 	 	 
	 	(i)	any
    Lien on any equipment and the proceeds thereof securing Debt permitted under subpart (c) of the definition of Permitted Debt;
    provided, however, that such Lien attaches concurrently with or within twenty (20) days after the acquisition
    thereof;
	 	 	 
	 	(j)	to
    the extent constituting a Lien, the granting of a Permitted License;
	 	 	 
	 	(k)	purported
    Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases or consignments
    of personal property entered into the Ordinary Course of Business;
	 	 	 
	 	(l)	Liens
    granted in the Ordinary Course of Business on the unearned portion of insurance premiums securing the financing of insurance
    premiums to the extent the financing is permitted clause (f) of the definition of Permitted Debt;
	 	 	 
	 	(m)	Liens
    that are rights of set-off, bankers’ liens or similar non-consensual Liens relating to Deposit Accounts or Securities
    Accounts in favor of banks, other depositary institutions and securities intermediaries solely to secure payment of fees and
    similar costs and expenses and arising in the Ordinary Course of Business; and
	 	 	 
	 	(n)	Liens
    in favor of customs and revenue authorities arising as a matter of Law to secure payment of customs duties in connection with
    the importation of goods in the Ordinary Course of Business;
	 	 	 
	 	(o)	Liens
    and encumbrances in favor of the holders of the Affiliated Financing Documents; and
	 	 	 
	 	(p)	Subject
    to Section 7.4, the Liens described in item 4 of Schedule 7.4; provided that all amounts underlying such Liens (as
    described in item 4 of Schedule 7.4) have been paid in full by the Credit Parties to the State of Ohio as of the Closing Date.
    

 

    	30

    	 

    

 

“Permitted
Modifications” means (a) such amendments or other modifications to a Borrower’s or Subsidiary’s Organizational
Documents as are required under this Agreement or by applicable Law and fully disclosed to Agent within thirty (30) days after
such amendments or modifications have become effective, and (b) such amendments or modifications to a Borrower’s or Subsidiary’s
Organizational Documents (other than those involving a change in the name of a Borrower or Subsidiary or involving a reorganization
of a Borrower or Subsidiary under the laws of a different jurisdiction) that would not adversely affect the rights and interests
of Agent or Lenders and fully disclosed to Agent within thirty (30) days after such amendments or modifications have become effective.

 

“Permitted
Refinancing” means Debt constituting a refinancing, extension or renewal of Debt; provided that the refinanced,
extended, or renewed Debt (a) has an aggregate outstanding principal amount not greater than the aggregate principal amount of
the Debt being refinanced or extended (plus any reasonable and customary interest, fees, premiums and costs and expenses) (b)
has a weighted average maturity (measured as of the date of such refinancing or extension) and maturity no shorter than that of
the Debt being refinanced or extended, (c) is not entered into as part of a sale leaseback transaction, (d) is not secured by
a Lien on any assets other than the collateral securing the Debt being refinanced or extended, (e) the obligors of which are the
same as the obligors of the Debt being refinanced or extended and (f) is otherwise on terms no less favorable to Credit Parties
and their Subsidiaries, taken as a whole, than those of the Debt being refinanced or extended.

 

“Person”
means any natural person, corporation, limited liability company, professional association, limited partnership, general partnership,
joint stock company, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization,
whether or not a legal entity, and any Governmental Authority.

 

“Pledge
Agreement” means that certain Pledge Agreement, dated as of the date hereof, executed by Holdings and certain other
Credit Parties in favor of Agent, for the benefit of Lenders, covering all the Equity Interests respectively owned by the Credit
Parties, as amended, restated, or otherwise modified from time to time.

 

“Pro
Forma Acquisition EBITDA” means EBITDA (calculated in the same manner as EBITDA is calculated on Exhibit B) attributable
to each Permitted Acquisition (with such pro forma adjustments inconsistent with the foregoing requirement requiring consent in
writing by Agent) consummated during the one (1) year period preceding the date of determination calculated solely for a number
of months immediately preceding the consummation of the applicable Permitted Acquisition, which number equals twelve (12) minus
the number of months following the consummation of the applicable Permitted Acquisition for which financial statements of
Borrower and the other Credit Parties have been delivered to Agent pursuant to Section 4.1.

 

“Pro
Rata Share” means (a) with respect to a Lender’s obligation to make Revolving Loans, the Revolving Loan Commitment
Percentage of such Lender, (b) with respect to a Lender’s right to receive payments of principal and interest with respect
to Revolving Loans, such Lender’s Revolving Loan Exposure with respect thereto; and (d) for all other purposes (including,
without limitation, the indemnification obligations arising under Section 11.6) with respect to any Lender, the percentage obtained
by dividing (i) the Revolving Loan Commitment Amount of such Lender (or, in the event the Revolving Loan Commitment shall
have been terminated, such Lender’s then existing Revolving Loan Outstandings), by (ii) the sum of the Revolving
Loan Commitment (or, in the event the Revolving Loan Commitment shall have been terminated, the then existing Revolving Loan Outstandings)
of all Lenders.

 

    	31

    	 

    

 

“Products”
means, from time to time, any products currently manufactured, sold, developed, tested or marketed by any Borrower or any of its
Subsidiaries, including without limitation, those products set forth on Schedule 4.17 (as updated from time to time in
accordance with Section 4.15); provided, that, for the avoidance of doubt, any new Product not disclosed on Schedule 4.17
shall still constitute a “Product” as herein defined.

 

“Protective
Advance” means all sums expended by Agent in accordance with the provisions of Section 10.4 to (a) protect the priority,
validity and enforceability of any lien on, and security interests in, any Collateral and the instruments evidencing and securing
the Obligations, (b) prevent the value of any Collateral from being diminished, or (c) protect any of the Collateral from being
materially damaged, impaired, mismanaged or taken.

 

“Recall”
means a Person’s Removal or Correction of a marketed product that the FDA considers to be in violation of the laws it administers
and against which the FDA would initiate legal action, e.g., seizure.

 

“Registered
Intellectual Property” means any patent, registered trademark or servicemark, registered copyright, or any pending application
for any of the foregoing.

 

“Regulatory
Reporting Event” has the meaning set forth in Section 4.17.

 

“Regulatory
Required Permit” means any and all licenses, approvals and permits issued by the FDA, any other applicable Governmental
Authority necessary for (a) the testing, manufacture, marketing or sale of any Product by any applicable Credit Party or its Subsidiaries
or (b) the operation by any applicable Credit Party or its subsidiaries of any manufacturing facility or other similar operation.

 

“Removal”
means the physical removal of a Product from its point of use to some other location for repair, modification, adjustment, relabeling,
destruction, or inspection.

 

“Required
Lenders” means at any time Lenders holding (a) more than fifty percent (50%) of the sum of the Revolving Loan Commitment
(taken as a whole), or (b) if the Revolving Loan Commitment has been terminated, more than fifty percent (50%) of the then aggregate
outstanding principal balance of the Revolving Loans.

 

“Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible
Officer” means any of the Chief Executive Officer, Chief Financial Officer or any other officer of the applicable Credit
Party acceptable to Agent.

 

“Revolving
Lender” means each Lender having a Revolving Loan Commitment Amount in excess of Zero Dollars ($0) (or, in the event
the Revolving Loan Commitment shall have been terminated at any time, each Lender at such time having Revolving Loan Outstandings
in excess of Zero Dollars ($0)).

 

“Revolving
Loan Availability” means, at any time, the Revolving Loan Limit minus the Revolving Loan Outstandings.

 

“Revolving
Loan Commitment” means, as of any date of determination, the aggregate Revolving Loan Commitment Amounts of all Lenders
as of such date.

 

    	32

    	 

    

 

“Revolving
Loan Commitment Amount” means, as to any Lender, the dollar amount set forth opposite such Lender’s name on the
Commitment Annex under the column “Revolving Loan Commitment Amount” (if such Lender’s name is not so set forth
thereon, then the dollar amount on the Commitment Annex for the Revolving Loan Commitment Amount for such Lender shall be deemed
to be Zero Dollars ($0)), as such amount may be adjusted from time to time by any amounts assigned (with respect to such Lender’s
portion of Revolving Loans outstanding and its commitment to make Revolving Loans) pursuant to the terms of any and all effective
assignment agreements to which such Lender is a party.

 

“Revolving
Loan Commitment Percentage” means, as to any Lender, (a) on the Closing Date, the percentage set forth opposite such
Lender’s name on the Commitment Annex under the column “Revolving Loan Commitment Percentage” (if such Lender’s
name is not so set forth thereon, then, on the Closing Date, such percentage for such Lender shall be deemed to be zero), and
(b) on any date following the Closing Date, the percentage equal to the Revolving Loan Commitment Amount of such Lender on such
date divided by the Revolving Loan Commitment on such date.

 

“Revolving
Loan Exposure” means, with respect to any Lender on any date of determination, the percentage equal to the amount of
such Lender’s Revolving Loan Outstandings on such date divided by the aggregate Revolving Loan Outstandings of all
Lenders on such date.

 

“Revolving
Loan Limit” means, at any time, the lesser of (a) the Revolving Loan Commitment and (b) the Borrowing Base.

 

“Revolving
Loan Outstandings” means, at any time of calculation, without duplication (a) the then existing aggregate outstanding
principal amount of Revolving Loans, and (b) when used with reference to any single Lender, the then existing outstanding principal
amount of Revolving Loans advanced by such Lender.

 

“Revolving
Loans” has the meaning set forth in Section 2.1(b).

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Securities
Account” means a “securities account” (as defined in Article 9 of the UCC), an investment account, or other
account in which investment property or securities are held or invested for credit to or for the benefit of any Credit Party.

 

“Securities
Account Control Agreement” means an agreement, in form and substance satisfactory to Agent, among Agent, any applicable
Credit Party and each securities intermediary in which such Credit Party maintains a Securities Account pursuant to which Agent
shall obtain “control” (as defined in Article 9 of the UCC) over such Securities Account.

 

“Security
Document” means this Agreement, the Pledge Agreement, and any other agreement, document or instrument executed concurrently
herewith or at any time hereafter pursuant to which one or more Credit Parties or any other Person either (a) Guarantees payment
or performance of all or any portion of the Obligations, and/or (b) provides, as security for all or any portion of the Obligations,
a Lien on any of its assets in favor of Agent for its own benefit and the benefit of the Lenders, as any or all of the same may
be amended, supplemented, restated or otherwise modified from time to time.

 

    	33

    	 

    

 

“Solvent”
means, with respect to any Person, that such Person (a) owns and will own assets the fair saleable value of which are (i) greater
than the total amount of its debts and liabilities (including subordinated and Contingent Obligations), and (ii) greater than
the amount that will be required to pay the probable liabilities of its then existing debts as they become absolute and matured
considering all financing alternatives and potential asset sales reasonably available to it; (b) has capital that is not unreasonably
small in relation to its business as presently conducted or after giving effect to any contemplated transaction; and (c) does
not intend to incur and does not believe that it will incur debts beyond its ability to pay such debts as they become due.

 

“Stated
Rate” has the meaning set forth in Section 2.7.

 

“Subordinated
Debt” means any Debt of Borrowers incurred pursuant to the terms of the Subordinated Debt Documents and with the prior
written consent of Agent, all of which documents must be in form and substance acceptable to Agent in its sole discretion. As
of the Closing Date, there is no Subordinated Debt.

 

“Subordinated
Debt Documents” means any documents evidencing and/or securing Debt governed by a Subordination Agreement, all of which
documents must be in form and substance acceptable to Agent in its sole discretion. As of the Closing Date, there are no Subordinated
Debt Documents.

 

“Subordination
Agreement” means each agreement between Agent and another creditor of Credit Parties, as the same may be amended, supplemented,
restated or otherwise modified from time to time in accordance with the terms thereof, pursuant to which the Debt owing from any
Credit Party and/or the Liens securing such Debt granted by any Credit Party to such creditor are subordinated in any way to the
Obligations and the Liens created under the Security Documents, the terms and provisions of such Subordination Agreements to have
been agreed to by and be acceptable to Agent in the exercise of its sole discretion.

 

“Subsidiary”
means, with respect to any Person, (a) any corporation (or any foreign equivalent thereof)
of which an aggregate of fifty percent (50%) or more of the 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 have or might have voting power by reason of the happening of any contingency) is at the
time, directly or indirectly, owned legally or beneficially by such Person or one or more Subsidiaries of such Person, or with
respect to which any such Person has the right to vote or designate the vote of more than fifty percent (50%) of such capital
stock whether by proxy, agreement, operation of law or otherwise, and (b) any partnership or limited liability company (or
any foreign equivalent thereof) in which such Person and/or one or more Subsidiaries of such Person shall have an interest
(whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%) or of which
any such Person is a general partner or may exercise the powers of a general partner. Unless the context otherwise requires, each
reference to a Subsidiary shall be a reference to a Subsidiary of a Credit Party.

 

“Swap
Contract” means any “swap agreement”, as defined in Section 101 of the Bankruptcy Code, that is obtained
by a Credit Party to provide protection against fluctuations in interest or currency exchange rates, but only if Agent provides
its prior written consent to the entry into such “swap agreement”.

 

    	34

    	 

    

 

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

 

“Termination
Date” means the earliest to occur of (a) the Maturity Date, (b) any date on which the maturity of the Loans is accelerated
pursuant to Section 10.2, or (c) the termination date stated in any notice of termination of this Agreement provided by Borrowers
in accordance with Section 2.12.

 

“Term
Loan” has the meaning set forth in the Affiliated Credit Agreement.

 

“U.S.
Tax Compliance Certificate” has the meaning set forth in Section 2.8(c)(i).

 

“UCC”
means the Uniform Commercial Code of the State of New York or of any other state the laws of which are required to be applied
in connection with the perfection of security interests in any Collateral.

 

“UK
Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form 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.

 

“United
States” means the United States of America.

 

“Warrant
Repurchase Obligation” means that certain conditional obligation to repurchase a warrant set forth on Schedule 5.3.

 

“Withholding
Agent” means any Borrower or Agent.

 

“Work-In-Process”
means Inventory that is not a product that is finished and approved by a Borrower in accordance with applicable Laws and such
Borrower’s normal business practices for release and delivery to customers.

 

“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.

 

“Xtant”
has the meaning set forth in the introductory paragraph hereto.

 

    	35

    	 

    

 

Section
1.2 Accounting Terms and Determinations. Unless otherwise specified herein, all accounting terms used herein shall be interpreted,
all accounting determinations hereunder (including, without limitation, determinations made pursuant to the exhibits hereto) shall
be made, and all financial statements required to be delivered hereunder shall be prepared on a consolidated basis in accordance
with GAAP applied on a basis consistent with the most recent audited consolidated financial statements of each Borrower and its
Consolidated Subsidiaries delivered to Agent and each of the Lenders on or prior to the Closing Date. If at any time any change
in GAAP would affect the computation of any financial ratio or financial requirement set forth in any Financing Document, and
either Borrowers or the Required Lenders shall so request, Agent, the Lenders and Borrowers shall negotiate in good faith to amend
such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of
the Required Lenders); provided, however, that until so amended, (a) such ratio or requirement shall continue to
be computed in accordance with GAAP prior to such change therein and (b) Borrowers shall provide to Agent and the Lenders financial
statements and other documents required under this Agreement which include a reconciliation between calculations of such ratio
or requirement made before and after giving effect to such change in GAAP.

 

Section
1.3 Other Definitional and Interpretive Provisions. References in this Agreement to “Articles”, “Sections”,
“Annexes”, “Exhibits”, or “Schedules” shall be to Articles, Sections, Annexes, Exhibits or
Schedules of or to this Agreement unless otherwise specifically provided. Any term defined herein may be used in the singular
or plural. “Include”, “includes” and “including” shall be deemed to be followed by “without
limitation”. Except as otherwise specified or limited herein, references to any Person include the successors and assigns
of such Person. References “from” or “through” any date mean, unless otherwise specified, “from
and including” or “through and including”, respectively. References to any statute or act shall include all
related current regulations and all amendments and any successor statutes, acts and regulations. All amounts used for purposes
of financial calculations required to be made herein shall be without duplication. References to any statute or act, without additional
reference, shall be deemed to refer to federal statutes and acts of the United States. References to any agreement, instrument
or document shall include all schedules, exhibits, annexes and other attachments thereto. References to capitalized terms that
are not defined herein, but are defined in the UCC, shall have the meanings given them in the UCC. All references herein to times
of day shall be references to daylight or standard time, as applicable. All references herein
to a merger, transfer, consolidation, amalgamation, assignment, sale or transfer, or analogous term, will be construed to mean
also a division of or by a limited liability company, as if it were a merger, transfer, consolidation, amalgamation, assignment,
sale or transfer, or similar term, as applicable. Any series of limited liability company shall be considered a separate Person.

 

Section
1.4 Settlement and Funding Mechanics. Unless otherwise specified herein, the settlement of all payments and fundings hereunder
between or among the parties hereto shall be made in lawful money of the United States and in immediately available funds.

 

Section
1.5 Time is of the Essence. Time is of the essence in Borrower’s and each other Credit Party’s performance
under this Agreement and all other Financing Documents.

 

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

 

Article
2 - LOANS

 

Section
2.1 Loans.

 

(a)
[Reserved].

 

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(b)
Revolving Loans.

 

(i)
Revolving Loans and Borrowings. On the terms and subject to the conditions set forth herein, each Lender severally agrees
to make loans to Borrowers from time to time as set forth herein (each a “Revolving Loan”, and collectively,
“Revolving Loans”) equal to such Lender’s Revolving Loan Commitment Percentage of Revolving Loans requested
by Borrowers hereunder, provided, however, that after giving effect thereto, the Revolving Loan Outstandings shall
not exceed the Revolving Loan Limit. Borrowers shall deliver to Agent a Notice of Borrowing with respect to each proposed borrowing
of a Revolving Loan, such Notice of Borrowing to be delivered before 1:00 p.m. (Eastern time) two (2) Business Days prior to the
date of such proposed borrowing. Each Borrower and each Revolving Lender hereby authorizes Agent to make Revolving Loans on behalf
of Revolving Lenders, at any time in its sole discretion, to pay principal owing in respect of the Loans and interest, fees, expenses
and other charges payable by any Credit Party from time to time arising under this Agreement or any other Financing Document.
The Borrowing Base shall be determined by Agent based on the most recent Borrowing Base Certificate delivered to Agent in accordance
with this Agreement and such other information as may be available to Agent. Without limiting any other rights and remedies of
Agent hereunder or under the other Financing Documents, the Revolving Loans shall be subject to Agent’s continuing right
to withhold from the Borrowing Base reserves, and to increase and decrease such reserves from time to time, if and to the extent
that in Agent’s good faith credit judgment and discretion, such reserves are necessary.

 

(ii)
Mandatory Revolving Loan Repayments and Prepayments.

 

(A)
The Revolving Loan Commitment shall terminate on the Termination Date. On such Termination Date, there shall become due, and Borrowers
shall pay, the entire outstanding principal amount of each Revolving Loan, together with accrued and unpaid Obligations pertaining
thereto incurred to, but excluding the Termination Date; provided, however, that such payment is made not later than 12:00
Noon (Eastern time) on the Termination Date.

 

(B)
If at any time the Revolving Loan Outstandings exceed the Revolving Loan Limit (any such event, an “Overadvance”),
then, on the next succeeding Business Day, Borrowers shall repay the Revolving Loans, in an aggregate amount equal to such excess;
provided, that, if such Overadvance is the sole and direct result of the establishment of a new reserve against the Borrowing
Base, then such Overadvance shall instead be payable by Borrowers within two (2) Business Days from the date on which such Overadvance
first arises.

 

(C)
Principal payable on account of Revolving Loans shall be payable by Borrowers to Agent (I) immediately upon the receipt by any
Borrower or Agent of any payments on or proceeds from any of the Accounts, to the extent of such payments or proceeds, as further
described in Section 2.11 below, and (II) in full on the Termination Date.

 

(iii)
Optional Prepayments. Borrowers may from time to time prepay the Revolving Loans in whole or in part; provided,
however, that any such partial prepayment shall be in an amount equal to $100,000 or a higher integral multiple of $25,000.
For the avoidance of doubt, nothing in this clause shall permit termination of the Revolving Loan Commitment by Borrower other
than in accordance with Section 2.12(b).

 

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(iv)
LIBOR Rate.

 

(A)
Except as provided in subsection (C) below, Revolving Loans shall accrue interest at the LIBOR Rate plus the
Applicable Margin.

 

(B)
The LIBOR Rate may be adjusted by Agent with respect to any Lender on a prospective basis to take into account any additional
or increased costs to such Lender of maintaining or obtaining any eurodollar deposits or increased costs, in each case, due to
changes in applicable Law occurring subsequent to the commencement of the then applicable Interest Period, including changes in
tax laws (except changes of general applicability in corporate income tax laws) and changes in the reserve requirements imposed
by the Board of Governors of the Federal Reserve System (or any successor), which additional or increased costs would increase
the cost of funding loans bearing interest based upon the LIBOR Rate; provided, however, that notwithstanding anything
in this Agreement to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority)
or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be
a “change in applicable Law”, regardless of the date enacted, adopted or issued. In any such event, the affected Lender
shall give Borrowers and Agent notice of such a determination and adjustment and Agent promptly shall transmit the notice to each
other Lender and, upon its receipt of the notice from the affected Lender, Borrowers may, by notice to such affected Lender (I)
require such Lender to furnish to Borrowers a statement setting forth the basis for adjusting such LIBOR Rate and the method for
determining the amount of such adjustment, or (II) repay the Loans bearing interest based upon the LIBOR Rate with respect to
which such adjustment is made.

 

(C)
In the event that any change in market conditions or any law, regulation, treaty, or directive, or any change therein or in the
interpretation of application thereof, shall at any time after the date hereof, in the reasonable opinion of any Lender, make
it unlawful or impractical for such Lender to fund or maintain Loans bearing interest based upon the LIBOR Rate or to continue
such funding or maintaining, or to determine or charge interest rates at the LIBOR Rate, but excluding in such case a change resulting
from application of the proviso to the definition of the term “Base LIBOR Rate”, such Lender shall give notice of
such changed circumstances to Agent and Borrowers and Agent promptly shall transmit the notice to each other Lender and (I) in
the case of any outstanding Loans of such Lender bearing interest based upon the LIBOR Rate, the date specified in such Lender’s
notice shall be deemed to be the last day of the Interest Period of such Loans, and interest upon such Lender’s Loans thereafter
shall accrue interest at Base Rate plus the Applicable Margin, and (II) such Loans shall continue to accrue interest at
Base Rate plus the Applicable Margin until such Lender determines that it would no longer be unlawful or impractical to
maintain such Loans at the LIBOR Rate.

 

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(D)
Anything to the contrary contained herein notwithstanding, neither Agent nor any Lender is required actually to acquire eurodollar
deposits to fund or otherwise match fund any Obligation as to which interest accrues based on the LIBOR Rate.

 

(v)
Restriction on Termination. Notwithstanding any prepayment of the Revolving Loan Outstandings or any other termination
of Lenders’ Credit Exposure under this Agreement, Agent and Lenders shall have no obligation to release any of the Collateral
securing the Obligations under this Agreement while any portion of the Affiliated Obligations (other than inchoate indemnification
or reimbursement obligations for which no claim has yet been made) shall remain outstanding.

 

Section
2.2 Interest, Interest Calculations and Certain Fees.

 

(a)
Interest. From and following the Closing Date, except as expressly set forth in this Agreement, Loans and the other Obligations
shall bear interest at the sum of the LIBOR Rate plus the Applicable Margin. Interest on the Loans shall be paid monthly
in arrears on the first (1st) day of each month and on the maturity of such Loans, whether by acceleration or otherwise. Interest
on all other Obligations shall be payable upon demand. For purposes of calculating interest, all funds transferred to the Payment
Account for application to any Revolving Loans shall be subject to a five (5) Business Day clearance period and all interest accruing
on such funds during such clearance period shall accrue for the benefit of Agent, and not for the benefit of the Lenders.

 

(b)
Unused Line Fee. From and following the Closing Date, Borrowers shall pay Agent, for the benefit of all Lenders committed
to make Revolving Loans, in accordance with their respective Pro Rata Shares, a fee in an amount equal to (1) if the average daily
balance of the sum of the Revolving Loan Outstandings during the preceding month is greater than or equal to the Minimum Balance:
(i) (A) the average daily amount of the Revolving Loan Limit during the preceding month minus (B) the average daily balance
of the sum of the Revolving Loan Outstandings during the preceding month, multiplied by (ii) one half of one percent (0.50%)
per annum or (2) if the Minimum Balance is greater than the average daily balance of the sum of the Revolving Loan Outstandings
during the preceding month: (i) (A) the average daily amount of the Revolving Loan Limit during the preceding month minus
(B) the Minimum Balance, multiplied by (ii) one half of one percent (0.50%) per annum. The unused line fee shall be paid
monthly in arrears on the first day of each month and shall be deemed fully earned when due and payable and, once paid, shall
be non-refundable.

 

(c)
Fee Letter. In addition to the other fees set forth herein, the Borrowers agree to pay Agent the fees set forth in the
Fee Letter.

 

(d)
Minimum Balance Fee. On the first day of each month, commencing on June 1, 2021, the Borrowers agree to pay to Agent, for
the ratable benefit of all Lenders, the sum of the Minimum Balance Fee due for the prior month. The Minimum Balance Fee shall
be deemed fully earned when due and payable and, once paid, shall be non-refundable.

 

(e)
Collateral Management Fee. From and following the Closing Date, Borrowers shall pay Agent, for its own account and not
for the benefit of any other Lenders, a fee in an amount equal to the product obtained by multiplying (i) the greater of
(A) the average end-of-day principal balance of Revolving Loans outstanding during the immediately preceding month and (B) the
Minimum Balance, by (ii) one half of one percent (0.50%) per annum. For purposes of calculating the average end-of-day
principal balance of Revolving Loans, all funds paid into the Payment Account (or which were required to be paid into the Payment
Account hereunder) or otherwise received by Agent for the account of Borrowers shall be subject to a five (5) Business Day clearance
period. The collateral management fee shall be payable monthly in arrears on the first day of each calendar month and shall be
deemed fully earned when due and payable and, once paid, shall be non-refundable.

 

    	39

    	 

    

 

(f)
Origination Fee. Contemporaneous with Borrowers’ execution of this Agreement, Borrowers shall pay Agent, for the
benefit of all Lenders committed to make Revolving Loans on the Closing Date, in accordance with their respective Pro Rata Shares,
a fee in an amount equal to (i) the Revolving Loan Commitment, multiplied by (ii) one half of one percent (0.50%).

 

(g)
Deferred Revolving Loan Origination Fee. If Lenders’ funding obligations in respect of the Revolving Loan Commitment
under this Agreement terminate or are permanently reduced for any reason (whether by voluntary termination by Borrowers, by reason
of the occurrence of an Event of Default or the automatic termination of the Revolving Loan
Commitments (including any automatic termination due to the occurrence of an Event of Default described in Section 10.1(f)) or
otherwise) prior to the Maturity Date, Borrowers shall pay to Agent on the date of such reduction, for the benefit of all
Lenders committed to make Revolving Loans on the Closing Date, a fee as compensation for the costs of such Lenders being prepared
to make funds available to Borrowers under this Agreement, equal to an amount determined by multiplying the amount of the
Revolving Loan Commitment so terminated or permanently reduced by the following applicable percentage amount: (w) three
percent (3.00%) for the first year following the Closing Date, (x) two percent (2.00%) for the second year following the Closing
Date, (y) one percent (1.00%) for the third year following the Closing Date, and (z) zero percent (0.00%) thereafter. All fees
payable pursuant to this paragraph shall be deemed fully-earned when due and payable and
non-refundable once paid.

 

(h)
[Reserved].

 

(i)
Audit Fees. Subject to Section 4.6 with respect to the frequency thereof, Borrowers shall pay to Agent, for its own account
and not for the benefit of any other Lenders, all reasonable, out-of-pocket fees
and expenses in connection with audits and inspections of Borrowers’ books and records, audits, valuations or appraisals
of the Collateral, audits of Borrowers’ compliance with applicable Laws and such other matters as Agent shall deem appropriate,
which shall be due and payable on the first Business Day of the month following the date of issuance by Agent of a written request
for payment thereof to Borrowers.

 

(j)
Wire Fees. Borrowers shall pay to Agent, for its own account and not for the account of any other Lenders, on written demand,
fees for incoming and outgoing wires made for the account of Borrowers, such fees to be based on Agent’s then current wire
fee schedule (available upon written request of the Borrowers).

 

(k)
Late Charges. If payments of principal (other than a final installment of principal upon the Termination Date), interest
due on the Obligations, or any other amounts due hereunder or under the other Financing Documents are not timely made and remain
overdue for a period of five (5) days, Borrowers, without notice or demand by Agent, promptly shall pay to Agent, for its own
account and not for the benefit of any other Lenders, as additional compensation to Agent in administering the Obligations, an
amount equal to five percent (5.0%) of each delinquent payment.

 

    	40

    	 

    

 

(l)
Computation of Interest and Related Fees. All interest and fees under each Financing Document shall be calculated on the
basis of a 360-day year for the actual number of days elapsed. The date of funding of a Loan shall be included in the calculation
of interest. The date of payment of a Loan shall be excluded from the calculation of interest. If a Loan is repaid on the same
day that it is made, one (1) day’s interest shall be charged.

 

(m)
Automated Clearing House Payments. If Agent (or its designated servicer or trustee on behalf of a securitization vehicle)
so elects, monthly payments of principal, interest, fees, expenses or any other amounts due and owing from Borrower to Agent hereunder
shall be paid to Agent by Automated Clearing House debit of immediately available funds from the financial institution account
designated by Borrower Representative in the Automated Clearing House debit authorization executed by Borrowers or Borrower Representative
in connection with this Agreement, and shall be effective upon receipt. Borrowers shall execute any and all forms and documentation
necessary from time to time to effectuate such automatic debiting. In no event shall any such payments be refunded to Borrowers.

 

Section
2.3 Notes. The portion of the Loans made by each Lender shall be evidenced, if so requested by such Lender, by one or more
promissory notes executed by Borrowers on a joint and several basis (each, a “Note”) in an original principal
amount equal to such Lender’s Revolving Loan Commitment Amount.

 

Section
2.4 Reserved.

 

Section
2.5 Reserved.

 

Section
2.6 General Provisions Regarding Payment; Loan Account.

 

(a)
All payments to be made by each Credit Party under any Financing Document, including payments of principal and interest made hereunder
and pursuant to any other Financing Document, and all fees, expenses, indemnities and reimbursements, shall be made without set-off,
recoupment or counterclaim. If any payment hereunder becomes due and payable on a day other than a Business Day, such payment
shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable
at the then applicable rate during such extension (it being understood and agreed that, solely for purposes of calculating financial
covenants and computations contained herein and determining compliance therewith, if payment is made, in full, on any such extended
due date, such payment shall be deemed to have been paid on the original due date without giving effect to any extension thereto).
Any payments received in the Payment Account before 12:00 Noon (Eastern time) on any date shall be deemed received by Agent on
such date, and any payments received in the Payment Account at or after 12:00 Noon (Eastern time) on any date shall be deemed
received by Agent on the next succeeding Business Day.

