Document:

Exhibit 4.2

 

EXECUTION
COPY

 

JOINDER
AND SECOND AMENDMENT TO

AMENDED
AND RESTATED CREDIT AGREEMENT

AND
OTHER LOAN DOCUMENTS

 

This Joinder and Second
Amendment to Amended and Restated Credit Agreement and Other Loan Documents (this “Second Amendment”) is made
as of this 5th day of October, 2020, by and among:

 

THE CHILDREN’S
PLACE, INC., a Delaware corporation, for itself and as agent (in such capacity, the “Lead Borrower”) for
the other Borrowers party hereto;

 

the BORROWERS identified
on Schedule I hereto (together with the Lead Borrower, individually, a “Borrower”, and collectively,
the “Borrowers”);

 

TCP BRANDS, LLC, a
Delaware limited liability company (“TCP Brands”);

 

TCP INVESTMENT CANADA
I CORP., a Nova Scotia unlimited liability company (“TCP Canada I”, and together with TCP Brands, individually,
a “New Guarantor”, and collectively, the “New Guarantors”);

 

the GUARANTORS identified
on Schedule II hereto (individually, an “Existing Guarantor”, and collectively, the “Existing
Guarantors”, and together with the New Guarantors, individually, a “Guarantor”, and collectively,
the “Guarantors”);

 

the LENDERS party hereto;
and

 

WELLS FARGO BANK, NATIONAL
ASSOCIATION (successor by merger to Wells Fargo Retail Finance, LLC), as Administrative Agent, Collateral Agent, L/C Issuer, and
Swing Line Lender.

 

W
I T N E S S E T H:

 

WHEREAS, reference
is made to that certain Amended and Restated Credit Agreement (as amended in effect from time to time, the “Credit Agreement”)
dated as of May 9, 2019 by and among (i) the Borrowers, (ii) the Existing Guarantors, (iii) the Lenders, and
(iv) Wells Fargo Bank, National Association (successor by merger to Wells Fargo Retail Finance, LLC), as Administrative Agent,
Collateral Agent, and Swing Line Lender;

 

WHEREAS, the Loan Parties
desire to enter into a term loan agreement and related documents, instruments and agreements with, among others, Crystal Financial
LLC (as further defined in the Credit Agreement (as amended hereby), the “Term Documents”), pursuant to which,
among other things, the Loan Parties desire to incur Indebtedness and to secure such Indebtedness by granting a Lien on substantially
all of the Loan Parties’ assets (which Lien shall have the priority set forth in the Intercreditor Agreement (as defined
in the Credit Agreement (as amended hereby))), which actions, absent the consent of the Required Lenders, would constitute an Event
of Default under the Credit Agreement; and

 

    

     

    

 

WHEREAS, in connection
therewith, the Loan Parties, the Agents and the Lenders have agreed to amend certain other terms and conditions of the Credit Agreement
as set forth herein.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

		1.	Definitions. All capitalized terms used herein and not otherwise defined shall have the
same meaning herein as in the Credit Agreement (as amended hereby).

 

		2.	Joinder and Assumption of Obligations.

 

		(a)	Effective as of the Second Amendment Effective Date, each New Guarantor hereby acknowledges that
such New Guarantor has received and reviewed a copy of the Credit Agreement and the other Loan Documents (each as amended hereby),
and hereby:

 

		(i)	joins in the execution of, and becomes a party to, the Credit Agreement and the other Loan Documents
as a Guarantor thereunder, as indicated with its signature below;

 

		(ii)	covenants and agrees to be bound by all covenants, agreements, liabilities and acknowledgments
of a Guarantor under the Credit Agreement and the other Loan Documents as of the date hereof (other than covenants, agreements,
liabilities and acknowledgments that relate solely to an earlier date), in each case, with the same force and effect as if such
New Guarantor was a signatory to the Credit Agreement and the other Loan Documents and was expressly named as a Guarantor therein;

 

		(iii)	makes all representations, warranties, and other statements of a Guarantor under the Credit Agreement
and the other Loan Documents, as of the date hereof (other than representations, warranties and other statements that relate solely
to an earlier date), in each case, with the same force and effect as if such New Guarantor was a signatory to the Credit Agreement
and the other Loan Documents and was expressly named as a Guarantor therein; and

 

		(iv)	assumes and agrees to perform all applicable duties and Obligations of the Existing Guarantors
under the Credit Agreement and the other Loan Documents.

 

		(b)	Without limiting the generality of Section 2(a) hereof:

 

		(i)	TCP Brands hereby (A) joins in the execution of, and becomes a party to, the Facility Guaranty
described in clause (i) of such term, (B) irrevocably and unconditionally guarantees, jointly with the other Guarantors
and severally, as a primary obligor and not merely as a surety, the due and punctual payment when due (whether at the stated maturity,
by required prepayment, by acceleration or otherwise) and performance by each of the other Loan Parties of all Obligations, and
(C) agrees that TCP Brands shall, for all purposes, be deemed to be a “Guarantor”, jointly and severally with
the Existing Guarantors under the Credit Agreement, such Facility Guaranty and the other Loan Documents.

 

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		(ii)	Without limiting the agreements of TCP Canada I pursuant to the Canadian Guaranty, TCP Canada I
hereby (A) irrevocably and unconditionally guarantees, jointly with the other Guarantors and severally, as a primary obligor
and not merely as a surety, the due and punctual payment when due (whether at the stated maturity, by required prepayment, by acceleration
or otherwise) and performance by each of the other Loan Parties of all Obligations, and (B) agrees that TCP Canada I shall,
for all purposes, be deemed to be a “Guarantor”, jointly and severally with the Existing Guarantors under the Credit
Agreement, the Canadian Guaranty and the other Loan Documents.

 

		3.	Amendments to the Credit Agreement.

 

		(a)	The Credit Agreement is hereby amended to delete the bold, stricken text (indicated textually in
the same manner as the following example: stricken text) and to add the bold,
double-underlined text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the pages of the Credit Agreement attached as Annex A hereto.

 

		(b)	The Credit Agreement is hereby amended by (i) amending and restating each existing Schedule
to the Credit Agreement (other than Schedule 2.03(o) (Existing Letters of Credit) in the forms of such Schedules annexed hereto
as Annex B, and (ii) adding a new Schedule 5.17(b) (Franchise Agreements; Outbound Licenses) thereto in the form
of such Schedule annexed here as Annex B.

 

		(c)	The Credit Agreement is hereby amended by amending and restating Exhibits D (Form of
Compliance Certificate), E (Form of Assignment and Assumption) F (Form of Joinder Agreement), G
(Form of Borrowing Base Certificate) and H (Form of Credit Card Notification) to the Credit Agreement in the forms
of such Exhibits annexed hereto as to Annex C.

 

		4.	Amendments to U.S. Facility Guaranty. The Facility Guaranty described in clause (i) of
such term is hereby amended as follows:

 

		(a)	By deleting the phrase “each of the Borrowers of all Obligations (collectively, the “Guaranteed
Obligations”)” from Section 2(a) thereof and replacing it with the phrase “each of the other Loan
Parties of all of their respective Obligations (collectively, the “Guaranteed Obligations”)”.

 

		(b)	By amending and restating Section 5(c) thereof to read in its entirety as follows:

 

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“(c)        The
agreements in this SECTION 5 shall survive the resignation of any Agent and the payment in full of the Guaranteed
Obligations in accordance with Section 1.02(d) of the Credit Agreement.”

 

		(c)	By amending Section 6 thereof by deleting each reference to the phrase “the payment
in full in cash of the Guaranteed Obligations” therefrom and replacing it with the phrase “the payment in full of the
Guaranteed Obligations in accordance with Section 1.02(d) of the Credit Agreement”.

 

		(d)	By amending Section 7 thereof by (i) deleting the phrase “the payment in full in
cash of the Guaranteed Obligations” therefrom and replacing it with the phrase “the payment in full of the Guaranteed
Obligations in accordance with Section 1.02(d) of the Credit Agreement”, and (ii) deleting the phrase “the
Guaranteed Obligations have been paid in full in cash” therefrom and replacing it with the phrase “the Guaranteed Obligations
have been paid in full in accordance with Section 1.02(d) of the Credit Agreement”.

 

		(e)	By amending and restating Section 8 thereof to read in its entirety as follows:

 

“SECTION 8.     In
furtherance of the foregoing and not in limitation of any other right that the Agents or any other Credit Party has at law or in
equity against any Guarantor by virtue hereof, upon the failure of any Loan Party to pay any Guaranteed Obligation when and as
the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby
promises to and will forthwith pay, or cause to be paid, to the Agents or such other Credit Party as designated thereby in cash
the amount of such unpaid Guaranteed Obligations. Upon payment by any Guarantor of any sums to any Agent or any other Credit Party
as provided above, all rights of such Guarantor against any Loan Party arising as a result thereof by way of right of subrogation,
contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the
prior payment in full of all the Guaranteed Obligations in accordance with Section 1.02(d) of the Credit Agreement. In
addition, any indebtedness of any Borrower or any other Loan Party now or hereafter held by any Guarantor is hereby subordinated
in right of payment to the prior payment in full of all the Guaranteed Obligations in accordance with Section 1.02(d) of
the Credit Agreement. Notwithstanding the foregoing, prior to the occurrence of an Event of Default, any Borrower or any other
Loan Party may make payments to any Guarantor on account of any such indebtedness. After the occurrence and during the continuance
of an Event of Default, none of the Guarantors will demand, sue for, or otherwise attempt to collect any such indebtedness until
the payment in full of all of the Guaranteed Obligations in accordance with Section 1.02(d) of the Credit Agreement.
If any amount shall erroneously be paid to any Guarantor on account of (a) such subrogation, contribution, reimbursement,
indemnity or similar right or (b) any such indebtedness of any Loan Party, such amount shall be held in trust for the benefit
of the Credit Parties and shall forthwith be paid to the Administrative Agent to be credited against the payment of the Guaranteed
Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement.”

 

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		(f)	By amending Section 11 thereof by deleting the first sentence therefrom and replacing it with
the following sentence:

 

“This Guaranty (a) shall
terminate when all of the Guaranteed Obligations have been paid in full in accordance with Section 1.02(d) of the Credit
Agreement, and (b) shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part
thereof, of any Guaranteed Obligation is rescinded or must otherwise be restored by any Credit Party or any Guarantor upon the
bankruptcy, insolvency, liquidation, receivership, arrangement or reorganization of any Loan Party or otherwise.”

 

		(g)	By amending Section 14(a) thereof by deleting the phrase “Agents’ Rights
or Remedies” from the fourth sentence thereof and replacing it with the phrase “Agents’ Rights and Remedies”.

 

		(h)	By amending and restating Section 18(a) thereof to read in its entirety as follows.

 

		“(a)  	All covenants, agreements, indemnities, representations and warranties made by the Guarantors
herein and in the certificates or other instruments delivered in connection with or pursuant to this Guaranty, the Credit Agreement
or any other Loan Document (i) shall be considered to have been relied upon by the Agents and the other Credit Parties and
shall survive the execution and delivery of this Guaranty, the Credit Agreement and the other Loan Documents and the making of
any Loans by the Lenders and the issuance of any Letters of Credit by the L/C Issuer, regardless of any investigation made by
any Agent or any other Credit Party or on their behalf and notwithstanding that any Agent or other Credit Party may have had notice
or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit is extended, (ii) shall
continue in full force and effect until the payment in full of all of the Guaranteed Obligations in accordance with Section 1.02(d) of
the Credit Agreement, and (iii) shall be reinstated if at any time payment, or any part thereof, of any Guaranteed Obligation
is rescinded or must otherwise be restored by any Credit Party or any Guarantor upon the bankruptcy or reorganization of any Loan
Party. The provisions of SECTION 5 and SECTION 11 hereof shall survive and remain in full force and effect regardless
of the occurrence of any of the events described in the foregoing clause (ii), or the termination of this Guaranty or any provision
hereof.”

 

		(i)	By adding the following new sentence to the end of Section 19 thereof:

 

“Without limiting the foregoing
provisions of this SECTION 19, the provisions of Section 10.10(b) of the Credit Agreement are incorporated by reference
herein and apply to this Guaranty, mutatis mutandis.”

 

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		(j)	By deleting Schedule I (Guarantors) in its entirety therefrom and replacing it with the
Schedule I annexed hereto as to Annex D.

 

		5.	Ratification of Loan Documents; Waiver of Claims.

 

		(a)	Except as otherwise expressly provided herein, all terms and conditions of the Credit Agreement
and the other Loan Documents remain in full force and effect. The Loan Parties hereby ratify, confirm, and reaffirm (i) all
Loan Documents as amended hereby, and (ii) that all representations and warranties of the Loan Parties contained in the Credit
Agreement or any other Loan Document are true and correct in all material respects on and as of the date hereof, except (x) in
the case of any representation and warranty qualified by materiality, they are true and correct in all respects, (y) to the
extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct
in all material respects (or in all respects, as applicable) as of such earlier date, and (z) for purposes of this Section 5,
the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement
shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01
of the Credit Agreement. The Guarantors hereby acknowledge, confirm and agree that the Guaranteed Obligations of the Guarantors
under, and as defined in, the Facility Guaranty include, without limitation, all Obligations of the Loan Parties at any time and
from time to time outstanding under the Credit Agreement and the other Loan Documents. The Loan Parties hereby acknowledge, confirm
and agree that the Security Documents, and any and all Collateral previously pledged to the Collateral Agent, for the benefit of
the Credit Parties, pursuant thereto, shall continue to secure all applicable Obligations of the Loan Parties at any time and from
time to time outstanding under the Credit Agreement and the other Loan Documents.

 

		(b)	Each of the Loan Parties hereby acknowledges and agrees that there is no basis or set of facts
on the basis of which any amount (or any portion thereof) owed by the Loan Parties under the Loan Documents could be reduced, offset,
waived, or forgiven, by rescission or otherwise; nor is there any claim, counterclaim, offset, or defense (or other right, remedy,
or basis having a similar effect) available to the Loan Parties with regard thereto; nor is there any basis on which the terms
and conditions of any of the Obligations could be claimed to be other than as stated on the written instruments which evidence
such Obligations.

 

		(c)	Each of the Loan Parties hereby
acknowledges and agrees that it has no offsets, defenses, claims, or counterclaims against the Agents or any Lender, or any of
their respective affiliates, predecessors, successors, or assigns, or any of their respective officers, directors, employees, attorneys,
or representatives, with respect to the Obligations, or otherwise, and that if any Loan Party now has, or ever did have, any offsets,
defenses, claims, or counterclaims against the Agents or any Lender, or their respective affiliates, predecessors, successors,
or assigns, or their respective officers, directors, employees, attorneys, or representatives, whether known or unknown, at law
or in equity, from the beginning of the world through this date and through the time of execution of this Second Amendment, all
of them are hereby expressly WAIVED, and each of the Loan Parties hereby RELEASES the Agents and each Lender and
their respective officers, directors, employees, attorneys, representatives, affiliates, predecessors, successors, and assigns
from any liability therefor.

 

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		6.	Conditions to Effectiveness. This
Second Amendment shall not be effective until each of the following conditions precedent has been fulfilled to the reasonable
satisfaction of the Administrative Agent (the date on which this Second Amendment is so effective being referred to as the “Second
Amendment Effective Date”):

 

		(a)	The Administrative Agent shall have received
counterparts of this Second Amendment duly executed and delivered by each of the parties hereto and thereto.

 

		(b)	The Administrative Agent shall have received (i) a Borrowing Base Certificate, and (ii) a
Term Loan Borrowing Base Certificate, each dated as of the Second Amendment Effective Date, relating to the Fiscal Month ended
on August 31, 2020 and in form and substance satisfactory to the Administrative Agent.

 

		(c)	The Administrative Agent shall be satisfied that after giving effect to (i) the funding of
the Term Loan under the Term Documents and (ii) consummation of the transactions and payment of all fees and expenses in connection
therewith and with this Amendment, Liquidity shall be at least the lesser of (A) $125,000,000 (including Excess Availability
of not less than $100,000,000 as reflected on the Borrowing Base Certificate described in Section 6(b)(i) above) and
(B) an amount determined by the Administrative Agent in due diligence to be sufficient to fund operations of the Loan Parties
and their respective Subsidiaries.

 

		(d)	(i) The Term Credit Agreement shall have been entered into and shall be in form and substance
satisfactory to the Administrative Agent, and contemporaneously herewith, the Borrowers shall have received at least $80,000,000
of gross proceeds from the Term Loan made pursuant to the Term Credit Agreement, (ii) a Responsible Officer of the Lead Borrower
shall have delivered a certificate to the Administrative Agent, in form and substance satisfactory to the Administrative Agent,
which certificate shall attach the Term Credit Agreement and all other material Term Documents and certify that such documents
are true, correct and complete copies of all such Term Documents, and (iii) the Term Documents shall be in full force and
effect and no default or event of default shall exist under the Term Documents, or would result from the consummation of the transactions
contemplated hereby (including the incurrence of the Term Loan).

 

		(e)	The Intercreditor Agreement shall (i) have been duly executed by all parties thereto and delivered
to the Administrative Agent, and (ii) shall be in form and substance reasonably satisfactory to the Administrative Agent and
the Required Lenders.

 

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		(f)	The Administrative Agent shall have received, in form and substance reasonably satisfactory to
the Administrative Agent, (i) such certificates of resolutions or other action, incumbency certificates and/or other certificates
of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing (A) the authority of each Loan
Party to enter into this Second Amendment and the other Loan Documents to which such Loan Party is a party or is to be a party
and (B) the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer
in connection with this Second Amendment and the other Loan Documents to which such Loan Party is a party or is to be a party,
and (ii) copies of each Loan Party’s Organization Documents and such other documents and certifications as the Administrative
Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly
existing and in good standing under the Laws of the jurisdiction of its incorporation, organization or formation.

 

		(g)	The Administrative Agent shall have received, in form and substance reasonably satisfactory to
the Administrative Agent, favorable opinions of (i) Blank Rome LLP, counsel to the Loan Parties, (ii) Borden Ladner Gervais
LLP, Canadian counsel to the Loan Parties, (iii) Stewart McKelvey, special Nova Scotia counsel to the Loan Parties, and (iv) Burr &
Forman LLP, special Alabama counsel to the Loan Parties, each addressed to the Administrative Agent and each Lender, as to such
matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request.

 

		(h)	The Administrative Agent shall have received, in form and substance reasonably satisfactory to
the Administrative Agent, a certificate signed by a Responsible Officer of the Lead Borrower certifying (i) that the conditions
specified in this Section 6 have been satisfied, (ii) that there has been no event or circumstance since the date of
the Audited Financial Statements that has had or could be reasonably expected to have, either individually or in the aggregate,
a Material Adverse Effect (other than resulting from any event, development or circumstance related to the COVID-19 pandemic occurring
prior to the Second Amendment Effective Date and disclosed to the Agents and the Lenders in writing prior to the Second Amendment
Effective Date), (iii) either that (1) no consents, licenses or approvals (other than those referenced in Section 6(f)(i) of
this Second Amendment) are required in connection with the execution, delivery and performance by such Loan Party and the validity
against such Loan Party of the Loan Documents to which it is a party, or (2) that all such consents, licenses and approvals
have been obtained and are in full force and effect, (iv) to the Solvency of the Loan Parties on a Consolidated basis as of
the Second Amendment Effective Date after giving effect to the transactions contemplated hereby (including, without limitation,
the incurrence of the Term Loan), and (v) as to a calculation of Consolidated Fixed Charge Coverage Ratio as of the Fiscal
Quarter ended August 1, 2020, in form and detail reasonably satisfactory to the Administrative Agent.

 

		(i)	The Administrative Agent shall have received, in form and substance reasonably satisfactory to
the Administrative Agent, evidence that all insurance required to be maintained pursuant to the Loan Documents and all endorsements
in favor of the Agents required under the Loan Documents have been obtained and are in effect.

 

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		(j)	The Administrative Agent shall have received, in form and substance reasonably satisfactory to
the Administrative Agent, (i) the Security Documents (including, without limitation, the Security Agreement, the Canadian
Security Agreement (each as defined in the Credit Agreement as in effect after giving effect to this Second Amendment)) and the
deeds of hypothec, each duly executed by the applicable Loan Parties, and (ii) evidence that certificates evidencing any stock
or instruments being pledged under the Security Documents, together with undated stock powers or other documents of transfer executed
in blank, have been delivered to the Term Agent as bailee for the Collateral Agent.

 

		(k)	The Administrative Agent shall have received, in form and substance reasonably satisfactory to
the Administrative Agent, results of searches or other evidence reasonably satisfactory to the Collateral Agent (in each case dated
as of a date reasonably satisfactory to the Collateral Agent) indicating the absence of Liens on the assets of the Loan Parties,
except for Permitted Encumbrances and Liens for which termination statements and releases, satisfactions and discharges of any
mortgages, or subordination agreements reasonably satisfactory to the Collateral Agent are being tendered concurrently with such
extension of credit or other arrangements reasonably satisfactory to the Collateral Agent for the delivery of such termination
statements and releases have been made.

 

		(l)	The Administrative Agent shall have received, in form and substance reasonably satisfactory to
the Administrative Agent, (i) all documents and instruments, including UCC (including fixture filings in the U.S.) and PPSA
financing statements (including fixture filings in Canada), Intellectual Property filings, and certificates of title, required
by law or reasonably requested by the Collateral Agent to be filed, registered or recorded to create or perfect the Liens intended
to be created under the Loan Documents having the priority required by the Loan Documents and all such documents and instruments
shall have been so filed, registered or recorded to the satisfaction of the Collateral Agent and (ii) the Credit Card Notifications
and Blocked Account Agreements required pursuant to Section 6.13 of the Credit Agreement.

 

		(m)	The representations and warranties of each other Loan Party contained in Article V of the
Credit Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection
herewith or therewith, shall be true and correct in all material respects on and as of the date hereof after giving effect to the
transactions contemplated hereby (including, without limitation, the incurrence of the Term Loan), except (i) in the case
of any representation and warranty qualified by materiality, they shall be true and correct in all respects, (ii) to the extent
that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in
all material respects (or in all respects, as applicable) as of such earlier date, and (iii) for purposes of this Section 6,
the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement
shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01
of the Credit Agreement.

 

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		(n)	After giving effect to this Second
Amendment and the transactions contemplated hereby (including, without limitation, the incurrence of the Term Loan), no Default
or Event of Default shall have occurred and be continuing or would result therefrom.

 

		(o)	There shall be no material misstatements
in the written materials furnished by the Loan Parties to the Agents or the Lenders prior to closing of this Second Amendment,
or in the representations or warranties of the Loan Parties made in the Credit Agreement. The Administrative Agent shall be satisfied,
in its reasonable discretion, that any financial statements delivered to it fairly present the business and financial condition
of the Borrowers and their Subsidiaries, taken as a whole, as of the date thereof and for the periods covered thereby, and that
since the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate,
that has had or could reasonably be expected to have a Material Adverse Effect (other than resulting from any event, development
or circumstance related to the COVID-19 pandemic occurring prior to the Second Amendment Effective Date and disclosed to the Agents
and the Lenders in writing prior to the Second Amendment Effective Date). The Administrative Agent shall be satisfied, in its reasonable
discretion, that any projections delivered to it represent the Borrowers’ good faith estimate of their future financial performance
and were prepared on the basis of assumptions believed by the Borrowers to be fair and reasonable in light of current business
conditions at the time such projections were prepared.

 

		(p)	The Borrowers shall have paid the fees contemplated to be paid on the Second Amendment Effective
Date pursuant to the Fee Letter.

 

		(q)	If any Loan Party or any of its Subsidiaries owns any Margin Stock, Borrowers shall have delivered
to the Administrative Agent an updated Form U-1 (with sufficient additional originals thereof for each Lender), duly executed
and delivered by the Borrowers, together with such other documentation as the Administrative Agent shall reasonably request, in
order to enable the Administrative Agent and the Lenders to comply with any of the requirements under Regulations T, U or X of
the FRB.

 

		(r)	There shall not have occurred since February 1,
2020 (a) any event or condition that has had or could reasonably be expected, either individually or in the aggregate, to
have a Material Adverse Effect (other than resulting from any event, development or circumstance related to the COVID-19
pandemic occurring prior to the Second Amendment Effective Date and disclosed to the Agents and the Lenders in writing prior to
the Second Amendment Effective Date), or (b) any action, suit, investigation or proceeding pending or, to the knowledge of
the Borrowers, threatened in any court or before any arbitrator or governmental authority that could reasonably be expected to
have a Material Adverse Effect.

 

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		(s)	The Agents shall have been reimbursed by the Loan Parties for all reasonable invoiced costs and
expenses of the Agents (including, without limitation, reasonable attorneys’ fees) in connection with the preparation, negotiation,
execution, and delivery of this Second Amendment and related documents. The Loan Parties hereby acknowledge and agree that the
Administrative Agent may charge the Loan Account to pay such costs and expenses.

 

		(t)	The Administrative Agent shall have received all documentation and other information required by
regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations,
including, without limitation, the Patriot Act and the Canadian AML Legislation.

 

		(u)	Unless otherwise agreed in writing by the Agents in their sole discretion, the Agents shall have
received, in form and substance reasonably satisfactory to the Agents, such documents, instruments and agreements as the Agents
may reasonably request, including, without limitation, the documents, instruments and agreements described on Schedule III
hereto.

 

		7.	Miscellaneous.

 

		(a)	This Second Amendment may be executed
in several counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original,
and all of which together shall constitute one instrument. Delivery of an executed counterpart of a signature page to this
Second Amendment by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart
of this Second Amendment. Without limiting the foregoing provisions of this Section 7(a), the provisions of Section 10.10(b) of
the Credit Agreement are incorporated by reference herein and apply to this Second Amendment, mutatis mutandis.

 

		(b)	This Second Amendment expresses
the entire understanding of the parties with respect to the transactions contemplated hereby. No prior negotiations or discussions
shall limit, modify, or otherwise affect the provisions hereof.

 

		(c)	Any determination that any provision of
this Second Amendment or any application hereof is invalid, illegal or unenforceable in any respect and in any instance
shall not affect the validity, legality, or enforceability of such provision in any other instance, or the validity, legality,
or enforceability of any other provisions of this Second Amendment.

 

		(d)	The Loan Parties represent and warrant
that they have consulted with independent legal counsel of their selection in connection with this Second Amendment and
are not relying on any representations or warranties of the Agents or the Lenders or their counsel in entering into this Second
Amendment.

 

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		(e)	THIS SECOND AMENDMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

[Signature Pages Follow]

 

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IN WITNESS WHEREOF,
the parties have hereunto caused this Second Amendment to be executed and their seals to be hereto affixed as of the date first
above written.

 

	 	THE
    CHILDREN’S PLACE, INC., as Lead Borrower and as a Borrower
	 	 
	 	By: 	 	  
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	THE
    CHILDREN’S PLACE SERVICES COMPANY, LLC, as a Borrower
	 	 
	 	By:		
	 	Name:		 
	 	Title:		 
	 	 	 	 
	 	THE CHILDREN’S PLACE (CANADA),
    LP, by its general partner, TCP INVESTMENT CANADA II CORP., as a Canadian Borrower
	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	THE
    CHILDRENSPLACE.COM, INC., as a Guarantor
	 	 	 
	 	By:		                    
	 	Name:		 
	 	Title:		 
	 	 	 	 
	 	THE
    CHILDREN’S PLACE INTERNATIONAL, LLC, as a Guarantor
	 	 
	 	By: 		      
	 	Name:		 
	 	Title:		 

 

Signature Page to Joinder and Second Amendment
to

Amended and Restated Credit Agreement and
Other Loan Documents

 

    

     

    

 

	 	THE
    CHILDREN’S PLACE CANADA HOLDINGS, INC., as a Guarantor
	 	 
	 	By:		     
	 	Name:		 
	 	Title:		 
	 	 	 	 
	 	TCP
    IH II, LLC, as a Guarantor
	 	 
	 	By:		
	 	Name:		 
	 	Title:		 
	 	 	 	 
	 	TCP
    REAL ESTATE HOLDINGS, LLC, as a Guarantor
	 	 
	 	By: 		
	 	Name:		 
	 	Title:		 
	 	 	 	 
	 	TCP INTERNATIONAL PRODUCT HOLDINGS,
    LLC, as a Guarantor
	 	 
	 	By:	 	     
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	TCP BRANDS, LLC, as a Guarantor
	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	TCP INVESTMENT CANADA II CORP.,
    as a Guarantor
	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

Signature Page to Joinder and Second
Amendment to

Amended
and Restated Credit Agreement and Other Loan Documents

 

    

     

    

 

	 	TCP INVESTMENT CANADA I CORP., as a Guarantor
	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

Signature Page to Joinder and Second
Amendment to

Amended
and Restated Credit Agreement and Other Loan Documents

 

    

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to Wells Fargo Retail Finance, LLC), as Administrative Agent, Collateral Agent, L/C Issuer, Swing Line Lender, and as a Lender
	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	WELLS FARGO CAPITAL FINANCE CORPORATION CANADA, as L/C Issuer, as Swing Line Lender and as a Canadian Lender
	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

Signature Page to Joinder and Second
Amendment to

Amended
and Restated Credit Agreement and Other Loan Documents

 

    

     

    

 

	 	BANK OF AMERICA, N.A., as a U.S. Lender
	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	

 

 

	 	BANK OF AMERICA, N.A. (acting through its Canada branch), as a Canadian Lender
	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

Signature Page to Joinder and Second
Amendment to

Amended
and Restated Credit Agreement and Other Loan Documents

 

    

     

    

 

	 	HSBC BANK (USA), N.A., as a U.S. Lender and as a Canadian Lender
	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

Signature Page to Joinder and Second
Amendment to

Amended
and Restated Credit Agreement and Other Loan Documents

 

    

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as a U.S Lender
	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

	 	JPMORGAN CHASE BANK, N.A., TORONTO BRANCH, as a Canadian Lender
	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

Signature Page to Joinder and Second
Amendment to

Amended
and Restated Credit Agreement and Other Loan Documents

 

    

     

    

 

Schedule I

 

Borrowers other than Lead Borrower

 

The Children’s Place Services Company, LLC

The Children’s Place (Canada), LP

 

    

     

    

 

Schedule II

 

Existing Guarantors

 

thechildrensplace.com, inc.

The Children’s Place International, LLC

The Children’s Place Canada Holdings, Inc.

TCP IH II, LLC

TCP Real Estate Holdings, LLC

TCP International Product Holdings, LLC

TCP Investment Canada II Corp.

 

    

     

    

 

Schedule III

 

Additional Second Amendment Closing Deliverables

 

		1.	Information Certificate

 

		2.	Intellectual Property Security Agreements described in Schedule II of Security Agreement

 

		3.	Canadian Guaranty

 

		4.	Second Amendment to Mortgage and Endorsements to Mortgage Policy

 

		5.	Letter Agreement described in clause (iii) of the definition of “Fee Letter”

 

    

     

    

 

 

Annex A

 

Composite Amended and Restated Credit
Agreement

 

[see attached]

 

     

     

    

 

COMPOSITE
CREDIT AGREEMENT – ANNEX A TO JOINDER AND SECOND 

AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

AND
OTHER LOAN DOCUMENTS

 

AS AMENDED BY FIRST AMENDMENT – APRIL 24, 2020

EXECUTION
COPY

 

THIS CONFORMED CREDIT AGREEMENT HAS
BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY. IN THE EVENT OF ANY CONFLICT BETWEEN THE UNDERLYING CREDIT AGREEMENT AND AMENDMENTS
THERETO, ON ONE HAND, AND THIS CONFORMED AGREEMENT, ON THE OTHER HAND, THE FORMER SHALL GOVERN AND CONTROL IN ALL RESPECTS.

 

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

Dated as of May 9, 2019,

as
amended April 24, 2020 and October 5, 2020

 

among

 

THE CHILDREN’S PLACE, INC.,

as the Lead Borrower

for

The Borrowers Party Hereto

 

The BORROWERS Party Hereto

 

The GUARANTORS Party Hereto

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

(successor by merger to Wells Fargo Retail
Finance, LLC),

as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender

 

and

 

The LENDERS Party Hereto

 

     

     

    

 

TABLE OF CONTENTS

 

	Section	Page
	 	 	 
	ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS	2
	 	 	 
	1.01	Defined Terms	2
	1.02	Other Interpretive Provisions	7175
	1.03	Accounting Terms.	7377
	1.04	Rounding	7377
	1.05	Times of Day	7377
	1.06	Letter of Credit Amounts	7377
	1.07	Currency Equivalents Generally	7377
	1.08	Divisions	7478
	 	 	 
	ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS	7478
	 	 	 
	2.01	Committed Loans; Reserves	7478
	2.02	Borrowings, Conversions and Continuations of Committed Loans.	7680
	2.03	Letters of Credit.	7982
	2.04	Swing Line Loans	9090
	2.05	Prepayments	9493
	2.06	Termination or Reduction of Commitments	9694
	2.07	Repayment of Loans	9795
	2.08	Interest	9795
	2.09	Fees	9896
	2.10	Computation of Interest and Fees	9996
	2.11	Evidence of Debt	9996
	2.12	Payments Generally; Administrative Agent’s Clawback	10097
	2.13	Sharing of Payments by Lenders	10298
	2.14	Settlement Among Lenders	10299
	2.15	Increase in Commitments	10399
	 	 	 
	ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY; APPOINTMENT OF LEAD BORROWER	105101
	 	 	 
	3.01	Taxes	105101
	3.02	Illegality	108103
	3.03	Inability to Determine Rates	108103
	3.04	Increased Costs; Reserves on LIBO Rate Loans	110105
	3.05	Compensation for Losses	112106
	3.06	Mitigation Obligations; Replacement of Lenders	113107
	3.07	Survival	113107
	3.08	Designation of Lead Borrower as Borrowers’ Agent	113107
	 	 	 
	ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	114108
	 	 	 
	4.01	Conditions of Initial Credit Extension	114108
	4.02	Conditions to all Credit Extensions	117110
	 	 	 

 

    	 	i	 

     

    

 

	ARTICLE V. REPRESENTATIONS AND WARRANTIES	118111
	 	 	 
	5.01	Existence, Qualification and Power	118111
	5.02	Authorization; No Contravention	119112
	5.03	Governmental Authorization; Other Consents	119112
	5.04	Binding Effect	119112
	5.05	Financial Statements; No Material Adverse Effect	119112
	5.06	Litigation	120113
	5.07	No Default	120113
	5.08	Ownership of Property; Liens	120113
	5.09	Environmental Compliance	121114
	5.10	Insurance	122115
	5.11	Taxes	122115
	5.12	ERISA, Canadian Pension Plan Compliance	123115
	5.13	Subsidiaries; Equity Interests	124116
	5.14	Margin Regulations; Investment Company Act	125117
	5.15	Disclosure	125117
	5.16	Compliance with Laws	125117
	5.17	Intellectual Property; Licenses, Etc.	126118
	5.18	Labor Matters	126118
	5.19	Security Documents	127119
	5.20	Solvency	127120
	5.21	Deposit Accounts; Credit Card Arrangements	127120
	5.22	Brokers	128120
	5.23	Customer and Trade Relations	128120
	5.24	Material Contracts	128120
	5.25	Casualty	129121
	5.26	OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws	129121
	5.27	Patriot Act, Etc.	129121
	5.28	Swap Contracts	129121
	 	 	 
	ARTICLE VI. AFFIRMATIVE COVENANTS	129122
	 	 	 
	6.01	Financial Statements	130122
	6.02	Certificates; Other Information	131123
	6.03	Notices	135126
	6.04	Payment of Obligations	136128
	6.05	Preservation of Existence, Etc.	136128
	6.06	Maintenance of Properties	136128
	6.07	Maintenance of Insurance	137129
	6.08	Compliance with Laws	139130
	6.09	Books and Records; Accountants	139130
	6.10	Inspection Rights	139131
	6.11	Use of Proceeds	141132
	6.12	Additional Loan Parties	141132
	6.13	Cash Management	142133
	6.14	Information Regarding the Collateral	144135
	6.15	Physical Inventories	145135
	6.16	Environmental Laws	145136
	6.17	Further Assurances	145136
	6.18	Compliance with Terms of Leaseholds	147137
	6.19	Material Contracts	147138
	6.20	ERISA	148138
	6.21	OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws	149139

 

    	 	ii	 

     

    

 

	ARTICLE VII. NEGATIVE COVENANTS	149139
	 	 	 
	7.01	Liens	149139
	7.02	Investments	149139
	7.03	Indebtedness; Disqualified Stock	149139
	7.04	Fundamental Changes	149140
	7.05	Dispositions	150140
	7.06	Restricted Payments	150140
	7.07	Payments and Prepayments of Indebtedness	151141
	7.08	Change in Nature of Business	151141
	7.09	Transactions with Affiliates	151141
	7.10	Burdensome Agreements	151141
	7.11	Use of Proceeds	151142
	7.12	Amendment of Material Documents	152142
	7.13	Corporate Name; Fiscal Year	152142
	7.14	Blocked Accounts; Credit Card Processors	152142
	7.15	Consignments	152143
	7.16	Antilayering	153143
	7.17	Consolidated Fixed Charge Coverage Ratio	153143
	7.18	Foreign Transfers	153143
	 	 	 
	ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES	153143
	 	 	 
	8.01	Events of Default	153143
	8.02	Remedies Upon Event of Default	157147
	8.03	Application of Funds	158147
	 	 	 
	ARTICLE IX. ADMINISTRATIVE AND COLLATERAL AGENT	159149
	 	 	 
	9.01	Appointment and Authority	159149
	9.02	Rights as a Lender	160150
	9.03	Exculpatory Provisions	161150
	9.04	Reliance by Agents	162151
	9.05	Delegation of Duties	162151
	9.06	Resignation of Agents	162152
	9.07	Non-Reliance on Administrative Agent and Other Lenders	163152
	9.08	Administrative Agent May File Proofs of Claim	163153
	9.09	Collateral and Guaranty Matters	164153
	9.10	Notice of Transfer	165154
	9.11	Reports and Financial Statements	165154
	9.12	Agency for Perfection	166155
	9.13	Indemnification of Agents	166155
	9.14	Relation among Lenders	166155
	9.15	Defaulting Lenders	166156
	9.16	Providers	169158

 

    	 	iii	 

     

    

 

	ARTICLE X. MISCELLANEOUS	170159
	 	 	 
	10.01	Amendments, Etc.	170159
	10.02	Notices; Effectiveness; Electronic Communications	172161
	10.03	No Waiver; Cumulative Remedies	174162
	10.04	Expenses; Indemnity; Damage Waiver	174162
	10.05	Payments Set Aside	176164
	10.06	Successors and Assigns	176164
	10.07	Treatment of Certain Information; Confidentiality	181168
	10.08	Right of Setoff	182168
	10.09	Interest Rate Limitation	182169
	10.10	Counterparts; Integration; Effectiveness	183169
	10.11	Survival	184170
	10.12	Severability	184170
	10.13	Replacement of Lenders	184170
	10.14	Governing Law; Jurisdiction; Etc.	185171
	10.15	Waiver of Jury Trial	186172
	10.16	No Advisory or Fiduciary Responsibility	186172
	10.17	Patriot Act and Canadian AML Legislation Notice	187173
	10.18	Time of the Essence	188173
	10.19	Press Releases	188174
	10.20	Additional Waivers	188174
	10.21	No Strict Construction	190175
	10.22	Foreign AssetAssets Control Regulations	190175
	10.23	Attachments	191176
	10.24	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	191176
	10.25	Keepwell	191176
	10.26	Amendment and Restatement	191177
	10.27	Judgment Currency	192177
	10.28	Acknowledgment Regarding Any Supported QFCs	192177
	10.29	Intercreditor Agreement	178
	 	 	 
	SIGNATURES	S-1

 

    	 	iv	 

     

    

 

SCHEDULES

 

	1.01	Guarantors
	1.02	Existing Shareholders
	1.04	New Headquarters Lease Guaranty
	1.05	New Headquarters Lease Side Letter
	1.06	Specified Account Debtors
	2.01	Commitments and Applicable Percentages1
	2.03(o)	Existing Letters of Credit
	5.01	Loan Parties’ Organizational Information
	5.06	Litigation
	5.08(b)(1)	Owned Real Estate
	5.08(b)(2)	Leased Real Estate
	5.09	Environmental Matters
	5.10	Insurance
	5.13	Subsidiaries; Other Equity Investments
	5.17(a)	Intellectual Property; Licenses
	5.17(b)	Franchise Agreements; Outbound Licenses
	5.18	Labor Matters
	5.21(a)	DDAs
	5.21(b)	Credit Card Arrangements
	5.24	Material Contracts
	6.02	Financial and Collateral Reporting
	6.13	Credit Card Notifications; Blocked Account Agreements
	7.01	Existing Liens
	7.02	Existing Investments
	7.03	Existing Indebtedness
	10.02	Administrative Agent’s Office; Certain Addresses for Notices

 

EXHIBITS

 

	 	Form of
	 	 
	A	Fixed Rate Loan Notice
	B	Swing Line Loan Notice
	C	Note
	D	Compliance Certificate
	E	Assignment and Assumption
	F	Joinder Agreement
	G	Borrowing Base Certificate2
	H	Credit Card Notification

 

 

1 Restated per
First Amendment

2 Restated per
First Amendment

 

    	 	v	 

     

    

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

This AMENDED AND RESTATED
CREDIT AGREEMENT (“Agreement”) is entered into as of May 9, 2019, as
amended as of April 24, 2020 and October 5, 2020, among

 

THE CHILDREN’S
PLACE, INC., a Delaware corporation, for itself and as agent (in such capacity, the “Lead Borrower”) for
the other Borrowers now or hereafter party hereto;

 

the BORROWERS now or
hereafter party hereto;

 

the GUARANTORS now
or hereafter party hereto;

 

each lender from time
to time party hereto (individually, a “Lender” and, collectively, the “Lenders”), and

 

WELLS FARGO BANK, NATIONAL
ASSOCIATION (successor by merger to Wells Fargo Retail Finance, LLC), as Administrative Agent, Collateral Agent, L/C Issuer and
Swing Line Lender.

 

W I T N E S S E T H:

 

WHEREAS, the Borrowers
have requested that the Lenders provide a revolving credit facility, and the Lenders have indicated their willingness to lend,
in each case on the terms and conditions set forth herein;

 

WHEREAS, prior to the
date of this Agreement, the Borrowers (other than Children’s Place Canada), on the one hand, and Wells Fargo Bank, National
Association (as successor by merger to Wells Fargo Retail Finance, LLC), as Administrative Agent and Collateral Agent thereunder,
and the lenders party thereto, on the other hand, previously entered into a Credit Agreement dated as of July 31, 2008 (as
amended and in effect, the “Existing Credit Agreement”), pursuant to which the lenders party thereto provided
the Borrowers with certain financial accommodations; and

 

WHEREAS, in accordance
with Section 10.01 of the Existing Credit Agreement, the Borrowers, the Lenders, and the Agents desire to amend and restate
the Existing Credit Agreement as provided herein.

 

NOW, THEREFORE, in
consideration of the mutual conditions and agreements set forth in this Agreement, and for good and valuable consideration, the
receipt of which is hereby acknowledged, the undersigned hereby agree that the Existing Credit Agreement shall be amended and restated
in its entirety to read as set forth herein (it being agreed that this Agreement shall not be deemed to evidence or result in a
novation or repayment and reborrowing of the Obligations under the Existing Credit Agreement):

 

    1

     

    

 

ARTICLE I.

DEFINITIONS AND ACCOUNTING TERMS

 

1.01            Defined
Terms. As used in this Agreement, the following terms shall have the meanings set forth below:

 

“2020
Tax Refund Claim” means the refund claim of one or more of the Borrowers in respect of the 2020 Fiscal Year resulting from
the carry back of net operating losses pursuant to Section 172(b)(1)(D) of the Internal Revenue Code and any similar
rule of state or local law.

 

“2020
Tax Refund Proceeds” means the cash proceeds actually received in respect of the 2020 Tax Refund Claim.

 

“ABL
Priority Collateral” shall have the meaning provided to such term in the Intercreditor Agreement.

 

“ACH”
means automated clearing house transfers.

 

“Acceptable
Document of Title” means, with respect to any Inventory, a tangible, negotiable bill of lading or other Document (as
defined in the UCC or a “document of title” as defined in the PPSA, as applicable) that (a) is issued by a common
carrier which is not an Affiliate of the Approved Foreign Vendor or any Loan Party which is in actual possession of such Inventory,
(b) is issued to the order of a Loan Party or, if so requested by the Collateral Agent, to the order of the Collateral Agent,
(c) names the Collateral Agent as a notify party and bears a conspicuous notation on its face of the Collateral Agent’s
security interest therein, (d) is not subject to any Lien (other than Liens
in favor of the Collateral Agent and
Permitted Encumbrances described in clause (n) of such definition), and (e) is on terms otherwise reasonably
acceptable to the Collateral Agent.

 

“Accommodation
Payment” as definedshall
have the meaning provided in Section 10.20(d).

 

“Account”
means “accounts” as defined in the UCC or the PPSA, as applicable, and also means a right to payment of a monetary
obligation, whether or not earned by performance, (a) for property that has been or is to be sold, leased, licensed, assigned,
or otherwise disposed of, (b) for services rendered or to be rendered, (c) for a policy of insurance issued or to be
issued, (d) for a secondary obligation incurred or to be incurred or (e) arising out of the use of a credit or charge
card or information contained on or for use with the card.

 

“Acquisition”
means, with respect to any Person (a) an Investment in, or a purchase of a Controlling interest in, the Equity Interests of
any other Person, (b) a purchase or other acquisition of all or substantially all of the assets or properties of, another
Person or of any business unit of another Person, (c) a purchase or other acquisition of a material portion of the assets
or properties of another Person, (d) any merger, amalgamation or consolidation of such Person with any other Person or other
transaction or series of transactions resulting in the acquisition of all or substantially all of the assets, or a Controlling
interest in the Equity Interests, of any Person, (e) any merger, amalgamation or consolidation of such Person with any other
Person or other transaction or series of transactions resulting in the acquisition of a material portion of the assets of any Person,
or (f) any acquisition by such Person of any group of Store locations comprising more than five percent (5%) of the number
of Stores operated by the acquiring Person as of the date of such acquisition, in each case acquired in any transaction or group
of transactions which are part of a common plan.

 

    2

     

    

 

“Additional
Commitment Lender” shall have the meaning provided in Section 2.15(c).

 

“Adjusted
Payment Conditions” means, at the time of determination with respect to any transaction or payment to which the Adjusted
Payment Conditions applies, that (a) no Default or Event of Default has occurred and is continuing or would arise as a result
of such transaction or payment, and (b) at least five (5) days prior to the consummation of such transaction or the making
of such payment, the Lead Borrower shall have provided to the Administrative Agent a certificate signed by a Responsible Officer
of the Lead Borrower, in form and substance reasonably satisfactory to the Administrative Agent, certifying that (i) Excess
Availability immediately prior to, and projected pro forma Excess Availability (measured as of the end of each Fiscal Month) for
the twelve Fiscal Months immediately following, and after giving effect to, such transaction or payment shall be equal to or greater
than thirty (30%) percent of the Loan Cap, and (ii) the Loan Parties, on a Consolidated basis, are, and will continue to be,
Solvent after giving effect to such transaction or payment.

 

“Adjustment
Date” means the first day of each Fiscal Quarter, commencing January 31, 2021.3

 

“Administrative
Agent” means Wells Fargo Bank (as successor by merger to Wells Fargo Retail Finance, LLC), in its capacity as administrative
agent under any of the Loan Documents, or any successor administrative agent.

 

“Administrative
Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule
10.02, or such other address or account as the Administrative Agent may from time to time notify the Lead Borrower and the
Lenders.

 

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

 

“Affiliate”
means, with respect to any Person, (i) 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, (ii) any director, officer, managing member, partner,
trustee, or beneficiary of that Person, (iii) any other Person directly or indirectly holding 10% or more of any class of
the Equity Interests of that Person, and (iv) any other Person 10% or more of any class of whose Equity Interests is held
directly or indirectly by that Person.

 

“Agent Parties”
shall have the meaning specified in Section 10.02(c).

 

“Agent(s)”
means, individually, the Administrative Agent or the Collateral Agent and, collectively, means both of them.

 

 

3
First Amendment

 

    3

     

    

 

“Aggregate
Borrowing Base” means the sum of the U.S. Borrowing Base and the Canadian Borrowing Base.

 

“Aggregate
Commitments” means the Commitments of all of the Lenders. As of the First Amendment Effective Date, the Aggregate Commitments
are $360,000,000.4

 

“Agreement”
means this Credit Agreement as amended, restated, amended and restated, modified or supplemented from time to time in accordance
with the terms hereof.

 

“Agreement
Currency” has the meaning specified in Section 10.27.

 

“Alabama
Capital Lease” means a capital lease for the inventory handling system of the Borrowers and/or any of
their Affiliates located at the Alabama Property.

 

“Alabama
Sale-Leaseback Transaction” means the sale-leaseback of the Alabama Property pursuant to a lease on
market terms.

 

“Alabama Property”
means the land, together with the buildings, structures, parking areas, and other improvements thereon, owned by Services Company
and located at 1377 Airport Road, Fort Payne, Alabama.

 

“Anti-Corruption
Laws” means the FCPA, the U.K. Bribery Act of 2010, as amended, the Corruption of Foreign Public Officials Act (Canada),
as amended, and all other applicable laws and regulations or ordinances concerning or relating to bribery, money laundering or
corruption in any jurisdiction in which any Loan Party or any of its Subsidiaries or Affiliates is located or is doing business.

 

“Anti-Money
Laundering Laws” means the applicable laws or regulations in any jurisdiction in which any Loan Party or any of its Subsidiaries
or Affiliates is located or is doing business that relates to money laundering, any predicate crime to money laundering, or any
financial record keeping and reporting requirements related thereto.

 

“Applicable
Commitment Fee Percentage” means 0.25%.5

 

“Applicable
Margin” means: 6

 

(a)            from
and after the First Amendment Effective Date through and including January 30, 2021, the percentages set forth in Level II
of the pricing grid below; and

 

(b)            from
and after the first Adjustment Date, the Applicable Margin shall be determined from the following pricing grid based upon the Average
Excess Availability as of the Fiscal Quarter ended immediately preceding such Adjustment Date; provided that, if any of
the financial statements delivered pursuant to Section 6.01 of this Agreement or any Borrowing Base Certificate is
at any time restated or otherwise revised (including as a result of an audit, but excluding revisions resulting from (i) normal
year-end audit adjustments and changes in GAAP or its application to the financial statements delivered pursuant to Section 6.01
of this Agreement or (ii) any other cause other than the correction of an error, omission or misrepresentation of the Loan
Parties), or if the information set forth in any such financial statements or any such Borrowing Base Certificate, otherwise proves
to be false or incorrect when delivered such that the Applicable Margin would have been higher than was otherwise in effect during
any period, without constituting a waiver of any Default or Event of Default arising as a result thereof, interest due under this
Agreement shall be immediately recalculated at such higher rate for any applicable periods and shall be due and payable on demand.

 

 

4
First Amendment

5
First Amendment

6
First Amendment

 

    4

     

    

 

	Level	 	Average Excess
 Availability	 	LIBORLIBO
 and BA Rate
 Margin	 	 	Base Rate 
 Margin	 	 	Commercial
 Letter of 
 Credit Fee	 	 	Standby 
 Letter of 
 Credit Fee	 
	I	 	Greater than or equal to 50% multiplied by the Revolving Credit Ceiling	 	 	2.50	%	 	 	1.75	%	 	 	1.25	%	 	 	2.00	%
	II	 	Less than 50% multiplied by the Revolving Credit Ceiling	 	 	2.75	%	 	 	1.875	%	 	 	1.375	%	 	 	2.25	%

 

 

“Applicable
Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of
the applicable Commitments represented by such Lender’s Commitment at such time. If the commitment of each Lender to make
Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02,
or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable
Percentage of such Lender most recently in effect, giving effect to any subsequent assignments. The initial Applicable Percentage
of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant
to which such Lender becomes a party hereto, as applicable.

 

“Approved
Foreign Vendor” means a Foreign Vendor which (a) is located in any country acceptable to the Administrative Agent
in its discretion, (b) has received timely payment or performance of all obligations owed to it by the Loan Parties, (c) has
not asserted and has no right to assert any reclamation, repossession, diversion, stoppage in transit, Lien or title retention
rights in respect of such Inventory, and (d), if so requested by the Administrative Agent, has entered into and is in full compliance
with the terms of a Foreign Vendor Agreement.

 

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

 

“Assignee
Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed
by the same investment advisor.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially
the form of Exhibit E or any other form approved by the Administrative Agent.

 

    5

     

    

 

“Attributable
Indebtedness” means, on any date, in respect of any Capital Lease Obligation of any Person, the capitalized amount thereof
that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.

 

“Audited Financial
Statements” means the audited Consolidated balance sheet of the Lead Borrower and its Subsidiaries for the Fiscal Year
ended February 21,
20192020,
and the related Consolidated statements of income or operations and cash flows for such Fiscal Year of the Lead Borrower and its
Subsidiaries, including the notes thereto.

 

“Availability
Period” means the period from and including the Restatement Date to the earliest of (a) the Maturity Date, (b) the
date of termination of the Aggregate Commitments pursuant to Section 2.06, or (c) the date of termination of the
commitment of each Lender to make Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02.

 

“Availability
Reserves” means, without duplication of any other Reserves or items that are otherwise addressed or excluded through
eligibility criteria, such reserves as the Administrative Agent from time to time determines in its reasonable discretion as being
appropriate: (a) to reflect the impediments to the Agents’ ability to realize upon the Collateral, (b) to reflect
claims and liabilities that the Administrative Agent determines will need to be satisfied in connection with the realization upon
the Collateral, (c) to reflect criteria, events, conditions, contingencies or risks which adversely affect any component of
the Borrowing Base, or the assets, business, financial performance or financial condition of any Loan Party, or (d) to reflect
that a Default or an Event of Default has occurred and is continuing (provided that, in the case of this clause (d) only,
the reserve shall be reasonably related to the event giving rise to such Default or Event of Default). Without limiting the generality
of the foregoing, Availability Reserves may include (but are not limited to) such reserves as the Administrative Agent from time
to time determines in its reasonable discretion as being appropriate based on: (i) rent; (ii) customs duties and other
costs to release Inventory which is being imported into the United States or Canada; (iii) outstanding Taxes and other governmental
charges, including, without limitation, ad valorem, real estate, personal property, sales, claims of the PBGC and other Taxes which
may have priority over the interests of the Collateral Agent in the Collateral; (iv) salaries, wages and benefits due to employees
of any Borrower which may have priority over the interests of the Collateral Agent in the Collateral; (v) Customer Credit
Liabilities (provided that the Administrative Agent shall only impose reserves in respect of Customer Credit Liabilities
if either (A) an Event of Default has occurred and is continuing or (B) Excess Availability is less than $50,000,000);
(vi) reserves for reasonably anticipated changes in the NRLVNOLV
of Eligible Inventory between appraisals; (vii) warehousemen’s or bailee’s charges and other Permitted Encumbrances
which may have priority over the interests of the Collateral Agent in the Collateral; (viii) Cash Management Reserves; (ix) Bank
Products Reserves; and (x) Canadian Priority Payables Reserves.

 

“Average Excess
Availability” shall mean the average daily Excess Availability for the immediately preceding Fiscal Quarter.

 

    6

     

    

 

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

 

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

 

“Bank Products”
means any services or facilities provided to any Loan Party by a Lender or any of its Affiliates or branches (but excluding Cash
Management Services), including, without limitation on account of (a) Swap Contracts, (b) merchant services constituting
a line of credit, (c) leasing, (d) Factored Receivables, (e) supply chain finance services including, without limitation,
trade payable services and supplier accounts receivable purchases, and (f) commercial equipment financing and leasing, including
vendor finance and chattel paper purchases and syndication.

 

“Bank Products
Reserves” means such reserves as the Administrative Agent from time to time determines in its reasonable discretion as
being appropriate to reflect the liabilities and obligations of the Loan Parties with respect to Bank Products then provided or
outstanding.

 

“BA Rate”
means, for any Interest Period, the greater of (i) one percent (1.00%) per annum, and (ii) the rate per annum determined
by the Administrative Agent by reference to the average rate per annum as reported on the “Reuters Screen CDOR Page”
(as defined in the International Swaps and Derivatives Association, Inc. 2000 definitions, as modified and amended from time
to time, or any successor page or, if no longer available, such other page or commercially available service displaying
Canadian interbank bid rates for Canadian Dollar bankers' acceptances as the Administrative Agent may designate from time to time,
or if no such substitute service is available, the rate quoted by a bank named in Schedule I of the Bank Act (Canada) selected
by the Administrative Agent at which such bank is offering to purchase Canadian Dollar bankers' acceptances), as of 10:00 a.m. Eastern
(Toronto) time on the date of commencement of the requested Interest Period, for a term, and in an amount, comparable to the Interest
Period and the amount of the BA Rate Loan requested (whether as an initial BA Rate Loan or as a continuation of a BA Rate Loan
or as a conversion of a Canadian Dollar Base Rate Loan to a BA Rate Loan) by the Canadian Borrowers in accordance with this Agreement;
provided that, if any such reported rate is below zero (0), then the rate determined pursuant to clause (ii) of this
definition of BA Rate shall be deemed to be zero (0). Each determination of the BA Rate shall be made by the Administrative Agent
and shall be conclusive in the absence of manifest error.7

 

“BA Rate Loan”
means a Loan to the Canadian Borrowers denominated in Canadian Dollars bearing interest at a rate determined by reference to the
BA Rate.

 

“Base Rate”
means, for any day, a fluctuating rate per annum equal to (i) with respect to Loans or Borrowings denominated in Dollars,
the highest of (a) the Federal Funds Rate plus 1⁄2%, (b) the LIBO Rate (which rate shall be calculated based upon
an Interest Period of one month and shall be determined on a daily basis), plus one percentage point, and (c) the rate of
interest announced, from time to time, within Wells Fargo Bank
at its principal office in San Francisco as its “prime rate”, with the understanding that the “prime rate”
is one of Wells Fargo’sFargo
Bank’s base rates (not necessarily the lowest of such rates) and serves as the basis upon which effective rates
of interest are calculated for those loans making reference thereto and is evidenced by the recording thereof after its announcement
in such internal publications as Wells Fargo Bank may designate
(and, if any such announced rate is below zero, then the rate determined pursuant to this clause (c) shall be deemed to be
zero); and (ii) with respect to Loans or Borrowings to the Canadian Borrowers denominated in Canadian Dollars, the Canadian
Base Rate.

 

 

7
First Amendment

 

    7

     

    

 

“Base Rate
Loan” means a Loan that bears interest based on the Base Rate.

 

“Benchmark
Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected
by Agent and AdministrativeLead
Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining
such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a
rate of interest as a replacement to the LIBO Rate for United States dollar-denominated syndicated credit facilities and (b) the
Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark
Replacement shall be deemed to be zero for the purposes of this Agreement.8

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the LIBO Rate with an Unadjusted Benchmark Replacement
for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which
may be a positive or negative value or zero) that has been selected by Agent and AdministrativeLead
Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating
or determining such spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement
by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment,
or method for calculating or determining such spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted
Benchmark Replacement for United States dollar-denominated syndicated credit facilities at such time.9

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of “Base Rate”, the definition of “Interest Period”, timing
and frequency of determining rates and making payments of interest and other administrative matters) that Agent decides may be
appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by
Agent in a manner substantially consistent with market practice (or, if Agent decides that adoption of any portion of such market
practice is not administratively feasible or if Agent determines that no market practice for the administration of the Benchmark
Replacement exists, in such other manner of administration as Agent decides is reasonably necessary in connection with the administration
of this Agreement.10

 

 

8
First Amendment

9
First Amendment

10 First
Amendment

 

    8

     

    

 

“Benchmark
Replacement Date” means the earlier to occur of the following events with respect to the LIBO Rate:

 

(a)            in
the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the
date of the public statement or publication of information referenced therein and (ii) the date on which the administrator
of the LIBO Rate permanently or indefinitely ceases to provide the LIBO Rate; or

 

(b)            in
the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement or
publication of information referenced therein.11

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the LIBO Rate:

 

(a)            a
public statement or publication of information by or on behalf of the administrator of the LIBO Rate announcing that such administrator
has ceased or will cease to provide the LIBO Rate, permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the LIBO Rate;

 

(b)            a
public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate, the Federal
Reserve System of the United States (or any successor), an insolvency official with jurisdiction over the administrator for the
LIBO Rate, a resolution authority with jurisdiction over the administrator for the LIBO Rate or a court or an entity with similar
insolvency or resolution authority over the administrator for the LIBO Rate, which states that the administrator of the LIBO Rate
has ceased or will cease to provide the LIBO Rate permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the LIBO Rate; or

 

(c)            a
public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate announcing that
the LIBO Rate is no longer representative.12

 

“Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable
Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information
of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication
of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the
date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by Agent or the
Required Lenders, as applicable, by notice to AdministrativeLead
Borrower, Agent (in the case of such notice by the Required Lenders) and the Lenders.13

 

 

11
First Amendment

12
First Amendment

13
First Amendment

 

    9

     

    

 

“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to the LIBO Rate and solely to the extent that the LIBO Rate has not been replaced with a Benchmark Replacement, the
period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement
has replaced the LIBO Rate for all purposes hereunder in accordance with Section 3.03(b) and (y) ending at
the time that a Benchmark Replacement has replaced the LIBO Rate for all purposes hereunder pursuant to Section 3.03(b).14

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership
Regulation.

 

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

 

“BHC Act Affiliate”
of a Person means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k))
of such Person.15

 

“Blocked Account”
has the meaning provided in Section 6.13(a)(i).

 

“Blocked Account
Agreement” has the meaning provided in Section 6.13(a)(iii).

 

“Blocked Account
Bank” means Wells Fargo Bank and each other bank with whom deposit accounts are maintained in which any funds of any
of the Loan Parties from one or more DDAs are concentrated and with whom a Blocked Account Agreement has been, or is required to
be, executed in accordance with the terms hereof.

 

“Borrower
Intellectual Property” means the “Borrower Intellectual Property” as such term is defined in the Term Credit
Agreement.

 

“Borrowers”
means, collectively, the U.S. Borrowers and the Canadian Borrowers, and “Borrower” means any one such Person
individually as the context requires.

 

“Borrowing”
means a Committed Borrowing and/or a Swing Line Borrowing as the context requires.

 

“Borrowing
Base” means the Canadian Borrowing Base and/or the U.S. Borrowing Base as the context requires.

 

“Borrowing
Base Certificate” has the meaning provided in Section 6.02(c).

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under
the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and, (a) if such
day relates to any LIBO Rate Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in
the London interbank market, and (b) if such day relates to any Canadian Base Rate Loans, BA Rate Loans, or otherwise in respect
of Obligations of any Canadian Loan Party, the term “Business Day” shall also exclude any day on which banks in Toronto,
Canada are authorized or required by law to remain closed.

 

 

14
First Amendment

15
First Amendment

 

    10

     

    

 

“Canadian
AML Legislation” means the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), as amended, and
any other applicable anti-money laundering, anti-terrorist financing, government sanction and “know your client” Laws
in effect in Canada from time to time, including any regulations, guidelines or orders thereunder.

 

“Canadian
Base Rate” means, for any day, a rate per annum equal to the greatest of (a) zero percent (0%) per annum, (b) the
BA Rate existing on such day (which rate shall be calculated based upon an Interest Period of 1 month), plus one percentage point
(1%), and (c) the "prime rate" for Canadian Dollar commercial loans made in Canada as reported by Thomson Reuters
under Reuters Instrument Code <CAPRIME=> on the “CA Prime Rate (Domestic Interest Rate) – Composite Display”
page (or any successor page or such other commercially available service or source (including the Canadian Dollar “prime
rate” announced by the Canadian Reference Bank)). Each
determination of the Canadian Base Rate shall be made by the Administrative Agent and shall be conclusive in the absence of manifest
error.

 

“Canadian
Base Rate Loan” means a Canadian Loan that bears interest based on the Canadian Base Rate.

 

“Canadian
Borrowers” means, collectively, Children’s Place Canada and each other Canadian Subsidiary who shall from time
to time enter into a Joinder Agreement as a Canadian Borrower.

 

“Canadian
Borrowing Base” means, at any time of calculation, an amount equal to:

 

(a)          the
face amount of the Canadian Borrowers’ Eligible Credit Card Receivables multiplied by ninety percent (90%);

 

plus

 

(b)          the
face amount of the Canadian Borrowers’ Eligible Trade Receivables (net of Receivables Reserves applicable thereto) multiplied
by ninety percent (90%);

 

plus

 

(c)          the
Cost of the Canadian Borrowers’ Eligible Inventory, net of Inventory Reserves, multiplied by (x) during the Seasonal
Increase Period, ninety-two and one-half percent (92.5%) of the NRLVNOLV
of such Eligible Inventory, and (y) at all other times, ninety percent (90%) of the NRLVNOLV
of such Eligible Inventory;

 

plus

 

(d)          the
Cost of the Canadian Borrowers’ Eligible In-Transit Inventory, net of Inventory Reserves, multiplied by ninety percent (90%)
of the NRLVNOLV
of Eligible In-Transit Inventory; provided that in no event shall the amount available to be borrowed pursuant to this clause (d) exceed
25% of the lesser of the Canadian Borrowing Base and the Canadian Revolving Credit Ceiling then in effect;

 

plus

 

    11

     

    

 

(e)         with
respect to any Eligible Letter of Credit of the Canadian Borrowers, the Cost of the Inventory supported by such Eligible Letter
of Credit, net of Inventory Reserves, multiplied by the lesser of (i) eighty-five percent (85%) of the NRLVNOLV
of the Inventory supported by such Eligible Letter of Credit, and (ii) eighty five percent (85%);

 

plus

 

(f)          the
Cost of the Canadian Borrowers’ Eligible Warehoused Inventory, net of Inventory Reserves, multiplied by ninety percent (90%)
of the NRLVNOLV
of such Eligible Warehoused Inventory; provided that in no event shall the amount available to be borrowed pursuant to this clause
(f) exceed the lesser of (i) ten percent (10%) of the lesser of the Canadian Borrowing Base and the Canadian Revolving
Credit Ceiling then in effect, or (ii) $2,000,000;

 

minus

 

(g)         the
then amount of all Availability Reserves in respect of the Canadian Loan Parties.

 

“Canadian
Commitment” means, as to each Canadian Lender, its obligation to (a) make Committed Loans to the Canadian Borrowers
pursuant to Section 2.01, (b) purchase participations in Canadian L/C Obligations, and (c) purchase participations
in Canadian Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite
such Canadian Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Canadian Lender
becomes a party hereto, as applicable, as such amount may be reduced from time to time in accordance with this Agreement.

 

“Canadian
Committed Borrowing” means a borrowing consisting of simultaneous Canadian Committed Loans of the same Type and, in the
case of LIBO Rate Loans and BA Rate Loans, having the same Interest Period made by each of the Canadian Lenders pursuant to Section 2.01.

 

“Canadian
Committed Loan” has the meaning specified in Section 2.01(b).

 

“Canadian
Defined Benefit Plan” means  any Canadian Pension Plan which contains a “defined benefit provision,”
as defined in subsection 147.1(1) of the CanadianIncome
Tax Act (Canada).

 

“Canadian
Dollars” and “CAD$” mean lawful money of Canada.

 

“Canadian
Guarantors” means, collectively, (i) TCP
Investment Canada I Corp., TCP Investment Canada
II Corp., and each other Canadian Subsidiary who shall from time to time enter into a Joinder Agreement as a Canadian Guarantor,
and (ii) each Canadian Borrower, in its capacity as guarantor in respect of the Obligations of the other Loan Parties.

 

    12

     

    

 

“Canadian
Guaranty” means the Amended and Restated Canadian
Guarantee dated as of the RestatementSecond
Amendment Effective Date made by the Canadian Loan Parties in favor of the Administrative Agent and the other Credit
Parties.

 

“Canadian
L/C Obligations” means, as at any date of determination, the sum of (a) the aggregate undrawn amount of all outstanding
Canadian Letters of Credit, plus (b) the aggregate amount of outstanding reimbursement obligations with respect to Canadian
Letters of Credit which remain unreimbursed or which have not been paid through a Canadian Loan. For purposes of computing the
amounts available to be drawn under any Canadian Letter of Credit, the amount of such Canadian Letter of Credit shall be determined
in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a Canadian Letter
of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of any Rule under
the ISP or any article of the UCP, such Canadian Letter of Credit shall be deemed to be “outstanding” in the amount
so remaining available to be drawn.

