Document:

Exhibit 10.4

  

   

  

  
    EXECUTION VERSION

  

  
     

      

    AMENDMENT NO. 4 dated as of November 17, 2020 (this “Amendment”), to the
      CREDIT AGREEMENT dated as of November 19, 2019 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among GANNETT CO., INC. (formerly New Media
      Investment Group Inc.), a Delaware corporation (“Holdings”), GANNETT HOLDINGS LLC (formerly Arctic Holdings LLC), a Delaware limited liability company (the “Borrower”), each Guarantor party thereto, the Lenders from time to time party thereto, Alter Domus Products Corp. (f/k/a Cortland Products Corp.)
      (“Alter Domus”), as Collateral Agent for the Lenders, and Alter Domus, as Administrative Agent for the Lenders.  Capitalized terms used in this Amendment but not otherwise defined shall have
      the meanings assigned to such terms in the Amended Credit Agreement (defined below).

     

    WHEREAS pursuant to the Credit Agreement, the Lenders have extended credit to the Borrower on the terms and
      subject to the conditions set forth therein;

     

    WHEREAS the Borrower has requested, and each of the Lenders has agreed, to (i) amend the Credit Agreement to permit each Lender, at its option, to
      exchange, on a pro rata and par-for-par basis, a portion of the outstanding aggregate principal amount of such Lender’s Term Loans into a portion of up to $500,000,000 in aggregate principal amount of the Notes (as defined in the Amended Credit
      Agreement)  under the Notes Indenture (as defined in the Amended Credit Agreement) (such transaction, the “Exchange” and the Lenders so exchanging, the “Exchanging Lenders”) and (ii) make certain other changes in the Credit Agreement, in each case, subject to the conditions set forth herein; and

     

    WHEREAS, after giving effect to the Exchange, the outstanding aggregate principal amount of Term Loans held by each Lender shall be as set forth opposite
      its respective name on Schedule I attached hereto, subject to the conditions set forth herein.

     

    NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of
      which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows:

     

    SECTION 1.  Amendment; Exchange.  (a) The Credit Agreement shall be hereby amended to delete
      the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the 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 Exhibit A hereto (the Existing Credit Agreement as so amended, the “Amended Credit Agreement”).

     

    
      
        

      2

    

    
    (b) Each of the Lenders authorizes the Agent to enter into the Permitted Pari Passu Intercreditor Agreement with the collateral agent for the Notes in
      the form attached hereto as Exhibit B.

     

    (c) The Exchange shall be consummated pursuant to the terms of the Exchange Agreement in the form attached hereto as Exhibit C, to be dated as of the Amendment Effective Date, among the Lenders party thereto and Holdings and, for the avoidance of doubt, shall be deemed to have been effected on the Amendment Effective Date immediately
      prior to the effectiveness of the amendment to the Credit Agreement described in paragraph (a) of this Section 1.

     

    SECTION 2.  Representations and Warranties.  The Borrower represents and warrants to each
      Agent and to each of the Lenders that:

     

    (a)  This Amendment has been duly authorized, executed and delivered by the Borrower and constitutes a legal, valid and binding
      obligation of the Borrower, enforceable against the Borrower 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.

     

    (b)  The representations and warranties of each Loan Party set forth in the Loan Documents are true and correct in all material
      respects (or, in the case of representations and warranties qualified as to materiality, in all respects) on and as of the date hereof (other than with respect to any representation and warranty that expressly relates to a prior date, in which case
      such representation and warranty is true and correct in all material respects (or in all respects, as applicable) as of such earlier date).

     

    (c)  At the time of and immediately after giving effect to this Amendment, no Default shall have occurred and be continuing.

     

    SECTION 3.  Conditions to Effectiveness.  This Amendment shall become effective as of the
      date (the “Amendment Effective Date”) on which each of the conditions set forth in this Section 3 shall have been satisfied:

     

    (a)  the Administrative Agent shall have received counterparts of this Amendment that, when taken together, bear the signatures of
      each Loan Party and each Lender;

     

    (b)  the Administrative Agent and the Exchanging Lenders, as applicable, shall have received all fees and other amounts due and
      payable on or prior to the Amendment Effective Date, including reimbursement or payment of all reasonable and documented out-of-pocket expenses required to reimbursed or paid by the Borrower hereunder or under any other Loan Document;

     

    
      
        

      3

    

    (c)  the Administrative Agent shall have received a certificate of an Authorized Officer of each Loan Party, dated as of the Amendment
      Effective Date, certifying (A) as to copies of the Governing Documents of such Loan Party, together with all amendments thereto (including, without limitation, a true and complete copy of the charter, certificate of formation, certificate of limited
      partnership or other publicly filed organizational document of each Loan Party certified as of a recent date not more than 30 days prior to the Amendment Effective Date by an appropriate official of the jurisdiction of organization of such Loan Party
      which shall set forth the same complete name of such Loan Party as is set forth herein and the organizational number of such Loan Party, if an organizational number is issued in such jurisdiction), (B) as to a copy of the resolutions or written
      consents of such Loan Party authorizing the Amendment and the transactions contemplated thereby, (C) the names and true signatures of the representatives of such Loan Party authorized to sign the Amendment and the other documents to be executed and
      delivered by such Loan Party in connection herewith, together with evidence of the incumbency of such authorized officers, (D) that the representations and warranties made in respect of the Borrower, and, to the extent applicable, the Guarantors, in
      Sections 6.01(a)(i), (a)(ii), (b)(i), (b)(ii)(A), (d), (k), (t), (w) and, solely with respect to the use of the proceeds of the Term Loans, (y) and (z) of the Amended Credit Agreement shall be true and correct in all material respects and (E) no
      Default or Event of Default exists;

     

    (d)  to the extent that the concept is applicable in the relevant jurisdiction, a certificate of the appropriate official(s) of the
      jurisdiction of organization certifying as of a recent date not more than 30 days prior to the Amendment Effective Date as to the subsistence in good standing of such Loan Party in such jurisdictions;

     

    (e)  in addition to a certificate as described in Section 3(c) above, a certificate of an Authorized Officer of each UK Guarantor
      certifying (A) that guaranteeing and securing the Secured Obligations would not cause any guarantee, security or similar limit binding on any UK Guarantor to be exceeded, (B) that each copy document relating to it and supplied pursuant to this
      Section 3 is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of this Agreement and (C) that (1) each UK Guarantor has complied with the relevant timeframe with any notice it
      has received pursuant to Part 21A of the Companies Act 2006 from any other UK Guarantor and no "warning notice" or "restrictions notice" (in each case as defined in Schedule 1B of the Companies Act 2006) has been issued in respect of such UK
      Guarantor's shares, together with a copy of the "PSC register" (within the meaning of section 790C(10) of the Companies Act 2006) or (2) such UK Guarantor is not required to comply with Part 21A of the Companies Act 2006;

     

    
      
        

      4

    

    (f)  an opinion of Cravath, Swaine & Moore LLP, New York counsel to the Loan Parties, as to such matters regarding the Loan
      Parties, this Amendment and the Term Loans as the Lenders may reasonably request, and the Loan Parties hereby request such opinions;

     

    (g)  (x) Lenders holding at least 95% of the Term Loans outstanding immediately prior to the Exchange shall have agreed to participate
      in the Exchange and (y) the issuance of the Notes (as defined in the Amended Credit Agreement) shall have been consummated substantially simultaneously or substantially concurrently with the Amendment Effective Date on terms satisfactory to the
      Lenders; and

     

    (h)  as of the Amendment Effective Date, no Default or Event of Default shall have occurred and be continuing, or would occur
      immediately after giving effect to the transactions contemplated by this Amendment.

     

    SECTION 4.  Effects on the Loan Documents; No Novation.  (a)  Except as expressly set forth
      herein, this Amendment shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or of any other Loan
      Document, all of which shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  The Secured Parties’ failure to exercise, or delay in exercising, any right, remedy, power or privilege under the other Loan
      Documents shall not operate as a waiver or amendment thereof or waive, affect or diminish any rights of the Secured Parties thereafter to demand strict compliance and performance therewith.

     

    (b)  The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any
      Lender or Agent under any of the Loan Documents, nor constitute a waiver of any provision of the Loan Documents or in any way limit, impair or otherwise affect the rights and remedies of the Lenders or the Agents under the Loan Documents, except as
      expressly provided herein.  Nothing herein shall be deemed to entitle the Borrower or any other Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements
      contained in the Credit Agreement or any other Loan Document in similar or different circumstances.

     

    
      
        

      5

    

    (c)  On and after the Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”,
      “herein” or words of like import, and each reference to the Credit Agreement “thereunder”, “thereof”, “therein” or words of like import in any other Loan Document, shall be deemed a reference to the Credit Agreement as amended hereby.

     

    (d)  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.

     

    (e)  This Amendment shall not extinguish the obligations for the payment of money outstanding under the Credit Agreement or discharge
      or release the Lien or priority of any Loan Document or any other security therefor or any guarantee thereof.  Nothing herein contained shall be construed as a substitution or novation of the Obligations outstanding under the Credit Agreement or any
      other Loan Document, all of which shall remain in full force and effect, except as modified hereby.  Nothing expressed or implied in this Amendment or any other document contemplated hereby shall be construed as a release or other discharge of any
      Loan Party under any Loan Document from any of its obligations and liabilities thereunder.

     

    SECTION 5.  Acknowledgement and Reaffirmation.  Each Loan Party hereby acknowledges that it
      has read this Amendment and consents to the terms hereof and further hereby affirms, confirms and agrees that (a) notwithstanding the effectiveness of this Amendment, the obligations of such Loan Party under each of the Loan Documents to which it is
      a party shall not be impaired and each of the Loan Documents to which such Loan Party is a party is, and shall continue to be, in full force and effect and is hereby confirmed and ratified in all respects, in each case, as amended hereby and (b) its
      guarantee of the Obligations, and the pledge of and/or grant of a security interest in its assets as collateral to secure the Obligations, all as and to the extent provided in the Loan Documents as originally executed, shall continue in full force
      and effect in respect of, and to secure, the Obligations.

     

    SECTION 6.  Governing Law; Jurisdiction; Waiver of Jury Trial.  The provisions of Sections
      12.09, 12.10 and 12.11 of the Credit Agreement are hereby incorporated by reference herein, mutatis mutandis.

     

    SECTION 7.  Counterpart.  This Amendment may be executed in one or more counterparts, each
      of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Delivery by electronic transmission of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an
      original executed counterpart of this Amendment.

     

    
      
        

      6

    

    SECTION 8.  Expenses.  The Borrower agrees to reimburse the Agents for its reasonable,
      documented and invoiced out-of-pocket expenses in connection with this Amendment to the extent required under Section 12.04 of the Credit Agreement.

     

    SECTION 9.  Headings.  Section headings used herein are for convenience of reference only,
      are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.

     

    SECTION 10.  No Novation.  This Amendment shall not extinguish the obligations for the
      payment of money outstanding under the Credit Agreement or any other Loan Documents or discharge or release the Lien or priority of any security interest or any other security therefor. Nothing herein contained shall be construed as a substitution or
      novation of the obligations outstanding under the Credit Agreement, any other Loan Documents or instruments securing the same, which shall remain in full force and effect, except to any extent modified hereby or by instruments executed concurrently
      herewith and except to the extent repaid as provided herein.  Nothing implied in this Amendment or in any other document contemplated hereby shall be construed as a release or other discharge of any of the Loan Parties under any Loan Document from
      any of its obligations and liabilities as a borrower, guarantor or pledgor under any of the Loan Documents.

     

    [Signature Pages Follow]

    
      
        

    

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

     

    	 	
            GANNETT HOLDINGS LLC

          
	 	 
	 	
            By

          	 
	 	 	/s/ Michael E. Reed

          
	 	 	
            Name: Michael E. Reed

            

          
	 	 	
            Title: President and Chief Executive Officer

            

          
	 	 	 
	 	
            GANNETT CO., INC.

          
	 	 
	 	
            By

          	 
	 	 	/s/ Michael E. Reed

          
	 	 	
            Name: Michael E. Reed

            

          
	 	 	
            Title: President and Chief Executive Officer

            

          

     

    

    
      [Signature Page to Amendment No. 4 to Credit Agreement]

    

    
      
        

    

    
      
        
          
            	 	
                    EACH GUARANTOR LISTED ON ANNEX 1:

                  
	 	 
	 	 
	 	
                    By:

                  	/s/ Mark Maring

                  
	 	 	
                    Name: Mark Maring

                  
	 	 	
                    Title: As Indicated on Annex I

                  
	 	 	 

            

            

            	 	
                    EACH GUARANTOR LISTED ON ANNEX II:

                  
	 	 	 
	 	 	 
	 	
                    By:

                  	/s/ Michael E Reed

                  
	 	 	
                    Name: Michael E Reed

                  
	 	 	
                    Title: As Indicated on Annex II 

                    

                  

            

            

            
              
                [Signature Page to Amendment No. 4]

                

                

              

              
                

            

            	 	
                    AMERICAN INFLUENCER AWARDS LLC

                  
	 	 
	 	 
	 	
                    By:

                  	/s/ Jason Taylor

                  
	 	 	
                    Name: Jason Taylor

                  
	 	 	
                    Title: Manager

                  
	 	 
	 	 
	 	
                    By:

                  	
                    /s/ Christopher Crellin

                    

                  
	 	 	
                    Name: Christopher Crellin

                  
	 	 	
                    Title: Manager

                  

            
              
                [Signature Page to Amendment No. 4]

                

                

              

              
                

            

            	 	
                    GIDDYUP EVENTS, LLC

                    MILWAUKEE MARATHON LLC

                    ENMOTIVE COMPANY LLC

                  
	 	 
	 	 
	 	
                    By:

                  	/s/ Bradford Scudder

                  
	 	 	
                    Name: Bradford Scudder

                  
	 	 	
                    Title: Manager

                  

            

            

            
              
                [Signature Page to Amendment No. 4]

                

                

              

              
                

            

            	 	
                    GANNETT INTERNATIONAL FINANCE LLC

                  
	 	 
	 	 
	 	
                    By:

                  	
                    /s/ Michael E. Reed

                    

                  
	 	 	
                    Name: Michael E. Reed

                  
	 	 	
                    Title: Manager

                  
	 	 
	 	 
	 	
                    By:

                  	
                    /s/ Douglas E. Horne

                    

                  
	 	 	
                    Name: Douglas E. Horne

                  
	 	 	
                    Title: Manager

                  
	 	 
	 	 
	 	
                    By:

                  	
                    /s/ Polly Grunfeld Sack

                    

                  
	 	 	
                    Name: Polly Grunfeld Sack

                  
	 	 	
                    Title: Manager

                  

            
              
                [Signature Page to Amendment No. 4]

                

                

              

              
                

            

            	 	
                    EACH GUARANTOR LISTED ON ANNEX III:

                  
	 	 
	 	 
	 	
                    By:

                  	/s/ Michael E. Reed

                  
	 	 	
                    Name: Michael E. Reed

                  
	 	 	
                    Title: As Indicated on Annex III

                  

            

            

            
              
                [Signature Page to Amendment No. 4]

                

                

              

              
                

            

            	 	
                    RUGGED EVENTS CANADA LTD

                  
	 	 
	 	 
	 	
                    By:

                  	/s/ Mark Maring

                  
	 	 	
                    Name: Mark Maring

                  
	 	 	
                    Title: Senior Vice President and Treasurer

                  

            

            

            
              
                [Signature Page to Amendment No. 4]

                

                

              

              
                

            

            	
                    
                      Executed by Reachlocal Australia Pty Ltd ACN 122 612 962 in accordance with section 127 of the Corporations Act 2001 (Cth) by: 

                      

                       

                      /s/ Mark Avedissian

                      

                    

                  	 	/s/ Giuseppe Megale

                  
	
                    Signature of director 

                    

                     

                    

                     

                  	 	
                    Signature of company secretary

                  
	
                    MARK AVEDISSIAN

                    Name of director (print)

                  	 	
                    GIUSEPPE MEGALE

                    Name of company secretary (print)

                  

            

            

            
              
                [Signature Page to Amendment No. 4]

                

                

              

              
                

            

            
              	
                       

                    	
                      GANNETT U.K. LTD. 

                      

                    
	 	 
	
                       

                    	
                      By:

                    	
                      /s/ Douglas E. Horne

                        

                    
	
                       

                    	
                      Name:

                    	
                      Douglas E. Horne

                    
	
                       

                    	
                      Title:

                    	
                      Authorized Signatory

                    
	 	 	 
	 	 	 
	
                       

                    	
                      NEWSQUEST CAPITAL LIMITED 

                      

                    
	 	 
	
                       

                    	
                      By:

                    	
                      /s/ Douglas E. Horne

                        

                    
	
                       

                    	
                      Name:

                    	
                      Douglas E. Horne

                    
	
                       

                    	
                      Title:

                    	
                      Authorized Signatory

                    
	 	 	 
	 	 	 
	
                       

                    	
                      NEWSQUEST LIMITED 

                      

                    
	 	 
	
                       

                    	
                      By:

                    	
                      /s/ Douglas E. Horne

                        

                    
	
                       

                    	
                      Name:

                    	
                      Douglas E. Horne

                    
	
                       

                    	
                      Title:

                    	
                      Authorized Signatory

                    
	 	 	 
	 	 	 
	
                       

                    	
                      GANNETT INTERNATIONAL FINANCE, LLP 

                      

                    
	 	 
	
                       

                    	
                      By:

                    	
                      /s/ Douglas E. Horne

                        

                    
	
                       

                    	
                      Name:

                    	
                      Douglas E. Horne

                    
	
                       

                    	
                      Title:

                    	
                      Authorized Signatory

                    
	 	 	 
	 	 	 
	
                       

                    	
                      GANNETT INTERNATIONAL HOLDINGS, LLP 

                      

                    
	 	 
	
                       

                    	
                      By:

                    	
                      /s/ Douglas E. Horne

                        

                    
	
                       

                    	
                      Name:

                    	
                      Douglas E. Horne

                    
	
                       

                    	
                      Title:

                    	
                      Authorized Signatory

                    

            

            

            

            
              
                [Signature Page to Amendment No. 4]

                

                

              

              
                

            

            Annex I

             

            	 	
                    Exact Legal Name of Each Guarantor

                  	
                    Signature Block

                  
	
                    o           

                  	
                    BridgeTower Media Holding Company

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    CA Alabama Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    CA Louisiana Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    CA Massachusetts Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    CA North Carolina Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    CA South Carolina Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    Copley Ohio Newspapers, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    CyberInk, LLC

                  	
                    GateHouse Media Pennsylvania Holdings, Inc., as its Sole Member

                     

                    

                    •          Mark Maring - Senior Vice President of Finance
                          and Treasurer

                     

                  
	
                    o           

                  	
                    Daily Journal of Commerce, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    Daily Reporter Publishing Company

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    DB Acquisition, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    DB Arkansas Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    DB Iowa Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    DB North Carolina Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    DB Oklahoma Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    DB Tennessee Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    DB Texas Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    DB Washington Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    Enterprise NewsMedia Holding, LLC

                  	
                    GateHouse Media Massachusetts II, Inc., as its Sole Member

                     

                    

                    •          Mark Maring - Senior Vice President of Finance
                          and Treasurer

                     

                  
	
                    o           

                  	
                    Enterprise NewsMedia, LLC

                  	
                    Enterprise NewsMedia Holding, LLC, as its Sole Member

                     

                    

                    •          By GateHouse Media Massachusetts II, Inc., its Sole Member

                     

                    •          Mark Maring - Senior Vice President of Finance
                          and Treasurer

                     

                  
	
                    o           

                  	
                    Enterprise Publishing Company, LLC

                  	
                    Enterprise NewsMedia, LLC, as its Member

                     

                    

                    •          By Enterprise NewsMedia Holding, LLC, its
                          Member

                     

                    •          By GateHouse Media Massachusetts II, Inc., its
                          Member

                     

                    •          Mark Maring—Senior Vice President of Finance
                          and Treasurer

                     

                  
	
                    o           

                  	
                    Finance and Commerce, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Alaska Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Arkansas Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media California Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  

            

            

            
              
                
                  Annex I - 1 

                

              

              
                

            

            
              	 	
                      Exact Legal Name of Each Guarantor

                    	
                      Signature Block

                    

            

            	
                    o           

                  	
                    GateHouse Media Colorado Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Connecticut Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Corning Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Delaware Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Directories Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Freeport Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Georgia Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Illinois Holdings II, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Illinois Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Indiana Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Iowa Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Kansas Holdings II, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Kansas Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Lansing Printing, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Louisiana Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Macomb Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Management Services, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Maryland Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Massachusetts I, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Massachusetts II, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Michigan Holdings II, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Michigan Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Minnesota Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Missouri Holdings II, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Missouri Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Nebraska Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media New York Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media North Dakota Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Ohio Holdings II, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Ohio Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Oklahoma Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Oregon Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  

            

            

            
              
                
                  Annex I - 2 

                

              

              
                

            

            
              	 	
                      Exact Legal Name of Each Guarantor

                    	
                      Signature Block

                    

            

            	
                    o           

                  	
                    GateHouse Media Pennsylvania Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media South Dakota Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Suburban Newspapers, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Tennessee Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Texas Holdings II, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Texas Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    GateHouse Media Virginia Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    George W. Prescott Publishing Company, LLC

                  	
                    Enterprise NewsMedia, LLC, as its Member

                     

                    

                    •          By Enterprise NewsMedia Holding, LLC, as its
                          Sole Member

                     

                    •          By GateHouse Media Massachusetts II, Inc., as
                          its Sole Member

                     

                    •          Mark Maring—Senior Vice President of Finance
                          and Treasurer

                     

                  
	
                    o           

                  	
                    LMG Maine Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    LMG Massachusetts, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    LMG National Publishing, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    LMG Rhode Island Holdings, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    LMG Stockton, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    Local Media Group Holdings LLC

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    Local Media Group, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    Loco Sports, LLC

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    Low Realty, LLC

                  	
                    Enterprise NewsMedia, LLC, as its Sole Member

                     

                    

                    •          By Enterprise NewsMedia Holding, LLC, as its
                          Sole Member

                     

                    •          By GateHouse Media Massachusetts II, Inc., as
                          its Sole Member

                     

                    •          Mark Maring—Senior Vice President of Finance 
                          and Treasurer

                     

                  
	
                    o           

                  	
                    LRT Four Hundred, LLC

                  	
                    Enterprise NewsMedia, LLC, as its Sole Member

                     

                    

                    •          By Enterprise NewsMedia Holding, LLC, as its
                          Sole Member

                     

                    •          By GateHouse Media Massachusetts II, Inc., as
                          its Sole Member

                     

                    •          Mark Maring—Senior Vice President of Finance
                          and Treasurer

                     

                  
	
                    o           

                  	
                    Mineral Daily News Tribune, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    News Leader, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    Seacoast Newspapers, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    SureWest Directories

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    Terry Newspapers, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    The Inquirer and Mirror, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    The Mail Tribune, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    The Nickel of Medford, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    The Peoria Journal Star, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  

            

            

            
              
                
                  Annex I - 3 

                

              

              
                

            

            
              	 	
                      Exact Legal Name of Each Guarantor

                    	
                      Signature Block

                    

            

            	
                    o           

                  	
                    ThriveHive, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    UpCurve Cloud LLC

                  	
                    UpCurve, Inc

                     

                    

                    •          Mark Maring—Senior Vice President of Finance
                          and Treasurer

                     

                  
	
                    o           

                  	
                    UpCurve, Inc.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  
	
                    o           

                  	
                    W-Systems Corp.

                  	
                    Mark Maring - Senior Vice President of Finance and Treasurer

                  

            
              
                
                  Annex I - 4 

                

              

              
                

            

            Annex II

             

            	 	
                    Exact Legal Name of Each Guarantor

                  	
                    Signature Block

                  
	
                    o           

                  	
                    Arizona News Service, LLC

                  	
                    Dolco Acquisition, LLC, as its Manager

                     

                    

                    •          By GateHouse Media Operating, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Holdco, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, as its Sole
                          Member

                     

                    •          By New Media Holdings I LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    BridgeTower Media DLN, LLC

                  	
                    Dolco Acquisition, LLC, as its Manager

                     

                    

                    •          By GateHouse Media Operating, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Holdco, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, as its Sole
                          Member

                     

                    •          By New Media Holdings I LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    BridgeTower Media, LLC

                  	
                    Dolco Acquisition, LLC, as its Sole Member

                     

                    

                    •          By GateHouse Media Operating, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Holdco, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, as its Sole
                          Member

                     

                    •          By New Media Holdings I LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  

            

            

            
              
                
                  Annex II - 1 

                

              

              
                

            

            
              	 	
                      Exact Legal Name of Each Guarantor

                    	
                      Signature Block

                    

            

            	
                    o           

                  	
                    CA Florida Holdings, LLC

                  	
                    Cummings Acquisition, LLC, as its Sole Member

                     

                    

                    •          By GateHouse Media Operating, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Holdco, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, as its Sole
                          Member

                     

                    •          By New Media Holdings I LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Cummings Acquisition, LLC

                  	
                    GateHouse Media Operating, LLC, as its Sole Member

                     

                    

                    •          By GateHouse Media Holdco, LLC, as its Sole Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, as its Sole
                          Member

                     

                    •          By New Media Holdings I LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Dolco Acquisition, LLC

                  	
                    GateHouse Media Operating, LLC, as its Sole Member

                     

                    

                    •          By GateHouse Media Holdco, LLC, its Sole Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, as its Sole
                          Member

                     

                    •          By New Media Holdings I LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  

            

            

            
              
                
                  Annex II - 2 

                

              

              
                

            

            
              	 	
                      Exact Legal Name of Each Guarantor

                    	
                      Signature Block

                    

            

            	
                    o           

                  	
                    ENHE Acquisition, LLC

                  	
                    GateHouse Media Operating, LLC, as its Sole Member

                     

                    

                    •          By GateHouse Media Holdco, LLC, its Sole Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, as its Sole
                          Member

                     

                    •          By New Media Holdings I LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Gannett Ventures LLC

                  	
                    New Media Ventures Group LLC, as its Sole Member

                     

                    

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    GateHouse Media Holdco, LLC

                  	
                    GateHouse Media Intermediate Holdco, LLC, as its Sole Member

                     

                    

                    •          By GateHouse Media, LLC, its Sole Member

                     

                    •          By New Media Holdings II LLC, its Sole Member

                     

                    •          By New Media Holdings I LLC, its Sole Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    GateHouse Media Intermediate Holdco, LLC

                  	
                    GateHouse Media, LLC, as its Member

                     

                    

                    •          By New Media Holdings II LLC, its Sole Member

                     

                    •          New Media Holdings I LLC, its Sole Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    GateHouse Media Operating, LLC

                  	
                    GateHouse Media Holdco, LLC, as its Sole Member

                     

                    

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, its Sole Member

                     

                    •          By New Media Holdings I LLC, its Sole Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  

            

            

            
              
                
                  Annex II - 3 

                

              

              
                

            

            
              	 	
                      Exact Legal Name of Each Guarantor

                    	
                      Signature Block

                    

            

            	
                    o           

                  	
                    GateHouse Media, LLC

                  	
                    New Media Holdings II LLC, as its Sole Member

                     

                    

                    •          By New Media Holdings I LLC, its Sole Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Idaho Business Review, LLC

                  	
                    Dolco Acquisition, LLC, as its Manager

                      

                    

                    •          By GateHouse Media Operating, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Holdco, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, as its Sole
                          Member

                     

                    •          By New Media Holdings I LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Lawyer's Weekly, LLC

                  	
                    Dolco Acquisition, LLC, as its Manager

                     

                    

                    •          By GateHouse Media Operating, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Holdco, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, as its Sole
                          Member

                     

                    •          By New Media Holdings I LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Liberty SMC, L.L.C.

                  	
                    GateHouse Media Operating, LLC

                     

                    

                    •          By GateHouse Media Holdco, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC, as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, its Sole Member

                     

                    •          By New Media Holdings I LLC, its Sole Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  

            

            

            
              
                
                  Annex II - 4 

                

              

              
                

            

            
              	 	
                      Exact Legal Name of Each Guarantor

                    	
                      Signature Block

                    

            

            	
                    o           

                  	
                    Long Island Business News, LLC

                  	
                    Dolco Acquisition, LLC, as its Manager

                      

                    

                    •          By GateHouse Media Operating, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Holdco, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, as its Sole
                          Member

                     

                    •          By New Media Holdings I LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Missouri Lawyers Media, LLC

                  	
                    Dolco Acquisition, LLC, as its Manager

                     

                    

                    •          By GateHouse Media Operating, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Holdco, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, as its Sole
                          Member

                     

                    •          By New Media Holdings I LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    New Media Holdings I LLC

                  	
                    Gannett Media Corp., as its Sole Member

                     

                    

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    New Media Holdings II LLC

                  	
                    New Media Holdings I LLC, as its Sole Member

                     

                    

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    New Media Ventures Group LLC

                  	
                    Gannett Media Corp., as its Sole Member

                     

                    

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  

            

            

            
              
                
                  Annex II - 5 

                

              

              
                

            

            
              	 	
                      Exact Legal Name of Each Guarantor

                    	
                      Signature Block

                    

            

            	
                    o           

                  	
                    New Orleans Publishing Group, L.L.C.

                  	
                    Dolco Acquisition, LLC, as its Manager

                     

                    

                    •          By GateHouse Media Operating, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Holdco, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, as its Sole
                          Member

                     

                    •          By New Media Holdings I LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    NOPG, L.L.C.

                  	
                    New Orleans Publishing Group, L.L.C., as its Manager

                     

                    

                    •          By Dolco Acquisition, LLC, as its Manager

                     

                    •          By GateHouse Media Operating, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Holdco, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, as its Sole
                          Member

                     

                    •          By New Media Holdings I LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Rugged Events Holding LLC

                  	
                    Gannett Ventures LLC

                     

                    

                    •          By New Media Ventures Group LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Rugged Races LLC

                  	
                    Rugged Events Holding LLC

                      

                    

                    •          By Gannett Ventures LLC

                     

                    •          By New Media Ventures Group LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  

            

            

            
              
                
                  Annex II - 6 

                

              

              
                

            

            
              	 	
                      Exact Legal Name of Each Guarantor

                    	
                      Signature Block

                    

            

            	
                    o           

                  	
                    The Daily Record Company, LLC

                  	
                    Dolco Acquisition, LLC, as its Manager

                     

                    

                    •          By GateHouse Media Operating, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Holdco, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, as its Sole
                          Member

                     

                    •          By New Media Holdings I LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    The Journal Record Publishing Co., LLC

                  	
                    Dolco Acquisition, LLC, as its Manager

                     

                    

                    •          By GateHouse Media Operating, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Holdco, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, as its Sole
                          Member

                     

                    •          By New Media Holdings I LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    The NWS Company, LLC

                  	
                    Dolco Acquisition, LLC, as its Manager

                     

                    

                    •          By GateHouse Media Operating, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Holdco, LLC, as its Sole
                          Member

                     

                    •          By GateHouse Media Intermediate Holdco, LLC,
                          as its Sole Member

                     

                    •          By GateHouse Media, LLC, as its Sole Member

                     

                    •          By New Media Holdings II LLC, as its Sole
                          Member

                     

                    •          By New Media Holdings I LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed - President and Chief
                          Executive Officer

                     

                  

            

            

            
              
                
                  Annex II - 7 

                

              

              
                

            

            Annex III

             

            	 	
                    Exact Legal Name of Each Guarantor

                  	
                    Signature Block

                  
	
                    o           

                  	
                    Action Advertising, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Alexandria Newspapers, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Baxter County Newspapers, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Bizzy, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Boat Spinco, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Citizen Publishing Company

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    DealOn, LLC

                  	
                    ReachLocal,Inc., as its Sole Member

                     

                    

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Des Moines Press Citizen LLC

                  	
                    Des Moines Register and Tribune Company, as its Sole Member

                     

                    

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Des Moines Register and Tribune Company

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Desert Sun Publishing, LLC

                  	
                    Gannett Media Services, LLC, as its Sole Member

                     

                    

                    •          By Gannett Media Corp., as its Sole Member

                     

                    o          Michael E. Reed – President and Chief
                          Executive Officer

                     

                    •          By The Desert Sun Publishing Co., as its
                          Member

                     

                    o          Michael E. Reed – President and Chief
                          Executive Officer

                     

                    •          By Gannett Satellite Information Network, LLC,
                          as its Member

                     

                    o          By Gannett Media Corp., as its Sole Member

                     

                    ◾          Michael E. Reed – President and Chief Executive Officer

                     

                    •          By Gannett International Communications, Inc.,
                          as its Member

                     

                    o          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Desk Spinco, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Detroit Free Press, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    DiGiCol, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Evansville Courier Company, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Federated Publications, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    FoodBlogs, LLC

                  	
                    Grateful Media, LLC

                     

                    

                    •          By Gannett Satellite Information Network, LLC,
                          as its Sole Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Gannett GP Media, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Gannett International Communications, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  

            
              

              

            

            
              
                
                  Annex III - 1
                     

                  

                

              

              
                

            

            
              	 	
                      Exact Legal Name of Each Guarantor

                    	
                      Signature Block

                    

            

            	
                    o           

                  	
                    Gannett Media Corp.

                  	
                    Michael E. Reed – President and Chief Executive Officer

                  
	
                    o           

                  	
                    Gannett Media Services, LLC

                  	
                    Gannett Media Corp., as its Member

                      

                    

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                    The Desert Sun Publishing Co., as its Member

                     

                    

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                    Gannett Satellite Information Network, LLC, as its Member

                     

                    

                    •          By Gannett Media Corp., as its Sole Member

                     

                    o          Michael E. Reed – President and Chief
                          Executive Officer

                     

                    Gannett International Communications, Inc., as its Member

                     

                    

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Gannett MHC Media, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Gannett Missouri Publishing, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Gannett Publishing Services, LLC

                  	
                    Gannett Satellite Information Network, LLC, as its Managing Member

                     

                    

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Gannett Retail Advertising Group, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Gannett River States Publishing Corporation

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Gannett Satellite Information Network, LLC

                  	
                    Gannett Media Corp., as its Sole Member

                     

                    

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Gannett Supply Corporation

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Gannett UK Media, LLC

                  	
                    Gannett Media Corp., as its Sole Member

                     

                    

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Gannett Vermont Publishing, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    GCCC, LLC

                  	
                    Gannett Missouri Publishing, Inc., as its Sole Member

                     

                    

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    GCOE, LLC

                  	
                    Gannett Satellite Information Network, LLC, as its Managing Member

                     

                    

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    GFHC, LLC

                  	
                    Gannett Media Corp., as its Sole Member

                     

                    

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    GNSS LLC

                  	
                    Gannett Media Corp., as its Sole Member

                      

                    

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Grateful Media, LLC

                  	
                    Gannett Satellite Information Network, LLC, as its Sole Member

                     

                    

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  

            

            

            
              
                
                  Annex III - 2
                     

                  

                

              

              
                

            

            
              	 	
                      Exact Legal Name of Each Guarantor

                    	
                      Signature Block

                    

            

            	
                    o           

                  	
                    Guam Publications, Incorporated (Pacific Daily News)

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Imagn Content Services, LLC

                  	
                    USA Today Sports Media Group, LLC, as its Sole Member

                     

                    

                    •          By Gannett Satellite Information Network, LLC,
                          as its Managing Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Journal Community Publishing Group, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Journal Media Group, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Journal Sentinel Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Kickserv, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    LOCALiQ LLC

                  	
                    Gannett Media Corp., as its Sole Member

                     

                    

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Memphis Publishing Company

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Multimedia, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Pacific Media, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Phoenix Newspapers, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Press-Citizen Company, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    ReachLocal Canada, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    ReachLocal DP, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    ReachLocal International GP LLC

                  	
                    ReachLocal International, Inc.

                     

                    

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    ReachLocal International, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    ReachLocal, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Reno Newspapers, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    Salinas Newspapers LLC

                  	
                    Gannett Media Services, LLC, as its Sole Member

                     

                    

                    •          By Gannett Media Corp., as its Sole Member

                     

                    o          Michael E. Reed – President and Chief
                          Executive Officer

                     

                    •          By The Desert Sun Publishing Co., as its
                          Member

                     

                    o          Michael E. Reed – President and Chief
                          Executive Officer

                     

                    •          By Gannett Satellite Information Network, LLC,
                          as its Member

                     

                    o          By Gannett Media Corp., as its Sole Member

                     

                    ◾          Michael E. Reed – President and Chief Executive Officer

                     

                    •          By Gannett International Communications, Inc.,
                          as its Member

                     

                    o          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  

            

            

            
              
                
                  Annex III - 3
                     

                  

                

              

              
                

            

            
              	 	
                      Exact Legal Name of Each Guarantor

                    	
                      Signature Block

                    

            

            	
                    o           

                  	
                    Scripps NP Operating, LLC

                  	
                    Desk Spinco, Inc., as its Sole Member

                     

                    

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Sedona Publishing Company, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    State-Kilbourn Holdings LLC

                  	
                    Journal Sentinel Inc., as its Sole Member

                     

                    

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Texas-New Mexico Newspapers, LLC

                  	
                    Texas-New Mexico Newspapers, LLC, as its Manager

                     

                    

                    •          By The Sun Company of San Bernardino,
                          California LLC, as its Managing Member

                     

                    •          By Gannett Media Services, LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    Thanksgiving Ventures, LLC

                  	
                    Grateful Media, LLC

                     

                    

                    •          By Gannett Satellite Information Network, LLC,
                          as its Sole Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    The Advertiser Company

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    The Courier-Journal, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    The Desert Sun Publishing Co.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    The Sun Company of San Bernardino, California LLC

                  	
                    Gannett Media Services, LLC, as its Sole Member

                     

                    

                    •          By Gannett Media Corp., as its Sole Member

                     

                        

                    o          Michael E. Reed – President and Chief
                          Executive Officer

                     

                        

                    •          By The Desert Sun Publishing Co., as its
                          Member

                     

                        

                    o          Michael E. Reed – President and Chief
                          Executive Officer

                          

                        

                    •          By Gannett Satellite Information Network, LLC,
                          as its Member

                     

                        

                    o          By Gannett Media Corp., as its Sole Member

                     

                        

                    ◾          Michael E. Reed – President and Chief Executive Officer

                     

                      

                    •          By Gannett International Communications, Inc.,
                          as its Member

                     

                        

                    o          Michael E. Reed – President and Chief
                          Executive Officer

                     

                        

                  
	
                    o           

                  	
                    The Times Herald Company

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    USA Today Sports Media Group, LLC

                  	
                    Gannett Satellite Information Network, LLC, as its Managing Member

                     

                    

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  

            

            

            
              
                
                  Annex III - 4
                     

                  

                

              

              
                

            

            
              	 	
                      Exact Legal Name of Each Guarantor

                    	
                      Signature Block

                    

            

            	
                    o           

                  	
                    Visalia Newspapers LLC

                  	
                    Gannett Media Services, LLC, as its Sole Member

                     

                    

                    •          By Gannett Media Corp., as its Sole Member

                     

                        

                    o          Michael E. Reed – President and Chief
                          Executive Officer

                     

                        

                    •          By The Desert Sun Publishing Co., as its
                          Member

                     

                        

                    o          Michael E. Reed – President and Chief
                          Executive Officer

                     

                        

                    •          By Gannett Satellite Information Network, LLC,
                          as its Member

                     

                        

                    o          By Gannett Media Corp., as its Sole Member

                     

                        

                    ◾          Michael E. Reed – President and Chief Executive Officer

                     

                      

                    •          By Gannett International Communications, Inc.,
                          as its Member

                     

                        

                    o          Michael E. Reed – President and Chief
                          Executive Officer

                     

                        

                  
	
                    o           

                  	
                    Wordstream, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    x.com, Inc.

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    York Daily Record-York Sunday News LLC

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    York Dispatch LLC

                  	
                    Michael E. Reed - President and Chief Executive Officer

                  
	
                    o           

                  	
                    York Newspaper Company

                  	
                    By York Newspapers Holdings, L.P., as its General Partner

                     

                    

                    •          By York Partnership Holdings, LLC, as its
                          General Partner

                     

                    •          By Texas-New Mexico Newspapers, LLC, as its
                          Managing Member

                     

                    •          By The Sun Company of San Bernardino,
                          California LLC, as its Managing Member

                     

                    •          By Gannett Media Services, LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                    By York Partnership Holdings, LLC, as its General Partner

                     

                    

                    •          By Texas-New Mexico Newspapers, LLC, as its
                          Managing Member

                     

                    •          By The Sun Company of San Bernardino,
                          California LLC, as its Managing Member

                     

                    •          By Gannett Media Services, LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  

            

            

            
              
                
                  Annex III - 5
                     

                  

                

              

              
                

            

            
              	 	
                      Exact Legal Name of Each Guarantor

                    	
                      Signature Block

                    

            

            	
                    o           

                  	
                    York Newspapers Holdings, L.P.

                  	
                    York Partnership Holdings, LLC, as its General Partner

                     

                    

                    •          By Texas-New Mexico Newspapers, LLC, as its
                          Managing Member

                     

                    •          By The Sun Company of San Bernardino,
                          California LLC, as its Managing Member

                     

                    •          By Gannett Media Services, LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    York Newspapers Holdings, LLC

                  	
                    York Newspapers Holdings, L.P., as its Sole Member

                     

                    

                    •          By York Partnership Holdings, LLC, as its
                          General Partner

                     

                    •          By Texas-New Mexico Newspapers, LLC, as its
                          Managing Member

                     

                    •          By The Sun Company of San Bernardino,
                          California LLC, as its Managing Member

                     

                    •          By Gannett Media Services, LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  
	
                    o           

                  	
                    York Partnership Holdings, LLC

                  	
                    Texas-New Mexico Newspapers, LLC, as its Manager

                     

                    

                    •          By The Sun Company of San Bernardino,
                          California LLC, as its Managing Member

                     

                    •          By Gannett Media Services, LLC, as its Sole
                          Member

                     

                    •          By Gannett Media Corp., as its Sole Member

                     

                    •          Michael E. Reed – President and Chief
                          Executive Officer

                     

                  

            

            

            
              
                
                  Annex III - 6
                     

                  

                

              

              
                

            

          

        

      

    

    	 	
            ALTER DOMUS PRODUCTS CORP., as Administrative Agent and Collateral Agent,

          
	 	 
	 	
            By

          	 
	 	 	/s/ Matthew Trybula

          
	 	 	
            Name: Matthew Trybula

          
	 	 	
            Title: Associate Counsel

          

    

    

    [Signature Page to Amendment No. 4 to Credit Agreement]

    
      
        

    

    
      	
               

            	
               

            
	
               Lender Name

            	
               

            

    

    

    

    
      	By:

            	
               

            	
               

            
	
               

            	Name:

            	
               

            
	
               

            	Title:

            	
               

            

    

    

    

    *Signature pages of Lenders are available upon request to the registrant.

    

     

    

    
      
        

    

    EXHIBIT A

    

    

    AMENDED CREDIT AGREEMENT

        

      

    
      
        CREDIT AGREEMENT

        

        

        Dated as of November 19, 2019

        

        

        by and among

        NEW MEDIA INVESTMENT GROUP INC.

        (to be renamed GANNETT CO., INC. upon effectiveness of the Merger),

        as Holdings

        

        

        ARCTIC HOLDINGS LLC

        (to be renamed GANNETT HOLDINGS LLC upon effectiveness of the Merger),

        as Borrower,

        

        

        EACH PERSON

        LISTED AS A GUARANTOR ON THE SIGNATURE PAGES HERETO,

        as Guarantors,

        

        

        THE LENDERS FROM TIME TO TIME PARTY HERETO,

        as Lenders,

        

        

        CORTLANDALTER DOMUS PRODUCTS CORP.,

        as Collateral Agent,

        

        

        and

        

        

        CORTLANDALTER DOMUS PRODUCTS CORP.,

        as Administrative Agent

        

        

        
          
            

        

        
        TABLE OF CONTENTS

        

          	
                   

                	
                   

                	
                  Page

                
	 	 	 
	
                  ARTICLE I DEFINITIONS; CERTAIN TERMS

                	
                  1

                
	
                  Section 1.01

                	
                  Definitions.

                	
                  1

                
	
                  Section 1.02

                	
                  Terms Generally.

                	
                  42

                
	
                  Section 1.03

                	
                  Certain Matters of Construction.

                	
                  43

                
	
                  Section 1.04

                	
                  Pro Forma Calculations.

                	
                  43

                
	
                  Section 1.05

                	
                  Accounting and Other Terms.

                	
                  44

                
	
                  Section 1.06

                	
                  Time References.

                	
                  4445

                
	
                  Section 1.07

                	
                  Australian Terms

                	
                  45

                
	
                  Section 1.08

                	
                  Canadian Terms

                	
                  45

                
	
                   

                	
                   

                	 
	
                  ARTICLE II THE LOANS

                	
                  47

                
	
                  Section 2.01

                	
                  Commitments

                	
                  47

                
	
                  Section 2.02

                	
                  Making the Term Loans

                	
                  47

                
	
                  Section 2.03

                	
                  Repayment of Term Loans; Evidence of Debt.

                	
                  48

                
	
                  Section 2.04

                	
                  Interest.

                	
                  48

                
	
                  Section 2.05

                	
                  Termination of Commitment; Prepayment of Term Loans.

                	
                  49

                
	
                  Section 2.06

                	
                  Fees.

                	
                  5253

                
	
                  Section 2.07

                	
                  [Reserved].

                	
                  5253

                
	
                  Section 2.08

                	
                  [Reserved].

                	
                  5253

                
	
                  Section 2.09

                	
                  Taxes.

                	
                  5253

                
	
                  Section 2.10

                	
                  Increased Costs and Reduced Return.

                	
                  56

                
	
                  Section 2.11

                	
                  [Reserved].

                	
                  57

                
	
                  Section 2.12

                	
                  Mitigation Obligations; Replacement of Lenders.

                	
                  57

                
	
                   

                	 
	
                  ARTICLE III [RESERVED]

                	
                  5859

                
	
                   

                	 
	
                  ARTICLE IV APPLICATION OF PAYMENTS

                	
                  59

                
	
                  Section 4.01

                	
                  Payments; Computations and Statements.

                	
                  59

                
	
                  Section 4.02

                	
                  Sharing of Payments.

                	
                  59

                
	
                  Section 4.03

                	
                  Apportionment of Payments.

                	
                  60

                
	
                   

                	 
	
                  ARTICLE V CONDITIONS TO LOANS

                	
                  61

                
	
                  Section 5.01

                	
                  Conditions Precedent to Effectiveness.

                	
                  61

                
	
                   

                	 
	
                  ARTICLE VI REPRESENTATIONS AND WARRANTIES

                	
                  64

                
	
                  Section 6.01

                	
                  Representations and Warranties.

                	
                  64

                
	
                   

                	 
	
                  ARTICLE VII COVENANTS OF THE LOAN PARTIES

                	
                  73

                
	
                  Section 7.01

                	
                  Affirmative Covenants.

                	
                  73

                
	
                  Section 7.02

                	
                  Negative Covenants.

                	
                  8586

                
	
                  Section 7.03

                	
                  Minimum Liquidity.

                	
                  9293

                
	
                   

                	 
	
                  ARTICLE VIII [RESERVED]

                	
                  9293

                

          

          

          
            - i -

            
              

          

          	
                  ARTICLE IX EVENTS OF DEFAULT

                	
                  9293

                
	
                  Section 9.01

                	
                  Events of Default.

                	
                  9293

                
	
                   

                	
                   

                	 
	
                  ARTICLE X AGENTS

                	
                  96

                
	
                  Section 10.01

                	
                  Appointment.

                	
                  96

                
	
                  Section 10.02

                	
                  Nature of Duties; Delegation.

                	
                  9697

                
	
                  Section 10.03

                	
                  Rights, Exculpation, Etc.

                	
                  9798

                
	
                  Section 10.04

                	
                  Reliance.

                	
                  9899

                
	
                  Section 10.05

                	
                  Indemnification.

                	
                  9899

                
	
                  Section 10.06

                	
                  Agents Individually.

                	
                  99100

                
	
                  Section 10.07

                	
                  Successor Agent.

                	
                  99100

                
	
                  Section 10.08

                	
                  Collateral Matters.

                	
                  100

                
	
                  Section 10.09

                	
                  Agency for Perfection.

                	
                  102103

                
	
                  Section 10.10

                	
                  No Reliance on any Agent's Customer Identification Program.

                	
                  103

                
	
                  Section 10.11

                	
                  No Third Party Beneficiaries.

                	
                  103104

                
	
                  Section 10.12

                	
                  No Fiduciary Relationship.

                	
                  103104

                
	
                  Section 10.13

                	
                  [Reserved].

                	
                  103104

                
	
                  Section 10.14

                	
                  Collateral Custodian.

                	
                  103104

                
	
                  Section 10.15

                	
                  [Reserved].

                	
                  104

                
	
                  Section 10.16

                	
                  Administrative Agent May File Proofs of Claim.

                	
                  104

                
	
                  Section 10.17

                	
                  Defaults.

                	
                  104105

                
	
                   

                	
                   

                	 
	
                  ARTICLE XI GUARANTY

                	
                  104105

                
	
                  Section 11.01

                	
                  Guaranty.

                	
                  104105

                
	
                  Section 11.02

                	
                  Guaranty Absolute.

                	
                  105106

                
	
                  Section 11.03

                	
                  Waiver.

                	
                  106107

                
	
                  Section 11.04

                	
                  Continuing Guaranty; Assignments.

                	
                  106107

                
	
                  Section 11.05

                	
                  Subrogation.

                	
                  106107

                
	
                  Section 11.06

                	
                  Contribution.

                	
                  107108

                
	
                   

                	
                   

                	 
	
                  ARTICLE XII MISCELLANEOUS

                	
                  108109

                
	
                  Section 12.01

                	
                  Notices, Etc.

                	
                  108109

                
	
                  Section 12.02

                	
                  Amendments, Etc.

                	
                  111112

                
	
                  Section 12.03

                	
                  No Waiver; Remedies, Etc.

                	
                  112113

                
	
                  Section 12.04

                	
                  Expenses; Attorneys' Fees.

                	
                  112113

                
	
                  Section 12.05

                	
                  Right of Set-off.

                	
                  113114

                
	
                  Section 12.06

                	
                  Severability.

                	
                  114

                
	
                  Section 12.07

                	
                  Assignments and Participations.

                	
                  114

                
	
                  Section 12.08

                	
                  Counterparts.

                	
                  117118

                
	
                  Section 12.09

                	
                  GOVERNING LAW.

                	
                  118

                
	
                  Section 12.10

                	
                  CONSENT TO JURISDICTION; SERVICE OF PROCESS AND VENUE.

                	
                  118

                
	
                  Section 12.11

                	
                  WAIVER OF JURY TRIAL, ETC.

                	
                  118119

                
	
                  Section 12.12

                	
                  Consent by the Agents and Lenders.

                	
                  119

                
	
                  Section 12.13

                	
                  No Party Deemed Drafter.

                	
                  119120

                
	
                  Section 12.14

                	
                  Reinstatement; Certain Payments.

                	
                  119120

                
	
                  Section 12.15

                	
                  Indemnification; Limitation of Liability for Certain Damages.

                	
                  119120

                

          

          

          
            - ii -

            
              

          

          	
                  Section 12.16

                	
                  Records.

                	
                  121

                
	
                  Section 12.17

                	
                  Binding Effect.

                	
                  121

                
	
                  Section 12.18

                	
                  Highest Lawful Rate.

                	
                  121122

                
	
                  Section 12.19

                	
                  Confidentiality.

                	
                  122123

                
	
                  Section 12.20

                	
                  Public Disclosure.

                	
                  123

                
	
                  Section 12.21

                	
                  Integration.

                	
                  123124

                
	
                  Section 12.22

                	
                  USA PATRIOT Act.

                	
                  124

                
	
                  Section 12.23

                	
                  Acknowledgement and Consent to Bail-In of EEA Financial Institutions.

                	
                  124

                
	
                  Section 12.24

                	
                  Exclusion of Certain PPSA Provisions

                	
                  124125

                
	
                  Section 12.25

                	
                  Intercreditor Agreements

                	
                  125

                

          

        

        
          - iii -

          
            

        

        
        SCHEDULE AND EXHIBITS

        

        

        	
                Schedule 1.01(A)

              	
                Lenders and Lenders' Commitments

              
	
                Schedule 1.01(B)

              	
                Closing Date Mortgaged Properties

              
	
                Schedule 6.01(e)

              	
                Capitalization; Subsidiaries

              
	
                Schedule 6.01(f)

              	
                Litigation

              
	
                Schedule 6.01(i)

              	
                ERISA

              
	
                Schedule 6.01(l)

              	
                Nature of Business

              
	
                Schedule 6.01(q)

              	
                Environmental Matters

              
	
                Schedule 6.01(r)

              	
                Insurance

              
	
                Schedule 6.01(u)

              	
                Intellectual Property

              
	
                Schedule 6.01(v)

              	
                Material Contracts

              
	
                Schedule 7.01(r)

              	
                Post-Closing Matters

              
	
                Schedule 7.02(a)

              	
                Existing Liens

              
	
                Schedule 7.02(b)

              	
                Existing Indebtedness

              
	
                Schedule 7.02(e)

              	
                Existing Investments

              
	
                Schedule 7.02(k)

              	
                Limitations on Dividends and Other Payment Restrictions

              
	 	 
	
                Exhibit A

              	
                Form of Joinder Agreement

              
	
                Exhibit B

              	
                Form of Assignment and Acceptance

              
	
                Exhibit C

              	
                Form of Notice of Borrowing

              
	
                Exhibit D

              	
                Form of Promissory Note

              
	
                Exhibit E

              	
                [Reserved]

              
	
                Exhibit F

              	
                Form of Mortgage

              
	
                Exhibit 2.09(d)-1

              	
                U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

              
	
                Exhibit 2.09(d)-2

              	
                U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

              
	
                Exhibit 2.09(d)-3

              	
                U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

              
	
                Exhibit 2.09(d)-4

              	
                U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

              

        

        

        
          - iv -

          
            

        

        
          

          CREDIT AGREEMENT

           

          Credit Agreement, dated as of November 19, 2019, by and among New Media Investment Group Inc., a Delaware corporation (to be renamed Gannett Co., Inc. upon the
            effectiveness of the Merger; “Holdings”), Arctic Holdings LLC (to be renamed Gannett Holdings LLC upon the effectiveness of the Merger), a Delaware limited liability company (the "Borrower"), each Person listed as a "Guarantor"
            on the signature pages hereto (together with each other Person that executes a joinder agreement and becomes a "Guarantor" hereunder or otherwise guaranties all or any part of the Obligations (as hereinafter defined), each a "Guarantor"
            and collectively, the "Guarantors"), the lenders from time to time party hereto (each a "Lender" and collectively, the "Lenders"), Alter Domus Products Corp. (f/k/a Cortland Products
            Corp.) ("CortlandAlter Domus"), as collateral agent for the Lenders (in such capacity, together with its successors
            and assigns in such capacity, the "Collateral Agent"), and CortlandAlter Domus, as administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the "Administrative Agent"
            and together with the Collateral Agent, each an "Agent" and collectively, the "Agents").

           

          RECITALS

           

          Holdings, the Borrower and Arctic Acquisition Corp. (to be renamed Gannett Media Corp. upon the effectiveness of the Merger), a Delaware corporation and a wholly-owned
            subsidiary of the Borrower (“Merger Sub”), have entered into that certain Agreement and Plan of Merger, dated as of August 5, 2019, as amended on October 29, 2019 (the “Merger Agreement”) with Gannett Co.,
            Inc., a Delaware corporation (the “Target”), pursuant to which Merger Sub will merge with and into the Target (the “Merger”), with the Target surviving as a direct or indirect wholly-owned subsidiary of the Borrower.