 

(b)
Agent shall maintain a loan account (the “Loan Account”) on its books to record Loans and other extensions
of credit made by the Lenders hereunder or under any other Financing Document, and all payments thereon made by each Borrower.
All entries in the Loan Account shall be made in accordance with Agent’s customary accounting practices as in effect from
time to time. The balance in the Loan Account, as recorded in Agent’s books and records at any time shall be conclusive
and binding evidence of the amounts due and owing to Agent by each Borrower absent manifest error; provided, however,
that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower’s duty to pay
all amounts owing hereunder or under any other Financing Document. Agent shall endeavor to provide Borrowers with a monthly statement
regarding the Loan Account (but neither Agent nor any Lender shall have any liability if Agent shall fail to provide any such
statement). Unless any Borrower notifies Agent of any objection to any such statement (specifically describing the basis for such
objection) within ninety (90) days after the date of receipt thereof, it shall be deemed final, binding and conclusive upon Borrowers
in all respects as to all matters reflected therein.

 

    	41

    	 

    

 

Section
2.7 Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of any
Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any other
applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable
hereunder or under any Note or other Financing Document (the “Stated Rate”) would exceed the highest rate of
interest permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as
the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided,
however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the
extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is
equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision)
the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again
would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received
by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof
at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the
Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts
(other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof
remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any
Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days
in the year in which such calculation is made.

 

Section
2.8 Taxes; Capital Adequacy.

 

(a)
All payments of principal and interest on the Loans and all other amounts payable hereunder shall be made free and clear of and
without deduction for any present or future Taxes, except as required by applicable Law. If any applicable law (as determined
in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such
payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding
and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable
Law and if any such withholding or deduction is in respect of any Indemnified Taxes, then the Credit Parties shall pay such additional
amount or amounts as is necessary to ensure that the net amount actually received by Agent and each Lender will equal the full
amount Agent and such Lender would have received had no such withholding or deduction been required (including, without limitation,
such withholdings and deductions applicable to additional sums payable under this Section 2.8). After payment of any Tax by a
Credit Party to a Governmental Authority pursuant to this Section 2.8, such Credit Party shall promptly forward to Agent the original
or a certified copy of an official receipt, a copy of the return reporting such payment, or other documentation satisfactory to
Agent evidencing such payment to such authority. Credit Parties shall timely pay to the relevant Governmental Authority in accordance
with applicable Law, or at the option of Agent timely reimburse it for the payment of, any Other Taxes.

 

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(b)
The Credit Parties shall indemnify Agent and Lenders, within ten (10) days after demand thereof, for the full amount of any Indemnified
Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.8) payable or
paid by Agent or any Lender or required to be withheld or deducted from a payment to Agent or any Lender and any expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes and Other Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate in reasonable detail as to the amount of such payment or liability
delivered to Borrowers by a Lender (with a copy to Agent), or by Agent on its own behalf or on behalf of a Lender, shall be conclusive
absent manifest error.

 

(c)
Any Lender that is entitled to an exemption from or reduction of withholding tax with respect to payments made under any Financing
Document shall deliver to Borrower Representative and Agent, at the time or times prescribed by applicable Law or reasonably requested
by Borrower Representative or Agent, such properly completed and executed documentation reasonably requested by Borrower Representative
or Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender,
if reasonably requested by Borrower Representative or Agent, shall deliver such other documentation prescribed by applicable Law
or reasonably requested by Borrowers or Agent as will enable Borrowers or Agent to determine whether or not such Lender is subject
to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences,
the completion, execution and submission of such documentation (other than such documentation set forth in Sections 2.8(c)(i),
2.8(c)(ii) and 2.8(e) below) shall not be required if in such 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.

 

(i)
Each Lender that is not a “United States person” (as such term is defined in Section 7701(a)(30) of the Code) for
U.S. federal income tax purposes and is a party hereto on the Closing Date or purports to become an assignee of an interest pursuant
to Section 11.17(a) after the Closing Date (unless such Lender was already a Lender hereunder immediately prior to such assignment)
(each such Lender a “Foreign Lender”) shall, to the extent permitted by Law, execute and deliver to Borrower
Representative and Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such
Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower
Representative or Agent) whichever of the following is applicable: (A) in the case of a Foreign Lender claiming the benefits of
an income tax treaty to which the United States is a party, (x) with respect to payments of interest under any Financing Document,
two (2) properly completed and executed originals of United States Internal Revenue Service (“IRS”) Forms W-8BEN
or W-8BEN-E (or successor form) establishing an exemption from, or reduction of, U.S. federal withholding tax pursuant to the
“interest” article of such tax treaty and (y) with respect to any other applicable payments under any Financing Documents,
two (2) properly completed and executed originals of IRS Forms W-8BEN or W-8BEN-E (or successor form) establishing an exemption
from, or reduction of, U.S. federal withholding tax pursuant to the “business profits” or “other income”
article of such tax treaty; (B) two (2) executed originals of Form W-8ECI (or successor form); (C) in the case of a Foreign Lender
claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially
in the form of Exhibit E-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section
881(c)(3)(A) of the Code, a “10 percent shareholder” of any Borrower within the meaning of Section 881(c)(3)(B) of
the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax
Compliance Certificate”) and (y) two (2) executed originals of IRS Forms W-8BEN or W-8BEN-E (or successor form); (D)
to the extent a Foreign Lender is not the beneficial owner, two (2) executed originals of IRS Form W-8IMY, accompanied by IRS
Form W-8ECI, IRS Form W-8BEN or W-8BEN-E (or successor form), a U.S. Tax Compliance Certificate substantially in the form of Exhibit
E-2 or Exhibit E-3, IRS Form W-9 (or successor form), and/or other certification documents from each beneficial owner,
as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such
Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate
substantially in the form of Exhibit E-4 on behalf of each such direct and indirect partner; or (E) other applicable forms,
certificates or documents prescribed by the IRS. Each Lender agrees that if any form or certification it previously delivered
expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify Borrower
Representative and Agent in writing of its legal inability to do so. In addition, to the extent permitted by applicable Law, such
forms shall be delivered by each Foreign Lender upon the obsolescence or invalidity of any form previously delivered by such Foreign
Lender. Each Foreign Lender shall promptly notify Borrower Representative at any time it determines that it is no longer in a
position to provide any previously delivered certificate to Borrower Representative (or any other form of certification adopted
by the U.S. taxing authorities for such purpose).

 

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(ii)
Each Lender that is a “United States person” (as such term is defined in Section 7701(a)(30) of the Code) for U.S.
federal income tax purposes and is a party hereto on the Closing Date or purports to become an assignee of an interest pursuant
to Section 11.17(a) after the Closing Date (unless such Lender was already a Lender hereunder immediately prior to such assignment)
shall, to the extent permitted by Law, provide to Borrower Representative and Agent on or prior to the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower Representative
or Agent), a properly completed and executed IRS Form W-9 or any successor form certifying as to such Lender’s entitlement
to an exemption from U.S. backup withholding and other applicable forms, certificates or documents prescribed by the IRS or reasonably
requested by Borrower Representative or Agent. Each such Lender shall promptly notify Borrowers at any time it determines that
any certificate previously delivered to Borrower Representative (or any other form of certification adopted by the U.S. governmental
authorities for such purposes) is no longer valid.

 

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

 

(d)
If any Lender determines, in its reasonable discretion, that it has received a refund in respect of any Taxes as to which it has
been indemnified by any Borrower pursuant to this Section 2.8 (including by the payment of additional amounts pursuant to this
Section 2.8), then it shall promptly pay an amount equal to such refund to Borrowers, net of all reasonable out-of-pocket expenses
of such Lender or of Agent with respect thereto, including any Taxes; provided, however, that Borrowers, upon the
written request of such Lender or Agent, agree to repay any amount paid over to Borrowers to such Lender or to Agent (plus any
related penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such Lender or Agent
is required, for any reason, to disgorge or otherwise repay such refund. Notwithstanding anything to the contrary in this Section
2.8, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 2.8(d)
the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would
have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 2.8
shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to
its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

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

 

(f)
Each Lender shall severally indemnify Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable
to such Lender (but only to the extent that any Credit Party has not already indemnified Agent for such Indemnified Taxes and
without limiting the obligation of the Credit Parties to do so), (ii) any Taxes attributable to such Lender’s failure to
comply with the provisions of Section 11.17 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes
attributable to such Lender, in each case, that are payable or paid by Agent in connection with any Financing Document, and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any
Lender by Agent shall be conclusive absent manifest error. Each Lender hereby authorizes Agent to set off and apply any and all
amounts at any time owing to such Lender under any Financing Document or otherwise payable by Agent to such Lender from any other
source against any amount due to Agent under this paragraph (f).

 

(g)
Each party’s obligations under Section 2.8(a) through (f) shall survive the resignation
or replacement of Agent or any assignment of rights by, or the replacement of, a Lender, and the repayment, satisfaction or discharge
of all Obligations hereunder.

 

(h)
If any Lender shall reasonably determine that the adoption or taking effect of, or any change in, any applicable Law regarding
capital adequacy, in each instance, after the Closing Date, or any change after the Closing Date in the interpretation, administration
or application thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation, administration
or application thereof, or the compliance by any Lender or any Person controlling such Lender with any request, guideline or directive
regarding capital adequacy (whether or not having the force of Law) of any such Governmental Authority, central bank or comparable
agency adopted or otherwise taking effect after the Closing Date, has or would have the effect of reducing the rate of return
on such Lender’s or such controlling Person’s capital as a consequence of such Lender’s obligations hereunder
to a level below that which such Lender or such controlling Person could have achieved but for such adoption, taking effect, change,
interpretation, administration, application or compliance (taking into consideration such Lender’s or such controlling Person’s
policies with respect to capital adequacy) then from time to time, upon demand by such Lender (which demand shall be accompanied
by a certificate 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), Borrowers shall promptly pay to such Lender such additional amount as will compensate such
Lender or such controlling Person for such reduction, so long as such amounts have accrued on or after the day which is two hundred
seventy (270) days prior to the date on which such Lender first made demand therefor; provided that notwithstanding anything
in this Agreement to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority)
or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be
a “change in applicable Law”, regardless of the date enacted, adopted or issued.

 

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(i)
If any Lender requests compensation under either Section 2.1(b)(iv) or Section 2.8(h), or requires Borrowers to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.8, then, upon the written
request of Borrower Representative, such Lender shall use reasonable efforts to designate a different lending office for funding
or booking its Loans hereunder or to assign its rights and obligations hereunder (subject to the provisions of Section 11.17)
to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment
(i) would eliminate or materially reduce amounts payable pursuant to any such Section, as the case may be, in the future, (ii)
would not subject such Lender to any unreimbursed cost or expense and (iii) would not otherwise be disadvantageous to such Lender
(as determined in its sole good faith discretion). Without limitation of the provisions of Section 13.14, each Borrower hereby
agrees to pay all reasonable and documented, out-of-pocket costs and expenses incurred by any Lender in connection with any such
designation or assignment.

 

Section
2.9 Appointment of Borrower Representative.

 

(a)
Each Borrower hereby irrevocably appoints and constitutes Borrower Representative as its agent and attorney-in-fact to request
and receive Loans in the name or on behalf of such Borrower and any other Borrowers, deliver Notices of Borrowing, and Borrowing
Base Certificates, give instructions with respect to the disbursement of the proceeds of the Loans , giving and receiving all
other notices and consents hereunder or under any of the other Financing Documents and taking all other actions (including in
respect of compliance with covenants) in the name or on behalf of any Borrower or Borrowers pursuant to this Agreement and the
other Financing Documents. Agent and Lenders may disburse the Loans to such bank account of Borrower Representative or a Borrower
or otherwise make such Loans to a Borrower, in each case as Borrower Representative may designate or direct, without notice to
any other Borrower. Notwithstanding anything to the contrary contained herein, Agent may at any time and from time to time require
that Loans to or for the account of any Borrower be disbursed directly to an operating account of such Borrower.

 

(b)
Borrower Representative hereby accepts the appointment by Borrowers to act as the agent and attorney-in-fact of Borrowers pursuant
to this Section 2.9. Borrower Representative shall ensure that the disbursement of any Loans that are at any time requested by
or to be remitted to or for the account of a Borrower, shall be remitted or issued to or for the account of such Borrower.

 

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(c)
Each Borrower hereby irrevocably appoints and constitutes Borrower Representative as its agent to receive statements on account
and all other notices from Agent, Lenders with respect to the Obligations or otherwise under or in connection with this Agreement
and the other Financing Documents.

 

(d)
Any notice, election, representation, warranty, agreement or undertaking made or delivered by or on behalf of any Borrower by
Borrower Representative shall be deemed for all purposes to have been made or delivered by such Borrower, as the case may be,
and shall be binding upon and enforceable against such Borrower to the same extent as if made or delivered directly by such Borrower.

 

(e)
No resignation by or termination of the appointment of Borrower Representative as agent and attorney-in-fact as aforesaid shall
be effective, except after ten (10) Business Days’ prior written notice to Agent. If the Borrower Representative resigns
under this Agreement, Borrowers shall be entitled to appoint a successor Borrower Representative (which shall be a Borrower and
shall be reasonably acceptable to Agent as such successor). Upon the acceptance of its appointment as successor Borrower Representative
hereunder, such successor Borrower Representative shall succeed to all the rights, powers and duties of the retiring Borrower
Representative and the term “Borrower Representative” means such successor Borrower Representative for all purposes
of this Agreement and the other Financing Documents, and the retiring or terminated Borrower Representative’s appointment,
powers and duties as Borrower Representative shall be thereupon terminated.

 

Section
2.10 Joint and Several Liability; Rights of Contribution; Subordination and Subrogation.

 

(a)
Borrowers are defined collectively to include all Persons named as one of the Borrowers herein; provided, however, that
any references herein to “any Borrower”, “each Borrower” or similar references, shall be construed as
a reference to each individual Person named as one of the Borrowers herein. Each Person so named shall be jointly and severally
liable for all of the obligations of Borrowers under this Agreement. Each Borrower, individually, expressly understands, agrees
and acknowledges, that the credit facilities would not be made available on the terms herein in the absence of the collective
credit of all of the Persons named as the Borrowers herein, the joint and several liability of all such Persons, and the cross-collateralization
of the collateral of all such Persons. Accordingly, each Borrower individually acknowledges that the benefit to each of the Persons
named as one of the Borrowers as a whole constitutes reasonably equivalent value, regardless of the amount of the credit facilities
actually borrowed by, advanced to, or the amount of collateral provided by, any individual Borrower. In addition, each entity
named as one of the Borrowers herein hereby acknowledges and agrees that all of the representations, warranties, covenants, obligations,
conditions, agreements and other terms contained in this Agreement shall be applicable to and shall be binding upon and measured
and enforceable individually against each Person named as one of the Borrowers herein as well as all such Persons when taken together.
By way of illustration, but without limiting the generality of the foregoing, the terms of Section 10.1 of this Agreement are
to be applied to each individual Person named as one of the Borrowers herein (as well as to all such Persons taken as a whole),
such that the occurrence of any of the events described in Section 10.1 of this Agreement as to any Person named as one of the
Borrowers herein shall constitute an Event of Default even if such event has not occurred as to any other Persons named as the
Borrowers or as to all such Persons taken as a whole.

 

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(b)
Notwithstanding any provisions of this Agreement to the contrary, it is intended that the joint and several nature of the liability
of each Borrower for the Obligations and the Liens granted by Borrowers to secure the Obligations, not constitute a Fraudulent
Conveyance (as defined below). Consequently, Agent, Lenders and each Borrower agree that if the liability of a Borrower for the
Obligations, or any Liens granted by such Borrower securing the Obligations would, but for the application of this sentence, constitute
a Fraudulent Conveyance, the liability of such Borrower and the Liens securing such liability shall be valid and enforceable only
to the maximum extent that would not cause such liability or such Lien to constitute a Fraudulent Conveyance, and the liability
of such Borrower and this Agreement shall automatically be deemed to have been amended accordingly. For purposes hereof, the term
“Fraudulent Conveyance” means a fraudulent conveyance under Section 548 of Chapter 11 of Title II of the Bankruptcy
Code or a fraudulent conveyance or fraudulent transfer under the applicable provisions of any fraudulent conveyance or fraudulent
transfer law or similar law of any state, nation or other governmental unit, as in effect from time to time.

 

(c)
Agent is hereby authorized, without notice or demand (except as otherwise specifically required under this Agreement) and without
affecting the liability of any Borrower hereunder, at any time and from time to time, to (i) renew, extend or otherwise increase
the time for payment of the Obligations; (ii) with the written agreement of any Borrower, change the terms relating to the Obligations
or otherwise modify, amend or change the terms of any Note or other agreement, document or instrument now or hereafter executed
by any Borrower and delivered to Agent for any Lender; (iii) accept partial payments of the Obligations; (iv) take and hold any
Collateral for the payment of the Obligations or for the payment of any guaranties of the Obligations and exchange, enforce, waive
and release any such Collateral; (v) apply any such Collateral and direct the order or manner of sale thereof as Agent, in its
reasonable discretion, may determine; and (vi) settle, release, compromise, collect or otherwise liquidate the Obligations and
any Collateral therefor in any manner, all guarantor and surety defenses being hereby waived by each Borrower. Except as specifically
provided in this Agreement or any of the other Financing Documents, Agent shall have the exclusive right to determine the time
and manner of application of any payments or credits, whether received from any Borrower or any other source, and such determination
shall be binding on all Borrowers. All such payments and credits may be applied, reversed and reapplied, in whole or in part,
to any of the Obligations that Agent shall determine, in its reasonable discretion, without affecting the validity or enforceability
of the Obligations of any other Borrower.

 

(d)
Each Borrower hereby agrees that, except as hereinafter provided, its obligations hereunder shall be unconditional, irrespective
of (i) the absence of any attempt to collect the Obligations from any obligor or other action to enforce the same; (ii) the waiver
or consent by Agent with respect to any provision of any instrument evidencing the Obligations, or any part thereof, or any other
agreement heretofore, now or hereafter executed by a Borrower and delivered to Agent; (iii) failure by Agent to take any steps
to perfect and maintain its security interest in, or to preserve its rights to, any security or collateral for the Obligations;
(iv) the institution of any proceeding under the Bankruptcy Code, or any similar proceeding, by or against a Borrower or Agent’s
election in any such proceeding of the application of Section 1111(b)(2) of the Bankruptcy Code; (v) any borrowing or grant of
a security interest by a Borrower as debtor-in-possession, under Section 364 of the Bankruptcy Code; (vi) the disallowance, under
Section 502 of the Bankruptcy Code, of all or any portion of Agent’s claim(s) for repayment of any of the Obligations; or
(vii) any other circumstance other than payment in full of the Obligations which might otherwise constitute a legal or equitable
discharge or defense of a guarantor or surety.

 

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(e)
Borrowers hereby agree, as between themselves, that to the extent that Agent, on behalf of Lenders, shall have received from any
Borrower any Recovery Amount (as defined below), then the paying Borrower shall have a right of contribution against each other
Borrower in an amount equal to such other Borrower’s contributive share of such Recovery Amount; provided, however,
that in the event any Borrower suffers a Deficiency Amount (as defined below), then the Borrower suffering the Deficiency Amount
shall be entitled to seek and receive contribution from and against the other Borrowers in an amount equal to the Deficiency Amount;
and provided, further, that in no event shall the aggregate amounts so reimbursed by reason of the contribution of any
Borrower equal or exceed an amount that would, if paid, constitute or result in Fraudulent Conveyance. Until all Obligations (other
than inchoate indemnification or reimbursement obligations for which no claim has yet been made) have been paid and satisfied
in full, no payment made by or for the account of a Borrower including, without limitation, (i) a payment made by such Borrower
on behalf of the liabilities of any other Borrower, or (ii) a payment made by any other Guarantor under any Guarantee, shall entitle
such Borrower, by subrogation or otherwise, to any payment from such other Borrower or from or out of such other Borrower’s
property. The right of each Borrower to receive any contribution under this Section 2.10(e) or by subrogation or otherwise from
any other Borrower shall be subordinate in right of payment to the Obligations and such Borrower shall not exercise any right
or remedy against such other Borrower or any property of such other Borrower by reason of any performance of such Borrower of
its joint and several obligations hereunder, until the Obligations (other than inchoate indemnification or reimbursement obligations
for which no claim has yet been made) have been indefeasibly paid and satisfied in full, and no Borrower shall exercise any right
or remedy with respect to this Section 2.10(e) until the Obligations (other than inchoate indemnification or reimbursement obligations
for which no claim has yet been made) have been indefeasibly paid and satisfied in full. As used in this Section 2.10(e), the
term “Recovery Amount” means the amount of proceeds received by or credited to Agent from the exercise of any
remedy of the Lenders under this Agreement or the other Financing Documents, including, without limitation, the sale of any Collateral.
As used in this Section 2.10(e), the term “Deficiency Amount” means any amount that is less than the entire
amount a Borrower is entitled to receive by way of contribution or subrogation from, but that has not been paid by, the other
Borrowers in respect of any Recovery Amount attributable to the Borrower entitled to contribution, until the Deficiency Amount
has been reduced to Zero Dollars ($0) through contributions and reimbursements made under the terms of this Section 2.10(e) or
otherwise.

 

Section
2.11 Collections and Lockbox Account.

 

(a)
Borrowers shall maintain a lockbox (the “Lockbox”) with a United States depository institution designated from time
to time by Agent (the “Lockbox Bank”), subject to the provisions of this Agreement, and, subject to Section 7.4,
shall execute with the Lockbox Bank a Deposit Account Control Agreement and such other agreements related to such Lockbox as Agent
may require. Borrowers shall ensure that all collections of Accounts are paid directly from Account Debtors (i) into the Lockbox for
deposit into the Lockbox Account and/or (ii) directly into the Lockbox Account; provided, however, that unless Agent shall otherwise
direct by written notice to Borrowers, Borrowers shall be permitted to cause Account Debtors who are individuals to pay Accounts directly
to Borrowers, which Borrowers shall then administer and apply in the manner required below. Subject to Section 7.4, all funds
deposited into a Lockbox Account shall be transferred into the Payment Account by the close of each Business Day.

 

(b)
[Reserved]

 

(c)
Notwithstanding anything in any lockbox agreement or Deposit Account Control Agreement to the contrary, Borrowers agree that they
shall be liable for any fees and charges in effect from time to time and charged by the Lockbox Bank in connection with the Lockbox,
the Lockbox Account, and that Agent shall have no liability therefor. Borrowers hereby indemnify and agree to hold Agent harmless
from any and all liabilities, claims, losses and demands whatsoever, including reasonable attorneys’ fees and expenses,
arising from or relating to actions of Agent or the Lockbox Bank pursuant to this Section or any lockbox agreement or Deposit
Account Control Agreement or similar agreement, except to the extent of such losses arising solely from Agent’s gross negligence
or willful misconduct.

 

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(d)
Agent shall apply, on a daily basis, all funds transferred into the Payment Account pursuant to this Section 2.11 to reduce the
outstanding Revolving Loans in such order of application as Agent shall elect. If as the result of collections of Accounts pursuant
to the terms and conditions of this Section, a credit balance exists with respect to the Loan Account, such credit balance shall
not accrue interest in favor of Borrowers, but Agent shall transfer such funds into an account designated by Borrower Representative
for so long as no Event of Default exists.

 

(e)
To the extent that any collections of Accounts or proceeds of other Collateral are not sent directly to the Lockbox or Lockbox
Account but are received by any Borrower, such collections shall be held in trust for the benefit of Agent pursuant to an express
trust created hereby and immediately remitted, in the form received, to applicable Lockbox or Lockbox Account. No such funds received
by any Borrower shall be commingled with other funds of the Credit Parties. If any funds received by any Borrower are commingled
with other funds of the Borrowers, or are required to be deposited to a Lockbox or Lockbox Account and are not so deposited within
two (2) Business Days, then Borrowers shall pay to Agent, for its own account and not for the account of any other Lenders, a
compliance fee equal to $500 for each day that any such conditions exist.

 

(f)
Borrowers acknowledge and agree that compliance with the terms of this Section is essential, and that Agent and Lenders will suffer
immediate and irreparable injury and have no adequate remedy at law, if any Borrower, through acts or omissions, causes or permits
Account Debtors to send payments other than to the Lockbox or Lockbox Accounts or if any Borrower fails to promptly deposit collections
of Accounts or proceeds of other Collateral in the Lockbox Account as herein required. Accordingly, in addition to all other rights
and remedies of Agent and Lenders hereunder, Agent shall have the right to seek specific performance of the Borrowers’ obligations
under this Section, and any other equitable relief as Agent may deem necessary or appropriate, and Borrowers waive any requirement
for the posting of a bond in connection with such equitable relief.

 

(g)
Borrowers shall not, and Borrowers shall not suffer or permit any Credit Party to, (i) withdraw any amounts from any Lockbox Account,
(ii) change the procedures or sweep instructions under the agreements governing any Lockbox Accounts, or (iii) send to or deposit
in any Lockbox Account any funds other than payments made with respect to and proceeds of Accounts or other Collateral. Borrowers
shall, and shall cause each Credit Party to, cooperate with Agent in the identification and reconciliation on a daily basis of
all amounts received in or required to be deposited into the Lockbox Accounts. If more than five percent (5%) of the collections
of Accounts received by Borrowers during any given fifteen (15) day period is not identified or reconciled to the reasonable satisfaction
of Agent within ten (10) Business Days of receipt, Agent shall not be obligated to make further advances under this Agreement
until such amount is identified or is reconciled to the reasonable satisfaction of Agent, as the case may be. In addition, if
any such amount cannot be identified or reconciled to the reasonable satisfaction of Agent, Agent may utilize its own staff or,
if it deems necessary, engage an outside auditor, in either case at Borrowers’ expense (which in the case of Agent’s
own staff shall be in accordance with Agent’s then prevailing customary charges (plus expenses)), to make such examination
and report as may be necessary to identify and reconcile such amount.

 

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(h)
If any Borrower breaches its obligation to direct payments of the proceeds of the Collateral to the Lockbox Account, Agent, as
the irrevocably made, constituted and appointed true and lawful attorney for Borrowers, may, by the signature or other act of
any of Agent’s authorized representatives (without requiring any of them to do so), direct any Account Debtor to pay proceeds
of the Collateral to Borrowers by directing payment to the Lockbox Account.

 

Section
2.12 Termination; Restriction on Termination.

 

(a)
Termination by Lenders. In addition to the rights set forth in Section 10.2, Agent may, and at the direction of Required
Lenders shall, terminate this Agreement without notice upon or after the occurrence and during the continuance of an Event of
Default.

 

(b)
Termination by Borrowers. Upon at least fifteen (15) Business Days’ prior written notice and pursuant to payoff documentation
in form and substance satisfactory to Agent and Lenders, Borrowers may, at their option, terminate this Agreement; provided,
however, that no such termination shall be effective until Borrowers have complied with Section 2.2, Section 2.12(c) and the
terms of each Fee Letter and paid in full all of the Affiliated Obligations in immediately available funds and terminated the
Affiliated Financing Documents. Any notice of termination given by Borrowers shall be irrevocable unless all Lenders otherwise
agree in writing and no Lender shall have any obligation to make any Loans on or after the termination date stated in such notice.
Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder
may be terminated singly.

 

(c)
Effectiveness of Termination. All of the Obligations (other than inchoate indemnification or reimbursement obligations
for which no claim has yet been made) shall be immediately due and payable upon the Termination Date. All undertakings, agreements,
covenants, warranties and representations of the Credit Parties contained in the Financing Documents shall survive any such termination
and Agent shall retain its Liens in the Collateral and Agent and each Lender shall retain all of its rights and remedies under
the Financing Documents notwithstanding such termination until all Obligations and Affiliated Obligations (other than inchoate
indemnification or reimbursement obligations for which no claim has yet been made) have been discharged or paid, in full, in immediately
available funds, including, without limitation, all Obligations under Section 2.2 and the terms of any Fee Letter resulting from
such termination. Notwithstanding the foregoing or the payment in full of the Obligations (other than inchoate indemnification
or reimbursement obligations for which no claim has yet been made), Agent shall not be required to terminate its Liens in the
Collateral unless, with respect to any loss or damage Agent may incur as a result of dishonored checks or other items of payment
received by Agent from Credit Parties or any Account Debtor and applied to the Obligations, Agent shall have retained cash Collateral
or other Collateral for such period of time as Agent, in its discretion, may deem necessary to protect Agent and each Lender from
any such loss or damage.

 

Article
3 - REPRESENTATIONS AND WARRANTIES

 

To
induce Agent and Lenders to enter into this Agreement and to make the Loans and other credit accommodations contemplated hereby,
each Borrower and each Credit Party party hereto, hereby represents and warrants to Agent and each Lender that:

 

Section
3.1 Existence and Power. Each Credit Party (a) is an entity as specified on Schedule 3.1, (b) is duly organized,
validly existing and in good standing under the laws of its jurisdiction of organization and each other jurisdiction specified
on Schedule 3.1 and no other jurisdiction, (c) has the same legal name as it appears in such Credit Party’s Organizational
Documents and an organizational identification number (if any), in each case as specified on Schedule 3.1, (d) has all
powers to own its assets and has powers and all Permits necessary or desirable in the operation of its business as presently conducted
or as proposed to be conducted, except where the failure to have such Permits could not reasonably be expected to have a Material
Adverse Effect, and (e) is qualified to do business as a foreign entity in each jurisdiction in which it is required to be so
qualified, which jurisdictions as of the Closing Date are specified on Schedule 3.1, except in the case of this clause
(e) where the failure to be so qualified could not reasonably be expected to have a Material Adverse Effect. Except as set forth
on Schedule 3.1, no Credit Party (x) has had, over the five (5) year period preceding the Closing Date, any name other
than its current name, or (y) was incorporated or organized under the laws of any jurisdiction other than its current jurisdiction
of incorporation or organization.

 

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Section
3.2 Organization and Governmental Authorization; No Contravention. The execution, delivery and performance by each Credit
Party of the Financing Documents to which it is a party (a) are within its powers, (b) have been duly authorized by all necessary
action pursuant to its Organizational Documents, (c) require no further action by or in respect of, or filing with, any Governmental
Authority other than (i) recordings, filings and other perfection actions in connection with the Liens granted to Agent under
this Agreement or any Security Document and (ii) those obtained or made on or prior to the Closing Date and (d) do not violate,
conflict with or cause a breach or a default under (i) any Law applicable to any Credit Party, (ii) any of the Organizational
Documents of any Credit Party, or (iii) any agreement or instrument binding upon it, except (y) as set forth on Schedule 3.2(c)
and (z) for such violations, conflicts, breaches or defaults as could not, with respect to this clause (iii), reasonably be
expected to have a Material Adverse Effect.

 

Section
3.3 Binding Effect. Each of the Financing Documents to which any Credit Party is a party constitutes a valid and binding
agreement or instrument of such Credit Party, enforceable against such Credit Party in accordance with its respective terms, except
as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors’
rights generally and by general equitable principles. Each Financing Document has been duly
executed and delivered by each Credit Party party thereto.

 

Section
3.4 Capitalization. The authorized equity securities of each of the Credit Parties as of the Closing Date are as set forth
on Schedule 3.4. All issued and outstanding equity securities of each of the Credit Parties (other than Holdings) are duly
authorized and validly issued, fully paid, nonassessable, free and clear of all Liens other than those in favor of Agent for the
benefit of Agent and Lenders, and such equity securities were issued in compliance with all applicable Laws. The identity of the
holders of the equity securities of each of the Credit Parties (other than Holdings) and the percentage of their fully-diluted
ownership of the equity securities of each of the Credit Parties as of the Closing Date is set forth on Schedule 3.4. No
shares of the capital stock or other Equity Interests of any Credit Party (other than Holdings), other than those described above,
are issued and outstanding as of the Closing Date. Except as set forth on Schedule 3.4, as of the Closing Date there are
no preemptive or other outstanding rights, options, warrants, conversion rights or similar agreements or understandings for the
purchase or acquisition from any Credit Party (other than Holdings) of any equity securities of any such entity.