 

“Canadian
Lender” means each Lender having a Canadian Commitment, and shall include the Canadian Swing Line
Lender, and shall also include any other Person made a party as to this Agreement pursuant to the provisions of Section 10.01
of this Agreement; and “Canadian Lenders” means each of the Lenders with a Canadian Commitment or any one or
more of them.

 

“Canadian
Letter of Credit” means a Letter of Credit issued on behalf of any Canadian Loan Party or any of its Canadian Subsidiaries.

 

“Canadian
Letter of Credit Sublimit” means $10,000,000.00.

 

“Canadian
Loan” means an extension of credit by a Canadian Lender to the Canadian Borrowers under Article II in the
form of a Committed Loan or a Swing Line Loan.

 

“Canadian
Loan Party” means Canadian Borrowers, Canadian Guarantors and any other Loan Party that is a Canadian Subsidiary.

 

“Canadian
Pension Event” means (a) the termination or partial termination of a Canadian Defined Benefit Plan or the filing
of a notice of interest to terminate in whole or in part a Canadian Defined Benefit Plan, or (b) the institution of proceedings
by any Governmental Authority to terminate a Canadian Defined Benefit Plan in whole or in part or have a replacement administrator
appointed to administer a Canadian Defined Benefit Plan, or (c) any other event or condition or declaration or application
which might constitute grounds for the termination or winding up of a Canadian Defined Benefit Plan, in whole or in part, or the
appointment by any Governmental Authority of a replacement administrator or trustee to administer a Canadian Defined Benefit Plan.

 

“Canadian
Pension Plan” means each pension plan required to be registered under Canadian federal or provincial laws which is maintained
or contributed to by, or to which there is an obligation to contribute by, any Loan Party in respect of any Person’s employment
in Canada with such Loan Party, but does not include the Canada Pension Plan or the Quebec Pension Plan as maintained by the Government
of Canada or the Province of Quebec, respectively, or any similar plan maintained by any other province.

 

    13

     

    

 

“Canadian
Priority Payables Reserve” means reserves for: (a) amounts owing or in respect of which any Loan Party has an obligation
to remit to a Governmental Authority of Canada or other Person in Canada pursuant to any applicable law, rule or regulation,
with respect to (i) goods and services taxes, sales taxes, employee income taxes, municipal taxes and other taxes payable
or to be remitted or withheld; (ii) workers’ compensation or employment insurance; (iii) wages, salaries, commissions
and vacation pay as provided for under the Wage Earners Protection Program Act (Canada); and (iv) other like charges and demands;
in each case in this paragraph (a), to the extent that any Governmental Authority of Canada or other Person in Canada may claim
a lien, security interest, hypothec, trust or other claim or other Lien ranking or which would reasonably be expected to rank in
priority to or pari passu with one or more of the Liens granted in the Loan Documents; and (b) the aggregate amount of any
other liabilities of any Loan Party (i) in respect of which a trust or deemed trust has been imposed or may reasonably be
likely to be imposed on any Collateral in Canada to provide for payment, (ii) in respect of rights or claims of suppliers
under section 81.1 of the Bankruptcy and Insolvency Act (Canada); (iii) in respect of pension fund obligations, including
in respect of unpaid or unremitted pension plan contributions, amounts representing any unfunded liability, solvency deficiency
or wind-up deficiency whether or not due with respect to a Canadian Pension Plan (including “normal cost”, “special
payments” and any other payments in respect of any funding deficiency or shortfall), (iv) which are secured by a lien,
security interest, pledge, charge, right or claim on any Collateral (other than Permitted LiensEncumbrances
that do not have priority over Administrativethe
Collateral Agent’s Liens), or (iv) in respect of directors and officers, debtor-in possession financing,
administrative charges, critical supplier charges or shareholder charges; in each case in this paragraph (b), pursuant to any applicable
law, rule or regulation in Canada and which such lien, trust, security interest, hypothec, pledge, charge, right, claim or
other Lien ranks or in the reasonable discretion of the Administrative Agent, could reasonably be expected to rank in priority
to or pari passu with one or more of the Liens granted in the Loan Documents.

 

“Canadian
Reference Bank” means The Toronto-Dominion Bank or such other bank named in Schedule I of the Bank Act (Canada) that
is designated by the Administrative Agent from time to time as the Canadian Reference Bank for the purposes of this Agreement.

 

“Canadian
Revolving Credit Ceiling” means $25,000,000 on and after the Restatement Date, as such amount may be modified in accordance
with the terms of this Agreement.

 

“Canadian
Security Agreement” means the Amended and Restated
Canadian Security Agreement dated as of the RestatementSecond
Amendment Effective Date among the Canadian Loan Parties and the Collateral Agent.

 

“Canadian
Subsidiary” means any Subsidiary of any Borrower thatLoan
Party, which Subsidiary is organized under the laws of Canada or any province or territory thereof.

 

“Canadian
Swing Line” means the revolving credit facility made available by the Canadian Swing Line Lender pursuant to Section 2.04.

 

    14

     

    

 

“Canadian
Swing Line Lender” means Wells Fargo Canada, in its capacity as provider of Canadian Swing Line Loans, or any successor
swing line lender hereunder.

 

“Canadian
Swing Line Loan” has the meaning specified in Section 2.04(a).

 

“Canadian
Swing Line Sublimit” means an amount equal to the lesser of (a) $5,000,000 or (b) the Canadian Commitments.
The Canadian Swing Line Sublimit is part of, and not in addition to, the Canadian Commitments.

 

“Canadian
Total Outstandings” means the aggregate Outstanding Amount of all Canadian Loans and all Canadian L/C Obligations.

 

“Canadian
Underlying Issuer” means The Toronto-Dominion Bank or one of its Affiliates or such other Person that is acceptable to
the Administrative Agent.

 

“Capital Expenditures”
means, with respect to any Person for any period, (a) all expenditures made (whether made in the form of cash or other property)
or costs incurred for the acquisition or improvement of fixed or capital assets of such Person (excluding normal replacements and
maintenance which are properly charged to current operations), in each case that are (or should be) set forth as capital expenditures
in a Consolidated statement of cash flows of such Person for such period, in each case prepared in accordance with GAAP, and (b) Capital
Lease Obligations incurred by a Person during such period.

 

“Capital Lease
Obligations” means, with respect to any Person for any period, the obligations of such Person to pay rent or other amounts
under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which
obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP.

 

“Cash Collateralize”
has the meaning specified in Section 2.03(k).

 

“Cash Dominion
Event” means either (i) the occurrence and continuance of any Specified Event of Default, or (ii) the failure
of the Borrowers to maintain Excess Availability of at least the greater of (x) 12.5% of the Loan Cap and (y) $32,500,000
at any time. For purposes of this Agreement, the occurrence of a Cash Dominion Event shall be deemed continuing at the Administrative
Agent’s option (i) so long as such Specified Event of Default has not been waived, and/or (ii) if the Cash Dominion
Event arises as a result of the Borrowers’ failure to maintain Excess Availability as required hereunder, until Excess Availability
has exceeded the greater of (x) 12.5% of the Loan Cap and (y) $32,500,000 for forty-five (45) consecutive days, in which
case a Cash Dominion Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that a Cash Dominion
Event shall be deemed continuing (even if a Specified Event of Default is no longer continuing and/or Excess Availability exceeds
the required amount for forty-five (45) consecutive days) at all times after a Cash Dominion Event has occurred and been discontinued
on three (3) occasions after the Restatement Date. The termination of a Cash Dominion Event as provided herein shall in no
way limit, waive or delay the occurrence of a subsequent Cash Dominion Event in the event that the conditions set forth in this
definition again arise.

 

    15

     

    

 

“Cash Management
Reserves” means such reserves as the Administrative Agent, from time to time, determines in its reasonable discretion
as being appropriate to reflect the reasonably anticipated liabilities and obligations of the Loan Parties with respect to Cash
Management Services then provided or outstanding.

 

“Cash Management
Services” means any cash management services or facilities provided to any Loan Party by a Lender or any of its Affiliates
or branches, including, without limitation: (a) ACH transactions, (b) controlled disbursement services, treasury, depository,
overdraft, and electronic funds transfer services, (c) foreign exchange facilities, (d) credit or debit cards, (e) any
services related to the acceptance and/or processing of payment cards or devices, and (f) purchase cards.

 

“Cash
on Hand” means, as of any date of determination, the amount of unrestricted cash of the Borrowers that
is (a) deposited in an account of the Borrowers maintained with Wells Fargo Bank or its Affiliates, which account is subject
to a valid, enforceable and first priority perfected security interest  in
favor of the Collateral Agent   pursuant to and/or better evidenced
by a control agreement, in form and substance satisfactory to  the Collateral
Agent, and (b)  not subject to any Lien, except   in
favor of the Collateral Agent.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. § 9601 et seq.

 

“CERCLIS”
means the Comprehensive Environmental Response, Compensation, and Liability Information System maintained by the United States
Environmental Protection Agency.

 

“Change in
Law” means 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 or application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline
or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything
herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines
or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or
the United States, Canadian or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed
to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

“Change of
Control” means an event or series of events by which:

 

(a)            any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its
capacity as trustee, agent or other fiduciary or administrator of any such plan), other than the existing shareholders of the Lead
Borrower set forth on Schedule 1.02 or a “person” or “group” Controlled by one of the existing shareholders
of the Lead Borrower set forth on Schedule 1.02, becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership”
of all securities that such “person” or “group” has the right to acquire, whether such right is exercisable
immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of 25%
or more of the Equity Interests of the Lead Borrower entitled to vote for members of the board of directors or equivalent governing
body of the Lead Borrower on a fully-diluted basis (and taking into account all such Equity Interests that such “person”
or “group” has the right to acquire pursuant to any option right); or

 

    16

     

    

 

(b)            the
Lead Borrower fails at any time to own, directly or indirectly, 100% of the Equity Interests of each other Loan Party free and
clear of all Liens (other than Liens in favor of the Collateral Agent and
Permitted Encumbrances described in clause (n) of such definition), except where such failure is as a result of
a transaction permitted by the Loan Documents.;
or

 

(c)            any
 “change in control” or similar event as defined in the Term Credit Agreement.

 

“Children’s
Place Canada” means The Children’s Place (Canada), LP, an Ontario limited partnership.

 

“CIPO”
means the Canadian Intellectual Property Office.

 

“Closing Date”
means July 31, 2008.

 

“Code”
means the Internal Revenue Code of 1986, and the regulations promulgated thereunder, as amended and in effect.

 

“Collateral”
means any and all “Collateral” as defined in any applicable Security Document and all other property that is or is
intended under the terms of the Security Documents to be subject to Liens in favor of the Collateral Agent.

 

“Collateral
Access Agreement” means an agreement reasonably satisfactory in form and substance to the Collateral Agent executed by
(a) a bailee or other Person in possession of Collateral, or (b) a landlord of Real Estate leased by any Loan Party,
pursuant to which such Person (i) acknowledges the Collateral Agent’s Lien on the Collateral, (ii) releases or
subordinates such Person’s Liens in the Collateral held by such Person or located on such Real Estate, (iii) provides
the Collateral Agent with reasonable access to the Collateral held by such bailee or other Person or located in or on such Real
Estate, (iv) as to any landlord, provides the Collateral Agent with a reasonable time to sell and dispose of the Collateral
from such Real Estate, and (v) makes such other agreements with the Collateral Agent as the Collateral Agent may reasonably
require.

 

“Collateral
Agent” means Wells Fargo Bank (as successor by merger to Wells Fargo Retail Finance, LLC), acting in such capacity for
its own benefit and the ratable benefit of the other Credit Parties.

 

“Commercial
Letter of Credit” means any Letter of Credit issued for the purpose of providing the primary payment mechanism in connection
with the purchase of Inventory by a Borrower in the ordinary course of business of such Borrower.

 

    17

     

    

 

“Commercial
Letter of Credit Agreement” means the Commercial Letter of Credit Agreement relating to the issuance of a Commercial
Letter of Credit in the form from time to time in use by the L/C Issuer.

 

“Commitment”
means the Canadian Commitment and/or the U.S. Commitment as the context requires.

 

“Commitment
Fee” has the meaning provided in Section 2.09(a).

 

“Commitment
Increases” shall have the meaning provided in Section 2.15(a).

 

“Committed
Borrowing” means a U.S. Committed Borrowing and/or a Canadian Committed Borrowing as the context requires.

 

“Committed
Loans” means U.S. Committed Loans and/or Canadian Committed Loans as the context requires.

 

“Committed
Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion of Loans from one Type to the other,
or (c) a continuation of LIBO Rate Loans or BA Rate Loans, pursuant to Section 2.02, which, if in writing, shall
be substantially in the form of Exhibit A.

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor
statute.

 

“Compliance
Certificate” means a certificate substantially in the form of Exhibit D (or
in such other form as is acceptable to the Administrative Agent in writing).

 

“Concentration
Account” has the meaning provided in Section 6.13(c).

 

“Confirmation
Agreement” means that certain Confirmation, Ratification and Amendment of Ancillary Loan Documents dated as of the Restatement
Date, by and among the U.S. Loan Parties and the Agents.

 

“Consent”
means actual consent given by a Lender from whom such consent is sought; or the passage of ten (10) Business Days from receipt
of written notice to a Lender from the Administrative Agent of a proposed course of action to be followed by the Administrative
Agent without such Lender’s giving the Administrative Agent written notice of that Lender’s objection to such course
of action.

 

“Consolidated”
means, when used to modify a financial term, test, statement, or report of a Person, the application or preparation of such term,
test, statement or report (as applicable) based upon the consolidation, in accordance with GAAP, of the financial condition or
operating results of such Person and its Subsidiaries.

 

“Consolidated
EBITDA” means, at any date of determination, an amount equal to Consolidated Net Income of the Lead Borrower and its
Subsidiaries on a Consolidated basis for the most recently completed Measurement Period, plus (a) the following to
the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges, (ii) the provision
for federal, state, provincial, local and foreign income Taxes, (iii) depreciation and amortization expense, (iv) non-cash
stock-based compensation expense and (v) other non-recurring expenses reducing such Consolidated Net Income which do not represent
a cash item in such period or any future period (in each case of or by the Lead Borrower and its Subsidiaries for such Measurement
Period), minus (b) the following to the extent included in calculating such Consolidated Net Income: (i) federal,
state, provincial, local and foreign income tax credits and (ii) all non-cash items increasing Consolidated Net Income (in
each case of or by the Lead Borrower and its Subsidiaries for such Measurement Period), all as determined on a Consolidated basis
in accordance with GAAP.

 

    18

     

    

 

“Consolidated
Fixed Charge Coverage Ratio” means, at any date of determination, the ratio of (a) (i) Consolidated EBITDA
minus (ii) Capital Expenditures, minus (iii) the aggregate amount of federal, state, provincial, local
and foreign income Taxes paid in cash to (b) the sum of (i) Debt Service Charges plus (ii) the aggregate
amount of all Restricted Payments made in cash, in each case, of or by the Lead Borrower and its Subsidiaries for the most recently
completed Measurement Period, all as determined on a Consolidated basis in accordance with GAAP.

 

“Consolidated
Group” means the Lead Borrower and its Subsidiaries which are Consolidated for financial reporting purposes in accordance
with GAAP.

 

“Consolidated
Interest Charges” means, for any Measurement Period, the sum of (a) all interest, premium payments, debt discount,
fees, charges and related expenses in connection with borrowed money (including capitalized interest) or in connection with the
deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, including, without limitation,
all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing
and net costs under Swap Contracts, but excluding any non-cash or deferred interest financing costs, and (b) the portion of
Capital Lease Obligations with respect to such period that is treated as interest in accordance with GAAP, in each case of or by
the Lead Borrower and its Subsidiaries for the most recently completed Measurement Period, all as determined on a Consolidated
basis in accordance with GAAP.

 

“Consolidated
Net Income” means, as of any date of determination, the net income of the Lead Borrower and its Subsidiaries for the
most recently completed Measurement Period, all as determined on a Consolidated basis in accordance with GAAP; provided,
however, that there shall be excluded (a) extraordinary gains and extraordinary losses for such Measurement Period,
(b) any income (or loss) included in the Consolidated net income of the Lead Borrower during such Measurement Period in which
any other Person has a joint interest, except to the extent actually paid in cash to the Lead Borrower or any of its Subsidiaries
during such period, (c) with respect to any Person which was not a member of the Consolidated Group throughout such Measurement
Period, the income (or loss) of such Person accrued prior to the date it became a member of the Consolidated Group, and (d) the
income of any Subsidiary of the Lead Borrower during such Measurement Period to the extent that such Subsidiary is prohibited by
its Organization Documents or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation
applicable to such Subsidiary from making a Restricted Payment in cash during such Measurement Period, except that the Lead Borrower’s
equity in any net loss of any such Subsidiary for such Measurement Period shall be included in determining Consolidated Net Income.

 

    19

     

    

 

 

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

 

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

 

“Cost”
means the calculated cost of purchases, based upon the Borrowers’ accounting practices in effect on the Restatement Date
(as such accounting practices may change or be modified from time to time in accordance with GAAP), as determined from invoices
received by the Borrowers, the Borrowers’ purchase journals or the Borrowers’ stock ledger. “Cost” does
not include inventory capitalization costs or other non-purchase price charges (such as freight) used in the Borrowers’ calculation
of cost of goods sold.

 

“Covenant
Compliance Event” means either (a) the occurrence and continuance of an Event of Default, or (b) the failure
of the Borrowers to maintain Excess Availability of at least the greater of (x) 10% of the Loan Cap and (y) $32,500,000
at any time. For purposes hereof, the occurrence of a Covenant Compliance Event shall be deemed continuing at the Administrative
Agent’s option (i) so long as such Event of Default has not been waived, and/or (ii) if the Covenant Compliance
Event arises as a result of the Borrowers’ failure to achieve Excess Availability as required hereunder, until Excess Availability
has exceeded the greater of (x) 10% of the Loan Cap and (y) $32,500,000 for forty-five (45) consecutive days, in which
case a Covenant Compliance Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that
a Covenant Compliance Event shall be deemed continuing (even if an Event of Default is no longer continuing and/or Excess Availability
exceeds the required amount for ninety (90) consecutive days) at all times after a Covenant Compliance Event has occurred and been
discontinued on three (3) occasions after the Restatement Date. The termination of a Covenant Compliance Event
as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Covenant Compliance Event in the event
that the conditions set forth in this definition again arise.

 

“Covered Entity”
means any of the following:

 

(a)            a
 “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(b)            a
 “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(c)            a
 “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).16

 

“Covered Party”
has the meaning specified in Section 10.28.17

 

 

16
First Amendment

17
First Amendment

 

    20

     

    

 

“Credit Card
Issuer” shall mean any Person (other than a Borrower or other Loan Party) who issues or whose members issue credit cards,
including, without limitation, MasterCard or VISA bank credit or debit cards or other bank credit or debit cards issued through
MasterCard International, Inc., Visa, U.S.A., Inc. or Visa International and American Express, Discover, Diners Club,
Carte Blanche and other non-bank credit or debit cards, including, without limitation, credit or debit cards issued by or through
American Express Travel Related Services Company, Inc., and Novus Services, Inc. and other issuers approved by the Administrative
Agent.

 

“Credit Card
Notifications” has the meaning provided in Section 6.13(a)(i).

 

“Credit Card
Processor” shall mean any servicing or processing agent or any factor or financial intermediary who facilitates, services,
processes or manages the credit authorization, billing transfer and/or payment procedures with respect to any Borrower’s
sales transactions involving credit card or debit card purchases by customers using credit cards or debit cards issued by any Credit
Card Issuer.

 

“Credit Card
Receivables” means each “payment intangible” (as defined in the UCC or an “intangible” or “account”
as defined in the PPSA, as applicable) together with all income, payments and proceeds thereof, owed by a Credit Card Issuer or
Credit Card Processor to a Loan Party resulting from charges by a customer of a Loan Party on credit or debit cards issued by such
Credit Card Issuer in connection with the sale of goods by a Loan Party, or services performed by a Loan Party, in each case in
the ordinary course of its business. For the avoidance of doubt, Credit
Card Receivables shall not include any Franchise Receivables.

 

“Credit Extensions”
mean each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

 

“Credit Party”
or “Credit Parties” means (a) individually, (i) each Lender and its Affiliates and branches, (ii) each
Agent, (iii) each L/C Issuer, (iv) each beneficiary of each indemnification obligation undertaken by any Loan Party under
any Loan Document, (v) any other Person to whom Obligations under this Agreement and other Loan Documents are owing, and (vi) the
successors and assigns of each of the foregoing, and (b) collectively, all of the foregoing.

 

    21

     

    

 

“Credit Party
Expenses” means, without limitation, (a) all reasonable out-of-pocket expenses incurred by the Agents and their
respective Affiliates, in connection with this Agreement and the other Loan Documents, including without limitation (i) the
reasonable fees, charges and disbursements of (A) one primary counsel for the Agents and one local counsel in each applicable
jurisdiction, (B) outside consultants for the Agents, (C) appraisers, (D) commercial finance examinations, (E) photocopying,
notarization, couriers and messengers, telecommunication, public record searches, filing fees, recording fees and publication,
(F) the Administrative Agent’s customary fees and charges imposed or incurred in connection with any background checks
or OFAC/PEP or Canadian AML Legislation searches related to any Loan Party or its Subsidiaries, and (G) all such reasonable
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of the Obligations, (ii) in connection
with (A) the syndication of the credit facilities provided for herein, (B) the preparation, negotiation, administration,
management, execution and delivery of this Agreement and the other Loan Documents or any amendments, modifications or waivers of
the provisions thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (C) the enforcement
or protection of their rights in connection with this Agreement or the Loan Documents or efforts to preserve, protect, collect,
or enforce the Collateral (including, without limitation, in connection with, during the continuation of an Event of Default, gaining
possession of, maintaining, handling, preserving, storing, shipping, selling, preparing for sale, or advertising to sell the Collateral,
or any portion thereof, irrespective of whether a sale is consummated), or (D) any workout, restructuring or negotiations
in respect of any Obligations, (iii) all customary fees and charges (as adjusted from time to time) of the Agents with respect
to the disbursement of funds (or the receipt of funds) to or for the account of the Borrowers (whether by wire transfer or otherwise),
together with any out-of-pocket costs and expenses incurred in connection therewith, and (iv) customary charges imposed or
incurred by the Administrative Agent resulting from the dishonor of checks payable by or to any Loan Party; (b) with respect
to the L/C Issuer, and its Affiliates and branches, all reasonable out-of-pocket expenses incurred in connection with the issuance,
amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder; and (c) all reasonable out-of-pocket
expenses incurred by the Credit Parties who are not the Agents, the L/C Issuer or any Affiliate or branch of any of them, after
the occurrence and during the continuance of an Event of Default, provided that such Credit Parties shall be entitled to
reimbursement for no more than one primary counsel and one local counsel in each applicable jurisdiction (absent a conflict of
interest in which case the Credit Parties may engage and be reimbursed for additional counsel), one outside consultant and one
financial advisor, in each case representing or advising all such Credit Parties.

 

“Customer
Credit Liabilities” means, at any time, the aggregate remaining value at such time of (a) outstanding gift certificates
and gift cards of the Borrowers entitling the holder thereof to use all or a portion of the certificate or gift card to pay all
or a portion of the purchase price for any Inventory, and (b) outstanding merchandise credits and customer deposits of the
Borrowers.

 

“Customs Broker
Agreement” means an agreement, in form and substance reasonably satisfactory to the Collateral Agent, among a Loan Party,
a customs broker, freight forwarder or other carrier, and the Collateral Agent, in which the customs broker, freight forwarder
or other carrier acknowledges that it has control over and holds the documents evidencing ownership of the subject Inventory for
the benefit of the Collateral Agent and agrees, upon notice from the Collateral Agent, to hold and dispose of the subject Inventory
solely as directed by the Collateral Agent.

 

“DDA”
means each checking or other demand deposit account maintained by any of the Loan Parties.

 

“Debt Service
Charges” means, for any Measurement Period, the sum of (a) Consolidated Interest Charges for such Measurement Period,
plus (b) principal payments made or required to be made on account of Indebtedness (excluding the Obligations but including,
without limitation, the Term Loan and the Capital Lease Obligations)
for such Measurement Period, in each case of or by the Lead Borrower and its Subsidiaries for such Measurement Period, all as determined
on a Consolidated basis in accordance with GAAP.

 

    22

     

    

 

“Debtor Relief
Laws” means the Bankruptcy Code of the United States, , the Bankruptcy
and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the Winding Up and Restructuring Act (Canada),
the restructuring provisions of applicable Canadian corporate statutes, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, arrangement, receivership, insolvency, reorganization, or similar
debtor relief Laws of the United States, Canada or other applicable jurisdictions from time to time in effect and affecting the
rights of creditors generally.

 

“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time,
or both, would be an Event of Default.

 

“Default Rate”
means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base
Rate (in respect of LIBO Rate Loans and Base Rate Loans in Dollars) or the Canadian Base Rate (in respect of BA Rate Loans and
Canadian Base Rate Loans, respectively) plus (ii) the Applicable Margin, if any, applicable to Base Rate Loans, as
applicable, plus (iii) 2% per annum; provided, however, that with respect to a LIBO Rate Loan or BA Rate
Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Margin) otherwise applicable
to such LIBO Rate Loan or BA Rate Loan plus 2% per annum, and (b) when used with respect to Letter of Credit Fees,
a rate equal to the Applicable Margin for Standby Letters of Credit or Commercial Letters of Credit, as applicable, plus
2% per annum.

 

“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable.18

 

“Defaulting
Lender” means any Lender that (a) has failed to (i) fund all or any portion of its Loans within one (1) Business
Day of the date such Loans were required to be funded hereunder, or (ii) pay to any Agent, L/C Issuer, or any other Lender
any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within one
(1) Business Day of the date when due, (b) has notified any Borrower, any Agent or L/C Issuer in writing that it does
not intend to comply with its funding obligations hereunder, or has made a public statement to that effect, (c) has failed,
within three (3) Business Days after written request by the Administrative Agent or Lead Borrower, to confirm in writing to
the Administrative Agent and Lead Borrower that it will comply with its prospective funding obligations hereunder (provided,
that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation
by the Administrative Agent and Lead Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become
the subject of any proceeding under any Debtor Relief Laws, (ii) had appointed for it a receiver, interim receiver, custodian,
conservator, trustee, monitor, 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, the Canada Deposit Insurance Corporation
or any other state, federal or foreign regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-inBail-In
Action; provided, that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any
equity interest in that Lender or any direct or indirect 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 Canada
or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority)
to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative
Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive
and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of
such determination to Lead Borrower, L/C Issuer, and each Lender.

 

 

18
First Amendment

 

    23

     

    

 

“Defaulting
Lender Rate” means (a) for the first three (3) days from and after the date the relevant payment is due, the
Base Rate, and (b) thereafter, the interest rate then applicable to Committed Loans that are Base Rate Loans (inclusive of
the Applicable Margin applicable thereto).

 

“Discharge
of Term Obligations” has the meaning set forth for such term in the Intercreditor Agreement.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback
transaction and any sale, transfer, license or other disposition of (whether in
one transaction or in a series of transactions)) of all or
substantially all of its assets to or in favor of any Person) of any property
(including, without limitation, any Equity Interests) by any Person (or the granting of any option or other right to do any of
the foregoing), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts
receivable or any rights and claims associated therewith, and including in any case, any such transaction by an allocation of assets
among newly divided limited liability companies pursuant to a “plan of division”.19

 

“Disqualified
Stock” means any Equity Interest that, by its terms (or by the terms of any security into which it is convertible, or
for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or
is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof,
in whole or in part, on or prior to the date that is ninety-one (91) days after the date on which the Loans mature; provided,
however, that (i) only the portion of such Equity Interests which so matures or is mandatorily redeemable, is so convertible
or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock
and (ii) with respect to any Equity Interests issued to any employee or to any plan for the benefit of employees of the Lead
Borrower or its Subsidiaries or by any such plan to such employees, such Equity Interest shall not constitute Disqualified Stock
solely because it may be required to be repurchased by the Lead Borrower or one of its Subsidiaries in order to satisfy applicable
statutory or regulatory obligations or as a result of such employee’s termination, resignation, death or disability and if
any class of Equity Interest of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery
of an Equity Interest that is not Disqualified Stock, such Equity Interests shall not be deemed to be Disqualified Stock. Notwithstanding
the preceding sentence, any Equity Interest that would constitute Disqualified Stock solely because the holders thereof have the
right to require a Loan Party to repurchase such Equity Interest upon the occurrence of a change of control or an asset sale shall
not constitute Disqualified Stock. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Agreement
will be the maximum amount that the Lead Borrower and its Subsidiaries may become obligated to pay upon maturity of, or pursuant
to any mandatory redemption provisions of, such Disqualified Stock or portion thereof, plus accrued dividends.

 

 

19
First Amendment

 

    24

     

    

 

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

 

“Domestic
Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United States.

 

“Drawing Document”
means any Letter of Credit or other document presented for purposes of drawing under any Letter of Credit, including by electronic
transmission such as SWIFT, electronic mail, facsimile or computer generated communication.

 

“Early Opt-in
Election” means the occurrence of:

 

(a) (i) a
determination by Agent or (ii) a notification by the Required Lenders to Agent (with a copy to AdministrativeLead
Borrower) that the Required Lenders have determined that United States dollar-denominated syndicated credit facilities being executed
at such time, or that include language similar to that contained in Section 3.03(b) are being executed or amended, as
applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, and

 

(b) (i) the
election by Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in Election has occurred and the
provision, as applicable, by Agent of written notice of such election to AdministrativeLead
Borrower and the Lenders or by the Required Lenders of written notice of such election to Agent.20

 

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

 

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

 

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

 

“Eligible
Assignee” means (a) a Credit Party or any of its Affiliates or branches; (b) a bank, insurance company, or
company engaged in the business of making commercial loans, which Person, together with its Affiliates, has a combined capital
and surplus in excess of $250,000,000; (c) an Approved Fund; (d) any Person to whom a Credit Party assigns its rights
and obligations under this Agreement as part of an assignment and transfer of such Credit Party’s rights in and to a material
portion of such Credit Party’s portfolio of asset based credit facilities, and (e) any other Person (other than a natural
person); provided, however, that each Eligible Assignee described in clauses (a) through (e), above, shall be
reasonably acceptable to, and subject to the approval of, the Administrative Agent, the L/C Issuer, the Swing Line Lender, and
the Lead Borrower (each such approval not to be unreasonably withheld or delayed) to the extent provided in Section 10.06(b) of
this Agreement; provided further that, notwithstanding the foregoing, “Eligible Assignee” shall not include
a Loan Party or any of the Loan Parties’ Affiliates or Subsidiaries or
a natural person.

 

 

20
First Amendment

 

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“Eligible
Credit Card Receivables” means Credit Card Receivables due to a Borrower on a non-recourse basis from Visa, Mastercard,
American Express Company, Discover, and other major credit card processors, in each case acceptable to the Administrative Agent
in its reasonable discretion, as they arise in the ordinary course of business, which have been earned by performance, and are
deemed by the Administrative Agent in its reasonable discretion to be eligible for inclusion in the calculation of the Borrowing
Base. Without limiting the foregoing, to qualify as an Eligible Credit Card Receivable, such Credit Card Receivable shall indicate
no Person other than a Borrower as payee or remittance party. In determining the amount to be so included, the face amount of a
Credit Card Receivable shall be reduced by, without duplication, to the extent not reflected in such face amount, (i) the
amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments,
finance charges or other allowances (including any amount that a Borrower may be obligated to rebate to a customer, a Credit Card
Issuer or Credit Card Processor pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate
amount of all cash received in respect of such Credit Card Receivable but not yet applied by the Loan Parties to reduce the amount
of such Credit Card Receivable. Except as otherwise agreed by the Administrative Agent, any Credit Card Receivable included within
any of the following categories shall not constitute an Eligible Credit Card Receivable:

 

(a)            Credit
Card Receivables which do not constitute a “payment intangible” (as defined in the UCC or an “intangible”
or “account” as defined in the PPSA, as applicable);

 

(b)            Credit
Card Receivables that have been outstanding for more than five (5) Business Days from the date of sale;

 

(c)            Credit
Card Receivables with respect to which a Loan Party does not have good, valid and marketable title, free and clear of any Lien
(other than Liens granted to the Collateral Agent and Permitted Encumbrances
described in clause (n) of such definition);

 

(d)            Credit
Card Receivables that are not subject to a first priority security interest in favor of the Collateral Agent (it being the intent
that chargebacks in the ordinary course by the credit card processors shall not be deemed violative of this clause);

 

(e)            Credit
Card Receivables which are disputed, are with recourse, or with respect to which a claim, counterclaim, offset or chargeback has
been asserted (to the extent of such claim, counterclaim, offset or chargeback);

 

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(f)            Credit
Card Receivables as to which the credit card processor has the right under certain circumstances to require a Loan Party to repurchase
the Credit Card Receivables from such credit card processor;

 

(g)            Credit
Card Receivables due from a Credit Card Issuer or Credit Card Processor which is the subject of any bankruptcy or insolvency proceedings;

 

(h)            Credit
Card Receivables which are not a valid, legally enforceable obligation of the applicable Credit Card Issuer or Credit Card Processor
with respect thereto;

 

(i)            Credit
Card Receivables which do not conform to all representations, warranties or other provisions in the Loan Documents relating to
Credit Card Receivables; or

 

(j)            Credit
Card Receivables which the Administrative Agent determines in its reasonable discretion to be uncertain of collection.

 

“Eligible
Franchise Receivables” means Accounts deemed by the Administrative Agent in its reasonable discretion
to be eligible for inclusion in the calculation of the U.S. Borrowing Base, which are due from foreign franchisees of the U.S.
Borrowers for royalties, goods sold and received and other amounts due to the U.S. Borrowers under the applicable franchise agreements,
to the extent that such amounts due are supported by stand-by letters of credit assigned to the Administrative Agent and which
letters of credit (i) are from issuers and on terms acceptable to the Administrative Agent in its reasonable discretion, and
(ii) may not be amended, revised, or surrendered without the consent of the Administrative Agent, and as to which the Administrative
Agent has received all reporting and related information as required under Section 6.02(b)(ii).

 

“Eligible
In-Transit Inventory” means, as of any date of determination thereof, without duplication (including of any other Eligible
Inventory), Inventory:

 

(a)            which
has been shipped from a location outside of the United States or Canada for receipt by a Borrower within forty-five (45) days of
the date of shipment, but which has not yet been delivered to such Borrower;

 

(b)            for
which the purchase order is in the name of a Borrower and title to such Inventory and risk of loss has passed to such Borrower;

 

(c)            for
which an Acceptable Document of Title has been issued, and in each case as to which the Collateral Agent has control (as defined
in the UCC or the PPSA, as applicable) over, or possession of, the documents of title which evidence ownership of the subject Inventory
(such as, if requested by the Collateral Agent, by the delivery of a Customs Broker Agreement);

 

(d)            which
is insured against types of loss, damage, hazards and risks, and in amounts, reasonably satisfactory to the Collateral Agent;

 

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(e)            for
which the common carrier is not an Affiliate of the applicable vendor or supplier;

 

(f)            the
Foreign Vendor with respect to such Inventory is an Approved Foreign Vendor;

 

(g)            for
which payment of the purchase price has been made by the Borrowers or the purchase price is supported by a Commercial Letter of
Credit; and

 

(h)            which
otherwise would constitute Eligible Inventory;

 

provided
that the Administrative Agent may, in its discretion, exclude any particular Inventory from the definition of “Eligible In-Transit
Inventory” in the event the Administrative Agent determines that such Inventory is subject to any Person’s right of
reclamation, repudiation, stoppage in transit or any event has occurred or is reasonably anticipated by the Administrative
Agent to arise which may otherwise adversely impact the ability of the Collateral Agent to realize upon such Inventory. The Administrative
Agent shall notify the Lead Borrower of any such exclusion and the reasons therefor as soon as reasonably practicable, provided
that the effectiveness of such exclusion shall not be conditioned upon such notification.

 

Each Committed Loan
Notice or Swing Line Loan Notice, as the context requires, shall be deemed a certification by the Borrowers that, to the best knowledge
of the Borrowers, all Eligible In-Transit Inventory included in the most recent Borrowing Base Certificate meets all of the Borrowers’
representations and warranties contained in the Loan Documents concerning Eligible Inventory, that the Borrowers know of no reason
why such Eligible Inventory would not be accepted by the Borrowers when it arrives and that the shipment, as evidenced by the documents,
conforms to the related order documents.

 

“Eligible
Inventory” means, as of the date of determination thereof, without duplication, items of Inventory (other than Eligible
In-Transit Inventory, Inventory supported by an Eligible Letter of Credit, or Eligible Warehoused Inventory) of a Borrower that
are finished goods, merchantable and readily saleable to the public in the ordinary course of the Borrowers’ business and
deemed by the Administrative Agent in its reasonable discretion to be eligible for inclusion in the calculation of the Borrowing
Base, in each case that, except as otherwise agreed by the Administrative Agent, complies with each of the representations and
warranties respecting Inventory made by the Borrowers in the Loan Documents, and that is not excluded as ineligible by virtue of
one or more of the criteria set forth below. Except as otherwise agreed by the Administrative Agent, the following items of Inventory
shall not be included in Eligible Inventory:

 

(a)            Inventory
that is not solely owned by a Borrower or a Borrower does not have good and valid title thereto;

 

(b)            Inventory
that is leased by, or is on consignment to, a Borrower;

 

(c)            Inventory
(other than Eligible In-Transit Inventory, Inventory supported by an Eligible Letter of Credit, or Eligible Warehoused Inventory)
that is not located in the United States (excluding territories or possessions of the United States) or Canada at a location that
is owned or leased by a Borrower, except to the extent that the Borrowers have furnished the Administrative Agent with (i) any
UCC financing statements, PPSA financing statements or other documents that the Administrative Agent may determine to be necessary
to perfect its security interest in such Inventory at such location, and (ii) a Collateral Access Agreement executed by the
Person owning any such location;

 

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(d)            Inventory
that is located in a distribution center or warehouse leased by a Borrower unless the applicable lessor or warehouseman has delivered
to the Administrative Agent a Collateral Access Agreement or the Administrative Agent has imposed an Availability Reserve in such
amount as the Administrative Agent may determine in its reasonable discretion;

 

(e)            Inventory
that is comprised of goods which (i) are damaged, defective, “seconds,” or otherwise unmerchantable, (ii) are
to be returned to the vendor, (iii) are obsolete or slow moving, or are special order or custom items, work-in-process, raw
materials, or that constitute spare parts, promotional, marketing, packaging and shipping materials or supplies used or consumed
in a Borrower’s business, (iv) are not in compliance with all standards imposed by any Governmental Authority having
regulatory authority over such Inventory, its use or sale, or (v) are bill and hold goods;

 

(f)            Inventory
that is not subject to a perfected first-priority security interest in favor of the Collateral Agent;

 

(g)            Inventory
that consists of samples, labels, bags, packaging, and other similar non-merchandise categories;

 

(h)            Inventory
that is not insured in compliance with the provisions of Section 5.10 hereof;

 

(i)            Inventory
that has been sold but not yet delivered or as to which a Borrower has accepted a deposit; or

 

(j)            Inventory
as to which either the Borrowers or the Agents do not have the right to utilize any Intellectual Property necessary or appropriate
to realize on such Inventory as set forth in the applicable Security Documents in a manner consistent with the most recent appraisal
obtained by the Administrative Agent in accordance with Section 6.10 hereof.

 

“Eligible
Letter of Credit” means, as of any date of determination thereof, a Commercial Letter of Credit deemed by the Administrative
Agent in its reasonable discretion to be eligible for inclusion in the calculation of the Borrowing Base, which Commercial Letter
of Credit supports the purchase of Inventory, (a) which Inventory does not constitute Eligible In-Transit Inventory and for
which no documents of title have then been issued, (b) which Inventory otherwise would constitute Eligible Inventory when
purchased, (c) which Commercial Letter of Credit has an expiry within one hundred twenty (120) days of the date of initial
issuance of such Commercial Letter of Credit, (d) which Commercial Letter of Credit provides that it may be drawn only after
the Inventory is completed and after an Acceptable Document of Title has been issued for such Inventory reflecting a Borrower or
the Collateral Agent as consignee of such Inventory, and (e) which will constitute Eligible In-Transit Inventory upon satisfaction
of the requirements of clause (d) hereof.

 

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“Eligible
Real Estate” means the Alabama Property and any other Real Estate of a U.S. Borrower which satisfies all of the following
conditions and is otherwise deemed by the Required Lenders in their reasonable discretion to be eligible for inclusion in the calculation
of the U.S. Borrowing Base:

 

(a)            The
applicable U.S. Borrower owns fee title to such Real Estate;

 

(b)            The
applicable U.S. Borrower has executed and delivered to the Collateral Agent such mortgages, information and documents as may be
reasonably requested by the Collateral Agent, including, without limitation, such as may be necessary to comply with FIRREA and
other applicable Law;

 

(c)            The
Collateral Agent shall have received fully paid American Land Title Association Lender’s Extended Coverage title insurance
policies or marked-up title insurance commitments having the effect of a policy of title insurance)
(the “Mortgage Policies”) in form and substance, with the endorsements reasonably required by the Administrative
Agent (to the extent available at commercially reasonable rates) and in amounts reasonably acceptable to the Administrative Agent,
issued, coinsured and reinsured (to the extent required by the Administrative Agent) by title insurers reasonably acceptable to
the Administrative Agent, insuring the Mortgages to be valid first and subsisting Liens on the property or leasehold interests
described therein, free and clear of all defects (including, but not limited to, mechanics’ and materialmen’s Liens)
and encumbrances, excepting only (i) Permitted Encumbrances
having priority over the Lien of the Collateral Agent under applicable Law or otherwise reasonably acceptable to the AgentAdministrative
Agent, and (ii) Permitted Encumbrances described in clause (n) of such definition;

 

(d)            The
Collateral Agent has a perfected first-priority Lien on such Real Estate, subject only to Permitted Encumbrances having
priority by operation of Law;

 

(e)            The
Administrative Agent shall have received an appraisal (based upon FMV) of such Real Estate complying with the requirements of FIRREA
by a third party appraiser reasonably acceptable to the Administrative Agent and otherwise in form and substance reasonably satisfactory
to the Administrative Agent;

 

(f)            Such
Real Estate is used by a U.S. Borrower for offices or as a Store or distribution center;

 

(g)            As
to any particular property, the applicable U.S. Borrower is in compliance with the representations, warranties and covenants set
forth in the mortgage relating to such Real Estate;

 

    30

     

    

 

(h)            theThe
Collateral Agent shall have received American Land Title Association/American Congress on Surveying
and Mapping form surveys, for which all necessary fees (where applicable) have been paid, certified to the Collateral Agent and
the issuer of the Mortgage Policies in a manner reasonably satisfactory to the Collateral Agent by a land surveyor duly registered
and licensed in the jurisdictions in which the property described in such surveys is located and reasonably acceptable to the Collateral
Agent, showing all buildings and other improvements, the location of any easements, parking spaces, rights of way, building set-back
lines and other dimensional regulations and the absence of encroachments, either by such improvements or on to such property, and
other defects, other than encroachments and other defects reasonably acceptable to the Collateral Agent;

 

(i)            theThe
Administrative Agent shall have received a Phase I Environmental Site Assessment in accordance with
ASTM Standard E1527-05, in form and substance reasonably satisfactory to the Administrative Agent, from an environmental consulting
firm reasonably acceptable to the Administrative Agent, which report shall identify recognized environmental conditions and shall
to the extent possible quantify any related costs and liabilities, associated with such conditions and the Administrative Agent
shall be satisfied with the nature and amount of any such matters. The Administrative Agent may, upon the receipt of a Phase I
Environmental Site Assessment require the delivery of further environmental assessments or reports to the extent such further assessments
or reports are recommended in the Phase I Environmental Site Assessment; and

 

(j)            theThe
applicable U.S. Borrower shall have delivered to the Collateral Agent evidence of flood insurance
naming the Collateral Agent as mortgagee as required by the National Flood Insurance Program as set forth in the Flood Disaster
Protection Act of 1973, as amended and in effect, which shall be reasonably satisfactory in form and substance to the Collateral
Agent.

 

“Eligible
Trade Receivables” means Accounts deemed by the Administrative Agent in its reasonable discretion to be eligible for
inclusion in the calculation of the Borrowing Base arising from the sale of the Loan Parties’ Inventory (but excluding, for
the avoidance of doubt, Credit Card Receivables) that satisfy the following criteria at the time of creation and continue to meet
the same at the time of such determination: each such Account (i) has been earned by performance and represents the bona fide
amounts due to a Loan Party from an account debtor, and in each case originated in the ordinary course of business of such Loan
Party, and (ii) in each case is acceptable to the Administrative Agent in its reasonable discretion, and is not ineligible
for inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (r) below as determined
by the Administrative Agent in its reasonable discretion. Without limiting the foregoing, to qualify as an Eligible Trade Receivable,
an Account shall indicate no Person other than a Loan Party as payee or remittance party. In determining the amount to be so included,
the face amount of an Account shall be reduced by, without duplication, to the extent not reflected in such face amount, (i) the
amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments,
finance charges or other allowances (including any amount that a Loan Party may be obligated to rebate to a customer pursuant to
the terms of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in respect
of such Account but not yet applied by the Loan Parties to reduce the amount of such Eligible Trade Receivable. For
the avoidance of doubt, Eligible Trade Receivables shall not include any Franchise Receivables. Except as otherwise
agreed by the Administrative Agent, any Account included within any of the following categories shall not constitute an Eligible
Trade Receivable:

 

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(a)            Accounts
that are not evidenced by an invoice;

 

(b)            Accounts
that have been outstanding for more than ninety (90) days from the date of invoice or more than sixty (60) days past the due date;

 

(c)            Accounts
due from any account debtor for which more than fifty percent (50%) of the Accounts owing from such account debtor are ineligible
pursuant to clause (b), above;

 

(d)            All
Accounts owed by an account debtor and/or its Affiliates together to the extent such Accounts exceed (x) thirty percent (30%),
or (y) with respect to any of the Specified Account Debtors, fifty percent (50%) (or such higher percentages now or hereafter
established by the Administrative Agent for any particular account debtor) of the amount of all Accounts at any one time (but the
portion of the Accounts not in excess of the applicable percentages may be deemed Eligible Trade Receivables, in the Administrative
Agent’s reasonable discretion); provided that no portion of any Accounts owed by any Investment Grade Account Debtor shall
be deemed ineligible solely by reason of this clause (d);

 

(e)            Accounts
(i) that are not subject to a perfected first-priority security interest in favor of the Collateral Agent, or (ii) with
respect to which a Loan Party does not have good, valid and marketable title thereto, free and clear of any Lien (other than Liens
granted to the Collateral Agent pursuant to the Security Documents and
Permitted Encumbrances described in clause (n) of such definition);

 

(f)            Accounts
which are disputed or with respect to which a claim, counterclaim, offset or chargeback has been asserted, but only to the extent
of such dispute, counterclaim, offset or chargeback;

 

(g)            Accounts
which arise out of any sale made not in the ordinary course of business or are not payable in Dollars or, as regards Canadian Loan
Parties, Canadian Dollars;

 

(h)            Other
than as set forth in clause (o) below, Accounts which are owed by any account debtor whose principal place of business is
not within the United States or Canada;

 

(i)            Accounts
which are owed by any Affiliate or any employee of a Loan Party;

 

(j)            Accounts
for which all consents, approvals or authorizations of, or registrations or declarations with any Governmental Authority required
to be obtained, effected or given in connection with the performance of such Account by the account debtor or in connection with
the enforcement of such Account by the Collateral Agent have not been duly obtained, effected or given and are not in full force
and effect;

 

(k)            Accounts
due from an account debtor which is the subject of any bankruptcy or insolvency proceeding, has had a trustee, interim receiver,
receiver, monitor or similar Person appointed for all or a substantial part of its property, has made an assignment for the benefit
of creditors or has suspended its business;

 

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(l)            Accounts
due from any Governmental Authority except to the extent that (i) the subject account debtor is the federal government of
the United States and the relevant Loan Party has complied with the Federal Assignment of Claims Act of 1940, (ii) the subject
account debtor is Her Majesty in right of Canada or any provincial or local Governmental Authority, or any ministry, in each case,
in Canada, and the relevant Loan Party has complied with the particular prescriptions of the Financial Administration Act (Canada)
and/or any analogous Canadian provincial, territorial, or municipal legislations and regulations, or (iii) the subject account
debtor is another Governmental Authority and the relevant Loan Party has complied with all applicable Laws analogous to those otherwise
described in this clause (l);

 

(m)            Accounts
(i) owing from any Person that is also a supplier to or creditor of a Loan Party or any of its Subsidiaries, but only to the
extent of the indebtedness owed to such supplier or creditor, unless such Person has waived any right of setoff in a manner reasonably
acceptable to the Administrative Agent or (ii) representing any manufacturer’s or supplier’s credits, discounts,
incentive plans or similar arrangements entitling a Loan Party or any of its Subsidiaries to discounts on future purchase therefrom;

 

(n)            Accounts
arising out of sales on a bill-and-hold, guaranteed sale, sale-or-return, sale on approval or consignment basis or subject to any
right of return, set off or charge back, but only to the extent of such right of return, set off, or charge back;

 

(o)            Accounts
arising out of sales to account debtors outside the United States or Canada unless such Accounts are fully backed by one or more
irrevocable letters of credit on terms, and issued by a financial institution, reasonably acceptable to the Administrative Agent
and each such irrevocable letter of credit is in the possession of the Administrative Agent;

 

(p)            Accounts
evidenced by a promissory note or other instrument;

 

(q)            Accounts
consisting of amounts due from vendors as rebates or allowances;

 

(r)            Accounts
with respect to which the Account Debtoraccount
debtor is a Sanctioned Person or Sanctioned Entity; or

 

(s)            Accounts
which the Administrative Agent determines in its reasonable discretion to be unacceptable for borrowing.

 

“Eligible
Warehoused Inventory” means Inventory not intended to be sold at retail in a Store location, subject to a fully perfected
first priority security interest in favor of the Collateral Agent for the benefit of the Credit Parties, and located in a warehouse
in the United States or Canada which is either owned by a Borrower or maintained pursuant to an agreement between a Borrower and
the owner of such warehouse (including an agreement between a Borrower and an agent of such Borrower which stores such Inventory
on its premises pending instructions from such Borrower as to its sale to a wholesale vendor) with respect to which (i) either
(a) no negotiable or non-negotiable document covering the goods has been issued or (b) in the event a negotiable or non-negotiable
document covering the goods has been issued, there has been created in favor of the Collateral Agent for the benefit of the Credit
Parties a perfected first priority security interest in such document pursuant to the Uniform Commercial Code and/or the PPSA in
all applicable jurisdictions and all other applicable Law (in addition to the security interest in the goods), (ii) the Administrative
Agent has received a Collateral Access Agreement from the owner and/or operator of such warehouse, and (iii) which otherwise
would constitute Eligible Inventory.

 

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“Environmental
Compliance Reserve” means, with respect to Eligible Real Estate, any reserve which the Agents, from time to time in their
reasonable discretion establish for estimable amounts that are reasonably likely to be expended by any of the Loan Parties in order
for such Loan Party and its operations and property (a) to comply with any notice from a Governmental Authority asserting
non-compliance with Environmental Laws, or (b) to correct any such non-compliance with Environmental Laws.

 

“Environmental
Laws” means any and all federal, state, provincial, local, and foreign statutes, laws, regulations, ordinances, rules,
judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating
to pollution and the protection of the environment or the release of any materials into the environment, including those related
to hazardous substances or wastes, air emissions and discharges to waste or public systems.

 

“Environmental
Liability” means any liability, obligation, damage, loss, claim, action, suit, judgment, order, fine, penalty, fee, expense,
or cost, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or
indemnities), of any Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from
or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment
or disposal or presence of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened
release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant
to which liability is assumed or imposed with respect to any of the foregoing.

 

“Equipment”
has the meaning set forth in the Security Agreement or the Canadian Security Agreement, as applicable.

 

“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person,
all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or
other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital
stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition
from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control with any Loan Party within the meaning of Section 414(b) or
(c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412
and 4971 of the Code).

 

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“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by any Loan Party or any ERISA Affiliate
from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined
in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (c) a complete or partial withdrawal by any Loan Party or any ERISA Affiliate from a Multiemployer Plan or notification
to the Lead Borrower or any ERISA Affiliate that a Multiemployer Plan is in reorganization; (d) the filing of a notice of
intent to terminate, the treatment of a plan amendment as a termination of a Pension Plan or a Multiemployer Plan under Sections
4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an
event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee
to administer, any Pension Plan or Multiemployer Plan; (f) the imposition of any liability under Title IV of ERISA, other
than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Lead Borrower or any ERISA Affiliate;
or (g) the determination that any Pension Plan is considered to be an “at-risk” plan, or that any Multiemployer
Plan is considered to be in “endangered” or “critical” status within the meaning of Sections 430, 431 and
432 of the Code or Sections 303, 304 or 305 of ERISA.

 

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

 

“Event of
Default” has the meaning specified in Section 8.01. An Event of Default shall be deemed to be continuing
unless and until that Event of Default has been duly waived as provided in Section 10.01 hereof.

 

“Excess Availability”
means, as of any date of determination thereof by the Administrative Agent, the result, if a positive number, of:

 

(a)          The
lesser of:

 

(i)            the
Aggregate Borrowing Base; or

 

(ii)           the
Revolving Credit Ceiling;

 

minus

 

(b)          The
aggregate Outstanding Amount of all Credit Extensions.

 

“Excess
Availability Reserve” means an amount equal to the lesser of (a) the product of (i) the amount
generated by clauses (a) through (e) of each Borrowing Base multiplied by (ii) ten
percent (10%) or (b) the product of (i) the Revolving Credit Ceiling then in effect multiplied by
(ii) ten percent (10%); provided, however,
if the amount generated by clauses (a) through (e) of each Borrowing Base minus the
amount set forth in clause (a) above is greater than the Revolving Credit Ceiling then in effect, the Excess Availability
Reserve shall be $0.

 

“Excluded
Accounts” means (a) DDAs maintained in the ordinary course of business containing cash amounts that do not exceed at
any time $50,000 for any such account and $250,000 in the aggregate for all such accounts under this clause (a), and (b) DDAs
specially and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for any Loan Party’s
employees.

 

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“Excluded
Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion
of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or
any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity
Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure
for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations
thereunder at the time the Guarantee of such Guarantor or the grant of such security interest becomes effective with respect to
such 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 Guarantee or security interest is or becomes
illegal.

 

“Excluded
Taxes” means, with respect to the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment
to be made by or on account of any obligation of the Borrowers hereunder, (a) taxes imposed on or measured by its overall
net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), 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, (b) any branch profits taxes imposed by
the United States or Canada or any similar tax imposed by any other jurisdiction in which any Borrower is located, (c) in
the case of a Foreign Lender (other than an assignee pursuant to a request by the Lead Borrower under Section 10.13),
any withholding tax (other than any Canadian federal withholding Tax)
that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates
a new Lending Office) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change
in Law) to comply with Section 3.01(d), except to the extent that such Foreign Lender (or its assignor, if any) was
entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts from the Borrowers
with respect to such withholding tax pursuant to Section 3.01(a), (d) any U.S. federal, state or local backup
withholding tax, (e) any U.S. federal withholding tax imposed under FATCA, and (f) any Canadian withholding tax that
is imposed on amounts payable to a Lender as a result of such Lender (i) not dealing at arm's length (within the meaning of
the Income Tax Act (Canada)) with a Loan Party, or (ii) being a "specified non-resident shareholder" of a Loan Party
or a non-resident person not dealing at arm's length with a "specified shareholder" of a Loan Party (in each case within
the meaning of the Income Tax Act (Canada)) (other than where the non-arm’s length relationship arises, or where the Lender
is a “specified shareholder”, or does not deal at arm’s length with a “specified shareholder”, as
a result of the Lender having become a party to, received or perfected a security interest under or received or enforce any rights
under, a Loan Document).

 

“Executive
Order” has the meaning set forth in Section 10.22.

 

“Existing
Credit Agreement” has the meaning specified in the recitals hereto

 

“Existing
Letters of Credit” means each of the letters of credit issued under the Existing Credit Agreement, as listed on Schedule
2.03(o) hereto.

 

“Existing
Obligations” has the meaning set forth in Section 10.26.

 

    36

     

    

 

“Extraordinary
Receipt” means any cash received by or paid to or for the account of any Person not in the ordinary course of business,
including tax refunds (including, without limitation, the 2020 Tax Refund
Proceeds), pension plan reversions, proceeds of insurance (other than proceeds of business interruption insurance to
the extent such proceeds constitute compensation for lost earnings), condemnation awards (and payments in lieu thereof), indemnity
payments and any purchase price adjustments.

 

“Facility
Guaranty” means (i) the Guaranty dated as of the Closing Date made by the Guarantors party thereto in favor of the
Administrative Agent and the other Credit Parties, as ratified and amended
pursuant to the Confirmation Agreement and the Second Amendment,
(ii) the Canadian Guaranty, and (iii) each other Guaranty hereafter made by a Guarantor in favor of the Administrative
Agent and the Lendersother
Credit Parties, in form reasonably satisfactory to the Administrative Agent.

 

“Factored
Receivables” means any Accounts originally owed or owing by a Loan Party to another Person which have been purchased
by or factored with Wells Fargo Bank or any of its Affiliates
pursuant to a factoring arrangement or otherwise with the Person that sold the goods or rendered the services to the Loan Party
which gave rise to such Account.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), and (a) any current or future regulations or official interpretations
thereof, (b) any agreements entered into pursuant to Section 1471(b)(1) of the Code, and (c) any intergovernmental
agreement entered into by the United States (or any fiscal or regulatory legislation, rules, or practices adopted pursuant to any
such intergovernmental agreement entered into in connection therewith).

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

 

“Federal Funds
Rate” means, for any period, a fluctuating interest rate per annum equal to, for each day during such period, the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business
Day, the average of the quotations for such day on such transactions received by the Agent from three Federal funds brokers of
recognized standing selected by it (and, if any such rate is below zero, then the rate determined pursuant to this definition shall
be deemed to be zero).

 

“Federal Reserve
Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.21

 

 

21
First Amendment

 

    37

     

    

 

“Fee Letter”
means, collectively, (i) the letter agreement, dated as of the Restatement Date, among the Borrowers and the Agents, and
(ii) the letter agreement, dated as of the First Amendment
Effective Date, among the Borrowers and the Agents, and (iii) the letter agreement, dated as of the Second Amendment
Effective Date, among the Borrowers and the Agents, as each such letter agreement is amended, modified or supplemented from time
to time.22

 

“FF&E”
means all furniture, trade fixtures and Equipment (as defined in the UCC or PPSA, as applicable).

 

“FIRREA”
means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended from time to time.

 

“First Amendment”
means that certain First Amendment to Amended and Restated Credit Agreement dated as of the First Amendment Effective Date by and
among (i) the Borrowers, (ii) the Guarantors, (iii) the Lenders, and (iv) Wells Fargo Bank, National Association
(successor by merger to Wells Fargo Retail Finance, LLC), as Administrative Agent, Collateral Agent, and Swing Line Lender.23

 

“First Amendment
Effective Date” means April 24, 2020.24

 

“Fiscal Month”
means any fiscal month of any Fiscal Year, which month shall generally end on the Saturday closest to the last day of each calendar
month in accordance with the fiscal accounting calendar of the Loan Parties.

 

“Fiscal Quarter”
means any fiscal quarter of any Fiscal Year, which quarters shall generally end on the Saturday closest to the last day of each
April, July, October and January of such Fiscal Year in accordance with the fiscal accounting calendar of the Loan Parties.

 

“Fiscal Year”
means the fifty-two (52) or fifty-three (53) week period that ends on the Saturday closest to January 31st of each
calendar year.

 

“Fixed Rate
Borrowing” means a Borrowing comprised of LIBO Rate Loans or BA Rate Loans.

 

“Fixed Rate
Loan Notice” means a notice for a Fixed Rate Borrowing or continuation pursuant to Section 2.02(b), which
shall be substantially in the form of Exhibit A.

 

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

 

“Flood Insurance
Laws” means, collectively, (a) the National Flood Insurance Act of 1968, (b) the Flood Disaster Protection
Act of 1973, (c) the National Flood Insurance Reform Act of 1994, (d) the Flood Insurance Reform Act of 2004, and (e) the
Biggert-Waters Flood Insurance Reform Act of 2012, as each of the foregoing is now or hereafter in effect and any successor statute
to any of the foregoing.25

 

 

22
First Amendment

23
First Amendment

24
First Amendment

25
First Amendment

 

    38

     

    

 

 

“FMV”
means, as to any Eligible Real Estate, the fair market value of such Eligible Real Estate as set forth in the most recent appraisal
of such Eligible Real Estate as determined from time to time by an independent appraisal firm engaged by, and acceptable to, the
Administrative Agent.

 

“Foreign Assets
Control Regulations” has the meaning set forth in Section 10.22.

 

“Foreign Lender”
means any Lender that is organized under the laws of a jurisdiction other than that in which the Lead Borrower is resident for
tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed
to constitute a single jurisdiction.

 

“Foreign Vendor”
means a Person that sells In-Transit Inventory to a Borrower.

 

“Foreign Vendor
Agreement” means an agreement between a Foreign Vendor and the Collateral Agent in form and substance satisfactory to
the Collateral Agent and pursuant to which, among other things, the parties shall agree upon their relative rights with respect
to In-Transit Inventory of a Borrower purchased from such Foreign Vendor.

 

“Franchise
Agreements” has the meaning set forth for such term in the Security Agreement.

 

“Franchise
Receivables” means “Franchise Receivables” as such term is defined in the Term Credit Agreement.

 

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

 

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

 

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

 

“Governmental
Authority” means the government of the United States, Canada or any other nation, or of any political subdivision thereof,
whether state, provincial, municipal 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).

 

“Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect
of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase
or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation
of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital
or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable
the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any
other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect
such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing
any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such
Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee
shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof,
in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect
thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding
meaning.

 

    39

     

    

 

“Guarantor”
means each Subsidiary of the Lead Borrower listed on Schedule 1.01 annexed hereto and each other Subsidiary of the Lead
Borrower that shall be required to execute and deliver a Facility Guaranty or Facility Guaranty supplement pursuant to Section 6.12.  For purposes of clarity, TCP Brands, LLC, The Children’s Place International,
LLC, and each Person that is a guarantor of the Term Obligations shall constitute a “Guarantor” hereunder unless such
Person is a “Borrower” hereunder.

 

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

 

“In-Transit
Inventory” means Inventory of a Borrower which is in the possession of a common carrier and is in transit from a Foreign
Vendor of a Borrower from a location outside of (x) the continental United States, in the case of a U.S. Borrower, or (y) Canada,
in the case of a Canadian Borrower, to a location of a Borrower that is within (a) the continental United States, in the case
of a U.S. Borrower, or (b) Canada, in the case of a Canadian Borrower.

 

“Increase
Effective Date” shall have the meaning provided in Section 2.15(d).

 

“Increased
Financial Reporting Event” means if at any time Excess Availability is less than the greater of (i) 25% of the Loan
Cap at such time, or (ii) $75,000,000.

 

“Increased
Lender” shall have the meaning provided in Section 2.15(f).

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness
or liabilities in accordance with GAAP:

 

    40

     

    

 

(a)            all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;

 

(b)            the
maximum amount of all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial),
bankers’ acceptances, bank guaranties, surety bonds and similar instruments;

 

(c)            net
obligations of such Person under any Swap Contract;

 

(d)            all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the
ordinary course of business and, in each case, payable in accordance with customary trade practices);

 

(e)            indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness
arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed
by such Person or is limited in recourse;

 

(f)            all
Attributable Indebtedness in respect of Capital Lease Obligations of such Person, but excluding any obligations of such Person
in respect of operating leases;

 

(g)            all
obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest
in such Person or any other Person (including, without limitation, Disqualified Stock), or any warrant, right or option to acquire
such Equity Interest, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation
preference plus accrued and unpaid dividends; and

 

(h)            all
Guarantees of such Person in respect of any of the foregoing.

 

For all purposes hereof,
the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that
is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such
Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date
shall be deemed to be the Swap Termination Value thereof as of such date.

 

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

 

“Indemnitees”
has the meaning specified in Section 10.04(a).

 

“Information”
has the meaning specified in Section 10.07.

 

    41

     

    

 

“Intellectual
Property” means all present and future: trade secrets, know-how and other proprietary information; trademarks,
trademark applications, internet domain names, service marks, trade dress, trade names, business names, designs, logos, slogans
(and all translations, adaptations, derivations and combinations of the foregoing) indicia and other source and/or business identifiers,
and all registrations or applications for registrations which have heretofore been or may hereafter be issued thereon throughout
the world; copyrights and copyright applications; (including copyrights for computer programs) and all tangible and intangible
property embodying the copyrights, unpatented inventions (whether or not patentable); patents and patent applications; industrial
design applications and registered industrial designs; license agreements related to any of the foregoing and income therefrom;
books, customer lists, records, writings, computer tapes or disks, flow diagrams, specification sheets, computer software, source
codes, object codes, executable code, data, databases and other physical manifestations, embodiments or incorporations of any of
the foregoing; all other intellectual property; and all common law and other rights throughout the world in and to all of the foregoing.

 

“Intellectual
Property” means the “Intellectual Property Collateral” as defined in the Security Agreement or the Canadian Security
Agreement, as applicable. For the avoidance of doubt, Intellectual Property shall not exclude any “Excluded Property”
as defined in the Security Agreement or the Canadian Security Agreement, as applicable.

 

“Intellectual
Property Security Agreements” means, collectively, (a) the short-form intellectual property security agreements dated
as of the Second Amendment Effective Date among any one or more Loan Parties and the
Collateral Agent, and (b) each other short-form intellectual
property security agreement entered into after the Second Amendment Effective Date among any one or more Loan Parties and the Collateral
Agent, in each case evidencing a Lien in the Intellectual Property of such Loan Parties in
favor of the Collateral Agent.

 

“Intercreditor
Agreement” means (a) that certain Intercreditor Agreement dated as of the Second Amendment Date by and among the Agents
and the Term Agent, and acknowledged and agreed to by the Loan Parties, as amended, modified, restated or replaced from time to
time in accordance with the terms hereof and thereof, or (b) any other intercreditor agreement, reasonably acceptable to the
Agents and the Required Lenders, among the Agents and any agent or trustee with respect to the Term Credit Agreement or any Permitted
Refinancing Indebtedness thereof, as it may be amended, amended and restated, supplemented or otherwise modified from time to time
in accordance with the terms hereof and thereof.

 

“Intercreditor
Provisions” has the meaning specified in Section 8.01(s).

 

“Interest
Payment Date” means (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable
to such Loan and the Maturity Date; provided, however, that if any Interest Period for a LIBO Rate Loan or BA Rate
Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall
also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the first day of each month
(or if such day is not a Business Day, on the next succeeding Business Day) and the Maturity Date.

 

    42

     

    

 

“Interest
Period” means, as to each LIBO Rate Loan and BA Rate Loan, the period commencing on the date such LIBO Rate Loan or BA
Rate Loan is disbursed or converted to or continued as a LIBO Rate Loan or BA Rate Loan and ending on the date one,26
three or six months thereafter, as selected by the Lead Borrower in its Fixed Rate Loan Notice; provided that:

 

(i)            any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business
Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding
Business Day;

 

(ii)           any
Interest Period 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 calendar month at the end
of such Interest Period;

 

(iii)          no
Interest Period shall extend beyond the Maturity Date; and

 

(iv)          notwithstanding
the provisions of clause (iii), no Interest Period shall have a duration of less than one (1) month, and if any Interest Period
applicable to a Fixed Rate Borrowing would be for a shorter period, such Interest Period shall not be available hereunder.

 

For purposes hereof, the date of a Borrowing
initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion
or continuation of such Borrowing.

 

“Inventory”
has the meaning given that term in the UCC or the PPSA, as applicable, and shall also include, without limitation, all: (a) goods
which (i) are leased by a Person as lessor, (ii) are held by a Person for sale or lease or to be furnished under a contract
of service, (iii) are furnished by a Person under a contract of service, or (iv) consist of raw materials, work in process,
or materials used or consumed in a business; (b) goods of said description in transit; (c) goods of said description
which are returned, repossessed or rejected; and (d) packaging, advertising, and shipping materials related to any of the
foregoing.