           

          In connection with the consummation of the transactions contemplated by the Merger Agreement, the Borrower has asked the Lenders to extend credit to the Borrower
            consisting of a term loan in the aggregate principal amount of $1,792,000,000.  The proceeds of the term loan shall be used by the Borrower to (i) partially fund the Merger, (ii) consummate the Payoff (as defined below), (iii) pay fees and
            expenses incurred to obtain the Term Loans and to consummate of the Payoff and (iv) fund $40,000,000 or more of unrestricted cash and Cash Equivalents to the balance sheet of the Borrower and the Guarantors.  The Lenders are severally, and not
            jointly, willing to extend such credit to the Borrower subject to the terms and conditions hereinafter set forth.

           

          In consideration of the premises and the covenants and agreements contained herein, the parties hereto agree as follows:

           

          ARTICLE I

            

            DEFINITIONS; CERTAIN TERMS

           

          Section 1.01          Definitions.  As used in
            this Agreement, the following terms shall have the respective meanings indicated below:

           

          
            
              

          

          
          "Account Debtor" means, with respect to any Person, each debtor, customer or obligor in any way obligated on or in connection with any Account of such Person.

           

          "Account" has the meaning specified for such term in § 9.102 of the UCC.

           

          "Acquisition" means the acquisition (whether by means of a merger, consolidation or otherwise) of all of the Equity Interests of any Person or all or
            substantially all of the assets of (or any division or business line of) any Person.

           

          "Action" has the meaning specified therefor in Section 12.12.

           

          "Additional Amount" has the meaning specified therefor in Section 2.09(a).

           

          "Administrative Agent" has the meaning specified therefor in the preamble hereto.

           

          "Administrative Agent's Account" means an account at a bank designated by the Administrative Agent from time to time as the account into
            which the Loan Parties shall make all payments to the Administrative Agent for the benefit of the Agents and the Lenders under this Agreement and the other Loan Documents.

           

          "Affiliate" means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries, controls, is controlled by, or is
            under common control with, such Person.  For purposes of this definition, "control" of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the Equity Interests having ordinary voting power for the election of
            members of the Board of Directors of such Person or (b) direct or cause the direction of the management and policies of such Person whether by contract or otherwise.  Notwithstanding anything herein to the contrary, in no event shall any Agent
            or any Lender be considered an "Affiliate" of any Loan Party.

           

          "Affiliated Lender" means, collectively, Fortress Investment Group LLC, SoftBank Group Corp., Holdings and their respective Affiliates (other than the Specified Lender and its Affiliates).

           

          "Agent" has the meaning specified therefor in the preamble hereto.

           

          "Agent Fee Letter" means that certain Agent Fee Letter, dated November 19, 2019, between the Borrower and Cortlandthe Agent.

           

          "Agreement" means this Credit Agreement, including all amendments, modifications and supplements and any exhibits or schedules to any of the foregoing.

           

          "Anti-Corruption Laws" has the meaning specified therefor in Section 6.01(z).

           

          "Anti-Money Laundering and Anti-Terrorism Laws" means any Requirement of Law relating to terrorism, economic sanctions or money laundering, including, without
            limitation, (a) the Money Laundering Control Act of 1986 (i.e., 18 U.S.C. §§ 1956 and 1957), (b) the Bank Secrecy Act of 1970 (31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959), and
            the implementing regulations promulgated thereunder, (c) the USA PATRIOT Act and the implementing regulations promulgated thereunder, (d) the laws, regulations and Executive Orders administered under any Sanctions Programs, (e) any law
            prohibiting or directed against terrorist activities or the financing or support of terrorist activities (e.g., 18 U.S.C. §§ 2339A and 2339B), and (f) any similar laws enacted in the United States or any
            other jurisdictions in which the parties to this Agreement operate, as any of the foregoing laws have been, or shall hereafter be, amended, renewed, extended, or replaced and all other present and future legal requirements of any Governmental
            Authority governing, addressing, relating to, or attempting to eliminate, terrorist acts and acts of war and any regulations promulgated pursuant thereto, in each case applicable to Holdings or any Subsidiary.

           

          
            - 2 -

            
              

          

          "Applicable Margin" means, as of any date of determination, with respect to the interest rate of the Term Loan (or any portion thereof):

           

          (a)          11.50% per annum; provided that, from and after the delivery to the Agents and the Lenders in accordance with Section 7.01(a)(ii) or Section 7.01(a)(iii), as applicable, of the financial statements for the second full Fiscal Quarter ended after
              the Closing Date, the Applicable Margin shall be 11.00% per annum if the Total Gross Leverage Ratio, calculated as of the last day of the most recent Fiscal Quarter for which financial statements and a certificate of an Authorized Officer of
              the Borrower are received by the Agents and the Lenders in accordance with Section 7.01(a)(ii) or Section 7.01(a)(iii), as applicable, and Section 7.01(a)(iv), respectively, is less than 1.00 to 1.00.  Each adjustment of the Applicable Margin
              (if any) will occur one (1) Business Day after the date on which the Administrative Agent receives the quarterly financial statements and a certificate of an Authorized Officer of the Borrower in accordance with Section 7.01(a)(ii) or Section
              7.01(a)(iii), as applicable, and Section 7.01(a)(iv) and shall be effective until the next such date.

           

          (b)          Notwithstanding the foregoing, in the event that any financial statement or certificate
              described in clause (a) above is inaccurate, and such inaccuracy, if corrected, would have led to the application of the higher Applicable Margin for any fiscal period, then the Applicable Margin for such fiscal period shall be adjusted
              retroactively (to the effective date of the determination of the Applicable Margin that was based upon the delivery of such inaccurate financial statement or certificate) to reflect the correct Applicable Margin, and the Borrower shall make
              payments to the Agents and the Lenders as promptly as practicable to reflect such adjustment.

           

          "Assignment and Acceptance" means an assignment and acceptance entered into by an assigning Lender and an assignee, and accepted by the Borrower (as applicable),
            in accordance with Section 12.07 hereof and substantially in the form of Exhibit B hereto, or such other form as approved by the Administrative Agent.

           

          "Australian Loan Party" means a Loan Party incorporated, organized or established under the laws of Australia.

           

          "Australian Subsidiary" means a Subsidiary incorporated, organized or established under the laws of Australia.

           

          
            - 3 -

            
              

          

          "Authorized Officer" means, with respect to any Person, the chief executive officer, chief operating officer, chief financial officer, director, company
            secretary, treasurer or other financial officer performing similar functions, president or executive vice president of such Person.

           

          "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.

           

          "Bankruptcy Code" means Title 11 of the United States Code, as amended from time to time and any successor statute or any similar Federal or state law for the
            relief of debtors.

           

          "Beneficial Ownership Certification" means a certification regarding beneficial ownership of the Borrower as required by the Beneficial Ownership Regulation.

           

          "Beneficial Ownership Regulation" means 31 C.F.R. §1010.230.

           

          "Blocked Person" means any Person:

           

          (a)          that (i) is identified on the list of "Specially Designated Nationals and Blocked Persons" published by OFAC; (ii) resides, is organized or chartered in a country, region or territory that is the target
            of comprehensive sanctions under any Sanctions Program (a "Sanctioned Country"); or (iii) a Person listed in any economic or financial sanctions-related or trade embargoes-related list of designated Persons maintained under any of the
            Anti-Money Laundering and Anti-Terrorism Laws; and

           

          (b)          that is owned or controlled by or that is acting for or on behalf of, any Person described in clause (a) above.

           

          "Board" means the Board of Governors of the Federal Reserve System of the United States (or any successor).

           

          "Board of Directors" means with respect to (a) any corporation, the board of directors of the corporation, (b) a partnership, the board of directors of the
            general partner of the partnership, (c) a limited liability company, the managing member or members or any controlling committee or board of directors of such company or the sole member or the managing member thereof, and (d) any other Person,
            the board or committee of such Person serving a similar function.

           

          "Borrower" has the meaning specified therefor in the preamble hereto.

           

          "BridgeTower Asset Purchase Agreement" means that certain asset purchase agreement, dated as of October 30, 2020, by and among BridgeTower Media, LLC, a Delaware
            limited liability company, as seller, the other sellers party thereto, BridgeTower OpCo, LLC, a Delaware limited liability company, as purchaser and BridgeTower Media, LLC, a Delaware limited liability company, solely in its capacity as the
            representative for the sellers party thereto.

           

          
            - 4 -

            
              

          

          "Business Day" means, for all purposes, any day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required
            to close.

           

          "Canadian Loan Party" means a Loan Party incorporated, organized or established under the laws of Canada.

           

          "Canadian PPSA" means the Personal Property Security Act, as amended, of the applicable province of Canada.

           

          "Canadian Subsidiary" means a Subsidiary incorporated, organized or established under the laws of Canada.

           

          "Capital Expenditures" means, with respect to any Person for any period, the sum of the aggregate of all expenditures by such Person and its Subsidiaries during
            such period that in accordance with GAAP are or should be included in "property, plant and equipment", "intangible assets" or in a similar fixed asset account on its balance sheet, whether such expenditures are paid in cash or financed,
            including all Capitalized Lease Obligations, obligations under synthetic leases and capitalized software costs that are paid or due and payable during such period.

           

          "Capitalized Lease" means, with respect to any Person, any lease of (or other arrangement conveying the right to use) real or personal property by such Person as
            lessee that is required under GAAP to be classified and accounted for as a finance lease on the balance sheet of such Person under Financial Accounting Standards Board Accounting Standards Update No. 2016-02 ,
              Leases (Topic 842).

           

          "Capitalized Lease Obligations" means, with respect to any Person, obligations of such Person and its Subsidiaries under Capitalized Leases, and, for purposes
            hereof, the amount of any such obligation shall be the capitalized amount thereof determined in accordance with GAAP.

           

          "Cash Equivalents" means (a) marketable direct obligations issued or unconditionally guaranteed by the United States Government or issued by any agency thereof
            and backed by the full faith and credit of the United States, in each case, maturing within six months from the date of acquisition thereof; (b) commercial paper, maturing not more than 270 days after the date of issue rated P‐1 by Moody's or
            A‐1 by Standard & Poor's; (c) certificates of deposit maturing not more than 270 days after the date of issue, issued by commercial banking institutions and money market or demand deposit accounts maintained at commercial banking
            institutions, each of which is a member of the Federal Reserve System and has a combined capital and surplus and undivided profits of not less than $500,000,000; (d) repurchase agreements having maturities of not more than 90 days from the date
            of acquisition which are entered into with major money center banks included in the commercial banking institutions described in clause (c) above and which are secured by readily marketable direct obligations of the United States Government or
            any agency thereof; (e) money market accounts maintained with mutual funds having assets in excess of $2,500,000,000, which assets are primarily comprised of Cash Equivalents described in another clause of this definition; (f) marketable tax
            exempt securities rated A or higher by Moody's or A+ or higher by Standard & Poor's, in each case, maturing within 270 days from the date of acquisition thereof; and (g) in the case of any Foreign Subsidiary, other short-term investments
            that are analogous to the foregoing, are of comparable credit quality and are customarily used by companies in the jurisdiction of such Foreign Subsidiary for cash management purposes.

           

          
            - 5 -

            
              

          

          "Cash Interest Savings" means, with respect to any Fiscal Quarter, an amount equal to the difference between (i) the interest that would have been payable
            hereunder in such Fiscal Quarter if the principal amount of Term Loans had not been reduced in such Fiscal Quarter using Equity Sale Proceeds and (ii) the interest that was in fact payable hereunder in such Fiscal Quarter based on the principal
            amount of Term Loans after giving effect to Equity Sale Proceeds that are applied in such Fiscal Quarter within five (5) business days of receipt by the Borrower to prepay the Term Loans; provided that any Cash Interest Savings
            generated in any Fiscal Quarter shall be limited in such Fiscal Quarter to the Cash Interest Savings generated for such Fiscal Quarter (i.e., prorated for the remaining days of such Fiscal Quarter from and including the applicable prepayment
            date).

           

          "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,
            judicial ruling, judgment or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any
            request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection
            Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives concerning capital adequacy promulgated by the Bank for International Settlements, the
            Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities shall, in each case, be deemed to be a "Change in Law", regardless of the date enacted, adopted or issued.

           

          "Change of Control" means each occurrence of any of the following:

           

          (a)           the acquisition, directly or indirectly, by any person or group (within
            the meaning of Section 13(d)(3) of the Exchange Act) of beneficial ownership of more than 35% of the aggregate outstanding voting or economic power of the Equity Interests of Holdings;

           

          (b)          Holdings shall cease to have beneficial ownership (as defined in Rule 13d-3 under the Exchange
            Act) of 100% of the aggregate voting or economic power of the Equity Interests of the Borrower, free and clear of all Liens (other than Permitted Specified Liens); or

           

          (c)          a "Change of Control" (or any comparable term or provision) under or with respect to any Indebtedness of Holdings or any of its Subsidiaries in an
            aggregate principal amount in excess of $5,000,000.

           

          "Closing Date" has the meaning specified therefor in Section 5.01.

           

          
            - 6 -

            
              

          

          

          "Closing Date Mortgaged Property" means the owned real property identified on Schedule 1.01(B), including, without limitation, the land on which each such property is located, all
            buildings and other improvements thereon, and all fixtures located thereat or used in connection therewith with respect to which a Mortgage is granted pursuant to Section 7.01(m).

           

          "Collateral" means all of the property and assets and all interests therein and proceeds thereof now owned or hereafter acquired by any Person upon which a Lien
            is granted or purported to be granted by such Person as security for all or any part of the Obligations.

           

          "Collateral Agent" has the meaning specified therefor in the preamble hereto.

           

          "Collateral Agent Advances" has the meaning specified therefor in Section 10.08(a).

           

          "Collections" means all cash, checks, notes, instruments, and other items of payment (including insurance proceeds, proceeds of cash sales, rental proceeds, and
            tax refunds).

           

          "Commitments" means, with respect to each Lender, such Lender's Term Loan Commitment.

           

          "Compliance Certificate" has the meaning assigned to such term in Section 7.01(a)(iv).

           

          "Consolidated EBITDA" means, with respect to any Person for any period:

           

          (a)          the Consolidated Net Income of such Person for
              such period,

           

          plus

           

          (b)          without duplication, the sum of the following
              amounts for such period to the extent deducted in the calculation of Consolidated Net Income for such period:

           

          (i)          any provision for United States federal income taxes or other taxes measured by net income,

           

          (ii)         Consolidated Net Interest Expense (but excluding interest expense related to operating leases that are not Capitalized
              Leases),

           

          (iii)        any depreciation and amortization expense (but excluding depreciation and amortization related to operating leases that are
              not Capitalized Leases),

           

          (iv)        any aggregate net loss on the Disposition of property (other than accounts and Inventory) outside the ordinary course of
              business,

           

          (v)         any other non-cash expenditure, charge or loss for such period (other than any non-cash expenditure, charge or loss relating
              to write-offs, write-downs or reserves with respect to accounts and Inventory),

           

          
            - 7 -

            
              

          

          (vi)        (A) any restructuring and integration costs associated with the Transactions and (B) any other extraordinary, non-recurring
              or unusual charges and expenses or deductions (clauses (A) and (B), collectively, "Extraordinary Expenses"); provided that, for any period of four consecutive Fiscal Quarters, the aggregate amount of cash Extraordinary Expenses that are incurred following the Closing Date that are added back pursuant to this clause (vi) in
              calculating Consolidated EBITDA shall not exceed (x) for any period of four consecutive Fiscal Quarters ending on or prior to the third Fiscal Quarter of 2020, $75,000,000, (y) for any period of four consecutive Fiscal Quarters ending after
              the third Fiscal Quarter of 2020, but on or prior to the last day of Fiscal Year 2021, 12.5% of Consolidated EBITDA of such Person and (z) for any period of four consecutive Fiscal Quarters ending after the last day of Fiscal Year 2021, 7.0%
              of Consolidated EBITDA of such Person (which percentages, in the case of clauses (y) and (z), shall be calculated prior to giving effect to the addition of Extraordinary Expenses),

           

          (vii)        deferred financing costs,

           

          (viii)       management fee incentive expense incurred and paid using common Equity Interests,

           

          (ix)         fees, costs and expenses in connection with the Transactions, and

           

          (x)          fees, costs and expenses relating to any contemplated or completed acquisitions or dispositions or to any contemplated or
              completed offering of securities or other Indebtedness,

           

          minus

           

          (c)          without duplication, the sum of the following
              amounts for such period to the extent included in the calculation of such Consolidated Net Income for such period:

           

          (i)          any credit for United States federal income taxes or other taxes measured by net income,

           

          (ii)         any gain from extraordinary items,

           

          (iii)        any aggregate net gain from the Disposition of property (other than accounts and Inventory) outside the ordinary course of
              business; and

           

          (iv)        any other non-cash gain, including any reversal of a charge referred to in clause (b)(v) above by reason of a decrease in the
              value of any Equity Interest, but excluding any such non-cash gains (A) in respect of which cash was received in a prior period or will be received in a future period and (B) that represent the reversal of any accrual in a prior period for,
              or the reversal of any cash reserves established in a prior period for, anticipated cash charges.

           

          Notwithstanding the foregoing, Consolidated EBITDA shall be $111,708,000, $128,819,000, $101,467,000 and $173,063,000 for the
            Fiscal Quarters ended September 30, 2019, June 30, 2019, March 31, 2019 and December 30, 2018.

           

          
            - 8 -

            
              

          

          "Consolidated Net Income" means, with respect to any Person, for any period, the consolidated net income (or loss) of such Person and its Subsidiaries for such
            period; provided, however, that the following shall be excluded:  (a) the net income of any other Person in which such Person or one of its Subsidiaries has a joint interest with a third-party (which interest does not cause the
            net income of such other Person to be consolidated into the net income of such Person), except to the extent of the amount of dividends or distributions paid to such Person or Subsidiary, (b) the net income of any Subsidiary (other than a Loan
            Party) of such Person that is, on the last day of such period, subject to any restriction or limitation on the payment of dividends or the making of other distributions, to the extent of such restriction or limitation, and (c) the net income of
            any other Person arising prior to such other Person becoming a Subsidiary of such Person or merging or consolidating into such Person or its Subsidiaries.

           

          "Consolidated Net Interest Expense" means, with respect to any Person for any period, (a) gross interest expense of such Person and its Subsidiaries for such
            period determined on a consolidated basis and in accordance with GAAP, less (b) the sum of (i) interest income for such period and (ii) gains for such period on Hedging Agreements (to the extent not included in interest income above and
            to the extent not deducted in the calculation of gross interest expense), plus (c) the sum of (i) losses for such period on Hedging Agreements (to the extent not included in gross interest expense), (ii) the upfront costs or fees for
            such period associated with Hedging Agreements (to the extent not included in gross interest expense) and (iii) amortization of original issue discount resulting from the issuance of Indebtedness at less than par or debt discount associated with the Notes, in each case, determined on a consolidated basis and in accordance with GAAP.

           

          "Contingent Indemnity Obligations" means any Obligation constituting a contingent, unliquidated indemnification obligation of any Loan Party, in each case, to the
            extent (a) such obligation has not accrued and is not yet due and payable and (b) no claim has been made or is reasonably anticipated to be made with respect thereto.

           

          "Contingent Obligation" means, with respect to any Person, any obligation of such Person guaranteeing any Indebtedness ("primary obligations") of any other Person
            (the "primary obligor") in any manner, whether directly or indirectly, including, without limitation, (a) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of
            business), co-making, discounting with recourse or sale with recourse by such Person of the obligation of a primary obligor, (b) the obligation to make take-or-pay or similar payments, if required, regardless of nonperformance by any other
            party or parties to an agreement, (c) any obligation of such Person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (A)
            for the purchase or payment of any such primary obligation or (B) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property,
            assets, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the
            holder of such primary obligation against loss in respect thereof; provided, however, that the term "Contingent Obligation" shall not include any product warranties extended in the ordinary course of business.  The amount of any
            Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation with respect to which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for
            which such Person may be liable pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability with respect thereto (assuming such Person is
            required to perform thereunder), as determined by such Person in good faith.

           

          
            - 9 -

            
              

          

          "Contractual Obligation" means, as to any Person, any provision of any security issued by such Person or 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 Agreement" means, with respect to any deposit account, any securities account, any commodity account, any securities entitlement or any commodity
            contract, an agreement, in form and substance reasonably satisfactory to the Collateral Agent, among the Collateral Agent, the financial institution or other Person at which such account is maintained or with which such entitlement or contract
            is carried and the Loan Party maintaining such account or entitlement or contract, effective to grant "control" (as defined under the applicable UCC) over such account, entitlement or contract to the Collateral Agent.

           

          "Corporations Act" means the Corporations Act 2011 (Commonwealth of Australia).

           

          "Cortland" has the meaning specified therefor in the preamble hereto.

           

          "Current Value" has the meaning specified therefor in Section 7.01(n).

           

          "Debenture" means the English law debenture to be entered into between (1) the UK Guarantors and (2) the Collateral Agent.

           

          "Debtor Relief Law" means the Bankruptcy Code and any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
            rearrangement, receivership, insolvency, reorganization, or similar debtor relief law of the United States or other applicable jurisdiction from time to time in effect.

           

          "Default" means an event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

           

          "Disposition" means any transaction, or series of related transactions, pursuant to which any Person or any of its Subsidiaries sells, assigns, transfers, leases,
            licenses (as licensor) or otherwise disposes of any property or assets (whether now owned or hereafter acquired) to any other Person, in each case, whether or not the consideration therefor consists of cash, securities or other assets owned by
            the acquiring Person.  For purposes of clarification, "Disposition" shall include (a) the sale or other disposition for value of any contracts, (b) the early termination or modification of any contract resulting in the receipt by any Loan Party
            of a cash payment or other consideration in exchange for such event (other than payments in the ordinary course for accrued and unpaid amounts due through the date of termination or modification), (c) any sale of merchant accounts (or any
            rights thereto (including, without limitation, any rights to any residual payment stream with respect thereto)) by any Loan Party or (d) any disposition of property through a "plan of division" under the Delaware Limited Liability Company Act
            or any comparable transaction under any similar law.

           

          
            - 10 -

            
              

          

          "Disqualified Equity Interests" means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interest into which it is
            convertible or for which it is exchangeable), or upon the happening of any event or condition, (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (except as a result of (i) the payment in full of the
            Obligations (other than Contingent Indemnification Obligations) and (ii) a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior
            repayment in full of the Term Loans and all other Obligations (other than Contingent Indemnification Obligations) and the termination of the Commitments), (b) is redeemable at the option of the holder thereof, in whole or in part, (c) provides
            for the scheduled payments of dividends or distributions in cash, or (d) is convertible into or exchangeable for (i) Indebtedness or (ii) any other Equity Interests that would constitute Disqualified Equity Interests, in each case of clauses
            (a) through (d), prior to the date that is six months after the Final Maturity Date.  Notwithstanding the foregoing, for all purposes of this Agreement and the other Loan Documents, Equity Interests (including, for the avoidance of doubt,
            rights to purchase Equity Interests) issued by Holdings pursuant to or in accordance with the Permitted Rights Agreement shall not constitute Disqualified Equity Interests as a result of providing for the scheduled payments of dividends or
            distributions in cash (but, for the avoidance of doubt, the Equity Interests issued pursuant to or in accordance with the Permitted Rights Agreement shall constitute Disqualified Equity Interests to the extent they have any of the
            characteristics described in the foregoing clauses (a), (b) or (d) (other than, in the case of clause (d), Equity Interests convertible into or exchangeable for other Equity Interests that would constitute Disqualified Equity Interests solely
            as a result of the application of clause (c) above)).

           

          "Dollar," "Dollars" and the symbol "$" each means lawful money of the United States of America.

           

          "Domestic Loan Party" means (a) Holdings, (b) the Borrower and (c) each Guarantor that is a Domestic Subsidiary.

           

          "Domestic Subsidiaries" means all Subsidiaries incorporated or organized under the laws of the United States of America, any State thereof or the District of
            Columbia.

           

          "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.

           

          
            - 11 -

            
              

          

          "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.

           

          "Employee Plan" means an employee benefit plan (other than a Multiemployer Plan) covered by Title IV of ERISA that is maintained by any Loan Party or with respect
            to which any Loan Party has any liability (including on account of  any of its ERISA Affiliates).

           

          "Environmental Actions" means any complaint, summons, citation, written notice or directive, order, claim, litigation, investigation, judicial or administrative
            proceeding or judgment by or before any Governmental Authority or an Action by any Person involving violations of Environmental Laws or Releases of or exposure of any Person to Hazardous Materials (a) from any assets, properties or businesses
            owned or operated by any Loan Party or any of its Subsidiaries or any legal predecessor in interest; (b) from adjoining properties or businesses onto or otherwise impacting any assets or properties owned or operated by any Loan Party or any of
            its Subsidiaries; or (c) onto any facilities which received Hazardous Materials generated by any Loan Party or any of its Subsidiaries or any predecessor in interest.

           

          "Environmental Laws" means, as applicable, the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. § 9601, et seq.),
            the Hazardous Materials Transportation Act (49 U.S.C. § 1801, et seq.), the Resource Conservation and Recovery Act (42 U.S.C. § 6901, et seq.), the Federal Clean Water Act (33 U.S.C. § 1251 et seq.),
            the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601 et seq.) and, as it relates to exposure to hazardous or toxic materials, the Occupational Safety and Health Act (29
            U.S.C. § 651 et seq.), as such laws may be amended or otherwise modified from time to time, and any other Requirement of Law, permit, license or other binding determination of any Governmental Authority imposing liability or
            establishing standards of conduct for protection of the environment or other binding government restrictions relating to the protection of the environment or the generation, storage, use, labelling, transport, distribution, Release, deposit or
            migration of, or exposure of any Person to, any hazardous or toxic materials or materials listed, defined, or regulated as "hazardous", "toxic", a "pollutant", or a "contaminant" or words of similar meaning under applicable Laws into the
            environment.

           

          "Environmental Liabilities and Costs" means all liabilities, monetary obligations, Remedial Actions, losses, damages, punitive damages, consequential damages,
            treble damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts and consultants and costs of investigations and feasibility studies), fines, penalties, sanctions and interest incurred as a
            result of any claim or demand by any Governmental Authority or any third party, and which, in each case, relate to any Loan Party's noncompliance with Environmental Laws, any environmental condition or a Release of Hazardous Materials from or
            onto (a) any property presently or formerly owned by any Loan Party or any of its Subsidiaries or (b) any facility which received Hazardous Materials generated by any Loan Party or any of its Subsidiaries.

           

          "Environmental Lien" means any Lien in favor of any Governmental Authority for Environmental Liabilities and Costs.

           

          
            - 12 -

            
              

          

          "Equity Interests" means (a) all shares of capital stock (whether denominated as common stock or preferred stock), equity interests, beneficial, partnership or
            membership interests, joint venture interests, participations or other ownership or profit interests in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether voting or non-voting and (b) all
            securities convertible into or exchangeable for any of the foregoing and all warrants, options or other rights to purchase, subscribe for or otherwise acquire any of the foregoing, whether or not presently convertible, exchangeable or
            exercisable.

           

          "Equity Issuance" means either (a) the sale or issuance by any Loan Party or any of its Subsidiaries of any shares of its Equity Interests or (b) the receipt by
            Holdings of any cash capital contributions.

           

          "Equity Sale Proceeds" means the Net Cash Proceeds from the sale of Equity Interests of Holdings.

           

          "ERISA" means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute of similar import, and regulations thereunder, in each
            case, as in effect from time to time.  References to sections of ERISA shall be construed also to refer to any successor sections.

           

          "ERISA Affiliate" means, with respect to any Person, any trade or business (whether or not incorporated) which is a member of a group of which such Person is a
            member and which would be deemed to be a "controlled group" within the meaning of Sections 414(b), (c), (m) and (o) of the Internal Revenue Code.

           

          "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 therefor in Section 9.01.

           

          "Excess Amount" has the meaning specified therefor in Section 7.02(g).

           

          "Excess Cash Flow" means, with respect to any Person for any period,

           

          (a) Consolidated EBITDA of such Person and its Subsidiaries for such period, less

           

          (b) the sum of, without duplication,

           

          (i)          the cash portion of Consolidated Net Interest Expense paid during such period,

           

          (ii)         income taxes paid in cash by such Person and its Subsidiaries for such period,

           

          (iii)        all cash principal payments (excluding any principal payments made pursuant to Section 2.05(b) or, except as provided in clause (iv) below, Section 2.05(c) and, for the avoidance of doubt, excluding any reduction in principal resulting from the Exchange)
            made on the Term Loans during such period,

           

          
            - 13 -

            
              

          

          (iv)        all mandatory prepayments made pursuant to Section 2.05(c)(vi) during such period,

           

          (v)         the cash portion of Capital Expenditures made during such period (i) to the extent not funded with (x) an incurrence of Indebtedness or (y) proceeds from
            the issuance of Equity Interests and (ii) subject to a cap equal to $40,000,000 for each such period,

           

          (vi)         the excess, if any, of Working Capital at the end of such period over Working Capital at the beginning of such period (or, if the difference results in an
            amount less than zero, minus the excess, if any, of Working Capital at the beginning of such period over Working Capital at the end of such period),

           

          (vii)        all cash expenses, fees, charges and amounts to the extent added back to Consolidated EBITDA (or its component definitions) for such period,

           

          (viii)       cash payments to fund pension obligations made during such period,

           

          (ix)         the cash portion of the purchase price paid in connection with Permitted Acquisitions made by such Person and its Subsidiaries during such period
            (excluding any Permitted Acquisitions to the extent financed with the proceeds of an Equity Issuance)

           

          (x)          any cash actually paid during such period in respect of any non-cash losses or charges recorded in a prior period; and

           

          (xi)         the amount of Restricted Payments made during such period pursuant to clause (c) of “Permitted Restricted Payments”.

           

          "Exchange" has the meaning specified in the Fourth Amendment.

           

          "Exchange Act" means the Securities Exchange Act of 1934, as amended.

           

          "Excluded Subsidiary" means Newsquest Media Group Limited and each of its Subsidiaries.

           

          "Excluded Taxes" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient,
            (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in
            the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes
            imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest
              in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.12(b)) or (ii) such Lender changes its lending office, except in each case to the extent
            that, pursuant to Section 2.09, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes
            attributable to such Recipient's failure to comply with Section 2.09(d) and (d) any U.S. federal withholding Taxes imposed under FATCA.

           

          
            - 14 -

            
              

          

          "Existing Convertible Notes" means the notes issued pursuant to the Indenture, dated as of April 9, 2018, between the Target, as issuer, and U.S. Bank National
            Association, as trustee.

           

          "Existing Financing Facilities" means, collectively, the Existing Gannett Credit Agreement, the Existing New Media Credit Agreement and the Existing Convertible
            Notes.

           

          "Existing Gannett Credit Agreement" means the Credit Agreement, dated as of June 29, 2015, among the Target, as borrower, the lenders and other financial
            institutions party thereto, and JPMorgan Chase Bank, N.A., as administrative agent on behalf of the lenders.

           

          "Existing New Media Credit Agreement" means the Credit Agreement, dated as of June 4, 2014, among New Media Holdings I LLC, New Media Holdings II LLC, as
            borrower, the lenders and other financial institutions party thereto, and Citizens Bank of Pennsylvania, as administrative agent on behalf of the lenders.

           

          "Extraordinary Receipts" means any cash received by Holdings or any of its Subsidiaries from casualty or condemnation awards (and payments in lieu thereof).

           

          "FASB ASC" means the Accounting Standards Codification of the Financial Accounting Standards Board.

           

          "FATCA" means Sections 1471 through 1474 of the Internal Revenue 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 any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and any fiscal or
            regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreements, treaty or convention among Government Authorities implementing the foregoing.

           

          "FCPA" has the meaning specified therefor in Section 6.01(z).

           

          "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 Administrative Agent from 3 federal funds brokers of recognized standing.

           

          "Fee Letters" means collectively, the Agent Fee Letter, the Lender Fee Letter and the Structuring Fee Letter.

           

          
            - 15 -

            
              

          

          "Final Maturity Date" means November 19, 2024.

           

          "Financial Statements" means (I)(a) the audited consolidated balance sheets of Holdings and its Subsidiaries as of the end of the three most recently completed
            Fiscal Years ended at least 90 days before the Closing Date and related consolidated statements of operations, stockholders’ equity and cash flows of Holdings and its Subsidiaries for the two most recently completed Fiscal Years ended at least
            90 days before the Closing Date and (b) the unaudited condensed consolidated balance sheets and related condensed consolidated statements of operations and cash flows of Holdings and its Subsidiaries for each subsequent Fiscal Quarter ended at
            least 45 days before the Closing Date (other than any fiscal fourth quarter) after the most recent fiscal period for which audited financial statements have been provided pursuant to clause (I)(a) hereof, in each case prepared in accordance
            with GAAP and (II)(a) the audited consolidated balance sheets of the Target and its Subsidiaries as of the end of the three most recently completed Fiscal Years ended at least 90 days before the Closing Date and related consolidated statements
            of operations, stockholders’ equity and cash flows of the Target and its Subsidiaries for the two most recently completed Fiscal Years ended at least 90 days before the Closing Date and (b) the unaudited condensed consolidated balance sheets
            and related condensed consolidated statements of operations and cash flows of the Target and its Subsidiaries for each subsequent Fiscal Quarter ended at least 45 days before the Closing Date (other than any fiscal fourth quarter) after the
            most recent fiscal period for which audited financial statements have been provided pursuant to clause (II)(a) hereof, in each case prepared in accordance with GAAP.

           

          "Fiscal Quarter" means a fiscal quarter of Holdings and its Subsidiaries; provided that, for purposes of determining the availability under any exception
            to the covenants in Section 7.02 (including any related defined terms), “Fiscal Quarter” shall at all times refer to the fiscal quarter of the Borrower.

           

          "Fiscal Year" means the fiscal year of Holdings and its Subsidiaries ending on the last Sunday in December of each calendar year or such other fiscal year end
            date as elected by Holdings in accordance with Section 7.01(k); provided that, for purposes of determining the availability under any exception to the covenants in Section 7.02 (including any related defined terms), “Fiscal Year” shall
            at all times refer to the fiscal year of the Borrower.

           

          "Foreign Lender" has the meaning specified therefor in Section 2.09(d)(ii).

           

          "Foreign Official" has the meaning specified therefor in Section 6.01(z).

           

          "Foreign Pledge Agreement" means a pledge or charge agreement granting a Lien on Equity Interests issued by a Foreign Subsidiary in order to secure the
            Obligations and, in each case, governed by the law of the jurisdiction of organization of such Foreign Subsidiary and in form and substance reasonably satisfactory to the Collateral Agent and the Borrower.

           

          "Foreign Security Agreement" means an agreement granting a Lien on assets owned by any Foreign Subsidiary consisting of assets
            comprising the Collateral (but, with respect to any category of assets, only to the extent that a Lien on such category of assets is customarily granted in the applicable jurisdiction) to secure the Obligations and governed by the law of the
            jurisdiction of organization of such Foreign Subsidiary and, in each case, in form and substance reasonably satisfactory to the Collateral Agent and the Borrower.

           

          
            - 16 -

            
              

          

          "Foreign Subsidiary" means any Subsidiary that is not a Domestic Subsidiary.

           

          "Fourth Amendment" means that certain Amendment No. 4 to this Agreement, dated as of November 17,
              2020, by and among Holdings, the Borrower, each Guarantor party thereto, the Lenders party thereto and the Agents.

           

          "Fourth Amendment Effective Date" means the effective date of the Fourth Amendment.

           

          "GAAP" means generally accepted accounting principles in effect from time to time in the United States, applied on a consistent basis, provided that if there
            occurs after the date of this Agreement any change in GAAP that affects in any respect the calculation of any covenant contained in Section 7.02 or Section 7.03 hereof or any other provision hereof, the Required Lenders and the Borrower shall
            negotiate in good faith amendments to the provisions of this Agreement that relate to the calculation of such covenant with the intent of having the respective positions of the Lenders and the Borrower after such change in GAAP conform as
            nearly as possible to their respective positions as of the date of this Agreement, and prior to the effectiveness of such amendment to this Agreement, such covenant or other provision shall be calculated without giving effect to such change in
            GAAP.

           

          "Governing 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 the operating agreement; (c) with respect to any partnership,
            joint venture, trust or other form of business entity, the partnership, joint venture, declaration or other applicable agreement or documentation evidencing or otherwise relating to its formation or organization, governance and capitalization;
            and (d) with respect to any of the entities described above, any other 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.

           

          "Governmental Authority" means any nation or government, any Federal, state, province, city, town, municipality, county, local or other political subdivision
            thereof or thereto and any department, commission, board, bureau, instrumentality, agency 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).

           

          "Guaranteed Obligations" has the meaning specified therefor in Section 11.01.

           

          "Guarantor" means (a) Holdings and each Subsidiary of Holdings (other than the Borrower) listed as a "Guarantor" on the signature pages hereto, and (b) each other
            Person which guarantees, pursuant to Section 7.01(b) or otherwise, all or any part of the Obligations; provided, however, that in no event shall any Excluded Subsidiary be a Guarantor, unless (i) the Borrower elects to satisfy
            the requirements of Section 7.01(b) with respect to such Person, (ii) such Person is no longer a Foreign Subsidiary or (iii) as a result of such Person’s providing a Guaranty, such Person would not have any liability to contribute to an
            occupational pension scheme (as defined in section 1 of the Pension Schemes Act 1993 (United Kingdom)) in the United Kingdom other than an occupational pension scheme all the benefits under which are
            money purchase benefits (as defined in section 181 of the Pension Schemes Act 1993 (United Kingdom)).

           

          
            - 17 -

            
              

          

          "Guaranty" means (a) the guaranty of each Guarantor party hereto contained in Article XI hereof and (b) each other guaranty, in form and substance satisfactory to
            the Administrative Agent, made by any other Guarantor in favor of the Collateral Agent for the benefit of the Agents and the Lenders guaranteeing all or part of the Obligations.

           

          "Hazardous Material" means (a) any element, compound or chemical that is defined, listed or otherwise classified as a contaminant, pollutant, toxic pollutant,
            toxic or hazardous substance, extremely hazardous substance or chemical, hazardous waste, special waste, or solid waste under Environmental Laws or that is likely to cause immediately, or at some future time, harm to or have an adverse effect
            on, the environment or human health or safety, including, without limitation, any pollutant, contaminant, waste, hazardous waste, toxic substance or dangerous good which is defined or identified in any Environmental Law and which is present in
            the environment in such quantity or state that it contravenes any Environmental Law; (b) petroleum and its refined products; (c) polychlorinated biphenyls; (d) any substance exhibiting a hazardous waste characteristic, including, without
            limitation, corrosivity, ignitability, toxicity or reactivity, that subjects it to regulation under Environmental Law, as well as any radioactive or explosive materials; and (e) any raw materials, building components (including, without
            limitation, asbestos-containing materials) and manufactured products containing hazardous substances listed or classified as such under Environmental Laws.

           

          "Hedging Agreement" means any interest rate, foreign currency, commodity or equity swap, collar, cap, floor or forward rate agreement, or other agreement or
            arrangement designed to protect against fluctuations in interest rates or currency, commodity or equity values (including, without limitation, any option with respect to any of the foregoing and any combination of the foregoing agreements or
            arrangements), and any confirmation executed in connection with any such agreement or arrangement.

           

          "Highest Lawful Rate" means, with respect to any Agent or any Lender, the maximum non-usurious interest rate, if any, that at any time or from time to time may be
            contracted for, taken, reserved, charged or received on the Obligations under laws in any jurisdiction applicable to such Agent or such Lender which are currently in effect or, to the extent allowed by law, under such applicable laws which may
            hereafter be in effect and which allow a higher maximum non-usurious interest rate than applicable laws now allow.

           

          "Holdings" has the meaning specified therefor in the preamble hereto.

           

          "Holdout Lender" has the meaning specified therefor in Section 12.02(b).

           

          
            - 18 -

            
              

          

          "Indebtedness" means, with respect to any Person, without duplication, (a) all indebtedness of such Person
            for borrowed money; (b) all obligations of such Person for the deferred purchase price of property or services (other than trade payables or other accounts payable incurred in the ordinary course of such Person's
            business and any earn-out, purchase price adjustment or similar obligation until such obligation appears in the liabilities section of the balance sheet of such Person and is no longer contingent); (c) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; (d) all reimbursement, payment or other obligations and
            liabilities of such Person created or arising under any conditional sales or other title retention agreement with respect to property used and/or acquired by such Person, even though the rights and remedies of the lessor, seller and/or lender
            thereunder may be limited to repossession or sale of such property; (e) all Capitalized Lease Obligations of such Person; (f) all
            obligations and liabilities, contingent or otherwise, of such Person, in respect of letters of credit, acceptances and similar facilities other than obligations that are cash collateralized on terms reasonably satisfactory to the Administrative
            Agent; (g) all net obligations and liabilities, calculated on a basis satisfactory to the Administrative Agent and in accordance with accepted practice, of such Person under Hedging Agreements; (h)

            all monetary obligations under any receivables factoring, receivable sales or similar transactions and all monetary obligations under any synthetic lease, tax ownership/operating lease, off-balance sheet financing or similar financing; (i) all Contingent Obligations in respect of obligations referred to in clauses (a) through (h) and (j) of this definition of another Person; (j) all Disqualified
            Equity Interests; and (k) all obligations referred to in clauses (a) through (j) of this definition of another Person secured by (or for which the holder of such Indebtedness has an existing
            right, contingent or otherwise, to be secured by) a Lien upon property owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness.  The Indebtedness of any Person shall include the
            Indebtedness of any partnership of or joint venture in which such Person is a general partner or a joint venturer so long as, in the case of a joint venture, such Indebtedness is recourse to any Loan Party.

           

          "Indemnified Matters" has the meaning specified therefor in Section 12.15.

           

          "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 clause (a), Other Taxes.

           

          "Indemnitees" has the meaning specified therefor in Section 12.15.

           

          "Insolvency Proceeding" means any proceeding commenced by or against any Person under any provision of any Debtor Relief Law.

           

          "Intellectual Property" has the meaning specified therefor in the Security Agreement.

           

          "Intercompany Subordination Agreement" means an Intercompany Subordination Agreement made by Holdings and its Subsidiaries in favor of the Collateral Agent for
            the benefit of the Agents and the Lenders, in form and substance reasonably satisfactory to the Collateral Agent.

           

          "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended (or any successor statute thereto) and the regulations thereunder.

           

          
            - 19 -

            
              

          

          "Inventory" means, with respect to any Person, all goods and merchandise of such Person leased or held for sale or lease by such Person, including, without
            limitation, all raw materials, work-in-process and finished goods, and all packaging, supplies and materials of every nature used or usable in connection with the shipping, storing, advertising or sale of such goods and merchandise, whether now
            owned or hereafter acquired, and all such other property the sale or other disposition of which would give rise to an Account or cash.

           

          "Investment" means, with respect to any Person, (a) any investment by such Person in any other Person (including Affiliates) in the form of loans, guarantees,
            advances or other extensions of credit (excluding Accounts arising in the ordinary course of business), capital contributions or acquisitions of Indebtedness (including, any bonds, notes, debentures or other debt securities), Equity Interests,
            or all or substantially all of the assets of such other Person (or of any division or business line of such other Person), (b) the purchase or ownership of any futures contract or liability for the purchase or sale of currency or other
            commodities at a future date in the nature of a futures contract, or (c) any investment in any other items that are or would be classified as investments on a balance sheet of such Person prepared in accordance with GAAP.

           

          "Investor Agreement" means the Investor Agreement, dated and effective as of November 17, 2020,
              among Holdings and the Holders (as defined therein) party thereto.

           

          "Joinder Agreement" means a Joinder Agreement, substantially in the form of Exhibit A, duly executed by a Subsidiary of a Loan Party made a party hereto pursuant
            to Section 7.01(b).

           

          "Joinder Document Deliverable" has the meaning specified therefor in Section 7.01(b)(i).

           

          "Lease" means any lease of real property to which any Loan Party or any of its Subsidiaries is a party as lessor or lessee.

           

          "Lender" has the meaning specified therefor in the preamble hereto.

           

          "Lender Fee Letter" means that certain Lender Fee Letter, dated August 4, 2019, between Apollo Capital Management, L.P. and New Media Investment Group, Inc.

           

          "Lender Director Nominee" has the meaning specified therefor in Section 7.01(x)(i).

           

          "Lien" means any mortgage, deed of trust, pledge, lien (statutory or otherwise), security interest, charge or other encumbrance or security or preferential
            arrangement of any nature, including, without limitation, any conditional sale or title retention arrangement, any Capitalized Lease and any assignment, deposit arrangement or financing lease intended as, or having the effect of, security, but
            not including the interest of a lessor under a lease that is an operating lease.

           

          "Loan Document" means this Agreement, any Control Agreement, the Fee Letters, any Guaranty, the Intercompany Subordination Agreement, any Joinder Agreement, any
            Mortgage, any Security Document, any Permitted Pari Passu Intercreditor Agreement, any landlord
            waiver, any collateral access agreement, any Perfection Certificate and any other agreement, instrument, certificate, report and other document executed and delivered pursuant hereto or thereto or otherwise evidencing or securing any Loan or
            any other Obligation.

           

          
            - 20 -

            
              

          

          "Loan Party" means the Borrower and any Guarantor.

           

          "Management Agreement" means the Amended and Restated Management and Advisory Agreement, dated as of August 5, 2019 and effective as of the Closing Date, between
            Holdings and FIG LLC.

           

          "Material Adverse Effect" means a material adverse effect on any of (a) the operations, assets, liabilities, or financial condition of the Loan Parties taken as a
            whole, (b) the ability of the Loan Parties taken as a whole to perform any of their obligations under any Loan Document or (c) the rights and remedies of any Agent or any Lender under any Loan Document.

           

          "Material Contract" means, with respect to any Person, (a) each contract or agreement to which such Person or any of its Subsidiaries is a party involving
            aggregate consideration payable to or by such Person or such Subsidiary of $5,000,000 or more in any Fiscal Year (other than purchase orders in the ordinary course of the business of such Person or such Subsidiary and other than contracts that
            by their terms may be terminated by such Person or Subsidiary upon less than 60 days' notice without penalty or premium) and (b) all other contracts or agreements as to which the breach, nonperformance, cancellation or failure to renew by any
            party thereto would reasonably be expected to have a Material Adverse Effect.

           

          "Merger" has the meaning specified therefor in the recitals hereto.

           

          "Merger Agreement" has the meaning specified therefor in the recitals hereto.

           

          "Merger Sub" has the meaning specified therefor in the recitals hereto.

           

          "Moody's" means Moody's Investors Service, Inc. and any successor thereto.

           

          "Mortgage" means a mortgage, deed of trust or deed to secure debt, each substantially in the form of Exhibit F (with such changes to account for local law
            matters) or otherwise in form and substance satisfactory to the Collateral Agent and the Borrower, made by a Loan Party in favor of the Collateral Agent for the benefit of the Agents and the Lenders, securing the Obligations and delivered to
            the Collateral Agent.

           

          "Mortgaged Property" means the Closing Date Mortgaged Property and the New Mortgaged Property.

           

          "Multiemployer Plan" means a "multiemployer plan" as defined in Section 4001(a)(3) of ERISA to which any Loan Party or any of its ERISA Affiliates contributes or
            is obligated to contribute.

           

          
            - 21 -

            
              

          

          "Net Cash Proceeds" means, with respect to any issuance or incurrence of any Indebtedness, any Equity Issuance, any Disposition (including, for the avoidance of
            doubt, any Sale and Leaseback Transaction) or the receipt of any Extraordinary Receipts by any Person or any of its Subsidiaries, the aggregate amount of cash received (directly or indirectly) from time to time (whether as initial consideration
            or through the payment or disposition of deferred consideration) by or on behalf of such Person or such Subsidiary, in connection therewith after deducting therefrom only (a) in the case of any Disposition or the receipt of any Extraordinary
            Receipts consisting of insurance proceeds or condemnation awards, the amount of any Indebtedness secured by any Permitted Lien on any asset (other than Indebtedness assumed by the purchaser of such asset) which is required to be, and is, repaid
            in connection therewith (other than Indebtedness under this Agreement), (b) all expenses related thereto incurred by such Person or such Subsidiary in good faith in connection therewith (including, with respect to any Permitted Disposition or
            Sale and Leaseback Transaction permitted under Section 7.02(f), expenditures in respect of moving and build-out costs), (c) transfer taxes paid or reasonably estimated to be payable to any taxing authorities by such Person or such Subsidiary in
            connection therewith, and (d) net income taxes to be paid in connection therewith (after taking into account any tax credits or deductions and any tax sharing arrangements), in each case, to the extent, but only to the extent, that the amounts
            so deducted are (i) actually paid (or reasonably estimated to be payable) to a Person that, except in the case of out-of-pocket expenses and tax payments, is not an Affiliate of such Person or any of its Subsidiaries and (ii) properly
            attributable to such transaction or to the asset that is the subject thereof.

           

          "New Mortgaged Property" has the meaning specified therefor in Section 7.01(n).

           

          "Notes" means the up to $500,000,000 in aggregate principal amount of Holdings’ 6.0% Senior
              Secured Convertible Notes due 2027 issued pursuant to the Notes Indenture.

           

          "Notes Indenture" means the Indenture, dated November 17, 2020, among Holdings, as issuer, the
              guarantors party thereto from time to time and U.S. Bank National Association, as trustee, as such document is amended, restated, supplemented or otherwise modified from time to time.

           

          "Notes Interest Savings" means, with respect to any Fiscal Quarter, an amount equal to the
              amount, if any, by which (i) the interest that would have been payable hereunder in such Fiscal Quarter if the Exchange had not been consummated exceeds (ii) the cash interest that was in fact payable hereunder and under the Notes Indenture in such Fiscal Quarter after giving
              effect to the Exchange; provided, that for purposes of this Credit Agreement, the calculation of Notes Interest Savings shall (x) for the avoidance of doubt, take into account any subsequent modifications to the interest rate under the Notes
              Indenture pursuant to the terms thereof and (y) assume that all interest payable under the Notes Indenture is payable in cash; provided, further, that any Notes Interest Savings generated in any Fiscal Quarter shall be limited in such Fiscal
              Quarter to the Notes Interest Savings generated for such Fiscal Quarter (i.e., prorated for the remaining days of such Fiscal Quarter from and including the applicable prepayment date).

           

          "Notice of Borrowing" has the meaning specified therefor in Section 2.02(a).

           
            

           

           

          

          
            - 22 -

            
              

          

          "Obligations" means all present and future indebtedness, obligations, and liabilities of each Loan Party to the Agents and the Lenders arising under or in
            connection with this Agreement or any other Loan Document, whether or not the right of payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal, equitable,
            secured or unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding referred to in Section 9.01.  Without limiting the generality of the foregoing, the Obligations of each Loan Party under the Loan
            Documents include (a) the obligation (irrespective of whether a claim therefor is allowed in an Insolvency Proceeding) to pay principal, interest, charges, expenses, fees, premiums, attorneys' fees and disbursements, indemnities and other
            amounts payable by such Person under the Loan Documents, and (b) the obligation of such Person to reimburse any amount in respect of any of the foregoing that any Agent or any Lender (in its sole discretion) may elect to pay or advance on
            behalf of such Person.

           

          "Observer" has the meaning specified therefor in Section 7.01(x)(i).

           

          "Option Awards Agreement" means the Nonqualified Stock Option Agreement, dated as of August 5, 2019, and effective as of the Closing Date, between Fortress
            Operating Entity I LP and Holdings.

           

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

           

          "Other Taxes" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from
            the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document.

           

          "Participant Register" has the meaning specified therefor in Section 12.07(i).

           

          "Payment Office" means the Administrative Agent's office located at 225 W. Washington St., 9th Floor Chicago, Illinois 60606, or at such other office or offices
            of the Administrative Agent as may be designated in writing from time to time by the Administrative Agent to the Lenders, the Collateral Agent and the Borrower.

           

          "Payoff" means the repayment, prepayment, repurchase, redemption, defeasance or discharge in full of each of the Existing Financing Facilities (but, in the case
            of the Existing Convertible Notes, only to the extent that the Indebtedness thereunder is put or converted by the holders thereof), and with respect to each of the foregoing, as applicable to such Indebtedness, the termination of all
            commitments thereunder and the release of all security interests and guaranties in connection therewith.

           

          "PBGC" means the Pension Benefit Guaranty Corporation or any successor thereto.

           

          
            - 23 -

            
              

          

          "Perfection Certificate" means a certificate in form and substance reasonably satisfactory to the Collateral Agent and the Borrower providing information with
            respect to the property of each Loan Party.

           

          "Permitted Acquisition" means any Acquisition by a Loan Party or any wholly-owned Subsidiary of a Loan Party to the extent that each of the following conditions
            shall have been satisfied:

           

          (a)          no Default or Event of Default shall have occurred and be continuing or would result from the consummation of the proposed Acquisition;

           

          (b)          the Borrower shall have furnished to the Administrative Agent at least 10 Business Days prior to the consummation of such
            Acquisition (i) a term sheet (setting forth in reasonable detail the terms and conditions of such Acquisition) or executed purchase agreement and, at the request of any Agent, such other information and documents that any Agent may reasonably
            request with respect to such Acquisition, including, without limitation, executed counterparts of the respective agreements, instruments or other documents pursuant to which such Acquisition is to be consummated (including, without limitation,
            any related management, non-compete, employment, option or other material agreements), any schedules to such agreements, instruments or other documents and all other material ancillary agreements, instruments or other documents to be executed
            or delivered in connection therewith, (ii) solely to the extent prepared internally by the Borrower in connection with such Acquisition, pro forma financial statements of the Borrower and its Subsidiaries after the consummation of such
            Acquisition, and (iii) a certificate of the chief financial officer of the Borrower, demonstrating on a pro forma basis compliance, as at the end of the most recently ended Fiscal Quarter for which internally prepared financial statements are
            available, with the covenant set forth in Section 7.03 hereof after the consummation of such Acquisition;

           

          (c)          the agreements, instruments and other documents referred to in paragraph (b) above shall provide that (i) neither the Loan
            Parties nor any of their Subsidiaries shall, in connection with such Acquisition, assume or remain liable in respect of any Indebtedness of the applicable Seller or Sellers, or other obligation of the applicable Seller or Sellers (except for
            obligations incurred in the ordinary course of business in operating the property so acquired and necessary or desirable to the continued operation of such property and except for Permitted Indebtedness), and (ii) all property to be so acquired
            in connection with such Acquisition shall be free and clear of any and all Liens, except for Permitted Liens (and if any such property is subject to any Lien not permitted by this clause (ii) then concurrently with such Acquisition such Lien
            shall be released);

           

          (d)          such Acquisition shall be effected in such a manner so that the acquired assets or Equity Interests are owned by a Loan Party
            and, if effected by merger or consolidation involving a Loan Party, such Loan Party shall be the continuing or surviving Person (or the continuing or surviving Person shall become a Loan Party);

           

          (e)          except as permitted under clause (c) above, no Indebtedness or earn-out shall be incurred or assumed in connection with any
            such Acquisition;

           

          
            - 24 -

            
              

          

          (f)          the assets being acquired or the Person whose Equity Interests are being acquired did not have negative Consolidated EBITDA
            (calculated excluding corporate overhead costs) during the 12 consecutive month period most recently concluded prior to the date of the proposed Acquisition;

           

          (g)          the assets being acquired (other than a de minimis amount of assets in relation to the Loan Parties' and their Subsidiaries'
            total assets), or the Person whose Equity Interests are being acquired, are useful in or engaged in, as applicable, the business of the Loan Parties and their Subsidiaries or a business reasonably related thereto;

           

          (h)          [reserved];

           

          (i)          any such Subsidiary (and its equityholders) shall execute and deliver the agreements, instruments and other documents required by Section 7.01(b) on or
            prior to the date of the consummation of such Acquisition (or arrangements reasonably satisfactory to the Administrative Agent for the taking of such actions within the grace periods provided in Section 7.01(b) for a newly-formed or acquired
            Subsidiary shall have been made);

           

          (j)          the consideration for any such Acquisition shall consist solely of (x) Equity Interests of Holdings or cash generated by the issuance of Equity Interests of
            Holdings or (y) unrestricted cash on the balance sheet; and

           

          (k)          before and after giving effect to any such Acquisition, the Borrower shall be permitted to make at least $1.00 of Restricted Payments pursuant to clause (c)
            of “Permitted Restricted Payments”.