 

Section
3.5 Financial Information. All information delivered to Agent and pertaining to the financial condition of any Credit Party
fairly in all material respects presents the financial position of such Credit Party as of such date and for such period then
ended in conformity with GAAP (and as to unaudited financial statements, subject to normal year-end adjustments and the absence
of footnote disclosures). Since December 31, 2020, there has been (a) no material adverse change in the business, operations,
properties, prospects or condition (financial or otherwise) of any Credit Party and (b) no fact, event or circumstance that could
reasonably be expected to result in a Material Adverse Effect.

 

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Section
3.6 Litigation. Except as set forth on Schedule 3.6 as of the Closing Date, and except as hereafter disclosed to
Agent in writing or required to be disclosed in the then next required Compliance Certificate (or, if earlier, on or before the
next Notice of Borrowing), there is no Litigation pending against, or to such Borrower’s knowledge threatened in writing
against, any Credit Party or, to such Borrower’s knowledge, any party to any Financing Document other than a Credit Party,
which, if adversely determined, could reasonably be expected to result in any judgment or liability of more than One Hundred Fifty
Thousand Dollars ($150,000). There is no Litigation pending in which an adverse decision could reasonably be expected to have
a Material Adverse Effect or which in any manner draws into question the validity of any of the Financing Documents.

 

Section
3.7 Ownership of Property. Each Borrower and each of its Subsidiaries is the lawful sole owner of, has good and marketable
title to and is in lawful possession of, or has valid leasehold interests in, all material properties, accounts and other assets
(real or personal, tangible, intangible or mixed) purported or reported to be owned or leased (as the case may be) by such Person.

 

Section
3.8 No Default. No Event of Default, or to such Borrower’s knowledge, Default, has occurred and is continuing. No
Credit Party is in breach or default under or with respect to any contract, agreement, lease or other instrument to which it is
a party or by which its property is bound or affected, which breach or default could reasonably be expected to have a Material
Adverse Effect.

 

Section
3.9 Labor Matters. As of the Closing Date, there are no strikes or other labor disputes pending or, to any Borrower’s
knowledge, threatened against any Credit Party. Hours worked and payments made to the employees of the Credit Parties have not
been in violation of the Fair Labor Standards Act or any other applicable Law dealing with such matters. All payments due from
the Credit Parties, or for which any claim may be made against any of them, on account of wages and employee and retiree health
and welfare insurance and other benefits have been paid or accrued as a liability on their books, as the case may be. The consummation
of the transactions contemplated by the Financing Documents will not give rise to a right of termination or right of renegotiation
on the part of any union under any collective bargaining agreement to which it is a party or by which it is bound.

 

Section
3.10 Investment Company Act. No Credit Party is an “investment company” or a company “controlled”
by an “investment company” or a “subsidiary” of an “investment company,” all within the meaning
of the Investment Company Act of 1940.

 

Section
3.11 Margin Regulations.

 

(a)
The Credit Parties and their Subsidiaries do not own any stock, partnership interest or
other equity securities, except for Permitted Investments. Without limiting the foregoing, the Credit Parties and their Subsidiaries
do not own or hold any Margin Stock. 

 

(b)
None of the proceeds from the Loans have been or will be used, directly or indirectly, for the purpose of purchasing or carrying
any “margin stock” (as defined in Regulation U of the Federal Reserve Board), for the purpose of reducing or retiring
any indebtedness which was originally incurred to purchase or carry any “margin stock” or for any other purpose which
might cause any of the Loans to be considered a “purpose credit” within the meaning of Regulation T, U or X of the
Federal Reserve Board.

 

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Section
3.12 Compliance With Laws; Anti-Terrorism Laws.

 

(a)
Each Credit Party is in compliance with the requirements of all applicable Laws, (including all applicable Healthcare Laws), except
for such Laws the noncompliance with which could not reasonably be expected to have a Material Adverse Effect.

 

(b)
None of the Credit Parties and, to the knowledge of the Credit Parties, none of their Affiliates (i) is in violation of any Anti-Terrorism
Law, (ii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding,
or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law, (iii) is a Blocked Person, or is controlled
by a Blocked Person, (iv) is acting or will act for or on behalf of a Blocked Person, (v) is associated with, or will become associated
with, a Blocked Person or (vi) is providing, or will provide, material, financial or technical support or other services to or
in support of acts of terrorism of a Blocked Person. No Credit Party nor, to the knowledge of any Credit Party, any of its Affiliates
or agents acting or benefiting in any capacity in connection with the transactions contemplated by this Agreement, (A) conducts
any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked
Person, or (B) deals in, or otherwise engages in any transaction relating to, any property or interest in property blocked pursuant
to Executive Order No. 13224, any similar executive order or other Anti-Terrorism Law.

 

Section
3.13 Taxes. All federal income and franchise tax returns, reports and statements, all state and local income and franchise
tax returns, reports and statements and all other material state and local tax returns, reports and statements required to be
filed by or on behalf of each Credit Party have been filed with the appropriate Governmental Authorities in all jurisdictions
in which such returns, reports and statements are required to be filed and, except to the extent subject to a Permitted Contest,
all Taxes (including real property Taxes) and other charges shown to be due and payable in respect thereof have been timely paid
prior to the date on which any fine, penalty, interest, late charge or loss may be added thereto for nonpayment thereof. Except
to the extent subject to a Permitted Contest, all state and local sales and use Taxes required to be paid by each Credit Party
have been paid. All federal and state returns have been filed by each Credit Party for all periods for which returns were due
with respect to employee income tax withholding, social security and unemployment taxes, and, except to the extent subject to
a Permitted Contest, the amounts shown thereon to be due and payable have been paid in full or adequate provisions therefor have
been made.

 

Section
3.14 Compliance with ERISA.

 

(a)
In all material respects, each ERISA Plan (and the related trusts and funding agreements) complies in form and in operation with,
has been administered in compliance with, and the terms of each ERISA Plan satisfy, the applicable requirements of ERISA and the
Code. Each ERISA Plan which is intended to be qualified under Section 401(a) of the Code is so qualified, and the United States
Internal Revenue Service has issued a favorable determination letter or opinion with respect to each such ERISA Plan which may
be relied on currently. No Credit Party has incurred liability for any material excise tax under any of Sections 4971 through
5000 of the Code.

 

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(b)
Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, each Credit Party
and each Subsidiary is in compliance with the applicable provisions of ERISA and the provision of the Code relating to ERISA Plans
and the regulations and published interpretations therein. During the thirty-six (36) month period prior to the Closing Date or
the making of any Loan (i) no steps have been taken to terminate any Pension Plan, and (ii) no contribution failure has occurred
with respect to any Pension Plan sufficient to give rise to a Lien under Section 303(k) of ERISA or Section 430(k) of the Code
and no event has occurred that would give rise to a Lien under Section 4068 of ERISA. No condition exists or event or transaction
has occurred with respect to any Pension Plan which could result in the incurrence by any Credit Party of any material liability,
fine or penalty. No Credit Party has incurred liability to the PBGC (other than for current premiums) with respect to any employee
Pension Plan. All contributions (if any) have been made on a timely basis to any Multiemployer Plan that are required to be made
by any Credit Party or any other member of the Controlled Group under the terms of the plan or of any collective bargaining agreement
or by applicable Law; no Credit Party nor any member of the Controlled Group has withdrawn or partially withdrawn from any Multiemployer
Plan, incurred any withdrawal liability with respect to any such plan or received notice of any claim or demand for withdrawal
liability or partial withdrawal liability from any such plan, and no condition has occurred which, if continued, could result
in a withdrawal or partial withdrawal from any such plan, and no Credit Party nor any member of the Controlled Group has received
any notice that any Multiemployer Plan is in reorganization, that increased contributions may be required to avoid a reduction
in plan benefits or the imposition of any excise tax, that any such plan is or has been funded at a rate less than that required
under Section 412 of the Code, that any such plan is or may be terminated, or that any such plan is or may become insolvent.

 

Section
3.15 Consummation of Financing Documents; Brokers. Except for fees payable to Agent and/or Lenders, no broker, finder or
other intermediary has brought about the obtaining, making or closing of the transactions contemplated by the Financing Documents,
and no Credit Party has or will have any obligation to any Person in respect of any finder’s or brokerage fees, commissions
or other expenses in connection herewith or therewith.

 

Section
3.16 Reserved.

 

Section
3.17 Material Contracts. Except for the Financing Documents, the Affiliated Financing Documents, and the agreements set
forth on Schedule 3.17, as of the Closing Date there are no Material Contracts. The consummation of the transactions contemplated
by the Financing Documents will not give rise to a right of termination in favor of any party to any Material Contract (other
than any Credit Party), except for such Material Contracts the noncompliance with which would not reasonably be expected to have
a Material Adverse Effect.

 

Section
3.18 Compliance with Environmental Requirements; No Hazardous Materials. Except in each case as set forth on Schedule
3.18:

 

(a)
no notice, notification, demand, request for information, citation, summons, complaint or order has been issued, no complaint
has been filed, no penalty has been assessed and no investigation or review is pending, or to such Credit Party’s knowledge,
threatened by any Governmental Authority or other Person with respect to any (i) alleged violation by any Credit Party of any
Environmental Law, (ii) alleged failure by any Credit Party to have any Permits required in connection with the conduct of its
business or to comply with the terms and conditions thereof, (iii) any generation, treatment, storage, recycling, transportation
or disposal of any Hazardous Materials, or (iv) release of Hazardous Materials, in each
case except where the failure to obtain such document could not reasonably be expected to have a Material Adverse Effect;
and

 

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(b)
no property now owned or leased by any Credit Party and, to the knowledge of each Credit Party, no such property previously owned
or leased by any Credit Party, to which any Credit Party has, directly or indirectly, transported or arranged for the transportation
of any Hazardous Materials, is listed or, to such Credit Party’s knowledge, proposed for listing, on the National Priorities
List promulgated pursuant to CERCLA, or CERCLIS (as defined in CERCLA) or any similar state list or is the subject of federal,
state or local enforcement actions or, to the knowledge of such Credit Party, other investigations which may lead to claims against
any Credit Party for clean-up costs, remedial work, damage to natural resources or personal injury claims, including, without
limitation, claims under CERCLA.

 

For
purposes of this Section 3.18, each Credit Party shall be deemed to include any business or business entity (including a corporation)
that is, in whole or in part, a predecessor of such Credit Party.

 

Section
3.19 Intellectual Property and License Agreements. A list of all Registered Intellectual Property of each Credit Party
and all in-bound license or sublicense agreements, and exclusive out-bound license or sublicense agreements (but, in each case,
excluding in-bound licenses of over-the-counter and other software that is commercially available to the public and open source
licenses in the Ordinary Course of Business), as of the Closing Date and, as updated pursuant to Section 4.15, is set forth on
Schedule 3.19. Schedule 3.19 shall be prepared by Credit Parties in the form provided by Agent and contain all information
required in such form. Except for Permitted Licenses and Permitted Liens arising by operation of law, each Credit Party is the
sole owner of its Intellectual Property free and clear of any Liens. Each patent owned or licensed by any Credit Party material
to the conduct of such Credit Party’s business is valid and enforceable in all material respects and no part of the Material
Intangible Assets has been judged invalid or unenforceable, in whole or in part, and to the best of Credit Parties’ knowledge
and except as set forth on Schedule 3.6, no claim has been made that any part of the Intellectual Property violates the
rights of any third party.

 

Section
3.20 Solvency. After giving effect to the Loan advance and the liabilities and obligations of each Credit Party under the
Financing Documents, each Borrower and each additional Credit Party is Solvent.

 

Section
3.21 Full Disclosure. None of the written information (financial or otherwise) furnished by or on behalf of any Credit
Party to Agent or any Lender in connection with the consummation of the transactions contemplated by the Financing Documents,
contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained
herein or therein not misleading in light of the circumstances under which such statements were made. All financial projections
delivered to Agent and the Lenders by Credit Parties (or their agents) have been prepared on the basis of the assumptions stated
therein. Such projections represent each Credit Party’s best estimate of such Credit Party’s future financial performance
and such assumptions are believed by such Credit Party to be fair and reasonable in light of current business conditions; provided,
however, that Credit Parties can give no assurance that such projections will be attained. Agent and each Lender acknowledges
and agrees that all financial performance projections delivered to Agent represent Borrowers’ best good faith estimate of
future financial performance and are based on assumptions believed by Credit Parties to be fair and reasonable in light of current
market conditions, it being acknowledged and agreed by Agent and Lenders that projections as to future events are not to be viewed
as facts and that the actual results during the period or periods covered by such projections may differ from the projected results.

 

Section
3.22 Reserved.

 

Section
3.23 Subsidiaries. Credit Parties do not own any stock, partnership interests, limited liability company interests or other
equity securities or Subsidiaries except for Permitted Investments.

 

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Section
3.24 Accuracy of Schedules. All information set forth in the Schedules to this Agreement is true, accurate and complete
as of the Closing Date. All information set forth in the Perfection Certificate is true, accurate and complete as of the Closing
Date and any other subsequent date in which Borrower is requested to update such certificate.

 

Section
3.25 Eligible Accounts; Eligible Pending Accounts; Eligible Inventory.

 

(a)
As to each Account that is identified by Borrowers as an Eligible Account in a Borrowing Base Certificate submitted to Agent,
such Account is (i) a bona fide existing payment obligation of the applicable Account Debtor created by the sale and delivery
of Inventory or the rendition of services to such Account Debtor in the Ordinary Course of Business of the applicable Borrower,
(ii) owed to the applicable Borrower without any known defenses, disputes, offsets, counterclaims, or rights of return or cancellation,
and (iii) not excluded as ineligible by virtue of one or more of the excluding criteria which are not subject to the discretion
of the Agent, set forth in the definition of “Eligible Account”.

 

(b)
As to each Account that is identified by Borrowers as an Eligible Pending Account in a Borrowing Base Certificate submitted to
Agent, such Account is reasonably expected to be within a thirty (30) day period from the date of invoice, (i) a bona fide existing
payment obligation of the applicable Account Debtor created by the sale and delivery of Inventory or the rendition of services
to such Account Debtor in the Ordinary Course of Business of the applicable Borrower, (ii) owed to the applicable Borrower without
any known defenses, disputes, offsets, counterclaims, or rights of return or cancellation, and (iii) not excluded as ineligible
by virtue of one or more of the excluding criteria which are not subject to the discretion of the Agent, set forth in the definition
of “Eligible Account”.

 

(c)
As to each item of Inventory that is identified by the applicable Borrowers as Eligible Inventory in a Borrowing Base Certificate
submitted to Agent, such Inventory is (a) of good and merchantable quality, free from known defects, (b) not excluded as ineligible
by virtue of one or more of the excluding criteria (set forth in the definition of “Eligible Inventory”), and (c)
otherwise constitutes “Eligible Inventory” under such definition.

 

Section
3.26 Regulatory Matters.

 

(a)
All of Credit Parties’ and their Subsidiaries’ material Products and material Regulatory Required Permits (limited
to those Regulatory Required Permits the loss of which would reasonably be expected to have a Material Adverse Effect) are listed
on Schedule 4.17 on the Closing Date. With respect to each material Product, (i) the Credit Parties and their Subsidiaries
have received, and such Product is the subject of, all Regulatory Required Permits needed in connection with the testing, manufacture,
marketing or sale of such Product as currently being conducted by or on behalf of the Credit Parties, and have provided Agent
with all notices and other information required by Section 4.1, and (ii) such Product is being tested, manufactured, marketed
or sold, as the case may be, by Credit Parties (or to the Credit Parties’ knowledge, by any applicable third parties) in
material compliance with all applicable Laws and Regulatory Required Permits.

 

(b)
None of the Credit Parties or any Subsidiary thereof are in violation of any Healthcare Law in any material respect.

 

(c)
No Credit Party or any Subsidiary thereof receives any payments directly (including through any third party payment processor)
from Medicare, Medicaid, or TRICARE.

 

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(d)
To the Credit Parties’ knowledge (after reasonable inquiry), none of the Credit Parties or their Subsidiaries’ officers,
directors, employees, shareholders, their agents or affiliates has made an untrue statement of material fact or fraudulent statement
to the FDA or failed to disclose a material fact required to be disclosed to the FDA, committed an act, made a statement, or failed
to make a statement that could reasonably be expected to provide a basis for the FDA to invoke its policy respecting “Fraud,
Untrue Statements of Material Facts, Bribery, and Illegal Gratuities,” set forth in 56 Fed. Regulation 46191 (September
10, 1991).

 

(e)
Except as would not reasonably be expected to result in a Material Adverse Effect, each Product (i) has been and/or shall be manufactured,
imported, possessed, owned, warehoused, marketed, promoted, sold, labeled, furnished, distributed and marketed and each service
has been conducted in accordance with all applicable Permits and Laws; and (ii) to the extent applicable, has been and/or shall
be manufactured in accordance with Good Manufacturing Practices.

 

(f)
No Credit Party, nor any Subsidiary thereof, is subject to any proceeding, suit or, to any Credit Party’s knowledge, investigation
by any federal, state or local government or quasi-governmental body, agency, board or authority or any other administrative or
investigative body (including the Office of the Inspector General of the United States Department of Health and Human Services),which
could reasonably be expected to result in the revocation, transfer, surrender, suspension of any material Permits of Borrower
or any Subsidiary thereof or otherwise be expected to result in a Material Adverse Effect.

 

(g)
As of the Closing Date, there have been no Regulatory Reporting Events.

 

Section
3.27 Senior Indebtedness Status. The Obligations of each Credit Party under this Agreement and each of the other Financing
Documents ranks and shall continue to rank at least senior in priority of payment to all Debt that is contractually subordinated
to the Obligations of each such Person under this Agreement and is designated as “Senior Indebtedness” (or an equivalent
term) under all instruments and documents, now or in the future, relating to all Debt that is contractually subordinated to the
Obligations under this Agreement of each such Person.

 

Article
4 - AFFIRMATIVE COVENANTS

 

Each
Credit Party agrees that:

 

Section
4.1 Financial Statements, Other Reports and Notices. The Credit Parties will deliver to Agent:

 

(a)
as soon as available, but no later than thirty (30) days after the last day of each month, a company prepared consolidated and
consolidating balance sheet, cash flow and income statement (including year-to-date results) covering Borrowers’ and its
Consolidated Subsidiaries’ consolidated and consolidating operations during the period, prepared under GAAP (subject to
normal year-end adjustments and the absence of footnote disclosures), consistently applied, setting forth in comparative form
the corresponding figures as at the end of the corresponding month of the previous fiscal year and the projected figures for such
period based upon the projections required hereunder, all in reasonable detail, certified by a Responsible Officer and in a form
reasonably acceptable to Agent;

 

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(b)
upon Agent’s request, together with the financial reporting package described in (a) above, evidence of payment and satisfaction
of all payroll, withholding and similar taxes due and owing by all Credit Parties with respect to the payroll period(s) occurring
during such month;

 

(c)
as soon as available, but no later than ninety (90) days after the last day of Borrower’s fiscal year, audited consolidated
and consolidating financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the
financial statements from an independent certified public accounting firm acceptable to Agent in its reasonable discretion;

 

(d)
within ten (10) days of delivery or filing thereof, copies of all statements, reports and notices made available to such Credit
Party’s security holders or to any holders of Subordinated Debt and copies of all reports and other filings made by such
Credit Party with any stock exchange on which any securities of any Credit Party are traded and/or the SEC; provided that
to the extent any of the foregoing is available on the SEC EDGAR website, delivery to Agent will be deemed to have occurred upon
notice of such availability to Agent;

 

(e)
a prompt, but in no event later than when the next Compliance Certificate is required to be delivered, written report of any legal
actions pending or threatened in writing against any Borrower or any of its Subsidiaries that could reasonably be expected to
result in damages or costs to any Borrower or any of its Subsidiaries of One Hundred Fifty Thousand Dollars ($150,000) or more
or otherwise could be reasonably expected to result in a Material Adverse Effect;

 

(f)
prompt written notice of an event that materially and adversely affects the value of any Intellectual Property;

 

(g)
within sixty (60) days after the start of each fiscal year, projections for the forthcoming two fiscal years, on a quarterly basis
for the current year and on an annual basis for the subsequent year;

 

(h)
promptly (but in any event within ten (10) days of any request therefor) such readily available other budgets, sales projections,
operating plans and other financial information and information, reports or statements regarding the Credit Parties, their business
and the Collateral as Agent may from time to time reasonably request;

 

(i)
together with each delivery of financial statements pursuant to clause (a) above,
deliver to Agent a duly completed Compliance Certificate signed by a Responsible Officer setting forth calculations showing (i)
compliance with the financial covenants set forth in Article 6 and (ii) monthly cash and Cash Equivalents of Credit Parties and
Credit Parties and their Consolidated Subsidiaries and compliance with the financial covenants set forth in this Agreement;

 

(j)
within ten (10) days after the last day of each month, deliver to Agent a duly completed Borrowing Base Certificate signed by
a Responsible Officer, with aged listings of accounts receivable and accounts payable (by invoice date);

 

(k)
upon Agent’s request on a schedule to be designated by Agent, a schedule of Eligible Accounts denoting the thirty (30) largest
Account Debtors during such quarter;

 

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(l)
written notice to Agent promptly, but in any event within ten (10) Business Days of a Responsible Officer of a Credit Party receiving
written notice or otherwise becoming aware that:

 

(i)
the marketing or sales of a Product, which is material to the Credit Parties’ business and which has been approved for marketing
and sale, should cease or such Product should be withdrawn from the marketplace;

 

(ii)
any Governmental Authority is conducting an investigation or review (other than routine reviews in the Ordinary Course of Business)
of any Regulatory Required Permit the loss of which could be reasonably expected to result in a Material Adverse Effect;

 

(iii)
any Regulatory Required Permit, the loss of which could be reasonably expected to result in a Material Adverse Effect, has been
revoked or withdrawn;

 

(iv)
any Governmental Authority, including without limitation the FDA, the Office of the Inspector General of HHS or the United States
Department of Justice, has commenced any action against a Credit Party or a Subsidiary thereof, any action to enjoin a Credit
Party or a Subsidiary thereof from conducting their businesses at any facility owned or used by them or for any material civil
penalty, injunction, seizure or criminal action;

 

(v)
receipt by a Credit Party or any Subsidiary thereof from the FDA a warning letter, Form FDA-483, “Untitled Letter,”
other correspondence or notice setting forth alleged violations of laws and regulations enforced by the FDA, or any comparable
correspondence from any state or local authority responsible for regulating drug or medical device products and establishments,
or any comparable correspondence from any foreign counterpart of the FDA, or any comparable correspondence from any foreign counterpart
of any state or local authority with regard to any material Product or the manufacture, processing, packing, or holding thereof;

 

(vi)
any significant failures in the manufacturing of any material Product have occurred such that the amount of such Product successfully
manufactured in accordance with all specifications thereof and the required payments to be made to any Credit Party therefor in
any month shall decrease significantly with respect to the quantities of such Product and payments produced in the prior month;
or

 

(vii)
any Credit Party or any Subsidiary thereof engaging in any Recalls, Market Withdrawals, or other forms of product retrieval from
the marketplace of any Products (other than discrete batches or lots that are not material in quantity or amount and are not made
in conjunction with a larger recall) (each of the events set forth in clauses (i)-(vii) a “Regulatory Reporting Event”);

 

(m)
promptly after the request by any Lender, all documentation and other information that such
Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and
anti-money laundering rules and regulations, including, without limitation, the USA PATRIOT Act; and

 

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(n)
promptly, but in any event within five (5) Business Days, after any Responsible Officer
of any Borrower obtains knowledge of the occurrence of any event or change (including, without limitation, any notice of any violation
of applicable Healthcare Laws) that has resulted or would reasonably be expected to result in, either in any case or in the aggregate,
a Material Adverse Effect, a certificate of a Responsible Officer specifying the nature and period of existence of any such event
or change, or specifying the notice given or action taken by such holder or Person and the nature of such event or change, and
what action the applicable Credit Party or Subsidiary has taken, is taking or proposes to take with respect thereto.

 

Section
4.2 Payment and Performance of Obligations. Each Credit Party (a) will pay and discharge, and cause each Subsidiary to
pay and discharge, on a timely basis as and when due, all of their respective obligations and liabilities, except for such obligations
and/or liabilities (i) that may be the subject of a Permitted Contest, and (ii) the nonpayment or nondischarge of which could
not reasonably be expected to have a Material Adverse Effect or result in a Lien against any Collateral, except for Permitted
Liens, (b) without limiting anything contained in the foregoing clause (a), pay all amounts due and owing in respect of (i) all
federal Taxes (including without limitation, payroll and withholdings tax liabilities) and
(ii) all material foreign and state Taxes and other local Taxes (including without limitation, payroll and withholdings tax liabilities),
in each case, on a timely basis as and when due, and in any case prior to the date on which any fine, penalty, interest,
late charge or loss may be added thereto for nonpayment thereof, (c) will maintain, and cause each Subsidiary to maintain, in
accordance with GAAP, appropriate reserves for the accrual of all of their respective obligations and liabilities, and (d) will
not breach or permit any Subsidiary to breach, or permit to exist any default under, the terms of any lease, commitment, contract,
instrument or obligation to which it is a party, or by which its properties or assets are bound, except for such breaches or defaults
which could not reasonably be expected to have a Material Adverse Effect.

 

Section
4.3 Maintenance of Existence. Except as permitted under Section 5.6, each Credit Party will preserve, renew and keep in
full force and effect and in good standing, and will cause each Subsidiary to preserve, renew and keep in full force and effect
and in good standing, (a) their respective existence and (b) their respective rights, privileges and franchises necessary or desirable
in the normal conduct of business.

 

Section
4.4 Maintenance of Property; Insurance.

 

(a)
Each Credit Party will keep, and will cause each Subsidiary to keep, all property useful and necessary in its business in good
working order and condition, ordinary wear and tear and obsolescence excepted. If all or any part of the Collateral useful or
necessary in its business, or upon which any Borrowing Base is calculated, becomes damaged or destroyed, each Credit Party will,
and will cause each Subsidiary to, promptly and completely repair and/or restore the affected Collateral in a good and workmanlike
manner, regardless of whether Agent agrees to disburse insurance proceeds or other sums to pay costs of the work of repair or
reconstruction.

 

(b)
Upon completion of any Permitted Contest, Credit Parties shall, and will cause each Subsidiary to, promptly pay the amount due,
if any, and deliver to Agent proof of the completion of the contest and payment of the amount due, if any.

 

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(c)
Each Credit Party will maintain (i) casualty insurance on all real and personal property on an all risks basis (including the
perils of flood, windstorm and quake), covering the repair and replacement cost of all such property and coverage, business interruption
and rent loss coverages with extended period of indemnity (for the period required by Agent from time to time) and indemnity for
extra expense, in each case without application of coinsurance and with agreed amount endorsements, (ii) general and professional
liability insurance (including products/completed operations liability coverage), and (iii) such other insurance coverage, in
each case against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business,
of such types and in such amounts as are customarily carried under similar circumstances by such other Persons; provided,
however, that, in no event shall such insurance be in amounts or with coverage less than, or with carriers with qualifications
inferior to, any of the insurance or carriers in existence as of the Closing Date (or required to be in existence after the Closing
Date under a Financing Document). All such insurance shall be provided by insurers having an A.M. Best policyholders rating reasonably
acceptable to Agent.

 

(d)
On or prior to the Closing Date, and at all times thereafter, each Credit Party will cause Agent to be named as an additional
insured, assignee and lender loss payee (which shall include, as applicable, identification as mortgagee), as applicable, on each
insurance policy required to be maintained pursuant to this Section 4.4 pursuant to endorsements in form and substance acceptable
to Agent. Credit Parties shall deliver to Agent and the Lenders (i) on the Closing Date, a certificate from Credit Parties’
insurance broker dated such date showing the amount of coverage as of such date, and that such policies will include effective
waivers (whether under the terms of any such policy or otherwise) by the insurer of all claims for insurance premiums against
all loss payees and additional insureds and all rights of subrogation against all loss payees and additional insureds, and that
if all or any part of such policy is canceled, terminated or expires, the insurer will forthwith give notice thereof to each additional
insured, assignee and loss payee and that no cancellation, reduction in amount or material change in coverage thereof shall be
effective until at least thirty (30) days after receipt by each additional insured, assignee and loss payee of written notice
thereof, (ii) on an annual basis, and upon the request of any Lender through Agent from time to time full information as to the
insurance carried, (iii) within five (5) days of receipt of notice from any insurer, a copy of any notice of cancellation, nonrenewal
or material change in coverage from that existing on the date of this Agreement, (iv) forthwith, notice of any cancellation or
nonrenewal of coverage by any Credit Party, and (v) at least sixty (60) days prior to expiration of any policy of insurance, evidence
of renewal of such insurance upon the terms and conditions herein required.

 

(e)
In the event any Credit Party fails to provide Agent with evidence of the insurance coverage required by this Agreement, Agent
may purchase insurance at Credit Parties’ expense to protect Agent’s interests in the Collateral. This insurance may,
but need not, protect such Credit Party’s interests. The coverage purchased by Agent may not pay any claim made by such
Credit Party or any claim that is made against such Credit Party in connection with the Collateral. Such Credit Party may later
cancel any insurance purchased by Agent, but only after providing Agent with evidence that such Credit Party has obtained insurance
as required by this Agreement. If Agent purchases insurance for the Collateral, Credit Parties will be responsible for the costs
of that insurance to the fullest extent provided by law, including interest and other charges imposed by Agent in connection with
the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the
insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance such Credit Party
is able to obtain on its own.

 

Section
4.5 Compliance with Laws and Material Contracts. Each Credit Party will comply, and cause each Subsidiary to comply, with
the requirements of all applicable Laws and Material Contracts, except to the extent that failure to so comply could not reasonably
be expected to (a) have a Material Adverse Effect, or (b) result in any Lien upon either (i) a material portion of the assets
of any such Person in favor of any Governmental Authority, or (ii) any Collateral which is part of the Borrowing Base (other than
Permitted Liens).

 

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Section
4.6 Inspection of Property, Books and Records. Each Credit Party will keep, and will cause each Subsidiary to keep, proper
books of record substantially in accordance with GAAP in which full, true and correct entries shall be made of all dealings and
transactions in relation to its business and activities; and will permit, and will cause each Subsidiary to permit, during normal
business hours, at the sole cost of the applicable Credit Party or any applicable Subsidiary, representatives of Agent to visit
and inspect any of their respective properties, to examine and make abstracts or copies from any of their respective books and
records, to conduct a collateral audit and analysis of their respective operations and the Collateral, to evaluate and make physical
verifications and appraisals of the Inventory and other Collateral in any manner and through any medium that Agent considers advisable,
to verify the amount and age of the Accounts, the identity and credit of the respective Account Debtors, to review the billing
practices of Credit Parties and to discuss their respective affairs, finances and accounts with their respective officers, employees
and independent public accountants as often as may reasonably be desired. In the absence of a Default or an Event of Default which
is continuing (i) such inspections and audits shall be conducted no more often than two (2) times every twelve (12) months, and
(ii) Agent exercising any rights pursuant to this Section 4.6 shall give the applicable Credit Party or any applicable
Subsidiary commercially reasonable prior notice of such exercise.

