Document:

Exhibit 10.1

 

THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT
AGREEMENT 

AND WAIVER

 

THIS THIRD AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT AND WAIVER (this “Amendment”), dated as of January 9, 2014,
is by and among VOXX INTERNATIONAL CORPORATION, a Delaware corporation (the
“Company”), VOXX ACCESSORIES CORP., a Delaware corporation (“VAC”), VOXX ELECTRONICS
CORP. (formerly known as Audiovox Electronics Corporation), a Delaware corporation (“AEC”), AUDIOVOX
CONSUMER ELECTRONICS, INC., a Delaware corporation (“ACEI”), AUDIOVOX ATLANTA CORP. (formerly known
as American Radio Corp.), a Georgia corporation (“ARC”), CODE SYSTEMS, INC., a Delaware corporation (“CSI”),
INVISION AUTOMOTIVE SYSTEMS INC., a Delaware corporation (“IAS”), KLIPSCH GROUP, INC., an Indiana
corporation (“Klipsch”, and together with the Company, VAC, AEC, ACEI, ARC, CSI and IAS, each, a “Domestic
Borrower” and collectively, the “Domestic Borrowers”), VOXX INTERNATIONAL (GERMANY) GMBH, a
Gesellschaft mit beschränkter Haftung under the laws of the Federal Republic of Germany (the “Foreign Borrower”,
and together with the Domestic Borrowers, each a “Borrower” and collectively the “Borrowers”),
VOXXHIRSCHMANN CORPORATION, a Delaware corporation (the “New Guarantor”) and the other Subsidiaries of
the Company party hereto (together with the New Guarantor, collectively, the “Guarantors”), the Lenders (defined
below) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent on behalf of the Lenders under the Credit Agreement
(as hereinafter defined) (in such capacity, the “Administrative Agent”).  Capitalized terms used herein
and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.

 

W I T N E S S E T H

 

WHEREAS, the Borrowers,
the Guarantors, certain banks and financial institutions from time to time party thereto (the “Lenders”) and
the Administrative Agent are parties to that certain Amended and Restated Credit Agreement dated as of March 14, 2012 (as amended
by that certain First Amendment to Amended and Restated Credit Agreement dated as of November 29, 2012 and that certain Second
Amendment to Amended and Restated Credit Agreement dated as of dated as of May 14, 2013, and as further amended, modified, extended,
restated, replaced, or supplemented from time to time, the “Credit Agreement”);

 

WHEREAS, the Company
has informed the Administrative Agent that Batteries.com, LLC was merged with and into Audiovox Websales LLC (with Audiovox Websales
LLC being the surviving entity) in contravention of the provisions contained in Section 6.4 of the Credit Agreement (the “Acknowledged
Event of Default”);

 

WHEREAS, the Credit
Parties have requested that the Lenders (a) waive the Acknowledged Event of Default and (b) amend certain provisions of the Credit
Agreement; and

 

WHEREAS, the Lenders
are willing to waive the Acknowledged Event of Default and to make such amendments to the Credit Agreement, in accordance with
and subject to the terms and conditions set forth herein.

 

NOW, THEREFORE,
in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties hereto agree as follows:

 

    	 

    	 

    

 

ARTICLE I

WAIVER

 

1.1        Waiver of
Acknowledged Event of Default.  Notwithstanding the provisions of the Credit Agreement to the contrary, the Lenders
hereby waive, on a one-time basis, the Acknowledged Event of Default.

 

1.2        Effectiveness
of Waiver.  This waiver shall be effective only to the extent specifically set
forth herein and shall not (a) be construed as a waiver of any breach, Default or Event of Default other than as specifically
waived herein nor as a waiver of any breach, Default or Event of Default of which the Lenders have not been informed by the Credit
Parties, (b) affect the right of the Lenders to demand compliance by the Credit Parties with all terms and conditions of the
Credit Documents, except as specifically modified or waived by this waiver, (c) be deemed a waiver of any transaction or future
action on the part of the Credit Parties requiring the Lenders’ or the Required Lenders’ consent or approval under
the Credit Documents, or (d) except as waived hereby, be deemed or construed to be a waiver or release of, or a limitation
upon, the Administrative Agent’s or the Lenders’ exercise of any rights or remedies under the Credit Agreement or any
other Credit Document, whether arising as a consequence of any Default or Event of Default (other than an Acknowledged Event of
Default) which may now exist or otherwise, all such rights and remedies hereby being expressly reserved.

 

ARTICLE II

AMENDMENTS TO CREDIT AGREEMENT

 

2.1        Amendment
to Credit Agreement.  From and after the Amendment Effective Date (as hereinafter defined), the Credit Agreement
is amended to read in the form of the Credit Agreement attached hereto as Exhibit A to this Amendment (the “Amended
Credit Agreement”).

 

2.2        Amendment to Schedules
and Exhibits.  From and after the Amendment Effective Date, those certain Schedules and Exhibits attached as
Exhibit B to this Amendment shall replace the corresponding Schedules and Exhibits to the Credit Agreement.  All
other Schedules and Exhibits to the Credit Agreement shall not be modified or otherwise affected.

 

2.3        Release
of Foreign Guarantors.  On the Amendment Effective Date, each of the Foreign Guarantors set forth on Exhibit
C hereto (each, a “Released Guarantor” and collectively, the “Released Guarantors”) shall
be released as a Guarantor and shall be discharged from all of its Obligations under the Credit Documents, and all Obligations
of such Guarantor under the Guaranty and the other Credit Documents shall be terminated.  This release and discharge
shall be effective without any additional action being taken by the Administrative Agent or any Lender.

 

2.4        Release of
Foreign Borrower.  On the Amendment Effective Date, the Foreign Borrower shall be released as a Borrower and
shall be discharged from all of its Obligations under the Credit Documents, and all Obligations of such Foreign Borrower under
the Credit Agreement and the other Credit Documents shall be terminated.  This release and discharge shall be effective
without any additional action being taken by the Administrative Agent or any Lender.

 

2.5        Release
of Foreign Collateral.  On the Amendment Effective Date, all Liens in favor of the Administrative Agent (for
the benefit of the Secured Parties) on the property and assets of the Foreign Borrower and the Released Guarantors securing the
Foreign Obligations shall be automatically released and discharged.  At the request of the Company, the Administrative
Agent shall, and each Lender hereby authorizes the Administrative Agent to, deliver to the Company any release, instrument, document,
or certificate reasonably required by the Company to give effect to Sections 2.3, 2.4 and 2.5.

 

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ARTICLE III

REFINANCING OF REVOLVING LOANS

 

Each of the parties hereto
agrees that, after giving effect to this Amendment, the revised Revolving Commitments and Revolving Commitment Percentages of the
Lenders (after giving effect to this Amendment) shall be as set forth on Schedule 2.1(a) attached as Exhibit B hereto.  In
connection with this Amendment, the outstanding Revolving Loans, Participation Interests and Term Loans shall be reallocated by
causing such fundings and repayments (which shall not be subject to any processing and/or recordation fees) among the Lenders of
Revolving Loans as necessary such that, after giving effect to increases to the Revolving Commitments contemplated hereby, each
Lender will hold Revolving Loans and Participation Interests based on its Revolving Commitment Percentage (after giving effect
to such increases to the Revolving Commitment).  The Borrowers shall be responsible for any costs arising under Section
2.15 of the Amended Credit Agreement resulting from such reallocations and repayments.  For the avoidance of doubt, interest
and fees with respect to the Term Loan and the Multicurrency Revolving Facility outstanding on the date hereof shall remain outstanding
after giving effect to this Amendment, and shall be due and payable on the first Interest Payment Date to occur following the date
hereof.

 

ARTICLE IV

JOINDER OF GUARANTOR

 

4.1    Joinder to Credit
Agreement.  The New Guarantor hereby acknowledges, agrees and confirms that, by its execution of this Amendment,
the New Guarantor will be deemed to be a party to and a “Guarantor” under the Credit Agreement and shall have all of
the obligations of a Guarantor thereunder as if it had executed the Credit Agreement.  The New Guarantor hereby ratifies,
as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the applicable Credit
Documents, including, without limitation (a) all of the representations and warranties set forth in Article III of the
Credit Agreement and (b) all of the affirmative and negative covenants set forth in Articles V and VI of the Credit Agreement.  Without
limiting the generality of the foregoing terms of this Section 4.1, the New Guarantor hereby guarantees, jointly and severally
together with the other Guarantors, the prompt payment of the Credit Party Obligations in accordance with Article X of the
Credit Agreement.

 

4.2    Joinder to Security
Agreement.  The New Guarantor hereby acknowledges, agrees and confirms that, by its execution of this Agreement,
the New Guarantor will be deemed to be a party to the Security Agreement, and shall have all the rights and obligations of an “Obligor”
(as such term is defined in the Security Agreement) thereunder as if it had executed the Security Agreement.  The New
Guarantor hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained
in the Security Agreement.  Without limiting the generality of the foregoing terms of this Section 4.2, the New Guarantor
hereby grants to the Administrative Agent, for the benefit of the Lenders, a continuing security interest in, and a right of set
off, to the extent applicable, against any and all right, title and interest of the New Guarantor in and to the Collateral (as
such term is defined in Section 2 of the Security Agreement) of the New Guarantor.

 

4.3    Joinder to Pledge
Agreement The New Guarantor hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New
Guarantor will be deemed to be a party to the Pledge Agreement, and shall have all the rights and obligations of a “Pledgor”
(as such term is defined in the Pledge Agreement) thereunder as if it had executed the Pledge Agreement.  The New Guarantor
hereby ratifies, as of the date hereof, and agrees to be bound by, all the terms, provisions and conditions contained in the Pledge
Agreement.  Without limiting the generality of the foregoing terms of this Section 4.3, the New Guarantor hereby pledges
and assigns to the Administrative Agent, for the benefit of the

 

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Lenders, and grants to the Administrative Agent,
for the benefit of the Lenders, a continuing security interest in any and all right, title and interest of the New Guarantor in
and to Pledged Collateral (as such term is defined in Section 2 of the Pledge Agreement).

 

4.4    Acknowledgment.  The
New Guarantor acknowledges and confirms that it has received a copy of the Credit Agreement and the schedules and exhibits thereto
and each Security Document and the schedules and exhibits thereto.  The information on the schedules to the Credit Agreement
and the Security Documents are hereby supplemented (to the extent permitted under the Credit Agreement or Security Documents) to
reflect the information shown on the attached Exhibit B (and such information is true and correct as of the date hereof).

 

ARTICLE V

CONDITIONS TO EFFECTIVENESS

 

5.1        Closing
Conditions.  This Amendment shall become effective as of the day and year set forth above (the “Amendment
Effective Date”) upon satisfaction of the following conditions (in each case, in form and substance reasonably acceptable
to the Administrative Agent):

 

(a)        Executed
Amendment.  The Administrative Agent shall have received a copy of this Amendment duly executed by each of the Credit
Parties, the Administrative Agent and the Lenders.

 

(b)        Joinder Documents.  The
Administrative Agent shall have received, with respect to the New Guarantor, the documentation required to be delivered pursuant
to Section 5.10 of the Credit Agreement.  The New Guarantor and the Continuing Credit Parties (defined below) shall be
referred to collectively as the “Domestic Credit Parties”).

 

(c)        Organizational Documents.  The
Administrative Agent shall have received, each in form and substance reasonably satisfactory to the Administrative Agent, an officer’s
certificate (A) certifying that the articles of incorporation or other organizational documents, as applicable, of each Credit
Party other than the Foreign Borrower or the Released Guarantors (each a “Continuing Credit Party” and collectively
the “Continuing Credit Parties”) that were delivered on the Closing Date or the date on which any Credit Party
was joined as a Guarantor pursuant to a Joinder Agreement (the “Joinder Date”) remain true and complete as of
the Amendment Effective Date (or certified updates as applicable), (B) certifying that the code of regulations, bylaws, operating
agreements or partnership agreements of each Continuing Credit Party that were delivered on the Closing Date or the Joinder Date
remain true and correct and in force and effect as of the Amendment Effective Date (or certified updates as applicable), (C) attaching
copies of the resolutions of the board of directors or managers of each Continuing Credit Party approving and adopting this Amendment,
the transactions contemplated herein and authorizing execution and delivery hereof, and certifying such resolutions to be true
and correct and in force and effect as of the Amendment Effective Date, (D) attaching certificates of good standing, existence
or its equivalent with respect to each Continuing Credit Party certified as of a recent date by the appropriate Governmental Authorities
of the state of incorporation or organization and (E) certifying that each officer listed in the incumbency certification contained
in each Continuing Credit Party’s Secretary’s Certificate, delivered on the Closing Date or the Joinder Date remains
a duly elected and qualified officer of such Continuing Credit Party and such officer remains duly authorized to execute and deliver
on behalf of such Credit Party the Amendment or attaching a new incumbency certificate for each officer signing this Amendment.  

 

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(d)        Legal
Opinion.  The Administrative Agent shall have received an opinion or opinions of counsel for the Domestic Credit
Parties, dated the Amendment Effective Date and addressed to the Administrative Agent and the Lenders which shall be in form and
substance reasonably satisfactory to the Administrative Agent and consistent with the language of the opinion delivered on behalf
of the Domestic Credit Parties in connection with the closing of the Credit Agreement.

 

(e)        Personal
Property Collateral.  All documents, instruments, reports and policies which are reasonably required by the Administrative
Agent to perfect or evidence the Administrative Agent’s first priority (subject to certain Permitted Liens) security interest
in and Liens on the Collateral will have been executed and/or delivered and, to the extent applicable, be in proper form for filing.

 

(f)         Consents.  The
Administrative Agent shall have received evidence that all boards of directors, governmental, shareholder and material third party
consents and approvals necessary in connection with the transactions contemplated by this Amendment have been obtained and all
applicable waiting periods have expired without any action being taken by any authority that could restrain, prevent or impose
any material adverse conditions on such transactions or that could seek or threaten any of the foregoing.  

 

(g)        No
Material Adverse Change.  Since February 28, 2013, there shall have been no Material Adverse Effect.

 

(h)        Financial
Statements.  The Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative
Agent: (i) copies of satisfactory audited consolidated financial statements for the Company and its Subsidiaries for the three
fiscal years most recently ended for which financial statements are available and interim unaudited financial statements for each
quarterly period ended since the last audited financial statements for which financial statements are available and (ii) projections
prepared by management of balance sheets, income statements and cashflow statements of the Company and its Subsidiaries, which
will be quarterly for the first year after the Amendment Effective Date and annually thereafter for the term of the Credit Agreement.

 

(i)         Financial
Condition Certificate.  The Administrative Agent shall have received a certificate or certificates executed by an
Authorized Officer of the Company as of the Amendment Effective Date stating that (i) there does not exist any pending or
ongoing action, suit, investigation, litigation or proceeding in any court or before any other Governmental Authority (A) affecting
the Credit Agreement or the other Credit Documents, that has not been settled, dismissed, vacated, discharged or terminated prior
to the Amendment Effective Date or (B) that purports to affect any Domestic Credit Party or any of its domestic Subsidiaries,
or any Transaction, which action, suit, investigation, litigation or proceeding could reasonably be expected to have a Material
Adverse Effect, that has not been settled, dismissed, vacated, discharged or terminated prior to the Amendment Effective Date,
(ii) immediately after giving effect to this Amendment and the transactions contemplated to occur on the Amendment Effective
Date, (A) no Default or Event of Default exists, (B) all representations and warranties contained herein, in the Credit
Agreement and in the other Credit Documents are true and correct in (i) all material respects with respect to those representations
and warranties that are not qualified by materiality and (ii) all respects with respect to all other representations and warranties,
in each case as of the date hereof (except for those which expressly relate to an earlier date), and (C) the Consolidated
EBITDA of the Company and its Subsidiaries, on a pro forma basis after giving effect to the transactions contemplated hereby,
for the twelve months ended as

 

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of the most recent month end prior
to the Amendment Effective Date for which financial statements are available is not less than $61 million.

 

(j)         Fees
and Expenses.  The Administrative Agent shall have received from the Company such fees and expenses that are payable
in connection with the consummation of the transactions contemplated hereby (including, without limitation,
the fees and expenses referred to in the Fee Letter dated as of December 13, 2013 by
and among the Company, the Administrative Agent and Wells Fargo Securities, LLC) and King & Spalding LLP shall have received
from the Company payment of all outstanding fees and expenses previously incurred and all fees and expenses reasonably incurred
in connection with this Amendment.

 

(k)        Miscellaneous.  All
other documents and legal matters in connection with the transactions contemplated by this Amendment shall be reasonably satisfactory
in form and substance to the Administrative Agent and its counsel.

 

ARTICLE VI

MISCELLANEOUS

 

6.1        Amended
Terms.  On and after the Amendment Effective Date, all references to the Credit Agreement in each of the Credit
Documents shall hereafter mean the Credit Agreement as amended by this Amendment.  Except as specifically amended hereby
or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according
to its terms.

 

6.2        Representations
and Warranties of Credit Parties.  Each of the Credit Parties represents and warrants as follows:

 

(a)        It has
taken all necessary action to authorize the execution, delivery and performance of this Amendment.

 

(b)        This Amendment
has been duly executed and delivered by such Person and constitutes such Person’s legal, valid and binding obligation, enforceable
in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization,
fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (ii) general
principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

 

(c)        No consent,
approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third
party is required in connection with the execution, delivery or performance by such Person of this Amendment other than the filing
of a UCC-1 financing statement against the New Guarantor.

 

(d)        The representations
and warranties set forth in Article III of the Credit Agreement are true and correct in (i) all material respects with respect
to those representations and warranties that are not qualified by materiality and (ii) all respects with respect to all other representations
and warranties, in each case as of the date hereof (except for those which expressly relate to an earlier date).

 

(e)        After
giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default.

 

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(f)        After
giving effect to this Amendment, the Security Documents continue to create a valid security interest in, and Lien upon, the Collateral,
in favor of the Administrative Agent, for the benefit of the Lenders, which security interests and Liens are perfected in accordance
with the terms of the Security Documents and prior to all Liens other than Permitted Liens.

 

(g)        Except
as specifically provided in this Amendment, the Credit Party Obligations are not reduced or modified by this Amendment and are
not subject to any offsets, defenses or counterclaims.

 

6.3        Reaffirmation
of Credit Party Obligations.  Each Credit Party hereby ratifies the Credit Agreement and acknowledges and reaffirms
(a) that it is bound by all terms of the Credit Agreement applicable to it and (b) that it is responsible for the observance
and full performance of its respective Credit Party Obligations.

 

6.4        Credit
Document.  This Amendment shall constitute a Credit Document under the terms of the Credit Agreement.

 

6.5        Expenses.  The
Company agrees to pay all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation,
execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of the Administrative Agent’s
legal counsel.

 

6.6        Further
Assurances.  The Credit Parties agree to promptly take such action, upon the reasonable request of the Administrative
Agent, as is necessary to carry out the intent of this Amendment.

 

6.7        Entirety.  This
Amendment and the other Credit Documents embody the entire agreement among the parties hereto and supersede all prior agreements
and understandings, oral or written, if any, relating to the subject matter hereof.

 

6.8        Counterparts;
Telecopy.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered
shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart
to this Amendment by telecopy or other electronic means shall be effective as an original and shall constitute a representation
or covenant that an original will be delivered.  

 

6.9        No Actions,
Claims, Etc.  As of the date hereof, each of the Credit Parties hereby acknowledges and confirms that it has
no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in
equity, against the Administrative Agent, the Lenders, or the Administrative Agent’s or the Lenders’ respective officers,
employees, representatives, agents, counsel or directors, arising from any action by such Persons, or failure of such Persons to
act, under the Credit Agreement on or prior to the date hereof.  

 

6.10      GOVERNING
LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

6.11      Successors
and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

 

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6.12      Consent to
Jurisdiction; Service of Process; Waiver of Jury Trial.  The jurisdiction, service of process and waiver of jury
trial provisions set forth in Sections 9.13 and 9.16 of the Credit Agreement are hereby incorporated by reference, mutatis
mutandis.

 

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VOXX
INTERNATIONAL CORPORATION 

Third
Amendment to 

Amended
and Restated Credit Agreement

 

IN WITNESS WHEREOF the
parties hereto have caused this Amendment to be duly executed on the date first above written.

 

	BORROWERS:	VOXX International corporation,
	 	a Delaware corporation, as the Company
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	CFO/Senior Vice President

	 	 
	 	VOXX ACCESSORIES CORP., a Delaware
	 	corporation, as a Borrower
	 	 
	 	By:	/s/ Loriann Shelton

	 	Name:	LORIANN SHELTON
	 	Title:	CFO/Vice President/Secretary/Treasurer

	 	 
	 	VOXX ELECTRONICS CORP. (formerly known as
	 	Audiovox Electronics Corporation), a Delaware
	 	corporation, as a Borrower
	 	 
	 	By:	/s/ Loriann Shelton

	 	Name:	LORIANN SHELTON
	 	Title:	CFO/Secretary/Treasurer

	 	 
	 	AUDIOVOX CONSUMER ELECTRONICS, INC., a
	 	 Delaware corporation, as a Borrower
	 	 
	 	By:	/s/ Loriann Shelton

	 	Name:	LORIANN SHELTON
	 	Title:	CFO/Secretary/Treasurer

	 	 
	 	AUDIOVOX ATLANTA CORP. (formerly known as
	 	American Radio Corp.), a Georgia corporation, as a
	 	Borrower
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	Vice President

	 	 
	 	CODE SYSTEMS, INC., a Delaware corporation, as a
	 	Borrower
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	Chief Financial Officer

 

    	 

    	 

    

 

	 	INVISION AUTOMOTIVE SYSTEMS INC., a
	 	Delaware corporation, as a Borrower
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	Vice President

	 	 
	 	KLIPSCH GROUP, INC., an Indiana corporation, as a
	 	Borrower
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	Vice President

	 	 
	 	VOXX INTERNATIONAL (GERMANY) GMBH, a
	 	Gesellschaft mit beschränkter Haftung under the laws of
	 	the Federal Republic of Germany, as the Foreign
	 	Borrower
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	Managing Director

 

    	 

    	 

    

 

VOXX
INTERNATIONAL CORPORATION 

THIRD
Amendment to 

Amended
and Restated Credit Agreement

 

	GUARANTORS:	ELECTRONICS TRADEMARK HOLDING
	 	COMPANY, LLC, a Delaware corporation
	 	 	 
	 	By:	/s/ Chris Lis Johnson

	 	Name:	CHRIS LIS JOHNSON
	 	Title:	Secretary

	 	 
	 	TECHNUITY, INC., an Indiana corporation
	 	 
	 	By:	/s/ Loriann Shelton

	 	Name:	LORIANN SHELTON
	 	Title:	Secreatry

	 	 
	 	OMEGA RESEARCH AND DEVELOPMENT
	 	TECHNOLOGY LLC, a Delaware limited liability
	 	company
	 	 
	 	By:	/s/ Loriann Shelton

	 	Name:	LORIANN SHELTON
	 	Title:	Secretary

	 	 
	 	LATIN AMERICA EXPORTS CORP., a Delaware
	 	corporation
	 	 
	 	By:	/s/ Chris Lis Johnson

	 	Name:	CHRIS LIS JOHNSON
	 	Title:	Secretary

	 	 
	 	KLIPSCH HOLDING LLC, a Delaware limited
	 	liability company
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	Vice President/Secretary

 

    	 

    	 

    

 

VOXX
INTERNATIONAL CORPORATION 

THIRD
Amendment to 

Amended
and Restated Credit Agreement

 

	 	AUDIOVOX WEBSALES LLC, a Delaware limited
	 	liability company
	 	 
	 	By:	/s/ Loriann Shelton

	 	Name:	LORIANN SHELTON
	 	Title:	Vice President/Secretary

	 	 
	 	AUDIOVOX LATIN AMERICA LTD., a Delaware
	 	corporation
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	Vice President

	 	 
	 	AUDIOVOX INTERNATIONAL CORP., a Delaware 
	 	corporation
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	Vice President

	 	 
	 	AUDIOVOX COMMUNICATIONS CORP., a
	 	Delaware corporation
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	Vice President/Treasurer

	 	 
	 	AUDIOVOX GERMAN CORPORATION, a
	 	Delaware corporation
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	CFO/Vice President

	 	 
	 	AUDIOVOX ASIA INC., a Delaware corporation
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	Vice President/Secreatry/Treasurer

 

    	 

    	 

    

 

VOXX
INTERNATIONAL CORPORATION 

THIRD
Amendment to 

Amended
and Restated Credit Agreement

 

	 	Audiovox Advanced Accessories Group
	 	LLC, a Delaware limited liability company
	 	 
	 	By:	/s/ Loriann Shelton

	 	Name:	LORIANN SHELTON
	 	Title:	Vice President/Secretary/Treasurer

	 	 
	 	VOXX WOODVIEW TRACE LLC, a Delaware
	 	limited liability company
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	President

	 	 
	 	VoxxHirschmann Corporation, a Delaware
	 	corporation 
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	Vice President

 

    	 

    	 

    

 

VOXX
INTERNATIONAL CORPORATION 

THIRD
Amendment to 

Amended
and Restated Credit Agreement

 

	 	CAR COMMUNICATION HOLDING GMBH,
	 	a Gesellschaft mit beschränkter Haftung under the laws
	 	of the Federal Republic of Germany
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	Managing Director

	 	 
	 	Hirschmann Car Communication GmbH,
	 	a Gesellschaft mit beschränkter Haftung under the laws
	 	of the Federal Republic of Germany
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	Managing Director

	 	 
	 	Hirschmann Car Communication  Kft., a
	 	limited liability corporation (Korlátolt Felelõsségû
	 	Társaság) organized under the laws of Hungary 
	 	 
	 	By:	/s/ Peter Inzenhofer

	 	Name:	PETER INSENHOFER
	 	Title:	Director

	 	 
	 	Audiovox Venezuela
    C.A., a company

organized under the laws of Venezuela
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	Vice President

	 	 
	 	Audiovox Mexico, S de
    RL de CV, a company

organizad
    under the laws of Mexico
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	Manager

	 	 
	 	Klipsch Group Europe, B.V., a private

company with limited liability with its corporate seat in

Leiden, the Netherlands
	 	 
	 	By:	/s/ T. Paul Jacobs

	 	Name:	T. PAUL JACOBS
	 	Title:	Director

 

    	 

    	 

    

 

VOXX
INTERNATIONAL CORPORATION 

THIRD
Amendment to 

Amended
and Restated Credit Agreement

 

	 	Audio Products International Corp., a

corporation formed under the laws of Province of

Ontario
	 	 	 
	 	By:	/s/ T. Paul Jacobs

	 	Name:	T. PAUL JACOBS
	 	Title:	President

	 	 
	 	Audiovox canada limited, a corporation

formed under the laws of Province of Ontario
	 	 
	 	By:	/s/ Charles M. Stoehr

	 	Name:	CHARLES M. STOEHR
	 	Title:	Vice President

 

    	 

    	 

    

 

VOXX
INTERNATIONAL CORPORATION 

THIRD
Amendment to 

Amended
and Restated Credit Agreement

 

	ADMINISTRATIVE AGENT:	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	as a Lender and as Administrative Agent 
	 	 	 
	 	By:	/s/ David W. Lewing

	 	Name:	David W. Lewing
	 	Title:	Senior Vice President

 

    	 

    	 

    

 

VOXX
INTERNATIONAL CORPORATION 

THIRD
Amendment to 

Amended
and Restated Credit Agreement

 

	LENDERS:	Capital One, National Association 
	 	as a Lender 
	 	 
	 	By:	/s/ Jed Pomerantz

	 	Name:	Jed Pomerantz
	 	Title:	Senior Vice President

 

    	 

    	 

    

 

VOXX
INTERNATIONAL CORPORATION 

THIRD
Amendment to 

Amended
and Restated Credit Agreement

 

	LENDERS:	Citibank, N.A., 
	 	as a Lender 
	 	 	 
	 	By:	/s/ Stuart N. Berman

	 	Name:	Stuart N. Berman
	 	Title:	Vice President

 

    	 

    	 

    

 

VOXX
INTERNATIONAL CORPORATION 

THIRD
Amendment to 

Amended
and Restated Credit Agreement

 

	LENDERS:	Fifth Third Bank 
	 	as a Lender 
	 	 	 
	 	By:	/s/ Neil Kiernan

	 	Name:	Neil Kiernan
	 	Title:	Vice President

 

    	 

    	 

    

 

VOXX
INTERNATIONAL CORPORATION 

THIRD
Amendment to 

Amended
and Restated Credit Agreement

 

	LENDERS:	HSBC Bank USA, N.A., 
	 	as a Lender 
	 	 	 
	 	By:	/s/ William Conlan

	 	Name:	William Conlan
	 	Title:	Senior Vice President

 

    	 

    	 

    

 

VOXX
INTERNATIONAL CORPORATION 

THIRD
Amendment to 

Amended
and Restated Credit Agreement

 

	LENDERS:	People’s United Bank, 
	 	as a Lender 
	 	 	 
	 	By:	/s/ Matthew Harrison

	 	Name:	Matthew Harrison
	 	Title:	Assistant Vice President

 

    	 

    	 

    

 

VOXX
INTERNATIONAL CORPORATION 

THIRD
Amendment to 

Amended
and Restated Credit Agreement

 

	LENDERS:	RBS Citizens, N.A.,  
	 	as a Lender 
	 	 	 
	 	By:	/s/ Michael K. Makaitis

	 	Name:	Michael k. Makaitis
	 	Title:	Vice President

 

    	 

    	 

    

 

VOXX
INTERNATIONAL CORPORATION 

THIRD
Amendment to 

Amended
and Restated Credit Agreement

 

	LENDERS:	Santander Bank, N.A. 
	 	as a Lender 
	 	 	 
	 	By:	/s/ Christine Gerula

	 	Name:	Christine Gerula
	 	Title:	Senior Vice President

 

    	 

    	 

    

 

VOXX
INTERNATIONAL CORPORATION 

THIRD
Amendment to 

Amended
and Restated Credit Agreement

 

EXHIBIT A

 

AMENDED CREDIT AGREEMENT

 

See Attached.

 

    	 

    	 

    

 

Exhibit A

 

 

$200,000,000

AMENDED AND RESTATED CREDIT AGREEMENT

among

 

VOXX INTERNATIONAL CORPORATION,

as the Company,

Voxx Accessories Corp.,

VOXX ELECTRONICS CORP.,

AUDIOVOX CONSUMER ELECTRONICS, INC.,

AUDIOVOX ATLANTA CORP.,

CODE SYSTEMS, INC.,

INVISION AUTOMOTIVE SYSTEMS INC., and

KLIPSCH GROUP, INC.,

as Borrowers,

CERTAIN SUBSIDIARIES OF THE BORROWERS

FROM TIME TO TIME PARTY HERETO,

as Guarantors,

THE LENDERS PARTY HERETO,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent

FIFTH THIRD BANK and HSBC BANK USA, N.A.,

as Co-Syndication Agents

 

and

 

CITIBANK, N.A. and RBS CITIZENS, N.A.,

as Co-Documentation Agents

Dated as of March 14, 2012

WELLS FARGO SECURITIES, LLC,

as Sole Lead Arranger and Sole Bookrunner

 

As amended by the following:

First Amendment to Amended and Restated Credit
Agreement dated as of November 29, 2012

Second Amendment to Amended and Restated Credit
Agreement dated as of May 14, 2013

Third Amendment to Amended and Restated Credit
Agreement dated as of January 9, 2014

 

	 	Prepared by:
	 	

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I  DEFINITIONS	1
	Section 1.1	Defined Terms.	1
	Section 1.2	Other Definitional Provisions.	32
	Section 1.3	Accounting Terms.	32
	Section 1.4	Time References.	34
	Section 1.5	Execution of Documents.	34
	Section 1.6	Computation of Dollar Amounts; Exchange Rates; Currency Equivalents.	34
	 	 	 
	ARTICLE II  THE LOANS; AMOUNT AND TERMS	35
	Section 2.1	Revolving Loans.	35
	Section 2.2	[Reserved].	37
	Section 2.3	Letter of Credit Subfacility.	37
	Section 2.4	Swingline Loan Subfacility.	40
	Section 2.5	Fees.	42
	Section 2.6	Commitment Reductions.	43
	Section 2.7	Prepayments.	43
	Section 2.8	Default Rate and Payment Dates.	44
	Section 2.9	Conversion Options.	45
	Section 2.10	Computation of Interest and Fees; Usury.	46
	Section 2.11	Pro Rata Treatment and Payments.	47
	Section 2.12	Non-Receipt of Funds by the Administrative Agent.	49
	Section 2.13	Inability to Determine Interest Rate.	50
	Section 2.14	Yield Protection.	50
	Section 2.15	Compensation for Losses; Eurocurrency Liabilities.	52
	Section 2.16	Taxes.	52
	Section 2.17	Indemnification; Nature of Issuing Lender’s Duties.	56
	Section 2.18	Illegality.	57
	Section 2.19	Mitigation Obligations; Replacement of Lenders.	57
	Section 2.20	Cash Collateral.	59
	Section 2.21	Defaulting Lenders.	59
	Section 2.22	Incremental Facility.	62
	 	 	 
	ARTICLE III  REPRESENTATIONS AND WARRANTIES	63
	Section 3.1	Financial Condition.	63
	Section 3.2	No Material Adverse Effect.	64
	Section 3.3	Corporate Existence; Compliance with Law; Patriot Act Information.	64
	Section 3.4	Corporate Power; Authorization; Enforceable Obligations.	65
	Section 3.5	No Legal Bar; No Default.	65
	Section 3.6	No Material Litigation.	65
	Section 3.7	Investment Company Act; etc.	66
	Section 3.8	Margin Regulations.	66
	Section 3.9	ERISA.	66
	Section 3.10	Environmental Matters.	67
	Section 3.11	Use of Proceeds.	68
	Section 3.12	Subsidiaries; Joint Ventures; Partnerships.	68
	Section 3.13	Ownership.	68
	Section 3.14	Consent; Governmental Authorizations.	68
	Section 3.15	Taxes.	68

 

    	i

    	 

    

 

	Section 3.16	Collateral Representations.	69
	Section 3.17	Solvency.	70
	Section 3.18	Compliance with FCPA.	70
	Section 3.19	No Burdensome Restrictions.	70
	Section 3.20	Brokers’ Fees.	70
	Section 3.21	Labor Matters.	71
	Section 3.22	Accuracy and Completeness of Information.	71
	Section 3.23	Material Contracts.	71
	Section 3.24	Insurance.	71
	Section 3.25	Security Documents.	71
	Section 3.26	Classification of Senior Indebtedness.	72
	Section 3.27	Anti-Terrorism Laws.	72
	Section 3.28	Compliance with OFAC Rules and Regulations.	72
	Section 3.29	Authorized Officer.	72
	Section 3.30	Regulation H.	72
	Section 3.31	Consummation of Acquisition.	73
	 	 	 
	ARTICLE IV  CONDITIONS PRECEDENT	73
	Section 4.1	Conditions to Closing Date.	73
	Section 4.2	Conditions to All Extensions of Credit.	78
	 	 	 
	ARTICLE V  AFFIRMATIVE COVENANTS	79
	Section 5.1	Financial Statements.	79
	Section 5.2	Certificates; Other Information.	80
	Section 5.3	Payment of Taxes and Other Obligations.	81
	Section 5.4	Conduct of Business and Maintenance of Existence.	81
	Section 5.5	Maintenance of Property; Material Contracts; Insurance.	81
	Section 5.6	Maintenance of Books and Records.	82
	Section 5.7	Notices.	82
	Section 5.8	Environmental Laws.	83
	Section 5.9	Financial Covenants.	84
	Section 5.10	Additional Guarantors.	85
	Section 5.11	Compliance with Law.	85
	Section 5.12	Pledged Assets.	85
	Section 5.13	Landlord Waivers.	86
	Section 5.14	Further Assurances and Post-Closing Covenants.	86
	Section 5.15	Use of Proceeds.	87
	 	 	 
	ARTICLE VI  NEGATIVE COVENANTS	87
	Section 6.1	Indebtedness.	87
	Section 6.2	Liens.	89
	Section 6.3	Nature of Business.	91
	Section 6.4	Consolidation, Merger, Sale or Purchase of Assets, etc.	91
	Section 6.5	Advances, Investments and Loans.	92
	Section 6.6	Transactions with Affiliates.	93
	Section 6.7	Ownership of Subsidiaries; Restrictions.	93
	Section 6.8	Corporate Changes.	93
	Section 6.9	Limitation on Restricted Actions.	94
	Section 6.10	Restricted Payments.	94
	Section 6.11	Amendment of Subordinated Debt.	94
	Section 6.12	Sale Leasebacks.	95
	Section 6.13	No Further Negative Pledges.	95

 

    	ii

    	 

    

 

	Section 6.14	Account Control Agreements; Additional Bank Accounts.	95
	 	 	 
	ARTICLE VII  EVENTS OF DEFAULT	95
	Section 7.1	Events of Default.	95
	Section 7.2	Acceleration; Remedies.	98
	 	 	 
	ARTICLE VIII  THE ADMINISTRATIVE AGENT	99
	Section 8.1	Appointment and Authority.	99
	Section 8.2	Nature of Duties.	99
	Section 8.3	Exculpatory Provisions.	100
	Section 8.4	Reliance by Administrative Agent.	101
	Section 8.5	Notice of Default.	101
	Section 8.6	Non-Reliance on Administrative Agent and Other Lenders.	101
	Section 8.7	Indemnification.	102
	Section 8.8	Administrative Agent in Its Individual Capacity.	102
	Section 8.9	Resignation of Administrative Agent.	102
	Section 8.10	Collateral and Guaranty Matters.	103
	Section 8.11	Bank Products.	104
	 	 	 
	ARTICLE IX  MISCELLANEOUS	104
	Section 9.1	Amendments, Waivers, Consents and Release of Collateral.	104
	Section 9.2	Notices.	107
	Section 9.3	No Waiver; Cumulative Remedies.	109
	Section 9.4	Survival of Representations and Warranties.	110
	Section 9.5	Payment of Expenses and Taxes; Indemnity.	110
	Section 9.6	Successors and Assigns; Participations.	111
	Section 9.7	Right of Set-off; Sharing of Payments.	115
	Section 9.8	Table of Contents and Section Headings.	116
	Section 9.9	Counterparts; Effectiveness; Electronic Execution.	116
	Section 9.10	Severability.	117
	Section 9.11	Integration.	117
	Section 9.12	Governing Law.	117
	Section 9.13	Consent to Jurisdiction; Service of Process and Venue.	117
	Section 9.14	Confidentiality.	118
	Section 9.15	Acknowledgments.	119
	Section 9.16	Waivers of Jury Trial.	119
	Section 9.17	Patriot Act Notice.	119
	Section 9.18	Resolution of Drafting Ambiguities.	119
	Section 9.19	Subordination of Intercompany Debt.	120
	Section 9.20	Continuing Agreement.	120
	Section 9.21	Concerning Joint and Several Obligations of the Borrowers.	120
	Section 9.22	Press Releases and Related Matters.	120
	Section 9.23	Appointment of Company.	121
	Section 9.24	No Advisory or Fiduciary Responsibility.	121
	Section 9.25	Responsible Officers and Authorized Officers.	121
	Section 9.26	Amendment and Restatement.	122
	Section 9.27	Judgment Currency.	122
	 	 	 
	ARTICLE X  GUARANTY	124
	Section 10.1	The Guaranty.	124
	Section 10.2	Bankruptcy.	124
	Section 10.3	Nature of Liability.	125
	Section 10.4	Independent Obligation.	125

 

    	iii

    	 

    

 

	Section 10.5	Authorization.	125
	Section 10.6	Reliance.	125
	Section 10.7	Waiver.	126
	Section 10.8	Limitation on Enforcement.	127
	Section 10.9	Confirmation of Payment.	127
	 	 	 
	ARTICLE XI  SPECIAL PROVISIONS APPLICABLE TO LENDERS UPON THE OCCURRENCE OF A SHARING EVENT	128
	Section 11.1	Participations.	128
	Section 11.2	Administrative Agent’s Determination Binding.	128
	Section 11.3	Participation Payments in Dollars.	128
	Section 11.4	Delinquent Participation Payments.	129
	Section 11.5	Settlement of Participation Payments.	129
	Section 11.6	Participation Obligations Absolute.	129
	Section 11.7	Increased Cost; Indemnities.	129
	Section 11.8	Provisions Solely to Effect Intercreditor Agreement.	130

 

    	iv

    	 

    

 

Schedules

 

	Schedule 1.1(a)	Investments
	Schedule 1.1(b)	Liens
	Schedule 1.1(c)	Existing Letters of Credit
	Schedule 1.1(d)	Mandatory Cost
	Schedule 2.1(a)	Schedule of Lenders and Commitments
	Schedule 3.3	Patriot Act Information
	Schedule 3.12	Subsidiaries
	Schedule 3.16(a)	Intellectual Property
	Schedule 3.16(b)	Documents, Instruments and Tangible Chattel Paper
	Schedule 3.16(c)	Deposit Accounts, Electronic Chattel Paper, Letter-of-Credit Rights, Securities Accounts, Uncertificated Investment Property
	Schedule 3.16(d)	Commercial Tort Claims
	Schedule 3.16(e)	Pledged Equity Interests
	Schedule 3.16(f)(i)	Mortgaged Property
	Schedule 3.16(f)(ii)	Other Collateral Locations
	Schedule 3.21	Labor Matters
	Schedule 3.23	Material Contracts
	Schedule 3.24	Insurance
	Schedule 3.29	Authorized Officers
	Schedule 4.1(t)	Capitalization
	Schedule 6.1(b)	Indebtedness
	Schedule 6.9	Restricted Actions
	 	 
	Exhibits	 
	 	 
	Exhibit 1.1(a)	Form of Account Designation Notice
	Exhibit 1.1(b)	Form of Assignment and Assumption
	Exhibit 1.1(c)	Form of Notice of Borrowing
	Exhibit 1.1(d)	Form of Notice of Conversion/Extension
	Exhibit 1.1(f)	Form of Permitted Acquisition Certificate
	Exhibit 1.1(g)	Form of Bank Product Provider Notice
	Exhibit 2.1(a)	Form of Funding Indemnity Letter
	Exhibit 2.1(e)	Form of Revolving Loan Note
	Exhibit 2.4(d)	Form of Swingline Loan Note
	Exhibit 4.1(b)	Form of Officer’s Certificate
	Exhibit 4.1(g)	Form of Solvency Certificate
	Exhibit 4.1(p)	Form of Financial Condition Certificate
	Exhibit 5.2(b)	Form of Officer’s Compliance Certificate
	Exhibit 8.10	Consent to Sale of Receivables

 

    	v

    	 

    

 

THIS AMENDED AND RESTATED
CREDIT AGREEMENT, dated as of March 14, 2012, is by and among VOXX INTERNATIONAL
CORPORATION, a Delaware corporation (the “Company”), VOXX ACCESSORIES CORP. (formerly known
as Audiovox Accessories Corporation), a Delaware corporation (“ACC”), VOXX ELECTRONICS CORP. (formerly
known as Audiovox Electronics Corporation), a Delaware corporation (“VEC”), AUDIOVOX CONSUMER ELECTRONICS,
INC., a Delaware corporation (“ACEI”), AUDIOVOX ATLANTA CORP. (formerly known as American Radio Corp.),
a Georgia corporation (“ARC”), CODE SYSTEMS, INC., a Delaware corporation (“CSI”),
INVISION AUTOMOTIVE SYSTEMS INC., a Delaware corporation (“IAS”), KLIPSCH GROUP, INC., an Indiana
corporation (“Klipsch”, and together with the Company, ACC, VEC, ACEI, ARC, CSI and IAS, each, a “Borrower”
and collectively, the “Borrowers”), the Guarantors (as hereinafter defined), the Lenders (as hereinafter defined)
and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for the Lenders hereunder
(in such capacity, the “Administrative Agent”).

 

W I T N E
S S E T H:

 

WHEREAS, the Borrowers
entered into that certain Credit Agreement, dated as of March 1, 2011 (as amended, modified or supplemented prior to the date hereof,
the “Existing Credit Agreement”), by and among the Borrowers, certain domestic and foreign subsidiaries of the
Borrowers, as guarantors, the lenders from time to time party thereto, and Wells Fargo Capital Finance, LLC, a Delaware limited
liability company (which is an affiliate of the Administrative Agent), as agent for the lenders thereunder, pursuant to which the
lenders thereunder made loans and other financial accommodations to the Borrowers in an aggregate amount of up to $175,000,000,
as more particularly described therein;

 

WHEREAS, the Borrowers
party to the Existing Credit Agreement desire to amend and restate the Existing Credit Agreement for purposes of amending certain
provisions agreed upon by the parties hereto and obtaining loans and other financial accommodations in an aggregate amount of up
to $200,000,000; and

 

WHEREAS, the Lenders
have agreed to amend and restate the Existing Credit Agreement and make such loans and other financial accommodations to the Credit
Parties, in each case on the terms and conditions contained herein.

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, such parties
hereby agree to amend and restate the Existing Credit Agreement in its entirety on the following terms and conditions:

 

ARTICLE I

 

DEFINITIONS

 

Section 1.1           Defined
Terms.

 

As used in this Agreement,
terms defined in the preamble to this Agreement have the meanings therein indicated, and the following terms have the following
meanings:

 

“Accessible Availability”
shall mean, as of any date of determination, the sum of (a) the amount that the Borrower is able to borrow on such date under the
Revolving Committed Amount under the terms

 

    	 

    	 

    

 

of this Agreement plus (b) the amount
of all domestic cash and Cash Equivalents on the Consolidated balance sheet of the Company and its Subsidiaries as of such date.

 

“Account Designation
Notice” shall mean the Account Designation Notice dated as of the Closing Date from the Company to the Administrative
Agent in substantially the form attached hereto as Exhibit 1.1(a).

 

“Acquired Company”
shall mean a collective reference to Car Communication Holding GmbH, a Gesellschaft mit beschränkter Haftung under the laws
of the Federal Republic of Germany, and its Subsidiaries.

 

“Acquisition”
shall mean the purchase of the outstanding Equity Interests of the Acquired Company by Voxx International (Germany) GmbH pursuant
to the Acquisition Documents.

 

“Acquisition Agreement”
shall mean that certain Sale and Purchase Agreement, dated as of February 7, 2012, among Voxx International (Germany) GmbH, as
purchaser, the Sellers, as seller, and the Company, as guarantor.

 

“Acquisition Documents”
shall mean (a) the Acquisition Agreement, and (b) any other material agreement, document or instrument executed in connection
with the foregoing, in each case as in effect on the Closing Date.

 

“Additional Credit
Party” shall mean each Person that becomes a Guarantor by execution of a Joinder Agreement in accordance with Section
5.10.

 

“Administrative
Agent” or “Agent” shall have the meaning set forth in the first paragraph of this Agreement and shall
include any successors in such capacity.

 

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

 

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

 

“Aggregate Revolving
Exposure” shall mean, at any time, the sum of the Revolving Credit Exposures of all Revolving Lenders at such time.

 

“Agreement”
or “Credit Agreement” shall mean this Amended and Restated Credit Agreement, as amended, modified, extended,
restated, amended and restated, replaced, or supplemented from time to time in accordance with its terms.

 

“Alternate Base
Rate” shall mean, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b)
the Federal Funds Effective Rate in effect on such day plus 1/2 of 1% and (c) the sum of (i) LIBOR (as determined pursuant
to the definition of LIBOR), for an Interest Period of one (1) month commencing on such day plus (ii) 1.00%, in each instance
as of such date of determination.   If for any reason the Administrative Agent shall have determined (which determination
shall be conclusive in the absence of manifest error) (A) that it is unable to ascertain the Federal Funds Effective Rate, for
any reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the
terms above or (B) that the Prime Rate or LIBOR no longer accurately reflects an accurate determination of the prevailing Prime
Rate or LIBOR, the Administrative

 

    	2

    	 

    

 

Agent may select a reasonably comparable index
or source to use as the basis for the Alternate Base Rate, until the circumstances giving rise to such inability no longer exist.  Any
change in the Alternate Base Rate due to a change in any of the foregoing will become effective on the effective date of such change
in the Federal Funds Rate, the Prime Rate or LIBOR for an Interest Period of one (1) month.  Notwithstanding anything
contained herein to the contrary, to the extent that the provisions of Section 2.13 shall be in effect in determining LIBOR pursuant
to clause (c) hereof, the Alternate Base Rate shall be the greater of (i) the Prime Rate in effect on such day and (ii) the Federal
Funds Effective Rate in effect on such day plus 1/2 of 1%.

 

“Alternate Base
Rate Loans” shall mean Loans that bear interest at an interest rate based on the Alternate Base Rate.

 

“Anti-Terrorism
Order” shall mean that certain Executive Order 13224 signed into law on September 23, 2001.