 

“Inventory
Reserves” means such reserves as may be established from time to time by the Administrative Agent in the Administrative
Agent’s reasonable discretion with respect to the determination of the saleability, at retail, of the Eligible Inventory
or which reflect such other factors as affect the realizable value of the Eligible Inventory.

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption
of debt of, or purchase or other acquisition of any other debt or interest in, another Person, or (c) any Acquisition, or
(d) any other investment of money or capital in order to obtain a profitable return. For purposes of covenant compliance,
the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in
the value of such Investment.

 

 

26
First Amendment

 

    43

     

    

 

“Investment
Grade Account Debtor” means an account debtor that, at the time of determination, as a corporate credit rating and/or
family rating, as applicable, of BBB- or higher by S&P or Baa3 or higher by Moody’s.

 

“IRS”
means the United States Internal Revenue Service.

 

“ISP”
means, with respect to any Letter of Credit, the International Standby Practices 1998 (International Chamber of Commerce Publication
No. 590) and any version or revision thereof accepted by the L/C Issuer for use.

 

“Issuer Documents”
means with respect to any Letter of Credit, the Letter Credit Application, the Standby Letter of Credit Agreement or Commercial
Letter of Credit Agreement, as applicable, and any other document, agreement and instrument entered into by, among or between the
L/C Issuer (including a Canadian Underlying Issuer), the Administrative Agent and a Borrower (or any Subsidiary) or in favor of
the Administrative Agent or L/C Issuer (including a Canadian Underlying Issuer) and relating to any such Letter of Credit.

 

“Joinder Agreement”
means an agreement, in the form attached hereto as Exhibit F pursuant to which, among other things, a Person becomes
a party to, and bound by the terms of, this Agreement and/or the other Loan Documents in the same capacity and to the same extent
as either a Borrower or a Guarantor, as the Administrative Agent may determine.

 

“Judgment
Currency” has the meaning specified in Section 10.27.

 

“Laws”
means each international, foreign, federal, state, provincial, territorial, municipal, and local statute, treaty, rule, guideline,
regulation, ordinance, code and administrative or judicial precedent or authority, including the interpretation or administration
thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and each applicable
administrative order, directed duty, request, license, authorization and permit of, and agreement with, any Governmental Authority,
in each case whether or not having the force of law.

 

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

 

“L/C Issuer”
means (a) Wells Fargo Bank in its capacity as issuer of U.S. Letters of Credit hereunder, or any successor issuer of U.S.
Letters of Credit hereunder (which successor may only be a U.S. Lender selected by the Administrative Agent in its discretion),
(b) Wells Fargo Canada, including, to the extent applicable, represented by or acting for, through or on behalf of a Canadian
Underlying Issuer, in its capacity as issuer of Canadian Letters of Credit hereunder, or any successor issuer of Canadian Letters
of Credit hereunder (which successor may only be a Canadian Lender selected by the Administrative Agent in its discretion), and
(c) any other Lender selected by the Lead Borrower in its discretion with the consent of the Administrative Agent and such
Lender (which consent shall not be unreasonably withheld). The L/C Issuer may, in its discretion, arrange for one or more Letters
of Credit to be issued by Affiliates or branches of the L/C Issuer and/or for such Affiliate or branch to act as an advising, transferring,
confirming and/or nominated bank in connection with the issuance or administration of any such Letter of Credit, in which case
the term “L/C Issuer” shall include any such Affiliate or branch with respect to Letters of Credit issued by such Affiliate
or branch.

 

    44

     

    

 

“L/C Obligations”
means U.S. L/C Obligations and/or Canadian L/C Obligations as the context requires.

 

“Lead Borrower”
has the meaning assigned to such term in the preamble of this Agreement.

 

“Lease”
means any agreement, whether written or oral, no matter how styled or structured, pursuant to which a Loan Party is entitled to
the use or occupancy of any space in a structure, land, improvements or premises for any period of time.

 

“Lender”
has the meaning specified in the introductory paragraph hereto and, as the context requires, includes the Swing Line Lender.

 

“Lending Office”
means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire,
or such other office or offices as a Lender may from time to time notify the Lead Borrower and the Administrative Agent. A Lender
may designate a different Lending Office with respect to its Canadian Commitment and its U.S. Commitment.

 

“Letter of
Credit” means each Standby Letter of Credit and each Commercial Letter of Credit issued hereunder by the L/C Issuer.
Without limiting the foregoing, all Existing Letters of Credit shall be deemed to have been issued hereunder and shall for all
purposes be deemed to be “Letters of Credit” hereunder.

 

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

 

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

 

“Letter of
Credit Expiration Date” means the day that is seven days prior to the Maturity Date then in effect (or, if such day is
not a Business Day, the next preceding Business Day).

 

“Letter of
Credit Fee” has the meaning specified in Section 2.03(l).

 

“Letter of
Credit Indemnified Costs” has the meaning specified in Section 2.03(f).

 

“Letter of
Credit Related Person” has the meaning specified in Section 2.03(f).

 

“Letter of
Credit Sublimit” means an amount equal to $50,000,000. The Letter of Credit Sublimit is part of, and not in addition
to, the Aggregate Commitments. A permanent reduction of the Aggregate Commitments shall not require a corresponding pro rata reduction
in the Letter of Credit Sublimit; provided, however, that if the Aggregate Commitments are reduced to an amount less
than the Letter of Credit Sublimit, then the Letter of Credit Sublimit shall be reduced to an amount equal to (or, at the Lead
Borrower’s option, less than) the Aggregate Commitments.

 

    45

     

    

 

“LIBO Rate”
means for any Interest Period with respect to a LIBO Rate Loan, the greater of (i) one percent (1.00%) per annum, and (ii) the
rate per annum as published by ICE Benchmark Administration Limited (or any successor page or other commercially available
source as the Administrative Agent may designate from time to time) as of 11:00 a.m., London time, two Business Days prior to the
commencement of the requested Interest Period, for a term, and in an amount, comparable to the Interest Period and the amount of
the LIBO Rate Loan requested (whether as an initial LIBO Rate Loan or as a continuation of a LIBO Rate Loan or as a conversion
of a Base Rate Loan to a LIBO Rate Loan) by Borrowers in accordance with this Agreement (and, if any such published rate is below
zero, then the rate determined pursuant to this clause (ii) shall be deemed to be zero). Each determination of the LIBO Rate
shall be made by the Administrative Agent and shall be conclusive in the absence of manifest error.27

 

“LIBO Rate
Loan” means a Committed Loan that bears interest at a rate based on the LIBO Rate.

 

“Lien”
means (a) any mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory
or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest
of any kind or nature whatsoever (including any conditional sale, Capital Lease Obligation, or other title retention agreement,
any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same
economic effect as any of the foregoing) and (b) in the case of securities, any purchase option, call or similar right of
a third party with respect to such securities.

 

“Liquidation”
means the exercise by the Administrative Agent or Collateral Agent of those rights and remedies accorded to such Agents under the
Loan Documents and applicable Law as a creditor of the Loan Parties with respect to the realization on the Collateral, including
(after the occurrence and continuation of an Event of Default) the conduct by the Loan Parties acting with the consent of the Administrative
Agent, of any public, private or “going out of business”, “store closing” or other similarly themed sale
or other disposition of the Collateral for the purpose of liquidating the Collateral. Derivations of the word “Liquidation”
(such as “Liquidate”) are used with like meaning in this Agreement.

 

“Liquidity”
shall mean, as of any date, the sum of (i) Excess Availability as of such date, plus (ii) the unrestricted cash balance
of the Loan Parties on deposit in a Securities Account or DDA, in either case subject to a Control Agreement (as defined in the
Security Agreement and/or the Canadian Security Agreement, as applicable) in
favor of the Collateral Agent, in form and substance reasonably
acceptable to the Collateral Agent, as of such date.

 

“Loan”
means a Canadian Loan and/or a U.S. Loan as the context requires.

 

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

 

“Loan Cap”
means, at any time of determination, the lesser of (a) the Aggregate Commitments and (b) the Aggregate Borrowing Base.

 

 

27
First Amendment

 

    46

     

    

 

“Loan Documents”
means this Agreement, each Note, each Issuer Document, the Fee Letter, all Borrowing Base Certificates, theall
Term Loan Borrowing Base Certificates, all Compliance Certificates, the Blocked Account Agreements, the Credit Card
Notifications, the Security Documents, the Intercreditor Agreement,
each Request for Credit Extension, the Confirmation Agreement, each Facility Guaranty and any other instrument or agreement now
or hereafter executed and delivered in connection herewith, or in connection with any transaction arising out of any Cash Management
Services and Bank Products provided by a Lender or any of its Affiliates or branches, each as amended and in effect from time to
time.

 

“Loan Parties”
means, collectively, the Borrowers and each Guarantor.

 

“Mandatory
Term Loan Prepayments” means, prior to the Discharge of Term Obligations, mandatory prepayments of the Term Obligations to
the extent required to be made pursuant to Subject 2.06 of the Term Credit Agreement.

 

“Margin Stock”
is as defined in Regulation U of the FRB as in effect from time to time.

 

“Material
Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the results of operations,
business, properties, liabilities (actual or contingent) or condition (financial or otherwise) of the Loan Parties and their Subsidiaries
taken as a whole; (b) a material impairment of the ability of any Loan Party to perform its obligations under any Loan Document
to which it is a party; or (c) a material impairment of the rights and remedies of the Agents or the Lenders under any Loan
Document or a material adverse effect on (i) the Collateral, (ii) the validity, perfection or priority of any Lien granted
by any Loan Party in favor of any Agent on any material portion of the Collateral, or (iii) the legality, validity, binding
effect or enforceability against any Loan Party of any Loan Document to which it is a party. In determining whether any individual
event would result in a Material Adverse Effect, notwithstanding that such event in and of itself does not have such effect, a
Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such event and all other then existing events
would result in a Material Adverse Effect.

 

“Material
Contract” means, with respect to any Person, each contract (including
any Franchise Agreements and Intellectual Property licensing agreements) to which such Person is a party, the termination
or breach of which would be reasonably likely to result in a Material Adverse Effect,
but excluding the Term Documents.

 

“Material
Indebtedness” means (i) the Term Obligations (it being
understood that the Term Obligations shall be deemed to be “Material Indebtedness” so long as any Term Obligations
remain outstanding), and (ii) any other Indebtedness (other than the Obligations) of the Loan Parties in an aggregate
principal amount exceeding $3,000,000. For purposes of determining the amount of Material Indebtedness at any time, the amount
of the obligations in respect of any Swap Contract at such time shall be calculated at the Swap Termination Value thereof.

 

“Material
Intellectual Property” means Intellectual Property that
is material to the conduct of business
of the Loan Parties, taken as a whole.

 

“Maturity
Date” means May 9, 2024.

 

    47

     

    

 

“Maximum Rate”
has the meaning provided therefor in Section 10.09.

 

“Measurement
Period” means, at any date of determination, the most recently completed trailing twelve (12) Fiscal Months.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

“Mortgage”
means the Mortgage on the Alabama Property by Services Company in favor of the Collateral Agent.

 

“Mortgage
Policy” has the meaning specified in the definition of Eligible Real Estate.

 

“Multiemployer
Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Lead
Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made
or been obligated to make contributions.

 

“Net Proceeds”
means:

 

(i)            with
respect to any Disposition by any Loan Party or any of its Subsidiaries (including, without limitation,
any Disposition of the Alabama Property in connection with the Alabama Sale-Leaseback Transaction), or any Extraordinary
Receipt received or paid to the account of any Loan Party or any of its Subsidiaries, the excess, if any, of (i) the sum of
cash and cash equivalents received in connection with such transaction (including any cash or cash equivalents received by way
of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) over
(ii) the sum of (A) the principal amount of any Indebtedness that is secured by the applicable asset by a Lien permitted
hereunder which is senior to the Collateral Agent’s Lien on such asset and that is required to be repaid (or to establish
an escrow for the future repayment thereof) in connection with such transaction (other than Indebtedness under the Loan Documents),
(B) and the Term Documents), (B) to the extent
such cash proceeds are received from a Disposition of, or an Extraordinary Receipt received or paid to the account of, Term Priority
Collateral, prior to the Discharge of Term Obligations, the principal amount, premium or penalty, if any, interest and other Term
Obligations, in each case, which are required to be repaid or cash collateralized with any such proceeds, and (C) the
reasonable and customary out-of-pocket expenses incurred by such Loan Party or such Subsidiary in connection with such transaction
(including, without limitation, appraisals, and brokerage, legal, title and recording or transfer tax expenses and commissions)
paid by any Loan Party to third parties (other than Affiliates)); and

 

(ii)            with
respect to the sale or issuance of any Equity Interest by any Loan Party or any of its Subsidiaries, or the incurrence or issuance
of any Indebtedness by any Loan Party or any of its Subsidiaries, the excess of (i) the sum of the cash and cash equivalents
received in connection with such transaction over (ii) the sum
of (A) the underwriting discounts and commissions, and other reasonable and customary out-of-pocket expenses, incurred
by such Loan Party or such Subsidiary in connection therewith.,
and (B) to the extent such cash proceeds are received from the sale or issuance of any Equity Interest constituting Term Priority
Collateral, prior to the Discharge of Term Obligations, the principal amount, premium or penalty, if any, interest and other Term
Obligations, in each case, which are required to be repaid or cash collateralized with any such proceeds.

 

    48

     

    

 

“New Headquarters
Lease” means that certain Lease Agreement, dated as of March 11, 2009, by and between 500 Plaza Drive Corp., as
the landlord, and Services Company, as the tenant, for the leased premises located at 500 Plaza Drive, Secaucus, New Jersey (as
modified pursuant to the terms of the New Headquarters Lease Side Letter), as amended, modified, supplemented, restated or extended
and in effect from time to time.

 

“New Headquarters
Lease Guaranty” means that certain Guaranty, dated as of March 11, 2009, made by the Lead Borrower in favor of 500
Plaza Drive Corp. (as modified pursuant to the terms of the New Headquarters Lease Side Letter), pursuant to which the Lead Borrower
guarantees the payment and performance of all obligations of Services Company under the New Headquarters Lease, in the form attached
hereto as Schedule 1.04.

 

“New Headquarters
Lease Side Letter” means that certain letter agreement, dated as of March 11, 2009, by and among the Lead Borrower,
Services Company and 500 Plaza Drive Corp., in the form attached hereto as Schedule 1.05.

 

“Non-Consenting
Lender” has the meaning provided therefor in Section 10.01.

 

“Non-Defaulting
Lender” means each Lender other than a Defaulting Lender.

 

“Non-Extension
Notice Date” has the meaning specified in Section 2.03(b)(iii).

 

“Note”
means a promissory note made by the Borrowers in favor of a Lender evidencing Loans made by such Lender, substantially in the form
of Exhibit C.

 

“NPL”
means the National Priorities List under CERCLA.

 

“NRLVNOLV”
means the net appraised retailorderly
liquidation value of the Borrowers’ Inventory (expressed as a percentage of the Cost of such Inventory)
as set forth in the inventory stock ledger of the Lead Borrower or the
Canadian Borrowers, as applicable), net of costs and expenses to be incurred in connection with any such liquidation, which value
shall be determined from time to time by the most recent
appraisal undertaken by an independent appraiser engaged by the Administrative Agent.

 

“Note”
means a promissory note made by the Borrowers in favor of a Lender evidencing Loans made by such Lender, substantially in the form
of Exhibit C.

 

“NPL”
means the National Priorities List under CERCLA.

 

“Obligations”
means (a) all advances to, and debts (including principal, interest, fees, costs, and expenses), liabilities, obligations,
covenants, indemnities, and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan or
Letter of Credit (including payments in respect of reimbursement of disbursements, interest thereon and obligations to provide
cash collateral therefor), whether direct or indirect (including those acquired by assumption), absolute or contingent, due or
to become due, now existing or hereafter arising and including interest, fees, costs, expenses and indemnities that accrue after
the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such
Person as the debtor in such proceeding, regardless of whether such interest, fees, costs, expenses and indemnities are allowed
claims in such proceeding, and (b) any Other Liabilities; provided that the Obligations shall not include any Excluded
Swap Obligations.

 

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

 

“Organization
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws
(or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited
liability company, the certificate or articles of formation or organization and operating agreement; (c) with respect to any
partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement
of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its
formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and,
if applicable, any certificate or articles of formation or organization of such entity, and (d) in each case, all shareholder
or other equity holder agreements, voting trusts and similar arrangements to which such Person is a party or which is applicable
to its Equity Interests and all other arrangements relating to the Control or management of such Person.

 

“Other Liabilities”
means any obligation on account of (i) any Cash Management Services furnished to any of the Loan Parties or any of their Subsidiaries
and/or (ii) any transaction with any Lender or any of their respective Affiliates or branches, which arises out of any Bank
Product entered into with any Loan Party and any such Person, as each may be amended from time to time.

 

“Other Taxes”
means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising
from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise
with respect to, this Agreement or any other Loan Document.

 

“Outstanding
Amount” means (i) with respect to Committed Loans and Swing Line Loans on any date, the aggregate outstanding principal
amount thereof after giving effect to any borrowings and prepayments or repayments of Committed Loans and Swing Line Loans occurring
on such date; and (ii) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after
giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations
as of such date.

 

“Overadvance”
means a Credit Extension to the extent that, immediately after its having been made:

 

(i)            as
regards the U.S. Borrowers, such Credit Extension results in the U.S. Total Outstandings exceeding the lesser of the Revolving
Credit Ceiling or the U.S Borrowing Base at such time;

 

(ii)           as
regards the Canadian Borrowers, such Credit Extension results in the Canadian Total Outstandings exceeding the lesser of the Canadian
Revolving Credit Ceiling or the Canadian Borrowing Base at such time; or

 

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(iii)          as
regards any Borrower, such Credit Extension results in the Total Outstandings exceeding the lesser of the Revolving Credit Ceiling
or the Aggregate Borrowing Base at such time.

 

“Patriot Act”
has the meaning specified in Section 5.27.

 

“Participant”
has the meaning specified in Section 10.06(d).

 

“Payment Conditions”
means, at the time of determination with respect to any transaction or payment to which the Payment Conditions applies, that (a) no
Default or Event of Default has occurred and is continuing or would arise as a result of such transaction or payment, and (b) at
least five (5) days prior to the consummation of such transaction or the making of such payment, the Lead Borrower shall have
provided to the Administrative Agent a certificate signed by a Responsible Officer of the Lead Borrower, in form and substance
reasonably satisfactory to the Administrative Agent, certifying that:

 

(i) either:

 

(A) Excess Availability
immediately prior to, and projected pro forma Excess Availability (measured as of the end of each Fiscal Month) for the twelve
Fiscal Months immediately following, and after giving effect to, such transaction or payment shall be equal to or greater than
twenty (20%) percent of the lesser of (x) the Aggregate Commitments and (y) the Aggregate
Borrowing BaseLoan Cap, or

 

(B) (1) Excess
Availability immediately prior to, and projected pro forma Excess Availability (measured as of the end of each Fiscal Month) for
the twelve Fiscal Months immediately following, and after giving effect to, such transaction or payment shall be equal to or greater
than fifteen (15%) percent of the lesser of (x) the Aggregate Commitments and (y) the
Aggregate Borrowing BaseLoan Cap, and (2) the
Consolidated Fixed Charge Coverage Ratio immediately prior to, and the projected pro forma Consolidated Fixed Charge Coverage Ratio
(measured as of the end of each Fiscal Month) for the twelve (12) Fiscal Months immediately following, and after giving effect
to, the proposed transaction or payment, shall be equal to or greater than 1.00:1.00, and

 

(ii) the Loan
Parties, on a Consolidated basis, are, and will continue to be, Solvent after giving effect to such transaction or payment.

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“PCAOB”
means the Public Company Accounting Oversight Board.

 

“Pension Plan”
means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than
a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Borrower or any ERISA Affiliate
or to which any Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer
or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding
five plan years.

 

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“Permitted
Acquisition” means an Acquisition in which all of the following conditions are satisfied:

 

(a)            No
Default or Event of Default has occurred and is continuing or, immediately following such Acquisition or after taking into account
the pro forma financials, would result from the consummation of such Acquisition;

 

(b)            Such
Acquisition shall have been approved by the Board of Directors of the Person (or similar governing body if such Person is not a
corporation) which is the subject of such Acquisition and such Person shall not have announced that it will oppose such Acquisition
or shall not have commenced any action which alleges that such Acquisition shall violate applicable Law;

 

(c)            The
Lead Borrower shall have furnished the Administrative Agent with thirty (30) days’ prior written notice of such intended
Acquisition and shall have furnished the Administrative Agent with a current draft of the acquisition documents (and final copies
thereof as and when executed), a summary of any due diligence undertaken by the Loan Parties in connection with such Acquisition,
appropriate financial statements of the Person which is the subject of such Acquisition, pro forma projected financial statements
for the twelve (12) month period following such Acquisition after giving effect to such Acquisition (including balance sheets,
cash flows and income statements by month for the acquired Person, individually, and on a Consolidated basis with all Loan Parties),
and such other information as the Administrative Agent may reasonably require, all of which shall be reasonably satisfactory to
the Administrative Agent;

 

(d)            Either
(i) the legal structure of the Acquisition shall be acceptable to the Administrative Agent in its discretion, or (ii) the
Loan Parties shall have provided the Administrative Agent with a solvency opinion from an unaffiliated third party valuation firm
reasonably satisfactory to the Administrative Agent;

 

(e)            After
giving effect to the Acquisition, if the Acquisition is an Acquisition of the Equity Interests, a Loan Party shall acquire and
own, directly or indirectly, a majority of the Equity Interests in the Person being acquired and shall Control a majority of any
voting interests or shall otherwise Control the governance of the Person being acquired;

 

(f)            If
the assets acquired in such Acquisition are to be included in the Borrowing
Base or the Term Borrowing Base, the Administrative Agent shall have received (i) the results of appraisals of
the assets (or the assets of the Person) to be acquired in such Acquisition and of a commercial finance examination of the Person
which is (or whose assets are) being acquired, and (ii) such other due diligence as the Administrative Agent may reasonably
require, all of the results of the foregoing to be reasonably satisfactory to the Administrative Agent;

 

(g)            Any
assets acquired shall be utilized in, and if the Acquisition involves a merger, amalgamation, consolidation or Acquisition of Equity
Interests, the Person which is the subject of such Acquisition shall be engaged in, a business otherwise permitted to be engaged
in by a Borrower under this Agreement;

 

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(h)            If
the Person which is the subject of such Acquisition will be maintained as a Subsidiary of a Loan Party, or if the assets acquired
in an acquisition will be transferred to a Subsidiary which is not then a Loan Party, such Subsidiary shall have been joined as
a “Borrower” hereunder or as a Guarantor, as the Administrative Agent shall determine, and the Collateral Agent shall
have received a security interest and/or mortgage interest in such Subsidiary’s Equity Interests, Inventory, Accounts, Intellectual
Property, FF&E and other property of the same nature as constitutes collateral under the Security Documents (subject
only to Permitted Encumbrances having priority by operation of law and
Permitted Encumbrances described in clause (n) of such definition); and

 

(i)            The
Person which is the subject of such Acquisition has not sponsored, maintained, contributed to or otherwise incurred liability under
a Canadian Defined Benefit Plan; and

 

(ij)     After
giving effect to such Acquisition, the Payment Conditions shall be satisfied.

 

“Permitted
Disposition” means any of the following:

 

(a)            (x) Dispositions
of Inventory in the ordinary course of business, including (i) liquidations or other Dispositions of Inventory in connection
with Store closings in the ordinary course of business and (ii) Dispositions of Inventory(which
Store closings shall be in material compliance, as reasonably agreed by the Administrative Agent and the Lead Borrower, with the
business plan most recently delivered to the Administrative Agent in accordance with Section 6.01(c)), (ii) in
wholesale transactions and sales to franchisees, and (y) Dispositions
of Inventory in connection with Specified Store Closings; provided that no such
sale described in this clause (a) shall
be made for andany
amount below cost;

 

(b)            bulk
sales or other Dispositions of the Inventory of a Loan Party not in the ordinary course of business in connection with Store closings,
(other than Specified Store Closings, which are governed
by clause (a) above), at arm’s length, provided, that such Store closures and related Inventory Dispositions
shall not exceed (i) in any Fiscal Year of the Lead Borrower and its Subsidiaries, five percent (5%) of the number of the
Loan Parties’ Stores as of the beginning of such Fiscal Year (net of new Store openings and
the Specified Store Closings) and (ii) in the aggregate from and after the Restatement Date, ten percent (10%)
of the number of the Loan Parties’ Stores in existence as of the Restatement Date (net of new Store openings and
the Specified Store Closings), provided further that all sales of Inventory in connection with Store closings
shall be in accordance with liquidation agreements and with professional liquidators reasonably acceptable to the Agents; provided
further that all Net Proceeds received in connection therewith are applied to the Obligations if then required in accordance
with Section 2.05 hereof;

 

(c)            (x) non-exclusive
licenses of Intellectual Property of a Loan Party or any of its Subsidiaries in
the ordinary course of business, (y) exclusive licenses (within
a specific and defined field of use) of Intellectual Property within the United States or Canada in connection with
wholesale arrangements (but not, for the avoidance of doubt, in connection with retail store or
e-commerce operations), and (z) exclusive licenses (within
a specific and defined field of use) of Intellectual Property in jurisdictions outside of the United States and Canada
for the use of such Intellectual Property, in each case of clauses (x), (y) and (z) on an arms’ length basis in
the ordinary course of business and on terms and conditions that do not restrict the Agents’ right to utilize and/or
dispose of such Intellectual Property in connection with any realization on the Collateral as
set forth in the applicable Security Documents in a manner consistent with the most recent appraisal obtained by
the Administrative Agent in accordance with Section 6.10 hereof (except
in the case of clauses (x), (y) and (z) as specifically indicated in a footnote on Schedule 5.17(b) attached hereto);

 

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(d)            licenses
for the conduct of licensed departments within the Loan Parties’ Stores in the ordinary course of business; provided that,
if requested by the Agents, the Agents shall have entered into an intercreditor agreement with the Person operating such licensed
department on terms and conditions reasonably satisfactory to the Agents;

 

(e)            (i) Dispositions
of Equipment (other than Eligible FF&E (as defined in the Term Credit
Agreement as in effect on the Second Amendment Effective Date or as amended in accordance with the Intercreditor Agreement))
in the ordinary course of business that is substantially worn, damaged, obsolete or, in the judgment of a Loan Party, no longer
useful or necessary in its business or that of any Subsidiary and is not replaced with similar property having at least equivalent
value and (ii) other Dispositions of Equipment having a fair market value not to exceed $500,000 in the aggregate in any Fiscal
Year; provided that Dispositions of any Eligible FF&E (as defined
in the Term Credit Agreement as in effect on the Second Amendment Effective Date or as amended in accordance with the Intercreditor
Agreement) under this clause (e)(ii) shall not exceed a fair market value of $250,000 in the aggregate in any Fiscal Year;

 

(f)            sales,
transfers and Dispositions among the Loan Parties or by any Subsidiary to a Loan Party; provided
that such sales, transfers and Dispositions from any U.S. Loan Party to any Canadian Loan Party shall be made only in the ordinary
course of business consistent with the past practices of the Loan Parties; and

 

(g)            sales,
transfers and Dispositions of or by any Subsidiary which is not a Loan Party to another Subsidiary that is not a Loan Party;.

 

(h)            as
long as no Default or Event of Default shall have occurred
and be continuing or would arise therefrom, the Alabama Capital
Lease; provided that the
Collateral Agent shall have received a Collateral Access Agreement
from the lessor under the Alabama Capital Lease; and

 

(i)            as
long as no Default or Event of Default shall have occurred
and be continuing or would arise therefrom, the Alabama Sale-Leaseback
Transaction; provided that (i) such
sale is made for fair market value, (ii) the Net Proceeds paid in cash are in an amount at least equal to the greater of the
amounts advanced, or available to be advanced, against the Alabama Property under the U.S. Borrowing Base, (iii) all Net Proceeds
received in connection with any such transaction are applied to the Obligations, and (iv) the Collateral Agent shall have
received a Collateral Access Agreement from the purchaser of the Alabama Property.

 

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Notwithstanding the
foregoing or anything to the contrary contained herein, (x) in the event
of a Disposition otherwise permitted hereunder of Intellectual Property that
is material to the business of the Loan Parties (“Material
Intellectual Property”), such Disposition shall not be a Permitted Disposition unless the terms of such
Disposition would not restrict the Agents’ right to utilize such Material Intellectual Property in connection with any realization
on the Collateral as set forth in the applicable Security Documents in a manner consistent with the most recent appraisal obtained
by the Administrative Agent in accordance with Section 6.10 hereof, and (y) no
Loan Party nor any Subsidiary shall sell, transfer or otherwise dispose of any Material Intellectual Property other than as provided
in clause (x)in this definition, (A) except as
provided in clauses (c) and (d) above, no Borrower Intellectual Property shall be the subject of any transfer, sale or
disposition (in each case, pursuant to a Disposition, a Permitted Investment, a Permitted Encumbrance or otherwise)
without the consent of theto
any non-Loan Party (except for Intellectual Property with an aggregate fair market value, when combined with fair market value
of any Intellectual Property subject to an Investment under the exception to clause (A) in the paragraph at the end of the
definition of “Permitted Investments”, that does not exceed $250,000 in the aggregate in any Fiscal Year) or (B) no
other asset included in the determination of any Borrowing Base or any Term Borrowing Base (other than Dispositions described in
clauses (a) and (e)(ii) above) shall be the subject of any transfer, sale or disposition (in each case, pursuant to a
Disposition, a Permitted Investment, a Permitted Encumbrance or otherwise) to any non-Loan Party in compliance with this definition
above unless before and after giving effect to any such Disposition, no Event of Default shall have occurred and be continuing
and, at least three (3) Business Days prior to the consummation of such Disposition, the Lead Borrower shall have delivered
to the Administrative Agent and the Required Lendersan
updated Borrowing Base Certificate and an updated Term Loan Borrowing Base Certificate excluding the assets subject to such Disposition
from the calculations thereunder.

 

“Permitted
Encumbrances” means:

 

(a)            Liens
imposed by law for Taxes that are not yet due or are being contested in compliance with Section 6.04;

 

(b)            Carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by applicable Law,
arising in the ordinary course of business and securing obligations that are not overdue by more than thirty (30) days or are being
contested in compliance with Section 6.04;

 

(c)            Pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations, other than any Lien imposed by ERISA or applicable Law relating to Canadian Pension
Plans;

 

(d)            Liens
or deposits to secure the performance of bids, trade contracts and leases (other than obligations for borrowed money), statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course
of business;

 

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(e)            Liens
in respect of judgments that would not constitute an Event of Default hereunder;

 

(f)            Easements,
covenants, conditions, restrictions, building code laws, zoning restrictions, rights-of-way and similar encumbrances on real property
imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially
detract from the value of the affected property or materially interfere with the ordinary conduct of business of a Loan Party and
such other minor title defects or survey matters that are disclosed by current surveys that, in each case, do not materially interfere
with the current use of the real property;

 

(g)            Liens
existing on the date hereofSecond
Amendment Effective Date and listed on Schedule 7.01 and any renewals or extensions thereof, provided that
(i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased, (iii) the
direct or any contingent obligor with respect thereto is not changed, and (iv) any renewal or extension of the obligations
secured or benefited thereby is otherwise permitted hereunder;

 

(h)            Liens
on fixed or capital assets acquired by any Loan Party which are permitted under clause (d) of the definition of Permitted
Indebtedness so long as (i) the Indebtedness secured thereby does not exceed the cost of acquisition of such fixed or capital
assets and (ii) such Liens shall not extend to any other property or assets of the Loan Parties;

 

(i)             Liens
in favor of the Collateral Agent;

 

(j)             Landlords’
and lessors’ Liens in respect of rent not in default;

 

(k)            Possessory
Liens in favor of brokers and dealers arising in connection with the acquisition or disposition of Investments owned as of the
date hereof and Permitted Investments, provided that such liens (a) attach only to such Investments and (b) secure
only obligations incurred in the ordinary course and arising in connection with the acquisition or disposition of such Investments
and not any obligation in connection with margin financing;

 

(l)            Liens
arising solely by virtue of any statutory or common law provisions relating to banker’s liens, liens in favor of securities
intermediaries, rights of setoff or similar rights and remedies as to deposit accounts or securities accounts or other funds maintained
with depository institutions or securities intermediaries;

 

(m)            Liens
arising from precautionary UCC or PPSA filings regarding “true” operating leases or, to the extent permitted under
the Loan Documents, the consignment of goods to a Loan Party;

 

(n)            [Reserved];Liens
in favor of the Term Agent securing Term Obligations to the extent permitted under clause (i) of the definition of “Permitted
Indebtedness”, to the extent such Liens comply with the Intercreditor Agreement; provided that any such Liens on any ABL
Priority Collateral are junior to the Liens on the ABL Priority Collateral securing the Obligations;

 

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(o)            Liens
referred to in Schedule B of the Mortgage Policy insuring the Mortgage; and

 

(p)            Liens
in favor of customs and revenues authorities imposed by applicable Law arising in the ordinary course of business in connection
with the importation of goods and securing obligations (i) that are not overdue by more than thirty (30) days, or (ii)(A) that
are being contested in good faith by appropriate proceedings, (B) the applicable Loan Party or Subsidiary has set aside on
its books adequate reserves with respect thereto in accordance with GAAP and (C) such contest effectively suspends collection
of the contested obligation and enforcement of any Lien securing such obligation;

 

provided,
however, that, except as provided in any one or more of clauses (a) through (o) above, the term “Permitted
Encumbrances” shall not include any Lien securing obligations for borrowed money.

 

“Permitted
Indebtedness” means:

 

(iv)            Indebtedness
outstanding on the date hereofSecond
Amendment Effective Date and listed on Schedule 7.03 and any Permitted Refinancing Indebtedness in respect thereof;

 

(v)            Indebtedness
of any Loan Party to any other Loan Party; provided that such Indebtedness shall (i) be evidenced by such documentation
as the Administrative Agent may reasonably require, (ii) constitute “Collateral” under this Agreement and the
Security Documents, (iii) be on terms (including subordination terms) reasonably acceptable to the Administrative Agent, and
(iv) be otherwise permitted pursuant to Section 7.03;

 

(vi)            (i) transfers
permitted by Section 7.18 and (ii) intercompany Indebtedness incurred in the ordinary course of business between
the Loan Parties located within the United States or Canada, on the one hand, and their Affiliates in Puerto Rico and Asia, on
the other hand, to the extent otherwise permitted pursuant to clause (h) of the definition of Permitted Investments;

 

(vii)            without
duplication of Indebtedness described in clause (f) of this definition, so long as the Payment Conditions are satisfied, purchase
money Indebtedness of any Loan Party to finance the acquisition of any fixed or capital assets, including the
Alabama Capital Lease and other Capital Lease Obligations, and any Indebtedness assumed in connection with the
acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and any Permitted Refinancing
Indebtedness in respect thereof; provided, however, that, if requested by the Collateral Agent, the Loan Parties shall cause the
holders of any such Indebtedness incurred after the Restatement Date to enter into a Collateral Access Agreement;

 

(viii)            any
liability or obligation of any Borrower to any other Borrower or to any Affiliate of any Borrower, and any liability or obligation
of any Affiliate of any Borrower to any Borrower or to any other Affiliate of any Borrower, to reimburse or share the costs of
any services or third party expenses in accordance with the terms of any intercompany cost-sharing agreement or arrangement, provided
that no Default or Event of Default shall have occurred and be continuing or would arise therefrom;

 

    57

     

    

 

(ix)          Subordinated
Indebtedness;

 

(j)            [reserved];

 

(k)           the
Obligations;

 

(l)            (g) Indebtedness
incurred in connection with the Alabama Sale-Leaseback Transaction, provided
that (i) such sale is made for fair market value, (ii) the Net Proceeds paid in cash are in an amount
at least equal to the greater of the amounts advanced or available to be advanced against the Alabama Property under the Borrowing
Base, (iii) all Net Proceeds received in connection with any such Indebtedness are applied to the Obligations, and (iv) the
Collateral Agent shall have received a Collateral Access Agreement from the purchaser of the Alabama Property;of
the Loan Parties incurred under the Term Documents (and any Permitted Refinancing Indebtedness in respect thereof) in an aggregate
principal amount not to exceed the amount permitted under the Intercreditor Agreement;

 

(h) the
Obligations;

 

(i) [reserved];

 

(xiii)         [reserved];

 

(xiv)        [reserved];

 

(xv)         the
New Headquarters Lease Guaranty;

 

(xvi)        [reserved];

 

(xvii)       [reserved];

 

(xviii)      Indebtedness
of any Person that becomes a Subsidiary of a Loan Party in a Permitted Acquisition, which Indebtedness is existing at the time
such Person becomes a Subsidiary of a Loan Party (other than Indebtedness incurred solely in contemplation of such Person’s
becoming a Subsidiary of a Loan Party); and

 

(xix)         other
unsecured Indebtedness so long as the Payment Conditions are satisfied.

 

“Permitted
Investments” means:

 

(a)            readily
marketable obligations issued or directly and fully guaranteed or insured by the United States or Canadian government or any agency
or instrumentality thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that
the full faith and credit of the United States or Canadian government is pledged in support thereof;

 

    58

     

    

 

(b)            commercial
paper issued by any Person organized under the laws of any state of the United States or under the laws of Canada or any province
thereof and, in each case, (i) rated at least “Prime-1” (or the then equivalent grade) by Moody’s or
at least “A-1” (or the then equivalent grade) by S&P, and (ii) with maturities of not more than 180 days
from the date of acquisition thereof;

 

(c)            time
deposits with, or insured certificates of deposit, guaranteed investment certificates or bankers’ acceptances of, any commercial
bank that (i) (A) is a Lender, (B) is organized under the laws of the United States, any state thereof or the District
of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United States, any
state thereof or the District of Columbia, and is a member of the Federal Reserve System, or (C) is organized under the federal
laws of Canada, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (b) of this
definition and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more
than 180 days from the date of acquisition thereof;

 

(d)            fully
collateralized repurchase agreements with a term of not more than thirty (30) days for securities described in clause (a) above
(without regard to the limitation on maturity contained in such clause) and entered into with a financial institution satisfying
the criteria described in clause (c) above or with any primary dealer and having a market value at the time that such repurchase
agreement is entered into of not less than 100% of the repurchase obligation of such counterparty entity with whom such repurchase
agreement has been entered into;

 

(e)            Investments,
classified in accordance with GAAP as current assets of the Loan Parties, in any money market fund, mutual fund, or other investment
companies that are registered under the Investment Company Act of 1940, as amended, or similar applicable Law in Canada which are
administered by financial institutions that have the highest rating obtainable from either Moody’s or S&P, and which
invest solely in one or more of the types of securities described in clauses (a) through (d) above;

 

(f)            Investments
existing on the RestatementSecond
Amendment Effective Date, and set forth on Schedule 7.02, but not any increase in the amount thereof or any other
modification of the terms thereof;

 

(g)            (i) Investments
by any Loan Party and its Subsidiaries in their respective Subsidiaries outstanding on the date hereof, (ii) additional Investments
by any Loan Party and its Subsidiaries in any other Loan Party; provided
that such Investments made by any U.S. Loan Party in any Canadian Loan Party shall be made only in the ordinary course of business
consistent with the past practices of the Loan Parties, and (iii) additional Investments by any Loan Party in Subsidiaries
that are not Loan Parties so long as the Payment Conditions are satisfied;

 

(h)            so
long as no Event of Default shall have occurred and be continuing, or would result therefrom, the Lead Borrower may make loans
and advances to its Subsidiaries in an aggregate amount not to exceed $5,000,000 at any time outstanding;

 

    59

     

    

 

 

(i)            intercompany
loans and advances or other intercompany Indebtedness permitted pursuant to clauses (b), (c),
(e), (i) and (je)
of the definition of Permitted Indebtedness;

 

(j)            Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit
in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled
account debtors to the extent reasonably necessary in order to prevent or limit loss;

 

(k)           Guarantees
constituting Permitted Indebtedness;

 

(l)            Investments
received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers
and suppliers, in each case in the ordinary course of business;

 

(m)          so
long as no Event of Default shall have occurred and be continuing, or would result therefrom, (i) loans and advances to officers,
directors and employees of the Loan Parties and Subsidiaries in the ordinary course of business for travel, entertainment, relocation
and analogous business purposes, and (ii) other loans and advances to officers, directors and employees of the Loan Parties
and Subsidiaries in an aggregate amount not to exceed $6,000,000 at any time outstanding;

 

(n)           other
Investments pursuant to the TCP Investment Policy to the extent consistent
with Permitted Investments described in clauses (a) through (e) above; and

 

(o)          Investments
constituting Permitted Acquisitions;

 

provided,
however, that notwithstanding the foregoing, after the occurrence and during the continuance of a Cash Dominion Event, no
such Investments specified in clauses (a) through (e) shall be permitted unless such Investments are pledged to the Collateral
Agent as additional Collateral for the Obligations pursuant to such agreements as may be reasonably required by the Collateral
Agent.

 

Notwithstanding
anything to the contrary contained in this definition, (A) no Borrower Intellectual Property shall be the subject of any Investment
in any non-Loan Party (except for Intellectual Property with an aggregate fair market value, when combined with fair market value
of any Intellectual Property sold, transferred or disposed of under the exception to clause (A) in the paragraph at the end
of the definition of “Permitted Dispositions”, that does not exceed $250,000 in the aggregate in any Fiscal Year) or
(B) no other asset included in the determination of any Borrowing Base or any Term Borrowing Base shall be the subject of
any Investment to any non-Loan Party in compliance with clauses of this definition above unless before and after giving effect
to any such Investment, no Event of Default shall have occurred
and be continuing and, at least three (3) Business Days
prior to the consummation of such Investment, the Lead Borrower shall have delivered to the Administrative Agent an updated Borrowing
Base Certificate and an updated Term Loan Borrowing Base Certificate excluding the assets subject to such Investment from the calculations
thereunder.

 

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“Permitted
Overadvance” means an Overadvance made by the Administrative Agent (including through Wells Fargo Canada as regards the
Canadian Loan Parties), in its discretion, which:

 

(a)           Is
made (i) to maintain, protect or preserve the Collateral and/or the Credit Parties’ rights under the Loan Documents
or which is otherwise for the benefit of the Credit Parties; or (ii) to enhance the likelihood of, or to maximize the amount
of, repayment of any Obligation; or (iii) to pay any other amount chargeable to any Loan Party hereunder; and

 

(b)          Together
with all other Permitted Overadvances then outstanding, shall not (i) exceed ten percent (10%) of (A) the Revolving Credit
Ceiling as regards U.S. Loan Parties and (B) the Canadian Revolving Credit Ceiling as regards Canadian Loan Parties at any
time or (ii) unless a Liquidation is occurring, remain outstanding for more than forty-five (45) consecutive Business Days,
unless in each case, the Required Lenders otherwise agree;

 

provided
however, that the foregoing shall not (i) modify or abrogate any of the provisions of Section 2.03
regarding the Lenders’ obligations with respect to Letters of Credit or Section 2.04 regarding the Lenders’
obligations with respect to Swing Line Loans, or (ii) result in any claim or liability against the Administrative Agent (regardless
of the amount of any Overadvance) for Unintentional Overadvances and such Unintentional Overadvances shall not reduce the amount
of Permitted Overadvances allowed hereunder; provided further that in no event shall the Administrative Agent make an Overadvance,
if after giving effect thereto, the principal amount of the Credit Extensions would exceed the Aggregate Commitments (as in effect
prior to any termination of the Commitments pursuant to Section 2.06 or Section 8.02 hereof).

 

“Permitted
Refinancing Indebtedness” means, with respect to any Person, any refinancing, refunding, renewal or extension of any
Indebtedness of such Person (or any successor of such Person); provided that (i) the amount of such Indebtedness is
not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium
or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount
equal to any existing commitments unutilized thereunder, and the direct or contingent obligor with respect thereto is not changed
as a result of or in connection with such refinancing, refunding, renewal or extension, (provided,
that, in the case of Permitted Refinancing Indebtedness incurred in respect of the Term Loan, the aggregate principal amount thereof
shall not exceed the amount permitted to be incurred pursuant to clause (i) of the definition of Permitted Indebtedness, (ii) the
result of such extension, renewal or replacement shall not be an earlier maturity date or decreased weighted average life of such
Indebtedness, (iii) the terms relating to principal amount, amortization, maturity, and collateral (if any), of any such refinancing,
refunding, renewing or extending Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith,
are no less favorable in any material respect to the Loan Parties or the Lenders than the terms of any agreement or instrument
governing the Indebtedness being refinanced, refunded, renewed or extended and the interest rate applicable to any such refinancing,
refunding, renewing or extending Indebtedness does not exceed the then applicable market interest rate, (iv) no Permitted
Refinancing Indebtedness shall have direct or indirect obligors who were not also obligors of the Indebtedness being refinanced,
refunded, renewed or extended, or greater guarantees or security, than the Indebtedness being refinanced, refunded, renewed or
extended, and (v) if the Indebtedness being refinanced, refunded, renewed
or extended is Subordinated Indebtedness, such refinancing, refunding, renewal or extension (A) is subordinated in right of
payment to the Obligations on terms at least as favorable, taken as a whole, to the Lenders as those contained in the documentation
governing the Subordinated Indebtedness being refinanced, refunded, renewed or extended, and (B) contains covenants and events
of default that are not more restrictive taken as a whole than the covenants and events of default contained in the documentation
governing the Indebtedness being refinanced (as determined in good faith by the Lead Borrower).,
and (vi) in the case of Permitted Refinancing Indebtedness incurred in respect of the Term Loan, if such Permitted Refinancing
Indebtedness is secured, such Permitted Refinancing Indebtedness and the Liens securing such Permitted Refinancing Indebtedness
shall be permitted by, and subject to the terms of, the Intercreditor Agreement.

 

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

 

“Plan”
means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) established by any Loan
Party or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate,
other than a Multiemployer Plan.

 

“Platform”
has the meaning specified in Section 6.02.

 

“Portal”
has the meaning specified in Section 2.02.

 

“PPSA”
means the Personal Property Security Act (Ontario), including the regulations and minister’s orders made pursuant thereto,
provided that if perfection or the effect of perfection or non-perfection or the priority of any Lien created hereunder or under
any other Loan Document on the Collateral is governed by the personal property security legislation or other applicable legislation
with respect to personal property security in effect in a jurisdiction in Canada other than the Province of Ontario, “PPSA”
means the Personal Property Security Act or such other applicable legislation (including the Civil Code of Quebec and the regulations
thereunder) in effect from time to time in such other jurisdiction in Canada for purposes of the provisions hereof relating to
such perfection, effect of perfection or non-perfection or priority.

 

“Prepayment
Event” means:

 

(a)           Any
sale, transfer or other Disposition (including, without limitation, any Disposition of the Alabama
Property in connection with the Alabama Sale-Leaseback Transaction, but excluding any Disposition permitted pursuant
to clauses (a), (c), (d), (e)(ii), (f) and (g) of
the definition of Permitted Dispositions) of any property or asset of a Loan Party; provided that any
individual DispositionDispositions for which
any Loan Party or any of its Subsidiaries receives Net Proceeds in an amount not to exceed $2,500,0001,000,000
in the aggregate for all such Dispositions prior to the occurrence of a Cash Dominion Event shall not be deemed a Prepayment
Event;

 

    62

     

    

 

(b)           Any
casualty or other insured damage to, or any taking under power of eminent domain or by condemnation, expropriation or similar proceeding
of, any property or asset of a Loan Party, unlessexcept
to the extent (i) any portion of the proceeds
therefrom areis
required to be paid to the holder of a Lien on such property or asset having priority over the Lien of the Collateral Agent (in
which event, solely such portion shall be excluded pursuant to this clause (i)), or (ii) prior to the occurrence
of a Cash Dominion Event, the proceeds therefrom are utilized for purposes of replacing or repairing the assets in respect of which
such proceeds, awards or payments were received within 180 days of the occurrence of the damage to or loss of the assets being
repaired or replaced; provided that any individual casualty or other insured
damagedamages
to, or takingtakings
under power of eminent domain or by condemnation, expropriation or similar proceeding of, any property or asset of a Loan Party
for which any Loan Party receives Net Proceeds in an amount not to exceed $2,500,0001,000,000
in the aggregate for all such events described in this clause (b) prior to the occurrence of a Cash Dominion Event
shall not be deemed a Prepayment Event;

 

(c)           The
issuance by a Loan Party of any Equity Interests, other than any such issuance of Equity Interests (i) to a Loan Party, (ii) as
consideration for a Permitted Acquisition or (iii) as a compensatory issuance to any employee, director, or consultant (including
under any option plan);

 

(d)           The
incurrence by a Loan Party of any Indebtedness for borrowed money other than Permitted Indebtedness; or

 

(e)           The
receipt by any Loan Party of any Extraordinary Receipts; provided that the receipt of any
individual Extraordinary ReceiptReceipts
in an amount not to exceed $2,500,0001,000,000
in the aggregate for all such Extraordinary Receipts prior to the occurrence of a Cash Dominion Event shall not be deemed
a Prepayment Event.

 

“Provider”
has the meaning specified in Section 9.16.

 

“PTO”
means the United States Patent and Trademark Office.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. § 5390(c)(8)(D).28

 

“QFC Credit
Support” has the meaning specified in Section 10.28.29

 

“Qualified
ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000
at the time the relevant Guarantee 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 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.

 

 

28
First Amendment

29
First Amendment

 

    63

     

    

 

“Real Estate”
means all Leases and all land, together with the buildings, structures, parking areas, and other improvements thereon, now or hereafter
owned by any Loan Party, including all easements, rights-of-way, and similar rights relating thereto and all leases, tenancies,
and occupancies thereof.

 

“Realty Reserves”
means such reserves as the Administrative Agent from time to time determines in the Administrative Agent’s reasonable discretion
as being appropriate to reflect the impediments to the Agents’ ability to realize upon any Eligible Real Estate. Without
limiting the generality of the foregoing, Realty Reserves may include (but are not limited to) (i) Environmental Compliance
Reserves, (ii) reserves for (A) municipal taxes and assessments, (B) repairs and (C) remediation of title defects,
and (iii) reserves for Indebtedness secured by Liens having priority over the Liens of the Collateral Agent.

 

“Receivables
Reserves” means such Reserves as may be established from time to time by the Administrative Agent in its reasonable discretion
with respect to the determination of the collectability in the ordinary course of Eligible Trade Receivables and
Eligible Franchise Receivables, including, without limitation, on account of dilution.

 

“Register”
has the meaning specified in Section 10.06(c).

 

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

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.30

 

“Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day
notice period has been waived.

 

“Reports”
has the meaning provided in Section 9.11(a).

 

“Request for
Credit Extension” means (a) with respect to a Committed Borrowing, conversion or continuation of Committed Loans,
an electronic notice via the Portal or Fixed Rate Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit
Application and, if required by the L/C Issuer, a Standby Letter of Credit Agreement or Commercial Letter of Credit Agreement,
as applicable, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice.

 

“Required
Lenders” means, as of any date of determination, Lenders holding 50.1% or more of the Aggregate Commitments or, if the
Commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated
pursuant to Section 8.02, Lenders holding in the aggregate 50.1% or more of the Total Outstandings (with the aggregate
amount of each Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed
 “held” by such Lender for purposes of this definition); provided that the Commitment of, and the portion of
the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of
Required Lenders.

 

 

30
First Amendment

 

    64

     

    

 

“Reserves”
means all Inventory Reserves, Availability Reserves, Receivables Reserves and Realty Reserves.

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer or treasurer of a Loan Party or any of
the other individuals designated in writing (which writing may be an
authorizing resolution duly entered into in connection herewith) to the Administrative Agent by an existing Responsible
Officer of a Loan Party as an authorized signatory of any certificate or other document to be delivered hereunder, including, with
respect to the Portal, any person authorized and authenticated through the Portal in accordance with the Administrative Agent’s
procedures for such authentication. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall
be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such
Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

 

“Restatement
Date” means the first date all the conditions precedent in Section 4.01 are satisfied or waived in accordance
with Section 10.01.

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any
capital stock or other Equity Interest of any Person or any of its Subsidiaries, or any payment (whether in cash, securities or
other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance,
acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital
to such Person’s stockholders, partners or members (or the equivalent of any thereof), or any option, warrant or other right
to acquire any such dividend or other distribution or payment. Without limiting the foregoing, “Restricted Payments”
with respect to any Person shall also include all payments made by such Person with any proceeds of a dissolution or liquidation
of such Person.

 

“Revolving
Credit Ceiling” means (a) from the First Amendment Effective Date until the day immediately preceding the first
anniversary thereof, $360,000,000, and (b) from and after the first anniversary of the First Amendment Effective Date, $325,000,000,
in each case as such amounts may be modified in accordance with the terms of this Agreement.31

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any successor thereto.

 

“Sanctioned
Entity” means (a) a country or territory or a government of a country or territory, (b) an agency of the government
of a country or territory, (c) an organization directly or indirectly controlled by a country or territory or its government,
or (d) a Person resident in or determined to be resident in a country or territory, in each case of clauses (a) through
(d) that is a target of Sanctions, including a target of any country or territory sanctions program administered and enforced
by OFAC or the Government of Canada).

 

 

31
First Amendment

 

    65

     

    

 

“Sanctioned
Person” means, at any time (a) any Person named on the list of Specially Designated Nationals and Blocked Persons
maintained by OFAC, OFAC’s consolidated Non-SDN list or any other Sanctions-related list maintained by any Governmental Authority
(including the Government of Canada), (b) a Person or legal entity that is a target of Sanctions, (c) any Person operating,
organized or resident in a Sanctioned Entity, or (d) any Person directly or indirectly owned or controlled (individually or
in the aggregate) by or acting on behalf of any such Person or Persons described in clauses (a) through (c) above.

 

“Sanctions”
means individually and collectively, respectively, any and all economic sanctions, trade sanctions, financial sanctions, sectoral
sanctions, secondary sanctions, trade embargoes anti-terrorism laws and other sanctions laws, regulations or embargoes, including
those imposed, administered or enforced from time to time by: (a) the United States, including those administered by OFAC,
the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future executive order, (b) the
Government of Canada, (c) the United Nations Security Council, (d) the European Union or any European Union member state,
(e) Her Majesty’s Treasury of the United Kingdom, or (f) any other Governmental Authority with jurisdiction over
any Credit Party or any Loan Party or any of their respective Subsidiaries or Affiliates.

 

“Sarbanes-Oxley”
means the Sarbanes-Oxley Act of 2002.

 

“Seasonal
Increase Period” means a period of ninety (90) consecutive days elected by the Lead Borrower each year upon thirty (30)
days’ prior notice to the Administrative Agent.

 

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

 

“Second
Amendment” means that certain Second Amendment to Amended and Restated Credit Agreement dated as of the Second Amendment
Effective Date by and among (i) the Borrowers, (ii) the Guarantors, (iii) the Lenders, and (iv) Wells Fargo
Bank, National Association (successor by merger to Wells Fargo Retail Finance, LLC), as Administrative Agent, Collateral Agent,
and Swing Line Lender.

 

“Second
Amendment Effective Date” means October 5, 2020.

 

“Security
Agreement” means the Second Amended and Restated
Security Agreement dated as of December 20, 2012the
Second Amendment Effective Date among the U.S. Loan Parties and the
Collateral Agent, as ratified pursuant to the Confirmation Agreement.

 

“Security
Documents” means the Security Agreement, the Mortgage, the Intellectual
Property Security Agreements, the Blocked Account Agreements, the Credit Card Notifications, the Canadian Security Agreement,
the deeddeed(s) of
hypothec dated as of May 1, 2019 and as of on or about
the RestatementSecond
Amendment Effective Date among the Canadian Loan Parties party
thereto and the Collateral Agent (in its capacity as hypothecary
representative for the Credit Parties), and each other security agreement, deed of hypothec or other instrument or document
executed and delivered to the Collateral Agent pursuant to this Agreement or any other Loan Document granting a Lien to secure
any of the Obligations.

 

    66

     

    

 

“Services
Company” means The Children’s Place Services Company, LLC, a Delaware limited liability company.

 

“Settlement
Date” has the meaning provided in Section 2.14(a).

 

“Shareholders’
Equity” means, as of any date of determination, Consolidated shareholders’ equity of the Lead Borrower and its
Subsidiaries as of that date determined in accordance with GAAP.

 

“Shrink”
means Inventory which has been lost, misplaced, stolen, or is otherwise unaccounted for.

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.32

 

“Solvent”
and “Solvency” means, with respect to any Person on a particular date, that on such date (a) at fair valuation,
all of the properties and assets of such Person are greater than the sum of the debts, including contingent liabilities, of such
Person, (b) the present fair saleable value of the properties and assets of such Person is not less than the amount that would
be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person
is able to realize upon its properties and assets and pay its debts and other liabilities, contingent obligations and other commitments
as they mature in the normal course of business, (d) such Person does not intend to, and does not believe that it will, incur
debts beyond such Person’s ability to pay as such debts mature, (e) such Person is not engaged in a business or a transaction,
and is not about to engage in a business or transaction, for which such Person’s properties and assets would constitute unreasonably
small capital after giving due consideration to the prevailing practices in the industry in which such Person is engaged, and (f) as
to any Canadian Loan Party, such Canadian Loan Party is not an “insolvent person” as defined in the Bankruptcy and
Insolvency Act (Canada). The amount of all guarantees at any time shall be computed as the amount that, in light of all the facts
and circumstances existing at the time, can reasonably be expected to become an actual or matured liability.

 

“Specified
Account Debtors” means the account debtors set forth on Schedule 1.06.

 

“Specified
Store Closings” means, collectively, (x) the closing of up to 200 Stores during the Lead Borrower’s Fiscal Year
ending January 30, 2021, and (y) the closing of up to 100 Stores during the Lead Borrower’s Fiscal Year ending
January 29, 2022, in each case as identified in the Lead Borrower’s 10-Q filing with the SEC with respect to the Fiscal
Quarter ended August 1, 2020.

 

 

32
First Amendment

 

    67

     

    

 

“Specified
Event of Default” means the occurrence of any Event of Default described in any of Sections 8.01(a), 8.01(b)(i),
8.01(b)(ii), 8.01(d), 8.01(e), 8.01(f), 8.01(g), 8.01(h), 8.01(i), 8.01(j),
8.01(l), 8.01(m), 8.01(n), 8.01(q), 8.01(r) or 8.01(s).

 

“Spot Rate”
has the meaning given to such term in Section 1.07 hereof.

 

“Standard
Letter of Credit Practice” means, for the L/C Issuer, any domestic or foreign Law or letter of credit practices applicable
in the city in which the L/C Issuer issued the applicable Letter of Credit or, for its branch or correspondent, such Laws and practices
applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as the case may be, in each case,
(a) which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b) which
laws or letter of credit practices are required or permitted under ISP or UCP, as chosen in the applicable Letter of Credit.

 

“Standby Letter
of Credit” means any Letter of Credit that is not a Commercial Letter of Credit and that (a) is used in lieu or
in support of performance guaranties or performance, surety or similar bonds (excluding appeal bonds) arising in the ordinary course
of business, (b) is used in lieu or in support of stay or appeal bonds, (c) supports the payment of insurance premiums
for reasonably necessary casualty insurance carried by any of the Loan Parties, or (d) supports payment or performance for
identified purchases or exchanges of products or services in the ordinary course of business.

 

“Standby Letter
of Credit Agreement” means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit
in the form from time to time in use by the L/C Issuer.

 

“Stated Amount”
means at any time the maximum amount for which a Letter of Credit may be honored.

 

“Stock Repurchase
Transaction” has the meaning provided in Section 7.06(c) hereof.

 

“Store”
means any retail store (which may include any real property, fixtures, equipment, inventory and other property related thereto)
operated, or to be operated, by any Loan Party.

 

“Subordinated
Indebtedness” means Indebtedness which is expressly subordinated in right of payment to the prior payment in full of
the Obligations and which is in form and on terms approved in writing by the Administrative Agent.

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company, unlimited liability company or other business
entity of which a majority of the shares or Equity Interests having ordinary voting power for the election of directors or other
governing body are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly
through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary”
or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of a Loan Party.

 

“Supported
QFC” has the meaning specified in Section 10.28.

 

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

 

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

 

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

 

“Swing Line”
means the U.S. Swing Line and/or the Canadian Swing Line as the context requires.

 

“Swing Line
Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04.

 

“Swing Line
Lender” means the U.S. Swing Line Lender and/or the Canadian Swing Line Lender as the context requires.

 

“Swing Line
Loan” means a U.S. Swing Line Loan and/or a Canadian Swing Line Loan as the context requires.

 

“Swing Line
Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(a), which, if in writing,
shall be substantially in the form of Exhibit B.

 

“Swing Line
Sublimit” means the U.S. Swing Line Sublimit and/or the Canadian Swing Line Sublimit as the context requires.

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed
by any Governmental Authority in connection with any and all payments to be made by or on account of any obligation of the Borrowers
hereunder or under any other Loan Document, including any interest, additions to tax or penalties applicable thereto.

 

    69

     

    

 

“TCP Canada
Inc.” means TCP Canada Inc., a Nova Scotia company.

 

“TCP IH II,
LLC” means TCP IH II, LLC, a Delaware limited liability company, the sole member of which is The Children’s Place
Canada Holdings, Inc.

 

“TCP Investment
Canada I Corp.” means TCP Investment Canada I Corp., a Nova Scotia unlimited liability company, and the sole limited
partner of Children’s Place Canada.

 

“TCP Investment
Canada II Corp.” means TCP Investment Canada II Corp., a Nova Scotia unlimited liability company, the general partner
of Children’s Place Canada.

 

“TCP Investment
Policy” means the investment policy of the Lead Borrower as reviewed and approved annually by the audit committee of
the Lead Borrower and consented to by the Administrative Agent (such consent not to be unreasonably withheld or delayed).

 

“The Children’s
Place Canada Holdings, Inc.” means The Children’s Place Canada Holdings, Inc., a Delaware corporation,
and a wholly owned Subsidiary of the Lead Borrower.

 

“Term
Agent” means (a) Crystal Financial LLC, its capacity as agent for the lenders under the Term Credit Agreement, (b) any
successor to Crystal Financial LLC, by assignment or otherwise, and (c) any other party that may become agent or trustee under
the Term Credit Agreement or Permitted Refinancing Indebtedness in respect thereof, in each case of clauses (a) through (c) to
the extent a party to the Intercreditor Agreement.

 

“Term
Aggregate Borrowing Base” means the “Aggregate Borrowing Base” as such term is defined in the Term Credit Agreement.

 

“Term
Borrowing Base” means the “Borrowing Base” as such term is defined in the Term Credit Agreement.

 

“Term
Credit Agreement” means that certain Credit Agreement dated as of the Second Amendment Effective Date, among the Loan Parties,
the lenders party thereto, and the Term Agent, as amended, amended and restated, supplemented, extended or otherwise modified from
time to time in accordance with the provisions hereof and of the Intercreditor Agreement, and any replacement credit agreement
entered into pursuant to any Permitted Refinancing Indebtedness (subject to the Intercreditor Agreement) in respect thereof.

 

“Term
Documents” means the “Loan Documents” (as defined in the Term Credit Agreement).

 

“Term
Loan Borrowing Base Certificate” means the “Borrowing Base Certificate” as such term is defined in the Term Credit
Agreement.

 

    70

     

    

 

“Term
Loan Priority Accounts” has the meaning set forth for such term in the Intercreditor Agreement as in effect as of the Second
Amendment Effective Date.

 

“Term
Loan” means the “Term Loan” as defined in the Term Credit Agreement.

 

“Term
Obligations” means “Obligations” as such term is defined in the Term Credit Agreement.

 

“Term
Priority Collateral” has the meaning set forth for such term in the Intercreditor Agreement.

 

“Term
Pushdown Reserve” means the “Term Pushdown Reserve” as defined in the Term Credit Agreement.

 

“Term SOFR”
means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.33

 

“Term
Total Outstandings” means the “Total Outstandings” as defined in the Term Credit Agreement.

 

“Termination
Date” means the earliest to occur of (i) the Maturity Date, (ii) the date on which the maturity of the Obligations
is accelerated (or deemed accelerated) and the Commitments are irrevocably terminated (or deemed terminated) in accordance with
Article VIII, or (iii) the termination of the Commitments in accordance with the provisions of Section 2.06(a) hereof.

 

“Total Outstandings”
means the aggregate Outstanding Amount of all Loans and all L/C Obligations.

 

“Trading with
the Enemy Act” has the meaning set forth in Section 10.22.

 

“Type”
means, with respect to a Committed Loan, its character as a Base Rate Loan, a Canadian Base Rate Loan, a LIBO Rate Loan or a BA
Rate Loan.

 

“UCC”
or “Uniform Commercial Code” means the Uniform Commercial Code as in effect from time to time in the State of
New York; provided, however, that if a term is defined in Article 9 of the Uniform Commercial Code differently
than in another Article thereof, the term shall have the meaning set forth in Article 9; provided further that,
if by reason of mandatory provisions of law, perfection, or the effect of perfection or non-perfection, of a security interest
in any Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect in a jurisdiction
other than New York, “Uniform Commercial Code” means the Uniform Commercial Code as in effect in such other jurisdiction
for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection or availability of
such remedy, as the case may be.

 

 

33
First Amendment

 

    71

     

    

 

“UCP”
means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits 2007 Revision, International
Chamber of Commerce Publication No. 600 and any version or revision thereof accepted by the L/C Issuer for use.

 

“UFCA”
has the meaning specified in Section 10.20(d).

 

“UFTA”
has the meaning specified in Section 10.20(d).

 

“Uncapped
Excess Availability” means, as of any date of determination thereof by the Administrative Agent, the result, if a positive
number, of:

 

(a)            the
Aggregate Borrowing Base;

 

minus

 

(b)            the
aggregate Outstanding Amount of all Credit Extensions.

 

“Unfunded
Pension Liability” means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA,
over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the
Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

 

“Unintentional
Overadvance” means an Overadvance which, to the Administrative Agent’s knowledge, did not constitute an Overadvance
when made but which has become an Overadvance resulting from changed circumstances beyond the control of the Credit Parties, including,
without limitation, a reduction in the Appraised ValueNOLV,
FMV or similar value of property or assets included in the Borrowing Base, increase in Reserves or misrepresentation
by the Loan Parties.

 

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

 

“USCO”
means the United States Copyright Office.

 

“U.S. Borrowers”
means, collectively, the Lead Borrower, Services Company, and each other Domestic Subsidiary who shall from time to time enter
into a Joinder Agreement as a U.S. Borrower.

 

“U.S. Borrowing
Base” means, at any time of calculation, an amount equal to:

 

(a)           the
face amount of the U.S. Borrowers’ Eligible Credit Card Receivables multiplied by ninety percent (90%);

 

plus

 

(b)           the
face amount of the U.S. Borrowers’ Eligible Trade Receivables (net of Receivables Reserves applicable thereto) multiplied
by ninety percent (90%);

 

plus

 

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(c)           at
any time that Excess Availability is greater than $60,000,000, the face amount of the U.S. Borrowers’ Eligible Franchise
Receivables (net of Receivables Reserves applicable thereto) multiplied by ninety percent (90%); provided that in no event shall
the amount available to be borrowed pursuant to this clause (c) exceed $20,000,000;

 

plus

 

(dc)     the
Cost of the U.S. Borrowers’ Eligible Inventory, net of Inventory Reserves, multiplied by (x) during the Seasonal Increase
Period, ninety-two and one-half percent (92.5%) of the NRLVNOLV
of such Eligible Inventory, and (y) at all other times, ninety percent (90%) of the NRLVNOLV
of such Eligible Inventory;

 

plus

 

(ed)        the
Cost of the U.S. Borrowers’ Eligible In-Transit Inventory, net of Inventory Reserves, multiplied by ninety percent (90%)
of the NRLVNOLV
of Eligible In-Transit Inventory; provided that in no event shall the amount available to be borrowed pursuant to this clause (ed)
exceed 25% of the Loan Cap then in effect;

 

plus

 

(fe)         with
respect to any Eligible Letter of Credit of the U.S. Borrowers, the Cost of the Inventory supported by such Eligible Letter of
Credit, net of Inventory Reserves, multiplied by the lesser of (i) eighty-five percent (85%) of the NRLVNOLV
of the Inventory supported by such Eligible Letter of Credit, and (ii) eighty five percent (85%);

 

plus

 

(gf)        the
lesser of (i) FMV of the U.S. Borrowers’ Eligible Real Estate, net of Realty Reserves, multiplied by sixty percent (60%)
and (ii) $15,000,000.00;

 

plus

 

(hg)       the
Cost of the U.S. Borrowers’ Eligible Warehoused Inventory, net of Inventory Reserves, multiplied by ninety percent (90%)
of the NRLVNOLV
of such Eligible Warehoused Inventory; provided that in no event shall the amount available to be borrowed pursuant to this clause
(hg) exceed
the lesser of (i) ten percent (10%) of the Loan Cap then in effect at such time, or (ii) $20,000,000;

 

minus

 

(ih)         the
sum of (x) the Term Pushdown Reserve, and (y) the
then amount of all Availability Reserves.