 

Section
4.7 Use of Proceeds. Borrowers shall use the proceeds of Revolving Loans solely for (a) transaction fees incurred in connection
with the Financing Documents and the refinancing on the Closing Date of Debt, and (b) for working capital needs and other corporate
purposes of Borrowers and their Subsidiaries. No portion of the proceeds of the Loans will be used for family, personal, agricultural
or household use.

 

Section
4.8 Reserved.

 

Section
4.9 Notices of Material Contracts, Litigation and Defaults.

 

(a)
(i) Credit Parties shall promptly (but in any event contemporaneously with when the next Compliance Certificate is required to
be delivered) provide written notice to Agent after any Credit Party or Subsidiary receives or delivers any notice of termination
or default or similar notice in connection with any Material Contract, and (ii) Credit Parties shall provide, together with the
next quarterly Compliance Certificate required to be delivered under this Agreement, written notice to Agent after any Credit
Party or Subsidiary (1) executes and delivers any material amendment, consent, waiver or other modification to any Material Contract
or (2) enters into new Material Contract and shall, upon request of Agent, promptly provide Agent a copy thereof.

 

(b)
Credit Parties shall promptly (but in any event within three (3) Business Days) provide written notice to Agent (i) upon any Credit
Party becoming aware of the existence of any Default or Event of Default, (ii) of any strikes or other labor disputes pending
or, to any Credit Party’s knowledge, threatened against any Credit Party, (iii) if there is any infringement or claim of
infringement by any other Person with respect to any Intellectual Property rights of any Credit Party that could reasonably be
expected to have a Material Adverse Effect, or if there is any claim by any other Person that any Credit Party in the conduct
of its business is infringing on the Intellectual Property rights of others, and (iv) of all returns, recoveries, disputes and
claims that would reasonably be expected to result in liability of more than $150,000 in the aggregate. Credit Parties represent
and warrant that Schedule 4.9 sets forth a complete list of all matters existing as of the Closing Date for which notice could
be required under this Section 4.9(b).

 

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(c)
Each Credit Party shall provide such further information (including copies of such documentation) as Agent or any Lender shall
reasonably request with respect to any of the events or notices described in clauses (a) and (b) above. From the date hereof and
continuing through the termination of this Agreement, each Credit Party shall make available to Agent and each Lender, without
expense to Agent or any Lender, each Credit Party’s officers, employees and agents and books, to the extent that Agent or
any Lender may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or against
Agent or any Lender with respect to any Collateral or relating to a Credit Party.

 

Section
4.10 Hazardous Materials; Remediation.

 

(a)
If any material release or disposal of Hazardous Materials shall occur or shall have occurred on any real property or any other
assets of any Borrower or any other Credit Party, such Credit Party will cause the prompt containment and removal of such Hazardous
Materials and the remediation of such real property or other assets as is necessary to comply with all applicable Environmental
Laws and Healthcare Laws and to preserve the value of such real property or other assets. Without limiting the generality of the
foregoing, each Credit Party shall comply in all material respects with each Environmental Law and Healthcare Law requiring the
performance at any real property by any Borrower or any other Credit Party of activities in response to the release or threatened
release of a Hazardous Material.

 

(b)
Credit Parties will provide Agent within thirty (30) days after written demand therefor with a bond, letter of credit or similar
financial assurance evidencing to the reasonable satisfaction of Agent that sufficient funds are available to pay the cost of
removing, treating and disposing of any Hazardous Materials or Hazardous Materials Contamination and discharging any assessment
which may be established on any property as a result thereof, such demand to be made, if at all, upon Agent’s reasonable
business determination that the failure to remove, treat or dispose of any Hazardous Materials or Hazardous Materials Contamination,
or the failure to discharge any such assessment could reasonably be expected to have a Material Adverse Effect.

 

Section
4.11 Further Assurances.

 

(a)
Each Credit Party will, and will cause each Subsidiary to, at its own cost and expense, promptly and duly take, execute, acknowledge
and deliver all such further acts, documents and assurances as may from time to time be necessary or as Agent or the Required
Lenders may from time to time reasonably request in order to carry out the intent and purposes of the Financing Documents and
the transactions contemplated thereby, including all such actions to (i) establish, create, preserve, protect and perfect a first
priority Lien (subject only to the Affiliated Intercreditor Agreement and to Permitted Liens) in favor of Agent for itself and
for the benefit of the Lenders on the Collateral (including Collateral acquired after the date hereof), and (ii) unless Agent
shall agree otherwise in writing, cause all Subsidiaries of Credit Parties to be jointly and severally obligated with the other
Credit Parties under all covenants and obligations under this Agreement, including the obligation to repay the Obligations.

 

(b)
Upon receipt of an affidavit of an authorized representative of Agent or a Lender as to the loss, theft, destruction or mutilation
of any Note or any other Financing Document which is not of public record, and, in the case of any such mutilation, upon surrender
and cancellation of such Note or other applicable Financing Document, Borrowers will issue, in lieu thereof, a replacement Note
or other applicable Financing Document, dated the date of such lost, stolen, destroyed or mutilated Note or other Financing Document
in the same principal amount thereof and otherwise of like tenor.

 

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(c)
Upon the request of Agent, Credit Parties shall (i) obtain a landlord’s agreement or mortgagee agreement, as
applicable, from the lessor of the premises located at 664 Cruiser Lane Belgrade, MT 59714 and (ii) use commercially
reasonable efforts, without the incurrence of out-of–pocket expense, to obtain a landlord’s agreement or
mortgagee agreement, as applicable, from the lessor of each other leased property or mortgagee of owned property with respect
to any business location where any portion of the Collateral included in or proposed to be included in the Borrowing Base, or
the records relating to such Collateral and/or software and equipment relating to such records or Collateral, is stored or
located, which agreement or letter shall in each case be reasonably satisfactory in form and substance to Agent. Credit
Parties shall timely and fully pay and perform its obligations under all leases and other agreements with respect to each
leased location where any Collateral, or any records related thereto, is or may be located.

 

(d)
Credit Parties shall provide Agent with at least thirty (30) days (or such shorter period as Agent may accept in its sole discretion)
prior written notice of its intention to create (or to the extent permitted under this Agreement, acquire) a new Subsidiary. Upon
the formation (or to the extent permitted under this Agreement, acquisition) of a new Subsidiary, Credit Parties shall (within
thirty (30) days): (i) pledge, have pledged or cause or have caused to be pledged to Agent pursuant to a pledge agreement in form
and substance satisfactory to Agent, all of the outstanding Equity Interests of such new Subsidiary owned directly or indirectly
by any Credit Party, along with undated stock or equivalent powers for such certificates, executed in blank; (ii) unless Agent
shall agree otherwise in writing, cause the new Subsidiary to take such other actions (including entering into or joining any
Security Documents) as are necessary or advisable in the reasonable opinion of Agent in order to grant Agent, acting on behalf
of the Lenders, a first priority Lien (subject to the Affiliated Intercreditor Agreement and Permitted Liens which have priority
by operation of Law) on all real and personal property of such Subsidiary in existence as of such date and in all after acquired
property, which first priority Liens are required to be granted pursuant to this Agreement; (iii) unless Agent shall agree otherwise
in writing, cause such new Subsidiary to either (at the election of Agent) become a Borrower hereunder with joint and several
liability for all obligations of Borrowers hereunder and under the other Financing Documents pursuant to a joinder agreement or
other similar agreement in form and substance satisfactory to Agent or to become a Guarantor of the obligations of Borrowers hereunder
and under the other Financing Documents pursuant to a guaranty and suretyship agreement in form and substance satisfactory to
Agent; and (iv) cause the new Subsidiary to deliver certified copies of such Subsidiary’s certificate or articles of incorporation,
together with good standing certificates, by-laws (or other operating agreement or governing documents), resolutions of the Board
of Directors or other governing body, approving and authorizing the execution and delivery of the Security Documents, incumbency
certificates and to execute and/or deliver such other documents and legal opinions or to take such other actions as may be requested
by Agent, in each case, in form and substance satisfactory to Agent (the requirements set forth in clauses (i)-(iv), collectively,
the “Joinder Requirements”).

 

Section
4.12 Reserved.

 

Section
4.13 Power of Attorney. Each of the authorized representatives of Agent is hereby irrevocably made, constituted and appointed
the true and lawful attorney for Credit Parties (without requiring any of them to act as such) with full power of substitution,
exercisable only upon the occurrence and during the continuance of an Event of Default, to do the following: (a) endorse
the name of Credit Parties upon any and all checks, drafts, money orders, and other instruments for the payment of money that
are payable to Credit Parties and constitute collections on Credit Parties’ Accounts; (b) so long as Agent has provided
not less than three (3) Business Days’ prior written notice to any Credit Party to perform the same and such Credit Party
has failed to take such action, execute in the name of Credit Parties any schedules, assignments, instruments, documents, and
statements that Credit Parties are obligated to give Agent under this Agreement; (c) take any action Credit Parties are required
to take under this Agreement; (d) so long as Agent has provided not less than three (3) Business Days’ prior written notice
to any Credit Party to perform the same and such Credit Party has failed to take such action, do such other and further acts and
deeds in the name of Credit Parties that Agent may deem necessary or desirable to enforce any Account or other Collateral or perfect
Agent’s security interest or Lien in any Collateral; and (e) do such other and further acts and deeds in the name of Credit
Parties that Agent may deem necessary or desirable to enforce its rights with regard to any Account or other Collateral. This
power of attorney shall be irrevocable and coupled with an interest.

 

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Section
4.14 Borrowing Base Collateral Administration.

 

(a)
All data and other information relating to Accounts and other intangible Collateral shall at all times be kept by Borrowers, at
their respective principal offices and shall not be moved from such locations without (i) providing prior written notice to Agent,
and (ii) obtaining the prior written consent of Agent, which consent shall not be unreasonably withheld;
provided that Borrowers shall be permitted to maintain their books and records in an electronic form so long as they provide
Agent with access to such electronic books and records promptly upon Agent’s reasonable request.

 

(b)
Borrowers shall provide prompt written notice to each Person who either is currently an Account Debtor or becomes an Account Debtor
at any time following the date of this Agreement that directs each Account Debtor to make payments into the Lockbox, and hereby
authorizes Agent, upon Borrowers’ failure to send such notices within ten (10) days after the date of this Agreement (or
ten (10) days after the Person becomes an Account Debtor), to send any and all similar notices to such Person. Agent reserves
the right to notify Account Debtors that Agent has been granted a Lien upon all Accounts.

 

(c)
Borrowers will conduct a physical count of the Inventory at least twice per year and at such other times as Agent requests, and
Borrowers shall provide to Agent a written accounting of such physical count in form and substance satisfactory to Agent. Each
Borrower will use commercially reasonable efforts to at all times keep its Inventory in good and marketable condition. In addition
to the foregoing, from time to time, Agent may require Borrowers to obtain and deliver to Agent appraisal reports in form and
substance and from appraisers reasonably satisfactory to Agent stating the then current fair market values of all or any portion
of Inventory owned by each Borrower or any Subsidiaries; provided that if no Event
of Default has occurred and is continuing, such appraisal of Inventory shall be conducted not more often than once a year.

 

(d)
In addition to the foregoing, from time to time, Agent may require Borrowers to obtain and deliver to Agent appraisal reports
in form and substance and from appraisers reasonably satisfactory to Agent stating the then current fair market values of all
or any portion of the Collateral; provided that if no Event of Default has occurred
and is continuing, such appraisals shall be conducted not more often than once a year.

 

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Section
4.15 Schedule Updates. Borrower shall, in the event of any information in the Schedule
3.19, Schedule 5.14, Schedule 9.2(b) or Schedule 9.2(d) becoming outdated, inaccurate, incomplete or misleading, deliver
to Agent, together with the next quarterly Compliance Certificate required to be delivered under this Agreement after such event
a proposed update to such Schedule correcting all outdated, inaccurate, incomplete or misleading information.

 

Section
4.16 Intellectual Property and Licensing.

 

(a)
Together with each Compliance Certificate required to be delivered pursuant to Section 4.1(i) with respect to the last month of
a fiscal quarter to the extent (i) any Credit Party acquires and/or develops any new Registered Intellectual Property, (ii) any
Credit Party enters into or becomes bound by any additional in-bound license or sublicense agreement, any additional exclusive
out-bound license or sublicense agreement or other agreement with respect to rights in Intellectual Property (other than over-the-counter
software that is commercially available to the public and open source licenses entered into in the Ordinary Course of Business),
or (iii) there occurs any other material change in any Credit Party’s Registered Intellectual Property, material in-bound
licenses or sublicenses or exclusive out-bound licenses or sublicenses from that listed on Schedule 3.19 together with
such Compliance Certificate, deliver to Agent an updated Schedule 3.19 reflecting such updated information. With respect
to any updates to Schedule 3.19 involving exclusive out-bound licenses or sublicenses, such licenses shall be consistent
with the definitions of and limitations herein pertaining to Permitted Licenses.

 

(b)
If Credit Parties obtain any Registered Intellectual Property, Credit Parties shall promptly (but in any event contemporaneously
with when the next Compliance Certificate is required to be delivered) notify Agent and promptly execute such documents and provide
such other information (including, without limitation, copies of applications) and take such other actions as Agent shall request
in its good faith business judgment to perfect and maintain a first priority perfected security interest (subject to the Affiliated
Intercreditor Agreement and Permitted Liens) in favor of Agent, for the ratable benefit of Lenders, in such Registered Intellectual
Property.

 

(c)
Credit Parties shall take such commercially reasonable steps not requiring out-of pocket expense, as Agent requests to obtain
the consent of, or waiver by, any person whose consent or waiver is necessary for (x) all material licenses or material agreements
to be deemed “Collateral” and for Agent to have a security interest in it that might otherwise be restricted or prohibited
by Law or by the terms of any such material license or agreement, whether now existing or entered into in the future, and (y)
Agent to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance with Agent’s
rights and remedies under this Agreement and the other Financing Documents.

 

(d)
Credit Parties shall own, or be licensed to use or otherwise have the right to use, all Material Intangible Assets, subject to
Permitted Liens. Credit Parties shall cause all Registered Intellectual Property to be duly and properly registered, filed or
issued in the appropriate office and jurisdictions for such registrations, filings or issuances, except where the failure to do
so would not reasonably be expected to result in a Material Adverse Effect. Credit Parties shall at all times conduct its business
without material infringement or material claim of infringement of any valid Intellectual Property rights of others. Credit Parties
shall (i) protect, defend and maintain the validity and enforceability of its Material Intangible Assets (ii) promptly advise
Agent in writing of material infringements of its Material Intangible Assets, or of a material claim of infringement by Credit
Parties on the Intellectual Property rights of others; and (iii) not allow any of Credit Parties’ Material Intangible Assets
to be abandoned, invalidated, forfeited or dedicated to the public or to become unenforceable. Credit Parties shall not become
a party to, nor become bound by, any material license or other agreement with respect to which any Credit Party is the licensee
(other than in-bound licenses of over-the-counter software and other software that is commercially available to the public and
open source licenses) that prohibits or otherwise restricts Credit Party from granting a security interest in Credit Party’s
interest in such license or agreement or other property.

 

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Section
4.17 Regulatory Covenants.

 

(a)
Credit Parties shall have, and shall ensure that it and each of its Subsidiaries has, each material Permit and other material
rights from, and have made all material declarations and filings with, all applicable Governmental Authorities, all self-regulatory
authorities and all courts and other tribunals necessary to engage in all material respects in the ownership, management and operation
of the business or the assets of any Credit Party and Credit Parties shall take such reasonable actions to ensure that no Governmental
Authority has taken action to limit, suspend or revoke any such Permit. Credit Parties shall ensure that all such Permits are
valid and in full force and effect and Credit Parties are in material compliance with the terms and conditions of all such Permits.

 

(b)
Credit Parties will maintain in full force and effect, and free from restrictions, probations, conditions or known conflicts which
would materially impair the use or operation of Credit Parties ; business and assets, all Permits necessary under Healthcare Laws
to carry on the business of Credit Parties as it is conducted on the Closing Date, except where failure to do so would not reasonably
be expected to have a Material Adverse Effect.

 

(c)
In connection with the development, testing, manufacture, marketing or sale of each and any material Product by any Credit Party,
each Credit Party shall have obtained and comply in all material respects with all material Regulatory Required Permits at all
times issued or required to be issued by any Governmental Authority, specifically including the FDA, with respect to such development,
testing, manufacture, marketing or sales of such Product by such Credit Party as such activities are at any such time being conducted
by such Credit Party.

 

(d)
Except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect, Credit Parties will
timely file or caused to be timely filed (after giving effect to any extension duly obtained), all material notifications, reports,
submissions, Permit renewals and reports required by Healthcare Laws (which reports will be materially accurate and complete in
all material respects and not misleading in any material respect and shall not remain open or unsettled).

 

Article
5 - NEGATIVE COVENANTS

 

Each
Credit Party agrees that:

 

Section
5.1 Debt; Contingent Obligations.

 

(a)
No Credit Party will, or will permit any Subsidiary to, directly or indirectly, create, incur, assume, guarantee or otherwise
become or remain directly or indirectly liable with respect to, any Debt, except for Permitted Debt.

 

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(b)
No Credit Party will, or will permit any Subsidiary to, directly or indirectly, create, assume, incur or suffer to exist any Contingent
Obligations, except for Permitted Contingent Obligations.

 

(c)
No Credit Party will, or will permit any Subsidiary to, directly or indirectly, purchase,
redeem, defease or prepay any principal of, premium, if any, interest or other amount payable in respect of any Debt prior to
its scheduled maturity (except (i) with respect to the Obligations permitted under this Agreement and the Affiliated Obligations
permitted under the Affiliated Credit Agreement, (ii) for Finance Lease obligations in an aggregate principal amount not to exceed
$250,000 during the term of this Agreement and (iii) for Subordinated Debt solely to the extent permitted by Section 5.5).

 

Section
5.2 Liens. No Credit Party will, or will permit any Subsidiary to, directly or indirectly, create, assume or suffer to
exist any Lien on any asset now owned or hereafter acquired by it, except for Permitted Liens.

 

Section
5.3 Distributions. No Credit Party will, or will permit any Subsidiary to, directly or indirectly, declare, order, pay,
make or set apart any sum for any Distribution, except for Permitted Distributions.

 

Section
5.4 Restrictive Agreements. No Credit Party will, or will permit any Subsidiary to, directly or indirectly (a) enter into
or assume any agreement (other than the Financing Documents, the Affiliated Financing Documents, and any agreements for purchase
money debt permitted under clause (c) of the definition of Permitted Debt) prohibiting the creation or assumption of any Lien
upon its properties or assets, whether now owned or hereafter acquired, or (b) create or otherwise cause or suffer to exist or
become effective any consensual encumbrance or restriction of any kind (except as provided by the Financing Documents and the
Affiliated Financing Documents) on the ability of any Subsidiary to: (i) pay or make Distributions to any Credit Party or any
Subsidiary; (ii) pay any Debt owed to any Credit Party or any Subsidiary; (iii) make loans or advances to any Credit Party or
any Subsidiary; or (iv) transfer any of its property or assets to any Credit Party or any Subsidiary.

 

Section
5.5 Payments and Modifications of Subordinated Debt. No Credit Party will, or will permit any Subsidiary to, directly or
indirectly (a) declare, pay, make or set aside any amount for payment in respect of Subordinated Debt, except for payments made
in full compliance with and expressly permitted under the Subordination Agreement, (b) amend or otherwise modify the terms of
any Subordinated Debt, except for amendments or modifications made in full compliance with the Subordination Agreement, (c) declare,
pay, make or set aside any amount for payment in respect of any Debt hereinafter incurred that, by its terms, or by separate agreement,
is subordinated to the Obligations, except for payments made in full compliance with and expressly permitted under the subordination
provisions applicable thereto, or (d) amend or otherwise modify the terms of any such Debt if the effect of such amendment or
modification is to (i) increase the interest rate or fees on, or change the manner or timing of payment of, such Debt, (ii) accelerate
or shorten the dates upon which payments of principal or interest are due on, or the principal amount of, such Debt, (iii) change
in a manner adverse to any Credit Party or Agent any event of default or add or make more restrictive any covenant with respect
to such Debt, (iv) change the prepayment or redemption provisions of such Debt or any of the defined terms related thereto, (v)
change the subordination provisions thereof (or the subordination terms of any guaranty thereof), or (vi) change or amend any
other term if such change or amendment would materially increase the obligations of the obligor or confer additional material
rights on the holder of such Debt in a manner adverse to Credit Parties, any Subsidiaries, Agent or Lenders.

 

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Section
5.6 Consolidations, Mergers and Sales of Assets; Change in Control. No Credit Party will, or will permit any Subsidiary
to, directly or indirectly:

 

(a)
consolidate or merge or amalgamate with or into any other Person other than, subject to
compliance with Section 5.18, (i) consolidations or mergers among Borrowers so long (x)
in any consolidation or merger involving Xtant, Xtant is the surviving entity and (y) in any consolidation or merger involving
any other Borrower, a Borrower is the surviving entity, (ii) consolidations or mergers among a Guarantor and a Borrower
so long as the Borrower is the surviving entity, (iii) consolidations or mergers among Guarantors; provided that in any
consolidation or merger involving Holdings, Holdings is the surviving entity, (iv) consolidations or mergers among Subsidiaries
that are not Credit Parties; and (v) consolidations or mergers in connection with a Permitted Acquisition (and subject to compliance
with the requirements described in the definition thereof); or

 

(b)
make or consummate any Asset Dispositions other than Permitted Asset Dispositions.

 

Section
5.7 Purchase of Assets, Investments. No Credit Party will, or will permit any Subsidiary to, directly or indirectly:

 

(a)
acquire, make, own, hold, or otherwise consummate any Investment (including for the avoidance
of doubt, any Acquisition) other than Permitted Investments, or enter into any agreement to acquire, make, own or hold
any Investment other than Permitted Investments;

 

(b)
without limiting clause (a) above, acquire any other assets other than Permitted Investments or otherwise (i) in the Ordinary
Course of Business, (ii) constituting capital expenditures, (iii) constituting replacement assets purchased with proceeds of property
insurance policies, awards or other compensation with respect to any eminent domain, condemnation or similar proceeding and for
which the requirements set forth in this Agreement have been satisfied and (iv) any acquisition by a Credit Party of assets of
any other Credit Party to the extent not otherwise prohibited by Article 5 of this Agreement; or

 

(c)
engage or enter into any agreement to engage in any joint venture or partnership with any other Person.

 

Without
limiting the foregoing, no Credit Party shall, nor will any Credit Party permit any Subsidiary to, purchase or carry Margin Stock.

 

Section
5.8 Transactions with Affiliates. No Credit Party will, or will permit any Subsidiary to, directly or indirectly, enter
into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any
service) with any Affiliate of any Credit Party or any Subsidiary thereof, except for (a) transactions disclosed on Schedule
5.8 on the Closing Date, (b) transactions that are in the Ordinary Course of Business upon fair and reasonable terms, and,
in each case, which contain terms that are no less favorable to the applicable Credit Party or any Subsidiary, as the case may
be, than those which might be obtained from a third party not an Affiliate of any Credit Party, (c) transactions among Credit
Parties that are not otherwise prohibited by this Agreement, and (d) reasonable and customary director, officer and employee compensation
(including bonuses) and other benefits (including retirement, health, stock option and other benefit plans and indemnification
arrangements approved by the relevant board of directors, board managers or equivalent corporate body in the Ordinary Course of
Business and Permitted Investments described in clause (d) of the definition thereof).

 

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Section
5.9 Modification of Organizational Documents. No Credit Party will, or will permit any Subsidiary to, directly or indirectly,
amend or otherwise modify any Organizational Documents of such Person, except for Permitted Modifications.

 

Section
5.10 Modification of Certain Agreements. No Credit Party will, or will permit any Subsidiary to, directly or indirectly,
(a) amend or otherwise modify any Material Contract, which amendment or modification in any case: (i) is contrary to the terms
of this Agreement or any other Financing Document; or (ii) could reasonably be expected to be adverse to the rights, interests
or privileges of Agent or the Lenders or their ability to enforce the same, or (b) without the prior written consent of Agent,
amend or otherwise modify any Affiliated Financing Document.

 

Section
5.11 Conduct of Business. No Credit Party will, or will permit any Subsidiary to, directly or indirectly, engage in any
line of business other than those businesses engaged in on the Closing Date and described on Schedule 5.11 and businesses
reasonably related thereto. No Credit Party will, or will permit any Subsidiary to, other than in the Ordinary Course of Business,
change its normal billing payment and reimbursement policies and procedures with respect to its Accounts (including, without limitation,
the amount and timing of finance charges, fees and write-offs).

 

Section
5.12 [Reserved].

 

Section
5.13 Limitation on Sale and Leaseback Transactions. No Credit Party will, or will permit any Subsidiary to, directly or
indirectly, enter into any arrangement with any Person whereby, in a substantially contemporaneous transaction, any Credit Party
or any Subsidiaries sells or transfers all or substantially all of its right, title and interest in an asset and, in connection
therewith, acquires or leases back the right to use such asset.

 

Section
5.14 Deposit Accounts and Securities Accounts; Payroll and Benefits Accounts.

 

(a)
No Credit Party will, directly or indirectly, establish any new Deposit Account or Securities Account without prior written notice
to Agent, and unless Agent shall otherwise consent, such Credit Party and the bank, financial institution or securities intermediary
at which such Deposit Account or Securities Account (other than an Excluded Account) is to be opened, enter into a Deposit Account
Control Agreement or Securities Account Control Agreement prior to or concurrently with the establishment of such Deposit Account
or Securities Account.

 

(b)
Credit Parties represent and warrant that Schedule 5.14 lists all of the Deposit Accounts and Securities Accounts of each
Credit Party as of the Closing Date and as of the date on which each Compliance Certificate is delivered. The provisions of this
Section requiring Deposit Account Control Agreements shall not apply to (a) Deposit Accounts exclusively used for payroll, payroll
taxes and other employee wage and benefit payments to or for the benefit of Credit Parties’ employees and identified to
Agent by Credit Parties as such, (b) for accounts holding petty cash amounts less than $1,000 per Borrower at all times (with
evidence of the amount on deposit in such petty cash account to be provided to Agent upon request), (c) Deposit Accounts or Securities
Accounts holding cash or Cash Equivalents described in clause (d) of the definition Permitted Contingent Obligations (and subject
to the cap set forth therein) and (d) any other Deposit Accounts or Securities Accounts to the extent requirements of applicable
Law prohibit the granting of a Lien thereon (such accounts, “Excluded Accounts”).

 

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(c)
Subject to Section 7.4, at all times that any Obligations or Affiliated Obligations remain outstanding, Borrower shall maintain
one or more separate Deposit Accounts to hold any and all amounts to be used for payroll, payroll taxes and other employee wage
and benefit payments, and shall not commingle any monies allocated for such purposes with funds in any other Deposit Account;
provided, however, that the aggregate balance in such accounts does not exceed the amount necessary to make the immediately
succeeding payroll, payroll tax or benefit payment (or such minimum amount as may be required by any requirement of Law with respect
to such accounts).

 

Section
5.15 Compliance with Anti-Terrorism Laws. Agent hereby notifies Credit Parties that pursuant to the requirements of Anti-Terrorism
Laws, and Agent’s policies and practices, Agent is required to obtain, verify and record certain information and documentation
that identifies Credit Parties and their principals, which information includes the name and address of each Credit Party and
its principals and such other information that will allow Agent to identify such party in accordance with Anti-Terrorism Laws.
No Credit Party will, or will permit any Subsidiary to, directly or indirectly, knowingly enter into any Material Contracts with
any Blocked Person or any Person listed on the OFAC Lists. Each Credit Party shall immediately notify Agent if such Credit Party
has knowledge that any Borrower, any additional Credit Party or any of their respective Affiliates or agents acting or benefiting
in any capacity in connection with the transactions contemplated by this Agreement is or becomes a Blocked Person or (a) is convicted
on, (b) pleads nolo contendere to, (c) is indicted on, or (d) is arraigned and held over on charges involving money laundering
or predicate crimes to money laundering. No Credit Party will, or will permit any Subsidiary to, directly or indirectly, (i) conduct
any business or engage in any transaction or dealing with any Blocked Person, including, without limitation, the making or receiving
of any contribution of funds, goods or services to or for the benefit of any Blocked Person, (ii) deal in, or otherwise engage
in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224, any similar
executive order or other Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction that evades or avoids,
or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in Executive Order No. 13224
or other Anti-Terrorism Law.

 

Section
5.16 Change in Accounting. No Credit Party shall, and no Credit Party shall suffer or permit any of its Subsidiaries to,
(i) make any significant change in accounting treatment or reporting practices, except as required by GAAP or (ii) change the
fiscal year or method for determining fiscal quarters of any Credit Party or of any Consolidated Subsidiary of any Credit Party.

 

Section
5.17 Investment Company Act. No Credit Party shall,
nor shall it permit any Subsidiary to, directly or indirectly, engage in any business, enter into any transaction, use any securities
or take any other action or permit any of its Subsidiaries to do any of the foregoing, that would cause it or any of its Subsidiaries
to become subject to the registration requirements of the Investment Company Act, by virtue of being an “investment company”
or a company “controlled” by an “investment company” not entitled to an exemption within the meaning of
the Investment Company Act.

 

Section
5.18 Passive Holding Company Status of Holdings. Holdings shall not engage in any
operating or business activities, provided that the following and activities incidental thereto shall be permitted in any
event: (i) its ownership of the Equity Interests of the Borrowers and activities incidental thereto, (ii) the maintenance of its
legal existence (including the ability to incur fees, costs and expenses relating to such maintenance), (iii) the performance
of its obligations with respect to the Financing Documents, (iv) payment of dividends, making contributions to the capital of
the Borrowers and guaranteeing the obligations of the Borrowers to the extent such guarantee would otherwise be permitted under
Sections 5.1 and 5.7, (v) participating in tax, accounting and other administrative matters as a member of the consolidated group
that includes Holdings and the Borrowers, (vi) holding any cash incidental to any activities permitted under this Section 5.18,
and (vii) providing indemnification to officers, managers and directors. Notwithstanding the foregoing, Holdings shall not (a)
incur any Liens other than those for the benefit of the Obligations or the Obligations under any Permitted Debt or, non-consensual
Liens permitted by Section 5.2, (b) own any Equity Interests, other than those of the Borrowers or any other Investments and (c)
incur any Debt except pursuant to the Financing Documents or any guarantee by Holdings of Debt of the Borrowers that would otherwise
be permitted under Section 5.1.

 

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Section
5.19 Agreements Regarding Receivables. No Credit Party may backdate, postdate or redate any of its invoices. No Credit
Party may make any sales on extended dating or credit terms beyond that consistent with past practice or customary in such Credit
Party’s industry and consented to in advance by Agent. In addition to the Borrowing Base Certificate to be delivered in
accordance with this Agreement, Borrower Representative shall notify Agent promptly upon any Borrower’s learning thereof,
in the event any Eligible Pending Account or Eligible Account becomes ineligible for any reason, other than the aging of such
Account, and of the reasons for such ineligibility. Borrower Representative shall also notify Agent promptly of all material disputes
and claims with respect to Accounts of any Borrower owed by any Account Debtor whose outstanding Accounts total more than $50,000
if such Account is included in the Borrowing Base, and such Borrower will settle or adjust such material disputes and claims at
no expense to Agent; provided, however, no Borrower may, without Agent’s consent, grant (a) any discount, credit or allowance
in respect of its Accounts (i) which is outside the ordinary course of business or (ii) which discount, credit or allowance exceeds
an amount equal to $100,000 in the aggregate with respect to any individual Account of (b) any materially adverse extension, compromise
or settlement to any customer or Account Debtor with respect to any then Eligible Pending Account or Eligible Account. Nothing
permitted by this Section 5.19, however, may be construed to alter in any the criteria for Eligible Pending Accounts, Eligible
Accounts or Eligible Inventory provided in Section 1.1.