           

          "Permitted Disposition" means:

           

          (a)          sale of Inventory
              in the ordinary course of business;

           

          (b)          licensing or
              sub-licensing, on a non-exclusive basis, Intellectual Property rights in the ordinary course of business;

           

          (c)          leasing or
              subleasing assets (including ground leases) in the ordinary course of business;

           

          (d)          (i) the lapse of
              Registered Intellectual Property of the Borrower and its Subsidiaries to the extent not economically desirable in the conduct of their business or (ii) the abandonment of Intellectual Property rights in the ordinary course of business so long
              as (in each case under clauses (i) and (ii)), (A) with respect to copyrights, such copyrights are not material revenue generating copyrights, and (B) such lapse is not materially adverse to the interests of the Secured Parties;

           

          (e)          any involuntary
              loss, damage or destruction of property;

           

          (f)          any condemnation,
              seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition of use of property;

           

          
            - 25 -

            
              

          

          (g)          so long as no
              Event of Default has occurred and is continuing or would result therefrom, transfers of assets (i) from Holdings or any of its Subsidiaries to a Loan Party, and (ii) from any Subsidiary of Holdings that is not a Loan Party to any other
              Subsidiary of Holdings;

           

          (h)          the granting of
              Permitted Liens;

           

          (i)          (x) Disposition of
              obsolete or worn-out equipment or equipment that is no longer used or useful in the business of Holdings and its Subsidiaries, in each case in the ordinary course of business and (y) Dispositions of equipment to the extent such equipment is
              exchanged for credit against the purchase price of similar replacement property;

           

          (j)          Dispositions of accounts receivable in connection with a compromise, write-down or collection thereof in
              the ordinary course of business or in connection with the bankruptcy or reorganization of the applicable counterparty and Dispositions of any securities received in any such bankruptcy or reorganization; and

           

          (k)          Dispositions of property or assets not otherwise permitted in clauses (a) through (j) above as long as
              (i) the aggregate amount of consideration received is not less than the fair market value of such property or assets and (ii) 100% of the purchase price is payable in cash or Cash
              Equivalents.

           

          "Permitted Indebtedness" means:

           

          (a)          any Indebtedness owing to any Agent or any Lender under this Agreement and the other Loan Documents;

           

          (b)          any other Indebtedness listed on Schedule 7.02(b), and any Permitted Refinancing Indebtedness in respect of
            such Indebtedness;

           

          (c)          any Refinancing Facilities;

           

          (d)          Permitted Intercompany Investments;

           

          (e)          Indebtedness incurred in the ordinary course of business under performance, surety, statutory, and appeal
            bonds and similar obligations (other than in respect of other Indebtedness);

           

          (f)          Indebtedness owed to any Person (including obligations in respect of letters of credit, bank guarantees and
            similar instruments for the benefit of such Person) providing property, casualty, liability, or other insurance to the Loan Parties, so long as the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be
            incurred only to defer the cost of, such insurance for the period in which such Indebtedness is incurred and such Indebtedness is outstanding only during such period;

           

          (g)          the incurrence by any Loan Party of Indebtedness under Hedging Agreements that are incurred for the bona
            fide purpose of hedging the interest rate, commodity, or foreign currency risks associated with such Loan Party's operations and not for speculative purposes;

           

          
            - 26 -

            
              

          

          (h)          Indebtedness incurred in respect of credit cards, credit card processing services, debit cards, stored value
            cards, purchase cards (including so-called "procurement cards" or "P-cards") or other similar cash management services, in each case, incurred in the ordinary course of business;

           

          (i)          contingent liabilities in respect of any indemnification obligation, adjustment of purchase price,
            non-compete, or similar obligation of any Loan Party incurred in connection with the consummation of one or more Permitted Acquisitions;

           

          (j)          Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar
            instrument drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of incurrence;

           

          (k)          Indebtedness consisting of the financing of insurance premiums to the extent non-recourse (other than to the insurance premiums) incurred
            in the ordinary course of business;

           

          (l)          customer deposits and advance payments received in the ordinary course of business from customers for goods purchased in the ordinary
            course of business;

           

          (m)          Indebtedness in respect of Contingent Obligations of Holdings or any of its Subsidiaries in respect of Indebtedness of Holdings or any
            other Subsidiary permitted hereunder; provided that, in the case of a Contingent Obligation of a Loan Party in respect of Indebtedness of a Subsidiary that is not a Loan Party, such Contingent Obligation is permitted under Section
            7.02(e);

           

          (n)          other unsecured Indebtedness in an aggregate principal amount not exceeding $5,000,000 at any time outstanding;

           

          (o)          the Existing Convertible Notes; and

           

          (p)          Capitalized Lease Obligations arising from Sale and Leaseback Transactions permitted pursuant to Section 7.02(f) and in an aggregate
            amount not to exceed $5,000,000 at any time outstanding; and

           

          (q)          the Notes.

           

          "Permitted Intercompany Investments" means Investments made by (a) a Loan Party to or in another Loan Party, (b) a Subsidiary that is not a Loan Party to or in
            another Subsidiary that is not a Loan Party and (c) a Subsidiary that is not a Loan Party to or in a Loan Party, so long as, in the case of a loan or advance made pursuant to this clause (c), the parties thereto are party to the Intercompany
            Subordination Agreement.

           

          
            - 27 -

            
              

          

          "Permitted Investments" means:

           

          (a)          Investments in cash and Cash Equivalents;

           

          (b)          Investments in negotiable instruments deposited or to be deposited for collection in the ordinary course of business;

           

          (c)          advances made in connection with purchases of goods or services in the ordinary course of business;

           

          (d)          Investments received in settlement of amounts due to any Loan Party or any of its Subsidiaries effected in the ordinary course of
            business or owing to any Loan Party or any of its Subsidiaries as a result of Insolvency Proceedings involving an Account Debtor or upon the foreclosure or enforcement of any Lien in favor of a Loan Party or its Subsidiaries;

           

          (e)          Investments existing on the date hereof, as set forth on Schedule 7.02(e) hereto, but not any increase in the amount thereof as set forth
            in such Schedule or any other modification of the terms thereof;

           

          (f)          Permitted Intercompany Investments;

           

          (g)          Permitted Acquisitions and any Investments held by any Person acquired in connection with (but not made in contemplation of) any
            Permitted Acquisition as of the date of consummation of such acquisition;

           

          (h)          earn-outs that become due and payable to any Loan Party or its Subsidiaries pursuant to the terms of Section 1.8 of the BridgeTower Asset
            Purchase Agreement;

           

          (i)          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;

           

          (j)          Investments in Hedging Agreements permitted under Section 7.02(b);

           

          (k)          extensions of trade credit in the ordinary course of business, and investments received in satisfaction or partial satisfaction thereof
            from financially troubled Account Debtors in the ordinary course of business;

           

          (l)          Investments in the ordinary course of business consisting of endorsements for collection or deposit and customary trade arrangements with
            customers consistent with past practices;

           

          (m)          Investments consisting of the purchase of outstanding minority interests in non-wholly owned subsidiaries of the Loan Parties pursuant to
            obligations existing as of the Closing Date and set forth on Schedule 7.02(e); and

           

          (n)          Investments in the form of guarantees of third-party lease obligations arising in connection with Permitted Dispositions.

           

          
            - 28 -

            
              

          

          "Permitted Junior Intercreditor Agreement" means, with respect to any Liens on Collateral that are intended to be junior to the Liens on the Collateral securing
            the Term Loans, an intercreditor agreement for the sharing of liens on a junior basis in form and substance that is reasonably acceptable to the Required Lenders in their sole discretion.

           

          "Permitted Liens" means:

           

          (a)          Liens securing the Obligations;

           

          (b)          Liens for taxes, assessments and governmental charges the payment of which is not required under Section
            7.01(c)(ii);

           

          (c)          Liens imposed by law, such as carriers', warehousemen's, mechanics', materialmen's and other similar Liens
            arising in the ordinary course of business and securing obligations (other than Indebtedness for borrowed money) that are not overdue by more than 30 days or are being contested in good faith and by appropriate proceedings initiated as promptly as practicable and diligently conducted, and a reserve or other appropriate provision, if any, as shall be required by GAAP shall have been made therefor;

           

          (d)          Liens described on Schedule 7.02(a), provided that any such Lien shall only secure the Indebtedness that it secures on the Closing Date
            and any Permitted Refinancing Indebtedness in respect thereof;

           

          (e)           Liens in respect of Refinancing Facilities and subject to a Permitted Pari Passu
            Intercreditor Agreement or a Permitted Junior Intercreditor Agreement, as applicable;

           

          (f)          deposits and pledges of cash securing (i) obligations incurred in respect of workers' compensation, unemployment insurance or other forms
            of governmental insurance or benefits, (ii) the performance of bids, tenders, leases, contracts (other than for the payment of money) and statutory obligations or (iii) obligations on surety or appeal bonds (and, in the case of each of the
            foregoing, deposits and pledges of cash in respect of letters of credit, bank guarantees or similar instruments issued for the account of Holdings, the Borrower or any Subsidiary in support of any such obligations), but only to the extent such
            deposits or pledges are made or otherwise arise in the ordinary course of business and secure obligations not past due;

           

          (g)          with respect to any Mortgaged Property, covenants, easements, zoning restrictions and similar encumbrances
            on real property and minor irregularities in the title thereto that do not (i) secure obligations for the payment of money (other than Indebtedness otherwise permitted hereunder) or (ii) materially impair the value of such property or its use
            by any Loan Party or any of its Subsidiaries in the normal conduct of such Person's business;

           

          (h)          Liens of landlords and mortgagees of landlords securing unpaid rents (i) arising by statute or under any lease or related Contractual
            Obligation entered into in the ordinary course of business, (ii) on fixtures and movable tangible property located on the real property leased or subleased from such landlord, or (iii) for amounts not yet due or that are being contested in good
            faith by appropriate proceedings diligently conducted and for which adequate reserves or other appropriate provisions are maintained on the books of such Person in accordance with GAAP;

           

          
            - 29 -

            
              

          

          (i)          the title and interest of a lessor or sublessor, or of a licensor or a sublicensor, in and to personal
            property leased or subleased (other than through a Capitalized Lease), or licensed or sublicensed, in each case extending only to such personal property;

           

          (j)          non-exclusive licenses of Intellectual Property granted in the ordinary course of business;

           

          (k)          judgment liens securing judgments and other proceedings not constituting an Event of Default under Section 9.01(j);

           

          (l)          rights of set-off, bankers' liens or similar rights and remedies upon deposits of cash in favor of banks or other depository
            institutions, solely to the extent incurred in connection with the maintenance of such deposit accounts in the ordinary course of business;

           

          (m)          Liens granted in the ordinary course of business on the unearned portion of insurance premiums securing the financing of insurance
            premiums to the extent the financing is permitted under the definition of Permitted Indebtedness;

           

          (n)          Liens solely on any cash earnest money deposits made by any Loan Party in connection with any letter of intent or purchase agreement with
            respect to a Permitted Acquisition;

           

          (o)          Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the
            importation of goods in the ordinary course of business;

           

          (p)          Liens (x) of a collection bank arising under Section 4-210 of the Uniform Commercial Code (or any comparable or successor provision) on
            items in the course of collection, and (y) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business;

           

          (q)          Liens that are contractual rights of set-off relating to purchase orders and other agreements entered into by the Borrower or any of its
            Subsidiaries in the ordinary course of business;

           

          (r)          Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by the
            Borrower or any of its Subsidiaries in the ordinary course of business;

           

          (s)          leases, subleases, licenses or sublicenses granted to others in the ordinary course of business which do not materially interfere with
            the ordinary conduct of the business of the Borrower or any of its Subsidiaries and do not secure any Indebtedness;

           

          
            - 30 -

            
              

          

          (t)          Liens arising from UCC or other applicable personal property financing statement filings regarding operating leases entered into by the
            Borrower and its Subsidiaries in the ordinary course of business;

           

          (u)          Liens to secure Capitalized Lease Obligations resulting from Sale and Leaseback Transactions that are permitted pursuant to Section
            7.02(f) so long as any such Lien does not apply to any property or assets of Holdings or any of its Subsidiaries other than the property or assets leased pursuant to the Capitalized Leases; and

           

          (v)          Liens arising from Cash Equivalents described in clause (d) of the definition of the term “Cash Equivalents”; and

           

          (w)          Liens securing the Notes and subject to a Permitted Pari Passu Intercreditor Agreement.

           

          "Permitted Pari Passu Intercreditor Agreement" means, with respect to any Liens on Collateral that are intended to be pari passu with the Liens on the Collateral
            securing the Term Loans, an intercreditor agreement for the sharing of liens on a pari passu in form and substance that is reasonably acceptable to the Required Lenders in their sole discretion.

           

          "Permitted Refinancing Indebtedness" means the extension of maturity, refinancing or modification of the terms of Indebtedness so long as:

           

          (a)          after giving effect to such extension, refinancing or modification, the aggregate principal amount of such Indebtedness is not greater
            than the aggregate principal amount of Indebtedness and unused commitments outstanding immediately prior to such extension, refinancing or modification (other than by the amount of accrued and unpaid interest with respect thereto and premiums
            paid thereon and the fees and expenses incurred in connection therewith and by the amount of unfunded commitments with respect thereto);

           

          (b)          such extension, refinancing or modification does not result in (i) the average weighted maturity (measured as of the extension,
            refinancing or modification) of the Indebtedness so extended, refinanced or modified being shorter than the shorter of (x) the remaining average weighted maturity of the Term Loans and (y) the remaining average weighted maturity of such
            Indebtedness prior to giving effect to such extension, refinancing or modification or (ii) the maturity date of the Indebtedness so extended, refinanced or modified being earlier than the earlier of (x) the Final Maturity Date and (y) the
            maturity date of such Indebtedness prior to giving effect to such extension, refinancing or modification;

           

          (c)          such extension, refinancing or modification is pursuant to terms (including, without limitation, terms relating to the payment of cash
            interest (which cannot exceed the amount of cash interest payable on such Indebtedness as of the Closing Date)) that are not less favorable, when taken as a whole, to the Loan Parties and the Lenders than the terms of the Indebtedness being
            extended, refinanced or modified;

           

          (d)          the Indebtedness that is extended, refinanced or modified is not recourse to any Loan Party or any of its Subsidiaries that is liable on
            account of the obligations other than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended

           

          
            - 31 -

            
              

          

          (e)          if the Indebtedness that is extended, refinanced or modified is subordinated to the Obligations, then such extension, refinancing or
            modification shall also be subordinated to the Obligations on terms not less favorable in any material respect to the Lenders; and

           

          (f)          such extension, refinancing or modification shall not be secured by any Lien on any asset other than the assets that secured such
            Indebtedness (or would have been required to secure such Indebtedness pursuant to the terms thereof).

           

          "Permitted Restricted Payments" means any of the following Restricted Payments made by:

           

          (a)          any Subsidiary of Holdings to Holdings or any other Subsidiary; provided that, if the Subsidiary making such Restricted Payment
            is a Loan Party, then the recipient of such Restricted Payment shall also be a Loan Party,

           

          (b)          Holdings to make Restricted Payments in the form of common Equity Interests,

           

          (c)          after the thirtieth (30th) day of the second full Fiscal
            Quarter following the Closing Date, so long as (i) no Default or Event of Default has occurred and is continuing or would result therefrom and (ii) a certificate of an Authorized Officer of the Borrower is received by the Agents and the Lenders
            in accordance with Section 7.01(a)(iv) calculating the Total Gross Leverage Ratio for the Fiscal Quarter most recently ended prior to the Fiscal Quarter in which such Restricted Payment is made for purposes of determining the RP Threshold,
            Holdings to make Restricted Payments in an aggregate amount not to exceed the RP Cap,

           

          (d)          Holdings to make cash payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other
            securities convertible into or exchange for Equity Interests in Holdings,

           

          (e)          Holdings to repurchase Equity Interests upon the exercise of stock options if such Equity Interests represent a portion of the exercise
            price of such stock options, and

           

          (f)          Detroit Newspaper Partnership, L.P., a Michigan limited partnership (the “Detroit Partnership”), to Detroit News, Inc., a Michigan
            corporation and a wholly owned subsidiary of Media News Group, Inc. (“Detroit News”), as required pursuant to the Amended and Restated Joint Operating Agreement dated as of August 3, 2005 (as amended as of February 6, 2009), by and
            between Detroit Free Press, Incorporated, a Michigan corporation, and Detroit News, as such agreement is in effect as of the Closing Date, and in an amount not to exceed $2,000,000 in any Fiscal Year.

           

          "Permitted Rights Agreement" means that certain Rights Agreement, to be dated on or around April 6, 2020 (as the same may be amended, restated, supplemented or
            otherwise modified in a manner that is not adverse to the interests of the Agents and the Lenders), entered into by Holdings and approved by the Board of Directors of Holdings, pursuant to or in accordance with which Holdings may issue, by
            dividend or otherwise, to the holders of its common stock purchase rights for the purchase of shares of common stock, preferred stock or other Equity Interests upon the occurrence of specified events, which stockholder rights agreement contains
            customary terms and conditions (including the right of Holdings to redeem such purchase rights for nominal consideration) for stockholders rights agreements of this type, together with all agreements, filings and other documentation customarily
            entered into or delivered in connection with such a rights agreement.

           

          
            - 32 -

            
              

          

          "Permitted Specified Liens" means Permitted Liens described in clauses (a), (b), (c), (e) and (ew) of the definition of Permitted Liens, and, solely in the case of Section 7.01(b)(i), including clauses (g), (h) and (i) of the definition of Permitted Liens.

           

          "Permitted Tax Distribution" means, for any taxable period during which (i) the Borrower and its Subsidiaries are part of a consolidated, combined, unitary or
            similar group for U.S. federal and/or applicable, state, local or foreign Tax purposes (a “Consolidated Group”) or (ii) the Borrower is a disregarded entity for U.S. federal income tax purposes that is wholly owned (directly or
            indirectly) by a Person that is a member of a Consolidated Group, distributions to discharge the income Tax liabilities of such Consolidated Group, when and as due, in an amount not to exceed the amount that the Borrower would be required to
            pay in respect of income Taxes for such taxable period if the Borrower were the parent of a separate Consolidated Group consisting of the Borrower and its Subsidiaries (computed at the highest marginal tax rate applicable to a corporation
            residing in New York, New York and in effect for such taxable period, and taking into account the character and type of income earned and any actual carryovers and carrybacks of Tax attributes (such as net operating losses) of the Borrower and
            its Subsidiaries from other taxable years).

           

          "Person" means an individual, corporation, limited liability company, partnership, association, joint-stock company, trust, unincorporated organization, joint
            venture or other enterprise or entity or Governmental Authority.

           

          "Plan" means any Employee Plan or Multiemployer Plan.

           

          "Post-Default Rate" means a rate of interest per annum equal to the rate of interest in respect of Term Loans then in effect (or that would have been in effect if
            Term Loans were then outstanding) from time to time pursuant to the terms of this Agreement plus 2.00%.

           

          "PPSA" means the Personal Property Securities Act 2009 (Commonwealth of Australia).

           

          "Pro Rata Share" means, with respect to a Lender's obligation to make the Term Loan and the right to receive payments of interest, fees, and principal with
            respect thereto, the percentage obtained by dividing (i) such Lender's Term Loan Commitment, by (ii) the Total Term Loan Commitment, provided that if the Total Term Loan Commitment has been reduced to zero, the numerator shall be the aggregate
            unpaid principal amount of such Lender's portion of the Term Loan and the denominator shall be the aggregate unpaid principal amount of the Term Loan of all Lenders.

           

          
            - 33 -

            
              

          

          "Projected Pension Obligation" means, with respect to any Fiscal Quarter, the portion of the following annual amounts that are expected to be paid in such Fiscal
            Quarter in respect of pension contributions, as set forth in a projection of quarterly payments prepared by the Borrower and delivered to the Administrative Agent prior to the start of the applicable Fiscal Year in which such Fiscal Quarter
            will occur: (i) for Fiscal Year 2020, $83,000,000; (ii) for Fiscal Year 2021, $53,000,000; (iii) for Fiscal Year 2022, $54,000,000; (iv) for Fiscal Year 2023, $34,000,000; and (v) for Fiscal Year 2024, $28,000,000.

           

          "Projections" means financial projections of Holdings and its Subsidiaries delivered pursuant to Section 7.01(a)(vi).

           

          "Qualified Cash" means, as of any date of determination, the aggregate amount of unrestricted cash on-hand of (x) the Loan Parties maintained in deposit accounts
            in the name of a Loan Party in the United States as of such date, which deposit accounts are, on and after the date that is 60 days after the Closing Date, subject to Control Agreements and (y) the Excluded Subsidiaries.

           

          "Qualified Equity Interests" means, with respect to any Person, all Equity Interests of such Person that are not Disqualified Equity Interests.

           

          "Real Property Deliverables" means the requirement that within ninety (90) days after the Closing Date, with respect to the Mortgaged Property, the Collateral
            Agent shall have received each of the following agreements, instruments and other documents in respect of each Mortgaged Property:

           

          (a)          a Mortgage duly executed by the applicable Loan Party, in form and substance reasonably acceptable to the Collateral Agent and suitable
            for recording or filing, together with such other documents and instruments, payments of recording charges and/or taxes necessary to cause the same to be recorded in the real property records,

           

          (b)          evidence of the recording of each Mortgage in such office or offices as may be necessary or, in the opinion of the Collateral Agent,
            desirable to perfect the Lien purported to be created thereby or to otherwise protect the rights of the Collateral Agent and the Lenders thereunder;

           

          (c)          a Title Insurance Policy with respect to each Mortgage;

           

          (d)          a current ALTA survey and a surveyor's certificate, in form and substance satisfactory to the Collateral Agent, certified to the
            Collateral Agent and to the issuer of the Title Insurance Policy with respect thereto by a professional surveyor licensed in the state in which such Mortgaged Property is located and satisfactory to Collateral Agent; provided, however,
            that, with respect to any Mortgaged Property, Holdings and its Subsidiaries shall not be required to satisfy the requirements of this clause (d) if the Title Insurance Policy for the applicable Mortgage does not include a general exception
            concerning matters a survey would show based on an existing survey together with an affidavit of no change;

           

          (e)          an opinion of counsel, reasonably satisfactory to the Collateral Agent, in the state where such Mortgaged Property is located with
            respect to the enforceability of the Mortgage to be recorded and such other reasonable and customary matters as the Collateral Agent may reasonably request;

           

          
            - 34 -

            
              

          

          (f)          a reasonably satisfactory ASTM 1527-13 Phase I Environmental Site Assessment of each Mortgaged Property, in form and substance and by an
            independent firm reasonably satisfactory to Collateral Agent;

           

          (g)          if requested by any Lender, no later than three (3) Business Days prior to the delivery of the Mortgage, the following documents and
            instruments, in order to comply with the National Flood Insurance Reform Act of 1994 and related legislation (including the regulations of the Board of Governors of the Federal Reserve System) (“Flood Laws”): (1) a complete standard
            flood hazard determination form, (2) if any portion of the improvements on any Mortgaged Property is located in a special flood hazard area, a notification to the Borrower (“Borrower Notice”) and, if applicable, notification to the
            Borrower that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in NFIP, (3) documentation evidencing the Borrower's receipt of the Borrower Notice
            and (4) if the Borrower Notice is required to be given and flood insurance is available in the community in which the property is located, a copy of the flood insurance policy, the Borrower's application for a flood insurance policy plus proof
            of premium payment, a declaration page confirming that flood insurance has been issued, or such other evidence of flood insurance reasonably satisfactory to the Collateral Agent (any of the foregoing being “Evidence
              of Flood Insurance”); and

           

          (h)          such other agreements, instruments and other documents (including guarantees and opinions of counsel) as the Collateral Agent may
            reasonably require

           

          "Recipient" means any Agent and any Lender, as applicable.

           

          "Reference Rate" means, for any period, the greater of (i) the Federal Funds Rate plus 0.50% per annum, and (ii) the rate last quoted by The Wall Street Journal
            as the "Prime Rate" in the United States or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15
            (519) (Selected Interest Rates) as the "bank prime loan" rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Specified Lender) or any similar release by the Federal Reserve Board (as
            determined by the Specified Lender).  Each change in the Reference Rate shall be effective from and including the date such change is publicly announced as being effective.

           

          
            - 35 -

            
              

          

          "Refinancing Facilities" means, collectively, (i) any secured or unsecured term loans incurred by the Borrower (such loans, "Refinancing Term Loans") or
            (ii) any secured or unsecured notes or loans issued by the Borrower (whether under an indenture, a credit agreement or otherwise) (such loans or notes, the "Refinancing Notes") and, in each case, the Indebtedness represented thereby; provided, that (a) 100% of the Net Cash Proceeds of such Refinancing Term Loans or Refinancing Notes are used to permanently reduce Term Loans on a dollar-for-dollar basis substantially simultaneously with the
            incurrence or issuance thereof; (b) the principal amount (or accreted value, if applicable) of such Refinancing Term Loans or Refinancing Notes does not exceed the principal amount (or accreted value, if applicable) of the aggregate principal
            amount of the Term Loans so reduced plus any fees, premiums, original issue discount and accrued interest associated therewith, and costs and expenses related thereto; (c) the final maturity date of such Refinancing Term Loans or Refinancing
            Notes is on or after the Final Maturity Date; (d) the Weighted Average Life to Maturity of such Refinancing Term Loans or Refinancing Notes is greater than or equal to the remaining Weighted Average Life to Maturity of the Term Loans so
            reduced; (e) the terms of such Refinancing Term Loans or Refinancing Notes do not require any mandatory prepayments or mandatory redemptions, pursuant to a sinking fund obligation or otherwise, prior to the Final Maturity Date (except as a
            result of (i) the payment in full of the Obligations (other than Contingent Indemnification Obligations) and (ii) a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset
            sale event shall be subject to the prior repayment in full of the Term Loans and all other Obligations (other than Contingent Indemnification Obligations) and the termination of the Commitments); (f) the other terms of such Refinancing Term
            Loans or Refinancing Notes, taken as a whole, are substantially similar to, or not materially less favorable to (i) the Borrower and its Subsidiaries or (ii) the Lenders, in each case, than the terms, taken as a whole, applicable to the Term
            Loans (other than any such less favorable terms that are (1) applicable only after the Final Maturity Date or (2) added for the benefit of the existing Term Loans at the time of the applicable refinancing); (g) there shall be no obligor in
            respect of such Refinancing Term Loans or Refinancing Notes that is not a Loan Party; (h) Refinancing Term Loans or Refinancing Notes that are secured by Collateral shall be subject to the provisions of a Permitted Pari Passu Intercreditor
            Agreement or a Permitted Junior Intercreditor Agreement, as applicable and (i) such Refinancing Term Loans or Refinancing Notes (1) shall not accrue interest at a rate that exceeds the Applicable Margin, (2) shall not be issued with original
            issue discount and (3) shall not be subject to any “make-whole” provision in connection with a voluntary or mandatory prepayment thereof.

           

          "Register" has the meaning specified therefor in Section 12.07(f).

           

          "Registered Intellectual Property" means Intellectual Property that is issued, registered, renewed or the subject of a pending application with the U.S. Patent
            and Trademark Office or the U.S. Copyright Office, or any equivalent office or agency in any other country throughout the world.

           

          "Registered Loans" has the meaning specified therefor in Section 12.07(f).

           

          "Registration Rights Agreements" means the Registration Rights Agreement, dated and effective as of the Closing Date, between Holdings and FIG LLC.

           

          "Regulation T", "Regulation U" and "Regulation X" mean, respectively, Regulations T, U and X of the Board or any successor, as the same may be
            amended or supplemented from time to time.

           

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

           

          
            - 36 -

            
              

          

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

           

          "Release" means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, seeping, migrating, dumping or disposing
            of any Hazardous Material (including the abandonment or discarding of barrels, containers and other closed receptacles containing any Hazardous Material) into the indoor or outdoor environment, including, without limitation, the movement of
            Hazardous Materials through or in the ambient air, soil, surface or ground water, or property.

           

          "Remedial Action" means all actions taken to (a) clean up, remove, remediate, contain, treat, monitor, assess, evaluate or in any other way address Hazardous
            Materials in the indoor or outdoor environment; (b) prevent or minimize a Release or threatened Release of Hazardous Materials so they do not migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor
            environment; (c) perform pre-remedial studies and investigations and post-remedial operation and maintenance activities; or (d) perform any other actions authorized by 42 U.S.C. § 9601.

           

          "Replacement Lender" has the meaning specified therefor in Section 12.02(b).

           

          "Reportable Event" means an event described in Section 4043 of ERISA (other than an event not subject to the provision for 30-day notice to the PBGC under the
            regulations promulgated under such Section).

           

          "Required Lenders" means Lenders whose Pro Rata Shares aggregate at least 50.1%.

           

          "Required Prepayment Date" has the meaning specified therefor in Section 2.05(g).

           

          "Requirements of Law" means, with respect to any Person, collectively, the common law and all Federal, state, provincial, local, foreign, multinational or
            international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions, decrees (including administrative or judicial precedents or authorities) and the interpretation or
            administration thereof by, and other determinations, directives, requirements or requests of, any Governmental Authority, in each case that are applicable to or binding upon such Person or any of its property or to which such Person or any of
            its property is subject.

           

          "Responsible Officer" means, when used with respect to the Agent, any officer within the department of the Administrative Agent or Collateral Agent, as
            applicable, administering this matter, including any vice president, assistant vice president, senior associate, assistant secretary, assistant treasurer, trust officer or any other officer of the Agent who customarily performs functions
            similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any such matter is referred because of such person's knowledge of and familiarity with the particular subject and who shall have direct
            responsibility for the administration of this Agreement.

           

          
            - 37 -

            
              

          

          
          "Restricted Payment" means (a) the declaration or payment of any dividend or other distribution, direct or indirect, on account of any Equity Interests of any
            Loan Party or any of its Subsidiaries, now or hereafter outstanding, (b) the making of any repurchase, redemption, retirement, defeasance, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any
            Equity Interests of any Loan Party or any direct or indirect parent of any Loan Party, now or hereafter outstanding or (c) the making of any payment to retire, or to obtain the surrender of, any outstanding warrants, options or other rights for
            the purchase or acquisition of shares of any class of Equity Interests of any Loan Party, now or hereafter outstanding.

           

          "RP Cap" means, (i) for the Fiscal Quarter in which the Closing Date occurs and the next succeeding Fiscal Quarter, $0 (plus, in the case of the Fiscal Quarter in
            which the Closing Date occurs, any Restricted Payments made prior to the Closing Date); and (ii) for each Fiscal Quarter thereafter, (w) $30,000,000, plus (x) Cash Interest Savings, less (y) the amount of cash consideration paid
            in respect of Permitted Acquisitions in such Fiscal Quarter and less (z) any increased pension obligations incurred in such Fiscal Quarter that have, since the Closing Date, been satisfied with cash of Holdings or its Subsidiaries to
            the extent such amounts satisfied with cash exceed 105% of the Projected Pension Obligation for such Fiscal Quarter; provided that in the event clause (y) causes the RP Cap for the applicable Fiscal Quarter to be less than $0, then the
            amount by which such RP Cap is less than $0 shall be carried over to any succeeding Fiscal Quarter and reduce the RP Cap for such succeeding Fiscal Quarter (or any future succeeding Fiscal Quarter, as applicable); provided, further,
            that (A) unused amounts in any such Fiscal Quarter may be carried over to any succeeding Fiscal Quarter within the Fiscal Year of such Fiscal Quarter and (B) unused amounts not to exceed $40,000,000 in any Fiscal Year may be carried over to any
            succeeding Fiscal Year; provided, further, that the RP Cap for any Fiscal Quarter described in clause (ii) may not exceed $60,000,000 after giving effect to any permitted carry overs.  Notwithstanding the foregoing, Restricted
            Payments will not be permitted during any Fiscal Quarter if the Total Gross Leverage Ratio as of the last day of the immediately preceding Fiscal Quarter exceeds the corresponding RP Threshold on a pro forma basis.

           

          "RP Threshold" means, with respect to any Fiscal Quarter, the Total Gross Leverage Ratio set forth below opposite such Fiscal Quarter:

           

          	
                  Fiscal Quarter

                	
                  Total Gross Leverage Ratio

                
	
                  The Fiscal Quarter in which the Closing Date occurs and each of the next two succeeding Fiscal Quarters

                	
                  3.75 to 1.00

                
	
                  Each of the next two succeeding Fiscal Quarters, the second of which will occur no later than the last day of Fiscal Year 2020

                	
                  3.50 to 1.00

                
	
                  Each of the next two succeeding Fiscal Quarters, the first of which will occur no later than the Fiscal Quarter ending March 31, 2021

                	
                  3.00 to 1.00

                
	
                  Each of the next two succeeding Fiscal Quarters

                	
                  2.50 to 1.00

                
	
                  Each of the next two succeeding Fiscal Quarters

                	
                  2.25 to 1.00

                
	
                  Each of the next two succeeding Fiscal Quarters

                	
                  2.00 to 1.00

                
	
                  Each of the next two succeeding Fiscal Quarters

                	
                  1.75 to 1.00

                
	
                  Each Fiscal Quarter thereafter

                	
                  1.50 to 1.00

                

          

          

          
            - 38 -

            
              

          

          "Sale and Leaseback Transaction" means, with respect to Holdings or any of its Subsidiaries, any arrangement, directly or indirectly, with any Person whereby
            Holdings or any of its Subsidiaries shall sell or transfer any property used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property (or any portion thereof) or other property that it
            intends to use for substantially the same purpose or purposes as the property being sold or transferred.

           

          "Sanctions Programs" means any of the sanctions programs and related Requirements of Law administered by (a) the U.S. government, including those administered by
            the Treasury Department's Office of Foreign Assets Control or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, the Government of Canada or Her Majesty's Treasury of the United Kingdom, in each case,
            as renewed, extended, amended, or replaced.

           

          "SEC" means the Securities and Exchange Commission or any other similar or successor agency of the Federal government administering the Securities Act.

           

          "Secured Party" means any Agent, any Lender and each Person providing treasury, depositary and cash management services to a Loan Party the obligations under
            which constitute Obligations.

           

          "Securities Act" means the Securities Act of 1933, as amended, or any similar Federal statute, and the rules and regulations of the SEC thereunder, all as the
            same shall be in effect from time to time.

           

          "Securitization" has the meaning specified therefor in Section 12.07(l).

           

          "Security Agreement" means the Pledge and Security Agreement dated as of the Closing Date made by the Domestic Loan Parties in favor of the Collateral Agent for
            the benefit of the Secured Parties securing the Obligations.

           

          "Security Documents" means, collectively, the Security Agreement, the Mortgages, the Foreign Pledge Agreements, the Foreign Security Agreements and each other
            security agreement or other instrument or document executed and delivered pursuant to any of the foregoing or pursuant to Section 7.1(b), Section 7.1(n) or Section 7.1(q) to secure any of the Obligations.

           

          
            - 39 -

            
              

          

          "Seller" means any Person that sells Equity Interests or other property or assets to a Loan Party or a Subsidiary of a Loan Party in a Permitted Acquisition.

           

          "Solvent" means, with respect to any Person on a particular date, that on such date (a) the fair value of the property of such Person is not less than the total
            amount of the liabilities of such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its existing debts as they become
            absolute and matured, (c) such Person is able to realize upon its 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 or liabilities beyond such Person's ability to pay as such debts and liabilities mature, and (e) such Person is not engaged in business or a transaction, and is not about to engage in business or a
            transaction, for which such Person's property would constitute unreasonably small capital.

           

          "Specified Lender" means, collectively, one or more investment funds affiliated with Apollo Capital Management, L.P.

           

          "Standard & Poor's" means S&P Global Ratings and any successor thereto.

           

          "Structuring Fee Letter" means that certain Structuring Fee Letter, dated August 5, 2019, between Apollo Capital Management, L.P. and New Media Investment Group,
            Inc.

           

          "Subordinated Indebtedness" means Indebtedness of any Loan Party which has been expressly subordinated in right of payment to all Indebtedness of such Loan Party
            under the Loan Documents by the execution and delivery of a subordination agreement, in form and substance satisfactory to the Administrative Agent.

           

          "Subsidiary" means, with respect to any Person at any date, any corporation, limited or general partnership, limited liability company, trust, estate,
            association, joint venture or other business entity (a) the accounts of which would be consolidated with those of such Person in such Person's consolidated financial statements if such financial statements were prepared in accordance with GAAP
            or (b) of which more than 50% of (i) the outstanding Equity Interests having (in the absence of contingencies) ordinary voting power to elect a majority of the Board of Directors of such Person, (ii) in the case of a partnership or limited
            liability company, the interest in the capital or profits of such partnership or limited liability company or (iii) in the case of a trust, estate, association, joint venture or other entity, the beneficial interest in such trust, estate,
            association or other entity business is, at the time of determination, owned or controlled directly or indirectly through one or more intermediaries, by such Person.  References to a Subsidiary shall mean a Subsidiary of Holdings unless the
            context expressly provides otherwise.

           

          "Target" has the meaning specified therefor in the recitals hereto.

           

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

           

          
            - 40 -

            
              

          

          "Termination Date" means the first date on which all of the Obligations are paid in full in cash and the Commitments of the Lenders are terminated.

           

          "Termination Event" means (a) a Reportable Event with respect to any Employee Plan, (b) any event that causes any Loan Party or any of its ERISA Affiliates to
            incur liability under Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or Section 4971 or 4975 of the Internal Revenue Code, (c) the filing of a notice of intent to terminate an Employee Plan or the
            treatment of an Employee Plan amendment as a termination under Section 4041 of ERISA, (d) the institution of proceedings by the PBGC to terminate an Employee Plan, or (e) any other event or condition that would reasonably be expected to
            constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Employee Plan.

           

          "Term Loan" means, collectively, the loans made by the Term Loan Lenders to the Borrower on the Closing Date pursuant to Sections 2.01(a).

           

          "Term Loan Commitment" means, with respect to each Lender, the commitment of such Lender to make the Term Loan to the Borrower on the Closing Date in the amount
            set forth in Schedule 1.01(A) hereto or in the Assignment and Acceptance pursuant to which such Lender became a Lender under this Agreement, as the same may be terminated or reduced from time to time in accordance with the terms of this
            Agreement.

           

          "Term Loan Lender" means a Lender with a Term Loan Commitment or a Term Loan.

           

          "Title Insurance Policy" means a mortgagee's loan policy, in form and substance reasonably satisfactory to the Collateral Agent, together with all endorsements
            made from time to time thereto, issued to the Collateral Agent by or on behalf of a title insurance company selected by or otherwise reasonably satisfactory to the Collateral Agent, insuring the Lien created by a Mortgage in an amount no
            greater than one hundred twenty (120%) percent of the fair market value of such property (as reasonably estimated by the Borrower) and with such endorsements reasonably satisfactory to the Collateral Agent (other than a zoning 3.1 endorsement).

           

          "Total Gross Leverage Ratio" means, with respect to any Person and its Subsidiaries for any period, the ratio of (a) all Indebtedness in respect of the Term Loans
            and any other Indebtedness (excluding, for the avoidance of doubt, pension liabilities and any Indebtedness listed on Schedule 7.02(b) (other than any Permitted Refinancing Indebtedness in respect thereof)), in each case of such Person and its
            Subsidiaries on a consolidated basis outstanding as of the end of such period to (b) Consolidated EBITDA of such Person and its Subsidiaries for the period of four consecutive Fiscal Quarters then last ended for which financial statements have
            been (or were required to be) delivered pursuant to Section 7.01(a)(ii) or Section 7.01(a)(iii), as applicable.  Unless otherwise specified, references to the "Total Gross Leverage Ratio" herein shall mean the Total Gross Leverage Ratio of
            Holdings and its Subsidiaries.

           

          "Total Term Loan Commitment" means the sum of the amounts of the Lenders' Term Loan Commitments.  As of the date hereof, the Total Term Loan Commitments is
            $1,792,000,000.00.

           

          
            - 41 -

            
              

          

          "Transactions" means, collectively, (i) the consummation of the Merger, (ii) the execution, delivery and performance of the Loan Documents, (iii) the consummation
            of the Payoff and (iv) the payment of all fees and expenses to be paid and owing in connection with the foregoing.

           

          "UK Guarantor" means each of (i) Gannett International Finance LLP, a limited liability partnership organized under the laws of England and Wales, (ii) Gannett
            International Holdings LLP, a limited liability partnership organized under the laws of England and Wales, (iii) Gannett U.K. Limited, a private limited company organized under the laws of England and Wales, (iv) Newsquest Capital Limited, a
            private limited company organized under the laws of England and Wales, (v) Newsquest Limited, a private limited company organized under the laws of England and Wales and (vi) each other party which accedes to the Debenture by executing a deed
            of accession in the form attached to the Debenture.

           

          "UK Partnership Interest Charges" means the charges over limited liability partnership interests in Gannett International Holdings LLP and Gannett International
            Finance LLP dated on or around the date of this Agreement and each entered into by (1) the entities named therein as Chargors in favour of (2) the Collateral Agent.

           

          "Uniform Commercial Code" or "UCC" has the meaning specified therefor in Section 1.05.

           

          "U.S. Person" means any Person that is a "United States Person" as defined in Section 7701(a)(30) of the Internal Revenue Code.

           

          "U.S. Tax Compliance Certificate" has the meaning specified therefor in Section 2.09(d)(ii)(B)(3).

           

          "USA PATRIOT Act" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (PATRIOT) Act of 2001
            (Title III of Pub. L. 107-56, Oct. 26, 2001) as amended by the USA Patriot Improvement and Reauthorization Act of 2005 (Pub. L. 109-177, March 9, 2006) and as the same may have been or may be further renewed, extended, amended, or replaced.

           

          "Waivable Mandatory Prepayment" has the meaning specified therefor in Section 2.05(g).

           

          "WARN" has the meaning specified therefor in Section 6.01(p).

           

          "Weighted Average Life to Maturity" means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (a) the sum of the
            products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years
            (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness.

           

          "Withholding Agent" means any Loan Party and the Administrative Agent.

           

          
            - 42 -

            
              

          

          "Working Capital" means, at any date of determination thereof, (a) the sum, for any Person and its Subsidiaries, of (i) the unpaid face amount of all Accounts of
            such Person and its Subsidiaries as at such date of determination, plus (ii) the aggregate amount of prepaid expenses and other current assets of such Person and its Subsidiaries as at such date of determination (other than cash, Cash
            Equivalents and any Indebtedness owing to such Person or any of its Subsidiaries by Affiliates of such Person), minus (b) the sum, for such Person and its Subsidiaries, of (i) the unpaid amount of all accounts payable of such Person and
            its Subsidiaries as at such date of determination, plus (ii) the aggregate amount of all accrued expenses of such Person and its Subsidiaries as at such date of determination (other than the current portion of long-term debt and lease
            liabilities and all accrued interest and taxes).

           

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

           

          Section 1.02          Terms Generally.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may
              require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation".  The word "will" shall be construed
              to have the same meaning and effect as the word "shall".  Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement,
              instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be
              construed to include such Person's successors and assigns, (c) the words "herein", "hereof" and "hereunder", and words of similar import, shall be construed to refer to this
              Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this
              Agreement and (e) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any right or interest in or to assets and properties of any kind whatsoever, whether real, personal or mixed and whether
              tangible or intangible.

           

          
            - 43 -

            
              

          

          Section 1.03          Certain Matters of Construction.  A Default or Event of Default shall be deemed to exist at all times during the period commencing on the date that
              such Default or Event of Default occurs to the date on which such Default or Event of Default is waived in writing pursuant to this Agreement or, in the case of a Default, is cured within any period of cure expressly provided for in this
              Agreement; and an Event of Default shall "continue" or be "continuing" until such Event of Default has been waived in writing by the Required Lenders.  Any Lien referred to in this Agreement or any other Loan Document as having been created
              in favor of any Agent, any agreement entered into by any Agent pursuant to this Agreement or any other Loan Document, any payment made by or to or funds received by any Agent pursuant to or as contemplated by this Agreement or any other Loan
              Document, or any act taken or omitted to be taken by any Agent, shall, unless otherwise expressly provided, be created, entered into, made or received, or taken or omitted, for the benefit or account of the Agents and the Lenders. Wherever
              the phrase "to the knowledge of any Loan Party" or words of similar import relating to the knowledge or the awareness of any Loan Party are used in this Agreement or any other Loan Document, such phrase shall mean and refer to (i) the actual
              knowledge of a senior officer of any Loan Party or (ii) the knowledge that a senior officer would have obtained if such officer had engaged in good faith and diligent performance of such officer's duties, including the making of such
              reasonably specific inquiries as may be necessary of the employees or agents of such Loan Party and a good faith attempt to ascertain the existence or accuracy of the matter to which such phrase relates.  All covenants hereunder shall be
              given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or otherwise within the limitations of, another covenant shall not avoid
              the occurrence of a default if such action is taken or condition exists.  In addition, all representations and warranties hereunder shall be given independent effect so that if a particular representation or warranty proves to be incorrect or
              is breached, the fact that another representation or warranty concerning the same or similar subject matter is correct or is not breached will not affect the incorrectness of a breach of a representation or warranty hereunder.

           

          Section 1.04          Pro Forma Calculations.

           

          (a)          Notwithstanding anything to the contrary contained herein, financial ratios and tests
              (including the Total Gross Leverage Ratio) pursuant to this Agreement shall be calculated in the manner prescribed by this Section 1.04.

           

          (b)          In the event that the Borrower or any of its Subsidiaries redeems, repays, retires or
              extinguishes any Indebtedness (other than Indebtedness repaid under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) subsequent to the end of the applicable period for which such
              financial ratio or test is being calculated but prior to or simultaneously with the event for which such calculation is being made, then such financial ratio or test shall, except to the extent relating to the RP Threshold, be calculated
              giving pro forma effect to such redemption, repayment, retirement or extinguishment of Indebtedness, as if the same had occurred on the last day of the applicable period.

           

          Section 1.05          Accounting and Other Terms.

           

          (a)          Unless otherwise expressly
              provided herein, each accounting term used herein shall have the meaning given it under GAAP.  For purposes of determining compliance with any incurrence or expenditure tests set forth in Section 7.01 and Section 7.02, any amounts so incurred
              or expended (to the extent incurred or expended in a currency other than Dollars) shall be converted into Dollars on the basis of the exchange rates (as shown on the Bloomberg currency page for such currency or, if the same does not provide
              such exchange rate, by reference to such other publicly available service for displaying exchange rates as may be reasonably selected by the Administrative Agent or, in the event no such service is selected, on such other basis as is
              reasonably satisfactory to the Administrative Agent (acting at the written direction of the Required Lenders) as in effect on the date of such incurrence or expenditure under any provision of any such Section that has an aggregate Dollar
              limitation provided for therein (and to the extent the respective incurrence or expenditure test regulates the aggregate amount outstanding at any time and it is expressed in terms of Dollars, all outstanding amounts originally incurred or
              spent in currencies other than Dollars shall be converted into Dollars on the basis of the exchange rates (as shown on the Bloomberg currency page for such currency or, if the same does not provide such exchange rate, by reference to such
              other publicly available service for displaying exchange rates as may be reasonably selected by the Administrative Agent or, in the event no such service is selected, on such other basis as is reasonably satisfactory to the Administrative
              Agent (acting at the written direction of the Required Lenders)) as in effect on the date of any new incurrence or expenditures made under any provision of any such Section that regulates the Dollar amount outstanding at any time). 
              Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of Holdings and its Subsidiaries shall be deemed to be carried at
              100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.

           

          
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          (b)          All terms used in this
              Agreement which are defined in Article 8 or Article 9 of the Uniform Commercial Code as in effect from time to time in the State of New York (the "Uniform Commercial Code" or the "UCC") and which are not otherwise defined herein shall have the same meanings herein as set forth therein, provided that terms used herein
              which are defined in the Uniform Commercial Code as in effect in the State of New York on the date hereof shall continue to have the same meaning notwithstanding any replacement or amendment of such statute except as any Agent (acting at the
              written direction of the Required Lenders) may otherwise determine.

           

          Section 1.06          Time References.  Unless
              otherwise indicated herein, all references to time of day refer to Eastern Standard Time or Eastern daylight saving time, as in effect in New York City on such day.  For purposes of the computation of a period of time from a specified date to
              a later specified date, the word "from" means "from and including" and the words "to" and "until" each means "to but excluding"; provided, however, that with respect to a computation of fees or interest payable to any Secured Party, such period shall in any event consist of at least one full day.

           

          Section 1.07          Australian Terms. (a) Unless the context requires otherwise, a reference to “Australia” shall include the Commonwealth of Australia and each State or Territory of the Commonwealth of Australia (and “Australian” shall have a
            corresponding meaning).

           

          (b)          In relation to any Australian Person or where the PPSA otherwise applies, a reference to
              a Lien or other security interest includes any "security interest" as defined in sections 12(1) or (2) of the PPSA.

           

          (c)          Where it relates to any Australian Person, a reference to: (i) bankruptcy includes
              administration; (ii) liquidation includes winding up; (iii) a receiver includes a controller and a managing controller, each as defined in the Corporations Act (and a reference to receivership has a corresponding meaning); (iv) Insolvency
              Proceeding includes any corporate action, legal proceedings or other formal procedure, filing or step under the Bankruptcy Act 1966 (Commonwealth of Australia) and Chapter 5 and Part 5C.9 of the Corporations Act in relation to the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation or the appointment of a liquidator,
              receiver, administrator, compulsory manager or other similar officer; or (v) such Australian Person being insolvent or unable, or admitting inability, to pay its debts as they become due includes such Australian Person being, or being
              presumed or deemed under applicable law to be, insolvent.

           

          (d)          A reference to any consent or approval of, registration or filing with, or any other
              action by, any Governmental Authority includes, in relation to anything which will be fully or partly prohibited or restricted by Australian law if a Governmental Authority in or of Australia intervenes or acts in any way within a specified
              period after lodgment, filing, registration or notification, the expiry of that period without intervention or action.

           

          
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          Section 1.08          Canadian Terms. (a)  Unless the context requires otherwise, a reference to “Canada” shall include the country of Canada and each Province or Territory of Canada (and “Canadian” shall have a corresponding meaning).

           

          (b)          In relation to any Canadian Person or where the Canadian PPSA otherwise applies, a
              reference to a Lien or other security interest includes any “security interest” as defined in the applicable Canadian PPSA.

           

          (c)          Where it relates to any Canadian Person, a reference to: (i) bankruptcy includes
              administration, (ii) liquidation includes winding up; (iii) a receiver includes a receiver and manager (and a reference to receivership has a corresponding meaning); (iv) Insolvency Proceeding includes a proceeding is taken with respect to a
              reorganization, liquidation, winding up, proposal, compromise or arrangement with creditors, or to any Canadian Person being declared bankrupt, (including, without limitation, any proceeding commenced by or in respect of any Canadian Person
              under the Bankruptcy and Insolvency Act, (Canada) R.S.C.

              1985, c. B-3 as amended or the Companies’ Creditors Arrangement Act (Canada), R.S.C. 1985, c. C-36 as amended) or a proceeding is taken to have a receiver, interim receiver, receiver and manager or agent appointed over all or any part of the property and assets of a Canadian Person
              (including, without limitation, the private appointment of any such receiver, receiver and manager or agent) or any encumbrancer taking possession of all or any part of the property and assets of a Canadian Person, or any execution, writ of
              seizure and sale, sequestration or extent or any other process of any court becomes enforceable against a Canadian Person or a distress or analogous process is levied upon a material portion of the properties and assets of a Canadian Person;
              (v) such Canadian Person being insolvent or unable, or admitting inability, to pay its debts as they become due includes such Canadian Person being, or being presumed or deemed under applicable law to be, insolvent.

           

          (d)          A reference to any consent or approval of, registration or filing with, or any other
              action by, any Governmental Authority includes, in relation to anything which will be fully or partly prohibited or restricted by Canadian law if a Governmental Authority in or of Canada intervenes or acts in any way within a specified period
              after lodgment, filing, registration or notification, the expiry of that period without intervention or action.

           

          (e)          No Canadian Loan Party nor any of its Affiliates is or has at any time been an employer
              participating in a “registered pension plan” as defined in subsection 248(1) of the Income Tax Act (Canada) (a “Canadian Pension Plan”) and no Canadian Loan Party shall establish a Canadian Pension Plan without the Lenders express prior written consent.

           

          (f)          For any Canadian Loan Party, (i) for the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or any fee to be paid hereunder or in connection herewith is to be calculated on the basis
              of a 360-day or 365-day year, the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used multiplied by the actual number of days in the calendar year in which the same is to be ascertained and
              divided by 360 or 365, as applicable; (ii) the rates of interest under this Agreement are nominal rates, and not effective rates or yields; and (iii) the principle of deemed reinvestment does not apply to any interest calculation under this
              Agreement.

           

          
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          (g)          Each Canadian Loan Party confirms that they fully understand and are able to calculate
              the rate of interest applicable and based on the methodology for calculating per annum rates provided for in this Agreement and 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 to any other documents, that the interest payable under this Agreement and the calculation thereof has not been adequately disclosed to the Canadian Loan Party as required pursuant to Section 4
              of the Interest Act (Canada).

           

          ARTICLE II

            

            THE LOANS

           

          Section 2.01          Commitments.  (a)  Subject to
            the terms and conditions and relying upon the representations and warranties herein set forth in Article VI, each Term Loan Lender severally agrees to make its portion of the Term Loan to be
            advanced on the Closing Date to the Borrower on the Closing Date, in an aggregate principal amount not to exceed the amount of such Lender's Term Loan Commitment.

           

          (b)          Notwithstanding the foregoing,
              the aggregate principal amount of the Term Loan made on the Closing Date shall not exceed the Total Term Loan Commitment.  Any principal amount of the Term Loan which is repaid or prepaid may not be reborrowed.

           

          Section 2.02          Making the Term Loans.  With respect to the making of Term Loans:

           

          (a)          The Borrower shall give the Administrative Agent prior written notice substantially in
              the form of Exhibit C hereto (a "Notice of Borrowing"), not later than 12:00 p.m. (New York City time) on the date which is one Business Day prior to the Closing
              Date.  Such Notice of Borrowing shall be irrevocable and shall specify (i) the principal amount of the proposed Loan, (ii) wire instructions for the account of the Borrower into which such funds should be deposited, and (iii) the proposed
              borrowing date, which must be a Business Day.  The Administrative Agent and the Lenders may act without liability upon the basis of written, emailed
              or telecopied notice believed by the Administrative Agent in good faith to be from the Borrower (or from any Authorized Officer thereof designated in writing purportedly from the Borrower to the Administrative Agent).  The Administrative
              Agent and each Lender shall be entitled to rely conclusively on any Authorized Officer's authority to request a Loan on behalf of the Borrower until the Administrative Agent receives written notice to the contrary.  The Administrative Agent
              and the Lenders shall have no duty to verify the authenticity of the signature appearing on any written Notice of Borrowing.

           

          (b)          Each Notice of Borrowing
              pursuant to this Section 2.02 shall be irrevocable and the Borrower shall be bound to make a borrowing in accordance therewith.