 

“Applicable Margin”
shall mean, for any day, the rate per annum set forth below opposite the applicable level then in effect (based on the Total Leverage
Ratio), it being understood that the Applicable Margin for (a) Revolving Loans that are Alternate Base Rate Loans shall be
the percentage set forth under the column “Base Rate Margin”, (b) Revolving Loans that are LIBOR Rate Loans shall
be the percentage set forth under the column “LIBOR Margin & L/C Fee”, (c) the Letter of Credit Fee shall be the
percentage set forth under the column “LIBOR Margin & L/C Fee”, and (d) the Commitment Fee shall be the percentage
set forth under the column “Commitment Fee”:

 

	Applicable Margin
	Level	 	Total Leverage Ratio	 	LIBOR Margin

    & L/C Fee	 	 	Base Rate Margin	 	 	Commitment Fee	 
	I	 	Less than 1.00 to 1.00	 	 	1.00	%	 	 	0.00	%	 	 	0.15	%
	II	 	Greater than or equal to 1.00 to 1.00 but less than 1.50 to 1.00	 	 	1.25	%	 	 	0.25	%	 	 	0.15	%
	III	 	Greater than or equal to 1.50 to 1.00 but less than 2.00 to 1.00	 	 	1.50	%	 	 	0.50	%	 	 	0.20	%
	IV	 	Greater than or equal to 2.00 to 1.00 but less than 2.50 to 1.00	 	 	1.75	%	 	 	0.75	%	 	 	0.25	%
	V	 	Greater than or equal to 2.50 to 1.00	 	 	2.00	%	 	 	1.00	%	 	 	0.30	%

 

The Applicable Margin shall,
in each case, be determined and adjusted quarterly on the first Business Day after the date on which the Administrative Agent has
received from the Company the quarterly financial information (in the case of the first three fiscal quarters of the Company’s
fiscal year), the annual financial information (in the case of the fourth fiscal quarter of the Company’s fiscal year)
and the certifications required to be delivered to the Administrative Agent and the Lenders in accordance with the provisions
of Sections 5.1(a), 5.1(b) and 5.2(b) (each an “Interest Determination Date”).  Such Applicable
Margin shall be effective from such Interest Determination Date until the next such Interest Determination Date.  After
the Closing Date, if the Credit Parties shall fail to provide the financial information or certifications in accordance with the
provisions of Sections 5.1(a), 5.1(b) and 5.2(b), the

 

    	3

    	 

    

 

Applicable Margin shall, on the date five (5)
Business Days after the date by which the Credit Parties were so required to provide such financial information or certifications
to the Administrative Agent and the Lenders, be based on Level V until such time as such information or certifications or
corrected information or corrected certificates are provided, whereupon the Level shall be determined by the then current Total
Leverage Ratio.  Notwithstanding the foregoing, the Applicable Margins from and after the Third Amendment Effective Date
shall be set with pricing as set forth in Level III until the financial information and certificates required to be delivered pursuant
to Section 5.1 and 5.2 for the first full fiscal quarter to occur following the Third Amendment Effective Date have been delivered
to the Administrative Agent, for distribution to the Lenders.  In the event that any financial statement or certification
delivered pursuant to Sections 5.1 or 5.2 is shown to be inaccurate (regardless of whether this Agreement or the Commitments are
in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher
Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable
Period, the Company shall immediately (a) deliver to the Administrative Agent a corrected compliance certificate for such
Applicable Period, (b) determine the Applicable Margin for such Applicable Period based upon the corrected compliance certificate,
and (c) immediately pay, or cause the other Borrowers to pay, to the Administrative Agent for the benefit of the Lenders the
accrued additional interest and other fees owing as a result of such increased Applicable Margin for such Applicable Period, which
payment shall be promptly distributed by the Administrative Agent to the Lenders entitled thereto.  It is acknowledged
and agreed that nothing contained herein shall limit the rights of the Administrative Agent and the Lenders under the Credit Documents,
including their rights under Section 2.8 and Article VII.

 

“Applicable Percentage”
shall mean, with respect to any Revolving Lender, the percentage of the total Revolving Commitments represented by such Revolving
Lender’s Revolving Commitment.  If the Revolving Commitments have terminated or expired, the Applicable Percentage
shall be determined based on the Revolving Commitments most recently in effect, giving effect to any assignments.

 

“Applicable Time”
shall mean, with respect to any borrowings and payments in Foreign Currencies, the local times in the place of settlement for such
Foreign Currencies as may be reasonably determined by the Administrative Agent to be necessary for timely settlement on the relevant
date in accordance with normal banking procedures in the place of payment.

 

“Approved Bank”
shall have the meaning set forth in the definition of “Cash Equivalents.”

 

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

 

“Arranger”
shall mean WFS.

 

“Assignment and
Assumption” shall mean an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 9.6), and accepted by the Administrative Agent, in substantially the form
of Exhibit 1.1(b) or any other form approved by the Administrative Agent.

 

“Authorized Officers”
shall mean the Responsible Officers set forth on Schedule 3.29.

 

“Bank Product”
shall mean any of the following products, services or facilities extended to any Credit Party or any Subsidiary by any Bank Product
Provider: (a) Cash Management Services; (b) products under any Hedging Agreement; and (c) commercial credit card, purchase card
and merchant card services; provided, however, that for any of the foregoing to be included as “Credit Party
Obligations” for

 

    	4

    	 

    

 

purposes of a distribution under Section 2.11(b),
the applicable Bank Product Provider must have previously provided a Bank Product Provider Notice to the Administrative Agent which
shall provide the following information: (i) the existence of such Bank Product and (ii) the maximum dollar amount (if reasonably
capable of being determined) of obligations arising thereunder (the “Bank Product Amount”).  The Bank
Product Amount may be changed from time to time upon written notice to the Administrative Agent by the Bank Product Provider.  Any
Bank Product established from and after the time that the Lenders have received written notice from the Company or the Administrative
Agent that an Event of Default exists, until such Event of Default has been waived in accordance with Section 9.1, shall not be
included as “Credit Party Obligations” for purposes of a distribution under Section 2.11(b).

 

“Bank Product
Amount” shall have the meaning set forth in the definition of Bank Product.

 

“Bank Product
Debt” shall mean the Indebtedness and other obligations of any Credit Party or Subsidiary relating to Bank Products.

 

“Bank Product
Provider” shall mean any Person that provides Bank Products to a Credit Party or any Subsidiary to the extent that (a)
such Person is a Lender, an Affiliate of a Lender or any other Person that was a Lender (or an Affiliate of a Lender) at the time
it entered into the Bank Product but has ceased to be a Lender (or whose Affiliate has ceased to be a Lender) under the Credit
Agreement or (b) such Person is a Lender or an Affiliate of a Lender on the Closing Date and the Bank Product was entered into
on or prior to the Closing Date (even if such Person ceases to be a Lender or such Person’s Affiliate ceased to be a Lender).

 

“Bank Product
Provider Notice” shall mean a notice substantially in the form of Exhibit 1.1(g).

 

“Bankruptcy Code”
shall mean the Bankruptcy Code in Title 11 of the United States Code, as amended, modified, succeeded or replaced from time to
time.

 

“Bankruptcy Event”
shall mean any of the events described in Section 7.1(f).

 

“Board of Directors”
shall mean the board of directors (or comparable managers) of the Company or any committee thereof duly authorized to act on behalf
of the board of directors (or comparable managers).

 

“Borrower”
and “Borrowers” shall have the meaning set forth in the first paragraph of this Agreement.

 

“Borrowing Date”
shall mean, in respect of any Loan, the date such Loan is made.

 

“Business”
shall have the meaning set forth in Section 3.10.

 

“Business Day”
shall mean any day other than a Saturday, Sunday or other day on which commercial banks in Charlotte, North Carolina or New York,
New York are authorized or required by law to close; provided, however, that (a) when used in connection with a rate
determination, borrowing or payment in respect of a LIBOR Rate Loan, the term “Business Day” shall also exclude any
day on which banks in London, England are not open for dealings in Dollar deposits in the London interbank market and (b) with
respect to any Loan denominated in a Foreign Currency, the term “Business Day” shall also exclude any day that is not
a Target Settlement Day.

 

“Canadian Guarantors”
shall mean, collectively, the following (together with their respective successors and assigns): (a) Audio Products International
Corp., a corporation formed under the laws of

 

    	5

    	 

    

 

the Province of Ontario and (b) Audiovox Canada
Limited, a corporation formed under the laws of the Province of Ontario; each sometimes being referred to herein as a “Canadian
Guarantor”.

 

“Canadian Security
Documents” shall mean, collectively, (a) the Amended and Restated General Security Agreement granted by the Canadian
Guarantor and the other Credit Parties that have Collateral located in Canada (including Canadian Intellectual Property); (b) the
Amended and Restated Trademark Security Agreements, the Amended and Restated Copyright Security Agreements, the Amended and Restated
Patent Security Agreements and the Amended and Restated Industrial Design Agreements granted by a Canadian Guarantor or any Credit
Party owning Canadian Intellectual Property (or, with respect to Audio Productions International Corp., U.S. Intellectual Property);
(c) any Deposit Account Control Agreement in respect of depository accounts located in Canada and (d) all other agreements, documents
and instruments relating to, arising out of, or in any way connected with any of the foregoing documents or granting to the Administrative
Agent, for the benefit of the Secured Parties, Liens or security interests to secure, inter alia, all or any portion of the Credit
Party Obligations, whether now or hereafter executed and/or filed, each as may be amended from time to time in accordance with
the terms hereof, executed and delivered in connection with the granting, attachment and perfection of the Administrative Agent’s
security interests and liens arising thereunder, including, without limitation, Personal Property Security Act financing statements.

 

“Capital Lease”
shall mean any lease of property, real or personal, the obligations with respect to which are required to be capitalized on a balance
sheet of the lessee in accordance with GAAP.

 

“Capital Lease
Obligations” shall mean the capitalized lease obligations relating to a Capital Lease determined in accordance with GAAP.

 

“Cash Collateralize”
shall mean to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Administrative Agent, the
Issuing Lender or Swingline Lender (as applicable) and the Lenders, as collateral for LOC Obligations, obligations in respect of
Swingline Loans, or obligations of Lenders to fund participations in respect of either thereof (as the context may require), cash
or deposit account balances or, if the Issuing Lender or Swingline Lender benefiting from such collateral shall agree in its sole
discretion, other credit support, in each case pursuant to documentation in form and substance reasonably satisfactory to (a) the
Administrative Agent and (b) the Issuing Lender or the Swingline Lender.  “Cash Collateral” shall have a
meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

 

“Cash Equivalents”
shall mean (a) securities issued or directly and fully guaranteed or insured by the United States of America or any agency
or instrumentality thereof (provided that the full faith and credit of the United States of America is pledged in support
thereof) having maturities of not more than twelve months from the date of acquisition (“Government Obligations”),
(b) Dollar or Foreign Currency denominated time deposits, certificates of deposit, Eurodollar time deposits and Eurodollar
certificates of deposit of (i) any domestic commercial bank of recognized standing having capital and surplus in excess of
$500,000,000 or (ii) any bank whose short-term commercial paper rating at the time of the acquisition thereof is at least
A-1 or the equivalent thereof from S&P or from Moody’s is at least P-1 or the equivalent thereof from Moody’s (any
such bank being an “Approved Bank”), in each case with maturities of not more than 364 days from the date of
acquisition, (c) commercial paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof)
or any variable rate notes issued by, or guaranteed by any domestic corporation rated A-1 (or the equivalent thereof) or better
by S&P or P-1 (or the equivalent thereof) or better by Moody’s and maturing within six months of the date of acquisition,
(d) repurchase agreements with a term of not more than thirty (30) days with a bank or trust company (including a Lender)
or a recognized securities dealer having capital and surplus in excess of $500,000,000 for direct obligations issued by or fully
guaranteed by the United States of America,

 

    	6

    	 

    

 

(e) obligations of any state of the United
States or any political subdivision thereof for the payment of the principal and redemption price of and interest on which there
shall have been irrevocably deposited Government Obligations maturing as to principal and interest at times and in amounts sufficient
to provide such payment, (f) money market accounts subject to Rule 2a-7 of the Investment Company Act of 1940 (“Rule
2a-7”) which consist primarily of cash and cash equivalents set forth in clauses (a) through (e) above and of which 95%
shall at all times be comprised of First Tier Securities (as defined in Rule 2a-7) and any remaining amount shall at all times
be comprised of Second Tier Securities (as defined in Rule 2a-7), and (g) shares of any so-called “money market fund”;
provided that such fund is registered under the Investment Company Act of 1940, has net assets of at least $500,000,000
and has an investment portfolio with an average maturity of 365 days or less.

 

“Cash Management
Services” shall mean any services provided from time to time to any Credit Party or Subsidiary in connection with operating,
collections, payroll, trust, or other depository or disbursement accounts, including automatic clearinghouse, controlled disbursement,
depository, electronic funds transfer, information reporting, lockbox, stop payment, overdraft and/or wire transfer services and
all other treasury and cash management services.

 

“Change in Law”
shall mean the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of
any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline
or directive (whether or not having the force of law) reflecting a change in interpretation of (a) or (b) above by any Governmental
Authority; provided, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, regulations, guidelines or directives thereunder or issued in connection therewith and
(ii) all requests, rules, regulations, 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 Law”, regardless of the date enacted,
adopted or issued.

 

“Change of Control”
shall mean (a) at any time that the Permitted Holders are not directly or indirectly the “beneficial owner” (as such
term is used in Rule 13d- 3 of the Exchange Act) of at least thirty (30%) percent of the voting power of the Voting Stock of the
Company then entitled to vote; (b) any “person” or “group” (as such terms are used in Rule 13d- 5 of the
Exchange Act, and Sections 13(d) and 14(d) of the Exchange Act) of persons, other than the Permitted Holders, becomes, directly
or indirectly, in a single transaction or in a related series of transactions, the “beneficial owner” (as such term
is used in Rule 13d- 3 of the Exchange Act) of a greater percentage than is owned by the Permitted Holders of the voting power
of the Voting Stock of the Company then entitled to vote; (c) the Continuing Directors shall cease for any reason to constitute
a majority of the Board of Directors of the Company then in office; (d) except as otherwise expressly permitted herein, the Company
shall cease to be the direct or indirect holder and owner of one hundred (100%) percent of the voting power of the Voting Stock
of the other Credit Parties then entitled to vote.

 

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

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time.

 

“Collateral”
shall mean a collective reference to the collateral which is identified in, and at any time will be covered by, the Security Documents
and any other property or assets of a Credit Party, whether tangible or intangible and whether real or personal, that may from
time to time secure the Credit Party Obligations; provided that there shall be excluded from the Collateral (a) any
account, instrument,

 

    	7

    	 

    

 

chattel paper or other obligation or property
of any kind due from, owed by, or belonging to, a Sanctioned Person or Sanctioned Entity, (b) any lease in which the lessee
is a Sanctioned Person or Sanctioned Entity and (c) real property subject to Liens permitted by Section 6.2(r) and 6.2(s).

 

“Commitment”
shall mean the Revolving Commitments, the LOC Commitment and the Swingline Commitment, individually or collectively, as appropriate.

 

“Commitment Fee”
shall have the meaning set forth in Section 2.5(a).

 

“Commitment Period”
shall mean (a) with respect to Revolving Loans and Swingline Loans, the period from and including the Closing Date to but
excluding the Maturity Date and (b) with respect to Letters of Credit, the period from and including the Closing Date to but
excluding the date that is five (5) days prior to the Maturity Date.

 

“Commodity Exchange
Act” shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

 

“Commonly Controlled
Entity” shall mean an entity, whether or not incorporated, which is under common control with any Borrower within the
meaning of Section 4001(b)(1) of ERISA or is part of a group which includes any Borrower and which is treated as a single employer
under Section 414(b) or 414(c) of the Code or, solely for purposes of Section 412 of the Code to the extent required by such
Section, Section 414(m) or 414(o) of the Code.

 

“Company”
shall have the meaning set forth in the first paragraph of this Agreement.

 

“Company Material
Adverse Effect” shall mean a material adverse change of the business or operation of the Acquired Company and its Subsidiaries
other than any change or effect resulting from (i) the general economic conditions, including the general developments of the capital
markets or conditions affecting companies and undertakings generally in the industries in which the Acquired Company and its Subsidiaries
operate (ii) any disruptions to any business of the Acquired Company and its Subsidiaries, which is attributable to the announcement
of the Acquisition Agreement or the transactions contemplated thereby and (iii) any changes in the laws of any relevant jurisdictions
or the interpretations thereof taken as a whole which (x) causes a financial loss to the Acquired Company and its Subsidiaries
of more than €4,000,000.00 (in words: four million Euro), (y) causes a reduction of more than 20% in consolidated turnover
of the Acquired Company and its Subsidiaries in the 12 month period immediately following the Signing Date (as defined in the Acquisition
Agreement) or (z) will result in EBITDA (as defined in the Acquisition Agreement) of the Acquired Company and its Subsidiaries
in the 12 month period immediately following the Signing Date (as defined in the Acquisition Agreement) which is at least 20% lower
than it would have been, had the respective material adverse change not taken place; unless the effects of such adverse change
are covered by insurance or the Sellers otherwise have compensated such adverse change.

 

“Consolidated”
shall mean, when used with reference to financial statements or financial statement items of the Company and its Subsidiaries or
any other Person, such statements or items on a consolidated basis in accordance with the consolidation principles of GAAP.

 

“Consolidated
Assets” shall mean, as of any date of determination, the Consolidated assets of the Company and its Subsidiaries at such
date, as determined in accordance with GAAP.

 

“Consolidated
Capital Expenditures” shall mean, as of any date of determination for the four (4) consecutive fiscal quarter period
ending on such date, for the Company and its Subsidiaries on a Consolidated basis, the aggregate of all expenditures by the Credit
Parties and their Subsidiaries during

 

    	8

    	 

    

 

such period that are capital expenditures as
determined in accordance with GAAP, whether such expenditures are paid in cash or financed.

 

“Consolidated
EBIT” shall mean, as of any date of determination for the four (4) consecutive fiscal quarter period ending on such date,
for the Company and its Subsidiaries on a Consolidated basis and without duplication, the sum of (a) Consolidated EBITDA minus
(b) depreciation minus (c) amortization, in each case, determined on a Consolidated basis in accordance with GAAP.

 

“Consolidated
EBIT to Consolidated Interest Expense Ratio” shall mean, as of any date of determination, for the Company and its Subsidiaries
on a Consolidated basis, the ratio of (a) Consolidated EBIT on such date to (b) Consolidated Interest Expense.

 

“Consolidated
EBITDA” shall mean, as of any date of determination for the four (4) consecutive fiscal quarter period ending on such
date, without duplication, the Consolidated Net Income (or loss) of the Company and its Subsidiaries on a Consolidated basis, minus
(a) non-cash extraordinary gains minus (b) interest income, plus, (c) to the extent deducted in calculating Consolidated
Net Income for such period: (i) non-cash extraordinary losses, (ii) Consolidated Interest Expense, (iii) tax expense (including,
without limitation, any federal, state, local and foreign income and similar taxes), (iv) non-cash charges related to goodwill
impairment and impairment of non-cash intangibles, (v) closing costs incurred in connection with the Acquisition and the senior
credit facilities related to this Agreement, and (vi) depreciation and amortization of the Company and its Subsidiaries for such
period, in each case, determined on a Consolidated basis in accordance with GAAP.

 

“Consolidated
Funded Debt” shall mean, as of any date of determination, Funded Debt of the Company and its Subsidiaries on a Consolidated
basis.

 

“Consolidated
Interest Expense” shall mean, as of any date of determination for the four (4) consecutive fiscal quarter period ending
on such date, the aggregate of (a) the interest expense of the Company and its Subsidiaries for such period, without duplication,
plus (b) any amounts applied under any Permitted Receivables Purchase Facility in the nature of interest, purchase fees or discount,
in each case of clauses (a) and (b), determined on a Consolidated basis in accordance with GAAP.  

 

“Consolidated
Net Income” shall mean, as of any date of determination for the four (4) consecutive fiscal quarter period ending on
such date, the net income (excluding (a) gains from Dispositions not in the ordinary course of business, (b) gains from the early
extinguishment of Indebtedness, (c) all non-cash income, (d) tax credits, rebates and other benefits and (e) income received from
joint venture investments to the extent not received in cash by a Credit Party) of the Company and its Subsidiaries on a Consolidated
basis for such period, all as determined in accordance with GAAP.

 

“Continuing Director”
shall mean (a) any member of the Board of Directors of the Company who was a director (or comparable manager) on the Closing Date,
after giving effect to the execution and delivery of this Agreement and the other transactions contemplated hereby to occur on
such date, and (b) any individual who becomes a member of the Board of Directors of the Company after the Closing Date if such
individual was approved, appointed or nominated for election to the Board of Directors by either the Permitted Holders or a majority
of the Continuing Directors.

 

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

 

    	9

    	 

    

 

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

 

“Copyright Licenses”
shall mean any agreement, whether written or oral, providing for the grant by or to a Person of any right under any Copyright.

 

“Copyrights”
shall mean all copyrights in all Works, all registrations and recordings thereof, and all applications in connection therewith,
including, without limitation, registrations, recordings and applications in the United States Copyright Office or in any similar
office or agency of the United States, any state thereof or any other country or any political subdivision thereof, or otherwise
and all renewals thereof.

 

“Credit Documents”
shall mean this Agreement, each of the Notes, any Joinder Agreement, the Letters of Credit, LOC Documents and the Security Documents
and all other agreements, documents, certificates and instruments delivered to the Administrative Agent or any Lender by any Credit
Party in connection therewith (other than any agreement, document, certificate or instrument related to a Bank Product).

 

“Credit Party”
shall mean any of the Borrowers or the Guarantors.

 

“Credit Party
Obligations” shall mean, without duplication, (a) the Obligations and (b) for purposes of the Guaranty, the
Security Documents and all provisions under the other Credit Documents relating to the Collateral, the sharing thereof and/or payments
from proceeds of the Collateral, all Bank Product Debt, but in all cases excluding Excluded Swap Obligations.

 

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

 

“Default”
shall mean any of the events specified in Section 7.1, whether or not any requirement for the giving of notice or the lapse of
time, or both, or any other condition, has been satisfied.

 

“Default Rate”
shall mean (a) when used with respect to the Obligations, other than Letter of Credit Fees, an interest rate equal to (i) for
Alternate Base Rate Loans, (A) the Alternate Base Rate plus (B) the Applicable Margin applicable to Alternate
Base Rate Loans plus (C) 2.00% per annum and (ii) for LIBOR Rate Loans, (A) the LIBOR Rate plus (B) the
Applicable Margin applicable to LIBOR Rate Loans plus (C) 2.00% per annum, (b) when used with respect to Letter
of Credit Fees, a rate equal to the Applicable Margin applicable to Letter of Credit Fees plus 2.00% per annum, and (c)
when used with respect to any other fee or amount due hereunder, an interest rate equal to (A) the Alternate Base Rate plus
(B) the Applicable Margin applicable to Alternate Base Rate Loans plus (C) 2% per annum.

 

“Defaulting Lender”
shall mean, subject to Section 2.21(b), any Lender that, (a) has failed to (i) fund all or any portion of its Loans within two
Business Days of the date such Loans were required to be funded hereunder, unless such Lender notifies the Administrative Agent
and the Company in writing that such failure is the result of such Lender’s determination that one or more conditions precedent
to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such
writing) has not been satisfied, or (ii) pay to the Administrative Agent, the Issuing Lender, the Swingline Lender or any other
Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or
Swingline Loans) within two Business Days of the date

 

    	10

    	 

    

 

when due, (b) has notified the Company, the
Administrative Agent, the Issuing Lender or the Swingline Lender in writing that it does not intend to comply with its funding
obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s
obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition
precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such
writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative
Agent or the Company, to confirm in writing to the Administrative Agent and the Company that it will comply with its prospective
funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon
receipt of such written confirmation by the Administrative Agent and the Company), or (d) has, or has a direct or indirect parent
company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver,
custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization
or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory
authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership
or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority
so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within
the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental
Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the
Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding absent
manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.21(b)) upon delivery of written
notice of such determination to the Company, the Issuing Lender, the Swingline Lender and each Lender.

 

“Deposit Account
Control Agreement” shall mean an agreement, among a Credit Party, a depository institution, and the Administrative Agent,
which agreement is in a form reasonably acceptable to the Administrative Agent and the Company and which provides the Administrative
Agent with “control” (as such term is used in Article 9 of the UCC) over the deposit account(s) described therein or
any foreign equivalent thereof, as the same may be amended, modified, extended, restated, replaced, or supplemented from time to
time.

 

“Disposition”
shall have the meaning set forth in Section 6.4.

 

“Dollar Equivalent”
shall mean, at any time, (a) with respect to any amount denominated in Dollars, such amount and (b) with respect to any amount
denominated in a Foreign Currency, the equivalent amount thereof in Dollars as reasonably determined by the Administrative Agent
at such time on the basis of the Spot Rate (as determined in respect of the most recent Revaluation Date) for the purchase of Dollars
with such Foreign Currency.

 

“Dollars”
and “$” shall mean dollars in lawful currency of the United States of America.

 

“Domestic Lending
Office” shall mean, initially, the office of each Lender designated as such Lender’s Domestic Lending Office shown
in such Lender’s Administrative Questionnaire; and thereafter, such other office of such Lender as such Lender may from time
to time specify to the Administrative Agent and the Company as the office of such Lender at which Alternate Base Rate Loans of
such Lender are to be made.

 

“Domestic Revolving
Loan” shall mean any Revolving Loan denominated in Dollars.

 

    	11

    	 

    

 

“Domestic Subsidiary”
shall mean any Subsidiary that is organized and existing under the laws of the United States or any state or commonwealth thereof
or under the laws of the District of Columbia.

 

“Dutch Guarantor”
shall mean Klipsch Group Europe, B.V., a private company with limited liability with its corporate seat in Leiden, the Netherlands,
and its successors and assigns.

 

“Dutch Parallel
Debt” shall have the meaning set forth in Section 9.30.

 

“Dutch Security
Documents” shall mean, collectively, (a) a Dutch law notarial share pledge deed creating a right of pledge (with conditional
transfer of voting rights) over the shares and any future shares in the share capital of Klipsch Group Europe B.V. and (b) a Dutch
law pledge deed creating a right of pledge over certain of Klipsch Group Europe B.V.’s receivables and tangible assets, in
favor of the Administrative Agent.

 

“Eligible Assignee”
shall mean (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 (i) the Administrative Agent, (ii) in the case of any assignment of a Revolving Commitment,
the Swingline Lender and the Issuing Lender and (iii) unless an Event of Default has occurred and is continuing and so long
as the Primary Syndication of the Loans has been completed, the Company (each such approval not to be unreasonably withheld or
delayed), provided, that, the Company shall be deemed to have approved such Person unless it shall object thereto by written
notice to the Administrative Agent (A) within five (5) Business Days after having received notice thereof and (B) notwithstanding
the foregoing, “Eligible Assignee” shall not include (1) any Credit Party or any of the Credit Party’s Affiliates
or Subsidiaries, (2) any Person holding Subordinated Debt of the Credit Parties or any of such Person’s Affiliates
or (3) any Defaulting Lender (or any of their Affiliates).

 

“EMU”
shall mean the economic and monetary union as contemplated in the Treaty on European Union (Official Journal C 191, July 29, 1992).

 

“EMU Legislation”
shall mean legislative measures of the European Council (including, without limitation, European Council regulations) for the introduction
of, changeover to or operation of a single or unified European currency (whether known as the Euro or otherwise), being in part
the implementation of the third stage of EMU.

 

“Environmental
Laws” shall mean any and all applicable foreign, federal, state, local or municipal laws, rules, orders, regulations,
statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirement of Law (including common
law) regulating, relating to or imposing liability or standards of conduct concerning protection of human health or the environment,
as now or may at any time be in effect during the term of this Agreement.

 

“Equity Interests”
shall mean (a) in the case of a corporation, capital stock, (b) in the case of an association or business entity, any
and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case
of a partnership, partnership interests (whether general, preferred or limited), (d) in the case of a limited liability company,
membership interests and (e) any other interest or participation that confers or could confer on a Person the right to receive
a share of the profits and losses of, or distributions of assets of, the issuing Person, without limitation, options, warrants
and any other “equity security” as defined in Rule 3a11-1 of the Exchange Act.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

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“Euro”
shall mean the single currency of Participating Member States of the European Union.

 

“Euro Unit”
shall mean the currency unit of the Euro.

 

“Event of Default”
shall mean any of the events specified in Section 7.1; provided, however, that any requirement for the giving of
notice or the lapse of time, or both, or any other condition, has been satisfied.

 

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

 

“Existing Credit
Agreement” shall have the meaning set forth in the preamble.

 

“Existing Letter
of Credit” shall mean each of the letters of credit described by applicant, date of issuance, letter of credit number,
amount, beneficiary and the date of expiry on Schedule 1.1(c) hereto.

 

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

 

“Exchange Percentage”
shall mean, as to each Lender, a fraction, expressed as a decimal, in each case determined on the date of occurrence of a Sharing
Event (but before giving effect to any actions to occur on such date pursuant to Article XI) of which (a) the numerator shall be
the sum of (i) the then outstanding Revolving Loans held by such Lender plus (ii) Participation Interests of such Lender
in Letters of Credit and Swingline Loans (in each case taking the Dollar Equivalent of any amounts expressed in a Foreign Currency
on the date of the occurrence of the Sharing Event) and (b) the denominator of which shall be the sum of (i) the aggregate outstanding
principal amount of all Revolving Loans plus (ii) the aggregate of all LOC Obligations and the aggregate principal amount
of all Swingline Loans (in each case taking the Dollar Equivalent of any amounts expressed in a Foreign Currency on the date of
the occurrence of the Sharing Event).

 

“Excluded Taxes”
shall mean any of the following Taxes imposed on or with respect to a Recipient, (a) Taxes imposed on or measured by the Recipient’s
net income (however denominated), franchise Taxes imposed on the Recipient, and branch profits Taxes imposed on the Recipient,
in each case, (i) by the jurisdiction (or any political subdivision thereof) under the laws of which such Recipient is organized
or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located or
(ii) as the result of any other present or former connection between such Recipient and the jurisdiction imposing such Tax (other
than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received
payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Credit
Document, or sold or assigned an interest in any Loan or Credit Document), (b) in the case of a Lender (other than an assignee
pursuant to a request by the Company under Section 2.19(b)), U.S. federal withholding Taxes imposed on amounts payable to or for
the account of such Lender pursuant to a law in

 

    	13

    	 

    

 

effect on the date on which (i) such Lender
becomes a party hereto or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section
2.16, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a
party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s
failure to comply with Section 2.16(g) and (d) any Taxes imposed under FATCA (or any amended or successor
version of FATCA that is substantively comparable and not materially more onerous to comply with).

 

“Extension of
Credit” shall mean, as to any Lender, the making of a Loan by such Lender, any conversion of a Loan from one Type to
another Type, any extension of any Loan or the issuance, extension or renewal of, or participation in, a Letter of Credit or Swingline
Loan by such Lender.

 

“FATCA”
shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement, and any current or future regulations or official
interpretations thereof.

 

“Federal Funds
Effective Rate” shall mean, for any day, the weighted average of the rates on overnight federal funds transactions with
members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the
Federal Reserve Bank of New York, or, if such rate is not so published on the next succeeding Business Day, the average of the
quotations for the day of such transactions received by the Administrative Agent from three federal funds brokers of recognized
standing selected by it.

 

“Fee Letter”
shall mean the letter agreement dated December 13, 2013, addressed to the Company from Wells Fargo and WFS, as amended, modified,
extended, restated, replaced, or supplemented from time to time.

 

“Financial Covenant
Election” shall mean the election by the Company, on a one time basis following a Permitted Debt Issuance, to convert
from being subject to the Total Leverage Ratio set forth in in Section 5.9(a)(i) to being subject to the Total Leverage Ratio and
the Senior/Secured Leverage Ratio set forth in Section 5.9(a)(ii).  

 

“Flood Hazard
Property” shall mean any Mortgaged Property that is in an area designated by the Federal Emergency Management Agency
as having special flood or mudslide hazards or any similar requirements or provisions under any foreign Requirement of Law.

 

“Foreign Collateral”
shall mean a collective reference to the collateral owned by the Canadian Guarantors or the Dutch Guarantor which is identified
in, and at any time will be covered by, the Foreign Security Documents and any other foreign collateral that may from time to time
secure the Credit Party Obligations.

 

“Foreign Currency”
shall mean Euros.

 

“Foreign Currency
Equivalent” shall mean, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof
in a Foreign Currency as reasonably determined by the Administrative Agent at such time on the basis of the Spot Rate (determined
in respect of the most recent Revaluation Date) for the purchase of such Foreign Currency with Dollars.

 

“Foreign Currency
Revolving Loan” shall mean any Revolving Loan denominated in a Foreign Currency.

 

“Foreign Currency
Sublimit” shall mean the Euro equivalent of $30,000,000.

 

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

 

“Foreign
Pension Plan” shall mean any benefit or welfare plan that under applicable law outside of the United States is required
to be funded through a trust or other funding vehicle other than a trust or funding vehicle maintained exclusively by a Governmental
Authority.

 

“Foreign Security
Documents” shall mean, collectively, the Canadian Security Documents and the Dutch Security Documents and any other security
agreement, pledge agreement or similar document securing the Credit Party Obligations.

 

“Foreign Subsidiary”
shall mean any Subsidiary that is not a Domestic Subsidiary.

 

“Fronting Exposure”
shall mean, at any time there is a Defaulting Lender, (a) with respect to the Issuing Lender, such Defaulting Lender’s Applicable
Percentage of the outstanding LOC Obligations with respect to Letters of Credit issued by such Issuing Lender other than LOC Obligations
as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized
in accordance with the terms hereof, and (b) with respect to the Swingline Lender, such Defaulting Lender’s Applicable Percentage
of outstanding Swingline Loans made by such Swingline Lender other than Swingline Loans as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

 

“Fund”
shall mean any Person (other than a natural person) 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 its business.

 

“Funded Debt”
shall mean, with respect to any Person, without duplication, all Indebtedness of such Person (other than Indebtedness set forth
in clauses (e), (i) or (m) (solely to the extent such clause (m) relates to Indebtedness under clause (e) or (i) thereof) of such
definition).

 

“GAAP”
shall mean generally accepted accounting principles in effect in the United States of America (or, in the case of Foreign Subsidiaries
with significant operations outside the United States of America, generally accepted accounting principles in effect from time
to time in their respective jurisdictions of organization or formation) applied on a consistent basis, subject, however,
in the case of determination of compliance with the financial covenants set out in Section 5.9 to the provisions of Section 1.3;
provided, further, that after an election by the Company to convert to IFRS, references in this Agreement to GAAP shall
be deemed to refer to IFRS.

 

“Government Acts”
shall have the meaning set forth in Section 2.17.

 

“Government Obligations”
shall have the meaning set forth in the definition of “Cash Equivalents.”

 

“Governmental
Authority” shall mean the government of the United States of America or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
(including any supra-national bodies such as the European Union or the European Central Bank).

 

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“Guarantor” shall mean (a) any of the Domestic
Subsidiaries of the Borrowers identified as a “Guarantor” on the signature pages hereto, (b) the Canadian Guarantors,
(c) the Dutch Guarantor and (d) any Additional Credit Party that executes a Joinder Agreement in order to become a Guarantor, together
with their successors and permitted assigns.

 

“Guaranty”
shall mean the guaranty of the Guarantors set forth in Article X.  

 

“Guaranty Obligations”
shall mean, with respect to any Person, without duplication, any obligations of such Person (other than endorsements in the ordinary
course of business of negotiable instruments for deposit or collection) guaranteeing or intended to guarantee any Indebtedness
of any other Person in any manner, whether direct or indirect, and including, without limitation, any obligation, whether or not
contingent, (a) to purchase any such Indebtedness or any property constituting security therefor, (b) to advance or provide
funds or other support for the payment or purchase of any such Indebtedness or to maintain working capital, solvency or other balance
sheet condition of such other Person (including, without limitation, keep well agreements, maintenance agreements, comfort letters
or similar agreements or arrangements) for the benefit of any holder of Indebtedness of such other Person, (c) to lease or
purchase property, securities or services primarily for the purpose of assuring the holder of such Indebtedness against loss in
respect thereof, or (d) to otherwise assure or hold harmless the holder of such Indebtedness against loss in respect thereof.  The
amount of any Guaranty Obligation hereunder shall (subject to any limitations set forth therein) be deemed to be an amount equal
to the outstanding principal amount (or maximum principal amount, if larger) of the Indebtedness in respect of which such Guaranty
Obligation is made.

 

“Hedging Agreements”
shall mean, with respect to any Person, any agreement entered into to protect such Person against fluctuations in interest rates,
or currency or raw materials values, including, without limitation, any interest rate swap, cap or collar agreement or similar
arrangement between such Person and one or more counterparties, any foreign currency exchange agreement, currency protection agreements,
commodity purchase or option agreements or other interest or exchange rate hedging agreements.

 

“IFRS”
shall mean, as of any date of determination, the International Financial Reporting Standards adopted by the International Accounting
Standards Board, as applicable on such date, consistently applied, as in effect from time to time, subject, however,
in the case of determination of compliance with the financial covenants set out in Section 5.9, to the provisions of Section 1.3.

 

“Immaterial Subsidiary”
shall mean, as of any date of determination, any Domestic Subsidiary of the Company (other than a Borrower) that, together with
its Subsidiaries, (a) generates less than 2% of Consolidated EBITDA on a Pro Forma Basis for the four (4) fiscal quarter period
most recently ended or (b) owns less than 2% of the Consolidated Assets as of the last day of the most recently ended fiscal quarter
of the Company.

 

“Incremental Increase
Amount” shall have the meaning set forth in Section 2.22.

 

“Indebtedness”
shall mean, with respect to any Person, without duplication, (a) all obligations of such Person for borrowed money, (b) all
obligations of such Person evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily
made, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property purchased
by such Person (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary
course of business), (d) all obligations (including, without limitation, earnout obligations) of such Person incurred, issued
or assumed as the deferred purchase price of property or services purchased by such Person (other than trade debt incurred in the
ordinary course of business and due within nine months of the incurrence thereof) which would appear as liabilities on a balance
sheet of such Person, (e) all obligations of

 

    	16

    	 

    

 

such Person under take-or-pay or similar arrangements
or under commodities agreements, (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has
an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, property
owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, (g) all Guaranty Obligations
of such Person with respect to Indebtedness of another Person, (h) the principal portion of all Capital Lease Obligations
plus any accrued interest thereon, (i) all net obligations of such Person under Hedging Agreements, (j) the maximum
amount of all letters of credit issued or bankers’ acceptances facilities created for the account of such Person and, without
duplication, all drafts drawn thereunder (to the extent unreimbursed), (k) all Equity Interests issued by such Person and
which by the terms thereof could be (at the request of the holders thereof or otherwise) subject to mandatory sinking fund payments,
redemption or other acceleration or is convertible (at the request of the holders thereof or otherwise) into a type of Indebtedness
set forth in the other classes of this definition, (l) the principal balance outstanding under any synthetic lease, tax retention
operating lease, off-balance sheet loan or similar off-balance sheet financing product plus any accrued interest thereon
and (m) all obligations of the type described in (a) through (l) of this definition of any partnership or unincorporated joint
venture in which such Person is a general partner or a joint venturer (unless such Indebtedness is expressly made non-recourse
to such Person).  For the avoidance of doubt, Indebtedness shall not include any non-recourse Indebtedness incurred in
connection with any Permitted Receivables Purchase Facility.

 

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

 

“Indemnitee”
shall have the meaning set forth in Section 9.5(b).

 

“Indiana Project”
shall mean a project to consolidate the operations of the Company and its Subsidiaries in the State of Indiana.

 

“Insolvency”
shall mean, with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of such term as
used in Section 4245 of ERISA.

 

“Intellectual
Property” shall mean, collectively, all Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks and Trademark
Licenses of the Credit Parties and their Subsidiaries, all goodwill associated therewith and all rights to sue for infringement
thereof.

 

“Intercompany
Debt” shall have the meaning set forth in Section 9.19.

 

“Interest Determination
Date” shall have the meaning specified in the definition of “Applicable Margin”.

 

“Interest Payment
Date” shall mean (a) as to any Alternate Base Rate Loan, the last Business Day of each February, May, August and
November and on the applicable Maturity Date, (b) as to any LIBOR Rate Loan having an Interest Period of three months or less,
the last day of such Interest Period, (c) as to any LIBOR Rate Loan having an Interest Period longer than three months, (i) each
three (3) month anniversary following the first day of such Interest Period and (ii) the last day of such Interest Period
and (d) as to any Loan which is the subject of a mandatory prepayment required pursuant to Section 2.7(b), the date on which
such mandatory prepayment is due.

 

    	17

    	 

    

 

“Interest Period” shall mean, with respect to
any LIBOR Rate Loan,

 

(a)          initially,
the period commencing on the Borrowing Date or conversion date, as the case may be, with respect to such LIBOR Rate Loan and ending
one, two, three or six months thereafter as selected by the Company in the Notice of Borrowing or Notice of Conversion given with
respect thereto; and

 

(b)          thereafter,
each period commencing on the last day of the immediately preceding Interest Period applicable to such LIBOR Rate Loan and ending
one, two, three or six months thereafter, as selected by the Company by irrevocable notice to the Administrative Agent not less
than three Business Days prior to the last day of the then current Interest Period with respect thereto; provided that the
foregoing provisions are subject to the following:

 

(i)          if
any Interest Period pertaining to a LIBOR Rate Loan would otherwise end on a day that is not a Business Day, such Interest Period
shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period
into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day;

 

(ii)         any
Interest Period pertaining to a LIBOR Rate Loan that begins on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business
Day of the relevant calendar month;

 

(iii)        if
the Company shall fail to give notice as provided above, the Company shall be deemed to have selected (A) with respect to any Loan
denominated in Dollars, an Alternate Base Rate Loan to replace the affected LIBOR Rate Loan and (B) with respect to any Loan denominated
in a Foreign Currency a LIBOR Rate Loan with an Interest Period of one month;

 

(iv)        no
Interest Period in respect of any Loan shall extend beyond the Maturity Date; and

 

(v)         no
more than eight (8) LIBOR Rate Loans may be in effect at any time.  For purposes hereof, LIBOR Rate Loans with
different Interest Periods shall be considered as separate LIBOR Rate Loans, even if they shall begin on the same date and have
the same duration, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at
the end of existing Interest Periods to constitute a new LIBOR Rate Loan with a single Interest Period.

 

“Investment”
shall mean (a) the acquisition (whether for cash, property, services, assumption of Indebtedness, securities or otherwise)
of Equity Interests, other ownership interests or other securities of any Person or bonds, notes, debentures or all or substantially
all of the assets of any Person, (b) any deposit with, or advance, loan or other extension of credit to, any Person (other
than deposits made in the ordinary course of business) or (c) any other capital contribution to or investment in any Person,
including, without limitation, any Guaranty Obligation (including any support for a letter of credit issued on behalf of such Person)
incurred for the benefit of such Person.

 

“IRS”
shall mean the United States Internal Revenue Service.

 

“Issuing Lender”
shall mean Wells Fargo together with any successor.

 

    	18

    	 

    

 

“Issuing Lender
Fees” shall have the meaning set forth in Section 2.5(c).

 

“Joinder Agreement”
shall mean a Joinder Agreement in form and substance reasonably satisfactory to the Administrative Agent, executed and delivered
by an Additional Credit Party in accordance with the provisions of Section 5.10.

 

“Lender”
shall mean any of the several banks and other financial institutions as are, or may from time to time become parties to this Agreement
(including, without limitation, the Issuing Lender and the Swingline Lender); provided that notwithstanding the foregoing,
“Lender” shall not include (1) any Credit Party or any of the Credit Party’s Affiliates or Subsidiaries, (2)
any Person holding Subordinated Debt of the Credit Parties or any of such Person’s Affiliates or (3) any Defaulting Lender
(or any of their Affiliates).

 

“Letter of Credit”
shall mean (a) any standby or commercial letter of credit issued by the Issuing Lender pursuant to the terms hereof, as such
letter of credit may be amended, modified, restated, extended, renewed, increased, replaced or supplemented from time to time in
accordance with the terms of this Agreement and (b) any Existing Letter of Credit, in each case as such letter of credit may
be amended, modified, extended, renewed or replaced from time to time in accordance with the terms of this Agreement.

 

“Letter of Credit
Facing Fee” shall have the meaning set forth in Section 2.5(c).

 

“Letter of Credit
Fee” shall have the meaning set forth in Section 2.5(b).

 

“LIBOR”
shall mean, for any LIBOR Rate Loan for any Interest Period therefor, the rate per annum (rounded upwards, if necessary, to the
nearest 1/100 of 1%) appearing on Reuters Screen LIBOR01 Page (or any successor page) and, in the case of a Foreign Currency, the
appropriate page of the Reuters Screen which displays British Bankers Association Interest Settlement Rates for deposits in such
Foreign Currency, as the London interbank offered rate for deposits in Dollars or such Foreign Currency at approximately 11:00 a.m.
(London time) two (2) Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period.  If
for any reason such rate is not available, then “LIBOR” shall mean the rate per annum at which, as determined by the
Administrative Agent in accordance with its customary practices, Dollars or such Foreign Currency in an amount comparable to the
Loans then requested are being offered to leading banks at approximately 11:00 A.M. London time, two (2) Business Days prior
to the commencement of the applicable Interest Period for settlement in immediately available funds by leading banks in the London
interbank market for a period equal to the Interest Period selected.  With respect to any LIBOR Rate Loan denominated
in Euros, for any Interest Period, “LIBOR” shall mean the rate equal to the sum of (A) the rate determined in accordance
with the foregoing terms of this definition plus (B) any Mandatory Cost for such Interest Period.

 

“LIBOR Lending
Office” shall mean, initially, the office(s) of each Lender designated as such Lender’s LIBOR Lending Office in
such Lender’s Administrative Questionnaire (including any office designated as its LIBOR Lending Office for Foreign Currency
Revolving Loans); and thereafter, such other office of such Lender as such Lender may from time to time specify to the Administrative
Agent and the Company as the office of such Lender at which the LIBOR Rate Loans of such Lender are to be made.

 

“LIBOR Rate”
shall mean a LIBOR rate per annum (rounded upwards, if necessary, to the next higher 1/100th of 1%) determined by the Administrative
Agent in accordance with the definition of “LIBOR”.

 

    	19

    	 

    

 

“LIBOR Rate Loan”
shall mean Loans the rate of interest applicable to which is based on the LIBOR Rate.  LIBOR Rate Loans may be denominated
in Dollars or a Foreign Currency.

 

“LIBOR Tranche”
shall mean the collective reference to LIBOR Rate Loans whose Interest Periods begin and end on the same day.

 

“Lien”
shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge
or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature
whatsoever (including, without limitation, (a) any conditional sale or other title retention agreement and any Capital Lease having
substantially the same economic effect as any of the foregoing and (b) the filing of, or the agreement to give, any UCC financing
statement).

 

“Loan”
shall mean a Revolving Loan and/or a Swingline Loan, as appropriate.

 

“LOC Commitment”
shall mean the commitment of the Issuing Lender to issue Letters of Credit and with respect to each Revolving Lender, the commitment
of such Revolving Lender to purchase Participation Interests in the Letters of Credit up to such Lender’s Revolving Commitment
Percentage of the LOC Committed Amount.

 

“LOC Committed
Amount” shall have the meaning set forth in Section 2.3(a).

 

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

 

“LOC Obligations”
shall mean, at any time, the sum of (a) the maximum amount which is, or at any time thereafter may become, available to be
drawn under Letters of Credit then outstanding, assuming compliance with all requirements for drawings referred to in such Letters
of Credit plus (b) the aggregate amount of all drawings under Letters of Credit honored by the Issuing Lender but not
theretofore reimbursed.

 

“Mandatory Cost”
shall mean, with respect to any period, the percentage rate per annum determined in accordance with Schedule 1.1(d).

 

“Mandatory LOC
Borrowing” shall have the meaning set forth in Section 2.3(e).

 

“Mandatory Swingline
Borrowing” shall have the meaning set forth in Section 2.4(b)(ii).

 

“Material Adverse
Effect” shall mean a material adverse change in, or material adverse effect on (a) the operations, business, assets,
properties, liabilities (actual or contingent) or condition (financial or otherwise) of the Company and its Subsidiaries, taken
as a whole, (b) the rights and remedies of the Administrative Agent or any Lender under this Agreement, any of the Notes or
any other Credit Document or of the ability of the Credit Parties, taken as a whole, to perform their obligations, when such obligations
are required to be performed, under this Agreement, any of the Notes or any other Credit Document or (c) the legality, validity
or enforceability of this Agreement, any of the Notes or any of the other Credit Documents or the rights or remedies of the Administrative
Agent or the Lenders hereunder or thereunder.

 

    	20

    	 

    

 

“Material Contract”
shall mean (a) any contract, license or other agreement listed on Schedule 3.23, (b) any contract, license
or other agreement, written or oral, of the Credit Parties or any of their Subsidiaries involving aggregate consideration payable
to or by any Credit Party or any Subsidiary of a Credit Party of $7,500,000 per annum or more (other than purchase orders in the
ordinary course of the business of such Person or such Subsidiary and other than contracts that by their terms may be terminated
by such Person or Subsidiary in the ordinary course of its business upon less than sixty (60) days notice without penalty or premium)
and (c) any other contract, agreement, permit or license, written or oral, of the Credit Parties or any of their Subsidiaries
as to which the breach, nonperformance, cancellation or failure to renew by any party thereto, individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect.