 

Article
6 - FINANCIAL COVENANTS

 

Section
6.1 Minimum Net Revenue. Credit Parties shall not permit its consolidated Net Revenue for any Defined Period, as tested
quarterly on the last day of the applicable Defined Period, to be less than the Applicable Minimum Net Revenue Threshold for such
Defined Period.

 

Section
6.2 Minimum Liquidity. Commencing on the Closing Date and at all times thereafter, Credit Parties shall not permit Liquidity,
to be less than $5,000,000 (the covenant set forth in this Section 6.2, the “Minimum Liquidity Covenant”).

 

Section
6.3 Minimum EBITDA. Credit Parties will not permit the consolidated EBITDA of the Credit Parties for any Defined Period,
as tested quarterly on the last day of the applicable Defined Period, to be less than $500,000.

 

Section
6.4 Evidence of Compliance. Borrowers shall furnish to Agent, as required by Section 4.1, a Compliance Certificate as evidence
of (a) monthly cash and Cash Equivalents of (x) Borrowers and (y) Credit Parties taken as a whole, (b) as applicable, Borrowers’
compliance with the covenants in this Article, and (c) that no Event of Default specified in this Article has occurred. The Compliance
Certificate shall include, without limitation, (i) a statement and report, in form and substance reasonably satisfactory to Agent,
detailing Borrowers’ calculations, and (ii) if requested by Agent, back-up documentation (including, without limitation,
bank statements, invoices, receipts and other evidence of costs incurred during such quarter as Agent shall reasonably require)
evidencing the propriety of the calculations. A breach of a financial covenant contained in this Article 6 shall be deemed to
have occurred as of any date of determination by Agent based upon reasonable evidence, or as of the last day of any specified
Defined Period, regardless of when the financial statements reflecting such breach are delivered to Agent.

 

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Section
6.5 Equity Cure. At any time after delivery of the quarterly financial statements and Compliance Certificate to
Agent in accordance with Section 4.1, in the event Credit Parties fail to comply with the financial covenant set forth in Section
6.3 as of the last day of any calendar quarter any cash equity contribution to Holdings funded with proceeds of Permitted Cure
Securities (any such equity contribution so included in the calculation of EBITDA as provided below in this Section 6.5, a “Specified
Equity Contribution”) after the last day of such calendar quarter and on or prior to the day that is ten (10) days after
the day on which financial statements are required to be delivered with respect to that calendar quarter will, at the irrevocable
election of Borrower Representative, be included in the calculation of EBITDA solely for the purposes of determining compliance
with the covenant set forth in Section 6.3 at the end of such calendar quarter and any subsequent period that includes such calendar
quarter (the “Cure Right”); provided that (a) notice of Holdings’ intent to accept a Specified
Equity Contribution shall be delivered by Borrower Representative no later than the day on which financial statements are required
to be delivered with respect to the applicable calendar quarter, (b) in each consecutive four (4) calendar quarter period there
will be at least two (2) calendar quarters in which no Cure Right is exercised, (c) the amount of any Specified Equity Contribution
will be no greater than the amount required to cause the Credit Parties to be in compliance with such financial covenants, (d)
all Specified Equity Contributions will be disregarded for purposes of the calculation of EBITDA for all other purposes, including
calculating basket levels, pricing, determining compliance with incurrence based or pro forma calculations or conditions and any
other items governed by reference to EBITDA and shall be deemed to not result in an increase in cash, (e) the Cure Right shall
be exercised no more than five (5) times in the aggregate after the Closing Date, (f) the Cure Right shall not be exercised in
any two (2) consecutive calendar quarters and (g) the proceeds received by Holdings from all Specified Equity Contributions shall
be promptly used by Credit Parties to prepay Term Loans in accordance with Section 2.1(a)(ii)(B)(v) of the Affiliated Credit Agreement.
Upon Agent’s receipt of notice from Borrower Representative of its election to exercise the Cure Right pursuant to this
Section 6.5 no later than the day on which financial statements are required to be delivered for the applicable calendar quarter,
then, until the day that is ten (10) days after such date, neither Agent nor any Lender shall exercise the right to accelerate
the Loans or terminate the Revolving Loan Commitments and neither Agent nor any Lender shall exercise any right to foreclose on
or take possession of the Collateral solely on the basis of an Event of Default having occurred and being continuing under Sections
6.3 in respect of the period ending on the last day of such calendar quarter.

 

Article
7 - CONDITIONS

 

Section
7.1 Conditions to Closing. The obligation of each Lender to make the initial Loans on the Closing Date shall be subject
to the receipt by Agent of each agreement, document and instrument set forth on the closing checklist attached hereto as Exhibit
F, each in form and substance satisfactory to Agent, and such other closing deliverables reasonably requested by Agent and Lenders,
and to the satisfaction of the following conditions precedent, each to the satisfaction of Agent and Lenders in their reasonable
discretion:

 

(a)
the receipt by Agent of executed counterparts of this Agreement, the other Financing Documents and the Affiliated Financing Documents

 

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(b)
the payment of all fees, expenses and other amounts due and payable under each Financing Document;

 

(c)
since December 31, 2020, the absence of any material adverse change in any aspect of the business, operations, properties, prospects
or condition (financial or otherwise) of any Credit Party, or any event or condition which would reasonably be expected to result
in such a material adverse change; and

 

(d)
the receipt of the initial Borrowing Base Certificate, prepared as of the Closing Date.

 

Each
Lender, by delivering its signature page to this Agreement, shall be deemed to have acknowledged receipt of, and consented to
and approved, each Financing Document and each other document, agreement and/or instrument required to be approved by Agent, Required
Lenders or Lenders, as applicable, on the Closing Date.

 

Section
7.2 Conditions to Each Loan. The obligation of the Lenders to make a Loan or an advance in respect of any Loan (including
the initial Loans on the Closing Date), is subject to the satisfaction of the following additional conditions:

 

(a)
(i) in the case of the initial borrowing of Revolving Loans, receipt by Agent of a Notice of Borrowing (or telephonic notice if
permitted by this Agreement) and the initial Borrowing Base Certificate and (ii) in the case of each subsequent borrowing of a
Revolving Loan, receipt by Agent of a Notice of Borrowing (or telephonic notice if permitted by this Agreement) and updated Borrowing
Base Certificate;

 

(b)
the fact that, immediately after such borrowing and after application of the proceeds thereof or after such issuance, the Revolving
Loan Outstandings will not exceed the Revolving Loan Limit;

 

(c)
the fact that, immediately before and after such advance or issuance, no Default or Event of Default shall have occurred and be
continuing;

 

(d)
the fact that the representations and warranties of each Credit Party contained in the Financing Documents shall be true, correct
and complete on and as of the Closing Date, except to the extent that any such representation or warranty relates to a specific
date in which case such representation or warranty shall be true and correct as of such earlier date; and

 

(e)
the fact that no material adverse change in the condition (financial or otherwise), properties, business, prospects, or operations
of Borrowers or any other Credit Party shall have occurred and be continuing with respect to Borrowers or any Credit Party since
the date of this Agreement.

 

Each
giving of a Notice of Borrowing hereunder and each acceptance by any Borrower of the proceeds of any Loan made hereunder shall
be deemed to be (y) a representation and warranty by each Credit Party on the date of such notice or acceptance as to the facts
specified in this Section, and (z) a restatement by each Credit Party that each and every one of the representations made by it
in any of the Financing Documents is true and correct as of such date (except to the extent that such representations and warranties
expressly relate solely to an earlier date).

 

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Section
7.3 Searches. Before the Closing Date, and thereafter (as and when determined by Agent in its discretion), Agent shall
have the right to perform, all at Borrowers’ expense, the searches described in clauses (a), (b), and (c) below against
Borrowers and any other Credit Party, the results of which are to be consistent with Credit Parties’ representations and
warranties under this Agreement and the satisfactory results of which shall be a condition precedent to all advances of Loan proceeds:
(a) UCC searches with the Secretary of State of the jurisdiction in which the applicable Person is organized; (b) judgment, pending
Litigation, federal tax lien, personal property tax lien, and corporate and partnership tax lien searches, in each jurisdiction
searched under clause (a) above; and (c) searches of applicable corporate, limited liability company, partnership and related
records to confirm the continued existence, organization and good standing of the applicable Person and the exact legal name under
which such Person is organized.

 

Section
7.4 Post-Closing Requirements. Credit Parties shall complete each of the post-closing obligations and/or provide to Agent
each of the documents, instruments, agreements and information listed on Schedule 7.4 attached hereto on or before the
date set forth for each such item thereon, each of which shall be completed or provided in form and substance reasonably satisfactory
to Agent.

 

Article
8 – RESERVED

 

Article
9 - SECURITY AGREEMENT

 

Section
9.1 Generally. As security for the payment and performance of the Obligations, and for the payment and performance of all
obligations under the Affiliated Financing Documents (if any) and without limiting any other grant of a Lien and security interest
in any Security Document, each Credit Party hereby assigns, grants and pledges to Agent, for the benefit of itself and Lenders,
and, subject only to the Affiliated Intercreditor Agreement and Permitted Liens, a continuing first priority Lien on and security
interest in, upon, and to the property and assets set forth on Schedule 9.1 attached hereto and made a part hereof.

 

Section
9.2 Representations and Warranties and Covenants Relating to Collateral.

 

(a)
The security interest granted pursuant to this Agreement constitutes a valid and, to the extent such security interest is required
to be perfected by this Agreement and any other Financing Document, continuing perfected security interest in favor of Agent in
all Collateral subject, for the following Collateral, to the occurrence of the following: (i) in the case of all Collateral in
which a security interest may be perfected by filing a financing statement under the UCC, the completion of the filings and other
actions specified on Schedule 9.2(b) (which, in the case of all filings and other documents referred to on such schedule,
have been delivered to Agent in completed and duly authorized form), (ii) with respect to any Deposit Account, the execution of
Deposit Account Control Agreements, (iii) in the case of letter-of-credit rights that are not supporting obligations of Collateral,
the execution of a contractual obligation granting control to Agent over such letter-of-credit rights, (iv) in the case of electronic
chattel paper, the completion of all steps necessary to grant control to Agent over such electronic chattel paper, (v) in the
case of all certificated stock, debt instruments and investment property, the delivery thereof to Agent of such certificated stock,
debt instruments and investment property consisting of instruments and certificates, in each case properly endorsed for transfer
to Agent or in blank, (vi) in the case of all investment property not in certificated form, the execution of control agreements
with respect to such investment property and (vii) in the case of all other instruments and tangible chattel paper that are not
certificated stock, debt instructions or investment property, the delivery thereof to Agent of such instruments and tangible chattel
paper. Such security interest shall be prior to all other Liens on the Collateral except for Permitted Liens. Except to the extent
not required pursuant to the terms of this Agreement, all actions by each Credit Party necessary or desirable to protect and perfect
the Lien granted hereunder on the Collateral have been duly taken.

 

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(b)
Schedule 9.2(b) sets forth (i) each chief executive office and principal place of business of each Credit Party and each
of their respective Subsidiaries, and (ii) all of the addresses (including all warehouses) at which any of the Collateral is located
and/or books and records of Credit Parties regarding any Collateral or any of Credit Party’s assets, liabilities, business
operations or financial condition are kept, which such Schedule 9.2(b) indicates in each case which Credit Parties have
Collateral and/or books located at such address, and, in the case of any such address not owned by one or more of the Credit Parties,
indicates the nature of such location (e.g., leased business location operated by Credit Parties, third party warehouse, consignment
location, processor location, etc.) and the name and address of the third party owning and/or operating such location.

 

(c)
Without limiting the generality of Section 3.2, except as indicated on Schedule 3.19 with respect to any rights of any
Credit Party as a licensee under any license of Intellectual Property owned by another Person, and except for the filing of financing
statements under the UCC, no authorization, approval or other action by, and no notice to or filing with, any Governmental Authority
or consent of any other Person is required for (i) the grant by each Credit Party to Agent of the security interests and Liens
in the Collateral provided for under this Agreement and the other Security Documents (if any), or (ii) the granting of the security
interest or the exercise by Agent of its rights and remedies with respect to the Collateral provided for under this Agreement
and the other Security Documents or under any applicable Law, including the UCC and neither any such grant of Liens in favor of
Agent or exercise of rights by Agent shall violate or cause a default under any agreement between any Credit Party and any other
Person relating to any such collateral, including any license to which a Credit Party is a party, whether as licensor or licensee,
with respect to any Intellectual Property, whether owned by such Credit Party or any other Person.

 

(d)
As of the Closing Date, except as set forth on Schedule 9.2(d), no Credit Party has any ownership interest in any Chattel
Paper (as defined in Article 9 of the UCC), letter of credit rights, commercial tort claims, Instruments, documents or investment
property evidencing an obligation in excess of One Hundred Thousand Dollars ($100,000) individually
or in excess of Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate for all such obligations (other than Equity
Interests in any Subsidiaries of such Credit Party disclosed on Schedule 3.4), and Credit Parties shall give notice to
Agent promptly (but in any event not later than the delivery by Credit Parties of the next quarterly Compliance Certificate required
pursuant to Section 4.1 above) upon the acquisition by any Credit Party of any such Chattel Paper, letter of credit rights, commercial
tort claims, Instruments, documents, investment property evidencing an obligation in excess
of One Hundred Thousand Dollars ($100,000) individually or in excess of Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate
for all such obligations. Subject to the terms of the Affiliated Intercreditor Agreement,
no Person other than Agent or (if applicable) any Lender has “control” (as defined in Article 9 of the UCC)
over any Deposit Account, investment property (including Securities Accounts and commodities account), letter of credit rights
or electronic chattel paper in which any Credit Party has any interest (except for such control arising by operation of law in
favor of any bank or securities intermediary or commodities intermediary with whom any Deposit Account, Securities Account or
commodities account of Credit Parties is maintained).

 

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(e)
Credit Parties shall not take any of the following actions or make any of the following changes unless Credit Parties have given
at least thirty (30) days prior written notice to Agent of Credit Parties’ intention to take any such action (which such
written notice shall include an updated version of any Schedule impacted by such change) and have executed any and all documents,
instruments and agreements and taken any other actions which Agent may request after receiving such written notice in order to
protect and preserve the Liens, rights and remedies of Agent with respect to the Collateral: (i) change the legal name or organizational
identification number of any Credit Party as it appears in official filings in the jurisdiction of its organization, (ii) change
the jurisdiction of incorporation or formation of any Borrower or Credit Party or allow any Borrower or Credit Party to designate
any jurisdiction as an additional jurisdiction of incorporation for such Borrower or Credit Party, or change the type of entity
that it is; provided that in no event shall a Borrower organized under the laws of
the United States or any state thereof be reorganized under the laws of a jurisdiction other than the United States or any State
thereof or (iii) change its chief executive office, principal place of business, or the location of its books and records
or move any Collateral to or place any Collateral on any location that is not then listed on the Schedules and/or establish any
business location at any location that is not then listed on the Schedules.

 

(f)
Credit Parties shall not adjust, settle or compromise the amount or payment of any Account, or release wholly or partly any Account
Debtor, or allow any credit or discount thereon (other than adjustments, settlements, compromises, credits and discounts in the
Ordinary Course of Business, made while no Default exists and in amounts which are less than $100,000 per individual account and
otherwise not material with respect to the Account taken as a whole and which, after giving effect thereto, do not cause the Borrowing
Base to be less than the Revolving Loan Outstandings) without the prior written consent of Agent. Without limiting the generality
of this Agreement or any other provisions of any of the Financing Documents relating to the rights of Agent after the occurrence
and during the continuance of an Event of Default, Agent shall have the right at any time after the occurrence and during the
continuance of an Event of Default to: (i) exercise the rights of Credit Parties with respect to the obligation of any Account
Debtor to make payment or otherwise render performance to Credit Parties and with respect to any property that secures the obligations
of any Account Debtor or any other Person obligated on the Collateral, and (ii) adjust, settle or compromise the amount or payment
of such Accounts.

 

(g)
Without limiting the generality of Sections 9.2(c) and 9.2(e):

 

(i)
Subject to the terms and conditions of the Affiliated Intercreditor Agreement, Credit
Parties shall deliver to Agent all tangible Chattel Paper and all Instruments and documents evidencing
an obligation in excess of One Hundred Thousand Dollars ($100,000) individually or in excess of Two Hundred Fifty Thousand Dollars
($250,000) in the aggregate for all such obligations owned by any Credit Party and constituting part of the Collateral
duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance satisfactory to
Agent. Credit Parties shall provide Agent with “control” (as defined in Article 9 of the UCC) of all electronic Chattel
Paper evidencing an obligation in excess of One Hundred Thousand Dollars ($100,000) individually
or in in excess of Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate for all such obligations owned by any
Credit Party and constituting part of the Collateral by having Agent identified as the assignee on the records pertaining to the
single authoritative copy thereof and otherwise complying with the applicable elements of control set forth in the UCC. Credit
Parties also shall deliver to Agent all security agreements securing any such Chattel Paper and securing any such Instruments
(other than those with a value of less than One Hundred Thousand Dollars ($100,000) in the
aggregate). Credit Parties will mark conspicuously all such Chattel Paper and all such Instruments and documents (other
than those with a value of less than One Hundred Thousand Dollars ($100,000) in the aggregate) with a legend, in form and
substance satisfactory to Agent, indicating that such Chattel Paper and such instruments and documents are subject to the security
interests and Liens in favor of Agent created pursuant to this Agreement and the Security Documents. Credit Parties shall comply
with all the provisions of Section 5.14 with respect to the Deposit Accounts and Securities Accounts of Credit Parties.

 

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(ii)
Credit Parties shall deliver to Agent all letters of credit with a face amount in excess
of One Hundred Thousand Dollars ($100,000) in the aggregate for all letters of credit on which any Credit Party is the
beneficiary and which give rise to letter of credit rights owned by such Credit Party which constitute part of the Collateral
in each case duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance satisfactory
to Agent. Credit Parties shall take any and all actions as may be necessary or desirable, or that Agent may request, from time
to time, to cause Agent to obtain exclusive “control” (as defined in Article 9 of the UCC) of any such letter of credit
rights in a manner acceptable to Agent.

 

(iii)
Credit Parties shall promptly (but it no event later than when the next Compliance Certificate is required to be delivered) advise
Agent upon any Credit Party becoming aware that it has any interests in any commercial tort claim that is
for at least, or could reasonably be expected to result in a payment in excess of, One Hundred Thousand Dollars ($100,000) in
the aggregate for all commercial tort claims and that constitutes part of the Collateral, which such notice shall include
descriptions of the events and circumstances giving rise to such commercial tort claim and the dates such events and circumstances
occurred, the potential defendants with respect such commercial tort claim and any court proceedings that have been instituted
with respect to such commercial tort claims, and Credit Parties shall, with respect to any such commercial tort claim, execute
and deliver to Agent such documents as Agent shall request to perfect, preserve or protect the Liens, rights and remedies of Agent
with respect to any such commercial tort claim.

 

(iv)
Unless Agent shall otherwise consent, Credit Parties shall obtain (or, in the case of clause
(b), use commercially reasonable efforts, without incurring out-of-pocket expense, to obtain) a landlord’s agreement, mortgagee
agreement, or bailee agreement, as applicable, from the lessor of each leased property, the mortgagee of owned property or the
warehouseman, consignee, bailee at any business location, in each case, located in the United States and (a) which is a Credit
Party’s chief executive office or (b) where (i) any portion of the Collateral included in or proposed to be included in
the Borrowing Base, in each case, with a value in excess of $10,000, or (ii) any portion of the Collateral with a value in excess
of $250,000, is located, in each case, which agreement or letter shall be reasonably satisfactory in form and substance to Agent.
Credit Parties shall timely and fully pay and perform its obligations under all leases and other agreements with respect to each
of the locations specified in the preceding sentence. In no event shall the Credit Parties maintain tangible Collateral (other
than Inventory with contract manufacturers and Inventory in transit in the Ordinary Course of Business) with a value in excess
of $250,000 outside of the United States without Agent’s prior consent.

 

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(v)
Credit Parties shall cause all equipment and other tangible personal property other than Inventory to be maintained and preserved
in the same condition, repair and in working order as when new, ordinary wear and tear and obsolescence excepted, and shall promptly
make or cause to be made all repairs, replacements and other improvements in connection therewith that are necessary or desirable
to such end. Upon request of Agent, Credit Parties shall promptly deliver to Agent any and all certificates of title, applications
for title or similar evidence of ownership of all such tangible personal property and shall cause Agent to be named as lienholder
on any such certificate of title or other evidence of ownership. Credit Parties shall not permit any such tangible personal property
to become fixtures to real estate unless such real estate is subject to a Lien in favor of Agent.

 

(vi)
Each Credit Party hereby authorizes Agent to file without the signature of such Credit Party one or more UCC financing statements
relating to liens on personal property relating to all or any part of the Collateral, which financing statements may list Agent
as the “secured party” and such Credit Party as the “debtor” and which describe and indicate the collateral
covered thereby as all or any part of the Collateral under the Financing Documents (including
an indication of the collateral covered by any such financing statement as “all assets” of such Borrower now owned
or hereafter acquired) in such jurisdictions as Agent from time to time determines are appropriate, and to file without
the signature of such Credit Party any continuations of or corrective amendments to any such financing statements, in any such
case in order for Agent to perfect, preserve or protect the Liens, rights and remedies of Agent with respect to the Collateral.
Each Credit Party also ratifies its authorization for Agent to have filed in any jurisdiction any initial financing statements
or amendments thereto if filed prior to the date hereof.

 

(vii)
As of the Closing Date, no Credit Party holds, and after the Closing Date, Credit Parties
shall promptly notify Agent in writing upon creation or acquisition by any Credit Party of, any Collateral which constitutes a
claim against any Governmental Authority, including, without limitation, the federal government of the United States or any instrumentality
or agency thereof, the assignment of which claim is restricted by any applicable Law, including, without limitation, the federal
Assignment of Claims Act and any other comparable Law. Upon the request of Agent, Credit Parties shall take such steps as may
be necessary or desirable, or that Agent may request, to comply with any such applicable Law.

 

(viii)
Credit Parties shall furnish to Agent from time to time any statements and schedules further identifying or describing the Collateral
and any other information, reports or evidence concerning the Collateral as Agent may reasonably request from time to time.

 

(h)
Any obligation of any Credit Party in this Agreement that requires (or any representation
or warranty hereunder to the extent that it would have the effect of requiring) delivery of Collateral (including any endorsements
related thereto) to, or the possession of Collateral with, Agent shall be deemed to have complied with and satisfied (or, in the
case of any representation or warranty hereunder, shall be deemed to be true) if such delivery of Collateral is made to, or such
possession of Collateral is with, the Affiliated Financing Agent.

 

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Article
10 - EVENTS OF DEFAULT

 

Section
10.1 Events of Default. For purposes of the Financing Documents, the occurrence of any of the following conditions and/or
events, whether voluntary or involuntary, by operation of law or otherwise, shall constitute an “Event of Default”:

 

(a)
(i) any Credit Party shall fail to pay when due any principal, interest, premium or fee under any Financing Document or any other
amount payable under any Financing Document, or (ii) there shall occur any default in the performance of or compliance with any
of the following sections or articles of this Agreement: Section 2.11, Section 4.1, Section 4.2(b), Section 4.4(c), Section 4.6,
Section 4.9, Section 4.11, Section 4.15, Section 4.16, Section 4.17, Article 5, Article 6 (subject to the Cure Right set forth
in Section 6.5) or Section 7.4;

 

(b)
any Credit Party defaults in the performance of or compliance with any term contained in this Agreement or in any other Financing
Document (other than occurrences described in other provisions of this Section 10.1 for which a different grace or cure period
is specified or for which no grace or cure period is specified and thereby constitute immediate Events of Default) and such default
is not remedied by the Credit Party or waived by Agent within fifteen (15) days after the earlier of (i) receipt by Borrower Representative
of notice from Agent or Required Lenders of such default, or (ii) actual knowledge of any Borrower or any other Credit Party of
such default;

 

(c)
any written representation, warranty, certification or statement made by any Credit Party or any other Person in any Financing
Document or in any certificate, financial statement or other document delivered pursuant to any Financing Document is incorrect
in any respect (or in any material respect if such representation, warranty, certification or statement is not by its terms already
qualified as to materiality) when made (or deemed made);

 

(d)
(i) failure of any Credit Party to pay when due or within any applicable grace period any principal, interest or other amount
on Debt (other than the Loans), or the occurrence of any breach, default, condition or event with respect to any Debt (other than
the Loans), if the effect of such failure or occurrence is to cause or to permit the holder or holders of any such Debt, or to
cause, Debt or other liabilities having an individual principal amount in excess of $100,000 or having an aggregate principal
amount in excess of $250,000 to become or be declared due prior to its stated maturity, or (ii) without limiting the foregoing,
the occurrence of any breach or default under any terms or provisions of any Subordinated Debt Document or under any agreement
subordinating the Subordinated Debt to all or any portion of the Obligations or the occurrence of any event requiring the prepayment
of any Subordinated Debt;

 

(e)
any Credit Party or any Subsidiary of a Credit Party shall commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law or any
analogous procedure or step is taken in any other jurisdiction) now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of it or any substantial part of its property, or shall consent to any
such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced
against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they
become due, or make an assignment of its property for the general benefit of its creditors under such Act, or make a proposal
(or file a notice of its intention to do so) under such Act or any analogous procedure or step is taken in any other jurisdiction,
or shall take any corporate action to authorize any of the foregoing;

 

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(f)
an involuntary case or other proceeding shall be commenced against any Credit Party or any Subsidiary of a Credit Party seeking
liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar
law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official
of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed
for a period of forty-five (45) days; or an order for relief shall be entered against any Credit Party or any Subsidiary of a
Credit Party under applicable federal bankruptcy, insolvency or other similar law in respect of (i) bankruptcy, liquidation, winding-up,
dissolution or suspension of general operations, (ii) composition, rescheduling, reorganization, arrangement or readjustment of,
or other relief from, or stay of proceedings to enforce, some or all of the debts or obligations, or (iii) possession, foreclosure,
seizure or retention, sale or other disposition of, or other proceedings to enforce security over, all or any substantial part
of the assets of such Credit Party or Subsidiary;

 

(g)
(i) institution of any steps by any Person to terminate a Pension Plan if as a result of such termination any Credit Party or
any member of the Controlled Group could be required to make a contribution to such Pension Plan, or could incur a liability or
obligation to such Pension Plan, in excess of $250,000, (ii) a contribution failure occurs with respect to any Pension Plan sufficient
to give rise to a Lien under Section 303(k) of ERISA or Section 430(k) of the Code or an event occurs that could reasonably be
expected to give rise to a Lien under Section 4068 of ERISA, or (iii) there shall occur any withdrawal or partial withdrawal from
a Multiemployer Plan and the withdrawal liability (without unaccrued interest) to Multiemployer Plans as a result of such withdrawal
(including any outstanding withdrawal liability that any Credit Party or any member of the Controlled Group have incurred on the
date of such withdrawal) exceeds $250,000;

 

(h)
one or more judgments or orders for the payment of money (not fully covered or paid by insurance maintained in accordance with
the requirements of this Agreement and as to which the relevant insurance company has acknowledged coverage) aggregating in excess
of $250,000 shall be rendered against any or all Credit Parties and either (i) enforcement proceedings shall have been commenced
by any creditor upon any such judgments or orders, or (ii) there shall be any period of twenty (20) consecutive days during which
a stay of enforcement of any such judgments or orders, by reason of a pending appeal, bond or otherwise, shall not be in effect;

 

(i)
except solely as a result of any action or inaction of Agent or any Lenders (provided that such action or inaction is not caused
by a Credit Party’s failure to comply with the terms of the Financing Documents), any Lien created by any of the Security
Documents shall at any time fail to constitute a valid and perfected Lien on all of the Collateral purported to be encumbered
thereby, subject to no prior or equal Lien except Permitted Liens, or any Credit Party shall so assert;

 

(j)
the institution by any Governmental Authority of felony criminal proceedings against any Credit Party;

 

(k)
a default or event of default occurs under any Guarantee;

 

(l)
any Credit Party makes any payment on account of any Debt that has been subordinated to any of the Obligations, other than payments
specifically permitted by the terms of such subordination;

 

(m)
if any Credit Party is or becomes an entity whose equity is registered with the SEC, and/or is publicly traded on and/or registered
with a public securities exchange, such Credit Party’s equity fails to remain registered with the SEC in good standing,
and/or such equity fails to remain publicly traded on and registered with a public securities exchange;

 

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(n)
the occurrence of any fact, event or circumstance that could reasonably be expected to result in a Material Adverse Effect;

 

(o)
(i) the voluntary withdrawal or institution of any action or proceeding by the FDA or similar Governmental Authority to order
the withdrawal of any material Product or Product category from the market or to enjoin any Credit Party, its Subsidiaries or
any representative of any Credit Party or its Subsidiaries from manufacturing, marketing, selling or distributing any Product
or Product category, (ii) the institution of any action or proceeding by FDA or any other Governmental Authority to revoke, suspend,
reject, withdraw, limit, or restrict any Regulatory Required Permit held by any Credit Party, its Subsidiaries or any representative
of Borrower or its Subsidiaries, which, in each case, has or could reasonably be expected to result in Material Adverse Effect,
(iii) the commencement of any enforcement action against any Credit Party, its Subsidiaries or any representative of any Credit
Party or its Subsidiaries (with respect to the business of any Credit Party or its Subsidiaries) by FDA or any other Governmental
Authority which has or could reasonably be expected to result in a Material Adverse Effect, or (iv) the occurrence of adverse
test results in connection with a Product which could reasonably be expected to result in Material Adverse Effect;

 

(p)
[reserved];

 

(q)
there shall occur any event of default under the Affiliated Financing Documents;

 

(r)
the occurrence of a Change in Control; or

 

(s)
any of the Financing Documents shall for any reason fail to constitute the valid and binding agreement of any party thereto in
all material respects, or any Credit Party shall so assert, in each case, unless such Financing Document terminates pursuant to
the terms and conditions thereof without any breach or default thereunder by any Credit Party thereto.

 

All
cure periods provided for in this Section 10.1 shall run concurrently with any cure period provided for in any applicable Financing
Documents under which the default occurred.

 

Section
10.2 Acceleration and Suspension or Termination of Revolving Loan Commitment. Upon the occurrence and during the continuance
of an Event of Default, Agent may, and shall if requested by Required Lenders, (a) by notice to Borrower Representative suspend
or terminate the Revolving Loan Commitment and the obligations of Agent and the Lenders with respect thereto, in whole or in part
(and, if in part, each Lender’s Revolving Loan Commitment shall be reduced in accordance with its Pro Rata Share), and/or
(b) by notice to Borrower Representative declare all or any portion of the Obligations to be, and the Obligations shall thereupon
become, immediately due and payable, with accrued interest thereon, without presentment, demand, protest or other notice of any
kind, all of which are hereby waived by each Credit Party and Credit Parties will pay the same; provided, however,
that in the case of any of the Events of Default specified in Section 10.1(e) or 10.1(f) above, without any notice to any Credit
Party or any other act by Agent or the Lenders, the Revolving Loan Commitment and the obligations of Agent and the Lenders with
respect thereto shall thereupon immediately and automatically terminate and all of the Obligations shall become immediately and
automatically due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived
by each Credit Party and Credit Parties will pay the same.