           

          (c)          Except

              as otherwise provided in this Section 2.02(c), the Term Loans under this Agreement shall be made by the Lenders simultaneously and proportionately to their Pro Rata Shares of the Total Term Loan Commitment; it being understood that no Lender
              shall be responsible for any default by any other Lender in that other Lender's obligations to make a Term Loan requested hereunder, nor shall the Commitment of any Lender be increased or decreased as a result of the default by any other
              Lender in that other Lender's obligation to make a Term Loan requested hereunder, and each Lender shall be obligated to make the Term Loans required to be made by it by the terms of this Agreement regardless of the failure by any other
              Lender.  Not later than 1:00 p.m., New York City time, on the borrowing date, each Lender shall deliver to the account of the Borrower specified in the Notice of Borrowing an amount
              in immediately available funds equal to the such Lender's Pro Rata Share of the Term Loan to be made by the Lenders.

           

          
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          Section 2.03          Repayment of Term Loans; Evidence of
                Debt.

           

          (a)          [Reserved].

           

          (a)          Commencing

                with the first Fiscal Quarter ending after the Fourth Amendment Effective Date, on the last Business Day of each Fiscal Quarter, the Borrower shall repay a portion of the Term Loans in an aggregate principal amount equal to the Notes
                Interest Savings with respect to such Fiscal Quarter, plus all accrued and unpaid interest on the portion of the Term Loans so repaid. For the avoidance of doubt, Notes Interest Savings payments shall be payable in cash.

           

          (b)          The outstanding principal amount of the Term Loan, and all accrued and unpaid interest
              thereon, shall be due and payable on the earlier of (i) the Final Maturity Date and (ii) the date on which the Term Loan is declared due and payable pursuant to the terms of this Agreement.

           

          (c)          Each

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

           

          (d)          The

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

           

          (e)          The entries made in the
              accounts maintained pursuant to Section 2.03(c) or Section 2.03(d) shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that (i) the failure of any Lender or the Administrative Agent to
              maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Term Loans in accordance with the terms of this Agreement and (ii) in the event of any conflict between the entries made in
              the accounts maintained pursuant to Section 2.03(c) and the accounts maintained pursuant to Section 2.03(d), the accounts maintained pursuant to Section 2.03(d) shall govern and control.

           

          (f)          Any Lender may request that
              Term Loans made by it be evidenced by a promissory note substantially in the form of Exhibit D hereto.  In such event, the Borrower shall execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such
              Lender, to such Lender and its registered assigns) in the form of Exhibit D hereto.  Thereafter, the Term Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 12.07)
              be represented by one or more promissory notes in such form payable to the payee named therein.

           

          
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          Section 2.04          Interest.

           

          (a)          [Reserved].

           

          (b)          Interest

                Rate.  The Term Loan shall bear interest on the principal amount thereof from time to time outstanding, from the Closing Date until repaid, at a rate per annum equal to the Applicable Margin.

           

          (c)          Default Interest.  To the extent permitted by law and notwithstanding anything to the contrary in this Section, automatically upon the occurrence and during the continuance of any Event of Default, the principal of, and all accrued
              and unpaid interest on, all Term Loans, fees, indemnities or any other Obligations of the Loan Parties under this Agreement and the other Loan Documents, shall bear interest, from the date such Event of Default occurred until the date such
              Event of Default is cured or waived in writing in accordance herewith, at a rate per annum equal at all times to the Post-Default Rate.

           

          (d)          Interest

                Payment.  Interest on the Term Loan shall be payable quarterly, in arrears, commencing with the second full Fiscal Quarter after the Closing Date, on the last Business Day of each March, June,
              September and December. For the avoidance of doubt, interest will accrue from and including the Closing Date. Interest at the Post-Default Rate shall be payable on demand. All
              interest payments shall be payable in cash.

           

          (e)          General.  All interest shall be computed on the basis of a year of 360 days for the actual number of days, including the first day but excluding the last day, elapsed.

           

          Section 2.05          Termination of Commitment; Prepayment of Term Loans.

           

          

          

           

          (a)          Termination of Commitments.  The Total Term Loan Commitment shall terminate at 5:00 p.m.
              (New York City time) on the Closing Date.

           

          (b)          Optional

                Prepayment.

           

          (i)          [Reserved].

           

          (ii)         Term Loan.  The
              Borrower may, at any time and from time to time, upon at least 3 Business Days' prior written notice prior to 12:00 p.m. New York Time to the Administrative Agent, prepay the principal of the Term Loan, in whole or in part, at par plus
              accrued and unpaid interest to, but not including, the date of prepayment but without any premium or penalty.  Each prepayment notice delivered pursuant to this Section 2.05(b)(ii) shall be irrevocable (except that such notice may be
              conditioned on the closing of a replacement financing facility, in which case such notice may be revoked or extended by the Borrower if any such condition is not satisfied prior to the date of the applicable prepayment) and accompanied by the
              payment of accrued interest to the date of such payment on the amount prepaid.

           

          
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          (iii)        Termination of Agreement.  The Borrower may, upon at least 3 days' prior written notice prior to 12:00 p.m. New York Time to the Administrative Agent, terminate this Agreement by paying to the Administrative Agent, in cash, the Obligations (but excluding
              any Contingent Indemnity Obligations) in full; provided that such notice may provide that it is conditioned upon the consummation of other financing or the
              consummation of a sale of Equity Interests, in which case, such notice may be revoked or extended by the Borrower if any such condition is not satisfied prior to the date of termination of this Agreement in such notice.  If the Borrower has
              sent a notice of termination pursuant to this Section 2.05(b)(iii), then the Lenders' obligations to extend credit hereunder shall terminate and the Borrower shall be obligated to repay the Obligations (but excluding any Contingent Indemnity
              Obligations) in full on the date set forth in such notice (except as revoked or extended as provided above).

           

          (c)          Mandatory

                Prepayment.

           

          (i)          Within 5 Business Days after the delivery to the Agents and the Lenders of financial
              statements pursuant to Section 7.01(a)(ii) and Section 7.01(a)(iii):

           

          (A)          commencing with the delivery to the Agents and the Lenders of the financial statements
              for the third full Fiscal Quarter ending after the Closing Date (and ending with the delivery of the financial statements pursuant to Section 7.01(a)(iii) for the Fiscal Year 2020) or, if such financial statements are not delivered to the
              Agents and the Lenders on the date such statements are required to be delivered pursuant to Section 7.01(a)(ii) or Section 7.01(a)(iii), as applicable, on the date such statements are required to be delivered to the Agents and the Lenders
              pursuant to Section 7.01(a)(ii) or Section 7.01(a)(iii), as applicable, the Borrower shall prepay the outstanding principal amount of the Term Loans in accordance with Section 2.05(d) in an amount equal to 50% of Excess Cash Flow for Holdings
              and its Subsidiaries for such Fiscal Quarter;

           

          (B)          commencing with the delivery to the Agents and the Lenders of the financial statements
              for each Fiscal Quarter ending after Fiscal Year 2020 or, if such financial statements are not delivered to the Agents and the Lenders on the date such statements are required to be delivered pursuant to Section 7.01(a)(ii) or Section
              7.01(a)(iii), as applicable, on the date such statements are required to be delivered to the Agents and the Lenders pursuant to Section 7.01(a)(ii) or Section 7.01(a)(iii), as applicable, the Borrower shall prepay the outstanding principal
              amount of the Term Loans in accordance with Section 2.05(d) in an amount equal to (i) if the Total Gross Leverage Ratio for the four Fiscal Quarter period ending on the last day of such Fiscal Quarter is 1.00 to 1.00 or greater, 90% of Excess
              Cash Flow for Holdings and its Subsidiaries for such Fiscal Quarter and (ii) if the Total Gross Leverage Ratio for the four Fiscal Quarter period ending on the last day of such Fiscal Quarter is less than 1.00 to 1.00, 50% of Excess Cash Flow
              for Holdings and its Subsidiaries for such Fiscal Quarter.;

           

          (C)          Notwithstanding the foregoing, the aggregate principal amount of Term Loans required to
              be prepaid pursuant to this Section 2.05(c)(i) for any Fiscal Quarter shall be reduced, on a dollar-for-dollar basis, by the aggregate principal amount of Term Loans prepaid pursuant to Section 2.05(b) during such Fiscal Quarter.

           

          
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          (ii)         Within 5 Business Days after any Sale and Leaseback
              Transactions or any Disposition (excluding Dispositions which qualify as Permitted Dispositions under clauses (a), (b), (c), (d), (e), (f), (g), (h), (i) (but only to the extent the fair market value of such property does not exceed $100,000
              per such Disposition or series of related Dispositions) or (j) of the definition of Permitted Disposition) by any Loan Party or its Subsidiaries, the Borrower shall prepay the outstanding principal amount of the Term Loans in accordance with
              Section 2.05(d) in an amount equal to 100% of the Net Cash Proceeds received by such Person in connection with such Sale and Leaseback Transaction or Disposition, as applicable.  Nothing contained in this Section 2.05(c)(ii) shall permit any
              Loan Party or any of its Subsidiaries to make a Sale and Leaseback Transaction or Disposition of any property other than in accordance with Section 7.02(f) or Section 7.02(c)(ii), as applicable.

           

          (iii)        Within 1 Business Day after the issuance or incurrence by
              any Loan Party or any of its Subsidiaries of any Indebtedness (other than Permitted Indebtedness), the Borrower shall prepay the outstanding amount of the Term Loans in accordance with Section 2.05(d) in an amount equal to 100% of the Net
              Cash Proceeds received by such Person in connection therewith.  The provisions of this Section 2.05(c)(iii) shall not be deemed to be implied consent to any such issuance, incurrence or sale otherwise prohibited by the terms and conditions of
              this Agreement.

           

          (iv)        Within 5 Business Days after the receipt by any Loan Party
              or any of its Subsidiaries of any Extraordinary Receipts, the Borrower shall prepay the outstanding principal of the Term Loans in accordance with Section 2.05(d) in an amount equal to 100% of the Net Cash Proceeds received by such Person in
              connection therewith.

           

          (v)          Notwithstanding the
              foregoing, with respect to Net Cash Proceeds received by any Loan Party or any of its Subsidiaries in connection with the receipt of Extraordinary Receipts consisting of insurance proceeds or condemnation awards that are required to be used
              to prepay the Obligations pursuant to Section 2.05(c)(iv), such Extraordinary Receipts shall not be required to be so used to prepay the Obligations to the extent that such Net Cash Proceeds are used to replace, repair, improve, renovate or
              restore properties or assets (other than current assets) used in such Person's business, provided that, (A) no Default or Event of Default has occurred and is
              continuing on the date such Person receives such Net Cash Proceeds, (B) the Borrower delivers a certificate to the Administrative Agent within 5 Business Days after the receipt of such Net Cash Proceeds stating that such Net Cash Proceeds
              shall be used to replace, repair or restore properties or assets used in such Person's business within a period specified in such certificate not to exceed 180 days after the date of receipt of such Net Cash Proceeds (which certificate shall
              set forth estimates of the Net Cash Proceeds to be so expended), (C) such Net Cash Proceeds are deposited in an account subject to a Control Agreement, and (D) upon the earlier of (1) the expiration of the period specified in the relevant
              certificate furnished to the Administrative Agent pursuant to clause (B) above or (2) the occurrence of a Default or an Event of Default, such Net Cash Proceeds, if not theretofore so used, shall be used to prepay the Obligations in
              accordance with Section 2.05(c)(iv).

           

          
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          (vi)        Within 5 Business Days after the delivery to the Agents and the Lenders of annual
              financial statements pursuant to Section 7.01(a)(iii) for the Fiscal Years ending in 2020 and 2021, or, if such financial statements are not delivered to the Agents and the Lenders on the date such statements are required to be delivered
              pursuant to Section 7.01(a)(iii), on the date such statements are required to be delivered to the Agents and the Lenders pursuant to Section 7.01(a)(iii), the Borrower shall prepay the outstanding principal amount of the Term Loans in
              accordance with Section 2.05(d) in an amount equal to the amount by which the aggregate amount of unrestricted cash and Cash Equivalents of Holdings and its Subsidiaries as of the last day of the applicable Fiscal Year exceeds
            $40,000,000 (or, with respect to the 2020 Fiscal Year, $70,000,000).

           

          (vii)       On the date that is 37 Business Days after the Closing Date, the Borrower shall prepay
              the outstanding principal amount of the Term Loans in accordance with Section 2.05(d) in an amount, if any, equal to the aggregate principal amount of Existing Convertible Notes that have not been surrendered for repurchase or conversion on
              or prior to such date.

           

          (d)          Application of Payments.  Each such prepayment of the Term Loan shall be applied against the remaining
              principal of the Term Loan.  Notwithstanding the foregoing, after the occurrence and during the continuance of an Event of Default, the Collateral Agent shall, if directed in writing by the Required Lenders, apply payments in respect of any
              Obligations in accordance with Section 4.03(b), and apply prepayments required under Section 2.05(c) in the manner set forth in Section 4.03(b).

           

          (e)          Interest and Fees.  Any prepayment made pursuant to this Section 2.05 shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment.

           

          (f)          Cumulative Prepayments.  Except as otherwise expressly provided in this Section 2.05, payments with respect to any subsection of this Section 2.05 are in addition to payments made or required to be made under any other subsection of this
              Section 2.05.

           

          (g)          Waivable Mandatory Prepayments.  Anything
              contained herein to the contrary notwithstanding, in the event that the Borrower is required to make any mandatory prepayment (a "Waivable Mandatory Prepayment")
              of the Term Loans pursuant to Section 2.05(c), not less than 3:00 p.m. New York Time two (2) Business Days prior to the date on which the Borrower is required to make such Waivable Mandatory Prepayment (the "Required Prepayment Date"), the Borrower shall notify the Administrative Agent of the amount of such prepayment, and the Administrative Agent will promptly thereafter notify each Lender of
              the amount of such Lender's Pro Rata Share of such Waivable Mandatory Prepayment and such Lender's option to refuse such amount.  Each such Lender may exercise such option by giving written notice to the Borrower and the Administrative Agent
              of its election to do so on or before the first Business Day prior to the Required Prepayment Date (it being understood that any Lender that does not notify the Borrower and the Administrative Agent of its election to exercise such option on
              or before 3:00 p.m. New York Time on the first Business Day prior to the Required Prepayment Date shall be deemed to have elected, as of such date, not to exercise such option). 
              On the Required Prepayment Date, the Borrower shall pay to the Administrative Agent the amount of the Waivable Mandatory Prepayment, which amount shall be applied (i) in an amount equal to that portion of the Waivable Mandatory Prepayment
              payable to those Lenders that have elected not to exercise such option, to prepay the Term Loans of such Lenders (which prepayment shall be applied to prepay the outstanding principal amount of the Obligations in accordance with Section
              2.05(d)), and (ii) to the extent of any remaining excess, to the Borrower.

           

          
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          (h)          Intercreditor Agreements.  Notwithstanding anything in this Section 2.05 to the contrary, in the event that the provisions of any Permitted Pari Passu Intercreditor Agreement provide that a portion of the
                proceeds of any mandatory prepayment event be allocated among the parties to such Permitted Pari Passu Intercreditor Agreement, the amount of Term Loans required to be prepaid pursuant to this Section 2.05 shall be reduced by the amount
                required to be allocated to creditors of Holdings other than the Lenders.

           

          Section 2.06          Fees. As and when due and payable under the terms of the
              Fee Letters, the Borrower shall pay the fees set forth in each Fee Letter.

           

          Section 2.07          [Reserved].

           

          Section 2.08          [Reserved].

           

          Section 2.09          Taxes.  (a)  Any and all payments by or on account of any obligation of any Loan Party hereunder or under any other Loan Document shall be made free and clear of and without deduction or withholding for
              any and all Taxes, except as required by applicable law.  If any applicable law (as determined in the good faith discretion of any Withholding Agent) requires the deduction or withholding of any Taxes from or in respect of any such payment,
              (i) the applicable Withholding Agent shall make such deduction or withholding (for which it shall have no liability), (ii) the applicable Withholding Agent shall pay the full amount deducted to the relevant Governmental Authority in
              accordance with applicable law and (iii) if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased by the amount (an "Additional Amount") necessary such that after making all required deductions and withholdings (including deductions and withholdings applicable to additional sums payable under this Section 2.09) the applicable Recipient receives the
              amount equal to the sum it would have received had no such deduction or withholding been made.

           

          (b)          In addition, each Loan Party shall pay to the relevant Governmental Authority in
              accordance with applicable law any Other Taxes, or at the option of the Administrative Agent timely reimburse it for the payment of any Other Taxes by any Secured Party.  Each Loan Party shall deliver to the Administrative Agent official
              receipts in respect of any Taxes or Other Taxes payable hereunder as promptly as practicable after payment of such Taxes or Other Taxes.

           

          (c)          The Loan Parties hereby jointly and severally indemnify and agree to hold each Secured
              Party harmless from and against Indemnified Taxes (including, without limitation, Indemnified Taxes imposed on any amounts payable under this Section 2.09) paid or payable by such Secured Party or required to be withheld or deducted from a
              payment to such Secured Party and any expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally asserted.  Such indemnification shall be paid within 10 days from the date on which any
              such Person makes written demand therefore specifying in reasonable detail the nature and amount of such Indemnified Taxes.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Secured Party (with a copy
              to the Administrative Agent) or by the Administrative Agent on its own behalf or on behalf of another Secured Party shall be conclusive absent manifest error.

           

          
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          (d)          (i)          Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times
              reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding
              or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or
              the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the
              preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.09(d)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender's reasonable
              judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

           

          (ii)         Without limiting the generality of the foregoing,

           

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

           

          (B)          any Lender that is not a U.S. Person (a "Foreign Lender") shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be reasonably
              requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of
              the following is applicable:

           

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

           

          (2)          executed copies of IRS Form W-8ECI;

           

          
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          (3)          in the case of a Foreign Lender claiming the benefits of the exemption for portfolio
              interest under Section 881(c) of the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit 2.09(d)-1 hereto to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the
              Internal Revenue Code, a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Internal Revenue Code (a
              "U.S. Tax Compliance Certificate") and (y) executed copies of IRS Form W-8BEN or W-8BEN-E; or

           

          (4)          to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form
              W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit 2.09(d)-2 or Exhibit 2.09(d)-3, IRS Form W-9, or other certification documents from each beneficial
              owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the
              portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit 2.09(d)-4 on behalf of each such direct and indirect partner;

           

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

           

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

           

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

           

          (e)          On or prior to the Closing Date, the Administrative Agent, if it is not a U.S. Person,
              shall deliver to the Borrower an accurate, complete, original, signed copy of IRS Form W-8IMY certifying in Part I that the Administrative Agent is a U.S. branch of a foreign bank and in Part VI that the Administrative Agent agrees to be
              treated as a U.S. Person with respect to any payments associated with such IRS Form W-8IMY.

           

          
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          (f)          Each Lender shall severally indemnify the Administrative Agent, within 10 days after
              demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the
              Loan Parties to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of Section 12.07(i) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in
              each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or
              asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the
              Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the
              Administrative Agent under this paragraph (f).

           

          (g)          If any party determines, in its sole discretion exercised in good faith, that it has
              received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.09 (including by the payment of additional amounts pursuant to this Section 2.09), it shall pay to the indemnifying party an amount equal to such
              refund (but only to the extent of indemnity payments made under this Section 2.09 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other
              than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this
              paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything
              to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net
              after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts
              with respect to such Tax had never been paid.  This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the
              indemnifying party or any other Person.

           

          (h)          The obligations of the Loan Parties under this Section 2.09 shall survive the
              termination of this Agreement, the payment of the Term Loans and all other amounts payable hereunder and the resignation or removal of any Agent.

           

          Section 2.10          Increased Costs and Reduced Return.  vi)  If any Secured Party shall have determined that any Change in Law
              shall (i) subject such Secured Party, or any Person controlling such Secured Party, to any Tax with respect to this Agreement or any Term Loans,  or other Obligations, or its deposits, reserves, other liabilities or capital attributable
              thereto, made by such Agent or such Lender, or change the basis of taxation of payments to such Secured Party or any Person controlling such Secured Party of any amounts payable hereunder (except for Indemnified Taxes and Taxes described in
              clauses (b) through (d) of the definition of Excluded Taxes), (ii) impose, modify or deem applicable any reserve, special deposit or similar requirement against any Term Loan or against assets of or held by, or deposits with or for the
              account of, or credit extended by, such Secured Party or any Person controlling such Secured Party or (iii) impose on such Secured Party or any Person controlling such Secured Party any other condition regarding this Agreement or any Term
              Loan, and the result of any event referred to in clauses (i), (ii) or (iii) above shall be to increase the cost to such Secured Party of making any Term Loan or agreeing to make any Term Loan, or to reduce any amount received or receivable by
              such Secured Party hereunder, then, upon demand by such Secured Party, the Borrower shall pay to such Secured Party such additional amounts as will compensate such Secured Party for such increased costs or reductions in amount.

           

          
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          (b)          If any Secured Party shall have determined that any Change in Law either (i) affects or
              would affect the amount of capital required or expected to be maintained by such Secured Party or any Person controlling such Secured Party, and such Secured Party determines that the amount of such capital is increased as a direct or
              indirect consequence of any Term Loans made or maintained or any guaranty or participation with respect thereto or any agreement to make Term Loans or such Secured Party's or such other controlling Person's other obligations hereunder, or
              (ii) has or would have the effect of reducing the rate of return on such Secured Party's or such other controlling Person's capital to a level below that which such Secured Party or such controlling Person could have achieved but for such
              circumstances as a consequence of any Term Loans made or maintained or any guaranty or participation with respect thereto or any agreement to make Term Loans or such Secured
              Party's or such other controlling Person's other obligations hereunder (in each case, taking into consideration such Secured Party's or such other controlling Person's policies with respect to capital adequacy), then, upon demand by such
              Secured Party, the Borrower shall pay to such Secured Party from time to time such additional amounts as will compensate such Secured Party for such cost of maintaining such increased capital or such reduction in the rate of return on such
              Secured Party's or such other controlling Person's capital.

           

          (c)          All amounts payable under
              this Section 2.10 shall bear interest from the date that is 10 days after the date of demand by any Secured Party until payment in full to such Secured Party at the Reference Rate.  A certificate of such Secured Party claiming compensation
              under this Section 2.10, specifying the event herein above described and the nature of such event shall be submitted by such Secured Party to the Borrower, setting forth the additional amount due and an explanation of the calculation thereof,
              and such Secured Party's reasons for invoking the provisions of this Section 2.10, and shall be final and conclusive absent manifest error.

           

          (d)          Failure or delay on the part
              of any Lender to demand compensation pursuant to the foregoing provisions of this Section 2.10 shall not constitute a waiver of such Lender's right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section 2.10 for any increased costs incurred or reductions suffered more than nine months prior to the date
              that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender'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).

           

          
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          (e)          The obligations of the Loan
              Parties under this Section 2.10 shall survive the termination of this Agreement, the payment of the Term Loans and all other amounts payable hereunder and the resignation or removal of any Agent.

           

          Section 2.11          [Reserved].

           

          Section 2.12          Mitigation Obligations; Replacement of Lenders.

           

          (a)          If

              any Lender requires the Borrower to pay any Additional Amounts under Section 2.09 or requests compensation under Section 2.10, then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different lending
              office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or
              reduce amounts payable pursuant to such Section in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Borrower hereby agrees to pay all
              reasonable and documented out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment.

           

          (b)          If any Lender requires the
              Borrower to pay any Additional Amounts under Section 2.09 or requests compensation under Section 2.10 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with clause (a) above, then
              the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and
              consents required by, Section 12.07), all of its interests, rights and obligations under this Agreement and the other Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if such Lender
              accepts such assignment); provided that:

           

          (i)          the Borrower shall have paid to the Agents any assignment fees specified in Section
              12.07;

           

          (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 2.09) from the assignee (to the extent of such outstanding
              principal and accrued interest and fees) or the Borrower (in the case of all other amounts);

           

          (iii)          in the case of any such assignment resulting from payments required to be made
              pursuant to Section 2.09 or a claim for compensation under Section 2.10, such assignment will result in a reduction in such compensation or payments thereafter; and

           

          (iv)          such assignment does not conflict with applicable law.

           

          Prior to the effective date of such assignment, the assigning Lender shall execute and deliver an Assignment and Acceptance, subject only to the conditions set forth above.  If the
            assigning Lender shall refuse or fail to execute and deliver any such Assignment and Acceptance prior to the effective date of such assignment, the assigning Lender shall be deemed to have executed and delivered such Assignment and Acceptance. 
            Any such assignment shall be made in accordance with the terms of Section 12.07.

           

          
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          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 Borrower
            to require such assignment and delegation cease to apply.

           

          ARTICLE III

            

            [RESERVED]

           

          ARTICLE IV

            

            APPLICATION OF
              PAYMENTS

           

          Section 4.01          Payments; Computations and Statements.

           

            The Borrower will make each payment under this Agreement not later than 2:00 p.m. (New York City time) on the day when due, in lawful money of the United States of
            America and in immediately available funds, to the Administrative Agent's Account.  All payments received by the Administrative Agent after 2:00 p.m. (New York City time) on any Business Day may, in the Administrative Agent’s discretion, be
            credited on the next succeeding Business Day.  All payments shall be made by the Borrower without set-off, counterclaim, recoupment, deduction or other defense to the Agents and the Lenders.  Except as provided in Section 2.02, after receipt,
            the Administrative Agent will promptly thereafter cause to be distributed like funds relating to the payment of principal ratably to the Lenders in accordance with their Pro Rata Shares and like funds relating to the payment of any other amount
            payable to any Lender to such Lender, in each case to be applied in accordance with the terms of this Agreement.  The Lenders and the Borrower hereby authorize the Administrative Agent to, and the Administrative Agent may, from time to time,
            revise the Register with any amount due and payable by the Borrower under any Loan Document.  Each of the Lenders and the Borrower agrees that the Administrative Agent shall have the right to make such changes whether or not any Default or
            Event of Default shall have occurred and be continuing. The Lenders and the Borrower confirm that any changes which the Administrative Agent may so make to the Register as herein provided will be made as an accommodation to the Borrower and
            solely at the Administrative Agent's discretion, provided that the Administrative Agent shall from time to time upon the request of the Required Lenders, revise the Register with any amount due and payable under any Loan Document.  Whenever any
            payment to be made under any such Loan Document shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall in such case be included in the
            computation of interest or fees, as the case may be.  Each determination by the Administrative Agent of an interest rate hereunder shall be conclusive and binding for all purposes in the absence of manifest error.

           

          Section 4.02          Sharing of Payments.  Except as provided in Section 2.02
              hereof, if any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on account of any Obligation in excess of its ratable share of payments on account of similar
              obligations obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in such similar obligations held by them as shall be necessary to cause such purchasing Lender to share the excess
              payment ratably with each of them; provided, however, that (a) if all or any
              portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and each Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery
              together with an amount equal to such Lender's ratable share (according to the proportion of (i) the amount of such Lender's required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount
              paid by the purchasing Lender in respect of the total amount so recovered and (b) the provisions of this Section shall not be construed to apply to (i) any payment made by the Borrower pursuant to and in accordance with the express terms of
              this Agreement (including the application of funds arising from the existence of a Defaulting Lender), or (ii) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any
              assignee or participant, other than to any Loan Party or any Subsidiary thereof (as to which the provisions of this Section shall apply).  The Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this
              Section may, to the fullest extent permitted by law, exercise all of its rights (including the Lender's right of set-off) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of
              such participation.

           

          
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          Section 4.03          Apportionment of Payments.  Subject to Section 2.02 hereof:

           

          (a)          All payments of principal and
              interest in respect of outstanding Term Loans and all other payments in respect of any other Obligations, shall be allocated by the Administrative Agent among such of the Lenders as are entitled thereto, in proportion to their respective Pro
              Rata Shares or otherwise as provided herein or, in respect of payments not made on account of Term Loans, as designated by the Person making payment when the payment is made.

           

          (b)          (w) After the occurrence and during the continuance of an Event of Default described in Section 9.01(a), (f) or (g), (x) after the acceleration of the Term Loans pursuant to Section 9.01, (y) after the exercise of
              enforcement remedies by the Collateral Agent pursuant to the Loan Documents or (z) otherwise upon the written direction of the Required Lenders, after the occurrence and during the continuance of an Event of Default, in each case, the
              Administrative Agent shall apply all payments in respect of any Obligations, including, without limitation, proceeds of the Collateral and any amounts received on account of the Obligations (whether received as a consequence of the exercise
              of any remedies under Section 9.01 hereof or any Loan Document or as a distribution out of any proceeding in respect of or commenced under any bankruptcy or insolvency proceeding including payments in respect of "adequate protection" for the
              use of Collateral during such proceeding or under any plan of reorganization or on account of any liquidation of any Loan Party, subject to the provisions of this Agreement), (i)
            first, ratably to pay the Obligations in respect of any fees, expense reimbursements, indemnities and other amounts then due and payable to the Agents until paid in full; (ii) second, to pay interest then due and payable in respect of the Collateral Agent Advances until paid in full; (iii) third, to pay principal of
              the Collateral Agent Advances until paid in full; (iv) fourth, ratably to pay the Obligations in respect of any fees, expense reimbursements, indemnities and
              other amounts then due and payable to the Lenders until paid in full; (v) fifth, ratably to pay interest then due and payable in respect of the Term Loans until
              paid in full; (vi) sixth, ratably to pay principal of the Term Loans until paid in full; (vii) seventh, to the ratable payment of all other Obligations then due and payable; and (viii) eighth, to the extent of any remaining amounts, to
              the Borrower or as a court of competent jurisdiction may otherwise direct.

           

          (c)          [reserved.]

           

          
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          (d)          In the event of a conflict between the priority provisions of this Section 4.03 and
              other provisions contained in any other Loan Document, the terms and provisions of this Section 4.03 shall control and govern.

           

          ARTICLE V

            

            CONDITIONS TO
              LOANS

           

          Section 5.01          Conditions Precedent to Effectiveness.  This Agreement shall become effective as of the
              Business Day (the "Closing Date") when each of the following conditions precedent shall have been satisfied in a manner satisfactory to the Required Lenders:

           

          (a)          Payment of Fees, Etc.  The Borrower shall have paid on or before the Closing Date all fees then payable pursuant to Section 2.06 and, to the extent invoiced at least three Business Days prior to the Closing Date, all reasonable and
              documented out-of-pocket expenses required to be reimbursed or paid by any Loan Party pursuant to Section 12.04.

           

          (b)          Representations

                and Warranties.  The following statements shall be true and correct: (i) the representations made by or with respect to the Target and its subsidiaries in the Merger Agreement as are material to the
              interests of the Lenders (in their capacities as such) (but only to the extent that Holdings has the right to terminate its obligations under the Merger Agreement as a result of a breach of such representations in the Merger Agreement) shall
              be true and correct in all material respects and (ii) the representations and warranties made in respect of the Borrower, and, to the extent applicable, the Guarantors, in Sections 6.01(a)(i), (a)(ii), (b)(i), (b)(ii)(A), (d), (k), (t), (w) and, solely with respect to the use of the proceeds of the Term Loans, (y) and (z) shall be true and correct in all material respects.

           

          (c)          [Reserved].

           

          (d)          Delivery

                of Documents.  The Agents shall have received on or before the Closing Date the following, each in form and substance reasonably satisfactory to the Agents and, unless indicated otherwise, dated the
              Closing Date and, if applicable, duly executed by the Persons party thereto:

           

          (i)          subject to the last paragraph of this Article V, the Security Agreement, together with
              the original stock certificates representing all of the Equity Interests and all promissory notes required to be pledged thereunder, accompanied by undated stock powers executed in blank and other proper instruments of transfer;

           

          (ii)         to the extent applicable in the relevant jurisdiction, the results of searches for any
              effective UCC or other applicable personal property financing statements, tax Liens or judgment Liens filed against any Loan Party or its property, which results shall not show any such Liens (other than Permitted Liens);

           

          (iii)        subject to the last paragraph of this Article V, the UK Partnership Interest Charges;

           

          (iv)        a Perfection Certificate;

           

          
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          (v)         the Agent Fee Letter;

           

          (vi)        the Intercompany Subordination Agreement;

           

          (vii)       a certificate of an Authorized Officer of each Loan Party, certifying (A) as to copies
              of the Governing Documents of such Loan Party, together with all amendments thereto (including, without limitation, a true and complete copy of the charter, certificate of formation, certificate of limited partnership or other publicly filed
              organizational document of each Loan Party certified as of a recent date not more than 30 days prior to the Closing Date by an appropriate official of the jurisdiction of organization of such Loan Party which shall set forth the same complete
              name of such Loan Party as is set forth herein and the organizational number of such Loan Party, if an organizational number is issued in such jurisdiction), (B) as to a copy of the resolutions or written consents of such Loan Party
              authorizing (1) the borrowings hereunder and the transactions contemplated by the Loan Documents to which such Loan Party is or will be a party, and (2) the execution, delivery and performance by such Loan Party of each Loan Document to which
              such Loan Party is or will be a party and the execution and delivery of the other documents to be delivered by such Person in connection herewith and therewith and (C) the names and true signatures of the representatives of such Loan Party
              authorized to sign each Loan Document (in the case of the Borrower, including, without limitation, Notices of Borrowing, and all other notices under this Agreement and the other Loan Documents) to which such Loan Party is or will be a party
              and the other documents to be executed and delivered by such Loan Party in connection herewith and therewith, together with evidence of the incumbency of such authorized officers;

           

          (viii)      in addition to a certificate as described in Section 5.01(d)(vi) above, a certificate
              of an Authorized Officer of each UK Guarantor certifying (A) that guaranteeing and securing the Secured Obligations would not cause any guarantee, security or similar limit binding on any UK Guarantor to be exceeded, (B) that each copy
              document relating to it and supplied pursuant to this Section 5.01 is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of this Agreement and (C) that (1) each UK
              Guarantor has complied with the relevant timeframe with any notice it has received pursuant to Part 21A of the Companies Act 2006 from any other UK Guarantor and no "warning notice" or "restrictions notice" (in each case as defined in
              Schedule 1B of the Companies Act 2006) has been issued in respect of such UK Guarantor's shares, together with a copy of the "PSC register" (within the meaning of section 790C(10) of the Companies Act 2006) or (2) such UK Guarantor is not
              required to comply with Part 21A of the Companies Act 2006;

           

          (ix)        a certificate of the chief financial officer of Holdings, certifying as to the solvency
              of the Borrower and its Subsidiaries taken as a whole (after giving effect to the Term Loans and the other transactions to be consummated on the Closing Date) (or, at the Borrower’s option, a solvency opinion from an independent investment
              bank or valuation firm of nationally recognized standing);

           

          (x)          the Financial Statements;

           

          (xi)        a duly executed Notice of Borrowing;

           

          
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          (xii)       to the extent that the concept is applicable in the relevant jurisdiction, a
              certificate of the appropriate official(s) of the jurisdiction of organization certifying as of a recent date not more than 30 days prior to the Closing Date as to the subsistence in good standing of such Loan Party in such jurisdictions;

           

          (xiii)      an opinion of (A) Cravath, Swaine & Moore LLP, New York counsel to the Loan
              Parties, (B) Slaughter and May, United Kingdom counsel to the Loan Parties, (C), DLA Piper Australia, Australian counsel to the Lenders, (D) DLA Piper (Canada) LLP, Canadian counsel to the Lenders, (E) Greenberg Traurig, LLP, Illinois counsel
              to the Loan Parties, (F) Maddin, Hauser, Roth & Heller, P.C., Michigan counsel to the Loan Parties, (G) Ryley Carlock & Applewhite, P.C., Arizona counsel to the Loan Parties, (H) SmithAmundsen LLC, Wisconsin counsel to the Loan
              Parties, (I) Whitfield & Eddy, P.L.C., Iowa counsel to the Loan Parties, and (J) Wright, Lindsey & Jennings LLP, Arkansas counsel to the Loan Parties, in each case as to such matters regarding the Loan Parties, this Agreement
              (including the Guaranty) and the Term Loans as the Required Lenders may reasonably request, and the Loan Parties hereby request such opinions;

           

          (xiv)       a pro forma consolidated balance sheet and a related pro forma consolidated statement
              of income of Holdings and its Subsidiaries as of and for the twelve-month period ending on June 30, 2019;

           

          (xv)         evidence of the consummation of the Payoff simultaneously or substantially
              concurrently with the consummation of the Merger; and

           

          (xvi)        a duly executed W-9 (or such other applicable IRS tax form),  from each of the Loan
              Parties.

           

          (e)          Material Adverse Effect.  Except as expressly disclosed in the Company SEC Reports (as defined in the Merger Agreement as in effect as of August 5, 2019) filed with or furnished to the SEC and publicly available after January 1, 2017 and
              prior to the date of the Merger Agreement (other than (a) any information that is contained solely in the “Risk Factors” section of such Company SEC Reports that are not statements of historical fact and (b) any forward-looking statements, or
              other statements that are similarly predictive or forward-looking in nature, contained in such Company SEC Reports), or in the Company Disclosure Letter (as defined in the Merger Agreement as in effect on August 5, 2019), since December 31,
              2018, there shall not have been any event, change, circumstance, effect, development or state of facts that, individually or in the aggregate, has had or would reasonably be expected to have, a Company Material Adverse Effect (as defined in
              the Merger Agreement as in effect on August 5, 2019).

           

          (f)          Merger. The closing of the Merger shall be
              consummated substantially simultaneously or substantially concurrently with the funding of the Term Loans on the terms described in the Merger Agreement, without giving effect to any amendment, waiver, consent or other modification thereof
              that is adverse to the interests of the Lenders in their capacities as such, unless it is approved by the Specified Lender (which approval shall not be unreasonably withheld, delayed or conditioned).

           

          
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          (g)          Minimum Liquidity. Immediately after giving
              effect to the Transactions, the Loan Parties shall have unrestricted cash and Cash Equivalents on their consolidated balance sheet in an aggregate amount of at least $40,000,000.

           

          (h)          Other Debt. On the Closing Date,
              immediately after giving effect to the Transactions, none of Holdings, the Borrower or any of the other Subsidiaries shall have any Indebtedness for borrowed money other than (i) the Term Facility, (ii) other Indebtedness permitted to be
              incurred or outstanding on or prior to the Closing Date pursuant to the Merger Agreement and (iii) any rollover of then existing Capitalized Leases.

           

          (i)          KYC; Beneficial Ownership.  The Agents and
              the Lenders shall have received all information required under the applicable "know your customer" requirements of the Anti-Money Laundering and Anti-Terrorism Laws, including without limitation, the USA PATRIOT Act and a Beneficial Ownership Certification for the Borrower and any Guarantor, in each case, that
              qualifies as a "legal entity customer" under the
              Beneficial Ownership Regulation to any Lender that has requested such certification (in each case, with such documentation and information to be requested not later than 10 Business Days prior to the Closing Date and to be delivered at least
              three Business Days prior to the Closing Date).

           

          Notwithstanding the foregoing, it is understood and agreed that, to the extent any security interest in the intended Collateral or any deliverable related to the perfection of security interests in the intended
            Collateral (other than any Collateral the security interest in which may be perfected by the filing of a UCC or other applicable personal property financing statement or the possession of the stock certificates of the Borrower, any subsidiary
            of Holdings or the Target to the extent that, in the case of subsidiaries of the Target, such stock certificates are received from the Target, after using commercially reasonable efforts, on or prior to the Closing Date), is not or cannot be
            provided and/or perfected on the Closing Date (i) without undue burden or expense or (ii) after the Borrower’s use of commercially reasonable efforts to do so, then the provision and/or perfection of such security interest(s) or deliverable
            shall not constitute a condition precedent to the effectiveness of this Agreement on the Closing Date but shall be required to be provided and/or perfected within 60 days after the Closing Date.

           

          ARTICLE VI

            

            REPRESENTATIONS AND WARRANTIES

           

          Section 6.01          Representations and Warranties.  Each Loan Party hereby represents and warrants to the Secured Parties as follows:

           

          (a)          Organization,

                Good Standing, Etc.  Each Loan Party (i) is a corporation, limited liability company or limited partnership duly organized, validly existing and in good standing under the laws of the state or
              jurisdiction of its organization, (ii) has all requisite power and authority to conduct its business as now conducted and as presently contemplated and, in the case of the Borrower, to make the borrowings hereunder, and to execute and deliver
              each Loan Document to which it is a party, and to consummate the transactions contemplated thereby, and (iii) is duly qualified to do business and is in good standing in each jurisdiction in which the character of the properties owned or
              leased by it or in which the transaction of its business makes such qualification necessary, except (solely for the purposes of this subclause (iii)) where the failure to be so qualified and in good standing could reasonably be expected to
              have a Material Adverse Effect.

           

          
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          (b)          Authorization,

                Etc.   The execution, delivery and performance by each Loan Party of each Loan Document to which it is or will be a party, (i) have been duly authorized by all necessary action, (ii) do not and will
              not contravene (A) any of its Governing Documents, (B) any applicable material Requirement of Law or (C) any material Contractual Obligation binding on or otherwise affecting it or any of its properties, (iii) do not and will not result in or
              require the creation of any Lien (other than pursuant to any Loan Document) upon or with respect to any of its properties, and (iv) do not and will not result in any default, noncompliance, suspension, revocation, impairment, forfeiture or
              nonrenewal of any permit, license, authorization or approval applicable to its operations or any of its properties, except, in the case of clause (iv), to the extent where such contravention, default, noncompliance, suspension, revocation,
              impairment, forfeiture or nonrenewal would not reasonably be expected to have a Material Adverse Effect.

           

          (c)          Governmental

                Approvals.  No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required in connection with the due execution, delivery and performance by
              any Loan Party of any Loan Document to which it is or will be a party other than filings and recordings with respect to Collateral to be made, or otherwise delivered to the Collateral Agent for filing or recordation, on the Closing Date.

           

          (d)          Enforceability

                of Loan Documents.  This Agreement is, and each other Loan Document to which any Loan Party is or will be a party, when delivered hereunder, will be, a legal, valid and binding obligation of such
              Person, enforceable against such Person in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally and by general principles of equity.

           

          (e)          Capitalization.  On the Closing Date, after giving effect to the transactions contemplated hereby to occur on the Closing
              Date, the authorized Equity Interests of Holdings and each of its Subsidiaries and the issued and outstanding Equity Interests of Holdings and each of its Subsidiaries are as set forth on Schedule 6.01(e) (giving effect to any supplements to or modifications of such Schedule that are delivered to, and satisfactory to, the Administrative Agent not later
              than five Business Days after the Closing Date (or such later date as the Administrative Agent may agree in its sole discretion)).  All of the issued and outstanding shares of Equity Interests of Holdings and each of its Subsidiaries have
              been validly issued and are fully paid and nonassessable, and the holders thereof are not entitled to any preemptive, first refusal or other similar rights.  All Equity Interests of such Subsidiaries of Holdings are owned by Holdings free and
              clear of all Liens (other than Permitted Specified Liens).  Except as described on Schedule 6.01(e) (giving effect to any supplements to or modifications of such Schedule that are delivered to, and satisfactory to, the Administrative Agent not later than five Business Days after the
              Closing Date (or such later date as the Administrative Agent may agree in its sole discretion)), there are no outstanding debt or equity securities of Holdings or any of its Subsidiaries and no outstanding obligations of Holdings or any of
              its Subsidiaries convertible into or exchangeable for, or warrants, options or other rights for the purchase or acquisition from Holdings or any of its Subsidiaries, or other obligations of Holdings or any of its Subsidiaries to issue,
              directly or indirectly, any shares of Equity Interests of Holdings or any of its Subsidiaries.

           

          
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          (f)          Litigation.  Except as set forth in Schedule 6.01(f), there is no pending or, to the best knowledge of any Loan
              Party, threatened action, suit or proceeding affecting any Loan Party or any of its properties before any court or other Governmental Authority or any arbitrator that (i) if adversely determined, could reasonably be expected to have a
              Material Adverse Effect or (ii) relates to this Agreement or any other Loan Document or any transaction contemplated hereby or thereby.

           

          (g)          Financial

                Statements.  The Financial Statements, copies of which have been delivered to
              each Agent and each Lender, fairly present the consolidated financial condition of the Borrower and its Subsidiaries as at the respective dates thereof and the consolidated results of operations of the Borrower and its Subsidiaries for the
              fiscal periods ended on such respective dates, all in accordance with GAAP.  Since December 30, 2018, no event or development has occurred that has had or could reasonably be expected to have a Material Adverse Effect.

           

          (h)          Compliance with Law, Etc.  No Loan Party or any of its Subsidiaries is in violation of (i) any of its Governing Documents, (ii) any material Requirement of Law or (iii) any
              material term of any material Contractual Obligation (including, without limitation, any Material Contract) binding on or otherwise affecting it or any of its properties, and no
              default or event of default has occurred and is continuing thereunder.

           

          (i)          ERISA.  Except as would not reasonably be expected to have a Material Adverse Effect, (i) each Employee Plan is
              in substantial compliance with ERISA and the Internal Revenue Code, (ii) no Termination Event has occurred nor is reasonably expected to occur with respect to any Employee Plan, (iii) the most recent annual report (Form 5500 Series) with
              respect to each Employee Plan, including any required Schedule B (Actuarial Information) thereto, copies of which have been filed with the Internal Revenue Service and delivered to the Lenders, is complete and correct and fairly presents the
              funding status of such Employee Plan, and since the date of such report there has been no material adverse change in such funding status, (iv) copies of each agreement entered into with the PBGC, the U.S. Department of Labor or the Internal
              Revenue Service with respect to any Employee Plan have been delivered to the Agents, (v) no Employee Plan had an accumulated or waived funding deficiency or permitted decrease which would create a deficiency in its funding standard account or
              has applied for an extension of any amortization period within the meaning of Section 412 of the Internal Revenue Code at any time during the previous 60 months, and (vi) no Lien imposed under the Internal Revenue Code or ERISA exists or is
              likely to arise on account of any Employee Plan within the meaning of Section 412 of the Internal Revenue Code.  Except as set forth on Schedule 6.01(i), no Loan Party or any of
              its ERISA Affiliates has occurred or may reasonably be expected to incur any withdrawal liability under ERISA with respect to any Multiemployer Plan.  Except as would not reasonably be expected to have a Material Adverse Effect, no Loan Party
              or any of its ERISA Affiliates nor any fiduciary of any Employee Plan has (i) engaged in a nonexempt prohibited transaction described in Sections 406 of ERISA or 4975 of the Internal Revenue Code, (ii) failed to pay any required installment
              or other payment required under Section 412 of the Internal Revenue Code on or before the due date for such required installment or payment, (iii) engaged in a transaction within the meaning of Section 4069 of ERISA or (iv) incurred any
              liability to the PBGC which remains outstanding other than the payment of premiums, and there are no premium payments which have become due which are unpaid.  Except as would not reasonably be expected to have a Material Adverse Effect, there
              are no pending or, to the best knowledge of any Loan Party, threatened claims, actions, proceedings or lawsuits (other than claims for benefits in the normal course) asserted or instituted against (i) any Employee Plan or its assets, (ii) any
              fiduciary with respect to any Employee Plan, or (iii) any Loan Party or any of its ERISA Affiliates with respect to any Employee Plan.  Except as required by Section 4980B of the Internal Revenue  Code or any other applicable law or as would
              not be material, no Loan Party or any of its ERISA Affiliates maintains an employee welfare benefit plan (as defined in Section 3(1) of ERISA) which provides health or welfare benefits (through the purchase of insurance or otherwise) for any
              retired or former employee of any Loan Party or any of its ERISA Affiliates or coverage after a participant's termination of employment.

           

          
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          (j)          Taxes,

                Etc.  (i) All material Federal, state, provincial and local tax returns and other reports required by applicable Requirements of Law to
              be filed by any Loan Party have been filed, or extensions have been obtained, and (ii) all taxes, assessments and other governmental charges imposed upon any Loan Party or any property of any Loan Party and which have become due and payable
              on or prior to the date hereof have been paid, except (x) to the extent contested in good faith by proper proceedings which stay the imposition of any penalty, fine or Lien resulting from the non-payment thereof and with respect to which
              adequate reserves have been set aside for the payment thereof on the Financial Statements in accordance with GAAP or (y) unpaid taxes, assessment and other governmental charges in an aggregate amount not exceed $25,000,000.

           

          (k)          Regulations

                T, U and X.  No Loan Party is or will be engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation T, U or X), and no
              proceeds of any Term Loan will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock or for any
              purpose that violates, or is inconsistent with, the provisions of Regulation T, U and X.

           

          (l)          Nature of Business.

           

          (i)          No Loan Party is engaged in any business other than as set forth on Schedule 6.01(l) or business activities incidental or related thereto.

           

          (ii)          Holdings does not have any material liabilities (other than liabilities arising under
              the Loan Documents), own any material assets (other than the Equity Interests of its Subsidiaries or cash and cash equivalents held in connection with the performing of activities in each case permitted under this Agreement) or engage in any
              operations or business (other than the ownership of its Subsidiaries).

           

          (m)          Adverse

                Agreements, Etc.  No Loan Party or any of its Subsidiaries is a party to any Contractual Obligation or subject to any restriction or limitation in any Governing Document or any judgment, order,
              regulation, ruling or other requirement of a court or other Governmental Authority, which (either individually or in the aggregate) has, or in the future would reasonably be expected (either individually or in the aggregate) to have, a
              Material Adverse Effect.

           

          
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          (n)          Permits, Etc.  Each Loan Party has, and is in compliance with, all permits, licenses, authorizations, approvals, entitlements and accreditations required for such Person
              lawfully to own, lease, manage or operate, or to acquire, each business and Mortgaged Property currently owned, leased, managed or operated by such Person, except to the extent the failure to have or be in compliance therewith would not
              reasonably be expected to have a Material Adverse Effect.  No condition exists or event has occurred which, in itself or with the giving of notice or lapse of time or both, would result in the suspension, revocation, impairment, forfeiture or
              non-renewal of any such permit, license, authorization, approval, entitlement or accreditation, and there is no claim that any thereof is not in full force and effect, except as would not reasonably be expected to have a Material Adverse
              Effect.

           

          (o)          Properties.  Each Loan Party has good and marketable title to, valid leasehold interests in, or valid licenses to use, all property and assets material to its business, free
              and clear of all Liens, except Permitted Liens.  Except as would not reasonably be expected to have a Material Adverse Effect, all such properties and assets are in good operating condition and repair, ordinary wear and tear excepted.

           

          (p)          Employee and Labor Matters.  There is (i) no unfair labor practice
              complaint pending or, to the best knowledge of any Loan Party, threatened against any Loan Party before any Governmental Authority and no grievance or arbitration proceeding pending or threatened against any Loan Party which arises out of or
              under any collective bargaining agreement, (ii) no strike, labor dispute, slowdown, stoppage or similar action or grievance pending or threatened against any Loan Party or (iii) to the knowledge of each Loan Party, no union representation
              question existing with respect to the employees of any Loan Party and no union organizing activity taking place with respect to any of the employees of any Loan Party, in each case, except as would not reasonably be expected to have a
              Material Adverse Effect.  No Loan Party or any of its ERISA Affiliates has incurred any material liability or material obligation under the Worker Adjustment and Retraining Notification Act ("WARN") or similar state law, which remains unpaid or unsatisfied.  The hours worked and payments made to employees of any Loan Party have not been in violation of the Fair Labor Standards Act or any other applicable legal
              requirements, except to the extent such violations would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.  All payments due from any Loan Party on account of wages and employee health and
              welfare insurance and other benefits have been paid or accrued as a liability on the books of such Loan Party, except where the failure to do so would not, individually or in the
              aggregate, reasonably be expected to have a Material Adverse Effect.

           

          
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          (q)          Environmental Matters.  Except as set forth on Schedule 6.01(q), (i) the operations of each Loan Party are in
              material compliance with all Environmental Laws, except for such noncompliance that would not reasonably be expected to have a Material Adverse Effect; (ii) there has been no Release at any of the properties owned or operated by any Loan
              Party or a legal predecessor in interest, or at any disposal or treatment facility which received Hazardous Materials generated by any Loan Party or any legal predecessor in interest which in either case would reasonably be expected to have a
              Material Adverse Effect; (iii) no Environmental Action has been asserted against any Loan Party or any predecessor in interest, nor does any Loan Party have knowledge or notice of any threatened or pending Environmental Action against any
              Loan Party or any predecessor in interest, which, in either case, would reasonably be expected to have a Material Adverse Effect; (iv)  no Environmental Actions have been asserted against any facilities that have received Hazardous Materials
              generated by any Loan Party or any predecessor in interest which in either case would reasonably be expected to be material to the Loan Parties; (v)  no property now or formerly owned or operated by a Loan Party has been used as a treatment
              or disposal site for any Hazardous Material in a manner which violates Environmental Laws in any material respect or has resulted in or would reasonably be expected to result in an Environmental Action, Environmental Liabilities and Costs, or
              an obligation on the part of any Loan Party or any of its Subsidiaries to conduct a Remedial Action, in each case which would reasonably be expected to have a Material Adverse Effect; (vi) no Loan Party has failed to report to the proper
              Governmental Authority any Release which is required to be so reported by any Environmental Laws which would reasonably be expected to have a Material Adverse Effect; (vii) each Loan Party holds all licenses, permits and approvals required
              under any Environmental Laws in connection with the operation of the business carried on by it, except for such licenses, permits and approvals as to which a Loan Party's failure to maintain or comply with would not reasonably be expected to
              have a Material Adverse Effect; and (viii) no Loan Party has received any written notification by any Governmental Authority pursuant to any Environmental Laws that (A) any work, repairs, construction or Capital Expenditures are required to
              be made to continue to comply with any Environmental Laws, or any license, permit or approval issued pursuant thereto or (B) any license, permit or approval referred to above is about to be reviewed, made, subject to limitations or
              conditions, revoked, withdrawn or terminated, in each case, except as would not reasonably be expected to have a Material Adverse Effect.

           

          (r)          Insurance.  Each Loan Party maintains the insurance and required services and financial assurance as required by law and as required by Section 7.01(h).  Schedule 6.01(r) sets forth a list of all insurance maintained by each Loan Party on the Closing Date.

           

          (s)          Use

                of Proceeds.  The proceeds of the Term Loans shall be used by the Borrower on the Closing Date to (i) partially fund the Merger, (ii) consummate the Payoff, (iii) pay fees and expenses incurred to
              obtain the Term Loans and to consummate of the Payoff and (iv) fund $40,000,000 or more of unrestricted cash and Cash Equivalents to the balance sheet of the Borrower and
              Guarantors.

           

          (t)          Solvency.  Immediately after giving effect to the transactions contemplated by this Agreement to occur on the Closing Date (including, without limitation, the
              funding of the Term Loans), the Borrower and its Subsidiaries on a consolidated basis are Solvent.  No transfer of property is being made by any Loan Party and no obligation is being 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 such Loan Party.