 

“Material Permitted
Acquisition” shall mean any Permitted Acquisition for which the aggregate consideration (including, without limitation,
equity consideration, earn out obligations, deferred purchase price consideration, non-competition payment obligations and the
amount of Indebtedness and other liabilities assumed from the seller(s) and/or target(s) by the Credit Parties and their Subsidiaries)
paid in connection with the consummation thereof exceeds $50,000,000.

 

“Materials of
Environmental Concern” shall mean any gasoline or petroleum (including crude oil or any extraction thereof) or petroleum
products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental
Law, including, without limitation, asbestos, perchlorate, polychlorinated biphenyls and urea-formaldehyde insulation.

 

“Maturity Date”
shall mean the date that is five (5) years following the Third Amendment Effective Date; provided, however, if such
date is not a Business Day, the Maturity Date shall be the preceding Business Day.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc.

 

“Mortgage Instrument”
shall mean any mortgage, deed of trust or deed to secure debt executed by a Credit Party in favor of the Administrative Agent,
for the benefit of the Secured Parties, as the same may be amended, modified, extended, restated, replaced, or supplemented from
time to time.

 

“Mortgage Policy”
shall mean, with respect to any Mortgage Instrument, an ALTA mortgagee title insurance policy (or a foreign equivalent thereof)
issued by a title insurance company (the “Title Insurance Company”) reasonably selected by the Administrative
Agent in an amount reasonably satisfactory to the Administrative Agent, in form and substance reasonably satisfactory to the Administrative
Agent.

 

“Mortgaged Property”
shall mean the owned real property of the Credit Parties listed on Schedule 3.16(f)(i).

 

“Multiemployer
Plan” shall mean a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Non-Consenting
Lender” shall mean any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of
all affected Lenders in accordance with the terms of Section 9.1 and (b) has been approved by the Required Lenders.

 

“Non-Defaulting
Lender’ shall mean, at any time, each Lender that is not a Defaulting Lender at such time.

 

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“Note”
or “Notes” shall mean the Revolving Loan Notes and/or the Swingline Loan Note, collectively, separately or individually,
as appropriate.

 

“Notice of Borrowing”
shall mean a request for a Revolving Loan borrowing pursuant to Section 2.1(b)(i) or a request for a Swingline Loan borrowing
pursuant to Section 2.4(b)(i), as appropriate.  A Form of Notice of Borrowing is attached as Exhibit 1.1(c).

 

“Notice of Conversion/Extension”
shall mean the written notice of conversion of a LIBOR Rate Loan to an Alternate Base Rate Loan or an Alternate Base Rate Loan
to a LIBOR Rate Loan, or extension of a LIBOR Rate Loan, in each case substantially in the form of Exhibit 1.1(d).

 

“Obligations”
shall mean, collectively, all of the obligations, Indebtedness and liabilities of the Credit Parties to the Lenders (including
the Swingline Lender and the Issuing Lender) and the Administrative Agent, whenever arising, under this Agreement, the Notes or
any of the other Credit Documents, including principal, interest, fees, costs, charges, expenses, professional fees, reimbursements,
all sums chargeable to the Credit Parties or for which any Credit Party is liable as an indemnitor and whether or not evidenced
by a note or other instrument and indemnification obligations and other amounts (including, but not limited to, any interest accruing
after the occurrence of a filing of a petition of bankruptcy under the Bankruptcy Code with respect to any Credit Party, regardless
of whether such interest is an allowed claim under the Bankruptcy Code).  In no event shall the Obligations include any
Excluded Swap Obligations.

 

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

 

“Operating Lease”
shall mean, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at
any time) of any property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that
Person is the lessor.

 

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

 

“Other Taxes”
shall mean 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 Credit Document, except any such Taxes that are Other Connection Taxes
imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).

 

“Participating
Member State” shall mean each country so described in any EMU Legislation.

 

“Participant”
has the meaning assigned to such term in clause (d) of Section 9.6.

 

“Participation
Interest” shall mean a participation interest purchased by a Revolving Lender in LOC Obligations as provided in Section
2.3 and in Swingline Loans as provided in Section 2.4.

 

“Participant Register”
has the meaning specified in Section 9.6(d).

 

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“Patent Licenses”
shall mean any agreement, whether written or oral, providing for the grant by or to a Person of any right to manufacture, use or
sell any invention covered by a Patent.

 

“Patents”
shall mean (a) all letters patent of the United States or any other country, now existing or hereafter arising, and all improvement
patents, reissues, reexaminations, patents of additions, renewals and extensions thereof and (b) all applications for letters
patent of the United States or any other country and all provisionals, divisions, continuations and continuations-in-part and substitutes
thereof.

 

“Patriot Act”
shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA
PATRIOT ACT) Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)), as amended or modified from time
to time.

 

“Payment Event
of Default” shall mean an Event of Default specified in Section 7.1(a).

 

“PBGC”
shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA.

 

“Permitted Acquisition”
shall mean an acquisition or any series of related acquisitions by a Credit Party of (a) all or substantially all of the assets
or a majority of the outstanding Voting Stock or economic interests of a Person, (b) a Person that is incorporated, formed
or organized by a merger, amalgamation or consolidation or any other combination with such Person or (c) any division, line
of business or other business unit of a Person (such Person or such division, line of business or other business unit of such Person
shall be referred to herein as the “Target”), in each case that is a type of business (or assets used in a type
of business) permitted to be engaged in by the Credit Parties and their Subsidiaries pursuant to Section 6.3, in each case so long
as:

 

(i)          no
Default or Event of Default shall then exist or would exist immediately after giving effect thereto;

 

(ii)         the
Credit Parties shall demonstrate to the reasonable satisfaction of the Administrative Agent that, after giving effect to the acquisition
on a Pro Forma Basis, (A) the Credit Parties are in compliance with each of the financial covenants set forth in Section 5.9 and
(B) the Total Leverage Ratio shall be 0.25 to 1.00 less than the then applicable level (after giving effect to any Permitted Acquisition
Leverage Increase in connection with such acquisition) set forth in Section 5.9(a) (e.g., if the maximum Total Leverage Ratio permitted
pursuant to Section 5.9(a) at the time of such acquisition is 3.00 to 1.00, the Credit Parties shall demonstrate that, after giving
effect to the acquisition on a Pro Forma Basis, the Total Leverage Ratio shall be less than or equal to 2.75 to 1.00);

 

(iii)        the
Administrative Agent, on behalf of the Secured Parties, shall have received (or shall receive in connection with the closing of
such acquisition) a first priority perfected security interest in all property (including, without limitation, Equity Interests)
acquired with respect to the Target in accordance with the terms of Sections 5.10 and 5.12 (subject to Permitted Liens) and the
Target, if a Person, shall have executed a Joinder Agreement in accordance with the terms of Section 5.10;

 

(iv)        the
Administrative Agent and the Lenders shall have received (A) a description of the material terms of such acquisition, (B) audited
financial statements (or, if unavailable, management-prepared financial statements) of the Target for its two most recent fiscal
years and for any fiscal quarters ended within the fiscal year to date, (C) Consolidated projected income statements of the
Credit Parties and their Subsidiaries

 

    	23

    	 

    

 

(giving effect to such acquisition),
and (D) not less than five (5) Business Days prior to the consummation of any Permitted Acquisition with a purchase price
in excess of $2,000,000, a certificate substantially in the form of Exhibit 1.1(f), executed by an Authorized Officer of
the Company certifying that such Permitted Acquisition complies with the requirements of this Agreement;

 

(v)         the
Target shall have earnings before interest, taxes, depreciation and amortization for the four fiscal quarter period prior to the
acquisition date, and after giving effect to any pro forma adjustments reasonably acceptable to the Administrative Agent,
in an amount greater than $0;

 

(vi)        such
acquisition shall not be a “hostile” acquisition and shall have been approved by the Board of Directors (or equivalent)
and/or shareholders (or equivalent) of the applicable Credit Party and the Target; and

 

(vii)       immediately
after giving effect to such acquisition, there shall be at least $35,000,000 of Accessible Availability.

 

“Permitted Acquisition
Leverage Increase” shall have the meaning set forth in Section 5.9(a).

 

“Permitted Debt
Issuance” shall mean the issuance of unsecured Indebtedness by one or more of the Credit Parties in an aggregate principal
amount not to exceed $100,000,000; provided that (i) the representations, covenants and events of default in respect
of such Indebtedness (other than interest rate and fees) are not materially more restrictive, taken as a whole, on the applicable
Credit Party than the representations, covenants and events of default in this Agreement and (ii) the maturity date of any Permitted
Debt Issuance shall not be prior to the date that is 181 days after the Maturity Date, and such Permitted Debt Issuance shall not
be subject to amortization payments or prepayments (other than due to acceleration upon occurrence of an event of default thereunder)
prior to such date.

 

“Permitted Holders”
shall mean, as of the date of determination, (a) John J. Shalam, his spouse, their ancestors or lineal descendants (by blood or
adoption) and the spouses of such ancestors or lineal descendants (by blood or adoption) (collectively, the “Shalam Associates”),
(b) the heirs, executors, administrators, testamentary trustees, legatees or beneficiaries of John J. Shalam or any other Shalam
Associates, (c) a trust or custodianship, to the extent that the beneficiaries of which, or a corporation or partnership, the stockholders
or general or limited partners of which, include only John J. Shalam and any other Shalam Associates, (d) any charitable foundation
a majority of whose members, trustees or directors, as the case may be, are John J. Shalam or any other Shalam Associates, and
(e) any corporation, partnership or other Person controlled by, controlling or under common control with any Person controlled
by any of the Persons included in clause (a) of this definition (as the term “controlled” is defined in the definition
of the term “Affiliate” herein).

 

“Permitted Investments”
shall have the meaning set forth in Section 6.5.

 

“Permitted Liens”
shall have the meaning set forth in Section 6.2.

 

“Permitted Receivables
Purchase Facility” shall mean the receivables purchase facilities pursuant to the Receivables Purchase Agreement; provided,
that (a) all sales related thereto and all Indebtedness, if any, incurred in connection therewith shall be non-recourse (except
for customary representations, warranties, covenants and indemnities made in connection with such facilities) to the Credit Parties
and their Subsidiaries, (b) any Liens arising under any Permitted Receivables Purchase Facility shall not at any time encumber
any property other than the accounts receivables sold pursuant to the applicable

 

    	24

    	 

    

 

Permitted Receivables Purchase Agreement, (c)
the aggregate amount of all receivables purchased under the Receivables Purchase Agreement shall not exceed $40,000,000 at any
time outstanding, (d) one hundred percent (100%) of the consideration paid for such receivables shall be paid in cash or Cash Equivalents
and (e) other than customary discounts, the sale of such receivables shall be for fair market value.

 

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

 

“Plan”
shall mean, as of any date of determination, any employee benefit plan which is covered by Title IV of ERISA and in respect of
which any Credit Party or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069
of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

“Pledge Agreement”
shall mean the Pledge Agreement dated as of the Closing Date executed by the Credit Parties (to the extent organized and existing
under the laws of the United States or any state or commonwealth thereof or under the laws of the District of Columbia) in favor
of the Administrative Agent, for the benefit of the Secured Parties, as the same may from time to time be amended, modified, extended,
restated, replaced, or supplemented from time to time in accordance with the terms hereof and thereof.

 

“Primary Syndication”
shall mean any assignments by the Administrative Agent in order to effectuate the initial post-closing syndication made on or prior
to the earlier of (a) the date that is ninety (90) days after the Closing Date and (b) the completion of all assignments
relating to the completion of a successful syndication.

 

“Prime Rate”
shall mean, at any time, the rate of interest per annum publicly announced or otherwise identified from time to time by the Administrative
Agent at its principal office in Charlotte, North Carolina as its prime rate.  Each change in the Prime Rate shall be
effective as of the opening of business on the day such change in the Prime Rate occurs.  The parties hereto acknowledge
that the rate announced publicly by the Administrative Agent as its Prime Rate is an index or base rate and shall not necessarily
be its lowest or best rate charged to its customers or other banks.

 

“Pro Forma Basis”
shall mean, with respect to any transaction, that such transaction shall be deemed to have occurred as of the first day of the
four-quarter period (or twelve month period, as applicable) ending as of the most recent quarter end (or month end, as applicable)
preceding the date of such transaction for which financial statement information is available.

 

“Properties”
shall have the meaning set forth in Section 3.10(a).

 

“PPSA”
shall mean the Personal Property Security Act (Ontario), the Civil Code of Québec or any other applicable Canadian Federal
or Provincial statute pertaining to the granting, perfecting, priority or ranking of security interests, liens, hypothecs on personal
property, and any successor statutes, together with any regulations thereunder, in each case as in effect from time to time.  References
to sections of the PPSA shall be construed to also refer to any successor sections.

 

“Qualified ECP
Guarantor” shall mean, in respect of any Swap Obligation, each Credit Party that has total assets exceeding $10,000,000
at the time the relevant Guaranty or grant of the relevant security interest becomes effective with respect to such Swap Obligation
or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations
promulgated

 

    	25

    	 

    

 

thereunder and can cause another person to
qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II)
of the Commodity Exchange Act.

 

“Qualified Equity
Issuance” shall mean the sale to the public of common stock of the Company that yields gross proceeds of not less than
$40,000,000.

 

“Real Estate Project-Florida”
shall mean a project to consolidate the manufacturing facilities and operations of the Company and its Subsidiaries in the State
of Florida.

 

“Real Estate Project-Germany”
shall mean a project to consolidate the manufacturing facilities and operations of Hirschman Car Communication GmbH and its Subsidiaries
in Germany.

 

“Receivables Purchase
Agreement” shall mean (a) the Receivables Purchase Agreement (as the same may be amended, supplemented or otherwise modified
from time to time), dated as of March 15, 2013, by and among the Company and Wells Fargo Bank, National Association, in respect
of the accounts receivable owing by Wal-Mart Stores, Inc., a Delaware corporation, and Sam’s West, Inc., an Arkansas corporation,
and such of their subsidiaries and affiliates as may be included pursuant to the terms thereof and (b) any receivables purchase
agreement entered into by the Company after the Third Amendment Effective Date with a Lender or an Affiliate of a Lender (as the
same may be amended, supplemented or otherwise modified from time to time) in respect of accounts receivable owing by Best Buy
Co. on terms and conditions reasonably satisfactory to the Administrative Agent.

 

“Recipient”
shall mean (a) the Administrative Agent, (b) any Lender, (c) the Swingline Lender and (d) the Issuing Lender, as applicable.

 

“Recovery Event”
shall mean the receipt by any Credit Party or its Subsidiaries of any cash insurance proceeds or condemnation award payable by
reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of their respective property
or assets.  

 

“Register”
shall have the meaning set forth in Section 9.6(c).

 

“Reimbursement
Obligation” shall mean the obligation of the Borrowers to reimburse the Issuing Lender pursuant to Section 2.3(d) for
amounts drawn under Letters of Credit.

 

“Related Parties”
shall mean, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents,
trustees and advisors of such Person and of such Person’s Affiliates.

 

“Reorganization”
shall mean, with respect to any Multiemployer Plan, the condition that such Plan is in reorganization within the meaning of such
term as used in Section 4241 of ERISA.

 

“Reportable Event”
shall mean any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty-day notice period
is waived under PBGC Reg. §4043.

 

“Required Lenders”
shall mean, as of any date of determination, Lenders holding at least a majority of (a) the outstanding Revolving Commitments
or (b) if the Revolving Commitments have been terminated, the outstanding Loans and Participation Interests; provided,
however, that if any Lender shall be a Defaulting Lender at such time, then there shall be excluded from the determination
of Required Lenders, Obligations (including Participation Interests) owing to such Defaulting Lender and such Defaulting Lender’s
Commitments.

 

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“Requirement of
Law” shall mean, as to any Person, (a) the articles or certificate of incorporation, by-laws or other organizational
or governing documents of such Person, and (b) all international, foreign, Federal, state and local statutes, treaties, rules,
guidelines, regulations, ordinances, codes, executive orders, and administrative or judicial precedents or authorities, including
the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration
thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements
with, any Governmental Authority (in each case whether or not having the force of law); in each case applicable to or binding upon
such Person or any of its property or to which such Person or any of its property is subject.

 

“Responsible Officer”
shall mean, for any Credit Party, the chief executive officer, the president, general counsel or chief financial officer of such
Credit Party and any additional responsible officer that is designated as such to the Administrative Agent in its reasonable discretion.

 

“Restricted Payment”
shall mean (a) any dividend or other distribution, direct or indirect, on account of any shares (or equivalent) of any class
of Equity Interests of any Credit Party or any of its Subsidiaries, now or hereafter outstanding, (b) any redemption, retirement,
sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares (or equivalent) of
any class of Equity Interests of any Credit Party or any of its Subsidiaries, now or hereafter outstanding, (c) any payment
made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class
of Equity Interests of any Credit Party or any of its Subsidiaries, now or hereafter outstanding, (d) any payment or prepayment
of principal of, premium, if any, or interest on, redemption, purchase, retirement, defeasance, sinking fund or similar payment
with respect to, any Subordinated Debt of any Credit Party or any of its Subsidiaries, (e) the payment by any Credit Party
or any of its Subsidiaries of any management, advisory or consulting fee to any Affiliate of a Credit Party or any of their Subsidiaries
or (f) the payment of any extraordinary salary, bonus or other form of compensation to any Person who is directly or indirectly
a significant partner, shareholder, owner or executive officer of any such Person, to the extent such extraordinary salary, bonus
or other form of compensation is not included in the corporate overhead of such Credit Party or such Subsidiary.

 

“Revaluation Date”
shall mean each of the following: (a) each date a Loan is made pursuant to Section 2.1; (b) each date a Loan is converted to or
continued as a LIBOR Rate Loan pursuant to the terms of this Agreement; (c) each date a Revolving Loan is made to reimburse a Swingline
Loan or drawing under a Letter of Credit or a Participation Interest is required to be purchased in an outstanding Swingline Loan
or outstanding LOC Obligation pursuant to the terms of this Agreement; (d) the last Business Day of each calendar month; and (e)
such additional dates as the Administrative Agent or the Required Lenders shall reasonably specify.

 

“Revolving Commitment”
shall mean, with respect to each Revolving Lender, the commitment of such Revolving Lender to make Revolving Loans in an aggregate
principal amount at any time outstanding up to an amount equal to such Revolving Lender’s Revolving Commitment Percentage
of the Revolving Committed Amount as specified in Schedule 2.1(a).

 

“Revolving Commitment
Percentage” shall mean, for each Revolving Lender, the percentage identified as its Revolving Commitment Percentage on
Schedule 2.1(a) or in the Assignment and Assumption pursuant to which such Revolving Lender became a Revolving Lender hereunder,
as such percentage may be modified in connection with any assignment made in accordance with the provisions of Section 9.6(b).

 

“Revolving Committed
Amount” shall have the meaning set forth in Section 2.1(a).

 

    	27

    	 

    

 

“Revolving Credit
Exposure” shall mean, as to any Revolving Lender at any time, the sum of such Revolving Lender’s (a) Revolving
Commitment Percentage of the aggregate principal Dollar Equivalent of outstanding Revolving Loans plus (b) Participation
Interests in LOC Obligations plus (c) Participation Interests in Swingline Loans at such time.

 

“Revolving Facility”
shall have the meaning set forth in Section 2.1(a).

 

“Revolving Facility Increase”
shall have the meaning set forth in Section 2.22.

 

“Revolving Lender”
shall mean, as of any date of determination, a Lender holding a Revolving Commitment, a Revolving Loan or a Participation Interest
on such date.

 

“Revolving Loan”
shall have the meaning set forth in Section 2.1(a).

 

“Revolving Loan
Note” or “Revolving Loan Notes” shall mean the Revolving Loan Notes, individually or collectively,
as appropriate, as such promissory notes may be amended, modified, extended, restated, replaced, or supplemented from time to time.

 

“S&P”
shall mean Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc.

 

“Sanctioned Entity”
shall mean (a) a country or a government of a country, (b) an agency of the government of a country, (c) an organization
directly or indirectly controlled by a country or its government, or (d) a person or entity resident in or determined to be
resident in a country, that is subject to a country sanctions program administered and enforced by OFAC.

 

“Sanctioned Person”
shall mean a person named on the list of Specially Designated Nationals maintained by OFAC.

 

“Sarbanes-Oxley”
shall mean the Sarbanes-Oxley Act of 2002.

 

“SEC”
shall mean the Securities and Exchange Commission or any successor Governmental Authority.

 

“Seasonal Step-Up
Period” shall mean the period from August 31 through and including November 30 of each fiscal year.

 

“Second Amendment
Effective Date” shall mean May 14, 2013.

 

“Secured Parties”
shall mean the Administrative Agent, the Lenders and the Bank Product Providers.

 

“Securities Account
Control Agreement” shall mean an agreement, among a Credit Party, a securities intermediary, and the Administrative Agent,
which agreement is in a form acceptable to the Administrative Agent and which provides the Administrative Agent with “control”
(as such term is used in Articles 8 and 9 of the UCC) over the securities account(s) described therein or any foreign equivalent
thereof, as the same may be as amended, modified, extended, restated, replaced, or supplemented from time to time.

 

“Securities Act”
shall mean the Securities Act of 1933, together with any amendment thereto or replacement thereof and any rules or regulations
promulgated thereunder.

 

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“Securities Laws”
shall mean the Securities Act, the Exchange Act, Sarbanes-Oxley, any foreign equivalent of the Securities Act, the Exchange Act
and Sarbanes-Oxley and the applicable accounting and auditing principles, rules, standards and practices promulgated, approved
or incorporated by the SEC or the Public Company Accounting Oversight Board, as each of the foregoing may be amended and in effect
on any applicable date hereunder.

 

“Security Agreement”
shall mean the U.S. Security Agreement dated as of the Closing Date executed by the Credit Parties (to the extent organized
and existing under the laws of the United States or any state or commonwealth thereof or under the laws of the District of Columbia)
in favor of the Administrative Agent, for the benefit of the Secured Parties, as amended, modified, extended, restated, replaced,
or supplemented from time to time in accordance with its terms.

 

“Security Documents”
shall mean the Security Agreement, the Pledge Agreement, any Deposit Account Control Agreement, any Securities Account Control
Agreement, the Mortgage Instruments and all other agreements, documents and instruments relating to, arising out of, or in any
way connected with any of the foregoing documents or granting to the Administrative Agent, for the benefit of the Secured Parties,
Liens or security interests to secure, inter alia, all or any portion of the Credit Party Obligations whether now or hereafter
executed and/or filed, each as may be amended from time to time in accordance with the terms hereof, executed and delivered in
connection with the granting, attachment and perfection of the Administrative Agent’s security interests and liens arising
thereunder, including, without limitation, UCC financing statements and any foreign equivalent thereof.

 

“Sellers”
shall mean, collectively, Viktor Schicker, IRS Profil GmbH, Ludwig Geis and Jochim Brandes.

 

“Senior/Secured
Funded Debt” shall mean, as of any date of determination for the Credit Parties and their Subsidiaries, all Funded Debt
(including, without limitation, Extensions of Credit hereunder) which is not Subordinated Debt or a Permitted Debt Issuance.

 

“Senior/Secured
Leverage Ratio” shall mean, as of any date of determination, for the Credit Parties and their Subsidiaries on a Consolidated
basis, the ratio of (i) Senior/Secured Funded Debt on such date to (ii) Consolidated EBITDA for the four (4) consecutive fiscal
quarters ending on such date (or, for purposes other than measuring compliance with the financial covenants set forth in Section
5.9, on the most recently ended four (4) consecutive fiscal quarters for which financial statements are available).

 

“Sharing Event”
shall mean (a) the occurrence and continuance of any Event of Default under Section 7.1(f), (b) the declaration of the termination
of any Commitment, or the acceleration of the maturity of any Loans, in each case in accordance with Section 7.2 or (c) the failure
of any Borrower to pay any principal of, or interest on, any Loans or any LOC Obligations on the Maturity Date.

 

“Single Employer
Plan” shall mean any Plan that is not a Multiemployer Plan.

 

“Solvent”
shall mean, with respect to any Person on a particular date, that, at fair valuations, the sum of such Person's assets is greater
than all of such Person's debts.

 

“Spot Rate”
shall mean, for any currency, the rate determined by the Administrative Agent, to be the rate quoted by the Person acting in such
capacity, as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign
exchange trading office at approximately 11:00 a.m. on the date two (2) Business Days prior to the date as of which the foreign
exchange computation is made; provided that the Administrative Agent may obtain such spot rate from

 

    	29

    	 

    

 

another financial institution designated by
the Administrative Agent if the Person acting in such capacity does not have as of the date of determination a spot buying rate
for any such currency.

 

“Subordinated
Debt” shall mean any Indebtedness incurred by any Credit Party which by its terms is specifically subordinated in right
of payment to the prior payment of the Credit Party Obligations and contains subordination and other terms reasonably acceptable
to the Administrative Agent.

 

“Subsidiary”
shall mean, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or
other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only
by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation,
limited liability company, partnership or other entity are at the time owned, or the management of which is otherwise controlled,
directly or indirectly through one or more intermediaries, or both, by such Person.  Unless otherwise qualified, all
references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries
of the Company.

 

“Swap Obligations”
shall mean, with respect to any Borrower (other than a/the counterparty to a “swap”) or any Guarantor, an obligation
to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of §
1a(47) of the Commodity Exchange Act.

 

“Swingline Commitment”
shall mean the commitment of the Swingline Lender to make Swingline Loans in an aggregate principal amount at any time outstanding
up to the Swingline Committed Amount, and the commitment of the Revolving Lenders to purchase participation interests in the Swingline
Loans as provided in Section 2.4(b)(ii), as such amounts may be reduced from time to time in accordance with the provisions hereof.

 

“Swingline Committed
Amount” shall mean the amount of the Swingline Lender’s Swingline Commitment as specified in Section 2.4(a).

 

“Swingline Exposure”
shall mean, with respect to any Lender, an amount equal to the Applicable Percentage of such Lender multiplied by the principal
amount of outstanding Swingline Loans.

 

“Swingline Lender”
shall mean Wells Fargo and any successor swingline lender.

 

“Swingline Loan”
shall have the meaning set forth in Section 2.4(a).

 

“Swingline Loan
Note” shall mean the promissory note of the Borrowers in favor of the Swingline Lender evidencing the Swingline Loans
provided pursuant to Section 2.4(d), as such promissory note may be amended, modified, extended, restated, replaced, or supplemented
from time to time.

 

“Target”
shall have the meaning set forth in the definition of “Permitted Acquisition”.

 

“Target Settlement Day” shall
mean any day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) System is open.

 

“Taxes”
shall mean 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.

 

“Third Amendment
Effective Date” shall mean January 9, 2014.

 

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“Title Insurance
Company” shall have the meaning set forth in the definition of “Mortgage Policy”.

 

“Total Leverage
Ratio” shall mean, as of any date of determination, for the Company and its Subsidiaries on a Consolidated basis,
the ratio of (a) Consolidated Funded Debt on such date to (b) Consolidated EBITDA for the four (4) consecutive quarters
ending on such date (or, for purposes other than measuring compliance with the financial covenants set forth in Section 5.9, on
the most recently ended four (4) consecutive fiscal quarters for which financial statements are available).

 

“Trademark License”
shall mean any agreement, whether written or oral, providing for the grant by or to a Person of any right to use any Trademark.

 

“Trademarks”
shall mean (a) all trademarks, trade names, corporate names, company names, business names, fictitious business names, service
marks, elements of package or trade dress of goods or services, logos and other source or business identifiers, together with the
goodwill associated therewith, all registrations and recordings thereof, and all applications in connection therewith, whether
in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or
any other country or any political subdivision thereof and (b) all renewals thereof.

 

“Tranche”
shall mean the collective reference to (a) LIBOR Rate Loans whose Interest Periods begin and end on the same day and (b) Alternate
Base Rate Loans made on the same day.

 

“Transactions”
shall mean the closing of this Agreement and the other Credit Documents and the other transactions contemplated hereby and pursuant
to the other Credit Documents (including, without limitation, the initial borrowings under the Credit Documents and the payment
of fees and expenses in connection with all of the foregoing).

 

“Transfer Effective
Date” shall have the meaning set forth in each Assignment and Assumption.

 

“Type”
shall mean, as to any Loan, its nature as an Alternate Base Rate Loan or LIBOR Rate Loan, as the case may be.

 

“UCC”
shall mean the Uniform Commercial Code from time to time in effect in any applicable jurisdiction.

 

“UCP”
means, with respect to any commercial Letter of Credit, the Uniform Customs and Practice for Documentary Credits 2007 Revision,
UCP 600, published by the International Chamber of Commerce (or, if L/C Issuer will agree at the time of issuance, such later version
thereof as may be in effect immediately prior to the issuance of such Letter of Credit, the extension of the expiry date thereof
or any increase of the amount thereof).

 

“U.S. Borrower”
shall mean any Borrower that is a U.S. Person.

 

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

 

“U.S. Tax Compliance
Certificate” has the meaning assigned to such term in paragraph (g) of Section 2.16.

 

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“Visaton Acquisition”
shall mean the acquisition by Audiovox German Holdings GmbH of all or substantially all of the assets or a majority of the outstanding
Voting Stock or economic interests of VISATON GmbH & Co KG, so long as such acquisition meets the requirements set forth in
clauses (i), (ii), (iv), (v), (vi), (vii) and (viii) of the definition of “Permitted Acquisition.”

 

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

 

“Wells Fargo”
shall mean Wells Fargo Bank, National Association, a national banking association, together with its successors and/or assigns.

 

“WFS”
shall mean Wells Fargo Securities, LLC, together with its successors and assigns.

 

“Withholding Agent”
shall mean any Credit Party and the Administrative Agent.

 

“Works”
shall mean all works which are subject to copyright protection pursuant to Title 17 of the United States Code.

 

Section 1.2          Other
Definitional Provisions.

 

The definitions of terms
herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, restated, supplemented, amended and restated or otherwise modified (subject
to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof”
and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed
to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation
herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time,
(f) the words “asset” and “property” shall be construed to have the same meaning and effect and to
refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and
(g) all terms defined in this Agreement shall have the defined meanings when used in any other Credit Document or any certificate
or other document made or delivered pursuant hereto.

 

Section 1.3          Accounting
Terms.

 

(a)          Generally.  All
accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing
the most recently delivered audited Consolidated financial statements of the Company, except as otherwise specifically prescribed
herein.  Notwithstanding the foregoing, for purposes of determining compliance with any covenant

 

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(including the computation of any
financial covenant) contained herein, Indebtedness of the Company and its Subsidiaries shall be deemed to be carried at
100% of the outstanding principal amount thereof, and the effects of the Financial Accounting Standards Board’s Accounting
Standards Codifications 825 and 470-20 on financial liabilities shall be disregarded.

 

(i)    all
references herein to consolidated financial statements of the Company and its Subsidiaries shall, in each case, be deemed
to include each variable interest entity that the Company is required to consolidate pursuant to the Financial Accounting Standards
Board’s Accounting Standards Codification 810 as if such variable interest entity were a Subsidiary as defined herein.  Notwithstanding
the preceding sentence, the parties hereto specifically agree to exclude any impact of the variable interest entities on the Company
or its Subsidiaries’ financial position or results of operations in any calculation made under this Agreement (including,
without limitation, the calculation of any component of the financial covenant ratios required to be calculated under the terms
of this Agreement); and

 

(ii)   all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred
to herein shall be made (A) without giving effect to any election under the Financial Accounting Standards Board’s Accounting
Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar
result or effect) to value any Indebtedness or other liabilities of the Company or any Subsidiary at “fair value”,
as defined therein, (B) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments under
the Financial Accounting Standards Board’s Accounting Standards Codification 470-20 (or any other Accounting Standards Codification
or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner
as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof and (C) in
a manner such that any obligations relating to a lease that was accounted for by a Person as an operating lease as of the Closing
Date and any operating lease entered into after the Closing Date by such Person shall be accounted for as obligations relating
to an operating lease and not as Capital Lease Obligations.

 

(b)          Changes
in GAAP.  If, at any time, any change in GAAP, an election by the Company to convert to IFRS or a change in IFRS
would affect the computation of any financial ratio or requirement set forth in any Credit Document, and either the Company or
the Required Lenders shall so request, the Administrative Agent, the Lenders and the Company shall negotiate in good faith to amend
such ratio or requirement to preserve the original intent thereof in light of such change in GAAP, conversion to IFRS or change
in IFRS (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or
requirement shall continue to be computed in accordance with GAAP prior to such change therein (or following a conversion to IFRS,
IFRS prior to such change) and (ii) the Company shall provide to the Administrative Agent and the Lenders financial statements
and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations
of such ratio or requirement made before and after giving effect to such change in GAAP, conversion to IFRS or change in IFRS.

 

(c)          Financial
Covenant Calculations.  The parties hereto acknowledge and agree that, for purposes of all calculations made in determining
compliance for any applicable period with the financial covenants set forth in Section 5.9 and for purposes of determining the
Applicable Margin, (i) after consummation of any Permitted Acquisition, (A) income statement items and

 

    	33

    	 

    

 

other balance sheet items (whether
positive or negative) attributable to the Target acquired in such transaction shall be included in such calculations to the extent
relating to such applicable period, subject to adjustments mutually acceptable to the Company and the Administrative Agent and
(B) Indebtedness of a Target which is retired in connection with a Permitted Acquisition shall be excluded from such calculations
and deemed to have been retired as of the first day of such applicable period and (ii) after any Disposition permitted by
Section 6.4(a)(viii) or Section 6.4(a)(ix), (A) income statement items, cash flow statement items and balance sheet items
(whether positive or negative) attributable to the property or assets disposed of shall be excluded in such calculations to the
extent relating to such applicable period, subject to adjustments mutually acceptable to the Company and the Administrative Agent
and (B) Indebtedness that is repaid with the proceeds of such Disposition shall be excluded from such calculations and deemed
to have been repaid as of the first day of such applicable period.

 

Section 1.4          Time
References.

 

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

 

Section 1.5          Execution
of Documents.

 

Unless otherwise specified,
all Credit Documents and all other certificates executed in connection therewith must be signed by an Authorized Officer.

 

Section 1.6          Computation
of Dollar Amounts; Exchange Rates; Currency Equivalents.

 

(a)          The
Administrative Agent shall determine the Spot Rate as of each Revaluation Date to be used for calculating the Dollar Equivalents
of Loans outstanding hereunder denominated in a Foreign Currency.  Such Spot Rate shall become effective as of such Revaluation
Date and shall be the Spot Rate employed in converting any amounts between the applicable currencies until the next Revaluation
Date to occur.  

 

(b)          Wherever
in this Agreement, in connection with the making of any Loan, any conversion, continuation or prepayment of a Loan, an amount,
such as a required minimum or multiple amount, is expressed in Dollars, but such Loan is denominated in a Foreign Currency, such
amount shall be the relevant Foreign Currency Equivalent, as reasonably determined by the Administrative Agent.

 

(c)          Wherever
in this Agreement an amount is expressed in Dollars, it shall be deemed to refer to the Dollar Equivalent or Foreign Currency Equivalent
thereof, as applicable.

 

(d)          Determinations
by the Administrative Agent pursuant to this Section shall be conclusive absent demonstrable error.

 

(e)          Subject
to the provisions of Section 9.27, each provision in this Agreement relating to payments to be made by the Borrowers on account
of principal, interest and fees which requires payment in Dollars, shall be deemed to mean (i) in the case of Loans or other amounts
denominated in Dollars, payment in Dollars and (ii) in the case of Loans or other amounts denominated in a Foreign Currency, payment
in such Foreign Currency.

 

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ARTICLE II

THE LOANS; AMOUNT AND TERMS

 

Section 2.1         Revolving
Loans.

 

(a)         Revolving
Commitment.  During the Commitment Period, subject to the terms and conditions hereof, each Revolving Lender severally,
but not jointly, agrees to make revolving credit loans (“Revolving Loans”) in Dollars or the Foreign Currency
to the Borrowers from time to time in an aggregate principal amount of up to TWO HUNDRED
Million DOLLARS ($200,000,000) (as may be increased from time to time as provided in Section 2.22 and as such
aggregate maximum amount may be reduced from time to time as provided in Section 2.6, the “Revolving Committed Amount”)
for the purposes hereinafter set forth (such facility, the “Revolving Facility”); provided, however,
that after giving effect to such Revolving Loans, (A) with regard to each Revolving Lender individually, such Revolving Lender’s
Revolving Credit Exposure shall not exceed such Revolving Lender’s Revolving Commitment, (B) with regard to the Revolving
Lenders collectively, the aggregate Revolving Credit Exposure outstanding shall not exceed the Revolving Committed Amount then
in effect and (C) the aggregate principal Dollar Equivalent of outstanding Foreign Currency Revolving Loans made to the Borrowers
shall not exceed the Foreign Currency Sublimit.  Domestic Revolving Loans may consist of Alternate Base Rate Loans or
LIBOR Rate Loans, or a combination thereof, as the Company may request, and Foreign Currency Revolving Loans may consist only of
LIBOR Rate Loans.  Revolving Loans made on the Closing Date or any of the three (3) Business Days following the Closing
Date, may only consist of Alternate Base Rate Loans unless the Borrowers deliver a funding indemnity letter, substantially in the
form of Exhibit 2.1(a), reasonably acceptable to the Administrative Agent not less than three (3) Business Days prior to
the Closing Date.  LIBOR Rate Loans shall be made by each Revolving Lender at its LIBOR Lending Office and Alternate
Base Rate Loans at its Domestic Lending Office.  

 

(b)         Revolving
Loan Borrowings.

 

(i)          Notice
of Borrowing.  The Company, for itself or another Borrower, shall request a Revolving Loan borrowing by delivering
a written Notice of Borrowing (or telephone notice promptly confirmed in writing by delivery of a written Notice of Borrowing,
which delivery may be by fax) to the Administrative Agent not later than 11:00 A.M. (x) on the Business Day of the requested borrowing
in the case of Alternate Base Rate Loans, (y) on the third Business Day prior to the date of the requested borrowing in the case
of LIBOR Rate Loans denominated in Dollars and (z) on the fourth Business Day prior to the date of the requested borrowing in the
case of a Foreign Currency Revolving Loan.  Each such Notice of Borrowing shall be irrevocable and shall specify (A)
that a Revolving Loan is requested, (B) the date of the requested borrowing (which shall be a Business Day), (C) the aggregate
principal amount to be borrowed, (D) whether the borrowing shall consist of Domestic Revolving Loans or Foreign Currency Revolving
Loans, (E) for borrowings denominated in Dollars, whether the borrowing shall be comprised of Alternate Base Rate Loans, LIBOR
Rate Loans or a combination thereof, (F) if LIBOR Rate Loans are requested, the Interest Period(s) therefor and (G) the applicable
Borrower.  If the Company shall fail to specify in any such Notice of Borrowing (1) an applicable Interest Period in
the case of a LIBOR Rate Loan, then such notice shall be deemed to be a request for an Interest Period of one month, (2) the Type
of Revolving Loan requested, then such notice shall be deemed to be a request for an Alternate Base Rate Loan hereunder, (3) the
currency of such borrowing, then such

 

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notice shall be deemed to be a request
for a Domestic Revolving Loan, or (4) the applicable Borrower(s), then such notice shall be deemed to be a request for a Loan to
the Company.  The Administrative Agent shall give notice to each Revolving Lender promptly upon receipt of each Notice
of Borrowing, the contents thereof and each such Revolving Lender’s share thereof.  

 

(ii)         Minimum
Amounts.  Each Revolving Loan that is made as an Alternate Base Rate Loan shall be in a minimum aggregate amount
of $1,000,000 and in integral multiples of $1,000,000 in excess thereof (or the remaining amount of the Revolving Committed Amount,
if less).  Each Revolving Loan that is made as a LIBOR Rate Loan shall be in a minimum aggregate amount of $1,000,000
and in integral multiples of $1,000,000 in excess thereof (or the remaining amount of the Revolving Committed Amount, if less).

 

(iii)        Advances.  Each
Revolving Lender will make its Revolving Commitment Percentage of each Revolving Loan borrowing available to the Administrative
Agent for the account of the applicable Borrower, in Dollars or the Foreign Currency and in funds immediately available to the
Administrative Agent, at the office of the Administrative Agent specified in Section 9.2, or at such other office as the Administrative
Agent may designate in writing, by (A) 2:00 P.M. on the date specified in the applicable Notice of Borrowing in the case of any
Domestic Revolving Loan and (B) the Applicable Time specified by the Administrative Agent in the case of any Foreign Currency Revolving
Loan.  Such borrowing will then be made available to the applicable Borrower by the Administrative Agent by crediting
the account of the applicable Borrower on the books of such office (or such other account that the Company may designate in writing
to the Administrative Agent) with the aggregate of the amounts made available to the Administrative Agent by the Revolving Lenders
and in like funds as received by the Administrative Agent.

 

(c)          Repayment.  Subject
to the terms of this Agreement, Revolving Loans may be borrowed, repaid and reborrowed during the Commitment Period, subject to
Section 2.7(a).  The principal amount of all Revolving Loans shall be due and payable in full on the Maturity Date, unless
accelerated sooner pursuant to Section 7.2.  

 

(d)          Interest.  Subject
to the provisions of Section 2.8, Revolving Loans shall bear interest as follows:

 

(i)          Alternate
Base Rate Loans.  During such periods as any Revolving Loans shall be comprised of Alternate Base Rate Loans, each
such Alternate Base Rate Loan shall bear interest at a per annum rate equal to the sum of the Alternate Base Rate plus the
Applicable Margin; and

 

(ii)         LIBOR
Rate Loans.  During such periods as Revolving Loans shall be comprised of LIBOR Rate Loans, each such LIBOR Rate
Loan shall bear interest at a per annum rate equal to the sum of the LIBOR Rate plus the Applicable Margin.

 

Interest on Revolving Loans
shall be payable in arrears on each Interest Payment Date.

 

(e)          Revolving
Loan Notes; Covenant to Pay.  The Borrowers’ obligation to pay each Revolving Lender shall be evidenced by
this Agreement and, upon such Revolving Lender’s request, by a duly executed promissory note substantially the form of Exhibit
2.1(e).  

 

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Section 2.2          [Reserved].

 

Section 2.3          Letter
of Credit Subfacility.

 

(a)          Issuance.  Subject
to the terms and conditions hereof and of the LOC Documents, if any, and any other terms and conditions which the Issuing Lender
may reasonably require, during the Commitment Period the Issuing Lender shall issue, and the Revolving Lenders shall participate
in, standby or commercial Letters of Credit denominated in Dollars for the account of the Borrowers from time to time upon request
in a form acceptable to the Issuing Lender; provided, however, that (i) the aggregate amount of LOC Obligations
shall not at any time exceed TWENTY-FIVE MILLION DOLLARS ($25,000,000) (the “LOC Committed Amount”), (ii) the
Aggregate Revolving Exposure shall not exceed the Revolving Committed Amount and (iii) Letters of Credit shall be issued for
any lawful corporate purposes and shall be issued as standby or commercial letters of credit.  Except as otherwise expressly
agreed in writing by all the Revolving Lenders, no Letter of Credit shall have an original expiry date more than twelve (12) months
from the date of issuance; provided, however, so long as no Default or Event of Default has occurred and is continuing
and subject to the other terms and conditions to the issuance of Letters of Credit hereunder, the expiry dates of Letters of Credit
may be extended annually or periodically from time to time on the request of the Company or by operation of the terms of the applicable
Letter of Credit to a date not more than twelve (12) months from the date of extension; provided, further, that no
Letter of Credit, as originally issued or as extended, shall have an expiry date extending beyond the date that is five (5) Business
Days prior to the Maturity Date.  Each Letter of Credit shall comply with the related LOC Documents.  The issuance
and expiry date of each Letter of Credit shall be a Business Day.  Each standby Letter of Credit issued hereunder shall
be in a minimum original face amount of $100,000 and each commercial letter of credit issued hereunder shall be in a minimum original
face of amount of $100,000, in each case, or such lesser amount as approved by the Issuing Lender. The Borrowers’ Reimbursement
Obligations in respect of each Existing Letter of Credit, and each Revolving Lender’s participation obligations in connection
therewith, shall be governed by the terms of this Credit Agreement.  Wells Fargo shall be the Issuing Lender on all Letters
of Credit issued after the Closing Date.  The Existing Letters of Credit shall, as of the Closing Date, be deemed to
have been issued as Letters of Credit hereunder and subject to and governed by the terms of this Agreement.

 

(b)          Notice
and Reports.  The request for the issuance of a Letter of Credit shall be submitted to the Issuing Lender at least
five (5) Business Days prior to the requested date of issuance.  The Issuing Lender will promptly upon request provide
to the Administrative Agent for dissemination to the Revolving Lenders a detailed report specifying the Letters of Credit which
are then issued and outstanding and any activity with respect thereto which may have occurred since the date of any prior report,
and including therein, among other things, the account party, the beneficiary, the face amount, expiry date as well as any payments
or expirations which may have occurred.  The Issuing Lender will further provide to the Administrative Agent promptly
upon request copies of the Letters of Credit.  The Issuing Lender will provide to the Administrative Agent promptly upon
request a summary report of the nature and extent of LOC Obligations then outstanding.

 

(c)          Participations.  Each
Revolving Lender, (i) on the Closing Date with respect to each Existing Letter of Credit and (ii) upon issuance of a Letter
of Credit, shall be deemed to have purchased without recourse a risk participation from the Issuing Lender in such Letter of

 

    	37

    	 

    

 

Credit and the obligations arising
thereunder and any Collateral relating thereto, in each case in an amount equal to its Revolving Commitment Percentage of the obligations
under such Letter of Credit and shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety,
and be obligated to pay to the Issuing Lender therefor and discharge when due, its Revolving Commitment Percentage of the obligations
arising under such Letter of Credit; provided that any Person that becomes a Revolving Lender after the Closing Date shall
be deemed to have purchased a Participation Interest in all outstanding Letters of Credit on the date it becomes a Lender hereunder
and any Letter of Credit issued on or after such date, in each case in accordance with the foregoing terms.  Without
limiting the scope and nature of each Revolving Lender’s participation in any Letter of Credit, to the extent that the Issuing
Lender has not been reimbursed as required hereunder or under any LOC Document, each such Revolving Lender shall pay to the Issuing
Lender its Revolving Commitment Percentage of such unreimbursed drawing in same day funds pursuant to and in accordance with the
provisions of subsection (d) hereof.  The obligation of each Revolving Lender to so reimburse the Issuing Lender shall
be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence
or event.  Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrowers to reimburse
the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.

 

(d)          Reimbursement.  In
the event of any drawing under any Letter of Credit, the Issuing Lender will promptly notify the Company and the Administrative
Agent.  The Borrowers, on a joint and several basis, shall reimburse the Issuing Lender on the day of drawing under any
Letter of Credit if notified prior to 3:00 P.M. on a Business Day or, if after 3:00 P.M., on the following Business Day
(either with the proceeds of a Revolving Loan obtained hereunder or otherwise) in same day funds as provided herein or in the LOC
Documents.  If the Borrowers shall fail to reimburse the Issuing Lender as provided herein, the unreimbursed amount of
such drawing shall automatically bear interest at a per annum rate equal to the Default Rate.  Unless the Company shall
immediately notify the Issuing Lender and the Administrative Agent of the Borrowers’ intent to otherwise reimburse the Issuing
Lender, the Borrowers shall be deemed to have requested a Mandatory LOC Borrowing in the amount of the drawing as provided in subsection
(e) hereof, the proceeds of which will be used to satisfy the Reimbursement Obligations.  The Borrowers’ Reimbursement
Obligations hereunder shall be absolute and unconditional under all circumstances irrespective of any rights of set-off, counterclaim
or defense to payment the Borrowers may claim or have against the Issuing Lender, the Administrative Agent, the Lenders, the beneficiary
of the Letter of Credit drawn upon or any other Person, including, without limitation, any defense based on any failure of the
Borrowers to receive consideration or the legality, validity, regularity or unenforceability of the Letter of Credit.  The
Administrative Agent will promptly notify the other Revolving Lenders of the amount of any unreimbursed drawing and each Revolving
Lender shall promptly pay to the Administrative Agent for the account of the Issuing Lender, in Dollars and in immediately available
funds, the amount of such Revolving Lender’s Revolving Commitment Percentage of such unreimbursed drawing.  Such
payment shall be made on the Business Day such notice is received by such Revolving Lender from the Administrative Agent if such
notice is received at or before 2:00 P.M., otherwise such payment shall be made at or before 12:00 P.M. on the Business
Day next succeeding the Business Day such notice is received.  If such Revolving Lender does not pay such amount to the
Administrative Agent for the account of the Issuing Lender in full upon such request, such Revolving Lender shall, on demand, pay
to the Administrative Agent for the account of the Issuing Lender interest on the unpaid amount during the period from the date
of such drawing until such Revolving Lender pays such amount to the Administrative Agent for the account of the Issuing Lender
in full at a rate per annum equal to, if paid within two (2) Business Days of the date of drawing, the Federal Funds Effective
Rate and thereafter at a rate

 

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equal to the Alternate Base Rate.  Each
Revolving Lender’s obligation to make such payment to the Issuing Lender, and the right of the Issuing Lender to receive
the same, shall be absolute and unconditional, shall not be affected by any circumstance whatsoever and without regard to the termination
of this Agreement or the Commitments hereunder, the existence of a Default or Event of Default or the acceleration of the Obligations
hereunder and shall be made without any offset, abatement, withholding or reduction whatsoever.