 

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Section
10.3 UCC Remedies.

 

(a)
Upon the occurrence of and during the continuance of an Event of Default under this Agreement or the other Financing Documents,
Agent, in addition to all other rights, options, and remedies granted to Agent under this Agreement or at law or in equity, may
exercise, either directly or through one or more assignees or designees, all rights and remedies granted to it under all Financing
Documents and under the UCC in effect in the applicable jurisdiction(s) and under any other applicable law; including, without
limitation:

 

(i)
the right to take possession of, send notices regarding, and collect directly the Collateral, with or without judicial process;

 

(ii)
the right to (by its own means or with judicial assistance) enter any of Credit Parties’ premises and take possession of
the Collateral, or render it unusable, or to render it usable or saleable, or dispose of the Collateral on such premises in compliance
with subsection (iii) below and to take possession of Credit Parties’ original books and records, to obtain access to Credit
Parties’ data processing equipment, computer hardware and software relating to the Collateral and to use all of the foregoing
and the information contained therein in any manner Agent deems appropriate, without any liability for rent, storage, utilities,
or other sums, and Credit Parties shall not resist or interfere with such action (if Credit Parties’ books and records are
prepared or maintained by an accounting service, contractor or other third party agent, Credit Parties hereby irrevocably authorize
such service, contractor or other agent, upon notice by Agent to such Person that an Event of Default has occurred and is continuing,
to deliver to Agent or its designees such books and records, and to follow Agent’s instructions with respect to further
services to be rendered);

 

(iii)
the right to require Credit Parties at Credit Parties’ expense to assemble all or any part of the Collateral and make it
available to Agent at any place designated by Lender;

 

(iv)
the right to notify postal authorities to change the address for delivery of Credit Parties’ mail to an address designated
by Agent and to receive, open and dispose of all mail addressed to any Credit Party; and/or

 

(v)
the right to enforce Credit Parties’ rights against Account Debtors and other obligors, including, without limitation, (i)
the right to collect Accounts directly in Agent’s own name (as agent for Lenders) and to charge the collection costs and
expenses, including attorneys’ fees, to Credit Parties, and (ii) the right, in the name of Agent or any designee of Agent
or Credit Parties, to verify the validity, amount or any other matter relating to any Accounts by mail, telephone, telegraph or
otherwise, including, without limitation, verification of Credit Parties’ compliance with applicable Laws. Credit Parties
shall cooperate fully with Agent in an effort to facilitate and promptly conclude such verification process. Such verification
may include contacts between Agent and applicable federal, state and local regulatory authorities having jurisdiction over the
Credit Parties’ affairs, all of which contacts Credit Parties hereby irrevocably authorize.

 

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(b)
Each Credit Party agrees that a notice received by it at least ten (10) days before the time of any intended public sale, or the
time after which any private sale or other disposition of the 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 Agent without prior notice to Credit Parties. At any
sale or disposition of Collateral, Agent may (to the extent permitted by applicable law) purchase all or any part of the Collateral,
free from any right of redemption by Credit Parties, which right is hereby waived and released. Each Credit Party covenants and
agrees not to interfere with or impose any obstacle to Agent’s exercise of its rights and remedies with respect to the Collateral.
Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale. Agent may comply with any applicable
state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered to
adversely affect the commercial reasonableness of any sale of the Collateral. Agent may sell the Collateral without giving any
warranties as to the Collateral. Agent may specifically disclaim any warranties of title or the like. This procedure will not
be considered to adversely affect the commercial reasonableness of any sale of the Collateral. If Agent sells any of the Collateral
upon credit, Credit Parties will be credited only with payments actually made by the purchaser, received by Agent and applied
to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, Agent may resell the Collateral
and Credit Parties shall be credited with the proceeds of the sale. Credit Parties shall remain liable for any deficiency if the
proceeds of any sale or disposition of the Collateral are insufficient to pay all Obligations.

 

(c)
Without restricting the generality of the foregoing and for the purposes aforesaid, each Credit Party hereby appoints and constitutes
Agent its lawful attorney-in-fact with full power of substitution in the Collateral, upon the occurrence and during the continuance
of an Event of Default, to (i) use unadvanced funds remaining under this Agreement or which may be reserved, escrowed or set aside
for any purposes hereunder at any time, or to advance funds in excess of the face amount of the Notes, (ii) pay, settle or compromise
all existing bills and claims, which may be Liens or security interests, or to avoid such bills and claims becoming Liens against
the Collateral, (iii) execute all applications and certificates in the name of such Credit Party and to prosecute and defend all
actions or proceedings in connection with the Collateral, and (iv) do any and every act which such Credit Party might do in its
own behalf; it being understood and agreed that this power of attorney in this subsection (c) shall be a power coupled with an
interest and cannot be revoked.

 

(d)
Upon the occurrence and during the continuance of an Event of Default, subject to any right
of any third parties and/or any agreement between any Borrower and any third party to the extent not granted or entered into in
contravention of the terms of this Agreement. Agent and each Lender is hereby granted a non-exclusive, royalty-free license
or other right to use, upon the occurrence and during the continuance of an Event of Default, without charge, Credit Parties’
labels, mask works, rights of use of any name, any other Intellectual Property and advertising matter, and any similar property
as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection
with Agent’s exercise of its rights under this Article, Credit Parties’ rights under all licenses (whether as licensor
or licensee) and all franchise agreements inure to Agent’s and each Lender’s benefit, subject to any rights of third
party licensors or licensees, as applicable.

 

Section
10.4 Protective Payments. If any Credit Party fails to pay or perform any covenant or obligation under this Agreement or
any other Financing Document, Agent may pay or perform such covenant or obligation, and all amounts so paid by Agent are Protective
Advances and immediately due and payable, constituting principal and bearing interest at the then highest applicable rate for
the Loans hereunder, and secured by the Collateral. No such payments or performance by Agent shall be construed as an agreement
to make similar payments or performance in the future or constitute Agent’s waiver of any Event of Default. Without limiting
the foregoing, each Lender and Borrower hereby authorizes Agent, without the necessity of any notice or further consent from any
Lender, from time to time prior to a Default, to make any Protective Advance with respect to any Collateral or the Financing Documents
which may be necessary to protect the priority, validity or enforceability of any lien on, and security interest in, any Collateral
and the instruments evidencing or securing the obligations of Borrower under the Financing Documents. Credit Parties agree to
pay on demand all Protective Advances. The Lenders must reimburse Agent for any Protective Advances (in accordance with their
Pro Rata Shares) to the extent not reimbursed by Credit Parties.

 

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Section
10.5 Default Rate of Interest. At the election of Agent or Required Lenders, after the occurrence of an Event of Default
and for so long as it continues, the Loans and other Obligations shall bear interest at rates that are two percent (2.0%) per
annum in excess of the rates otherwise payable under this Agreement; provided, however, that in the case of any Event of
Default specified in Section 10.1(e) or 10.1(f) above, such default rates shall apply immediately and automatically without the
need for any election or action of any kind on the part of Agent or any Lender.

 

Section
10.6 Setoff Rights. During the continuance of any Event of Default, each Lender is hereby authorized by each Credit Party
at any time or from time to time, with reasonably prompt subsequent notice to such Credit Party (any prior or contemporaneous
notice being hereby expressly waived) to set off and to appropriate and to apply any and all (a) balances held by such Lender
or any of such Lender’s Affiliates at any of its offices for the account of such Credit Party or any of its Subsidiaries
(regardless of whether such balances are then due to such Borrower or its Subsidiaries), and (b) other property at any time held
or owing by such Lender to or for the credit or for the account of such Credit Party or any of its Subsidiaries, against and on
account of any of the Obligations; except that no Lender shall exercise any such right without the prior written consent of Agent.
Any Lender exercising a right to set off shall purchase for cash (and the other Lenders shall sell) interests in each of such
other Lender’s Pro Rata Share of the Obligations as would be necessary to cause all Lenders to share the amount so set off
with each other Lender in accordance with their respective Pro Rata Share of the Obligations. Each Credit Party agrees, to the
fullest extent permitted by law, that any Lender and any of such Lender’s Affiliates may exercise its right to set off with
respect to the Obligations as provided in this Section 10.6.

 

Section
10.7 Application of Proceeds.

 

(a)
Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence and during the continuance of an Event
of Default, each Credit Party irrevocably waives the right to direct the application of any and all payments at any time or times
thereafter received by Agent from or on behalf of such Borrower or any Guarantor of all or any part of the Obligations, and, as
between Credit Parties on the one hand and Agent and Lenders on the other, Agent shall have the continuing and exclusive right
to apply and to reapply any and all payments received against the Obligations in such manner as Agent may deem advisable notwithstanding
any previous application by Agent.

 

(b)
Following the occurrence and during the continuance of an Event of Default, but absent the occurrence and continuance of an Acceleration
Event, Agent shall apply any and all payments received by Agent in respect of the Obligations, and any and all proceeds of Collateral
received by Agent, in such order as Agent may from time to time elect.

 

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(c)
Notwithstanding anything to the contrary contained in this Agreement, if an Acceleration Event shall have occurred, and so long
as it continues, Agent shall apply any and all payments received by Agent in respect of the Obligations, and any and all proceeds
of Collateral received by Agent, in the following order: first, to all fees, costs, indemnities, liabilities, obligations
and expenses incurred by or owing to Agent with respect to this Agreement, the other Financing Documents or the Collateral; second,
to all fees, costs, indemnities, liabilities, obligations and expenses incurred by or owing to any Lender with respect to this
Agreement, the other Financing Documents or the Collateral; third, to accrued and unpaid interest on the Obligations (including
any interest which, but for the provisions of the Bankruptcy Code, would have accrued on such amounts); fourth, to the
principal amount of the Obligations outstanding; and fifth to any other indebtedness or obligations of Borrowers owing
to Agent or any Lender under the Financing Documents. Any balance remaining shall be delivered to Borrowers or to whomever may
be lawfully entitled to receive such balance or as a court of competent jurisdiction may direct. In carrying out the foregoing,
(y) amounts received shall be applied in the numerical order provided until exhausted prior to the application to the next succeeding
category, and (z) each of the Persons entitled to receive a payment in any particular category shall receive an amount equal to
its Pro Rata Share of amounts available to be applied pursuant thereto for such category.

 

Section
10.8 Waivers.

 

(a)
Except as otherwise provided for in this Agreement and to the fullest extent permitted by applicable law, each Credit Party waives:
(i) presentment, demand and protest, and notice of presentment, dishonor, intent to accelerate, acceleration, protest, default,
nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all Financing Documents, the Notes or any
other notes, commercial paper, accounts, contracts, documents, Instruments, Chattel Paper and Guarantees at any time held by Lenders
on which any Credit Party may in any way be liable, and hereby ratifies and confirms whatever Lenders may lawfully do in this
regard; (ii) all rights to notice and a hearing prior to Agent’s or any Lender’s taking possession or control of,
or to Agent’s or any Lender’s replevy, attachment or levy upon, any Collateral or any bond or security which might
be required by any court prior to allowing Agent or any Lender to exercise any of its remedies; and (iii) the benefit of all valuation,
appraisal and exemption Laws. Each Credit Party acknowledges that it has been advised by counsel of its choices and decisions
with respect to this Agreement, the other Financing Documents and the transactions evidenced hereby and thereby.

 

(b)
 Each Credit Party for itself and all its successors and assigns, (i) agrees that its liability shall not be in any manner
affected by any indulgence, extension of time, renewal, waiver, or modification granted or consented to by Lender and made in
accordance with the terms of any Financing Document; (ii) consents to any indulgences and all extensions of time, renewals,
waivers, or modifications that may be granted by Agent or any Lender with respect to the payment or other provisions of the
Financing Documents and made in accordance with the terms of any Financing Document, and to any substitution, exchange or
release of the Collateral, or any part thereof, with or without substitution, and agrees to the addition or release of any
Credit Party, endorsers, guarantors, or sureties, or whether primarily or secondarily liable, without notice to any other
Credit Party and without affecting its liability hereunder; (iii) agrees that its liability shall be unconditional and
without regard to the liability of any other Credit Party, Agent or any Lender for any tax on the indebtedness; and (iv) to
the fullest extent permitted by law, expressly waives the benefit of any statute or rule of law or equity now provided, or
which may hereafter be provided, which would produce a result contrary to or in conflict with the foregoing.

 

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(c)
To the extent that Agent or any Lender may have acquiesced in any noncompliance with any requirements or conditions precedent
to the closing of the Loans or to any subsequent disbursement of Loan proceeds, such acquiescence shall not be deemed to constitute
a waiver by Agent or any Lender of such requirements with respect to any future disbursements of Loan proceeds and Agent may at
any time after such acquiescence require Credit Parties to comply with all such requirements. Any forbearance by Agent or Lender
in exercising any right or remedy under any of the Financing Documents, or otherwise afforded by applicable law, including any
failure to accelerate the maturity date of the Loans, shall not be a waiver of or preclude the exercise of any right or remedy
nor shall it serve as a novation of the Notes or as a reinstatement of the Loans or a waiver of such right of acceleration or
the right to insist upon strict compliance of the terms of the Financing Documents. Agent’s or any Lender’s acceptance
of payment of any sum secured by any of the Financing Documents after the due date of such payment shall not be a waiver of Agent’s
and such Lender’s right to either require prompt payment when due of all other sums so secured or to declare a default for
failure to make prompt payment. The procurement of insurance or the payment of taxes or other Liens or charges by Agent as the
result of an Event of Default shall not be a waiver of Agent’s right to accelerate the maturity of the Loans, nor shall
Agent’s receipt of any condemnation awards, insurance proceeds, or damages under this Agreement operate to cure or waive
any Credit Party’s default in payment of sums secured by any of the Financing Documents.

 

(d)
Without limiting the generality of anything contained in this Agreement or the other Financing Documents, each Credit Party agrees
that if an Event of Default is continuing (i) Agent and Lenders shall not be subject to any “one action” or “election
of remedies” law or rule, and (ii) all Liens and other rights, remedies or privileges provided to Agent or Lenders shall
remain in full force and effect until Agent or Lenders have exhausted all remedies against the Collateral and any other properties
owned by Credit Parties and the Financing Documents and other security instruments or agreements securing the Loans have been
foreclosed, sold and/or otherwise realized upon in satisfaction of Credit Parties’ obligations under the Financing Documents.

 

(e)
Nothing contained herein or in any other Financing Document shall be construed as requiring Agent or any Lender to resort to any
part of the Collateral for the satisfaction of any of Credit Parties’ obligations under the Financing Documents in preference
or priority to any other Collateral, and Agent may seek satisfaction out of all of the Collateral or any part thereof, in its
absolute discretion in respect of Credit Parties’ obligations under the Financing Documents. In addition, Agent shall have
the right from time to time to partially foreclose upon any Collateral in any manner and for any amounts secured by the Financing
Documents then due and payable as determined by Agent in its sole discretion, including, without limitation, the following circumstances:
(i) in the event any Credit Party defaults beyond any applicable grace period in the payment of one or more scheduled payments
of principal and/or interest, Agent may foreclose upon all or any part of the Collateral to recover such delinquent payments,
or (ii) in the event Agent elects to accelerate less than the entire outstanding principal balance of the Loans, Agent may foreclose
all or any part of the Collateral to recover so much of the principal balance of the Loans as Lender may accelerate and such other
sums secured by one or more of the Financing Documents as Agent may elect. Notwithstanding one or more partial foreclosures, any
unforeclosed Collateral shall remain subject to the Financing Documents to secure payment of sums secured by the Financing Documents
and not previously recovered.

 

(f)
To the fullest extent permitted by law, each Credit Party, for itself and its successors and assigns, waives in the event of foreclosure
of any or all of the Collateral any equitable right otherwise available to any Credit Party which would require the separate sale
of any of the Collateral or require Agent or Lenders to exhaust their remedies against any part of the Collateral before proceeding
against any other part of the Collateral; and further in the event of such foreclosure each Credit Party does hereby expressly
consent to and authorize, at the option of Agent, the foreclosure and sale either separately or together of each part of the Collateral.

 

Section
10.9 Injunctive Relief. The parties acknowledge and agree that, in the event of a breach or threatened breach of any Credit
Party’s obligations under any Financing Documents, Agent and Lenders may have no adequate remedy in money damages and, accordingly,
shall be entitled to an injunction (including, without limitation, a temporary restraining order, preliminary injunction, writ
of attachment, or order compelling an audit) against such breach or threatened breach, including, without limitation, maintaining
any cash management and collection procedure described herein. However, no specification in this Agreement of a specific legal
or equitable remedy shall be construed as a waiver or prohibition against any other legal or equitable remedies in the event of
a breach or threatened breach of any provision of this Agreement. Each Credit Party waives, to the fullest extent permitted by
law, the requirement of the posting of any bond in connection with such injunctive relief. By joining in the Financing Documents
as a Credit Party, each Credit Party specifically joins in this Section as if this Section were a part of each Financing Document
executed by such Credit Party.

 

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Section
10.10 Marshalling; Payments Set Aside. Neither Agent nor any Lender shall be under any obligation to marshal any assets
in payment of any or all of the Obligations. To the extent that any Credit Party makes any payment or Agent enforces its Liens
or Agent or any Lender exercises its right of set-off, and such payment or the proceeds of such enforcement or set-off is subsequently
invalidated, declared to be fraudulent or preferential, set aside, or required to be repaid by anyone, then to the extent of such
recovery, the Obligations or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall
be revived and continued in full force and effect as if such payment had not been made or such enforcement or set-off had not
occurred.

 

Article
11 - AGENT

 

Section
11.1 Appointment and Authorization. Each Lender hereby irrevocably appoints and authorizes Agent to enter into each of
the Financing Documents to which it is a party (other than this Agreement) on its behalf and to take such actions as Agent on
its behalf and to exercise such powers under the Financing Documents as are delegated to Agent by the terms thereof, together
with all such powers as are reasonably incidental thereto. Subject to the terms of Section 11.16 and to the terms of the other
Financing Documents, Agent is authorized and empowered to amend, modify, or waive any provisions of this Agreement or the other
Financing Documents on behalf of Lenders. The provisions of this Article 11 are solely for the benefit of Agent and Lenders and
neither any Borrower nor any other Credit Party shall have any rights as a third party beneficiary of any of the provisions hereof.
In performing its functions and duties under this Agreement, Agent shall act solely as agent of Lenders and does not assume and
shall not be deemed to have assumed any obligation toward or relationship of agency or trust with or for any Borrower or any other
Credit Party. Agent may perform any of its duties hereunder, or under the Financing Documents, by or through its agents, servicers,
trustees, investment managers or employees.

 

Section
11.2 Agent and Affiliates. Agent shall have the same rights and powers under the Financing Documents as any other Lender
and may exercise or refrain from exercising the same as though it were not Agent, and Agent and its Affiliates may lend money
to, invest in and generally engage in any kind of business with each Credit Party or Affiliate of any Credit Party as if it were
not Agent hereunder.

 

Section
11.3 Action by Agent. The duties of Agent shall be mechanical and administrative in nature. Agent shall not have by reason
of this Agreement a fiduciary relationship in respect of any Lender. Nothing in this Agreement or any of the Financing Documents
is intended to or shall be construed to impose upon Agent any obligations in respect of this Agreement or any of the Financing
Documents except as expressly set forth herein or therein.

 

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Section
11.4 Consultation with Experts. Agent may consult with legal counsel, independent public accountants and other experts
selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the
advice of such counsel, accountants or experts.

 

Section
11.5 Liability of Agent. Neither Agent nor any of its directors, officers, agents, trustees, investment managers, servicers
or employees shall be liable to any Lender for any action taken or not taken by it in connection with the Financing Documents,
except that Agent shall be liable with respect to its specific duties set forth hereunder but only to the extent of its own gross
negligence or willful misconduct in the discharge thereof as determined by a final non-appealable judgment of a court of competent
jurisdiction. Neither Agent nor any of its directors, officers, agents, trustees, investment managers, servicers or employees
shall be responsible for or have any duty to ascertain, inquire into or verify (a) any statement, warranty or representation made
in connection with any Financing Document or any borrowing hereunder; (b) the performance or observance of any of the covenants
or agreements specified in any Financing Document; (c) the satisfaction of any condition specified in any Financing Document;
(d) the validity, effectiveness, sufficiency or genuineness of any Financing Document, any Lien purported to be created or perfected
thereby or any other instrument or writing furnished in connection therewith; (e) the existence or non-existence of any Default
or Event of Default; or (f) the financial condition of any Credit Party. Agent shall not incur any liability by acting in reliance
upon any notice, consent, certificate, statement, or other writing (which may be a bank wire, facsimile or electronic transmission
or similar writing) believed by it to be genuine or to be signed by the proper party or parties. 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 other Lenders any payment in excess of the amount to which they are determined to be entitled (and such other Lenders hereby
agree to return to such Lender any such erroneous payments received by them).

 

Section
11.6 Indemnification. Each Lender shall, in accordance with its Pro Rata Share, indemnify Agent (to the extent not reimbursed
by Credit Parties) upon demand against any cost, expense (including counsel fees and disbursements), claim, demand, action, loss
or liability (except such as result from Agent’s gross negligence or willful misconduct as determined by a final non-appealable
judgment of a court of competent jurisdiction) that Agent may suffer or incur in connection with the Financing Documents or any
action taken or omitted by Agent hereunder or thereunder. If any indemnity furnished to Agent for any purpose shall, in the opinion
of Agent, be insufficient or become impaired, Agent may call for additional indemnity and cease, or not commence, to do the acts
indemnified against even if so directed by Required Lenders until such additional indemnity is furnished.

 

Section
11.7 Right to Request and Act on Instructions. 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 Financing Documents Agent is permitted or desires
to take or to grant, and if such instructions are promptly requested, 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 any action
or withholding any approval under any of the Financing Documents until it shall have received such instructions from Required
Lenders or all or such other portion of the Lenders as shall be prescribed by this Agreement. 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 Financing Documents in accordance with the instructions of Required Lenders (or all or such
other portion of the Lenders as shall be prescribed by this Agreement) and, notwithstanding the instructions of Required Lenders
(or such other applicable portion of the Lenders), Agent shall have no obligation to take any action if it believes, in good faith,
that such action would violate applicable Law or exposes Agent to any liability for which it has not received satisfactory indemnification
in accordance with the provisions of Section 11.6.

 

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Section
11.8 Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon Agent or any other
Lender, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to
enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon Agent 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 any action under the Financing Documents.

 

Section
11.9 Collateral Matters. Lenders irrevocably authorize Agent:

 

(a)
at its option and in its discretion (in each case only as to whether the applicable following conditions have been satisfied)
to, and if such conditions are determined to have been satisfied, Agent shall, release any Lien granted to or held by Agent under
any Security Document (i) upon termination of the Revolving Loan Commitment and payment in full of all Obligations (other than
inchoate indemnification and reimbursement obligations for which no claim has been made); or (ii) constituting property sold or
disposed of as part of or in connection with any disposition permitted under any Financing Document (it being understood and agreed
that Agent may conclusively rely without further inquiry on a certificate of a Responsible Officer as to the sale or other disposition
of property being made in full compliance with the provisions of the Financing Documents); and

 

(b)
at its option and in its discretion, subordinate any Lien granted to or held by Agent under any Security Document to a Permitted
Lien that is allowed to have priority over the Liens granted to or held by Agent pursuant to the definition of “Permitted
Liens”. Upon request by Agent at any time, Lenders will confirm Agent’s authority to release and/or subordinate particular
types or items of Collateral pursuant to this Section 11.9.

 

Section
11.10 Agency for Perfection. Agent and each Lender hereby appoint each other Lender as agent for the purpose of perfecting
Agent’s security interest in assets which, in accordance with the Uniform Commercial Code in any applicable jurisdiction,
can be perfected by possession or control. Should any Lender (other than Agent) obtain possession or control of any such assets,
such Lender shall notify Agent thereof, and, promptly upon Agent’s request therefor, shall deliver such assets to Agent
or in accordance with Agent’s instructions or transfer control to Agent in accordance with Agent’s instructions. Each
Lender agrees that it will not have any right individually to enforce or seek to enforce any Security Document or to realize upon
any Collateral for the Loan unless instructed to do so by Agent (or consented to by Agent), it being understood and agreed that
such rights and remedies may be exercised only by Agent.

 

Section
11.11 Notice of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event
of Default except with respect to defaults in the payment of principal, interest and fees required to be paid to Agent for the
account of Lenders, unless Agent shall have received written notice from a Lender or a Credit Party referring to this Agreement,
describing such Default or Event of Default and stating that such notice is a “notice of default”. Agent will notify
each Lender of its receipt of any such notice. Agent shall take such action with respect to such Default or Event of Default as
may be requested by Required Lenders (or all or such other portion of the Lenders as shall be prescribed by this Agreement) in
accordance with the terms hereof. Unless and until Agent has received any such request, Agent may (but shall not be obligated
to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable
or in the best interests of Lenders.

 

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Section
11.12 Assignment by Agent; Resignation of Agent; Successor Agent.

 

(a)
Agent may at any time assign its rights, powers, privileges and duties hereunder to (i) another Lender or an Affiliate of Agent
or any Lender or any Approved Fund, or (ii) any Person to whom Agent, in its capacity as a Lender, has assigned (or will assign,
in conjunction with such assignment of agency rights hereunder) 50% or more of its Loan, in each case without the consent of the
Lenders or Credit Parties. Following any such assignment, Agent shall endeavor to give notice to the Lenders and Borrowers. Failure
to give such notice shall not affect such assignment in any way or cause the assignment to be ineffective. An assignment by Agent
pursuant to this subsection (a) shall not be deemed a resignation by Agent for purposes of subsection (b) below.

 

(b)
Without limiting the rights of Agent to designate an assignee pursuant to subsection (a) above, Agent may at any time give notice
of its resignation to the Lenders and Borrowers. Upon receipt of any such notice of resignation, Required Lenders shall have the
right to appoint a successor Agent. If no such successor shall have been so appointed by Required Lenders and shall have accepted
such appointment within ten (10) Business Days after the retiring Agent gives notice of its resignation, then the retiring Agent
may on behalf of the Lenders, appoint a successor Agent; provided, however, that if Agent shall notify Borrowers and the
Lenders that no Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with
such notice from Agent that no Person has accepted such appointment and, from and following delivery of such notice, (i) the retiring
Agent shall be discharged from its duties and obligations hereunder and under the other Financing Documents, and (ii) all payments,
communications and determinations provided to be made by, to or through Agent shall instead be made by or to each Lender directly,
until such time as Required Lenders appoint a successor Agent as provided for above in this paragraph.

 

(c)
Upon (i) an assignment permitted by subsection (a) above, or (ii) the acceptance of a successor’s appointment as Agent pursuant
to subsection (b) above, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties
of the retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations hereunder
and under the other Financing Documents (if not already discharged therefrom as provided above in this paragraph). The fees payable
by Borrowers to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between Borrowers
and such successor. After the retiring Agent’s resignation hereunder and under the other Financing Documents, the provisions
of this Article and Section 11.12 shall continue in effect for the benefit of such retiring Agent and its sub-agents in respect
of any actions taken or omitted to be taken by any of them while the retiring Agent was acting or was continuing to act as Agent.

 

Section
11.13 Payment and Sharing of Payment.

 

(a)
Revolving Loan Advances, Payments and Settlements; Interest and Fee Payments.

 

(i)
Agent shall have the right, on behalf of Revolving Lenders to disburse funds to Borrowers for all Revolving Loans requested or
deemed requested by Borrowers pursuant to the terms of this Agreement. Agent shall be conclusively entitled to assume, for purposes
of the preceding sentence, that each Revolving Lender, other than any Non-Funding Lenders, will fund its Pro Rata Share of all
Revolving Loans requested by Borrowers. Each Revolving Lender shall reimburse Agent on demand, in accordance with the provisions
of the immediately following paragraph, for all funds disbursed on its behalf by Agent pursuant to the first sentence of this
clause (i), or if Agent so requests, each Revolving Lender will remit to Agent its Pro Rata Share of any Revolving Loan before
Agent disburses the same to a Borrower. If Agent elects to require that each Revolving Lender make funds available to Agent, prior
to a disbursement by Agent to a Borrower, Agent shall advise each Revolving Lender by telephone, facsimile or e-mail of the amount
of such Revolving Lender’s Pro Rata Share of the Revolving Loan requested by such Borrower no later than noon (Eastern time)
on the date of funding of such Revolving Loan, and each such Revolving Lender shall pay Agent on such date such Revolving Lender’s
Pro Rata Share of such requested Revolving Loan, in same day funds, by wire transfer to the Payment Account, or such other account
as may be identified by Agent to Revolving Lenders from time to time. If any Lender fails to pay the amount of its Pro Rata Share
of any funds advanced by Agent pursuant to the first sentence of this clause (i) within one (1) Business Day after Agent’s
demand, Agent shall promptly notify Borrower Representative, and Borrowers shall immediately repay such amount to Agent. Any repayment
required by Borrowers pursuant to this Section 11.13 shall be accompanied by accrued interest thereon from and including the date
such amount is made available to a Borrower to but excluding the date of payment at the rate of interest then applicable to Revolving
Loans. Nothing in this Section 11.13 or elsewhere in this Agreement or the other Financing Documents 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 any Borrower may have against any Lender as a result of any default by such Lender hereunder.

 

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(ii)
On a Business Day of each week as selected from time to time by Agent, or more frequently (including daily), if Agent so elects
(each such day being a “Settlement Date”), Agent will advise each Revolving Lender by telephone, facsimile
or e-mail of the amount of each such Revolving Lender’s percentage interest of the Revolving Loan balance as of the close
of business of the Business Day immediately preceding the Settlement Date. In the event that payments are necessary to adjust
the amount of such Revolving Lender’s actual percentage interest of the Revolving Loans to such Lender’s required
percentage interest of the Revolving Loan balance as of any Settlement Date, the Revolving Lender from which such payment is due
shall pay Agent, without setoff or discount, to the Payment Account before 1:00 p.m. (Eastern time) on the Business Day following
the Settlement Date the full amount necessary to make such adjustment. Any obligation arising pursuant to the immediately preceding
sentence shall be absolute and unconditional and shall not be affected by any circumstance whatsoever. In the event settlement
shall not have occurred by the date and time specified in the second preceding sentence, interest shall accrue on the unsettled
amount at the rate of interest then applicable to Revolving Loans.

 

(iii)
On each Settlement Date, Agent shall advise each Revolving Lender by telephone, facsimile or e-mail of the amount of such Revolving
Lender’s percentage interest of principal, interest and fees paid for the benefit of Revolving Lenders with respect to each
applicable Revolving Loan, to the extent of such Revolving Lender’s Revolving Loan Exposure with respect thereto, and shall
make payment to such Revolving Lender before 1:00 p.m. (Eastern time) on the Business Day following the Settlement Date of such
amounts in accordance with wire instructions delivered by such Revolving Lender to Agent, as the same may be modified from time
to time by written notice to Agent; provided, however, that, in the case such Revolving Lender is a Defaulted Lender, Agent
shall be entitled to set off the funding short-fall against that Defaulted Lender’s respective share of all payments received
from any Borrower.

 

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(iv)
On the Closing Date, Agent, on behalf of Lenders, may elect to advance to Borrowers the full amount of the initial Loans to be
made on the Closing Date prior to receiving funds from Lenders, in reliance upon each Lender’s commitment to make its Pro
Rata Share of such Loans to Borrowers in a timely manner on such date. If Agent elects to advance the initial Loans to Borrower
in such manner, Agent shall be entitled to receive all interest that accrues on the Closing Date on each Lender’s Pro Rata
Share of such Loans unless Agent receives such Lender’s Pro Rata Share of such Loans before 3:00 p.m. (Eastern time) on
the Closing Date.