 

“U.S. Commitment”
means, as to each U.S. Lender, its obligation to (a) make Committed Loans to the U.S. Borrowers pursuant to Section 2.01,
(b) purchase participations in U.S. L/C Obligations, and (c) purchase participations in U.S. Swing Line Loans, in an
aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such U.S. Lender’s name
on Schedule 2.01 or in the Assignment and Assumption pursuant to which such U.S. Lender becomes a party hereto, as applicable,
as such amount may be adjusted from time to time in accordance with this Agreement.

 

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“U.S. Committed
Borrowing” means a borrowing consisting of simultaneous U.S. Committed Loans of the same Type and, in the case of LIBO
Rate Loans, having the same Interest Period made by each of the U.S. Lenders pursuant to Section 2.01.

 

“U.S. Committed
Loan” has the meaning specified in Section 2.01(a).

 

“U.S. L/C
Obligations” means, as at any date of determination, the sum of (a) the aggregate undrawn amount of all outstanding
U.S. Letters of Credit, plus (b) the aggregate amount of outstanding reimbursement obligations with respect to U.S. Letters
of Credit which remain unreimbursed or which have not been paid through a U.S. Loan. For purposes of computing the amounts available
to be drawn under any U.S. Letter of Credit, the amount of such U.S. Letter of Credit shall be determined in accordance with Section 1.06.
For all purposes of this Agreement, if on any date of determination a U.S. Letter of Credit has expired by its terms but any amount
may still be drawn thereunder by reason of the operation of any Rule under the ISP or any article of the UCP, such U.S. Letter
of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

 

“U.S. Lender”
means each Lender having a U.S. Commitment, and shall include the U.S. Swing Line
Lender, and shall also include any other Person made a party as to this Agreement pursuant to the provisions of Section 10.01
of this Agreement; and “U.S. Lenders” means each of the Lenders with a U.S. Commitment or any one or more of
them.

 

“U.S. Letter
of Credit” means a Letter of Credit issued on behalf of any U.S. Loan Party or any of its Domestic Subsidiaries.

 

“U.S. Loan”
means an extension of credit by a U.S. Lender to the U.S. Borrowers under Article II in the form of a U.S. Committed
Loan or a U.S. Swing Line Loan.

 

“U.S. Loan
Party” means U.S. Borrowers and any other Loan Party that is a Domestic Subsidiary.

 

“U.S. Swing
Line” means the revolving credit facility made available by the U.S. Swing Line Lender pursuant to Section 2.04.

 

“U.S. Swing
Line Lender” means Wells Fargo Bank, in its capacity as provider of U.S. Swing Line Loans, or any successor swing line
lender hereunder.

 

“U.S. Special
Resolution Regimes” has the meaning specified in Section 10.28.34

 

“U.S. Swing
Line Loan” has the meaning specified in Section 2.04(a).

 

 

34
First Amendment

 

    74

     

    

 

“U.S. Swing
Line Sublimit” means an amount equal to the lesser of (a) $20,000,000 or (b) the U.S. Commitments. The U.S.
Swing Line Sublimit is part of, and not in addition to, the U.S. Commitments.

 

“U.S. Total
Outstandings” means the aggregate Outstanding Amount of all U.S. Loans and all U.S. L/C Obligations.

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.35

 

“Wells Fargo
Bank” means Wells Fargo Bank, National Association, a national banking association.

 

“Wells Fargo
Canada” means Wells Fargo Capital Finance Corporation Canada.

 

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

 

Notwithstanding
anything to the contrary herein or in any other Loan Document, any reference to a defined term as defined in the Term Credit Agreement
or any other Term Document shall refer to the definition of such term as in effect on the Second Amendment Effective Date (including
with respect to any component definitions (or any sub-component definitions)), except with respect to any amendment or modification
thereto (or to any component definitions (or any sub-component definitions)) permitted under this Agreement and the Intercreditor
Agreement or otherwise consented to by the Agents and the Required Lenders.

 

1.02            Other
Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document:

 

(i)            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, (i) any definition of or reference to any agreement, instrument or other document (including
any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth
herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s
successors and assigns, (iii) the words “herein,” “hereof” and “hereunder,”
and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and
not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules
shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references
appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending replacing
or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation
as amended, modified or supplemented from time to time, and (vi) 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.

 

 

35
First Amendment

 

    75

     

    

 

(ii)           In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including;” the words “to” and “until” each mean “to but excluding;”
and the word “through” means “to and including.”

 

(iii)          Section headings
herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of
this Agreement or any other Loan Document.

 

(iv)            Any
reference herein or in any other Loan Document to the satisfaction, repayment, or payment in full of the Obligations shall mean
(i) the indefeasible repayment in Dollars or, as applicable
in accordance with this Agreement, Canadian Dollars, in full in cash or immediately available funds (or, in the case of contingent
reimbursement obligations with respect to Letters of Credit and Bank Products (other than Swap Contracts) and any other contingent
Obligation, including indemnification obligations, providing Cash Collateralization) or other collateral as may be requested by
any Agent of all of the Obligations (including the payment of any termination amount then applicable (or which would or could become
applicable as a result of the repayment of the other Obligations) under Swap Contracts) other than (A) unasserted contingent
indemnification Obligations, (B) any Obligations relating to Bank Products (other than Swap Contracts) that, at such time,
are allowed by the applicable Bank Product provider to remain outstanding without being required to be repaid or Cash Collateralized
or other collateral as may be requested by any Agent, and (C) any Obligations relating to Swap Contracts that, at such time,
are allowed by the applicable provider of such Swap Contracts to remain outstanding without being required to be repaid, and (ii) the
termination of (A) the Aggregate Commitments,
(B) the obligation of the L/C Issuer to issue Letters of Credit hereunder, and (C) the
Loan Documents.

 

(v)          For
purposes of any Collateral located in the Province of Quebec or charged by any hypothec and for all other purposes pursuant to
which the interpretation or construction of this Agreement or any other Loan Document may be subject to the laws of the Province
of Quebec or a court or tribunal exercising jurisdiction in the Province of Quebec, (i) “personal property” shall
include “movable property”, (ii) “real property” shall include “immovable property”, (iii) “tangible
property” shall include “corporeal property”, (iv) “intangible property” shall include “incorporeal
property”, (v) “security interest”, “mortgage” and “lien” shall include a “hypothec”,
 “prior claim” and a “resolutory clause”, (vi) all references to filing, registering or recording under
the UCC or PPSA shall include publication under the Civil Code of Quebec, (vii) all references to “perfection”
of or “perfected” liens or security interestsLiens
shall include a reference to “opposable” or “set up” liens or security
interestsLiens as against third parties,
(viii) any “right of offset”, “right of setoff” or similar expression shall include a “right
of compensation”, (ix) “goods” shall include “corporeal movable property” other than chattel
paper, documents of title, instruments, money and securities, (x) an “agent” shall include a “mandatary”,
(xi) “construction liens” shall include “legal hypothecs in
favour of persons having taken part in the construction or renovation of an immovable”, (xii) “joint
and several” shall include solidary and “jointly and severally” shall include “solidarily”, (xiii) “gross
negligence or willful misconduct” shall be deemed to be “intentional or gross fault”, (xiv) “beneficial
ownership” shall include “ownership on behalf of another as mandatary”, (xv) “easement” shall
include “servitude”, (xvi) “priority” shall include “prior claim” or
rank, as applicable, (xvii) “survey” shall include “certificate of location and plan”,
(xviii) “fee simple title” or “fee owned” shall include “absolute ownership” and
 “ownership” (including ownership under a right of superficies), (xix) “ground lease” shall
include an “emphyteusis”, or
a “lease with a right of superficies”, as applicable, (xx) “account” and “accounts
receivable” shall include “claims”, (xxi) “guarantee” and “guarantor” shall include
 “suretyship” and “surety”, respectively, and (xxii) “foreclosure”
shall include “the exercise of a hypothecary right of taking in
payment”, (xxiii) “leasehold interest” shall include “rights resulting from a lease”, and (xxiv) “lease”
shall include a “leasing contract (crédit-bail)”. 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.

 

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1.03            Accounting
Terms.

 

(i)            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 Audited Financial Statements, except as otherwise specifically prescribed herein.

 

(ii)           Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in
any Loan Document, and either the Lead Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders
and the Borrowers shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light
of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such
ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrowers
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.

 

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

 

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

 

1.06            Letter
of Credit Amounts. Unless otherwise specified, all references herein to the amount of a Letter of Credit at any time
shall be deemed to be the Stated Amount of such Letter of Credit in effect at such time; provided, however, that,
except as otherwise provided in Section 2.03(l), with respect to any Letter of Credit that, by its terms or the terms
of any Issuer Documents related thereto, provides for one or more automatic increases in the Stated Amount thereof, the amount
of such Letter of Credit shall be deemed to be the maximum Stated Amount of such Letter of Credit after giving effect to all such
increases, whether or not such maximum Stated Amount is in effect at such time.

 

1.07            Currency
Equivalents Generally. Any amount specified in this Agreement (other than in Article II or as otherwise expressly
provided herein or in any of the other Loan Documents) to be in Dollars shall also include the equivalent of such amount in any
currency other than Dollars, such equivalent amount thereof in the applicable currency to be determined by the Administrative Agent
at such time on the basis of the Spot Rate (as defined below) for the purchase of such currency with Dollars. For purposes of this
Section 1.07, the “Spot Rate” for a currency means 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 Business Days prior
to the date of such determination; provided that the Administrative Agent may obtain such spot rate from 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. For purposes of this Agreement and the other Loan Documents, where the permissibility
of a transaction or determinations of required actions or circumstances depend upon compliance with, or are determined by reference
to, amounts stated in Dollars, unless the context of this Agreement or any other Loan Document clearly requires otherwise, such
amounts shall be deemed to refer to Dollars and any requisite currency translation shall be based on the Spot Rate and the permissibility
of actions already taken shall not be affected by subsequent fluctuations in the Spot Rate. All certificates, reports and notices
delivered under this Agreement shall express any amounts, calculations or determinations in Dollars. Wherever in this Agreement
and the other Loan Documents in connection with a borrowing, conversion, continuation or prepayment of a Loan or the issuance,
amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars,
but such Loan or Letter of Credit is to be denominated in Canadian Dollars, such amount shall be the same dollar figure but denominated
in Canadian Dollars. Principal, interest, reimbursement obligations, cash collateral for reimbursement obligations, fees, and all
other amounts payable to the Agents, Lenders or other Credit Parties under this Agreement and the other Loan Documents shall be
payable (except as otherwise specifically provided herein) in the currency in which such Obligations are denominated.

 

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1.08            Divisions.
For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable
event under a different jurisdiction’s Laws): (a) if any asset, right, obligation or liability of any Person becomes
the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original
Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been
organized on the first date of its existence by the holders of its Equity Interests at such time.

 

ARTICLE II.

THE COMMITMENTS AND CREDIT EXTENSIONS

 

2.01            Committed
Loans; Reserves.

 

(i)            Subject
to the terms and conditions set forth herein, each U.S. Lender severally agrees to make loans in Dollars (each such loan, a “U.S.
Committed Loan”) to the U.S. Borrowers from time to time, on any Business Day during the Availability Period, in an aggregate
amount not to exceed at any time outstanding the lesser of (x) the amount of such US. Lender’s U.S. Commitment, or (y) such
U.S. Lender’s Applicable Percentage of the U.S. Borrowing Base; subject in each case to the following limitations:

 

(1)            after
giving effect to any U.S. Committed Borrowing, the U.S. Total Outstandings shall not exceed the lesser of (A) the U.S. Commitments,
or (B) the U.S. Borrowing Base;

 

(2)            after
giving effect to any U.S. Committed Borrowing, the aggregate Outstanding Amount of the U.S. Committed Loans of any U.S. Lender,
plus such U.S. Lender’s Applicable Percentage of the Outstanding Amount of all U.S. L/C Obligations, plus such
U.S. Lender’s Applicable Percentage of the Outstanding Amount of all U.S. Swing Line Loans shall not exceed such U.S. Lender’s
U.S. Commitment;

 

(3)            the
Outstanding Amount of all U.S. L/C Obligations shall not at any time exceed the Letter of Credit Sublimit;

 

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(4)            the
Outstanding Amount of all Credit Extensions shall not at any time exceed the Revolving Credit Ceiling; and

 

(5)            after
giving effect to all Credit Extensions to the U.S. Borrowers, no Overadvance shall exist.

 

Within the limits of each U.S.
Lender’s U.S. Commitment, and subject to the other terms and conditions hereof, the U.S. Borrowers may borrow under this
Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01 U.S. Committed
Loans may be Base Rate Loans or LIBO Rate Loans, as further provided herein.

 

(ii)           Subject
to the terms and conditions set forth herein, each Canadian Lender severally agrees to make loans in Dollars or Canadian Dollars
(each such loan, a “Canadian Committed Loan”) to the Canadian Borrowers from time to time, on any Business Day
during the Availability Period, in an aggregate amount not to exceed at any time outstanding the lesser of (x) the amount
of such Canadian Lender’s Canadian Commitment, or (y) such Canadian Lender’s Applicable Percentage of the Canadian
Borrowing Base; subject in each case to the following limitations:

 

(1)            after
giving effect to any Canadian Committed Borrowing, the Canadian Total Outstandings shall not exceed the lesser of (A) the
Canadian Commitments, or (B) the Canadian Borrowing Base;

 

(2)            after
giving effect to any Canadian Committed Borrowing, the aggregate Outstanding Amount of the Canadian Committed Loans of any Canadian
Lender, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations,
plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian Swing Line Loans shall
not exceed such Canadian Lender’s Canadian Commitment;

 

(3)            the
Outstanding Amount of all Canadian L/C Obligations shall not at any time exceed the Canadian Letter of Credit Sublimit;

 

(4)            the
Outstanding Amount of all Credit Extensions to the Canadian Borrowers shall not at any time exceed the Canadian Revolving Credit
Ceiling;

 

(5)            the
Outstanding Amount of all Credit Extensions shall not at any time exceed the Revolving Credit Ceiling;

 

(6)            after
giving effect to all Credit Extensions to the Canadian Borrowers, no Overadvance shall exist.

 

Within the limits of each Canadian
Lender’s Canadian Commitment, and subject to the other terms and conditions hereof, the Canadian Borrowers may borrow under
this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01. Canadian
Committed Loans may be Base Rate Loans, BA Rate Loans or LIBO Rate Loans, as further provided herein.

 

(iii)          The
Reserves as of the RestatementSecond
Amendment Effective Date are identified in the Borrowing Base Certificate delivered pursuant to Section 4.016(cb)
of the Second Amendment.

 

(iv)          The
Administrative Agent shall have the right, at any time and from time to time on or after the Restatement Date in its reasonable
discretion to establish, modify or eliminate Reserves.

 

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2.02          Borrowings,
Conversions and Continuations of Committed Loans.

 

(i)            U.S.
Committed Loans (other than Swing Line Loans) shall be either Base Rate Loans or LIBO Rate Loans and Canadian Committed Loans (other
than Swing Line Loans) shall be either Base Rate Loans, BA Rate Loans or LIBO Rate Loans, in each case as the Lead Borrower may
request subject to and in accordance with this Section 2.02. All Swing Line Loans shall be only Base Rate Loans. Subject
to the other provisions of this Section 2.02, Committed Borrowings of more than one Type may be incurred at the same
time.

 

(ii)            Each
request for a Committed Borrowing consisting of a Base Rate Loan shall be made by electronic request of the Lead Borrower through
the Administrative Agent’s Commercial Electronic Office Portal or through such other electronic portal provided by the Administrative
Agent (the “Portal”), which must be received by the Administrative Agent not later than (x) 12:00 noon
on the requested date of any U.S. Committed Borrowing of Base Rate Loans, and (y) 11:00 a.m. on the requested date of
any Canadian Committed Borrowing of Base Rate Loans. The Borrowers hereby acknowledge and agree that any request made through the
Portal shall be deemed made by a Responsible Officer of the Borrowers. Each request for a Committed Borrowing consisting of a LIBO
Rate Loan or BA Rate Loan shall be made pursuant to the Lead Borrower’s submission of a Fixed Rate Loan Notice, which must
be received by the Administrative Agent not later than 11:00 a.m. three (3) Business Days prior to the requested date
of any Borrowing or continuation of LIBO Rate Loans or BA Rate Loans. Each Fixed Rate Loan Notice shall specify (i) the Type
and requested date of the Borrowing or continuation, as the case may be (which shall be a Business Day), (ii) the principal
amount of LIBO Rate Loans to be borrowed or continued (which shall be in a principal amount of $1,000,000 or a whole multiple of
$500,000 in excess thereof) or the principal amount of BA Rate Loans to be borrowed or continued (which shall be in a principal
amount of CAD$1,000,000 or a whole multiple of CAD$500,000 in excess thereof), and (iii) the duration of the Interest Period
with respect thereto. If the Lead Borrower fails to specify an Interest Period in the Fixed Rate Loan Notice, it will be deemed
to have specified an Interest Period of one month. On the requested date of any LIBO Rate Loan or BA Rate Loan, (i) in the
event that Base Rate Loans are outstanding in an amount equal to or greater than the requested LIBO Rate Loan or BA Rate Loan,
as applicable, all or a portion of such Base Rate Loans in Dollars shall be automatically converted to a LIBO Rate Loan in the
amount requested by the Lead Borrower and all or a portion of such Canadian Base Rate Loans shall be automatically converted to
a BA Rate Loan in the amount requested by the Lead Borrower, and (ii) if Base Rate Loans in Dollars are not outstanding in
an amount at least equal to the requested LIBO Rate Loan or if Canadian Base Rate Loans are not outstanding in an amount at least
equal to the requested BA Rate Loan, the Lead Borrower shall make an electronic request via the Portal for additional applicable
Base Rate Loans in an such amount, when taken with the outstanding Base Rate Loans (which shall be converted automatically at such
time), as is necessary to satisfy the requested LIBO Rate Loan or BA Rate Loan. If the Lead Borrower fails to make such additional
request via the Portal as required pursuant to clause (ii) of the foregoing sentence, then the Borrowers shall be responsible
for all amounts due pursuant to Section 3.05 hereof arising on account of such failure. If the Lead Borrower fails
to give a timely notice with respect to any continuation of a LIBO Rate Loan or BA Rate Loan, then the applicable Committed Loans
shall be converted to Base Rate Loans (if in Canadian Dollars, to Canadian Base Rate Loans), effective as of the last day of the
Interest Period then in effect with respect to the applicable LIBO Rate Loans or BA Rate Loans. If no election as to whether a
USU.S. Loan
is to be a Base Rate Loan or a Canadian Loan (denominated in Dollars) or a LIBO Rate Loan is contained in the applicable request,
then the requested Revolving Loan shall be a Base Rate Loan. If no election as
to whether a Canadian Loan denominated in Canadian Dollars is to be a BA Rate Loan or Canadian Base Rate Loan is contained in the
applicable request, then the requested Canadian Revolving Loan shall be a Canadian
Base Rate Loan. All requests for a Committed Borrowing which are not made by electronic request of the Lead Borrower through the
Portal shall be subject to (and unless the Administrative Agent elects otherwise in the exercise of its sole discretion, such Committed
Borrowing shall not be made until the completion of) the Administrative Agent’s authentication process (with results satisfactory
to the Administrative Agent) prior to the funding of any such requested Committed Loan.

 

(iii)            The
Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage of the applicable Committed Loans,
and if no timely notice of a conversion or continuation is provided by the Lead Borrower, the Administrative Agent shall notify
each Lender of the details of any automatic conversion to Base Rate Loans described in Section 2.02(b). In the case
of a Committed Borrowing, each Lender shall make the amount of its Committed Loan available to the Administrative Agent in immediately
available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable
notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial
Credit Extension, Section 4.01), the Administrative Agent shall use reasonable efforts to make all funds so received
available to the Borrowers in like funds by no later than 4:00 p.m. on the day of receipt by the Administrative Agent either
by (i) crediting the account of the applicable Borrowers on the books of the Administrative Agent with the amount of such
funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable
to) the Administrative Agent by the Lead Borrower.

 

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(iv)            The
Administrative Agent, without the request of the Lead Borrower, may advance any interest, fee, service charge (including direct
wire fees), Credit Party Expenses, or other payment to which any Credit Party is entitled from the Loan Parties pursuant hereto
or any other Loan Document, as and when due and payable, and may charge the same to the Loan Account notwithstanding that an Overadvance
may result thereby. The Administrative Agent shall advise the Lead Borrower of any such advance or charge promptly after the making
thereof. Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s
rights and the Borrowers’ obligations under Section 2.05(c). Any amount which is added to the principal balance
of the Loan Account as provided in this Section 2.02(d) shall bear interest at the interest rate then and thereafter
applicable to Base Rate Loans.

 

(v)            Except
as otherwise provided herein, a LIBO Rate Loan may be continued or converted only on the last day of an Interest Period for such
LIBO Rate Loan and a BA Rate Loan may be continued or converted only on the last day of an Interest Period for such BA Rate Loan.
Upon the occurrence and during the continuance of a Default, the Administrative Agent may, and at the direction of the Required
Lenders shall, prohibit Loans from being requested as, converted to or continued as, LIBO Rate Loans or BA Rate Loans.

 

(vi)            The
Administrative Agent shall promptly notify the Lead Borrower and the Lenders of the interest rate applicable to any Interest Period
for LIBO Rate Loans and BA Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding,
the Administrative Agent shall notify the Lead Borrower and the Lenders of any change in Wells Fargo Bank’s prime rate used
in determining the Base Rate or any change of any component rate comprised in the Canadian Base Rate giving rise to a change in
the Canadian Base Rate promptly following the public announcement of such change.

 

(vii)            After
giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations
of Committed Loans as the same Type, there shall not be more than ten (10) Interest Periods in effect with respect to Committed
Loans.

 

(viii)           The
Administrative Agent, the Lenders, the Swing Line Lender and the L/C Issuer shall have no obligation to make any Loan or to provide
any Letter of Credit if an Overadvance would result. The Administrative Agent may, in its discretion, make Permitted Overadvances
without the consent of the Borrowers, the Lenders, the Swing Line Lender and the L/C Issuer and the Borrowers and each Lender and
L/C Issuer shall be bound thereby. Any Permitted Overadvance may constitute a Swing Line Loan. A Permitted Overadvance is for the
account of the Borrowers and shall constitute a Loan and an Obligation and shall be repaid by the Borrowers in accordance with
the provisions of Section 2.05(c). The making of any such Permitted Overadvance on any one occasion shall not obligate
the Administrative Agent or any Lender to make or permit any Permitted Overadvance on any other occasion or to permit such Permitted
Overadvances to remain outstanding. The making by the Administrative Agent of a Permitted Overadvance shall not modify or abrogate
any of the provisions of Section 2.03 regarding the Lenders’ obligations to purchase participations with respect
to Letters of Credit or of Section 2.04 regarding the Lenders’ obligations to purchase participations with respect
to Swing Line Loans. Without limiting the foregoing, the Administrative Agent shall have no liability for, and no Loan Party or
Credit Party shall have the right to, or shall, bring any claim of any kind whatsoever against the Administrative Agent with respect
to Unintentional Overadvances regardless of the amount of any such Unintentional Overadvances.

 

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2.03          Letters
of Credit.

 

(i)            Subject
to the terms and conditions of this Agreement, upon the request of the Lead Borrower made in accordance herewith, and prior to
the Maturity Date, the L/C Issuer agrees to issue, or, in the case of Canadian Letters of Credit, to cause a Canadian Underlying
Issuer (including as a Canadian Lender’s agent) a requested Letter of Credit for the account of one or more of the Loan Parties.
If the L/C Issuer, at its option, elects to cause a Canadian Underlying Issuer to issue a requested Canadian Letter of Credit,
then the L/C Issuer agrees that it will enter into arrangements relative to the reimbursement of such Canadian Underlying Issuer
(which may include, among other means, by becoming an applicant with respect to such Canadian Letter of Credit or entering into
undertakings or other arrangements that provide for reimbursement of such Canadian Underlying Issuer with respect to drawings under
such Canadian Letter of Credit) with respect to Canadian Letters of Credit issued by such Canadian Underlying Issuer. By submitting
a request to the L/C Issuer for the issuance of a Letter of Credit, the Borrowers shall be deemed to have requested that the L/C
Issuer issue the requested Letter of Credit. Each request for the issuance of a Letter of Credit, or the amendment, renewal, or
extension of any outstanding Letter of Credit, shall be (i) irrevocable and be made in writing pursuant to a Letter of Credit
Application by a Responsible Officer, (ii) delivered to the L/C Issuer and the Administrative Agent via telefacsimile or other
electronic method of transmission reasonably acceptable to the L/C Issuer not later than 11:00 a.m. at least two Business
Days (or such other date and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole
discretion) prior to the requested date of issuance, amendment, renewal, or extension, and (iii) subject to the L/C Issuer’s
authentication procedures with results satisfactory to the L/C Issuer. Each such request shall be in form and substance reasonably
satisfactory to the Agent and the L/C Issuer and (i) shall specify (A) the amount of such Letter of Credit, (B) the
date of issuance, amendment, renewal, or extension of such Letter of Credit, (C) the proposed expiration date of such Letter
of Credit, (D) the name and address of the beneficiary of the Letter of Credit, and (E) such other information (including,
the conditions to drawing, and, in the case of an amendment, renewal, or extension, identification of the Letter of Credit to be
so amended, renewed, or extended) as shall be necessary to prepare, amend, renew, or extend such Letter of Credit, and (ii) shall
be accompanied by such Issuer Documents as the Administrative Agent or the L/C Issuer may request or require, to the extent that
such requests or requirements are consistent with the Issuer Documents that the L/C Issuer generally requests for Letters of Credit
in similar circumstances. The Administrative Agent’s records of the content of any such request will be conclusive. Anything
contained herein to the contrary notwithstanding, the L/C Issuer may, but shall not be obligated to, issue a Letter of Credit that
supports the obligations of a Loan Party or one of its Subsidiaries in respect of (x) a lease of real property to the extent
that the face amount of such Letter of Credit exceeds the highest rent (including all rent-like charges) payable under such lease
for a period of one year, or (y) an employment contract to the extent that the face amount of such Letter of Credit exceeds
the highest compensation payable under such contract for a period of one year.

 

(ii)            The
L/C Issuer shall have no obligation to issue a U.S. Letter of Credit if, after giving effect to the requested issuance, (i) the
U.S. Total Outstandings would exceed the lesser of the U.S. Commitments or the U.S. Borrowing Base, (ii) the aggregate Outstanding
Amount of the U.S. Committed Loans of any U.S. Lender, plus such U.S. Lender’s Applicable Percentage of the Outstanding
Amount of all U.S. L/C Obligations, plus such U.S. Lender’s Applicable Percentage of the Outstanding Amount of all
U.S. Swing Line Loans would exceed such Lender’s U.S. Commitment, or (iii) the Outstanding Amount of the U.S. L/C Obligations
would exceed the Letter of Credit Sublimit. The L/C Issuer shall have no obligation to issue a Canadian Letter of Credit if, after
giving effect to the requested issuance, (i) the Canadian Total Outstandings would exceed the lesser of the Canadian Commitments
or the Canadian Borrowing Base, (ii) the aggregate Outstanding Amount of the Canadian Committed Loans of any Canadian Lender,
plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus
such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian Swing Line Loans would exceed such
Lender’s Canadian Commitment, or (iv) the Outstanding Amount of the Canadian L/C Obligations would exceed the Canadian
Letter of Credit Sublimit.

 

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(iii)            In
the event there is a Defaulting Lender as of the date of any request for the issuance of a Letter of Credit, the L/C Issuer shall
not be required to issue or arrange for such Letter of Credit to the extent (i) the Defaulting Lender’s participation
with respect to such Letter of Credit may not be reallocated pursuant to Section 9.15(b), or (ii) the L/C Issuer
has not otherwise entered into arrangements reasonably satisfactory to it and the Borrowers to eliminate the L/C Issuer’s
risk with respect to the participation in such Letter of Credit of the Defaulting Lender, which arrangements may include the Borrowers
cash collateralizing such Defaulting Lender’s participation with respect to such Letter of Credit in accordance with Section 9.15(b).
Additionally, the L/C Issuer shall have no obligation to issue and/or extend a Letter of Credit if (A) any order, judgment,
or decree of any Governmental Authority or arbitrator shall, by its terms, purport to enjoin or restrain the L/C Issuer from issuing
such Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of
Law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit or request that the L/C Issuer refrain
from the issuance of letters of credit generally or such Letter of Credit in particular, (B) the issuance of such Letter of
Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally, (C) the expiry date
of such requested Letter of Credit that is a Standby Letter of Credit would occur later than the date that is twelve (12) months
after the date of issuance thereof, provided, that, such Standby Letter of Credit may provide for the automatic extension thereof
for any number of additional periods each of up to one year in duration, subject to the terms hereof (including, without limitation,
clause (E) below and Section 2.03(h)), (D) the expiry date of such requested Letter of Credit that is a Commercial
Letter of Credit would occur later than the date that is the earlier of (i) 120 days after the date of the issuance of such
Commercial Letter of Credit and (ii) the Letter of Credit Expiration Date, and (E) the expiry date of such requested
Letter of Credit would occur after the Letter of Credit Expiration Date, unless either such Letter of Credit is Cash Collateralized
on or prior to the date of issuance of such Letter of Credit (or such later date as to which the Administrative Agent may agree)
or all the Lenders have approved such expiry date.

 

(iv)            Any
L/C Issuer (other than Wells Fargo Bank, Wells Fargo Canada (or the Canadian Underlying Issuer) or any of their Affiliates) shall
notify the Administrative Agent in writing no later than the Business Day immediately following the Business Day on which such
L/C Issuer issued any Letter of Credit; provided that (i) until the Administrative Agent advises any such L/C Issuer
that the provisions of Section 4.02 are not satisfied, or (ii) unless the aggregate amount of the Letters of Credit
issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and such L/C Issuer, such L/C Issuer
shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such
L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be
furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree. Each Letter of Credit shall be in
form and substance reasonably acceptable to the L/C Issuer, including the requirement that the amounts payable thereunder must
be payable in Dollars. If the L/C Issuer makes a payment under a Letter of Credit, the Borrowers shall pay to the Administrative
Agent an amount equal to the applicable Letter of Credit Disbursement on the Business Day such Letter of Credit Disbursement is
made and, in the absence of such payment, the amount of the Letter of Credit Disbursement immediately and automatically shall be
deemed to be a Committed Loan hereunder (notwithstanding any failure to satisfy any condition precedent set forth in Section 4.02
hereof) and, initially, shall bear interest at the rate then applicable to Committed Loans that are Base Rate Loans. If a Letter
of Credit Disbursement is deemed to be a Committed Loan hereunder, the Borrowers’ obligation to pay the amount of such Letter
of Credit Disbursement to the L/C Issuer shall be automatically converted into an obligation to pay the resulting Committed Loan.
Promptly following receipt by the Administrative Agent of any payment from the Borrowers pursuant to this paragraph, the Administrative
Agent shall distribute such payment to the L/C Issuer or, to the extent that the Lenders have made payments pursuant to Section 2.03(e) to
reimburse the L/C Issuer, then to such Lenders and the L/C Issuer as their interests may appear.

 

(v)            Promptly
following receipt of a notice of a Letter of Credit Disbursement pursuant to Section 2.03(d), each Lender agrees to
fund its Applicable Percentage of any Committed Loan deemed made pursuant to Section 2.03(d) on the same terms
and conditions as if the Borrowers had requested the amount thereof as a Committed Loan and the Administrative Agent shall promptly
pay to the L/C Issuer the amounts so received by it from the Lenders. By the issuance of a Letter of Credit (or an amendment, renewal,
or extension of a Letter of Credit) and without any further action on the part of the L/C Issuer or the Lenders, the L/C Issuer
shall be deemed to have granted to each Lender, and each Lender shall be deemed to have purchased, a participation in each Letter
of Credit issued by the L/C Issuer, in an amount equal to its Applicable Percentage of such Letter of Credit, and each such Lender
agrees to pay to the Administrative Agent, for the account of the L/C Issuer, such Lender’s Applicable Percentage of any
Letter of Credit Disbursement made by the L/C Issuer under the applicable Letter of Credit. In consideration and in furtherance
of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account
of the L/C Issuer, such Lender’s Applicable Percentage of each Letter of Credit Disbursement made by the L/C Issuer and not
reimbursed by Borrowers on the date due as provided in Section 2.03(d), or of any reimbursement payment that is required
to be refunded (or that the Administrative Agent or the L/C Issuer elects, based upon the advice of counsel, to refund) to the
Borrowers for any reason. Each Lender acknowledges and agrees that its obligation to deliver to the Administrative Agent, for the
account of the L/C Issuer, an amount equal to its respective Applicable Percentage of each Letter of Credit Disbursement pursuant
to this Section 2.03(e) shall be absolute and unconditional and such remittance shall be made notwithstanding
the occurrence or continuation of a Default or Event of Default or the failure to satisfy any condition set forth in Section 4.02
hereof. If any such Lender fails to make available to the Administrative Agent the amount of such Lender’s Applicable Percentage
of a Letter of Credit Disbursement as provided in this Section, such Lender shall be deemed to be a Defaulting Lender and the Administrative
Agent (for the account of the L/C Issuer) shall be entitled to recover such amount on demand from such Lender together with interest
thereon at the Defaulting Lender Rate until paid in full.

 

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(vi)            Each
Borrower agrees to indemnify, defend and hold harmless each Credit Party (including the L/C Issuer and its branches, Affiliates,
and correspondents) and each such Person’s respective directors, officers, employees, attorneys and agents (each, including
the L/C Issuer, a “Letter of Credit Related Person”) (to the fullest extent permitted by Law) from and against
any and all claims, demands, suits, actions, investigations, proceedings, liabilities, fines, costs, penalties, and damages, and
all reasonable fees and disbursements of attorneys, experts, or consultants and all other costs and expenses actually incurred
in connection therewith or in connection with the enforcement of this indemnification (as and when they are incurred and irrespective
of whether suit is brought), which may be incurred by or awarded against any such Letter of Credit Related Person (other than Taxes,
which shall be governed by Article III) (the “Letter of Credit Indemnified Costs”), and which arise
out of or in connection with, or as a result of:

 

(1)            any
Letter of Credit or any pre-advice of its issuance;

 

(2)            any
transfer, sale, delivery, surrender or endorsement (or lack thereof) of any Drawing Document at any time(s) held by any such
Letter of Credit Related Person in connection with any Letter of Credit;

 

(3)            any
action or proceeding arising out of, or in connection with, any Letter of Credit (whether administrative, judicial or in connection
with arbitration), including any action or proceeding to compel or restrain any presentation or payment under any Letter of Credit,
or for the wrongful dishonor of, or honoring a presentation under, any Letter of Credit;

 

(4)            any
independent undertakings issued by the beneficiary of any Letter of Credit;

 

(5)            any
unauthorized instruction or request made to the L/C Issuer in connection with any Letter of Credit or requested Letter of Credit,
or any error, omission, interruption or delay in such instruction or request, whether transmitted by mail, courier, electronic
transmission, SWIFT, or any other telecommunication including communications through a correspondent;

 

(6)            an
adviser, confirmer or other nominated person seeking to be reimbursed, indemnified or compensated;

 

(7)            any
third party seeking to enforce the rights of an applicant, beneficiary, nominated person, transferee, assignee of Letter of Credit
proceeds or holder of an instrument or document;

 

(8)            the
fraud, forgery or illegal action of parties other than the Letter of Credit Related Person;

 

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(9)            any
prohibition on payment or delay in payment of any amount payable by the L/C Issuer to a beneficiary or transferee beneficiary of
a Letter of Credit arising out of Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions;

 

(10)          the
L/C Issuer’s performance of the obligations of a confirming institution or entity that wrongfully dishonors a confirmation;

 

(11)          any
foreign language translation provided to the L/C Issuer in connection with any Letter of Credit;

 

(12)          any
foreign law or usage as it relates to the L/C Issuer’s issuance of a Letter of Credit in support of a foreign guaranty including
without limitation the expiration of such guaranty after the related Letter of Credit expiration date and any resulting drawing
paid by the L/C Issuer in connection therewith; or

 

(13)          the
acts or omissions, whether rightful or wrongful, of any present or future de jure or de facto governmental or regulatory authority
or cause or event beyond the control of the Letter of Credit Related Person;

 

in each case, including that
resulting from the Letter of Credit Related Person’s own negligence; provided, however, that such indemnity
shall not be available to any Letter of Credit Related Person claiming indemnification under clauses (i) through (x) above
to the extent that such Letter of Credit Indemnified Costs may be finally determined in a final, non-appealable judgment of a court
of competent jurisdiction to have resulted directly from the gross negligence or willful misconduct of the Letter of Credit Related
Person claiming indemnity. The Borrowers hereby agree to pay the Letter of Credit Related Person claiming indemnity on demand from
time to time all amounts owing under this Section 2.03(f). If and to the extent that the obligations of the Borrowers
under this Section 2.03(f) are unenforceable for any reason, the Borrowers agree to make the maximum contribution
to the Letter of Credit Indemnified Costs permissible under applicable Law. This indemnification provision shall survive termination
of this Agreement and all Letters of Credit.

 

(vii)            The
liability of the L/C Issuer (or any other Letter of Credit Related Person) under, in connection with or arising out of any Letter
of Credit (or pre-advice), regardless of the form or legal grounds of the action or proceeding, shall be limited to direct damages
suffered by the Borrowers that are caused directly by the L/C Issuer’s gross negligence or willful misconduct in (i) honoring
a presentation under a Letter of Credit that on its face does not at least substantially comply with the terms and conditions of
such Letter of Credit, (ii) failing to honor a presentation under a Letter of Credit that strictly complies with the terms
and conditions of such Letter of Credit or (iii) retaining Drawing Documents presented under a Letter of Credit. The L/C Issuer
shall be deemed to have acted with due diligence and reasonable care if the L/C Issuer’s conduct is in accordance with Standard
Letter of Credit Practice or in accordance with this Agreement. The Borrowers’ aggregate remedies against the L/C Issuer
and any Letter of Credit Related Person for wrongfully honoring a presentation under any Letter of Credit or wrongfully retaining
honored Drawing Documents shall in no event exceed the aggregate amount paid by the Borrowers to the L/C Issuer in respect of the
honored presentation in connection with such Letter of Credit under Section 2.03(d), plus interest at the rate then
applicable to Base Rate Loans hereunder. The Borrowers shall take action to avoid and mitigate the amount of any damages claimed
against the L/C Issuer or any other Letter of Credit Related Person, including by enforcing its rights against the beneficiaries
of the Letters of Credit. Any claim by the Borrowers under or in connection with any Letter of Credit shall be reduced by an amount
equal to the sum of (x) the amount (if any) saved by the Borrowers as a result of the breach or alleged wrongful conduct complained
of; and (y) the amount (if any) of the loss that would have been avoided had the Borrowers taken all reasonable steps to mitigate
any loss, and in case of a claim of wrongful dishonor, by specifically and timely authorizing the L/C Issuer to effect a cure.

 

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(viii)            The
Borrowers are responsible for the final text of the Letter of Credit as issued by the L/C Issuer, irrespective of any assistance
the L/C Issuer may provide such as drafting or recommending text or by the L/C Issuer’s use or refusal to use text submitted
by the Borrowers. The Borrowers understand that the final form of any Letter of Credit may be subject to such revisions and changes
as are deemed necessary or appropriate by the L/C Issuer, and Borrowers hereby consent to such revisions and changes not materially
different from the application executed in connection therewith. The Borrowers are solely responsible for the suitability of the
Letter of Credit for the Borrowers’ purposes. The Borrowers will examine the copy of the Letter of Credit and any other documents
sent by the L/C Issuer in connection therewith and shall promptly notify the L/C Issuer (not later than three (3) Business
Days following the Borrowers’ receipt of documents from the L/C Issuer) of any non-compliance with the Borrowers’ instructions
and of any discrepancy in any document under any presentment or other irregularity. The Borrowers understand and agree that the
L/C Issuer is not required to extend the expiration date of any Letter of Credit for any reason. With respect to any Letter of
Credit containing an “automatic amendment” to extend the expiration date of such Letter of Credit, the L/C Issuer,
in its sole and absolute discretion, may give notice of nonrenewal of such Letter of Credit and, if the Borrowers do not at any
time want the then current expiration date of such Letter of Credit to be extended, the Borrowers will so notify the Administrative
Agent and the L/C Issuer at least 30 calendar days before the L/C Issuer is required to notify the beneficiary of such Letter of
Credit or any advising bank of such non-extension pursuant to the terms of such Letter of Credit.

 

(ix)            The
Borrowers’ reimbursement and payment obligations under this Section 2.03 are absolute, unconditional and irrevocable
and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including:

 

(1)            any
lack of validity, enforceability or legal effect of any Letter of Credit, any Issuer Document, this Agreement or any Loan Document,
or any term or provision therein or herein;

 

(2)            payment
against presentation of any draft, demand or claim for payment under any Drawing Document that does not comply in whole or in part
with the terms of the applicable Letter of Credit or which proves to be fraudulent, forged or invalid in any respect or any statement
therein being untrue or inaccurate in any respect, or which is signed, issued or presented by a Person or a transferee of such
Person purporting to be a successor or transferee of the beneficiary of such Letter of Credit;

 

(3)            the
L/C Issuer or any of its branches or Affiliates being the beneficiary of any Letter of Credit;

 

(4)            the
L/C Issuer or any correspondent honoring a drawing against a Drawing Document up to the amount available under any Letter of Credit
even if such Drawing Document claims an amount in excess of the amount available under the Letter of Credit;

 

(5)            the
existence of any claim, set-off, defense or other right that any Loan Party or any of its Subsidiaries may have at any time against
any beneficiary or transferee beneficiary, any assignee of proceeds, the L/C Issuer or any other Person;

 

(6)            the
L/C Issuer or any correspondent honoring a drawing upon receipt of an electronic presentation under a Letter of Credit requiring
the same, regardless of whether the original Drawing Documents arrive at the L/C Issuer’s counters or are different from
the electronic presentation;

 

(7)            any
other event, circumstance or conduct whatsoever, whether or not similar to any of the foregoing that might, but for this Section 2.03(i),
constitute a legal or equitable defense to or discharge of, or provide a right of set-off against, any Borrower’s or any
of its Subsidiaries’ reimbursement and other payment obligations and liabilities, arising under, or in connection with, any
Letter of Credit, whether against the L/C Issuer, the beneficiary or any other Person; or

 

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(8)            the
fact that any Default or Event of Default shall have occurred and be continuing;

 

provided,
however, that subject to Section 2.03(g) above, the foregoing shall not release the L/C Issuer from such
liability to the Borrowers as may be finally determined in a final, non-appealable judgment of a court of competent jurisdiction
against the L/C Issuer following reimbursement or payment of the obligations and liabilities, including reimbursement and other
payment obligations, of the Borrowers to the L/C Issuer arising under, or in connection with, this Section 2.03 or
any Letter of Credit.

 

(x)            Without
limiting any other provision of this Agreement, the L/C Issuer and each other Letter of Credit Related Person (if applicable) shall
not be responsible to the Borrowers for, and the L/C Issuer’s rights and remedies against the Borrowers and the obligation
of the Borrowers to reimburse the L/C Issuer for each drawing under each Letter of Credit shall not be impaired by:

 

(1)            honor
of a presentation under any Letter of Credit that on its face substantially complies with the terms and conditions of such Letter
of Credit, even if the Letter of Credit requires strict compliance by the beneficiary;

 

(2)            honor
of a presentation of any Drawing Document that appears on its face to have been signed, presented or issued (A) by any purported
successor or transferee of any beneficiary or other Person required to sign, present or issue such Drawing Document or (B) under
a new name of the beneficiary;

 

(3)            acceptance
as a draft of any written or electronic demand or request for payment under a Letter of Credit, even if nonnegotiable or not in
the form of a draft or notwithstanding any requirement that such draft, demand or request bear any or adequate reference to the
Letter of Credit;

 

(4)            the
identity or authority of any presenter or signer of any Drawing Document or the form, accuracy, genuineness or legal effect of
any Drawing Document (other than the L/C Issuer’s determination that such Drawing Document appears on its face substantially
to comply with the terms and conditions of the Letter of Credit);

 

(5)            acting
upon any instruction or request relative to a Letter of Credit or requested Letter of Credit that the L/C Issuer in good faith
believes to have been given by a Person authorized to give such instruction or request;

 

(6)            any
errors, omissions, interruptions or delays in transmission or delivery of any message, advice or document (regardless of how sent
or transmitted) or for errors in interpretation of technical terms or in translation or any delay in giving or failing to give
notice to the Borrowers;

 

(7)            any
acts, omissions or fraud by, or the insolvency of, any beneficiary, any nominated person or entity or any other Person or any breach
of contract between any beneficiary and any Borrower or any of the parties to the underlying transaction to which the Letter of
Credit relates;

 

(8)            assertion
or waiver of any provision of the ISP or UCP that primarily benefits an issuer of a letter of credit, including any requirement
that any Drawing Document be presented to it at a particular hour or place;

 

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(9)            payment
to any presenting bank (designated or permitted by the terms of the applicable Letter of Credit) claiming that it rightfully honored
or is entitled to reimbursement or indemnity under Standard Letter of Credit Practice applicable to it;

 

(10)          acting
or failing to act as required or permitted under Standard Letter of Credit Practice applicable to where the L/C Issuer has issued,
confirmed, advised or negotiated such Letter of Credit, as the case may be;

 

(11)          honor
of a presentation after the expiration date of any Letter of Credit notwithstanding that a presentation was made prior to such
expiration date and dishonored by the L/C Issuer if subsequently the L/C Issuer or any court or other finder of fact determines
such presentation should have been honored;

 

(12)          dishonor
of any presentation that does not strictly comply or that is fraudulent, forged or otherwise not entitled to honor; or

 

(13)          honor
of a presentation that is subsequently determined by the L/C Issuer to have been made in violation of international, federal, state,
provincial or local restrictions on the transaction of business with certain prohibited Persons;

 

(xi)            Upon
the request of the Administrative Agent, (i) if the L/C Issuer has honored any full or partial drawing request under any Letter
of Credit and such drawing has resulted in an L/C Obligation that remains outstanding (other than L/C Obligations consisting of
the remaining undrawn stated amount resulting from a partial drawing), or (ii) if, as of the Letter of Credit Expiration Date,
any L/C Obligation for any reason remains outstanding, the Borrowers shall, in each case, promptly Cash Collateralize the then
Outstanding Amount of all L/C Obligations. Sections 2.05 and 8.02(c) set forth certain additional requirements
to deliver Cash Collateral hereunder. For purposes of this Section 2.03, Section 2.05 and Section 8.02(c),
 “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit
of the L/C Issuer and the Lenders, as collateral for the L/C Obligations, cash or deposit account balances in an amount equal to
105% (in the case of Letters of Credit denominated in a currency other than Dollars, in an amount at least equal to 110%) of the
Outstanding Amount of all L/C Obligations, pursuant to documentation in form and substance satisfactory to the Administrative Agent
and the L/C Issuer (which documents are hereby Consented to by the Lenders). Derivatives of such term have corresponding meanings.
The Borrowers hereby grant to the Collateral Agent a security interest in all such cash, deposit accounts and all balances therein
and all proceeds of the foregoing. Cash Collateral shall be maintained in blocked, non-interest bearing deposit accounts at Wells
Fargo Bank or an account maintained by the Administrative Agent. If at any time the Administrative Agent determines that any funds
held as Cash Collateral are subject to any right or claim of any Person other than the Administrative Agent or that the total amount
of such funds is less than the aggregate Outstanding Amount of all L/C Obligations, the Borrowers will, forthwith upon demand by
the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited as Cash Collateral, an amount equal
to the excess of (x) such aggregate Outstanding Amount over (y) the total amount of funds, if any, then held as Cash
Collateral that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter
of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent permitted under applicable
Laws, to reimburse the L/C Issuer and, to the extent not so applied, shall thereafter be applied to satisfy other Obligations.
If the Borrowers fail to provide Cash Collateral as required by this Section 2.03, Section 2.05 or Section 8.02(c),
the Lenders may (and, upon direction of the Administrative Agent, shall) advance, as Committed Loans, the amount of the cash collateral
required pursuant to the terms of this Agreement so that the then Outstanding Amount of all L/C Obligations is cash collateralized
in accordance with the terms hereof (whether or not the Aggregate Commitments have terminated, an Overadvance exists or the conditions
in Section 4.02 are satisfied).

 

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(xii)            The
Borrowers shall pay to the Administrative Agent, for the account of each Lender in accordance with its Applicable Percentage, a
Letter of Credit fee (the “Letter of Credit Fee”) (i) for each Commercial Letter of Credit, equal to the
Applicable Margin multiplied by the daily Stated Amount under such Letter of Credit, and (ii) for each Standby Letter
of Credit, equal to the Applicable Margin multiplied by the daily Stated Amount under such Letter of Credit. For purposes
of computing the daily Stated Amount available to be drawn under any Letter of Credit, the Stated Amount of the Letter of Credit
shall be determined in accordance with Section 1.06; provided that, for purposes only of calculating the Letter
of Credit Fee owing hereunder, the daily Stated Amount available to be drawn under any Letter of Credit that provides for one or
more automatic increases in the Stated Amount thereof shall be deemed to be the maximum Stated Amount then in effect under such
Letter of Credit (at the time of each such calculation of the Letter of Credit Fee), rather than the maximum Stated Amount for
which such Letter of Credit may be honored. Letter of Credit Fees shall be (i) due and payable on the first Business Day after
the end of each month, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter
of Credit Expiration Date and thereafter on demand, and (ii) computed on a monthly basis in arrears. If there is any change
in the Applicable Margin during any month, the daily amount available to be drawn under of each Letter of Credit shall be computed
and multiplied by the Applicable Margin separately for each period during such month that such Applicable Margin was in effect.
Notwithstanding anything to the contrary contained herein, while any Event of Default has occurred and is continuing, the Administrative
Agent may, and upon the request of the Required Lenders shall, notify the Lead Borrower that all Letter of Credit Fees shall accrue
at the Default Rate and thereafter such Letter of Credit Fees shall accrue at the Default Rate to the fullest extent permitted
by applicable Laws.

 

(xiii)            In
addition to the Letter of Credit Fees as set forth in Section 2.03(l) above, the Borrowers shall pay immediately
upon demand to the Administrative Agent for the account of the L/C Issuer as non-refundable fees, commissions, and charges (it
being acknowledged and agreed that any charging of such fees, commissions, and charges to the Loan Account pursuant to the provisions
of Section 2.02(d) shall be deemed to constitute a demand for payment thereof for the purposes of this Section 2.03(m)):
(i) a fronting fee which shall be imposed by the L/C Issuer equal to 0.125% per annum times the average amount of the L/C
Obligations during the immediately preceding month (or portion thereof), plus (ii) any and all other customary commissions,
fees and charges then in effect imposed by, and any and all expenses incurred by, the L/C Issuer, or by any adviser, confirming
institution or entity or other nominated person, relating to Letters of Credit, at the time of issuance of any Letter of Credit
and upon the occurrence of any other activity with respect to any Letter of Credit (including transfers, assignments of proceeds,
amendments, drawings, renewals or cancellations).

 

(xiv)            Unless
otherwise expressly agreed by the L/C Issuer and the Borrowers when a Letter of Credit is issued (including any such agreement
applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each Standby Letter of Credit, and
(ii) the rules of the UCP shall apply to each Commercial Letter of Credit.

 

(xv)            The
L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith,
and the L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article IX
with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed
to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent”
as used in Article IX included the L/C Issuer with respect to such acts or omissions, and (B) as additionally
provided herein with respect to the L/C Issuer.

 

(xvi)            The
Borrowers shall, upon the request of the Administrative Agent, consign to the Borrowers, the Collateral Agent or the L/C Issuer
any bill of lading for Inventory which is supported by an Eligible Letter of Credit issued by the L/C Issuer.

 

(xvii)            In
the event of a direct conflict between the provisions of this Section 2.03 and any provision contained in any Issuer
Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent
possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid,
the terms and provisions of this Section 2.03 shall control and govern.

 

(xviii)          The
provisions of this Section 2.03 shall survive the termination of this Agreement and the repayment in full of the Obligations
with respect to any Letters of Credit that remain outstanding.

 

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(xix)           At
the Borrowers’ cost and expense, the Borrowers shall execute and deliver to the L/C Issuer such additional certificates,
instruments and/or documents and take such additional action as may be reasonably requested by the L/C Issuer to enable the L/C
Issuer to issue any Letter of Credit pursuant to this Agreement and related Issuer Document, to protect, exercise and/or enforce
the L/C Issuer’s rights and interests under this Agreement or to give effect to the terms and provisions of this Agreement
or any Issuer Document. Each Borrower irrevocably appoints the L/C Issuer as its attorney-in-fact and authorizes the L/C Issuer,
without notice to the Borrowers, to execute and deliver ancillary documents and letters customary in the letter of credit business
that may include but are not limited to advisements, indemnities, checks, bills of exchange and issuance documents. The power of
attorney granted by the Borrowers is limited solely to such actions related to the issuance, confirmation or amendment of any Letter
of Credit and to ancillary documents or letters customary in the letter of credit business. This appointment is coupled with an
interest.

 

(xx)            The
Borrowers, the Agents, the Lenders and the L/C Issuer agree that the Existing Letters of Credit shall be deemed Letters of Credit
hereunder as if issued by the L/C Issuer hereunder and, from and after the Restatement Date, shall be subject to and governed by
the terms and conditions hereof.

 

2.04            Swing
Line Loans.

 

(i)            The
Swing Line.

 

(1)            Subject
to the terms and conditions set forth herein, the U.S. Swing Line Lender agrees, in reliance upon the agreements of the other U.S.
Lenders set forth in this Section 2.04, to make loans (each such loan, a “U.S. Swing Line Loan”)
to the U.S. Borrowers from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed
at any time outstanding the amount of the U.S. Swing Line Sublimit, notwithstanding the fact that such U.S. Swing Line Loans, when
aggregated with the Applicable Percentage of the Outstanding Amount of U.S. Committed Loans and U.S. L/C Obligations of the U.S.
Lender acting as U.S. Swing Line Lender, may exceed the amount of such U.S. Lender’s Commitment; provided, however,
that after giving effect to any U.S. Swing Line Loan, (i) the Total U.S.
Total Outstandings shall not exceed the lesser of (A) the
U.S. Commitments, or (B) the U.S. Borrowing Base, and (ii) the aggregate Outstanding Amount of the U.S. Committed Loans
of any U.S. Lender at such time, plus such U.S. Lender’s Applicable Percentage of the Outstanding Amount of all U.S.
L/C Obligations at such time, plus such U.S. Lender’s Applicable Percentage of the Outstanding Amount of all U.S.
Swing Line Loans at such time shall not exceed such U.S. Lender’s U.S. Commitment, and provided, further, that
the U.S. Borrowers shall not use the proceeds of any U.S. Swing Line Loan to refinance any outstanding Swing Line Loan.

 

(2)            Subject
to the terms and conditions set forth herein, the Canadian Swing Line Lender agrees, in reliance upon the agreements of the other
Canadian Lenders set forth in this Section 2.04, to make loans (each such loan, a “Canadian Swing Line Loan”)
to the Canadian Borrowers from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed
at any time outstanding the amount of the Canadian Swing Line Sublimit, notwithstanding the fact that such Canadian Swing Line
Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Canadian Committed Loans and Canadian L/C Obligations
of the Canadian Lender acting as Canadian Swing Line Lender, may exceed the amount of such Canadian Lender’s Commitment;
provided, however, that after giving effect to any Canadian Swing Line Loan, (i) the Total
Canadian Total Outstandings shall not exceed
the lesser of (A) the Canadian Commitments, or (B) the Canadian Borrowing Base, and (ii) the aggregate Outstanding
Amount of the Canadian Committed Loans of any Canadian Lender at such time, plus such Canadian Lender’s Applicable
Percentage of the Outstanding Amount of all Canadian L/C Obligations at such time, plus such Canadian Lender’s Applicable
Percentage of the Outstanding Amount of all Canadian Swing Line Loans at such time shall not exceed such Canadian Lender’s
U.S. Commitment, and provided, further, that the Canadian Borrowers shall not use the proceeds of any Canadian Swing
Line Loan to refinance any outstanding Swing Line Loan.

 

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Within the foregoing limits, and
subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.04, prepay under Section 2.05,
and reborrow under this Section 2.04. Each Swing Line Loan shall bear interest only at a rate based on the Base Rate
or, if a Canadian Swing Line Loan in Canadian Dollars, the Canadian Base Rate. Immediately upon the making of a Swing Line Loan,
each applicable Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender
a risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s Applicable Percentage times
the amount of such Swing Line Loan. The Swing Line Lender shall have all of the benefits and immunities (A) provided to the
Agents in Article IX with respect to any acts taken or omissions suffered by the Swing Line Lender in connection with
Swing Line Loans made by it or proposed to be made by it as if the term “Administrative Agent” as used in Article IX
included the Swing Line Lender with respect to such acts or omissions, and (B) as additionally provided herein with respect
to the Swing Line Lender.

 

(ii)            Borrowing
Procedures. Each Swing Line Borrowing shall be made upon the Lead Borrower’s irrevocable notice to the Swing Line Lender
and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the
Administrative Agent not later than 3:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be
borrowed, and (ii) the requested borrowing date, which shall be a Business Day. Each such telephonic notice must be confirmed
promptly by delivery to the Swing Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed
and signed by a Responsible Officer of the Lead Borrower. Promptly after receipt by the Swing Line Lender of any telephonic Swing
Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative
Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent (by
telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing)
from the Administrative Agent at the request of the Required Lenders prior to 3:00 p.m. on the date of the proposed Swing
Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth
in the proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions
specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender
shall, not later than 4:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing
Line Loan available to the applicable Borrowers at its office by crediting the account of the Lead Borrower on the books of the
Swing Line Lender in immediately available funds.

 

(iii)            Refinancing
of Swing Line Loans.

 

(1)            The
Swing Line Lender, at any time in its sole and absolute discretion, may request, on behalf of the applicable Borrowers (which hereby
irrevocably authorize the Swing Line Lender to so request on their behalf), that each Lender make a Base Rate Loan in an amount
equal to such Lender’s Applicable Percentage of the amount of Swing Line Loans then outstanding. Such request shall be made
in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein
for the principal amount of Base Rate Loans, but subject to the unutilized portion of the U.S. Commitments or Canadian Commitments,
as applicable, and the conditions set forth in Section 4.02. Each Lender shall make an amount equal to its Applicable
Percentage of the amount of such Swing Line Loan available to the Administrative Agent in immediately available funds for the account
of the Swing Line Lender at the Administrative Agent’s Office not later than 1:00 p.m. on the day specified by the Swing
Line Lender, whereupon, subject to Section 2.04(c)(ii), each Lender that so makes funds available shall be deemed to
have made a Base Rate Loan to the applicable Borrowers in such amount. The Administrative Agent shall remit the funds so received
to the Swing Line Lender.

 

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(2)            If
for any reason any Swing Line Loan cannot be refinanced by such a Committed Borrowing in accordance with Section 2.04(c)(i),
the request for Base Rate Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing
Line Lender that each of the Lenders fund its risk participation in the relevant Swing Line Loan and each Lender’s payment
to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be deemed
payment in respect of such participation.

 

(3)            If
any Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount required to
be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i),
the Swing Line Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such
amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately
available to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by
the Swing Line Lender in accordance with banking industry rules on interbank compensation plus any administrative, processing
or similar fees customarily charged by the Swing Line Lender in connection with the foregoing. If such Lender pays such amount
(with interest and fees as aforesaid), the principal amount so paid shall constitute such Lender’s Committed Loan included
in the relevant Committed Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A certificate
of the Swing Line Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this
clause (iii) shall be conclusive absent manifest error.

 

(4)            Each
Lender’s obligation to make Committed Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this
Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any
setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, the Borrowers
or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence,
event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation
to make Committed Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02.
No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrowers to repay Swing Line Loans,
together with interest as provided herein.

 

(iv)            Repayment
of Participations.

 

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

 

(2)            If
any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned
by the Swing Line Lender under any of the circumstances described in Section 10.05 (including pursuant to any settlement
entered into by the Swing Line Lender in its discretion), each Lender shall pay to the Swing Line Lender its Applicable Percentage
thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned,
at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon the request of the Swing
Line Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination
of this Agreement.

 

(v)            Interest
for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Borrowers for interest on the
Swing Line Loans. Until each Lender funds its Base Rate Loan or risk participation pursuant to this Section 2.04 to
refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage shall
be solely for the account of the Swing Line Lender.

 

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(vi)            Payments
Directly to Swing Line Lender. The Borrowers shall make all payments of principal and interest in respect of the Swing Line
Loans directly to the Swing Line Lender.

 

2.05          Prepayments.

 

(i)            The
Borrowers may, upon irrevocable notice from the Lead Borrower to the Administrative Agent, at any time or from time to time voluntarily
prepay Committed Loans in whole or in part without premium or penalty; provided that (i) such notice must be received
by the Administrative Agent not later than 1:00 p.m. (A) three Business Days prior to any date of prepayment of LIBO
Rate Loans or BA Rate Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of LIBO Rate Loans
shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof and any prepayment of BA Rate Loans
shall be in a principal amount of CAD$1,000,000 or a whole multiple of CAD$500,000 in excess thereof; and (iii) unless a Cash
Dominion Event has occurred and is continuing, any prepayment of Base Rate Loans in Dollars shall be in a principal amount of $500,000
or a whole multiple of $100,000 in excess thereof and any prepayment of Canadian Base Rate Loans shall be in a principal amount
of CAD$500,000 or a whole multiple of CAD$100,000 in excess thereof or, in each case, if less, the entire principal amount thereof
then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid
and, if LIBO Rate Loans or BA Rate Loans, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify
each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment.
If such notice is given by the Lead Borrower, the Borrowers shall make such prepayment and the payment amount specified in such
notice shall be due and payable on the date specified therein. Any prepayment of a LIBO Rate Loan and a BA Rate Loan shall be accompanied
by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05.
Each such prepayment shall be applied to the Committed Loans of the Lenders in accordance with their respective Applicable Percentages.

 

(ii)            The
Borrowers may, upon irrevocable notice from the Lead Borrower to the Swing Line Lender (with a copy to the Administrative Agent),
at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided
that (i) such notice must be received by the Swing Line Lender and the Administrative Agent not later than 3:00 p.m. on
the date of the prepayment, and (ii) any such prepayment shall be in a minimum principal amount of $100,000 or, as regards
Canadian Swing Line Loans in Canadian Dollars, CAD$100,000. Each such notice shall specify the date and amount of such prepayment.
If such notice is given by the Lead Borrower, the Borrowers shall make such prepayment and the payment amount specified in such
notice shall be due and payable on the date specified therein.

 

(iii)            If
for any reason the U.S. Total Outstandings at any time exceed the lesser of the U.S. Commitments or the U.S. Borrowing Base, each
as then in effect, the U.S. Borrowers shall immediately prepay U.S. Committed Loans and/or U.S. Swing Line Loans and/or Cash Collateralize
the U.S. L/C Obligations in an aggregate amount equal to such excess; provided, however, that the U.S. Borrowers
shall not be required to Cash Collateralize the U.S. L/C Obligations pursuant to this Section 2.05(c) unless after
the prepayment in full of the U.S. Loans the U.S. Total Outstandings exceed the lesser of the U.S. Commitments or the U.S. Borrowing
Base, each as then in effect. If for any reason the Canadian Total Outstandings at any time exceed the lesser of the Canadian Commitments
or the Canadian Borrowing Base, each as then in effect, the Canadian Borrowers shall immediately prepay Canadian Committed Loans
and/or Canadian Swing Line Loans and/or Cash Collateralize the Canadian L/C Obligations in an aggregate amount equal to such excess;
provided, however, that the Canadian Borrowers shall not be required to Cash Collateralize the Canadian L/C Obligations
pursuant to this Section 2.05(c) unless after the prepayment in full of the Canadian Loans the Canadian Total
Outstandings exceed the lesser of the Canadian Commitments or the Canadian Borrowing Base, each as then in effect.

 

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(iv)            After
the occurrence and during the continuance of a Cash Dominion Event, the Borrowers shall prepay the Loans and Cash Collateralize
the L/C Obligations in accordance with the provisions of Section 6.13 hereof. In addition, the Borrowers shall prepay
the Loans and Cash Collateralize the L/C Obligations in an amount equal to the Net Proceeds received by a Loan Party on account
of a Prepayment Event, irrespective of whether or not a Cash Dominion Event then exists and is continuing. The Agents shall not
be obligated to release their Liens on any Collateral until such Net Proceeds have been so received (to the extent required in
this clause (d)). The application of such Net Proceeds to the Loans shall not reduce the Commitments. If all Obligations then due
are paid, any excess Net Proceeds shall be remitted to the operating account of the Borrowers maintained with the Administrative
Agent.

 

(v)            Prepayments
made pursuant to this Section 2.05, first, shall be applied to the Swing Line Loans, second, shall be
applied ratably to the outstanding Committed Loans, third, shall be used to Cash Collateralize the remaining L/C Obligations;
and, fourth, the amount remaining, if any, after the prepayment in full of all Swing Line Loans and Committed Loans outstanding
at such time and the Cash Collateralization of the remaining L/C Obligations in full may be retained by the Borrowers for use in
the ordinary course of their business. Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held
as Cash Collateral shall be applied (without any further action by or notice to or from the Borrowers or any other Loan Party)
to reimburse the L/C Issuer or the Lenders, as applicable, and, to the extent not so applied, shall thereafter be returned to the
Borrowers.

 

2.06          Termination
or Reduction of Commitments.

 

(i)            The
Borrowers may, upon irrevocable notice from the Lead Borrower to the Administrative Agent, terminate the Aggregate Commitments,
the Letter of Credit Sublimit or the Swing Line Sublimit or from time to time permanently reduce the Aggregate Commitments, the
U.S. Commitments, the Canadian Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit; provided that (i) any
such notice shall be received by the Administrative Agent not later than 1:00 p.m. (A) thirty (30) days prior to the
date of any termination of the Aggregate Commitments and (B) five (5) Business Days prior to the date of any reduction
of the Aggregate Commitments, the U.S. Commitments, the Canadian Commitments the Letter of Credit Sublimit or the Swing Line Sublimit,
(ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess
thereof, (iii) the Borrowers shall not terminate or reduce (A) the Aggregate Commitments if, after giving effect thereto
and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments, (B) the U.S. Commitments
if, after giving effect thereto and to any concurrent prepayments hereunder, the U.S. Total Outstandings would exceed the U.S.
Commitments, (C) the Canadian Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the
Canadian Total Outstandings would exceed the Canadian Commitments, (D) the Letter of Credit Sublimit if, after giving effect
thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit,
(E) the Canadian Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of Canadian L/C Obligations
not fully Cash Collateralized hereunder would exceed the Canadian Letter of Credit Sublimit, (F) the U.S. Swing Line Sublimit
if, after giving effect thereto, and to any concurrent payments hereunder, the Outstanding Amount of U.S. Swing Line Loans hereunder
would exceed the U.S. Swing Line Sublimit, and (G) the Canadian Swing Line Sublimit if, after giving effect thereto, and to
any concurrent payments hereunder, the Outstanding Amount of Canadian Swing Line Loans hereunder would exceed the Canadian Swing
Line Sublimit. For the avoidance of doubt, the termination of the U.S. Commitments hereunder shall constitute a termination of
the Canadian Commitments without any further action required on the part of any Person.

 

(ii)            If,
after giving effect to any reduction of the Aggregate Commitments, the U.S. Commitments, the Canadian Commitments, the Letter of
Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Commitments, the U.S. Commitments, the Canadian
Commitments, such Letter of Credit Sublimit or Swing Line Sublimit shall be automatically reduced by the amount of such excess.