 

(e)          Repayment
with Revolving Loans.  On any day on which the Borrowers shall have requested, or been deemed to have requested,
a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders
that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case
a Revolving Loan borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”)
shall be made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving
Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments
pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the Issuing
Lender for application to the respective LOC Obligations.  Each Revolving Lender hereby irrevocably agrees to make such
Revolving Loans on the day such notice is received by the Revolving Lenders from the Administrative Agent if such notice is received
at or before 2:00 P.M., otherwise such payment shall be made at or before 12:00 P.M. on the Business Day next succeeding
the day such notice is received, in each case notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply
with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified
in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such
request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b), (v) the date of
such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may
have been drawn upon.  In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise
required above (including, without limitation, as a result of the occurrence of a Bankruptcy Event), then each such Revolving Lender
hereby agrees that it shall forthwith fund its Participation Interests in the outstanding LOC Obligations on the Business Day such
notice to fund is received by such Revolving Lender from the Administrative Agent if such notice is received at or before 2:00 P.M.,
otherwise such payment shall be made at or before 12:00 Noon on the Business Day next succeeding the Business Day such notice
is received; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required
herein, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest
payable by such Revolving Lender to the Administrative Agent for the account of the Issuing Lender upon demand, at the rate equal
to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the
Alternate Base Rate.

 

(f)          Modification,
Extension.  The issuance of any supplement, modification, amendment, renewal, or extension to any Letter of Credit
shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder.

 

(g)          ISP98
and UCP.  Unless otherwise expressly agreed by the Issuing Lender and the Borrower, when a Letter of Credit is issued,
(i) the rules of the “International Standby Practices 1998,” published by the Institute of International Banking
Law & Practice (or such later version thereof as may be in effect at the time of issuance) shall apply to each standby Letter
of Credit, and (ii) the rules of The Uniform Customs and Practice for Documentary Credits, as most

 

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recently published by the International
Chamber of Commerce at the time of issuance, shall apply to each documentary Letter of Credit.

 

(h)         Conflict
with LOC Documents.  In the event of any conflict between this Agreement and any LOC Document (including any letter
of credit application and any LOC Documents relating to the Existing Letters of Credit), this Agreement shall control.

 

(i)          Designation
of Subsidiaries as Account Parties.  Notwithstanding anything to the contrary set forth in this Agreement, including,
without limitation, Section 2.3(a), a Letter of Credit issued hereunder may contain a statement to the effect that such Letter
of Credit is issued for the account of a Domestic Subsidiary of any Borrower; provided that, notwithstanding such statement,
the Borrowers shall be the actual account party for all purposes of this Agreement for such Letter of Credit and such statement
shall not affect the Borrowers’ Reimbursement Obligations hereunder with respect to such Letter of Credit.

 

(j)           Cash
Collateral.  At any point in time in which there is a Defaulting Lender, the Issuing Lender may require the Borrowers
to Cash Collateralize the LOC Obligations pursuant to Section 2.20.

 

Section 2.4          Swingline
Loan Subfacility.

 

(a)          Swingline
Commitment.  During the Commitment Period, subject to the terms and conditions hereof, the Swingline Lender, in its
individual capacity, may, in its discretion and in reliance upon the agreements of the other Lenders set forth in this Section,
make certain revolving credit loans in Dollars to the Borrowers (each a “Swingline Loan” and, collectively,
the “Swingline Loans”) for the purposes hereinafter set forth; provided, however, (i) the
aggregate principal amount of Swingline Loans outstanding at any time shall not exceed TEN MILLION DOLLARS ($10,000,000) (the “Swingline
Committed Amount”), and (ii) the Aggregate Revolving Exposure shall not exceed the Revolving Committed Amount.  Swingline
Loans hereunder may be repaid and reborrowed in accordance with the provisions hereof; provided that the proceeds of Swingline
Loans may not be used to repay other Swingline Loans.  

 

(b)          Swingline
Loan Borrowings.

 

(i)          Notice
of Borrowing and Disbursement.  Upon receiving a Notice of Borrowing from the Company not later than 2:00 P.M.
on any Business Day requesting that a Swingline Loan be made, the Swingline Lender will make Swingline Loans available to the Borrowers
on the same Business Day such request is received by the Administrative Agent.  Swingline Loan borrowings hereunder shall
be made in minimum amounts of $100,000 (or the remaining available amount of the Swingline Committed Amount if less) and in integral
amounts of $100,000 in excess thereof.  

 

(ii)         Repayment
of Swingline Loans.  Each Swingline Loan borrowing shall be due and payable on the earlier of (A) the Maturity
Date and (B) fifteen (15) days following such borrowing.  The Swingline Lender may, at any time, in its sole discretion,
by written notice to the Company and the Administrative Agent, demand repayment of its Swingline Loans by way of a Revolving Loan
borrowing, in which case the Company shall be deemed to have requested a Revolving Loan borrowing comprised entirely of Alternate
Base Rate Loans in the amount of such Swingline Loans; provided, however, that, in the following circumstances, any
such demand shall also be deemed to have been given one Business Day prior to each of (A) the Maturity Date, (B) the
occurrence of any

 

    	40

    	 

    

 

Bankruptcy Event, (C) upon acceleration
of the Obligations hereunder, whether on account of a Bankruptcy Event or any other Event of Default, and (D) the exercise
of remedies in accordance with the provisions of Section 7.2 hereof (each such Revolving Loan borrowing made on account of any
such deemed request therefor as provided herein being hereinafter referred to as “Mandatory Swingline Borrowing”).  Each
Revolving Lender hereby irrevocably agrees to make such Revolving Loans promptly upon any such request or deemed request on account
of each Mandatory Swingline Borrowing in the amount and in the manner specified in the preceding sentence on the date such notice
is received by the Revolving Lenders from the Administrative Agent if such notice is received at or before 2:00 P.M., otherwise
such payment shall be made at or before 12:00 P.M. on the Business Day next succeeding the date such notice is received notwithstanding
(1) the amount of Mandatory Swingline Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise
required hereunder, (2) whether any conditions specified in Section 4.2 are then satisfied, (3) whether a Default or an Event of
Default then exists, (4) failure of any such request or deemed request for Revolving Loans to be made by the time otherwise
required in Section 2.1(b)(i), (5) the date of such Mandatory Swingline Borrowing, or (6) any reduction in the Revolving Committed
Amount or termination of the Revolving Commitments immediately prior to such Mandatory Swingline Borrowing or contemporaneously
therewith.  In the event that any Mandatory Swingline Borrowing cannot for any reason be made on the date otherwise required
above (including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code), then each Revolving
Lender hereby agrees that it shall forthwith purchase (as of the date the Mandatory Swingline Borrowing would otherwise have occurred,
but adjusted for any payments received from the Borrowers on or after such date and prior to such purchase) from the Swingline
Lender such Participation Interest in the outstanding Swingline Loans as shall be necessary to cause each such Revolving Lender
to share in such Swingline Loans ratably based upon its respective Revolving Commitment Percentage (determined before giving effect
to any termination of the Commitments pursuant to Section 7.2); provided that (x) all interest payable on the Swingline
Loans shall be for the account of the Swingline Lender until the date as of which the respective Participation Interest is purchased,
and (y) at the time any purchase of a Participation Interest pursuant to this sentence is actually made, the purchasing Revolving
Lender shall be required to pay to the Swingline Lender interest on the principal amount of such Participation Interest purchased
for each day from and including the day upon which the Mandatory Swingline Borrowing would otherwise have occurred to but excluding
the date of payment for such Participation Interest, at the rate equal to, if paid within two (2) Business Days of the date of
the Mandatory Swingline Borrowing, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.  The
Borrowers shall have the right to repay the Swingline Loan in whole or in part from time to time in accordance with Section 2.7(a).

 

(c)           Interest
on Swingline Loans.  Subject to the provisions of Section 2.8, Swingline Loans shall bear interest at a per annum
rate equal to the Alternate Base Rate plus the Applicable Margin for Revolving Loans that are Alternate Base Rate Loans.  Interest
on Swingline Loans shall be payable in arrears on each Interest Payment Date.

 

(d)           Swingline
Loan Note; Covenant to Pay.  The Swingline Loans shall be evidenced by this Agreement and, upon request of the Swingline
Lender, by a duly executed promissory note of the Borrowers in favor of the Swingline Lender in the original amount of the Swingline
Committed Amount and substantially in the form of Exhibit 2.4(d).  The Borrowers jointly and

 

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severally covenant and agree to pay
the Swingline Loans in accordance with the terms of this Agreement.

 

(e)           Cash
Collateral.  At any point in time in which there is a Defaulting Lender, the Swingline Lender may require the Borrowers
to Cash Collateralize the outstanding Swingline Loans pursuant to Section 2.20.

 

Section 2.5           Fees.

 

(a)           Commitment
Fee.  Subject to Section 2.21, in consideration of the Revolving Commitments, the Borrowers jointly and severally
agree to pay to the Administrative Agent, (i) for the benefit of the Revolving Lenders (on a ratable basis after giving effect
to any step-up or step-down of availability under the Revolving Facility), a commitment fee (the “Commitment Fee”)
in an amount equal to the Applicable Margin per annum on the average daily unused amount of the Revolving Committed Amount. The
Commitment Fee shall be calculated quarterly in arrears.  For purposes of computation of the Commitment Fee, LOC Obligations
shall be considered usage of the Revolving Committed Amount but Swingline Loans shall not be considered usage of the Revolving
Committed Amount.  The Commitment Fee shall be payable quarterly in arrears on the last Business Day of each calendar
quarter.

 

(b)           Letter
of Credit Fees.  Subject to Section 2.21, in consideration of the LOC Commitments, the Borrowers jointly and severally
agree to pay to the Administrative Agent, for the ratable benefit of the Revolving Lenders, a fee (i) with respect to each standby
letter of credit (the “Standby Letter of Credit Fee”), equal to the Applicable Margin for Revolving Loans that
are LIBOR Rate Loans per annum on the average daily maximum amount available to be drawn under each standby Letter of Credit from
the date of issuance to the date of expiration and (ii) with respect to each commercial letter of credit (the “Commercial
Letter of Credit Fee”; and together with the Standby Letter of Credit Fee, the “Letter of Credit Fee”),
equal to the Applicable Margin for Revolving Loans that are LIBOR Rate Loans per annum on the average daily maximum amount available
to be drawn under each commercial Letter of Credit from the date of issuance to the date of expiration.  The Letter of
Credit Fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter.  

 

(c)           Issuing
Lender Fees.  In addition to the Letter of Credit Fees payable pursuant to subsection (b) hereof, the Borrowers jointly
and severally agree to pay to the Issuing Lender for its own account without sharing by the other Lenders the reasonable and customary
charges (excluding the Letter of Credit Facing Fee) from time to time of the Issuing Lender with respect to the amendment, transfer,
administration, cancellation and conversion of, and drawings under, such Letters of Credit (collectively, the “Issuing
Lender Fees”).  The Issuing Lender may charge, and retain for its own account without sharing by the other
Lenders, an additional facing fee (the “Letter of Credit Facing Fee”) of 0.25% per annum on the average daily
maximum amount available to be drawn under each such Letter of Credit issued by it.  The Issuing Lender Fees and the
Letter of Credit Facing Fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter.

 

(d)           Administrative
Fee.  The Borrowers jointly and severally agree to pay to the Administrative Agent the annual administrative fee
as described in the Fee Letter.

 

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Section 2.6           Commitment
Reductions.

 

(a)           Voluntary
Reductions.    The Borrowers shall have the right to terminate or permanently reduce the unused portion of the Revolving
Committed Amount at any time or from time to time upon not less than five (5) Business Days’ prior written notice to the
Administrative Agent (which shall notify the Lenders thereof as soon as practicable) of each such termination or reduction, which
notice shall specify the effective date thereof and the amount of any such reduction which shall be in a minimum amount of $1,000,000
or a whole multiple of $1,000,000 in excess thereof and shall be irrevocable and effective upon receipt by the Administrative Agent;
provided that no such reduction or termination shall be permitted if after giving effect thereto, and to any prepayments
of the Revolving Loans made on the effective date thereof, (i) the Aggregate Revolving Exposure would exceed the Revolving Committed
Amount or (ii) the aggregate principal outstanding Dollar Equivalent of Foreign Currency Revolving Loans would exceed the Foreign
Currency Sublimit, as reduced.  Any reduction in the Revolving Committed Amount shall be applied to the Commitment of
each Revolving Lender in accordance with its Revolving Commitment Percentage.

 

(b)           [Reserved].

 

(c)           LOC
Committed Amount.   If the Revolving Committed Amount is reduced below the then current LOC Committed Amount, the
LOC Committed Amount shall automatically be reduced by an amount such that the LOC Committed Amount equals the Revolving Committed
Amount.

 

(d)           Swingline
Committed Amount.   If the Revolving Committed Amount is reduced below the then current Swingline Committed Amount,
the Swingline Committed Amount shall automatically be reduced by an amount such that the Swingline Committed Amount equals the
Revolving Committed Amount.

 

(e)           Maturity
Date.  The Revolving Commitments, the Swingline Commitment and the LOC Commitment shall automatically terminate on
the Maturity Date.

 

Section 2.7           Prepayments.

 

(a)           Optional
Prepayments and Repayments.   The Borrowers shall have the right to repay the Revolving Loans and Swingline Loans
in whole or in part from time to time; provided, however, that each partial prepayment or repayment of (i) Revolving
Loans that are Alternate Base Rate Loans shall be in a minimum principal amount of $1,000,000 and integral multiples of $1,000,000
in excess thereof (or the remaining outstanding principal amount), (ii) Revolving Loans that LIBOR Rate Loans shall be in
a minimum principal amount of $1,000,000 and integral multiples of $1,000,000 in excess thereof (or the remaining outstanding principal
amount), (iii) Swingline Loans shall be in a minimum principal amount of $100,000 and integral multiples of $100,000 in excess
thereof (or the remaining outstanding principal amount) and (iv) each Revolving Loan shall be repaid in the currency in which it
was made.  The Company shall give three Business Days’ irrevocable notice of prepayment in the case of LIBOR Rate
Loans and same-day irrevocable notice on any Business Day in the case of Alternate Base Rate Loans, to the Administrative Agent
(which shall notify the Lenders thereof as soon as practicable).  To the extent the Borrowers elect to repay the Revolving
Loans and/or Swingline Loans, amounts prepaid under this Section shall be applied to the Revolving Loans and/or Swingline Loans,
as applicable of the Revolving Lenders in accordance with their respective Revolving Commitment Percentages.  The Borrowers
may elect to repay Revolving Loans in the Foreign Currency or in

 

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Dollars; provided, that any optional
repayment must be in the applicable currency.  Within the foregoing parameters, prepayments under this Section shall
be applied first to Alternate Base Rate Loans and then to LIBOR Rate Loans in direct order of Interest Period maturities.  All
prepayments under this Section shall be subject to Section 2.15, but otherwise without premium or penalty.  Interest
on the principal amount prepaid shall be payable on the next occurring Interest Payment Date that would have occurred had such
loan not been prepaid or, at the request of the Administrative Agent, interest on the principal amount prepaid shall be payable
on any date that a prepayment is made hereunder through the date of prepayment.  

 

(b)         Mandatory
Prepayments.

 

(i)           Revolving
Committed Amount.    If (A) at any time, the Aggregate Revolving Exposure shall exceed the Revolving Committed Amount,
the Borrowers shall immediately repay the Revolving Loans and Swingline Loans and (after all Revolving Loans and Swingline Loans
have been repaid) Cash Collateralize the LOC Obligations in an amount sufficient to eliminate such excess (such repayment to be
applied as set forth in clause (ii) below) and (B) on any Revaluation Date, the aggregate principal Dollar Equivalent of outstanding
Foreign Currency Revolving Loans shall exceed an amount equal to 105% of the Foreign Currency Sublimit, the Borrowers shall immediately
repay such Foreign Currency Revolving Loans in an amount sufficient to reduce such aggregate principal amount as of such date of
payment to an amount not to exceed 100% of the Foreign Currency Sublimit (such repayment to be applied as set forth in clause (ii)
below).

 

(ii)           Application
of Mandatory Prepayments.  All amounts required to be paid pursuant to this Section shall be applied (1) first
to the outstanding Swingline Loans, (2) second to the outstanding Revolving Loans (first to Foreign Currency Revolving Loans
and second to Domestic Revolving Loans) and (3) third to Cash Collateralize the LOC Obligations;

 

(c)         Bank
Product Obligations Unaffected.    Any repayment or prepayment made pursuant to this Section shall not affect the Borrowers’
joint and several obligation to continue to make payments under any Bank Product, which shall remain in full force and effect notwithstanding
such repayment or prepayment, subject to the terms of such Bank Product.

 

Section 2.8         Default
Rate and Payment Dates.

 

(a)         If
all or a portion of the principal amount of any Domestic Revolving Loan which is a LIBOR Rate Loan shall not be paid when due or
continued as a LIBOR Rate Loan in accordance with the provisions of Section 2.9 (whether at the stated maturity, by acceleration
or otherwise), such overdue principal amount of such Loan shall be converted to an Alternate Base Rate Loan at the end of the Interest
Period applicable thereto.

 

(b)         Upon
the occurrence and during the continuance of a (i) Bankruptcy Event or a Payment Event of Default, the principal of and, to the
extent permitted by law, interest on the Loans and any other amounts owing hereunder or under the other Credit Documents shall
automatically bear interest at a rate per annum which is equal to the Default Rate and (ii) any other Event of Default hereunder,
at the option of the Required Lenders, the principal of and, to the extent permitted by law, interest on the Loans and any other
amounts owing hereunder or under the other Credit Documents shall automatically bear interest, at a per annum rate which is equal
to the Default Rate, in each case from the date of occurrence of such Event of Default until

 

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such Event of Default is waived in
accordance with Section 9.1.  Any default interest owing under this Section 2.8(b) shall be due and payable on the earlier
to occur of (x) demand by the Administrative Agent (which demand the Administrative Agent shall make if directed by the Required
Lenders) and (y) the Maturity Date.

 

(c)           Interest
on each Loan shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph
(b) of this Section shall be payable from time to time on demand.

 

Section 2.9           Conversion
Options.

 

(a)           The
Company may, in the case of Domestic Revolving Loans, elect from time to time to convert Alternate Base Rate Loans to LIBOR Rate
Loans or to continue LIBOR Rate Loans, by delivering a Notice of Conversion/Extension to the Administrative Agent at least three
Business Days prior to the proposed date of conversion or continuation.  In addition, the Company may elect from time
to time to convert all or any portion of a LIBOR Rate Loan denominated in Dollars to an Alternate Base Rate Loan by giving the
Administrative Agent irrevocable written notice thereof by 11:00 A.M. one (1) Business Day prior to the proposed date of conversion.  If
the date upon which an Alternate Base Rate Loan is to be converted to a LIBOR Rate Loan is not a Business Day, then such conversion
shall be made on the next succeeding Business Day and during the period from such last day of an Interest Period to such succeeding
Business Day such Loan shall bear interest as if it were an Alternate Base Rate Loan.  LIBOR Rate Loans may only be converted
to Alternate Base Rate Loans on the last day of the applicable Interest Period.  If the date upon which a LIBOR Rate
Loan is to be converted to an Alternate Base Rate Loan is not a Business Day, then such conversion shall be made on the next succeeding
Business Day and during the period from such last day of an Interest Period to such succeeding Business Day such Loan shall bear
interest as if it were an Alternate Base Rate Loan.  All or any part of outstanding Alternate Base Rate Loans may be
converted as provided herein; provided that (i) no Domestic Revolving Loan may be converted into a LIBOR Rate Loan
when any Default or Event of Default has occurred and is continuing and (ii) partial conversions shall be in an aggregate
principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof.  All or any part of outstanding LIBOR
Rate Loans may be converted as provided herein; provided that partial conversions shall be in an aggregate principal amount
of $1,000,000 or a whole multiple of $1,000,000 in excess thereof.

 

(b)           Any
LIBOR Rate Loans may be continued as such upon the expiration of an Interest Period with respect thereto by compliance by the Company
with the notice provisions contained in Section 2.9(a); provided, that no LIBOR Rate Loan that is a Domestic Revolving Loan
may be continued as such when any Default or Event of Default has occurred and is continuing, in which case such Loan shall be
automatically converted to an Alternate Base Rate Loan at the end of the applicable Interest Period with respect thereto.  At
any time any Default or Event of Default has occurred and is continuing, Foreign Currency Revolving Loans shall be automatically
continued as LIBOR Rate Loans with a one month Interest Period at the end of the applicable Interest Period with respect thereto.  If
the Company shall fail to give timely notice of an election to continue a LIBOR Rate Loan, or the continuation of LIBOR Rate Loans
is not permitted hereunder, such LIBOR Rate Loans (A) to the extent denominated in Dollars, shall be automatically converted to
Alternate Base Rate Loans at the end of the applicable Interest Period with respect thereto and (B) to the extent denominated in
the Foreign Currency, shall be automatically continued as LIBOR Rate Loans with a one month Interest Period at the end of the applicable
Interest Period with respect thereto.

 

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(c)           At
the election of the Required Lenders, upon the occurrence and during the continuance of any Event of Default, all Foreign Currency
Revolving Loans then outstanding shall be redenominated into Dollars on the last day of the then current Interest Periods of such
Foreign Currency Revolving Loans, and such Dollar denominated Loans shall be Alternate Base Rate Loans; provided that in each case
the Borrower shall be liable for any currency exchange loss related to such payments and shall promptly pay to each Lender upon
receipt of notice thereof by the Borrower from such Lender the amount of any such loss incurred by such Lender.

 

Section 2.10         Computation
of Interest and Fees; Usury.

 

(a)           Interest
payable hereunder with respect to any Alternate Base Rate Loan based on the Prime Rate shall be calculated on the basis of a year
of 365 days (or 366 days, as applicable) for the actual days elapsed.  All other fees, interest and all other amounts
payable hereunder shall be calculated on the basis of a 360-day year for the actual days elapsed.  The Administrative
Agent shall as soon as practicable notify the Company and the Lenders of each determination of a LIBOR Rate on the Business Day
of the determination thereof.  Any change in the interest rate on a Loan resulting from a change in the Alternate Base
Rate shall become effective as of the opening of business on the day on which such change in the Alternate Base Rate shall become
effective.  The Administrative Agent shall as soon as practicable notify the Company and the Lenders of the effective
date and the amount of each such change.

 

(b)           Each
determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and
binding on the Borrowers and the Lenders in the absence of manifest error.  The Administrative Agent shall, at the request
of the Company, deliver to the Company a statement showing the computations used by the Administrative Agent in determining any
interest rate.

 

(c)           It
is the intent of the Lenders and the Credit Parties to conform to and contract in strict compliance with applicable usury law from
time to time in effect.  All agreements between the Lenders and the Credit Parties are hereby limited by the provisions
of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether
written or oral.  In no way, nor in any event or contingency (including, but not limited to, prepayment or acceleration
of the maturity of any Obligation), shall the interest taken, reserved, contracted for, charged, or received under this Agreement,
under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable law.  If, from any possible
construction of any of the Credit Documents or any other document, interest would otherwise be payable in excess of the maximum
nonusurious amount, any such construction shall be subject to the provisions of this paragraph and such interest shall be automatically
reduced to the maximum nonusurious amount permitted under applicable law, without the necessity of execution of any amendment or
new document.  If any Lender shall ever receive anything of value which is characterized as interest on the Loans under
applicable law and which would, apart from this provision, be in excess of the maximum nonusurious amount, an amount equal to the
amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing
on the Loans and not to the payment of interest, or refunded to the Borrowers or the other payor thereof if and to the extent such
amount which would have been excessive exceeds such unpaid principal amount of the Loans.  The right to demand payment
of the Loans or any other Indebtedness evidenced by any of the Credit Documents does not include the right to receive any interest
which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest
in the event of such demand.  All interest paid or agreed to be paid to the Lenders with respect to the Loans shall,
to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full

 

    	46

    	 

    

 

stated term (including any renewal
or extension) of the Loans so that the amount of interest on account of such Indebtedness does not exceed the maximum nonusurious
amount permitted by applicable law.

 

Section 2.11         Pro
Rata Treatment and Payments.

 

(a)           Allocation
of Payments Prior to Exercise of Remedies.    Each borrowing of Revolving Loans and any reduction of the Revolving
Commitments shall be made pro rata according to the respective Revolving Commitment Percentages of the Revolving Lenders.  Unless
otherwise required by the terms of this Agreement, each payment under this Agreement shall be applied, first, to any fees
then due and owing by the Borrowers pursuant to Section 2.5, second, to interest then due and owing hereunder of the Borrowers
and, third, to principal then due and owing hereunder and under this Agreement of the Borrowers.  Each payment
on account of any fees pursuant to Section 2.5 shall be made pro rata in accordance with the respective amounts due and owing (except
as to the Letter of Credit Facing Fees and the Issuing Lender Fees which shall be paid to the Issuing Lender).  Each
optional repayment and prepayment by the Borrowers on account of principal of and interest on the Revolving Loans shall be applied
to such Loans, as applicable, on a pro rata basis and in accordance with the terms of Section 2.7(a) hereof.  Each
mandatory prepayment on account of principal of the Loans shall be applied to such Loans, as applicable, on a pro rata basis and,
to the extent applicable, in accordance with Section 2.7(b).  All payments (including prepayments) to be made by
the Borrowers on account of principal, interest and fees shall be made without defense, set-off or counterclaim and shall be made
to the Administrative Agent for the account of the Lenders at the Administrative Agent’s office specified on Section 9.2
in immediately available funds and (i) in the case of Loans or other amounts denominated in Dollars, shall be made in Dollars not
later than 2:00 P.M. on the date when due and (ii) in the case of Loans or other amounts denominated in a Foreign Currency, unless
otherwise specified herein, shall be made in such Foreign Currency not later than the Applicable Time specified by the Administrative
Agent on the date when due.  The Administrative Agent shall distribute such payments to the Lenders entitled thereto
promptly upon receipt in like funds as received.  If any payment hereunder (other than payments on the LIBOR Rate Loans)
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.  If
any payment on a LIBOR Rate Loan becomes due and payable on a day other than a Business Day, such payment date shall be extended
to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month,
in which event such payment shall be made on the immediately preceding Business Day.

 

(b)           Allocation
of Payments After Exercise of Remedies.  Notwithstanding any other provisions of this Agreement to the contrary,
after the exercise of remedies (other than the application of default interest pursuant to Section 2.8) by the Administrative Agent
or the Lenders pursuant to Section 7.2 (or after the Commitments shall automatically terminate and the Loans (with accrued interest
thereon) and all other amounts under the Credit Documents (including, without limitation, the maximum amount of all contingent
liabilities under Letters of Credit) shall automatically become due and payable in accordance with the terms of such Section),
all amounts collected or received by the Administrative Agent or any Lender on account of the Credit Party Obligations or any other
amounts outstanding under any of the Credit Documents or in respect of the Collateral shall be paid over or delivered as follows
(irrespective of whether the following costs, expenses, fees, interest, premiums, scheduled periodic payments or Credit Party Obligations
are allowed, permitted or recognized as a claim in any proceeding resulting from the occurrence of a Bankruptcy Event):

 

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FIRST, to the payment
of all reasonable out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ fees) of the Administrative
Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the
Administrative Agent with respect to the Collateral under or pursuant to the terms of the Security Documents;

 

SECOND, to the
payment of any fees owed to the Administrative Agent and the Issuing Lender;

 

THIRD, to the payment
of all reasonable out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ fees) of each of
the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Credit Party Obligations
owing to such Lender;

 

FOURTH, to the
payment of all of the Credit Party Obligations consisting of accrued fees and interest, and including, with respect to any Bank
Product, any fees, premiums and scheduled periodic payments due under such Bank Product and any interest accrued thereon;

 

FIFTH, to the payment
of the outstanding principal amount of the Credit Party Obligations and the payment or cash collateralization of the outstanding
LOC Obligations, and including with respect to any Bank Product, any breakage, termination or other payments due under such Bank
Product and any interest accrued thereon;

 

SIXTH, to all other
Credit Party Obligations and other obligations which shall have become due and payable under the Credit Documents or otherwise
and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and

 

SEVENTH, to the
payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus.

 

In carrying out
the foregoing, (a) amounts received shall be applied in the numerical order provided until exhausted prior to application
to the next succeeding category; (b) each of the Lenders and any Bank Product Provider shall receive an amount equal
to its pro rata share (based on the proportion that the then outstanding Loans and LOC Obligations held by such Lender or the outstanding
obligations payable to such Bank Product Provider bears to the aggregate then outstanding Loans and LOC Obligations and
obligations payable under all Bank Products) of amounts available to be applied pursuant to clauses “THIRD”, “FOURTH”,
“FIFTH” and “SIXTH” above; and (c) to the extent that any amounts available for distribution pursuant
to clause “FIFTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts
shall be held by the Administrative Agent in a cash collateral account and applied (i) first, to reimburse the Issuing Lender
from time to time for any drawings under such Letters of Credit and (ii) then, following the expiration of all Letters of
Credit, to all other obligations of the types described in clauses “FIFTH” and “SIXTH” above in the manner
provided in this Section.  Notwithstanding the foregoing terms of this Section, only Collateral proceeds and payments
under the Guaranty (as opposed to ordinary course principal, interest and fee payments hereunder) shall be applied to obligations
under any Bank Product.  Amounts distributed with respect to any Bank Product Debt shall be the last Bank Product Amount
reported to the Administrative Agent; provided that any such Bank Product Provider may provide an updated Bank Product Amount
to the Administrative Agent prior to payments

 

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made pursuant to this Section.  The
Administrative Agent shall have no obligation to calculate the amount to be distributed with respect to any Bank Product Debt,
but may rely upon written notice of the amount (setting forth a reasonably detailed calculation) from the applicable Bank Product
Provider.  In the absence of such notice, the Administrative Agent may assume the amount to be distributed is the Bank
Product Amount last reported to the Administrative Agent.

 

Section 2.12         Non-Receipt
of Funds by the Administrative Agent.

 

(a)           Funding
by Lenders; Presumption by Administrative Agent.    Unless the Administrative Agent shall have received written notice
from a Lender prior to the proposed date of any Extension of Credit that such Lender will not make available to the Administrative
Agent such Lender’s share of such Extension of Credit, the Administrative Agent may assume that such Lender has made such
share available on such date in accordance with this Agreement and may, in reliance upon such assumption, make available to the
Borrowers a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Extension
of Credit available to the Administrative Agent, then the applicable Lender and the Borrowers severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount
is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at the interest rate applicable
to the Loans funded to the Borrowers.  If the Borrowers and such Lender shall pay such interest to the Administrative
Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrowers the amount of such
interest paid by the Borrowers for such period.  If such Lender pays its share of the applicable Extension of Credit
to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Extension of Credit.  Any
payment by the Borrowers shall be without prejudice to any claim the Borrowers may have against a Lender that shall have failed
to make such payment to the Administrative Agent.

 

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

 

A notice of the
Administrative Agent to any Lender or the Borrowers with respect to any amount owing under subsections (a) and (b) of this Section
shall be conclusive, absent manifest error.

 

(c)           Failure
to Satisfy Conditions Precedent.    If any Lender makes available to the Administrative Agent funds for any Loan to
be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the
Borrowers by the Administrative Agent because the conditions to the applicable Extension of Credit set forth in Article IV are
not satisfied or waived in accordance with the terms thereof, the Administrative

 

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Agent shall return such funds (in
like funds as received from such Lender) to such Lender on the date that the Administrative Agent determines such conditions are
not satisfied or waived, without interest.

 

(d)           Obligations
of Lenders Several.    The obligations of the Lenders hereunder to make Revolving Loans, to fund participations in
Letters of Credit and Swingline Loans and to make payments pursuant to Section 9.5(c) are several and not joint.  The
failure of any Lender to make any Loan, to fund any such participation or to make any such payment under Section 9.5(c) on any
date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender
shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment
under Section 9.5(c).

 

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

 

Section 2.13         Inability
to Determine Interest Rate.

 

Notwithstanding any other
provision of this Agreement, if (a) the Administrative Agent shall reasonably determine (which determination shall be conclusive
and binding absent manifest error) that, by reason of circumstances affecting the relevant market, reasonable and adequate means
do not exist for ascertaining the LIBOR Rate for such Interest Period, or (b) the Required Lenders shall reasonably determine
(which determination shall be conclusive and binding absent manifest error) that the LIBOR Rate does not adequately and fairly
reflect the cost to such Lenders of funding LIBOR Rate Loans that the Company has requested be outstanding as a LIBOR Tranche during
such Interest Period, the Administrative Agent shall forthwith give telephone notice of such determination, confirmed in writing,
to the Company, and the Lenders at least two (2) Business Days prior to the first day of such Interest Period.  If such
notice is given (i) any affected Loans denominated in Foreign Currencies requested to be made on the first day of such Interest
Period shall be made, at the sole option of the Company, in Dollars as Alternate Base Rate Loans or such request shall be cancelled,
(ii) any affected LIBOR Rate Loans requested to be made on the first day of such Interest Period shall be made in Dollars as Alternate
Base Rate Loans and (iii) any affected Loans that were to have been converted on the first day of such Interest Period to or continued
as LIBOR Rate Loans shall be converted to or continued in Dollars as Alternate Base Rate Loans.  Until any such notice
has been withdrawn by the Administrative Agent or the Required Lenders, as applicable, no further Loans shall be made as, continued
as, or converted into, LIBOR Rate Loans for the Interest Periods so affected.  Any such notice shall be effective until
such time as the Administrative Agent or the Required Lenders, as applicable, reasonably determine that the conditions described
above no longer exist.

 

Section 2.14         Yield
Protection.

 

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

 

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

 

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(ii)          subject
any Recipient to any Taxes (other than Indemnified Taxes and Excluded Taxes) on its loans, loan principal, letters of credit, commitments,
or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

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

 

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

 

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

 

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

 

(d)           Delay
in Requests.  Failure or delay on the part of any Lender or the Issuing Lender to demand compensation pursuant to
this Section shall not constitute a waiver of such Lender’s or the Issuing Lender’s right to demand such compensation,
provided that the Borrowers shall not be required to compensate a Lender or the Issuing Lender pursuant to this Section
for any increased costs incurred or reductions suffered more than six (6) months prior to the date such Lender or Issuing Lender,
as the case may be, notifies the Company of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s
or Issuing Lender’s intention to claim compensation therefore (except that, if the Change in Law giving rise to such

 

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increased costs or reductions is
retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof).

 

Section 2.15         Compensation
for Losses; Eurocurrency Liabilities.

 

(a) Compensation
for Losses.       Upon demand of any Lender (with a copy to the
Administrative Agent) from time to time, the Borrowers shall promptly compensate such Lender for and hold such Lender harmless
from any actual loss, cost or expense incurred by it as a result of:

 

(i)           any
continuation, conversion, payment or prepayment (other than a prepayment under Section 2.12(a)) of any Loan other than an Alternate
Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic,
by reason of acceleration, or otherwise) ;

 

(ii)          any
failure by the Borrowers (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert
any Loan other than an Alternate Base Rate Loan on the date or in the amount notified by the Borrowers; or

 

(iii)         any
assignment of a LIBOR Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the
Company pursuant to Section 2.19;

 

The Borrowers shall also pay any
customary administrative fees charged by such Lender in connection with the foregoing.

 

For purposes of calculating amounts
payable by the Borrowers to the Lenders under this Section, each Lender shall be deemed to have funded each LIBOR Rate Loan made
by it at the LIBOR Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a
comparable amount and for a comparable period, whether or not such LIBOR Rate Loan was in fact so funded.

 

(b)           Regulation
D Reserves.  The Borrowers shall pay to each Lender, as long as such Lender shall be required to maintain reserves
under Regulation D with respect to “eurocurrency liabilities” within the meaning of Regulation D, or under any similar
or successor regulation with respect to Eurocurrency liabilities or Eurocurrency funding, additional interest on the unpaid principal
amount of each LIBOR Rate Loan equal to the actual costs of such reserves allocated to such LIBOR Rate Loan by such Lender (as
determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date
on which interest is payable on such LIBOR Rate Loan, provided the Borrowers shall have received at least fifteen (15) days prior
notice (with a copy to the Administrative Agent) of such additional interest from such Lender.  If a Lender fails to
give notice fifteen (15) days prior to the relevant interest payment date, such additional interest shall be due and payable fifteen
(15) days from receipt of such notice.

 

Section 2.16         Taxes.

 

(a)           Issuing
Lender.  For purposes of this Section 2.16, the term “Lender” includes the Issuing Lender.

 

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

 

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

 

(d) Indemnification
by the Credit Parties.  The Credit Parties shall jointly and severally indemnify each Recipient, within 10 days after
demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable
to amounts payable under this Section) payable or paid by such Recipient and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority; provided that no such indemnification payment shall be required to the extent resulting from the gross negligence
or willful misconduct of such Recipient and no consequential or special damages shall be required to be paid.  A certificate
as to the amount of such payment or liability delivered to the Company by a Lender (with a copy to the Administrative Agent), or
by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(e) Indemnification
by the Lenders.    Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor,
for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Credit Party has not already indemnified
the Administrative 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 9.6(d) relating to the maintenance of
a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the
Administrative Agent in connection with any Credit Document, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate
as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing
to such Lender under any Credit Document or otherwise payable by the Administrative Agent to the Lender from any other source against
any amount due to the Administrative Agent under this paragraph (e).

 

(f)  Evidence
of Payments.  As soon as practicable after any payment of Taxes by any Credit Party to a Governmental Authority pursuant
to this Section 2.16, such Credit Party shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.

 

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(g) Status
of Lenders.  (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to
payments made under any Credit Document shall deliver to the Company and the Administrative Agent, at the time or times reasonably
requested by the Company or the Administrative Agent, such properly completed and executed documentation reasonably requested by
the Company or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In
addition, any Lender, if reasonably requested by the Company or the Administrative Agent, shall deliver such other documentation
prescribed by applicable law or reasonably requested by the Company or the Administrative Agent as will enable the Company or the
Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other
than such documentation set forth in Section 2.16(g) (ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the
Lender’s judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or
expense or would materially prejudice the legal or commercial position of such Lender.

 

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

 

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

 

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

 

(i)   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 Credit Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S.
federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable
payments under any Credit Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax
pursuant to the “business profits” or “other income” article of such tax treaty;

 

(ii)  executed originals
of IRS Form W-8ECI;

 

(iii) 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
to the effect that (A) 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 and (B) the interest payments in question are not effectively
connected with a U.S. trade or business conducted by such Foreign Lender or are effectively connected but are not includible in
the Foreign Lender’s gross income for

 

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U.S. federal income tax purposes under
an income tax treaty (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or

 

(iv) to the extent
a Foreign Lender is not the beneficial owner (for example, where the Foreign Lender is a partnership or participating Lender granting
a typical participation), executed originals of IRS Form W-8IMY, accompanied by a Form W-8ECI, W-8BEN, U.S. Tax Compliance Certificate,
Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender
is a partnership (and not a participating Lender) and one or more beneficial owners of such Foreign Lender are claiming the portfolio
interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate on behalf of each such beneficial owner;

 

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

 

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

 

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

 

(h) Treatment
of Certain Refunds.  If any party determines, in its reasonable discretion exercised in good faith, that it has received
a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.16 (including additional amounts pursuant
to this Section 2.16), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including
Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with
respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified
party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such

 

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indemnified party is required to
repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this paragraph (h), in
no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment
of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been
in if the indemnification payments or additional amounts giving rise to such refund had never been paid.  This paragraph
shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to
its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(i) Survival.  Each
party’s obligations under this Section 2.16 shall survive the resignation or replacement of the Administrative Agent or any
assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or
discharge of all obligations under any Credit Document.

 

Section 2.17         Indemnification;
Nature of Issuing Lender’s Duties.

 

(a)           In
addition to its other obligations under Section 2.3, the Credit Parties hereby agree to protect, indemnify, pay and save the
Issuing Lender and each Lender harmless from and against any and all claims, demands, liabilities, damages, losses, costs, charges
and expenses (including reasonable attorneys’ fees) that the Issuing Lender or such Lender may incur or be subject to as
a consequence, direct or indirect, of (i) the issuance of any Letter of Credit or (ii) the failure of the Issuing Lender
to honor a drawing under a Letter of Credit as a result of any act or omission, whether rightful or wrongful, of any present or
future de jure or de facto government or Governmental Authority (all such acts or omissions, herein called “Government
Acts”); provided that no such indemnification payment shall be required to the extent resulting from the gross
negligence or willful misconduct of the Issuing Lender or such Lender and no consequential or special damages shall be required
to be paid.

 

(b)           As
between the Credit Parties, the Issuing Lender and each Lender, the Credit Parties shall assume all risks of the acts, omissions
or misuse of any Letter of Credit by the beneficiary thereof.  Neither the Issuing Lender nor any Lender shall be responsible:
(i) for the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection
with the application for and issuance of any Letter of Credit, even if it should in fact prove to be in any or all respects invalid,
insufficient, inaccurate, fraudulent or forged; (ii) for the validity or sufficiency of any instrument transferring or assigning
or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or
in part, that may prove to be invalid or ineffective for any reason; (iii) for failure of the beneficiary of a Letter of Credit
to comply fully with conditions required in order to draw upon a Letter of Credit; (iv) for errors, omissions, interruptions
or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in
cipher; (v) for errors in interpretation of technical terms; (vi) for any loss or delay in the transmission or otherwise
of any document required in order to make a drawing under a Letter of Credit or of the proceeds thereof; and (vii) for any
consequences arising from causes beyond the control of the Issuing Lender or any Lender, including, without limitation, any Government
Acts.  None of the above shall affect, impair, or prevent the vesting of the Issuing Lender’s rights or powers
hereunder.

 

(c)           In
furtherance and extension and not in limitation of the specific provisions hereinabove set forth, any action taken or omitted by
the Issuing Lender or any Lender, under or in connection with any Letter of Credit or the related certificates, if taken or omitted
in the absence of gross negligence or willful misconduct, shall not put such Issuing Lender or such

 

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Lender under any resulting liability
to the Credit Parties.  It is the intention of the parties that this Agreement shall be construed and applied to protect
and indemnify the Issuing Lender and each Lender against any and all risks involved in the issuance of the Letters of Credit, all
of which risks are hereby assumed by the Credit Parties, including, without limitation, any and all risks of the acts or omissions,
whether rightful or wrongful, of any Government Authority.  The Issuing Lender and the Lenders shall not, in any way,
be liable for any failure by the Issuing Lender or anyone else to pay any drawing under any Letter of Credit as a result of any
Government Acts or any other cause beyond the control of the Issuing Lender and the Lenders.

 

(d)           Nothing
in this Section is intended to limit the Reimbursement Obligation of the Borrowers contained in Section 2.3(d) hereof.  The
obligations of the Credit Parties under this Section shall survive the termination of this Agreement.  No act or omissions
of any current or prior beneficiary of a Letter of Credit shall in any way affect or impair the rights of the Issuing Lender and
the Lenders to enforce any right, power or benefit under this Agreement.

 

(e)           Notwithstanding
anything to the contrary contained in this Section, the Credit Parties shall have no obligation to indemnify the Issuing Lender
or any Lender in respect of any liability incurred by the Issuing Lender or such Lender arising out of the gross negligence or
willful misconduct of the Issuing Lender (including action not taken by the Issuing Lender or such Lender), as determined by a
court of competent jurisdiction or pursuant to arbitration.

 

Section 2.18         Illegality.

 

Notwithstanding any other
provision of this Credit Agreement, if any Change in Law shall make it unlawful for a Lender or its LIBOR Lending Office to make
or maintain LIBOR Rate Loans as contemplated by this Credit Agreement or to obtain in the interbank eurodollar market through its
LIBOR Lending Office the funds with which to make such Loans, (a) such Lender shall promptly notify the Administrative Agent
and the Company thereof, (b) the commitment of such Lender hereunder to make LIBOR Rate Loans or continue LIBOR Rate Loans
as such shall forthwith be suspended until the Administrative Agent shall forthwith give telephone notice of such determination,
confirmed in writing, to the Company and the Lenders that the condition or situation which gave rise to the suspension shall no
longer exist within two (2) Business Days thereof, and (c) such Lender’s Loans then outstanding as LIBOR Rate Loans,
shall be converted on the last day of the Interest Period for such Loans or within such earlier period as required by law into
Alternate Base Rate Loans denominated in Dollars.  The Borrowers hereby agree to promptly pay any Lender, upon its demand,
any additional amounts necessary to compensate such Lender for actual and direct costs (but not including anticipated profits)
reasonably incurred by such Lender in making any repayment in accordance with this Section including, but not limited to, any interest
or fees payable by such Lender to lenders of funds obtained by it in order to make or maintain its LIBOR Rate Loans hereunder.  A
certificate (which certificate shall include a description of the basis for the computation) as to any additional amounts payable
pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Company shall be conclusive in the
absence of manifest error.  Each Lender agrees to use reasonable efforts (including reasonable efforts to change its
LIBOR Lending Office) to avoid or to minimize any amounts which may otherwise be payable pursuant to this Section; provided,
however, that such efforts shall not cause the imposition on such Lender of any additional costs or legal or regulatory
burdens deemed by such Lender in its sole discretion to be material.

 

Section 2.19         Mitigation
Obligations; Replacement of Lenders.

 

(a)           Designation
of a Different Lending Office.  If any Lender requests compensation under Section 2.14, or requires the Borrowers
to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to

 

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Section 2.16, then such Lender
shall (at the request of the Company) use reasonable efforts to designate a different lending office for funding or booking its
Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the
judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.14
or Section 2.16, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or
expense and would not otherwise be disadvantageous to such Lender.  The Borrowers hereby agree to pay all reasonable
costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)           Replacement
of Lenders.    If any Lender requests compensation under Section 2.14 or is unable to make LIBOR Loans, or if
the Borrowers are required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the
account of any Lender pursuant to Section 2.16 and, in each case, such Lender has declined or is unable to designate a different
lending office in accordance with Section 2.19(a), or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the
Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to
assign and delegate at par, without recourse (in accordance with and subject to the restrictions contained in, and consents required
by, Section 9.6), all of its interests, rights (other than its existing rights to payments pursuant to Section 2.14 or Section
2.16) and obligations under this Agreement and the related Credit Documents to an Eligible Assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment), provided that:

 

(i)           the
Borrowers shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 9.6;

 

(ii)          such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in Letters of
Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Credit Documents
(including any amounts under Section 2.15) from the assignee (to the extent of such outstanding principal and accrued interest
and fees) or the Borrowers (in the case of all other amounts);

 

(iii)         in
the case of any such assignment resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant
to Section 2.16, such assignment will result in a reduction in such compensation or payments thereafter;

 

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

 

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

 

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

 

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Section 2.20         Cash
Collateral.

 

(a)           Cash
Collateral.  At any time that there shall exist a Defaulting Lender, within one (1) Business Day following the written
request of the Administrative Agent, the Issuing Lender (with a copy to the Administrative Agent) or the Swingline Lender (with
a copy to the Administrative Agent), the Borrowers shall Cash Collateralize all Fronting Exposure of the Issuing Lender and the
Swingline Lender with respect to such Defaulting Lender (determined after giving effect to Section 2.21(b) and any Cash Collateral
provided by the Defaulting Lender).

 

(b)           Grant
of Security Interest.  The Borrowers, and to the extent provided by any Defaulting Lender, such Defaulting Lender,
hereby grant to the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Lenders and the Lenders (including
the Swingline Lender), and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the
Defaulting Lenders’ obligations to which such Cash Collateral may be applied pursuant to clause (c) below.  If
at any time the Administrative Agent, Issuing Lender or Swingline Lender determines that Cash Collateral is subject to any right
or claim of any Person other than the Administrative Agent as herein provided, or that the total amount of such Cash Collateral
is less than the applicable Fronting Exposure, the Borrowers will, promptly upon demand by the Administrative Agent, Issuing Lender
or Swingline Lender pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate
such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).

 

(c)           Application.    Notwithstanding
anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section or Section 2.21 in respect
of Letters of Credit or Swingline Loans, shall be held and applied to the satisfaction of the specific LOC Obligations, Swingline
Loans, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest
accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application
of such property as may be provided for herein.