           

          
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          (u)          Intellectual Property.  Each Loan Party owns or licenses or otherwise has the right to use all Intellectual Property rights that are necessary for the operation of its
              business, without infringement upon or conflict with the rights of any other Person with respect thereto, except for such infringements and conflicts which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.  Subject to Section 6(b) of the Security Agreement, set forth on Schedule 6.01(u)
              (giving effect to any supplements to or modifications of such Schedule that are delivered to, and satisfactory to, the Administrative Agent not later than (x) in the case of information relating to copyrights, 20 days and (y) in the case of
              information relating to patents and trademarks, 60 days, in each case after the Closing Date (or such later date as the Administrative Agent may agree in its sole discretion)) is a complete and accurate list as of the Closing Date of each
              item of Registered Intellectual Property (except with respect to copyrights, which shall be limited to the Material Copyrights (as defined in the Security Agreement)) owned by each Loan Party.  No trademark or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by
              any Loan Party infringes upon or conflicts with any rights owned by any other Person, and no claim or litigation regarding any of the foregoing is pending or threatened, except for such infringements and conflicts which would not reasonably
              be expected to have, individually or in the aggregate, a Material Adverse Effect.  To the knowledge of each Loan Party, no patent, invention, device, application, principle or any statute, law, rule, regulation, standard or code pertaining to
              Intellectual Property is pending or proposed, which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

           

          (v)          Material Contracts.  Set forth on Schedule 6.01(v) is a complete and accurate list as of the Closing Date of
              all Material Contracts of each Loan Party.  Each such Material Contract (i) is in full force and effect and is binding upon and enforceable against each Loan Party that is a party thereto and, to the best knowledge of such Loan Party, all
              other parties thereto in accordance with its terms, except as such may be limited by bankruptcy, insolvency, reorganization or other laws affecting creditors' rights generally and by general equitable principles, (ii) has not been otherwise
              amended or modified, and (iii) is not in default due to the action of any Loan Party or, to the best knowledge of any Loan Party, any other party thereto.

           

          (w)          Investment

                Company Act.  None of the Loan Parties is (i) an "investment company" or an "affiliated person" or "promoter" of, or "principal
              underwriter" of or for, an "investment company", as such terms are defined in the Investment Company Act of 1940, as amended, or (ii) subject to regulation under any Requirement of Law that limits in any respect its ability to incur
              Indebtedness or which may otherwise render all or a portion of the Obligations unenforceable.

           

          (x)          Customers

                and Suppliers.  Except as would not reasonably be expected to have a Material Adverse Effect, there exists no actual or threatened termination, cancellation or limitation of, or modification to or
              change in, the business relationship between (i) any Loan Party, on the one hand, and any customer or any group thereof, on the other hand, whose agreements with any Loan Party are individually or in the aggregate material to the business or
              operations of such Loan Party, or (ii) any Loan Party, on the one hand, and any supplier or any group thereof, on the other hand, whose agreements with any Loan Party are individually or in the aggregate material to the business or operations
              of such Loan Party.

           

          (y)          Anti-Money Laundering and Anti-Terrorism Laws.

           

          (i)          None of the Loan Parties, any
              of their respective Subsidiaries, their respective directors, officers or employees nor to the knowledge of the Borrower, their respective agents, has violated or is in violation of any of the Anti-Money Laundering and Anti-Terrorism Laws in
              any material respect or has engaged in or conspired to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the Anti-Money Laundering and Anti-Terrorism Laws.

           

          
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          (ii)          None of the Loan Parties,
              nor any Subsidiary of any of the Loan Parties, nor any officer, director, employees or principal shareholder or owner of any of the Loan Parties or any of their Subsidiaries, nor, to the knowledge of the Loan Parties, any of the Loan Parties'
              or any of their Subsidiaries' respective agents acting or benefiting in any capacity in connection with the Term Loans or other transactions hereunder, is a Blocked Person.

           

          (iii)          None of the Loan Parties, nor any Subsidiary of any of the Loan Parties, nor, to the
              knowledge of the Loan Parties, any of their respective agents acting in any capacity in connection with the Term Loans or other transactions hereunder, (A) conducts any business with or for the benefit of any Blocked Person or engages in
              making or receiving any contribution of funds, goods or services to, from or for the benefit of any Blocked Person, or (B) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked or subject
              to blocking pursuant to any Sanctions Programs.

           

          (iv)          The Borrower will not request any Term Loan, and the Borrower shall not use, and shall
              procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Term Loan (A) for the purpose of funding, financing or facilitating any activities, business or transaction
              of or with any Blocked Person, or in any Sanctioned Country, or (B) in any manner that would result in the violation of Anti-Money Laundering and Anti-Terrorism Laws applicable to any by any Person (including any Lender or any Agent).

           

          (v)          The Loan Parties have adopted, implemented and maintain policies and procedures that
              are reasonably designed to ensure compliance with the Anti-Money Laundering and Anti-Terrorism Laws by the Loan Parties, their respective Subsidiaries and their respective directors, officers, employees and agents.

           

          (z)          Anti-Bribery and Anti-Corruption Laws.

           

          (i)          The Loan Parties, their respective Subsidiaries, their respective directors, officers
              and employees and to the knowledge of the Borrower, their respective agents, are in compliance with the U.S. Foreign Corrupt Practices Act of 1977, as amended (the "FCPA"), and the anti-bribery and anti-corruption laws, rules and regulations of any jurisdictions applicable to the Loan Parties or their Subsidiaries from time to time (collectively, the "Anti-Corruption

                Laws").

           

          (ii)          None of the Loan Parties has at any time:

           

          (A)          offered, promised, paid, given, or authorized the payment or giving of any money, gift
              or other thing of value, directly or indirectly, to or for the benefit of any employee, official, or other person acting on behalf of any foreign (i.e., non-U.S.) Governmental Authority, or of any public international organization, or any
              foreign political party or official thereof, or candidate for foreign political office (collectively, "Foreign Official"), for the purpose of: (1) improperly
              influencing any act or decision of such Foreign Official in his, her, or its official capacity; or (2) inducing such Foreign Official to do, or omit to do, an act in violation of the lawful duty of such Foreign Official, or (3) securing any
              improper advantage, in order to obtain or retain business for, or with, or to direct business to, any Person; or

           

          
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          (B)          acted or attempted to act in any manner which would subject any of the Loan Parties to
              liability under any Anti-Corruption Law.

           

          (iii)          There are, and have been, no allegations, investigations or inquiries with regard to
              a potential violation of any Anti-Corruption Law by any of the Loan Parties or any of their respective current or former directors, officers, employees, stockholders or agents, or other persons acting on their behalf.

           

          (iv)          The Loan Parties have adopted, implemented and maintain anti-bribery and
              anti-corruption policies and procedures that are reasonably designed to ensure compliance with the Anti-Corruption Laws by the Loan Parties, their respective Subsidiaries and their respective directors, officers, employees and agents.

           

          (v)          The Borrower will not request any Term Loan, and the Borrower shall not use, and shall
              procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Term Loan in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of
              money, or anything else of value, to any Person in violation of any Anti-Corruption Laws.

           

          (aa)        Full

                Disclosure.

           

          (i)          Each Loan Party has disclosed
              to the Agents all agreements, instruments and corporate or other restrictions to which it is subject, and all other matters known to it, that, individually or in the aggregate, would reasonably be expected to result in a Material Adverse
              Effect.  None of the reports, financial statements, certificates or other information furnished by or on behalf of any Loan Party to the Agents (other than forward-looking information and projections and information of a general economic
              nature and general information about Borrower's industry) in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact
              or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which it was made, not materially misleading.

           

          (ii)          As of the Closing Date, the information included in any Beneficial Ownership
              Certification is true and correct in all material respects.

           

          (bb)        Not a Trustee.  No Australian Loan Party
              enters into this Agreement or any other Loan Document as a trustee of any trust or settlement.

           

          
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          ARTICLE VII

            

            COVENANTS OF THE LOAN PARTIES

           

          Section 7.01          Affirmative

                Covenants.  So long as any principal of or interest on any Term Loan or any other Obligation (whether or not due) shall remain unpaid (other than Contingent Indemnity
              Obligations) or any Lender shall have any Commitment hereunder, each Loan Party will:

           

          (a)          Reporting

                Requirements.  Furnish to each Agent and each Lender:

           

          (i)          [reserved];

           

          (ii)         as soon as available and in any event within 45 days
              after the end of each of the first three Fiscal Quarters of each Fiscal Year, commencing with the first such Fiscal Quarter ending after the Closing Date, unaudited consolidated balance sheets, statements of operations and retained earnings
              and statements of cash flows of Holdings and its Subsidiaries as at the end of such quarter, and for the period commencing at the end of the immediately preceding Fiscal Year and ending with the end of such quarter, setting forth in each case
              in comparative form the figures for the corresponding date or period set forth in the financial statements for the immediately preceding Fiscal Year, all in reasonable detail and certified by an Authorized Officer of Holdings as fairly
              presenting, in all material respects, the financial position of Holdings and its Subsidiaries as of the end of such quarter and the results of operations of Holdings and its Subsidiaries for such quarter and for such year-to-date period and
              the cash flows of Holdings and its Subsidiaries for such year-to-date period, in accordance with GAAP applied in a manner consistent with that of the most recent audited financial statements of Holdings and its Subsidiaries furnished to the
              Agents and the Lenders, subject to the absence of footnotes and normal year-end adjustments;

           

          (iii)        as soon as available, and in any event within 75 days
              after the end of each Fiscal Year, commencing with the first Fiscal Year ending after the Closing Date, consolidated balance sheets, statements of operations and retained earnings and statements of cash flows of Holdings and its Subsidiaries
              as at the end of such Fiscal Year, setting forth in each case in comparative form the figures for the corresponding date or period set forth in the financial statements for the immediately preceding Fiscal Year, all in reasonable detail and
              prepared in accordance with GAAP, and accompanied by a report and an opinion, prepared in accordance with generally accepted auditing standards, of independent certified public accountants of recognized standing selected by the Borrower and
              satisfactory to the Administrative Agent (which opinion shall be without (1) a "going concern" or like qualification or exception, or (2) any qualification or exception as to the scope of such audit (other than solely as a result of the
              impending maturity of any Term Loans)), together with a written statement of such accountants (x) to the effect that, in making the examination necessary for their certification of such financial statements, they have not obtained any
              knowledge of the existence of an Event of Default or a Default under Section 7.03 and (y) if such accountants shall have obtained any knowledge of the existence of an Event of Default or such Default, describing the nature thereof;

           

          
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          (iv)        simultaneously with the
              delivery of the financial statements of Holdings and its Subsidiaries required by clauses (ii) and (iii) of this Section 7.01(a), a certificate of an Authorized Officer of Holdings (a "Compliance
                Certificate"):

           

          (A)          stating that such Authorized Officer has reviewed the provisions of this Agreement and
              the other Loan Documents and has made or caused to be made under his or her supervision a review of the condition and operations of the Borrower and its Subsidiaries during the period covered by such financial statements with a view to
              determining whether the Borrower and its Subsidiaries were in compliance with all of the provisions of this Agreement and such Loan Documents at the times such compliance is required hereby and thereby, and that such review has not disclosed,
              and such Authorized Officer has no knowledge of, the occurrence and continuance during such period of an Event of Default or Default or, if an Event of Default or Default had occurred and continued or is continuing, describing the nature and
              period of existence thereof and the action which the Borrower and its Subsidiaries propose to take or have taken with respect thereto,

           

          (B)          (1) attaching a schedule
              showing the calculation of the Total Gross Leverage Ratio at the end of the relevant period, (2) attaching a schedule showing the calculation of the Excess Cash Flow in accordance with the terms of Section 2.05(c)(i) and (3) to the extent not
              included in the applicable financial statements, including a discussion and analysis of the financial condition and results of operations of Holdings and its Subsidiaries for the portion of the Fiscal Year then elapsed and discussing the
              reasons for any significant variations from the figures for the corresponding period in the previous Fiscal Year, and

           

          (C)          in the case of the delivery of the financial statements of Holdings and its
              Subsidiaries required by clause (iii) of this Section 7.01(a), attaching (1) a summary of all material insurance coverage maintained as of the date thereof by any Loan Party, together with such other related documents and information as the
              Administrative Agent may reasonably require and (2) confirmation that there have been no changes to the information contained in the Perfection Certificate delivered on the Closing Date or the date of the most recently updated Perfection
              Certificate delivered pursuant to this clause (iv) and/or attaching an updated Perfection Certificate identifying any such changes to the information contained  therein;

           

          (v)          upon the request of the Required Lenders, participate in a
              customary conference call with the Lenders once per month, at a time selected by the Required Lenders and reasonably acceptable to the Borrower, to discuss the financial condition of Holdings and its Subsidiaries;

           

          (vi)          as soon as available and in
              any event not later than 30 days prior to the end of each Fiscal Year, a certificate of an Authorized Officer of Holdings  attaching Projections for Holdings and its Subsidiaries, supplementing and superseding the Projections previously
              required to be delivered pursuant to this Agreement, prepared on a quarterly basis and otherwise in form and substance satisfactory to the Administrative Agent, for the
              immediately succeeding Fiscal Year;

           

          (vii)          as promptly as practicable after submission to any Governmental Authority, all
              documents and information furnished to such Governmental Authority in connection with any investigation of any Loan Party other than routine inquiries by such Governmental Authority;

           

          
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          (viii)          as soon as possible, and in any event within 3 Business Days after the occurrence of
              an Event of Default or Default or the occurrence of any event or development that would reasonably be expected to have a Material Adverse Effect, the written statement of an Authorized Officer of the Borrower setting forth the details of such
              Event of Default or Default or other event or development that would reasonably be expected to have a Material Adverse Effect and the action which the affected Loan Party proposes to take with respect thereto;

           

          (ix)          (A) as promptly as practicable and in any event within 10 days after any Loan Party or
              any ERISA Affiliate thereof knows or has reason to know that (1) any Reportable Event with respect to any Employee Plan has occurred, (2) any other Termination Event with respect to any Employee Plan has occurred, or (3) an accumulated
              funding deficiency has been incurred or an application has been made to the Secretary of the Treasury for a waiver or modification of the minimum funding standard (including installment payments) or an extension of any amortization period
              under Section 412 of the Internal Revenue Code with respect to an Employee Plan, a statement of an Authorized Officer of the Borrower setting forth the details of such occurrence and the action, if any, which such Loan Party or such ERISA
              Affiliate proposes to take with respect thereto, (B) as promptly as practicable and in any event within 3 days after receipt thereof by any Loan Party or any ERISA Affiliate thereof from the PBGC, copies of each notice received by any Loan
              Party or any ERISA Affiliate thereof of the PBGC's intention to terminate any Plan or to have a trustee appointed to administer any Plan, (C) as promptly as practicable and in any event within 10 days after the filing thereof with the
              Internal Revenue Service if requested by the Administrative Agent (acting at the written direction of the Required Lenders), copies of each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) with respect to each
              Employee Plan and Multiemployer Plan, (D) as promptly as practicable and in any event within 10 days after any Loan Party or any ERISA Affiliate thereof knows or has reason to know that a required installment within the meaning of Section 412
              of the Internal Revenue Code has not been made when due with respect to an Employee Plan and (E) as promptly as practicable and in any event within 3 days after receipt thereof by any Loan Party or any ERISA Affiliate thereof from a sponsor
              of a Multiemployer Plan or from the PBGC, a copy of each notice received by any Loan Party or any ERISA Affiliate thereof concerning the imposition or amount of withdrawal liability under Section 4202 of ERISA or indicating that such
              Multiemployer Plan may enter reorganization status under Section 4241 of ERISA;

           

          (x)          as promptly as practicable after the commencement thereof but in any event not later
              than 5 Business Days after service of process with respect thereto on, or the obtaining of knowledge thereof by, any Loan Party, notice of each action, suit or proceeding before any court or other Governmental Authority or other regulatory
              body or any arbitrator which, if adversely determined, could reasonably be expected to have a Material Adverse Effect;

           

          (xi)          as promptly as practicable and in any event within 5 Business Days after execution,
              receipt or delivery thereof, copies of any material notices that any Loan Party executes or receives in connection with any Material Contract;

           

          (xii)          as promptly as practicable and in any event within 5 Business Days after execution,
              receipt or delivery thereof, copies of any material notices that any Loan Party executes or receives in connection with the sale or other Disposition of the Equity Interests of, or all or substantially all of the assets of, any Loan Party;

           

          
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          (xiii)          [reserved];

           

          (xiv)          as promptly as practicable after the receipt thereof, a copy of any material notice
              received from any holder of its Indebtedness;

           

          (xv)          as promptly as practicable upon receipt thereof, copies of all financial reports
              (including, without limitation, management letters), if any, submitted to any Loan Party by its auditors in connection with any annual or interim audit of the books thereof;

           

          (xvi)          as promptly as practicable upon request, any certification or other evidence
              reasonably requested from time to time by any Lender in its sole discretion, confirming the Borrower's compliance with Section 7.02(r);

           

          (xvii)          simultaneously with the delivery of the financial statements of the Borrower and its
              Subsidiaries required by clauses (i), (ii) and (iii) of this Section 7.01(a), if, as a result of any change in accounting principles and policies from those used in the preparation of the Financial Statements that is permitted by Section
              7.02(q), the consolidated financial statements of the Borrower and its Subsidiaries delivered pursuant to clauses (i), (ii) and (iii) of this Section 7.01(a) will differ from the consolidated financial statements that would have been
              delivered pursuant to such subdivisions had no such change in accounting principles and policies been made, then, together with the first delivery of such financial statements after such change, one or more statements of reconciliation for
              all such prior financial statements in form and substance reasonably satisfactory to the Administrative Agent;

           

          (xviii)          [reserved]as soon as available and in any event on or prior to the date that is 10 Business Days prior to the last Business Day of each Fiscal Quarter, commencing with the first Fiscal Quarter
                ending after the Fourth Amendment Effective Date, a certificate of an Authorized Officer of Holdings, in form and substance satisfactory to the Administrative Agent, certifying to the amount of Notes Interest Savings with respect to such
                Fiscal Quarter and setting forth supporting calculations in reasonable detail; and

           

          (xix)          as promptly as practicable upon request, such other information concerning the
              condition or operations, financial or otherwise, of any Loan Party as any Agent may from time to time may reasonably request.

           

          For the avoidance of doubt, delivery of any reports, information and documents to an Agent hereunder is for informational purposes only and such Agent's receipt of such
            shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Borrower's compliance with any of its covenants hereunder.

           

          Information required to be furnished pursuant to clause (ii) or (iii) of this Section 7.01(a) shall be deemed to have been furnished if such information, or
              one or more annual or quarterly reports containing such information, shall have been posted by the Administrative Agent on an Approved Electronic Platform or shall be available on the website of the SEC at http://www.sec.gov.  Information required to be furnished pursuant to this Section 7.01(a) may also be furnished by electronic communications pursuant to procedures approved by the Administrative Agent.

           

          
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          (b)          Additional

                Guarantors and Collateral Security.  Cause:

           

          (i)          each Subsidiary of any Loan Party not in existence on the
              Closing Date (other than any Excluded Subsidiary) to execute and deliver to the Collateral Agent as promptly as practicable and in any event within 30 days (except as provided in clause (D) below and unless a later date is otherwise agreed to
              by the Collateral Agent) after the formation, acquisition or change in status thereof, (A) a Joinder Agreement, pursuant to which such Subsidiary shall be made a party to this Agreement as a Guarantor, (B) in the case of any such Subsidiary
              that is a Domestic Subsidiary, a supplement to the Security Agreement, together with (1) certificates evidencing all of the Equity Interests of any Person owned by such Subsidiary required to be pledged under the terms of the Security
              Agreement, (2) undated stock powers for such Equity Interests executed in blank with signature guaranteed, and (3) such opinions of counsel as the Collateral Agent may reasonably request, (C) in the case of any such Subsidiary that is a
              Foreign Subsidiary, a Foreign Security Agreement (or a supplement to the applicable existing Foreign Security Agreement, if any) governed by the laws of the applicable Foreign Subsidiary’s jurisdiction of organization, (D) to the extent
              required under the terms of this Agreement, within ninety (90) days after such formation, acquisition or change in status, one or more Mortgages creating on the fee-owned real property of such Subsidiary a perfected, first priority Lien (in
              terms of priority, subject only to Permitted Specified Liens) on such real property and such other Real Property Deliverables as may be required by the Collateral Agent with respect to each such real property and (E) such other agreements,
              instruments, approvals or other documents reasonably requested by the Collateral Agent in order to create, perfect, establish the first priority of or otherwise protect any Lien purported to be covered by any such Security Document or
              otherwise to effect the intent that such Subsidiary shall become bound by all of the terms, covenants and agreements contained in the Loan Documents and that all property and assets of such Subsidiary shall become Collateral for the
              Obligations (each such deliverable set out in this clause (i) being a “Joinder Document Deliverable”);

           

          (ii)         each Loan Party that is the owner of the Equity Interests of any such Subsidiary to
              execute and deliver as promptly as practicable and in any event within 10 Business Days after the formation or acquisition of such Subsidiary (x) in the case of any such Subsidiary that is a Domestic Subsidiary, a Pledge Amendment (as defined
              in the Security Agreement) and (y) in the case of any such Subsidiary that is a Foreign Subsidiary, a Foreign Pledge Agreement (or a supplement to an existing Foreign Pledge Agreement, if any) governed by the laws of the applicable Foreign
              Subsidiary’s jurisdiction of organization, in each case together with (A) certificates evidencing all of the Equity Interests of such Subsidiary required to be pledged under the terms of the applicable Security Document, (B) to the extent
              required by the terms of the applicable Security Document, undated stock powers or other appropriate instruments of assignment for such Equity Interests executed in blank with signature guaranteed, (C) such opinions of counsel as the
              Collateral Agent may reasonably request and (D) such other agreements, instruments, approvals or other documents requested by the Collateral Agent; and

           

          
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          (iii)        notwithstanding Section 7.01(b)(i)-(ii), in the case of any Australian Subsidiary
              which was not a Subsidiary of a Loan Party as at the Closing Date, if compliance with the requirements set out in Section 7.01(b)(i)-(ii) would constitute financial assistance under Section 260A of the Corporations Act, then such Australian
              Subsidiary (A) shall not be required to satisfy such requirements until the date that is 45 days after the formation, acquisition or change in status of that Australian Subsidiary (unless a later date is otherwise agreed to by the Collateral
              Agent) (the "Australian Joinder Date"), provided that Australian Subsidiary
              provides evidence satisfactory to the Collateral Agent of the completion of the financial assistance 'whitewash' procedure under Section 260B of the Corporations Act on or before the Australian Joinder Date.

           

          (c)          Compliance with Laws; Payment of Taxes.

           

          (i)          Comply, and cause each of its Subsidiaries to comply with all Requirements of Law
              (including, without limitation, all Environmental Laws), judgments and awards (including any settlement of any claim that, if breached, could give rise to any of the foregoing), except to the extent the failure to so comply would not
              reasonably be expected to have a Material Adverse Effect.

           

          (ii)          Pay, and cause each of its Subsidiaries to pay, in full before delinquency or before
              the expiration of any extension period, all taxes, assessments and other governmental charges imposed upon any Loan Party or any of its Subsidiaries or any property of any Loan Party or any of its Subsidiaries, except to the extent (x)
              contested in good faith by proper proceedings which stay the imposition of any penalty, fine or Lien resulting from the non-payment thereof and with respect to which adequate reserves have been set aside for the payment thereof in accordance
              with GAAP or (y) unpaid taxes, assessments and other governmental charges in an aggregate amount not exceed $25,000,000.

           

          (d)          Preservation

                of Existence, Etc.  Except as otherwise expressly permitted by this Agreement, maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its existence, rights and privileges
              (except as otherwise permitted by Section 7.02(c)), and become or remain, and cause each of its Subsidiaries to become or remain, duly qualified and in good standing in each jurisdiction in which the character of the properties owned or
              leased by it or in which the transaction of its business makes such qualification necessary, except to the extent that the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect.

           

          (e)          Keeping of Records and
                Books of Account.  Keep, and cause each of its Subsidiaries to keep, adequate records and books of account, with complete entries made to permit the preparation of financial statements in accordance
              with GAAP.

           

          
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          (f)          Inspection

                Rights.  (i) Permit, and cause each of its Subsidiaries to permit, the agents and representatives of any Agent (acting at the written direction of the Collateral Agent or the Required Lenders) at any
              time and from time to time during normal business hours, at the expense of the Borrower, to examine and make copies of and abstracts from its records and books of account, to visit and inspect its properties, to verify materials, leases,
              notes, accounts receivable, deposit accounts and its other assets, to conduct audits, physical counts, valuations, appraisals or non-intrusive examinations and to discuss its affairs, finances and accounts with any of its directors, officers,
              managerial employees, independent accountants or any of its other representatives and (ii) at the request of the Collateral Agent and at Borrower’s expense, conduct and provide to the Collateral Agent (x) a Phase I Environmental Site
              Assessment of the applicable Mortgaged Property using a consultant reasonably acceptable to the Collateral Agent (the "Phase I Report") and (y) to the extent
              such Phase I Report concludes that a Phase II Environmental Site Assessment is reasonably necessary to mitigate or address an impact or threat to the environment or human health and safety posed by any environmental condition identified in
              the Phase I Report, or recommends a Phase II Environmental Site Assessment to investigate a "Recognized Environmental Condition" identified in the Phase I Report, a reasonably-scoped Phase II Environmental Site Assessment; provided, however, that, excluding any such visits and inspections during the continuation
              of an Event of Default, the Agents shall not exercise the rights under this Section 7.01(f) more often than one time during any calendar year, provided that the Agents may exercise such rights under this Section 7.01(f) following the receipt
              of a notice pursuant to Section 7.01(j).  In furtherance of the foregoing, each Loan Party hereby authorizes its independent accountants, and the independent accountants of each of its Subsidiaries, to discuss the affairs, finances and
              accounts of such Person (independently or together with representatives of such Person) with the agents and representatives of any Agent in accordance with this Section 7.01(f).

           

          (g)          Maintenance of Properties,
                Etc.  Maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its properties which are necessary or useful in the proper conduct of its business in good working
              order and condition, ordinary wear and tear and casualty excepted, and comply, and cause each of its Subsidiaries to comply, at all times with the provisions of all leases to which it is a party as lessee or under which it occupies property,
              so as to prevent any loss or forfeiture thereof or thereunder, except to the extent the failure to so maintain and preserve or so comply would not reasonably be expected to have a Material Adverse Effect.

           

          (h)          Maintenance

                of Insurance.  Maintain, and cause each of its Subsidiaries to maintain, insurance with responsible and reputable insurance companies or associations (including, without limitation, comprehensive
              general liability, hazard, rent, worker's compensation and business interruption insurance) with respect to its properties (including all real properties leased or owned by it) and business, in such amounts and covering such risks as is
              required by any Governmental Authority having jurisdiction with respect thereto or as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and in any event in amount, adequacy
              and scope reasonably satisfactory to the Collateral Agent (it being understood and agreed that the amount, adequacy and scope of insurance coverage that exists on the Closing Date is satisfactory to the Collateral Agent).  All policies
              covering the Collateral are to be made payable to the Collateral Agent for the benefit of the Agents and the Lenders, as its interests may appear, in case of loss, under a standard non‐contributory "lender" or "secured party" clause and are
              to contain such other provisions as the Collateral Agent may reasonably require to fully protect the Lenders' interest in the Collateral and to any payments to be made under such policies.  All certificates of insurance are to be delivered to
              the Collateral Agent, with the loss payable and additional insured endorsement in favor of the Collateral Agent and such other Persons as the Collateral Agent may designate from time to time, and shall provide for not less than 30 days' (10
              days' in the case of non-payment) prior written notice to the Collateral Agent of the exercise of any right of cancellation.  If any Loan Party or any of its Subsidiaries fails to maintain such insurance, the Collateral Agent may arrange for
              such insurance, but at the Borrower's expense and without any responsibility on the Collateral Agent’s part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage, or the collection of claims.  Upon
              the occurrence and during the continuance of an Event of Default, upon the written direction of the Collateral Agent or the Required Lenders, the Collateral Agent shall have the sole right, in the name of the Lenders, any Loan Party and its
              Subsidiaries, to file claims under any insurance policies, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or
              other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies.

           

          
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          (i)          Obtaining of Permits, Etc.  Obtain, maintain and preserve, and cause each of its Subsidiaries to obtain, maintain and preserve, and take all necessary action to timely renew, all permits, licenses, authorizations, approvals, entitlements and
              accreditations that are necessary or useful in the proper conduct of its business, in each case, except to the extent the failure to obtain, maintain, preserve or take such action would not reasonably be expected to have a Material Adverse
              Effect.

           

          (j)          Environmental.  (i)  Keep any property either owned or operated by it or any of its Subsidiaries free of any Environmental Liens; (ii) comply, and cause each of its Subsidiaries to comply, with all Environmental Laws and provide to
              the Collateral Agent any documentation of such compliance which the Collateral Agent may reasonably request; (iii) provide the Agents written notice within 20 days of becoming aware of any Release of a Hazardous Material in excess of any
              reportable quantity from or onto property at any time owned or operated by it or any of its Subsidiaries and take any Remedial Actions required to abate said Release; and (iv) provide the Agents with written notice within 20 days of the
              receipt of any of the following:  (A) notice that an Environmental Lien has been filed against any property of any Loan Party or any of its Subsidiaries; (B) commencement of any Environmental Action or notice that an Environmental Action will
              be filed against any Loan Party or any of its Subsidiaries; and (C) notice of a violation, citation or other administrative order which, in the case of item (i), (ii) or (iii) of this paragraph, would reasonably be expected to have a Material
              Adverse Effect.

           

          (k)          Fiscal

                Year.  Cause the Fiscal Year of the Borrower and its Subsidiaries to end on the last Sunday in December of each calendar year; provided that Holdings may, upon written notice to the Administrative Agent, change the Fiscal Year end to December 31, in which case the Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to,
              make any adjustments to this Agreement that are necessary to reflect such change.

           

          (l)          [Reserved].

           

          (m)          Real

                Property Collateral. On or before a date which is 90 days following the date hereof (unless a later date is otherwise agreed to by the Collateral Agent), the Real Property Deliverables shall have
              been provided with respect to each of the Closing Date Mortgaged Properties.

           

          
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          (n)          After Acquired Real Property.  Upon the
              acquisition by it or any of its Subsidiaries after the date hereof of any fee interest in any real property (wherever located) (each such interest being a "New Mortgaged Property") with a Current Value (as defined below) in excess of $2,500,000, so notify, as promptly as practicable, the Collateral Agent, setting forth with
              specificity a description of the interest acquired, the location of the real property, any structures or improvements thereon and either an appraisal or such Loan Party's good-faith estimate of the current value of such real property (for
              purposes of this Section, the "Current Value").  The Collateral Agent shall notify such Loan Party whether it intends to require a Mortgage (and any other Real
              Property Deliverables) with respect to such New Mortgaged Property.  Upon receipt of such notice requesting a Mortgage (and any other Real Property Deliverables), the Person that has acquired such New Mortgaged Property shall promptly furnish
              no more than 90 days after the acquisition (unless a later date is otherwise agreed to by the Collateral Agent) the same to the Collateral Agent.  The Borrower shall pay all reasonable and documented out-of-pocket fees and expenses,
              including, without limitation, reasonable attorneys' fees and expenses, and all title insurance charges and premiums, in connection with each Loan Party's obligations under this Section 7.01(n).

           

          (o)          Anti-Bribery and Anti-Corruption Laws; Anti-Money Laundering and Anti-Terrorism Laws.  Maintain, and cause each of its Subsidiaries to maintain, policies and procedures that are reasonably designed to ensure compliance by the Loan Parties, their respective Subsidiaries and their respective directors,
              officers, employees and agents with the Anti-Corruption Laws and the Anti-Money Laundering and Anti-Terrorism Laws.

           

          (p)          Lender

                Meetings.  Upon the request of the Required Lenders (which request, so long as no Event of Default shall have occurred and be continuing, shall not be made more than once during each Fiscal Year),
              participate in (i) a conference call or (ii) a meeting with the Agents and the Lenders at the Borrower's corporate offices (or at such other location as may be agreed to by the Borrower and the Required Lenders), in each case, at such time as
              may be agreed to by the Borrower and the Administrative Agent.

           

          (q)          Further Assurances.  Take such action and execute, acknowledge and deliver, and cause each of its Subsidiaries to take such action and execute, acknowledge and deliver, at its sole cost and expense, such agreements, instruments or other
              documents as any Agent may reasonably require from time to time in order (i) to carry out more effectively the purposes of this Agreement and the other Loan Documents, (ii) to subject to valid and perfected first priority Liens (subject to
              Permitted Liens) any of the Collateral or any other property of any Loan Party and its Subsidiaries that is required, pursuant to the terms of any Security Document, to become Collateral, (iii) to establish and maintain the validity and
              effectiveness of any of the Loan Documents and the validity, perfection and priority of the Liens intended to be created thereby, and (iv) to better assure, convey, grant, assign, transfer and confirm unto each Secured Party the rights now or
              hereafter intended to be granted to it under this Agreement or any other Loan Document.  In furtherance of, and to the extent necessary to accomplish, the foregoing, to the maximum extent permitted by applicable law, each Loan Party (i)
              authorizes each Agent, upon the occurrence and during the continuance of an Event of Default, to execute any such agreements, instruments or other documents in such Loan Party's name and to file such agreements, instruments or other documents
              in any appropriate filing office, (ii) authorizes (but without any obligation to do so) each Agent to file any financing statement required hereunder or under any other Loan Document, and any continuation statement or amendment with respect
              thereto, in any appropriate filing office without the signature of such Loan Party, and (iii) ratifies the filing of any financing statement, and any continuation statement or amendment with respect thereto, filed without the signature of
              such Loan Party prior to the date hereof.

           

          
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          (r)          Post-Closing Matters.  As promptly as
              practicable, take all necessary actions to satisfy the items described on Schedule 7.01(r) within the applicable period of time specified in such Schedule (unless a later date is otherwise agreed to by the Collateral Agent).

           

          (s)          Joinder of Australian Loan Parties. 
              Notwithstanding anything else in this Agreement, each Australian Subsidiary in existence on the Closing Date will not be required to be a Loan Party on the Closing Date, provided that within 45 days after the Closing Date (unless a later date is otherwise agreed to by the Collateral Agent) any such Australian Subsidiary (i) provides evidence satisfactory to the Collateral Agent of the
              completion of the financial assistance 'whitewash' procedure under Section 260B of the Corporations Act, (ii) executes and delivers to the Collateral Agent each relevant Joinder Document Deliverable to the satisfaction of the Collateral
              Agent, (iii) executes and delivers a certificate of an Authorized Officer of such Australian Subsidiary, certifying (A) as to copies of the Governing Documents of such Australian Subsidiary, together with all amendments thereto, (B) as to an
              extract of the resolutions of such Australian Subsidiary authorizing (1) the transactions contemplated by the Loan Documents to which it will be a party, and (2) the execution, delivery and performance by it of each Loan Document to which it
              will be a party and (C) the names and true signatures of the representatives of it that are authorized to sign each Loan Document to which it will be a party and the other documents to be executed and delivered by it in connection herewith,
              and (iv) procures that Australian legal counsel to the Lenders provide a legal opinion as to such matters as the Lenders may reasonably request in form and reasonably satisfactory to the Agents.

           

          (t)          Control Agreements.  Deliver to the
              Collateral Agent no later than 60 days after the Closing Date (unless a later date is otherwise agreed to by the Collateral Agent) each Control Agreement that, in the reasonable judgment of the Collateral Agent, are required for the Loan
              Parties to comply with the Loan Documents, each duly executed by, in addition to the applicable Loan Party, the applicable financial institution.

           

          (u)          [Reserved].

           

          (v)          Loss Payee and Additional Insured Endorsements.  Deliver to the Collateral Agent (to the extent not delivered on the Closing Date) no later than 60 days after the Closing Date (unless a later date is otherwise agreed to by the Collateral Agent) each long form insurance
              endorsement referenced under Section 5.01(d)(xvi).

           

          (w)          Casualty and Condemnation. The Borrower
              will furnish to the Agents and the Lenders prompt written notice of any casualty or other insured damage to any material portion of any Collateral or the commencement of any action or proceeding for the taking of any Collateral or any part
              thereof or interest therein under power of eminent domain or by condemnation or similar proceeding.

           

          
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          (x)          Board of Directors Observer; Lender Director Nominees.

           

          (i)          The Specified Lender shall have the right (but not the obligation) to designate two (2)
              individuals to attend, as an observer and participant in a non-fiduciary and non-voting capacity (an “Observer”), each meeting of the Board of Directors of
              Holdings (but, for the avoidance of doubt, not any committee thereof) (each such meeting, a “Meeting”); provided, however, that if the Total Gross Leverage Ratio for any two consecutive Fiscal Quarters ending on or before December 31, 2020, or any
              one Fiscal Quarter ending thereafter, is greater than or equal to the greater of (i) 3.00 to 1.00 and (ii) the Total Gross Leverage Ratio corresponding to the then-applicable RP Threshold plus 0.25 to 1.00, then, until the Term Loan has been repaid and discharged in cash in full, (A) the Specified Lender shall have the right (but not the obligation) to appoint one Observer and
              (B) the Board of DirectorsHoldings shall take all actions necessary and permitted by applicable law to appoint oneincrease the size of the Board of Directors of Holdings by one (1) and to nominate one (1)
              individual designated by the Specified Lender (and reasonably acceptable to Holdings) for election as a member of the Board of Directors of Holdings (a “Lender Director Nominee”) at each annual or special meeting of the stockholders of Holdings at
                which members of the Board of Directors of Holdings are to be elected; provided, further, however, that if the Total Gross Leverage Ratio for any two consecutive Fiscal Quarters ending on or before December 31, 2020, or any one Fiscal Quarter ending
              thereafter, is greater than or equal to the greater of (i) 3.00 to 1.00 and (ii) the Total Gross Leverage Ratio corresponding to the then-applicable RP Threshold plus 1.00 to 1.00, then, until the Term Loan has been repaid and discharged in cash in full, the Board of DirectorsHoldings shall take all actions necessary and permitted by applicable law to appoint twoincrease the size of the Board of Directors of
                Holdings by two (2) (or, if the size of the Board of Directors of Holdings has already been increased in accordance with the immediately-preceding proviso, by one (1)) and to nominate two (2) Lender DirectorsDirector

                Nominees for election as members of the Board of Directors
                of Holdings at each annual or special meeting of the stockholders of Holdings at which members of the Board of Directors of Holdings are to be
                elected (and, for the avoidance of doubt, until such
                Lender Designees are elected and/or in the event such Lender DirectorsDirector Nominees are not so appointedelected
              (or are removed), the Specified Lender shall continue to have the right to designate Observers).  Neither the Administrative Agent, any Lender nor any such Observer shall have any duty or obligation, fiduciary or otherwise, or be subject to
              any liability, to Holdings, any of its Subsidiaries, the Administrative Agent or any Lender as a result of the Observer role or the rights related thereto. Notwithstanding anything herein to the contrary, the Specified Lender may unilaterally
              waive all or any portion of its rights in respect of Lender DirectorsDirector Nominees.

           

          (ii)         The Observer shall be entitled to participate in discussions of any matters presented
              at any Meeting, but shall not be entitled to vote on any such matters.  Holdings shall (i) provide the Observer with reasonable advance written notice of the time, place, telephonic (or other remote access) information and agenda for each
              Meeting (but in no event shall such notice be given to the Observer later than the time at which such notice is provided to any member of the applicable Board of Directors) and, in the case of any proposed action by written consent in lieu of
              a Meeting, shall provide the Observer with copies of all consent materials no later than the time that such materials are provided to any member of the applicable Board of Directors, (ii) provide the Observer with copies of all minutes of
              each Meeting and all written consents in lieu of any Meeting as promptly as practicable after such Meeting has been adjourned or such consent has been executed, as applicable, and (iii) provide the Observer with copies of all documents,
              materials and other information given to any member of any Board of Directors no later than the time at which any member of such Board of Directors is provided with such documents, materials or other information (and Holdings shall make
              available to the Observer all documents, materials and other information to which any member of such Board of Directors has access).  Notwithstanding the foregoing, the Observer shall have the right to direct Holdings to deliver any such
              documents, materials or other information to the Observer’s legal counsel (in lieu of delivering such documents, materials or other information directly to the Observer).

           

          
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          (iii)        Upon the Specified Lender having the right under Section 7.01(x)(i) to nominate a Lender Director Nominee for election to the Board of Directors of Holdings, in the event that Holdings receives a written
                notice from the Specified Lender that includes the identity of the Lender Director Nominee(s) (the “Director Nominee Notification”) at least ninety (90) days prior to the one (1) year anniversary date of Holdings' immediately preceding
                annual meeting of stockholders (the “Nominee Notification Deadline”), as promptly as practicable following Holdings' receipt of the Director Nominee Notification (and in any event within ten (10)
                days of such date), the Company shall prepare and file a definitive proxy statement with the SEC (the “Proxy Statement”) relating to a special meeting of the stockholders of Holdings (the “Holdings
                Stockholder Meeting”) that will be held solely for the purpose of the requisite approval of Holdings’ shareholders to elect the Lender Director Nominee(s) to the Board of Directors of Holdings.  The
                Proxy Statement shall include the recommendation from the Board of Directors of Holdings that Holdings’ stockholders vote in favor of the election of the
                Lender Director Nominee(s) to the Board of Directors of Holdings. Holdings shall use its reasonable best efforts to obtain the requisite stockholders’
                approvals to elect the Lender Director Nominee(s) to the Board of Directors of Holdings, including, but not limited to, soliciting proxies in favor of such
                election. The Specified Lender agrees to furnish (or cause to be furnished) to Holdings all information concerning the Specified Lender and the Lender
                Director Nominee(s) as Holdings may reasonably request in connection with the preparation and filing of the Proxy Statement and any such Holdings Stockholder Meeting.  Holdings shall take all action reasonably required, including under the
                Delaware General Corporation Law and Holdings’ Governing Documents, to duly call, convene and hold the Holdings Stockholder Meeting as soon as possible following the date on which the Proxy Statement is filed with the SEC.  If the Specified
                Lender is provided with the right under Section 7.01(x)(i) to nominate two (2) Lender Director Nominees at a time after Holdings has mailed the Proxy Statement to its shareholders with respect to the election of one (1) Lender Director
                Nominee at a Holdings Stockholder Meeting, the Specified Lender shall have the right to cause Holdings to take, and Holdings shall take, the actions set forth in this Section 7.01(x)(iii) with respect to the second Lender Director Nominee. 
                If the Lender Director Nominee(s) are not elected at a Holdings Stockholder Meeting, (x) the Specified Lender shall have the right to re-nominate different individual(s) to serve as the Lender Director Nominee(s) and (y) Holdings will be
                obligated to prepare a new Proxy Statement and hold a new Holdings Stockholder Meeting in accordance with this Section 7.01(x)(iii).  For the avoidance of doubt, if Holdings does not receive the Director Nominee Notification prior to the
                Nominee Notification Deadline, Holdings shall include the Lender Director Nominee(s) in its slate of nominees for election to the Board of Directors of Holdings the next annual meeting of the stockholders of Holdings and use such efforts to cause the Lender Director Nominees to be elected, including recommending
                that Holdings’ stockholder vote in favor of their election, as are required under Section 7.01(x)(iv).

           

          
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          (iv)        (iii) So long as the Specified Lender has the right under Section 7.01(x)(i) to appointnominate at least one Lender Director
                Nominee, Holdings shall (A) include each Lender Director Nominee in its slate of nominees for election to the Board of Directors of Holdings at each annual or special meeting of the stockholders of Holdings at which directors are to be elected,
              and (B) recommend that the CompanyHoldings’s stockholders vote in favor of the election of
              each Lender Director Nominee at each Meetingannual or special meeting of the stockholders of
                Holdings at which members of the Board of Directors of Holdings will be elected and otherwise support each such Lender Director Nominee in a manner no less rigorous and favorable than the manner in which Holdings supports
              its other nominees.

           

          (v)         (iv) If a Lender Director Nominee who is elected by the stockholders of Holdings to serve as a member of the Board of Directors of Holdings is unable or unwilling to serve as a member of the Board of Directors of Holdings (for purposes of this Section 7.01(x), a “director”), resigns as a director, is removed as a director or ceases to be a director for any other reason, and at such time the Specified Lender has the right under Section
              7.01(x)(i) to appointnominate such Lender Director Nominee, the Specified Lender shall have the right to designatecause Holdings to take, and Holdings shall take all, the actions necessary and permitted by applicable law to appoint, a new Lender Director to serve as a member of the Board of Directors
              for the remainder of the previousset
                forth in Section 7.01(x)(iii), with respect to any replacement Lender Director’s term Nominee.

           

          (vi)        (v) Holdings agrees to reimburse each Lender Director Nominee for all
            reasonable and documented out-of-pocket costs and expenses incurred by such Lender Director Nominee in

            connection with his or her service as a director (if so elected by the stockholders of Holdings),
            including any service on any committee of the Board of Directors of Holdings.  No Lender Director Nominee shall be entitled to any retainer, equity compensation or other fees or compensation paid to non-employee directors for their services as a director, including any service on any committee of the Board of Directors of
            Holdings.  If elected by the stockholders of Holdings to serve as member of the Board of Directors, Holdings

            shall indemnify each Lender Director Nominee and provide each such Lender Director Nominee with director and officer insurance to the same extent as it indemnifies and provides such
            insurance to other members of the Board of Directors of Holdings.  Holdings acknowledges and agrees that it (A) is the indemnitor of first resort (i.e., its obligations to such
              Lender DirectorsDirector Nominees are primary and any obligation of any other Persons to which such Lender DirectorsDirector Nominees or any of their Affiliates may have rights to advancement of expenses or to
              indemnification for the same expenses or liabilities incurred by such Lender DirectorsDirector Nominees are secondary) and (B) shall be required to advance the amount of expenses incurred by the Lender DirectorsDirector Nominees and shall be liable for the amount of all expenses and liabilities incurred by the Lender DirectorsDirector Nominees, in each case to the same extent as it indemnifies and provides such insurance
              to other members of the Board of Directors, without regard to any rights the Lender DirectorsDirector Nominees may have against any other Person.

           

          
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          (vii)       (vi) The Specified Lender may from time to time, in its sole discretion and by providing Holdings with prior written notice thereof, remove and replace an Observer with a new Observer, as
              applicable. The costs and expenses incurred by the Observer in connection with attendance at Meetings or otherwise, including, but not limited to, the reasonable and documented out-of-pocket travel and lodging costs, shall be paid by Holdings
              as promptly as practicable after receipt of a written request by the Observer for such payment.

           

          (viii)       (vii) Anything herein to the contrary notwithstanding, this Section 7.01(x) shall not amend, modify, reduce, supersede, alter or otherwise change any of the covenants or obligations of the Loan
              Parties herein to provide notices, documents, materials, reports and/or other information to the Administrative Agent and/or the Lenders.

           

          (ix)        (viii) Notwithstanding anything in this Section 7.01(x) to the contrary, (A) the Observer shall be required to enter into a customary non-disclosure agreement or other confidentiality agreement
              with respect to any documents, materials or other information provided to the Observer at any Meeting, (B) Holdings reserves the right to withhold any information and to exclude the Observer from the portion of any meeting to the extent,
              based upon written advice of counsel (in consultation with counsel of the Specified Lender), that such exclusion would result in the loss of   the attorney-client privilege between the

                CompanyHoldings and its counsel and (C) as a
              condition to appointment as the Observer, any individual designated as the Observer must provide to Holdings an undertaking in writing to waive notice of and recuse himself or herself from meetings, deliberations or discussions of the Board
              of Directors of Holdings (or any committee thereof) regarding this Agreement, any other Loan Document or the Loans.

           

          Section 7.02          Negative Covenants.  So long
              as any principal of or interest on any Term Loan or any other Obligation (whether or not due) shall remain unpaid (other than Contingent Indemnity Obligations) or any Lender shall have any Commitment hereunder, each Loan Party shall not:

           

          (a)          Liens,

                Etc.  Create, incur, assume or suffer to exist, or permit any of its Subsidiaries to create, incur, assume or suffer to exist, any Lien upon or with respect to any of its properties, whether now
              owned or hereafter acquired; file or suffer to exist under the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that names it or any of its Subsidiaries as debtor; or
              sign or suffer to exist any security agreement authorizing any secured party thereunder to file such financing statement (or the equivalent thereof) other than, as to all of the above, Permitted Liens.

           

          (b)          Indebtedness.  Create, incur, assume, guarantee or suffer to exist, or otherwise become or remain liable with respect to, or permit any of its Subsidiaries to create, incur, assume, guarantee or suffer to exist or otherwise become
              or remain liable with respect to, any Indebtedness other than Permitted Indebtedness.

           

          
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          (c)          Fundamental

                Changes; Dispositions.

           

          (i)          Wind-up, liquidate or dissolve, or merge, consolidate or amalgamate with any Person,
              including by means of a "plan of division" under the Delaware Limited Liability Company Act or any comparable transaction under any similar law, or permit any of its Subsidiaries to do (or agree to do) any of the foregoing; provided, however, that (x) any wholly-owned Subsidiary of any Loan Party may be merged into such Loan Party or another wholly-owned Subsidiary of such Loan Party, or may consolidate or amalgamate with such Loan Party or another wholly-owned
              Subsidiary of such Loan Party, and any Person may merge into or consolidate or amalgamate with any Subsidiary in a transaction permitted by Section 7.02(e) in which, after giving effect to such transaction, the surviving entity is a
              Subsidiary, so long as (A) no other provision of this Agreement would be violated thereby, (B) such Loan Party gives the Agents at least 10 days' prior written notice of such merger, consolidation or amalgamation accompanied by true, correct
              and complete copies of all material agreements, documents and instruments relating to such merger, consolidation or amalgamation, including, without limitation, the certificate or certificates of merger or amalgamation to be filed with each
              appropriate Secretary of State (with a copy as filed as promptly as practicable after such filing), (C) no Default or Event of Default shall have occurred and be continuing either before or after giving effect to such transaction, (D) the
              Lenders' rights in any Collateral, including, without limitation, the existence, perfection and priority of any Lien thereon, are not adversely affected in any material respect by such merger, consolidation or amalgamation, (E) the surviving
              Subsidiary, if any, if not already a Loan Party, is joined as a Loan Party hereunder pursuant to a Joinder Agreement and becomes a party to a Security Agreement and the Equity Interests of such Subsidiary become the subject of a Security
              Agreement, in each case, which is in full force and effect not later than the date that is 30 days after giving effect to such merger, consolidation or amalgamation (unless a later date is otherwise agreed to by the Collateral Agent) and (F)
              if the Borrower is a party to such transaction, the Borrower shall be the surviving entity, (y) any Subsidiary that is not a Loan Party may merge into or consolidate or amalgamate with another Subsidiary that is not a Loan Party or, if the
              surviving entity is or becomes a Loan Party, with a Subsidiary that is a Loan Party and (z) any Subsidiary (other than the Borrower) may wind-up, liquidate or dissolve if the Borrower determines in good faith that such winding-up, liquidation
              or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Secured Parties; and

           

          (ii)          Make any Disposition, whether in one transaction or a
              series of related transactions, of all or any part of its business, property or assets, whether now owned or hereafter acquired (or agree to do any of the foregoing), or permit any of its Subsidiaries to do any of the foregoing; provided, however, that any Loan Party and its Subsidiaries may make Permitted Dispositions.

           

          (d)          Change in Nature of
                Business. Make, or permit any of its Subsidiaries to make, any change in the nature of its business as described in Section 6.01(l).

           

          (e)          Loans,

                Advances, Investments, Etc.  Make or commit or agree to make, or permit any of its Subsidiaries make or commit or agree to make, any Investment in any other Person except for Permitted Investments.

           

          (f)          Sale and Leaseback
                Transactions.  Enter into, or permit any of its Subsidiaries to enter into, any Sale and Leaseback Transaction except to the extent the Net Cash Proceeds thereof are paid to the Administrative Agent
              for the benefit of the Agents and the Lenders pursuant to the terms of Section 2.05(c)(ii).

           

          (g)          Capital Expenditures.  Make or commit or agree to make, or permit any of its Subsidiaries to make or commit or agree to make, any Capital Expenditure (by purchase or
              Capitalized Lease) that would cause the aggregate amount of all Capital Expenditures made by the Loan Parties and their Subsidiaries (i) during the period beginning on August 5, 2019 and ending on the last day of the Fiscal Year ending in
              December 2019, to exceed $60,000,000 and (ii) in any Fiscal Year thereafter, to exceed $60,000,000.  For purposes of this Section 7.02(g), Capital Expenditures shall not include
              expenditures in respect of moving and build-out costs in connection with any Sale and Leaseback Transaction permitted under Section 7.02(f); provided that any such costs in excess of 20% of the proceeds received from such Sale and Leaseback Transaction shall be included.

           

          
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          (h)          Restricted

                Payments.  Make or permit any of its Subsidiaries to make any Restricted Payment other than (a) Permitted Restricted Payments and (b) Permitted Tax Distributions.

           

          (i)          Federal Reserve
                Regulations.  Permit any Term Loan or the proceeds of any Term Loan under this Agreement to be used for any purpose that would cause such Term Loan to be a margin loan under and in a manner that
              violates the provisions of Regulation T, U or X of the Board.

           

          (j)          Transactions with
                Affiliates.  Enter into, renew, extend or be a party to, or permit any of its Subsidiaries to enter into, renew, extend or be a party to, any transaction or series of related transactions (including,
              without limitation, the purchase, sale, lease, transfer or exchange of property or assets of any kind or the rendering of services of any kind) with any Affiliate, except (i) transactions consummated in the ordinary course of business in a
              manner and to an extent consistent with past practice and necessary or desirable for the prudent operation of its business, for fair consideration and on terms no less favorable to it or its Subsidiaries than would be obtainable in a
              comparable arm's length transaction with a Person that is not an Affiliate thereof if they involve one or more payments by Holdings or any of its Subsidiaries in excess of $1,000,000 for any single transaction or series of related
              transactions, (ii) transactions by a Loan Party with another Loan Party not involving any other Affiliate and transactions by a Subsidiary that is not a Loan Party with another Subsidiary that is not a Loan Party not involving any other
              Affiliate, (iii) transactions permitted by Section 7.02(e) and Section 7.02(h), (iv) sales of Qualified Equity Interests of Holdings to Affiliates of Holdings not otherwise prohibited by the Loan Documents and the granting of registration and
              other customary rights in connection therewith under agreements to which such Loan Party or such Subsidiary is a party as of the date hereof and any similar agreements which it may enter into thereafter; provided, however, that the existence of or the performance by any Loan Party or any of their respective Subsidiaries of obligations under any
              future amendment to any such existing agreement or under any similar agreement entered into after the date hereof shall only be permitted by this clause (iv) to the extent that the terms of any such amendment or new agreement are not
              otherwise materially disadvantageous to the Lenders when taken as a whole, (v) reasonable and customary director and officer compensation (including bonuses and stock option programs), benefits and indemnification arrangements, in each case
              approved by the Board of Directors (or a committee thereof) of such Loan Party or such Subsidiary, (vi) so long as no Default or Event of Default, in each case, pursuant to Section 9.01(a) has occurred and is continuing or would result
              therefrom, transactions in respect of the Management Agreement as in effect on the Closing Date and the payment of all amounts payable under the Management Agreement as in effect on the Closing Date and, (vii)
              transactions, when viewed together with any related transactions, on terms that the Board of Directors of the Company
                determines pursuant to a Board Resolution are no less favorable to it or its Subsidiaries than would be obtainable in a comparable arm’s length transaction with a Person that is not an Affiliate thereof and (viii) transactions under the Investor Agreement, the Registration Rights Agreement and the Option Awards Agreement.