 

(iii)            The
Administrative Agent will promptly notify the Lenders of any termination or reduction of the Letter of Credit Sublimit, Swing Line
Sublimit, the U.S. Commitments, the Canadian Commitments, or the Aggregate Commitments under this Section 2.06. Upon
any reduction of the Aggregate Commitments, the U.S. Commitments or the Canadian Commitments, the Commitment of each Lender shall
be reduced by such Lender’s Applicable Percentage of such reduction amount. All fees (including, without limitation, Commitment
Fees and Letter of Credit Fees) and interest in respect of the Aggregate Commitments, U.S. Commitments, and Canadian Commitments
accrued until the effective date of any termination of the Aggregate Commitments, the U.S. Commitments or the Canadian Commitments,
shall be paid on the effective date of such termination.

 

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(iv)            In
connection with any reduction in the Aggregate Commitments (or U.S. Commitments) prior to the Maturity Date, if any Loan Party
or any of its Subsidiaries owns any Margin Stock, Borrowers shall deliver to the Administrative Agent an updated Form U-1
(with sufficient additional originals thereof for each Lender), duly executed and delivered by the Borrowers, together with such
other documentation as the Administrative Agent shall reasonably request, in order to enable the Administrative Agent and the Lenders
to comply with any of the requirements under Regulations T, U or X of the FRB.

 

2.07          Repayment
of Loans.

 

(i)            The
Borrowers shall repay to the Lenders on the Termination Date the aggregate principal amount of Committed Loans outstanding on such
date.

 

(ii)            To
the extent not previously paid, the Borrowers shall repay the outstanding balance of the Swing Line Loans on the Termination Date.

 

2.08          Interest.

 

(i)            Subject
to the provisions of Section 2.08(b) below, (i) each LIBO Rate Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to the LIBO Rate for such Interest Period plus
the Applicable Margin; (ii) each BA Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest
Period at a rate per annum equal to the BA Rate for such Interest Period plus the Applicable Margin (iii) each Base
Rate Loan in Dollars shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate
per annum equal to the Base Rate plus the Applicable Margin; (iv) each Canadian Base Rate Loan shall bear interest
on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Canadian Base Rate
plus the Applicable Margin; and (v) each Swing Line Loan shall bear interest on the outstanding principal amount thereof
from the applicable borrowing date at a rate per annum equal to, if in Dollars, the Base Rate and if in Canadian Dollars, the Canadian
Base Rate plus the Applicable Margin.

 

(ii)            If
any amount payable under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated
maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at
all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(iii)            If
any other Event of Default has occurred and is continuing, then the Administrative Agent may, and upon the request of the Required
Lenders shall, notify the Lead Borrower that all outstanding Obligations shall thereafter bear interest at a fluctuating interest
rate per annum at all times equal to the Default Rate and thereafter, until such Event of Default has been duly waived as provided
in Section 10.01 hereof, such Obligations shall bear interest at the Default Rate to the fullest extent permitted by
applicable Laws.

 

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

 

(v)            Interest
on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may
be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment,
and before and after the commencement of any proceeding under any Debtor Relief Law.

 

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(vi)            For
the purpose of complying with the Interest Act (Canada), it is expressly stated that where interest is calculated pursuant hereto
at a rate based upon a period of time different from the actual number of days in the year (for the purposes of this Section 2.092.08(f),
the “first rate”), the yearly rate or percentage of interest to which the first rate is equivalent is the first rate
multiplied by the actual number of days in the calendar year in which the samerate
is to be ascertained and divided by the number of days in the shorter period, and the Canadian Loan Parties acknowledge that there
is a material distinction between the nominal and effective rates of interest and that they are capable of making the calculations
necessary to compare such rates and that the calculations herein are to be made using the nominal rate method and not on any basis
that gives effect to the principle of deemed reinvestment of interest. Each Canadian Loan Party hereby confirms that it fully understands
and is able to calculate the rate of interest applicable to the Loans based on the methodology for calculating per annum rates
provided for in this Agreement. Each Canadian Loan Party hereby irrevocably agrees not to plead or assert, whether by way of defense
or otherwise, in any proceeding relating to this Agreement or any other Loan Document, that the interest payable under this Agreement
and the calculation thereof has not been adequately disclosed to the Canadian Loan Parties as required pursuant to Section 4
of the Interest Act (Canada).

 

2.09          Fees.
In addition to certain fees described in subsections (l) and (m) of Section 2.03:

 

(i)            Commitment
Fee. The Borrowers shall pay to the Administrative Agent, for the account of each Lender, in accordance with its Applicable
Percentage, a commitment fee (the “Commitment Fee”) equal to the Applicable Commitment Fee Percentage”
times the average daily amount by which the Aggregate Commitments exceed the sum of (i) the Outstanding Amount of Loans
and (ii) the Outstanding Amount of L/C Obligations. The Commitment Fee shall accrue at all times during the Availability Period,
including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable
monthly in arrears on the first day of each month (or if such day is not a Business Day, on the next succeeding Business Day),
commencing with the first such date to occur after the Restatement Date, and on the last day of the Availability Period. The Commitment
Fee shall be calculated monthly in arrears.

 

(ii)            Other
Fees. The Borrowers shall pay to the Administrative Agent fees in the amounts and at the times specified in the Fee Letter.
Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

2.10           Computation
of Interest and Fees. All computations of interest and fees shall be made on the basis of a 360-day year (or a 365 day
year or 366 day year, as the case may be, in the case of Base Rate Loans at a time when the Base Rate is computed by reference
to Wells Fargo Bank's prime rate, Canadian Base Rate Loans and BA Rate Loans) and actual days elapsed. Interest shall accrue on
each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the
Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to
Section 2.12, bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee
hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

2.11          Evidence
of Debt.

 

(i)            The
Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by the Administrative Agent
(the “Loan Account”) in the ordinary course of business. In addition, each Lender may record in such Lender’s
internal records, an appropriate notation evidencing the date and amount of each Loan from such Lender, each payment and prepayment
of principal of any such Loan, and each payment of interest, fees and other amounts due in connection with the Obligations due
to such Lender. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest
error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure
to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to
pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained
by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of
the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative
Agent, the Borrowers shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such
Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon
the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. Upon receipt of an affidavit
of a Lender as to the loss, theft, destruction or mutilation of such Lender’s Note and upon cancellation of such Note, the
Borrowers will issue, in lieu thereof, a replacement Note in favor of such Lender, in the same principal amount thereof and otherwise
of like tenor.

 

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(ii)            In
addition to the accounts and records referred to in Section 2.11(a), each Lender and the Administrative Agent shall
maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations
in Letters of Credit and Swing Line Loans. In the event of any conflict between the accounts and records maintained by the Administrative
Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent
shall control in the absence of manifest error.

 

2.12           Payments
Generally; Administrative Agent’s Clawback.

 

(i)            General.
All payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense, recoupment
or setoff. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder shall be made to the Administrative
Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars
or Canadian Dollars, as applicable, and in immediately available funds not later than 2:00 p.m. on the date specified herein.
Subject to Section 2.14 hereof, the Administrative Agent will promptly distribute to each Lender its Applicable Percentage
(or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s
Lending Office. All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding
Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrowers shall come
due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall
be reflected in computing interest or fees, as the case may be.

 

(ii)     (1)     Funding
by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior
to the proposed date of any Borrowing of LIBO Rate Loans or BA Rate Loans (or in the case of any Borrowing of Base Rate Loans,
prior to 1:00 p.m. on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such
Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such
date in accordance with Section 2.02 (or in the case of a Borrowing of Base Rate Loans, that such Lender has made such
share available in accordance with and at the time required by Section 2.02) 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
Committed Borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrowers severally agree
to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds 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 (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate
and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus
any administrative processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing,
and (B) in the case of a payment to be made by the Borrowers, the interest rate applicable to Base Rate Loans. 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 Committed Borrowing to the Administrative Agent, then the principal amount so paid shall constitute such
Lender’s Committed Loan included in such Committed Borrowing. 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.

 

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(2)            Payments
by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Lead
Borrower prior to the time at which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuer
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 L/C Issuer,
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 L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender or the L/C Issuer, in immediately available funds with interest thereon, for each day from and including
the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the
Federal Funds 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 Lead Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent
manifest error.

 

(iii)            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 Credit Extension set forth in Article IV
are not satisfied or waived in accordance with the terms hereof (subject to the provisions of the last paragraph of Section 4.02
hereof), the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without
interest, within seven (7) days after it is determined by the Administrative Agent that the conditions to the applicable Credit
Extension set forth in Article IV have not been satisfied.

 

(iv)            Obligations
of Lenders Several. The obligations of the Lenders hereunder to make Committed Loans, to fund participations in Letters of
Credit and Swing Line Loans and to make payments hereunder are several and not joint. The failure of any Lender to make any Committed
Loan, to fund any such participation or to make any payment hereunder 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 Committed Loan, to purchase its participation or to make its payment hereunder.

 

(v)            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.

 

2.13          Sharing
of Payments by Lenders. If any Credit Party shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of any principal of, interest on, or other amounts with respect to, any of the Obligations resulting in such
Lender’s receiving payment of a proportion of the aggregate amount of such Obligations greater than its pro rata share
thereof as provided herein (including as in contravention of the priorities of payment set forth in Section 8.03),
then the Credit Party receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase
(for cash at face value) participations in the Obligations of the other Credit Parties, or make such other adjustments as shall
be equitable, so that the benefit of all such payments shall be shared by the Credit Parties ratably and in the priorities set
forth in Section 8.03, provided that:

 

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

 

(ii)            the
provisions of this Section shall not be construed to apply to (x) any payment made by the Loan Parties pursuant to and
in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment
of or sale of a participation in any of its Committed Loans or subparticipations in L/C Obligations or Swing Line Loans to any
assignee or participant, other than to the Borrowers or any Subsidiary thereof (as to which the provisions of this Section shall
apply).

 

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

 

2.14          Settlement
Among Lenders.

 

(i)            The
amount of each Lender’s Applicable Percentage of outstanding Loans (including outstanding Swing Line Loans) shall be computed
weekly (or more frequently in the Administrative Agent’s discretion) and shall be adjusted upward or downward based on all
Loans (including Swing Line Loans) and repayments of Loans (including Swing Line Loans) received by the Administrative Agent as
of 3:00 p.m. on the first Business Day (such date, the “Settlement Date”) following the end of the period
specified by the Administrative Agent.

 

(ii)            The
Administrative Agent shall deliver to each of the Lenders promptly after a Settlement Date a summary statement of the amount of
outstanding Committed Loans for the period and the amount of repayments received for the period. As reflected on the summary statement,
(i) the Administrative Agent shall transfer to each Lender its Applicable Percentage of repayments, and (ii) each Lender
shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each Lender, such
amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each
Lender shall be equal to such Lender’s Applicable Percentage of all Committed Loans outstanding as of such Settlement Date.
If the summary statement requires transfers to be made to the Administrative Agent by the Lenders and is received prior to 1:00
p.m. on a Business Day, such transfers shall be made in immediately available funds no later than 3:00 p.m. that day;
and, if received after 1:00 p.m., then no later than 3:00 p.m. on the next Business Day. The obligation of each Lender to
transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the
extent any Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative
Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount
is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar
fees customarily charged by the Administrative Agent in connection with the foregoing.

 

2.15          Increase
in Commitments.

 

(i)            Request
for Increase. Provided that no Default or Event of Default then exists or would arise therefrom, upon notice to the Administrative
Agent (which shall promptly notify the U.S. Lenders), the Lead Borrower may from time to time, request an increase in the Aggregate
Commitments by an amount not exceeding $50,000,000 in the aggregate (each, a “Commitment Increase”, and collectively,
the “Commitment Increases”); provided that (i) any such request for an increase shall be in a minimum amount
of $10,000,000, (ii) the Lead Borrower may make a maximum of 3 such requests, and (iii) the amount of the Aggregate Commitments,
as the same may be increased pursuant to any Commitment Increases, shall not exceed $375,000,000 at any time. At the time of sending
such notice, the Lead Borrower (in consultation with the Administrative Agent) shall specify the time period within which each
U.S. Lender is requested to respond to the Administrative Agent (which shall in no event be less than ten Business Days from the
date of delivery of such notice to the U.S. Lenders). Notwithstanding anything to the contrary, no increase in the Aggregate Commitments
requested hereunder shall effect an increase in the Canadian Commitments.

 

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(ii)            Lender
Elections to Increase. Each U.S. Lender shall notify the Administrative Agent within such time period whether or not it agrees
to increase its U.S. Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage
of such requested increase. Any U.S. Lender not responding within such time period shall be deemed to have declined to increase
its U.S. Commitment.

 

(iii)            Notification
by Agent; Additional Commitment Lenders. The Administrative Agent shall notify the Borrowers and each U.S. Lender of the U.S.
Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the
approval of the Administrative Agent, the L/C Issuer and the Swing Line Lender (which approvals shall not be unreasonably withheld),
to the extent that the existing U.S. Lenders decline to increase their U.S. Commitments, or decline to increase their U.S. Commitments
to the amount requested by the Lead Borrower, the Administrative Agent, in consultation with the Lead Borrower, will use its reasonable
efforts to arrange for other Eligible Assignees to become Lenders (each an “Additional Commitment Lender”) hereunder
and to issue commitments in an amount equal to the amount of the increase in the Aggregate Commitments requested by the Borrowers
and not accepted by the existing U.S. Lenders, provided, however, that without the consent of the Administrative Agent,
at no time shall the U.S. Commitment of any Additional Commitment Lender be less than $10,000,000.

 

(iv)            Effective
Date and Allocations. If the Aggregate Commitments are increased in accordance with this Section, the Administrative Agent,
in consultation with the Lead Borrower, shall determine the effective date (the “Increase Effective Date”) and
the final allocation of such increase. The Administrative Agent shall promptly notify the Lead Borrower and the U.S. Lenders of
the final allocation of such increase and the Increase Effective Date and on the Increase Effective Date (i) the Aggregate
Commitments under, and for all purposes of, this Agreement shall be increased by the aggregate amount of such Commitment Increases,
and (ii) Schedule 2.01 shall be deemed modified, without further action, to reflect the revised U.S. Commitments and
Applicable Percentages of the Lenders.

 

(v)            Conditions
to Effectiveness of Commitment Increase. As a condition precedent to such Commitment Increase, (i) the Borrowers shall
deliver to the Administrative Agent a certificate of each Loan Party dated as of the Increase Effective Date (in sufficient copies
for each U.S. Lender) signed by a Responsible Officer of such Loan Party (A) certifying and attaching the resolutions adopted
by such Loan Party approving or consenting to such Commitment Increase, and (B) in the case of the Borrowers, certifying that,
before and after giving effect to such Commitment Increase, (1) the representations and warranties contained in Article V
and the other Loan Documents are true and correct on and as of the Increase Effective Date, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except
that for purposes of this Section 2.15, the representations and warranties contained in subsections (a) and (b) of
Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b),
respectively, of Section 6.01, and (2) no Default or Event of Default exists or would arise therefrom, (ii) the
Borrowers, the Administrative Agent, and any Additional Commitment Lender shall have executed and delivered a Joinder to the Loan
Documents in such form as the Administrative Agent shall reasonably require; (iii) the Borrowers shall have paid such fees
and other compensation to the Additional Commitment Lenders as the Borrowers and such Additional Commitment Lenders shall agree;
(iv) the Borrowers shall have paid such arrangement fees to the Administrative Agent as the Borrowers and the Administrative
Agent may agree; (v) the Borrowers and the Additional Commitment Lender shall have delivered such other instruments, documents
and agreements as the Administrative Agent may reasonably have requested; (vi) no Default or Event of Default exists; and
(vii) if any Loan Party or any of its Subsidiaries owns any Margin Stock, Borrowers shall have delivered to the Administrative
Agent an updated Form U-1 (with sufficient additional originals thereof for each Lender), duly executed and delivered by the
Borrowers, together with such other documentation as the Administrative Agent shall reasonably request, in order to enable the
Administrative Agent and the Lenders to comply with any of the requirements under Regulations T, U or X of the FRB. The Borrowers
shall prepay any Committed Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to
Section 3.05) to the extent necessary to keep the outstanding Committed Loans ratable with any revised Applicable Percentages
arising from any nonratable increase in the Commitments under this Section.

 

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(vi)            Adjustments
Upon Increase. If Committed Loans shall be outstanding immediately after giving effect to an increase pursuant to Section 2.15(a),
upon the Administrative Agent’s execution and delivery of written confirmation thereof, each U.S. Lender shall be deemed
to have sold and assigned to the applicable U.S. Lender making such increase (each such U.S. Lender, an “Increased Lender”),
without recourse, and each applicable Increased Lender shall be deemed to have purchased and assumed from each U.S. Lender the
amount of such U.S. Lender’s outstanding Committed Loans as shall be necessary to result (after giving effect to the assignments
of all Lenders) in the Committed Loans made by each U.S. Lender and by each Increased Lender being equal to its Applicable Percentage
multiplied by the aggregate amount of all Committed Loans outstanding as of such date. At the direction of the Administrative Agent,
each Increased Lender shall make all payments to the Administrative Agent and the Administrative Agent shall make such payments
to the U.S. Lenders as may be necessary to carry the foregoing into effect. The Borrowers hereby agree that any amount that an
Increased Lender so pays to another U.S. Lender pursuant to Section 2.15(a) shall be entitled to all rights of
a Lender under this Agreement and such payments to the U.S. Lenders shall constitute Committed Loans held by each such Increased
Lender under this Agreement and that each such Increased Lender may, to the fullest extent permitted by law, exercise all of its
right of payment (including the right of set off) with respect to such amounts as fully as if such Increased Lender had initially
advanced to the U.S. Borrowers the amount of such payments. In connection with the assignment and acceptance provided in this Section 2.15(f),
the assignment of LIBO Rate Loans shall not be treated as a prepayment of such LIBO Rate Loans for purposes of Section 3.05.

 

(vii)            Conflicting
Provisions. This Section shall supersede any provisions in Sections 2.13 or 10.01 to the contrary.

 

ARTICLE III.

TAXES, YIELD PROTECTION AND ILLEGALITY;

APPOINTMENT OF LEAD BORROWER

 

3.01          Taxes.

 

(i)            Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Loan Parties hereunder or under any other Loan
Document shall be made free and clear of and without reductiondeduction
or withholding for any Indemnified Taxes or Other Taxes, provided that
ifTaxes except as required by applicable Law.
If the Loan Parties shall be required by applicable Law to deduct or
withhold any Taxes from such payments, then (i) in the case of any Indemnified Taxes (including any Other Taxes)
from such payments, then (i),
the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent, Lender or L/C Issuer, as the case may be, receives an amount
equal to the sum it would have received had no such deductions been made, (ii) the Loan Parties shall make such deductions
and (iii) the Loan Parties shall timely pay the full amount deducted to the relevant Governmental Authority in accordance
with applicable Law.

 

(ii)            Payment
of Other Taxes by the Loan Parties. Without limiting the provisions of subsection (a) above, the Loan Parties shall timely
pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Law.

 

(iii)            Indemnification
by the Loan Parties. The Loan Parties shall indemnify the Administrative Agent, each Lender and the L/C Issuer, within 10 days
after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes
imposed or asserted on or attributable to amounts payable under this Section) paid by the Administrative Agent, such Lender or
the L/C Issuer, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto,
whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the Lead Borrower by a Lender or the L/C Issuer
(with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the L/C
Issuer, shall be conclusive absent manifest error.

 

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(iv)            Evidence
of Payments. As soon as practicable after any payment of Indemnified Taxes or Otherany
Taxes by the Loan Parties to a Governmental Authority pursuant to this
Section 3.01, the Lead Borrower shall deliver to the Administrative Agent the original or a certified copy of a
receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence
of such payment reasonably satisfactory to the Administrative Agent.

 

(v)            Status
of Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction
in which any Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments
hereunder or under any other Loan Document shall deliver to the Lead Borrower (with a copy to the Administrative Agent), at the
time or times prescribed by applicable Law or reasonably requested by the Lead Borrower or the Administrative Agent, such properly
completed and executed documentation prescribed by applicable Law as will permit such payments to be made without withholding or
at a reduced rate of withholding. In addition, any Lender, if requested by the Lead Borrower or the Administrative Agent, shall
deliver such other documentation prescribed by applicable Law or reasonably requested by the Lead Borrower or the Administrative
Agent as will enable the Lead Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup
withholding or information reporting requirements.

 

Without limiting the
generality of the foregoing, in the event that any Borrower is resident for tax purposes in the United States, any Foreign Lender
shall deliver to the Lead Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient)
on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the request of the Lead Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever
of the following is applicable:

 

(1)            duly
completed copies of Internal Revenue Service Form W-8BEN-E (or,
if applicable W-8BEN), claiming eligibility for
benefits of an income tax treaty to which the United States is a party;

 

(2)            duly
completed copies of Internal Revenue Service Form W-8ECI;

 

(3)            in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code,
(x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section
881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrowers within the meaning of section 881(c)(3)(B) of
the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly
completed copies of Internal Revenue Service Form W-8BEN-E (or,
if applicable W-8BEN); or

 

(4)            any
other form prescribed by applicable law as a basis for claiming exemption from or a reduction in United States Federal withholding
tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Lead Borrower
to determine the withholding or deduction required to be made.

 

(vi)            FATCA.
If a payment made to a Lender under any Loan Document would be subject to U.S. federal income 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 Administrative Agent (or, in the case of a Participant,
to the Lender granting the participation only) at the time or times prescribed by law and at such time or times reasonably requested
by the Administrative Agent (or, in the case of a Participant, the Lender granting the participation) 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 Administrative Agent (or, in the case of a Participant, the Lender granting the participation) as may
be necessary for the Administrative Agent or the Borrowers 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 (f), “FATCA” shall include any amendments made to FATCA after the date
of this Agreement.

 

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(vii)            Treatment
of Certain Refunds. If the Administrative Agent, any Lender or the L/C Issuer determines, in its sole discretion, that it has
received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrowers or with respect to which the
Borrowers have paid additional amounts pursuant to this Section, it shall pay to the Borrowers an amount equal to such refund (but
only to the extent of indemnity payments made, or additional amounts paid, by the Borrowers under this Section with respect
to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent, such Lender
or the L/C Issuer, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund), provided that the Borrowers, upon the request of the Administrative Agent, such Lender or
the L/C Issuer, agree to repay the amount paid over to the Borrowers (plus any penalties, interest or other charges imposed by
the relevant Governmental Authority) to the Administrative Agent, such Lender or the L/C Issuer in the event the Administrative
Agent, such Lender or the L/C Issuer is required to repay such refund to such Governmental Authority. This subsection shall not
be construed to require the Administrative Agent, any Lender or the L/C Issuer to make available its tax returns (or any other
information relating to its taxes that it deems confidential) to the Borrowers or any other Person.

 

3.02            Illegality.
If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful,
for any Lender or its applicable Lending Office to make, maintain or fund LIBO Rate Loans or BA Rate Loans, or to determine or
charge interest rates based upon the LIBO Rate or BA Rate, or any Governmental Authority has imposed material restrictions on the
authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market or to transact bankers’
acceptances in the Canadian interbank market, then, on notice thereof by such Lender to the Lead Borrower through the Administrative
Agent, any obligation of such Lender to make or continue LIBO Rate Loans or BA Rate Loans or to convert Base Rate Loans to LIBO
Rate Loans or BA Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the Lead Borrower that the
circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrowers shall, upon demand
from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all LIBO Rate Loans or BA Rate Loans,
as applicable, of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully
continue to maintain such LIBO Rate Loans or BA Rate Loans to such day, or immediately, if such Lender may not lawfully continue
to maintain such LIBO Rate Loans or BA Rate Loans. Upon any such prepayment or conversion, the Borrowers shall also pay accrued
interest on the amount so prepaid or converted.

 

3.03          Inability
to Determine Rates.36

 

(i)            General.
Subject to Section 3.03(b) below, if the Required Lenders determine that for any reason in connection with any
request for a LIBO Rate Loan or BA Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being
offered to banks in the London interbank market or bankers’ acceptances are not being offered to banks in the Canadian interbank
market for the applicable amount and Interest Period of such LIBO Rate Loan or BA Rate Loan, respectively, (b) adequate and
reasonable means do not exist for determining the LIBO Rate or BA Rate for any requested Interest Period with respect to a proposed
LIBO Rate Loan or BA Rate Loan, or (c) the LIBO Rate or BA Rate for any requested Interest Period with respect to a proposed
LIBO Rate Loan or BA Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative
Agent will promptly so notify the Lead Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain
LIBO Rate Loans or BA Rate Loans, as applicable, shall be suspended until the Administrative Agent (upon the instruction of the
Required Lenders) revokes such notice. Upon receipt of such notice, the Lead Borrower may revoke any pending request for a Borrowing
of, conversion to or continuation of LIBO Rate Loans or BA Rate Loans, as applicable, or, failing that, will be deemed to have
converted such request into a request for a Committed Borrowing of Base Rate Loans in the amount specified therein.

 

 

36
First Amendment

 

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(ii)          Effect
of Benchmark Transition Event.

 

(1)            Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark
Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Lead Borrower may amend this Agreement
to replace the LIBO Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become
effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to
all Lenders and the Lead Borrower so long as the Administrative Agent has not received, by such time, written notice of objection
to such amendment from Lenders comprising the Required Lenders. Any such amendment with respect to an Early Opt-in Election will
become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice
that such Required Lenders accept such amendment, notwithstanding anything (including, without limitation, Section 10.01)
herein to the contrary. No replacement of the LIBO Rate with a Benchmark Replacement pursuant to this Section 3.03(b) will
occur prior to the applicable Benchmark Transition Start Date.

 

(2)            Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent
will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary
herein or in any other Loan Document (including, without limitation, Section 10.01 hereof), any amendments implementing
such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to
this Agreement.

 

(3)            Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Lead Borrower and the Lenders
of (1) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark
Replacement Date and Benchmark Transition Start Date, (2) the implementation of any Benchmark Replacement, (3) the effectiveness
of any Benchmark Replacement Conforming Changes and (4) the commencement or conclusion of any Benchmark Unavailability Period.
Any determination, decision or election that may be made by the Administrative Agent or the Lenders pursuant to this Section 3.03(b) including
any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance
or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may
be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required
pursuant to this Section 3.03(b).

 

(4)            Benchmark
Unavailability Period. Upon the Lead Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period,
the Lead Borrower may revoke any request for a LIBORLIBO
Rate Borrowing of, conversion to or continuation of LIBO Rate Loans to be made, converted or continued during any Benchmark
Unavailability Period and, failing that, the Lead Borrower will be deemed to have converted any such request into a request for
a Borrowing of or conversion to Base Rate Loans. During any Benchmark Unavailability Period, the component of Base Rate based upon
the LIBO Rate will not be used in any determination of the Base Rate.

 

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3.04          Increased
Costs; Reserves on LIBO Rate Loans.

 

(i)            Increased
Costs Generally. If any (i) Change in Law, or (ii) compliance by any Lender or the L/C Issuer with any direction,
request, or requirement (irrespective of whether having the force of law) of any Governmental Authority or monetary authority (including
Regulation D of the FRB):

 

(1)            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 (including, without limitation, in respect of any
Letter of Credit) by, any Lender (except any reserve requirement reflected in the LIBO Rate) or the L/C Issuer;

 

(2)            subject
any Lender or the L/C Issuer to any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any participation
in a Letter of Credit or any LIBO Rate Loan or BA Rate Loan made by it, or change the basis of taxation of payments to such Lender
or the L/C Issuer in respect thereof (except for Indemnified Taxes or Other Taxes covered by Section 3.01 and the imposition
of, or any change in the rate of, any Excluded Tax payable by such Lender or the L/C Issuer); or

 

(3)            impose
on any Lender or the L/C Issuer or the London interbank market or Canadian interbank market any other condition, cost or expense
affecting this Agreement or LIBO Rate Loans or BA 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 of making or maintaining any LIBO Rate Loan or BA Rate Loan (or of maintaining its
obligation to make any such Loan), or to increase the cost to such Lender or the L/C Issuer 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 or the L/C Issuer hereunder (whether of principal, interest or any other amount)
then, upon request of such Lender or the L/C Issuer, the applicable Borrowers will pay to such Lender or the L/C Issuer, as the
case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such additional
costs incurred or reduction suffered, together with interest on such amount from the date of such demand until payment in full
thereof at the rate then applicable to Base Rate Loans hereunder.

 

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

 

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

 

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

 

(v)            Reserves
on LIBO Rate Loans. The Borrowers shall pay to each Lender, as long as such Lender shall be required to maintain reserves with
respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as "Eurocurrency
liabilities"), additional interest on the unpaid principal amount of each LIBO Rate Loan equal to the actual costs of such
reserves allocated to such 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 Loan, provided the Lead Borrower shall
have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such
Lender. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest shall be
due and payable 10 days from receipt of such notice.

 

3.05          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 loss, cost or expense incurred by it as a result of:

 

(i)            any
continuation, conversion, payment or prepayment of any Loan other than a 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 a Base Rate Loan on the date or in the amount notified by the Lead Borrower; or

 

(iii)            any
assignment of a LIBO Rate Loan or BA Rate Loan on a day other than the last day of the Interest Period therefor as a result of
a request by the Lead Borrower pursuant to Section 10.13;

 

including any loss of anticipated profits
and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees
payable to terminate the deposits from which such funds were obtained. 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 3.05, each Lender shall be deemed to have funded
(i) each LIBO Rate Loan made by it at the LIBO Rate for such Loan by a matching deposit or other borrowing in the London interbank
market and (ii) each BA Rate Loan made by it at the BA Rate for such Loan by a borrowing in the Canadian interbank market,
in each case for a comparable amount and for a comparable period, whether or not such LIBO Rate Loan or BA Rate Loan was in fact
so funded. Anything to the contrary contained herein notwithstanding, none of any Agent, any Lender or any of their Participants,
is required to acquire eurodollar deposits or bankers’ acceptances to fund or otherwise match fund any Obligation as to which
interest accrues based on the LIBO Rate or BA Rate.

 

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A certificate of the
Administrative Agent or a Lender delivered to the Lead Borrower setting forth the amount that the Administrative Agent or such
Lender is entitled to receive pursuant to this Section 3.05 shall be conclusive absent manifest error. The Borrowers
shall pay such amount to the Administrative Agent or such Lender, as the case may be, within ten (10) days after receipt thereof.

 

3.06          Mitigation
Obligations; Replacement of Lenders.

 

(i)            Designation
of a Different Lending Office. If any Lender requests compensation under Section 3.04, or the Borrowers are required
to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01,
or if any Lender gives a notice pursuant to Section 3.02, then such Lender shall use commercially 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 3.01 or 3.04, as the case may be, in the future, or
eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, 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.

 

(ii)            Replacement
of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrowers are required to pay any
additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01,
the Borrowers may replace such Lender in accordance with Section 10.13.

 

3.07          Survival.
All of the Borrowers’ obligations under this Article III shall survive termination of the Aggregate Commitments
and repayment of all other Obligations hereunder.

 

3.08          Designation
of Lead Borrower as Borrowers’ Agent.

 

(i)            Each
Borrower hereby irrevocably designates and appoints the Lead Borrower as such Borrower’s agent to obtain Credit Extensions,
the proceeds of which shall be available to each Borrower for such uses as are permitted under this Agreement. As the disclosed
principal for its agent, each Borrower shall be obligated to each Credit Party on account of Credit Extensions so made as if made
directly by the applicable Credit Party to such Borrower, notwithstanding the manner by which such Credit Extensions are recorded
on the books and records of the Lead Borrower and of any other Borrower. In addition, each Loan Party other than the Borrowers
hereby irrevocably designates and appoints the Lead Borrower as such Loan Party’s agent to represent such Loan Party in all
respects under this Agreement and the other Loan Documents.

 

(ii)            Each
Borrower recognizes that credit available to it hereunder is in excess of and on better terms than it otherwise could obtain on
and for its own account and that one of the reasons therefor is its joining in the credit facility contemplated herein with all
other Borrowers. Consequently, each Borrower hereby assumes and agrees to discharge all Obligations of each of the other Borrowers.
Without limiting the generality of the foregoing, each U.S. Borrower expressly acknowledges and agrees that it is jointly and severally
liable for the Canadian Obligations of
the Canadian Loan Parties, and each Canadian Borrower expressly acknowledges and agrees that it is jointly and severally
liable for the Obligations of the U.S. Loan Parties.

 

(iii)            The
Lead Borrower shall act as a conduit for each Borrower (including itself, as a “Borrower”) on whose behalf the Lead
Borrower has requested a Credit Extension. Neither the Administrative Agent nor any other Credit Party shall have any obligation
to see to the application of such proceeds therefrom.

 

    107

     

    

 

ARTICLE IV.

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

4.01          Conditions
of Initial Credit Extension. The obligation of the L/C Issuer and each Lender to make its initial Credit Extension hereunder
iswas subject
to satisfaction of the following conditions precedent:

 

(i)           The
Administrative Agent’s receipt of the following, each of which shall be originals, telecopies or other electronic image scan
transmission (e.g., “pdf” or “tif ” via e-mail) (followed promptly by originals) unless otherwise specified,
each properly executed by a Responsible Officer of the signing Loan Party or the Lenders, as applicable, each dated the Restatement
Date (or, in the case of certificates of governmental officials, a recent date before the Restatement Date) and each in form and
substance reasonably satisfactory to the Administrative Agent:

 

(1)            executed
counterparts of this Agreement sufficient in number for distribution to the Administrative Agent, each Lender and the Lead Borrower;

 

(2)            a
Note executed by the applicable Borrowers in favor of each Lender requesting a Note;

 

(3)            such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each
Loan Party as the Administrative Agent may require evidencing (A) the authority of each Loan Party to enter into this Agreement
and the other Loan Documents to which such Loan Party is a party or is to be a party and (B) the identity, authority and capacity
of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other
Loan Documents to which such Loan Party is a party or is to be a party;

 

(4)            copies
of each Loan Party’s Organization Documents and such other documents and certifications as the Administrative Agent may reasonably
require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing and in good
standing under the Laws of the jurisdiction of its incorporation, organization or formation;

 

(5)            favorable
opinions of (A) Greenberg Traurig LLP, counsel to the Loan Parties, (B) Burr & Forman LLP, local Alabama real
estate counsel to the Loan Parties, and (C) Borden Ladner Gervais LLP, Canadian counsel to the Loan Parties and Stewart McKelvey,
special Nova Scotia counsel to the Loan Parties, each addressed to the Administrative Agent and each Lender, as to such matters
concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request;

 

(6)            a
certificate signed by a Responsible Officer of the Lead Borrower certifying (A) that the conditions specified in Sections
4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since the date
of the Audited Financial Statements (as defined in this Agreement as
in effect immediately prior to the Second Amendment Effective Date) that has had or could be reasonably expected to
have, either individually or in the aggregate, a Material Adverse Effect, (C) either that (1) no consents, licenses or
approvals (other than those referenced in Section 4.01(a)(iii) of this Agreement) are required in connection with
the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which
it is a party, or (2) that all such consents, licenses and approvals have been obtained and are in full force and effect,
and (D) to the Solvency of the Loan Parties on a Consolidated basis as of the Restatement Date after giving effect to the
transactions contemplated hereby;

 

    108

     

    

 

(7)            evidence
that all insurance required to be maintained pursuant to the Loan Documents and all endorsements in favor of the Agents required
under the Loan Documents have been obtained and are in effect;

 

(8)            [reserved];

 

(9)            the
Security Documents (including, without limitation, an amendment to the Mortgage), each duly executed by the applicable Loan Parties;

 

(10)          all
other Loan Documents, each duly executed by the applicable Loan Parties and the other parties thereto;

 

(11)      (A)       appraisals
(based on net liquidation value) by a third party appraiser acceptable to the Administrative Agent of all Inventory of Children’s
Place Canada, the results of which are satisfactory to the Agent and (B) a written report regarding the results of a commercial
finance examination of the Canadian Loan Parties, which shall be satisfactory to the Agent;

 

(12)          results
of searches or other evidence reasonably satisfactory to the Collateral Agent (in each case dated as of a date reasonably satisfactory
to the Collateral Agent) indicating the absence of Liens on the assets of the Loan Parties, except for Permitted Encumbrances and
Liens for which termination statements and releases, satisfactions and discharges of any mortgages, or subordination agreements
reasonably satisfactory to the Collateral Agent are being tendered concurrently with such extension of credit or other arrangements
reasonably satisfactory to the Collateral Agent for the delivery of such termination statements and releases have been made;

 

(13)     (A)       all
documents and instruments, including Uniform Commercial Code and PPSA financing statements, required by law or reasonably requested
by the Collateral Agent to be filed, registered or recorded to create or perfect the first priority Liens intended to be created
under the Loan Documents and all such documents and instruments shall have been so filed, registered or recorded to the satisfaction
of the Collateral Agent and (B) the Credit Card Notifications and Blocked Account Agreements required pursuant to Section 6.13
hereof;

 

(14)          so-called
 “date-down” and “mortgage modification” endorsements to the Mortgage Policy; and

 

(15)          such
other assurances, certificates, documents, consents or opinions as the Agents reasonably may require.

 

(ii)            After
giving effect to (i) the first funding under the Loans, (ii) any charges to the Loan Account made in connection with
the establishment of the credit facility contemplated hereby and (iii) all Letters of Credit to be issued at, or immediately
subsequent to, such establishment, Excess Availability shall be not less than $110,000,000.

 

(iii)            The
Administrative Agent shall have received a Borrowing Base Certificate dated the Restatement Date, relating to the month ended on
May 4, 2019, and executed by a Responsible Officer of the Lead Borrower.

 

(iv)            The
Administrative Agent shall be reasonably satisfied that any financial statements delivered to it fairly present the business and
financial condition of the Loan Parties and that there has been no Material Adverse Effect since the date of the most recent financial
information delivered to the Administrative Agent.

 

(v)            The
Administrative Agent shall have received and be satisfied with a detailed forecast for the period commencing on the Restatement
Date and ending with the end of the then Fiscal Year.

 

    109

     

    

  

 

(vi)          There
shall not be pending any litigation or other proceeding, the result of which, either individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect.

 

(vii)         The
consummation of the transactions contemplated hereby shall not violate any applicable Law or any Organization Document.

 

(viii)       All
fees required to be paid to the Agents on or before the Restatement Date shall have been paid in full, and all fees required to
be paid to the Lenders on or before the Restatement Date shall have been paid in full.

 

(ix)           The
Borrowers shall have paid all fees, charges and disbursements of counsel to the Administrative Agent to the extent invoiced prior
to or on the Restatement Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable
estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that
such estimate shall not thereafter preclude a final settling of accounts between the Borrowers and the Administrative Agent).

 

(x)           The
Administrative Agent shall have received all documentation and other information required by regulatory authorities under applicable
 “know your customer” and anti-money laundering rules and regulations, including, without limitation, the Patriot
Act and the Canadian AML Legislation.

 

(xi)           No
material changes in governmental regulations or policies affecting any Loan Party or any Credit Party shall have occurred prior
to the Restatement Date.

 

Without limiting the generality of the
provisions of Section 9.04, for purposes of determining compliance with the conditions specified in this Section 4.01,
each Lender that has signed this Agreement 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 Restatement Date specifying its objection
thereto.

 

4.02          Conditions
to all Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension (other than a Fixed
Rate Loan Notice requesting only a continuation of LIBO Rate Loans or BA Rate Loans) and each L/C Issuer to issue each Letter of
Credit is subject to the following conditions precedent:

 

(i)            The
representations and warranties of each other Loan Party contained in Article V or any other Loan Document, or which
are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in
all material respects on and as of the date of such Credit Extension, except (i) in the case of any representation and warranty
qualified by materiality, they shall be true and correct in all respects, (ii) to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or in
all respects, as applicable) as of such earlier date, and (iii) for purposes of this Section 4.02, the representations
and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most
recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01.

 

(ii)           No
Default or Event of Default shall have occurred and be continuing, or would result from such proposed Credit Extension or from
the application of the proceeds thereof.

 

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

    110

     

    

 

(iv)          No
injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the extending of such credit
shall have been issued and remain in force by any Governmental Authority against any Borrower, any Agent, any Lender or any of
their Affiliates.

 

(v)           The
amount of any requested Loan or Letter of Credit shall not exceed and, after giving effect to the requested Loan or other extension
of credit hereunder, the U.S. Total Outstandings shall not exceed the lesser of the Revolving Credit Ceiling or the U.S. Borrowing
Base at such time.

 

(vi)           The
amount of any requested Loan or Letter of Credit shall not exceed and, after giving effect to the requested Loan or other extension
of credit hereunder, the Canadian Total Outstandings shall not exceed the lesser of the Canadian Revolving Credit Ceiling or the
Canadian Borrowing Base at such time.

 

(vii)          The
amount of any requested Loan or Letter of Credit shall not exceed and, after giving effect to the requested Loan or other extension
of credit hereunder, the Total Outstandings shall not exceed the lesser of the Revolving Credit Ceiling or the Aggregate Borrowing
Base at such time.

 

Each Request for Credit Extension (other
than a Fixed Rate Loan Notice requesting only a continuation of LIBO Rate Loans or BA Rate Loans) submitted by the Lead Borrower
shall be deemed to be a representation and warranty by the Borrowers that the conditions specified in Sections 4.02(a) and
(b) have been satisfied on and as of the date of the applicable Credit Extension. The conditions set forth in this
Section 4.02 are for the sole benefit of the Credit Parties, but until the Required Lenders otherwise direct the Administrative
Agent to cease making Loans and the L/C Issuer to cease issuing Letters of Credit, the Lenders will fund their Applicable Percentage
of all Loans and participate in all Swing Line Loans and Letters of Credit whenever made or issued, which are requested by the
Lead Borrower and which, notwithstanding the failure of the Loan Parties to comply with the provisions of this Article IV,
are agreed to by the Administrative Agent; provided, however, the making of any such Loans or the issuance of any
Letters of Credit shall not be deemed a modification or waiver by any Credit Party of the provisions of this Article IV
on any future occasion or a waiver of any rights or the Credit Parties as a result of any such failure to comply.

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES

 

To induce the Credit
Parties to enter into this Agreement and to make Loans and to issue Letters of Credit hereunder, each Loan Party represents and
warrants to the Administrative Agent and the other Credit Parties that:

 

5.01            Existence,
Qualification and Power. Each Loan Party and each Subsidiary thereof: (a) is a corporation, limited liability company,
partnership or limited partnership, duly incorporated, organized or formed, validly existing and, where applicable, in good standing
under the Laws of the jurisdiction of its incorporation, organization or formation; (b) has all requisite power and authority
and all requisite governmental licenses, permits, authorizations, consents and approvals to (i) own or lease its assets and
carry on its business as currently conducted or as proposed to be conducted and (ii) execute, deliver and perform its obligations
under the Loan Documents to which it is a party; and (c) is duly qualified and is licensed and, where applicable, in good
standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business
requires such qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent that failure
to do so could not reasonably be expected to have a Material Adverse Effect. Schedule 5.01 annexed hereto sets forth, as
of the RestatementSecond
Amendment Effective Date, each Loan Party’s name as it appears in official filings in its jurisdiction of incorporation
or organization and the name under which each Loan Party conducts its business (if different), its jurisdiction of incorporation
or organization, organization type, organization number, if any, issued by its jurisdiction of incorporation, formation or organization,
its federal employer identification number, the address of its chief executive office and principal place of business, and, with
respect to each Canadian Loan Party, the address of its registered office.

    111

     

    

 

5.02            Authorization;
No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which such Person
is, or is to be, a party has been duly authorized by all necessary corporate or other organizational action and does not and will
not: (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict in any material respect
with, or result in any breach, termination, or contravention of, or constitute a default under, or require any payment to be made
under (i) any Material Contract or any Material Indebtedness to which such Person is a party or affecting such Person or the
properties of such Person or any of its Subsidiaries, (ii) any order, injunction, writ or decree of any Governmental Authority
or any arbitral award to which such Person or its property is subject, or (iii) any governmental licenses, permits, authorizations,
consents and approvals; except, in each case referred to in this clause (b), to the extent that any such conflict, breach, termination,
contravention or default could not reasonably be expected to have a Material Adverse Effect; (c) result in or require the
creation of any Lien upon any asset of any Loan Party (other than Liens in favor of the Collateral Agent under the Security Documents
and Permitted Encumbrances described in clause (n) of such definition);
or (d) violate any Law.

 

5.03            Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or
filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery
or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, except for (a) the
perfection or maintenance of the Liens created under the Security Documents (including the first priority nature thereof,
subject, in the case of Term Priority Collateral, to the Intercreditor Agreement), or (b) such as have been obtained
or made and are in full force and effect.

 

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

 

5.05          Financial
Statements; No Material Adverse Effect.

 

(i)            The
Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered
thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Lead Borrower and
its Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all
Material Indebtedness and other liabilities, direct or contingent, of the Lead Borrower and its Subsidiaries as of the date thereof,
including liabilities for taxes, material commitments and Indebtedness.

    112

     

    

 

(ii)            Each
unaudited Consolidated balance sheet of the Lead Borrower and its Subsidiaries delivered pursuant to Section 6.01(b) since
the date of the audited Consolidated financial statements most recently delivered pursuant to Section 6.01(a), and
the related Consolidated statements of income or operations and cash flows for the applicable fiscal periods ended on the dates
reflected in each such unaudited balance sheet, (i) were prepared in accordance with GAAP consistently applied throughout
the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of
the Lead Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject,
in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments.

 

(iii)            Since
the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate,
that has had or could reasonably be expected to have a Material Adverse Effect. (other
than, solely for the purpose of determining on the Second Amendment Effective Date whether the condition precedent set forth in
Section 6(r)(a) of the Second Amendment has been satisfied, resulting from any event, development or circumstance related
to the COVID-19 pandemic occurring prior to the Second Amendment Effective Date and disclosed to the Agents and the Lenders in
writing prior to the Second Amendment Effective Date).

 

5.06            Litigation.
(a) Except as otherwise set forth in Schedule 5.06,
there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Loan Parties after due and diligent
investigation, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against
any Loan Party or any of its Subsidiaries or against any of its properties or revenues that (ai)
purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (bii)
either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect,
and (b) Schedule 5.06 sets forth, as of the Second Amendment Effective Date, a list of suits and proceedings actually known
to the Loan Parties that are filed by Store landlords before any Governmental Authority against any Loan Party.

 

5.07           No
Default. No Loan Party or any Subsidiary is in default under or with respect to, or party to, any Material Contract
or any Material Indebtedness. No Default has occurred and is continuing or would result from the consummation of the transactions
contemplated by this Agreement or any other Loan Document.

 

5.08          Ownership
of Property; Liens.

 

(i)            Each
of the Loan Parties and each Subsidiary thereof has good record and marketable title in fee simple to, or valid leasehold interests
in, all real property necessary or used in the ordinary conduct of its business, free and clear of all Liens, other than Permitted
Encumbrances, except for such defects in title and leasehold interests as could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect Each of the Loan Parties and each Subsidiary has good and marketable title to, valid
leasehold interests in, or valid licenses to use, all personal property (including Intellectual Property) and assets material to
the ordinary conduct of its business as currently conducted or as proposed to be conducted, free and clear of all Liens, other
than Permitted Encumbrances, except for such defects in title, leasehold interests and licenses as could not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(ii)            Schedule
5.08(b)(1) sets forth the address (including street address, and, as applicable, county and state or province) of all
Real Estate that is owned by the Loan Parties, together with a list of the holders of any mortgage or other Lien thereon as of
the RestatementSecond
Amendment Effective Date. Each Loan Party and each of its Subsidiaries has good, marketable and insurable fee simple
title to the real property owned by such Loan Party or such Subsidiary, free and clear of all Liens, other than Permitted Encumbrances,
except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. Schedule 5.08(b)(2) sets forth the address (including street address, and, as applicable, county and state
or province) of all Leases of the Loan Parties, together with a list of the lessor and its contact information with respect to
each such Lease as of the RestatementSecond
Amendment Effective Date. Each of such Leases is in full force and effect as of the RestatementSecond
Amendment Effective Date and the Loan Parties are not in default of the terms thereof, except for such defaults as could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    113

     

    

 

(iii)           Schedule
7.01 sets forth a complete and accurate list of all Liens (other
than Permitted Encumbrances described in clause (n) of such definition) on the property or assets of each Loan
Party and each of its Subsidiaries, showing as of the date hereofSecond
Amendment Effective Date the lienholder thereof, the principal amount of the obligations secured thereby and the property
or assets of such Loan Party or such Subsidiary subject thereto. The property of each Loan Party and each of its Subsidiaries is
subject to no Liens, other than Liens set forth on Schedule 7.01, and Permitted Encumbrances.

 

(iv)            Schedule
7.02 sets forth a complete and accurate list of all Investments held by any Loan Party or any Subsidiary of a Loan Party on
the date hereofSecond
Amendment Effective Date, showing as of the date hereofSecond
Amendment Effective Date the amount, obligor or issuer and maturity, if any, thereof.

 

(v)            Schedule
7.03 sets forth a complete and accurate list of all Indebtedness of each Loan Party or any Subsidiary of a Loan Party as of
the RestatementSecond
Amendment Effective Date, showing as of the RestatementSecond
Amendment Effective Date the amount, obligor or issuer and maturity thereof. As of the RestatementSecond
Amendment Effective Date, after giving effect to the transactions contemplated hereby, the Loan Parties have no Indebtedness
except for the Indebtedness set forth on Schedule 7.03 and Permitted Indebtedness.

 

5.09            Environmental
Compliance.

 

(i)            No
Loan Party or any Subsidiary thereof (i) has failed to comply with any Environmental Law or to obtain, maintain or comply
with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental
Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis
for any Environmental Liability, except, in each case, as could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

 

(ii)            Except
as otherwise set forth in Schedule 5.09, to the knowledge of the Loan Parties, none of the properties currently or formerly
owned or operated by any Loan Party or any Subsidiary thereof is listed or proposed for listing on the NPL or on the CERCLIS or
any analogous foreign, state, provincial, municipal or local list or is adjacent to any such property; there are no and never have
been any underground or above-ground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in which Hazardous
Materials are being or have been treated, stored or disposed on any property currently owned or operated by any Loan Party or any
Subsidiary thereof or, to the best of the knowledge of the Loan Parties, on any property formerly owned or operated by any Loan
Party or Subsidiary thereof; there is no asbestos or asbestos-containing material on any property currently owned or operated by
any Loan Party or Subsidiary thereof; and Hazardous Materials have not been released, discharged or disposed of on any property
currently or formerly owned or operated by any Loan Party or any Subsidiary thereof.

 

(iii)           Except
as otherwise set forth on Schedule 5.09, no Loan Party or any Subsidiary thereof is undertaking, and no Loan Party or any
Subsidiary thereof has completed, either individually or together with other potentially responsible parties, any investigation
or assessment or remedial or response action relating to any actual or threatened release, discharge or disposal of Hazardous Materials
at any site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority or the requirements
of any Environmental Law; and all Hazardous Materials generated, used, treated, handled or stored at, or transported to or from,
any property currently or formerly owned or operated by any Loan Party or any Subsidiary thereof have been disposed of in a manner
not reasonably expected to result in material liability to any Loan Party or any Subsidiary thereof.

    114

     

    

 

5.10            Insurance.
The properties of the Loan Parties and their Subsidiaries are insured with financially sound and reputable insurance companies
which are not Affiliates of the Loan Parties, in such amounts, with such deductibles and covering such risks (including, without
limitation, workmen’s compensation, public liability, business interruption and property damage insurance) as are customarily
carried by companies engaged in similar businesses and owning similar properties in localities where the Loan Parties or the applicable
Subsidiary operates. Schedule 5.10 sets forth a description of all insurance maintained by or on behalf of the Loan Parties
as of the RestatementSecond
Amendment Effective Date. Each insurance policy listed on Schedule 5.10 is in full force and effect and all premiums
in respect thereof that are due and payable have been paid.

 

5.11           Taxes.
The Loan Parties and their Subsidiaries have (a) filed (i) all United States and Canadian federal income taxTax
returns required to be filed, and (ii) all other material United States and Canadian federal, state, provincial and other
taxTax returns
and reports required to be filed, and (b) have paid all such federal, state, provincial and other material taxesTaxes,
assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due
and payable, except those which are being contested in good faith by appropriate proceedings being diligently conducted, for which
adequate reserves have been provided in accordance with GAAP, as to which Taxes no Lien has been filed and which contest effectively
suspends the collection of the contested obligation and the enforcement of any Lien securing such obligation. There is no proposed
taxTax assessment
against any Loan Party or any Subsidiary that would, if made, have a Material Adverse Effect. No Loan Party or any Subsidiary thereof
is a party to any taxTax
sharing agreement.

 

5.12            ERISA,
Canadian Pension Plan Compliance.

 

(i)            The
Lead Borrower, each of its ERISA Affiliates, and each Plan is in compliance in all material respects with the applicable provisions
of ERISA, the Code and other Federal or state Laws. Each Plan that is intended to qualify under Section 401(a) of the
Code has received a favorable determination or opinion letter from the IRS or an application for such a letter is currently being
processed by the IRS with respect thereto and, to the best knowledge of the Lead Borrower, nothing has occurred which would prevent,
or cause the loss of, such qualification. The Loan Parties and each ERISA Affiliate have made all required contributions to each
Plan subject to Sections 412 or 430 of the Code and to each Multiemployer Plan, and no application for a funding waiver or an extension
of any amortization period pursuant to Sections 412 or 430 of the Code has been made with respect to any Plan. No Lien imposed
under the Code or ERISA exists or, to the knowledge of the Lead Borrower, is likely to arise on account of any Plan or Multiemployer
Plan.

 

(ii)            There
are no pending or, to the best knowledge of the Lead Borrower, threatened claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. To the best knowledge
of the Lead Borrower, there has been no prohibited transaction or violation of the fiduciary responsibility rules with respect
to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect.

 

(iii)           Except
as could not reasonably be expected to have a Material Adverse Effect, individually or in the aggregate, (i) no ERISA Event
has occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability; (iii) neither
any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with
respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither any
Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which,
with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA
with respect to a Multiemployer Plan; and (v) neither any Loan Party nor any ERISA Affiliate has engaged in a transaction
that could be subject to Sections 4069 or 4212(c) of ERISA.

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(iv)          All
Canadian Pension Plans are duly registered under the Income Tax Act (Canada), applicable pension standards legislation and any
other applicable Laws which require registration and no event has occurred which could reasonably be expected to cause the loss
of such registered status. Each Loan Party has complied with the Income Tax Act (Canada) and all applicable Laws regarding each
Canadian Pension Plan, except in each case where the failure to do so could not reasonably be expected to result in any Lien (except
for contribution amounts not yet due and payable) or a Material Adverse Effect. No Loan Party has sponsored, maintained, contributed
to or otherwise incurred liability under a Canadian Defined Benefit Plan. All employee and employer payments, contributions or
premiums required to be withheld, made, remitted or paid to or in respect of each Canadian Pension Plan and all other amounts that
are due to the pension fund of any Canadian Pension Plan from any Loan Party have been withheld, made, remitted or paid on a timely
basis in accordance with the terms of such plans, any applicable collective bargaining agreement or employment contract and all
applicable Laws in all material respects. Any assessments owed to the Pension Benefits Guarantee Fund (or similar governmental
authorities of other jurisdictions) established under the Pension Benefits Act (Ontario) (or similar pension standards legislations
of other jurisdictions) in respect of any Canadian Pension Plan have been paid when due, except where the failure to do so has
not had or would not reasonably be expected to result in a Material Adverse Effect. No Canadian Loan Party nor any of its Subsidiaries
has any liability for any Canadian Pension Plan which has been terminated or discontinued, except where the failure to do so has
not had or would not reasonably be expected to result in a Material Adverse Effect.

 

5.13         Subsidiaries;
Equity Interests.

 

(i)            The
Loan Parties have no Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.13, which
Schedule sets forth the legal name, jurisdiction of incorporation or formation and authorized Equity Interests of each such Subsidiary,
listed by class, and setting forth the number and percentage of the outstanding Equity Interests of each such class owned directly
or indirectly by the applicable Loan Party. All of the outstanding Equity Interests in such Subsidiaries have been validly issued,
are fully paid and non-assessable and are owned by a Loan Party (or a Subsidiary of a Loan Party) in the amounts specified on Part (a) of
Schedule 5.13, free and clear of all Liens except for those created under the Security Documents and
Permitted Encumbrances described in clause (n) of such definition. No Loan Party or any of its respective Subsidiaries
is subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of any Loan Party’s
Subsidiaries’ Equity Interests or any security convertible into or exchangeable for any such Equity Interests. The Loan Parties
have no equity investments in any other corporation, partnership or entity other than those specifically disclosed in Part (b) of
Schedule 5.13. Part (c) of Schedule 5.13 is a complete and accurate description of the authorized Equity
Interests of each Loan Party, by class, and a description of the number of shares or other Equity Interests of each such class
that are issued and outstanding. All of the outstanding Equity Interests in the Loan Parties have been validly issued, and are
fully paid and non-assessable and, other than with respect to the Lead Borrower, are owned in the amounts specified on Part (c) of
Schedule 5.13, free and clear of all Liens except for those created under the Security Documents and
Permitted Encumbrances described in clause (n) of such definition. Except as set forth in Schedule 5.13,
there are no subscriptions, options, warrants, or calls relating to any shares of any Loan Party’s Equity Interests, including
any right of conversion or exchange under any outstanding security or other instrument. No Loan Party is subject to any obligation
(contingent or otherwise) to repurchase or otherwise acquire or retire any shares of its Equity Interests or any security convertible
into or exchangeable for any of its Equity Interests. The copies of the Organization Documents of each Loan Party and each amendment
thereto provided pursuant to Section 4.01 are true and correct copies of each such document, each of which is valid
and in full force and effect.

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(ii)            As
of the date hereof, (i)Second
Amendment Effective Date, TCP Canada Inc. does not own any assets, other than (x) books, records, rights and other
assets associated with its existence, and (y) other immaterial assets not used in connection with any of the Loan Parties’
business operations, and (ii) TCP Investment
Canada I Corp. does not own any assets, other than (w) the limited partnership Equity Interests
in Children’s Place Canada, (x) books, records, rights and other assets associated with its existence, operation as
a holding company and ownership of the Equity Interests described in the foregoing clause (w), (y) cash solely in amounts
sufficient to pay taxes attributable to the earnings of the partnership, and (z) other immaterial assets not used in connection
with any of the Loan Parties’ business operations..

 

5.14          Margin
Regulations; Investment Company Act.

 

(i)            Neither
any Loan Party nor any of its Subsidiaries owns any Margin Stock or is engaged or will be engaged, principally or as one of its
important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing
or carrying Margin Stock. None of the proceeds of the Credit Extensions shall be used directly or indirectly for the purpose of
purchasing or carrying any Margin Stock, for the purpose of extending credit to others for the purpose of purchasing or carrying
any Margin Stock, or for any purpose that violates the provisions of Regulation T, U or X of the FRB. Neither any Loan Party nor
any of its Subsidiaries expects to acquire any Margin Stock.

 

(ii)            None
of the Loan Parties, any Person Controlling any Loan Party, or any Subsidiary is or is required to be registered as an “investment
company” under the Investment Company Act of 1940.

 

5.15          Disclosure.
Each Loan Party has disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions
to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect. No report, financial statement, certificate or other information
furnished (whether in writing or orally) by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection
with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan
Document (in each case, as modified or supplemented by other information so furnished), contains any material misstatement of fact
or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided that, with respect to projected financial information, the Loan Parties represent only
that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

 

5.16          Compliance
with Laws. Each of the Loan Parties and each Subsidiary is in compliance (A) in all material respects with the
requirements of all applicable Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except
in such instances in which (i) such requirement of Law or order, writ, injunction or decree is being contested in good faith
by appropriate proceedings diligently conducted or (ii) the failure to comply therewith, either individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect, and (B) with Sections 10.17 and 10.22.

 

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5.17            Intellectual
Property; Licenses, Etc. Each Loan Party owns, or holds licenses in, all Intellectual Property, trade names,
domain names, patent rights and other authorizations that
are necessary to the conduct of its business of
the Loan Parties, taken as a whole, as currently conducted and as proposed to be conducted, and attached hereto as Schedule
5.17(a) and set forth in the Information Certificate (as defined in
the Security Agreement or the Canadian Security Agreement, as applicable) is a true, correct, and complete listing of
all material patents, patent applications, industrial designs, industrial design applications, trademarks, trademark applications,
copyrights, and copyright registrations as to which a Loan Party is the owner or is an exclusive licensee. Attached
hereto as Schedule 5.17(b) is a true, correct, and complete listing of all Franchise Agreements with respect to Borrower Intellectual
Property. To the best knowledge of the Lead Borrower after reasonable inquiry,
(i) there is no action, proceeding, claim or complaint pending or, threatened in writing to be brought against any Loan Party
which might jeopardize, challenge the use or cancel the validity of
any of such Person’s interest in any of the foregoing licenses, patents, copyrights, trademarks, trade names, domain
names, designs or applications, except those which are not, in the aggregate,
material to the conduct of business of the Loan Parties’
financial condition, results of operations or business and (ii) no slogan or other advertising device, product, process, method,
substance, part or other material now employed, or now contemplated to be employed, by any
Loan Party or any Subsidiary , taken as a whole, and
(ii) no Material Intellectual Property (including, without limitation, any Material Intellectual Property set forth in the
Information Certificate) infringes upon any rights held by any other Person. All
registered Intellectual Property owned or exclusively licensed by, or otherwise subject to any exclusive interests of, any
Loan Party or any Subsidiary is set forth in the Information
Certificate. The Loan Parties have taken all commercially reasonable actions that in the exercise of their reasonable business
judgment should be taken to protect the Borrower Intellectual Property, including Borrower Intellectual Property that is confidential
in nature. The Loan Parties are in material compliance with all agreements set forth on Schedule 5.17(b).

 

5.18            Labor
Matters. There are no strikes, lockouts, slowdowns or other material labor disputes against any Loan Party or any Subsidiary
thereof pending or, to the knowledge of any Loan Party, threatened which, either individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect. Except as set forth on Part (a) of Schedule 5.18, the hours worked
by and payments made to employees of the Loan Parties comply with the Fair Labor Standards Act and any other applicable federal,
state, provincial, local or foreign Law dealing with such matters, except for any noncompliance which, either individually or in
the aggregate, could reasonably be expected to have a Material Adverse Effect. Except as set forth on Part (b) of Schedule
5.18, no Loan Party or any of its Subsidiaries has incurred any liability or obligation under the Worker Adjustment and Retraining
Notification Act or similar Law. All material payments due from any Loan Party and its Subsidiaries, or for which any claim may
be made against any Loan Party, on account of wages and employee health and welfare insurance and other benefits, have been paid
or properly accrued in accordance with GAAP as a liability on the books of such Loan Party. Except as set forth on Part (c) of
Schedule 5.18, no Loan Party or any Subsidiary is a party to or bound by (i) any collective bargaining agreement or
(ii) any management agreement, employment agreement, bonus, restricted stock, stock option, or stock appreciation plan or
agreement or any similar plan, agreement or arrangement which, in each case in this clause (ii), imposes commitments on such Loan
Party or its Subsidiary in excess of $3,000,000 (or, with respect to a Canadian Loan Party or any Subsidiary thereof, $500,000)
per year. There are no representation proceedings pending or, to any Loan Party’s knowledge, threatened to be filed with
the National Labor Relations Board or any other Governmental Authority or arbitrator, and no labor organization or group of employees
of any Loan Party or any Subsidiary has made a pending demand for recognition. There are no complaints, unfair labor practice charges,
grievances, arbitrations, unfair employment practices charges or any other claims or complaints against any Loan Party or any Subsidiary
pending or, to the knowledge of any Loan Party, threatened to be filed with any Governmental Authority or arbitrator based on,
arising out of, in connection with, or otherwise relating to the employment or termination of employment of any employee of any
Loan Party or any of its Subsidiaries which, either individually or in the aggregate, could reasonably be expected to have a Material
Adverse Effect. The consummation of the transactions contemplated by the Loan Documents will not give rise to any right of termination
or right of renegotiation on the part of any union under any collective bargaining agreement to which any Loan Party or any of
its Subsidiaries is bound. Each Loan Party and its Subsidiaries are in material compliance with all requirements pursuant to employment
standards, labor relations, health and safety, workers compensation and human rights laws, immigration laws and other applicable
employment legislation. To the knowledge of the Loan Parties, no officer or director of any Loan Party who is party to an employment
agreement with such Loan Party is in violation of any term of any employment contract or proprietary information agreement with
such Loan Party; and to the knowledge of the Loan Parties, the execution of the employment agreements and the continued employment
by the Loan Parties of the such persons, will not result in any such violation.

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5.19          Security
Documents.

 

(i)            The
Security Documents are effective to create in favor of the Collateral Agent a legal, valid and enforceable security interest in
the Collateral, and the Security Documents constitute, or will upon the filing of.
The financing statements and other filings (including fixture
filings) are in appropriate form and have been or will be filed in the offices specified in Schedule II of the Security Agreement
or the Canadian Security Agreement, as applicable. Upon such filing and/or the obtaining of “control”, in
each case with respect to the relevant Collateral as required under the applicable UCC or PPSA, as applicable, the creation
ofCollateral Agent will have a fully perfected
Lien on, and security interest in, all right, title and interest of the Loan Parties thereunder in such Collateral, in each case
prior and superior in right to any other Person, except for Permitted Encumbrances having priority under applicable Law and
Permitted Encumbrances described in clause (n) of such definition.

 

(b)            When
each Intellectual Property Security Agreement is filed in the PTO, CIPO and, if applicable, the USCO, and when financing statements,
releases and other filings in appropriate form are filed in the offices specified in Schedule II of the Security Agreement or the
Canadian Security Agreement, as applicable, the Collateral
Agent shall have a fully perfected Lien on, and security
interest in, all right, title and interest of the applicable Loan Parties in the Intellectual Property Collateral (as defined in
the Security Agreement or the Canadian Security Agreement, as applicable) in which a security interest may be perfected by filing,
recording or registering a security agreement, financing statement or analogous document in the PTO, the USCO or CIPO, as applicable,
in each case prior and superior in right to any other Person (it being understood that subsequent recordings in the PTO, the USCO
and/or CIPO may be necessary to perfect a Lien on registered trademarks, trademark applications, copyrights and copyright applications
acquired by the Loan Parties after the Second Amendment Effective Date) other than, subject to the Intercreditor Agreement, the
Term Agent.

 

(c)            (b) The
Mortgage creates in favor of the Collateral Agent, for the benefit of the Credit Parties, a legal, valid, continuing and enforceable
Lien in the Mortgaged Property (as defined in the Mortgage), the enforceability of which is subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law. The Mortgage has been recorded with the appropriate Governmental
Authorities and the Collateral Agent has a perfected Lien on, and security interest in, to and under all right, title and interest
of the grantors thereunder in all Mortgaged Property that may be perfected by such filing (including without limitation the proceeds
of such Mortgaged Property), in each case prior and superior in right to any other Person, but subject to Permitted Encumbrances
having priority by operation of applicable Law.

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5.20           Solvency.
After giving effect to the transactions contemplated by this Agreement, the
Second Amendment and the Term Documents, and before and after giving effect to each Credit Extension, the Loan Parties,
on a Consolidated basis, are Solvent. No transfer of property has been or will be made by any Loan Party and no obligation has
been or will be incurred by any Loan Party in connection with the transactions contemplated by this Agreement or the other Loan
Documents with the intent to hinder, delay, or defraud either present or future creditors of any Loan Party.

 

5.21          Deposit
Accounts; Credit Card Arrangements.

 

(i)            Annexed
hereto as Schedule 5.21(a) is a list of all DDAs maintained by the Loan Parties as of the RestatementSecond
Amendment Effective Date, which Schedule includes, with respect to each DDA (i) the name and address of the depository;
(ii) the account number(s) maintained with such depository; (iii) a contact person at such depository, and (iv) the
identification of each Blocked Account Bank.

 

(ii)            Annexed
hereto as Schedule 5.21(b) is a list describing all arrangements as of the RestatementSecond
Amendment Effective Date to which any Loan Party is a party with respect to the processing and/or payment to such Loan
Party of the proceeds of any credit card charges for sales made by such Loan Party.

 

5.22            Brokers.
No broker or finder brought about the obtaining, making or closing of the Loans or transactions contemplated by the Loan Documents,
and no Loan Party or Affiliate thereof has any obligation to any Person in respect of any finder’s or brokerage fees in connection
therewith. Each Loan Party hereby jointly and severally indemnifies each Credit Party against, and agrees that such Person will
hold each such Credit Party harmless from, any claim, demand or liability, including reasonable attorneys’ fees, for any
broker’s, finder’s or placement fee or commission incurred by such indemnifying party or the Lead Borrower or its Affiliates
or a representative of such Person.