 

(d)           Termination
of Requirement.  Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other
obligations shall no longer be required to be held as Cash Collateral pursuant to this Section 2.20 following (i) the elimination
of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender
status of the applicable Lender), or (ii) the determination by the Administrative Agent, the Issuing Lender and the Swingline Lender
that there exists excess Cash Collateral (which determination shall not be unreasonably withheld or delayed); provided that,
Subject to Section 2.21, the Person providing Cash Collateral and the Issuing Lender and Swingline Lender may agree that Cash Collateral
shall be held to support future anticipated Fronting Exposure or other obligations.

 

Section 2.21         Defaulting
Lenders.  

 

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

 

(i)           Waivers
and Amendments.  Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with
respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and Section 9.1.

 

(ii)          Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of such Defaulting

 

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Lender (whether voluntary or mandatory,
at maturity, pursuant to Article VII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to
Section 9.7 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to
the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment
on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Lender or Swingline Lender hereunder; third,
to Cash Collateralize the Issuing Lender’s or Swingline Lender’s Fronting Exposure in accordance with Section 2.20;
fourth, as the Borrowers may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect
of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative
Agent; fifth, if so determined by the Administrative Agent and the Borrowers, to be held in a non-interest bearing deposit
account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with
respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Lender’s and the Swingline Lender’s future
Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement in
accordance with Section 2.20; sixth, to the payment of any amounts owing to the Lenders, the Issuing Lenders or Swingline
Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Lenders or Swingline
Lenders against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;
seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result
of any judgment of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise
directed by a court of competent jurisdiction; provided that if (A) such payment is a payment of the principal amount of
any Loans or LOC Obligations in respect of which such Defaulting Lender has not fully funded its appropriate share and (B) such
Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.2 were satisfied
or waived, such payment shall be applied solely to pay the Loans of, and LOC Obligations owed to, all Non-Defaulting Lenders on
a pro rata basis prior to being applied to the payment of any Loans of, or LOC Obligations owed to, such Defaulting Lender until
such time as all Loans and funded and unfunded participations in LOC Obligations and Swingline Loans are held by the Lenders pro
rata in accordance with the Commitments under the applicable facility without giving effect to Section 2.21(a)(iv). Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting
Lender or to post Cash Collateral pursuant to this Section 2.21(a)(ii) shall be deemed paid to and redirected by such Defaulting
Lender, and each Lender irrevocably consents hereto.

 

(iii)        Certain
Fees.

 

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

 

(B)         Letter
of Credit Fees.  Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during
which that Lender is a

 

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Defaulting Lender only to the extent
allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant
Section 2.20.

 

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

 

(iv)          Reallocation
of Participations to Reduce Fronting Exposure.  All or any part of such Defaulting Lender’s participation in
LOC Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable
Percentages (calculated without regard to such Defaulting Lender’s Revolving Commitment) but only to the extent that (x)
the conditions set forth in Sections 4.2(a) and (b) are satisfied at the time of such reallocation (and, unless the Borrowers shall
have otherwise notified the Administrative Agent at such time, the Borrowers shall be deemed to have represented and warranted
that such conditions are satisfied at such time) and (y) such reallocation does not cause the aggregate principal amount of the
outstanding Loans and Participation Interests of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving
Commitment.  No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against
a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender
as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)           Cash
Collateral, Repayment of Swingline Loans.  If the reallocation described in clause (iv) above cannot, or can only
partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder or under law, (x)
first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and (y) second,
Cash Collateralize the Issuing Lender’s Fronting Exposure in accordance with the procedures set forth in Section 2.20.

 

(b)           Defaulting
Lender Cure.  If the Borrowers, the Administrative Agent, the Swingline Lender and the Issuing Lender agree in writing
that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the
effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect
to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other
Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and
unfunded participations in Letters of Credit and Swingline Loans to be held on a pro rata basis by the Lenders in accordance with
their Applicable Percentages (without giving effect to Section 2.21(a)(iv)), whereupon such Lender will cease to be a Defaulting
Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf
of the Borrowers while that Lender was a Defaulting Lender; and provided, further, that 

 

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except
to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute
a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

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

 

Section 2.22         Incremental
Facility.

 

(a)           General
Terms.    Subject to the terms and conditions set forth herein, the Borrowers shall have the right, at any time and
from time to time until the date that is six months prior to the Maturity Date, to increase the Revolving Committed Amount (each
such increase, a “Revolving Facility Increase”) by an aggregate principal amount for all such Revolving Facility
Increases shall not exceed $50,000,000 (the “Incremental Increase Amount”).

 

(b)           Terms
and Conditions.    The following terms and conditions shall apply to any Revolving Facility Increase: (i) no Default
or Event of Default shall exist immediately prior to or after giving effect to such Revolving Facility Increase, (ii) any loans
made pursuant to a Revolving Facility Increase shall constitute Obligations and will be secured and guaranteed with the other Obligations
on a pari passu basis, (iii) any Lenders providing such Revolving Facility Increase shall be entitled to the same voting rights
as the existing Lenders and shall be entitled to receive proceeds of prepayments on the same terms as the existing Lenders, (iv) any
such Revolving Facility Increase shall be in a minimum principal amount of $10,000,000 and integral multiples of $5,000,000
in excess thereof (or the remaining amount of the Incremental Increase Amount, if less), (v) the proceeds of any such Revolving
Facility Increase will be used for the purposes set forth in Section 3.11, (vi) the Borrowers shall execute a Revolving Note
in favor of any new Lender or any existing Lender whose Revolving Commitment is increased pursuant to this Section, in each case,
if requested by such Lender, (vii) the conditions to Extensions of Credit in Section 4.2 shall have been satisfied, (viii) the
Administrative Agent shall have received (A) upon the reasonable request (which shall be made promptly upon receipt of a request
by the Company of a Revolving Facility Increase) of the Administrative Agent, an opinion or opinions (including, if reasonably
requested by the Administrative Agent, local counsel opinions) of counsel for the Credit Parties, addressed to the Administrative
Agent and the Lenders, in form and substance reasonably acceptable to the Administrative Agent and substantially similar to the
opinion delivered to the Administrative Agent on the Closing Date, (B) any authorizing corporate documents as the Administrative
Agent may reasonably request (which request shall be made promptly upon receipt of a request by the Company of a Revolving Facility
Increase) and (C) if applicable, a duly executed Notice of Borrowing, (ix) such Revolving Facility Increase shall be in Dollars
and (x) the Administrative Agent shall have received from the Company updated financial projections and an officer’s certificate,
in each case in form and substance reasonably satisfactory to the Administrative Agent, demonstrating that, after giving effect
to any such Revolving Facility Increase on a Pro Forma Basis, the Borrowers will be in compliance with the financial covenants
set forth in Section 5.9.

 

(c)           Applicable
Margin and Yield.  The Applicable Margin and any other components of yield on the Revolving Facility Increase payable
to the Lenders making such Revolving Facility Increase may be higher than the then current Applicable Margin (or any other components
of yield) on the Revolving Facility (and any prior Revolving Facility Increase, as

 

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applicable), calculating yield in
the same manner, but in each case by no more than 50 basis points (it being understood that the pricing on the Revolving Facility
will be increased and/or additional fees will be paid to Lenders holding Revolving Loans to the extent necessary to satisfy such
requirement).

 

(d)           Revolving
Facility Increase.  In connection with the closing of any Revolving Facility Increase, the outstanding Revolving
Loans and Participation Interests shall be reallocated by causing such fundings and repayments among the Lenders of Revolving Loans
as necessary such that, after giving effect to such Revolving Facility Increase, each Lender will hold Revolving Loans and Participation
Interests based on its Revolving Commitment Percentage (after giving effect to such Revolving Facility Increase); provided
that (i) such reallocations and repayments shall not be subject to any processing and/or recordation fees and (ii) the
Borrowers shall be responsible for any costs arising under Section 2.15 resulting from such reallocation and repayments.

 

(e)           Participation.  Participation
in any such Revolving Facility Increase may be offered to each of the existing Lenders, but no Lender shall have any obligation
to provide all or any portion of any such Revolving Facility Increase.  The Borrowers may invite other banks, financial
institutions and investment funds reasonably acceptable to the Administrative Agent (such consent not to be unreasonably withheld
or delayed) to join this Credit Agreement as Lenders hereunder for any portion of such Revolving Facility Increase; provided
that such other banks, financial institutions and investment funds shall enter into such lender joinder agreements to give effect
thereto as the Administrative Agent may reasonably request.  

 

(f)            Amendments.    The
Administrative Agent is authorized to enter into, on behalf of the Lenders, any amendment to this Credit Agreement or any other
Credit Document as may be necessary to incorporate the terms of any such Revolving Facility Increase.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES

 

To induce the Lenders to
enter into this Agreement and to make the Extensions of Credit herein provided for, the Credit Parties hereby represent and warrant
to the Administrative Agent and to each Lender that:

 

Section 3.1           Financial
Condition.

 

(a)           (i)
  The audited Consolidated financial statements of the Company and its Subsidiaries for the fiscal years ended 2009, 2010 and 2011
and of the Acquired Company and its Subsidiaries for the fiscal years ended 2009, 2010 and 2011, together with the related Consolidated
statements of income or operations, equity and cash flows for the fiscal years ended on such dates (and, with respect to the Acquired
Company, together with a quality of earnings report prepared by Grant Thornton LLP), (ii) the unaudited Consolidated financial
statements of the Company and its Subsidiaries and of the Acquired Company and its Subsidiaries for the year-to-date period ending
on the last day of the quarter that ended at least twenty (20) days prior to the Closing Date, together with the related Consolidated
of income or operations, equity and cash flows for the year-to-date period ending on such date and (iii) pro forma consolidated
financial statements for the Company and its Subsidiaries for the four-quarter period most recently ended prior to the Closing
Date for which financial statements are available giving pro forma effect to the Transactions (it being understood that the Company
will endeavor to prepare such financial

 

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statements in accordance with Regulation
S-X under the Securities Act of 1933, as amended, and all other rules and regulations of the SEC under such Securities Act) (iv)
a pro forma balance sheet of the Company and its Subsidiaries as of the last day of the quarter that ended at least twenty (20)
days prior to the Closing Date giving pro forma effect to the Transactions as if the Transactions had occurred as of such date
(in the case of such balance sheet) or at the beginning of such period (in the case of such other financial statements):

 

(A)          were
prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein;

 

(B)           fairly
present the financial condition of the Company and its Subsidiaries, as applicable, as of the date thereof (subject, in the case
of the unaudited financial statements, to normal year-end adjustments) and results of operations for the period covered thereby;
and

 

(C)           show
all material Indebtedness and other liabilities, direct or contingent, of the Company and its Subsidiaries, as applicable, as of
the date thereof, including liabilities for taxes, material commitments and contingent obligations.  

 

(b)         The
five-year projections of the Credit Parties and their Subsidiaries (prepared quarterly for the first year following the Closing
Date and annually thereafter for the term of this Agreement) delivered to the Lenders on or prior to the Closing Date have been
prepared in good faith based upon reasonable assumptions.

 

Section 3.2           No
Material Adverse Effect.

 

Since February 28,
2011 (and, in addition, after delivery of annual audited financial statements in accordance with Section 5.1(a), from the
date of the most recently delivered annual audited financial statements), there has been no development or event which has had
or could reasonably be expected to have a Material Adverse Effect.

 

Section 3.3           Corporate
Existence; Compliance with Law; Patriot Act Information.

 

Each of the Credit Parties
(a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, organization
or formation, (b) has the requisite power and authority and the legal right to own and operate all its property, to lease
the property it operates as lessee and to conduct the business in which it is currently engaged and has taken all actions necessary
to maintain all rights, privileges, licenses and franchises necessary or required in the normal conduct of its business, (c) is
duly qualified to conduct business and in good standing under the laws of (i) the jurisdiction of its organization or formation
and (ii) each other jurisdiction where its ownership, lease or operation of property or the conduct of its business requires
such qualification except to the extent that the failure to so qualify or be in good standing in any such other jurisdiction could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and (d) is in compliance with
all Requirements of Law, organizational documents, government permits and government licenses except to the extent such non-compliance
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  Set forth on
Schedule 3.3 as of the Closing Date, or as of the last date such Schedule was required to be updated in accordance
with Section 5.2, is the following information for each Credit Party: the exact legal name and any former legal names of such
Credit Party in the four (4) months prior to the Closing Date, the state of incorporation or organization, the type of organization,
the

 

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jurisdictions in which such Credit Party is
qualified to do business, the chief executive office, the principal place of business, the business phone number, the organization
identification number, the federal tax identification number and ownership information (e.g. publicly held, if private or partnership,
the owners and partners of each of the Credit Parties).

 

Section 3.4           Corporate
Power; Authorization; Enforceable Obligations.

 

Each of the Credit Parties
has full power and authority and the legal right to make, deliver and perform the Credit Documents to which it is party and has
taken all necessary limited liability company, partnership or corporate action to authorize the execution, delivery and performance
by it of the Credit Documents to which it is party.  Each Credit Document to which it is a party has been duly executed
and delivered on behalf of each Credit Party.  Each Credit Document to which it is a party constitutes a legal, valid
and binding obligation of each Credit Party, enforceable against such Credit Party in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

 

Section 3.5           No
Legal Bar; No Default.

 

The execution, delivery
and performance by each Credit Party of the Credit Documents to which such Credit Party is a party, the borrowings thereunder and
the use of the proceeds of the Loans (a) will not violate any material Requirement of Law or any material Contractual Obligation
of any Credit Party (except those as to which waivers or consents have been obtained); provided, however, solely with respect
to any Immaterial Subsidiary, where such violation could not reasonably be expected to result in a Material Adverse Effect, (b) will
not conflict with, result in a breach of or constitute a default under the articles of incorporation, bylaws, articles of organization,
operating agreement or other organization documents of the Credit Parties or any material Contractual Obligation to which such
Person is a party or by which any of its properties may be bound or any material approval or material consent from any Governmental
Authority relating to such Person; provided, however, solely with respect to any Immaterial Subsidiary, where such breach
could not reasonably be expected to result in a Material Adverse Effect, and (c) will not result in, or require, the creation
or imposition of any Lien on any Credit Party’s properties or revenues pursuant to any material Requirement of Law or material
Contractual Obligation other than the Liens arising under or contemplated in connection with the Credit Documents or Permitted
Liens.  No Credit Party is in default under or with respect to any of its Contractual Obligations except to the extent
such default could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  No
Default or Event of Default has occurred and is continuing.

 

Section 3.6           No
Material Litigation.

 

Both immediately before
and immediately after giving effect to the Acquisition, no litigation, investigation, claim, criminal prosecution, civil investigative
demand, imposition of criminal or civil fines and penalties, or any other proceeding of or before any arbitrator or Governmental
Authority is pending or, to the knowledge of the Credit Parties after due inquiry, threatened in writing by or against any Credit
Party or any of its Subsidiaries or against any of its or their respective properties or revenues (a) with respect to the Credit
Documents or any Extension of Credit or any of the Transactions, or (b) which could reasonably be expected to have a Material Adverse
Effect.  Both immediately before and immediately after giving effect to the Acquisition, no permanent injunction, temporary
restraining order or similar decree has been issued against any Credit Party or any of its Subsidiaries which could reasonably
be expected to have a Material Adverse Effect.  

 

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Section 3.7           Investment
Company Act; etc.

 

No Credit Party is an “investment
company”, or a company “controlled” by an “investment company”, within the meaning of the Investment
Company Act of 1940, as amended.  No Credit Party is subject to regulation under the Federal Power Act, the Interstate
Commerce Act, the Public Utility Holding Company Act of 2005 or any federal or state statute or regulation limiting its ability
to incur the Credit Party Obligations.

 

Section 3.8           Margin
Regulations.

 

No part of the proceeds
of any Extension of Credit hereunder will be used directly or indirectly for any purpose that violates, or that would require any
Lender to make any filings in accordance with, the provisions of Regulation T, U or X of the Board of Governors of the Federal
Reserve System as now and from time to time hereafter in effect.  The Credit Parties and their Subsidiaries (a) are
not engaged, principally or as one of their important activities, in the business of extending credit for the purpose of “purchasing”
or “carrying” “margin stock” within the respective meanings of each of such terms under Regulation U and
(b) taken as a group do not own “margin stock” except as identified in the financial statements referred to in
Section 3.1 or delivered pursuant to Section 5.1 and the aggregate value of all “margin stock” owned by the
Credit Parties and their Subsidiaries taken as a group does not exceed 25% of the value of their assets.

 

Section 3.9           ERISA.

 

(a)           Neither
a Reportable Event nor an “accumulated funding deficiency” (within the meaning of Section 412 of the Code or Section 302
of ERISA) has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect
to any Plan, and each Plan has complied with the applicable provisions of ERISA and the Code, except where, in respect of any of
the foregoing, individually or in the aggregate, no such event, circumstance or failure to comply has had or could reasonably be
expected to have a Material Adverse Effect.  No termination of a Single Employer Plan has occurred resulting in any liability
that has remained underfunded, and no Lien in favor of the PBGC or a Plan has arisen, during such five-year period that, individually
or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect.  The present value of
all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last
annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of
such Plan allocable to such accrued benefits, except to the extent that any such shortfall(s), individually or in the aggregate,
has not had or could not reasonably be expected to have a Material Adverse Effect.  Neither any Credit Party nor any
Commonly Controlled Entity is currently subject to any liability for a complete or partial withdrawal from a Multiemployer Plan
that, individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect.

 

(b)           Each
Foreign Pension Plan is in compliance with all requirements of law applicable thereto and the respective requirements of the governing
documents for such plan, except as could not reasonably be expected to result in a Material Adverse Effect.  With respect
to each Foreign Pension Plan, neither any Borrower nor any Subsidiary or any of their respective directors, officers, employees
or agents has engaged in a transaction which would subject any Borrower or any Subsidiary, directly or indirectly, to a tax or
civil penalty which could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.  With
respect to each Foreign Pension Plan, reserves have been established in the financial statements in respect of any unfunded liabilities
in accordance with applicable law and prudent business practice or, where required, in accordance with ordinary accounting practices
in the jurisdiction in which such Foreign Pension Plan is maintained, except (a) where the failure to establish any such reserves
could not could not reasonably be expected to have a Material Adverse Effect or (b)

 

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where the aggregate unfunded liabilities with
respect to such Foreign Pension Plans could not reasonably be expected to result in a Material Adverse Effect.  The present
value of the aggregate accumulated benefit liabilities of all such Foreign Pension Plans (based on those assumptions used to fund
each such Foreign Pension Plan) did not, as of the last annual valuation date applicable thereto, exceed the fair market value
of the assets of all such Foreign Pension Plans except in such case where the underfunding could not reasonably be expected to
have a Material Adverse Effect.

 

Section 3.10         Environmental
Matters.

 

Except as could not reasonably
be expected, individually or in the aggregate, to have a Material Adverse Effect:

 

(a)           The
facilities and properties owned, leased or operated by the Credit Parties or any of their Subsidiaries (the “Properties”)
do not contain any Materials of Environmental Concern in amounts or concentrations which (i) constitute a violation of, or
(ii) could give rise to liability on behalf of any Credit Party under, any Environmental Law.

 

(b)           The
Properties and all operations of the Credit Parties and/or their Subsidiaries at the Properties are in compliance, and have in
the last five years been in compliance, with all applicable Environmental Laws, and there is no contamination at, under or about
the Properties or violation of any Environmental Law with respect to the Properties or the business operated by the Credit Parties
or any of their Subsidiaries (the “Business”).

 

(c)           Neither
the Credit Parties nor their Subsidiaries have received any written or actual notice of violation, alleged violation, non-compliance,
liability or potential liability on behalf of any Credit Party with respect to environmental matters or Environmental Laws regarding
any of the Properties or the Business, nor do the Credit Parties or their Subsidiaries have knowledge or reason to believe that
any such notice will be received or is being threatened.

 

(d)           Materials
of Environmental Concern have not been transported or disposed of from the Properties in violation of, or in a manner or to a location
that could give rise to liability on behalf of any Credit Party under any Environmental Law, and no Materials of Environmental
Concern have been generated, treated, stored or disposed of at, on or under any of the Properties in violation of, or in a manner
that could give rise to liability on behalf of any Credit Party under, any applicable Environmental Law.

 

(e)           No
judicial proceeding or governmental or administrative action is pending or, to the knowledge of the Credit Parties and their Subsidiaries,
threatened, under any Environmental Law to which any Credit Party or any Subsidiary is or will be named as a party with respect
to the Properties or the Business, nor are there any consent decrees or other decrees, consent orders, administrative orders or
other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to the Properties
or the Business.

 

(f)           There
has been no release or threat of release of Materials of Environmental Concern at or from the Properties, or arising from or related
to the operations of any Credit Party or any Subsidiary in connection with the Properties or otherwise in connection with the Business,
in violation of or in amounts or in a manner that could give rise to liability on behalf of any Credit Party under Environmental
Laws.

 

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Section 3.11         Use
of Proceeds.

 

The proceeds of the Extensions of Credit shall
be used by the Borrowers solely (a) to finance in whole or in part the Acquisition, (b) to refinance certain existing
Indebtedness of the Credit Parties and their Subsidiaries and/or the Acquired Company, (c) to pay any costs, fees and expenses
associated with this Agreement on the Closing Date, (d) to pay any costs, fees and expenses incurred in connection with the
Acquisition and (e) for working capital and other general corporate purposes (including Permitted Acquisitions) of the Credit
Parties and their Subsidiaries.

 

Section 3.12         Subsidiaries;
Joint Ventures; Partnerships.

 

Set forth on Schedule
3.12 is a complete and accurate list of all Subsidiaries, joint ventures and partnerships of the Credit Parties as of the Closing
Date.  Information on the attached Schedule includes the following: (a) the number of shares of each class of Equity
Interests of each Subsidiary outstanding and (b) the number and percentage of outstanding shares of each class of Equity Interests
owned by the Credit Parties and their Subsidiaries. The outstanding Equity Interests of all such Subsidiaries are validly issued,
fully paid and non-assessable and are owned free and clear of all Liens (other than those arising under or contemplated in connection
with the Credit Documents).  There are no outstanding subscriptions, options, warrants, calls, rights or other agreements
or commitments (other than stock options granted to employees or directors and directors’ qualifying shares and warrants
granted to consultants) of any nature relating to any Equity Interests of any Credit Party or any Subsidiary thereof, except as
contemplated in connection with the Credit Documents or otherwise are not materially adverse to the Lenders.  

 

Section 3.13         Ownership.

 

Except as could not reasonably
be expected to have, either individually or in the aggregate, a Material Adverse Effect, each of the Credit Parties and its Subsidiaries
is the owner of, and has good and marketable title to or a valid leasehold interest in, all of its respective assets, which, together
with assets leased or licensed by the Credit Parties and their Subsidiaries, represents all assets material to the conduct of the
business of the Credit Parties and their Subsidiaries, and (after giving effect to the Transactions) none of such assets is subject
to any Lien other than Permitted Liens.  Except as could not reasonably be expected to have, either individually or in
the aggregate, a Material Adverse Effect, each Credit Party and its Subsidiaries enjoys peaceful and undisturbed possession under
all of its leases and all such leases are valid and subsisting and in full force and effect.  

 

Section 3.14         Consent;
Governmental Authorizations.

 

No material approval, consent
or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is
required in connection with acceptance of Extensions of Credit by the Borrowers or the making of the Guaranty hereunder or with
the execution, delivery or performance of any Credit Document by the Credit Parties (other than those which have been obtained)
or with the validity or enforceability of any Credit Document against the Credit Parties (except such filings as are necessary
in connection with the perfection of the Liens created by such Credit Documents).

 

Section 3.15         Taxes.

 

Each of the Credit Parties
and its Subsidiaries has filed, or caused to be filed, all income tax returns and all other material tax returns (federal, state,
local and foreign) required to be filed and paid (a) all amounts of taxes shown thereon to be due (including interest and
penalties) and (b) all other material taxes, fees, assessments and other governmental charges (including mortgage recording
taxes, documentary stamp taxes and intangibles taxes) owing by it, except for such taxes (i) that are not yet

 

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delinquent, or (ii) that are being contested
in good faith and by proper proceedings, and against which adequate reserves are being maintained in accordance with GAAP or (iii)
solely with respect to any Immaterial Subsidiary, to the extent such failure could not reasonably be expected to have a Material
Adverse Effect.  None of the Credit Parties or their Subsidiaries is aware as of the Closing Date of any proposed tax
assessments against it or any of its Subsidiaries.

 

Section 3.16         Collateral
Representations.

 

(a)           Intellectual
Property.  Set forth on Schedule 3.16(a), as of the Closing Date, is a list of all registered or issued
Intellectual Property (including all applications for registration and issuance) owned by each of the Credit Parties or that each
of the Credit Parties has the right to (including the name/title, current owner, registration or application number, and registration
or application date and such other information as reasonably requested by the Administrative Agent).  

 

(b)           Documents,
Instruments, and Tangible Chattel Paper. Set forth on Schedule 3.16(b), as of the Closing Date, is a description
of all Documents (as defined in the UCC), Instruments (as defined in the UCC), and Tangible Chattel Paper (as defined in the UCC)
of the Credit Parties (including the Credit Party owning such Document, Instrument and Tangible Chattel Paper and such other information
as reasonably requested by the Administrative Agent).

 

(c)           Deposit
Accounts, Electronic Chattel Paper, Letter-of-Credit Rights, Securities Accounts and Uncertificated Investment Property.  Set
forth on Schedule 3.16(c), as of the Closing Date, is a description of all Deposit Accounts (as defined in the UCC),
Electronic Chattel Paper (as defined in the UCC), Letter-of-Credit Rights (as defined in the UCC), Securities Accounts (as defined
in the UCC) and uncertificated Investment Property (as defined in the UCC) of the Credit Parties, including the name of (i) the
applicable Credit Party, (ii) in the case of a Deposit Account, the depository institution and average amount held in such Deposit
Account, (iii) in the case of Electronic Chattel Paper, the account debtor, (iv) in the case of Letter-of-Credit Rights, the issuer
or nominated person, as applicable, and (v) in the case of a Securities Account or other uncertificated Investment Property, the
Securities Intermediary or issuer and the average amount held in such Securities Account, as applicable.

 

(d)           Commercial
Tort Claims.  Set forth on Schedule 3.16(d), as of the Closing Date, is a description of all Commercial
Tort Claims (as defined in the UCC) of the Credit Parties (detailing such Commercial Tort Claim in such detail as reasonably requested
by the Administrative Agent).

 

(e)           Pledged
Equity Interests.  Set forth on Schedule 3.16(e), as of the Closing Date, is a list of (i) 100% (or, if less,
the full amount owned by such Credit Party) of the issued and outstanding Equity Interests owned by such Credit Party of each Domestic
Subsidiary, (ii) 65% (or, if less, the full amount owned by such Credit Party) of each class of the issued and outstanding Equity
Interests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) and 100% (or, if less, the full amount owned
by such Credit Party) of each class of the issued and outstanding Equity Interests not entitled to vote (within the meaning of
Treas. Reg. Section 1.956-2(c)(2)) owned by such Credit Party of each first-tier Foreign Subsidiary and (iii) all other Equity
Interests required to be pledged to the Administrative Agent pursuant to the Security Documents.

 

(f)            Properties.  Set
forth on Schedule 3.16(f)(i), as of the Closing Date, is a list of all Mortgaged Properties (including the Credit Party
owning such Mortgaged Property).  Set forth on

 

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Schedule 3.16(f)(ii) is a
list of (i) each headquarter location of the Credit Parties (and an indication if such location is leased or owned), (ii) each
other location where any significant administrative or governmental functions are performed (and an indication if such location
is leased or owned), (iii) each other location where the Credit Parties maintain any books or records (electronic or otherwise)
(and an indication if such location is leased or owned) and (iv) each location where any personal property Collateral is located
at any premises owned or leased by a Credit Party with a Collateral value in excess of $1,000,000 (and an indication whether
such location is leased or owned).

 

Section 3.17         Solvency.

 

Each Borrower is Solvent
and is able to pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course
of business. The Company and its Subsidiaries, taken as a whole, are Solvent and are able to pay their debts and other liabilities,
contingent obligations and other commitments as they mature in the normal course of business.  None of the Credit Parties
(other than Immaterial Subsidiaries) has unreasonably small capital in relation to the business in which it is or proposes to be
engaged.  None of the Credit Parties (other than Immaterial Subsidiaries) has incurred, or believes that it will incur
debts beyond its ability to pay such debts as they become due.  In executing the Credit Documents and consummating the
Transactions, none of the Credit Parties intends to hinder, delay or defraud either present or future creditors or other Persons
to which one or more of the Credit Parties is or will become indebted.  On the Closing Date, the foregoing representations
and warranties shall be made both before and after giving effect to the Transactions.  

 

Section 3.18         Compliance
with FCPA.

 

Each of the Credit Parties
and their Subsidiaries is in compliance with the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq.,
and any foreign counterpart thereto.  None of the Credit Parties or their Subsidiaries has made a payment, offering,
or promise to pay, or authorized the payment of, money or anything of value (a) in order to assist in obtaining or retaining
business for or with, or directing business to, any foreign official, foreign political party, party official or candidate for
foreign political office, (b) to a foreign official, foreign political party or party official or any candidate for foreign
political office, and (c) with the intent to induce the recipient to misuse his or her official position to direct business
wrongfully to such Credit Party or its Subsidiary or to any other Person, in violation of the Foreign Corrupt Practices Act, 15
U.S.C. §§ 78dd-1, et seq.

 

Section 3.19         No
Burdensome Restrictions.

 

None of the Credit Parties
or their Subsidiaries is a party to any agreement or instrument or subject to any other obligation or any charter or corporate
restriction or any provision of any applicable law, rule or regulation which, individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect.

 

Section 3.20         Brokers’
Fees.

 

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

 

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Section 3.21         Labor
Matters.

 

Except as disclosed on
Schedule 3.21 hereto, there are no collective bargaining agreements or Multiemployer Plans covering the employees of the
Credit Parties or any of their Subsidiaries as of the Closing Date.  None of the Credit Parties or their Subsidiaries
(a) has suffered any strikes, walkouts, work stoppages or other material labor difficulty within the last five years or (b) has
knowledge of any potential or pending strike, walkout or work stoppage; no unfair labor practice complaint is pending against any
Credit Party or any of its Subsidiaries; and there are no strikes, walkouts, work stoppages or other material labor difficulty
pending or threatened against any Credit Party.

 

Section 3.22         Accuracy
and Completeness of Information.

 

All factual information
heretofore, contemporaneously or hereafter furnished by or on behalf of any Credit Party or any of its Subsidiaries to the Administrative
Agent, the Arranger or any Lender for purposes of or in connection with this Agreement or any other Credit Document, or any Transaction,
is, or when furnished, will be, to the knowledge of the Company, true and accurate in all material respects and not incomplete
by omitting to state any material fact necessary to make such information not misleading.  There is no fact now known
to any Credit Party or any of its Subsidiaries which, individually or in the aggregate, has, or could reasonably be expected to
have, a Material Adverse Effect, which fact has not been set forth herein, in the financial statements of the Credit Parties and
their Subsidiaries furnished to the Administrative Agent and the Lenders, or in any certificate, opinion or other written statement
made or furnished by any Credit Party to the Administrative Agent and the Lenders.

 

Section 3.23         Material
Contracts.

 

Schedule 3.23
sets forth a complete and accurate list of all Material Contracts of the Credit Parties and their Subsidiaries in effect as of
the Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.2.  Except
for matters which, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect,
each Material Contract is, and immediately after giving effect to the Transactions will be, in full force and effect in accordance
with the terms thereof.  The Credit Parties have delivered to the Administrative Agent a true and complete copy of each
Material Contract.  

 

Section 3.24         Insurance.

 

The insurance coverage
of the Credit Parties and their Subsidiaries is outlined as to carrier, policy number, expiration date, type and amount on Schedule 3.24
as of the Closing Date and as of the last date such Schedule was required to be updated in accordance with Section 5.2 and
such insurance coverage complies with the requirements set forth in Section 5.5(b).  

 

Section 3.25         Security
Documents.

 

The Security Documents
create valid and enforceable security interests in, and Liens on, the Collateral purported to be covered thereby (other than any
such Collateral with respect to which a Lien would be perfected by possession or control and with respect to which the Administrative
Agent shall not have determined to effect such possession or control).  Except as set forth in the Security Documents,
such security interests and Liens are currently perfected security interests and Liens (other than any such Collateral with respect
to which a Lien would be perfected by possession or control and with respect to which the Administrative Agent shall not have determined
to effect such possession or control) in favor of the Administrative Agent, for the benefit of the Secured Parties, prior to all
other Liens (other than any such Collateral with respect to which a Lien would be perfected by possession or control and with respect

 

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to which the Administrative Agent shall not
have determined to effect such possession or control) other than Permitted Liens.

 

Section 3.26         Classification
of Senior Indebtedness.

 

The Credit Party Obligations
constitute “Senior Indebtedness”, “Designated Senior Indebtedness” or any similar designation under and
as defined in any agreement governing any Subordinated Debt and the subordination provisions set forth in each such agreement are
legally valid and enforceable against the parties thereto.

 

Section 3.27         Anti-Terrorism
Laws.

 

Neither any Credit Party
nor any of its Subsidiaries is an “enemy” or an “ally of the enemy” within the meaning of Section 2
of the Trading with the Enemy Act of the United States of America (50 U.S.C. App. §§ 1 et seq.) (the “Trading
with the Enemy Act”), as amended.  Neither any Credit Party nor any of its Subsidiaries is in violation of
(a) the Trading with the Enemy Act, as amended, (b) any of the foreign assets control regulations of the United States
Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto
or (c) the Patriot Act.  None of the Credit Parties (i) is a blocked person described in Section 1 of
the Anti-Terrorism Order or (ii) to the best of its knowledge, engages in any dealings or transactions, or is otherwise associated,
with any such blocked person.

 

Section 3.28         Compliance
with OFAC Rules and Regulations.

 

(a)           None
of the Credit Parties or their Subsidiaries or their respective Affiliates is in violation of and shall not violate any of the
country or list based economic and trade sanctions administered and enforced by OFAC that are described or referenced at http://www.ustreas.gov/offices/enforcement/ofac/
or as otherwise published from time to time.

 

(b)           None
of the Credit Parties or their Subsidiaries or their respective Affiliates (i) is a Sanctioned Person or a Sanctioned Entity,
(ii) has a more than 10% of its assets located in Sanctioned Entities, or (iii) derives more than 10% of its operating
income from investments in, or transactions with Sanctioned Persons or Sanctioned Entities.  No proceeds of any Loan
will be used nor have any been used to fund any operations in, finance any investments or activities in or make any payments to,
a Sanctioned Person or a Sanctioned Entity.

 

Section 3.29         Authorized
Officer.

 

Set forth on Schedule
3.29 are Responsible Officers that are permitted to sign Credit Documents on behalf of the Credit Parties, holding the offices
indicated next to their respective names, as of the Closing Date and as of the last date such Schedule was required to be updated
in accordance with Section 5.2.  Such Authorized Officers are the duly elected and qualified officers of such Credit
Party and are duly authorized to execute and deliver, on behalf of the respective Credit Party, the Credit Agreement, the Notes
and the other Credit Documents.

 

Section 3.30         Regulation
H.

 

No Mortgaged Property is
a Flood Hazard Property unless the Administrative Agent shall have received the following: (a) the applicable Credit Party’s
written acknowledgment of receipt of written notification from the Administrative Agent (i) as to the fact that such Mortgaged
Property is a Flood Hazard Property and (ii) as to whether the community in which each such Flood Hazard Property is

 

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located is participating in the National Flood
Insurance Program and (b) copies of insurance policies or certificates of insurance of the applicable Credit Party evidencing flood
insurance reasonably satisfactory to the Administrative Agent and naming the Administrative Agent as loss payee on behalf of the
Lenders.

 

Section 3.31       Consummation
of Acquisition.

 

The Acquisition and related
transactions have been consummated substantially in accordance with the terms of the Acquisition Documents as of the Closing Date.  As
of the Closing Date, the Acquisition Documents have not been altered, amended or otherwise modified or supplemented in any respect
that is materially adverse to the Lenders or any material condition thereof waived without the prior written consent of the Administrative
Agent.  Each of the representations and warranties made in the Acquisition Documents by the Credit Parties and their
Subsidiaries is true and correct in all material respects.

 

ARTICLE IV

 

CONDITIONS PRECEDENT

 

Section 4.1         Conditions
to Closing Date.

 

This Agreement shall become
effective upon, and the obligation of each Lender to make the initial Extensions of Credit on the Closing Date is subject to, the
satisfaction of the following conditions precedent:

 

(a)         Execution
of Credit Agreement; Credit Documents.  The Administrative Agent shall have received (i) counterparts of this
Agreement, executed by a duly authorized officer of each party hereto, (ii) for the account of each Revolving Lender requesting
a promissory note, a duly executed Revolving Loan Note, (iii) for the account of the Swingline Lender requesting a promissory note,
the Swingline Loan Note, (iv) counterparts of the Security Agreement, the Pledge Agreement and each Mortgage Instrument, in
each case conforming to the requirements of this Agreement and executed by duly authorized officers of the Credit Parties or other
Person, as applicable, and (v) counterparts of any other Credit Document, executed by the duly authorized officers of the
parties thereto.

 

(b)         Authority
Documents.    The Administrative Agent shall have received the following:

 

(i)           Articles
of Incorporation/Charter Documents.  Original certified articles of incorporation or other charter documents (or
foreign equivalent thereof), as applicable, of each Credit Party certified (A) by an officer of such Credit Party (pursuant
to an officer’s certificate in substantially the form of Exhibit 4.1(b) attached hereto) as of the Closing Date
to be true and correct and in force and effect as of such date, and (B) to be true and complete as of a recent date by the
appropriate Governmental Authority of the state of its incorporation or organization, as applicable.

 

(ii)          Resolutions.  Copies
of resolutions (or foreign equivalent thereof) of the board of directors or comparable managing body of each Credit Party approving
and adopting the Credit Documents, the Transactions and authorizing execution and delivery thereof, certified by an officer of
such Credit Party (pursuant to an officer’s certificate in substantially the form of Exhibit 4.1(b) attached
hereto) as of the Closing Date to be true and correct and in force and effect as of such date.

 

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(iii)         Bylaws/Operating
Agreement.    A copy of the bylaws (or foreign equivalent thereof) or comparable operating agreement of each Credit
Party certified by an officer of such Credit Party (pursuant to an officer’s certificate in substantially the form of Exhibit 4.1(b)
attached hereto) as of the Closing Date to be true and correct and in force and effect as of such date.

 

(iv)         Good
Standing.    Original certificates of good standing (or foreign equivalent thereof), existence or its equivalent with
respect to each Credit Party certified as of a recent date by the appropriate Governmental Authorities of the state of incorporation
or organization and each other state in which the failure to so qualify and be in good standing could reasonably be expected to
have a Material Adverse Effect.

 

(v)          Incumbency.  An
incumbency certificate of each Authorized Officer of each Credit Party certified by an officer (pursuant to an officer’s
certificate in substantially the form of Exhibit 4.1(b) attached hereto) to be true and correct as of the Closing Date.

 

(c)           Legal
Opinion of Counsel.  The Administrative Agent shall have received an opinion or opinions (including, if requested
by the Administrative Agent, local counsel opinions) of counsel for the Credit Parties (including the Acquired Company), dated
the Closing Date and addressed to the Administrative Agent and the Lenders, in form and substance reasonably acceptable to the
Administrative Agent (which shall include, without limitation, opinions with respect to the due organization and valid existence
of each Credit Party (including the Acquired Company), opinions as to perfection of the Liens granted to the Administrative Agent
pursuant to the Security Documents and opinions as to the non-contravention of the Credit Parties’ (including the Acquired
Company’s) organizational documents and Material Contracts).  The Administrative Agent shall have received
evidence that the Administrative Agent and the Lenders have been permitted to rely on each opinion delivered by the Borrowers and
the seller in connection with the Acquisition, in form and substance reasonably acceptable to the Administrative Agent.  

 

(d)           Personal
Property Collateral.  The Administrative Agent shall have received, in form and substance reasonably satisfactory
to the Administrative Agent:

 

(i)           (A) searches
of UCC filings or the equivalent records in the jurisdiction of incorporation or formation, as applicable, of each Credit Party
and each jurisdiction where a filing would need to be made in order to perfect the Administrative Agent’s security interest
in the Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens exist other than
Permitted Liens and (B) tax lien and judgment searches;

 

(ii)          searches
of ownership of Intellectual Property in the appropriate governmental offices and such patent/trademark/copyright filings as requested
by the Administrative Agent in order to perfect the Administrative Agent’s security interest in the Intellectual Property;

 

(iii)         completed
UCC financing statements or the foreign equivalent for each appropriate jurisdiction as is necessary, in the Administrative Agent’s
sole discretion, to perfect the Administrative Agent’s security interest in the Collateral;

 

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(iv)         stock
or membership certificates (or foreign equivalent thereof), if any, evidencing the Equity Interests pledged to the Administrative
Agent pursuant to the Security Documents and undated stock or transfer powers duly executed in blank;

 

(v)          duly
executed consents as are necessary, in the Administrative Agent’s sole discretion, to perfect the Lenders’ security
interest in the Collateral;

 

(vi)         in
the case of any personal property Collateral located at premises leased by a Credit Party and set forth on Schedule 3.16(f)(ii)
such estoppel letters, consents and waivers from the landlords of such real property to the extent required to be delivered in
connection with Section 5.13 (such letters, consents and waivers shall be in form and substance reasonably satisfactory to the
Administrative Agent); and

 

(vii)        to
the extent required to be delivered pursuant to the terms of the Security Documents, all instruments, documents and chattel paper
in the possession of any of the Credit Parties, together with allonges or assignments as may be necessary or reasonably appropriate
to perfect the Administrative Agent’s and the Lenders’ security interest in the Collateral.

 

(e)           Real
Property Collateral.  The Administrative Agent shall have received, in form and substance reasonably satisfactory
to the Administrative Agent and the Lenders:

 

(i)           fully
executed and notarized Mortgage Instruments encumbering the Mortgaged Properties as to properties owned by the Credit Parties and,
to the extent reasonably required by the Administrative Agent, the leasehold interest in the Mortgaged Properties as to properties
that are warehouses, plants or other real properties material to the conduct of the Credit Parties’ business and are leased
by the Credit Parties; and

 

(ii)          a
title report in respect of each of the Mortgaged Properties.

 

(f)           Liability,
Casualty, Property and Business Interruption Insurance.    The Administrative Agent shall have received copies of insurance
policies or certificates and endorsements of insurance evidencing liability, casualty, property and business interruption insurance
meeting the requirements set forth herein or in the Security Documents.  The Administrative Agent shall be named (i) as
lenders’ loss payee, as its interest may appear, with respect to any such insurance providing coverage in respect of any
Collateral and (ii) as additional insured, as its interest may appear, with respect to any such insurance providing liability
coverage, and the Credit Parties will use their commercially reasonable efforts to have each provider of any such insurance agree,
by endorsement upon the policy or policies issued by it or by independent instruments to be furnished to the Administrative Agent,
that it will give the Administrative Agent thirty (30) days prior written notice before any such policy or policies shall
be altered or cancelled.

 

(g)           Solvency
Certificate.  The Administrative Agent shall have received an officer’s certificate prepared by the chief financial
officer or other Authorized Officer reasonably approved by the Administrative Agent of the Company as to the financial condition,
solvency and related matters of the Credit Parties and their Subsidiaries, after giving effect to the Transactions and the initial
borrowings under the Credit Documents, in substantially the form of Exhibit 4.1(g) hereto.

 

(h)           Account
Designation Notice.  The Administrative Agent shall have received the executed Account Designation Notice in the
form of Exhibit 1.1(a) hereto.

 

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(i)            Notice
of Borrowing.  The Administrative Agent shall have received a Notice of Borrowing with respect to the Loans to be
made on the Closing Date.

 

(j)            Consents.  The
Administrative Agent shall have received evidence that all boards of directors (including, without limitation, the board of directors
of the Acquired Company), governmental, shareholder and material third party consents and approvals necessary in connection with
the Transactions have been obtained and all applicable waiting periods have expired without any action being taken by any authority
that could restrain, prevent or impose any material adverse conditions on such Transactions or that could seek or threaten any
of the foregoing.  

 

(k)           Compliance
with Laws.  The financings and other Transactions contemplated hereby shall be in compliance in all material respects
with all applicable laws and regulations (including all applicable securities and banking laws, rules and regulations), except
where such failure to so comply could not reasonably be expected, either individually or in the aggregate, to have a Material Adverse
Effect.

 

(l)            Bankruptcy.  There
shall be no bankruptcy or insolvency proceedings pending with respect to any Credit Party or any Subsidiary where such Person is
the debtor in such bankruptcy or insolvency proceeding thereof.

 

(m)          Existing
Indebtedness of the Credit Parties.  All of the existing Indebtedness for borrowed money of the Credit Parties and
their Subsidiaries (including the Acquired Company), other than Indebtedness permitted to exist pursuant to Section 6.1, shall
be repaid in full and all security interests related thereto shall be terminated on or prior to the Closing Date.

 

(n)           Financial
Statements.  The Administrative Agent and the Lenders shall have received copies of the financial statements referred
to in Section 3.1, each in form and substance reasonably satisfactory to each of them.

 

(o)           No
Material Adverse Change.  (i) Since February 28, 2011, there shall not have occurred any event or condition that
has had or could be reasonably expected, either individually or in the aggregate, to have a Material Adverse Effect and (ii) since
December 31, 2011, there shall not have occurred a Company Material Adverse Effect.  

 

(p)           Financial
Condition Certificate.  The Administrative Agent shall have received a certificate or certificates executed by an
Authorized Officer of the Company as of the Closing Date, substantially in the form of Exhibit 4.1(p) stating that
(i) there does not exist any pending or ongoing, action, suit, investigation, litigation or proceeding in any court or before
any other Governmental Authority (A) affecting this Agreement or the other Credit Documents, that has not been settled, dismissed,
vacated, discharged or terminated prior to the Closing Date or (B) that purports to affect any Credit Party or any of its
Subsidiaries, or any Transaction, which action, suit, investigation, litigation or proceeding could reasonably be expected to have
a Material Adverse Effect, that has not been settled, dismissed, vacated, discharged or terminated prior to the Closing Date, (ii) immediately
after giving effect to this Agreement, the other Credit Documents, and all the Transactions contemplated to occur on such date,
(A) no Default or Event of Default exists, (B) all representations and warranties contained herein and in the other Credit
Documents are true and correct, and (C) the Credit Parties are in pro forma compliance with the financial tests set forth
in Section 4.1(s) (as evidenced through detailed calculations of such financial covenants on a schedule to such certificate) as
of January 31, 2012 and (iii) each of the other

 

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conditions precedent in Section 4.1
have been satisfied, except to the extent the satisfaction of any such condition is subject to the judgment or discretion of the
Administrative Agent or any Lender.

 

(q)           Material
Contracts.    The Administrative Agent shall have received true and complete copies, certified by an officer of the
Company as true and complete, of all Material Contracts, together with all exhibits and schedules.

 

(r)           Acquisition
Documents.    The Administrative Agent shall have reviewed and approved in its reasonable discretion all of the Acquisition
Documents and there shall not have been any modification, amendment, supplement or waiver to the Acquisition Documents that is
materially adverse to the Lenders (as determined by the Administrative Agent in its reasonable discretion) without the prior written
consent of the Administrative Agent, and the Acquisition shall have been consummated in accordance with the terms of the Acquisition
Documents (without waiver of any conditions precedent to the obligations of any party thereto).  The Administrative Agent
shall have received a copy, certified by an officer of the Company as true and complete, of each Acquisition Document as originally
executed and delivered, together with all exhibits and schedules thereto.

 

(s)           Consolidated
EBITDA and Total Leverage Ratio.    The Administrative Agent shall have received evidence that (i) Consolidated EBITDA
is no less than $68,000,000 and (ii) the Total Leverage Ratio of the Credit Parties and their Subsidiaries is not greater than
2.70 to 1.0, in each case, calculated on a Pro Forma Basis after giving effect to the Transactions, for the twelve-month period
ending as of the most recent month prior to the Closing Date for which financial statements are available, such calculations to
be reasonably satisfactory to the Administrative Agent.

 

(t)           Structure.    The
pro forma capital, ownership and management structure and shareholding arrangement of the Credit Parties and their Subsidiaries
(and all agreements relating thereto) shall be reasonably satisfactory to the Administrative Agent.  The Administrative
Agent shall be reasonably satisfied that there are no material restrictions on the ability of any Subsidiary of the Company to
pay dividends or distributions to, or otherwise advance, directly or indirectly, funds to the Borrowers.  Set forth on
Schedule 4.1(t) is the total capitalization of the Company after giving effect to the Transactions.  The Administrative
Agent shall be reasonably satisfied with the terms and amounts of any intercompany loans among the Credit Parties and the flow
of funds in connection with the closing hereof.

 

(u)           “Know
Your Customer” Requirements.    The Administrative Agent and the Lenders shall have received, at least five (5)
Business Days prior to the Closing Date, all documentation and other information required by any regulatory authorities under applicable
“know your customer” and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act.

 

(v)           Fees
and Expenses.    The Administrative Agent and the Lenders shall have received all fees and expenses, if any, owing
pursuant to the Fee Letter and Section 2.5.