           

          
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          (k)          Limitations

                on Dividends and Other Payment Restrictions Affecting Subsidiaries.  Create or otherwise cause, incur, assume, suffer or permit to exist or become effective any consensual encumbrance or restriction
              of any kind on the ability of any Subsidiary of any Loan Party (i) to pay dividends or to make any other distribution on any shares of Equity Interests of such Subsidiary owned by any Loan Party or any of its Subsidiaries, (ii) to pay or
              prepay or to subordinate any Indebtedness owed to any Loan Party or any of its Subsidiaries, (iii) to make loans or advances to any Loan Party or any of its Subsidiaries or (iv) to transfer any of its property or assets to any Loan Party or
              any of its Subsidiaries, or permit any of its Subsidiaries to do any of the foregoing; provided, however, that nothing in any of clauses (i) through (iv) of this Section 7.02(k)
              shall prohibit or restrict compliance with:

           

          (A)          this Agreement and the other Loan Documents and the definitive documentation for any
              Refinancing Facility;

           

          (B)          any agreement in effect on the date of this Agreement and described on Schedule
              7.02(k), or any extension, replacement or continuation of any such agreement; provided, that, any such encumbrance or restriction contained in such extended,
              replaced or continued agreement is no less favorable in any material respect to the Agents and the Lenders than the encumbrance or restriction under or pursuant to the agreement so extended, replaced or continued;

           

          (C)          any applicable law, rule or regulation (including, without limitation, applicable
              currency control laws and applicable state corporate statutes restricting the payment of dividends in certain circumstances);

           

          (D)          in the case of clause (iv), (1) customary restrictions on the subletting, assignment or
              transfer of any specified property or asset set forth in a lease, license, asset sale agreement or similar contract for the conveyance of such property or asset and (2) instrument or other document evidencing a Permitted Lien (or the
              Indebtedness secured thereby) from restricting on customary terms the transfer of any property or assets subject thereto;

           

          (E)          customary restrictions on dispositions of real property interests in reciprocal
              easement agreements;

           

          (F)          customary restrictions in agreements for the sale of assets on the transfer or
              encumbrance of such assets during an interim period prior to the closing of the sale of such assets;

           

          (G)          customary restrictions in contracts that prohibit the assignment of such contract; or

           

          (H)          customary restrictions set forth in the Governing Documents of any Subsidiary that is
              not a wholly-owned Subsidiary; or

           

          (I)          the Notes Indenture.

           

          
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          (l)          Limitations

                on Negative Pledges.  Enter into, incur or permit to exist, or permit any Subsidiary to enter into, incur or permit to exist, directly or indirectly, any agreement, instrument, deed, lease or other
              arrangement that prohibits, restricts or imposes any condition upon the ability of any Loan Party or any Subsidiary of any Loan Party to create, incur or permit to exist any Lien (other than Permitted Liens) upon any of its property or
              revenues in favor of the Secured Parties to secure the Obligations under the Loan Documents, whether now owned or hereafter acquired, or that requires the grant of any security for an obligation if security is granted for another obligation,
              except the following:  (i) this Agreement and the other Loan Documents or in the definitive documentation for any Refinancing Facility, (ii) restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by
              Section 7.02(b) of this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness, (iii) any customary restrictions and conditions contained in agreements relating to the sale or other
              disposition of assets or of a Subsidiary pending such sale or other disposition; provided that such restrictions and conditions apply only to the assets or
              Subsidiary to be sold or disposed of and such sale or disposition is permitted hereunder, (iv) customary provisions in leases restricting the assignment or sublet thereof, (v) customary restrictions in contracts that prohibit the assignment
              of such contracts and, (vi) customary restrictions set forth in the Governing Documents of any Subsidiary that is not a wholly-owned Subsidiary and (vii) the Notes Indenture.

           

          (m)          Modifications of
                Indebtedness, Organizational Documents and Certain Other Agreements; Etc.

           

          (i)          Amend, modify or otherwise change (or permit the amendment, modification or other
              change in any manner of) any of the provisions of any of its or its Subsidiaries' Indebtedness or of any instrument or agreement (including, without limitation, any purchase agreement, indenture, loan agreement or security agreement) relating
              to any such Indebtedness if such amendment, modification or change would shorten the final maturity or average life to maturity of, or require any payment to be made earlier than the date originally scheduled on, such Indebtedness, would
              increase the interest rate applicable to such Indebtedness, would add any covenant or event of default, would change the subordination provision, if any, of such Indebtedness, or would otherwise be adverse to the Lenders or the issuer of such
              Indebtedness in any respect,

           

          (ii)         except for the Obligations or for any Indebtedness owing by a Subsidiary of a Loan
              Party to a Loan Party,

           

          (A)          make any mandatory, voluntary or optional payment (including, without limitation, any
              payment of interest in cash that, at the option of the issuer, may be paid in cash or in kind), prepayment, redemption, defeasance, sinking fund payment or other acquisition for value of any of its or its Subsidiaries' Subordinated
              Indebtedness (including, without limitation, by way of depositing money or securities with the trustee therefor before the date required for the purpose of paying any portion of such Subordinated Indebtedness when due),

           

          (B)          refund, refinance, replace or exchange any other Subordinated Indebtedness for any such
              Indebtedness (other than with respect to Permitted Refinancing Indebtedness);

           

          
            - 90 -

            
              

          

          (iii)        amend, modify or otherwise change any of its Governing Documents (including, without
              limitation, by the filing or modification of any certificate of designation, or any agreement or arrangement entered into by it) with respect to any of its Equity Interests (including any shareholders' agreement), or enter into any new
              agreement with respect to any of its Equity Interests, except any such amendments, modifications or changes or any such new agreements or arrangements pursuant to this clause (iii)  that either individually or in the aggregate would not
              reasonably be expected to have a Material Adverse Effect; provided that no such amendment, modification or change or new agreement or arrangement shall provide
              for any plan of division pursuant to Section 18-217 of the Delaware Limited Liability Company Act (or any similar statute or provision under applicable law); or

           

          (iv)        agree to any amendment, modification or other change to or waiver of any of its rights
              under any Material Contract if such amendment, modification, change or waiver would be adverse in any material respect to any Loan Party or any of its Subsidiaries or the Agents and the Lenders.

           

          (n)          Investment Company Act of
                1940.  Engage in any business, enter into any transaction, use any securities or take any other action or permit any of its Subsidiaries to do any of the foregoing, that would cause it or any of its
              Subsidiaries to be required to register under the registration requirements of the Investment Company Act of 1940, as amended, by virtue of being an "investment company" or a company "controlled" by an "investment company" not entitled to an
              exemption within the meaning of such Act.

           

          (o)          ERISA.  (i) Engage, or permit any ERISA Affiliate to engage, in any transaction described in Section 4069 of ERISA; (ii) engage, or permit any ERISA Affiliate to engage, in any prohibited transaction described in Section
              406 of ERISA or 4975 of the Internal Revenue Code for which a statutory or class exemption is not available or a private exemption has not previously been obtained from the U.S. Department of Labor; (iii) adopt or permit any ERISA Affiliate
              to adopt any employee welfare benefit plan within the meaning of Section 3(1) of ERISA which provides benefits to employees after termination of employment other than as required by Section 601 of ERISA or applicable law; (iv) fail to make
              any contribution or payment to any Multiemployer Plan which it or any ERISA Affiliate may be required to make under any agreement relating to such Multiemployer Plan, or any law pertaining thereto; or (v) fail, or permit any ERISA Affiliate
              to fail, to pay any required installment or any other payment required under Section 412 of the Internal Revenue Code on or before the due date for such installment or other payment.

           

          (p)          Environmental.  Permit the use, handling, generation, storage, treatment, Release or disposal of Hazardous Materials at any property owned or leased by it or any of its Subsidiaries, except in compliance with Environmental Laws
              (other than any noncompliance that would not reasonably be expected to have a Material Adverse Effect).

           

          (q)          [Reserved].

           

          
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          (r)          Anti-Money

                Laundering and Anti-Terrorism Laws.

           

          (i)          None of the Loan Parties, nor any of their Subsidiaries shall:

           

          (A)          conduct any business or engage in any transaction or dealing with or for the benefit of
              any Blocked Person, including the making or receiving of any contribution of funds, goods or services to, from or for the benefit of any Blocked Person;

           

          (B)          deal in, or otherwise engage in any transaction relating to, any property or interests
              in property blocked or subject to blocking pursuant to the Sanctions Programs;

           

          (C)          use any of the proceeds of the Term Loans or the transactions contemplated by this
              Agreement to finance, promote or otherwise support in any manner any illegal activity, including, without limitation, any violation of the Anti-Money Laundering and Anti-Terrorism Laws or any specified unlawful activity as that term is
              defined in the Money Laundering Control Act of 1986, 18 U.S.C. §§ 1956 and 1957; or

           

          (D)          violate, attempt to violate, or engage in or conspire to engage in any transaction that
              evades or avoids, or has the purpose of evading or avoiding, any of the Anti-Money Laundering and Anti-Terrorism Laws in any material respects.

           

          (ii)          None of the Loan Parties, nor any Subsidiary of any of the Loan Parties, nor any
              officer, director or principal shareholder or owner of any of the Loan Parties, nor, to the knowledge of any Loan Party, any of the Loan Parties' respective agents acting or benefiting in any capacity in connection with the Term Loans or
              other transactions hereunder, shall be or shall become a Blocked Person.

           

          (s)          Anti-Bribery and Anti-Corruption Laws. 
              None of the Loan Parties shall:

           

          (i)          offer, promise, pay, give, or authorize the payment or giving of any money, gift or
              other thing of value, directly or indirectly, to or for the benefit of any Foreign Official for the purpose of: (1) influencing any act or decision of such Foreign Official in his, her, or its official capacity; (2) inducing such Foreign
              Official to do, or omit to do, an act in violation of the lawful duty of such Foreign Official, or (3) securing any improper advantage, in order to obtain or retain business for, or with, or to direct business to, any Person; or

           

          (ii)          act or attempt to act in any manner which would subject any of the Loan Parties to
              liability under any Anti-Corruption Law.

           

          (t)          Divisions.  Notwithstanding anything herein
              or any other Loan Document to the contrary, no Loan Party that is a limited liability company may divide itself into two or more limited liability companies (pursuant to a "plan of division" as contemplated under the Delaware Limited
              Liability Company Act or otherwise) without the prior written consent of the Required Lenders, and in the event that any Loan Party that is a limited liability company divides itself into two or more limited liability companies (with or
              without the prior consent of the Required Lenders as required above), any limited liability companies formed as a result of such division shall be required to comply with the obligations set forth in Section 7.01(b) and the other further
              assurances obligations set forth in the Loan Documents and become a Borrower or Guarantor (as required by the Required Lenders) under this Agreement and the other Loan Documents.

           

          
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          Notwithstanding the foregoing, the limitations set forth in paragraphs (h) and (m) of this Section 7.02 shall not prohibit Holdings’ entry into the Permitted Rights
            Agreement or, subject to the proviso in clause (ii) below, the taking of any action by Holdings or any of the Subsidiaries pursuant to or in accordance with such Permitted Rights Agreement, including (i) the issuance (by dividend or otherwise)
            of common stock, preferred stock or other Equity Interests of Holdings or purchase rights for the purchase of any of the foregoing; (ii) the making of Restricted Payments in respect of any Equity Interests or purchase rights described in the
            immediately preceding clause (i) (including the redemption of any such purchase rights); provided, that any such Restricted Payments made in the form of cash shall be subject to Section 7.02(h); and (iii) the filing of a certificate of
            designation or similar documentation in respect of any preferred stock or other Equity Interests of Holdings that may be issued pursuant to or in accordance with such Permitted Rights Agreement.

           

          Section 7.03          Minimum Liquidity.  So long as any principal of or interest on any Term Loan or any other Obligation (whether or not due) shall remain unpaid (other
              than Contingent Indemnity Obligations) or any Lender shall have any Commitment hereunder, each Loan Party shall not permit,

              as of the last day of any Fiscal Quarter (beginning with the Fiscal Quarter in which the Closing Date occurs), the aggregate amount of Qualified Cash of the Loan Parties to be
              less than $20,000,000.

           

          ARTICLE VIII

            

            [Reserved]

           

          ARTICLE IX

            

            EVENTS OF
              DEFAULT

           

          Section 9.01          Events of Default.  Each of the following events shall constitute an event of default (each, an “Event of Default"):

           

          (a)          the

              Borrower shall fail to pay, when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), (i) any interest on any Term Loan, any Collateral Agent Advance or any fee, indemnity or other amount payable under
              this Agreement (other than any portion thereof constituting principal of the Term Loans) or any other Loan Document, and such failure continues for a period of three Business Days or (ii) all or any portion of the principal of the Term Loans;

           

          (b)          any

              representation or warranty made by or on behalf of any Loan Party or by any officer of the foregoing under or in connection with any Loan Document or under or in connection with any certificate delivered to any Secured Party pursuant to any
              Loan Document shall have been incorrect in any material respect (or in any respect if such representation or warranty is qualified or modified as to materiality or "Material Adverse Effect" in the text thereof) when made or deemed made; provided that any supplement to or modification of Schedule 6.01(e) (as permitted under Section 6.01(e)) or Schedule 6.01(u) (as permitted under Section 6.01(u)), or to
              Schedule III, IV, V or XI to the Security Agreement (as permitted under the corresponding defined term or section of the Security Agreement), or to Schedule VI or Schedule VII to the Perfection Certificate (as permitted under the
              corresponding section of the Perfection Certificate), shall automatically cure any Default or Event of Default arising solely as a result of the information in such Schedule, as delivered on the Closing Date, being incorrect in any material
              respect (but not, for the avoidance of doubt, arising as a result of the information in such Schedule, as so supplemented or modified, being incorrect in any material respect);

           

          
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          (c)          any

              Loan Party shall fail to perform or comply with any covenant or agreement contained in Section 7.01(a), Section 7.01(d) (with respect to the Borrower), Section 7.01(k), Section 7.01(m), Section 7.01(t), Section 7.01(v), Section 7.01(x),
              Section 7.02 or Section 7.03;

           

          (d)          any Loan Party shall fail to
              perform or comply with any other term, covenant or agreement contained in any Loan Document to be performed or observed by it and, except as set forth in subsections (a), (b) and (c) of this Section 9.01, such failure, if capable of being
              remedied, shall remain unremedied for 15 days after the earlier of the date a senior officer of any Loan Party has knowledge of such failure and the date written notice of such default shall have been given by any Agent (acting at the written
              direction of the Required Lenders) to such Loan Party;

           

          (e)          Holdings or any of its
              Subsidiaries shall fail to pay when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) any principal, interest or other amount payable in respect of Indebtedness (excluding Indebtedness evidenced by
              this Agreement) having an aggregate amount outstanding in excess of $25,000,000, and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness, or any other
              default under any agreement or instrument relating to any such Indebtedness, or any other event, shall occur and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such
              default or event is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required
              prepayment), redeemed, purchased or defeased or an offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case, prior to the stated maturity thereof;

           

          (f)          Holdings

              or any of its Subsidiaries (i) shall institute any proceeding or voluntary case seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or
              composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official
              for any such Person or for any substantial part of its property, (ii) shall be generally not paying its debts as such debts become due or shall admit in writing its inability to pay its debts generally, (iii) shall make a general assignment
              for the benefit of creditors, or (iv) shall take any action to authorize or effect any of the actions set forth above in this subsection (f);

           

          (g)          any

              proceeding shall be instituted against Holdings or any of its Subsidiaries seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief of
              debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for any such Person or for any substantial part of its property, and either such proceeding shall remain
              undismissed or unstayed for a period of 60 days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against any such Person or the appointment of a receiver, trustee, custodian or
              other similar official for it or for any substantial part of its property) shall occur;

           

          
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          (h)          any material provision of any
              Loan Document shall at any time for any reason (other than pursuant to the express terms thereof) cease to be valid and binding on or enforceable against any Loan Party intended to be a party thereto, or the validity or enforceability thereof
              shall be contested by any party thereto, or a proceeding shall be commenced by any Loan Party or any Governmental Authority having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or any Loan
              Party shall deny in writing that it has any liability or obligation purported to be created under any Loan Document;

           

          (i)          any Security Agreement, any
              Mortgage or any other security document, after delivery thereof pursuant hereto, shall for any reason (other than release by the Collateral Agent pursuant to the terms hereof of thereof or the failure of the Agents to take required actions
              based on accurate information timely provided by the Loan Parties) fail or cease to create a valid and perfected and, except to the extent permitted by the terms hereof or thereof, first priority Lien in favor of the Collateral Agent for the
              benefit of the Agents and the Lenders on any Collateral purported to be covered thereby;

           

          (j)          one

              or more judgments, orders or awards (or any settlement of any litigation or other proceeding that, if breached, could result in a judgment, order or award) for the payment of money exceeding $25,000,000 in the aggregate (except to the extent
              fully covered (other than to the extent of customary deductibles) by insurance pursuant to which the insurer has been notified and has not denied coverage) shall be rendered against Holdings or any of its Subsidiaries and remain unsatisfied
              and (i) enforcement proceedings shall have been commenced by any creditor upon any such judgment, order, award or settlement or (ii) there shall be a period of 10 consecutive days after entry thereof during which (A) a stay of enforcement
              thereof is not be in effect or (B) the same is not vacated, discharged, stayed or bonded pending appeal;

           

          (k)          [reserved];

           

          (l)          [reserved];

           

          (m)          [reserved];

           

          (n)          [reserved];

           

          (o)          any Loan Party or any of its ERISA Affiliates shall have made a complete or partial
              withdrawal from a Multiemployer Plan, and, as a result of such complete or partial withdrawal, any Loan Party or any of its ERISA Affiliates incurs a withdrawal liability in an annual amount that would reasonably be expected to result in a
              Material Adverse Effect; or a Multiemployer Plan enters reorganization status under Section 4241 of ERISA, and, as a result thereof any Loan Party's or any of its ERISA Affiliates'
              annual contribution requirements with respect to such Multiemployer Plan increases in an annual amount that would reasonably be expected to result in a Material Adverse Effect;

           

          
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          (p)          any Termination Event with
              respect to any Employee Plan shall have occurred, and, 30 days after notice thereof shall have been given to any Loan Party by any Agent, (i) such Termination Event (if correctable) shall not have been corrected, and (ii) the then current
              value of such Employee Plan's vested benefits exceeds the then current value of assets allocable to such benefits in such Employee Plan by an amount that would reasonably be expected to result in a Material Adverse Effect (or, in the case of
              a Termination Event involving liability under Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or Section 4971 or 4975 of the Internal Revenue Code, the liability is in excess of such amount);

           

          (q)          (i) any of the Obligations
              for any reason shall cease to be "Senior Indebtedness" or "Designated Senior Indebtedness" (or any comparable terms) under, and as defined in the documents evidencing or governing, any subordinated Indebtedness, (ii) any Indebtedness other
              than the Obligations shall constitute "Designated Senior Indebtedness" (or any comparable term) under, and as defined in, the documents evidencing or governing any subordinated Indebtedness, (iii) any holder of subordinated Indebtedness shall
              fail to perform or comply with any of the subordination provisions of the documents evidencing or governing such subordinated Indebtedness, or (iv) the subordination provisions of the documents evidencing or governing any subordinated
              Indebtedness 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

           

          (r)          a Change of Control shall
              have occurred;

           

          then, and in any such event, the Collateral Agent shall, at the written direction of the Required Lenders, by notice to the Borrower, (i) terminate or reduce all Commitments, whereupon
            all Commitments shall immediately be so terminated or reduced, (ii) declare all or any portion of the Term Loans then outstanding to be accelerated and due and payable, whereupon all or such portion of the aggregate principal of all Loans, all
            accrued and unpaid interest thereon, all fees and all other amounts payable under this Agreement and the other Loan Documents shall become due and payable immediately, without presentment, demand, protest or further notice of any kind, all of
            which are hereby expressly waived by each Loan Party and (iii) exercise any and all of its other rights and remedies under applicable law, hereunder and under the other Loan Documents; provided, however, that upon the occurrence
            of any Event of Default described in subsection (f) or (g) of this Section 9.01 with respect to any Loan Party, without any notice to any Loan Party or any other Person or any act by any Agent or any Lender, all Commitments shall automatically
            terminate and all Loans then outstanding, together with all accrued and unpaid interest thereon, all fees and all other amounts due under this Agreement and the other Loan Documents shall be accelerated and become due and payable automatically
            and immediately, without presentment, demand, protest or notice of any kind, all of which are expressly waived by each Loan Party.

           

          
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          ARTICLE X

            

            AGENTS

           

          Section 10.01          Appointment.  Each of the Lenders (and each subsequent maker of any Loan by its making thereof) hereby irrevocably appoints, authorizes and empowers the Administrative Agent and the Collateral Agent to perform the duties of each
              such Agent as set forth in this Agreement and the other Loan Documents.  As to any matters not expressly provided for by this Agreement and the other Loan Documents (including, without limitation, enforcement or collection of the Term Loans),
              the Agents shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of 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), and such instructions of 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) shall be binding upon all Lenders and all makers of Term Loans; provided, however, that the Agents shall not be required to take any action which, in the reasonable opinion of any Agent, exposes such Agent to liability or which is contrary to this
              Agreement or any other Loan Document or applicable law.  If any Agent so requests, it shall first be indemnified to its satisfaction from the Lenders or Required Lenders, as
              applicable, against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.  No provision of this Agreement or any other Loan Document or any agreement or instrument contemplated
              hereby or thereby, or the transactions contemplated hereby or thereby shall require any Agent to: (i) expend or risk its own funds or provide indemnities in the performance of any of its duties hereunder or the exercise of any of its rights
              or power or (ii) otherwise incur any financial liability in the performance of its duties or the exercise of any of its rights or powers.

           

          Section 10.02          Nature of Duties; Delegation.  (a) The Agents shall have no duties or responsibilities except those expressly set forth in this
              Agreement or in the other Loan Documents.  The duties of the Agents shall be mechanical and administrative in nature.  The Agents shall not have by reason of this Agreement or any other Loan Document a fiduciary relationship in respect of any
              Lender.  Nothing in this Agreement or any other Loan Document, express or implied, is intended to or shall be construed to impose upon the Agents any obligations in respect of this Agreement or any other Loan Document except as expressly set
              forth herein or therein.  Each of the Lenders shall make its own independent investigation of the financial condition and affairs of the Loan Parties in connection with the making and the continuance of the Term Loans hereunder and shall make
              its own appraisal of the creditworthiness of the Loan Parties and the value of the Collateral, and the Agents shall have no duty or responsibility, either initially or on a continuing basis, to provide any Lender with any credit or other
              information with respect thereto, whether coming into their possession before the initial Loans hereunder or at any time or times thereafter, provided that, upon the reasonable request of a Lender, each Agent shall provide to such Lender any
              documents or reports delivered to such Agent by the Loan Parties pursuant to the terms of this Agreement or any other Loan Document.  If any Agent seeks the consent or approval of 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) to the taking or refraining from taking any action hereunder, such Agent shall send notice thereof to each Lender.

           

          (b)          Each Agent may, upon any term
              or condition it specifies, delegate or exercise any of its rights, powers and remedies under, and delegate or perform any of its duties or any other action with respect to, any Loan Document by or through any trustee, co-agent, employee,
              attorney-in-fact and any other Person (including any Lender).  Any such Person shall benefit from this Article X to the extent provided by the applicable Agent.  No Agent shall be
              responsible for the negligence or misconduct of any such Person except to the extent that a court of competent jurisdiction determines in a final nonappealable judgment that the Agent did not appoint such Person with due care.

           

          
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          Section 10.03          Rights, Exculpation, Etc.  The Agents and their directors, officers, agents or employees shall not be liable for any action taken or omitted to be taken by them (a) at or by the direction of the Required Lenders, or
              (b) under or in connection with this Agreement or the other Loan Documents, except for their own gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction.  Without limiting
              the generality of the foregoing, the Agents (i) may treat the payee of any Term Loan as the owner thereof until the Administrative Agent receives written notice of the assignment or transfer thereof, pursuant to Section 12.07 hereof, signed
              by such payee and in form satisfactory to the Administrative Agent; (ii) may consult with legal counsel (including, without limitation, counsel to any Agent or counsel to the Loan Parties), independent public accountants, and other experts
              selected by any of them and shall not be liable for any action taken or omitted to be taken in good faith by any of them in accordance with the advice of such counsel or experts; (iii) make no warranty or representation to any Lender and
              shall not be responsible to any Lender for any statements, certificates, warranties or representations made in or in connection with this Agreement or the other Loan Documents; (iv) shall not have any duty to ascertain or to inquire as to the
              performance or observance of any of the terms, covenants or conditions of this Agreement or the other Loan Documents on the part of any Person, the existence or possible existence of any Default or Event of Default, or to inspect the
              Collateral or other property (including, without limitation, the books and records) of any Person; (v) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this
              Agreement or the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto; and (vi) shall not be deemed to have made any representation or warranty regarding the existence, value or collectibility of the
              Collateral, the existence, priority or perfection of the Collateral Agent's Lien thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall the Agents be responsible or liable to the Lenders for any failure to
              monitor or maintain any portion of the Collateral.  The Agents shall not be liable for any apportionment or distribution of payments made in good faith pursuant to Section 4.03, and if any such apportionment or distribution is subsequently
              determined to have been made in error, and the sole recourse of any Lender to whom payment was due but not made shall be to recover from other Lenders any payment in excess of the amount which they are determined to be entitled.  The Agents
              may at any time request instructions from the Lenders with respect to any actions or approvals which by the terms of this Agreement or of any of the other Loan Documents the Agents are permitted or required to take or to grant, and the Agents
              shall be absolutely entitled to refrain from taking any action or to withhold any approval under any of the Loan Documents until they shall have received such instructions from the Required Lenders.  Without limiting the foregoing, no Lender
              shall have any right of action whatsoever against any Agent as a result of such Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of 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).  The Agents shall not be responsible or liable for any
              failure or delay in the performance of their obligations under this Agreement or the other Loan Documents arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of
              God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; business interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor
              disputes; acts of civil or military authority and governmental action.  In no event shall any Agent be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited
              to, loss of profit) irrespective of whether such Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.  No Agent shall be required to qualify in any jurisdiction in which it is not presently
              qualified to perform its obligations as Agent or to enforce any rights and remedies in any foreign jurisdiction.

           

          
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          Section 10.04          Reliance.  Each Agent shall be entitled to rely upon any written notices, statements, certificates, orders or other documents or any telephone message believed by it in good faith to be genuine and correct and to have been signed, sent or
              made by the proper Person, and with respect to all matters pertaining to this Agreement or any of the other Loan Documents and its duties hereunder or thereunder.  Before an Agent
              acts or refrains from acting, it may require an officer's certificate from the Borrower and/or an opinion of counsel satisfactory to such Agent with respect to the proposed action or inaction, such certificate and opinion to be given at the
              Borrower's expense.  No Agent shall be liable for any action it takes or omits to take in good faith in reliance upon such certificate or opinion.  Whenever in the administration of the Loan Documents any Agent shall deem it necessary or
              desirable that a matter be proved or established before taking or suffering or omitting to take any act under any Loan Document, such matter (unless other evidence in respect thereof is herein specifically prescribed) may, in the absence of
              gross negligence or willful misconduct on the part of such Agent, be deemed to be conclusively proved and established by an officers' certificate delivered to such Agent, and such
              certificate, in the absence of gross negligence or willful misconduct on the part of such Agent, shall be full warrant to that Agent for any action taken, suffered or omitted to be taken by it under the Loan Documents upon the faith thereof.

           

          Section 10.05          Indemnification.  To the extent that any Agent is not reimbursed and indemnified by any Loan Party, and whether or not such Agent has made demand on
              any Loan Party for the same, the Lenders will, within five days of written demand by such Agent (and, with respect to any EEA Financial Institution, such amounts shall be deemed due and payable no later than six days after demand therefor),
              reimburse such Agent for and indemnify such Agent, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, charges, expenses (including, without limitation, client charges and
              reasonable and documented out-of-pocket expenses of counsel or any other advisor to such Agent), advances or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against such Agent, in any way
              relating to or arising out of this Agreement or any of the other Loan Documents or any action taken or omitted by such Agent, under this Agreement or any of the other Loan Documents, in proportion to each Lender's Pro Rata Share, including,
              without limitation, advances and disbursements made pursuant to Section 10.08; provided, however, that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, advances or disbursements for which there has been a final
              non-appealable judicial determination that such liability resulted from such Agent's gross negligence or willful misconduct.  The obligations of the Lenders under this Section 10.05 shall survive the payment in full of the Term Loans, the
              resignation or removal of any Agent, the termination of this Agreement and the exercise of Write-Down and Conversion Powers by an EEA Resolution Authority with respect to any Lender that is an EEA Financial Institution.

           

          Section 10.06          Agents Individually.  With respect to its Pro Rata Share of the Term Loan Commitment hereunder and the Term Loans made by it, each Agent shall have and may exercise the same rights and powers hereunder and is subject to the same
              obligations and liabilities as and to the extent set forth herein for any other Lender or maker of a Term Loan.  The terms "Lenders" or "Required Lenders" or any similar terms shall, unless the context clearly otherwise indicates, include
              each Agent in its individual capacity as a Lender or one of the Required Lenders.  Each Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of banking, trust or other business with any Borrower
              as if it were not acting as an Agent pursuant hereto without any duty to account to the other Lenders.

           

          
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          Section 10.07          Successor Agent.  (a)  Any Agent may at any time give at least 30 days prior written notice of its resignation to the Lenders and the Borrower. 
              Upon receipt of any such notice of resignation, the Required Lenders shall have the right to appoint a successor Agent.  If no such successor Agent 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 (or such earlier day as shall be agreed by the Required Lenders) (the "Resignation Effective Date"), then the retiring Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor Agent.  Whether or not a successor Agent has been appointed, such resignation shall become effective in accordance with
              such notice on the Resignation Effective Date.  In addition, any Agent may be removed by the Required Lenders (for cause or no cause) upon 10 days prior written notice (or such
              earlier day as shall be agreed by the Required Lenders) (the "Removal Effective Date" and together with the Resignation Effective Date, the "Replacement Effective Date") delivered to the Borrower and the Agents, and upon delivery of any such notice of removal, the Required Lenders shall have the right to appoint a
              successor Agent; provided, that whether or not a successor Agent has been appointed, such removal shall become effective in accordance with such notice on the Removal Effective Date.

           

          (b)          With effect from the
              Replacement Effective Date, (i) the retiring or removed 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 such Agent on behalf of the
              Lenders under any of the Loan Documents, the retiring or removed Agent shall continue to hold such collateral security until such time as a successor Agent is appointed) and (ii) all payments, communications and determinations provided to be
              made by, to or through such retiring or removed Agent shall instead be made by or to each Lender directly, until such time, if any, as a successor Agent shall have been appointed as provided for above.  Upon the acceptance of a successor's
              Agent's appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Agent, and the retiring or removed Agent shall be discharged from all of its
              duties and obligations hereunder or under the other Loan Documents.  After the retiring or removed Agent's resignation or removal hereunder and under the other Loan Documents, the provisions of this Article, Section 12.04 and Section 12.15 shall continue in effect for the benefit of such retiring or removed Agent in respect of any actions taken or omitted to be taken by it while the retiring or removed Agent was acting as
              Agent.

           

          Section 10.08          Collateral Matters.

           

          (a)          The

              Collateral Agent may, but shall be under no obligation to, from time to time, at the written direction of the Required Lenders, make such disbursements and advances ("Collateral Agent Advances") which the Required Lenders, in their sole discretion, deem necessary or desirable to preserve, protect, prepare for sale or lease or dispose of the Collateral or any portion thereof, to enhance the likelihood or
              maximize the amount of repayment by the Borrower of the Term Loans and other Obligations or to pay any other amount chargeable to the Borrower pursuant to the terms of this Agreement, including, without limitation, costs, fees and expenses as
              described in Section 12.04.  The Collateral Agent Advances shall be repayable on demand and be secured by the Collateral and shall bear interest at a rate per annum equal to the Reference Rate.  The Collateral Agent Advances shall constitute
              Obligations hereunder.  The Collateral Agent shall notify each Lender and the Borrower in writing of each such Collateral Agent Advance, which notice shall include a description of the purpose of such Collateral Agent Advance.  Without
              limitation to its obligations pursuant to Section 10.05, each Lender agrees that it shall make available to the Collateral Agent, upon the Collateral Agent's demand, in Dollars in immediately available funds, the amount equal to such Lender's
              Pro Rata Share of each such Collateral Agent Advance.  If such funds are not made available to the Collateral Agent by such Lender, the Collateral Agent shall be entitled to recover such funds on demand from such Lender, together with
              interest thereon for each day from the date such payment was due until the date such amount is paid to the Collateral Agent, at the Federal Funds Rate for three Business Days and thereafter at the Reference Rate.

           

          
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          (b)          The

              Lenders hereby irrevocably authorize the Collateral Agent, at its option and in its discretion, to release any Lien granted to or held by the Collateral Agent upon any Collateral (i) upon termination of the Term Loan Commitment and payment
              and satisfaction of all Term Loans and all other Obligations (other than Contingent Indemnification Obligations) in accordance with the terms hereof; (ii) constituting property being sold or disposed of in the ordinary course of any Loan
              Party's business or otherwise in compliance with the terms of this Agreement and the other Loan Documents; or (iii) constituting property in which the Loan Parties owned no interest at the time the Lien was granted or at any time thereafter;
              or if approved, authorized or ratified in writing by the Lenders in accordance with Section 12.02.

           

          (c)          Each Lender agrees to confirm
              in writing, upon request by the Collateral Agent, the authority to release Collateral conferred upon the Collateral Agent under Section 10.08(b).  Upon receipt by the Collateral Agent of confirmation from the Lenders of its authority to
              release any particular item or types of Collateral, and upon prior written request by any Loan Party, the Collateral Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence
              the release of the Liens granted to the Collateral Agent for the benefit of the Agents and the Secured Parties upon such Collateral; provided, however, that (i) the Collateral Agent shall not be required to execute any such document on terms which, in the Collateral Agent's opinion, would expose the Collateral Agent
              to liability or create any obligations or entail any consequence other than the release of such Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Obligations or any Lien upon (or
              obligations of any Loan Party in respect of) all interests in the Collateral retained by any Loan Party.

           

          (d)          Anything contained in any of
              the Loan Documents to the contrary notwithstanding, the Loan Parties, each Agent and each Lender hereby agree that (i) no Lender shall have any right individually to realize upon any of the Collateral under any Loan Document or to enforce any
              Guaranty, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Collateral Agent acting at the written direction of the Required Lenders for the benefit of the Lenders in
              accordance with the terms thereof, (ii) in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale, the Administrative Agent, the Collateral Agent or any Lender may be the purchaser of
              any or all of such Collateral at any such sale and (iii) the Collateral Agent, as agent for and representative of the Agents and the Lenders (but not any other Agent or any Lender or Lenders in its or their respective individual capacities
              unless the Required Lenders shall otherwise agree in writing) shall be entitled (either directly or through one or more acquisition vehicles) for the purpose of bidding and making settlement or payment of the purchase price for all or any
              portion of the Collateral to be sold (A) at any public or private sale, (B) at any sale conducted by the Collateral Agent under the provisions of the Uniform Commercial Code (including pursuant to Sections 9-610 or 9-620 of the Uniform
              Commercial Code), (C) at any sale or foreclosure conducted by the Collateral Agent (whether by judicial action or otherwise) in accordance with applicable law or (D) any sale conducted pursuant to the provisions of any Debtor Relief Law
              (including Section 363 of the Bankruptcy Code), to use and apply all or any of the Obligations as a credit on account of the purchase price for any Collateral payable by the Collateral Agent at such sale.

           

          
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          (e)          The Collateral Agent shall
              have no obligation whatsoever to any Lender to assure that the Collateral exists or is owned by the Loan Parties or is cared for, protected or insured or has been encumbered or that the Lien granted to the Collateral Agent pursuant to this
              Agreement or any other Loan Document has been properly or sufficiently or lawfully created, perfected, protected or enforced or is entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of
              care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to the Collateral Agent in this Section 10.08 or in any other Loan Document, it being understood and agreed that in
              respect of the Collateral, or any act, omission or event related thereto, the Collateral Agent shall have no duty or liability whatsoever to any other Lender, except as otherwise provided herein.

           

          (f)          Beyond the exercise of reasonable care in the custody thereof, no Agent shall have any
              duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto.  No Agent shall
              be responsible for (i) perfecting, maintaining, monitoring, preserving or protecting the security interest or Liens granted under this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, (ii) the
              filing, re-filing, recording, re-recording or continuing or any document, financing statement, mortgage, assignment, notice, instrument of further assurance or other instrument in any public office at any time or times or (iii) providing,
              maintaining, monitoring or preserving insurance on or the payment of taxes with respect to any of the Collateral.  The actions described in items (i) through (iii) shall be the sole responsibility of the Borrower.  The Collateral Agent shall
              be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property and shall not be liable or responsible for
              any loss or diminution in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Collateral Agent in good faith.

           

          (g)          No Agent shall be responsible for the existence, genuineness or value of any of the
              Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any of any action or omission to act on its part hereunder, except to the
              extent such action or omission constitutes gross negligence or willful misconduct on the part of such Agent (as determined by a final, nonappealable judgment by a court of competent jurisdiction), for the validity or sufficiency of the
              Collateral or any agreement or assignment contained therein, for the validity of the title to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the
              maintenance of the Collateral.  The Agents hereby disclaim any representation or warranty to the present and future holders of the Obligations concerning the perfection of the Liens granted hereunder or in the value of any of the Collateral.

           

          
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          (h)          In the event that any Agent is required to acquire title to an asset for any reason, or
              take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another, which in such Agent's sole discretion may cause the Agent, to be considered an "owner or operator"
              under any Environmental Laws or otherwise cause the Agent to incur, or be exposed to, any liability under Environmental Law, (i) each Agent reserves the right, instead of taking such action, either to resign as Agent or to arrange for the
              transfer of the title or control of the asset to a court appointed receiver and (ii) no Agent will be liable to any Person for any Environmental Liabilities and Costs or any environmental liabilities or contribution actions under any federal,
              state or local law, rule or regulation by reason of such Agent's actions and conduct as authorized, empowered and directed hereunder or relating to any kind of discharge or Release or threatened discharge or Release of any Hazardous Materials
              into the environment, unless and only to the extent that such liability results from such Agent’s gross negligence or willful misconduct as finally judicially determined in a court
              of competent jurisdiction.

           

          Section 10.09          Agency for Perfection.  Each Agent and each other Secured
              Party hereby appoints each other Agent and each other Secured Party as agent and bailee for the purpose of perfecting the security interests in and liens upon the Collateral in assets which, in accordance with Article 9 of the Uniform
              Commercial Code, can be perfected only by possession or control (or where the security interest of a secured party with possession or control has priority over the security interest of another secured party) and each Agent and each other
              Secured Party hereby acknowledges that it holds possession of or otherwise controls any such Collateral for the benefit of the Agents and the other Secured Parties as secured party.  Should the Administrative Agent or any other Secured Party
              obtain possession or control of any such Collateral, the Administrative Agent or such other Secured Party shall notify the Collateral Agent thereof, and, promptly upon the Collateral Agent's request therefor shall deliver such Collateral to
              the Collateral Agent or in accordance with the Collateral Agent's instructions.  In addition, at the direction of the Required Lenders, the Collateral Agent shall also have the power and authority hereunder to appoint such other sub-agents as
              may be necessary or required under applicable state law or otherwise to perform its duties and enforce its rights with respect to the Collateral and under the Loan Documents.  Each Loan Party by its execution and delivery of this Agreement
              hereby consents to the foregoing.

           

          Section 10.10          No Reliance on any Agent's Customer Identification Program.  Each Lender acknowledges and agrees that neither such
            Lender, nor any of its Affiliates, participants or assignees, may rely on any Agent to carry out such Lender's, Affiliate's, participant's or assignee's customer identification program, or other requirements imposed by the USA PATRIOT Act or
            the regulations issued thereunder, including the regulations set forth in 31 C.F.R. §§ 1010.100(yy), (iii), 1020.100, and 1020.220 (formerly 31 C.F.R. § 103.121), as hereafter amended or replaced ("CIP Regulations"), or any other
            Anti-Terrorism Laws, including any programs involving any of the following items relating to or in connection with any of the Loan Parties, their Affiliates or their agents, the Loan Documents or the transactions hereunder or contemplated
            hereby:  (1) any identity verification procedures, (2) any recordkeeping, (3) comparisons with government lists, (4) customer notices or (5) other procedures required under the CIP Regulations or other regulations issued under the USA PATRIOT
            Act.  Each Lender, Affiliate, participant or assignee subject to Section 326 of the USA PATRIOT Act will perform the measures necessary to satisfy its own responsibilities under the CIP Regulations.

           

          
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          Section
              10.11          No Third Party Beneficiaries.  The provisions of this Article are solely for the benefit of the Secured Parties, and no
              Loan Party shall have rights as a third-party beneficiary of any of such provisions.

           

          Section
              10.12          No Fiduciary Relationship.  It is understood and agreed that the use of the term "agent" herein or in any other Loan
              Document (or any other similar term) with reference to any Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law.  Instead such term is used as a matter of
              market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

           

          Section 10.13          [Reserved].

           

          Section 10.14          Collateral Custodian.  Upon the occurrence and during the continuance of any Default or Event of Default, the Collateral Agent or its designee may, at the written direction of
              the Required Lenders, at any time and from time to time employ and maintain on the premises of any Loan Party a custodian selected by the Required Lenders who shall have full authority to do all acts necessary to protect the Agents' and the
              Secured Parties' interests.  Each Loan Party hereby agrees to, and to cause its Subsidiaries to, cooperate with any such custodian and to do whatever the Required Lenders or its designee may reasonably request to preserve the Collateral.  All
              costs and expenses incurred by the Required Lenders or its designee by reason of the employment of the custodian shall be the responsibility of the Borrower and shall be part of the Obligations hereunder.

           

          Section 10.15          [Reserved].

           

          Section
              10.16          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 shall then be due and payable as
              herein expressed or by declaration or otherwise and irrespective of whether any Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

           

          (a)          to file and prove a claim for
              the whole amount of the principal and interest owing and unpaid in respect of the Term Loans 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 Secured Parties (including any claim for the compensation, expenses, disbursements and advances of the Secured Parties and their respective agents and counsel and all other amounts due the Secured Parties hereunder and under the other
              Loan Documents) allowed in such judicial proceeding; and

           

          (b)          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 Secured Party to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Secured Parties, 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 hereunder and under the other
            Loan Documents.

           

          Section 10.17          Defaults.  No Agent shall be deemed to have knowledge or notice of the occurrence of a Default or an Event of Default unless a Responsible Officer has received written notice from a Lender, the
              Borrower or a Guarantor specifying such Default or Event of Default and stating that such notice is a "Notice of Default."  If an Agent receives such a notice, then it shall give prompt notice thereof to the Lenders and the Borrower (if such
              notice is received from a Lender).  Such Agent shall (subject to Section 10.01) take such action with respect to any such Default or Event of Default as shall be directed in writing by the Required Lenders; provided that unless and until such Agent shall have received such directions, it may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to
              such Default or Event of Default as it shall deem advisable in the best interest of the Lenders.

           

          
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          ARTICLE XI

            

            GUARANTY

           

          Section 11.01          Guaranty.  Each Guarantor hereby jointly and severally and unconditionally and irrevocably guarantees the punctual payment when due, whether at stated maturity, by acceleration or otherwise, of all
              Obligations of the Borrower now or hereafter existing under any Loan Document, whether for principal, interest (including, without limitation, all interest that accrues after the commencement of any Insolvency Proceeding of any Borrower,
              whether or not a claim for post-filing interest is allowed in such Insolvency Proceeding), fees, commissions, expense reimbursements, indemnifications or otherwise (such obligations, to the extent not paid by the Borrower, being the "Guaranteed Obligations"), and agrees to pay any and all reasonable and documented out-of-pocket expenses (including reasonable and documented out-of-pocket fees and expenses
              of (i) one outside counsel and one local counsel in each relevant jurisdiction for the Agents, (ii) one outside counsel and one local counsel in each relevant jurisdiction for the Specified Lender, the Observer and any Lender Director Nominee and (iii) one outside counsel and one local counsel in each
              relevant jurisdiction for the other Lenders taken as a whole) incurred in enforcing any rights under the guaranty set forth in this Article XI.  Without limiting the generality of the foregoing, each Guarantor's liability shall extend to all
              amounts that constitute part of the Guaranteed Obligations and would be owed by the Borrower to the Secured Parties under any Loan Document but for the fact that they are unenforceable or not allowable due to the existence of an Insolvency
              Proceeding involving any Borrower.

           

          Section 11.02          Guaranty Absolute.  Each Guarantor jointly and severally guarantees that the Guaranteed Obligations will be paid strictly in accordance with the terms of the Loan Documents, regardless of any law, regulation
              or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Secured Parties with respect thereto.  Each Guarantor agrees that this Article XI constitutes a guaranty of payment when due and not of
              collection and waives any right to require that any resort be made by any Agent or any Lender to any Collateral.  The obligations of each Guarantor under this Article XI are independent of the Guaranteed Obligations, and a separate action or
              actions may be brought and prosecuted against each Guarantor to enforce such obligations, irrespective of whether any action is brought against any Loan Party or whether any Loan Party is joined in any such action or actions.  The liability
              of each Guarantor under this Article XI shall be irrevocable, absolute and unconditional irrespective of, and each Guarantor hereby irrevocably waives any defenses it may now or hereafter have in any way relating to, any or all of the
              following:

           

          (a)          any lack of validity or
              enforceability of any Loan Document or any agreement or instrument relating thereto;

           

          (b)          any change in the time,
              manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or any other amendment or waiver of or any consent to departure from any Loan Document, including, without limitation, any increase in the
              Guaranteed Obligations resulting from the extension of additional credit to any Loan Party or otherwise;

           

          
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          (c)          any taking, exchange, release
              or non-perfection of any Collateral, or any taking, release or amendment or waiver of or consent to departure from any other guaranty, for all or any of the Guaranteed Obligations;

           

          (d)          the existence of any claim,
              set-off, defense or other right that any Guarantor may have at any time against any Person, including, without limitation, any Secured Party;

           

          (e)          any change, restructuring or
              termination of the corporate, limited liability company or partnership structure or existence of any Loan Party; or

           

          (f)          any other circumstance (other
              than defense of payment, but including, without limitation, any statute of limitations) or any existence of or reliance on any representation by the Secured Parties that might otherwise constitute a defense available to, or a discharge of,
              any Loan Party or any other guarantor or surety.

           

          This Article XI shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be
            returned by Secured Parties or any other Person upon the insolvency, bankruptcy or reorganization of the Borrower or otherwise, all as though such payment had not been made.

           

          Section 11.03          Waiver.  Each Guarantor hereby waives (i) promptness and diligence, (ii) notice of acceptance and any other notice with respect to any of the Guaranteed Obligations and this Article XI and any
              requirement that the Secured Parties exhaust any right or take any action against any Loan Party or any other Person or any Collateral, (iii) any right to compel or direct any Secured Party to seek payment or recovery of any amounts owed
              under this Article XI from any one particular fund or source or to exhaust any right or take any action against any other Loan Party, any other Person or any Collateral, (iv) any requirement that any Secured Party protect, secure, perfect or
              insure any security interest or Lien on any property subject thereto or exhaust any right to take any action against any Loan Party, any other Person or any Collateral, and (v) any other defense available to any Guarantor.  Each Guarantor
              agrees that the Secured Parties shall have no obligation to marshal any assets in favor of any Guarantor or against, or in payment of, any or all of the Obligations.  Each Guarantor acknowledges that it will receive direct and indirect
              benefits from the financing arrangements contemplated herein and that the waiver set forth in this Section 11.03 is knowingly made in contemplation of such benefits.  Each Guarantor hereby waives any right to revoke this Article XI, and
              acknowledges that this Article XI is continuing in nature and applies to all Guaranteed Obligations, whether existing now or in the future.

           

          Section 11.04          Continuing Guaranty; Assignments.  This Article XI is a continuing guaranty and shall (a) remain in full force and effect until the later of the cash payment in full of the Guaranteed Obligations (other than Contingent
              Indemnity Obligations) and all other amounts payable under this Article XI and the Final Maturity Date, (b) be binding upon each Guarantor, its successors and assigns and (c) inure to the benefit of and be enforceable by the Secured Parties
              and their successors, pledgees, transferees and assigns.  Without limiting the generality of the foregoing clause (c), any Lender may pledge, assign or otherwise transfer all or any portion of its rights and obligations under this Agreement
              (including, without limitation, all or any portion of its Commitments and its Term Loans) to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted such Lender herein or
              otherwise, in each case as provided in Section 12.07.

           

          
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          Section 11.05          Subrogation.  No Guarantor will exercise any rights that it may now or hereafter acquire against any Loan Party or any other guarantor that arise from the existence, payment, performance or enforcement
              of such Guarantor's obligations under this Article XI, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Secured
              Parties against any Loan Party or any other guarantor or any Collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from
              any Loan Party or any other guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security solely on account of such claim, remedy or right, unless and until all of the Guaranteed
              Obligations (other than Contingent Indemnity Obligations) and all other amounts payable under this Article XI shall have been paid in full in cash and the Final Maturity Date shall have occurred.  If any amount shall be paid to any Guarantor
              in violation of the immediately preceding sentence at any time prior to the later of the payment in full in cash of the Guaranteed Obligations (other than Contingent Indemnity Obligations) and all other amounts payable under this Article XI
              and the Final Maturity Date, such amount shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to the Secured Parties to be credited and applied to the Guaranteed Obligations and all other amounts payable
              under this Article XI, whether matured or unmatured, in accordance with the terms of this Agreement, or to be held as Collateral for any Guaranteed Obligations or other amounts payable under this Article XI thereafter arising.  If (i) any
              Guarantor shall make payment to the Secured Parties of all or any part of the Guaranteed Obligations, (ii) all of the Guaranteed Obligations (other than Contingent Indemnification Obligations) and all other amounts payable under this Article
              XI shall be paid in full in cash and (iii) the Final Maturity Date shall have occurred, the Secured Parties will, at such Guarantor's request and expense, execute and deliver to such Guarantor appropriate documents, without recourse and
              without representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Guaranteed Obligations resulting from such payment by such Guarantor.

           

          Section 11.06          Contribution.  All Guarantors desire to allocate among
              themselves, in a fair and equitable manner, their obligations arising under this Guaranty.  Accordingly, in the event any payment or distribution is made on any date by a Guarantor under this Guaranty such that its Aggregate Payments exceeds
              its Fair Share as of such date, such Guarantor shall be entitled to a contribution from each of the other Guarantors in an amount sufficient to cause each Guarantor's Aggregate Payments to equal its Fair Share as of such date.  "Fair Share" means, with respect to any Guarantor as of any date of determination, an amount equal to (a) the ratio of (i) the Fair Share Contribution Amount with respect to
              such Guarantor, to (ii) the aggregate of the Fair Share Contribution Amounts with respect to all Guarantors multiplied by, (b) the aggregate amount paid or distributed on or before such date by all Guarantors under this Guaranty in respect of
              the obligations Guaranteed.  "Fair Share Contribution Amount" means, with respect to any Guarantor as of any date of determination, the maximum aggregate amount
              of the obligations of such Guarantor under this Guaranty that would not render its obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United States Code or any comparable
              applicable provisions of state law; provided, solely for purposes of calculating the "Fair Share Contribution Amount" with respect to
              any Guarantor for purposes of this Section 11.06, any assets or liabilities of such Guarantor arising by virtue of any rights to subrogation, reimbursement or indemnification or any rights to or obligations of contribution hereunder shall not
              be considered as assets or liabilities of such Guarantor.  "Aggregate Payments" means, with respect to any Guarantor as of any date of determination, an amount
              equal to (A) the aggregate amount of all payments and distributions made on or before such date by such Guarantor in respect of this Guaranty (including, without limitation, in respect of this Section 11.06), minus (B) the aggregate amount of all payments received on or before such date by such Guarantor from the other Guarantors as contributions under this Section 11.06.  The amounts payable
              as contributions hereunder shall be determined as of the date on which the related payment or distribution is made by the applicable Guarantor.  The allocation among Guarantors of their obligations as set forth in this Section 11.06 shall not
              be construed in any way to limit the liability of any Guarantor hereunder.  Each Guarantor is a third party beneficiary to the contribution agreement set forth in this Section 11.06.

           

          
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          ARTICLE XII

            

            MISCELLANEOUS

           

          Section 12.01          Notices, Etc.

           

          (a)          Notices Generally.  All notices and other communications provided for hereunder shall be in writing and shall be delivered by hand, sent by registered or certified mail (postage prepaid, return receipt requested), overnight courier, or
            telecopier.  In the case of notices or other communications to any Loan Party, Administrative Agent or the Collateral Agent, as the case may be, they shall be sent to the respective
              address set forth below (or, as to each party, at such other address as shall be designated by such party in a written notice to the other parties complying as to delivery with the terms of this Section 12.01):

          

          

          
            	 	 	 
	
                     

                  	Gannett Holdings LLC

                    c/o Gannett Co., Inc.

                    1345 Avenue of the Americas, Floor 45

                    New York, NY  10105

                    Attention:  Michael Reed

                    

                    with a copy to:

                    

                    GateHouse Media, LLC

                    175 Sully’s Trail

                    Pittsford, NY  14534

                    Attention:  Polly Sack

                    

                    with a copy to:

                    

                    Cravath, Swaine & Moore LLP

                    Attention: George E. Zobitz, Esq.

                  	
                     

                  

            

            

            
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                  	if to the Administrative Agent or the Collateral Agent, to it at the following address:

                    

                    CortlandAlter Domus Products Corp.

                    225 W. Washington St., 9th Floor

                    Chicago, Illinois 60606

                    Attention: Legal Department and Steve Lenard

                    

                    in each case, with a copy to:

                    Paul, Weiss, Rifkind, Wharton & Garrison LLP

                    1285 Avenue of the Americas

                    New York, New York 10019

                    Attention:  Brian Kim, Esq.     

                    

                    if to the Specified Lender, to it at the following address:

                    Apollo Global Management, Inc.

                    9 West 57th Street, 37th Floor

                    New York, New York 10019

                    Attention: General Counsel

                    

                    in each case with a copy to:

                    

                    Paul, Weiss, Rifkind, Wharton & Garrison LLP

                    1285 Avenue of the Americas

                    New York, New York 10019

                  	
                     

                  
	 	 	 

          

          

          All notices or other communications sent in accordance with this Section 12.01, shall be deemed received on the earlier of the date of actual receipt or 3 Business Days after the deposit
            thereof in the mail; provided, that (i) notices sent by overnight courier service shall be deemed to have been given when received and (ii) notices by facsimile shall be deemed to have been given when sent (except that, if not given
            during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient), provided, further that notices to any Agent pursuant to Article II shall
            not be effective until received by such Agent, as the case may be.

           

          
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          (b)          Electronic Communications.

           

          (i)          Each Agent and the Borrower may, in its discretion, agree to accept notices and other
              communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to
              particular notices or communications.  Notices and other communications to the Lenders 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 pursuant to Article II if such Lender has notified the Agents
              that it is incapable of receiving notices under such Article by electronic communication.

           

          (ii)          Unless the Collateral Agent otherwise prescribes, (A) notices and other communications
              sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement),
              and (B) 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 (A), of notification that such
              notice or communication is available and identifying the website address therefor; provided that, for both clauses (A) and (B) above, if such notice, email or
              other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.

           

          (c)          The Agents shall have the right to accept and act upon instructions, including funds
              transfer instructions ("Instructions") given pursuant to this Agreement and sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured
              electronic methods; provided, however, that the Borrower shall amend the incumbency certificate provided by the Borrower in accordance with Section 5.01 whenever a person is to be added or deleted from the list.  If the Borrower elects to
              give any Agent Instructions using e-mail or facsimile instructions (or instructions by a similar electronic method) and the Agent in its discretion elects to act upon such Instructions, the Agent's reasonable understanding of such Instructions shall be deemed controlling.  The Borrower understands and agrees that the Agents cannot determine the identity of the actual sender of such Instructions and that the
              Agents shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to such Agent have been sent by such Authorized Officer.  The Borrower shall be
              responsible for ensuring that only Authorized Officers transmit such Instructions to the Agents and that the Borrower and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and
              authorization codes, passwords and/or authentication keys upon receipt by the Borrower.  No Agent shall be liable for any losses, costs or expenses arising directly or indirectly from such Agent's reliance upon and compliance with such
              Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction.  The Borrower agrees: (i) to assume all risks arising out of the use of e-mail or facsimile instructions (or instructions by a
              similar electronic method) to submit Instructions to the Agents, including without limitation the risk of such Agent acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed
              of the protections and risks associated with the various methods of transmitting Instructions to the Agents and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Borrower; (iii) that the
              security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the applicable
              Agent immediately upon learning of any compromise or unauthorized use of the security procedures.