 

5.23            Customer
and Trade Relations. Except for matters which, either individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect, there exists no actual or, to the knowledge of any Loan Party, threatened, termination
or cancellation of, or any material adverse modification or change in, the business relationship of any Loan Party with any supplier
material to its operations.

 

5.24            Material
Contracts. No Loan Party is in default under any Material Contract to which such Person is a party or by which such
Person is bound, the effect of which default is to cause, or to permit the other party(ies) to such Material Contract to cause,
with the giving of notice if required, such Material Contract to be terminated. Set forth on Schedule 5.24 is a description
of all Material Contracts of the Loan Parties, showing the parties and principal subject matter thereof and amendments and modifications
thereto; provided, however, that the Lead Borrower may amend Schedule 5.24 to add additional Material Contracts
so long as such amendment occurs by written notice to the Administrative Agent not less than five (5) days after the date
on which such Loan Party enters into such Material Contract after the RestatementSecond
Amendment Effective Date. Except for matters which, either individually or in the aggregate, could not reasonably be
expected to either result in a Material Adverse Effect or expose the Loan Parties to liabilities greater than $20,000,000 (or,
with respect to a Canadian Loan Party, $2,000,000), each Material Contract (other than those that have expired at the end of their
normal terms) (a) is in full force and effect and is binding upon and enforceable against the applicable Loan Party or its
Subsidiaries and, to the best of the Lead Borrower’s knowledge, each other Person that is a party thereto in accordance with
its terms, (b)  is not in default due to the action or inaction of any Loan Party or its Subsidiaries and (c) the consummation
of the financing arrangements contemplated hereunder, will not constitute or create a default or create a right of termination
under any Material Contract.

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

 

5.26            OFAC;
Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws. No Loan Party nor any of its Subsidiaries is in violation
of any Sanctions. No Loan Party nor any of its Subsidiaries nor, to the knowledge of such Loan Party, any director, officer, employee,
agent or Affiliate of such Loan Party or such Subsidiary (a) is a Sanctioned Person or a Sanctioned Entity, (b) has any
assets located in Sanctioned Entities, or (c) derives revenues from investments in, or transactions with Sanctioned Persons
or Sanctioned Entities. Each of the Loan Parties and its Subsidiaries has implemented and maintains in effect policies and procedures
designed to ensure compliance by the Loan Parties and their Subsidiaries and their respective directors, officers, employees, agents
and Affiliates with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Each of the Loan Parties and its Subsidiaries,
and to the knowledge of each such Loan Party, each director, officer, employee, agent and Affiliate of each such Loan Party and
each such Subsidiary, is in compliance with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. No proceeds of
any loan made or Letter of Credit issued hereunder will be used to fund any operations in, finance any investments or activities
in, or make any payments to, a Sanctioned Person or a Sanctioned Entity, or otherwise used in any manner that would result in a
violation of any applicable Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws by any Person (including any Credit Party
or other individual or entity participating in any transaction).

 

5.27     Patriot
Act, Etc. To the extent applicable, each Loan Party is in compliance, in all material respects, with the (a) Trading
with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31
CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, (b) Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001,
as amended) (the “Patriot Act”), and (c) the Canadian AML Legislation. The Beneficial Ownership Certification
for the Borrowers most recently provided to the Agents and the Lenders hereunder is true, correct and complete in all respects.

 

5.28     Swap
Contracts. On each date that any Swap Contract is executed by any Provider, each Loan Party satisfies all eligibility,
suitability and other requirements under the Commodity Exchange Act and the Commodity Futures Trading Commission regulations.

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ARTICLE VI.

AFFIRMATIVE COVENANTS

 

So
long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied,
or any Letter of Credit shall remain outstandingUntil
payment in full of the Obligations in accordance with Section 1.02(d) hereof, the Loan Parties shall, and
shall (except in the case of the covenants set forth in Sections 6.01, 6.02, and 6.03) cause each Subsidiary
to:

 

6.01          Financial
Statements. Deliver to the Administrative Agent, in form and detail satisfactory to the Administrative Agent:

 

(i)            as
soon as available, but in any event within ninety (90) days after the end of each Fiscal Year of the Lead Borrower (commencing
with the Fiscal Year ending February 1, 2020), a Consolidated and consolidating balance sheet of the Lead Borrower and its
Subsidiaries as at the end of such Fiscal Year, the related Consolidated and consolidating statements of income or operations and
Shareholders’ Equity and the related Consolidated statement of cash flows for such Fiscal Year, setting forth in each case,
but only with respect to the Consolidated statements, in comparative form the figures for (i) the previous Fiscal Year and
(ii) such period set forth in the projections delivered pursuant to Section 6.01(c) hereof, all in reasonable
detail and prepared in accordance with GAAP, such Consolidated and (where relevant) consolidating statements to be audited and
accompanied by (iA)
a report and unqualified opinion of Ernst & Young LLP or another public accounting firm of nationally recognized standing
reasonably acceptable to the Administrative Agent, which report and opinion shall be prepared in accordance with generally accepted
auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification
or exception as to the scope of such audit, (iiB)
an opinion of such public accounting firm independently assessing the Loan Parties’ internal controls over financial reporting
in accordance with Item 308 of SEC Regulation S-K, PCAOB Auditing Standard No. 2, and Section 404 of Sarbanes-Oxley expressing
a conclusion that contains no statement that there is a material weakness in such internal controls, except for such material weaknesses
as to which the Required Lenders do not object and (iiiC)
as to statements not covered by an audit, certification by a Responsible Officer of the Lead Borrower to the effect that such statements
are fairly stated in all material respects when considered in relation to the Consolidated and consolidating financial statements
of the Lead Borrower and its Subsidiaries;

 

(ii)            as
soon as available, but in any event within forty-five (45) days after the end of each of the first three (3) Fiscal Quarters
of each Fiscal Year of the Lead Borrower, and within sixty (60) days after the end of the last Fiscal Quarter of each Fiscal Year
of the Lead Borrower (or after the occurrence of an Increased Financial Reporting Event, within thirty (30) days after the end
of each Fiscal Month of each Fiscal Year (except with respect to the last Fiscal Month of each Fiscal Quarter, with respect to
which the applicable period for delivery shall be forty-five (45) days rather than thirty (30) days)),
a Consolidated and consolidating balance sheet of the Lead Borrower and its Subsidiaries as at the end of such Fiscal Quarter (or
Fiscal Month, as applicable), the related Consolidated and consolidating statements of income or operations and Shareholders’
Equity and the related Consolidated statement of cash flows for such Fiscal Quarter (or Fiscal Month, as applicable), and for the
portion of the Fiscal Year then ended, setting forth in each case, but only with respect to the Consolidated statements, in comparative
form the figures for (i) such period set forth in the projections delivered pursuant to Section 6.01(c) hereof,
(ii) the corresponding Fiscal Quarter (or Fiscal Month, as applicable) of the previous Fiscal Year and (iii) the corresponding
portion of the previous Fiscal Year, all in reasonable detail, such Consolidated and (where relevant) consolidating statements
to be certified by a Responsible Officer of the Lead Borrower as fairly presenting the financial condition, results of operations
and cash flows of the Lead Borrower and its Subsidiaries as of the end of such Fiscal Quarter and for the period then ended (or
as of the end of such Fiscal Month and for the period then ended, as applicable) in accordance with GAAP, subject only to normal
year-end audit adjustments and the absence of footnotes;

 

(iii)            as
soon as available, but in any event (i) on or before January 31st of each Fiscal Year of the Lead Borrower,
(x) a preliminary month-by-month business plan for the
following Fiscal Year prepared by management of the Lead Borrower and reviewed by the board of directors of the Lead Borrower,
and (ii) on or before March 1st of each Fiscal Year of the Lead Borrower, a final month-by-month business
plan for such Fiscal Year prepared by management of the Lead Borrower (which final business plan shall be approved by the board
of directors of the Lead Borrower by March 31st of such Fiscal Year,
it being understood that the Lead Borrower may provide
subsequent updated business plans satisfying the requirements of this clause (c) up to two (2) times per Fiscal Year),
in each case the form of which shall be substantially similar to the business plan for the Fiscal Year ended on or about January 31,
2009February 1, 2020 and the substance
of which shall be reasonably satisfactory to the Administrative Agent, for such Fiscal Year,
and (y) monthly availability model and projections for Liquidity, the Borrowing Base and the Term Borrowing Base for the then-current
Fiscal Year; provided that, if the Lead Borrower delivers a business plan that is not reasonably satisfactory
to the Administrative Agent, but that otherwise complies with this Section 6.01(c), this Section 6.01(c) shall
be deemed to be satisfied to the extent that the Lead Borrower delivers a business plan reasonably satisfactory to the Administrative
Agent on or before March 31 of such Fiscal Year.

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6.02          Certificates;
Other Information.37 Deliver to the Administrative Agent,
in form and detail satisfactory to the Administrative Agent:

 

(i)            concurrently
with the delivery of the financial statements referred to in Section 6.01(a), a certificate of its public accounting
firm certifying such financial statements;

 

(ii)            (i) concurrently
with the delivery of the financial statements referred to in SectionSections
6.01(a) and 6.01(b), a duly completed Compliance Certificate
signed by a Responsible Officer of the Lead Borrower, which shall include,
without limitation, (A) a certification as to the amount, if any, of rent under any Leases, and any obligations
and liabilities with respect to Taxes, that have not been timely paid, and (B) a certification as to the receipt of notice,
if any, as to any obligations or liabilities with respect to utilities and/or insurance premiums that have not been timely paid.
In the event of any change in generally accepted accounting principles used in the preparation of such financial statements, the
Lead Borrower shall also provide a statement of reconciliation conforming such financial statements to GAAP;,

 

(ii)            concurrently
with the delivery of the financial statements referred to in Section 6.01(b), with regard to Eligible Franchise Receivables
(as defined in the Term Credit Agreement), copies of all
stand-bystandby
letters of credit supporting each such Account not previously provided to the Administrative Agent; and

 

(iii)            concurrently
with the delivery of the financial statements referred to in Section 6.01(b), subject to the last sentence of Section 6.14(b),
a schedule with respect to material suits and proceedings actually known to the Loan Parties that are filed by Store landlords
before any Governmental Authority against any Loan Party, including, as applicable, an update to the list of existing material
suits and proceedings and a listing of any new material suits and proceedings actually known to the Loan Parties since the date
of the most recent list delivered pursuant to this clause (iii) (or, in the case of the first such list so delivered, since
the Second Amendment Effective Date);

 

(iii)            on
the second Friday of each Fiscal Month (or more frequently as the Lead Borrower may elect as provided
in the proviso at the end of this clauseto
subclause (ci)
below) (or, if such day is not a Business Day, on the next
succeeding Business Day):

 

(1)            (x) a
certificate in the form of Exhibit G or in such other form as the
Administrative Agent may agree in writing (a “Borrowing Base Certificate”) showing theeach
Borrowing Base and the Aggregate Borrowing Base, and (y) a Term
Loan Borrowing Base Certificate showing each Term Borrowing Base and the Term Aggregate Borrowing Base, in each case
as of the close of business as of the last day of the immediately preceding Fiscal Month, each Borrowing Base Certificate and
Term Loan Borrowing Base Certificate to be certified as complete and correct by a Responsible Officer of the Lead Borrower;
provided that (i) if Uncapped Excess Availability at any time is less than 12.5% of the Revolving Credit Ceiling or
(ii) an Event of Default has occurred and is continuing, such Borrowing Base Certificate and
Term Loan Borrowing Base Certificate shall be delivered on Friday of each week (or, if Friday is not a Business Day,
on the next succeeding Business Day), and shall show theeach
Borrowing Base, the Aggregate Borrowing Base, each Term Borrowing Base
and the Term Aggregate Borrowing Base, respectively, as of the close of business on the immediately preceding Saturday;
and

 

 

 

37
First Amendment

 

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(2)            a
schedule of all Eligible Franchise Receivables and Eligible Trade Receivables
indicating the aging of each such Account as well as copies of all past due invoices related to
Eligible Franchise Receivables issued by the Borrowers to the applicable franchisees not previously provided to the Administrative
Agent;

 

provided,
that the Lead Borrower may elect, during the
sixty (60) day period commencing on the First Amendment Effective Date, to furnish the Administrative Agent with a Borrowing Base
Certificate on the Friday of each week (or, if Friday is not a Business Day, on the next succeeding Business Day), which Borrowing
Base Certificate shall show the Borrowing Base as of the close of business on the immediately preceding Saturday, it being understood
and agreed that once such election is made, then the Lead Borrower shall continue to furnish a Borrowing Base Certificate on such
weekly basis from the date of such election through the later to occur of the last day of such sixty (60) day period or the date
that is sixty (60) days following the date of such election;

 

(iv)          upon
the request of the Administrative Agent or its auditors, appraisers, accountants, consultants or other representatives, copies
of each of the Lead Borrower’s federal income tax returns, and any amendments thereto;

 

(v)           promptly
upon receipt, copies of any detailed audit reports, management letters or recommendations submitted to the board of directors (or
the audit committee of the board of directors) of any Loan Party by its public accounting firm in connection with the accounts
or books of the Loan Parties or any Subsidiary, or any audit of any of them, in each case to the extent permitted by the policies
of its public accounting firm at such time;

 

(vi)          promptly
after the same are available, copies of each annual report, proxy or financial statement, or other document, report or communication
sent to the stockholders of the Loan Parties, and copies of all annual, regular, periodic and special reports and registration
statements which any Loan Party files with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934 or
with any national or foreign securities exchange, and in any case not otherwise required to be delivered to the Administrative
Agent pursuant hereto;

 

(vii)         the
financial and collateral reports described on Schedule 6.02 hereto, at the times set forth in such Schedule;

 

(viii)        promptly
after the furnishing thereof, copies of any statement or report furnished to any holder of debt securities of any Loan Party or
any Subsidiary thereof pursuant to the terms of any indenture, loan or credit or similar agreement which indicate a breach or default
of any such document, in each case not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or
any other clause of this Section 6.02;

 

(ix)           as
soon as available, but in any event within 30 days after the end of each Fiscal Year of the Loan Parties (or upon the request of
the Administrative Agent or its auditors, appraisers, accountants, consultants or other representatives), (i) a certificate
executed by an authorized officer of the Lead Borrower certifying the existence and adequacy of the property and casualty insurance
program carried by the Loan Parties and their Subsidiaries, and (ii) a written summary of said program identifying the name
of each insurer, the number of each policy and expiration date of each policy, the amounts and types of each coverage, and a list
of exclusions and deductibles for each policy;

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(x)            promptly,
and in any event within five Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of each notice
or other correspondence received from any Governmental Authority (including, without limitation, the SEC (or comparable agency
in any applicable non-U.S. jurisdiction)) concerning any proceeding with, or investigation or possible investigation or other inquiry
by such Governmental Authority regarding financial or other operational results of any Loan Party or any Subsidiary thereof or
any other matter which, if adversely determined, could reasonably be expected to have a Material Adverse Effect;

 

(xi)           promptly
after the Administrative Agent’s request therefor, copies of all Material Contracts and documents evidencing Material Indebtedness;

 

(l)            promptly
after the Administrative Agent’s request therefor, a calculation of the Term Total Outstandings in form and substance reasonably
satisfactory to the Administrative Agent;

 

(m)            (i) promptly
following receipt by any Loan Party, copies of any amendments, supplements, modifications, waivers, consents and forbearances under
the Term Documents, and any material notices received from any lender or agent of, under or with respect to the Term Obligations
(including, without limitation, the Term Agent) not otherwise provided to the Administrative Agent under the Loan Documents, and
(ii) as and when due pursuant to the Term Credit Agreement, Term Loan Borrowing Base Certificates, to the extent not otherwise
provided to the Administrative Agent under the Loan Documents; and

 

(n)            (l) promptly
after any Agent’s or any Lender’s request therefor, (i) such information as requested pursuant to Section 10.17
hereof, (ii) confirmation of the accuracy of the information set forth in the most recent Beneficial Ownership Certification
for the Borrowers provided to the Agents and the Lenders, and (ii) a new Beneficial Ownership Certification for the Borrowers
(which the Borrowers shall provide when the individual(s) to be identified as a Beneficial
Ownerbeneficial owner have changed, regardless
of whether any Agent or any Lender has made a request therefor); and

 

(o)            (m) promptly,
such additional information regarding the business affairs, financial condition or operations of any Loan Party or any Subsidiary,
or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably
request.

 

Financial statements required to be delivered
pursuant to Sections 6.01(a), 6.01(b) or 6.02(f) (to the extent any such documents are included
in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered
on the date (i) on which the Lead Borrower posts such documents, or provides a link thereto on the Lead Borrower’s website
on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the
Lead Borrower’s behalf on EDGAR or another Internet or intranet website, if any, to which each Lender and the Administrative
Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that:
(i) the Lead Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender that requests
the Lead Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative
Agent or such Lender and (ii) the Lead Borrower shall notify the Administrative Agent and each Lender (by telecopier or electronic
mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e.,
soft copies) of such documents. Notwithstanding anything contained herein, in every instance, the Lead Borrower shall be required
to provide paper copies of the Compliance Certificates required by Section 6.02(b) to the Administrative Agent.
The Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above,
and in any event shall have no responsibility to monitor compliance by the Loan Parties with any such request for delivery, and
each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

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The Loan Parties hereby
acknowledge that the Administrative Agent may make available materials or information provided by or on behalf of the Loan Parties
hereunder (collectively, “Borrower Materials”) to the Lenders and the L/C Issuer by posting the Borrower Materials
on IntraLinks, SyndTrack or another similar secure electronic transmission system (the “Platform”). Each Loan
Party further agrees that certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive
material non-public information with respect to the Loan Parties or their securities) (each, a “Public Lender”).
The Loan Parties shall be deemed to have authorized the Administrative Agent and its Affiliates and the Lenders to treat Borrower
Materials marked “PUBLIC” or otherwise at any time filed with the SEC as not containing any material non-public information
with respect to the Loan Parties or their securities for purposes of United States federal and state securities laws. All Borrower
Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated as “Public
Investor” (or another similar term). The Administrative Agent and its Affiliates and the Lenders shall be entitled to treat
any Borrower Materials that are not marked “PUBLIC” or that are not at any time filed with the SEC as being suitable
only for posting on a portion of the Platform not marked as “Public Investor” (or such other similar term).

 

The Loan Parties and
the Administrative Agent hereby agree that the delivery of theany
Borrowing Base Certificate or Term Loan Borrowing Base Certificate through the Portal, subject to the Administrative
Agent’s authentication process, by such other electronic method as may be approved by the Administrative Agent from time
to time in its sole discretion, or by such other electronic input of information necessary to calculate theeach
Borrowing Base, the Aggregate Borrowing Base, each Term Borrowing Base and the Term Aggregate Borrowing Base as may
be approved by the Administrative Agent from time to time in its sole discretion, shall in each case be deemed to satisfy the obligation
of the Lead Borrower to deliver such Borrowing Base Certificate or Term
Loan Borrowing Base Certificate, with the same legal effect as if such Borrowing
Base Certificate or Term Loan Borrowing Base Certificate had been manually executed by the Lead Borrower and delivered
to the Administrative Agent.

 

6.03          Notices.
Promptly notify the Administrative Agent:

 

(i)            of
the occurrence of any Default or Event of Default;

 

(ii)            of
any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including (i) breach
or non-performance of, any default under, or termination of, a Material Contract or with respect to Material Indebtedness of any
Loan Party or any Subsidiary thereof; (ii) any dispute, litigation, investigation, proceeding or suspension between any Loan
Party or any Subsidiary thereof and any Governmental Authority; or (iii) the commencement of, or any material development
in, any litigation or any administrative or arbitration proceeding affecting any Loan Party or any Subsidiary thereof, including
pursuant to any applicable Environmental Laws;

 

(iii)           of
any undischarged or unpaid judgments or decrees in excess of $3,000,000, individually or in the aggregate;

 

(iv)          of
the occurrence of any ERISA Event or Canadian Pension Event;

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(v)           of
any material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiary thereof;

 

(vi)          of
any change in any Loan Party’s senior executive officers;

 

(vii)         of
the discharge by any Loan Party of its present public accounting firm or any withdrawal or resignation by such public accounting
firm;

 

(viii)        of
any collective bargaining agreement or other labor contract to which a Loan Party becomes a party, the application for the certification
of a collective bargaining agent, or any labor negotiations or strikes;

 

(ix)           of
the filing of any Lien for unpaid Taxes against any Loan Party;

 

(x)            of
any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding
for the taking of any interest in a material portion of the Collateral under power of eminent domain or by condemnation, expropriation
or similar proceeding or if any material portion of the Collateral is damaged or destroyed; and

 

(xi)           of
any failure by any Loan Party to pay rent or such other amounts due at (i) any distribution centers or warehouses; (ii) ten
percent (10%) or more of such Loan Party’s locations; or (iii) any of such Loan Party’s locations if such failure
continues for more than ten (10) days following the day on which such rent first came due and such failure would be reasonably
likely to result in a Material Adverse Effect.;

 

(l)            the
occurrence of any Mandatory Term Loan Prepayment;

 

(m)          of
the occurrence of any “Default” or “Event of Default” under (and as defined in) the Term Documents,

 

(n)          of
the occurrence of (x) any payment default by any franchisee or other counterparty with respect to any amounts in excess of
$100,000 and that is outside the ordinary course of business, or (z) any material “default” or “event of
default” or other material breach (or comparable terms) by a franchisee or other counterparty with respect to which applicable
Loan Party sends a written notice to such franchisee or other counterparty, in each case, under any Franchise Agreements with respect
to which Eligible Franchise Receivables (as defined in the Term Credit Agreement as in effect on the Second Amendment Effective
Date or as amended in accordance with the Intercreditor Agreement) are included in the determination of the U.S. Borrowing Base
(as defined in the Term Credit Agreement as in effect on the Second Amendment Effective Date or as amended in accordance with the
Intercreditor Agreement), and

 

(o)          of
the assertion of any claim against Intellectual Property that would reasonably be expected to have a Material Adverse Effect or
otherwise could reasonably be expected to result in a liability of the Loan Parties in excess of $1,000,000.

 

Each notice pursuant to this Section 6.03
shall be accompanied by a statement of a Responsible Officer of the Lead Borrower setting forth details of the occurrence referred
to therein and stating what action the Lead Borrower has taken and proposes to take with respect thereto. Each notice pursuant
to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan
Document that have been breached.

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6.04          Payment
of Obligations. Pay and discharge in full as the same shall become due and payable, all its obligations and liabilities,
including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, (b) all
lawful claims (including, without limitation, claims for labor, materials and supplies and claims of landlords, warehousemen, customs
brokers, freight forwarders, consolidators and carriers) which, if unpaid, would by law become a Lien upon its property (other
than a Permitted Encumbrance), and (c) all Indebtedness, as and when due and payable, but subject to any subordination provisions
contained in any instrument or agreement evidencing such Indebtedness, except, in each case, where (a) the validity or amount
thereof (other than payroll taxes or taxes that are the subject of a United States federal or Canadian federal or provincial tax
Lien) is being contested in good faith by appropriate proceedings diligently conducted, (b) such Loan Party has set aside
on its books adequate reserves with respect thereto in accordance with GAAP, (c) such contest effectively suspends collection
of the contested obligation and enforcement of any Lien securing such obligation, and (d) the failure to make payment pending
such contest could not reasonably be expected to result in a Material Adverse Effect. The Lead Borrower will, upon request, furnish
the Collateral Agent with proof satisfactory to the Collateral Agent indicating that the Loan Parties and their Subsidiaries have
made the payments or deposits described in clause (a) above. Each Loan Party shall, and shall cause each of its Subsidiaries
to, pay in conformity with its customary practice all accounts payable incident to the operations of such Person not referred to
in this Section 6.04, above. Nothing contained herein shall be deemed to limit the rights of the Agents with respect
to determining Reserves pursuant to this Agreement. The Loan Parties
shall use commercially reasonable efforts to file a claim for the maximum 2020 Tax Refund Proceeds available to the Loan Parties
(and any Subsidiary filing as a part of a consolidated, combined or unitary Tax group).

 

6.05          Preservation
of Existence, Etc. Preserve, renew and maintain in full force and effect its legal existence and good standing
under the Laws of the jurisdiction of its organization or formation except in a transaction permitted by Section 7.04
or 7.05. Preserve or renew all of its Intellectual Property,
except for (i) Permitted Dispositions or (ii) to the extent in the commercially reasonable business judgment of the applicable
Loan Party such Intellectual Property is no longer used or necessary in the
business of the Loan Party or its Subsidiaries; provided
that, each Loan Party hereby agrees not to abandon or let lapse any Material Intellectual Property.

 

6.06            Maintenance
of Properties.

 

(i)            Keep
its properties in such repair, working order and condition, and shall from time to time make such repairs, replacements, additions
and improvements thereto, as are reasonably necessary for the efficient operation of its business and shall comply at all times
in all material respects with all material franchises, licenses and leases to which it is party so as to prevent any loss or forfeiture
thereof or thereunder, except in each case where (i) compliance
is at the time being contested in good faith by appropriate proceedings and (ii) failure to comply with the provisions being
contested has not resulted, and which, in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

(ii)            Take
all reasonable actions to possess and maintain all Material
Intellectual Property material to the conduct of their respective businesses and
own all right, title and interest in and to, or have a valid license for, all such Material
Intellectual Property. No Loan Party nor any of its Subsidiaries shall take any action, or fail to take any action, that could
reasonably be expected to (i) result in the invalidity, abandonment, misuse, lapse, or unenforceability of Material
Intellectual Property which is material to the conduct of the
business of the Loan Parties or (ii) knowingly infringe upon or misappropriate
any rights of other Persons. Take all commercially reasonable steps,
including, in any proceeding before the PTO, the USCO and/or the CIPO, as applicable, to maintain and pursue each application (and
to obtain the relevant registration) and to maintain each registration of the Borrower Intellectual Property, including, filing
of applications for renewal, affidavits of use and affidavits of incontestability, except in each case to the extent that failure
to do so would not reasonably be expected to have a Material Adverse Effect.

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(iii)          Do
all things reasonably necessary in order to comply with all Environmental Laws at any Real PropertyEstate
or otherwise in connection with their operations noncompliance with which could reasonably be expected to causehave
a Material Adverse Effect, and obtain all permits and other governmental authorizations for their operations under applicable Environmental
Laws other than such permits and other authorizations the failure of which to obtain could not, individually or in the aggregate,
reasonably be expected to causehave
a Material Adverse Effect.

 

(d)           Maintain,
preserve and protect all of its FF&E material to the operation of its business in working order and condition, ordinary wear
and tear excepted; and make all reasonably necessary repairs thereto and renewals and replacements thereof, except, in each case,
where the failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

6.07          Maintenance
of Insurance.

 

(i)            Maintain
with financially sound and reputable insurance companies reasonably acceptable to the Administrative Agent and not Affiliates of
the Loan Parties, insurance with respect to its properties and business against loss or damage of the kinds customarily insured
against by Persons engaged in the same or similar business and operating in the same or similar locations or as is required by
applicable Law, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons
and as are reasonably acceptable to the Administrative Agent.

 

(ii)           Cause
fire and extended coverage policies maintained with respect to any Collateral to be endorsed or otherwise amended to include (i) a
non-contributing mortgage clause (regarding improvements to real property) and lenders’ loss payable clause (regarding personal
property), in form and substance satisfactory to the Collateral Agent, which endorsements or amendments shall provide that the
insurer shall pay all proceeds otherwise payable to the Loan Parties under the policies directly to the Collateral Agent, (ii) a
provision to the effect that none of the Loan Parties, Credit Parties or any other Person shall be a co-insurer and (iii) such
other provisions as the Collateral Agent may reasonably require from time to time to protect the interests of the Credit Parties.

 

(iii)          Cause
commercial general liability policies to be endorsed to name the Collateral Agent as an additional insured.

 

(iv)          Cause
business interruption policies to name the Collateral Agent as a loss payee and to be endorsed or amended to include (i) a
provision that, from and after the Restatement Date, the insurer shall pay all proceeds otherwise payable to the Loan Parties under
the policies directly to the Collateral Agent, (ii) a provision to the effect that none of the Loan Parties, the Administrative
Agent, the Collateral Agent or any other party shall be a co-insurer and (iii) such other provisions as the Collateral Agent
may reasonably require from time to time to protect the interests of the Credit Parties.

 

(v)           Cause
such policy referred to in this Section 6.07(b) to also provide that it shall not be canceled, modified or not
renewed (i) by reason of nonpayment of premium, except upon not less than ten (10) days’ prior written notice thereof
by the insurer to the Collateral Agent (giving the Collateral Agent the right to cure defaults in the payment of premiums) or (ii) for
any other reason, except upon not less than thirty (30) days’ prior written notice thereof by the insurer to the Collateral
Agent.

 

(vi)          Deliver
to the Collateral Agent, prior to the cancellation, modification or non-renewal of any such policy of insurance, a copy of a renewal
or replacement policy (or other evidence of renewal of a policy previously delivered to the Collateral Agent, including an insurance
binder) together with evidence satisfactory to the Collateral Agent of payment of the premium therefor.

 

(vii)         If
at any time the area in which any Eligible Real Estate is located is designated (i) a “flood hazard area” in any
Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), obtain flood insurance
in such total amount as is reasonable and customary for similarly situated companies, and otherwise comply with the National Flood
Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as amended from time to time, or (ii) a “Zone
1” area, obtain earthquake insurance in such total amount as is reasonable and customary for similarly situated companies.

 

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(viii)        Maintain
for themselves and their Subsidiaries, a Directors and Officers insurance policy, and a “Blanket Crime” policy including
employee dishonesty, forgery or alteration, theft, disappearance and destruction, robbery and safe burglary, property, and computer
fraud coverage with responsible companies in such amounts as are customarily carried by business entities engaged in similar businesses
similarly situated, and will upon request by the Administrative Agent furnish the Administrative Agent certificates evidencing
renewal of each such policy.

 

(ix)           Permit
any representatives that are designated by the Collateral Agent to inspect the insurance policies maintained by or on behalf of
the Loan Parties and to inspect books and records related thereto and any properties covered thereby. The Loan Parties shall pay
the reasonable fees and expenses of any representatives retained by the Collateral Agent to conduct any such inspection.

 

None of the Credit Parties, or
their agents or employees shall be liable for any loss or damage insured by the insurance policies required to be maintained under
this Section 6.07. Each Loan Party shall look solely to its insurance companies or any other parties other than the
Credit Parties for the recovery of such loss or damage and such insurance companies shall have no rights of subrogation against
any Credit Party or its agents or employees. If, however, the insurance policies do not provide waiver of subrogation rights against
such parties, as required above, then the Loan Parties hereby agree, to the extent permitted by law, to waive their right of recovery,
if any, against the Credit Parties and their agents and employees. The designation of any form, type or amount of insurance coverage
by any Credit Party under this Section 6.07 shall in no event be deemed a representation, warranty or advice by such
Credit Party that such insurance is adequate for the purposes of the business of the Loan Parties or the protection of their properties.

 

6.08          Compliance
with Laws. Comply (a) in all material respects with the requirements of all Laws and all orders, writs, injunctions
and decrees applicable to it or to its business or property, except in such instances in which (i) such requirement of Law
or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted and with
respect to which adequate reserves have been set aside and maintained by the Loan Parties in accordance with GAAP; (ii) such
contest effectively suspends enforcement of the contested Laws, and (iii) the failure to comply therewith could not reasonably
be expected to have a Material Adverse Effect, and (b) with Sections 10.17 and 10.22.

 

6.09           Books
and Records; Accountants.

 

(i)            (i) Maintain
proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall
be made of all financial transactions and matters involving the assets and business of the Loan Parties or such Subsidiary, as
the case may be; and (ii) maintain such books of record and account in material conformity with all applicable requirements
of any Governmental Authority having regulatory jurisdiction over the Loan Parties or such Subsidiary, as the case may be.

 

(ii)           At
all times retain Ernst & Young LLP or another public accounting firm which is reasonably satisfactory to the Administrative
Agent and instruct such public accounting firm in writing to cooperate with, and be available to, the Administrative Agent or its
representatives to discuss the Loan Parties’ financial performance, financial condition, operating results, controls, and
such other matters, within the scope of the retention of such public accounting firm, as may be raised by the Administrative Agent;
provided that the Lead Borrower shall be entitled to participate in any such meetings or discussions. The Lead Borrower
hereby irrevocably authorizes and directs all auditors, accountants, or other third parties to deliver to the Administrative Agent,
at the Borrowers’ expense, copies of the Borrowers’ financial statements, papers related thereto, and other accounting
records of any nature in their possession, and to disclose to the Administrative Agent any information they may have regarding
the Collateral or the financial condition of the Borrowers, in each case to the extent permitted by the policies of such auditors,
accountants or other third parties at such time; provided that the Lead Borrower shall be entitled to be provided with copies
of any such financial statements, papers, accounting records or disclosures contemporaneously therewith.

 

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6.10           Inspection
Rights.

 

(i)            Permit
representatives and independent contractors of the Administrative Agent to visit and inspect any of its properties, to examine
its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances
and accounts with its directors, officers, and public accounting firm, all at the expense of the Loan Parties and at such reasonable
times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Lead Borrower;
provided, however, that when an Event of Default has occurred and is continuing, the Administrative Agent (or any
of its representatives or independent contractors) may do any of the foregoing at the expense of the Loan Parties at any time during
normal business hours and without advance notice.

 

(ii)           Upon
the request of the Administrative Agent after reasonable prior notice, permit the Administrative Agent or professionals (including
investment bankers, consultants, accountants, lawyers and appraisers) retained by the Administrative Agent to conduct appraisals,
commercial finance examinations and other evaluations, including, without limitation, of (i) the Lead Borrower’s practices
in the computation of the Borrowing Base and the Term Borrowing Base
and (ii) the assets included in the Borrowing Base and/or
the Term Borrowing Base and related financial information such as, but not limited to, sales, gross margins, payables,
accruals and reserves. Subject to the following sentences, the Loan Parties shall pay the fees and expenses of the Administrative
Agent or such professionals with respect to such evaluations and appraisals as provided below. Without limiting the foregoing,
the Loan Parties acknowledge that the Administrative Agent may, in its discretion, in the event
that any Loans are outstanding hereunder, undertake one (1) real estate appraisal and one (1) inventory
appraisal and one (1) commercial finance examination each Fiscal Year at the Loan Parties’ expense; provided that,
in the event that Excess Availability is at any time less than 30% of the Loan Cap, the Administrative Agent may, in its discretion,
undertake an additional inventory appraisal (that is, up to two (2) inventory appraisals in total) and an additional commercial
finance examination (that is, up to two (2) commercial finance examinations in total) each Fiscal Year at the Loan Parties’
expense. Notwithstanding anything to the contrary contained herein, the Administrative Agent may cause additional inventory appraisals
and commercial finance examinations to be undertaken (i) as it in its reasonable discretion deems necessary or appropriate,
at its own expense, or (ii) if a Default or Event of Default shall have occurred and be continuing or if required by applicable
Law, at the expense of the Loan Parties. For the avoidance of doubt, the inventory appraisal and the commercial finance examination
described in Section 4.01(a)(xi) shall not be included in the determination of whether appraisals or commercial
finance examinations may be undertaken pursuant to this Section 6.10(b).

 

(iii)          Permit
the Administrative Agent, from time to time, to engage a geohydrologist, an independent engineer or other qualified consultant
or expert, reasonably acceptable to the Administrative Agent, at the expense of the Loan Parties, to undertake Phase I environmental
site assessments during the term of this Agreement of the Eligible Real Estate, provided such assessments may only be undertaken
(i) during the continuance of a Default or Event of Default, (ii) if a Loan Party receives any notice or obtains knowledge
of (A) any potential or known release of any Hazardous Materials at or from any Eligible Real Estate, notification of which
must be given to any Governmental Authority under any Environmental Law, or notification of which has, in fact, been given to any
Governmental Authority, or (B) any complaint, order, citation or notice with regard to air emissions, water discharges, or
any other environmental health or safety matter affecting any Loan Party or any Eligible Real Estate from any Person (including,
without limitation, the Environmental Protection Agency); provided further that one such assessment may be undertaken from
and after the Restatement Date at the Loan Parties’ expense without the requirement that any such event shall have occurred.
Environmental assessments may include detailed visual inspections of the Real Estate, including, without limitation, any and all
storage areas, storage tanks, drains, dry wells and leaching areas, and the taking of soil samples, surface water samples and ground
water samples, as well as such other investigations or analyses as are reasonably necessary for a determination of the compliance
of the Real Estate and the use and operation thereof with all applicable Environmental Laws. The Borrowers will, and will cause
each of their Subsidiaries to, cooperate in all respects with the Administrative Agent and such third parties to enable such assessment
and evaluation to be timely completed in a manner reasonably satisfactory to the Administrative Agent.

 

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(d)           Upon
the request of the Administrative Agent after reasonable prior notice, permit the Administrative Agent or professionals (including
investment bankers, consultants, accountants, lawyers and appraisers) retained by the Administrative Agent to conduct appraisals
of the Borrower Intellectual Property and the FF&E. Subject to the following sentences, the Loan Parties shall pay the fees
and expenses of the Administrative Agent or such professionals with respect to such appraisals of the Borrower Intellectual Property
and the FF&E as provided below. Without limiting the foregoing, the Loan Parties acknowledge that the Administrative Agent
may, in its discretion, undertake one (1) appraisal of Borrower Intellectual Property (which shall be conducted by an independent
appraisal firm, and on terms, reasonably satisfactory to the Administrative Agent) and one (1) appraisal of FF&E (which
shall be conducted by an independent appraisal firm, and on terms, reasonably satisfactory to the Administrative Agent), each
Fiscal Year at the Loan Parties’ expense; provided, that so long as (A) no Default or Event of Default has occurred
and is continuing and (B) the Term Agent and/or the Borrowers furnish any Intellectual Property appraisals or FF&E appraisals
conducted by the Term Agent or its retained professionals in accordance with the Term Credit Agreement, the Administrative Agent
and the Lenders shall rely on such Intellectual Property appraisals and FF&E appraisals conducted by the Term Agent or its
retained professionals in lieu of conducting independent Intellectual Property appraisals and FF&E appraisals pursuant to
the terms of this Section 6.10(d). Notwithstanding anything to the contrary contained herein, the Administrative Agent may
cause additional Intellectual Property appraisals and FF&E appraisals to be undertaken (i) as it in its reasonable discretion
deems necessary or appropriate, at its own expense, or (ii) if a Default
or Event of Default shall have occurred and be continuing or if
required by applicable Law, at the expense of the Loan Parties.

 

(e)           No
Borrowing Base calculation shall include Collateral obtained in a Permitted Acquisition or otherwise outside the ordinary course
of business until completion of applicable appraisals and commercial finance examinations (which shall not be included in the
limits provided above, but such appraisal and commercial finance examinations shall only be conducted with the consent of the
Lead Borrower) satisfactory to the Administrative Agent.

 

6.11          Use
of Proceeds. Use the proceeds of the Credit Extensions (a) to finance transaction fees and expenses related hereto,
(b) to finance the acquisition of working capital assets of the Borrowers, including the purchase of Inventory and Equipment,
in each case in the ordinary course of business, (c) to finance Capital Expenditures of the Borrowers, (d) to make Restricted
Payments in accordance with this Agreement, (e) to finance Permitted Investments in accordance with this Agreement, and (f) for
general corporate purposes of the Loan Parties, in each case to the extent expressly permitted under applicable Law and the Loan
Documents.

 

6.12           Additional
Loan Parties.

 

(i)            Notify
the Administrative Agent at the time that any Person becomes a Subsidiary or
is otherwise required to join as a Loan Party, and promptly thereafter (and in any event within fifteen (15) days (or
such longer period as the Administrative Agent may agree)), cause any such Person to (i) become a Loan Party by
executing and delivering to the Administrative Agent a Joinder to this Agreement
or a counterpart of the Facility Guaranty or such other document as the Administrative Agent shall deem appropriate for such purpose,
(ii) grant a Lien to the Collateral Agent on such Person’s assets to secure the Obligations to the extent required under
the Security Documents, and (iii) deliver to the Administrative Agent documents of the types referred to in clauses (iii) and
(iv) of Section 4.01(a) and favorable opinions of counsel to such Person (which shall cover, among other
things, the legality, validity, binding effect and enforceability of the documentation referred to in clause (x)). In no event
shall compliance with this Section 6.12 waive or be deemed a waiver or Consent to any transaction giving rise to the
need to comply with this Section 6.12 if such transaction was not otherwise expressly permitted by this Agreement or
constitute or be deemed to constitute, with respect to any Subsidiary, an approval of such Person as a Borrower or permit the inclusion
of any acquired assets in the computation of theany
Borrowing Base. At all times, the Loan Parties shall cause each Subsidiary
that is a “Loan Party” (as defined in the Term Documents) to remain a Loan Party under the Loan Documents, except to
the extent a release of such Loan Party from its obligations under the Term Documents and the Loan Documents is permitted pursuant
to the terms of the Term Documents and the Loan Documents.

 

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(ii)           Prior
to the acquisition by TCP Canada Inc. or TCP Investment Canada I Corp. of any
assets (other than the assets described in Section 5.13(b) hereof or other assets not of the same type that constitutes
Collateral (which other assets are not used in connection with any of the Loan Parties’ business operations)), cause such
Person to (A) become a Loan Party by executing and delivering to the Agents a Joinder Agreement or a counterpart of the Facility
Guaranty or such other document as the Administrative Agent shall deem appropriate for such purpose, (B) grant a Lien to the
Collateral Agent on such Person’s assets to the extent required by the Security Documents, and (C) deliver to the Agents
documents of the types referred to in clauses (iii) and (iv) of Section 4.01(a) and favorable opinions
of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of
the documentation referred to in clause (i), subject to customary assumptions and qualifications), all of the foregoing to be in
form, content and scope reasonably satisfactory to the Administrative Agent.

 

6.13         Cash
Management.

 

(i)           On
or prior to the RestatementSecond
Amendment Effective Date (to the extent not previously delivered pursuant to the Existing
Credit Agreementto the Administrative Agent):

 

(1)            deliver
to the Administrative Agent copies of notifications (each, a “Credit Card Notification”) substantially in the
form attached hereto as Exhibit H which have been executed on behalf of such Loan Party and delivered to such Loan
Party’s credit card clearinghouses and processors listed on Schedule 5.21(b); and

 

(2)            enter
into a blocked account agreement (each, a “Blocked Account Agreement”) satisfactory in form and substance to
the Agents with each Blocked Account Bank (collectively, the “Blocked Accounts”);
provided that no Blocked Account Agreements shall be required with respect to any Excluded Accounts.

 

The Administrative Agent hereby
acknowledges and agrees that, upon delivery of the Credit Card Notifications and Blocked Account Agreements described on Schedule
6.13, the requirements of this Section 6.13(a), and the requirements set forth below in each of Sections 6.13(b) and
6.13(c), shall be deemed to have been satisfied.

 

(ii)            (i) Each
Credit Card Notification shall require the ACH or wire transfer no less frequently than daily (and whether or not there are then
any outstanding Obligations) to a Blocked Account of all payments due from Credit Card Issuers and Credit Card Processors, and
(ii) the Borrowers shall cause each depository institution listed on Schedule 5.21(a) to cause the ACH or wire
transfer no less frequently than daily (and whether or not there are then any outstanding Obligations) to a Blocked Account of
all amounts on deposit in each DDA.

 

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(iii)         Each
Blocked Account Agreement shall require, after the occurrence and during the continuance of a Cash Dominion Event, the ACH or wire
transfer no less frequently than daily (and whether or not there are then any outstanding Obligations) to each concentration account
maintained by the Collateral Agent at Wells Fargo Bank or its Affiliates (each, a “Concentration Account”),
of all cash receipts and collections, including, without limitation, the following:

 

(1)            all
available cash receipts (x) from the sale of Inventory,
and (y) subject to the Intercreditor Agreement, from the sale of
other assets (whether or not constituting Collateral);

 

(2)            all
proceeds of collections of Accounts;

 

(3)            all
Net Proceeds, and all other cash payments received by a Loan Party from any Person or from any source or on account of any Disposition
or other transaction or event, including, without limitation, any Prepayment Event;

 

(4)            the
then contents of each DDA (net of any minimum balance, not to exceed $2,500.00, as may be required to be kept in the subject DDA
by the depository institution at which such DDA is maintained);

 

(5)            the
then entire ledger balance of each Blocked Account (net of any minimum balance, not to exceed $2,500.00, as may be required to
be kept in the subject Blocked Account by the Blocked Account Bank); and

 

(6)            the
proceeds of all credit card charges.

 

Prior to the exercise of remedies
provided for in Section 8.02 (or before the Loans have automatically become immediately due and payable and the L/C
Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02),
all amounts received in a Concentration Account from any source, including the Blocked Account Banks, shall be applied by the Administrative
Agent in the order set forth in Section 2.05(e).

 

(iv)         The
Loan Parties shall provide the Collateral Agent (i) with written notice of any Restricted Payment or other intercompany transfer
to be made to any Loan Party by any Subsidiary located outside of the United States or Canada, in each case as otherwise permitted
pursuant to Sections 7.06 or 7.18, respectively, of this Agreement, no less than five (5) days prior to the
receipt thereof and (ii) with written confirmation (which shall include a fed reference number, if applicable) on the date
of the receipt of any such Restricted Payment or other intercompany transfer.

 

(v)          Each
Concentration Account shall at all times be under the sole dominion and control of the Collateral Agent. The Loan Parties hereby
acknowledge and agree that (i) the Loan Parties have no right of withdrawal from a Concentration Account, (ii) the funds
on deposit in a Concentration Account shall at all times be collateral security for all of the Obligations and (iii) the funds
on deposit in a Concentration Account shall be applied as provided in this Agreement.

 

(vi)         In
the event that, after the occurrence and during the continuance of a Cash Dominion Event, any Loan Party receives or otherwise
has dominion and control of any proceeds or collections described in Section 6.13(c), such proceeds and collections
shall be held in trust by such Loan Party for the Collateral Agent, shall not be commingled with any of such Loan Party’s
other funds or deposited in any account of such Loan Party and shall, not later than the Business Day after receipt thereof, be
deposited into a Concentration Account or dealt with in such other fashion as such Loan Party may be instructed by the Collateral
Agent.

 

(vii)        Upon
the request of the Administrative Agent, the Loan Parties shall cause bank statements and/or other reports to be delivered to the
Administrative Agent not less often than monthly, accurately setting forth all amounts deposited in each Blocked Account to ensure
the proper transfer of funds as set forth above.

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(viii)       The
Loan Parties shall not permit cash or cash equivalents in an aggregate amount in excess of $75,000,000 (other than (i) operating
cash and (ii) cash necessary for the Loan Parties to satisfy in the ordinary course of their business the current liabilities
incurred by them in the ordinary course of their business and without acceleration of the satisfaction of such current liabilities)
to accumulate and be maintained in the deposit or investment accounts of the Loan Parties and their Subsidiaries (it being understood
and agreed that all such excess amounts shall be remitted to the Administrative Agent for application to the Loans then outstanding);
provided, however, that (x) this Section 6.13(h) shall not restrict amounts maintained in deposit
accounts of Subsidiaries, which accounts and Subsidiaries are located in and organized in Asia, so long as such amounts are permitted
to be maintained in such accounts and Subsidiaries pursuant to the terms of this Agreement, and (y) the Loan Parties’
obligations under this Section 6.13(h) shall be suspended if and for so long as there are no Loans outstanding.38

 

(i)           Notwithstanding
anything contained in this Section 6.13 to the contrary, prior to the Discharge of Term Obligations, all Net Proceeds (as
defined, solely for the purposes of this Section 6.13(i), in the Term Credit Agreement as in effect as of the Second Amendment
Effective Date) of Term Priority Collateral shall, to the extent required under the Term Credit Agreement (as in effect as of
the Second Amendment Effective Date), be deposited, as and when received, into a Term Loan Priority Account.

 

6.14          Information
Regarding the Collateral.

 

(i)            Furnish
to the Administrative Agent at least thirty (30) days’ prior written notice of any change in: (i) any Loan Party’s
name or in any trade name used to identify it in the conduct of its business or in the ownership of its properties; (ii) the
location of any Loan Party’s chief executive office, its principal place of business, any office in which it maintains books
or records relating to Collateral owned by it, any location, office or facility at which Collateral owned by it is located (including
the establishment of any such new location, office or facility), or, in the case of a Canadian Loan Party, its registered office;
(iii) any Loan Party’s organizational structure or jurisdiction of incorporation or formation; or (iv) any Loan
Party’s Federal Taxpayer Identification Number or organizational identification number assigned to it by its jurisdiction
of organization. The Loan Parties agree not to effect or permit any change referred to in the preceding sentence unless all filings
(including fixture filings) have been made under the UCC,
the PPSA or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have
a valid, legal and perfected security interest in all the Collateral (subject only to Permitted Encumbrances having priority by
operation of applicable Law and Permitted Encumbrances described in
clause (n) of such definition) for its own benefit and the benefit of the other Credit Parties.

 

(ii)           From
time to time as may be reasonably requested by the Administrative Agent, the Lead Borrower shall supplement each Schedule hereto,
or any representation herein or in any other Loan Document, with respect to any matter arising after the RestatementSecond
Amendment Effective Date that, if existing or occurring on the RestatementSecond
Amendment Effective Date, would have been required to be set forth or described in such Schedule or as an exception
to such representation or that is necessary to correct any information in such Schedule or representation which has been rendered
inaccurate thereby (and, in the case of any supplements to any Schedule, such Schedule shall be appropriately marked to show the
changes made therein). Notwithstanding the foregoing, no supplement or revision to any Schedule or representation shall be deemed
the Credit Parties’ consent to the matters reflected in such updated Schedules or revised representations nor permit the
Loan Parties to undertake any actions otherwise prohibited hereunder or fail to undertake any action required hereunder from the
restrictions and requirements in existence prior to the delivery of such updated Schedules or such revision of a representation;
nor shall any such supplement or revision to any Schedule or representation be deemed the Credit Parties’ waiver of any Default
resulting from the matters disclosed therein.

 

6.15          Physical
Inventories.

 

(i)            Cause
not less than one (1) physical inventory to be undertaken, at the expense of the Loan Parties, in each twelve month period,
conducted by such inventory takers as are satisfactory to the Collateral Agent and following such methodology as is consistent
with the methodology used in the immediately preceding inventory or as otherwise may be satisfactory to the Collateral Agent. The
Collateral Agent, at the expense of the Loan Parties, may participate in and/or observe each scheduled physical count of Inventory
which is undertaken on behalf of any Loan Party. Upon the request of the Collateral Agent, the Lead Borrower shall provide the
Collateral Agent with a reconciliation of the results of such inventory (as well as of any other physical inventory undertaken
by a Loan Party) and shall post such results to the Loan Parties’ stock ledgers and general ledgers, as applicable.

 

 

38
First Amendment

 

    135

     

    

 

(ii)          The
Collateral Agent, in its discretion, if any Default shall have occurred and be continuing, may cause such
additional such inventories to be taken as the Collateral Agent determines (each,
at the expense of the Loan Parties).

 

6.16          Environmental
Laws. (a)  Conduct its operations and keep and maintain its Real Estate in material compliance with all Environmental
Laws; (b) obtain and renew all environmental permits appropriate or necessary for its operations and properties; and (c) implement
any and all investigation, remediation, removal and response actions that are necessary to maintain the value and marketability
of the Real Estate or to otherwise comply with Environmental Laws pertaining to the presence, generation, treatment, storage, use,
disposal, transportation or release of any Hazardous Materials on, at, in, under, above, to, from or about any of its Real Estate,
provided, however, that neither a Loan Party nor any of its Subsidiaries shall be required to undertake any such
cleanup, removal, remedial or other action to the extent that its obligation to do so is being contested in good faith and by proper
proceedings and adequate reserves have been set aside and are being maintained by the Loan Parties with respect to such circumstances
in accordance with GAAP.

 

6.17          Further
Assurances.39

 

(i)            Execute
any and all further documents, financing statements, agreements and instruments (including
Intellectual Property filings), and take all such further actions (including the filing and recording of financing statements, Intellectual
Property filings and other documents), that may be required under any applicable Law, or which any Agent may request,
to effectuate the transactions contemplated by the Loan Documents or to grant, preserve, protect or perfect the Liens created or
intended to be created by the Security Documents or the validity or priority of any such Lien, all at the expense of the Loan Parties.
The Loan Parties also agree to provide to the Agents, from time to time upon request, evidence satisfactory to the Agents as to
the perfection and priority of the Liens created or intended to be created by the Security Documents.

 

(ii)           If
any material assets are acquired by any Loan Party after the Restatement Date (other than assets constituting Collateral under
the Security Documents that become subject to the Lien of the Security Documents upon acquisition thereof), notify the Agents thereof,
and the Loan Parties will cause such assets to be subjected to a Lien securing the Obligations and will take such actions as shall
be necessary or shall be requested by any Agent to grant and perfect such Liens, including actions described in paragraph (a) of
this Section 6.17, all at the expense of the Loan Parties. In no event shall compliance with this Section 6.17(b) waive
or be deemed a waiver or Consent to any transaction giving rise to the need to comply with this Section 6.17(b) if
such transaction was not otherwise expressly permitted by this Agreement or constitute or be deemed to constitute Consent to the
inclusion of any acquired assets in the computation of theany
Borrowing Base.

 

(iii)          (i) Upon
the request of the Collateral Agent, cause each of its customs brokers, freight forwarders, consolidators and other carriers which,
individually, have control over, and/or hold the documents evidencing ownership of, Inventory or other Collateral of the Loan
Parties with an aggregate retail value in excess of ten percent (10%) of the retail value of all Inventory or other Collateral
of the Loan Parties at such time to deliver a Customs Broker Agreement to the Collateral Agent.,
and (ii) simultaneously with the delivery to the Term Agent, deliver to the Collateral Agent an agreement covering such matters
and in such form as the Collateral Agent may reasonably require with each such customs broker, freight forwarder, consolidator
or other carrier for which such an agreement has been provided to the Term Agent.

 

 

39
First Amendment

 

    136

     

    

 

(iv)          (i) Upon
the request of the Collateral Agent, cause any of its landlords with respect to Real Estate acquired or leased after the Restatement
Date to deliver a Collateral Access Agreement to the Collateral Agent in such form as the Collateral Agent may reasonably require
if the aggregate retail value of the Inventory or other Collateral of the Loan Parties at any such location exceeds five percent
(5%) of the retail value of all Inventory or other Collateral of the Loan Parties at such time,
and (ii) simultaneously with the delivery to the Term Agent, deliver to the Collateral Agent a Collateral Access Agreement
for any Real Estate for which a Collateral Access Agreement has been provided to the Term Agent.

 

(v)           Notwithstanding
the foregoing, the Collateral Agent shall not enter into any Mortgage in respect of any improved Real Estate acquired by any Loan
Party after the Restatement Date (whether or not Eligible Real Estate) unless the Collateral Agent has provided to the Lenders
(i) if such Mortgage relates to an improved Real Estate not located in a “flood hazard area” in any Flood Insurance
Rate Map published by the Federal Emergency Management Agency (or any successor agency), a completed Flood Certificate with respect
to such improved Real Estate from a third-party vendor at least ten (10) Business Days prior to entering into such Mortgage,
or (ii) if such Mortgage relates to an improved real property located in such a “flood hazard area”, the following
documents with respect to such improved Real Estate at least thirty (30) days prior to entering into such Mortgage: (1) a
completed Flood Certificate from a third party vendor; (2) (A) a notification to the Lead Borrower that such real property
is located in such a “flood hazard area” and (if applicable) notification to the Lead Borrower that flood insurance
coverage is not available and (B) evidence of the receipt by the Lead Borrower of such notice; and (3) if required by
applicable Laws (including, without limitation, the National Flood Insurance Program as set forth in the Flood Disaster Protection
Act of 1973, as amended and in effect), evidence of required flood insurance; provided that the Collateral Agent may enter
into any such Mortgage prior to the notice period specified above if the Collateral Agent shall have received confirmation from
each applicable Lender that such Lender has completed any necessary flood insurance due diligence to its reasonable satisfaction.
Notwithstanding anything to the contrary contained herein (including this Section 6.17 and Section 10.01)
or in any other Loan Document, (x) the Collateral Agent shall not accept delivery of any Mortgage from any Loan Party unless
each of the Lenders has received forty-five (45) days’ prior written notice thereof and the Collateral Agent has received
confirmation from each Lender that such Lender has completed its flood insurance diligence, has received copies of all flood insurance
documentation and has confirmed that flood insurance compliance has been completed as required by the Flood Insurance Laws or as
otherwise satisfactory to such Lender, and (y) at any time that the Real Estate or any other real property is included in
the Collateral, no addition, increase, renewal or extension of any Loan, Letter of Credit or Commitment hereunder shall be consummated
until the completion of flood due diligence, documentation and coverage as required by the Flood Insurance Laws or as otherwise
satisfactory to all Revolving Credit Lenders.

 

(vi)          Notwithstanding
anything to the contrary contained herein (including this Section 6.17) or in any other Loan Document, the Agents shall
not accept delivery of any joinder to any Loan Document with respect to any Subsidiary of any Loan Party that is not a Loan Party,
if such Subsidiary that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation unless such
Subsidiary has delivered a Beneficial Ownership Certification in relation to such Subsidiary and the Administrative Agent has completed
its Patriot Act searches, OFAC/PEP searches, Canadian AML Legislation searches (if applicable), and customary individual background
checks for such Subsidiary, the results of which shall be satisfactory to the Administrative Agent.

 

6.18            Compliance
with Terms of Leaseholds. Except as otherwise expressly permitted hereunder (including, without limitation, in connection
with Store closings permitted pursuant to clause (b) of the definition of Permitted Dispositions), make all payments and otherwise
perform all obligations in respect of all Leases of real property to which any Loan Party or any of its Subsidiaries is a party,
keep such Leases in full force and effect and not allow such Leases to lapse or be terminated or any rights to renew such Leases
to be forfeited or cancelled, notify the Administrative Agent of any default by any party with respect to such Leases and cooperate
with the Administrative Agent in all respects to cure any such default, and cause each of its Subsidiaries to do so, except, in
any case, where the failure to do so, either individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect. In the event that the Borrowers become delinquent in their rent payments, the Administrative Agent may establish
Reserves against the Borrowing Base for the amount of any landlord liens arising from such delinquency.

 

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6.19          Material
Contracts. Perform and observe all of the terms and provisions of each Material Contract to be performed or observed
by any Loan Party or any of its Subsidiaries, take all such action required on the part of any Loan Party or any of its Subsidiaries
to maintain each such Material Contract in full force and effect, enforce each such Material Contract in accordance with its terms,
take all such action to such end as may be from time to time requested by the Administrative Agent and, upon request of the Administrative
Agent, make to each other party to each such Material Contract such demands and requests for information and reports or for action
as any Loan Party or any of its Subsidiaries is entitled to make under such Material Contract, and cause each of its Subsidiaries
to do so, except, in any case, where the failure to do so, either individually or in the aggregate, could not reasonably be expected
to have a Material Adverse Effect.

 

6.20           ERISA.

 

(i)            Comply
in all material respects with the applicable provisions of ERISA or any other applicable federal, state, provincial, local or foreign
law dealing with such matters, except where the failure to comply could reasonably be expected to result in a claim or liability
against any Loan Party or its Affiliates of $3,000,000 or more.

 

(ii)           Pay
and discharge promptly any liability imposed upon it pursuant to the provisions of Title IV of ERISA; provided, however,
that neither any Loan Party nor any ERISA Affiliate or any other Subsidiary of the Loan Parties shall be required to pay any such
liability if (i) the amount, applicability or validity thereof shall be diligently contested in good faith by appropriate
proceedings, and (ii) such Person shall have set aside on its books reserves, in the opinion of the independent certified
public accountants of such Person, adequate with respect thereto.

 

(iii)          Deliver
to the Collateral Agent, promptly, and in any event within 20 days, after (i) the occurrence of any Reportable Event in respect
of a Plan, a copy of the materials that are filed with the PBGC, (ii) any Loan Party or any ERISA Affiliate or an administrator
of any Plan files with participants, beneficiaries or the PBGC a notice of intent to terminate any such Plan, a copy of any such
notice, (iii) the receipt of notice by any Loan Party or any ERISA Affiliate or an administrator of any Plan from the PBGC
of the PBGC’s intention to terminate any Plan or to appoint a trustee to administer any such Plan, a copy of such notice,
(iv) the request by any Lender of copies of each annual report that is filed on Treasury Form 5500 with respect to any
Plan, together with certified financial statements (if any) for the Plan and any actuarial statements on Schedule B to such
Form 5500, (v) any Loan Party or any ERISA Affiliate knows or has reason to know of any event or condition which could
reasonably be expected to constitute grounds under the provisions of Section 4042 of ERISA for the termination of (or the
appointment of a trustee to administer) any Plan, an explanation of such event or condition, (vi) the receipt by any Loan
Party or any ERISA Affiliate of an assessment of withdrawal liability under Section 4201 of ERISA from a Multiemployer Plan,
a copy of such assessment, (vii) any Loan Party or any ERISA Affiliate knows or has reason to know of any event or condition
which would reasonably be expected to cause any one of them to incur a liability under Section 4062, 4063, 4064 or 4069 of
ERISA or Section 412(n) or 4971 of the Code, an explanation of such event or condition, or (viii) any Loan Party
or any ERISA Affiliate knows or has reason to know that an application is to be, or has been, made to the Secretary of the Treasury
for a waiver of the minimum funding standard under the provisions of Section 412 of the Code, a copy of such application,
and in each case described in clauses (i) through (iii) and (v) through (vii) together with a statement signed
by an officer setting forth details as to such Reportable Event, notice, event or condition and the action which such Loan Party
and any ERISA Affiliate proposes to take with respect thereto.

 

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(iv)          No
Loan Party will sponsor, maintain, contribute to or otherwise incur liability under a Canadian Defined Benefit Plan.

 

6.21          OFAC;
Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws. Each Loan Party will, and will cause each of its Subsidiaries
to comply with all applicable Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Each of the Loan Parties and its
Subsidiaries shall implement and maintain in effect policies and procedures designed to ensure compliance by the Loan Parties and
their Subsidiaries and their respective directors, officers, employees, agents and Affiliates with all Sanctions, Anti-Corruption
Laws and Anti-Money Laundering Laws. Each of the Loan Parties shall and shall cause their respective Subsidiaries to comply with
all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws.

 

ARTICLE VII.

NEGATIVE COVENANTS

 

So
long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied,
or any Letter of Credit shall remain outstandingUntil
payment in full of the Obligations in accordance with Section 1.02(d) hereof, no Loan Party shall, nor shall
it permit any Subsidiary to, directly or indirectly:

 

7.01           Liens.
Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter
acquired or sign or file or suffer to exist under the UCC, the PPSA or any similar Law or statute of any jurisdiction a financing
statement that names any Loan Party or any Subsidiary thereof as debtor; sign or suffer to exist any security agreement authorizing
any Person thereunder to file such financing statement; sell any of its property or assets subject to an understanding or agreement
(contingent or otherwise) to repurchase such property or assets with recourse to it or any of its Subsidiaries; or assign or otherwise
transfer any accounts or other rights to receive income, other than, as to all of the above, Permitted Encumbrances.

 

7.02           Investments.
Have outstanding, make, acquire or hold any Investment (or become contractually committed to do so), directly or indirectly, or
incur any liabilities (including contingent obligations) for or in connection with any Investment, except Permitted Investments.

 

7.03           Indebtedness;
Disqualified Stock. (a) Create, incur, assume, guarantee, suffer to exist or otherwise become or remain liable
with respect to, any Indebtedness, except Permitted Indebtedness; (b) issue Disqualified Stock, or (c) issue and sell
any other Equity Interests unless (i) such Equity Interests shall be issued solely by the Lead Borrower and not by a Subsidiary
of a Loan Party, (ii) such Equity Interests provide that all dividends and other Restricted Payments)
in respect thereof shall be made solely in additional shares of such Equity Interests, in lieu of cash, (iii) such Equity
Interests shall not be subject to redemption other than redemption at the option of the Loan Party issuing such Equity Interests
and in accordance with the limitations contained in this Agreement, and (iv) all Restricted Payments in respect of such Equity
Interests are expressly subordinated to the Obligations.

 

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7.04          Fundamental
Changes.

 

(i)            Merge,
amalgamate, dissolve, liquidate, wind up, consolidate with or into another Person, reorganize, enter into a proposal, plan of reorganization,
arrangement, recapitalization or reclassify its Equity Interests (or agree to do any of the foregoing); or

 

(ii)           suspend
or go out of a substantial portion of its or their business or any material line of business, except that, so long as no Default
shall have occurred and be continuing prior to or immediately after giving effect thereto or would result therefrom (including
in the case of an amalgamation involving a Canadian Loan Party that such amalgamation will not result in any Liens that are not
Permitted Encumbrances), any Subsidiary may merge, consolidate or amalgamate with (i) a Loan Party, provided
that the Loan Party shall be the continuing or surviving Person, or (ii) any one or more other Subsidiaries, provided
further that when any wholly-owned Subsidiary is merging with another Subsidiary, the wholly-owned Subsidiary shall be the
continuing or surviving Person.

 

7.05          Dispositions.
Make any Disposition or enter into any agreement to make any Disposition, except Permitted Dispositions.

 

7.06          Restricted
Payments. Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise)
to do so, except that, so long as no Default shall have occurred and be continuing prior to or immediately after giving effect
to any action described below or would result therefrom:

 

(i)            each
Subsidiary of a Loan Party may make Restricted Payments to any Loan Party (which may include intermediate Restricted Payments by
a Subsidiary of a Loan Party to a Subsidiary that is not a Loan Party so long as, reasonably contemporaneously therewith, such
Restricted Payments are further remitted to a Loan Party);

 

(ii)           the
Loan Parties and each Subsidiary may declare and make dividend payments or other distributions payable solely in the common stock
or other common Equity Interests of such Person;

 

(iii)          the
Lead Borrower may repurchase its capital stock in any transaction or series of related transactions which are part of a common
plan completed on or at any time within ninety (90) days after the commencement thereof (each, a “Stock Repurchase Transaction”)
so long as the Payment Conditions are satisfied;

 

(iv)          the
Loan Parties may issue and sell Equity Interests provided that (i) (A) with respect to any Equity Interests, all dividends
in respect of which are to be paid (and all other payments in respect of which are to be made) shall be in additional shares of
such Equity Interests, in lieu of cash, (B) such Equity Interests shall not be subject to redemption other than redemption
at the option of the Loan Party issuing such Equity Interests, and (C) all payments in respect of such Equity Interests are
expressly subordinated to the Obligations, and (ii) no Loan Party shall issue any additional Equity Interests in a Subsidiary;
and

 

(v)           the
Loan Parties may make other Restricted Payments if, on a pro forma basis after giving effect thereto, the Payment Conditions are
satisfied.

 

Notwithstanding
anything else set forth in this Section 7.06 to the contrary, no Borrower Intellectual Property or any asset included in the
determination of any Borrowing Base or any Term Borrowing Base shall be the subject of any Restricted Payment to any non-Loan Party
without the prior written consent of the Administrative Agent.

 

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7.07          Payments
and Prepayments of Indebtedness. Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity
thereof in any manner any Indebtedness, or make any payment in violation of any subordination terms of any Subordinated Indebtedness,
except:

 

(a)            (i) as
long as no Event of Default shall have occurred and be continuing or would arise therefrom, regularly scheduled or mandatory repayments
or redemptions of Permitted Indebtedness, (ii) refinancings
and refundings of suchother
than the Term Obligations),

 

(b)           regularly
scheduled payments of principal (including regularly scheduled redemptions in respect of amortization payments thereon), Mandatory
Term Loan Prepayments and all payments in respect of interest, fees, expenses, indemnities and other Term Loan Obligations (other
than principal) owing under the Term Documents (as in effect on the Second Amendment Effective Date or as amended in accordance
with the terms of the Intercreditor Agreement), in each case of this clause (b) as and when due under the Term Documents
(as in effect on the Second Amendment Effective Date or as amended in accordance with the terms of the Intercreditor Agreement),

 

(c)           Indebtedness
permitted pursuant to Section 7.03,
and (iiii)
as long as the Payment Conditions are satisfied, other repayments or prepayments of Permitted Indebtedness (including
voluntary prepayments of principal with respect to the Term Obligations) in an aggregate amount not to exceed $10,000,000.0025,000,000.00
in any Fiscal Year.,
and (ii) as long as the Adjusted Payment Conditions are satisfied, other repayments or prepayments of Permitted Indebtedness
(including voluntary prepayments of principal with respect to the Term Obligations) in an aggregate amount not to exceed $50,000,000.00
in any Fiscal Year, and

 

(d)           refinancings
and refundings of such Indebtedness
permitted pursuant to Section 7.03.