 

(w)          Additional
Matters.  All other documents and legal matters in connection with the Transactions shall be reasonably satisfactory
in form and substance to the Administrative Agent and its counsel.

 

Without limiting the generality
of the provisions of Section 8.4, for purposes of determining compliance with the conditions specified in this Section 4.1,
each Lender that has signed this Agreement

 

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shall be deemed to have consented to, approved
or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable
or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing
Date specifying its objection thereto.

 

Section 4.2           Conditions
to All Extensions of Credit.

 

The obligation of each
Lender to make any Extension of Credit hereunder is subject to the satisfaction of the following conditions precedent on the date
of making such Extension of Credit:

 

(a)           Representations
and Warranties.  The representations and warranties made by the Credit Parties herein, in the other Credit Documents
and which are contained in any certificate furnished at any time under or in connection herewith shall (i) with respect to
representations and warranties that contain a materiality qualification, be true and correct and (ii) with respect to representations
and warranties that do not contain a materiality qualification, be true and correct in all material respects, in each case on and
as of the date of such Extension of Credit as if made on and as of such date except for any representation or warranty made as
of an earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier
date.

 

(b)           No
Default or Event of Default.  No Default or Event of Default shall have occurred and be continuing on such date or
after giving effect to the Extension of Credit to be made on such date unless such Default or Event of Default shall have been
waived in accordance with this Agreement.

 

(c)           Compliance
with Commitments.  Immediately after giving effect to the making of any such Extension of Credit (and the application
of the proceeds thereof), (i) the sum of the aggregate principal amount of outstanding Revolving Loans plus outstanding
Swingline Loans plus outstanding LOC Obligations shall not exceed the Revolving Committed Amount then in effect, (ii) the
aggregate principal amount of outstanding Foreign Currency Revolving Loans shall not exceed the Foreign Currency Sublimit, (iii)
the outstanding LOC Obligations shall not exceed the LOC Committed Amount, and (iv) the outstanding Swingline Loans shall
not exceed the Swingline Committed Amount.

 

(d)           Additional
Conditions to Revolving Loans.  If a Revolving Loan is requested, all conditions set forth in Section 2.1(a)
shall have been satisfied.

 

(e)           Additional
Conditions to Letters of Credit.  If the issuance of a Letter of Credit is requested, (i) all conditions set forth
in Section 2.3 shall have been satisfied and (ii) there shall exist no Lender that is a Defaulting Lender unless the Issuing
Lender has entered into satisfactory arrangements with the Borrowers or such Defaulting Lender to eliminate the Issuing Lender’s
risk with respect to such Defaulting Lender’s LOC Obligations.

 

(f)           Additional
Conditions to Swingline Loans.  If a Swingline Loan is requested, (i) all conditions set forth in Section 2.4
shall have been satisfied and (ii) there shall exist no Lender that is a Defaulting Lender unless the Swingline Lender has entered
into satisfactory arrangements with the Borrowers or such Defaulting Lender to eliminate the Swingline Lender’s risk with
respect to such Defaulting Lender’s in respect of its Swingline Commitment.

 

Each request for an Extension
of Credit and each acceptance by the Borrowers of any such Extension of Credit shall be deemed to constitute representations and
warranties by the Credit Parties as

 

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of the date of such Extension of Credit that
the conditions set forth above in paragraphs (a) through (f), as applicable, have been satisfied.

 

ARTICLE V

 

AFFIRMATIVE COVENANTS

 

Each of the Credit Parties
hereby covenants and agrees that on the Closing Date, and thereafter (a) for so long as this Agreement is in effect, (b) until
the Commitments have terminated, and (c)  the Credit Party Obligations are paid in full in cash, such Credit Party shall,
and shall cause each of their Subsidiaries, to:

 

Section 5.1           Financial
Statements.

 

Furnish to the Administrative
Agent and each of the Lenders:

 

(a)           Annual
Financial Statements.  As soon as available and in any event no later than the earlier of (i) to the extent
applicable, the date the Company is required by the SEC to deliver its Form 10-K for each fiscal year of the Company (including
the fiscal year ending February 29, 2012) and (ii) one hundred (100) days after the end of each fiscal year of the Company
(including the fiscal year ending February 29, 2012), a copy of the Consolidated and consolidating balance sheet
of the Company and its Subsidiaries as of the end of such fiscal year (including the fiscal year ending February 29, 2012) and
the related Consolidated and consolidating statements of income and retained earnings and of cash flows of the Company and its
Subsidiaries for such year, which shall be audited by a firm of independent certified public accountants of nationally recognized
standing reasonably acceptable to the Administrative Agent, setting forth in each case in comparative form the figures for the
previous year, reported on without a “going concern” or like qualification or exception, or qualification indicating
that the scope of the audit was inadequate to permit such independent certified public accountants to certify such financial statements
without such qualification;

 

(b)           Quarterly
Financial Statements.  As soon as available and in any event no later than the earlier of (i) to the extent
applicable, the date the Company is required by the SEC to deliver its Form 10-Q for any fiscal quarter of the Company (including
the fiscal quarter ended November 30, 2011) and (ii) fifty-five (55) days after the end of each of the first three (3) fiscal
quarters of the Company (including the fiscal quarter ended November 30, 2011), a copy of the Consolidated and consolidating
balance sheet of the Company and its Subsidiaries as of the end of such period and related Consolidated and consolidating
statements of income and retained earnings and of cash flows for the Company and its Subsidiaries for such quarterly period
and for the portion of the fiscal year ending with such period, in each case setting forth in comparative form Consolidated figures
for the corresponding period or periods of the preceding fiscal year (subject to normal recurring year-end audit adjustments) and
including management discussion and analysis of operating results inclusive of operating metrics in comparative form; and

 

(c)           Annual
Operating Budget and Cash Flow.  As soon as available, but in any event within forty five (45) days after the end
of each fiscal year (including the fiscal year ended February 29, 2011), a copy of the detailed annual operating budget or plan
including cash flow projections of the Company and its Subsidiaries for the next four fiscal quarter period prepared on a monthly
basis, in form and detail reasonably acceptable to the Administrative Agent and the

 

 

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Lenders, together
with a summary of the material assumptions made in the preparation of such annual budget or plan;

 

all such financial statements shall be complete
and correct in all material respects (subject, in the case of interim statements, to normal recurring year-end audit adjustments)
and to be prepared in reasonable detail and, in the case of the annual and quarterly financial statements provided in accordance
with subsections (a) and (b) above, in accordance with GAAP applied consistently throughout the periods reflected therein
and further accompanied by a description of, and an estimation of the effect on the financial statements on account of, a change,
if any, in GAAP as provided in Section 1.3(b).

 

Notwithstanding the foregoing,
financial statements and reports required to be delivered pursuant to the foregoing provisions of this Section may be delivered
electronically and if so, shall be deemed to have been delivered on the date on which the Administrative Agent receives such reports
from the Company through electronic mail; provided that, upon the Administrative Agent’s request, the Company shall
provide paper copies of any documents required hereby to the Administrative Agent.

 

Section 5.2           Certificates;
Other Information.

 

Furnish to the Administrative
Agent and each of the Lenders:

 

(a)           Accountants’
Certificate.    Concurrently with the delivery of the financial statements referred to in Section 5.1(a) above,
any document or other correspondence from the Company’s independent certified public accountants reporting on the financial
statements of the Company and including any information relating to such accountants knowledge of any Default or Event of Default.

 

(b)           Officer’s
Certificate.  Concurrently with the delivery of the financial statements referred to in Sections 5.1(a) and
5.1(b) above, a certificate of an Authorized Officer substantially in the form of Exhibit 5.2(b) stating that (i) such
financial statements present fairly the financial position of the Credit Parties and their Subsidiaries for the periods indicated
in conformity with GAAP applied on a consistent basis, (ii) each of the Credit Parties during such period observed or performed
all of its covenants and other agreements, and satisfied every condition, contained in this Agreement to be observed, performed
or satisfied by it, and (iii) such Authorized Officer has obtained no knowledge of any Default or Event of Default except
as specified in such certificate and such certificate shall include the calculations in reasonable detail required to indicate
compliance with Section 5.9 as of the last day of such period.

 

(c)           Updated
Schedules.  Concurrently with or prior to the delivery of the financial statements referred to in Sections 5.1(a)
and 5.1(b) above, updated Schedules, if necessary, with respect to any new or altered Collateral items where action is required
by the Administrative Agent to perfect in such Collateral, including any changes to insurance policies.

 

(d)           Reports;
SEC Filings; Regulatory Reports; Press Releases; Etc.  Promptly upon their becoming available, (i) copies of
all reports (other than those provided pursuant to Section 5.1 and those which are of a promotional nature) and other financial
information which any Credit Party sends to its shareholders, (ii) copies of all reports and all registration statements
and prospectuses, if any, which any Credit Party makes to, or files with, the SEC (or any successor or analogous Governmental
Authority) or any securities exchange or other private regulatory authority, (iii) all material regulatory reports and (iv) all
press releases and other statements made available by any of the Credit Parties to the public concerning material developments
in the business of any of the Credit Parties.

 

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(e)           Management
Letters; Etc.  Promptly upon receipt thereof, a copy or summary of any other report, or “management letter”
or similar report submitted by independent accountants to any Credit Party or any of their Subsidiaries in connection with any
annual, interim or special audit of the books of such Person.

 

(f)           Changes
in Corporate Structure.    Within ten days prior to any merger, consolidation, dissolution or other change
in corporate structure of any Credit Party or any of its Subsidiaries permitted pursuant to the terms hereof, provide notice of
such change in corporate structure to the Administrative Agent.  

 

(g)           General
Information.  Promptly, such additional financial and other information as the Administrative Agent, on behalf of
any Lender, may from time to time reasonably request.

 

Section 5.3           Payment
of Taxes and Other Obligations.

 

Pay, discharge or otherwise
satisfy at or before maturity or before they become delinquent, as the case may be, subject, where applicable, to specified grace
periods, (a) all Federal, state or other material taxes and (b) all of its other obligations and liabilities of whatever
nature in accordance with industry practice, except where such failure to pay, discharge or otherwise satisfy could not reasonably
be expected, either individually or in the aggregate, to have a Material Adverse Effect and (c) any additional costs that
are imposed as a result of any failure to so pay, discharge or otherwise satisfy such taxes, obligations and liabilities, except
when the amount or validity of any such taxes, obligations and liabilities is currently being contested in good faith by appropriate
proceedings and reserves, if applicable, in conformity with GAAP with respect thereto have been provided on the books of the Credit
Parties.

 

Section 5.4           Conduct
of Business and Maintenance of Existence.

 

Except as expressly permitted
under Section 6.4, continue to engage in business of the same general type as now conducted by it on the Closing Date and
preserve, renew and keep in full force and effect its corporate or other formative existence and good standing.  Take
all reasonable action to maintain all material rights, privileges and franchises necessary in the normal conduct of its business
and to maintain its goodwill and comply with all material Contractual Obligations and Requirements of Law, except to the extent
that failure to take such action could not reasonably be expected, either individually or in the aggregate, to have a Material
Adverse Effect.

 

Section 5.5           Maintenance
of Property; Material Contracts; Insurance.

 

(a)           Except
where the failure to do so could not reasonably be expected to have a Material Adverse Effect, maintain all material property necessary
in the operation of its business in good working order and condition (ordinary wear and tear and obsolescence excepted).

 

(b)           Comply
in all material respects with the terms and provisions of the Material Contracts and cause the Material Contracts, to remain in
full force and effect other than (i) to the extent such Material Contracts terminate or lapse in accordance with their respective
terms in the ordinary course of business if noncompliance, termination or lapse with respect to any such Material Contract could
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or (ii) as a result of a breach by
the opposite party subject to such Material Contract.

 

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(c)           Maintain
with financially sound and reputable insurance companies liability, casualty, property and business interruption insurance (including,
without limitation, insurance with respect to its tangible Collateral) in at least such amounts and against at least such risks
as are usually insured against in the same general area by companies engaged in the same or a similar business; and furnish to
the Administrative Agent, upon the reasonable request of the Administrative Agent, full information as to the insurance carried.  The
Administrative Agent shall be named (i) as lenders’ loss payee, as its interest may appear with respect to any property
insurance, and (ii) as additional insured, as its interest may appear, with respect to any such liability insurance, and each
provider of any such insurance shall agree, by endorsement upon the policy or policies issued by it or by independent instruments
to be furnished to the Administrative Agent, that it will give the Administrative Agent thirty (30) days prior written notice before
any such policy or policies shall be altered or canceled.  Without limiting the generality of the foregoing, the Borrowers
will maintain or cause to be maintained flood insurance with respect to each Flood Hazard Property that is located in a community
that participates in the National Flood Insurance Program, in each case if, and to the extent required to be, in compliance with
any applicable regulations of the Board of Governors of the Federal Reserve System.

 

(d)           In
case of any material loss, damage to or destruction of the Collateral of any Credit Party or any part thereof, such Credit Party
shall promptly give written notice thereof to the Administrative Agent generally describing the nature and extent of such damage
or destruction.  In case of any such material loss, damage to or destruction of the Collateral of any Credit Party or
any part thereof, if reasonably required by the Administrative Agent or the Required Lenders, such Credit Party (whether or not
the insurance proceeds, if any, received on account of such damage or destruction shall be sufficient for that purpose), at such
Credit Party’s cost and expense, will promptly repair or replace the Collateral of such Credit Party so lost, damaged or
destroyed.

 

(e) Obtain and
maintain all material government permits, government licenses and consents necessary for the operation and maintenance of the business
of the Credit Parties.

 

Section 5.6           Maintenance
of Books and Records.

 

Keep proper books, records
and accounts in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings
and transactions in relation to its businesses and activities.

 

Section 5.7           Notices.

 

Give notice in writing
to the Administrative Agent after any Responsible Officer of any Credit Party has knowledge thereof (which shall promptly transmit
such notice to each Lender):

 

(a)           promptly,
but in any event within two (2) Business Days, the occurrence of any Default or Event of Default;

 

(b)           promptly,
any default or event of default under any Contractual Obligation of any Credit Party or any of its Subsidiaries which, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect or involve a monetary claim in excess of $3,000,000;

 

(c)           promptly,
any litigation, or any investigation or proceeding known or threatened to any Credit Party (i) affecting any Credit Party
or any of its Subsidiaries which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect
or involve a

 

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monetary claim in excess of $3,000,000
or involving injunctions or requesting injunctive relief by or against any Credit Party or any Subsidiary of any Credit Party,
(ii) affecting or with respect to this Agreement, any other Credit Document or any security interest or Lien created thereunder,
(iii) involving an environmental claim or potential liability under Environmental Laws which could reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect, or (iv) by any Governmental Authority relating to any
Credit Party or any Subsidiary thereof and alleging fraud, deception or willful misconduct by such Person;

 

(d)           of
any labor controversy that has resulted in, or threatens to result in, a strike or other work action against any Credit Party which
could reasonably be expected to have a Material Adverse Effect;

 

(e)           of
any attachment, judgment, lien, levy or order exceeding $3,000,000 that may be assessed against or threatened against any
Credit Party other than Permitted Liens;

 

(f)   
       as soon as possible and in any event within thirty (30) days: (i) the
occurrence or expected occurrence of any Reportable Event with respect to any Plan, a failure to make any required
contribution to a Plan, the creation of any Lien in favor of the PBGC (other than a Permitted Lien) or a Plan or any
withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of
proceedings or the taking of any other action by the PBGC or any Credit Party, any Commonly Controlled Entity or any
Multiemployer Plan, with respect to the withdrawal from, or the terminating, Reorganization or Insolvency of, any Plan;

 

(g)           promptly
of the occurrence of any material weakness in, or fraud that involves management or other employees who have a significant role
in, any Credit Party’s internal controls over financial reporting, in each case as described in the Securities Laws;

 

(h)           as
soon as possible and in any event within ten (10) days prior to creating a Domestic Subsidiary or a Foreign Subsidiary, notice
of the creation of such Domestic Subsidiary or Foreign Subsidiary;

 

(i)            promptly,
any other development or event which could reasonably be expected to have a Material Adverse Effect.

 

Each notice pursuant to this Section shall
be accompanied by a statement of an Authorized Officer setting forth details of the occurrence referred to therein and stating
what action the Credit Parties propose to take with respect thereto.  In the case of any notice of a Default or Event
of Default, the Borrowers shall specify that such notice is a Default or Event of Default notice on the face thereof.

 

Section 5.8           Environmental
Laws.

 

(a)           Except
as could not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect, comply with, and
ensure compliance in all material respects by all tenants and subtenants, if any, with, all applicable Environmental Laws and obtain
and comply with and maintain, and ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses,
approvals, notifications, registrations or permits required by applicable Environmental Laws could reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect;

 

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(b)           Except
as could not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect, conduct and complete
all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws
and promptly comply with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws except to
the extent that the same are being contested in good faith by appropriate proceedings; and

 

(c)           Defend,
indemnify and hold harmless the Administrative Agent and the Lenders, and their respective employees, agents, officers and directors
and affiliates, from and against any and all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses
of whatever kind or nature, known or unknown, contingent or otherwise, arising out of, or in any way relating to the violation
of, noncompliance with or liability under, any Environmental Law applicable to the operations of the Credit Parties or any of their
Subsidiaries or the Properties, or any orders, requirements or demands of Governmental Authorities related thereto, including,
without limitation, reasonable attorney’s and consultant’s fees, investigation and laboratory fees, response costs,
court costs and litigation expenses, except to the extent that any of the foregoing arise out of the gross negligence or willful
misconduct of the party seeking indemnification therefor.  The agreements in this paragraph shall survive repayment of
the Credit Party Obligations and all other amounts payable hereunder and termination of the Commitments and the Credit Documents.

 

Section 5.9           Financial
Covenants.

 

Comply with the following
financial covenants:

 

(a)           Leverage
Ratio.

 

(i)           Prior
to the occurrence of a Financial Covenant Election, the Total Leverage Ratio, calculated as of the last day of each fiscal quarter,
shall be less than or equal to (A) for each fiscal quarter ended prior to a Qualified Equity Issuance, 3.00 to
1.00 and (B) for each fiscal quarter ended following a Qualified Equity Issuance, 3.25 to 1.00; or

 

(ii)          Following
the occurrence of a Financial Covenant Election, (A) the Total Leverage Ratio, calculated as of the last day of each fiscal quarter,
shall be less than or equal to 4.00 to 1.00 and (B) the Senior/Secured Leverage Ratio, calculated as of the last day of each
fiscal quarter, shall be less than or equal to (1) for each fiscal quarter ending during a Seasonal Step-Up
Period, 2.75 to 1.00 and (2) for each fiscal quarter ending at all other times, 2.50 to 1.00;

 

provided that the then-applicable
Total Leverage Ratio (but not the Senior/Secured Leverage Ratio) set forth in this Section 5.9(a) shall be increased (a “Permitted
Acquisition Leverage Increase”) by 0.50 (without giving effect to any prior Permitted Acquisition Leverage Increase)
for the four (4) fiscal quarter period following a Material Permitted Acquisition (e.g., if, at the time any Material Permitted
Acquisition occurs, the maximum Total Leverage Ratio set forth in this Section 5.9(a) is 3.00 to 1.00, the maximum Total Leverage
Ratio shall be increased to 3.50 to 1.00 for the four (4) fiscal quarter period following such Material Permitted Acquisition)
(as well as for purposes of calculating compliance with the Total Leverage Ratio pursuant to the definition Permitted Acquisition).

 

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(b)           Consolidated
EBIT to Consolidated Interest Expense Ratio.  The Consolidated EBIT to Consolidated Interest Expense Ratio, calculated
as of the last day of each fiscal quarter, shall be greater than or equal to 3.00 to 1.00.

 

Section 5.10         Additional
Guarantors.

 

The Credit Parties will
cause each of their Domestic Subsidiaries, whether newly formed, after acquired or otherwise existing to promptly (and in any event
within thirty (30) days after such Domestic Subsidiary is formed or acquired (or such longer period of time as agreed to by
the Administrative Agent in its reasonable discretion)) become a Guarantor hereunder by way of execution of a Joinder Agreement;
provided that any Domestic Subsidiary formed in connection with the Indiana Project or the Florida Project shall not be
required to become a Guarantor to the extent doing so would violate applicable law or such Subsidiary’s organizational documents
or the relevant financing documentation (to the extent otherwise permitted hereunder).  In connection therewith, the
Credit Parties shall give notice to the Administrative Agent not less than ten (10) days prior to creating a Domestic Subsidiary
(or such shorter period of time as agreed to by the Administrative Agent in its reasonable discretion), or acquiring the Equity
Interests of any other Person.  The Credit Party Obligations shall be secured by, among other things, a first priority
perfected security interest in the Collateral (subject to Permitted Liens) of such new Guarantor and a pledge of 100% of the Equity
Interests of such new Guarantor and its Domestic Subsidiaries and 65% (or such higher percentage that would not result in material
adverse tax consequences for such new Guarantor) of the voting Equity Interests and 100% of the non-voting Equity Interests of
its first-tier Foreign Subsidiaries.  In connection with the foregoing, the Credit Parties shall deliver to the Administrative
Agent, with respect to each Guarantor to the extent applicable, substantially the same documentation required pursuant to Sections 4.1
and 5.12 and such other documents or agreements as the Administrative Agent may reasonably request.

 

Section 5.11         Compliance
with Law.

 

Comply with all Requirements
of Law and orders (including Environmental Laws, ERISA and the Patriot Act), and all applicable restrictions imposed by all Governmental
Authorities, applicable to it and the Collateral if noncompliance with any such Requirements of Law, order or restriction could
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

Section 5.12         Pledged
Assets.

 

(a)           Equity
Interests. Each Credit Party will cause 100% of the Equity Interests in each of its direct or indirect Domestic Subsidiaries
and 65% (to the extent the pledge of a greater percentage would be unlawful or would cause any materially adverse tax consequences
to the Borrowers or any Guarantor) of the voting Equity Interests and 100% of the non-voting Equity Interests of its first-tier
Foreign Subsidiaries (provided that any first-tier Foreign Subsidiary that is treated as a disregarded entity for tax purposes
shall be deemed to be a Domestic Subsidiary), in each case to the extent owned by such Credit Party, to be subject at all times
to a first priority, perfected Lien in favor of the Administrative Agent pursuant to the terms and conditions of the Security Documents
or such other security documents as the Administrative Agent shall reasonably request.  

 

(b)           Personal
Property. Each Credit Party will cause all of its tangible and intangible personal property now owned or hereafter acquired
by it to be subject at all times to a first priority, perfected Lien (subject in each case to Permitted Liens) in favor of the
Administrative Agent for the benefit of the Secured Parties to secure the Credit Party Obligations pursuant to the terms and conditions
of the Security Documents or such other security documents as the

 

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Administrative Agent shall reasonably
request.  Each Credit Party shall, and shall cause each of its Subsidiaries to, adhere to the covenants set forth in
the Security Documents.

 

(c)           Leases
and other Agreements. Each Credit Party shall timely and fully pay and perform its material obligations under all material
leases and other material agreements with respect to each leased location or public warehouse where any Collateral is or may be
located.

 

Section 5.13         Landlord
Waivers.

 

In the case of (a) each
headquarter location of the Credit Parties, each other location where any significant administrative or governmental functions
are performed and each other location where the Credit Parties maintain any books or records (electronic or otherwise) and (b)
any personal property Collateral located at any other premises leased by a Credit Party containing personal property Collateral
with a value in excess of $3,000,000, the Credit Parties will provide the Administrative Agent with such estoppel letters, consents
and waivers from the landlords on such real property to the extent (i) requested by the Administrative Agent and (ii) the
Credit Parties are able to secure such letters, consents and waivers after using commercially reasonable efforts (such letters,
consents and waivers shall be in form and substance reasonably satisfactory to the Administrative Agent.  

 

Section 5.14         Further
Assurances and Post-Closing Covenants.

 

(a)           Public/Private
Designation.  The Credit Parties will cooperate with the Administrative Agent in connection with the publication
of certain materials and/or information provided by or on behalf of the Credit Parties to the Administrative Agent and Lenders
(collectively, “Information Materials”) and will designate Information Materials (i) that are either available
to the public or not material with respect to the Credit Parties and their Subsidiaries or any of their respective securities
for purposes of United States federal and state securities laws, as “Public Information” and (ii) that
are not Public Information as “Private Information”.

 

(b)           Additional
Information.  The Credit Parties shall provide such information regarding the operations, business affairs and financial
condition of the Credit Parties and their Subsidiaries as the Administrative Agent or any Lender may reasonably request.

 

(c)           Visits
and Inspections.  The Credit Parties shall permit representatives of the Administrative Agent or any Lender, from
time to time upon prior reasonable notice and at such times during normal business hours, to visit and inspect its properties (including
the Collateral); inspect, audit and make extracts from its books, records and files, including, but not limited to, management
letters prepared by independent accountants; and discuss with its principal officers, and its independent accountants, its business,
assets, liabilities, financial condition, results of operations and business prospects.  Upon the occurrence and during
the continuance of an Event of Default, the Administrative Agent or any Lender may do any of the foregoing at any time without
advance notice.

 

(d)           Conference
Call. To the extent requested by the Administrative Agent, within thirty (30) days of the delivery of any financial statements
referred to in subsections 5.1(a), the management of the Company shall host a conference call for the Lenders to discuss such financial
statements.  No fewer than three days prior to each conference call, the Company shall notify the Lenders of the time
and date of such conference call and shall provide each Lender with access instructions to the conference call.

 

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(e)          Further
Assurances.    Upon the reasonable request of the Administrative Agent, promptly perform or cause to be performed any and all
acts and execute or cause to be executed any and all documents for filing under the provisions of the UCC or any other Requirement
of Law which are necessary or advisable to maintain in favor of the Administrative Agent, for the benefit of the Secured Parties,
Liens on the Collateral that are duly perfected in accordance with the requirements of, or the obligations of the Credit Parties
under, the Credit Documents and all applicable Requirements of Law.

 

(f)          Post
Closing Covenant.      Within five (5) Business Days after the Third Amendment Effective Date (or such longer period of time as
agreed to by the Administrative Agent in its sole discretion), the Company shall deliver a certificate from the State of Georgia
evidencing that Audiovox Atlanta Corp. is in good standing.

 

Section 5.15         Use
of Proceeds.

 

The proceeds of the Extensions
of Credit shall be used by the Borrowers at all times solely as set forth in Section 3.11.

 

ARTICLE VI

NEGATIVE COVENANTS

 

Each of the Credit Parties
hereby covenants and agrees that on the Closing Date, and thereafter (a) for so long as this Agreement is in effect, (b) until
the Commitments have terminated and (c) the Credit Party Obligations and all other amounts owing to the Administrative Agent
or any Lender hereunder are paid in full in cash, that:

 

Section 6.1         Indebtedness.

 

No Credit Party will, nor
will it permit any Subsidiary to, contract, create, incur, assume or permit to exist any Indebtedness, except:

 

(a)          Indebtedness
arising or existing under this Agreement and the other Credit Documents;

 

(b)          Indebtedness
(including any undrawn amounts available under any document representing such Indebtedness) of the Credit Parties and their Subsidiaries
existing as of the Third Amendment Effective Date as referred to in the financial statements referenced in Section 3.1 or
set forth specifically in Schedule 6.1(b) hereto, and any renewals, refinancings or extensions thereof in a principal
amount not in excess of that outstanding as of the date of such renewal, refinancing or extension (plus any amounts permitted under
Section 6.1(k)) and the terms of any such renewal, refinancing or extension are not materially less favorable to the obligor thereunder;

 

(c)          Indebtedness
of the Credit Parties and their Subsidiaries incurred after the Closing Date consisting of Capital Leases or Indebtedness incurred
to provide all or a portion of the purchase price or cost of construction of an asset; provided that (i) such Indebtedness
when incurred shall not exceed the purchase price or cost of construction of such asset; (ii) no such Indebtedness shall be
renewed, refinanced or extended for a principal amount in excess of the principal balance outstanding thereon at the time of such
renewal, refinancing or extension; and

 

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(iii) the
total amount of all such Indebtedness shall not exceed $5,000,000 at any time outstanding;

 

(d)          Unsecured
intercompany Indebtedness (i) among the Credit Parties, (ii) of Credit Parties owing to Foreign Subsidiaries and (iii) of Foreign
Subsidiaries owing to Credit Parties in an aggregate principal amount under this clause (iii) not to exceed €10,000,000 at
any time outstanding; 

 

(e)          Indebtedness
and obligations owing under (i) Bank Products and (ii) other Hedging Agreements entered into in order to manage existing or anticipated
interest rate, exchange rate or commodity price risks and not for speculative purposes;

 

(f)           Indebtedness
of a Person existing at the time such Person becomes a Subsidiary of a Credit Party in a transaction permitted hereunder in an
aggregate principal amount not to exceed $5,000,000 for all such Persons; provided that any such Indebtedness was not created
in anticipation of or in connection with the transaction or series of transactions pursuant to which such Person became a Subsidiary
of a Credit Party;

 

(g)          Guaranty
Obligations in respect of Indebtedness of a Credit Party to the extent such Indebtedness is permitted to exist or be incurred pursuant
to this Section;

 

(h)          [reserved];

 

(i)           Indebtedness
incurred in connection with the purchase and/or construction of the Indiana Project in an aggregate principal amount not to exceed
$8,000,000;

 

(j)           Indebtedness
incurred in connection with the purchase and/or construction of (i) the Real Estate Project-Florida in an aggregate principal amount
not to exceed $12,000,000 and (ii) the Real Estate Project-Germany in an aggregate principal amount not to exceed €12,000,000;

 

(k)          (i)
secured or unsecured Indebtedness of Foreign Subsidiaries incurred in connection with the Visaton Acquisition in an aggregate principal
amount not to exceed €13,000,000 and (ii) other secured or unsecured Indebtedness of Foreign Subsidiaries in an aggregate
principal amount not to exceed (A) with respect to Indebtedness incurred by Hirschman Car Communication GmbH and its Subsidiaries,
€20,000,000 and (B) with respect to Indebtedness incurred by any other Foreign Subsidiaries, €7,000,000;

 

(l)           Indebtedness
to the extent constituting an Investment permitted under Section 6.5;

 

(m)         Indebtedness
incurred pursuant to a Permitted Debt Issuance; and

 

(n)          other
unsecured Indebtedness of Credit Parties of a nature not contemplated by the foregoing clauses hereof in an aggregate principal
amount not to exceed $5,000,000; provided that (i) no Default or Event of Default shall have occurred and be continuing
at the time of the incurrence of such Indebtedness and (ii) immediately before and immediately after giving effect to such incurrence,
the Credit Parties are in compliance on a Pro Forma Basis with each of the financial covenants set forth in Section 5.9.

 

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Section 6.2         Liens.

 

The Credit Parties will
not, nor will they permit any Subsidiary to, contract, create, incur, assume or permit to exist any Lien with respect to any of
their respective property or assets of any kind (whether real or personal, tangible or intangible), whether now owned or hereafter
acquired, except for the following (the “Permitted Liens”):

 

(a)          Liens
created by or otherwise existing under or in connection with this Agreement or the other Credit Documents in favor of the Administrative
Agent on behalf of the Secured Parties;

 

(b)          Liens
in favor of a Bank Product Provider in connection with a Bank Product; provided that such Liens shall secure the Credit
Party Obligations on a pari passu basis;

 

(c)          Liens
securing purchase money Indebtedness and Capital Lease Obligations (and refinancings thereof) to the extent permitted under Section
6.1(c); provided, that (i) any such Lien attaches to such property concurrently with or within thirty (30) days after
the acquisition thereof and (ii) such Lien attaches solely to the property so acquired in such transaction;

 

(d)          Liens
for taxes, assessments, charges or other governmental levies not yet due or as to which the period of grace (not to exceed sixty
(60) days), if any, related thereto has not expired or which are being contested in good faith by appropriate proceedings; provided
that adequate reserves with respect thereto are maintained on the books of any Credit Party or its Subsidiaries, as the case may
be, in conformity with GAAP;

 

(e)          statutory
Liens such as carriers’, warehousemen’s, mechanics’, materialmen’s, landlords’, repairmen’s
or other like Liens arising in the ordinary course of business which are not overdue for a period of more than forty-five (45)
days or which are being contested in good faith by appropriate proceedings; provided that a reserve or other appropriate
provision shall have been made therefor and the aggregate amount of such Liens is less than $500,000;

 

(f)          pledges
or deposits in connection with workers’ compensation, unemployment insurance and other social security legislation (other
than any Lien imposed by ERISA) and deposits securing liability to insurance carriers under insurance or self-insurance arrangements
in an aggregate amount not to exceed $3,000,000;

 

(g)          Liens
on amounts deposited to secure a Borrower's obligations in connection with the making or entering into of bids, tenders, or leases
in the ordinary course of business and not in connection with the borrowing of money;

 

(h)          easements,
rights of way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial
in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere
with the ordinary conduct of the business of the applicable Person;

 

(i)          Liens
existing on the Closing Date and set forth on Schedule 1.1(b) and any extension, renewal or replacement (or successive extensions,
renewals or replacements), in whole or in part, of any Lien referred to in this definition; provided that such extension,
renewal or replacement Lien shall be limited to all or a part of the property which secured the Lien so extended, renewed or replaced
(plus improvements on such property);

 

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(j)          Liens
arising in the ordinary course of business by virtue of any contractual, statutory or common law provision relating to banker’s
Liens, rights of set-off or similar rights and remedies covering deposit or securities accounts (including funds or other assets
credited thereto) or other funds maintained with a depository institution or securities intermediary;

 

(k)          any
zoning, building or similar laws or rights reserved to or vested in any Governmental Authority;

 

(l)           restrictions
on transfers of securities imposed by applicable Securities Laws;

 

(m)          Liens
arising out of judgments or awards not resulting in an Event of Default; provided that the applicable Credit Party or Subsidiary
shall in good faith be prosecuting an appeal or proceedings for review;

 

(n)         any
interest or title of a lessor, licensor or sublessor under any lease, license or sublease entered into by any Credit Party or any
Subsidiary thereof in the ordinary course of its business and covering only the assets so leased, licensed or subleased;

 

(o)          Liens
in favor of the Administrative Agent, Issuing Lender and/or Swingline Lender to Cash Collateralize or otherwise secure the obligations
of a Defaulting Lender to fund risk participations hereunder;

 

(p)          assignments
of insurance or condemnation proceeds provided to landlords (or their mortgagees) pursuant to the terms of any lease and Liens
or rights reserved in any lease for rent or for compliance with the terms of such lease;

 

(q)          Liens
on the assets of Foreign Subsidiaries so long as the principal amount of Indebtedness and other obligations (in addition to the
Indebtedness which is the subject of Section 6.1(b)) secured thereby does not exceed €27,000,000 in the aggregate;

 

(r)          Liens
in the form of a mortgage with respect to the Indiana Project;

 

(s)          Liens
in the form of a mortgage with respect to (i) the Real Estate Project-Florida and (ii) the Real Estate Project-Germany;

 

(t)          additional
Liens of a nature not contemplated by the foregoing clauses hereof so long as the principal amount of Indebtedness and other obligations
secured thereby does not exceed $1,000,000 in the aggregate; and

 

(u)          Liens
arising under the Permitted Receivables Purchase Facility permitted under Section 6.4(a)(x).

 

Notwithstanding the foregoing,
if a Credit Party shall grant a Lien on any of its assets in violation of this Section, then it shall be deemed to have simultaneously
granted an equal and ratable Lien on any such assets in favor of the Administrative Agent for the ratable benefit of the Secured
Parties, to the extent such Lien has not already been granted to the Administrative Agent.

 

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Section 6.3         Nature
of Business.

 

No Credit Party will, nor
will it permit any Subsidiary to, alter the character of its business in any material respect from that conducted as of the Closing
Date, except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

 

Section 6.4         Consolidation,
Merger, Sale or Purchase of Assets, etc.

 

The Credit Parties will
not, nor will they permit any Subsidiary to,

 

(a)         dissolve,
liquidate or wind up its affairs, or sell, transfer, lease or otherwise dispose of its property or assets (each a “Disposition”)
or agree to do so at a future time, except the following, without duplication, shall be expressly permitted:

 

(i)         (A) Dispositions
of inventory and materials in the ordinary course of business and (B) the conversion of cash into Cash Equivalents and Cash
Equivalents into cash;

 

(ii)        Dispositions
of property or assets as a result of a Recovery Event;

 

(iii)       Dispositions
of machinery, parts and equipment no longer used or useful in the conduct of the business of the Credit Parties or any of their
Subsidiaries;

 

(iv)       the
dissolution of (A) any Credit Party (other than the Borrowers) to the extent any and all assets of such Credit Party are distributed
to another Credit Party and (B) any Subsidiary that is not a Credit Party to the extent any and all assets of such Subsidiary are
distributed to a Credit Party or another Subsidiary that is not a Credit Party;

 

(v)        Dispositions
not contemplated by the other clauses set forth in this Section 6.4(a) by the Credit Parties and their Subsidiaries so long as
such Dispositions, which when taken together with intercompany Indebtedness and Investments permitted by Section 6.5(d), do not
violate the limitations and other requirements permitted by Section 6.1(d);

 

(vi)       the
termination of any Hedging Agreement;

 

(vii)      the
sale, lease or transfer of account receivables in the commercially reasonable judgment of the Credit Parties and in the ordinary
course of business;

 

(viii)     Dispositions
in the form of sale-leaseback transactions in an amount not to exceed $6,000,000 in the aggregate during the term of this Agreement;

 

(ix)        the
sale, lease or transfer of property or assets of a nature not contemplated by the foregoing clauses hereof not to exceed $5,000,000
in the aggregate in any fiscal year; provided, however, the aggregate amount of all sales, leases and transfers of property
or assets pursuant to this clause (ix) shall not exceed $15,000,000 during the term of this Agreement; and

 

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(x)       any
disposition of receivables (and related supporting obligations) pursuant to the terms of the Permitted Receivables Purchase Facility
so long as no Default or Event of Default has occurred or is continuing or would result therefrom.

 

provided
that (A) with respect to clauses (i)(A), (iii), (v), (vi), (vii) and (viii) above, at least 75% of the consideration
paid to the Credit Parties or any such Subsidiary shall be in the form of cash or Cash Equivalents, (B) immediately after giving
effect to any Disposition pursuant to clause (vii) above, the Credit Parties shall be in compliance on a Pro Forma Basis with
the financial covenants set forth in Section 5.9 hereof, recalculated for the most recently ended fiscal quarter for which
information is available, (C) with respect to clauses (iv), (v), (vi), (vii), (viii) and (ix) above, no Default or Event
of Default shall exist or shall result therefrom and (D) any Disposition pursuant to clauses (i), (iii) and (vii) shall
be for fair market value; provided, further, that with respect to sales of assets permitted hereunder only, the Administrative
Agent shall be entitled, without the consent of any Lender, to release its Liens relating to the particular assets sold; or

 

(b)          enter
into any transaction of merger or consolidation, except for (A) Investments or acquisitions permitted pursuant to Section 6.5
so long as the Credit Party subject to such merger or consolidation is the surviving entity, (B) (y) the merger or consolidation
of a Subsidiary that is not a Credit Party with and into a Credit Party; provided that such Credit Party will be the surviving
entity and (z) the merger or consolidation of a Credit Party with and into another Credit Party; provided that if any Borrower
is a party thereto, such Borrower will be the surviving corporation, and (C) the merger or consolidation of a Subsidiary that
is not a Credit Party with and into another Subsidiary that is not a Credit Party.

 

Section 6.5         Advances,
Investments and Loans.

 

The Credit Parties will
not, nor will they permit any Subsidiary to, make any Investment or contract to make any Investment except for the following (the
“Permitted Investments”):

 

(a)          cash
and Cash Equivalents;

 

(b)          Investments
existing as of the Third Amendment Effective Date as set forth on Schedule 1.1(a) and any renewals, refinancings or
extensions thereof in a principal amount not in excess of that outstanding as of the date of such renewal, refinancing or extension
and the terms of any such renewal, refinancing or extension are not materially less favorable to the obligor thereunder;

 

(c)          receivables
owing to the Credit Parties or any of their Subsidiaries or any receivables, advances and payments to suppliers, in each case if
created, acquired or made in the ordinary course of business and payable or dischargeable in accordance with customary trade terms;

 

(d)          Investments
not otherwise contemplated by the other clauses of this Section 6.5, which when taken together with Indebtedness permitted by Section
6.1(d) and Dispositions by Section 6.4(a)(v), do not exceed the amounts and limitations permitted by Section 6.1(d);

 

(e)          loans
and advances (excluding customary reimbursement expenses in the ordinary course of business) to officers, directors and employees
in an aggregate amount not to exceed $300,000 at any time outstanding; provided that such loans and advances shall comply with
all applicable Requirements of Law (including Sarbanes-Oxley);

 

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(f)          Investments
(including debt obligations) received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement
of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business;

 

(g)         Permitted
Acquisitions;

 

(h)         Bank
Products to the extent permitted hereunder;

 

(i)          Investments
constituting Indebtedness permitted under Section 6.1;

 

(j)          additional
loan advances and/or Investments of a nature not contemplated by the foregoing clauses hereof; provided that such loans,
advances and/or Investments made after the Closing Date pursuant to this clause shall not exceed an aggregate amount of $3,000,000
at any one time outstanding;

 

(k)         the
Visaton Acquisition; and

 

(l)          Investments
in and loans (i) to any Credit Party and (ii) by any non-Credit Party to any other non-Credit Party.

 

Section 6.6         Transactions
with Affiliates.

 

The Credit Parties will
not, nor will they permit any Subsidiary to, enter into any transaction or series of transactions, whether or not in the ordinary
course of business, with any officer, director, shareholder or Affiliate other than on terms and conditions substantially as favorable
as would be obtainable in a comparable arm’s-length transaction with a Person other than an officer, director, shareholder
or Affiliate, other than (a) transactions solely between or among Credit Parties, (b) transactions solely between or among Subsidiaries
that are not Credit Parties, (c) transactions solely between Credit Parties and their Subsidiaries with respect to the sale of
inventory or materials consistent with past practices of the Company and (d) any Restricted Payment permitted by Section 6.10.

 

Section 6.7         Ownership
of Subsidiaries; Restrictions.

 

The Credit Parties will
not, nor will they permit any Subsidiary to, create, form or acquire any Subsidiaries, except for Domestic Subsidiaries that are
joined as Additional Credit Parties as required by the terms hereof.

 

Section 6.8         Corporate
Changes.

 

No Credit Party will, nor
will it permit any of its Subsidiaries to, (a) change its fiscal year (other than (i) a Subsidiary of the Company may change
its fiscal year to coincide with the fiscal year of the Company or (ii) to the extent required by law), (b) amend, modify
or change its articles of incorporation, certificate of designation (or corporate charter or other similar organizational document)
operating agreement or bylaws (or other similar document) in any respect materially adverse to the interests of the Lenders without
the prior written consent of the Required Lenders. No Credit Party shall (a) (i) except as permitted under Section 6.4,
alter its legal existence or, in one transaction or a series of transactions, merge into or consolidate with any other entity,
or sell all or substantially all of its assets, (ii) change its state of incorporation or organization, without providing
thirty (30) days prior written notice to the Administrative Agent and without filing (or confirming that the Administrative Agent
has filed) such

 

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financing statements and amendments to any
previously filed financing statements as the Administrative Agent may reasonably require, or (iii) change its registered legal
name, without providing thirty (30) days prior written notice to the Administrative Agent and without filing (or confirming that
the Administrative Agent has filed) such financing statements and amendments to any previously filed financing statements as the
Administrative Agent may require, (b) have more than one state of incorporation, organization or formation or (c) change its
accounting method (except in accordance with GAAP or as permitted by Section 1.3).

 

Section 6.9         Limitation
on Restricted Actions.

 

The Credit Parties will
not, nor will they permit any Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective
any encumbrance or restriction on the ability of any such Person to (a) pay dividends or make any other distributions to any
Credit Party on its Equity Interests or with respect to any other interest or participation in, or measured by, its profits, (b) pay
any Indebtedness or other obligation owed to any Credit Party, (c) make loans or advances to any Credit Party, (d) sell,
lease or transfer any of its properties or assets to any Credit Party, or (e) act as a Guarantor and pledge its assets pursuant
to the Credit Documents or any renewals, refinancings, exchanges, refundings or extension thereof or amend or otherwise modify
the Credit Documents, except (in respect of any of the matters referred to in clauses (a)-(d) above) for such encumbrances
or restrictions existing under or by reason of (i) this Agreement and the other Credit Documents, (ii) applicable law
or other restriction imposed by any Governmental Authority, (iii) any document or instrument governing Indebtedness incurred
pursuant to Section 6.1(c) or any of Section 6.1(h) - (k); provided that any such restriction contained therein relates
only to the asset or assets constructed, acquired or financed in connection therewith or is otherwise reasonably acceptable to
the Administrative Agent, (iv)  any document or instrument existing on the Closing Date and set forth on Schedule 6.9;
and (v) any Permitted Lien or any document or instrument governing any Permitted Lien; provided that any such restriction
contained therein relates only to the asset or assets subject to such Permitted Lien or is otherwise reasonably acceptable to the
Administrative Agent.

 

Section 6.10       Restricted
Payments.

 

The Credit Parties will
not, nor will they permit any Subsidiary to, directly or indirectly, declare, order, make or set apart any sum for or pay any Restricted
Payment, except (a) to make dividends payable solely in the same class of Equity Interests of such Person, (b) to make
dividends or other distributions payable to any of the Credit Parties (directly or indirectly through its Subsidiaries), (c) to
make dividends or other distributions payable from a Foreign Subsidiary to another Foreign Subsidiary or to any of the Credit Parties
(directly or indirectly through its Subsidiaries), (d) payments of cash (i) in lieu of the issuance of fractional shares with
respect to the conversion into Equity Interests of convertible notes and (ii) relating to net share issuance with respect to the
conversion into Equity Interests of convertible bonds, in each case issued pursuant to a Permitted Debt Issuance and (e) so
long as (i) no Default or Event of Default has occurred or is continuing or would result therefrom and (ii) the Credit Parties
have demonstrated to the reasonable satisfaction of the Administrative Agent that, after giving effect to such Restricted Payment
on a Pro Forma Basis, (A) the Credit Parties are in compliance with each of the financial covenants set forth in Section 5.9 and
(B) the Total Leverage Ratio shall be .25 less than the then applicable level set forth in Section 5.9, to make other Restricted
Payments in an aggregate amount not to exceed $4,500,000 during the term of this Agreement.

 

Section 6.11       Amendment
of Subordinated Debt.

 

The Credit Parties will
not, nor will they permit any Subsidiary to, without the prior written consent of the Required Lenders, amend, modify, waive or
extend or permit the amendment,

 

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modification, waiver or extension of any term
of any document governing or relating to any Subordinated Debt in a manner that is materially adverse to the interests of the Lenders.

 

Section 6.12       Sale
Leasebacks.

 

Except as permitted by
Section 6.4(a)(viii), the Credit Parties will not, nor will they permit any Subsidiary to, directly or indirectly, become or remain
liable as lessee or as guarantor or other surety with respect to any lease, whether an Operating Lease or a Capital Lease, of any
property (whether real, personal or mixed), whether now owned or hereafter acquired, (a) which any Credit Party or any Subsidiary
has sold or transferred or is to sell or transfer to a Person which is not a Credit Party or a Subsidiary or (b) which any
Credit Party or any Subsidiary intends to use for substantially the same purpose as any other property which has been sold or is
to be sold or transferred by a Credit Party or a Subsidiary to another Person which is not a Credit Party or a Subsidiary in connection
with such lease.

 

Section 6.13       No
Further Negative Pledges.

 

The Credit Parties will
not, nor will they permit any Subsidiary to, enter into, assume or become subject to any agreement prohibiting or otherwise restricting
the creation or assumption of any Lien upon any of their properties or assets, whether now owned or hereafter acquired, or requiring
the grant of any security for such obligation if security is given for some other obligation, except (a) pursuant to this
Agreement and the other Credit Documents, (b) any document or instrument governing Indebtedness incurred pursuant to Section 6.1(c)
or any of Section 6.1(h) - (k); provided that any such restriction contained therein relates only to the asset or assets
constructed or acquired in connection therewith or is otherwise acceptable to the Administrative Agent, and (c) in connection
with any Permitted Lien or any document or instrument governing any Permitted Lien; provided that any such restriction contained
therein relates only to the asset or assets subject to such Permitted Lien.

 

Section 6.14       Account
Control Agreements; Additional Bank Accounts.

 

Each of the Credit Parties
will not open, maintain or otherwise have any checking, savings or other accounts (including securities accounts) at any
bank or other financial institution, or any other account where money is or may be deposited or maintained with any Person, other
than (a) the accounts set forth on Schedule 3.16(c) and designated as unrestricted accounts; provided that
the balance on any such account does not exceed $1,000,000 and the aggregate balance in all such accounts does not exceed $1,000,000,
(b) deposit accounts that are subject to a Deposit Account Control Agreement, (c) securities accounts that are subject
to a Securities Account Control Agreement, (d)  deposit accounts established solely as payroll and other zero balance accounts,
and (e) other deposit accounts, so long as at any time the balance in any such account does not exceed $1,000,000 and
the aggregate balance in all such accounts does not exceed $1,000,000.