 

(v)
It is understood that for purposes of advances to Borrowers made pursuant to this Section 11.13, Agent will be using the funds
of Agent, and pending settlement, (A) all funds transferred from the Payment Account to the outstanding Revolving Loans shall
be applied first to advances made by Agent to Borrowers pursuant to this Section 11.13, and (B) all interest accruing on such
advances shall be payable to Agent.

 

(vi)
The provisions of this Section 11.13(a) shall be deemed to be binding upon Agent and Lenders notwithstanding the occurrence of
any Default or Event of Default, or any insolvency or bankruptcy proceeding pertaining to any Borrower or any other Credit Party.

 

(b)
[Reserved.]

 

(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 a Credit Party and such related payment is not received by Agent, then Agent will be entitled to recover
such amount from such Lender on demand without setoff, counterclaim or deduction of any kind, together with interest accruing
on a daily basis at the Federal Funds Rate.

 

(ii)
If Agent determines at any time that any amount received by Agent under this Agreement must be returned to any Credit Party or
paid to any other Person pursuant to any insolvency law or otherwise, then, notwithstanding any other term or condition of this
Agreement or any other Financing Document, 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 any Credit Party or such other Person, without setoff, counterclaim
or deduction of any kind.

 

(d)
Defaulted Lenders. The failure of any Defaulted Lender to make any payment required by it hereunder shall not relieve any
other Lender of its obligations to make payment, but neither any other Lender nor Agent shall be responsible for the failure of
any Defaulted Lender to make any payment required hereunder. Notwithstanding anything set forth herein to the contrary, a Defaulted
Lender shall not have any voting or consent rights under or with respect to any Financing Document or constitute a “Lender”
(or be included in the calculation of “Required Lenders” hereunder) for any voting or consent rights under or with
respect to any Financing Document.

 

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(e)
Sharing of Payments. If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by application
of setoff or otherwise) on account of any Loan (other than pursuant to the terms of Section 2.8(d)) in excess of its Pro Rata
Share of payments entitled pursuant to the other provisions of this Section 11.13, such Lender shall purchase from the other Lenders
such participations in extensions of credit made by such other Lenders (without recourse, representation or warranty) as shall
be necessary to cause such purchasing Lender to share the excess payment or other recovery ratably with each of them; provided,
however, that if all or any portion of the excess payment or other recovery is thereafter required to be returned or otherwise
recovered from such purchasing Lender, such portion of such purchase shall be rescinded and each Lender which has sold a participation
to the purchasing Lender shall repay to the purchasing Lender the purchase price to the ratable extent of such return or recovery,
without interest. Each Credit Party agrees that any Lender so purchasing a participation from another Lender pursuant to this
clause (e) may, to the fullest extent permitted by law, exercise all its rights of payment (including pursuant to Section 10.6)
with respect to such participation as fully as if such Lender were the direct creditor of Credit Parties in the amount of such
participation). If under any applicable bankruptcy, insolvency or other similar law, any Lender receives a secured claim in lieu
of a setoff to which this clause (e) applies, such Lender shall, to the extent practicable, exercise its rights in respect of
such secured claim in a manner consistent with the rights of the Lenders entitled under this clause (e) to share in the benefits
of any recovery on such secured claim.

 

Section
11.14 Right to Perform, Preserve and Protect. If any Credit Party fails to perform any obligation hereunder or under any
other Financing Document, Agent itself may, but shall not be obligated to, cause such obligation to be performed at Credit Parties’
expense. Agent is further authorized by the Credit Parties and the Lenders to make expenditures from time to time which Agent,
in its reasonable business judgment, deems necessary or desirable to (a) preserve or protect the business conducted by the Credit
Parties, the Collateral, or any portion thereof, and/or (b) enhance the likelihood of, or maximize the amount of, repayment of
the Loan and other Obligations. Each Credit Party hereby agrees to reimburse Agent on demand for any and all costs, liabilities
and obligations incurred by Agent pursuant to this Section 11.14. Each Lender hereby agrees to indemnify Agent upon demand for
any and all costs, liabilities and obligations incurred by Agent pursuant to this Section 11.14, in accordance with the provisions
of Section 11.6.

 

Section
11.15 Additional Titled Agents. Except for rights and powers, if any, expressly reserved under this Agreement to any bookrunner,
arranger or to any titled agent named on the cover page of this Agreement, other than Agent (collectively, the “Additional
Titled Agents”), and except for obligations, liabilities, duties and responsibilities, if any, expressly assumed under
this Agreement by any Additional Titled Agent, no Additional Titled Agent, in such capacity, has any rights, powers, liabilities,
duties or responsibilities hereunder or under any of the other Financing Documents. Without limiting the foregoing, no Additional
Titled Agent shall have nor be deemed to have a fiduciary relationship with any Lender. At any time that any Lender serving as
an Additional Titled Agent shall have transferred to any other Person (other than any Affiliates) all of its interests in the
Loan, such Lender shall be deemed to have concurrently resigned as such Additional Titled Agent.

 

Section
11.16 Amendments and Waivers.

 

(a)
No provision of this Agreement or any other Financing Document may be amended, waived or otherwise modified unless such amendment,
waiver or other modification is in writing and is signed or otherwise approved by Borrowers, the Required Lenders and any other
Lender to the extent required under Section 11.16(b); provided, however, the Fee Letter may be amended, or rights or privileges
thereunder waived, in a writing executed only by the parties thereto.

 

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(b)
In addition to the required signatures under Section 11.16(a), no provision of this Agreement or any other Financing Document
may be amended, waived or otherwise modified unless such amendment, waiver or other modification is in writing and is signed or
otherwise approved by the following Persons:

 

(i)
if any amendment, waiver or other modification would increase a Lender’s funding obligations in respect of any Loan, by
such Lender; and/or

 

(ii)
if the rights or duties of Agent are affected thereby, by Agent;

 

provided,
however, that, in each of (i) and (ii) above, no such amendment, waiver or other modification shall, unless signed or otherwise
approved in writing by all the Lenders directly affected thereby, (A) reduce the principal of, rate of interest on or any fees
with respect to any Loan or forgive any principal, interest (other than default interest) or fees (other than late charges) with
respect to any Loan; (B) postpone the date fixed for, or waive, any payment (other than any mandatory prepayment pursuant to Section
2.1(b)(ii)) of principal of any Loan, or of interest on any Loan (other than default interest) or any fees provided for hereunder
(other than late charges) or postpone the date of termination of any commitment of any Lender hereunder; (C) change the definition
of the term Required Lenders or the percentage of Lenders which shall be required for Lenders to take any action hereunder; (D)
release all or substantially all of the Collateral, authorize any Credit Party to sell or otherwise dispose of all or substantially
all of the Collateral, release any Guarantor of all or any portion of the Obligations or its Guarantee obligations with respect
thereto, or consent to a transfer of any of the Intellectual Property, except, in each case with respect to this clause (D), as
otherwise may be provided in this Agreement or the other Financing Documents (including in connection with any disposition permitted
hereunder); (E) amend, waive or otherwise modify this Section 11.16(b) or the definitions of the terms used in this Section 11.16(b)
insofar as the definitions affect the substance of this Section 11.16(b); (F) consent to the assignment, delegation or other transfer
by any Credit Party of any of its rights and obligations under any Financing Document or release any Credit Party of its payment
obligations under any Financing Document, except, in each case with respect to this clause (F), pursuant to a merger or consolidation
permitted pursuant to this Agreement; or (G) amend any of the provisions of Section 10.7 or amend any of the definitions Pro Rata
Share, Revolving Loan Commitment, Revolving Loan Commitment Amount, Revolving Loan Commitment Percentage or that provide for the
Lenders to receive their Pro Rata Shares of any fees, payments, setoffs or proceeds of Collateral hereunder. It is hereby understood
and agreed that all Lenders shall be deemed directly affected by an amendment, waiver or other modification of the type described
in the preceding clauses (C), (D), (E), (F) and (G) of the preceding sentence.

 

Section
11.17 Assignments and Participations.

 

(a)
Assignments.

 

(i)
Any Lender may at any time assign to one or more Eligible Assignees all or any portion of such Lender’s Loan together with
all related obligations of such Lender hereunder. Except as Agent may otherwise agree, the amount of any such assignment (determined
as of the date of the applicable Assignment Agreement or, if a “Trade Date” is specified in such Assignment Agreement,
as of such Trade Date) shall be in a minimum aggregate amount equal to $1,000,000 or, if less, the assignor’s entire interests
in the outstanding Loan; provided, however, that, in connection with simultaneous assignments to two or more related Approved
Funds, such Approved Funds shall be treated as one assignee for purposes of determining compliance with the minimum assignment
size referred to above. Credit Parties and Agent shall be entitled to continue to deal solely and directly with such Lender in
connection with the interests so assigned to an Eligible Assignee until Agent shall have received and accepted an effective Assignment
Agreement executed, delivered and fully completed by the applicable parties thereto and a processing fee of $3,500 to be paid
by the assigning Lender; provided, however, that only one processing fee shall be payable in connection with simultaneous
assignments to two or more related Approved Funds.

 

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(ii)
From and after the date on which the conditions described above have been met, (A) such Eligible Assignee shall be deemed automatically
to have become a party hereto and, to the extent of the interests assigned to such Eligible Assignee pursuant to such Assignment
Agreement, shall have the rights and obligations of a Lender hereunder, and (B) the assigning Lender, to the extent that rights
and obligations hereunder have been assigned by it pursuant to such Assignment Agreement, shall be released from its rights and
obligations hereunder (other than those that survive termination pursuant to Section 13.1). Upon the request of the Eligible Assignee
(and, as applicable, the assigning Lender) pursuant to an effective Assignment Agreement, each Borrower shall execute and deliver
to Agent for delivery to the Eligible Assignee (and, as applicable, the assigning Lender) Notes in the aggregate principal amount
of the Eligible Assignee’s Loan (and, as applicable, Notes in the principal amount of that portion of the principal amount
of the Loan retained by the assigning Lender). Upon receipt by the assigning Lender of such Note, the assigning Lender shall return
to Borrower Representative any prior Note held by it.

 

(iii)
Agent, acting solely for this purpose as an agent of Borrower, shall maintain at the office of its servicer located in Bethesda,
Maryland a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses of
each Lender, and the commitments of, and principal amount of the Loan owing to, such Lender pursuant to the terms hereof (the
“Register”). The entries in such Register shall be conclusive, absent manifest error, and Borrower, Agent and
Lenders may treat each Person whose name is recorded therein pursuant to the terms hereof as a Lender hereunder for all purposes
of this Agreement, notwithstanding notice to the contrary. Such Register shall be available for inspection by Borrower and any
Lender, at any reasonable time upon reasonable prior notice to Agent. Each Lender that sells a participation shall, acting solely
for this purpose as an agent of 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 Obligations (each, a “Participant Register”).
The entries in the Participant Registers shall be conclusive, absent manifest error. Each Participant Register shall be available
for inspection by Borrower and Agent at any reasonable time upon reasonable prior notice to the applicable Lender; 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 Financing Document) to any Person (including Borrower) 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. For the avoidance of doubt, Agent (in its capacity as Agent) shall have no responsibility
for maintaining a Participant Register.

 

(iv)
Notwithstanding the foregoing provisions of this Section 11.17(a) or any other provision of this Agreement, 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; provided, however, that
no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or
assignee for such Lender as a party hereto.

 

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(v)
Notwithstanding the foregoing provisions of this Section 11.17(a) or any other provision of this Agreement, Agent has the right,
but not the obligation, to effectuate assignments of Loan via an electronic settlement system acceptable to Agent as designated
in writing from time to time to the Lenders by Agent (the “Settlement Service”). At any time when Agent elects,
in its sole discretion, to implement such Settlement Service, each such assignment shall be effected by the assigning Lender and
proposed assignee pursuant to the procedures then in effect under the Settlement Service, which procedures shall be consistent
with the other provisions of this Section 11.17(a). Each assigning Lender and proposed Eligible Assignee shall comply with the
requirements of the Settlement Service in connection with effecting any assignment of Loan pursuant to the Settlement Service.
With the prior written approval of Agent, Agent’s approval of such Eligible Assignee shall be deemed to have been automatically
granted with respect to any transfer effected through the Settlement Service. Assignments and assumptions of the Loan shall be
effected by the provisions otherwise set forth herein until Agent notifies Lenders of the Settlement Service as set forth herein.

 

(b)
Participations. Any Lender may at any time, without the consent of, or notice to, any Credit Party or Agent, sell to one
or more Persons (other than any Credit Party or any Credit Party’s Affiliates) participating interests in its Loan, commitments
or other interests hereunder (any such Person, a “Participant”). In the event of a sale by a Lender of a participating
interest to a Participant, (i) such Lender’s obligations hereunder shall remain unchanged for all purposes, (ii) Credit
Parties and Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations hereunder, and (iii) all amounts payable by each Credit Party shall be determined as if such Lender had not sold such
participation and shall be paid directly to such Lender. Each Credit Party agrees that if amounts outstanding under this Agreement
are due and payable (as a result of acceleration or otherwise), each Participant shall be deemed to have the right of set-off
in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating
interest were owing directly to it as a Lender under this Agreement; provided, however, that such right of set-off shall
be subject to the obligation of each Participant to share with Lenders, and Lenders agree to share with each Participant, as provided
in Section 11.5.

 

(c)
Replacement of Lenders. Within thirty (30) days after: (i) receipt by Agent of notice and demand from any Lender for payment
of additional costs as provided in Section 2.8(h), which demand shall not have been revoked, (ii) any Credit Party is required
to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.8(a)
through (h), (iii) any Lender is a Defaulted Lender, and the circumstances causing such status shall not have been cured or waived;
or (iv) any failure by any Lender to consent to a requested amendment, waiver or modification to any Financing Document in which
Required Lenders have already consented to such amendment, waiver or modification but the consent of each Lender, or each Lender
affected thereby, is required with respect thereto (each relevant Lender in the foregoing clauses (i) through (iv) being an “Affected
Lender”) each of Borrower Representative and Agent may, at its option, notify such Affected Lender and, in the case
of Borrowers’ election, Agent, of such Person’s intention to obtain, at Borrowers’ expense, a replacement Lender
(“Replacement Lender”) for such Lender, which Replacement Lender shall be an Eligible Assignee and, in the
event the Replacement Lender is to replace an Affected Lender described in the preceding clause (iv), such Replacement Lender
consents to the requested amendment, waiver or modification making the replaced Lender an Affected Lender. In the event Borrowers
or Agent, as applicable, obtains a Replacement Lender within ninety (90) days following notice of its intention to do so, the
Affected Lender shall sell, at par, and assign all of its Loan and funding commitments hereunder to such Replacement Lender in
accordance with the procedures set forth in Section 11.17(a); provided, however, that (A) Borrowers shall have reimbursed
such Lender for its increased costs and additional payments for which it is entitled to reimbursement under Section 2.8(a) through
(h), as applicable, of this Agreement through the date of such sale and assignment, and (B) Borrowers shall pay to Agent the $3,500
processing fee in respect of such assignment. In the event that a replaced Lender does not execute an Assignment Agreement pursuant
to Section 11.17(a) within five (5) Business Days after receipt by such replaced Lender of notice of replacement pursuant to this
Section 11.17(c) and presentation to such replaced Lender of an Assignment Agreement evidencing an assignment pursuant to this
Section 11.17(c), such replaced Lender shall be deemed to have consented to the terms of such Assignment Agreement, and any such
Assignment Agreement executed by Agent, the Replacement Lender and, to the extent required pursuant to Section 11.17(a), Credit
Parties, shall be effective for purposes of this Section 11.17(c) and Section 11.17(a). Upon any such assignment and payment,
such replaced Lender shall no longer constitute a “Lender” for purposes hereof, other than with respect to
such rights and obligations that survive termination as set forth in Section 13.1.

 

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(d)
Credit Party Assignments. No Credit Party may assign, delegate or otherwise transfer any of its rights or other obligations
hereunder or under any other Financing Document without the prior written consent of Agent and each Lender.

 

Section
11.18 Funding and Settlement Provisions Applicable When Non-Funding Lenders Exist. So long as Agent has not waived the
conditions to the funding of Loans set forth in Section 7.2 or Section 2.1, any Lender may deliver a notice to Agent stating that
such Lender shall cease making Revolving Loans due to the non-satisfaction of one or more conditions to funding Loans set forth
in Section 7.2 or Section 2.1, and specifying any such non-satisfied conditions. Any Lender delivering any such notice shall become
a non-funding Lender (a “Non-Funding Lender”) for purposes of this Agreement commencing on the Business Day
following receipt by Agent of such notice, and shall cease to be a Non-Funding Lender on the date on which such Lender has either
revoked the effectiveness of such notice or acknowledged in writing to each of Agent the satisfaction of the condition(s) specified
in such notice, or Required Lenders waive the conditions to the funding of such Loans giving rise to such notice by Non-Funding
Lender. Each Non-Funding Lender shall remain a Lender for purposes of this Agreement to the extent that such Non-Funding Lender
has Revolving Loan Outstanding in excess of Zero Dollars ($0); provided, however, that during any period of time that any
Non-Funding Lender exists, and notwithstanding any provision to the contrary set forth herein, the following provisions shall
apply:

 

(a)
For purposes of determining the Pro Rata Share of each Lender under clause (b) of the definition of such term, each Non-Funding
Lender shall be deemed to have a Revolving Loan Commitment Amount as in effect immediately before such Lender became a Non-Funding
Lender.

 

(b)
Except as provided in clause (a) above, the Revolving Loan Commitment Amount of each Non-Funding Lender shall be deemed to be
Zero Dollars ($0).

 

(c)
The Revolving Loan Commitment at any date of determination during such period shall be deemed to be equal to the sum of (i) the
aggregate Revolving Loan Commitment Amounts of all Lenders, other than the Non-Funding Lenders as of such date plus (ii)
the aggregate Revolving Loan Outstandings of all Non-Funding Lenders as of such date.

 

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(d)
Agent shall have no right to make or disburse Revolving Loans for the account of any Non-Funding Lender pursuant to Section 2.1(b)(i)
to pay interest, fees, expenses and other charges of any Credit Party.

 

(e)
To the extent that Agent applies proceeds of Collateral or other payments received by Agent to repayment of Revolving Loans pursuant
to Section 10.7, such payments and proceeds shall be applied first in respect of Revolving Loans made at the time any Non-Funding
Lenders exist, and second in respect of all other outstanding Revolving Loans.

 

Article
12 – Guaranty

 

Section
12.1 Guaranty. Each Guarantor hereby unconditionally guarantees, as a primary obligor and not merely as a surety, jointly
and severally with each other Guarantor when and as due, whether at maturity, by acceleration, by notice of prepayment or otherwise,
the due and punctual performance of all of the Obligations, including payment in full of the principal, accrued but unpaid interest
and all other amounts due and owing to the Agent and Lenders under the Loans and (b) indemnifies each Lender immediately on demand
against any cost, loss or liability suffered by such Lender if any obligations guaranteed by it are or become unenforceable, invalid,
voided, avoid or illegal, the amount of which such cost, loss or liability shall be equal to the amount which such Lender would
otherwise be entitled to recover. Each payment made by any Guarantor pursuant to this Article 12 shall be made in lawful money
of the United States in immediately available funds.

 

Section
12.2 Payment of Amounts Owed. The Guarantee hereunder is an absolute, unconditional and continuing guarantee of the full
and punctual payment and performance of all of the Obligations and not of their collectability only and is in no way conditioned
upon any requirement that the Agent or any Lender first attempt to collect any of the Obligations from any Borrower or resort
to any collateral security or other means of obtaining payment. In the event of any default by Borrowers in the payment of the
Obligations, after the expiration of any applicable cure or grace period, each Guarantor agrees, on demand by Agent (which demand
may be made concurrently with notice to Borrowers that the Borrowers are in default of their obligations), to pay the Obligations,
regardless of any defense, right of set-off or recoupment or claims which any Borrower or Guarantor may have against Agent or
Lenders or the holder of the Notes. All of the remedies set forth in this Agreement, in any other Financing Document or at law
or equity shall be equally available to Agent and Lenders, and the choice by Agent or Lenders of one such alternative over another
shall not be subject to question or challenge by any Guarantor or any other person, nor shall any such choice be asserted as a
defense, setoff, recoupment or failure to mitigate damages in any action, proceeding, or counteraction by Agent or Lenders to
recover or seeking any other remedy under this Guarantee, nor shall such choice preclude Agent or Lenders from subsequently electing
to exercise a different remedy.

 

Section
12.3 Certain Waivers by Guarantor. To the fullest extent permitted by law, each Guarantor does hereby: waive notice of
acceptance of this Agreement by Agent and Lenders and any and all notices and demands of every kind which may be required to be
given by any statute, rule or law;

 

(a)agree
to refrain from asserting, until after repayment in full of the Obligations, any defense, right of set-off, right of recoupment or other
claim which such Guarantor may have against any Borrower; 

 

(b)
waive any defense, right of set-off, right of recoupment or other claim which such Guarantor may have against Agent, Lenders or
the holder of the Notes;

 

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(c)
waive any and all rights such Guarantor may have under any anti-deficiency statute or other similar protections;

 

(d)
waive all rights at law or in equity to seek subrogation, contribution, indemnification or any other form of reimbursement or
repayment from any Borrower, any other Guarantor or any other person or entity now or hereafter primarily or secondarily liable
for any of the Obligations until the Obligations have been paid in full;

 

(e)
waive presentment for payment, demand for payment, notice of nonpayment or dishonor, protest and notice of protest, diligence
in collection and any and all formalities which otherwise might be legally required to charge such Guarantor with liability;

 

(f)
waive the benefit of all appraisement, valuation, marshalling, forbearance, stay, extension, redemption, homestead, exemption
and moratorium laws now or hereafter in effect;

 

(g)
waive any defense based on the incapacity, lack of authority, death or disability of any other person or entity or the failure
of Agent or Lenders to file or enforce a claim against the estate of any other person or entity in any administrative, bankruptcy
or other proceeding;

 

(h)
waive any defense based on an election of remedies by Agent or Lenders, whether or not such election may affect in any way the
recourse, subrogation or other rights of such Guarantor against any Borrower, any other Guarantor or any other person in connection
with the Obligations;

 

(i)
waive any defense based on the failure of the Agent or Lenders to (i) provide notice to such Guarantor of a sale or other disposition
of any of the security for any of the Obligations, or (ii) conduct such a sale or disposition in a commercially reasonable manner;

 

(j)
waive any defense based on the negligence of Agent or Lenders in administering this Agreement or the other Financing Documents
(including, but not limited to, the failure to perfect any security interest in any Collateral), or taking or failing to take
any action in connection therewith, provided, however, that such waiver shall not apply to the gross negligence or willful
misconduct of the Agent or Lenders, as determined by the final, non-appealable decision of a court having proper jurisdiction;

 

(k)
waive the defense of expiration of any statute of limitations affecting the liability of such Guarantor hereunder or the enforcement
hereof;

 

(l)
waive any right to file any Claim (as defined below) as part of, and any right to request consolidation of any action or proceeding
relating to a Claim with, any action or proceeding filed or maintained by Agent or Lenders to collect any Obligations of such
Guarantor to Agent or Lenders hereunder or to exercise any rights or remedies available to Agent or Lenders under the Financing
Documents, at law, in equity or otherwise;

 

(m)
agree that neither Agent nor Lenders shall have any obligation to obtain, perfect or retain a security interest in any property
to secure any of the Obligations (including any mortgage or security interest contemplated by the Financing Documents), or to
protect or insure any such property;

 

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(n)
waive any obligation Agent or Lenders may have to disclose to such Guarantor any facts the Agent or Lenders now or hereafter may
know or have reasonably available to it regarding the Borrowers or Borrowers’ financial condition, whether or not the Agent
or Lenders have a reasonable opportunity to communicate such facts or have reason to believe that any such facts are unknown to
such Guarantor or materially increase the risk to such Guarantor beyond the risk such Guarantor intends to assume hereunder;

 

(o)
agree that neither Agent nor Lenders shall be liable in any way for any decrease in the value or marketability of any property
securing any of the Obligations which may result from any action or omission of the Agent or Lenders in enforcing any part of
this Agreement;

 

(p)
waive any defense based on any invalidity, irregularity or unenforceability, in whole or in part, of any one or more of the Financing
Documents;

 

(q)
waive any defense based on any change in the composition of Borrowers, and

 

(r)
waive any defense based on any representations and warranties made by such Guarantor herein or by any Borrower herein or in any
of the Financing Documents.

 

For
purposes of this section, the term “Claim” shall mean any claim, action or cause of action, defense, counterclaim,
set-off or right of recoupment of any kind or nature against the Agent or Lenders, its officers, directors, employees, agents,
members, actuaries, accountants, trustees or attorneys, or any affiliate of the Agent or Lenders in connection with the making,
closing, administration, collection or enforcement by the Agent or Lenders of the Obligations.

 

Section
12.4 Guarantor’s Obligations Not Affected by Modifications of Financing Documents. Each Guarantor further agrees
that such Guarantor’s liability as guarantor shall not be impaired or affected by any renewals or extensions which may be
made from time to time, with or without the knowledge or consent of Guarantor for the time for payment of interest or principal
or by any forbearance or delay in collecting interest or principal hereunder, or by any waiver by Agent or Lenders under this
Agreement or any other Financing Documents, or by Agent’s or Lenders’ failure or election not to pursue any other
remedies it may have against any Borrower or Guarantor, or by any change or modification in the Notes, this Agreement or any other
Financing Document, or by the acceptance by Agent or Lenders of any additional security or any increase, substitution or change
therein, or by the release by Agent or Lenders of any security or any withdrawal thereof or decrease therein, or by the application
of payments received from any source to the payment of any obligation other than the Obligations even though Agent or Lenders
might lawfully have elected to apply such payments to any part or all of the Obligations, it being the intent hereof that, subject
to Agent’s or Lenders’ compliance with the terms of this Article 12 and the Financing Documents, each Guarantor shall
remain liable for the payment of the Obligations, until the Obligations have been paid in full, notwithstanding any act or thing
which might otherwise operate as a legal or equitable discharge of a surety. Each Guarantor further understands and agrees that
Agent or Lenders may at any time enter into agreements with Borrowers to amend, modify and/or increase the principal amount of,
interest rate applicable to or other economic and non-economic terms of this Agreement or the other Financing Documents, and may
waive or release any provision or provisions of this Agreement or the other Financing Documents, and, with reference to such instruments,
may make and enter into any such agreement or agreements as Agent, Lenders and Borrowers may deem proper and desirable, without
in any manner impairing this Guarantee or any of Agent’s or Lenders’ rights hereunder or each Guarantor’s obligations
hereunder, and each Guarantor’s obligations hereunder shall apply to the this Agreement and other Financing Documents as
so amended, modified, extended, renewed or increased.

 

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Section
12.5 Reinstatement; Deficiency. This guaranty shall continue to be effective or be reinstated (as the case may be) if at
any time payment of all or any part of any sum payable pursuant to this Agreement or any other Financing Document is rescinded
or otherwise required to be returned by Agent or Lenders upon the insolvency, bankruptcy, dissolution, liquidation, or reorganization
of any Borrower, or upon or as a result of the appointment of a receiver, intervenor, custodian or conservator of or trustee or
similar officer for, any Borrower or any substantial part of its property, or otherwise, all as though such payment to Agent or
Lenders had not been made, regardless of whether Agent or Lenders contested the order requiring the return of such payment. In
the event of the foreclosure of the Financing Documents and of a deficiency, each Guarantor hereby promises and agrees forthwith
to pay the amount of such deficiency notwithstanding the fact that recovery of said deficiency against Borrowers would not be
allowed by applicable law; however, the foregoing shall not be deemed to require that Agent or Lenders institute foreclosure proceedings
or otherwise resort to or exhaust any other collateral or security prior to or concurrently with enforcing this guaranty.

 

Section
12.6 Subordination of Borrowers’ Obligations to Guarantors; Claims in Bankruptcy.

 

(a)
Any indebtedness of any Borrower to any Guarantor (including, but not limited to, any right of such Guarantor to a return of any
capital contributed to a Borrower), whether now or hereafter existing, is hereby subordinated to the payment of the Obligations.
Each Guarantor agrees that, until the Obligations have been paid in full, such Guarantor will not seek, accept, or retain for
its own account, any payment from any Borrower on account of such subordinated debt. Any payments to any Guarantor on account
of such subordinated debt shall be collected and received by such Guarantor in trust for Agent and Lenders and shall be immediately
paid over to Agent, for the benefit of Agent and Lenders, on account of the Obligations without impairing or releasing the obligations
of such Guarantor hereunder.

 

(b)
Each Guarantor shall promptly file in any bankruptcy or other proceeding in which the filing of claims is required by law, all
claims and proofs of claims that such Guarantor may have against any Borrower or any other Guarantor and does hereby assign to
Agent or its nominee (and will, upon request of Agent, reconfirm in writing the assignment to Agent or its nominee of) all rights
of such Guarantor under such claims. If such Guarantor does not file any such claim, Agent, as attorney-in-fact for such Guarantor,
is hereby irrevocably authorized to do so in the name of such Guarantor, or in Agent’s discretion, to assign the claim to
a designee and cause proof of claim to be filed in the name of Agent’s designee. In all such cases, whether in administration,
bankruptcy or otherwise, the person or persons authorized to pay such claim shall pay to Agent, for the benefit of Agent and Lenders,
the full amount thereof and, to the full extent necessary for that purpose, each Guarantor hereby assigns to the Lenders all of
such Guarantor’s rights to any such payments or distributions to which such Guarantor would otherwise be entitled, such
assignment being a present and irrevocable assignment of all such rights.

 

Section
12.7 Maximum Liability. The provisions of this Article 12 are severable, and in any action or proceeding involving any
state corporate law, or any state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights
of creditors generally, if the obligations of any Guarantor under this Article 12 would otherwise be held or determined to be
avoidable, invalid or unenforceable on account of the amount of such Guarantor’s liability under this Article 12, then,
notwithstanding any other provision of this Article 12 to the contrary, the amount of such liability shall, without any further
action by the Guarantors or the Agent or any Lender, be automatically limited and reduced to the highest amount that is valid
and enforceable as determined in such action or proceeding (such highest amount determined hereunder being the relevant Guarantor’s
“Maximum Liability”). This Section 12.7 with respect to the Maximum Liability of each Guarantor is intended
solely to preserve the rights of the Agent and the Lenders to the maximum extent not subject to avoidance under applicable law,
and no Guarantor nor any other Person shall have any right or claim under this Section 12.7 with respect to such Maximum Liability,
except to the extent necessary so that the obligations of any Guarantor hereunder shall not be rendered voidable under applicable
law. Each Guarantor agrees that the Obligations may at any time and from time to time exceed the Maximum Liability of each Guarantor
without impairing this guaranty or affecting the rights and remedies of the Agent or the Lenders hereunder, provided that, nothing
in this sentence shall be construed to increase any Guarantor’s obligations hereunder beyond its Maximum Liability.