 

7.08          Change
in Nature of Business. Engage in any line of business substantially different from the business (or any business substantially
related or incidental thereto) conducted by the Loan Parties and their Subsidiaries on the Restatement Date.

 

7.09           Transactions
with Affiliates. Enter into, renew, extend or be a party to any transaction of any kind with any Affiliate of any Loan
Party, except for: (a) transactions that are on fair and reasonable terms, that are fully disclosed to the Administrative
Agent, and that are no less favorable to the Loan Parties than would be obtainable by the Loan Parties at the time in a comparable
arm’s length transaction with a Person other than an Affiliate; (b) transactions between the Lead Borrower and Services
Company in the ordinary course of business; (c) intercompany loans and advances or other intercompany Indebtedness permitted
pursuant to clauses (b), (c), and
(e), (i) and (j) of the definition of Permitted Indebtedness; and (d) intercompany
Investments permitted pursuant to clauses (g), (h), (i) and (m) of the definition of Permitted Investments.

 

7.10           Burdensome
Agreements. Enter into or permit to exist any Contractual Obligation (other than this Agreement, any other Loan Document,
the Term Credit Agreement, any other Term Document, or the New Headquarters Lease Guaranty) that (a) limits the
ability (i) of any Subsidiary to make Restricted Payments or other distributions to any Loan Party or to otherwise transfer
property to or invest in a Loan Party, (ii) of any Subsidiary to Guarantee the Obligations, (iii) of any Subsidiary to
make or repay loans to a Loan Party, or (iv) of the Loan Parties or any Subsidiary to create, incur, assume or suffer to exist
Liens on property of such Person in favor of the Collateral Agent; provided, however, that this clause (iv) shall
not prohibit any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under Section 7.01
solely to the extent any such negative pledge relates to the property financed by or the subject of such Indebtedness; or (b) requires
the grant of a Lien to secure an obligation of such Person if a Lien is granted to secure another obligation of such Person.

 

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7.11           Use
of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally
or ultimately, (a) to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing or carrying
any such Margin Stock or extending credit to others for the purpose of purchasing or carrying any such Margin Stock or for any
purpose that violates the provisions of Regulation T, U or X of the FRB; (b) to make any payments to a Sanctioned Entity or
a Sanctioned Person, to finance any investments in a Sanctioned Entity or a Sanctioned Person, to fund any investments, loans or
contributions in, or otherwise make such proceeds available to, a Sanctioned Entity or a Sanctioned Person, to fund any operations,
activities or business of a Sanctioned Entity or a Sanctioned Person, or in any other manner that would result in a violation of
Sanctions by any Person; (c) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving
of money, or anything else of value, to any Person in violation of any Sanctions, Anti-Corruption Laws or Anti-Money Laundering
Laws; or (d) for purposes other than those permitted under this Agreement.

 

7.12           Amendment
of Material Documents. Amend, modify or waive any of a Loan Party’s rights under (a) its Organization Documents
or, (b) other
than with respect to the Term Documents or the Term Obligations (as to which clause (c) below shall apply), any
Material Contract or Material Indebtedness (other than on account of any refinancingPermitted
Refinancing Indebtedness in respect thereof otherwise permitted hereunder),
in each case of clauses (a) and (b) to the extent
that such amendment, modification or waiver would result in a Default or Event of Default under any of the Loan Documents or otherwise
would be reasonably likely to have a Material Adverse Effect.,
or (c) amend, modify or waive any term, provision or condition of any Term Document or agreement in respect of any refinancing
of any Indebtedness under any Term Document, to the extent that such amendment, modification or waiver would not be permitted under
the Intercreditor Agreement absent the consent of the Administrative Agent.

 

7.13         Corporate
Name; Fiscal Year.

 

(i)            Change
the Fiscal Year of any Loan Party, or the accounting policies or reporting practices of the Loan Parties, except as required by
GAAP.

 

(ii)           Change
its name as it appears in official filings in the jurisdiction of its incorporation, formation or other organization (b) change
its chief executive office, registered office, principal place of business, corporate offices or warehouses or locations at which
any material portion of the Collateral is held or stored, or the location of its records concerning the Collateral, (c) change
the type of entity that it is, (d) change its organization identification number, if any, issued by its jurisdiction of incorporation,
formation or other organization, or (e) change its jurisdiction of incorporation, formation or organization, in each case
without at least thirty (30) days’ prior written notice to the Collateral Agent and after the Collateral Agent’s written
acknowledgment, which acknowledgment shall not be unreasonably withheld or delayed, that any reasonable action requested by the
Collateral Agent in connection therewith, including to continue the perfection of any Liens in favor of the Collateral Agent, on
any Collateral, has been completed or taken, and provided that any such new location of any U.S. Loan Party or Domestic
Subsidiary shall be in the continental United States and any such new location of any Canadian Loan Party or Canadian Subsidiary
shall be in Canada.

 

7.14            Blocked
Accounts; Credit Card Processors;
Term Loan Priority Accounts.

 

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(i)            Open
new Blocked Accounts unless the Loan Parties shall have delivered to the Collateral Agent appropriate Blocked Account Agreements
consistent with the provisions of Section 6.13 and otherwise satisfactory to the Collateral Agent.

 

(ii)           Enter
into new agreements with Credit Card Processors or Credit Card Issuers other than the ones expressly contemplated herein or in
Section 6.13 hereof unless the Loan Parties shall have delivered to the Collateral Agent true and complete copies of
such agreements and appropriate Credit Card Notifications consistent with the provisions of Section 6.13 and otherwise
satisfactory to the Collateral Agent.

 

(c)           Deposit,
or cause to be deposited, any funds into any Term Loan Priority Account other than proceeds of the Term Priority Collateral.

 

7.15          Consignments.
Consign any Inventory or sell any Inventory on bill and hold, sale or return, sale on approval, or other conditional terms of sale.

 

7.16          Antilayering.
The Loan Parties will not, and will not permit any of their Subsidiaries to, incur or in any fashion become or remain liable with
respect to any Indebtedness of the Loan Parties or any Subsidiary which, by its terms, is subordinated to any other Indebtedness
of such Loan Party or such Subsidiary and which is not expressly subordinated to the Obligations on terms satisfactory to the Administrative
Agent.

 

7.17          Consolidated
Fixed Charge Coverage Ratio. During the continuance of a Covenant Compliance Event, permit the Consolidated Fixed Charge
Coverage Ratio, calculated as of the last day of each monthFiscal
Month (commencing with the Fiscal Month most recently ended prior to the commencement of such Covenant Compliance Event for which
financial statements and a Compliance Certificate are required to have been delivered, and each Fiscal Month thereafter),
to be less than 1.00:1.00.

 

7.18           Foreign
Transfers. Permit the Loan Parties located within the United States and Canada to make intercompany
transfers outside the ordinary course of business to their Affiliates outside the United States or Canada unless Payment Conditions
are satisfied. Notwithstanding anything else set forth in this Section 7.18
or the definition of “Permitted Dispositions” to the contrary, no Borrower Intellectual Property or any asset included
in the determination of any Borrowing Base or any Term Borrowing Base shall be the subject of any intercompany transfer or other
Disposition to a non-Loan Party without the prior written consent of the Administrative Agent.

 

ARTICLE VIII.

EVENTS OF DEFAULT AND REMEDIES

 

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

 

(i)            Non-Payment.
The Borrowers or any other Loan Party fails to pay when and as required to be paid herein, (i) any amount of principal of
any Loan or any L/C Obligation, or deposit any funds as Cash Collateral in respect of L/C Obligations, or (ii) any interest
on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) any other amount payable hereunder or under any other
Loan Document; or

 

(ii)           Specific
Covenants.

 

(1)            Any
Loan Party fails to perform or observe any term, covenant or agreement contained in any of Sections 6.03, 6.05, 6.07,
6.10, 6.11, 6.12, 6.13 or,
6.14, 6.20(d) or Article VII of this Agreement
or in Section 5.01 of the Security Agreement, or in Section 5.01 of the Canadian Security
Agreement; or

 

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(2)            (x) Any
Loan Party fails to perform or observe any term, covenant or agreement contained in Section 6.02(c) of this Agreement
(other than as provided in the immediately succeeding clause (y))
and such failure continues for five (5) days; or,
or (y) any Loan Party fails to perform or observe any term, covenant or agreement contained in Section 6.02(c) of
this Agreement with respect to delivery of Borrowing Base Certificates and Term Loan Borrowing Base Certificates and related deliverables
on a weekly basis and such failure continues for one (1) Business Day; or

 

(3)            Any
Loan Party fails to perform or observe any term, covenant or agreement contained in any of Sections 6.01, 6.02(a) or
6.02(b) of this Agreement and such failure continues for fifteen (15) days; or

 

(iii)         Other
Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection (a) or
(b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30)
days; or

 

(iv)         Material
Impairment. Any material impairment of the prospect of repayment of any portion of the Obligations owing to the Credit Parties
or a material impairment of the value or priority of the Credit Parties’ security interests in the Collateral; or

 

(v)          Representations
and Warranties in the Credit Agreement. Any representation, warranty, certification or statement of fact made or deemed made
by or on behalf of any Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection
herewith or therewith (including, without limitation, any Borrowing Base Certificate or
any Term Loan Borrowing Base Certificate), or in completing any request for a Borrowing via the Portal, shall be incorrect
or misleading in any material respect when made or deemed made (or, with respect to any representation, warranty, certification,
or statement of fact qualified by materiality, incorrect or misleading in any respect); or

 

(vi)         Material
Indebtedness; Swap Contracts. (i) Any Loan Party or any Subsidiary thereof (A) fails to make any payment when due
(whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Material Indebtedness
(other than Indebtedness hereunder and Indebtedness under Swap Contracts) or Guarantee having an aggregate principal amount (including
undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement)
of more than $3,000,000, or (B) fails to observe or perform any other agreement or condition relating to any Material Indebtedness
(other than Indebtedness hereunder and Indebtedness under Swap Contracts) or Guarantee having an aggregate principal amount (including
undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement)
of more than $3,000,000, or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event
occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the
beneficiary or beneficiaries of such Guarantee (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 be demanded or to become due or to be repurchased, prepaid,
defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be
made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or
(ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any
event of default under such Swap Contract as to which a Loan Party or any Subsidiary thereof is the Defaulting Party (as defined
in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which a Loan Party or any
Subsidiary thereof is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by the Loan Party
or such Subsidiary as a result thereof is greater than $3,000,000; or

 

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(vii)        Insolvency
Proceedings, Etc. Any Loan Party or any of its Subsidiaries institutes or consents to the institution of or declares its intention
to institute any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or
consents to the appointment of any receiver, interim receiver, monitor, trustee, custodian, conservator, liquidator, rehabilitator
or similar officer for it or for all or any material part of its property; or a proceeding shall be commenced or a petition filed,
without the application or consent of such Person, seeking or requesting the appointment of any receiver, interim receiver, monitor,
trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed and the appointment continues undischarged,
undismissed or unstayed for 45 calendar days (provided, however, that, during the pendency of such period, the Credit
Parties shall be relieved of their obligation to extend credit hereunder), or an order or decree approving or ordering any of the
foregoing shall be entered; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material
portion of its property is instituted without the consent of such Person and continues undismissed or unstayed for 45 calendar
days (provided, however, that, during the pendency of such period, the Credit Parties shall be relieved of their
obligation to extend credit hereunder), or an order for relief is entered in any such proceeding; or

 

(viii)        Inability
to Pay Debts; Attachment. (i) Any Loan Party or any Subsidiary thereof becomes unable or admits in writing its inability
or fails generally to pay its debts as they become due in the ordinary course of business, or (ii) any writ or warrant of
attachment or execution or similar process is issued or levied against all or any material portion of the property of any such
Person; or

 

(ix)          Judgments.
(i) There is entered against any Loan Party or any Subsidiary thereof one or more judgments or orders for the payment of money
in an aggregate amount (as to all such judgments and orders) exceeding $3,000,000 (to the extent not covered by independent third-party
insurance as to which the insurer is rated at least “A” by A.M. Best Company, has been notified of the potential
claim and does not dispute coverage) which become Liens or encumbrances upon any material portion of any Borrower’s properties
or assets, and all such judgments or orders shall not have been vacated, discharged, stayed or bonded pending appeal within 30
days from the entry thereof, or (ii) an action or proceeding is brought against any Borrower which is reasonably likely to
be decided adversely to such Borrower, and such adverse decision would materially impair the prospect of repayment of the Obligations
or materially impair the value or priority of the Credit Parties’ security interests in the Collateral; or

 

(x)           Liens.
A notice of Lien, levy, or assessment is filed of record with respect to any of any Loan Party’s properties or assets by
the United States Government, the Government of Canada, or any department, agency, or instrumentality thereof, or by any state,
province, county, municipal, or governmental agency, or any taxes or debts owing at any time hereafter to any one or more of such
entities becomes a Lien, whether choate or otherwise, upon any of any Loan Party’s properties or assets and the same is not
paid on the payment date thereof; or

 

(xi)          ERISA.
(i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected
to result in liability of any Loan Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an
aggregate amount in excess of $3,000,000 or which would reasonably likely result in a Material Adverse Effect, or (ii) a Loan
Party or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment
with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in
excess of $100,000 or which would reasonably likely result in a Material Adverse Effect; or

 

(xii)         Invalidity
of Loan Documents. (i)  Any provision of any Loan Document, at any time after its execution and delivery and for any reason
other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full
force and effect; or any Loan Party or any other Person contests in any manner the validity or enforceability of any provision
of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision of any Loan
Document, or purports to revoke, terminate or rescind any provision of any Loan Document or seeks to avoid, limit or otherwise
adversely affect any Lien purported to be created under any Security Document; or (ii) any Lien purported to be created under
any Security Document shall cease to be (except as permitted pursuant to the terms hereof or thereof), or shall be asserted by
any Loan Party or any other Person not to be, a valid and perfected Lien on any Collateral, with the priority required by the applicable
Security Document; or

 

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(xiii)        Change
of Control. There occurs any Change of Control; or

 

(xiv)        Cessation
of Business. Except as otherwise expressly permitted hereunder, any Loan Party shall take any action to (i) suspend the
operation of all or a material portion of its business in the ordinary course, (ii) suspend the payment of any material obligations
in the ordinary course or suspend the performance under Material Contracts in the ordinary course, (iii) solicit proposals
for the liquidation of, or undertake to liquidate, all or a material portion of its assets or Store locations, or (iv) solicit
proposals for the employment of, or employ, an agent or other third party to conduct a program of closings, liquidations, or “Going-Out-Of-Business”
sales of any material portion of its business; or

 

(xv)         Loss
of Collateral or Material Intellectual Property. There occurs
(i) any uninsured loss to any material portion of the
Collateral, or (ii) any loss or material impairment of continuing
efficacy or utility in respect of any Material Intellectual Property; or

 

(xvi)        Indictment.
The indictment or institution of any legal process or proceeding against, any Loan Party or any Subsidiary thereof, under any federal,
state, provincial, municipal, and other criminal statute, rule, regulation, order, or other requirement having the force of law
for a felony; or

 

(xvii)       Guaranty.
The termination or attempted termination of any Facility Guaranty (other than as expressly permitted hereunder); or

 

(xviii)      Breach
of Contractual Obligation. Any Loan Party or any Subsidiary thereof fails to make any payment when due (whether by scheduled
maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Material Contract or fails to observe or perform
any other agreement or condition relating to any such Material Contract or contained in any instrument or agreement evidencing,
securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the
counterparty to such Material Contract to terminate such Material Contract; provided that any event contemplated by this
subsection (r) shall only constitute an Event of Default if the counterparty to such Material Contract has commenced enforcement
action (including, without limitation, to terminate such Material Contract) against such Loan Party or Subsidiary for such failure
or breach under such Material Contract; or

 

(xix)         Subordination;
Intercreditor. (i)  The subordination provisions of the documents evidencing or governing any Subordinated Indebtedness
(the “Subordination Provisions”) shall, in whole or in part, terminate, cease to be effective or cease to be
legally valid, binding and enforceable against any holder of the applicable Subordinated Indebtedness; or
(ii) any Borrower or any other Loan Party shall, directly or indirectly, (A) make any payment on account
of any Subordinated Indebtedness that has been contractually subordinated in right of payment to the payment of the Obligations,
except to the extent that such payment is permitted by the terms of the Subordination Provisions applicable to such Subordinated
Indebtedness or (B) disavow or contest in any manner (x) the effectiveness, validity or enforceability of any of the
Subordination Provisions or the Intercreditor Provisions (as defined
below), (y) that the Subordination Provisions and the
Intercreditor Provisions exist for the benefit of the Credit Parties, or (z) that all payments of principal of
or premium and interest on the applicable Subordinated Indebtedness, or realized from the liquidation of any property of any Loan
Party, shall be subject to any of the Subordination Provisions. or
the Intercreditor Provisions, as applicable; or (iii) the Intercreditor Agreement or any provision thereof (the “Intercreditor
Provisions”) shall, in whole or in part, terminate, cease to be effective or cease to be legally valid and binding on, or
enforceable against, any Loan Party, the Term Agent or any holder of the Term Obligations (or any Loan Party, the Term Agent or
any such holder shall so state in writing); or (iv) any provision of the Intercreditor Agreement shall, at any time after
the delivery of such Intercreditor Agreement, fail to be legally valid, binding or enforceable.

 

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8.02          Remedies
Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent may, or, at the request
of the Required Lenders shall, take any or all of the following actions:

 

(i)            declare
the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated,
whereupon such commitments and obligation shall be terminated;

 

(ii)           declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice
of any kind, all of which are hereby expressly waived by the Loan Parties;

 

(iii)          require
that the Loan Parties Cash Collateralize the L/C Obligations; and

 

(iv)          whether
or not the maturity of the Obligations shall have been accelerated pursuant hereto, may (and at the direction of the Required Lenders,
shall) proceed to protect, enforce and exercise all rights and remedies of the Credit Parties under this Agreement, any of the
other Loan Documents or applicable Law, including, but not limited to, by suit in equity, action at law or other appropriate proceeding,
whether for the specific performance of any covenant or agreement contained in this Agreement and the other Loan Documents or any
instrument pursuant to which the Obligations are evidenced, and, if such amount shall have become due, by declaration or otherwise,
proceed to enforce the payment thereof or any other legal or equitable right of the Credit Parties;

 

provided,
however, upon the occurrence of any Event of Default with respect to any Loan Party or any Subsidiary thereof under Section 8.01(g),
the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically
terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically
become due and payable, and the obligation of the Loan Parties to Cash Collateralize the L/C Obligations as aforesaid shall automatically
become effective, in each case without further act of the Administrative Agent or any Lender.

 

No remedy herein is
intended to be exclusive of any other remedy and each and every remedy shall be cumulative and shall be in addition to every other
remedy given hereunder or now or hereafter existing at law or in equity or by statute or any other provision of Law.

 

Each of the Lenders
agrees that it shall not, unless specifically requested to do so in writing by the Administrative Agent, take or cause to be taken
any action, including, the commencement of any legal or equitable proceedings to enforce any Loan Document against any Loan Party
or to foreclose any Lien on, or otherwise enforce any security interest in, or other rights to, any of the Collateral.

 

8.03          Application
of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically
become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth
in the proviso to Section 8.02), any amounts received on account of the Obligations shall be applied by the Administrative
Agent in the following order:

 

First,
to payment of that portion of the Obligations (excluding the Other Liabilities) constituting fees, indemnities, Credit Party Expenses
and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and the Collateral Agent and
amounts payable under Article III) payable to the Administrative Agent and the Collateral Agent, each in its capacity
as such;

 

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Second,
to payment of that portion of the Obligations (excluding the Other Liabilities) constituting indemnities, Credit Party Expenses,
and other amounts (other than principal, interest and fees) payable to the Lenders and the L/C Issuer (including fees, charges
and disbursements of counsel to the respective Lenders and the L/C Issuer and amounts payable under Article III), ratably
among them in proportion to the amounts described in this clause Second payable to them;

 

Third,
to the extent not previously reimbursed by the Lenders, to payment to the Lenders of that portion of the Obligations constituting
principal and accrued and unpaid interest on any Permitted Overadvances, ratably among the Lenders in proportion to the amounts
described in this clause Third payable to them;

 

Fourth,
to the extent that Swing Line Loans have not been refinanced by a Committed Loan, payment to the Swing Line Lender of that portion
of the Obligations constituting accrued and unpaid interest on the Swing Line Loans;

 

Fifth,
to payment of that portion of the Obligations constituting accrued and unpaid interest on the Committed Loans and other Obligations,
and fees (including Letter of Credit Fees), ratably among the Lenders and the L/C Issuer in proportion to the respective amounts
described in this clause Fifth payable to them;

 

Sixth,
to the extent that Swing Line Loans have not been refinanced by a Committed Loan, to payment to the Swing Line Lender of that portion
of the Obligations constituting unpaid principal of the Swing Line Loans;

 

Seventh,
to payment of that portion of the Obligations constituting unpaid principal of the Committed Loans, ratably among the Lenders in
proportion to the respective amounts described in this clause Seventh held by them;

 

Eighth,
to the Administrative Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised
of the aggregate undrawn amount of Letters of Credit;

 

Ninth,
to payment of all other Obligations (including, without limitation, the cash collateralization of unliquidated indemnification
obligations as provided in Section 10.04, but excluding any Other Liabilities), ratably among the Credit Parties in
proportion to the respective amounts described in this clause Ninth held by them;

 

Tenth,
to payment of that portion of the Obligations arising from Cash Management Services to the extent secured under the Security Documents,
ratably among the Credit Parties in proportion to the respective amounts described in this clause Tenth held by them;

 

Eleventh,
to payment of all other Obligations arising from Bank Products to the extent secured under the Security Documents, ratably among
the Credit Parties in proportion to the respective amounts described in this clause Eleventh held by them; and

 

Last,
the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Loan Parties or as otherwise required
by Law.

 

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Subject to Section 2.03(c),
amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Eighth above shall
be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral
after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations,
if any, in the order set forth above.

 

ARTICLE IX.

ADMINISTRATIVE AND COLLATERAL AGENT

 

9.01          Appointment
and Authority.

 

(i)            Each
of the Lenders (in its capacities as a Lender), Swing Line Lender and the L/C Issuer hereby irrevocably appoints Wells Fargo Bank
to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative
Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms
hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are
solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and no Loan Party or any Subsidiary thereof
shall have rights as a third party beneficiary of any of such provisions.

 

(ii)           Each
of the Lenders (in its capacities as a Lender), Swing Line Lender and the L/C Issuer hereby irrevocably appoints Wells Fargo Bank
as Collateral Agent and authorizes the Collateral Agent to act as the agent of such Lender and the L/C Issuer for purposes of acquiring,
holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together
with such powers and discretion as are reasonably incidental thereto. In this connection, the Collateral Agent, as “collateral
agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Collateral Agent pursuant to Section 9.05
for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents,
or for exercising any rights and remedies thereunder at the direction of the Collateral Agent), shall be entitled to the benefits
of all provisions of this Article IX and Article X (including Section 10.04(b)), as though
such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents, as if set forth
in full herein with respect thereto.

 

(iii)          In
addition, and without limiting any of the foregoing, in its capacity as each
of the Credit Parties hereby irrevocably appoints and authorizes the Collateral Agent, for the purposes of holding any
hypothec granted pursuant to the laws of the Province of Quebec, each of the Credit Parties
hereby irrevocably appoints and authorizes the Collateral Agent andand,
to the extent necessary, ratifies the appointment and authorization of the Collateral Agent, to act as the hypothecary representative
of the applicable Credit Parties as contemplated under(within
the meaning of Article 2692 of the Civil Code of Quebec)
for the Credit Parties, and to enter into, to take and to hold on their behalf, and for their benefit, any hypothec
as security for any of the Obligations, and to exercise such
powers and duties that are conferred upon the Collateral Agent in its
capacity as hypothecary representative under any related deed of hypothec. The Collateral Agent in
its capacity as hypothecary representative shall have the sole and exclusive right and authority to exercise, except
as may be otherwise specifically restricted by the terms hereof, all rights and remedies given to the Collateral Agent pursuant
to any such deed of hypothec and applicable Law. Any personPerson
who becomes a Credit Party shall, by its execution of an Assignment and Assumption,
be deemed to have consented to and confirmed the Collateral Agent as the personPerson
acting as hypothecary representative for the Credit Parties
holding the aforesaid hypothecs as aforesaid and to have ratified, as of the date it becomes a
Credit Party, all actions taken by the Collateral Agent in such capacity.
The Collateral Agent acting in its capacity as hypothecary representative shall have the same rights, powers, immunities, indemnities
and exclusions from liability as are prescribed in favor of the Collateral Agent in this Agreement, which shall apply mutatis
mutandis. The substitution of the Collateral Agent pursuant to the provisions of this Article IX also constitute
the substitution of the Collateral Agent as hypothecary representative as aforesaid. Each
such successor Collateral Agent appointed in accordance with the terms of this Agreement shall automatically (and without any further
formality or action) become the successor hypothecary representative for the purposes of each deed of hypothec that was executed
prior to the time of the appointment of such successor Collateral Agent.

 

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9.02          Rights
as a Lender. The Persons serving as the Agents hereunder shall have the same rights and powers in their capacity as
a Lender as any other Lender and may exercise the same as though they were not the Administrative Agent or the Collateral 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 or the Collateral Agent hereunder in its individual capacity.
Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity
for and generally engage in any kind of business with the Loan Parties or any Subsidiary or other Affiliate thereof as if such
Person were not the Administrative Agent or the Collateral Agent hereunder and without any duty to account therefor to the Lenders.

 

9.03          Exculpatory
Provisions. The Agents shall not have any duties or obligations except those expressly set forth herein and in the other
Loan Documents. Without limiting the generality of the foregoing, the Agents:

 

(i)            shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(ii)           shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent or the Collateral Agent, as applicable,
is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall
be expressly provided for herein or in the other Loan Documents), provided that no Agent shall be required to take any action
that, in its respective opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Loan
Document or applicable law; and

 

(iii)          shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for
the failure to disclose, any information relating to the Loan Parties or any of its Affiliates that is communicated to or obtained
by the Person serving as the Administrative Agent, the Collateral Agent or any of its Affiliates in any capacity.

 

No Agent shall 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 such Agent shall believe in good faith shall be necessary, under the circumstances
as provided in Sections 10.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct
as determined by a final and non-appealable judgment of a court of competent jurisdiction. The Agents shall not be deemed to have
knowledge of any Default unless and until notice describing such Default is given to such Agent by the Loan Parties, a Lender or
the L/C Issuer. Upon the occurrence of a Default or Event of Default, the Agents shall take such action with respect to such Default
or Event of Default as shall be reasonably directed by the Required Lenders. Unless and until the Agents shall have received such
direction, any Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to
any such Default or Event of Default as it shall deem advisable in the best interest of the Credit Parties. In no event shall the
Agents be required to comply with any such directions to the extent that any Agent believes that its compliance with such directions
would be unlawful.

 

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The Agents shall not
be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or
in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or 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 Loan Document or any other agreement, instrument
or document or the creation, perfection or priority of any Lien purported to be created by the Security Documents, (v) the
value or the sufficiency of any Collateral, or (vi) 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 Agents.

 

9.04            Reliance
by Agents. Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice,
request, certificate, consent, statement, instrument, document or other writing (including, but not limited to, any electronic
message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed,
sent or otherwise authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone
and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must
be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent may presume that such condition is satisfactory
to such Lender or the L/C Issuer unless the Administrative Agent shall have received written notice to the contrary from such Lender
or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. Each Agent may consult with legal
counsel (who may be counsel for any Loan Party), 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.

 

9.05            Delegation
of Duties. Each Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any
other Loan Document by or through any one or more sub-agents appointed by such Agent. Each 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 Agents 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 such Agent.

 

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9.06            Resignation
of Agents. Either Agent may at any time give written notice of its resignation to the Lenders, the L/C Issuer and the
Lead Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with
the Lead Borrower, 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 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may
on behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent or Collateral Agent, as applicable, meeting
the qualifications set forth above; provided that if the Administrative Agent or the Collateral Agent shall notify the Lead
Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become
effective in accordance with such notice and (1) the retiring Agent shall be discharged from its duties and obligations hereunder
and under the other Loan Documents (except that in the case of any Collateral held by the Collateral Agent on behalf of the Lenders
or the L/C Issuer under any of the Loan Documents, the retiring Collateral Agent shall continue to hold such collateral security
until such time as a successor Collateral Agent is appointed) and (2) all payments, communications and determinations provided
to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the L/C Issuer directly, until
such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance
of a successor’s appointment as Administrative Agent or Collateral Agent, as applicable, hereunder, such successor shall
succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Agent, and the
retiring Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already
discharged therefrom as provided above in this Section). 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 Lead Borrower and such successor. After
the retiring Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04
shall continue in effect for the benefit of such retiring 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 Agent was acting as Administrative Agent or Collateral
Agent hereunder.

 

Any resignation by
Wells Fargo Bank as Administrative Agent pursuant to this Section shall also constitute the resignation of Wells Fargo Bank
as Swing Line Lender and Wells Fargo Bank as L/C Issuer. Upon the acceptance of a successor’s appointment as Administrative
Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties
of the retiring L/C Issuer and Swing Line Lender, (b) the retiring L/C Issuer and Swing Line Lender shall be discharged from
all of its duties and obligations hereunder or under the other Loan Documents, and (c) the successor L/C Issuer 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 L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters
of Credit.

 

9.07            Non-Reliance
on Administrative Agent and Other Lenders. Each Lender and the L/C Issuer acknowledges that it has, independently and
without reliance upon the Agents 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 L/C Issuer
also acknowledges that it will, independently and without reliance upon the Agents 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 Loan Document or any related agreement or any document
furnished hereunder or thereunder. Except as provided in Section 9.11, the Agents shall not have any duty or responsibility
to provide any Credit Party with any other credit or other information concerning the affairs, financial condition or business
of any Loan Party that may come into the possession of the Agents.

 

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9.08           Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other
judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or
L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the
Administrative Agent shall have made any demand on the Loan Parties) shall be entitled and empowered, by intervention in such proceeding
or otherwise:

 

(i)            to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders, the L/C Issuer, the Administrative Agent and the other Credit Parties (including any claim for
the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer, the Administrative Agent, such
Credit Parties and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer the Administrative
Agent and such Credit Parties under Sections 2.03(l), 2.03(m), 2.09 and 10.04) allowed in such judicial
proceeding; and

 

(ii)           to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
and the L/C Issuer to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making
of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable
compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts
due the Administrative Agent under Sections 2.09 and 10.04.

 

Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or
the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any
Lender or the L/C Issuer or to authorize the Administrative Agent to vote in respect of the claim of any Lender or the L/C Issuer
in any such proceeding.

 

9.09            Collateral
and Guaranty Matters. The Credit Parties irrevocably authorize the Agents, at their option and in their discretion,

 

(i)            to
release any Lien on any property granted to or held by the Collateral Agent under any Loan Document (i) upon termination of
the Aggregate Commitments and payment in full of all Obligations (other than contingent indemnification obligations for which no
claim has been asserted) and the expiration, termination or Cash Collateralization of all Letters of Credit, (ii) that is
sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Loan Document or,
with respect to Term Priority Collateral, as to which the Agents are required to release such Lien pursuant to the Intercreditor
Agreement, or (iii) if approved, authorized or ratified in writing by the Required Lenders in accordance with Section 10.01;

 

(ii)           to
subordinate any Lien on any property granted to or held by the Collateral Agent under any Loan Document to the holder of any Lien
on such property that is permitted by clause (h) of the definition of Permitted Encumbrances; and

 

(c)           to
subordinate any Lien on Collateral other than ABL Priority Collateral to the Term Agent, in accordance with the Intercreditor Agreement;
and

 

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(d)            (c) to
release any Guarantor from its obligations under the Facility Guaranty if such Person ceases to be a Subsidiary as a result of
a transaction permitted hereunder.;
provided that if such Person is, or continues to be, an obligor with respect to the Term Obligations (whether as a borrower or
a guarantor thereunder), the Agents shall not release any such Person from its obligations under the Facility Guaranty unless
and until such Person is no longer an obligor with respect to the Term Obligations.

 

Upon request by any Agent at any time,
the Required Lenders will confirm in writing such Agent’s authority to release or subordinate its interest in particular
types or items of property, or to release any Guarantor from its obligations under the Facility Guaranty pursuant to this Section 9.09.
In each case as specified in this Section 9.09, the Agents will, at the Loan Parties’ expense, execute and deliver
to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral
from the assignment and security interest granted under the Security Documents or to subordinate its interest in such item, or
to release such Guarantor from its obligations under the Facility Guaranty, in each case in accordance with the terms of the Loan
Documents and this Section 9.09.

 

Notwithstanding the
provisions of this Section 9.09, the Collateral Agent shall be authorized, without the consent of any Lender and without
the requirement that an asset sale consisting of the sale, transfer or other disposition having occurred, to release any security
interest in any building, structure or improvement located in an area determined by the Federal Emergency Management Agency to
have special flood hazards.40

 

Notwithstanding
anything to the contrary, the Agents shall not be obligated to release their Liens on any Collateral until Net Proceeds of such
Collateral have been received as required by this Agreement.

 

9.10            Notice
of Transfer. The Agents may deem and treat a Lender party to this Agreement as the owner of such Lender’s portion
of the Obligations for all purposes, unless and until, and except to the extent, an Assignment and AcceptanceAssumption
shall have become effective as set forth in Section 10.06.

 

9.11           Reports
and Financial Statements. By signing this Agreement, each Lender:

 

(i)            agrees
to furnish the Administrative Agent on the first day of each month (and, after the occurrence and during the continuance of a Cash
Dominion Event, at such frequency as the Administrative Agent may reasonably request) with a summary of all Other Liabilities due
or to become due to such Lender. In connection with any distributions to be made hereunder, the Administrative Agent shall be entitled
to assume that no amounts are due to any Lender on account of Other Liabilities unless the Administrative Agent has received written
notice thereof from such Lender;

 

(ii)           is
deemed to have requested that the Administrative Agent furnish such Lender, promptly after they become available, copies of all
financial statements and,
Borrowing Base Certificates and Term Loan Borrowing Base Certificates required to be delivered by the Lead Borrower
hereunder and all commercial finance examinations and appraisals of the Collateral received by the Agents (collectively, the “Reports”);

 

 

40 First Amendment

 

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(iii)           expressly
agrees and acknowledges that the Administrative Agent makes no representation or warranty as to the accuracy of the Reports, and
shall not be liable for any information contained in any Report;

 

(iv)           expressly
agrees and acknowledges that the Reports are not comprehensive audits or examinations, that the Agents or any other party performing
any audit or examination will inspect only specific information regarding the Loan Parties and will rely significantly upon the
Loan Parties’ books and records, as well as on representations of the Loan Parties’ personnel;

 

(v)            agrees
to keep all Reports confidential in accordance with the provisions of Section 10.07 hereof; and

 

(vi)           without
limiting the generality of any other indemnification provision contained in this Agreement, agrees: (i) to hold the Agents
and any such other Lender preparing a Report harmless from any action the indemnifying Lender may take or conclusion the indemnifying
Lender may reach or draw from any Report in connection with any Credit Extensions that the indemnifying Lender has made or may
make to the Borrowers, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of, a Loan
or Loans; and (ii) to pay and protect, and indemnify, defend, and hold the Agents and any such other Lender preparing a Report
harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including attorney costs)
incurred by the Agents and any such other Lender preparing a Report as the direct or indirect result of any third parties who might
obtain all or part of any Report through the indemnifying Lender.

 

9.12            Agency
for Perfection. Each Lender hereby appoints each other Lender as agent for the purpose of perfecting Liens for the benefit
of the Agents and the Lenders, in assets which, in accordance with Article 9 of the UCC, the PPSA or any other applicable
Law of the United States or Canada can be perfected only by possession. Should any Lender (other than the Agents) obtain possession
of any such Collateral, such Lender shall notify the Agents thereof, and, promptly upon the Collateral Agent’s request therefor
shall deliver such Collateral to the Collateral Agent or otherwise deal with such Collateral in accordance with the Collateral
Agent’s instructions.

 

9.13           Indemnification
of Agents. Without limiting the obligations of the Loan Parties hereunder, the Lenders hereby agree to indemnify the
Agents, the L/C Issuer and any Related Party, as the case may be, ratably according to their Applicable Percentages, from and against
any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of
any kind or nature whatsoever that may be imposed on, incurred by, or asserted against any Agent, the L/C Issuer and their Related
Parties in any way relating to or arising out of this Agreement or any other Loan Document or any action taken or omitted to be
taken by any Agent, the L/C Issuer and their Related Parties in connection therewith; provided, that no Lender shall be liable
for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting from the Agent’s, the L/C Issuer’s and their Related Parties’ gross negligence or willful misconduct
as determined by a final and nonappealable judgment of a court of competent jurisdiction.

 

9.14            Relation
among Lenders. The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions
of, or (except as otherwise set forth herein in case of the Agents) authorized to act for, any other Lender.

 

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9.15            Defaulting
Lenders. (i) Notwithstanding the provisions of Section 2.14 hereof, the Administrative Agent shall
not be obligated to transfer to a Defaulting Lender any payments made by the Borrowers to the Administrative Agent for the Defaulting
Lender’s benefit or any proceeds of Collateral that would otherwise be remitted hereunder to the Defaulting Lender, and,
in the absence of such transfer to the Defaulting Lender, the Administrative Agent shall transfer any such payments (i) first,
to the Swing Line Lender to the extent of any Swing Line Loans that were made by the Swing Line Lender and that were required to
be, but were not, paid by the Defaulting Lender, (ii) second, to the L/C Issuer, to the extent of the portion of a Letter
of Credit Disbursement that was required to be, but was not, paid by the Defaulting Lender, (iii) third, to each Non-Defaulting
Lender ratably in accordance with its Commitments (but, in each case, only to the extent that such Defaulting Lender’s portion
of a Loan (or other funding obligation) was funded by such Non-Defaulting Lender), (iv) to the Cash Collateral Account, the
proceeds of which shall be retained by the Administrative Agent and may be made available to be re-advanced to or for the benefit
of the Borrowers (upon the request of the Lead Borrower and subject to the conditions set forth in Section 4.02) as
if such Defaulting Lender had made its portion of the Loans (or other funding obligations) hereunder, and (v) from and after
the date on which all other Obligations have been paid in full, to such Defaulting Lender. Subject to the foregoing, the Administrative
Agent may hold and, in its discretion, re-lend to the Borrowers for the account of such Defaulting Lender the amount of all such
payments received and retained by the Administrative Agent for the account of such Defaulting Lender. Solely for the purposes of
voting or consenting to matters with respect to the Loan Documents (including the calculation of Applicable Percentages in connection
therewith) and for the purpose of calculating the fee payable under Section 2.09(a), such Defaulting Lender shall be
deemed not to be a “Lender” and such Lender’s Commitment shall be deemed to be zero; provided, that the
foregoing shall not apply to any of the matters governed by Section 10.01(a) through (c). The provisions
of this Section 9.15 shall remain effective with respect to such Defaulting Lender until the earlier of (y) the
date on which all of the Non-Defaulting Lenders, the Administrative Agent, the L/C Issuer, and the Borrowers shall have waived,
in writing, the application of this Section 9.15 to such Defaulting Lender, or (z) the date on which such Defaulting
Lender pays to the Administrative Agent all amounts owing by such Defaulting Lender in respect of the amounts that it was obligated
to fund hereunder, and, if requested by the Administrative Agent, provides adequate assurance of its ability to perform its future
obligations hereunder (on which earlier date, so long as no Event of Default has occurred and is continuing, any remaining cash
collateral held by the Administrative Agent pursuant to Section 9.15(b) shall be released to the Borrowers). The
operation of this Section 9.15 shall not be construed to increase or otherwise affect the Commitment of any Lender,
to relieve or excuse the performance by such Defaulting Lender or any other Lender of its duties and obligations hereunder, or
to relieve or excuse the performance by any Borrower of its duties and obligations hereunder to the Administrative Agent, the L/C
Issuer, the Swing Line Lender, or to the Lenders other than such Defaulting Lender. Any failure by a Defaulting Lender to fund
amounts that it was obligated to fund hereunder shall constitute a material breach by such Defaulting Lender of this Agreement
and shall entitle the Borrowers, at their option, upon written notice to the Administrative Agent, to arrange for a substitute
Lender to assume the Commitment of such Defaulting Lender, such substitute Lender to be reasonably acceptable to the Administrative
Agent. In connection with the arrangement of such a substitute Lender, the Defaulting Lender shall have no right to refuse to be
replaced hereunder, and agrees to execute and deliver a completed form of Assignment and Assumption in favor of the substitute
Lender (and agrees that it shall be deemed to have executed and delivered such document if it fails to do so) subject only to being
paid its share of the outstanding Obligations (other than any Other Liabilities, but including (1) all interest, fees (except
any Commitment Fees or Letter of Credit Fees not due to such Defaulting Lender in accordance with the terms of this Agreement),
and other amounts that may be due and payable in respect thereof, and (2) an assumption of its Applicable Percentage of its
participation in the Letters of Credit); provided, that any such assumption of the Commitment of such Defaulting Lender
shall not be deemed to constitute a waiver of any of the Credit Parties’ or the Loan Parties’ rights or remedies against
any such Defaulting Lender arising out of or in relation to such failure to fund. In the event of a direct conflict between the
priority provisions of this Section 9.15 and any other provision contained in this Agreement or any other Loan Document,
it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible,
to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the
terms and provisions of this Section 9.15 shall control and govern.

 

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(ii)          If
any Swing Line Loan or Letter of Credit is outstanding at the time that a Lender becomes a Defaulting Lender then:

 

(1)            such
Defaulting Lender’s participation interest in any Swing Line Loan or Letter of Credit shall be reallocated among the Non-Defaulting
Lenders in accordance with their respective Applicable Percentages but only to the extent (x) the Outstanding Amount sum of
all Non-Defaulting Lenders’ Credit Extensions after giving effect to such reallocation does not exceed the total of all Non-Defaulting
Lenders’ Commitments and (y) the conditions set forth in Section 4.02 are satisfied at such time;

 

(2)            if
the reallocation described in clause (b)(i) above cannot, or can only partially, be effected, the Borrowers shall within one
Business Day following notice by the Administrative Agent (x) first, prepay such Defaulting Lender’s participation in
any outstanding Swing Line Loans (after giving effect to any partial reallocation pursuant to clause (b)(i) above) and (y) second,
cash collateralize such Defaulting Lender’s participation in Letters of Credit (after giving effect to any partial reallocation
pursuant to clause (b)(i) above), pursuant to a cash collateral agreement to be entered into in form and substance reasonably
satisfactory to the Administrative Agent, for so long as such L/C Obligations are outstanding; provided, that the Borrowers
shall not be obligated to cash collateralize any Defaulting Lender’s participations in Letters of Credit if such Defaulting
Lender is also the L/C Issuer;

 

(3)            if
the Borrowers cash collateralize any portion of such Defaulting Lender’s participation in Letters of Credit Exposure pursuant
to this Section 9.15(b), the Borrowers shall not be required to pay any Letter of Credit Fees to the Administrative
Agent for the account of such Defaulting Lender pursuant to Section 2.03 with respect to such cash collateralized portion
of such Defaulting Lender’s participation in Letters of Credit during the period such participation is cash collateralized;

 

(4)            to
the extent the participation by any Non-Defaulting Lender in the Letters of Credit is reallocated pursuant to this Section 9.15(b),
then the Letter of Credit Fees payable to the Non-Defaulting Lenders pursuant to Section 2.03 shall be adjusted in
accordance with such reallocation;

 

(5)            to
the extent any Defaulting Lender’s participation in Letters of Credit is neither cash collateralized nor reallocated pursuant
to this Section 9.15(b), then, without prejudice to any rights or remedies of the L/C Issuer or any Lender hereunder,
all Letter of Credit Fees that would have otherwise been payable to such Defaulting Lender under Section 2.03 with
respect to such portion of such participation shall instead be payable to the L/C Issuer until such portion of such Defaulting
Lender’s participation is cash collateralized or reallocated;

 

(6)            so
long as any Lender is a Defaulting Lender, the Swing Line Lender shall not be required to make any Swing Line Loan and the L/C
Issuer shall not be required to issue, amend, or increase any Letter of Credit, in each case, to the extent (x) the Defaulting
Lender’s Applicable Percentage of such Swing Line Loans or Letter of Credit cannot be reallocated pursuant to this Section 9.15(b) or
(y) the Swing Line Lender or the L/C Issuer, as applicable, has not otherwise entered into arrangements reasonably satisfactory
to the Swing Line Lender or the L/C Issuer, as applicable, and the Borrowers to eliminate the Swing Line Lender’s or L/C
Issuer’s risk with respect to the Defaulting Lender’s participation in Swing Line Loans or Letters of Credit; and

 

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(7)            The
Administrative Agent may release any cash collateral provided by the Borrowers pursuant to this Section 9.15(b) to
the L/C Issuer and the L/C Issuer may apply any such cash collateral (i) to the payment of such Defaulting Lender’s
Applicable Percentage of any Letter of Credit Disbursement that is not reimbursed by the Borrowers pursuant to Section 2.03
or (ii) to the funding of such Defaulting Lender’s Applicable Percentage of any Committed Loan deemed made pursuant
to Section 2.03(d), as applicable. Subject to Section 10.24, 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.

 

9.16            Providers.
Each provider of Bank Products or Cash Management Services (each, a “Provider”) in its capacity as such shall
be deemed a third party beneficiary hereof and of the provisions of the other Loan Documents for purposes of any reference in a
Loan Document to the parties for whom the Agents are acting. Each Agent hereby agrees to act as agent for such Providers and, by
virtue of entering into an agreement in respect of Bank Products or Cash Management Services (each, a “Specified Agreement”),
the applicable Provider automatically shall be deemed to have appointed each Agent as its agent and to have accepted the benefits
of the Loan Documents. It is understood and agreed that the rights and benefits of each Provider under the Loan Documents consist
exclusively of such Provider’s being a beneficiary of the Liens and security interests (and, if applicable, guarantees) granted
to the Collateral Agent and the right to share in payments and collections out of the Collateral as more fully set forth herein.
In addition, each Provider, by virtue of entering into a Specified Agreement, automatically shall be deemed to have agreed that
the Administrative Agent shall have the right, but shall have no obligation, to establish, maintain, relax, or release Bank Products
Reserves and reserves in respect of Cash Management Services and that if reserves are established there is no obligation on the
part of the Agent to determine or insure whether the amount of any such reserve is appropriate or not. The Administrative Agent
shall have no obligation to calculate the amount due and payable with respect to any Other Liabilities, but may rely upon a written
notice from the applicable Provider provided pursuant to Section 9.11(a). In the absence of an updated written notice,
the Administrative Agent shall be entitled to assume that the amount due and payable to the applicable Provider is the amount last
certified to the Administrative Agent by such Provider as being due and payable (less any distributions made to such Provider on
account thereof). The Borrowers may obtain Bank Products or Cash Management Services from any Provider, although Borrowers are
not required to do so. Each Borrower acknowledges and agrees that no Provider has committed to provide any Bank Products or Cash
Management Services and that any provision of any Bank Products or Cash Management Services by any Provider is in the sole and
absolute discretion of such Provider.

 

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ARTICLE X.

MISCELLANEOUS

 

10.01            Amendments,
Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no Consent to
any departure by any Loan Party therefrom, shall be effective unless in writing signed by the Administrative Agent, with the Consent
of the Required Lenders, and the Lead Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative
Agent, and each such waiver or Consent shall be effective only in the specific instance and for the specific purpose for which
given; provided, however, that no such amendment, waiver or consent shall:

 

(i)            extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without
the written Consent of such Lender;

 

(ii)           as
to any Lender, postpone any date fixed by this Agreement or any other Loan Document for (i) any scheduled payment (including
the Maturity Date) or mandatory prepayment of principal, interest, fees or other amounts due hereunder or under any of the other
Loan Documents without the written Consent of such Lender entitled to such payment, or (ii) any scheduled or mandatory reduction
or termination of the Aggregate Commitments, U.S. Commitments or Canadian Commitments hereunder or under any other Loan Document
without the written Consent of such Lender;

 

(iii)          as
to any Lender, reduce the principal of, or the rate of interest specified herein on, any Loan held by such Lender, or (subject
to clause (iv) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under
any other Loan Document to or for the account of such Lender, without the written Consent of each Lender entitled to such amount;
provided, however, that only the Consent of the Required Lenders shall be necessary to amend the definition of “Default Rate”
or to waive any obligation of the Borrowers to pay interest or Letter of Credit Fees at the Default Rate;

 

(iv)          as
to any Lender, change Section 2.13 or Section 8.03 in a manner that would alter the pro rata sharing of
payments required thereby without the written Consent of such Lender;

 

(v)           change
any provision of this Section or the definition of “Required Lenders”, or any other provision hereof specifying
the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination
or grant any consent hereunder, without the written Consent of each Lender;

 

(vi)          except
as expressly permitted hereunder or under any other Loan Document, release, or limit the liability of, any Loan Party without the
written Consent of each Lender;

 

(vii)         except
as provided in Section 2.15, increase the Aggregate Commitments without the written Consent of each Lender;

 

(viii)        except
for Permitted Dispositions, release all or substantially all of the Collateral from the Liens of the Security Documents without
the written Consent of each Lender;

 

(ix)           change
the definition of the terms “Borrowing Base”, “U.S. Borrowing Base” or “Canadian Borrowing Base”
or any component definition of any of the foregoing if as a result thereof the amounts available to be borrowed by the Borrowers
would be increased without the written Consent of each Lender, provided that the foregoing shall not limit the discretion
of the Administrative Agent to change, establish or eliminate any Reserves;

 

(x)            modify
the definition of Permitted Overadvance so as to increase the amount thereof or, except as provided in such definition, the time
period which a Permitted Overadvance may remain outstanding without the written Consent of each Lender; and

 

(xi)           except
as expressly permitted herein or in any other Loan Document, subordinate the Obligations hereunder or the Liens granted hereunder
or under the other Loan Documents, to any other Indebtedness or Lien, as the case may be without the written Consent of each Lender;

 

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and, provided further, that (i) no
amendment, waiver or Consent shall, unless in writing and signed by the L/C Issuer in addition to the Lenders required above, affect
the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to
be issued by it; (ii) no amendment, waiver or Consent shall, unless in writing and signed by the Swing Line Lender in addition
to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; (iii) no amendment,
waiver or Consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect
the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; (iv) no amendment, waiver
or Consent shall, unless in writing and signed by the Collateral Agent in addition to the Lenders required above, affect the rights
or duties of the Collateral Agent under this Agreement or any other Loan Document; and (v) the
Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.;
and (vi)  no Consent is required to effect any amendment or supplement to the Intercreditor Agreement, (A) that is solely
for the purpose of adding holders of Indebtedness incurred or issued pursuant to a Permitted Refinancing Indebtedness of the Term
Credit Agreement (or any agent or trustee of such holders) as parties thereto, as contemplated by the terms of the Intercreditor
Agreement and permitted under clause (i) of the definition of Permitted Indebtedness (it being understood that any such amendment
or supplement may make such other changes to the Intercreditor Agreement as, in the good faith determination of the Administrative
Agent, as required to effectuate the foregoing and provided that such other changes are not adverse to the interests of the Lenders)
or (B) that is expressly contemplated by the Intercreditor Agreement with respect to a Permitted Refinancing Indebtedness
of the Term Credit Agreement permitted under clause (i) of the definition of Permitted Indebtedness (or the comparable provisions,
if any, of any successor intercreditor agreement with respect to a Permitted Refinancing Indebtedness of the Term Credit Agreement
permitted under clause (i) of the definition of Permitted Indebtedness); provided further that no such agreement or supplement
shall, pursuant to this clause (vi), amend, modify or otherwise effect the rights or duties of any Agent hereunder or under any
other Loan Document without the prior written consent of such Agent.

 

Notwithstanding anything
to the contrary herein, (i) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or Consent
hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender, and (ii) no
provider or holder of any Bank Products or Cash Management Services shall have any voting or approval rights hereunder (or be deemed
a Lender) solely by virtue of its status as the provider or holder of such agreements or products or the Obligations owing thereunder,
nor shall the consent of any such provider or holder be required (other than in their capacities as Lenders, to the extent applicable)
for any matter hereunder or under any of the other Loan Documents, including as to any matter relating to the Collateral or the
release of Collateral or any Loan Party.

 

If any Lender (other
than Wells Fargo) does not Consent (a “Non-Consenting Lender”) to a proposed amendment, waiver, consent
or release with respect to any Loan Document that requires the Consent of each Lender and that has been approved by the Required
Lenders, the Lead Borrower may replace such Non-Consenting Lender in accordance with Section 10.13; provided
that such amendment, waiver, consent or release can be effected as a result of the assignment contemplated by such Section (together
with all other such assignments required by the Lead Borrower to be made pursuant to this paragraph).

 

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10.02           Notices;
Effectiveness; Electronic Communications.

 

(i)           Notices
Generally. Except as provided in subsection (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:

 

(1)            if
to the Loan Parties, the Agents, the L/C Issuer or the Swing Line Lender, to the address, telecopier number or electronic mail
address specified for such Person on Schedule 10.02; and

 

(2)            if
to any other Lender, to the address, telecopier number or electronic mail address specified in its Administrative Questionnaire.

 

Notices sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by 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 subsection (b) below, shall be effective as provided in such subsection (b).

 

(ii)          Electronic
Communications. Notices and other communications to the Loan Parties, the Lenders and the L/C Issuer hereunder may be delivered
or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by
the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or the L/C Issuer pursuant
to Article II if such Lender or the L/C Issuer, 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 Lead Borrower may, in
its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures
approved by it, provided that approval of such procedures may be limited to particular notices or communications.

 

Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication
is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at
the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet
or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described
in the foregoing clause (i) of notification that such notice or communication is available and identifying the website
address therefor.

 

(iii)         The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW)
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING
ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES
OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall
any Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Loan Party,
any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind, including direct
or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising
out of the Loan Parties’ or any Agent’s transmission of Borrower Materials or any other communications through the
Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent
jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Agent
Party; provided, however, that in no event shall any Agent Party have any liability to any Loan Party, any Lender, the L/C
Issuer or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual
damages).

 

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(iv)          Change
of Address, Etc. Each of the Loan Parties, the Agents, the L/C Issuer and the Swing Line Lender may change its address or telecopier
for notices and other communications hereunder, or, solely with respect to communications, may change its telephone number, by
notice to the other parties hereto. Each other Lender may change its address or telecopier number for notices and other communications
hereunder by notice to the Lead Borrower, the Agents, the L/C Issuer and the Swing Line Lender. In addition, each Lender agrees
to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective
address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications
may be sent and (ii) accurate wire instructions for such Lender.

 

(v)           Reliance
by Agents, L/C Issuer and Lenders. The Agents, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices
(including, without limitation, all Requests for Credit Extensions) purportedly given by or on behalf of the Loan Parties even
if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other
form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.
The Loan Parties shall indemnify the Agents, the L/C Issuer, each Lender and the Related Parties of each of them from all losses,
costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of
the Loan Parties (including, without limitation, pursuant to any Requests for Credit Extensions). All telephonic notices to and
other telephonic communications with the Agents may be recorded by the Agents, and each of the parties hereto hereby consents to
such recording.

 

10.03           No
Waiver; Cumulative Remedies. No failure by any Credit Party to exercise, and no delay by any such Person in exercising,
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 or under any other Loan Document preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges provided herein and
in the other Loan Documents are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. Without
limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver
of any Default, regardless of whether any Credit Party may have had notice or knowledge of such Default at the time.

 

10.04           Expenses;
Indemnity; Damage Waiver.

 

(i)            Costs
and Expenses. The Borrowers shall pay all Credit Party Expenses.

 

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(ii)           Indemnification
by the Loan Parties. The Loan Parties shall indemnify the Agents (and any sub-agent thereof), each other Credit Party, and
each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against,
and hold each Indemnitee harmless (on an after tax basis) from, any and all losses, claims, causes of action, damages, liabilities,
settlement payments, costs, and related expenses (including the reasonable fees, charges and disbursements of any counsel for any
Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrowers or any other
Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other
Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective
obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or, in the case of
the Agents (and any sub-agents thereof) and their Related Parties only, the administration of this Agreement and the other Loan
Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by
the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand
do not strictly comply with the terms of such Letter of Credit), any bank advising or confirming a Letter of Credit or any other
nominated person with respect to a Letter of Credit seeking to be reimbursed or indemnified or compensated, and any third party
seeking to enforce the rights of a Borrower, beneficiary, nominated person, transferee, assignee of Letter of Credit proceeds,
or holder of an instrument or document related to any Letter of Credit), (iii) any actual or alleged presence or release of
Hazardous Materials on or from any property owned or operated by any Loan Party or any of its Subsidiaries, or any Environmental
Liability related in any way to any Loan Party or any of its Subsidiaries, (iv) any claims of, or amounts paid by any Credit
Party to, a Blocked Account Bank or other Person which has entered into a control agreement with any Credit Party hereunder, or
(v) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based
on contract, tort or any other theory, whether brought by a third party or by any Borrower or any other Loan Party or any of the
Loan Parties’ directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto, in all cases,
whether or not caused by or arising, in whole or in part, out of the comparative, contributory or sole negligence of the Indemnitee;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment
to have resulted from the gross negligence or willful misconduct of such Indemnitee or any of its Related Parties or (y) result
from a claim brought by a Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s
obligations hereunder or under any other Loan Document, if the Borrowers or such Loan Party has obtained a final and nonappealable
judgment in its favor on such claim as determined by a court of competent jurisdiction.

 

(iii)          Reimbursement
by Lenders. Without limiting their obligations under Section 9.14 hereof, to the extent that the Loan Parties for
any reason fail to indefeasibly pay any amount required under subsection (a) or (b) of this Section to
be paid by it, each Lender severally agrees to pay to the Agents (or any such sub-agent), the L/C Issuer or such Related Party,
as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense
or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against the Agents (or any such sub-agent)
or the L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Agents (or any such
sub-agent) or L/C Issuer in connection with such capacity. The obligations of the Lenders under this subsection (c) are
subject to the provisions of Section 2.12(d).

 

(iv)          Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, the Loan Parties shall not assert, and hereby
waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as
opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document
or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit
or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended recipients
of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct
of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction.

 

(v)           Payments.
All amounts due under this Section shall be payable not later than ten Business Days after demand therefor.

 

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(vi)          Survival.
The agreements in this Section shall survive the resignation of any Agent and the L/C Issuer, the assignment of any Commitment
or Loan by any Lender, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction
or discharge of all the other Obligations.

 

10.05           Payments
Set Aside. To the extent that any payment by or on behalf of the Loan Parties is made to any Credit Party, or any Credit
Party exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Credit
Party in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor
Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be
satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred,
and (b) each Lender and the L/C Issuer severally agrees to pay to the Agents upon demand its Applicable Percentage (without
duplication) of any amount so recovered from or repaid by the Agents, plus interest thereon from the date of such demand to the
date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the
Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full of the Obligations
and the termination of this Agreement.

 

10.06           Successors
and Assigns.

 

(i)            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 assigns permitted hereby, except that no Loan Party may assign or otherwise transfer any of
its rights or obligations hereunder or under any other Loan Document 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
Eligible Assignee in accordance with the provisions of Section 10.06(b), (ii) by way of participation in accordance
with the provisions of subsection Section 10.06(d), or (iii) by way of pledge or assignment of a security interest
subject to the restrictions of Section 10.06(f) (and any other attempted assignment or transfer by any party hereto
shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than
the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection
(d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Credit Parties)
any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(ii)           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(s) and the Loans (including for purposes of this Section 10.06(b),
participations in L/C Obligations and Swing Line Loans) at the time owing to it); provided that any such assignment shall
be subject to the following conditions:

 

(1)           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 in the case of an assignment to a Lender or an Affiliate or branch of a Lender or an Approved Fund with respect to a Lender,
no minimum amount need be assigned; and

 

(B)            in
any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the 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 unless the Administrative Agent consents (such consent not to be unreasonably
withheld or delayed); provided, however, that concurrent assignments to members of an Assignee Group and concurrent
assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee
Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met;

 

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(2)           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 Loans or the Commitments assigned, except that this clause (ii) shall
not apply to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans;

 

(3)           Required
Consents. The following consents shall be required for the assignments described below in this Section 10.06(b)(iii):

 

(A)           the
consent of the Lead Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event
of Default has occurred and is continuing at the time of such assignment, (2) such assignment is in connection with any merger,
amalgamation, consolidation, sale, transfer or other disposition of all or any substantial portion of the business or loan portfolio
of the assigning Lender, or (3) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; and

 

(B)            the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required unless (1) such
assignment is in connection with any merger, amalgamation, consolidation, sale, transfer or other disposition of all or any substantial
portion of the business or loan portfolio of the assigning Lender, or (2) such assignment is to a Lender, an Affiliate of
a Lender or an Approved Fund;

 

(C)            the
consent of the L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any assignment that increases
the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding);
and

 

(D)            the
consent of the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment
in respect of the assignment of any Commitment;

 

(4)           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 $5,000; provided, however, that 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 shall
not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; and

 

(5)           Proportional
Assignments. In the case of an assignment or transfer by a U.S. Lender of its U.S. Commitment (or portion thereof) there is
a corresponding assignment or transfer by the related Canadian Lender (which may, in certain circumstances, be the same institution)
to the relevant assignee (or Affiliate or branch thereof, or which may, in certain circumstances, be the same institution) of an
amount which bears the same proportion to the related Canadian Commitment as the amount assigned or transferred by the U.S. Lender
bears to the U.S. Lender’s Commitment, and vice versa in the case of an assignment or transfer by a Canadian Lender.

 

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Subject to acceptance and recording
thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified
in each Assignment and Assumption, the Eligible 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 3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring
prior to the effective date of such assignment. Upon request, the Borrowers (at their expense) shall execute and deliver a Note
to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights
and obligations in accordance with Section 10.06(d).

 

(iii)          Register.
The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Administrative Agent’s
Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of
the Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations 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 Loan Parties, 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 Lead Borrower and any Lender at any reasonable time and from time to time
upon reasonable prior notice.

 

(iv)          Participations.
Any Lender may at any time, with the written consent of the Administrative Agent (such consent not to be unreasonably withheld
or delayed) and, unless an Event of Default has occurred and is continuing, the Lead Borrower (such consent not to be unreasonably
withheld or delayed), sell participations to any Person (other than a natural person or the Loan Parties or any of the Loan Parties’
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 (including such Lender’s
participations in L/C Obligations and/or Swing Line 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 Loan Parties, the Agents, the Lenders and the L/C Issuer shall continue
to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.
Any Participant shall agree in writing to comply with all confidentiality obligations set forth in Section 10.07 as
if such Participant was a Lender hereunder.

 

Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or
other modification described in the first proviso to Section 10.01 that affects such Participant. Subject to subsection
(e) of this Section, the Loan Parties agree that each Participant shall be entitled to the benefits of Sections 3.01,
3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10.06(b).
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though
it were a Lender, provided that such Participant agrees to be subject to Section 2.13 as though it were a Lender.

 

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(v)           Limitations
upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01
or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Lead Borrower’s prior written consent. A Participant
that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the
Lead Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Loan
Parties, to comply with Section 3.01(e) as though it were a Lender.

 

(vi)          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
(including under its Note, if any) 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.

 

(vii)         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.

 

(viii)        Resignation
as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding anything to the contrary contained herein, if at any time
any Lender acting as L/C Issuer and/or Swing Line Lender assigns all of its Commitment and Loans pursuant to subsection (b) above,
(i) such Lender shall, upon 30 days’ notice to the Lead Borrower and the Lenders, resign as L/C Issuer, if applicable,
and/or (ii) such Lender shall, upon 30 days’ notice to the Lead Borrower, resign as Swing Line Lender, if applicable.
In the event of any such resignation as L/C Issuer or Swing Line Lender, the Lead Borrower shall be entitled to appoint from among
the Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Lead
Borrower to appoint any such successor shall affect the resignation of such Lender as L/C Issuer and/or Swing Line Lender, as the
case may be. If any Lender resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer
hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C
Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans pursuant to Section 2.03(e)).
If any Lender resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with
respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require
the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c).
Upon the appointment of a successor L/C Issuer and/or Swing Line Lender, (a) such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and
(b) the successor L/C Issuer 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 resigning L/C Issuer to effectively assume the obligations
of the resigning L/C Issuer with respect to such Letters of Credit.

 

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10.07            Treatment
of Certain Information; Confidentiality. Each of the Credit Parties 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 representatives in connection with, or as a result of, the performance
by such Credit Party or its Affiliates of their respective obligations under this Agreement or any other Loan Document or any agreement
or instrument contemplated hereby or thereby or the consummation of the transactions contemplated hereby or thereby, or, in the
case of the Agents (and any sub-agents thereof) and their Related Parties only, the administration of this Agreement and the other
Loan Documents (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 or under any other Loan
Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder
or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement
or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any Loan
Party and its obligations, (g) with the consent of the Lead Borrower or (h) 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 any Credit Party or
any of their respective Affiliates on a non-confidential basis from a source other than the Loan Parties.

 

For purposes of this
Section, “Information” means all information received from the Loan Parties or any Subsidiary thereof relating
to the Loan Parties or any Subsidiary thereof or their respective businesses, other than any such information that is available
to any Credit Party on a non-confidential basis prior to disclosure by the Loan Parties or any Subsidiary thereof. 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.

 

Each of the Credit
Parties acknowledges that (a) the Information may include material non-public information concerning the Loan Parties or a
Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information
and (c) it will handle such material non-public information in accordance with applicable Law, including Federal and state
securities Laws.

 

10.08            Right
of Setoff. If an Event of Default shall have occurred and be continuing or if any Lender shall have been served with
a trustee process or similar attachment relating to property of a Loan Party, each Lender, the L/C Issuer and each of their respective
Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative
Agent or the Required Lenders, 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 L/C Issuer or any such Affiliate to or for the credit or the account of the Borrowers or
any other Loan Party against any and all of the Obligations now or hereafter existing under this Agreement or any other Loan Document
to such Lender or the L/C Issuer, regardless of the adequacy of the Collateral, and irrespective of whether or not such Lender
or the L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of the
Borrowers or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender or the L/C Issuer
different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender, the L/C
Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights
of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer (through the
Administrative Agent) agrees to notify the Lead Borrower and the Administrative Agent promptly after any such setoff and application,
provided that the failure to give such notice shall not affect the validity of such setoff and application.

 

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10.09            Interest
Rate Limitation.

 

(i)            Notwithstanding
anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall
not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the
Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall
be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers. In determining whether
the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person
may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or
premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate,
and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

 

(ii)           In
no event shall the aggregate “interest” (as defined in Section 347 of the Criminal Code (Canada), as the same
shall be amended, replaced or re-enacted from time to time (the “Criminal Code Section”))
payable (whether by way of payment, collection or demand) by any Loan Party to the Administrative Agent or the Lenders under this
Agreement or any other Loan Document exceed the effective annual rate of interest on the “credit advanced” (as defined
in that section) under this Agreement or such other Loan Document lawfully permitted under that section and, if any payment, collection
or demand pursuant to this Agreement or any other Loan Document in respect of “interest” (as defined in that section)
is determined to be contrary to the provisions of that section, such payment, collection or demand shall be deemed to have been
made by the mutual mistake of the Administrative Agent, the Lenders and such Loan Party, with such “interest” deemed
to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so
prohibited by the Criminal Code Section, to result in a receipt by the Administrative Agent and the Lenders of interest at a rate
not in contravention of the Criminal Code Section, such adjustment to be effected, to the extent necessary, as follows: firstly,
by reducing the amounts or rates of interest required to be paid to the Administrative Agent and the Lenders; and then, by reducing
any fees, charges, commissions, premiums, expenses and other amounts required to be paid to the Administrative Agent or the Lenders
which would constitute “interest” under the Criminal Code Section. Notwithstanding the foregoing, and after giving
effect to all such adjustments, if the Administrative Agent or the Lenders shall have received an amount in excess of the maximum
permitted by the Criminal Code Section, then the applicable Canadian Loan Party shall be entitled, by notice in writing to the
Administrative Agent, to obtain reimbursement from the Administrative Agent and the Lenders in an amount equal to such excess.