 

ARTICLE VII

EVENTS OF DEFAULT

 

Section 7.1         Events
of Default.

 

An Event of Default shall
exist upon the occurrence of any of the following specified events (each an “Event of Default”):

 

(a)          Payment.
(i) The Borrowers shall fail to pay any principal on any Loan or Note when due (whether at maturity, by reason of acceleration
or otherwise) in accordance with the

 

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terms hereof or thereof; or (ii) the
Borrowers shall fail to reimburse the Issuing Lender for any LOC Obligations when due (whether at maturity, by reason of acceleration
or otherwise) in accordance with the terms hereof; or (iii) the Borrowers shall fail to pay any interest on any Loan or any
fee or other amount payable hereunder when due (whether at maturity, by reason of acceleration or otherwise) in accordance with
the terms hereof and such failure shall continue unremedied for three (3) Business Days; or (iv)  any Guarantor shall fail
to pay on the Guaranty in respect of any of the foregoing or in respect of any other Guaranty Obligations hereunder (after giving
effect to the grace period in clause (iii)); or

 

(b)         Misrepresentation.    Any representation or warranty made or deemed made herein, in the Security Documents or in any of the other Credit Documents or
which is contained in any certificate, document or financial or other statement furnished at any time under or in connection with
this Agreement shall prove to have been incorrect, false or misleading on or as of the date made or deemed made; or

 

(c)         Covenant
Default.

 

(i)         Any
Credit Party shall fail to perform, comply with or observe any term, covenant or agreement applicable to it contained in Sections 5.1,
5.2, 5.4 (solely if any such Credit Party is not in good standing in its jurisdiction of organization), 5.7, 5.9, 5.11, 5.13, 5.14
or Article VI hereof; or

 

(ii)        Any
Credit Party shall fail to comply with any other covenant contained in this Agreement or the other Credit Documents or any other
agreement, document or instrument among any Credit Party, the Administrative Agent and the Lenders or executed by any Credit Party
in favor of the Administrative Agent or the Lenders (other than as described in Sections 7.1(a) or 7.1(c)(i) above) and, with
respect to this clause (ii) only, such breach or failure to comply is not cured within thirty (30) days of its occurrence;
or

 

(d)         Indebtedness
Cross-Default. (i) Any Credit Party or any of its Subsidiaries (other than an Immaterial Subsidiary) shall default in
any payment of principal of or interest on any Indebtedness (other than the Loans, Reimbursement Obligations and the Guaranty)
in a principal amount outstanding of at least $7,500,000 for the Credit Parties and any of their Subsidiaries (other than an Immaterial
Subsidiary) in the aggregate beyond any applicable grace period (not to exceed thirty (30) days), if any, provided in the instrument
or agreement under which such Indebtedness was created; or (ii) any Credit Party or any of its Subsidiaries (other than an
Immaterial Subsidiary) shall default in the observance or performance of any other agreement or condition relating to any Indebtedness
(other than the Loans, Reimbursement Obligations and the Guaranty) in a principal amount outstanding of at least $7,500,000
in the aggregate for the Credit Parties and their Subsidiaries (other than an Immaterial Subsidiary) or contained in any instrument
or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default
or other event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries
of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with
the giving of notice if required, such Indebtedness to become due prior to its stated maturity or to be repurchased, prepaid, deferred
or redeemed (automatically or otherwise); or (iii) any Credit Party or any of its Subsidiaries shall breach or default any
Hedging Agreement that is a Bank Product; or

 

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(e)          Other
Cross-Defaults. (i) The Credit Parties or any of their Subsidiaries (other than an Immaterial Subsidiary) shall default in
(A) the payment when due under any Material Contract or (B) the performance or observance, of any obligation or condition
of any Material Contract and, in the case of this clause (B) only, such failure to perform or observe such other obligation
or condition continues unremedied for a period of thirty (30) days after notice of the occurrence of such default unless, but only
as long as, the existence of any such default is being contested by the Credit Parties in good faith by appropriate proceedings
and adequate reserves in respect thereof have been established on the books of the Credit Parties to the extent required by GAAP
or (ii) the actual termination of a Material Contract occurs due to nonperformance, alleged fraud, deception or willful misconduct
of a Credit Party or any Subsidiary (other than an Immaterial Subsidiary) thereof; or

 

(f)          Bankruptcy
Default. (i) A Credit Party or any of its Subsidiaries (other than an Immaterial Subsidiary) shall commence any case,
proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to
adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution,
composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian,
conservator or other similar official for it or for all or any substantial part of its assets, or a Credit Party or any of its
Subsidiaries (other than an Immaterial Subsidiary) shall make a general assignment for the benefit of its creditors; or (ii) there
shall be commenced against a Credit Party or any of its Subsidiaries (other than an Immaterial Subsidiary) any case, proceeding
or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or
any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60)
days; or (iii) there shall be commenced against a Credit Party or any of its Subsidiaries (other than an Immaterial Subsidiary)
any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against
all or any substantial part of their assets which results in the entry of an order for any such relief which shall not have been
vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof; or (iv) a Credit Party
or any of its Subsidiaries (other than an Immaterial Subsidiary) shall take any action in furtherance of, or indicating its consent
to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) a Credit Party
or any of its Subsidiaries (other than an Immaterial Subsidiary) shall generally not, or shall be unable to, or shall admit in
writing their inability to, pay its debts as they become due; or

 

(g)          Judgment
Default. (i) One or more judgments or decrees shall be entered against a Credit Party or any of its Subsidiaries (other than
an Immaterial Subsidiary) involving in the aggregate a liability (to the extent not covered by insurance) of $7,500,000 (except
to the extent fully covered (other than to the extent of customary deductibles) by insurance) or more and all such judgments or
decrees shall not have been paid and satisfied, vacated, discharged, stayed or bonded pending appeal within thirty (30) days from
the entry thereof or (ii) any injunction, temporary restraining order or similar decree shall be issued against a Credit Party
or any of its Subsidiaries that, individually or in the aggregate, could result in a Material Adverse Effect; or

 

(h)          ERISA
Default. The occurrence of any of the following: (i) Any Person shall engage in any “prohibited transaction”
(as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, with a resulting obligation in excess
of $7,500,000, (ii) any “accumulated funding deficiency” with a resulting obligation in excess of $7,500,000
(as defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any Plan or any Lien in favor
of the PBGC or a Plan (other than a Permitted Lien) shall arise on the assets of the Credit 

 

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Parties or any Commonly Controlled
Entity, (iii) a Reportable Event with an obligation in excess of $7,500,000 shall occur
with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to
terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the
reasonable opinion of the Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA,
(iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) a Credit Party, any of its Subsidiaries
or any Commonly Controlled Entity shall, or in the reasonable opinion of the Required Lenders is likely to, incur any liability
in excess of $7,500,000 in connection with a withdrawal from, or the Insolvency or Reorganization of, any Multiemployer
Plan (or Foreign Pension Plan, if applicable) or (vi) any other similar event or condition with an obligation of greater than
$7,500,000 shall occur or exist with respect to a Plan (or Foreign Pension Plan, if applicable); or

 

(i)          Change
of Control.    There shall occur a Change of Control; or

 

(j)          Invalidity
of Guaranty.    At any time after the execution and delivery thereof, the Guaranty, for any reason other than the satisfaction
in full of all Credit Party Obligations, shall cease to be in full force and effect (other than in accordance with its terms) or
shall be declared to be null and void, or any Credit Party shall contest the validity, enforceability, perfection or priority of
the Guaranty, any Credit Document, or any Lien granted thereunder in writing or deny in writing that it has any further liability,
including with respect to future advances by the Lenders, under any Credit Document to which it is a party; or

 

(k)          Invalidity
of Credit Documents.    Any Credit Document shall fail to be in full force and effect or to give the Administrative Agent and/or
the Lenders the security interests, liens, rights, powers, priority and privileges purported to be created thereby (except as such
documents may be terminated or no longer in force and effect in accordance with the terms thereof, other than those indemnities
and provisions which by their terms shall survive) or any Lien shall fail to be a first priority, perfected Lien (subject to Permitted
Liens) on a material portion of the Collateral; or

 

(l)          Subordinated
Debt.    (i) The subordination provisions contained in any Subordinated Debt shall cease to be in full force and effect or shall
cease to give the Lenders the rights, powers and privileges purported to be created thereby or (ii) the Credit Party Obligations
shall cease to be classified as “Senior Indebtedness,” “Designated Senior Indebtedness” or any similar
designation under any Subordinated Debt instrument.

 

If a Default shall have
occurred under the Credit Documents, then such Default will continue to exist until it either is cured (to the extent specifically
permitted) in accordance with the Credit Documents or is otherwise expressly waived by Administrative Agent (with the approval
of requisite Lenders (in their sole and absolute discretion) as determined in accordance with Section 9.1); and once an Event
of Default occurs under the Credit Documents, then such Event of Default will continue to exist until it is expressly waived by
the requisite Lenders or by the Administrative Agent with the approval of the requisite Lenders, as required hereunder in Section 9.1.

 

Section 7.2         Acceleration;
Remedies.

 

Upon the occurrence and
during the continuance of an Event of Default, then, and in any such event, (a) if such event is a Bankruptcy Event, automatically
the Commitments shall immediately terminate and the Loans (with accrued interest thereon), and all other amounts under the Credit
Documents (including, without limitation, the maximum amount of all contingent liabilities under Letters 

 

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of Credit) shall immediately
become due and payable, and (b) if such event is any other Event of Default, any or all of the following actions may be
taken: (i) with the written consent of the Required Lenders, the Administrative Agent may, or upon the written request of
the Required Lenders, the Administrative Agent shall, declare the Commitments to be terminated forthwith, whereupon the Commitments
shall immediately terminate; (ii) the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative
Agent shall, declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the Notes to
be due and payable forthwith and direct the Borrowers to pay to the Administrative Agent cash collateral as security for the LOC
Obligations for subsequent drawings under then outstanding Letters of Credit an amount equal to 105% of the maximum amount of which
may be drawn under Letters of Credit then outstanding, whereupon the same shall immediately become due and payable; and/or (iii) with
the written consent of the Required Lenders, the Administrative Agent may, or upon the written request of the Required Lenders,
the Administrative Agent shall, exercise such other rights and remedies as provided under the Credit Documents and under applicable
law.

 

ARTICLE VIII

THE ADMINISTRATIVE AGENT

 

Section 8.1           Appointment
and Authority.

 

Each of the Lenders, the
Swingline Lender and the Issuing Lender hereby irrevocably appoints Wells Fargo to act on its behalf as the successor Administrative
Agent hereunder and under the other Credit Documents and authorizes the Administrative Agent to take such actions on its behalf
and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions
and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative
Agent, the Lenders, the Swingline Lender and the Issuing Lender, and neither the Borrowers nor any other Credit Party shall have
rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent”
herein or in any other Credit Documents (or any other similar term) with reference to the Administrative Agent is not intended
to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead
such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between
contracting parties.

 

Section 8.2           Nature
of Duties.

 

Anything herein to the
contrary notwithstanding, none of the bookrunners, arrangers or other agents listed on the cover page hereof shall have any powers,
duties or responsibilities under this Agreement or any of the other Credit Documents, except in its capacity, as applicable, as
the Administrative Agent, a Lender, the Swingline Lender or the Issuing Lender hereunder. Without limiting the foregoing, none
of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each
Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding
to enter into this Agreement or in taking or not taking action hereunder.

 

The Administrative Agent
may perform any and all of its duties and exercise its rights and powers hereunder or under any other Credit Document by or through
any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any
and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions
of this Article shall apply to any such sub-agent and to the Related Parties of the 

 

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Administrative Agent and any such sub-agent,
and shall apply to their respective activities in connection with the syndication of the credit facilities
provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence
or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non appealable
judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

Section 8.3         Exculpatory
Provisions.

 

The Administrative Agent
shall not have any duties or obligations except those expressly set forth herein and in the other Credit Documents, and its obligations
hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent:

 

(a)          shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)          shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Credit Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Credit Documents), provided that the Administrative Agent shall not be required to take any action that,
in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Credit
Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under
any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation
of any Debtor Relief Law; and

 

(c)          shall
not, except as expressly set forth herein and in the other Credit Documents, have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to any Credit Party or any of its Affiliates that is communicated to or obtained
by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

The Administrative Agent
shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders
(or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good
faith shall be necessary, under the circumstances as provided in Sections 9.1 and 7.2) or (ii) in the absence of its
own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment.
The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default except to the extent set forth
in Section 8.5.

 

The Administrative Agent
shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made
in or in connection with this Agreement or any other Credit Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of
any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the
validity, enforceability, effectiveness or genuineness of this Agreement, any other Credit Document or any other agreement, instrument
or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the Administrative Agent.

 

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Section 8.4           Reliance
by Administrative Agent.

 

The Administrative Agent
shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other
distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative
Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person,
and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of
a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction
of a Lender or the Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or the
Issuing Lender unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Lender
prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel
(who may be counsel for the Borrowers), independent accountants and other experts selected by it, and shall not be liable for any
action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

Section 8.5           Notice
of Default.

 

The Administrative Agent
shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative
Agent has received written notice from a Lender or the Company referring to this Agreement, describing such Default or Event of
Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives
such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall take such
action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided,
however, that unless and until the Administrative Agent shall have received such directions, the Administrative 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 in the best interests of the Lenders except to the extent that this Agreement expressly requires
that such action be taken, or not taken, only with the consent or upon the authorization of the Required Lenders, or all of the
Lenders, as the case may be.

 

Section 8.6           Non-Reliance
on Administrative Agent and Other Lenders.

 

Each Lender and the Issuing
Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact
or affiliates has made any representation or warranty to it and that no act by the Administrative Agent hereinafter taken, including
any review of the affairs of any Credit Party, shall be deemed to constitute any representation or warranty by the Administrative
Agent to any Lender. Each Lender and the Issuing Lender acknowledges that it has, independently and without reliance upon the Administrative
Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Agreement. Each Lender and the Issuing Lender also acknowledges that
it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and
based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking
or not taking action under or based upon this Agreement, any other Credit Document or any related agreement or any document furnished
hereunder or thereunder.

 

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Section 8.7           Indemnification.

 

The Lenders agree to indemnify
the Administrative Agent, the Issuing Lender, and the Swingline Lender in its capacity hereunder and their Affiliates and their
respective officers, directors, agents and employees (to the extent not reimbursed by the Credit Parties and without limiting the
obligation of the Credit Parties to do so), ratably according to their respective Revolving Commitment Percentages in effect on
the date on which indemnification is sought under this Section, from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including,
without limitation, at any time following the payment of the Credit Party Obligations) be imposed on, incurred by or asserted against
any such indemnitee in any way relating to or arising out of any Credit Document or any documents contemplated by or referred to
herein or therein or the Transactions or any action taken or omitted by any such indemnitee under or in connection with any of
the foregoing; provided, however, that no Lender shall be liable for the payment of any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent resulting from
such indemnitee’s gross negligence or willful misconduct, as determined by a court of competent jurisdiction. The agreements
in this Section shall survive the termination of this Agreement and payment of the Notes, any Reimbursement Obligation and all
other amounts payable hereunder.

 

Section 8.8           Administrative
Agent in Its Individual Capacity.

 

The Person serving as the
Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise
the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless
otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent
hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of,
act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Credit
Parties or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without
any duty to account therefor to the Lenders.

 

Section 8.9          Resignation
of Administrative Agent.

 

(a)          The
Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Lender and the Company. Upon receipt
of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Company, to appoint a successor,
which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States.
If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty
(30) days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the
Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall
not be obligated to), on behalf of the Lenders and the Issuing Lender, appoint a successor Administrative Agent meeting the qualifications
set forth above. Whether or not a successor has been appointed, such resignation shall nonetheless become effective in accordance
with such notice on the Resignation Effective Date.

 

(b)          If
the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required
Lenders may, to the extent permitted by applicable law, by notice in writing to the Company and such Person remove such Person
as Administrative Agent and, in consultation with the Company, appoint a successor. If no such successor shall have been so appointed
by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the
Required Lenders) (the

 

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“Removal Effective Date”),
then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

 

(c)          With
effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case
of any Collateral held by the Administrative Agent on behalf of the Lenders or the Issuing Lender under any of the Credit Documents,
the retiring Administrative Agent shall continue to hold such Collateral until such time as a successor Administrative Agent is
appointed) and (ii) all payments, communications and determinations provided to be made by, to or through the Administrative
Agent shall instead be made by or to each Lender and the Issuing Lender directly, until such time, if any, as the Required Lenders
appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative
Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring or removed Administrative Agent, and the retiring or removed Administrative Agent shall be discharged from all of its
duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in
this paragraph). The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Company and such successor. After the retiring Administrative Agent’s resignation
or removal hereunder and under the other Credit Documents, the provisions of this Article and Section 9.5 shall continue in
effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in
respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative
Agent.

 

(d)          Any
resignation by Wells Fargo, as Administrative Agent pursuant to this Section, shall also constitute its resignation as Issuing
Lender and Swingline Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (i) such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Lender
and Swingline Lender, (ii) the retiring Issuing Lender and Swingline Lender shall be discharged from all of their respective duties
and obligations hereunder or under the other Credit Documents, and (iii) the successor Issuing Lender shall issue letters of credit
in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory
to the retiring Issuing Lender to effectively assume the obligations of the retiring Issuing Lender with respect to such Letters
of Credit.

 

(e)          The
parties hereto acknowledge and agree that for the purpose of any Dutch Security Document, any resignation by the Administrative
Agent is not effective until its contractual relationship under the Dutch Parallel Debt, including all of its rights and obligations
thereunder, is transferred to a successor Administrative Agent. The Administrative Agent will reasonably cooperate in assigning
its rights and obligations under the Dutch Parallel Debt to the successor Administrative Agent and will reasonably cooperate in
transferring all rights under the Dutch Security Documents to the successor Administrative Agent. The Administrative Agent that
is resigning, the successor Administrative Agent, and each relevant Credit Party shall execute all documents necessary to ensure
that the successor Administrative Agent obtains valid Dutch law Collateral similar to the previously existing Dutch Collateral.

 

Section 8.10        Collateral
and Guaranty Matters.

 

(a)          The
Lenders and the Bank Product Providers irrevocably authorize and direct the Administrative Agent:

 

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(i)         to
release any Lien on any Collateral granted to or held by the Administrative Agent under any Credit Document (A) upon termination
of the Commitments and payment in full of all Credit Party Obligations (other than contingent indemnification obligations) and
the expiration or termination of all Letters of Credit, (B) that is transferred or to be transferred as part of or in connection
with any sale or other disposition permitted under Section 6.4 (including, without limitation, entering into the Consent to
Sale of Receivables in substantially the form attached hereto as Exhibit 8.10), or (C) subject to Section 9.1,
if approved, authorized or ratified in writing by the Required Lenders;

 

(ii)        to
subordinate any Lien on any Collateral granted to or held by the Administrative Agent under any Credit Document to the holder of
any Lien on such Collateral that is permitted by Section 6.2; and

 

(iii)       to
release any Guarantor from its obligations under the applicable Guaranty if such Person ceases to be a Guarantor as a result of
a transaction permitted hereunder.

 

(b)          In
connection with a termination or release pursuant to this Section, the Administrative Agent shall promptly execute and deliver
to the applicable Credit Party, at the Borrowers’ expense, all documents that the applicable Credit Party shall reasonably
request to evidence such termination or release. Upon request by the Administrative Agent at any time, the Required Lenders will
confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items
of Collateral, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section.

 

Section 8.11        Bank
Products.

 

Except as otherwise provided
herein, no Bank Product Provider shall have any right to notice of any action or to consent to, direct or object to any action
hereunder or under any other Credit Document or otherwise in respect of the Collateral (including the release or impairment of
any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Credit Documents.
The Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made
with respect to, Credit Party Obligations arising under Bank Products unless the Administrative Agent has received written notice
(including, without limitation, a Bank Product Provider Notice) of such Credit Party Obligations, together with such supporting
documentation as the Administrative Agent may request, from the applicable Bank Product Provider.

 

ARTICLE IX

MISCELLANEOUS

 

Section 9.1          Amendments,
Waivers, Consents and Release of Collateral.

 

Neither this Agreement
nor any of the other Credit Documents, nor any terms hereof or thereof may be amended, modified, extended, restated, replaced,
or supplemented (by amendment, waiver, consent or otherwise) except in accordance with the provisions of this Section nor may Collateral
be released except as specifically provided herein or in the Security Documents or in accordance with the provisions of this Section.
The Required Lenders may or, with the written consent of the Required Lenders, the Administrative Agent may, from time to time,
(a) enter into with the Borrowers written

 

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amendments, supplements or modifications hereto
and to the other Credit Documents for the purpose of adding any provisions to this Agreement or the other Credit Documents or changing
in any manner the rights of the Lenders or of the Borrowers hereunder or thereunder or (b) waive or consent to the departure
from, on such terms and conditions as the Required Lenders may specify in such instrument, any of the requirements of this Agreement
or the other Credit Documents or any Default or Event of Default and its consequences; provided, however, that no
such amendment, supplement, modification, release, waiver or consent shall:

 

(i)          reduce
the amount or extend the scheduled date of maturity of any Loan or Note or any installment thereon, or reduce the stated rate of
any interest or fee payable hereunder (except in connection with a waiver of the Default Rate which shall be determined
by a vote of the Required Lenders) or extend the scheduled date of any payment thereof or increase the amount or extend the expiration
date of any Lender’s Commitment, in each case without the written consent of each Lender directly affected thereby; provided
that, it is understood and agreed that (A) no waiver, reduction or deferral of a mandatory prepayment required pursuant to
Section 2.7(b), nor any amendment of Section 2.7(b), shall constitute a reduction of the amount of, or an extension
of the scheduled date of, the scheduled date of maturity of, or any installment of, any Loan or Note, and (B) any reduction
in the stated rate of interest on Revolving Loans shall only require the written consent of each Lender holding a Revolving Commitment;
or

 

(ii)        amend,
modify or waive any provision of this Section or reduce the percentage specified in the definition of Required Lenders, without
the written consent of all the Lenders; or

 

(iii)       release any Borrower
from its obligations hereunder or all or substantially all of the value of the Guaranty, without the written consent of all of
the Lenders; or

 

(iv)       release
all or substantially all of the value of the Collateral without the written consent of all of the Lenders; or

 

(v)        subordinate
the Loans to any other Indebtedness without the written consent of all of the Lenders; or

 

(vi)       permit
a Letter of Credit to have an original expiry date more than twelve (12) months from the date of issuance without the consent of
each of the Revolving Lenders; provided, that the expiry date of any Letter of Credit may be extended in accordance with
the terms of Section 2.3(a); or

 

(vii)      permit
the Borrowers to assign or transfer any of its rights or obligations under this Agreement or other Credit Documents without the
written consent of all of the Lenders; or

 

(viii)     amend,
modify or waive any provision of the Credit Documents requiring consent, approval or request of the Required Lenders or all Lenders
without the written consent of the Required Lenders or all the Lenders as appropriate; or

 

(ix)       without
the consent of Lenders holding at least a majority of the outstanding Revolving Commitments, amend, modify or waive any provision
in

 

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Section 4.2 or waive any Default
or Event of Default (or amend any Credit Document to effectively waive any Default or Event of Default) if the effect of such amendment,
modification or waiver is that the Revolving Lenders shall be required to fund Revolving Loans when such Lenders would otherwise
not be required to do so; or

 

(x)        amend,
modify or waive (A) the order in which Credit Party Obligations are paid or (B) the pro rata sharing of payments by and among the
Lenders, in each case in accordance with Section 2.11(b) or 9.7(b) or (C) the provisions of Article XI without the written
consent of each Lender directly affected thereby; or

 

(xi)       amend,
modify or waive any provision of Article VIII without the written consent of the Administrative Agent; or

 

(xii)      amend
or modify the definition of Credit Party Obligations without the written consent of each Lender directly affected thereby; or

 

(xiii)     amend
or modify the definition of Foreign Currency to add any additional currencies without the written consent of each Lender directly
affected thereby; or

 

(xiv)     amend
the definitions of “Hedging Agreement,” “Bank Product,” or “Bank Product Provider” without
the consent of any Bank Product Provider that would be adversely affected thereby;

 

provided, further, that no amendment,
waiver or consent affecting the rights or duties of the Administrative Agent, the Issuing Lender or the Swingline Lender under
any Credit Document shall in any event be effective, unless in writing and signed by the Administrative Agent, the Issuing Lender
and/or the Swingline Lender, as applicable, in addition to the Lenders required hereinabove to take such action.

 

Any such waiver, any such
amendment, supplement or modification and any such release shall apply equally to each of the Lenders and shall be binding upon
the Borrowers, the other Credit Parties, the Lenders, the Administrative Agent and all future holders of the Notes. In the case
of any waiver, the Borrowers, the other Credit Parties, the Lenders and the Administrative Agent shall be restored to their former
position and rights hereunder and under the outstanding Loans and Notes and other Credit Documents, and any Default or Event of
Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default
or Event of Default, or impair any right consequent thereon.

 

Notwithstanding any of
the foregoing to the contrary, the consent of the Borrowers and the other Credit Parties shall not be required for any amendment,
modification or waiver of the provisions of Article VIII (other than the provisions of Section 8.9).

 

Notwithstanding any of
the foregoing to the contrary, the Credit Parties and the Administrative Agent, without the consent of any Lender, may enter into
any amendment, modification or waiver of any Credit Document, or enter into any new agreement or instrument, to (i) effect the
granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to
become Collateral for the benefit of the Secured Parties, or as required by local law to give effect to, or protect any security
interest for the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable
law or (ii) correct any obvious error or omission of a technical nature, in each case that is immaterial (as determined by the
Administrative Agent), in any provision of

 

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any Credit Document, if the same is not objected
to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof.

 

Notwithstanding the fact
that the consent of all the Lenders is required in certain circumstances as set forth above, (a) each Lender is entitled to
vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the
provisions of Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent provisions set forth herein, (b) the
Required Lenders may consent to allow a Credit Party to use cash collateral in the context of a bankruptcy or insolvency proceeding
and (c) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except (i)
that the Commitment of such Lender may not be increased or extended without the consent of such Lender and (ii) to the extent such
amendment, waiver or consent impacts such Defaulting Lender more than the other Lenders.

 

Notwithstanding anything
to the contrary herein, this Agreement may be amended (or amended and restated) without the consent of any Lender (but with the
consent of the Company and the Administrative Agent) if, upon giving effect to such amendment and restatement, such Lender shall
no longer be a party to this Agreement (as so amended and restated), the Commitments of such Lender shall have terminated (but
such Lender shall continue to be entitled to the benefits of Sections 2.14, 2.15, 2.16 and 9.5), such Lender shall have no other
commitment or other obligation hereunder and such Lender shall have been paid in full all principal, interest and other amounts
owing to it or accrued for its account under this Agreement.

 

For the avoidance of doubt
and notwithstanding any provision to the contrary contained in this Section 9.1, this Agreement may be amended (or amended and
restated) with the written consent of the Credit Parties and the Administrative Agent in accordance with Section 2.22; provided
that no amendment or modification shall result in any increase in the amount of any Lender’s Commitment or any increase in
any Lender’s Revolving Commitment Percentage, in each case, without the written consent of such affected Lender.

 

Section 9.2          Notices.

 

(a)          Notices
Generally.    Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows:

 

(i)           If
to the Borrowers or any other Credit Party:

 

VOXX International
Corporation

180 Marcus Blvd.

Hauppauge, New
York 11788

Attention: Charles
M. Stoehr

Telephone:          631-436-6306

	 	Fax:	631-231-1370

	 	Email:	MStoehr@audiovox.com

 

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with a copy to:

 

	 	Duane Morris LLP
	 	1540 Broadway
	 	New York, NY  10036-4086
	 	Attention: 	Laurence S. Hughes
	 	Telephone: 	212-692-1004
	 	Fax: 	212-202-6315
	 	Email:	lshughes@duanemorris.com

 

	 	Levy, Stopol & Camelo LLP
	 	1425 RXR Plaza
	 	Uniondale, NY  11556-1425
	 	Attention: 	Larry Stopol
	 	Telephone: 	516-802-7007
	 	Fax: 	516-802-7008
	 	Email:	lstopol@levystopol.com

 

(ii)          If
to the Administrative Agent:

 

	 	Wells Fargo Bank, National Association, as Administrative Agent
	 	1525 West W.T. Harris Blvd. 
	 	Mail Code NC 0680
	 	Charlotte, North Carolina 28262
	 	Attention:  	Syndication Agency Services
	 	Telephone:  	(704) 590-4937
	 	Fax:  	(704) 590-3481
	 	Email: agencyservices.requests@wellsfargo.com

 

with a copy to:

 

	 	Wells Fargo Bank, National Association
	 	58 South Service Road
	 	Suite 100
	 	Melville, NY 11747
	 	Attention: 	Edward Nallan
	 	Telephone: 	(516) 577-8347
	 	Fax: 	(516) 577-8333 
	 	Email:	edward.nallan@wellsfargo.com

 

(iii)        if
to a Lender, to it at its address (or telecopier number) set forth in its Administrative Questionnaire.

 

Notices sent by hand or
overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices
sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the
recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered
through electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

(b)          Electronic
Communications. Notices and other communications to the Lenders, the Swingline Lender and the Issuing Lender hereunder may
be delivered or furnished by

 

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electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the
foregoing shall not apply to notices to any Lender, the Swingline Lender or the Issuing Lender pursuant to Article II if such
Lender, the Swingline Lender or the Issuing Lender, as applicable, has notified the Administrative Agent that it is incapable of
receiving notices under such Article by electronic communication. The Administrative Agent or the Company may, in its discretion,
agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by
it, provided that approval of such procedures may be limited to particular notices or communications.

 

Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication
is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at
the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet
or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described
in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address
therefor.

 

(c)         Change
of Address, Etc. Any party hereto may change its address or telecopier number for notices and other communications hereunder
by notice to the other parties hereto.

 

(d)         Platform.

 

(i)          Each
Credit Party agrees that the Administrative Agent may make the Communications (as defined below) available to the Lenders by posting
the Communications on Intralinks or a substantially similar electronic transmission system (the “Platform”).

 

(ii)         The
Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant the
adequacy of the Platform and expressly disclaim liability for errors or omissions in the communications effected thereby (the “Communications”).
No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness
for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any
Agent Party in connection with the Communications or the Platform. In no event shall the Administrative Agent or any of its affiliates
or any of their respective officers, directors, employees, agents, advisors or representatives (collectively, “Agent Parties”)
have any liability to the Credit Parties, any Lender or any other Person or entity for damages of any kind, including, without
limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or
otherwise) arising out of any Credit Party’s or the Administrative Agent’s transmission of communications through the
Platform.

 

Section 9.3          No
Waiver; Cumulative Remedies.

 

No failure to exercise
and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies,

 

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powers and privileges herein provided are cumulative
and not exclusive of any rights, remedies, powers and privileges provided by law.

 

Section 9.4          Survival
of Representations and Warranties.

 

All representations and
warranties made hereunder and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall
survive the execution and delivery of this Agreement and the Notes and the making of the Loans; provided that all such representations
and warranties shall terminate on the date upon which the Commitments have been terminated and all Credit Party Obligations have
been paid in full.

 

Section 9.5          Payment
of Expenses and Taxes; Indemnity.

 

(a)          Costs
and Expenses. The Credit Parties shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent
and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), and shall
pay all fees and time charges and disbursements for attorneys who may be employees of the Administrative Agent, in connection with
the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration
of this Agreement and the other Credit Documents or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the Transactions shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the Issuing
Lender and the Swingline Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or Swingline
Loan or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender,
the Issuing Lender or the Swingline Lender (including the fees, charges and disbursements of any counsel for the Administrative
Agent, any Lender, the Swingline Lender or the Issuing Lender), and shall pay all fees and time charges for attorneys who may be
employees of the Administrative Agent, any Lender, the Issuing Lender or the Swingline Lender, in connection with the enforcement
or protection of its rights (A) in connection with this Agreement and the other Credit Documents, including its rights under
this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

 

(b)          Indemnification
by the Credit Parties.    The Credit Parties shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender,
the Issuing Lender and the Swingline Lender, and each Related Party of any of the foregoing Persons (each such Person being called
an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, penalties, damages,
liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify
and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee,
incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrowers or any other Credit Party
arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Credit Document
or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations
hereunder or thereunder or the consummation of the Transactions, (ii) any Loan or Letter of Credit or the use or proposed
use of the proceeds therefrom (including any refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit
if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any
actual or alleged presence or release of Materials of Environmental Concern on or from any property owned or operated by any Credit
Party or any of

 

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its Subsidiaries, or any liability
under Environmental Law related in any way to any Credit Party or any of its Subsidiaries, or (iv) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory,
whether brought by a third party or by the Borrowers or any other Credit Party and regardless of whether any Indemnitee is a party
thereto, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment
to have resulted from the gross negligence or willful misconduct of such Indemnitee.  This section (b) shall not apply
with respect to Taxes other than any Taxes that represent losses or damages arising from non-Tax claim.

 

(c)           Reimbursement
by Lenders.    To the extent that the Credit Parties for any reason fail to indefeasibly pay any amount required under
paragraph (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the Issuing
Lender, Swingline Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative
Agent (or any such sub-agent), the Issuing Lender, Swingline Lender or such Related Party, as the case may be, such Lender’s
Revolving Commitment Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought)
of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense,
as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), the Issuing Lender or
Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent
(or any such sub-agent), Issuing Lender or Swingline Lender in connection with such capacity.  

 

(d)           Waiver
of Consequential Damages, Etc.    To the fullest extent permitted by applicable law, none of the parties hereto or
any Indemnitee shall assert, and each of them hereby waives, any claim against any other Person, 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 Credit Document or any agreement or instrument contemplated hereby, the Transactions,
any Loan or Letter of Credit or the use of the proceeds thereof; provided, that such waiver shall not apply to any parties
or any Indemnitee’s right to indemnification hereunder for losses, claims, penalties, damages, liabilities and related expenses
incurred by any party or Indemnitee as a result of a claim by any third party.  No Indemnitee referred to in paragraph (b)
above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed
by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the
other Credit Documents or the Transactions.

 

(e)           Payments.  All
amounts due under this Section shall be payable promptly/not later than five (5) days after demand therefor.

 

(f)           Survival.  The
agreements contained in this Section shall survive the resignation of the Administrative Agent, the Swingline Lender and the Issuing
Lender, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of the Credit
Party Obligations.

 

Section 9.6           Successors
and Assigns; Participations.

 

(a)           Successors
and Assigns Generally.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and

 

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assigns permitted hereby, except
that neither the Borrowers nor any other Credit Party may assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any
of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of
this Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of this Section or (iii) by
way of pledge or assignment of a security interest subject to the restrictions of paragraph (e) of this Section (and any other
attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted
hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby,
the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or
by reason of this Agreement.

 

(b)           Assignments
by Lenders.    Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided
that any such assignment shall be subject to the following conditions:

 

(i)           Minimum
Amounts.  

 

(A)          in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing
to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B)
or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned;
and

 

(B)           in
any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance
of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment
and Assumption, as of the Trade Date) shall not be less than $5,000,000, in the case of any assignment in respect of any portion
of the Revolving Facility (provided, however, that simultaneous assignments shall be aggregated in respect of a Lender
and its Approved Funds), unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing,
the Company otherwise consents (each such consent not to be unreasonably withheld or delayed).

 

(ii)            Proportionate
Amounts.    Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loan or the Commitment assigned, except that this clause (ii)
shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Tranches on a non-pro
rata basis.  

 

(iii)            Required
Consents.    No consent shall be required for any assignment except to the extent required by paragraph (b)(i)(B)
of this Section and, in addition:

 

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(A)          the
consent of the Company (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default
has occurred and is continuing at the time of such assignment, (y) such assignment is to a Lender, an Affiliate of a Lender
or an Approved Fund or (z) the Primary Syndication of the Loans has not been completed as determined by Wells Fargo; provided
that the Company shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the
Administrative Agent within five (5) Business Days after having received notice thereof; and

 

(B)           the
consent of the Administrative Agent, the Issuing Lender and Swingline Lender (such consent not to be unreasonably withheld or delayed)
shall be required for assignments in respect of a Revolving Commitment if such assignment is to a Person that is not a Lender with
a Commitment in respect of such facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender.

 

(iv)           Assignment
and Assumption.    The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
and Assumption, together with a processing and recordation fee of $3,500; provided that (A)only one (1) such fee
shall be payable in respect of simultaneous assignments by a Lender and its Approved Funds) and (B) the Administrative Agent may,
in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.  The assignee,
if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(v)           No
Assignment to Certain Persons.  No such assignment shall be made to (A) any Credit Party or any Credit Party’s
Affiliates or Subsidiaries or (B) any Defaulting Lender or any of its Subsidiaries or any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B).

 

(vi)           No
Assignment to Natural Persons.  No such assignment shall be made to a natural person.

 

(vii)         Certain
Additional Payments.    In connection with any assignment of rights and obligations of any Defaulting Lender hereunder,
no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties
to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution
thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Company and the Administrative Agent, the applicable pro rata
share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor
hereby irrevocably consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the
Administrative Agent or any Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as appropriate) its full
pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Applicable Percentage.  Notwithstanding
the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective
under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed
to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

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Subject to acceptance
and recording thereof by the Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective
date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent
of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and
the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from
its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to
the benefits of Sections 2.14 and 9.5 with respect to facts and circumstances occurring prior to the effective date of such
assignment.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights
and obligations in accordance with paragraph (d) of this Section.

 

(c)           Register.  The
Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at one of its offices in Charlotte,
North Carolina a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses
of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant
to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive
absent manifest error, and the Borrowers, the Administrative Agent and the Lenders may treat each Person whose name is recorded
in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to
the contrary.  The Register shall be available for inspection by the Company and any Lender, at any reasonable time and
from time to time upon reasonable prior notice; provided that a Lender shall only be entitled to inspect its own entry in the Register
and not that of any other Lender.

 

(d)           Participations.  Any
Lender may at any time, without the consent of, or notice to, the Company or the Administrative Agent, sell participations to any
Person (other than a natural Person or the Borrowers or any of the Borrowers’ Affiliates or Subsidiaries) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations,
and (iii) the Borrowers, the Administrative Agent, the Issuing Lender and Lenders shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under this Agreement.  For the avoidance
of doubt, each Lender shall be responsible for the indemnity under Section 9.5(b) with respect to any payments made by such
Lender to its Participant(s).

 

Any agreement
or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement.  The
Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 (subject to the requirements
and limitations therein, including the requirements under Section 2.16(g) (it being understood that the documentation required
under Section 2.16(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject
to the provisions of Sections 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled
to receive any greater payment under Section 2.14 or

 

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Section 2.16, with respect
to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement
to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.  To
the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.7(a) as though
it were a Lender; provided that such Participant agrees to be subject to Section 9.7(b) as though it were a Lender.  Each
Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrowers, maintain a register on which
it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other obligations under the Credit Documents (the “Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (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 Credit Document) except to the extent that such disclosure is necessary to establish that such
commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall
treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary.

 

(e)           Certain
Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under
this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve
Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute
any such pledgee or assignee for such Lender as a party hereto.  

 

Section 9.7           Right
of Set-off; Sharing of Payments.

 

(a)           If
an Event of Default shall have occurred and be continuing, each Lender, the Issuing Lender, the Swingline Lender and each of their
respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law,
to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any
time held and other obligations (in whatever currency) at any time owing by such Lender, the Issuing Lender, the Swingline Lender
or any such Affiliate to or for the credit or the account of the Borrowers or any other Credit Party against any and all of the
obligations of the Borrowers or such Credit Party now or hereafter existing under this Agreement or any other Credit Document to
such Lender, the Swingline Lender or the Issuing Lender, irrespective of whether or not such Lender, the Swingline Lender or the
Issuing Lender shall have made any demand under this Agreement or any other Credit Document and although such obligations of the
Borrowers or such Credit Party may be contingent or unmatured or are owed to a branch, office or affiliate of such Lender, the
Swingline Lender or the Issuing Lender different from the branch, office or Affiliate holding such deposit or obligated on such
indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (i) all amounts
so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions
of Section 2.21 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in
trust for the benefit of the Administrative Agent, the Issuing Lender, the Swingline Lender and the other Lenders, and (ii) the
Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Credit Party
Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The rights of each Lender,
the Swingline Lender, the Issuing Lender and their respective Affiliates under this Section are in addition to other rights and
remedies (including other rights of setoff) that such Lender, the Swingline Lender, the Issuing

 

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Lender or their respective Affiliates
may have.  Each Lender, the Swingline Lender and the Issuing Lender agrees to notify the Company and the Administrative
Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the
validity of such setoff and application.

 

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

 

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

 

(B)           the
provisions of this paragraph shall not be construed to apply to (x) any payment made by the Borrowers pursuant to and in accordance
with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender),
(y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations
in Letters of Credit to any assignee or participant, other than to any Credit Party or any Subsidiary thereof (as to which the
provisions of this paragraph shall apply) or (z) (1) any amounts applied by the Swingline Lender to outstanding Swingline Loans
and (2) any amounts received by the Issuing Lender and/or Swingline Lender to secure the obligations of a Defaulting Lender to
fund risk participations hereunder.

 

Section 9.8           Table
of Contents and Section Headings.

 

The table of contents and
the Section and subsection headings herein are intended for convenience only and shall be ignored in construing this Agreement.

 

Section 9.9           Counterparts;
Effectiveness; Electronic Execution.

 

(a)           Counterparts;
Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Except
as provided in Section 4.1, this Agreement shall become effective when it shall have been executed by the Borrowers, the Guarantors
and the Administrative Agent, and the Administrative Agent shall have received copies hereof and thereof (telefaxed or otherwise),
and thereafter this Agreement shall be binding upon and inure to the benefit of the Borrowers, the Guarantors, the Administrative
Agent and each Lender and their respective successors and permitted assigns.  Delivery of an executed counterpart of
a signature page of this Agreement by telecopy or email shall be effective as delivery of a manually executed counterpart of this
Agreement.

 

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(b)           Electronic
Execution of Assignments.    The words “execution,” “signed,” “signature,” and
words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

Section 9.10         Severability.

 

Any provision of this Agreement
which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 9.11         Integration.

 

This Agreement and the
other Credit Documents represent the agreement of the Borrowers, the other Credit Parties, the Administrative Agent and the Lenders
with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative
Agent, the Borrowers, the other Credit Parties or any Lender relative to the subject matter hereof not expressly set forth or referred
to herein or therein.

 

Section 9.12         Governing
Law.

 

This Agreement and the
other Credit Documents any claims, controversy or dispute arising out of or relating to this Agreement or any other Credit
Document (except, as to any other Credit Document, as expressly set forth therein) shall be governed by, and construed in accordance
with, the laws of the State of New York.

 

Section 9.13         Consent
to Jurisdiction; Service of Process and Venue.

 

(a)           Consent
to Jurisdiction.  The Borrowers and each other Credit Party irrevocably and unconditionally submits, for itself and
its property, to the exclusive jurisdiction of the courts of the State of New York and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Agreement or any other Credit Document, or for recognition or enforcement
of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action
or proceeding may be heard and determined in such New York sitting State court or, to the fullest extent permitted by applicable
law, in such Federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing
in this Agreement or in any other Credit Document shall affect any right that the Administrative Agent, any Lender, the Swingline
Lender or the Issuing Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Credit
Document against the Borrowers or any other Credit Party or their properties in the courts of any jurisdiction.

 

(b)           Service
of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 9.2.  Nothing
in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law.

 

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(c)           Venue.    The
Borrowers and each other Credit Party irrevocably and unconditionally waives, to the fullest extent permitted by applicable law,
any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to
this Agreement or any other Credit Document in any court referred to in paragraph (b) of this Section.  Each of
the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court.

 

Section 9.14         Confidentiality.

 

Each of the Administrative
Agent, the Lenders, the Swingline Lender and the Issuing Lender agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners,
directors, officers, employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure
is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential),
(b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or
regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise
of any remedies hereunder, under any other Credit Document or Bank Product or any action or proceeding relating to this
Agreement, any other Credit Document or Bank Product or the enforcement of rights hereunder or thereunder, (f) subject
to an agreement containing provisions substantially the same as those of this Section, to any assignee of or Participant in, or
any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, (g) (i) any actual
or prospective party (or its partners, directors, officers, employees, managers, administrators, trustees, agents, advisors or
other representatives) to any swap or derivative or similar transaction under which payments are to be made by reference to the
Borrowers and their obligations, this Agreement or payments hereunder, (ii) an investor or prospective investor in securities
issued by an Approved Fund that also agrees that Information shall be used solely for the purpose of evaluating an investment in
such securities issued by the Approved Fund, (iii) a trustee, collateral manager, servicer, backup servicer, noteholder or
secured party in connection with the administration, servicing and reporting on the assets serving as collateral for securities
issued by an Approved Fund, or (iv) a nationally recognized rating agency that requires access to information regarding the
Credit Parties, the Loans and Credit Documents in connection with ratings issued in respect of securities issued by an Approved
Fund (in each case, it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature
of such information and instructed to keep such information confidential), (h) with the consent of the Company or (i) to
the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes
available to the Administrative Agent, any Lender, the Swingline Lender, the Issuing Lender or any of their respective Affiliates
on a nonconfidential basis from a source other than the Borrowers.

 

For purposes of this Section,
“Information” shall mean all information received from any Credit Party or any of its Subsidiaries relating
to any Credit Party or any of its Subsidiaries or any of their respective businesses, other than any such information that is available
to the Administrative Agent, any Lender, the Swingline Lender or the Issuing Lender on a nonconfidential basis prior to disclosure
by any Credit Party or any of its Subsidiaries; provided that, in the case of information received from any Credit Party
or any of its Subsidiaries after the date hereof, such information is clearly identified at the time of delivery as confidential.  Any
Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information
as such Person would accord to its own confidential information.

 

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Section 9.15         Acknowledgments.

 

The Borrowers and the other
Credit Parties each hereby acknowledges that:

 

(a)           it
has been advised by counsel in the negotiation, execution and delivery of each Credit Document;

 

(b)           neither
the Administrative Agent nor any Lender has any fiduciary relationship with or duty to the Borrowers, any other Credit Party arising
out of or in connection with this Agreement and the relationship between the Administrative Agent and the Lenders, on one hand,
and the Borrowers and the other Credit Parties, on the other hand, in connection herewith is solely that of creditor and debtor;
and

 

(c)           no
joint venture exists among the Lenders and the Administrative Agent or among the Borrowers, the Administrative Agent or the other
Credit Parties and the Lenders.

 

Section 9.16         Waivers
of Jury Trial.

 

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

 

Section 9.17         Patriot
Act Notice.  

 

Each Lender and the Administrative
Agent (for itself and not on behalf of any other party) hereby notifies the Borrowers that, pursuant to the requirements of the
Patriot Act, it is required to obtain, verify and record information that identifies the Borrowers and the other Credit Parties,
which information includes the name and address of the Borrowers and the other Credit Parties and other information that will allow
such Lender or the Administrative Agent, as applicable, to identify the Borrowers and the other Credit Parties in accordance with
the Patriot Act.

 

Section 9.18         Resolution
of Drafting Ambiguities.

 

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

 

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Section 9.19         Subordination
of Intercompany Debt.

 

Each Credit Party agrees
that all intercompany Indebtedness among Credit Parties (the “Intercompany Debt”) is subordinated in right of
payment, to the prior payment in full of all Credit Party Obligations.  Notwithstanding any provision of this Credit
Agreement to the contrary, provided that no Event of Default has occurred and is continuing, Credit Parties may make and
receive payments with respect to the Intercompany Debt to the extent otherwise permitted by this Credit Agreement; provided
that in the event of and during the continuation of any Event of Default, no payment shall be made by or on behalf of any Credit
Party on account of any Intercompany Debt.  In the event that any Credit Party receives any payment of any Intercompany
Debt at a time when such payment is prohibited by this Section, such payment shall be held by such Credit Party, in trust for the
benefit of, and shall be paid forthwith over and delivered, upon written request, to, the Administrative Agent.

 

Section 9.20         Continuing
Agreement.

 

This Credit Agreement shall
be a continuing agreement and shall remain in full force and effect until all Credit Party Obligations (other than those obligations
that expressly survive the termination of this Credit Agreement) have been paid in full and all Commitments and Letters of Credit
have been terminated.  Upon termination, the Credit Parties shall have no further obligations (other than those obligations
that expressly survive the termination of this Credit Agreement) under the Credit Documents and the Administrative Agent shall,
at the request and expense of the Borrowers, deliver all the Collateral in its possession to the Borrowers and release all Liens
on the Collateral; provided that should any payment, in whole or in part, of the Credit Party Obligations be rescinded or
otherwise required to be restored or returned by the Administrative Agent or any Lender, whether as a result of any proceedings
in bankruptcy or reorganization or otherwise, then the Credit Documents shall automatically be reinstated and all Liens of the
Administrative Agent shall reattach to the Collateral and all amounts required to be restored or returned and all costs and expenses
incurred by the Administrative Agent or any Lender in connection therewith shall be deemed included as part of the Credit Party
Obligations.