           

          
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          Section 12.02          Amendments, Etc.  (a)  No amendment or waiver of any provision
              of this Agreement or any other Loan Document (excluding the Fee Letter), and no consent to any departure by any Loan Party therefrom, shall in any event be effective unless the same shall be in writing and signed (x) in the case of an
              amendment, consent or waiver to cure any ambiguity, omission, defect or inconsistency or granting a new Lien for the benefit of the Agents and the Secured Parties or extending an existing Lien over additional property, by the Agents and the
              Borrower, (y) in the case of any other waiver or consent, by the Required Lenders (or by the Collateral Agent with the written consent of the Required Lenders), with a copy to each Agent, and (z) in the case of any other amendment, by the
              Required Lenders (or by the Collateral Agent with the written consent of the Required Lenders) and the Borrower, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver or consent shall:

           

          (i)          increase the Commitment of any Lender, reduce the principal of, or interest on, the
              Term Loans payable to any Lender, reduce the amount of any fee payable for the account of any Lender, or postpone or extend any scheduled date fixed for any payment of principal of, or interest or fees on, the Term Loans payable to any Lender
              without the written consent of such Lender;

           

          (ii)         change the percentage of the Commitments or of the aggregate unpaid principal amount
              of the Term Loans that is required for the Lenders or any of them to take any action hereunder without the written consent of each Lender;

           

          (iii)        amend the definition of "Required Lenders" or "Pro Rata Share" without the written
              consent of each Lender;

           

          (iv)        release all or substantially all the Collateral (except as otherwise provided in this
              Agreement and the other Loan Documents), subordinate any Lien granted in favor of the Collateral Agent for the benefit of the Agents and the Lenders, or release any Borrower or any Guarantor (except in connection with a Disposition of the
              Equity Interests thereof permitted by Section 7.02(c)(ii)), or release the Guaranty of Holdings or of all or substantially all of the value of the Guaranty provided by the other Guarantors (except as otherwise provided in this Agreement and
              the other Loan Documents), in each case, without the written consent of each Lender; or

           

          (v)         amend, modify or waive Section 4.02, Section 4.03 or this Section 12.02 of this
              Agreement without the written consent of each Lender.

           

          Notwithstanding the foregoing, no amendment, waiver or consent shall, unless in writing and signed by an Agent, affect the rights or duties of such Agent (but not in
            its capacity as a Lender) under this Agreement or the other Loan Documents.

           

          
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          (b)          If any action to be taken by the Lenders hereunder requires the consent, authorization, or agreement of all of the Lenders or any Lender affected thereby, and a Lender (the "Holdout

                Lender") fails to give its consent, authorization, or agreement, then the Borrower, upon at least 5 Business Days prior irrevocable notice to the Holdout Lender, may permanently replace the Holdout
              Lender with one or more substitute lenders (each, a "Replacement Lender"), and the Holdout Lender shall have no right to refuse to be replaced hereunder.  Such
              notice to replace the Holdout Lender shall specify an effective date for such replacement, which date shall not be later than 15 Business Days after the date such notice is given.  Prior to the effective date of such replacement, the Holdout
              Lender and each Replacement Lender shall execute and deliver an Assignment and Acceptance, subject only to the Holdout Lender being repaid its share of the outstanding Obligations without any premium or penalty of any kind whatsoever.  If the
              Holdout Lender shall refuse or fail to execute and deliver any such Assignment and Acceptance prior to the effective date of such replacement, the Holdout Lender shall be deemed to have executed and delivered such Assignment and Acceptance. 
              The replacement of any Holdout Lender shall be made in accordance with the terms of Section 12.07.

           

          Section 12.03          No Waiver; Remedies, Etc.  No failure on the part of
            any Agent or any Lender to exercise, and no delay in exercising, any right hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right under any Loan Document preclude any
            other or further exercise thereof or the exercise of any other right.  The rights and remedies of the Agents and the Lenders provided herein and in the other Loan Documents are cumulative and are in addition to, and not exclusive of, any rights
            or remedies provided by law.  The rights of the Agents and the Lenders under any Loan Document against any party thereto are not conditional or contingent on any attempt by the Agents and the Lenders to exercise any of their rights under any
            other Loan Document against such party or against any other Person.

           

          Section
              12.04          Expenses; Attorneys' Fees.  The Borrower will pay as
              promptly as practicable, and in any event within 10 days of a delivery of an invoice, all reasonable and documented out-of-pocket fees, costs and expenses incurred by or on behalf of each Agent, the Observer, each Lender Director Nominee and each Lender, regardless of whether the Transactions are
              consummated, including, without limitation, reasonable fees, costs, client charges and expenses (including reasonable and documented out-of-pocket fees and expenses of (i) one outside counsel and one local counsel in each relevant
              jurisdiction for the Agents, (ii) one outside counsel and one local counsel in each relevant jurisdiction for the Specified Lender, the Observer and any Lender Director Nominee and (iii) one outside counsel and one local counsel in each relevant jurisdiction for the other Lenders taken as a
              whole), accounting, due diligence, valuations, investigations, searches and filings, monitoring of assets, appraisals of Collateral, title searches and reviewing environmental assessments, miscellaneous disbursements, examination, travel,
              lodging and meals, arising from or relating to:  (a) the negotiation, preparation, execution, delivery, performance and administration of this Agreement and the other Loan Documents (including, without limitation, the preparation of any
              additional Loan Documents pursuant to Section 7.01(b) or the review of any of the agreements, instruments and documents referred to in Section 7.01(f)), (b) any requested amendments, waivers or consents to this Agreement or the other Loan
              Documents whether or not such documents become effective or are given, (c) the preservation and protection of the Agents' or any of the Lenders' rights under this Agreement or the other Loan Documents, (d) the defense of any claim or action
              asserted or brought against any Agent or any Lender by any Person that arises from or relates to this Agreement, any other Loan Document, the Agents' or the Lenders' claims against any Loan Party under the Loan Documents, or any and all
              matters in connection therewith, (e) the commencement or defense of, or intervention in, any court proceeding arising from or related to this Agreement or any other Loan Document, (f) the filing of any petition, complaint, answer, motion or
              other pleading by any Agent or any Lender, or the taking of any action in respect of the Collateral, in connection with this Agreement or any other Loan Document, (g) the protection, collection, lease, sale, taking possession of or
              liquidation of, any Collateral in connection with this Agreement or any other Loan Document, (h) any attempt to enforce any Lien or security interest in any Collateral in connection with this Agreement or any other Loan Document, (i) any
              attempt to collect from any Loan Party, (j) all liabilities and costs arising from or in connection with the past, present or future operations of any Loan Party involving any damage to real or personal property or natural resources or harm
              or injury alleged to have resulted from any Release of Hazardous Materials on, upon or into such property, (k) any Environmental Liabilities and Costs incurred in connection with the investigation, removal, cleanup and/or remediation of any
              Hazardous Materials present or arising out of the operations of any Mortgaged Property of any Loan Party, (l) any Environmental Liabilities and Costs incurred in connection with any Environmental Lien, or (m) the receipt by any Agent or any
              Lender of any advice from professionals with respect to any of the foregoing; provided, however, that the Borrower shall not have any obligation to reimburse any fees, costs and expenses under this Section 12.04 to the extent caused by the gross negligence, bad faith or willful misconduct of any Agent, the
              Observer, any Lender Director Nominee or any Lender (or, in
              each case, any of its Related Parties), as determined by a final non-appealable judgment of a court of competent jurisdiction.  Without limitation of the foregoing or any other provision of any Loan Document, the Borrower agrees to pay all
              broker fees that may become due in connection with the transactions contemplated by this Agreement and the other Loan Documents.  The obligations of the Borrower under this Section 12.04 shall survive the repayment of the Obligations and
              discharge of any Liens granted under the Loan Documents and the resignation or removal of any Agent.

           

          
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          Section 12.05          Right of Set-off.  Upon the occurrence and during the continuance of any Event of Default, any Agent or any Lender may, and is hereby authorized
              to, at any time and from time to time, without notice to any Loan Party (any such notice being expressly waived by the Loan Parties) and to the fullest extent permitted by law, set off and apply any and all deposits (general or special, time
              or demand, provisional or final) at any time held and other Indebtedness at any time owing by such Agent or such Lender or any of their respective Affiliates to or for the credit or the account of any Loan Party against any and all
              obligations of the Loan Parties either now or hereafter existing under any Loan Document, irrespective of whether or not such Agent or such Lender shall have made any demand hereunder or thereunder and although such obligations may be
              contingent or unmatured. Each Agent and each Lender agrees to notify such Loan Party promptly after any such set-off and application made by such Agent or such Lender or any of their respective Affiliates provided that the failure to give
              such notice shall not affect the validity of such set-off and application.  The rights of the Agents and the Lenders under this Section 12.05 are in addition to the other rights and remedies (including other rights of set-off) which the
              Agents and the Lenders may have under this Agreement or any other Loan Documents of law or otherwise.

           

          Section 12.06          Severability.   Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
              remaining portions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.

           

          Section 12.07          Assignments and Participations.

           

          (a)          This Agreement and the other
              Loan Documents shall be binding upon and inure to the benefit of each Loan Party and each Agent and each Lender and their respective successors and assigns; provided, however, that none of the Loan Parties may assign or transfer any of its rights hereunder or under the other Loan Documents without the prior
              written consent of each Agent and each Lender and any such assignment without the Agents' and Lenders' prior written consent shall be null and void.

           

          
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          (b)          Subject to the conditions set forth in clause (c) below, each Lender may assign to one or more other Lenders or other entities all or a portion of its rights and obligations under
              this Agreement with respect to:

           

          (i)          all or a portion of its Term Loan Commitment and any Term Loan made by it with the
              written consent of the Borrower (which consent shall not be unreasonably withheld, conditioned or delayed), and

           

          (ii)         [reserved]; and

           

          provided, however, that (x) no written consent of the Borrower shall be required in connection with any assignment by a Lender to a Lender, an Affiliate of such Lender or a
            Related Fund of such Lender and (y) no written consent of the Borrower shall be required during the continuance of an Event of Default pursuant to Sections 9.01(a), (f) or (g); provided further that the Borrower shall be deemed
            to have consented to any assignment hereunder, unless it shall have objected thereto by written notice to the assigning Lender within 10 Business Days after having received written notice thereof.

           

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

           

          (i)          Each such assignment shall be in an amount which is at least $1,000,000 or a multiple
              of $1,000,000 in excess thereof (or the remainder of such Lender's Commitment) (except such minimum amount shall not apply to an assignment by a Lender to (A) a Lender, an Affiliate of such Lender or a Related Fund of such Lender or (B) a
              group of new Lenders, each of whom is an Affiliate or Related Fund of each other to the extent the aggregate amount to be assigned to all such new Lenders is at least $1,000,000 or a multiple of $1,000,000 in excess thereof (or the remainder
              of such Lender's Commitment));

           

          (ii)         Except as provided in the last sentence of this Section
              12.07(c)(ii), the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acknowledgment, an Assignment and Acceptance, together with any promissory note subject to such assignment and all documentation
              and other information with respect to the assignee that is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act, and such parties shall deliver
              to the Administrative Agent, for the benefit of the Administrative Agent, a processing and recordation fee of $3,500 (except the payment of such fee shall not be required in connection with an assignment by a Lender to a Lender, an Affiliate
              of such Lender or a Related Fund of such Lender); and

           

          (iii)        No such assignment shall be made to an Affiliated Lender or to a natural person.

           

          
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          (d)          Upon such execution, delivery
              and acceptance, from and after the effective date specified in each Assignment and Acceptance and recordation on the Register, (A) the assignee thereunder shall become a "Lender" hereunder and, in addition to the rights and obligations
              hereunder held by it immediately prior to such effective date, have the rights and obligations hereunder that have been assigned to it pursuant to such Assignment and Acceptance and (B) the assigning Lender thereunder shall, to the extent
              that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance
              covering all or the remaining portion of an assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto).

           

          (e)          By

              executing and delivering an Assignment and Acceptance, the assigning Lender and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows:  (i) other than as provided in such Assignment and
              Acceptance, the assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or any other Loan Document or the
              execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document furnished pursuant hereto; (ii) the assigning Lender makes no representation or warranty and assumes no
              responsibility with respect to the financial condition of any Loan Party or any of its Subsidiaries or the performance or observance by any Loan Party of any of its obligations under this Agreement or any other Loan Document furnished
              pursuant hereto; (iii) such assignee confirms that it has received a copy of this Agreement and the other Loan Documents, together with such other documents and information it has deemed appropriate to make its own credit analysis and
              decision to enter into such Assignment and Acceptance; (iv) such assignee will, independently and without reliance upon the assigning Lender, any Agent or any Lender and based on such documents and information as it shall deem appropriate at
              the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the other Loan Documents; (v) such assignee appoints and authorizes the Agents to take such action as agents on its behalf and to
              exercise such powers under this Agreement and the other Loan Documents as are delegated to the Agents by the terms hereof and thereof, together with such powers as are reasonably incidental hereto and thereto; and (vi) such assignee agrees
              that it will perform in accordance with their terms all of the obligations which by the terms of this Agreement and the other Loan Documents are required to be performed by it as a Lender.

           

          (f)          The Administrative Agent shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain, or cause to be maintained at the Payment Office, a copy of each Assignment and Acceptance delivered to
              and accepted by it and a register (the "Register") for the recordation of the names and addresses of the Lenders and the Commitments of, and the principal amount
              of the Term Loans (and stated interest thereon) (the "Registered Loans").  The entries in the Register shall be conclusive and binding for all purposes, absent
              manifest error, and the Borrower, the Agents and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement.  The Register shall be available for inspection by the
              Borrower and any Lender at any reasonable time and from time to time upon reasonable prior written notice.

           

          
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          (g)          Upon

              receipt by the Administrative Agent of a completed Assignment and Acceptance and all documents required under Section 12.07(c), and subject to the acknowledgment required from the Administrative Agent pursuant to Section 12.07(b) (which
              acknowledgment of the Administrative Agent must be evidenced by such Agent's execution of an acceptance to such Assignment and Acceptance), the Administrative Agent shall accept such assignment, and record the information contained therein in
              the Register (as adjusted to reflect any principal payments on or amounts capitalized and added to the principal balance of the Term Loans and/or Commitment reductions made subsequent to the effective date of the applicable assignment, as
              confirmed in writing by the corresponding assignor and assignee in conjunction with delivery of the assignment to the Administrative Agent).

           

          (h)          A Registered Loan (and the
              registered note, if any, evidencing the same) may be assigned or sold in whole or in part only by registration of such assignment or sale on the Register (and each registered note shall expressly so provide).  Any assignment or sale of all or
              part of such Registered Loan (and the registered note, if any, evidencing the same) may be effected only by registration of such assignment or sale on the Register, together with the surrender of the registered note, if any, evidencing the
              same duly endorsed by (or accompanied by a written instrument of assignment or sale duly executed by) the holder of such registered note, whereupon, at the request of the designated assignee(s) or transferee(s), one or more new registered
              notes in the same aggregate principal amount shall be issued to the designated assignee(s) or transferee(s).  Prior to the registration of assignment or sale of any Registered Loan (and the registered note, if any, evidencing the same), the
              Agents shall treat the Person in whose name such Registered Loan (and the registered note, if any, evidencing the same) is registered on the Register as the owner thereof for the purpose of receiving all payments thereon, notwithstanding
              notice to the contrary.

           

          (i)          In

              the event that any Lender sells participations in a Registered Loan, such Lender shall, acting for this purpose as a non-fiduciary agent on behalf of the Borrower, maintain, or cause to be maintained, a register, on which it enters the name
              of all participants in the Registered Loans held by it and the principal amount (and stated interest thereon) of the portion of the Registered Loan that is the subject of the participation (the "Participant

                Register").  A Registered Loan (and the registered note, if any, evidencing the same) may be participated in whole or in part only by registration of such participation on the Participant Register
              (and each registered note shall expressly so provide).  Any participation of such Registered Loan (and the registered note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant
              Register.  The Participant Register shall be available for inspection by the Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice.

           

          (j)          Any Foreign Lender who
              purchases or is assigned or participates in any portion of such Registered Loan shall comply with Section 2.09(d).

           

          (k)          Each Lender may sell, without
              the consent of, or notice to, the Borrower or the Administrative Agent, participations to one or more banks or other entities (other than any Affiliated Lender) in or to all or a portion of its rights and obligations under this Agreement and
              the other Loan Documents (including, without limitation, all or a portion of its Commitments and the Term Loans made by it); provided, that (i) such Lender's
              obligations under this Agreement (including without limitation, its Commitments hereunder) and the other Loan Documents shall remain unchanged; (ii) such Lender shall remain solely responsible to the other parties hereto for the performance
              of such obligations, and the Borrower, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement and the other Loan Documents; and
              (iii) a participant shall not be entitled to require such Lender to take or omit to take any action hereunder except (A) action directly effecting an extension of the maturity dates or decrease in the principal amount of the Term Loans, (B)
              action directly effecting an extension of the due dates or a decrease in the rate of interest payable on the Term Loans or the fees payable under this Agreement, or (C) actions directly effecting a release of all or substantially all of the Collateral (except as otherwise provided in this Agreement and the other Loan Documents) or a release of the Guaranty of Holdings or of all or substantially all of the value of the
              Guaranty provided by the other (except as otherwise provided in this Agreement and the other Loan Documents).  For the avoidance of doubt, a participant may not vote on waivers of Defaults or Events of Default.  The Loan Parties agree that
              each participant shall be entitled to the benefits of Section 2.09 and Section 2.10 of this Agreement with respect to its participation in any portion of the Commitments and the Term Loans as if it was a Lender.

           

          
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          (l)          Any

              Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or
              loans made to such Lender pursuant to securitization or similar credit facility (a "Securitization"); 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.  The Loan Parties shall cooperate with
              such Lender and its Affiliates to effect the Securitization including, without limitation, by providing such information as may be reasonably requested by such Lender in connection with the rating of its Loans or the Securitization.

           

          Section
              12.08          Counterparts.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate
              counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of
              this Agreement by telecopier or electronic mail shall be equally as effective as delivery of an original executed counterpart of this Agreement.  Any party delivering an executed counterpart of this Agreement by telecopier or electronic mail
              also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement.  The foregoing shall apply
              to each other Loan Document mutatis mutandis.

           

          Section 12.09          GOVERNING LAW.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT IN RESPECT OF SUCH OTHER LOAN DOCUMENT) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW
              OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK.

           

          Section 12.10          CONSENT TO JURISDICTION; SERVICE OF PROCESS AND VENUE. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY
              OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK IN THE COUNTY OF NEW YORK OR OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH LOAN
              PARTY HEREBY IRREVOCABLY ACCEPTS IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS.  EACH PARTY HERETO HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED
              COURTS AND IN ANY SUCH ACTION OR PROCEEDING BY ANY MEANS PERMITTED BY APPLICABLE LAW, INCLUDING, WITHOUT LIMITATION, BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS FOR NOTICES
              AS SET FORTH IN SECTION 12.01, SUCH SERVICE TO BECOME EFFECTIVE 10 DAYS AFTER SUCH MAILING.  EACH PARTY 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 HEREIN SHALL AFFECT THE RIGHT OF THE AGENTS AND THE LENDERS TO SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED
              AGAINST ANY LOAN PARTY IN ANY OTHER JURISDICTION.  EACH PARTY HERETO HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE JURISDICTION OR LAYING OF VENUE OF
              ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

           

          
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          Section 12.11          WAIVER OF JURY TRIAL, ETC.  EACH LOAN PARTY, EACH AGENT AND EACH LENDER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR UNDER ANY
              AMENDMENT, WAIVER, CONSENT, INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED IN CONNECTION THEREWITH, OR ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND AGREES
              THAT ANY SUCH ACTION, PROCEEDINGS OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.  EACH LOAN PARTY CERTIFIES THAT NO OFFICER, REPRESENTATIVE, AGENT OR ATTORNEY OF ANY AGENT OR ANY LENDER HAS REPRESENTED, EXPRESSLY OR
              OTHERWISE, THAT ANY AGENT OR ANY LENDER WOULD NOT, IN THE EVENT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE FOREGOING WAIVERS.  EACH LOAN PARTY HEREBY ACKNOWLEDGES THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE AGENTS
              AND THE LENDERS ENTERING INTO THIS AGREEMENT.

           

          Section 12.12          Consent by the Agents and Lenders.  Except as otherwise expressly set forth herein to the contrary or in any other Loan Document, if the consent, approval, satisfaction, determination, judgment, acceptance or similar action
              (an "Action") of any Agent or any Lender shall be permitted or required pursuant to any provision hereof or any provision of any other agreement to which any
              Loan Party is a party and to which any Agent or any Lender has succeeded thereto, such Action shall be required to be in writing and may be withheld or denied by such Agent or such Lender, in its sole discretion, with or without any reason,
              and without being subject to question or challenge on the grounds that such Action was not taken in good faith.

           

          Section 12.13          No Party Deemed Drafter.  Each of the parties hereto agrees that no party hereto shall be deemed to be the drafter of this Agreement.

           

          Section 12.14          Reinstatement; Certain Payments.  If any claim is ever made upon any Secured Party for repayment or recovery of any amount or amounts received by such Secured Party in payment or on account of any of the Obligations, such Secured Party shall give
              prompt notice of such claim to each other Agent and Lender and the Borrower, and if such Secured Party repays all or part of such amount by reason of (i) any judgment, decree or order of any court or administrative body having jurisdiction
              over such Secured Party or any of its property, or (ii) any good faith settlement or compromise of any such claim effected by such Secured Party with any such claimant, then and in such event each Loan Party agrees that (A) any such judgment,
              decree, order, settlement or compromise shall be binding upon it notwithstanding the cancellation of any Indebtedness hereunder or under the other Loan Documents or the termination of this Agreement or the other Loan Documents, and (B) it
              shall be and remain liable to such Secured Party hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by such Secured Party.

           

          
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          Section 12.15          Indemnification; Limitation of
                Liability for Certain Damages.

           

          (a)          In

              addition to each Loan Party's other Obligations under this Agreement, each Loan Party agrees to, jointly and severally, defend, protect, indemnify and hold harmless each Observer, each Lender Director Nominee, each Secured Party and all of their respective Affiliates, officers, directors,
              employees, attorneys, consultants and agents (collectively called the "Indemnitees") from and against any and all losses, damages, liabilities, obligations,
              penalties, fees, reasonable costs and expenses (including, without limitation, reasonable fees, costs, charges and expenses one firm of counsel for the Agents and its Related Parties, taken as a whole and all other Indemnitees, taken as a
              whole (and, if necessary, of a single firm of local counsel in each appropriate jurisdiction for all Indemnitees, take as a whole) (and, in the case of an actual or perceived conflict of interest where the Indemnitee affected by such conflict
              informs the Borrower of such conflict and thereafter retains its own counsel, of another firm of counsel (and local counsel, if applicable, for such affected Indemnitee)) incurred by such Indemnitees, whether prior to or from and after the
              Closing Date, whether direct, indirect or consequential, as a result of or arising from or relating to or in connection with any of the following:  (i) the negotiation, preparation, execution, administration or performance or enforcement of
              this Agreement, any other Loan Document or of any other document executed in connection with the transactions contemplated by this Agreement, (ii) any Lender's furnishing of funds to the Borrower under this Agreement or the other Loan
              Documents, including, without limitation, the management of any such Loans, (iii) the Agents and the Lenders relying on any instructions of the Borrower or the handling of the Register and Collateral of the Borrower as herein provided, (iv)
              any matter relating to the Transactions (including the functions performed by the Observer or any Lender Director Nominee in accordance with Section 7.01(x)) or the other Loan Documents or by any document executed in connection with the transactions contemplated by this Agreement or the other Loan Documents,
              or (v) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto (collectively, the "Indemnified Matters"); provided, however, that the Loan Parties shall not
              have any obligation to any Indemnitee under this subsection (a) for any Indemnified Matter (x) caused by the gross negligence, bad faith or willful misconduct of such Indemnitee or any of its Related Parties, as determined by a final
              non-appealable judgment of a court of competent jurisdiction or (y) arising from a material breach of such Indemnitee’s  (or any of its Related Party’s) obligations under this Agreement, as determined by a final non-appealable judgment of a court
              of competent jurisdiction.  This paragraph shall not apply with respect to Taxes, other than Taxes that represent losses, claims or damages arising from any non-Tax claim.

           

          (b)          To the extent that the
              undertaking to indemnify, pay and hold harmless set forth in this Section 12.15 may be unenforceable because it is violative of any law or public policy, each Loan Party shall, jointly and severally, contribute the maximum portion which it is
              permitted to pay and satisfy under applicable law, to the payment and satisfaction of all Indemnified Matters incurred by the Indemnitees.

           

          
            - 119 -

            
              

          

          (c)          No party hereto shall assert,
              and each party hereto hereby waives, any claim against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is
              based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result of, or in any way related to, this Agreement or any other Loan Document or any agreement or instrument contemplated
              hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, any Term Loan or the use of the proceeds thereof or any act or omission or event occurring in connection therewith, and each party hereto
              hereby waives, releases and agrees not to sue upon any such claim or seek any such damages, whether or not accrued and whether or not known or suspected to exist in its favor; provided, however, that the foregoing shall not limit any Loan Party’s indemnification obligations pursuant to Section 12.15(a).

           

          (d)          The indemnities and waivers
              set forth in this Section 12.15 shall survive the repayment of the Obligations and discharge of any Liens granted under the Loan Documents and the resignation or removal of any Agent.

           

          Section 12.16          Records.  The unpaid principal of and interest on the Term Loans, the interest rate or rates applicable to such unpaid principal and interest, the duration of such applicability, the Commitments,
              and the accrued and unpaid fees payable pursuant to Section 2.06 hereof, shall at all times be ascertained from the records of the Agents, which shall be conclusive and binding absent manifest error.

           

          Section 12.17          Binding Effect.  This Agreement shall become effective when it shall have been
              executed by each Loan Party, each Agent and each Lender and when the conditions precedent set forth in Section 5.01 hereof have been satisfied or waived in writing by the Agents, and thereafter shall be binding upon and inure to the benefit
              of each Loan Party, each Agent and each Lender, and their respective successors and assigns, except that the Loan Parties shall not have the right to assign their rights hereunder or any interest herein without the prior written consent of
              each Agent and each Lender, and any assignment by any Lender shall be governed by Section 12.07 hereof.

           

          
            - 120 -

            
              

          

          Section 12.18          Highest Lawful Rate.  It is the intention of the parties hereto that each Agent and each Lender shall conform strictly to usury laws applicable to it.  Accordingly, if the transactions contemplated hereby or by any other Loan Document
              would be usurious as to any Agent or any Lender under laws applicable to it (including the laws of the United States of America and the State of New York or any other jurisdiction whose laws may be mandatorily applicable to such Agent or such
              Lender notwithstanding the other provisions of this Agreement), then, in that event, notwithstanding anything to the contrary in this Agreement or any other Loan Document or any agreement entered into in connection with or as security for the
              Obligations, it is agreed as follows:  (i) the aggregate of all consideration which constitutes interest under law applicable to any Agent or any Lender that is contracted for, taken, reserved, charged or received by such Agent or such Lender
              under this Agreement or any other Loan Document or agreements or otherwise in connection with the Obligations shall under no circumstances exceed the maximum amount allowed by such applicable law, and any excess shall be canceled
              automatically and if theretofore paid shall be credited by such Agent or such Lender on the principal amount of the Obligations (or, to the extent that the principal amount of the Obligations shall have been or would thereby be paid in full,
              refunded by such Agent or such Lender, as applicable, to the Borrower); and (ii) in the event that the maturity of the Obligations is accelerated by reason of any Event of Default under this Agreement or otherwise, or in the event of any
              required or permitted prepayment, then such consideration that constitutes interest under law applicable to any Agent or any Lender may never include more than the maximum amount allowed by such applicable law, and excess interest, if any,
              provided for in this Agreement or otherwise shall, subject to the last sentence of this Section 12.18, be canceled automatically by such Agent or such Lender, as applicable, as of the date of such acceleration or prepayment and, if
              theretofore paid, shall be credited by such Agent or such Lender, as applicable, on the principal amount of the Obligations (or, to the extent that the principal amount of the Obligations shall have been or would thereby be paid in full,
              refunded by such Agent or such Lender to the Borrower).  All sums paid or agreed to be paid to any Agent or any Lender for the use, forbearance or detention of sums due hereunder shall, to the extent permitted by law applicable to such Agent
              or such Lender, be amortized, prorated, allocated and spread throughout the full term of the Term Loans until payment in full so that the rate or amount of interest on account of any Term Loans hereunder does not exceed the maximum amount
              allowed by such applicable law.  If at any time and from time to time (x) the amount of interest payable to any Agent or any Lender on any date shall be computed at the Highest Lawful Rate applicable to such Agent or such Lender pursuant to
              this Section 12.18 and (y) in respect of any subsequent interest computation period the amount of interest otherwise payable to such Agent or such Lender would be less than the amount of interest payable to such Agent or such Lender computed
              at the Highest Lawful Rate applicable to such Agent or such Lender, then the amount of interest payable to such Agent or such Lender in respect of such subsequent interest computation period shall continue to be computed at the Highest Lawful
              Rate applicable to such Agent or such Lender until the total amount of interest payable to such Agent or such Lender shall equal the total amount of interest which would have been payable to such Agent or such Lender if the total amount of
              interest had been computed without giving effect to this Section 12.18.

           

          For purposes of this Section 12.18, the term "applicable law" shall mean that law in effect from time to time and applicable to the loan transaction between the
            Borrower, on the one hand, and the Agents and the Lenders, on the other, that lawfully permits the charging and collection of the highest permissible, lawful non-usurious rate of interest on such loan transaction and this Agreement, including
            laws of the State of New York and, to the extent controlling, laws of the United States of America.

           

          The right to accelerate the maturity of the Obligations does not include the right to accelerate any interest that has not accrued as of the date of acceleration.

           

          
            - 121 -

            
              

          

          Section 12.19          Confidentiality.  Each Agent and each Lender agrees (on behalf of itself and each of its affiliates, directors, officers, employees and representatives) to use reasonable precautions to keep confidential,
              in accordance with its customary procedures for handling confidential information of this nature and in accordance with safe and sound practices of comparable commercial finance companies, any non-public information supplied to it by the Loan
              Parties pursuant to this Agreement or the other Loan Documents which is identified in writing by the Loan Parties as being confidential at the time the same is delivered to such Person (and which at the time is not, and does not thereafter
              become, publicly available or available to such Person from another source not known to be subject to a confidentiality obligation to such Person not to disclose such information), provided that nothing herein shall limit the disclosure by any Agent or any Lender of any such information (i) to its Affiliates and Related Funds and to its and its Affiliates' and Related Funds' respective equityholders
              (including, without limitation, investors and partners), directors, officers, employees, agents, trustees, counsel, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the
              confidential nature of such information and instructed to keep such information confidential in accordance with this Section 12.19, and such Agent or Lender shall be responsible for any such Person’s compliance with this requirement); (ii) to
              any other party hereto; (iii) to any assignee or participant (or prospective assignee or participant) or any party to a Securitization so long as such assignee or participant (or prospective assignee or participant) or party to a
              Securitization first agrees, in writing, to be bound by confidentiality provisions similar in substance to this Section 12.19; (iv) to the extent required by any Requirement of
              Law or judicial process or as otherwise requested by any Governmental Authority (in which case, such Agent or Lender shall promptly notify the Borrower in advance to the extent permitted by law); (v) to the National Association of Insurance
              Commissioners or any similar organization, any examiner, auditor or accountant or any nationally recognized rating agency or otherwise to the extent consisting of general portfolio information that does not identify Loan Parties; (vi) in
              connection with any litigation to which any Agent or any Lender is a party (in which case, such Agent or Lender shall promptly notify the Borrower in advance to the extent permitted by law); (vii) 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; or (viii) with the consent of the Borrower.

           

          Section 12.20          Public Disclosure.  Each Loan Party agrees that neither it nor any of its Affiliates will now or in the future issue any press release or other public disclosure using the name of an Agent, any Lender or any
              of their respective Affiliates or referring to this Agreement or any other Loan Document without the prior written consent of such Agent or such Lender, except to the extent that such Loan Party or such Affiliate is required to do so under
              applicable law (in which event, such Loan Party or such Affiliate will consult with such Agent or such Lender before issuing such press release or other public disclosure).  Each Loan Party hereby authorizes each Agent and each Lender, after
              consultation with the Borrower, to advertise the closing of the transactions contemplated by this Agreement, and to make appropriate announcements of the financial arrangements entered into among the parties hereto, as such Agent or such
              Lender shall deem appropriate, including, without limitation, on a home page or similar place for dissemination of information on the Internet or worldwide web, or in announcements commonly known as tombstones, in such trade publications,
              business journals, newspapers of general circulation and to such selected parties as such Agent or such Lender shall deem appropriate.

           

          Section
              12.21          Integration.  This Agreement, together with the other Loan Documents, reflects the entire understanding of the parties
              with respect to the transactions contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof.

           

          Section 12.22          USA PATRIOT Act. Each Agent and
              each Lender that is subject to the requirements of the USA PATRIOT Act and the Beneficial Ownership Regulation hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act and the Beneficial Ownership Regulation, it
              is required to obtain, verify and record information that identifies the entities composing the Borrower, which information includes the name and address of each such entity and other information that will allow such Agent and Lender to
              identify the entities composing the Borrower in accordance with the USA PATRIOT Act and the Beneficial Ownership Regulation.  Each Loan Party agrees to take such action and execute, acknowledge and deliver at its sole cost and expense, such
              instruments and documents as any Agent or any Lender may reasonably require from time to time in order to enable such Agent or Lender to comply with the USA PATRIOT Act and the Beneficial Ownership Regulation.

           

          
            - 122 -

            
              

          

          Section 12.23          Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution
              arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

           

          (a)          the application of any Write-Down and Conversion Powers by an EEA Resolution Authority
              to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

           

          (b)          the effects of any Bail-in Action on any such liability, including, if applicable:

           

          (i)          a reduction in full or in part or cancellation of any such liability;

           

          (ii)         a conversion of all, or a portion of, such liability into shares or other instruments
              of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of
              any rights with respect to any such liability under this Agreement or any other Loan Document; or

           

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

           

          Section 12.24          Exclusion of Certain PPSA
                Provisions.  Where the Lenders or Collateral Agent (each a “Secured Party”) has a security interest (as defined in the PPSA) under any Loan Document, to the extent the law permits: 

           

          (a)          for the purposes of sections 115(1) and 115(7) of the PPSA:

           

          (i)          each Secured Party with the benefit of
              the security interest need not comply with sections 95, 118, 121(4), 125,130, 132(3)(d) or 132(4) of the PPSA; and

           

          (ii)          sections 142 and 143 of the PPSA are excluded;

           

          (b)          for the purposes of section 115(7) of the PPSA, each Secured Party
              with the benefit of the security interest need not comply with sections 132 and 137(3);

           

          (c)          each party hereto waives its right to receive from any Secured Party
              any notice required under the PPSA (including a notice of a verification statement);

           

          (d)          if a Secured Party with the benefit of a security interest exercises
              a right, power or remedy in connection with it, that exercise is taken not to be an exercise of a right, power or remedy under the PPSA unless the Secured Party states otherwise at the time of exercise.  However, this paragraph does not apply
              to a right, power or remedy which can only be exercised under the PPSA; and

           

          
            - 123 -

            
              

          

          (e)          if the PPSA is amended to permit the Parties to agree not to comply
              with or to exclude other provisions of the PPSA, the Secured Parties may notify the Australian Loan Party that any of these provisions is excluded, or that the Secured Parties need not comply with any of these provisions.

           

          This does not affect any rights a person has or would have other than by reason of the PPSA and applies despite any other provision in any Loan
            Document.

           

          Section 12.25          Intercreditor
                  Agreements.  Each Lender (a) hereby agrees that it will be bound by and will take no actions contrary to the provisions of each Permitted Pari Passu Intercreditor Agreement and any other intercreditor agreement entered into in accordance
                  with the terms of this Agreement and (b) hereby authorizes and instructs the Administrative Agent to enter into each of the Pari Passu Intercreditor Agreements and, to the extent expressly permitted by the terms of this Agreement, each
                  such other intercreditor agreement and to subject the Liens securing the Obligations to the provisions thereof. 

           

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            - 124 -

            
              

          

           

        

        

      

    

    EXHIBIT B

    

    

    FORM OF PERMITTED PARI PASSU INTERCREDITOR AGREEMENT

        

      

    
      FIRST LIEN/FIRST LIEN INTERCREDITOR AGREEMENT

      

      

      dated as of

      

      

      [●], 2020

      

      

      among

      

      

      ALTER DOMUS PRODUCTS CORP.,

      as Authorized Representative under the Credit Agreement,

      

      

      ALTER DOMUS PRODUCTS CORP.,

      as Credit Agreement Collateral Agent,

      

      

      U.S. BANK NATIONAL ASSOCIATION,

      as the Initial Other Authorized Representative,

      

      

      ALTER DOMUS PRODUCTS CORP.,

      as Initial Other Collateral Agent,

      

      

      and

      

      

      each additional Authorized Representative and Collateral Agent from time to time party hereto

       

      

      relating to

      

      

      GANNETT HOLDINGS LLC and the other Grantors referred to herein

      

      

      
        
          

      

      
      TABLE OF CONTENTS

      

      

      Page

      

      

      	ARTICLE I 

            
	 
	Definitions
	 	 	 
	
              SECTION 1.01

            	
              Construction; Certain Defined Terms

            	
              1

            
	 	 	 
	
              SECTION 1.02

            	
              Australian Terms

            	
              10

            
	 	 	 
	
              ARTICLE II

            
	 	 	 
	
              Priorities and Agreements with Respect to Common Collateral

            
	 	 	 
	
              SECTION 2.01

            	
              Priority of Claims.

            	
              11

            
	 	 	 
	
              SECTION 2.02

            	
              Actions with Respect to Common Collateral; Prohibition on Contesting Liens

            	
              13

            
	 	 	 
	
              SECTION 2.03

            	
              No Interference; Payment Over

            	
              14

            
	 	 	 
	
              SECTION 2.04

            	
              Automatic Release of Liens; Amendments to First-Priority Collateral Documents

            	
              15

            
	 	 	 
	
              SECTION 2.05

            	
              Certain Agreements with Respect to Bankruptcy or Insolvency or Liquidation Proceedings

            	
              16

            
	 	 	 
	
              SECTION 2.06

            	
              Reinstatement

            	
              17

            
	 	 	 
	
              SECTION 2.07

            	
              Insurance

            	
              17

            
	 	 	 
	
              SECTION 2.08

            	
              Refinancings

            	
              17

            
	 	 	 
	
              SECTION 2.09

            	
              Possessory Collateral Agent as Gratuitous Bailee/Agent for Perfection

            	
              18

            
	 	 	 
	
              ARTICLE III

            
	 	 	 
	
              Existence and Amounts of Liens and Obligations

            
	 	 	 
	
              ARTICLE IV

            
	 	 	 
	
              The Applicable Collateral Agent

            
	 	 	 
	
              SECTION 4.01

            	
              Appointment and Authority

            	
              20

            
	 	 	 
	
              SECTION 4.02

            	
              Rights as a First-Priority Secured Party

            	
              21

            
	 	 	 
	
              SECTION 4.03

            	
              Power-of-Attorney

            	
              21

            
	 	 	 
	
              SECTION 4.04

            	
              Exculpatory Provisions

            	
              22

            
	 	 	 
	
              ARTICLE V

            
	 	 	 
	
              Miscellaneous

            
	 	 	 
	
              SECTION 5.01

            	
              Notices

            	
              23

            

      

      

      
        i

        
          

      

      	
              SECTION 5.02

            	
              Waivers; Amendment; Joinder Agreements; Termination

            	
              24

            
	 	 	 
	
              SECTION 5.03

            	
              Parties in Interest

            	
              25

            
	 	 	 
	
              SECTION 5.04

            	
              Survival of Agreement

            	
              25

            
	 	 	 
	
              SECTION 5.05

            	
              Counterparts

            	
              25

            
	 	 	 
	
              SECTION 5.06

            	
              Severability

            	
              25

            
	 	 	 
	
              SECTION 5.07

            	
              Governing Law

            	
              25

            
	 	 	 
	
              SECTION 5.08

            	
              Submission to Jurisdiction; Waivers

            	
              26

            
	 	 	 
	
              SECTION 5.09

            	
              WAIVER OF JURY TRIAL

            	
              26

            
	 	 	 
	
              SECTION 5.10

            	
              Headings

            	
              26

            
	 	 	 
	
              SECTION 5.11

            	
              Conflicts

            	
              27

            
	 	 	 
	
              SECTION 5.12

            	
              Provisions Solely to Define Relative Rights

            	
              27

            
	 	 	 
	
              SECTION 5.13

            	
              Agency Capacities

            	
              27

            
	 	 	 
	
              SECTION 5.14

            	
              Junior Lien Intercreditor Agreements

            	
              27

            
	 	 	 
	
              SECTION 5.15

            	
              Exclusion of Certain PPSA Provisions

            	
              28

            
	 	 	 
	
              Annexes and Exhibits

            	 
	 	 	 
	
              Annex A

            	
              Consent of Grantors

            
	
              Exhibit A

            	
              Form of Other First-Priority Secured Party Consent

            

      

      

      
        ii

        
          

      

      This FIRST LIEN/FIRST LIEN INTERCREDITOR AGREEMENT (as amended, restated, modified or supplemented from time to time, this “Agreement”),
        dated as of [●], 2020, is among ALTER DOMUS PRODUCTS CORP., as Authorized Representative for the Credit Agreement Secured Parties (in such capacity and together with its successors and assigns in such capacity, the “Administrative Agent”), ALTER DOMUS PRODUCTS CORP., as collateral agent for the Credit Agreement Secured Parties (in such capacity and together with its successors and assigns in such capacity, the “Credit Agreement Collateral Agent”), U.S. BANK NATIONAL ASSOCIATION, as Authorized Representative for the Initial Other First-Priority Secured Parties (in such capacity and together with its
        successors and assigns in such capacity, the “Initial Other Authorized Representative”), ALTER DOMUS PRODUCTS CORP., as collateral agent for the Initial Other First-Priority Secured
        Parties (in such capacity and together with its successors from time to time in such capacity, the “Initial Other Collateral Agent”), and each additional Authorized Representative and
        Collateral Agent from time to time party hereto for the Other First-Priority Secured Parties of the Series with respect to which it is acting in such capacity, as consented to by the Grantors in the Consent of Grantors.

      

      

      In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Credit Agreement Collateral
        Agent, the Administrative Agent (for itself and on behalf of the Credit Agreement Secured Parties), the Initial Other Collateral Agent, the Initial Other Authorized Representative (for itself and on behalf of the Initial Other First-Priority
        Secured Parties) and each additional Authorized Representative and Collateral Agent (for itself and on behalf of the Other First-Priority Secured Parties of the applicable Series) agree as follows:

      

      

      ARTICLE I

      

      

      Definitions

      

      

      SECTION 1.01          Construction; Certain Defined Terms.

      

      

      (a)          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, other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other
        document, statute or regulation as from time to time amended, restated, amended and restated, supplemented or otherwise modified, extended, refinanced or replaced, (ii) any reference herein to any Person shall be construed to include such Person’s
        successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express reference is made to such subsidiaries, (iii) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to
        refer to this Agreement in its entirety and not to any particular provision hereof, (iv) unless otherwise expressly stated herein, all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes
        of this Agreement, (v) unless otherwise expressly qualified herein, the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
        securities, accounts and contract rights and (vi) the term “or” is not exclusive.

      

      

      
        
          

      

      (b)        It is the intention of the First-Priority Secured Parties of each Series that the holders of First-Priority Obligations of such Series (and not the
        First-Priority Secured Parties of any other Series) bear the risk of (i) any determination by a court of competent jurisdiction that (x) any of the First-Priority Obligations of such Series are unenforceable under applicable law or are subordinated
        to any other obligations (other than another Series of First-Priority Obligations), (y) any of the First-Priority Obligations of such Series do not have an enforceable security interest in any of the Collateral securing any other Series of
        First-Priority Obligations and/or (z) any intervening security interest exists securing any other obligations (other than another Series of First-Priority Obligations and, without limiting the foregoing, after taking into account the effect of any
        applicable intercreditor agreements) on a basis ranking prior to the security interest of such Series of First-Priority Obligations but junior to the security interest of any other Series of First-Priority Obligations or (ii) the existence of any
        Collateral for any other Series of First-Priority Obligations that is not Common Collateral for such Series of First-Priority Obligations (any such condition referred to in the foregoing clauses (i) or (ii) with respect to any Series of
        First-Priority Obligations, an “Impairment” of such Series of First-Priority Obligations).  In the event of any Impairment with respect to any Series of First-Priority Obligations, the
        results of such Impairment shall be borne solely by the holders of such Series of First-Priority Obligations, and the rights of the holders of such Series of First-Priority Obligations (including, without limitation, the right to receive
        distributions in respect of such Series of First-Priority Obligations pursuant to Section 2.01) set forth herein shall be modified to the extent necessary so that the effects of such Impairment are borne solely by the holders of the Series of such
        First-Priority Obligations subject to such Impairment. Additionally, in the event the First-Priority Obligations of any Series are modified pursuant to applicable law (including, without limitation, pursuant to Section 1129 of the Bankruptcy Code),
        any reference to such First-Priority Obligations or the Secured Credit Documents governing such First-Priority Obligations shall refer to such obligations or such documents as so modified.

      

      

      (c)          Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Credit Agreement. As used in this Agreement, the following
        terms have the meanings specified below:

      

      

      “Administrative Agent” has the meaning assigned to such term in the introductory paragraph of this Agreement, or, if a new Credit
        Agreement is designated as the “Credit Agreement” hereunder in accordance with the definition of “Credit Agreement”, the Authorized Representative under such Credit Agreement.

      

      

      “Agreement” has the meaning assigned to such term in the introductory paragraph of this Agreement.

      

      

      
        2

        
          

      

      “Applicable Collateral Agent” means, with respect to any Common Collateral, (i) until the earlier of (x) the Discharge of Credit
        Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the Credit Agreement Collateral Agent and (ii) from and after the earlier of (x) the Discharge of Credit Agreement Obligations and (y) the Non-Controlling
        Authorized Representative Enforcement Date, the Collateral Agent for the Series of Other First-Priority Obligations represented by the Major Non-Controlling Authorized Representative.

      

      

      “Applicable Authorized Representative” means, with respect to any Common Collateral, (i) until the earlier of (x) the Discharge of Credit
        Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the Administrative Agent and (ii) from and after the earlier of (x) the Discharge of Credit Agreement Obligations and (y) the Non-Controlling Authorized
        Representative Enforcement Date, the Major Non-Controlling Authorized Representative.

      

      

      “Authorized Representative” means (i) in the case of any Credit Agreement Obligations or the Credit Agreement Secured Parties, the
        Administrative Agent, (ii) in the case of the Initial Other First-Priority Obligations or the Initial Other First-Priority Secured Parties, the Initial Other Authorized Representative and (iii) in the case of any Series of Other First-Priority
        Obligations or Other First-Priority Secured Parties that become subject to this Agreement after the date hereof, the Authorized Representative named for such Series in the applicable Joinder Agreement.

      

      

      “Bankruptcy Case” has the meaning assigned to such term in Section 2.05(b).

      

      

      “Bankruptcy Code” means Title 11 of the United States Code, as amended.

      

      

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

      

      

      “Borrower” means Gannett Holdings LLC, a Delaware limited liability company, and its successors and assigns.

      

      

      “Collateral” means all assets and properties subject to Liens created pursuant to any First-Priority Collateral Document to secure one or
        more Series of First-Priority Obligations.

      

      

      “Collateral Agent” means (i) in the case of the Credit Agreement Obligations, the Credit Agreement Collateral Agent, (ii) in the case of
        any Initial Other First-Priority Obligations, the Initial Other Collateral Agent and (iii) in the case of any other Series of Other First-Priority Obligations, the Other First-Priority Collateral Agent for such Series.

      

      

      
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      “Common Collateral” means, at any time, Collateral in which the holders of two or more Series of First-Priority Obligations (or their
        respective Authorized Representatives or Collateral Agents on behalf of such holders) hold a valid and perfected security interest or Lien (including, without limitation, in respect of equity interests of Foreign Subsidiaries directly owned by any
        Grantor that have been pledged as Collateral) at such time. If more than two Series of First-Priority Obligations are outstanding at any time and the holders of less than all Series of First-Priority Obligations hold a valid and perfected security
        interest or Lien in any Collateral at such time, then such Collateral shall constitute Common Collateral for those Series of First-Priority Obligations that hold a valid and perfected security interest or Lien in such Collateral at such time and
        shall not constitute Common Collateral for any Series which does not have a valid and perfected security interest or Lien in such Collateral at such time.

      

      

      “Consent of Grantors” means the Consent of Grantors in the form of Annex A attached hereto.

      

      

      “Controlled” 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 ownership of voting securities, by contract or otherwise.

      

      

      “Controlling Secured Parties” means, with respect to any Common Collateral, the Series of First-Priority Secured Parties whose Collateral
        Agent is the Applicable Collateral Agent for such Common Collateral.

      

      

      “Credit Agreement” means that certain Credit Agreement, dated as of November 19, 2019, among the Borrower, Holdings, the lending
        institutions from time to time parties thereto, the Administrative Agent and the other parties thereto, as amended, restated, amended and restated, supplemented or otherwise modified, extended, refinanced or replaced from time to time, including,
        in the event such Credit Agreement is terminated or replaced and the Borrower subsequently enters into any “Credit Agreement” (as defined in any Other First-Priority Agreement (or the Equivalent Provision thereof)), the Credit Agreement designated
        in writing by the Borrower to each Collateral Agent and each Authorized Representative to be the “Credit Agreement” hereunder.

      

      

      “Credit Agreement Collateral Agent” has the meaning assigned to such term in the introductory paragraph to this Agreement.

      

      

      “Credit Agreement Documents” means the Credit Agreement and the other “Loan Documents” as defined in the Credit Agreement (or any
        Equivalent Provision thereof).

      

      

      “Credit Agreement Obligations” means all “Obligations” (as such term is defined in the Credit Agreement (or the Equivalent Provision
        thereof)) of the Borrower and other obligors under the Credit Agreement or any of the other Credit Agreement Documents, and all other obligations to pay principal, premium, if any, and interest (including any interest, fees and expenses accruing
        after the commencement of any Insolvency or Liquidation Proceeding, regardless of whether allowed or allowable in such proceeding) when due and payable, and all other amounts due or to become due under or in connection with the Credit Agreement
        Documents and the performance of all other Obligations of the obligors thereunder to the lenders and agents under the Credit Agreement Documents, according to the respective terms thereof.

      

      

      
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      “Credit Agreement Secured Parties” means the “Secured Parties” as defined in the Credit Agreement (or the Equivalent Provision thereof).

      

      

      “DIP Financing” has the meaning assigned to such term in Section 2.05(b).

      

      

      “DIP Financing Liens” has the meaning assigned to such term in Section 2.05(b).

      

      

      “DIP Lenders” has the meaning assigned to such term in Section 2.05(b).

      

      

      “Discharge” means, with respect to any Common Collateral and any Series of First-Priority Obligations, the date on which such Series of
        First-Priority Obligations is no longer secured by such Common Collateral in accordance with the terms of the documentation governing such Series of First-Priority Obligations. The term “Discharged”
        has a corresponding meaning.

      

      

      “Discharge of Credit Agreement Obligations” means, with respect to any Common Collateral, the Discharge of the Credit Agreement
        Obligations with respect to such Common Collateral; provided that the Discharge of Credit Agreement Obligations shall not be deemed to have occurred in connection with (x) a Refinancing of such Credit Agreement Obligations with additional
        First-Priority Obligations secured by such Common Collateral or (y) the incurrence of future Credit Agreement Obligations, in each case, to the extent the applicable Other First-Priority Agreement has been designated in writing by the Borrower to
        each other Collateral Agent and each other Authorized Representative as the “Credit Agreement” for purposes of this Agreement.

      

      

      “Equivalent Provision” means, with respect to any reference to a specific provision of an agreement in effect on the date hereof (the
        “original agreement”), if such agreement is amended, restated, supplemented, modified, refinanced or replaced after the date hereof in a manner permitted hereby, the provision in such amended, restated, supplemented, modified, refinanced or
        replacement agreement that is the equivalent to such specific provision in such original agreement.

      

      

      “Event of Default” means an Event of Default under and as defined in the Credit Agreement or any Other First-Priority Agreement (or, in
        each case, the Equivalent Provision thereof).

      

      

      “First-Priority Collateral Documents” means any agreement, instrument or document entered into in favor of any Collateral Agent for
        purposes of securing any Series of First-Priority Obligations.

      

      

      “First-Priority Obligations” means, collectively, (i) the Credit Agreement Obligations and (ii) each Series of Other First-Priority
        Obligations (including, for the avoidance of doubt, the Initial Other First-Priority Obligations).

      

      

      
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      “First-Priority Secured Parties” means (a) the Credit Agreement Secured Parties and (b) the Other First-Priority Secured Parties with
        respect to each Series of Other First-Priority Obligations (including, for the avoidance of doubt, the Initial Other First-Priority Secured Parties).

      

      

      “Grantors” means each of Holdings, the Borrower and such of the Subsidiaries of Holdings that, in each case, has executed and delivered a
        First-Priority Collateral Document as a grantor thereunder with respect to two or more Series of First-Priority Obligations.

      

      

      “Holdings” means Gannett Co., Inc., a Delaware corporation, together with its successors and assigns.

      

      

      “Impairment” has the meaning assigned to such term in Section 1.01(b).

      

      

      “Initial Other Authorized Representative” has the meaning assigned to such term in the introductory paragraph to this Agreement.

      

      

      “Initial Other Collateral Agent” has the meaning set forth in the introductory paragraph to this Agreement.

      

      

      “Initial Other First-Priority Agreement” means that certain Indenture, dated as of November 17, 2020, governing the 6.00% Senior Secured
        Notes due 2027, among Holdings, as issuer, the guarantors named therein, and U.S. Bank National Association, as indenture trustee, as amended, restated, amended and restated, supplemented or otherwise modified from time to time.

      

      

      “Initial Other First-Priority Documents” means the Initial Other First-Priority Agreement and the other “Security Documents” as defined
        in the Initial Other First-Priority Agreement (or any Equivalent Provision thereof).

      

      

      “Initial Other First-Priority Obligations” means the “Notes Obligations” as defined in the Initial Other-First Priority Agreement (or the
        Equivalent Provision thereof).

      

      

      “Initial Other First-Priority Secured Parties” means the holders of any Initial Other First-Priority Obligations and the Initial Other
        Authorized Representative.