 

(iii)          Any
provision of this Agreement or any other Loan Document that would oblige any Loan Party to pay any fine, penalty or rate of interest
on any arrears of principal or interest secured by a mortgage on real property, in each case, in Canada, that has the effect of
increasing the charge on arrears beyond the rate of interest payable on principal money not in arrears shall not apply to such
Loan Party, who shall be required to pay interest on money in arrears at the same rate of interest payable on principal money not
in arrears.

 

10.10            Counterparts;
Integration; Effectiveness.

 

(i)            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. This Agreement and the other Loan Documents
constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements
and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.104.01,
this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative
Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy, pdf or other electronic transmission
shall be as effective as delivery of a manually executed counterpart of this Agreement.

 

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(ii)            Without
limiting the provisions of clause (a) above, this Agreement and any notices delivered under this Agreement, may be executed
by means of (a) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce
Act, state enactments of the Uniform Electronic Transactions Act, or any other relevant and applicable electronic signatures law;
(b) an original manual signature; or (c) a faxed, scanned, or photocopied manual signature. Each electronic signature
or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility
in evidence as an original manual signature. The Administrative Agent reserves the right, in its sole discretion, to accept, deny,
or condition acceptance of any electronic signature on this Agreement or on any notice delivered to the Administrative Agent under
this Agreement.

 

10.11           Survival.
All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or
thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations
and warranties have been or will be relied upon by the Credit Parties, regardless of any investigation made by any Credit Party
or on their behalf and notwithstanding that any Credit Party may have had notice or knowledge of any Default at the time of any
Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain
unpaid or unsatisfied or any Letter of Credit shall remain outstanding. Further, the provisions of Sections 3.01, 3.04,
3.05 and 10.05 and Article IX shall survive and remain in full force and effect regardless of the repayment
of the Obligations, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement
or any provision hereof. In connection with the termination of this Agreement and the release and termination of the security interests
in the Collateral, the Agents may require such indemnities and collateral security as they shall reasonably deem necessary or appropriate
to protect the Credit Parties against (x) loss on account of credits previously applied to the Obligations that may subsequently
be reversed or revoked, (y) any obligations that may thereafter arise with respect to the Other Liabilities, and (z) any
Obligations that may thereafter arise under Section 10.04.

 

10.12            Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

10.13          Replacement
of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrowers are required to
pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01,
or if any Lender is a Defaulting Lender or a Non-Consenting Lender (other
than Wells Fargo), 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, without recourse (in accordance with and subject to the restrictions contained
in, and consents required by, Section 10.06), all of its interests, rights and obligations under this Agreement and
the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender
accepts such assignment), provided that:

 

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(i)            the
Borrowers shall have paid to the Administrative Agent the assignment fee specified in Section 10.06(b);

 

(ii)           such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued
fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05)
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 3.04 or payments required to
be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;
and

 

(iv)          such
assignment does not conflict with applicable Laws.

 

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.

 

10.14           Governing
Law; Jurisdiction; Etc.

 

(i)            GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(ii)           SUBMISSION
TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY
AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH
NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO
AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS
BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT
ANY RIGHT THAT ANY CREDIT PARTY HERETO MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(iii)          WAIVER
OF VENUE. EACH LOAN 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 LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE LOAN PARTIES HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE
OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

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(iv)          SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.

 

(v)           ACTIONS
COMMENCED BY LOAN PARTIES. EACH LOAN PARTY AGREES THAT ANY ACTION COMMENCED BY ANY LOAN PARTY ASSERTING ANY CLAIM OR COUNTERCLAIM
ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT SHALL BE BROUGHT SOLELY IN A COURT OF THE STATE OF
NEW YORK SITTING IN NEW YORK COUNTY OR ANY FEDERAL COURT SITTING THEREIN AS THE ADMINISTRATIVE AGENT MAY ELECT IN ITS SOLE
DISCRETION AND CONSENTS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS WITH RESPECT TO ANY SUCH ACTION.

 

10.15            Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN 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 LOAN DOCUMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

1016            No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby, the Loan
Parties each acknowledge and agree that: (i) 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
Loan Document) are an arm’s-length commercial transaction between the Loan Parties, on the one hand, and the Credit Parties,
on the other hand, and each of the Loan Parties is capable of evaluating and understanding and understands and accepts the terms,
risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or
other modification hereof or thereof); (ii) in connection with the process leading to such transaction, the each Credit Party
is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Loan Parties or any
of their respective Affiliates, stockholders, creditors or employees or any other Person; (iii) none of the Credit Parties
has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Loan Parties with respect to any of
the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification
hereof or of any other Loan Document (irrespective of whether any of the Credit Parties has advised or is currently advising any
Loan Party or any of its Affiliates on other matters) and none of the Credit Parties has any obligation to any Loan Party or any
of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and
in the other Loan Documents; (iv) the Credit Parties and their respective Affiliates may be engaged in a broad range of transactions
that involve interests that differ from those of the Loan Parties and their respective Affiliates, and none of the Credit Parties
has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the
Credit Parties have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the
transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and
each of the Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate.
Each of the Loan Parties hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against
each of the Credit Parties with respect to any breach or alleged breach of agency or fiduciary duty.

 

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10.17            Patriot
Act and Canadian AML Legislation Notice. Each Lender that is subject to the requirements of the Patriot Act and/or the
Canadian AML Legislation hereby notifies the Loan Parties that pursuant to the requirements of the Patriot Act and/or the Canadian
AML Legislation, as applicable, it is required to obtain, verify and record information that identifies each Loan Party, which
information includes the name and address of each Loan Party and other information that will allow such Lender to identify each
Loan Party in accordance with the Patriot Act and/or the Canadian AML Legislation, as applicable. In addition, each Agent and each
Lender shall have the right to periodically conduct due diligence (including, without limitation, in respect of information and
documentation as may reasonably be requested by such Agent or such Lender from time to time for purposes of compliance by such
Agent or such Lender with applicable Laws (including, without limitation, the Patriot Act, the Canadian AML Legislation and other
 “know your customer” and Anti-Money Laundering Laws), and any policy or procedure implemented by thesuch
Agent or such Lender to comply therewith) on all Loan Parties, their senior management and key principals and legal and beneficial
owners. Each Loan Party agrees to cooperate in respect of the conduct of such due diligence and further agrees that the reasonable
costs and charges for any such due diligence by the Agents shall constitute Credit Party Expenses hereunder and be for the account
of the Borrowers. If the Administrative Agent has ascertained the identity of any Canadian Loan Party or any authorized signatories
of any Canadian Loan Party for the purposes of the Canadian AML Legislation, then the Administrative Agent:

 

(i)            shall
be deemed to have done so as an agent for each Revolving Lender and this Agreement
shall constitute a “written agreement” in such regard between each Revolving Lender
and the Administrative Agent within the meaning of the applicable Canadian AML Legislation; and

 

(ii)           shall
provide to each Revolving Lender, copies of all information obtained in such regard
without any representation or warranty as to its accuracy or completeness.

 

Notwithstanding the preceding sentence
and except as may otherwise be agreed in writing, each Revolving Lender agrees
that the Administrative Agent has no obligation to ascertain the identity of any Canadian Loan Party or any authorized signatories
of a Canadian Loan Party on behalf of any Revolving Lender, or to confirm the
completeness or accuracy of any information it obtains from any Canadian Loan Party or any such authorized signatory in doing so.

 

10.18            Time
of the Essence. Time is of the essence of the Loan Documents.

 

    173

     

    

 

10.19            Press
Releases. Each Credit Party executing this Agreement agrees that neither it nor its Affiliates will in the future issue
any press releases or other public disclosure using the name of Administrative Agent or its Affiliates or referring to this Agreement
or the other Loan Documents without at least two (2) Business Days’ prior notice to Administrative Agent and without
the prior written consent of Administrative Agent unless (and only to the extent that) such Credit Party or Affiliate is required
to do so under applicable Law and then, in any event, such Credit Party or Affiliate will consult with Administrative Agent before
issuing such press release or other public disclosure. Each Loan Party consents to the publication by Administrative Agent, any
Lender or their respective representatives of advertising material, including any “tombstone,” press release or comparable
advertising, on its website or in other marketing materials of the Administrative Agent, relating to the financing transactions
contemplated by this Agreement using any Loan Party’s name, product photographs, logo, trademark or other insignia. Administrative
Agent or such Lender shall provide a draft reasonably in advance of any advertising material, “tomb stone” or press
release to the Lead Borrower for review and comment prior to the publication thereof. Administrative Agent reserves the right to
provide to industry trade organizations and loan syndication and pricing reporting services information necessary and customary
for inclusion in league table measurements.

 

10.20            Additional
Waivers.

 

(i)            The
Obligations are the joint and several obligation of each Loan Party. To the fullest extent permitted by applicable Law, the obligations
of each Loan Party shall not be affected by (i) the failure of any Credit Party to assert any claim or demand or to enforce
or exercise any right or remedy against any other Loan Party under the provisions of this Agreement, any other Loan Document or
otherwise, (ii) any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of,
this Agreement or any other Loan Document, or (iii) the failure to perfect any security interest in, or the release of, any
of the Collateral or other security held by or on behalf of the Collateral Agent or any other Credit Party.

 

(ii)           The
obligations of each Loan Party shall not be subject to any reduction, limitation, impairment or termination for any reason (other
than the indefeasible payment in full in cash
of the Obligations after the termination of the Commitmentsin
accordance with Section 1.02(d)), including any claim of waiver, release, surrender, alteration or compromise of
any of the Obligations, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by
reason of the invalidity, illegality or unenforceability of any of the Obligations or otherwise. Without limiting the generality
of the foregoing, the obligations of each Loan Party hereunder shall not be discharged or impaired or otherwise affected by the
failure of any Agent or any other Credit Party to assert any claim or demand or to enforce any remedy under this Agreement, any
other Loan Document or any other agreement, by any waiver or modification of any provision of any thereof, any default, failure
or delay, willful or otherwise, in the performance of any of the Obligations, or by any other act or omission that may or might
in any manner or to any extent vary the risk of any Loan Party or that would otherwise operate as a discharge of any Loan Party
as a matter of law or equity (other than the indefeasible payment in full in
cash of all the Obligations after
the termination of the Commitmentsin accordance with
Section 1.02(d)).

 

(iii)          To
the fullest extent permitted by applicable Law, each Loan Party waives any defense based on or arising out of any defense of any
other Loan Party or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause
of the liability of any other Loan Party, other than the indefeasible payment
in full in cash of all the Obligations
and the termination of the Commitmentsin
accordance with Section 1.02(d). After the occurrence and during the continuance of an Event of Default, the Collateral
Agent and the other Credit Parties may, at their election, foreclose on any security held by one or more of them by one or more
judicial or nonjudicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part
of the Obligations, make any other accommodation with any other Loan Party, or exercise any other right or remedy available to
them against any other Loan Party, without affecting or impairing in any way the liability of any Loan Party hereunder except to
the extent that all the Obligations have been indefeasibly paid in full in cash
and the Commitments have been terminatedaccordance with
Section 1.02(d). Each Loan Party waives any defense arising out of any such election even though such election
operates, pursuant to applicable Law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy
of such Loan Party against any other Loan Party, as the case may be, or any security.

 

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(iv)          Each
Borrower is obligated to repay the Obligations as joint and several obligors under this Agreement. Upon payment by any Loan Party
of any Obligations, all rights of such Loan Party against any other Loan Party arising as a result thereof by way of right of subrogation,
contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the
prior indefeasible payment in full in cash of
all the Obligations and the date that the Commitments
have been terminatedin accordance with Section 1.02(d).
In addition, any indebtedness of any Loan Party now or hereafter held by any other Loan Party is hereby subordinated in right of
payment to the prior indefeasible payment in full of the Obligations and no Loan Party will demand, sue for or otherwise attempt
to collect any such indebtedness. If any amount shall erroneously be paid to any Loan Party on account of (i) such subrogation,
contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of any Loan Party, such amount shall
be held in trust for the benefit of the Credit Parties and shall forthwith be paid to the Administrative Agent to be credited against
the payment of the Obligations, whether matured or unmatured, in accordance with the terms of this Agreement and the other Loan
Documents. Subject to the foregoing, to the extent that any Borrower shall, under this Agreement as a joint and several obligor,
repay any of the Obligations constituting Revolving Loans made to another Borrower
hereunder or other Obligations incurred directly and primarily by any other Borrower (an “Accommodation Payment”),
then the Borrower making such Accommodation Payment shall be entitled to contribution and indemnification from, and be reimbursed
by, each of the other Borrowers in an amount, for each of such other Borrowers, equal to a fraction of such Accommodation Payment,
the numerator of which fraction is such other Borrower’s Allocable Amount and the denominator of which is the sum of the
Allocable Amounts of all of the Borrowers. As of any date of determination, the “Allocable Amount” of each Borrower
shall be equal to the maximum amount of liability for Accommodation Payments which could be asserted against such Borrower hereunder
without (a) rendering such Borrower “insolvent” within the meaning of Section 101 (3132)
of the Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer Act (“UFTA”) or Section 2 of
the Uniform Fraudulent Conveyance Act (“UFCA”), (b) leaving such Borrower with unreasonably small capital
or assets, within the meaning of Section 548 of the Bankruptcy Code, Section 4 of the UFTA, or Section 5 of the
UFCA, or (c) leaving such Borrower unable to pay its debts as they become due within the meaning of Section 548 of the
Bankruptcy Code or Section 4 of the UFTA, or Section 5 of the UFCA.

 

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

 

10.22            Foreign
AssetAssets
Control Regulations. Neither of the advance of the Loans or issuance of Letters of Credit nor the use of the proceeds
of any thereof will violate the Trading With the Enemy Act (50 U.S.C. § 1 et seq., as amended) (the “Trading With
the Enemy Act”) or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle
B, Chapter V, as amended) (the “Foreign Assets Control Regulations”) or any enabling legislation or executive
order relating thereto (which for the avoidance of doubt shall include, but shall not be limited to (a) Executive Order 13224
of September 21, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism (66 Fed. Reg. 49079 (2001)) (the “Executive Order”), (b) the Patriot Act, and (c) the Canadian
AML Legislation). Furthermore, none of the Borrowers or their
Affiliates (a) is or will become a “blocked person” as described in the Executive Order, the Trading With the
Enemy Act or the Foreign Assets Control Regulations or (b) engages or will engage in any dealings or transactions, or be otherwise
associated, with any such “blocked person” or in any manner violative of any such order.

 

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10.23            Attachments.
The exhibits, schedules and annexes attached to this Agreement are incorporated herein and shall be considered a part of this Agreement
for the purposes stated herein, except that in the event of any conflict between any of the provisions of such exhibits and the
provisions of this Agreement, the provisions of this Agreement shall prevail.

 

10.24            Acknowledgment
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document
or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability
of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to
the write-down and conversion powersWrite-Down
and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound
by:

 

(i)            the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(ii)            the
effects of any Bail-inBail-In
Action on any such liability, including, if applicable:

 

(1)            a
reduction in full or in part or cancellation of any such liability;

 

(2)            a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(3)            the
variation of the terms of such liability in connection with the exercise of the write-down and
conversion powersWrite-Down and Conversion Powers
of any EEA Resolution Authority.

 

10.25            Keepwell.
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 by each other Loan Party to honor all of its obligations under the Facility
Guaranty in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 10.25
for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.25,
or otherwise under the Facility Guaranty, voidable under applicable Law relating to fraudulent conveyance or fraudulent transfer,
and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall remain in full force
and effect until payment in full of the Obligations. Each Qualified ECP Guarantor intends that this Section 10.25 constitute,
and this Section 10.25 shall be deemed to constitute, a “keepwell, support, or other agreement” for the
benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

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10.26            Amendment
and Restatement. This Agreement is an amendment and restatement of the Existing Credit Agreement, it being acknowledged
and agreed that as of the Restatement Date all obligations outstanding under or in connection with the Existing Credit Agreement
and any of the other Loan Documents (such obligations, collectively, the “Existing Obligations”) constitute
obligations under this Agreement. This Agreement is in no way intended to constitute a novation of the Existing Credit Agreement
or the Existing Obligations. With respect to (i) any date or time period occurring and ending prior to the Restatement Date,
the Existing Credit Agreement and the other Loan Documents shall govern the respective rights and obligations of any party or parties
hereto also party thereto and shall for such purposes remain in full force and effect; and (ii) any date or time period occurring
or ending on or after the Restatement Date, the rights and obligations of the parties hereto shall be governed by this Agreement
(including, without limitation, the exhibits and schedules hereto) and the other Loan Documents. From and after the Restatement
Date, any reference to the Existing Credit Agreement in any of the other Loan Documents executed or issued by and/or delivered
to any one or more parties hereto pursuant to or in connection therewith shall be deemed to be a reference to this Agreement, and
the provisions of this Agreement shall prevail in the event of any conflict or inconsistency between such provisions and those
of the Existing Credit Agreement.

 

10.27          Judgment
Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder
or any other Loan 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 each Loan Party in respect of any such sum due from it to
any Agent or any Lender hereunder or under the other Loan 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 such
Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, such Agent or such Lender,
as the case may be, 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 any Agent or any Lender from any Loan
Party in the Agreement Currency, such Loan Party agrees, as a separate obligation and notwithstanding any such judgment, to indemnify
such Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater
than the sum originally due to any Agent or any Lender in such currency, such Agent or such Lender, as the case may be, agrees
to return the amount of any excess to such Loan Party (or to any other Person who may be entitled thereto under applicable Law).

 

10.28          Acknowledgment
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise,
for Swap Contracts or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and
each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or
of the United States or any other state of the United States): In the event a Covered Entity that is party to a Supported QFC (each,
a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such
Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such
QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party
will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported
QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United
States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject
to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such
Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents
were governed by the laws of the United States or a state of the United States.

 

    177

     

    

 

10.29            Intercreditor
Agreement.

 

(a)            EACH
LENDER UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT LIENS SHALL BE CREATED ON THE COLLATERAL PURSUANT TO THE LOAN DOCUMENTS, WHICH
LIENS SHALL BE SUBJECT TO TERMS AND CONDITIONS OF THE INTERCREDITOR AGREEMENT. PURSUANT TO THE EXPRESS TERMS OF THE INTERCREDITOR
AGREEMENT, IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE INTERCREDITOR AGREEMENT AND ANY OF THE LOAN DOCUMENTS, THE
PROVISIONS OF THE INTERCREDITOR AGREEMENT SHALL GOVERN AND CONTROL.

 

(b)            EACH
LENDER AUTHORIZES AND INSTRUCTS THE AGENTS TO ENTER INTO THE INTERCREDITOR AGREEMENT (AND ANY OTHER DOCUMENT EVIDENCING AN INTERCREDITOR
ARRANGEMENT TO THE EXTENT CONTEMPLATED BY THE TERMS HEREOF, WHICH OTHER DOCUMENT IS IN FORM AND SUBSTANCE REASONABLY SATISFACTORY
TO THE AGENTS AND THE REQUIRED LENDERS) ON BEHALF OF THE LENDERS, AND TO TAKE ALL ACTIONS (AND EXECUTE ALL DOCUMENTS) REQUIRED
(OR DEEMED ADVISABLE) BY THE AGENTS IN ACCORDANCE WITH THE TERMS OF THE INTERCREDITOR AGREEMENT (OR SUCH OTHER DOCUMENT EVIDENCING
AN INTERCREDITOR ARRANGEMENT). THE PARTIES HERETO ACKNOWLEDGE THAT THE INTERCREDITOR AGREEMENT OR SUCH OTHER DOCUMENT EVIDENCING
AN INTERCREDITOR ARRANGEMENT IS BINDING UPON THEM. EACH LENDER HEREBY AGREES THAT IT WILL BE BOUND BY AND WILL TAKE NO ACTIONS
CONTRARY TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT OR ANY OTHER DOCUMENT EVIDENCING AN INTERCREDITOR ARRANGEMENT ENTERED
INTO PURSUANT TO THE IMMEDIATELY PRECEDING SENTENCE.

 

(c)            THE
PROVISIONS OF THIS SECTION 10.29 ARE NOT INTENDED TO SUMMARIZE ALL RELEVANT PROVISIONS OF THE INTERCREDITOR AGREEMENT. REFERENCE
MUST BE MADE TO THE INTERCREDITOR AGREEMENT ITSELF TO UNDERSTAND ALL TERMS AND CONDITIONS THEREOF. EACH LENDER IS RESPONSIBLE FOR
MAKING ITS OWN ANALYSIS AND REVIEW OF THE INTERCREDITOR AGREEMENT AND THE TERMS AND PROVISIONS THEREOF, AND NEITHER ANY AGENT NOR
ANY OF ANY AGENT’S AFFILIATES MAKES ANY REPRESENTATION TO ANY LENDER AS TO THE SUFFICIENCY OR ADVISABILITY OF THE PROVISIONS
CONTAINED IN THE INTERCREDITOR AGREEMENT.

 

[SIGNATURE PAGES FOLLOW]

 

    178

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	THE CHILDREN’S PLACE, INC., as Lead Borrower and as a U.S. Borrower

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	THE CHILDREN’S PLACE SERVICES COMPANY, LLC, as a U.S. Borrower
	 	 
	 	By:	                                                             
	 	Name:	 
	 	Title:	 
	 	 	 
	 	THE CHILDREN’S PLACE (CANADA), LP, by its general partner, TCP INVESTMENT CANADA II CORP., as a Canadian Borrower
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	THECHILDRENSPLACE.COM, INC., as a Guarantor
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	THE CHILDREN’S PLACE INTERNATIONAL, LLC, as a Guarantor
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature Page to
Amended and Restated Credit Agreement

 

    	 	 	 

     

    

 

 

	 	THE CHILDREN’S PLACE CANADA HOLDINGS, INC., as a Guarantor
	 	 
	 	By:	                                        
	 	Name:	 
	 	Title:	 
	 	 	 
	 	TCP IH II, LLC, as a Guarantor
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	TCP REAL ESTATE HOLDINGS, LLC, as a Guarantor
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	TCP BRANDS, LLC, as
    a Guarantor
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	TCP INTERNATIONAL PRODUCT HOLDINGS, LLC, as a Guarantor
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	TCP INVESTMENT CANADA II CORP., as a Guarantor
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature Page to Amended and Restated Credit Agreement

 

    	 	 	 

     

    

 

	 	TCP INVESTMENT CANADA I CORP., as a Guarantor
	 	 	 
	 	By:	                                 
	 	Name:	 
	 	Title:	 

 

Signature Page to Amended and Restated Credit Agreement

 

    	 	 	 

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, as Collateral Agent, as L/C Issuer, as Swing Line Lender and as a Lender
	 	 	 
	 	By:	                                 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	WELLS FARGO CAPITAL FINANCE CORPORATION CANADA, as L/C Issuer, as Swing Line Lender and as a Canadian Lender
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature Page to Amended and Restated Credit Agreement

 

    	 	 	 

     

    

 

	 	BANK OF AMERICA, N.A., as a U.S. Lender
	 	 	 
	 	By:	                                 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	BANK OF AMERICA, N.A. (acting through its Canada branch), as a Canadian Lender
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature Page to Amended and Restated Credit Agreement

 

    	 	 	 

     

    

 

	 	HSBC BANK USA, NATIONAL ASSOCIATION, as a U.S. Lender and as a Canadian Lender
	 	 	 
	 	By:	                                 
	 	Name:	 
	 	Title:	 

 

Signature Page to Amended and Restated Credit Agreement

 

    	 	 	 

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as a U.S. Lender
	 	 	 
	 	By:	                                    
	 	Name:	 
	 	Title:	 
	 	 	 
	 	JPMORGAN CHASE BANK, N.A., TORONTO BRANCH, as a Canadian Lender
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature Page to Amended and Restated Credit Agreement

 

    	 	 	 

     

    

 

Annex B

 

Certain Amended and Restated Schedules
to Amended and Restated Credit Agreement

 

[see attached]

 

    	 	 	 

     

    

 

Annex C

 

Updated Exhibits D, E, F, G and H to
Amended and Restated Credit Agreement

(Form of Compliance Certificate;
Form of Assignment and Assumption; Form of Joinder Agreement;

Form of Borrowing Base Certificate; Form of Credit
Card Notification)

 

[see attached]

 

    	 	 	 

     

    

 

Annex D

 

Updated Schedule I to Facility Guaranty
Described in Clause (i) of Such Term

(Guarantors)

 

SCHEDULE I

 

Guarantors

 

thechildrensplace.com, inc.

The Children’s Place International, LLC

The Children’s Place Canada Holdings, Inc.

TCP IH II, LLC

TCP Real Estate Holdings, LLC

TCP International Product Holdings, LLC

TCP Brands, LLC

TCP Investment Canada I Corp.

TCP Investment Canada II Corp.Exhibit
4.1

 

WARRANT
AGREEMENT

 

THIS
WARRANT AGREEMENT (this “Agreement”), dated as of October 1, 2020, is by and between ION Acquisition
Corp 1 Ltd., a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer &
Trust Company, a New York limited purpose trust company, as warrant agent (in such capacity, the “Warrant Agent,”
and also referred to herein as the “Transfer Agent”).

 

WHEREAS,
the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s
equity securities, each such unit comprised of one Class A ordinary share of the Company, par value $0.0001 per share (“Ordinary
Shares”), and one-fifth of a redeemable Public Warrant (as defined below) (the “Units”)
and, in connection therewith, has determined to issue and deliver up to 4,500,000 warrants (or up to 5,175,000 warrants if the
Over-allotment Option (as defined below) is exercised in full) to public investors in the Offering (the “Public Warrants”);

 

WHEREAS,
the Company entered into separate agreements with ION Holdings 1, LP, a Cayman Islands exempted limited partnership (the “Sponsor”)
and ION Co-investment LLC (“Cowen Investments” and, together with the Sponsor, the “Founders”),
pursuant to which the Founders agreed to purchase an aggregate of 6,500,000 private placement warrants (or up to 7,175,000 private
placement warrants if the Over-allotment Option is exercised in full) simultaneously with the closing of the Offering (the “Private
Placement Warrants”), each bearing the legend set forth in Exhibit A hereto;

 

WHEREAS,
in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined
below), the Sponsor or an affiliate of the Sponsor or the Company’s officers and directors may, but are not obligated to,
loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an
additional 1,500,000 warrants at a price of $1.00 per warrant, which will be identical to the Private Placement Warrants (the
“Working Capital Warrants,” and, together with the Public Warrants and the Private Placement Warrants,
the “Warrants”);

 

WHEREAS,
each Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment
as described herein;

 

WHEREAS,
the Company has filed with the U.S. Securities and Exchange Commission (the “Commission”) a registration
statement on Form S-1, File No. 333-248815 (the “Registration Statement”) and a prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units,
the Public Warrants and the Ordinary Shares included in the Units;

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection
with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants;

 

WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants;
and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company
and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company,
and to authorize the execution and delivery of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.
Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants,
and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions
set forth in this Agreement.

 

2.
Warrants.

 

2.1
Form of Warrant. Each Warrant shall be issued in registered form only, and, if a physical certificate is issued, shall
be in substantially the form of Exhibit B hereto, the provisions of which are incorporated herein and shall be signed by,
or bear the electronic signature of, the Chairman of the Company’s board of directors (the “Board”),
President, Chief Executive Officer, Chief Financial Officer, Secretary or other principal officer of the Company. In the event
the person whose electronic signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such
person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased
to be such at the date of issuance. All of the Public Warrants shall initially be represented by one or more book-entry certificates
(each, a “Book-Entry Warrant Certificate”).

 

     

     

    

 

2.2
Effect of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant
to this Agreement, a Warrant certificate shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3
Registration.

 

2.3.1
Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”) for the registration
of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant
Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise
in accordance with instructions delivered to the Warrant Agent by the Company. All of the Public Warrants shall initially be represented
by one or more Book-Entry Warrant Certificates deposited with The Depository Trust Company (the “Depositary”)
and registered in the name of Cede & Co., a nominee of the Depositary. Ownership of beneficial interests in the Public Warrants
shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) the Depositary or its
nominee for each Book-Entry Warrant Certificate, or (ii) institutions that have accounts with the Depositary (each such institution,
with respect to a Warrant in its account, a “Participant”).

 

If
the Depositary subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may
instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants
are not eligible for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent
shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each Book-Entry Warrant
Certificate, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical
form evidencing such Warrants (“Definitive Warrant Certificate”). Such Definitive Warrant Certificate
shall be in the form annexed hereto as Exhibit B, with appropriate insertions, modifications and omissions, as provided
above.

 

2.3.2
Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent
may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”)
as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on a Definitive Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any
exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to
the contrary.

 

2.4
Detachability of Warrants. The Ordinary Shares and Public Warrants comprising the Units shall begin separate trading on
the 52nd day following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday,
Sunday or federal holiday, on which banks in New York City are generally open for normal business (a “Business Day”),
then on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”)
with the consent of Cowen and Company, LLC, as representative of the several underwriters, but in no event shall the Ordinary
Shares and the Public Warrants comprising the Units be separately traded until (A) the Company has filed a Current Report on Form
8-K with the Commission containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the
Offering, including the proceeds received by the Company from the exercise by the underwriters of their right to purchase additional
Units in the Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised prior
to the filing of the Current Report on Form 8-K, and (B) the Company issues a press release announcing when such separate trading
shall begin.

 

2.5
No Fractional Warrants Other Than as Part of Units. The Company shall not issue fractional Warrants other than as part
of the Units, each of which is comprised of one Ordinary Share and one-fifth of one Public Warrant. If, upon the detachment of
Public Warrants from the Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company
shall round down to the nearest whole number the number of Warrants to be issued to such holder.

 

    2

     

    

 

2.6
Private Placement Warrants and Working Capital Warrants. The Private Placement Warrants and the Working Capital Warrants
shall be identical to the Public Warrants, except that so long as they are held by the Founders or any of their Permitted Transferees
(as defined below), as applicable, the Private Placement Warrants and the Working Capital Warrants: (i) shall not be redeemable
by the Company; (ii) with respect to Private Placement Warrants held by Cowen Investments, will not be exercisable more than five
years from the effective date of the Registration Statement in accordance with FINRA Rule 5110(f)(2)(G)(i); (iii) may not (including
the Ordinary Shares issued upon exercise of the Private Placement Warrants and the Working Capital Warrants) be transferred, assigned
or sold until the date that is thirty (30) days after the completion by the Company of an initial Business Combination (as defined
below); and (iv) may be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(c) hereof; provided,
however, that in the case of (ii), the Private Placement Warrants and the Working Capital Warrants and any Ordinary Shares
held by the Founders or any of their Permitted Transferees, as applicable, and issued upon exercise of the Private Placement Warrants
and the Working Capital Warrants may be transferred by the holders thereof:

 

(a)
to the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or directors,
any members or partners of the Founders or their affiliates, any affiliates of the Founders, or any employees of such affiliates;

 

(b)
in the case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary of
which is a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization;

 

(c)
in the case of an individual, by virtue of the laws of descent and distribution upon death of such person;

 

(d)
in the case of an individual, pursuant to a qualified domestic relations order;

 

(e)
by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with
the consummation of an initial Business Combination at prices no greater than the price at which the Ordinary Shares or Warrants
were originally purchased;

 

(f)
by virtue of the laws of the Cayman Islands or the exempted limited partnership agreement of the Sponsor upon termination and
winding-up of the Sponsor;

 

(g)
in the event of the Company’s liquidation prior to the consummation of a Business Combination; and

 

(h)
in the event that, subsequent to the consummation of an initial Business Combination, the Company completes a liquidation, merger,
share exchange or other similar transaction which results in all of its shareholders having the right to exchange their Ordinary
Shares for cash, securities or other property; provided, however, that, in the case of clauses (a) through (f), these transferees
(the “Permitted Transferees”) enter into a written agreement with the Company agreeing to be bound by
the transfer restrictions in this Agreement and the other restrictions contained in the letter agreement, dated as of the date
hereof, by and among the Company, the Founders and the Company’s officers and directors.

 

3.
Terms and Exercise of Warrants.

 

3.1
Warrant Price. Each Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and
of this Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the price of $11.50 per share,
subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant
Price” as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to
a “cashless exercise,” to the extent permitted hereunder) described in the prior sentence at which the Ordinary Shares
may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time
prior to the Expiration Date (as defined below) for a period of not less than fifteen (15) Business Days (unless otherwise required
by the Commission, any national securities exchange on which the Warrants are listed or applicable law), provided, that the Company
shall provide at least five (5) days’ prior written notice of such reduction to Registered Holders of the Warrants and,
provided further that any such reduction shall be identical among all of the Warrants.

 

    3

     

    

 

3.2
Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”)
commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a merger,
share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one
or more businesses (a “Business Combination”), and (ii) the date that is twelve (12) months from the
date of the closing of the Offering, and terminating on the earliest to occur of: (x) 5:00 p.m., New York City time on the date
that is five (5) years after the date on which the Company completes its initial Business Combination, (y) the liquidation of
the Company in accordance with the Company’s amended and restated memorandum and articles of association (as amended from
time to time, the “Charter”), if the Company fails to consummate a Business Combination, provided,
however, that the Private Placement Warrants issued to Cowen Investments will not be exercisable more than five years from
the effective date of the Registration Statement in accordance with FINRA Rule 5110(f)(2)(G)(i), and (z) other than with respect
to the Private Placement Warrants and the Working Capital Warrants then held by any of the Founders or their Permitted Transferees,
5:00 p.m., New York City time on the Redemption Date (as defined below) as provided in Section 6.2 hereof (the “Expiration
Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of
any applicable conditions, as set forth in subsection 3.3.2 below, with respect to an effective registration statement.
Except with respect to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement
Warrant or a Working Capital Warrant then held by any of the Founders or their Permitted Transferees in the event of a redemption)
in the event of a redemption (as set forth in Section 6 hereof), each outstanding Warrant (other than a Private Placement
Warrant or a Working Capital Warrant then held by any of the Founders or their Permitted Transferees in the event of a redemption)
not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof
under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may
extend the duration of the Warrants by delaying the Expiration Date; provided, that the Company shall provide at least
twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any
such extension shall be identical in duration among all the Warrants.

 

3.3
Exercise of Warrants.

 

3.3.1
Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder
thereof by delivering to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing
the Warrants to be exercised, or, in the case of a Book-Entry Warrant Certificate, the Warrants to be exercised (the “Book-Entry
Warrants”) on the records of the Depositary to an account of the Warrant Agent at the Depositary designated for
such purposes in writing by the Warrant Agent to the Depositary from time to time, (ii) an election to purchase (“Election
to Purchase”) Ordinary Shares pursuant to the exercise of a Warrant, properly completed and executed by the Registered
Holder on the reverse of the Definitive Warrant Certificate or, in the case of a Book-Entry Warrant Certificate, properly delivered
by the Participant in accordance with the Depositary’s procedures, and (iii) payment in full of the Warrant Price for each
Ordinary Share as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the
Warrant, the exchange of the Warrant for the Ordinary Shares and the issuance of such Ordinary Shares, as follows:

 

(a)
in lawful money of the United States, in good certified check or good bank draft payable to the Warrant Agent or by wire transfer
of immediately available funds;

 

(b)
in the event of a redemption pursuant to Section 6 hereof in which the Board has elected to require all holders of the
Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of Ordinary
Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied
by the excess of the “Fair Market Value,” as defined in this subsection 3.3.1(b), over the Warrant Price by
(y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(b) and Section 6.3, the “Fair Market
Value” shall mean the average reported closing price of the Ordinary Shares for the ten (10) trading days ending on the
third trading day prior to the date on which the notice of redemption is sent to the holders of the Warrants, pursuant to Section
6 hereof;

 

(c)
with respect to any Private Placement Warrant or Working Capital Warrant, so long as such Private Placement Warrant or Working
Capital Warrant is held by the Founders or their Permitted Transferees, by surrendering the Warrants for that number of Ordinary
Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied
by the excess of the “Founders Exercise Fair Market Value,” as defined in this subsection 3.3.1(c), over the
Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Founders
Exercise Fair Market Value” shall mean the average reported closing price of the Ordinary Shares for the ten (10)
trading days ending on the third trading day prior to the date on which notice of exercise of the Warrant is sent to the Warrant
Agent;

 

(d)
as provided in Section 6.2 hereof with respect to a Make-Whole Exercise; or

 

(e)
as provided in Section 7.4 hereof.

 

    4

     

    

 

3.3.2
Issuance of Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of
the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the
Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of Ordinary Shares to which
he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not
have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of Ordinary Shares
as to which such Warrant shall not have been exercised. If fewer than all the Warrants evidenced by a Book-Entry Warrant Certificate
are exercised, a notation shall be made to the records maintained by the Depositary, its nominee for each Book-Entry Warrant Certificate,
or a Participant, as appropriate, evidencing the balance of the Warrants remaining after such exercise. Notwithstanding the foregoing,
the Company shall not be obligated to deliver any Ordinary Shares pursuant to the exercise of a Warrant and shall have no obligation
to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the Ordinary Shares underlying
the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying
its obligations under Section 7.4. No Warrant shall be exercisable and the Company shall not be obligated to issue Ordinary
Shares upon exercise of a Warrant unless the Ordinary Shares issuable upon such Warrant exercise have been registered, qualified
or deemed to be exempt from registration or qualification under the securities laws of the state of residence of the Registered
Holder of the Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect
to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant. In no event will the Company be required
to net cash settle the Warrant exercise. The Company may require holders of Public Warrants to settle the Warrant on a “cashless
basis” pursuant to Section 7.4. If, by reason of any exercise of Warrants on a “cashless basis,” the
holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in an Ordinary Share,
the Company shall round down to the nearest whole number, the number of Ordinary Shares to be issued to such holder.

 

3.3.3
Valid Issuance. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall
be validly issued, fully paid and non-assessable.

 

3.3.4
Date of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for Ordinary Shares
is issued shall for all purposes be deemed to have become the holder of record of such Ordinary Shares on the date on which the
Warrant, or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective
of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender
and payment is a date when the share transfer books of the Company or book-entry system of the Warrant Agent are closed, such
person shall be deemed to have become the holder of such Ordinary Shares at the close of business on the next succeeding date
on which the share transfer books or book-entry system are open.

 

3.3.5
Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the
provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection
3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the
exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that
after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s
actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify)(the “Maximum
Percentage”) of the Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of
the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates shall include
the number of Ordinary Shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is
being made, but shall exclude Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of
the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted
portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation,
any convertible notes or convertible preferred shares or warrants) subject to a limitation on conversion or exercise analogous
to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial
ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). For purposes of the Warrant, in determining the number of outstanding Ordinary Shares, the holder may rely
on the number of outstanding Ordinary Shares as reflected in (1) the Company’s most recent Annual Report on Form 10-K, Quarterly
Report on Form 10-Q, Current Report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent
public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of Ordinary
Shares outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within
two (2) Business Days, confirm orally and in writing to such holder the number of Ordinary Shares then outstanding. In any case,
the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of equity securities
of the Company by the holder and its affiliates since the date as of which such number of outstanding Ordinary Shares was reported.
By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable
to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be
effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

    5

     

    

 

4.
Adjustments.

 

4.1
Share Capitalizations.

 

4.1.1
Increase of Shares. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of
outstanding Ordinary Shares is increased by a share capitalization payable in Ordinary Shares, or by a sub-division of Ordinary
Shares or other similar event, then, on the effective date of such share capitalization, sub-division or similar event, the number
of Ordinary Shares issuable on exercise of each Warrant shall be increased in proportion to such increase in the outstanding Ordinary
Shares. A rights offering made to all or substantially all holders of the Ordinary Shares entitling holders to purchase Ordinary
Shares at a price less than the “Historical Fair Market Value” (as defined below) shall be deemed a share capitalization
of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such rights offering
(or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Ordinary
Shares) and (ii) one (1) minus the quotient of (x) the price per Ordinary Share paid in such rights offering divided by (y) the
Historical Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible
into or exercisable for Ordinary Shares, in determining the price payable for Ordinary Shares, there shall be taken into account
any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Historical
Fair Market Value” means the volume weighted average price of the Ordinary Shares as reported during the ten (10) trading
day period ending on the trading day prior to the first date on which the Ordinary Shares trade on the applicable exchange or
in the applicable market, regular way, without the right to receive such rights. No Ordinary Shares shall be issued at less than
their par value.

 

4.1.2
Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend
or make a distribution in cash, securities or other assets to all or substantially all of the holders of Ordinary Shares on account
of such Ordinary Shares (or other of the Company’s share capital into which the Warrants are convertible), other than (a)
as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights
of the holders of Ordinary Shares in connection with a proposed initial Business Combination, (d) to satisfy the redemption rights
of the holders of Ordinary Shares in connection with a shareholder vote to amend the Charter (A) to modify the substance or timing
of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to
redeem 100% of the Ordinary Shares included in the Units sold in the Offering (the “Public Shares”)
if the Company does not complete the Business Combination within the period set forth in the Charter or (B) with respect to
any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity or (e) in connection
with the redemption of Public Shares upon the failure of the Company to complete its initial Business Combination and any subsequent
distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary
Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary
Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or
other assets paid on each Ordinary Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2,
“Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per
share basis, with the per share amounts of all other cash dividends and cash distributions paid on the Ordinary Shares during
the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect any
of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that
resulted in an adjustment to the Warrant Price or to the number of Ordinary Shares issuable on exercise of each Warrant) does
not exceed $0.50 (being 5% of the offering price of the Units in the Offering) but only with respect to the amount of the aggregate
cash dividends or cash distributions equal to or less than $0.50. Solely for purposes of illustration, if the Company, at a time
while the Warrants are outstanding and unexpired, pays a cash dividend of $0.35 and previously paid an aggregate of $0.40 of cash
dividends and cash distributions on the Ordinary Shares during the 365-day period ending on the date of declaration of such $0.35
dividend, then the Warrant Price will be decreased, effectively immediately after the effective date of such $0.35 dividend, by
$0.25 (the absolute value of the difference between $0.75 (the aggregate amount of all cash dividends and cash distributions paid
or made in such 365-day period, including such $0.35 dividend) and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount
of all cash dividends and cash distributions paid or made in such 365-day period prior to such $0.35 dividend)).

 

    6

     

    

 

4.2
Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.6 hereof, the number
of outstanding Ordinary Shares is decreased by a consolidation, combination or reclassification of Ordinary Shares or other similar
event, then, on the effective date of such consolidation, combination, reclassification or similar event, the number of Ordinary
Shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding Ordinary Shares.

 

4.3
Adjustments in Warrant Price.

 

4.3.1
Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in subsection
4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price
immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of Ordinary Shares purchasable
upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of
Ordinary Shares so purchasable immediately thereafter.

 

4.3.2
If (x) the Company issues additional Ordinary Shares or equity-linked securities for capital raising purposes in connection with
the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Ordinary Share
(with such issue price or effective issue price to be determined in good faith by the Board and, in the case of any such issuance
to the initial shareholders (as defined in the Prospectus) or their affiliates, without taking into account any Class B Ordinary
Shares (as defined below) held by such shareholders or their affiliates, as applicable, prior to such issuance (the “Newly
Issued Price”)), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity
proceeds, and interest thereon, available for funding the initial Business Combination on the date of the consummation of the
Company’s initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Ordinary
Shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the Business
Combination (such price, the “Market Value”) is below $9.20 per share, the Warrant Price shall be adjusted
(to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption
trigger price described in Section 6.1 and Section 6.2 below shall be adjusted (to the nearest cent) to be equal
to 180% of the higher of the Market Value and the Newly Issued Price and the $10.00 per share redemption trigger price described
in Section 6.2 shall be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued
Price.

 

    7

     

    

 

4.4
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
Ordinary Shares (other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely
affects the par value of such Ordinary Shares), or in the case of any merger or consolidation of the Company with or into another
entity or conversion of the Company as another entity (other than a consolidation or merger in which the Company is the continuing
corporation and is not a subsidiary of another entity whose shareholders did not own all or substantially all of the Ordinary
Shares of the Company in substantially the same proportions immediately before such transaction and that does not result in any
reclassification or reorganization of the outstanding Ordinary Shares), or in the case of any sale or conveyance to another entity
of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company
is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the
terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of the Company immediately theretofore purchasable
and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or other securities or property
(including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following
any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s)
immediately prior to such event (the “Alternative Issuance”); provided, however, that
(i) if the holders of the Ordinary Shares were entitled to exercise a right of election as to the kind or amount of securities,
cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets
constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average
of the kind and amount received per share by the holders of the Ordinary Shares in such consolidation or merger that affirmatively
make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of
the Ordinary Shares (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights
held by shareholders of the Company as provided for in the Charter or as a result of the redemption of Ordinary Shares by the
Company if a proposed initial Business Combination is presented to the shareholders of the Company for approval) under circumstances
in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the
meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together with any
affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act (or any successor rule)) and any
members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3
under the Exchange Act (or any successor rule)) more than 65% of the outstanding Ordinary Shares, the holder of a Warrant shall
be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder
would actually have been entitled as a shareholder if such Warrant holder had exercised the Warrant prior to the expiration of
such tender or exchange offer, accepted such offer and all of the Ordinary Shares held by such holder had been purchased pursuant
to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as
nearly equivalent as possible to the adjustments provided for in this Section 4; provided further that if less than
70% of the consideration receivable by the holders of the Ordinary Shares in the applicable event is payable in the form of capital
stock or shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established
over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder
properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable
event by the Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by
an amount (in dollars) equal to the difference (but in no event less than zero) of (i) the Warrant Price in effect prior to such
reduction minus (ii) (A) the Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as defined
below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation
of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”).
For purposes of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of
each Ordinary Share shall be the volume weighted average price of the Ordinary Shares as reported during the ten (10) trading
day period ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be
the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day
of the announcement of the applicable event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury
rate for a period equal to the remaining term of the Warrant. “Per Share Consideration” means (i) if
the consideration paid to holders of the Ordinary Shares consists exclusively of cash, the amount of such cash per Ordinary Share,
and (ii) in all other cases, the volume weighted average price of the Ordinary Shares as reported during the ten (10) trading
day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization
also results in a change in Ordinary Shares covered by subsection 4.1.1, then such adjustment shall be made pursuant to
subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4
shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.
In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

 

4.5
Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of Ordinary Shares issuable upon
exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant
Price resulting from such adjustment and the increase or decrease, if any, in the number of Ordinary Shares purchasable at such
price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such
calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4,
the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth
for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or
any defect therein, shall not affect the legality or validity of such event.

 

4.6
No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not
issue fractional Ordinary Shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section
4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share,
the Company shall, upon such exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to such
holder.

 

4.7
Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and
Warrants issued after such adjustment may state the same Warrant Price and the same number of Ordinary Shares as is stated in
the Warrants initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its sole
discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance
thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or
otherwise, may be in the form as so changed.

 

    8

     

    

 

4.8
Other Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections
of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order
to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each
such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized
national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants
is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary,
the terms of such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment
recommended in such opinion.

 

4.9
No Adjustment. For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result
of an adjustment to the conversion ratio of the Company’s Class B ordinary shares (the “Class B Ordinary Shares”)
into Ordinary Shares or the conversion of the Class B Ordinary Shares into Ordinary Shares, in each case, pursuant to the Charter.

 

5.
Transfer and Exchange of Warrants.

 

5.1
Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant
upon the Warrant Register, upon surrender of such Warrant for transfer, in the case of a certificated Warrant, properly endorsed
with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant
representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent.
In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time
to time upon request.

 

5.2
Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request
for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested
by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however,
that except as otherwise provided herein or in any Book-Entry Warrant Certificate or Definitive Warrant Certificate, each
Book-Entry Warrant Certificate and Definitive Warrant Certificate may be transferred only in whole and only to the Depositary,
to another nominee of the Depositary, to a successor depository, or to a nominee of a successor depository; provided further,
however, that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private
Placement Warrants and the Working Capital Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in
exchange thereof until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be
made and indicating whether the new Warrants must also bear a restrictive legend.

 

5.3
Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall
result in the issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units.

 

5.4
Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.5
Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance
with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and
the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the
Company for such purpose.

 

5.6
Transfer of Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with
the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange
of such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants
included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.6 shall have no effect on any transfer
of Warrants on and after the Detachment Date.

 

6.
Redemption.

 

6.1
Redemption of Warrants for Cash. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may
be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice
to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price (as defined below)
of $0.01 per Warrant; provided that (a) the Reference Value equals or exceeds $18.00 per share (subject to adjustment in
compliance with Section 4 hereof)and (b) there is an effective registration statement covering the Ordinary Shares issuable
upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as
defined in Section 6.3 below).

 

    9

     

    

 

6.2.
Redemption of Warrants for Ordinary Shares. Subject to Section 6.5 hereof, not less than all of the outstanding
Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent,
upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of $0.10
per Warrant, provided that the Reference Value equals or exceeds $10.00 per share (subject to adjustment in compliance
with Section 4 hereof). During the 30-day Redemption Period in connection with a redemption pursuant to this Section
6.2, Registered Holders of the Warrants may elect to exercise their Warrants on a “cashless basis” pursuant to
subsection 3.3.1 and receive a number of Ordinary Shares determined by reference to the table below, based on the Redemption
Date (calculated for purposes of the table as the period to expiration of the Warrants) and the “Redemption Fair Market
Value” (as such term is defined in this Section 6.2) (a “Make-Whole Exercise”). Solely
for purposes of this Section 6.2, the “Redemption Fair Market Value” shall mean the volume weighted
average price of the Ordinary Shares for the ten (10) trading days immediately following the date on which notice of redemption
pursuant to this Section 6.2 is sent to the Registered Holders. In connection with any redemption pursuant to this Section
6.2, the Company shall provide the Registered Holders with the Redemption Fair Market Value no later than one (1) Business
Day after the ten (10) trading day period described above ends.

 

	 	 	Redemption
    Fair Market Value of Ordinary Shares	 
	 	 	(period
    to expiration of warrants)	 
	Redemption
    Date	 	£$10.00	 	 	$11.00	 	 	$12.00	 	 	$13.00	 	 	$14.00	 	 	$15.00	 	 	$16.00	 	 	$17.00	 	 	3$18.00	 
	60
    months	 	 	0.261	 	 	 	0.281	 	 	 	0.297	 	 	 	0.311	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.361	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.361	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.361	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.361	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.361	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.361	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.361	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.361	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.361	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.361	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.361	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.361	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.361	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.361	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.361	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.361	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.361	 
	3 months	 	 	0.034	 	 	 	0.065	 	 	 	0.104	 	 	 	0.150	 	 	 	0.197	 	 	 	0.243	 	 	 	0.286	 	 	 	0.326	 	 	 	0.361	 
	0 months	 	 	—	 	 	 	—	 	 	 	0.042	 	 	 	0.115	 	 	 	0.179	 	 	 	0.233	 	 	 	0.281	 	 	 	0.323	 	 	 	0.361	 

 

The
exact Redemption Fair Market Value and Redemption Date may not be set forth in the table above, in which case, if the Redemption
Fair Market Value is between two values in the table or the Redemption Date is between two redemption dates in the table, the
number of Ordinary Shares to be issued for each Warrant exercised in a Make-Whole Exercise shall be determined by a straight-line
interpolation between the number of shares set forth for the higher and lower Redemption Fair Market Values and the earlier and
later redemption dates, as applicable, based on a 365- or 366-day year, as applicable.

 

    10

     

    

 

The
share prices set forth in the column headings of the table above shall be adjusted as of any date on which the number of shares
issuable upon exercise of a Warrant or the Warrant Price is adjusted pursuant to Section 4 hereof. If the number of shares
issuable upon exercise of a Warrant is adjusted pursuant to Section 4 hereof, the adjusted share prices in the column headings
shall equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number
of shares deliverable upon exercise of a Warrant immediately prior to such adjustment and the denominator of which is the number
of shares deliverable upon exercise of a Warrant as so adjusted. The number of shares in the table above shall be adjusted in
the same manner and at the same time as the number of shares issuable upon exercise of a Warrant. If the Warrant Price of a warrant
is adjusted, (a) in the case of an adjustment pursuant to Section 4.4 hereof, the adjusted share prices in the column headings
shall equal the share prices immediately prior to such adjustment multiplied by a fraction, the numerator of which is the higher
of the Market Value and the Newly Issued Price and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant
to Section 4.1.2 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such
adjustment less the decrease in the Warrant Price pursuant to such Warrant Price adjustment. In no event shall the number of shares
issued in connection with a Make-Whole Exercise exceed 0.361 Ordinary Shares per Warrant (subject to adjustment).

 

6.3
Date Fixed for, and Notice of, Redemption; Redemption Price; Reference Value. In the event that the Company elects to redeem
the Warrants pursuant to Section 6.1 or Section 6.2, the Company shall fix a date for the redemption (the “Redemption
Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than
thirty (30) days prior to the Redemption Date (such period, the “Redemption Period”) to the Registered
Holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed
in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received
such notice. As used in this Agreement, (a) “Redemption Price” shall mean the price per Warrant at which
any Warrants are redeemed pursuant to Sections 6.1 or 6.2 and (b) “Reference Value” shall
mean the last reported sales price of the Ordinary Shares for any twenty (20) trading days within the thirty (30) trading-day
period ending on the third trading day prior to the date on which notice of the redemption is given.

 

6.4
Exercise After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance
with Section 6.2 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant
to Section 6.3 hereof and prior to the Redemption Date. On and after the Redemption Date, the record holder of the Warrants
shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

 

6.5
Exclusion of Private Placement Warrants and Working Capital Warrants. The Company agrees that the redemption rights provided
in this Section 6 shall not apply to the Private Placement Warrants or the Working Capital Warrants if at the time of the
redemption such Private Placement Warrants or Working Capital Warrants continue to be held by the Founders or any of their Permitted
Transferees, as applicable. However, once such Private Placement Warrants or Working Capital Warrants are transferred (other than
to Permitted Transferees under Section 2.6), the Company may redeem the Private Placement Warrants and the Working Capital
Warrants, provided that the criteria for redemption are met, including the opportunity of the holder of such Private Placement
Warrants or Working Capital Warrants to exercise the Private Placement Warrants and the Working Capital Warrants prior to redemption
pursuant to Section 6.4. Private Placement Warrants and Working Capital Warrants that are transferred to persons other
than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants or Working Capital Warrants and shall
become Public Warrants under this Agreement.

 

7.
Other Provisions Relating to Rights of Holders of Warrants.

 

7.1
No Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder
of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive
rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of
directors of the Company or any other matter.

 

7.2
Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and
the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case
of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant
so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company,
whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

    11

     

    

 

7.3
Reservation of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but
unissued Ordinary Shares that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to
this Agreement.

 

7.4
Registration of Ordinary Shares; Cashless Exercise at Company’s Option.

 

7.4.1
Registration of the Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than fifteen
(15) Business Days after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission
a registration statement registering, under the Securities Act, the issuance of the Ordinary Shares issuable upon exercise of
the Warrants. The Company shall use its best efforts to cause the same to become effective and to maintain the effectiveness of
such registration statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance with
the provisions of this Agreement. If any such registration statement has not been declared effective by the sixtieth (60th) Business
Day following the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning
on the sixty-first (61st) Business Day after the closing of the Business Combination and ending upon such registration statement
being declared effective by the Commission, and during any other period when the Company shall fail to have maintained an effective
registration statement covering the Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless
basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or
another exemption) for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number
of Ordinary Shares underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below)
over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value”
shall mean the average last reported sales price of the Ordinary Shares for the ten (10) trading day period ending on the trading
day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities
broker or intermediary. The date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined
by the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request,
provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience)
stating that (i) the exercise of the Warrants on a cashless basis in accordance with this subsection 7.4.1 is not required
to be registered under the Securities Act and (ii) the Ordinary Shares issued upon such exercise shall be freely tradable under
United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities
Act (or any successor rule)) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided
in subsection 7.4.2, for the avoidance of any doubt, unless and until all of the Warrants have been exercised or have expired,
the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this
subsection 7.4.1.

 

7.4.2
Cashless Exercise at Company’s Option. If the Ordinary Shares are at the time of any exercise of a Warrant not listed
on a national securities exchange such that they satisfy the definition of “covered securities” under Section 18(b)(1)
of the Securities Act (or any successor rule), the Company may, at its option, require holders of Public Warrants who exercise
Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities
Act (or any successor rule) as described in subsection 7.4.1 and (i) in the event the Company so elects, the Company shall
not be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the
Ordinary Shares issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary or (ii) if
the Company does not so elect, the Company agrees to use its best efforts to register or qualify for sale the Ordinary Shares
issuable upon exercise of the Public Warrants under the blue sky laws of the state of residence of the exercising Public Warrant
holder to the extent an exemption is not available.

 

8.
Concerning the Warrant Agent and Other Matters.

 

8.1
Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company
or the Warrant Agent in respect of the issuance or delivery of Ordinary Shares upon the exercise of the Warrants, but the Company
shall not be obligated to pay any transfer taxes in respect of the Warrants or such Ordinary Shares.

 

    12

     

    

 

8.2
Resignation, Consolidation, or Merger of Warrant Agent.

 

8.2.1
Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties
and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the
Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall
appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment
within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent
or by the holder of a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then
the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment
of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by
such court, shall be a corporation or other entity organized and existing under the laws of the State of New York, in good standing
and having its principal office in the United States of America, and authorized under such laws to exercise corporate trust powers
and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall
be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like
effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary
or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring
to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request
of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities,
duties, and obligations.

 

8.2.2
Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice
thereof to the predecessor Warrant Agent and the Transfer Agent for the Ordinary Shares not later than the effective date of any
such appointment.

 

8.2.3
Merger or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be
consolidated or any entity resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the
successor Warrant Agent under this Agreement without any further act.

 

8.3
Fees and Expenses of Warrant Agent.

 

8.3.1
Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent
hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures
that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

8.3.2
Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the
Warrant Agent for the carrying out or performing of the provisions of this Agreement.

 

8.4
Liability of Warrant Agent.

 

8.4.1
Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall
deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any
action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, President,
Executive Vice President, Vice President, Secretary or Chairman of the Board of the Company and delivered to the Warrant Agent.
The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions
of this Agreement.

 

8.4.2
Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct, fraud or
bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments,
out of pocket costs and reasonable outside counsel fees, for anything done or omitted by the Warrant Agent in the execution of
this Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct, fraud or bad faith.

 

    13

     

    

 

8.4.3
Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect
to the validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible
for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall
not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner,
method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment;
nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any
Ordinary Shares to be issued pursuant to this Agreement or any Warrant or as to whether any Ordinary Shares shall, when issued,
be valid and fully paid and non-assessable.

 

8.5
Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the
same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect
to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase
of Ordinary Shares through the exercise of the Warrants.

 

8.6
Waiver. The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of
the date hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby
waives any and all Claims against the Trust Account and any and all rights to seek access to the Trust Account.

 

9.
Miscellaneous Provisions.

 

9.1
Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent
shall bind and inure to the benefit of their respective successors and assigns.

 

9.2
Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the
holder of any Warrant to or on the Company shall be sufficiently given when delivered (if given by hand, overnight delivery or
certified mail) or when sent (if given electronically) (until another address is filed in writing by the Company with the Warrant
Agent), as follows:

 

ION
Acquisition Corp 1 Ltd.

89
Medinat Hayehudim

Herzliya
4676672, Israel

Attention:
Gilad Shany

 

Any
notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant
to or on the Company shall be sufficiently given when delivered (if given by hand, overnight delivery or certified mail) or when
sent (if given electronically) (until another address is filed in writing by the Warrant Agent with the Company), as follows:

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, New York 10004

Attention:
Compliance Department

 

in
each case, with copies to:

 

White
& Case LLP

1221
Avenue of the Americas

New
York, New York 10020-1095

Attn:
Colin Diamond

Email:
cdiamond@whitecase.com

 

and

 

Greenberg
Traurig, LLP

1750
Tysons Boulevard, Suite 1000

McLean,
VA 22102

Attn:
Jason T. Simon, Esq.

 

    14

     

    

 

9.3
Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in
all respects by the laws of the State of New York. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be the exclusive forum for any such action, proceeding or claim. The Company hereby waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph
will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the
federal district courts of the United States of America are the sole and exclusive forum.

 

Any
person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have
consented to the forum provisions in this Section 9.3. If any action, the subject matter of which is within the scope the forum
provisions above, is filed in a court other than a court located within the State of New York or the United States District Court
for the Southern District of New York (a “foreign action”) in the name of any warrant holder, such warrant holder
shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of
New York or the United States District Court for the Southern District of New York in connection with any action brought in any
such court to enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon
such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as
agent for such warrant holder.

 

9.4
Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any
person, corporation or other entity other than the parties hereto and the Registered Holders of the Warrants any right, remedy,
or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants,
conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of
the parties hereto and their successors and assigns and of the Registered Holders of the Warrants.

 

9.5
Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office
of the Warrant Agent in the United States of America, for inspection by the Registered Holder of any Warrant. The Warrant Agent
may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent.

 

9.6
Counterparts. This Agreement may be executed in any number of original or electronic copy counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and
the same instrument.

 

9.7
Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not
affect the interpretation thereof.

 

9.8
Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder (i) for the
purpose of (x) curing any ambiguity or to correct any defective provision or mistake contained herein, including to conform the
provisions hereof to the description of the terms of the Warrants and this Agreement set forth in the Prospectus, (y) adjusting
the definition of “Ordinary Cash Dividend” as contemplated by and in accordance with the second sentence of subsection
4.1.2 or (z) adding or changing any other provisions with respect to matters or questions arising under this Agreement as
the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered
Holders, and (ii) to provide for the delivery of an Alternative Issuance pursuant to Section 4.4. All other modifications
or amendments, including any modification or amendment to increase the Warrant Price or shorten the Exercise Period shall require
the vote or written consent of the Registered Holders of 50% of the number of the then outstanding Public Warrants and, solely
with respect to any amendment to the terms of the Private Placement Warrants, Working Capital Warrants or any provision of this
Agreement with respect to the Private Placement Warrants and Working Capital Warrants, 50% of the number of then outstanding Private
Placement Warrants and Working Capital Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend
the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered
Holders.

 

9.9
Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore,
in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part
of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and
enforceable.

 

[Signature
Page Follows]

 

    15

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	ION
    ACQUISITION CORP 1 LTD.
	 	 
	 	By:	/s/
    Anthony Reich
	 	Name: 	Anthony
    Reich
	 	Title:	Chief
    Financial Officer

 

[Signature
Page to Warrant Agreement]

 

     

     

    

 

	 	CONTINENTAL
STOCK TRANSFER &

TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	/s/
    James F. Kiszka
	 	Name: 	James
    F. Kiszka
	 	Title:	Vice
    President

 

[Signature
Page to Warrant Agreement]

 

     

     

    

 

EXHIBIT
A

 

LEGEND

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT
TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG ION ACQUISITION CORP 1 LTD. (THE “COMPANY”),
ION HOLDINGS 1, LP, ION CO-INVESTMENT LLC AND THE OTHER SIGNATORIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY
NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL
BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS
DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES
EVIDENCED BY THIS CERTIFICATE AND ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO
REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.

 

     

     

    

 

EXHIBIT
B

 

[Form
of Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

 

THIS
WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR IN THE

WARRANT AGREEMENT DESCRIBED BELOW

 

ION
ACQUISITION CORP 1 LTD.

Incorporated
Under the Laws of the Cayman Islands

 

CUSIP
[____]

 

Warrant
Certificate

 

This
Warrant Certificate certifies that [         ], or registered assigns, is the registered
holder of [       ] warrants evidenced hereby (the “Warrants” and each, a “Warrant”)
to purchase Class A Ordinary Shares, $0.0001 par value per share (the “Ordinary Shares”), of ION Acquisition
Corp 1 Ltd., a Cayman Islands exempted company (the “Company”). Each Warrant entitles the holder, upon exercise
during the Exercise Period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully
paid and non-assessable Ordinary Shares as set forth below, at the exercise price (the “Warrant Price”) as
determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided
for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Warrant
Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant
Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the
Warrant Agreement.

 

Each
whole Warrant is initially exercisable for one fully paid and non-assessable Ordinary Share. No fractional shares will be issued
upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in
an Ordinary Share, the Company will, upon exercise, round down to the nearest whole number the number of Ordinary Shares to be
issued to the Warrant holder. The number of Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon
the occurrence of certain events set forth in the Warrant Agreement.

 

The
initial Warrant Price per Ordinary Share for any Warrant is equal to $11.50 per share. The Warrant Price is subject to adjustment
upon the occurrence of certain events set forth in the Warrant Agreement.

 

Subject
to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the
extent not exercised by the end of such Exercise Period, such Warrants shall become void.

 

Reference
is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions
shall for all purposes have the same effect as though fully set forth at this place.

 

This
Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

This
Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York.

 

     

     

    

 

	 	ION
    ACQUISITION CORP 1 LTD.
	 	 	 
	 	By:	 
	 	 	Name: 	 Anthony Reich
	 	 	Title: 	Chief Financial Officer

 

     

     

    

 

	 	CONTINENTAL
    STOCK TRANSFER & TRUST
	 	COMPANY
    as Warrant Agent
	 	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title: 	 

 

     

     

    

 

[Form
of Warrant Certificate]

 

[Reverse]

 

The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise
to receive Ordinary Shares and are issued or to be issued pursuant to a Warrant Agreement dated as of [              ] (the “Warrant
Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York
corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference
in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations,
duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or
“holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the
Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant
Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Warrants
may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by
this Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set
forth hereon properly completed and executed, together with payment of the Warrant Price as specified in the Warrant Agreement
(or through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate trust office
of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall
be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee,
a new Warrant Certificate evidencing the number of Warrants not exercised.

 

Notwithstanding
anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise
(i) a registration statement covering the Ordinary Shares to be issued upon exercise is effective under the Securities Act of
1933, as amended, and (ii) a prospectus thereunder relating to the Ordinary Shares is current, except through “cashless
exercise” as provided for in the Warrant Agreement.

 

The
Warrant Agreement provides that upon the occurrence of certain events the number of Ordinary Shares issuable upon the exercise
of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant,
the holder thereof would be entitled to receive a fractional interest in an Ordinary Share, the Company shall, upon exercise,
round down to the nearest whole number of Ordinary Shares to be issued to the holder of the Warrant.

 

Warrant
Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in
person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations
provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates
of like tenor evidencing in the aggregate a like number of Warrants.

 

Upon
due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent, a new Warrant Certificate
or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s)
in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except
for any tax or other governmental charge imposed in connection therewith.

 

The
Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate
(notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of
any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected
by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a
shareholder of the Company.

 

     

     

    

 

Election
to Purchase

 

(To
Be Executed Upon Exercise of Warrant)

 

The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive [                ] Ordinary
Shares and herewith tenders payment for such Ordinary Shares to the order of ION Acquisition Corp 1 Ltd. (the “Company”)
in the amount of $[         ] in accordance with the terms hereof. The undersigned
requests that a certificate for such Ordinary Shares be registered in the name of [          ] whose
address is [                 ] and that such
Ordinary Shares be delivered to [                  ]
whose address is [                 ]. If said
number of shares is less than all of the Ordinary Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate
representing the remaining balance of such Ordinary Shares be registered in the name of [                ],
whose address is [           ] and that such Warrant Certificate be
delivered to [           ], whose address is [               
].

 

In
the event that the Warrant has been called for redemption by the Company pursuant to Section 6.2 of the Warrant Agreement
and a holder thereof elects to exercise its Warrant pursuant to a Make-Whole Exercise, the number of Ordinary Shares that this
Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c) or Section 6.2 of the Warrant
Agreement, as applicable.

 

In
the event that the Warrant is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to
subsection 3.3.1(c) of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall
be determined in accordance with subsection 3.3.1(c) of the Warrant Agreement.

 

In
the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant
Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with Section
7.4 of the Warrant Agreement.

 

In
the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the
number of Ordinary Shares that this Warrant is exercisable for would be determined in accordance with the relevant section of
the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned
hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions
of the Warrant Agreement, to receive Ordinary Shares. If said number of shares is less than all of the Ordinary Shares purchasable
hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing
the remaining balance of such Ordinary Shares be registered in the name of [             ],
whose address is [               ] and that such
Warrant Certificate be delivered to [               ],
whose address is [              ].

 

[Signature
Page Follows]

 

     

     

    

 

	Date:                          ,
              	 	 
	 	 	(Signature)
	 	 	 
	 	 	(Address)
	 	 	 
	 	 	 
	 	 	(Tax
    Identification Number)
	Signature
    Guaranteed:	 	 
	 	 	 
	 	 	 

 

THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND
CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO SEC RULE 17Ad-15 UNDER THE SECURITIES
EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE).

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