 

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Section
12.8 Guarantor’s Investigation. Each Guarantor acknowledges receipt of a copy of each of this Agreement and the other
Financing Documents. Each Guarantor has made an independent investigation of the other Credit Parties and of the financial condition
of the other Credit Parties. Neither Agent nor any Lender has made and neither Agent nor any Lender does make any representations
or warranties as to the income, expense, operation, finances or any other matter or thing affecting any Credit Party nor has Agent
or any Lender made any representations or warranties as to the amount or nature of the Obligations of any Credit Party to which
this Article 12 applies as specifically herein set forth, nor has Agent or any Lender or any officer, agent or employee of Agent
or any Lender or any representative thereof, made any other oral representations, agreements or commitments of any kind or nature,
and each Guarantor hereby expressly acknowledges that no such representations or warranties have been made and such Guarantor
expressly disclaims reliance on any such representations or warranties.

 

Section
12.9 Termination. The provisions of this Article 12 shall remain in effect until this Agreement has terminated pursuant
to its terms and all Obligations (other than inchoate indemnity and reimbursement obligations for which no claim has been made
and any other obligations which, by their terms, are to survive the termination of this Agreement) have been paid and satisfied
in full.

 

Section
12.10 Representative. Each Guarantor hereby designates Borrower Representative and its representatives and agents on its
behalf for the purpose of giving and receiving all notices and other consents hereunder or under any other Financing Document
and taking all other actions on behalf of such Guarantor under the Financing Documents. Borrower Representative hereby accepts
such appointment.

 

Section
12.11 Guarantor Acknowledgement. Without limiting the generality of the foregoing, each Guarantor, by its acceptance of
this Guarantee, hereby confirms that, except for Holdings, it is a Subsidiary of a Borrower, and each Guarantor further confirms
that it will materially benefit from the Loans made hereunder and the parties hereto intend that this Guarantee not constitute
a fraudulent transfer or conveyance for purposes of the Bankruptcy Law (as defined below), the Uniform Fraudulent Conveyance Act,
the Uniform Fraudulent Transfer Act or any similar federal, state or foreign law to the extent applicable to this Guarantee. In
furtherance of that intention, the liabilities of each Guarantor under this Guarantee (the “Liabilities”) shall
be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities
of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution
from or payments made by or on behalf of any other Person with respect to the Liabilities, result in the Liabilities of such Guarantor
under this Guarantee not constituting a fraudulent transfer or conveyance. For purposes hereof, “Bankruptcy Law”
means the United States Bankruptcy Code, or any similar federal, state or foreign law for the relief of debtors. This paragraph
with respect to the maximum liability of each Guarantor is intended solely to preserve the rights of the holders, to the maximum
extent not subject to avoidance under applicable law, and neither a Guarantor nor any other Person shall have any right or claim
under this paragraph with respect to such maximum liability, except to the extent necessary so that the obligations of a Guarantor
hereunder shall not be rendered voidable under applicable law. Each Guarantor agrees that the Obligations guaranteed hereunder
may at any time and from time to time exceed the maximum liability of such Guarantor without impairing this Guarantee or affecting
the rights and remedies of the holders hereunder; provided that nothing in this sentence shall be construed to increase such Guarantor’s
obligations hereunder beyond its maximum liability.

 

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Article
13 - MISCELLANEOUS

 

Section
13.1 Survival. All agreements, representations and warranties made herein and in every other Financing Document shall survive
the execution and delivery of this Agreement and the other Financing Documents. The provisions of Section 2.10 and Articles 11
and 13 shall survive the payment of the Obligations (both with respect to any Lender and all Lenders collectively) and any termination
of this Agreement and any judgment with respect to any Obligations, including any final foreclosure judgment with respect to any
Security Document, and no unpaid or unperformed, current or future, Obligations will merge into any such judgment.

 

Section
13.2 No Waivers. No failure or delay by Agent or any Lender in exercising any right, power or privilege under any Financing
Document shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and remedies herein and therein provided shall be cumulative
and not exclusive of any rights or remedies provided by law. Any reference in any Financing Document to the “continuing”
nature of any Event of Default shall not be construed as establishing or otherwise indicating that any Borrower or any other Credit
Party has the independent right to cure any such Event of Default, but is rather presented merely for convenience should such
Event of Default be waived in accordance with the terms of the applicable Financing Documents.

 

Section
13.3 Notices.

 

(a)
All notices, requests and other communications to any party hereunder shall be in writing (including prepaid overnight courier,
facsimile transmission or similar writing) and shall be given to such party at its address, facsimile number or e-mail address
set forth on the signature pages hereof (or, in the case of any such Lender who becomes a Lender after the date hereof, in an
assignment agreement or in a notice delivered to Borrower Representative and Agent by the assignee Lender forthwith upon such
assignment) or at such other address, facsimile number or e-mail address as such party may hereafter specify for the purpose by
notice to Agent and Borrower Representative; provided, however, that notices, requests or other communications shall
be permitted by electronic means only in accordance with the provisions of Section 13.3(b) and (c). Each such notice, request
or other communication shall be effective (i) if given by facsimile, when such notice is transmitted to the facsimile number specified
by this Section and the sender receives a confirmation of transmission from the sending facsimile machine, or (ii) if given by
mail, prepaid overnight courier or any other means, when received or when receipt is refused at the applicable address specified
by this Section 13.3(a).

 

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(b)
Notices and other communications to the parties hereto may be delivered or furnished by electronic communication (including e-mail
and internet or intranet websites) pursuant to procedures approved from time to time by Agent, provided, however,
that the foregoing shall not apply to notices sent directly to any Lender if such Lender has notified Agent that it is incapable
of receiving notices by electronic communication. Agent or Borrower Representative may, in their discretion, agree to accept notices
and other communications to them hereunder by electronic communications pursuant to procedures approved by it, provided,
however, that approval of such procedures may be limited to particular notices or communications.

 

(c)
Unless Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon
the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgment), 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, however, that if any such notice or other communication is not sent or posted during normal
business hours, such notice or communication shall be deemed to have been sent at the opening of business on the next Business
Day.

 

Section
13.4 Severability. In case any provision of or obligation under this Agreement or any other Financing Document shall be
invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

Section
13.5 Headings. Headings and captions used in the Financing Documents (including the Exhibits, Schedules and Annexes hereto
and thereto) are included for convenience of reference only and shall not be given any substantive effect.

 

Section
13.6 Confidentiality. Agent and each Lender shall hold all non-public information regarding the Credit Parties and their
respective businesses identified as such by Credit Parties and obtained by Agent or any Lender pursuant to the requirements hereof
in accordance with such Person’s customary procedures for handling information of such nature, except that disclosure of
such information may be made (i) to their respective agents, employees, Subsidiaries, Affiliates, attorneys, auditors, professional
consultants, rating agencies, insurance industry associations and portfolio management services, (ii) to prospective transferees
or purchasers of any interest in the Loans, Agent or a Lender, provided, however, that any such Persons are bound
by obligations of confidentiality, (iii) as required by Law, subpoena, judicial order or similar order and in connection with
any Litigation, (iv) as may be required in connection with the examination, audit or similar investigation of such Person, and
(v) to a Person that is a trustee, investment advisor or investment manager, collateral manager, servicer, noteholder or secured
party in a Securitization (as hereinafter defined) in connection with the administration, servicing and reporting on the assets
serving as collateral for such Securitization. For the purposes of this Section, “Securitization” means (A)
the pledge of the Loans as collateral security for loans to a Lender, or (B) a public or private offering by a Lender or any of
its Affiliates or their respective successors and assigns, of securities which represent an interest in, or which are collateralized,
in whole or in part, by the Loans. Confidential information shall include only such information identified as such at the time
provided to Agent and shall not include information that either: (y) is in the public domain, or becomes part of the public domain
after disclosure to such Person through no fault of such Person, or (z) is disclosed to such Person by a Person other than a Credit
Party, provided, however, Agent does not have actual knowledge that such Person is prohibited from disclosing such
information. The obligations of Agent and Lenders under this Section 13.6 shall supersede and replace the obligations of Agent
and Lenders under any confidentiality agreement in respect of this financing executed and delivered by Agent or any Lender prior
to the date hereof.

 

    	106

    	 

    

 

Section
13.7 Waiver of Consequential and Other Damages. To the fullest extent permitted by applicable law, no Credit Party shall
assert, and each Credit Party hereby waives, any claim against any Indemnitee (as defined below), on any theory of liability,
for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of this Agreement, any other Financing Document or any agreement or instrument contemplated hereby or thereby,
the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnitee shall be liable for
any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Financing Documents or the
transactions contemplated hereby or thereby.

 

Section
13.8 GOVERNING LAW; SUBMISSION TO JURISDICTION.

 

(a)
THIS AGREEMENT, EACH NOTE AND EACH OTHER FINANCING DOCUMENT, AND ALL DISPUTES AND OTHER MATTERS RELATING HERETO OR THERETO OR
ARISING THEREFROM (WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE), SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES (OTHER THAN SECTION
5-1401 OF THE GENERAL OBLIGATIONS LAW).

 

(b)
EACH PARTY HERETO HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED
in the State of New York in the City of New York, Borough of Manhattan, AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER FINANCING DOCUMENTS SHALL BE LITIGATED IN SUCH COURTS. EACH PARTY
HERETO EXPRESSLY SUBMITS AND CONSENTS TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS.
EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE
UPON SUCH PARTY BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO SUCH PARTY AT THE ADDRESS SET FORTH IN
THIS AGREEMENT AND SERVICE SO MADE SHALL BE COMPLETE TEN (10) DAYS AFTER THE SAME HAS BEEN POSTED.

 

Section
13.9 WAIVER OF JURY TRIAL. EACH CREDIT PARTY, AGENT AND THE LENDERS HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE FINANCING DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED
THEREBY AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. EACH CREDIT PARTY,
AGENT AND EACH LENDER ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH
HAS RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THE OTHER FINANCING DOCUMENTS, AND THAT EACH WILL CONTINUE TO RELY
ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH CREDIT PARTY, AGENT AND EACH LENDER WARRANTS AND REPRESENTS THAT IT HAS
HAD THE OPPORTUNITY OF REVIEWING THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS.

 

    	107

    	 

    

 

Section
13.10 Publication; Advertisement.

 

(a)
Publication. No Credit Party will directly or indirectly publish, disclose or otherwise use in any public disclosure, advertising
material, promotional material, press release or interview, any reference to the name, logo or any trademark of MCF or any of
its Affiliates or any reference to this Agreement or the financing evidenced hereby, in any case except (i) as required by Law,
subpoena or judicial or similar order, in which case, except with respect to filings required to be made under applicable securities
Laws, the applicable Credit Party shall give Agent prior written notice of such publication or other disclosure, or (ii) with
MCF’s prior written consent.

 

(b)
Advertisement. Each Lender and each Credit Party hereby authorizes MCF to publish the name of such Lender and Credit Party,
the existence of the financing arrangements referenced under this Agreement, the primary purpose and/or structure of those arrangements,
the amount of credit extended under each facility, the title and role of each party to this Agreement, and the total amount of
the financing evidenced hereby in any “tombstone”, comparable advertisement or press release which MCF elects to submit
for publication. In addition, each Lender and each Credit Party agrees that MCF may provide lending industry trade organizations
with information necessary and customary for inclusion in league table measurements after the Closing Date. With respect to any
of the foregoing, MCF shall provide Borrowers with an opportunity to review and confer with MCF regarding the contents of any
such tombstone, advertisement or information, as applicable, prior to its submission for publication and, following such review
period, MCF may, from time to time, publish such information in any media form desired by MCF, until such time that Borrowers
shall have requested MCF cease any such further publication.

 

Section
13.11 Counterparts; Integration. This Agreement and the other Financing Documents may be signed in any number of counterparts,
each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
Signatures by facsimile or by electronic mail delivery of an electronic version of any executed signature page shall bind the
parties hereto. In furtherance of the foregoing, the words “execution”, “signed”,
“signature”, “delivery” and words of like import in or relating to any document to be signed in connection
with this Agreement and the transactions contemplated hereby or thereby shall be deemed to include Electronic Signatures, deliveries
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to
the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act. As used herein, “Electronic Signature” means an electronic sound, symbol, or process attached
to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such
contract or other record. This Agreement and the other Financing Documents constitute the entire agreement and understanding
among the parties hereto and supersede any and all prior agreements and understandings, oral or written, relating to the subject
matter hereof.

 

Section
13.12 No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement.
In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly
by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provisions of this Agreement.

 

    	108

    	 

    

 

Section
13.13 Lender Approvals. Unless expressly provided herein to the contrary, any approval, consent, waiver or satisfaction
of Agent or Lenders with respect to any matter that is the subject of this Agreement, the other Financing Documents may be granted
or withheld by Agent and Lenders in their sole and absolute discretion and credit judgment.

 

Section
13.14 Expenses; Indemnity

 

(a)
Except with respect to Indemnified Taxes, Other Taxes and Excluded Taxes, which shall be
governed exclusively by Section 2.8, Credit Parties hereby agree to promptly pay (i) all costs and expenses of Agent (including,
without limitation, the fees, costs and expenses of counsel to, and independent appraisers and consultants retained by Agent)
in connection with the examination, review, due diligence investigation, documentation, negotiation, closing and syndication of
the transactions contemplated by the Financing Documents, in connection with the performance by Agent of its rights and remedies
under the Financing Documents and in connection with the continued administration of the Financing Documents including (A) any
amendments, modifications, consents and waivers to and/or under any and all Financing Documents, and (B) any periodic public record
searches conducted by or at the request of Agent (including, without limitation, title investigations, UCC searches, fixture filing
searches, judgment, pending Litigation and tax lien searches and searches of applicable corporate, limited liability, partnership
and related records concerning the continued existence, organization and good standing of certain Persons); (ii) without limitation
of the preceding clause (i), all costs and expenses of Agent in connection with the creation, perfection and maintenance of Liens
pursuant to the Financing Documents; (iii) without limitation of the preceding clause (i), all costs and expenses of Agent in
connection with (A) protecting, storing, insuring, handling, maintaining or selling any Collateral, (B) any Litigation, dispute,
suit or proceeding relating to any Financing Document, and (C) any workout, collection, bankruptcy, insolvency and other enforcement
proceedings under any and all of the Financing Documents; (iv) without limitation of the preceding clause (i), all costs and expenses
of Agent in connection with Agent’s reservation of funds in anticipation of the funding of the initial Loans to be made
hereunder; and (v) all costs and expenses incurred by Lenders in connection with any Litigation, dispute, suit or proceeding relating
to any Financing Document and in connection with any workout, collection, bankruptcy, insolvency and other enforcement proceedings
under any and all Financing Documents, whether or not Agent or Lenders are a party thereto. If Agent or any Lender uses in-house
counsel for any of these purposes, Credit Parties further agree that the Obligations include reasonable charges for such work
commensurate with the fees that would otherwise be charged by outside legal counsel selected by Agent or such Lender for the work
performed.

 

    	109

    	 

    

 

(b)
Each Credit Party hereby agrees to indemnify, pay and hold harmless Agent and Lenders and the officers, directors, employees,
trustees, agents, investment advisors and investment managers, collateral managers, servicers, and counsel of Agent and Lenders
(collectively called the “Indemnitees”) from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the
fees and disbursements of counsel for such Indemnitee) in connection with any investigative, response, remedial, administrative
or judicial matter or proceeding, whether or not such Indemnitee shall be designated a party thereto and including any such proceeding
initiated by or on behalf of a Credit Party, and the reasonable expenses of investigation by engineers, environmental consultants
and similar technical personnel and any commission, fee or compensation claimed by any broker (other than any broker retained
by Agent or Lenders) asserting any right to payment for the transactions contemplated hereby, which may be imposed on, incurred
by or asserted against such Indemnitee as a result of or in connection with the transactions contemplated hereby or by the other
Financing Documents (including (i)(A) as a direct or indirect result of the presence on or under, or escape, seepage, leakage,
spillage, discharge, emission or release from, any property now or previously owned, leased or operated by a Credit Party, any
Subsidiary or any other Person of any Hazardous Materials, (B) arising out of or relating to the offsite disposal of any materials
generated or present on any such property, or (C) arising out of or resulting from the environmental condition of any such property
or the applicability of any governmental requirements relating to Hazardous Materials, whether or not occasioned wholly or in
part by any condition, accident or event caused by any act or omission of a Credit Party or any Subsidiary, and (ii) proposed
and actual extensions of credit under this Agreement) and the use or intended use of the proceeds of the Loans, except that Credit
Parties shall have no obligation hereunder to an Indemnitee with respect to any liability resulting from the gross negligence
or willful misconduct of such Indemnitee, as determined by a final non-appealable judgment of a court of competent jurisdiction.
To the extent that the undertaking set forth in the immediately preceding sentence may be unenforceable, Credit Parties shall
contribute the maximum portion which it is permitted to pay and satisfy under applicable Law to the payment and satisfaction of
all such indemnified liabilities incurred by the Indemnitees or any of them. This Section 13.14(b) shall not apply with respect
to Taxes other than any Taxes that represent liabilities, obligations, losses, damages, claims etc. arising from any non-Tax claim.

 

(c)
Notwithstanding any contrary provision in this Agreement, the obligations of Credit Parties under this Section 13.14 shall survive
the payment in full of the Obligations and the termination of this Agreement. NO INDEMNITEE SHALL BE RESPONSIBLE OR LIABLE TO
THE CREDIT PARTIES OR TO ANY OTHER PARTY TO ANY FINANCING DOCUMENT, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY BENEFICIARY OR ANY
OTHER PERSON ASSERTING CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES WHICH
MAY BE ALLEGED AS A RESULT OF CREDIT HAVING BEEN EXTENDED, SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR ANY OTHER FINANCING
DOCUMENT OR AS A RESULT OF ANY OTHER TRANSACTION CONTEMPLATED HEREUNDER OR THEREUNDER.

 

Section
13.15 reserved.

 

Section
13.16 Reinstatement. This Agreement shall remain in full force and effect and continue to be effective should any petition
or other proceeding be filed by or against any Credit Party for liquidation or reorganization, should any Credit Party become
insolvent or make an assignment for the benefit of any creditor or creditors or should an interim receiver, receiver, receiver
and manager or trustee be appointed for all or any significant part of any Credit Party’s assets, and shall continue to
be effective or to be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part thereof,
is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the
Obligations, whether as a fraudulent preference reviewable transaction or otherwise, all as though such payment or performance
had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations
shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 

Section
13.17 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Credit Parties and Agent
and each Lender and their respective successors and permitted assigns.

 

    	110

    	 

    

 

Section
13.18 USA PATRIOT Act Notification. Agent (for itself and not on behalf of any Lender) and each Lender hereby notifies
Credit Parties that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record certain information
and documentation that identifies Credit Parties, which information includes the name and address of the Credit Parties and such
other information that will allow Agent or such Lender, as applicable, to identify Credit Parties in accordance with the USA PATRIOT
Act.

 

Section
13.19 Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary
in any Financing Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any Affected Financial Institution arising under any Financing 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 Financing 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.

 

Section
13.20 Cross Default and Cross Collateralization.

 

(a)
Cross-Default. As stated under Section 10.1 hereof, an Event of Default under any of the Affiliated Financing Documents
shall be an Event of Default under this Agreement. In addition, a Default or Event of Default under any of the Financing Documents
shall be a Default under the Affiliated Financing Documents.

 

(b)
Cross Collateralization. Credit Parties acknowledge and agree that the Collateral securing this Loan, also secures the Affiliated
Obligations.

 

(c)
Consent. Each Credit Party authorizes Agent, without giving notice to any Credit Party or obtaining the consent of any Credit
Party and without affecting the liability of any Credit Party for the Affiliated Obligations directly incurred by the Credit Parties,
from time to time to:

 

(i)
compromise, settle, renew, extend the time for payment, change the manner or terms of payment, discharge the performance of, decline
to enforce, or release all or any of the Affiliated Obligations; grant other indulgences to any Borrowers or Guarantors in respect
thereof; or modify in any manner any documents relating to the Affiliated Obligations;

 

    	111

    	 

    

 

(ii)
declare all Affiliated Obligations due and payable upon the occurrence and during the continuance of an Event of Default;

 

(iii)
take and hold security for the performance of the Affiliated Obligations of any Borrowers or Guarantors and exchange, enforce,
waive and release any such security;

 

(iv)
apply and reapply such security and direct the order or manner of sale thereof as Agent, in its sole discretion, may determine;

 

(v)
release, surrender or exchange any deposits or other property securing the Affiliated Obligations or on which Agent at any time
may have a Lien; release, substitute or add any one or more endorsers or guarantors of the Affiliated Obligations of any Borrowers
or Guarantors; or compromise, settle, renew, extend the time for payment, discharge the performance of, decline to enforce, or
release all or any obligations of any such endorser or guarantor or other Person who is now or may hereafter be liable on any
Affiliated Obligations or release, surrender or exchange any deposits or other property of any such Person;

 

(vi)
apply payments received by Lender from Credit Parties to any Obligations or Affiliated Obligations, as permitted in accordance
with the terms of this Agreement and in such order as Lender shall determine, in its sole discretion; and

 

(vii)
assign the Affiliated Financing Documents in whole or in part

 

[SIGNATURES
APPEAR ON FOLLOWING PAGE(S)]

 

    	112

    	 

    

 

IN
WITNESS WHEREOF, intending to be legally bound, each of the parties have caused this Agreement to be executed as of the day
and year first above mentioned.

 

	BORROWERS:	XTANT
    MEDICAL, INC.
	 	 	 
	 	By:	/s/
    Greg Jensen
	 	Name: 	Greg
    Jensen
	 	Title:
    	Chief
    Financial Officer

 

	 	Address:
	 	 	 
	 	664 Cruiser Lane
	 	Belgrade, MT 59714
	 	Attn:
    	Greg
    Jensen
	 	Facsimile:	 
	 	E-Mail:
    	gjensen@xtantmedical.com

 

	 	BACTERIN
    INTERNATIONAL, INC.
	 	 	 
	 	By:	/s/
    Greg Jensen                 
	 	Name: 
    	Greg
    Jensen
	 	Title:
    	Chief
    Financial Officer

 

	 	X-SPINE
    SYSTEMS, INC.
	 	 	 
	 	By:	/s/
    Greg Jensen
	 	Name: 	Greg
    Jensen
	 	Title:	Chief
Financial Officer

 

    	 

    	 

    

 

	GUARANTORS:	XTANT
MEDICAL HOLDINGS, INC.
	 	 	 
	 	By:	/s/
    Greg Jensen
	 	Name: 	Greg
    Jensen
	 	Title:	Chief
    Financial Officer

 

	 	Address:
	 	 	 
	 	664 Cruiser Lane
	 	Belgrade, MT 59714
	 	Attn:	Greg
Jensen
	 	Facsimile:	 
	 	E-Mail:	gjensen@xtantmedical.com

 

    	 

    	 

    

 

	AGENT:		 	 
	 	MIDCAP FINANCIAL TRUST
	 	 	 	 
	 	By:	Apollo
    Capital Management, L.P.,
	 	 	its
    investment manager
	 	 	 	 
	 	By:
    	Apollo
    Capital Management GP, LLC,
	 	 	its
    general partner
	 	 	 	 
	 	 	By:	/s/
    Maurice Amsellem
	 	 	Name: 	Maurice
    Amsellem
	 	 	Title:	Authorized
    Signatory

 

	 	Address:
	 	 
	 	c/o
    MidCap Financial Services, LLC, as servicer
	 	7255
    Woodmont Avenue, Suite 300
	 	Bethesda,
    Maryland 20814
	 	Attn:
    Account Manager for Xtant transaction
	 	Facsimile:
    301-941-1450
	 	E-mail:
    notices@midcapfinancial.com

 

	 	with
    a copy to:
	 	 
	 	c/o
    MidCap Financial Services, LLC, as servicer
	 	7255
    Woodmont Avenue, Suite 300
	 	Bethesda,
    Maryland 20814
	 	Attn:
    General Counsel
	 	Facsimile:
    301-941-1450
	 	E-mail:
    legalnotices@midcapfinancial.com

 

	 	Payment
    Account Designation:
	 	 
	 	ABA
    #: 
	 	Account
    Name: 
	 	Account
    #: 
	 	Attention:
    

 

    	 

    	 

    

 

	LENDER:	MIDCAP FINANCIAL TRUST
	 	 	 	 
	 	By:
    	Apollo
    Capital Management, L.P.,
	 	 	its
    investment manager
	 	 	 	 
	 	By:
    	Apollo
    Capital Management GP, LLC,
	 	 	its
    general partner
	 	 	 	 
	 	 	By:	/s/
    Maurice Amsellem
	 	 	Name: 	Maurice
    Amsellem
	 	 	Title:	Authorized
    Signatory

 

	 	Address:
	 	 
	 	c/o
    MidCap Financial Services, LLC, as servicer
	 	7255
    Woodmont Avenue, Suite 300
	 	Bethesda,
    Maryland 20814
	 	Attn:
    Account Manager for Xtant transaction
	 	Facsimile:
    301-941-1450
	 	E-mail:
    notices@midcapfinancial.com

 

	 	with
    a copy to:
	 	 
	 	c/o
    MidCap Financial Services, LLC, as servicer
	 	7255
    Woodmont Avenue, Suite 300
	 	Bethesda,
    Maryland 20814
	 	Attn:
    General Counsel
	 	Facsimile:
    301-941-1450
	 	E-mail:
    legalnotices@midcapfinancial.com

 

    	 

    	 

    

 

ANNEXES,
EXHIBITS AND SCHEDULES

 

	ANNEXES	 
	 	 
	Annex
    A	Commitment
    Annex
	 	 
	EXHIBITS
    	 
	 	 
	Exhibit
    A	[Reserved]
	Exhibit
    B	Form
    of Compliance Certificate
	Exhibit
    C	Borrowing
    Base Certificate
	Exhibit
    D	Form
    of Notice of Borrowing
	Exhibit
    E-1	Form
    of U.S. Tax Compliance Certificate
	Exhibit
    E-2	Form
    of U.S. Tax Compliance Certificate
	Exhibit
    E-3	Form
    of U.S. Tax Compliance Certificate
	Exhibit
    E-4	Form
    of U.S. Tax Compliance Certificate
	Exhibit
    F	Closing
    Checklist
	 	 
	SCHEDULES	 
	 	 
	Schedule
    2.1	[Reserved]
	Schedule
    3.1	Existence,
    Organizational ID Numbers, Foreign Qualification, Prior Names
	Schedule
    3.4	Capitalization
	Schedule
    3.6	Litigation
	Schedule
    3.17	Material
    Contracts
	Schedule
    3.18	Environmental
    Compliance
	Schedule
    3.19	Intellectual
    Property
	Schedule
    4.9	Litigation,
    Governmental Proceedings and Other Notice Events
	Schedule
    4.17	Products
	Schedule
    5.1	Debt;
    Contingent Obligations
	Schedule
    5.2	Liens
	Schedule
    5.7	Permitted
    Investments
	Schedule
    5.8	Affiliate
    Transactions
	Schedule
    5.11	Business
    Description
	Schedule
    5.14	Deposit
    Accounts and Securities Accounts
	Schedule
    6.1	Net
    Revenue
	Schedule
    7.4	Post-Closing
    Obligations
	Schedule
    9.1	Collateral
	Schedule
    9.2(b)	Location
    of Collateral
	Schedule
    9.2(d)	Chattel
    Paper, Letter of Credit Rights, Commercial Tort Claims, Instruments, Documents, Investment Propertyexhibit10b-1

EU-DOCS\32205615.1  To: Mizuho Bank, Ltd. as Facility Agent under the Facility Agreement (as defined below)  18th March 2021  WPD plc Revolving Facility Agreement – Amendment Letter (the “Letter”)  Dear All  Revolving Facility Agreement dated 13 January 2016 and made between, amongst others,  Western Power Distribution plc as the Borrower, the Co-ordinators, the Arrangers, the Original  Lenders and Mizuho Bank, Ltd. as Facility Agent (each such term as defined therein) (as  amended, restated and/or supplemented from time to time, the “Facility Agreement”)  1. INTRODUCTION 1.1 We refer to the Facility Agreement. Terms defined in the Facility Agreement (as amended pursuant to this Letter) shall have the same meaning when used in this Letter. 1.2 Clauses 1.2 (Construction) and 1.3 (Third Party Rights) of the Facility Agreement will be deemed to be set out in full in this Letter, but as if references in such clauses to the Facility Agreement were references to this Letter. 1.3 The purpose of this Letter is to make an amendment to Clauses 19.5.1 and 19.5.2 of the Facility Agreement to clarify and confirm that the negative pledge restrictions only apply to any Holding Company of a Distribution Company to the extent that such Holding Company is a member of the Group, as further set out below. 1.4 This Letter is designated as a Finance Document. 2. AMENDMENT With effect from (and including) the date of countersignature of this Letter, Clauses 19.5.1 and 19.5.2 of the Facility Agreement shall be deemed to be deleted in their entirety and replaced with the following wording: “19.5.1 Except as provided below, none of the Borrower, any Distribution Company  nor any Holding Company of a Distribution Company (to the extent such  Holding Company is a member of the Group) may create or allow to exist any  Security Interest or Quasi-Security on any of its assets.  19.5.2 Except as provided below, none of the Borrower, any Distribution Company  nor any Holding Company of a Distribution Company (to the extent such  Holding Company is a member of the Group) may:  (a) sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by the Borrower or any other member of the Group; (b) sell, transfer or otherwise dispose of any of its receivables on recourse terms; (c) enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or (d) enter into any other preferential arrangement having a similar effect, Exhibit 10(b)-1 

 

    EU-DOCS\32205615.1  in circumstances where the arrangement or transaction is entered into  primarily as a method of raising Financial Indebtedness or of financing the  acquisition of an asset.”  3. REPEATED REPRESENTATIONS  3.1 The Borrower confirms to each Finance Party that the Repeating Representations are true in all  material respects on the date on which the Facility Agent countersigns this Letter by reference  to the facts and circumstances then existing on such date.  3.2 References to “this Agreement” in the Repeating Representations should be construed as  references to this Letter.  4. MISCELLANEOUS  4.1 Except as varied by the terms of this Letter, the Facility Agreement will remain in full force  and effect and any reference in the amended Facility Agreement or to any provision of the  Facility Agreement will be construed as a reference to the amended Facility Agreement, or that  provision, as amended by this Letter.  4.2 This Letter may be executed in any number of counterparts and this has the same effect as if  the signatures on the counterparts were on a single copy of this Letter.  4.3 We hereby request that, by counter-signing this Letter, the Facility Agent confirms, on behalf  of the Majority Lenders, that no Default or Event of Default is outstanding in relation to (i) the  amendments to the Facility Agreement contemplated by clause 2 (Amendment) of this Letter  or (ii) the existence of any Security Interest or Quasi-Security over any of the assets of any  Holding Company of any Distribution Company that is not a member of the Group.  4.4 The provisions of Clauses 27.7 (Waivers and remedies cumulative), 33 (Severability), 35  (Notices), 37 (Governing law) and 38 (Enforcement) of the Facility Agreement apply to this  Letter as though they were set out in full in this Letter but as if references in such clauses to the  Facility Agreement were references to this Letter.  Please sign and return to us a counterpart of this Letter as soon as possible and, in any event, by no later  than 5 p.m. (London time) on 23 March 2021 in order to indicate your agreement (on behalf of the  Majority Lenders) to its terms.  Yours faithfully  

 

  [WPD plc RCF – Amendment Letter to the Facility Agreement]    THE BORROWER  For and on behalf of  WESTERN POWER DISTRIBUTION PLC    By : _____________________________  Name : Julie Hunt  Title : Treasurer  

 

  [WPD plc RCF – Amendment Letter to the Facility Agreement]  Acknowledged and accepted on behalf of the Majority Lenders:  THE FACILITY AGENT     For and on behalf of     MIZUHO BANK, LTD.        By : _____________________________ By : _____________________________  Name :  Name :   Title :  Title :

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