 

Section 9.21         Concerning
Joint and Several Obligations of the Borrowers.

 

Each of the Borrowers is
accepting joint and several liability hereunder in consideration of the financial accommodation to be provided by the Lenders under
this Credit Agreement, for the mutual benefit, directly and indirectly, of each of the Borrowers and in consideration of the undertakings
of each of the Borrowers to accept joint and several liability for the obligations of each of them.  Each of the Borrowers
jointly and severally hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and
several liability with respect to the payment and performance of all of the Credit Party Obligations, it being the intention of
the parties hereto that all the Credit Party Obligations shall be the joint and several obligations of each of the Borrowers without
preferences or distinction among them.

 

Section 9.22         Press
Releases and Related Matters.

 

The Credit Parties and
their Affiliates agree that they will not in the future issue any press releases or other public disclosure using the name of Administrative
Agent or any Lender or their respective Affiliates or referring to this Agreement or any of the Credit Documents without the prior
written consent of such Person, unless (and only to the extent that) the Credit Parties or such Affiliate is required to do so
under law and then, in any event, the Credit Parties or such Affiliate will consult with such Person before issuing such press
release or other public disclosure.  The Credit Parties consent to the publication by Administrative Agent or any Lender
of customary advertising material relating to the Transactions using the name, product photographs, logo or trademark of the Credit
Parties.

 

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Section 9.23         Appointment
of Company.

 

Each of the Borrowers and
the Guarantors hereby appoints the Company to act as its agent for all purposes under this Agreement and agrees that (a) the Company
may execute such documents on behalf of such Borrower and Guarantor as the Company deems appropriate in its sole discretion and
each Borrower and Guarantor shall be obligated by all of the terms of any such document executed on its behalf, (b) any notice
or communication delivered by the Administrative Agent or the Lender to the Company shall be deemed delivered to each Borrower
and Guarantor and (c) the Administrative Agent or the Lenders may accept, and be permitted to rely on, any document, instrument
or agreement executed by the Company on behalf of each Borrower and Guarantor.

 

Section 9.24         No
Advisory or Fiduciary Responsibility.

 

In connection with all
aspects of each Transaction, each of the Credit Parties acknowledges and agrees, and acknowledges its Affiliates’ understanding,
that: (a) the credit facility provided for hereunder and any related arranging or other services in connection therewith (including
in connection with any amendment, waiver or other modification hereof or of any other Credit Document) are an arm’s-length
commercial transaction between the Credit Parties and their Affiliates, on the one hand, and the Administrative Agent and WFS,
on the other hand, and the Credit Parties are capable of evaluating and understanding and understands and accepts the terms, risks
and conditions of the Transactions and by the other Credit Documents (including any amendment, waiver or other modification hereof
or thereof); (b) in connection with the process leading to such transaction, the Administrative Agent and WFS each is and has been
acting solely as a principal and is not the financial advisor, agent or fiduciary, for any Credit Party or any of their Affiliates,
stockholders, creditors or employees or any other Person; (c) neither the Administrative Agent nor WFS has assumed or will assume
an advisory, agency or fiduciary responsibility in favor of any Credit Party with respect to any of the Transactions or the process
leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Credit Document (irrespective
of whether the Administrative Agent or WFS has advised or is currently advising any Credit Party or any of their Affiliates on
other matters) and neither the Administrative Agent nor WFS has any obligation to any Credit Party or any of their Affiliates with
respect to the Transactions except those obligations expressly set forth herein and in the other Credit Documents; (d) the Administrative
Agent and WFS and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ
from those of the Credit Parties and their Affiliates, and neither the Administrative Agent nor WFS has any obligation to disclose
any of such interests by virtue of any advisory, agency or fiduciary relationship; and (e) the Administrative Agent and WFS have
not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the Transactions (including
any amendment, waiver or other modification hereof or of any other Credit Document) and the Credit Parties have consulted their
own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate.  Each of the Credit Parties
hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the Administrative Agent
or WFS with respect to any breach or alleged breach of agency or fiduciary duty.

 

Section 9.25         Responsible
Officers and Authorized Officers.

 

The Administrative Agent
and each of the Lenders are authorized to rely upon the continuing authority of the Responsible Officers and the Authorized Officers
with respect to all matters pertaining to the Credit Documents including, but not limited to, the selection of interest rates,
the submission of requests for Extensions of Credit and certificates with regard thereto.  Such authorization may be
changed only upon written notice to Administrative Agent accompanied by (a) an updated Schedule 3.29 and (b) evidence, reasonably
satisfactory to Administrative Agent, of the authority of the Person giving such

 

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notice and such notice shall be effective not
sooner than five (5) Business Days following receipt thereof by Administrative Agent (or such earlier time as agreed to by the
Administrative Agent).

 

Section 9.26         Amendment
and Restatement.

 

This Agreement is intended
to amend and restate the Existing Credit Agreement, without novation, with the Commitments set forth herein and the Lenders party
hereto.  All Existing Letters of Credit shall be Letters of Credit outstanding hereunder.  The Credit Parties
hereby ratify, affirm and acknowledge all of their obligations in respect of the Existing Credit Agreement and the related documents
and agreements delivered by them thereunder, including all outstanding Existing Letters of Credit and the related LOC Documents,
as amended and restated hereby.  Without limiting the foregoing, all Collateral under the Existing Credit Agreement shall
be Collateral hereunder and continue to secure the Obligations.  The Lenders hereby agree that the commitments with respect
to the Existing Credit Agreement are amended and restated to be the Revolving Commitments of this Agreement and hereby waive, on
the Closing Date only, any pro rata payment provisions of this Agreement to the extent any such payments are required to repay
any obligations owing to any lender under the Existing Credit Agreement that will not continue as a Lender under this Agreement.  All
Events of Default (as defined in the Existing Credit Agreement) under the Existing Credit Agreement are hereby waived, except to
the extent any such Events of Default (as defined in the Existing Credit Agreement) that exist under the Existing Credit Agreement
on the date hereof also constitute Events of Default under the express provisions of this Agreement.

 

Section 9.27         Judgment
Currency.

 

If, for the purposes of
obtaining judgment in any court, it is necessary to convert a sum due hereunder or under any other Credit Document in one currency
into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative
Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is
given.  The obligation of any Credit Party in respect of any such sum due from it to the Administrative Agent or any
Lender hereunder or under the other Credit Documents shall, notwithstanding any judgment in a currency (the “Judgment
Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement
(the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative
Agent or such Lender of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender may in
accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency.  If the amount
of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or such Lender in the Agreement
Currency, each Credit Party agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative
Agent or such Lender or the Person to whom such obligation was owing against such loss.  If the amount of the Agreement
Currency so purchased is greater than the sum originally due to the Administrative Agent or such Lender in such currency, the Administrative
Agent or such Lender agrees to return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto
under applicable law).

 

Section 9.28         Quebec
Interpretation.  

 

For all purposes pursuant
to which the interpretation or construction of this Agreement may be subject to the laws of the Province of Quebec or a court or
tribunal exercising jurisdiction in the Province of Quebec, (a) “personal property” shall include “movable property”,
(b) “real property” shall include “immovable property”, (c) “tangible property” shall include
“corporeal property”, (d) “intangible property” shall include “incorporeal property”, (e) “security
interest”, “mortgage” and “lien” shall include

 

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a “hypothec”, “prior claim”
and a “resolutory clause”, (f) all references to filing, registering or recording under the Code or PPSA shall include
publication under the Civil Code of Quebec, (g) all references to “perfection” of or “perfected” liens
or security interest shall include a reference to an “opposable” or “set up” lien or security interest
as against third parties, (h) any “right of offset”, “right of setoff” or similar expression shall include
a “right of compensation”, (i) “goods” shall include corporeal movable property” other than chattel
paper, documents of title, instruments, money and securities, (j) an “agent” shall include a “mandatary”,
(k) “construction liens” shall include “legal hypothecs”, (l) “joint and several” shall include
solidary, (m) “gross negligence or willful misconduct” shall be deemed to be “intentional or gross fault”,
(n) “beneficial ownership” shall include “ownership on behalf of another as mandatary”, (o) “easement”
shall include “servitude”, (p) “priority” shall include “prior claim”, (q) “survey”
shall include “certificate of location and plan”, and (r) “fee simple title” shall include “absolute
ownership”.

 

Section 9.29         English
Language Only.

 

The parties hereto confirm
that it is their wish that this Agreement and any other document executed in connection with the transactions contemplated hereby
be drawn up in the English language only and that all other documents contemplated hereunder or relating hereto, including notices,
shall also be drawn up in the English language only.  Les parties aux présentes confirment que c’est leur
volonté que cette convention et les autres documents de crédit soient rédigés en langue anglaise seulement
et que tous les documents, y compris tous avis, envisagés par cette convention et les autres documents peuvent être
rédigés en langue anglaise seulement.

 

Section 9.30         Dutch
Parallel Debt.  For the purposes of creating security rights governed by Dutch law:

 

(a)           Klipsch
irrevocably and unconditionally undertakes, as far as necessary in advance, to pay to Administrative Agent (in its own capacity
and not as agent (gevolmachtigde) or trustee) an amount equal to the aggregate of all Credit Party Obligations from time to time
due in accordance with the terms and conditions of such Credit Party Obligations (such payment undertaking and the obligations
and liabilities which are the result thereof, Klipsch’s “Dutch Parallel Debt”);

 

(b)           the
Dutch Parallel Debt constitutes obligations and liabilities of Klipsch which are separate and independent from, and without prejudice
to, the Credit Party Obligations and the Dutch Parallel Debt represents the Administrative Agent’s own independent right
to receive payment of the Dutch Parallel Debt from Klipsch, provided that the amounts which are due under the Dutch Parallel Debt
under this provision shall always be equal to the amounts which are due from time to time under the Credit Party Obligations;

 

(c)           the
total amount due and payable in respect of the Credit Party Obligations shall be decreased to the extent that the Administrative
Agent receives any amount in payment of the Dutch Parallel Debt, as if such amount were received by any Lender in payment of the
corresponding Credit Party Obligations;

 

(d)           the
total amount due and payable by Klipsch under the Dutch Parallel Debt shall be decreased to the extent that any Lender receives
any amount in payment of the Credit Party Obligations (other than by virtue of clause (c) above); and

 

(e)           The
Administrative Agent shall distribute any amount received in payment of the Dutch Parallel Debt among the Lenders that are the
creditors of the relevant Credit Party Obligations in accordance with the provisions of this Agreement as if received by it in
payment of the relevant Credit Party Obligations.

 

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ARTICLE X

 

GUARANTY

 

Section 10.1         The
Guaranty.

 

In order to induce the
Lenders to enter into this Agreement and any Bank Product Provider to enter into any Bank Product and to extend credit hereunder
and thereunder and in recognition of the direct benefits to be received by the Guarantors from the Extensions of Credit hereunder
and any Bank Product, each of the Guarantors hereby agrees with the Administrative Agent, the Lenders and the Bank Product Provider
as follows: each Guarantor hereby unconditionally and irrevocably jointly and severally guarantees as primary obligor and not merely
as surety the full and prompt payment when due, whether upon maturity, by acceleration or otherwise, of any and all Credit Party
Obligations.  If any or all of the indebtedness becomes due and payable hereunder or under any Bank Product, each Guarantor
unconditionally promises to pay such indebtedness to the Administrative Agent, the Lenders, the Bank Product Providers, or their
respective order, on demand, together with any and all reasonable expenses which may be incurred by the Administrative Agent or
the Lenders in collecting any of the Credit Party Obligations.  The Guaranty set forth in this Article X
is a guaranty of timely payment and not of collection.  The word “indebtedness” is used in this Article X
in its most comprehensive sense and includes any and all advances, debts, obligations and liabilities of the Borrowers, including
specifically all Credit Party Obligations, arising in connection with this Agreement, the other Credit Documents or any Bank Product,
in each case, heretofore, now, or hereafter made, incurred or created, whether voluntarily or involuntarily, absolute or contingent,
liquidated or unliquidated, determined or undetermined, whether or not such indebtedness is from time to time reduced, or extinguished
and thereafter increased or incurred, whether the Borrowers may be liable individually or jointly with others, whether or not recovery
upon such indebtedness may be or hereafter become barred by any statute of limitations, and whether or not such indebtedness may
be or hereafter become otherwise unenforceable.

 

Notwithstanding any provision
to the contrary contained herein or in any other of the Credit Documents, to the extent the obligations of a Guarantor shall be
adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal
law relating to fraudulent conveyances or transfers) then the obligations of each such Guarantor hereunder shall be limited to
the maximum amount that is permissible under applicable law (whether federal or state and including, without limitation, the Bankruptcy
Code).

 

Section 10.2         Bankruptcy.

 

Additionally, subject to
Section 10.1, each of the Guarantors unconditionally and irrevocably guarantees jointly and severally the payment of any and all
Credit Party Obligations of the Borrowers to the Lenders and any Bank Product Provider whether or not due or payable by the Borrowers
upon the occurrence of any Bankruptcy Event and unconditionally promises to pay such Credit Party Obligations to the Administrative
Agent for the account of the Lenders and to any such Bank Product Provider, or order, on demand, in lawful money in the applicable
currency.  Each of the Guarantors further agrees that to the extent that the Borrowers or a Guarantor shall make a payment
or a transfer of an interest in any property to the Administrative Agent, any Lender or any Bank Product Provider, which payment
or transfer or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, or otherwise is avoided,
and/or required to be repaid to the Borrowers or a Guarantor, the estate of the Borrowers or a Guarantor, a trustee, receiver or
any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such avoidance
or repayment, the obligation or

 

    	124

    	 

    

 

part thereof intended to be satisfied shall
be revived and continued in full force and effect as if said payment had not been made.

 

Section 10.3         Nature
of Liability.

 

The liability of each Guarantor
hereunder is exclusive and independent of any security for or other guaranty of the Credit Party Obligations of the Borrowers whether
executed by any such Guarantor, any other guarantor or by any other party, and no Guarantor’s liability hereunder shall be
affected or impaired by (a) any direction as to application of payment by the Borrowers or by any other party, or (b) any
other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Credit Party
Obligations of the Borrowers, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any
dissolution, termination or increase, decrease or change in personnel by the Borrowers, or (e) any payment made to the Administrative
Agent, the Lenders or any Bank Product Provider on the Credit Party Obligations which the Administrative Agent, such Lenders
or such Bank Product Provider the Borrowers pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium
or other debtor relief proceeding, and each of the Guarantors waives any right to the deferral or modification of its obligations
hereunder by reason of any such proceeding.

 

Section 10.4         Independent
Obligation.

 

The obligations of each
Guarantor hereunder are independent of the obligations of any other Guarantor or the Borrowers, and a separate action or actions
may be brought and prosecuted against each Guarantor whether or not action is brought against any other Guarantor or the Borrowers
and whether or not any other Guarantor or the Borrowers are joined in any such action or actions.

 

Section 10.5         Authorization.

 

Subject to Section 10.1,
each of the Guarantors authorizes the Administrative Agent, each Lender and each Bank Product Provider without notice or
demand (except as shall be required by applicable statute and cannot be waived), and without affecting or impairing its liability
hereunder, from time to time to (a) renew, compromise, extend, increase, accelerate or otherwise change the time for payment
of, or otherwise change the terms of the Credit Party Obligations or any part thereof in accordance with this Agreement and any
Bank Product, as applicable, including any increase or decrease of the rate of interest thereon, (b) take and hold security
from any Guarantor or any other party for the payment of this Guaranty or the Credit Party Obligations and exchange, enforce waive
and release any such security, (c) apply such security and direct the order or manner of sale thereof as the Administrative
Agent and the Lenders in their discretion may determine, (d) release or substitute any one or more endorsers, Guarantors,
the Borrowers or other obligors and (e) to the extent otherwise permitted herein, release or substitute any Collateral.

 

Section 10.6         Reliance.

 

It is not necessary for
the Administrative Agent, the Lenders or any Bank Product Provider to inquire into the capacity or powers of the Borrowers or the
officers, directors, members, partners or agents acting or purporting to act on its behalf, and any Credit Party Obligations made
or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder.

 

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Section 10.7         Waiver.

 

(a)           Each
of the Guarantors waives any right (except as shall be required by applicable statute and cannot be waived) to require the Administrative
Agent, any Lender or any Bank Product Provider to (i) proceed against the Borrowers, any other guarantor or any other
party, (ii) proceed against or exhaust any security held from the Borrowers, any other guarantor or any other party, or (iii) pursue
any other remedy in the Administrative Agent’s, any Lender’s or any Bank Product Provider’s whatsoever.  Each
of the Guarantors waives any defense based on or arising out of any defense of the Borrowers, any other guarantor or any other
party other than payment in full of the Credit Party Obligations (other than contingent indemnification obligations), including,
without limitation, any defense based on or arising out of the disability of the Borrowers, any other guarantor or any other party,
or the unenforceability of the Credit Party Obligations or any part thereof from any cause, or the cessation from any cause of
the liability of the Borrowers other than payment in full of the Credit Party Obligations.  The Administrative Agent
may, at its election, foreclose on any security held by the Administrative Agent or a Lender by one or more judicial or nonjudicial
sales, whether or not every aspect of any such sale is commercially reasonable (to the extent such sale is permitted by applicable
law), or exercise any other right or remedy the Administrative Agent or any Lender may have against the Borrowers or any other
party, or any security, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent
the Credit Party Obligations have been paid in full and the Commitments have been terminated.  Each of the Guarantors
waives any defense arising out of any such election by the Administrative Agent or any of the Lenders, even though such election
operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of the Guarantors against the
Borrowers or any other party or any security.

 

(b)           Each
of the Guarantors waives all presentments, demands for performance, protests and notices, including, without limitation, notices
of nonperformance, notice of protest, notices of dishonor, notices of acceptance of this Guaranty, and notices of the existence,
creation or incurring of new or additional Credit Party Obligations.  Each Guarantor assumes all responsibility for being
and keeping itself informed of the Borrowers’ financial condition and assets, and of all other circumstances bearing upon
the risk of nonpayment of the Credit Party Obligations and the nature, scope and extent of the risks which such Guarantor assumes
and incurs hereunder, and agrees that neither the Administrative Agent nor any Lender shall have any duty to advise such Guarantor
of information known to it regarding such circumstances or risks.

 

(c)           Each
of the Guarantors hereby agrees it will not exercise any rights of subrogation which it may at any time otherwise have as a result
of this Guaranty (whether contractual, under Section 509 of the U.S. Bankruptcy Code, or otherwise) to the claims of the Lenders
or any Bank Product Provider against the Borrowers or any other guarantor of the Credit Party Obligations of the Borrowers owing
to the Lenders or such Bank Product Provider (collectively, the “Other Parties”) and all contractual,
statutory or common law rights of reimbursement, contribution or indemnity from any Other Party which it may at any time otherwise
have as a result of this Guaranty until such time as the Credit Party Obligations shall have been paid in full and the Commitments
have been terminated.  Each of the Guarantors hereby further agrees not to exercise any right to enforce any other remedy
which the Administrative Agent, the Lenders or any Bank Product Provider now have or may hereafter have against any Other Party,
any endorser or any other guarantor of all or any part of the Credit Party Obligations of the Borrowers and any benefit of, and
any right to participate in, any security or collateral given to or for the benefit of the Lenders and/or the Bank Product Providers
to secure payment of the Credit Party Obligations of the Borrowers until such time as the Credit Party Obligations (other than
contingent indemnification obligations) shall have been paid in full and the Commitments have been terminated.

 

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Section 10.8         Limitation
on Enforcement.

 

The Lenders and the Bank
Product Providers agree that this Guaranty may be enforced only by the action of the Administrative Agent acting upon the instructions
of the Required Lenders or such Bank Product Provider (only with respect to obligations under the applicable Bank Product) and
that no Lender or Bank Product Provider shall have any right individually to seek to enforce or to enforce this Guaranty, it being
understood and agreed that such rights and remedies may be exercised by the Administrative Agent for the benefit of the Lenders
under the terms of this Agreement and for the benefit of any Bank Product Provider under any Bank Product.  

 

Section 10.9         Confirmation
of Payment.

 

The Administrative Agent
and the Lenders will, upon request after payment of the Credit Party Obligations which are the subject of this Guaranty and termination
of the Commitments relating thereto, confirm to the Borrowers, the Guarantors or any other Person that such indebtedness and obligations
have been paid and the Commitments relating thereto terminated, subject to the provisions of Section 10.2.

 

Section 10.10       Eligible
Contract Participant.

 

Notwithstanding anything
to the contrary in any Credit Document, no Borrower or Guarantor shall be deemed under this Article X to be a guarantor of any
Swap Obligations if such Guarantor was not an “eligible contract participant” as defined in § 1a(18) of the Commodity
Exchange Act, at the time the guarantee under this Article X becomes effective with respect to such Swap Obligation and to the
extent that the providing of such guarantee by such Guarantor would violate the Commodity Exchange Act; provided however
that in determining whether any Guarantor is an “eligible contract participant” under the Commodity Exchange Act, the
guarantee of the Credit Party Obligations of such Guarantor under this Article X by a Guarantor that is also a Qualified ECP Guarantor
shall be taken into account.

 

Section 10.11      Keepwell.

 

Without limiting anything
in this Article X, each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes
to provide such funds or other support as may be needed from time to time to each Guarantor that is not an “eligible contract
participant” under the Commodity Exchange Act at the time the guarantee under this Article X becomes effective with respect
to any Swap Obligation, to honor all of the obligations of such Guarantor under this Article X in respect of such Swap Obligations
(provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 10.11 for the maximum amount of such
liability that can be hereby incurred without rendering its undertaking under this Section 10.11, or otherwise under this Article
X, voidable under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The
undertaking of each Qualified ECP Guarantor under this Section 10.11 shall remain in full force and effect until termination of
the Commitments and payment in full of all Loans and other Credit Party Obligations. Each Qualified ECP Guarantor intends that
this Section 10.11 constitute, and this Section 10.11 shall be deemed to constitute, a “keepwell, support, or other agreement”
for the benefit of each Guarantor that would otherwise not constitute an “eligible contract participant” under the
Commodity Exchange Act.

 

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ARTICLE XI

 

SPECIAL PROVISIONS APPLICABLE TO LENDERS
UPON THE OCCURRENCE OF A SHARING EVENT

 

Section 11.1         Participations.

 

Upon the occurrence of
a Sharing Event, the Lenders shall automatically and without further action be deemed to have exchanged interests in the outstanding
Loans and outstanding Letters of Credit such that, in lieu of the interests of each Lender in each Loan and each outstanding Letter
of Credit, such Lender shall hold an interest in all Revolving Loans and Swingline Loans, made to the Borrowers and all outstanding
Letters of Credit issued for the account of such Persons or their Subsidiaries at such time, whether or not such Lender shall previously
have participated therein, equal to such Lender’s Exchange Percentage thereof.  The foregoing exchanges shall be
accomplished automatically pursuant to this Section 11.1 through purchases and sales of participations in the various Loans and
outstanding Letters of Credit as required hereby, although at the request of the Administrative Agent each Lender hereby agrees
to enter into customary participation agreements approved by the Administrative Agent and reasonably acceptable to such Lender
to evidence the same.  All purchases and sales of participating interests pursuant to this Section 11.1 shall be made
in Dollars.  At the request of the Administrative Agent, each Lender which has sold participations in any of its Loans
and outstanding Letters of Credit as provided above (through the Administrative Agent) will deliver to each Lender (through the
Administrative Agent) which has so purchased a participating interest therein a participation certificate in the appropriate amount
as determined in conjunction with the Administrative Agent.  It is understood that the amount of funds delivered by each
Lender shall be calculated on a net basis, giving effect to both the sales and purchases of participations by the various Lenders
as required above.  For the avoidance of doubt, a Sharing Event shall be deemed to have occurred immediately prior to
any acceleration pursuant to Section 7.2 or any distribution under Section 2.11(b) or Section 2.21(a)(ii).

 

Section 11.2         Administrative
Agent’s Determination Binding.

 

All determinations by the
Administrative Agent pursuant to this Article XI shall be made by it in accordance with the provisions herein and with the intent
being to equitably share the credit risk for all Loans and Letters of Credit and other Extensions of Credit hereunder in accordance
with the provisions hereof.  Absent manifest error, all determinations by the Administrative Agent hereunder shall be
binding on the Credit Parties and each of the Lenders.  The Administrative Agent shall have no liability to any Credit
Party or Lender hereunder for any determinations made by it hereunder except to the extent resulting from the Administrative Agent’s
gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision).

 

Section 11.3         Participation
Payments in Dollars.

 

Upon, and after, the occurrence
of a Sharing Event (a) no further Extensions of Credit shall be made, (b) all amounts from time to time accruing with
respect to, and all amounts from time to time payable on account of, Loans denominated in Foreign Currencies (including, without
limitation, any interest and other amounts which were accrued but unpaid on the date of such Sharing Event) shall be payable in
Dollars (taking the Dollar Equivalent of such amounts on the date payment is made with respect thereto) and shall be distributed
by the Administrative Agent for the account of the Lenders which made such Loans or are participating therein and (c) all
Revolving Commitments shall be automatically terminated.  Notwithstanding anything to the contrary contained above, the
failure of any Lender to purchase its participating interests as required above in any Extensions of Credit upon the occurrence
of a Sharing Event shall not relieve any other Lender of its obligation hereunder to purchase its participating

 

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interests in a timely manner, but no Lender
shall be responsible for the failure of any other Lender to purchase the participating interest to be purchased by such other Lender
on any date.

 

Section 11.4         Delinquent
Participation Payments.

 

If any amount required
to be paid by any Lender pursuant to this Article XI is not paid to the Administrative Agent on the date upon which the Sharing
Event occurred, such Lender shall, in addition to such aforementioned amount, also pay to the Administrative Agent on demand an
amount equal to the product of (a) the amount so required to be paid by such Lender for the purchase of its participations,
(b) the daily average Federal Funds Rate, during the period from and including the date of request for payment to the date
on which such payment is immediately available to the Administrative Agent and (c) a fraction the numerator of which is the
number of days that elapsed during such period and the denominator of which is 360.  A certificate of the Administrative
Agent submitted to any Lender with respect to any amounts payable under this Article XI shall be conclusive in the absence of manifest
error.  Amounts payable by any Lender pursuant to this Article XI shall be paid to the Administrative Agent for the account
of the relevant Lenders; provided that, if the Administrative Agent (in its sole discretion) has elected to fund on behalf
of such other Lender the amounts owing to such other Lenders, then the amounts shall be paid to the Administrative Agent for its
own account.

 

Section 11.5         Settlement
of Participation Payments.

 

Whenever, at any time after
the relevant Lenders have received from any other Lenders purchases of participations pursuant to this Article XI and the various
Lenders receive any payment on account thereof, such Lenders will distribute to the Administrative Agent, for the account of the
various Lenders participating therein, such Lenders’ participating interests in such amounts (appropriately adjusted, in
the case of interest payments, to reflect the period of time during which such participations were outstanding) in like funds as
received; provided, however, that in the event that such payment received by any Lenders is required to be returned,
the Lenders who received previous distributions in respect of their participating interests therein will return to the respective
Lenders any portion thereof previously so distributed to them in like funds as such payment is required to be returned by the respective
Lenders.

 

Section 11.6         Participation
Obligations Absolute.

 

Each Lender’s obligation
to purchase participating interests pursuant to this Article XI shall be absolute and unconditional and shall not be affected by
any circumstance including, without limitation, (a) any setoff, counterclaim, recoupment, defense or other right which such
Lender may have against any other Lender, any Credit Party or any other Person for any reason whatsoever, (b) the occurrence
or continuance of a Default or an Event of Default, (c) any adverse change in the condition (financial or otherwise) of any
Credit Party or any other Person, (iv) any breach of this Agreement by any Credit Party, any Lender or any other Person, or
(v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

 

Section 11.7         Increased
Cost; Indemnities.

 

Notwithstanding anything
to the contrary contained elsewhere in this Agreement, upon any purchase of participations as required above, (a) each Lender
which has purchased such participations shall be entitled to receive from the Credit Parties any increased costs and indemnities
(including, without limitation, pursuant to Section 2.14, 2.15, 2.16, 2.17, 2.18 and 9.5) directly from the Credit Parties
to the same extent as if it were the direct Lender as opposed to a participant therein and (b) each Lender which has sold
such participations shall be entitled to receive from the Credit Parties indemnification from and against any and all Taxes imposed
as a result of the sale of the participations pursuant to this Article XI.  

 

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Each Credit Party acknowledges and agrees that,
upon the occurrence of a Sharing Event and after giving effect to the requirements of this Article XI, increased Taxes may be owing
by it pursuant to Section 2.16, which Taxes shall be paid (to the extent provided in Section 2.16) by the respective
Credit Party or Credit Parties, without any claim that the increased Taxes are not payable because some resulted from the participations
effected as otherwise required by this Article XI.

 

Section 11.8         Provisions
Solely to Effect Intercreditor Agreement.

 

The provisions of this
Article XI are and are intended solely for the purpose of effecting a sharing arrangement among the Lenders and reflects an agreement
among creditors.  Except as contemplated by Sections 11.3 and 11.7, none of the Credit Parties shall have any rights
or obligations under this Article XI.  Nothing contained in this Article XI is intended to or shall impair the obligations
of the Credit Parties, which are absolute and unconditional, to pay the Credit Party Obligations as and when the same shall become
due and payable in accordance with their terms.

 

[Signature Pages Follow]

 

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

 

	BORROWERS:	VOXX International corporation,
	 	a Delaware corporation, as the Company
	 	 	 
	 	By:	 

	 	Name:
	 	Title:
	 	 
	 	AUDIOVOX ACCESSORIES CORPORATION, a

Delaware corporation, as a Borrower
	 	 	 
	 	By:	 

	 	Name:
	 	Title:
	 	 
	 	VOXX ELECTRONICS CORP. (formerly known as

Audiovox Electronics Corporation), a Delaware

corporation, as a Borrower
	 	 	 
	 	By:	 

	 	Name:
	 	Title:
	 	 
	 	AUDIOVOX CONSUMER ELECTRONICS, INC., a Delaware corporation, as a Borrower
	 	 	 
	 	By:	 

	 	Name:
	 	Title:
	 	 
	 	AUDIOVOX ATLANTA CORP. (formerly known as American Radio Corp.), a Georgia corporation, as a Borrower

 

    	 

    	 

    

 

	 	By:	 

	 	Name:
	 	Title:
	 	 
	 	CODE SYSTEMS, INC., a Delaware corporation, as a Borrower
	 	 	 
	 	By:	 

	 	Name:
	 	Title:
	 	 
	 	INVISION AUTOMOTIVE SYSTEMS INC., a

Delaware corporation, as a Borrower
	 	 	 
	 	By:	 

	 	Name:
	 	Title:
	 	 
	 	KLIPSCH GROUP, INC., an Indiana corporation, as a Borrower
	 	 	 
	 	By:	 

	 	Name:
	 	Title:
	 	 
	GUARANTORS:	[GUARANTORS]

 

    	 

    	 

    

  

	ADMINISTRATIVE AGENT:	WELLS FARGO BANK, NATIONAL
	 	ASSOCIATION, as a Lender and as Administrative

Agent on behalf of the Lenders
	 	 	 
	 	By:	 

	 	Name:
	 	Title:

 

    	 

    	 

    

 

EXHIBIT B

 

REVISED SCHEDULES AND EXHIBITS

 

See Attached.

 

    	 

    	 

    

 

EXHIBIT C

 

RELEASED CREDIT PARTIES

 

VOXX INTERNATIONAL (GERMANY) GMBH, a
Gesellschaft mit beschränkter Haftung under the laws of the Federal Republic of Germany, as the Foreign Borrower

 

CAR COMMUNICATION HOLDING GMBH, a Gesellschaft
mit beschränkter Haftung under the laws of the Federal Republic of Germany

 

Hirschmann
Car Communication GmbH, a Gesellschaft mit beschränkter Haftung under the laws of the Federal Republic of Germany

 

Hirschmann
Car Communication Kft., a limited liability corporation (Korlátolt Felelõsségû Társaság)
organized under the laws of Hungary

 

AUDiovox
Venezuela C.A., a company organized under the laws of Venezuela

 

Audiovox
Mexico, S de RL de CV, a company organizad under the laws of MexicoEXHIBIT101

SEPARATION AGREEMENT
AND GENERAL RELEASE OF ALL CLAIMS 

This Agreement is made by and between Michael J. Short (“Executive”) and AutoNation, Inc. (“AutoNation” or “Company”) relating to Executive’s employment and separation of employment from the Company.  

		
	1.
	Separation Date and Accrued Payments.  Executive’s employment with the Company is being terminated effective January 7, 2014 (the “Separation Date”).  No later than the Company’s second payroll date following the Separation Date, the Company will pay to Executive all salary and auto allowance earned but yet unpaid through the Separation Date.  The Company will reimburse Executive for business expenses incurred by him prior to the Separation Date to the extent reasonable documentation is submitted by Executive no later than the thirtieth (30th) calendar day immediately following the Separation Date, in accordance with the terms of applicable Company policies. In addition, the Company will pay to Executive his 2013 bonus at the same time and at the same payout level (expressed as a percentage of the target bonus for the Executive, which is 75% of Executive’s base salary for 2013) as the 2013 bonuses are paid to other senior executives, with any such bonus payable in accordance with the terms of the Company’s Senior Executive Incentive Bonus Plan.  Except as set forth herein, Executive acknowledges that the Company owes no other bonuses, commissions, wages, auto allowance, vacation pay, sick pay, or benefits to Executive as of the Separation Date.  

		
	2.
	Company Consideration.  For and in consideration for the promises made by Executive in this Agreement, AutoNation agrees as follows:

		
	(a)
	Severance Compensation. AutoNation will pay to Executive twelve (12) months of severance pay.  The total maximum amount of this severance pay equals Six Hundred Thousand Dollars ($600,000), less applicable taxes and withholdings.  The severance pay will be disbursed in twenty four (24) installments of Twenty Five Thousand Dollars ($25,000), in accordance with the Company’s normal payroll schedule.  The first installment will be disbursed no later than the Company’s second payroll date after Executive has signed and returned this Agreement to the Company and the revocation period provided in this Agreement has expired.  The remaining installments will be disbursed on a consecutive semi-monthly basis following payment of the first installment.

		
	(b)
	No Entitlement. AutoNation shall not be obligated to provide any consideration other than the consideration discussed in this Paragraph 2. The benefits provided to Executive by AutoNation pursuant to this Paragraph 2 represent benefits that Executive would not be entitled to absent this Agreement.

		
	3.
	Other Benefits. Other than as set forth in this Agreement, following the Separation Date, Executive will not be entitled to receive any base salary, annual bonus, long term incentive award, welfare, retirement, perquisite, fringe benefit, or other benefit plan coverage or coverage under any other practice, policy or program as may be in effect from time to time, applying to senior officers or other employees of the Company, or any severance payment or benefit under any severance benefit plans, practices, policies or programs, or any vacation or expense reimbursement; provided, however, that Executive will be entitled to receive all vested benefits, at the applicable time, earned, due or applicable under the terms of Company benefit or retirement plans, including the AutoNation Deferred Compensation Plan; provided further, however, that Executive’s medical, dental and vision insurance coverage will terminate on January 31, 2014.  Executive must elect to receive COBRA if he wants continuation coverage under the Company’s group health benefits programs.  Executive is responsible for paying the full amount of any monthly COBRA premiums should he elect to receive COBRA coverage.  Executive’s right to COBRA and the time for electing COBRA and making the required COBRA payments will be explained in a separate COBRA notice package. 

		
	4.
	Stock Options. All terms, conditions and limitations relating to Executive’s stock options will be governed by the terms of the applicable option awards, award agreements and the AutoNation, Inc. 2008 Employee Equity and Incentive Plan, and the AutoNation, Inc. Amended and Restated 1998 Employee Stock Option Plan.  

Without limiting the generality of the foregoing, (i) Executive’s stock options ceased vesting on the Separation Date and any unvested stock options terminated as of such date, (ii) Executive has until the sixtieth (60th) calendar day immediately following the Separation Date to exercise any vested stock options held by Executive, and (iii) any vested stock options that Executive has not exercised as of the sixtieth (60th) calendar day immediately following the Separation Date will terminate as of such date.

		
	5.
	Cooperation. Executive agrees to make himself available to the Company and its officers, if necessary, for consultation on a reasonable basis from time to time as to any matters on which he worked while an employee of the Company.  The Company acknowledges that Executive may have other full-time employment and the Company agrees that it will use its reasonable efforts to minimize the amount of time that any such consultation shall require of him.  Executive further agrees not to testify for, appear on behalf of, or otherwise assist in any way any individual, company, or agency in any claim against the Company, except pursuant to a lawful subpoena issued to Executive.  Executive also agrees to promptly notify the Company upon receipt of any notice or contact (whether written or oral, and including any subpoena or deposition notice) requesting or compelling information or his testimony or requesting documents related to matters on which he worked while an employee of the Company, and Executive agrees to coordinate with the Company in any response thereto.  

		
	6.
	Confidential Information. Executive agrees that the records, information, files, lists, operations data, and other materials of the Company that Executive created, used, or had access to during his employment with the Company belong exclusively to the Company and are confidential.  Executive further agrees that information about the Company’s customers or other organizations with which it does business is the exclusive property of the Company and is also confidential.  Executive shall not use or disclose any such confidential information, for the benefit of himself or another, and shall treat such information as confidential, unless he has specific prior written authorization from the Company to use or disclose it, and shall otherwise comply with all confidentiality agreements and policies applicable to him.

		
	7.
	Compliance with Other Agreements and Policies.  Executive acknowledges and agrees that he has complied and shall continue to comply with the terms of all other agreements between Executive and the Company, as modified or amended, including the terms of any confidentiality agreement, non-compete agreement, non-solicitation, no-hire and/or restrictive covenants previously signed by Executive, including, but not limited to, those agreements and covenants executed in connection with the Company’s stock option grants.  Executive further acknowledges and agrees that he has: (i) complied with all Company policies and applicable law during his employment with the Company; and (ii) reported any and all known or suspected policy violations under AutoNation’s Business Ethics Program to Company Senior Management.

		
	8.
	Return of Company Property. Executive agrees to return all property belonging to the Company in his possession or under his control (including, without limitation, cellular telephone, demonstrator vehicle, company identification card, laptop computer, etc.) no later than the effective date of this Agreement.  Executive also understands and agrees that, effective on the Separation Date, Executive was and is no longer authorized to incur any expenses or obligations or liabilities on behalf of the Company.

		
	9.
	No Right to Give Interviews. Executive shall not give any interviews or speeches concerning the Company, any matter that he participated in while an employee of the Company, or any past or present employee of the Company, or in relation to any matter concerning the Company occurring after the Separation Date, nor shall Executive, directly or indirectly, prepare or assist any person or entity in the preparation of any books, articles, television or motion picture productions, or other creations concerning the Company or concerning any person whom any member of the public might associate with the Company.

		
	10.
	Non-Disparagement. Executive agrees not to undertake any disparaging conduct directed at the Company and to refrain from making any negative or derogatory statements concerning the Company.  Executive waives any privilege or qualified privilege that may apply to any such communication.

		
	11.
	Full General Release of Claims. Executive, for himself and for his heirs, successors and assigns, irrevocably and unconditionally releases and forever discharges the Company, its parents, subsidiaries and affiliates, and 

all of their successors, assigns, officers, directors, and employees, from any and all claims, complaints, liabilities, obligations, promises, agreements, damages, causes of action, costs, losses, debts and expenses of every kind, in law or in equity, whether known or unknown, foreseen or unforeseen, from the beginning of time to the date of this Agreement, including any and all claims in connection with Executive’s employment with the Company, including without limitation, those claims arising from or relating to Executive’s separation from employment with the Company.  This general release is a full and final bar to any claims Executive may have against the Company, including, without limitation, any claims:

		
	(a)
	arising from Executive’s pay, bonuses, vacation, or any other employee benefits, and other terms and conditions of employment or employment practices of the Company;

		
	(b)
	relating to stock options, whether pursuant to a stock option plan, agreement or otherwise (except as expressly provided in the Company’s plans only with respect to the rights detailed more fully in Paragraph 4 above);

		
	(c)
	relating to any claims for punitive, compensatory, and/or retaliatory discharge damages; back and/or front pay claims and fringe benefits; or payment of any attorneys’ fees for Executive;

		
	(d)
	arising under Civil Rights Acts of 1866, 1871, and 1991; Title VII of the Civil Rights Act of 1964; 42 U.S.C. §1981; the Worker Adjustment and Retraining Notification Act; the Employee Retirement Income Security Act; the Rehabilitation Act; the Americans with Disabilities Act; the Fair Labor Standards Act; the Equal Pay Act; the Age Discrimination in Employment Act; the Older Worker Benefits Protection Act; the Occupational Safety and Health Act; the Family and Medical Leave Act; the Consolidated Omnibus Benefit Reconciliation Act; Florida’s workers’ compensation law; the Florida Civil Rights Act (as any of these laws may have been amended); or any other federal, state, or local labor, employment, or anti-discrimination laws; and/or

		
	(e)
	based on any contract, tort, whistleblower, personal injury, or wrongful discharge theory.

		
	12.
	Time to Consider. Executive has been advised to consult with an attorney prior to signing this Agreement.  Executive has twenty-one (21) calendar days from the date that he receives this Agreement to consider and accept this Agreement by signing and returning this Agreement to the Vice President of Human Resources, AutoNation, Inc., 200 S.W. 1st Avenue, Fort Lauderdale, Florida 33301.        

                                                                                        
		
	13.
	Revocation Period. The Company and Executive acknowledge that Executive has the right to revoke this Agreement within seven (7) calendar days following the date Executive signs this Agreement (“revocation period”).  If Executive does not advise the Company in writing within the revocation period of his intent to revoke this Agreement, this Agreement will become effective and enforceable upon the expiration of the seven days.

		
	14.
	Voluntary Action. Executive acknowledges that he has read each paragraph of this Agreement and understands his rights and obligations.  Executive further acknowledges and agrees that: (a) this Agreement is written in a manner understandable to him; (b) this Agreement is granted in exchange for consideration which is in addition to anything of value to which Executive is otherwise entitled; (c) he has been given a reasonable opportunity to consider and review this Agreement; (d) he has had an opportunity to consult with an attorney prior to deciding whether to enter into this Agreement; (e) he may challenge the validity of his waiver in this Agreement of his rights under the Age Discrimination in Employment Act and the Older Worker Benefits Protection Act; and (f) his signature on this Agreement is knowing and voluntary.

		
	15.
	Miscellaneous.

		
	(a)
	Entire Agreement. Except as stated in this paragraph, this Agreement contains the entire agreement between Executive and the Company relating to the subject matter hereof, and all prior agreements, negotiations and representations are replaced by this Agreement.  Nothing in this Agreement shall 

limit or modify the rights of the Company or the obligations of Executive contained in any confidentiality agreement, non-compete agreement, non-solicitation, no-hire and/or restrictive covenants (including, but not limited to, those agreements and covenants executed in connection with the Company’s stock option grants) previously signed by Executive, as amended, modified and/or supplemented, as such provisions shall survive the execution of this Agreement and separation of employment.  This Agreement may only be changed by a written amendment signed by Executive and the General Counsel of the Company.

		
	(b)
	No Admission. The Company and Executive agree that the payments to Executive, and the terms and conditions of said payments by the Company, are not to be construed as an admission of liability by the Company.  Executive specifically agrees that the Company’s payments are not intended to be, and will not be offered in evidence or argued in any proceeding as, an admission of liability.  The Company specifically disclaims any liability to Executive or to any other person or entity.

		
	(c)
	Severability. The invalidity, illegality, or unenforceability of any provision of this Agreement will not affect any other provision of this Agreement, which shall remain in full force and effect.  Nor will the invalidity, illegality or unenforceability of a portion of any provision of this Agreement affect the balance of such provision.  In the event that any one or more of the provisions contained in this Agreement, or any portion thereof, is held to be invalid, illegal, or unenforceable in any respect, this Agreement shall be reformed, construed, and enforced as if such invalid, illegal, or unenforceable provision had never been contained herein.

		
	(d)
	Effect of Waiver. The failure of the Company at any time to require performance of any provision of this Agreement will in no manner affect the right to enforce the same.                                          

		
	(e)
	Exclusive Venue and Jurisdiction. Any suit, action, or proceeding relating to this Agreement shall be brought in the state courts of Broward County, Florida or in the United States District Court for the Southern District of Florida.  The Company and Executive hereby accept the exclusive jurisdiction of those courts for the purpose of any such suit, action, or proceeding.

		
	(f)
	Binding Nature. This Agreement will be binding upon the Company and Executive and will inure to the benefit of any successor or successors of the Company.  This Agreement is not assignable by Executive, except in the case of death or permanent and total disability where Executive’s estate or guardian shall be entitled to receive the consideration to be paid under Paragraph 2 of this Agreement.

		
	(g)
	Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed an original and all of which together will constitute one and the same instrument.

		
	(h)
	Headings. The section headings contained in this Agreement are for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.

		
	(i)
	Construction. The Company and Executive have jointly participated in the negotiation of this Agreement.  In the event that an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if it was drafted jointly by the Company and Executive and no presumptions or burdens of proof shall arise favoring any party by virtue of authorship of this Agreement.

		
	(j)
	Notice. Any notice, request, statement, information or other document to be given to either party by the other must be in writing and delivered as follows:

		
	If to the Company:
	If to Executive:

		
	Vice President
	At the most recent address on

		
	Human Resources
	file for Executive at the  

		
	AutoNation, Inc.
	Company.

200 S.W. 1st Ave. 
Fort Lauderdale, FL 33301
         
With Copy to:
General Counsel
AutoNation, Inc.
200 S.W. 1st Ave.
Fort Lauderdale, FL 33301

Any party may change the address to which notices hereunder are to be sent to it by giving written notice of a change of address.

		
	(k)
	Liability for Breach. In the event of Executive’s breach of any terms of this Agreement, the Company may pursue any and all remedies allowable under state and/or federal law.  Depending on the interpretation of applicable law, these remedies may include monetary damages, equitable relief, and recoupment of the severance benefits described in Paragraph 2 of this Agreement.  In the event of Executive’s breach of Paragraph 5 (“Cooperation” provision), Paragraph 6 (“Confidential Information” provision), Paragraph 7 (“Compliance with Other Agreements and Policies” provision), Paragraph 8 (“Return of Company Property” provision), Paragraph 9 (“No Right to Give Interviews” provision), and/or Paragraph 10 (“Non-Disparagement” provision), Executive agrees that he: (i) will relinquish all severance benefits set forth in Paragraph 2 (including all subparts) of this Agreement and be obligated to repay to the Company, within 30 days of notice from the Company, any portion of the severance compensation that Executive has received; and (ii) forfeit the right to receive any further installment payments of severance benefits, which will result in the Company ceasing any further installment payments of severance compensation.  The Company may also pursue recovery of attorney’s fees to the extent allowable under state and/or federal law.

		
	(l)
	Applicable Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Florida, without regard to its choice of law rules. 

		
	(m)
	Section 409A. The intent of the parties is that payments and benefits under this Agreement be exempt from or comply with Section 409A of the Code (“Section 409A”) to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith.  Notwithstanding anything herein to the contrary: (i) if at the time of Executive’s termination of employment with the Company, Executive is a “specified employee” as defined in Section 409A and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six (6) months following Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A); (ii) if any other payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under Section 409A, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Board that does not cause such an accelerated or additional 

tax; (iii) to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, Executive shall not be considered to have terminated employment with the Company for purposes of this Agreement and no payment shall be due to Executive under this Agreement until Executive would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A; and (iv) each amount to be paid or benefit to be provided to Executive pursuant to this Agreement, which constitute deferred compensation subject to Section 409A, shall be construed as a separate identified payment for purposes of Section 409A.  To the extent required to avoid an accelerated or additional tax under Section 409A, amounts reimbursable to Executive under this Agreement shall be paid to Executive on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in-kind benefits provided to Executive) during any one year may not effect amounts reimbursable or provided in any subsequent year.

[Signature page follows]

IN WITNESS WHEREOF, the Company and Executive have executed this Separation Agreement and General Release of All Claims on the date set forth by each party below.

I hereby accept and agree to abide by this Agreement:

    
	
					
	Executive:
	/s/ MICHAEL J. SHORT
	 
	Date:
	January 10, 2014

	 
	Michael J. Short
	 
	 
	 

	 
	 
	 
	 
	 

	Company:
	/s/ JONATHAN P. FERRANDO
	 
	Date:
	January 10, 2014

	 
	AutoNation, Inc.
	 
	 
	 

To be Signed by Executive upon Receipt of Agreement:

I hereby acknowledge that I received a copy of this Separation Agreement and release of All Claims on this 7th day of January 2014, and was informed that I have up to 21 days from this date to consider it before signing.

/s/ MICHAEL J. SHORT
Executive

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