      

      

      “Insolvency or Liquidation Proceeding” means:

      

      

      (1)          any case or proceeding commenced by or against the Borrower or any other Grantor under any Bankruptcy Law, any other case or proceeding for the reorganization, recapitalization or
        adjustment or marshalling of the assets or liabilities of the Borrower or any other Grantor, any receivership or assignment for the benefit of creditors relating to the Borrower or any other Grantor or any similar case or proceeding relative to the
        Borrower or any other Grantor or its creditors, as such, in each case whether or not voluntary;

      

      

      
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      (2)         any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Borrower or any other Grantor, in each case whether or not voluntary and
        whether or not involving bankruptcy or insolvency (except for any voluntary liquidation, dissolution or other winding up to the extent permitted by the applicable Secured Credit Documents); or

      

      

      (3)          any other case or proceeding of any type or nature in which substantially all claims of creditors of the Borrower or any other Grantor are determined and any payment or distribution is
        or may be made on account of such claims.

      

      

      “Intervening Creditor” has the meaning assigned to such term in Section 2.01(a).

      

      

      “Joinder Agreement” means the documents required to be delivered by an Authorized Representative to each Collateral Agent pursuant to
        Section 5.02 herein (or the Equivalent Provision thereof) in order to create an additional Series of Other First-Priority Obligations or a Refinancing of any Series of First-Priority Obligations.

      

      

      “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, hypothecation, pledge, charge, security interest or
        similar monetary encumbrance in or on such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as
        any of the foregoing) relating to such asset; provided that in no event shall an operating lease or an agreement to sell be deemed to constitute a Lien.

      

      

      “Major Non-Controlling Authorized Representative” means, with respect to any Common Collateral, the Authorized Representative of the
        Series of First-Priority Obligations (other than the Credit Agreement Obligations) that constitutes the largest outstanding principal amount of any then outstanding Series of First-Priority Obligations with respect to such Common Collateral.

      

      

      “New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York.

      

      

      “Non-Controlling Authorized Representative” means, at any time with respect to any Common Collateral, any Authorized Representative that
        is not the Applicable Authorized Representative at such time with respect to such Common Collateral.

      

      

      “Non-Controlling Authorized Representative Enforcement Date” means, with respect to any Non-Controlling Authorized Representative, the
        date which is 180 days (throughout which 180 day period such Non-Controlling Authorized Representative was the Major Non-Controlling Authorized Representative) after the occurrence of both (i) an Event of Default (under and as defined in the Other
        First-Priority Agreement under which such Non-Controlling Authorized Representative is the Authorized Representative) and (ii) each Collateral Agent’s and each other Authorized Representative’s receipt of written notice from such
        Non-Controlling Authorized Representative certifying that (x) such Non-Controlling Authorized Representative is the Major Non-Controlling Authorized Representative and that an Event of Default (under and as defined in the Other First-Priority
        Agreement under which such Non-Controlling Authorized Representative is the Authorized Representative) has occurred and is continuing and (y) the First-Priority Obligations of the Series with respect to which such Non-Controlling Authorized
        Representative is the Authorized Representative are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable Other First-Priority Agreement; provided that
        the Non-Controlling Authorized Representative Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred with respect to any Common Collateral (1) at any time the Applicable Collateral Agent acting on the
        instructions of the Applicable Representative has commenced and is diligently pursuing any enforcement action with respect to such Common Collateral or (2) at any time the Grantor that has granted a security interest in such Common Collateral is
        then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding.

      

      

      
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      “Non-Controlling Secured Parties” means, with respect to any Common Collateral, the First-Priority Secured Parties which are not the
        Controlling Secured Parties with respect to such Common Collateral.

      

      

      “Obligations” means any principal, interest, fees, expenses (including any interest, fees, or expenses accruing after the commencement of
        any Insolvency or Liquidation Proceeding, regardless of whether allowed or allowable in such proceeding), penalties, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and bankers’ acceptances),
        damages and other liabilities payable under the documentation governing any indebtedness; provided, that Obligations with respect to the Initial Other First-Priority Obligations shall not include fees or indemnifications in favor of third
        parties other than the Initial Other Authorized Representative.

      

      

      “Other First-Priority Agreement” means any credit agreement (other than the Credit Agreement), indenture or other agreement, document or
        instrument pursuant to which any Grantor has or will incur Other First-Priority Obligations (provided that, in each case, the obligations thereunder have been designated as Other First-Priority Obligations pursuant to and in accordance with
        Section 5.02 hereof) and includes the Initial Other First-Priority Agreement.

      

      

      “Other First-Priority Collateral Agent” means, with respect to any Series of Other First-Priority Obligations, the collateral agent for
        such Series.

      

      

      “Other First-Priority Collateral Documents” means any agreement, document or instrument entered into for the purpose of granting a Lien
        to secure any Other First-Priority Obligation or to perfect such Lien (as each may be amended, restated, amended and restated, supplemented or otherwise modified from time to time).

      

      

      “Other First-Priority Documents” means, with respect to any Series of Other First-Priority Obligations, the Other First-Priority
        Agreement and Other First-Priority Collateral Documents applicable thereto and each other agreement, document and instrument providing for or evidencing any other First-Priority Obligation, as each may be amended, restated, amended and restated,
        supplemented or otherwise modified from time to time.

      

      

      
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      “Other First-Priority Obligations” means (a) the due and punctual payment by any Grantor of (i) the unpaid principal of and interest
        (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable as a claim in such proceeding) on indebtedness under any Other First-Priority
        Agreement, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations of such Grantor to any Secured Party under any Other First-Priority Agreement,
        including obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy,
        insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable as a claim in such proceeding), (b) the due and punctual performance of all other obligations of such Grantor under or pursuant to any Other
        First-Priority Agreement (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable as a claim in such proceeding), and (c) the
        due and punctual payment and performance of all the obligations of each other Grantor under or pursuant to any Other First-Priority Agreement (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership
        or other similar proceeding, regardless of whether allowed or allowable as a claim in such proceeding).

      

      

      “Other First-Priority Secured Party” means the holders of any Other First-Priority Obligations and any Authorized Representative and
        Collateral Agent with respect thereto and includes the Initial Other First-Priority Secured Parties.

      

      

      “Person” means any natural person, corporation, business trust, joint venture, association, company, partnership, limited liability
        company or government, individual or family trusts, or any agency or political subdivision thereof.

      

      

      “Possessory Collateral” means any Common Collateral in the possession of any Collateral Agent (or its agents or bailees), to the extent
        that possession thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction or otherwise.  Possessory Collateral includes, without limitation, any Certificated Securities, Promissory Notes, Instruments, and Chattel Paper,
        in each case, delivered to or in the possession of any Collateral Agent under the terms of the First-Priority Collateral Documents.  All capitalized terms used in this definition and not defined elsewhere in this Agreement have the meanings
        assigned to them in the New York UCC.

      

      

      “Proceeds” has the meaning assigned to such term in Section 2.01(a).

      

      

      
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      “Refinance” means, in respect of any indebtedness, to refinance, extend, renew, defease, amend, increase, modify, supplement,
        restructure, refund, replace or repay, or to issue other indebtedness or enter into alternative financing arrangements, in exchange or replacement for such indebtedness (in whole or in part), including by adding or replacing lenders, creditors,
        agents, borrowers and/or guarantors, and including in each case, but not limited to, after the original instrument giving rise to such indebtedness has been terminated and including, in each case, through any credit agreement, indenture or other
        agreement. “Refinanced” and “Refinancing” have correlative meanings.

      

      

      “Secured Credit Documents” means (i) the Credit Agreement Documents, (ii) the Initial Other First-Priority Documents and (iii) each Other
        First-Priority Documents (other than the Initial Other First-Priority Documents).

      

      

      “Series” means (a) with respect to the First-Priority Secured Parties, each of (i) the Credit Agreement Secured Parties (in their
        capacities as such), (ii) the Initial Other First-Priority Secured Parties (in their capacities as such) and (iii) the Other First-Priority Secured Parties (other than the Initial Other First-Priority Secured Parties) that become subject to this
        Agreement after the date hereof that are represented by a common Authorized Representative (in its capacity as such for such Other First-Priority Secured Parties) (with each such group of Other First-Priority Secured Parties pursuant to this clause
        (iii) that is so represented by a different common Authorized Representative constituting a separate “Series” of First-Priority Secured Parties) and (b) with respect to any First-Priority Obligations, each of (i) the Credit Agreement Obligations,
        (ii) the Initial Other First-Priority Obligations and (iii) the Other First-Priority Obligations incurred pursuant to any Other First-Priority Agreement (other than the Initial Other First-Priority Agreement), which pursuant to any Joinder
        Agreement, are to be represented hereunder by a common Authorized Representative (in its capacity as such for such Other First-Priority Obligations) (with each such group of Other First-Priority Obligations pursuant to this clause (iii) that is so
        represented by a different common Authorized Representative constituting a separate “Series” of First-Priority Obligations).

      

      

      “Subsidiary” means, with respect to any Person (herein referred to as the “parent”), any corporation, partnership, association or other
        business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time any determination is
        being made, directly or indirectly, owned, Controlled or held, or (b) that is, at the time any determination is made, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the
        parent.

      

      

      SECTION 1.02          Australian Terms

      

      

      (a)          Unless the context requires otherwise, a reference to “Australia” shall include the Commonwealth of Australia and each State or Territory of the Commonwealth of Australia (and
        “Australian” shall have a corresponding meaning).

      

      

      (b)          In relation to any Australian Person or where the PPSA otherwise applies, a reference to a Lien or other security interest includes any "security interest" as defined in sections 12(1)
        or (2) of the PPSA.

      

      

      
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      (c)         Where it relates to any Australian Person, a reference to: (i) bankruptcy includes administration; (ii) liquidation includes winding up; (iii) a receiver includes a controller and a
        managing controller, each as defined in the Corporations Act (and a reference to receivership has a corresponding meaning); (iv) Insolvency or Liquidation Proceeding includes any corporate action, legal proceedings or other formal procedure, filing
        or step under the Bankruptcy Act 1966 (Commonwealth of Australia) and Chapter 5 and Part 5C.9 of the Corporations Act in relation to the suspension of payments, a moratorium of any indebtedness, winding-up,
        dissolution, administration or reorganisation or the appointment of a liquidator, receiver, administrator, compulsory manager or other similar officer or (v) Bankruptcy Law includes the Corporations Act and the Bankruptcy Act 1966 (Commonwealth of Australia).

      

      

      (d)          A reference to any consent or approval of, registration or filing with, or any other action by, any Governmental Authority includes, in relation to anything which will be fully or
        partly prohibited or restricted by Australian law if a Governmental Authority in or of Australia intervenes or acts in any way within a specified period after lodgment, filing, registration or notification, the expiry of that period without
        intervention or action.

      

      

      ARTICLE II

      

      

      Priorities and Agreements with Respect to Common Collateral

      

      

      SECTION 2.01          Priority of Claims.

      

      

      (a)          Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to Section 1.01(b)), if an Event of Default has occurred and is
        continuing, and the Applicable Collateral Agent is taking action to enforce rights in respect of any Common Collateral, or any distribution is made in respect of any Common Collateral in any Insolvency or Liquidation Proceeding of any Grantor
        (including any adequate protection payments) or any First-Priority Secured Party receives any payment pursuant to any intercreditor agreement (other than this Agreement) with respect to any Common Collateral, the proceeds of any sale, collection or
        other liquidation of any such Common Collateral by any First-Priority Secured Party or received by the Applicable Collateral Agent or any First-Priority Secured Party pursuant to any such intercreditor agreement with respect to such Common
        Collateral and proceeds or payments of any such distribution to which the First-Priority Obligations are entitled under any intercreditor agreement (other than this Agreement) (subject, in the case of any such proceeds, payment or distribution, to
        the sentence immediately following) (all such payments, distributions, or proceeds of any sale, collection or other liquidation of any Common Collateral, all proceeds received pursuant to such other intercreditor agreement and all proceeds of any
        such distribution being collectively referred to as “Proceeds”), shall be applied by the Applicable Collateral Agent as follows:

      

      

      
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      FIRST, to the payment of all amounts owing to the Applicable Collateral Agent (in its capacity as such) secured by such Common Collateral, including all costs and expenses
        incurred by the Applicable Collateral Agent (in its capacity as such) in connection with such collection or sale or otherwise in connection with any Secured Credit Document or any of the First-Priority Obligations secured by such Common Collateral,
        including without limitation all court costs and the fees and expenses of its agents and legal counsel, the repayment of all advances made by the Applicable Collateral Agent under any Secured Credit Document on behalf of any Grantor, any other
        costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Secured Credit Document, and all other fees, indemnities and other amounts owing or reimbursable to the Applicable Collateral Agent under
        any Secured Credit Document in its capacity as such;

      

      

      SECOND, to the payment in full of the First-Priority Obligations secured by such Common Collateral (the amounts so applied to be distributed among the First-Priority Secured
        Parties pro rata based on the respective amounts of such First-Priority Obligations owed to them on the date of any such distribution, with (x) the portion thereof distributed to the Credit Agreement
        Secured Parties to be further distributed in accordance with the order of priority set forth in Section 4.03 of the Credit Agreement, (y) the portion thereof distributed to the Initial Other-First Priority Secured Parties to be further distributed
        in accordance with the order of priority set forth in Section 6.05 of the Initial Other First-Priority Agreement and (z) the portion thereof distributed to the Secured Parties of any Series of Other First-Priority Obligations to be further
        distributed in accordance with the applicable provisions of the Other First-Priority Agreements governing such Series; and

      

      

      THIRD, to the Grantors, their respective successors or assigns, or as a court of competent jurisdiction may otherwise direct;

      

      

      Notwithstanding the foregoing, with respect to any Common Collateral for which a third party (other than a First-Priority Secured Party and, without limiting the foregoing, after taking into account the effect of any
        applicable intercreditor agreements) has a lien or security interest that is junior in priority to the security interest of any Series of First-Priority Obligations but senior (as determined by appropriate legal proceedings in the case of any
        dispute) to the security interest of any other Series of First-Priority Obligations (such third party an “Intervening Creditor”), the value of any Common Collateral or Proceeds which are
        allocated to such Intervening Creditor shall be deducted on a ratable basis solely from the Common Collateral or Proceeds to be distributed in respect of the Series of First-Priority Obligations with respect to which such Impairment exists.

      

      

      (b)          It is acknowledged that the First-Priority Obligations of any Series may, subject to the limitations set forth in the then extant Secured Credit Documents,
        be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, Refinanced or otherwise amended or modified from time to time, all without affecting the priorities set forth in Section 2.01(a) or the provisions of
        this Agreement defining the relative rights of the First-Priority Secured Parties of any Series.

      

      

      (c)          Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing any Series of First-Priority Obligations
        granted on the Common Collateral and notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, or any other applicable law or the Secured Credit Documents or any defect or deficiencies in the Liens securing the
        First-Priority Obligations of any Series or any other circumstance whatsoever (but, in each case, subject to Section 1.01(b) hereof), each First-Priority Secured Party hereby agrees that the Liens securing each Series of First-Priority Obligations
        on any Common Collateral shall be of equal priority.

      

      

      
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      (d)          Notwithstanding anything to the contrary in this Agreement or the Secured Credit Documents, if an Event of Default has occurred and is continuing, any amounts required to be applied
        pursuant to an “asset sale sweep”, “excess cash flow sweep” or “unrestricted cash sweep” (or similar or equivalent provisions) under any Secured Credit Document shall be applied pro rata to each Series of
        First-Priority Obligations based on the respective outstanding amounts thereof at such time; provided, that for any Series of First-Priority Obligations where the relevant Secured Credit Document contemplates an offer to repurchase instead
        of a prepayment, such offer to repurchase, when made, shall be deemed to be a prepayment for purposes of this Section 2.01(d).

      

      

      SECTION 2.02          Actions with Respect to Common Collateral; Prohibition on Contesting Liens.

      

      

      (a)          With respect to any Common Collateral, (i) notwithstanding Section 2.01, only the Applicable Collateral Agent shall act or refrain from acting with respect
        to the Common Collateral (including with respect to any intercreditor agreement with respect to any Common Collateral), and then only on the instructions of the Applicable Authorized Representative, (ii) the Applicable Collateral Agent shall not
        follow any instructions with respect to such Common Collateral (including with respect to any intercreditor agreement with respect to any Common Collateral) from any Non-Controlling Authorized Representative (or any other First-Priority Secured
        Party other than the Applicable Authorized Representative) and (iii) no Non-Controlling Authorized Representative or other First-Priority Secured Party (other than the Applicable Authorized Representative) shall or shall instruct any Collateral
        Agent to, and any Collateral Agent that is not the Applicable Collateral Agent shall not, commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for
        or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its security interest in or realize upon, or take any other action available to it in respect of, any
        Common Collateral (including with respect to any intercreditor agreement with respect to any Common Collateral), whether under any First-Priority Collateral Document (other than the First-Priority Collateral Documents applicable to the Applicable
        Collateral Agent), applicable law or otherwise, it being agreed that only the Applicable Collateral Agent, acting on the instructions of the Applicable Authorized Representative and in accordance with the applicable First-Priority Collateral
        Documents, shall be entitled to take any such actions or exercise any such remedies with respect to Common Collateral.  Without limiting the provisions of Section 4.03, each Authorized Representative and Collateral Agent that is not the Applicable
        Collateral Agent hereby appoints the Applicable Collateral Agent as its agent and authorizes the Applicable Collateral Agent to exercise any and all remedies under each First-Priority Collateral Documents with respect to Common Collateral and to
        execute releases in connection therewith.  Notwithstanding the equal priority of the Liens with respect to the Common Collateral securing each Series of First-Priority Obligations, the Applicable Collateral Agent (acting on the instructions of the
        Applicable Authorized Representative) may deal with the Common Collateral as if such Applicable Collateral Agent had a senior Lien on such Collateral. No Non-Controlling Authorized Representative, Non-Controlling Secured Party or Collateral Agent
        that is not the Applicable Collateral Agent will contest, protest or object to any foreclosure proceeding or action brought by the Applicable Collateral Agent, the Applicable Authorized Representative or the Controlling Secured Parties or any other
        exercise by the Applicable Collateral Agent, the Applicable Authorized Representative or the Controlling Secured Parties of any rights and remedies relating to the Common Collateral. The foregoing shall not be construed to limit the rights and
        priorities of any First-Priority Secured Party, Collateral Agent or any Authorized Representative with respect to any Collateral not constituting Common Collateral.

      

      

      
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      (b)         Each of the Collateral Agents and the Authorized Representatives agrees that it will not accept any Lien on any Common Collateral for the benefit of any
        Series of First-Priority Obligations (other than funds deposited for the discharge or defeasance of any Secured Credit Documents governing such Series of First-Priority Obligations) other than pursuant to the First-Priority Collateral Documents
        and, by executing this Agreement (or a Joinder Agreement), each such Collateral Agent and each such Authorized Representative and, in each case, the Series of First-Priority Secured Parties for which it is acting hereunder agree to be bound by the
        provisions of this Agreement and the other First-Priority Collateral Documents applicable to it.

      

      

      (c)         Each of the First-Priority Secured Parties agrees that it will not (and hereby waives any right to) contest or support any other Person in contesting, in
        any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity or enforceability of a Lien held by or on behalf of any of the First-Priority Secured Parties in all or any part of the Collateral, or the
        provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair (i) the rights of any of the Collateral Agents or any First-Priority Secured Party to enforce this Agreement or (ii) the rights of
        any First-Priority Secured Party from contesting or supporting any other Person in contesting the enforceability of any Lien purporting to secure First-Priority Obligations constituting unmatured interest pursuant to Section 502(b)(2) of the
        Bankruptcy Code (or any similar provision of any other applicable Bankruptcy Law).

      

      

      SECTION 2.03          No Interference; Payment Over.

      

      

      (a)          Each First-Priority Secured Party agrees that (i) it will not challenge or question in any proceeding (including any Insolvency or Liquidation Proceeding)
        the validity or enforceability of any First-Priority Obligations of any Series or any First-Priority Collateral Document or the validity, attachment, perfection or priority of any Lien under any First-Priority Collateral Document or the validity or
        enforceability of the priorities, rights or duties established by or other provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any First-Priority Secured Party from
        challenging or questioning the validity or enforceability of any First-Priority Obligations constituting unmatured interest or the validity of any Lien relating thereto pursuant to Section 502(b)(2) of the Bankruptcy Code (or any similar provision
        of any other applicable Bankruptcy Law), (ii) it will not take or cause to be taken any action the purpose or intent of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale,
        transfer or other disposition of the Common Collateral by the Applicable Collateral Agent, (iii) except as provided in Section 2.02, it shall have no right to (A) direct the Applicable Collateral Agent or any other First-Priority Secured Party to
        exercise any right, remedy or power with respect to any Common Collateral (including pursuant to any intercreditor agreement) or (B) consent to the exercise by the Applicable Collateral Agent or any other First-Priority Secured Party of any right,
        remedy or power with respect to any Common Collateral, (iv) it will not institute any suit or assert in any suit, Insolvency or Liquidation Proceeding, or other proceeding any claim against the Applicable Collateral Agent or any other
        First-Priority Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to any Common Collateral, and none of the Applicable Collateral Agent, any Applicable Authorized Representative
        or any other First-Priority Secured Party shall be liable for any action taken or omitted to be taken by the Applicable Collateral Agent, such Applicable Authorized Representative or other First-Priority Secured Party with respect to any Common
        Collateral in accordance with the provisions of this Agreement, (v) it will not seek, and hereby waives any right, to have any Common Collateral or any part thereof marshaled upon any foreclosure or other disposition of such Collateral and (vi) it
        will not attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the
        rights of any of the Collateral Agents or any other First-Priority Secured Party to enforce this Agreement.

      

      

      
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      (b)          Each First-Priority Secured Party hereby agrees that, if it shall obtain possession of any Common Collateral or shall realize any Proceeds or payment in
        respect of any such Common Collateral, pursuant to any First-Priority Collateral Document or by the exercise of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding or through any other exercise of remedies
        (including pursuant to any intercreditor agreement), at any time prior to the Discharge of each Series of First-Priority Obligations, then it shall hold such Common Collateral, Proceeds or payment in trust for the other First-Priority Secured
        Parties and promptly transfer such Common Collateral, Proceeds or payment, as the case may be, to the Applicable Collateral Agent, to be distributed by the Applicable Collateral Agent in accordance with the provisions of Section 2.01(a) hereof.

      

      

      SECTION 2.04          Automatic Release of Liens; Amendments to First-Priority Collateral Documents.

      

      

      (a)          If at any time any Common Collateral is transferred to a third party or otherwise disposed of, in each case, in connection with any enforcement by the
        Applicable Collateral Agent in accordance with the provisions of this Agreement, then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the other Collateral Agents for the benefit of each Series
        of First-Priority Secured Parties upon such Common Collateral will automatically be released and discharged upon final conclusion of such foreclosure proceeding; provided that any proceeds of any Common Collateral realized therefrom shall
        be applied pursuant to Section 2.01(a) hereof.

      

      

      
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      (b)        Without limiting the rights of the Applicable Collateral Agent under Section 4.03, each Collateral Agent and each Authorized Representative agrees to execute and/or deliver (at the sole
        cost and expense of the Grantors) all such instructions, directions, authorizations and other instruments as necessary or as shall reasonably be requested by the Collateral Agent to evidence and confirm any release of Common Collateral, whether in
        connection with a sale of such assets by the relevant owner pursuant to the preceding clauses or otherwise.

      

      

      SECTION 2.05          Certain Agreements with Respect to Bankruptcy or Insolvency or Liquidation Proceedings.

      

      

      (a)          This Agreement shall continue in full force and effect notwithstanding the commencement of any Insolvency or Liquidation Proceeding (including any case or
        proceeding under the Bankruptcy Code or any other Bankruptcy Law) by or against Holdings or any of its Subsidiaries.

      

      

      (b)          If any Grantor shall become subject to a case (a “Bankruptcy Case”) under the Bankruptcy Code
        or any other applicable Bankruptcy Law and shall, as debtor(s)-in-possession, move for approval of financing (“DIP Financing”) to be provided by one or more lenders (the “DIP Lenders”) under Section 364 of the Bankruptcy Code (or any similar provision of any other applicable Bankruptcy Law) and/or the use of cash collateral under Section 363 of the Bankruptcy
        Code (or any similar provision of any other applicable Bankruptcy Law), each First-Priority Secured Party (other than any Controlling Secured Party or any Authorized Representative of any Controlling Secured Party) agrees that it will raise no
        objection to (and will not otherwise contest), and will be deemed to have consented to, any such DIP Financing or to the Liens on the Common Collateral securing the same (“DIP Financing Liens”)

        and/or to any use of cash collateral that constitutes Common Collateral, unless any Controlling Secured Party, or an Authorized Representative of any Controlling Secured Party, shall then oppose or object to such DIP Financing or such DIP Financing
        Liens and/or use of cash collateral (and (i) to the extent that such DIP Financing Liens are senior to the Liens on any such Common Collateral for the benefit of the Controlling Secured Parties, each Non-Controlling Secured Party will subordinate
        its Liens with respect to such Common Collateral on the same terms as the Liens of the Controlling Secured Parties (other than any Liens of any First-Priority Secured Parties constituting DIP Financing Liens) are subordinated thereto, and (ii) to
        the extent that such DIP Financing Liens rank pari passu with the Liens on any such Common Collateral granted to secure the First-Priority Obligations of the Controlling Secured Parties, each
        Non-Controlling Secured Party will confirm the priorities with respect to such Common Collateral as set forth herein), in each case so long as (A) the First-Priority Secured Parties of each Series retain the benefit of their Liens on all such
        Common Collateral pledged to the DIP Lenders, including proceeds thereof arising after the commencement of such proceeding, with the same priority vis-a-vis all the other First-Priority Secured Parties (other than any Liens of the First-Priority
        Secured Parties constituting DIP Financing Liens) as existed prior to the commencement of the Bankruptcy Case, (B) the First-Priority Secured Parties of each Series are granted Liens on any additional or replacement collateral pledged to any
        First-Priority Secured Parties as adequate protection or otherwise in connection with such DIP Financing and/or use of cash collateral, with the same priority vis-a-vis the other First-Priority Secured Parties as set forth in this Agreement (other
        than any Liens of the First-Priority Secured Parties constituting DIP Financing Liens), (C) if any amount of such DIP Financing and/or cash collateral is applied to repay any of the First-Priority Obligations, such amount is applied pursuant to
        Section 2.01(a) of this Agreement, and (D) if any First-Priority Secured Parties are granted adequate protection, including in the form of periodic payments, in connection with such DIP Financing and/or use of cash collateral, the proceeds of such
        adequate protection is applied pursuant to Section 2.01(a) of this Agreement; provided that the First-Priority Secured Parties of each Series shall have a right to object to the grant of a Lien to secure the DIP Financing over any
        Collateral subject to Liens in favor of the First-Priority Secured Parties of such Series or its Authorized Representative that shall not constitute Common Collateral; and provided further that the First-Priority Secured Parties
        receiving adequate protection shall not object to any other First-Priority Secured Party receiving adequate protection comparable to any adequate protection granted to such First-Priority Secured Parties in connection with a DIP Financing and/or
        use of cash collateral.

      

      

      
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      SECTION 2.06          Reinstatement.  In the event that any of the First-Priority Obligations shall be paid in full and such payment
        or any part thereof shall subsequently, for whatever reason (including an order or judgment for disgorgement or avoidance of a preference, fraudulent transfer, or other avoidance action under the Bankruptcy Code, any other applicable Bankruptcy
        Law, or any similar law, or the settlement of any claim in respect thereof), be required to be returned or repaid, the terms and conditions of this Article II shall be fully applicable thereto until all such First-Priority Obligations shall again
        have been paid in full in cash.

      

      

      SECTION 2.07          Insurance.  As between the First-Priority Secured Parties, the Applicable Collateral Agent, acting at the
        direction of the Applicable Authorized Representative, shall have the right to adjust or settle any insurance policy or claim covering or constituting Common Collateral in the event of any loss thereunder and to approve any award granted in any
        condemnation or similar proceeding affecting the Common Collateral.  To the extent any Collateral Agent or any other First-Priority Secured Party receives proceeds of such insurance policy and such proceeds are not permitted or required to be
        returned to any Grantor under the applicable Secured Credit Documents, such proceeds shall be turned over to the Applicable Collateral Agent for application as provided in Section 2.1 hereof.

      

      

      SECTION 2.08          Refinancings.  To the extent not prohibited by the Secured Credit Documents, the First-Priority Obligations of any Series may be Refinanced, in
        whole or in part, in each case without notice to, or the consent of, any First-Priority Secured Party of any other Series (except to the extent such consent is otherwise required to permit the refinancing transaction under any Secured Credit
        Document applicable to such Series of First-Priority Obligations), all without affecting the priorities provided for herein or the other provisions hereof; provided that the Authorized Representative and Collateral Agent of the holders of
        any such Refinancing indebtedness, if not already a party hereto and if intended to be secured on a pari passu basis with the then-outstanding First-Priority Obligations, shall have executed a Joinder Agreement on behalf of the holders of such
        Refinancing indebtedness.

      

      

      
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      SECTION 2.09          Possessory Collateral Agent as Gratuitous Bailee/Agent for Perfection.

      

      

      (a)          The Applicable Collateral Agent agrees to hold any Common Collateral constituting Possessory Collateral that is part of the Collateral in its possession or
        control (or in the possession or control of its agents or bailees) as gratuitous bailee and/or gratuitous agent for the benefit of each other First-Priority Secured Party and any assignee solely for the purpose of perfecting the security interest
        granted in such Possessory Collateral, if any, pursuant to the applicable First-Priority Collateral Documents, in each case, subject to the terms and conditions of this Section 2.09.  Pending delivery to the Applicable Collateral Agent, each other
        Collateral Agent or Authorized Representative agrees to hold any Common Collateral constituting Possessory Collateral, from time to time in its possession, as gratuitous bailee and/or gratuitous agent for the benefit of each other First-Priority
        Secured Party and any assignee, solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable First-Priority Collateral Documents, in each case, subject to the terms and
        conditions of this Section 2.09.

      

      

      (b)         Solely with respect to any Deposit Accounts constituting Common Collateral under the control (within the meaning of Section 9-104 of the UCC) of any
        Collateral Agent, each such Collateral Agent agrees to also hold control over such Deposit Accounts as gratuitous agent for each other First-Priority Secured Party and any assignee, solely for the purpose of perfecting the security interest in such
        Deposit Accounts, subject to the terms and conditions of this Section 2.09.

      

      

      (c)          No Collateral Agent shall have any obligation whatsoever to any First-Priority Secured Party to ensure that the Possessory Collateral is genuine or owned by any of the Grantors or to
        preserve rights or benefits of any Person except as expressly set forth in this Section 2.09. The duties or responsibilities of each Collateral Agent under this Section 2.09 shall be limited solely to holding any Possessory Collateral constituting
        Common Collateral or any other Common Collateral in its possession or control as gratuitous bailee (and with respect to Deposit Accounts, as gratuitous agent) in accordance with this Section 2.09 and delivering the Possessory Collateral
        constituting Common Collateral as provided in Section 2.09(e) below.

      

      

      (d)          None of the Collateral Agents or any of the First-Priority Secured Party shall have by reason of the Secured Credit Documents, this Agreement or any other document a fiduciary
        relationship in respect of the other Collateral Agents or any other First-Priority Secured Party, and each Collateral Agent and each First-Priority Secured Party hereby waives and releases the other Collateral Agents and First-Priority Secured
        Party from all claims and liabilities arising pursuant to any Collateral Agent’s role under this Section 2.09 as gratuitous bailee with respect to the Possessory Collateral constituting Common Collateral or any other Common Collateral in its
        possession or control (and with respect to the Deposit Accounts, as gratuitous agent).

      

      

      
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      (e)          At any time the Applicable Collateral Agent is no longer the Applicable Collateral Agent, such outgoing Applicable Collateral Agent shall deliver the remaining Possessory Collateral
        constituting Common Collateral in its possession (if any) together with any necessary endorsements (which endorsement shall be without recourse and without any representation or warranty), first, to the then Applicable Collateral Agent to
        the extent First-Priority Obligations remain outstanding and second, to the applicable Grantor to the extent no First-Priority Obligations remain outstanding (in each case, so as to allow such Person to obtain possession or control of such
        Common Collateral) or to whomever may be lawfully entitled to receive the same, including pursuant to any Permitted Junior Intercreditor Agreement (as defined in the Credit Agreement), if applicable.  The outgoing Applicable Collateral Agent
        further agrees to take all other action reasonably requested by the then Applicable Collateral Agent at the expense of the Borrower in connection with the then Applicable Collateral Agent obtaining a first-priority security interest in the Common
        Collateral.

      

      

      SECTION 2.10          Amendments to First-Priority Collateral Documents.

      

      

      (a)          Without the prior written consent of each other Collateral Agent, each Collateral Agent agrees that no First-Priority Collateral Documents may be amended, restated, amended and
        restated, supplemented, replaced or Refinanced or otherwise modified from time to time or entered into to the extent such amendment, supplement, Refinancing or modification, or the terms of any new First-Priority Collateral Document, would be
        prohibited by, or would require any Grantor to act or refrain from acting in a manner that would violate, any of the terms of this Agreement.

      

      

      (b)          In determining whether an amendment to any First-Priority Collateral Document is permitted by this Section 2.10(b), each Collateral Agent may conclusively rely on an officer’s
        certificate of the Borrower stating that such amendment is permitted by this Section 2.10(b).

      

      

      ARTICLE III

      

      

      Existence and Amounts of Liens and Obligations

      

      

      Whenever any Applicable Collateral Agent or any Authorized Representative shall be required, in connection with the exercise of its rights or the performance of its obligations hereunder, to
        determine the existence or amount of any First-Priority Obligations of any Series, or the Common Collateral subject to any Lien securing the First-Priority Obligations of any Series, it may request that such information be furnished to it in
        writing by each other Authorized Representative and shall be entitled to make such determination on the basis of the information so furnished; provided, however, that, if an Authorized Representative shall fail or refuse reasonably
        promptly to provide the requested information, the requesting Collateral Agent or Authorized Representative shall be entitled to make any such determination or not make any determination by such method as it may, in the exercise of its good faith
        judgment, determine, including by reliance upon a certificate of the Borrower or Holdings. The Applicable Collateral Agent and each Authorized Representative may rely conclusively, and shall be fully protected in so relying, on any determination
        made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to any Grantor, any First-Priority Secured Party or any other person as a result of
        such determination.

      

      

      
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      ARTICLE IV

      

      

      The Applicable Collateral Agent

      

      

      SECTION 4.01          Appointment and Authority.

      

      

      (a)          Notwithstanding any other provision of this Agreement, nothing herein shall be construed to impose any fiduciary or other duty on the Applicable Collateral
        Agent to any Non-Controlling Secured Party or give any Non-Controlling Secured Party the right to direct the Applicable Collateral Agent, except that the Applicable Collateral Agent shall be obligated to distribute proceeds of any Common Collateral
        in accordance with Section 2.01 hereof.

      

      

      (b)         In furtherance of the foregoing, each Non-Controlling Secured Party acknowledges and agrees that the Applicable Collateral Agent shall be entitled, for the
        benefit of the First-Priority Secured Parties, to sell, transfer or otherwise dispose of or deal with any Common Collateral as provided herein and in the First-Priority Collateral Documents, as applicable, without regard to any rights to which
        Non-Controlling Secured Parties would otherwise be entitled as a result of holding any First-Priority Obligations. Without limiting the foregoing, each Non-Controlling Secured Party agrees that none of the Applicable Collateral Agent, the
        Applicable Authorized Representative or any other First-Priority Secured Party shall have any duty or obligation first to marshal or realize upon any type of Common Collateral (or any other Collateral securing any of the First-Priority
        Obligations), or to sell, dispose of or otherwise liquidate all or any portion of such Common Collateral (or any other Collateral securing any First-Priority Obligations), in any manner that would maximize the return to the Non-Controlling Secured
        Parties, notwithstanding that the order and timing of any such realization, sale, disposition or liquidation may affect the amount of proceeds actually received by the Non-Controlling Secured Parties from such realization, sale, disposition or
        liquidation. Each of the First-Priority Secured Parties waives any claim it may now or hereafter have against any Collateral Agent or the Authorized Representative of any other Series of First-Priority Obligations or any other First-Priority
        Secured Party of any other Series arising out of (i) any actions which any Collateral Agent, any Authorized Representative or any First-Priority Secured Party takes or omits to take (including, actions with respect to the creation, perfection or
        continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the Collateral and actions with respect to the collection of any claim for all or any part
        of the First-Priority Obligations from any account debtor, guarantor or any other party) in accordance with the First-Priority Collateral Documents or any other agreement related thereto or in connection with the collection of the First-Priority
        Obligations or the valuation, use, protection or release of any security for the First-Priority Obligations, (ii) any election by any Applicable Authorized Representative or any holders of First-Priority Obligations, in any Insolvency or
        Liquidation Proceeding, of the application of Section 1111(b) of the Bankruptcy Code (or any similar provision of any other applicable Bankruptcy Law) or (iii) subject to Section 2.05 of this Agreement, any borrowing or grant of a security interest
        or administrative expense priority under Section 364 of the Bankruptcy Code (or any similar provision of any other applicable Bankruptcy Law) by Holdings or any of its Subsidiaries, as debtor-in-possession. Notwithstanding any other provision of
        this Agreement, the Applicable Collateral Agent shall not accept any Common Collateral in full or partial satisfaction of any First-Priority Obligations pursuant to Section 9-620 of the Uniform Commercial Code of any jurisdiction, without the
        consent of each Authorized Representative representing holders of First-Priority Obligations for whom such Collateral constitutes Common Collateral.

      

      

      
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      SECTION 4.02          Rights as a First-Priority Secured Party. The Person serving as a Collateral Agent hereunder shall have the same
        rights and powers in its capacity as a First-Priority Secured Party under any Series of First-Priority Obligations that it holds as any other First-Priority Secured Party of such Series and may exercise the same as though it were not a Collateral
        Agent and the term “First-Priority Secured Party” or “First-Priority Secured Parties” or (as applicable) “Credit Agreement Secured Party”, “Credit Agreement Secured Parties”, “Initial Other First-Priority Secured Party”, “Initial Other
        First-Priority Secured Parties”, “Other First-Priority Secured Party” or “Other First-Priority Secured Parties” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as a 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 Holdings or any
        Subsidiary of Holdings or other Affiliate thereof as if such Person were not a Collateral Agent hereunder and without any duty to account therefor to any other First-Priority Secured Party.

      

      

      SECTION 4.03          Power-of-Attorney.  Each Non-Controlling Authorized Representative and Collateral Agent that is not the Applicable Collateral Agent, for itself and
        on behalf of each other First-Priority Secured Party of the Series for whom it is acting, hereby irrevocably appoints the Applicable Collateral Agent and any officer or agent of the Applicable Collateral Agent, which appointment is coupled with an
        interest with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Non-Controlling Authorized Representative, Collateral Agent or First-Priority Secured Party,
        to take any and all appropriate action and to execute any and all documents and instruments which may be necessary in the Applicable Collateral Agent’s determination to accomplish the purposes of this Agreement, including the exercise of any and
        all remedies under each First-Priority Collateral Document with respect to Common Collateral and the execution of releases in connection therewith.

      

      

      
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      SECTION 4.04          Exculpatory Provisions.

      

      

      (a)          The Applicable Collateral Agent shall not have any duties or obligations except those expressly set forth herein and in the other First-Priority Collateral
        Documents.  Without limiting the generality of the foregoing, the Applicable Collateral Agent:

      

      

      (i)          shall not be subject to any fiduciary or other implied duties of any kind or nature to any Person, regardless of whether an Event of
        Default has occurred and is continuing;

      

      

      (ii)        shall not have any duty to take any discretionary action or exercise any discretionary powers, except as directed in writing by the
        Applicable Authorized Representative; provided that the Applicable Collateral Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Applicable Collateral Agent to liability or that
        is contrary to any First-Priority Collateral Document, any Secured Credit Document or applicable law;

      

      

      (iii)      shall not, except as expressly set forth herein and in the other First-Priority Collateral Documents, have any duty to disclose, and shall
        not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Applicable Collateral Agent or any of its Affiliates in any capacity;

      

      

      (iv)       shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Applicable Authorized
        Representative or (ii) in the absence of its own gross negligence or willful misconduct or (iii) in reliance on a certificate of an authorized officer of the Borrower stating that such action is not prohibited by the terms of this Agreement.  The
        Applicable Collateral Agent shall be deemed not to have knowledge of any Event of Default under any Series of First-Priority Obligations unless and until notice describing such Event of Default is given to the Applicable Collateral Agent by the
        Authorized Representative of such First-Priority Obligations or the Borrower;

      

      

      (v)        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 First-Priority Collateral Document or Secured Credit Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith,
        (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement,
        any other First-Priority Collateral Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the First-Priority Collateral Documents, (v) the value or the sufficiency of
        any Collateral for any Series of First-Priority Obligations, or (vi) the satisfaction of any condition set forth in any First-Priority Collateral Document (to the extent applicable) or Secured Credit Document, other than to confirm receipt of items
        expressly required to be delivered to the Applicable Collateral Agent;

      

      

      
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      (vi)        shall not have any fiduciary duties or contractual obligations of any kind or nature under any Other First-Priority Agreement (but shall
        be entitled to all protections provided to the Collateral Agent therein);

      

      

      (vii)      with respect to the Credit Agreement, any Other First-Priority Agreement or any First-Priority Collateral Document, may conclusively
        assume that the Grantors have complied with all of their obligations thereunder unless advised in writing by the Authorized Representative thereunder to the contrary specifically setting forth the alleged violation; and

      

      

      (viii)      may conclusively rely on any certificate of an officer of the Borrower or Holdings provided pursuant to Section 2.10(b) hereof.

      

      

      The Applicable Authorized Representative agrees to execute and/or deliver (at the sole cost and expense of the Grantors) any instructions, directions, authorizations and other instruments as necessary or as shall
        reasonably be requested by the Applicable Collateral Agent pursuant to Section 4.04(a)(ii).

      

      

      ARTICLE V

      

      

      Miscellaneous

      

      

      SECTION 5.01          Notices.  All notices and other communications provided for herein shall be in writing and shall be delivered by
        hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:

      

      

      (a)          if to the Credit Agreement Collateral Agent, under the Credit Agreement, to it as provided in the Credit Agreement;

      

      

      (b)          if to the Authorized Representative under the Credit Agreement, to it as provided in the Credit Agreement;

      

      

      (c)          if to the Initial Other Authorized Representative, to it as provided in the Initial Other First-Priority Agreement;

      

      

      (d)          if to the Initial Other Collateral Agent, to it as provided in the Initial Other First-Priority Agreement; and

      

      

      (e)          if to any additional other Authorized Representative, to it at the address set forth in the applicable Joinder Agreement.

      

      

      
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      Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in
        accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt (if a Business Day) and on the next Business Day thereafter (in all other cases) if delivered by hand or overnight courier service or sent by
        telecopy or on the date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 5.01 or in accordance with the latest
        unrevoked direction from such party given in accordance with this Section 5.01.  As agreed to in writing among each Collateral Agent and each Authorized Representative from time to time, notices and other communications may also be delivered by
        e-mail to the e-mail address of a representative of the applicable person provided from time to time by such person.

      

      

      SECTION 5.02          Waivers; Amendment; Joinder Agreements; Termination.

      

      

      (a)          No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or
        partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the
        parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be effective unless the
        same shall not be prohibited by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any party hereto in any case shall entitle
        such party to any other or further notice or demand in similar or other circumstances.

      

      

      (b)          Neither this Agreement nor any provision hereof may be terminated, waived, amended or modified (other than pursuant to any Joinder Agreement or as provided
        in this Section 5.02(b)) except pursuant to an agreement or agreements in writing entered into by each party hereto.  Notwithstanding anything in this Section 5.02(b) to the contrary, this Agreement may be amended from time to time at the request
        of the Borrower, at the Borrower’s expense, and without the consent of the other parties hereto, to add other parties holding Other First-Priority Obligations (or any agent or trustee therefor) or any obligations in respect of Refinancing
        indebtedness, in each case, to the extent such obligations are not prohibited by any Secured Credit Document.  Each party to this Agreement agrees that (i) at the request (and sole expense) of the Borrower, without the consent of any First-Priority
        Secured Party, each of the Authorized Representatives shall execute and deliver an acknowledgment and confirmation of such modifications and/or enter into an amendment, a restatement or a supplement of this Agreement to facilitate such
        modifications (it being understood that such actions shall not be required for the effectiveness of any such modifications), (ii) each Authorized Representative will deliver any instruction or direction required by the Applicable Collateral Agent
        pursuant to this Agreement or any other Secured Credit Document and (iii) the Borrower shall be a beneficiary of this Section 5.02(b).

      

      

      
        24

        
          

      

      (c)          Notwithstanding the foregoing, the Borrower may from time to time designate additional obligations in respect of indebtedness to be secured on a pari passu
        basis with the then-outstanding First-Priority Obligations as Other First-Priority Obligations hereunder by delivering to each Collateral Agent and each Authorized Representative (a) a certificate of the Borrower and Holdings (i) identifying the
        obligations so designated and the initial aggregate principal amount or face amount thereof, (ii) stating that such obligations are designated as Other First-Priority Obligations for purposes hereof, (iii) representing that such designation of such
        obligations as Other First-Priority Obligations is not prohibited by the Secured Credit Documents then in effect, and (iv) specifying the name and address of the Authorized Representative and Collateral Agent for such obligations and (b) a consent
        executed by the Authorized Representative and Collateral Agent for such obligations in the form attached hereto as Exhibit A.  Upon the satisfaction of all conditions set forth in the preceding sentence, without further action by any party hereto,
        such Other First-Priority Obligations shall automatically be deemed to be “Other First-Priority Obligations” (or analogous term) herein.  The rights and obligations of each party to this Agreement shall remain in full force and effect
        notwithstanding the addition of any new First-Priority Obligations to this Agreement.

      

      

      SECTION 5.03          Parties in Interest.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and
        their respective successors and assigns, as well as the other First-Priority Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement.

      

      

      SECTION 5.04          Survival of Agreement.  All covenants, agreements, representations and warranties made by any party in this
        Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement.

      

      

      SECTION 5.05          Counterparts.  This Agreement may be executed in counterparts, each of which shall constitute an original but
        all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission or via electronic mail shall be as effective as delivery of a manually signed counterpart of
        this Agreement.

      

      

      SECTION 5.06          Severability.  Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction
        shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular
        provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the
        economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

      

      

      
        25

        
          

      

      SECTION 5.07          Governing Law.  THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSES OF ACTION (WHETHER IN CONTRACT OR
        TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY PRINCIPLE OF CONFLICTS OF LAW THAT COULD REQUIRE THE
        APPLICATION OF ANY OTHER LAW.

      

      

      SECTION 5.08          Submission to Jurisdiction; Waivers.  Each Collateral Agent and each Authorized Representative, on behalf of
        itself and the First-Priority Secured Parties of the Series for whom it is acting, irrevocably and unconditionally:

      

      

      (a)          submits for itself and its property in any legal action or proceeding relating to this Agreement and the First-Priority Collateral Documents, or for
        recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the state and federal courts located in New York County and appellate courts from any thereof and waives any objection to any action instituted
        hereunder in any such court based on forum non conveniens, and any objection to the venue of any action instituted hereunder in any such court;

      

      

      (b)        consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such
        action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

      

      

      (c)          agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any
        substantially similar form of mail), postage prepaid, to such Person (or its Authorized Representative) at the address referred to in Section 5.01 hereof;

      

      

      (d)          agrees that nothing herein shall affect the right of any other party hereto (or any First-Priority Secured Party) to effect service of process in any other
        manner permitted by law; and

      

      

      (e)          waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this
        Section 5.08 any special, exemplary, punitive or consequential damages.

      

      

      SECTION 5.09          WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO WAIVES ANY RIGHT IT MAY
          HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT OR ACTION OF ANY PARTY HERETO IN CONNECTION WITH
          THE SUBJECT MATTER HEREOF.

      

      

      SECTION 5.10          Headings.  Article, Section and Annex headings used herein are for convenience of reference only, are not part
        of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

      

      

      
        26

        
          

      

      SECTION 5.11          Conflicts.  In the event of any conflict between the terms of this Agreement and the terms of any of the other Secured
        Credit Documents or First-Priority Collateral Documents, the terms of this Agreement shall govern.

      

      

      SECTION 5.12          Provisions Solely to Define Relative Rights.  The provisions of this Agreement are and are intended solely for
        the purpose of defining the relative rights of the First-Priority Secured Parties in relation to one another. None of the Borrower, any other Grantor or any other creditor thereof shall have any rights or obligations hereunder, except as expressly
        provided in this Agreement (provided that nothing in this Agreement (other than Section 2.04, 2.05, 2.08, 2.09 or Article V) is intended to or will amend, waive or otherwise modify the provisions of the Credit Agreement or any Other
        First-Priority Agreements), and none of the Borrower or any other Grantor may rely on the terms hereof (other than Sections 2.04, 2.05, 2.08, 2.09 and Article V). Nothing in this Agreement is intended to or shall impair the obligations of any
        Grantor, which are absolute and unconditional, to pay the First-Priority Obligations as and when the same shall become due and payable in accordance with their terms.

      

      

      SECTION 5.13          Agency Capacities. Each of the Authorized Representative under the Credit Agreement, the Initial Other Authorized Representative, the Credit
        Agreement Collateral Agent and the Initial Other Collateral Agent is executing and delivering this Agreement solely in its capacity as such and pursuant to directions set forth in the Credit Agreement or the Initial Other First-Priority Agreement,
        as applicable; and in so doing, none of the Authorized Representative Agent under the Credit Agreement, the Initial Other Authorized Representative, the Credit Agreement Collateral Agent or the Initial Other Collateral Agent shall be responsible
        for the terms or sufficiency of this Agreement for any purpose.  None of the Authorized Representative under the Credit Agreement, the Initial Other Authorized Representative, the Credit Agreement Collateral Agent or the Initial Other Collateral
        Agent shall not have duties or obligations under or pursuant to this Agreement other than such duties expressly set forth in this Agreement as duties on its part to be performed or observed.  In entering into this Agreement, or in taking (or
        forbearing from) any action under or pursuant to this Agreement, each of the Authorized Representative under the Credit Agreement, the Initial Other Authorized Representative, the Credit Agreement Collateral Agent and the Initial Other Collateral
        Agent shall have and be protected by all of the rights, immunities, indemnities and other protections granted to it under the Credit Agreement or the Initial Other First-Priority Agreement, as applicable.

      

      

      SECTION 5.14          Junior Lien Intercreditor Agreements

      

      

      The Administrative Agent, the Initial Other Authorized Representative and each other Authorized Representative hereby appoint the Applicable Collateral Agent to act as agent on their behalf
        pursuant to and in connection with the execution of any intercreditor agreements governing any Liens on the Common Collateral junior to Liens securing the First-Priority Obligations that are outstanding on the date hereof or that are incurred after
        the date hereof in compliance with the Secured Credit Documents.  The Applicable Collateral Agent, solely in such capacity under any such intercreditor agreements, shall take direction from the Applicable Authorized Representative with respect to
        the Common Collateral.

      

      

      
        27

        
          

      

      SECTION 5.15          Exclusion of Certain PPSA Provisions

      

      

      SECTION 5.16          .  Where a First-Priority Secured Party (a “Secured Party”) has a security interest (as defined in the PPSA) under this Agreement, to the extent the law permits: (a) for the
        purposes of sections 115(1) and 115(7) of the PPSA: (i) each Secured Party with the benefit of the security interest need not comply with sections 95, 118, 121(4), 125,130, 132(3)(d) or 132(4) of the PPSA; and (ii) sections 142 and 143 of the PPSA
        are excluded; (b) for the purposes of section 115(7) of the PPSA, each Secured Party with the benefit of the security interest need not comply with sections 132 and 137(3); (c) each party hereto waives its right to receive from any Secured Party
        any notice required under the PPSA (including a notice of a verification statement); (d) if a Secured Party with the benefit of a security interest exercises a right, power or remedy in connection with it, that exercise is taken not to be an
        exercise of a right, power or remedy under the PPSA unless the Secured Party states otherwise at the time of exercise.  However, this paragraph does not apply to a right, power or remedy which can only be exercised under the PPSA; and (e) if the
        PPSA is amended to permit the Secured Parties to agree not to comply with or to exclude other provisions of the PPSA, the Secured Parties may notify the other First-Priority Secured Parties (and any other relevant grantors of a security interest)
        that any of these provisions is excluded, or that the Secured Parties need not comply with any of these provisions.

      

      

      This does not affect any rights a person has or would have other than by reason of the PPSA and applies despite any other provision in any Secured Credit Document.  To the extent any Lien over a Common Collateral is
        a security interest that is subject to the PPSA, the parties agree that to the extent required, (a) this Agreement is a subordination agreement for the purposes of section 61 of the PPSA and (b) the subordination contained in this document is not
        for the benefit of any Grantor or any person who is not a party to this Agreement.

      

      

       [Remainder of this page intentionally left blank]

      

      

      
        28

        
          

      

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

      

      

      	 	
              ALTER DOMUS PRODUCTS CORP.,

            
	 	
              as Credit Agreement Collateral Agent

            
	 	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	 	
              ALTER DOMUS PRODUCTS CORP.,

            
	 	
              as Authorized Representative under the Credit Agreement

            
	 	 	 
	 	By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	 	
              ALTER DOMUS PRODUCTS CORP.,

            
	 	
              as Initial Other Collateral Agent

            
	 	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	 	
              U.S. BANK NATIONAL ASSOCIATION,

            
	 	
              as Initial Other Authorized Representative

            
	 	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title

            

      

      

      
        
          

      

      Annex A

      to First Lien/First Lien Intercreditor Agreement

      

      

      [Form of]

      CONSENT OF GRANTORS

      

      

      Dated: [____________]

      

      

      Reference is made to the First Lien/First Lien Intercreditor Agreement, dated as of [●], 2020, among Alter Domus Products Corp., as Credit Agreement Collateral Agent, Alter Domus Products Corp., as
        Authorized Representative under the Credit Agreement, Alter Domus Products Corp., as Initial Other Collateral Agent and U.S. Bank National Association, as Initial Other Authorized Representative (as the same may be amended, restated, supplemented,
        waived, or otherwise modified from time to time, the “Intercreditor Agreement”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the
        Intercreditor Agreement.

      

      

      Each of the Grantors party hereto has read the foregoing Intercreditor Agreement and consents thereto. Each of the Grantors party hereto agrees that it will not take any action that would be
        contrary to the express provisions of the foregoing Intercreditor Agreement, agrees to abide by the requirements expressly applicable to it under the foregoing Intercreditor Agreement and agrees that, except as otherwise provided therein, no
        First-Priority Secured Party shall have any liability to any Grantor for acting in accordance with the provisions of the foregoing Intercreditor Agreement. Each of the Grantors party hereto confirms that the foregoing Intercreditor Agreement is for
        the sole benefit of the First-Priority Secured Parties and their respective successors and assigns, and that no Grantor is an intended beneficiary or third party beneficiary thereof except to the extent otherwise expressly provided therein.

      

      

      Each of the Grantors party hereto agrees to take such further action and to execute and deliver such additional documents and instruments (in recordable form, if requested) as any Collateral Agent
        may reasonably request to effectuate the terms of and the lien priorities contemplated by the Intercreditor Agreement.

      

      

      This Consent of Grantors shall be governed and construed in accordance with the laws of the State of New York. Notices delivered to the Grantors pursuant to this Consent of Grantors shall be
        delivered in accordance with the notice provisions set forth in the Intercreditor Agreement.

      

      

      [Signatures follow.]

      

      

      
        
          

      

      IN WITNESS HEREOF, this Consent of Grantors is hereby executed by each of the Grantors as of the date first written above.

       

      

      	 	
              GANNETT HOLDINGS LLC

            
	 	 
	 	By

            	 
	 	 	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	 	 	 
	 	
              GANNETT CO., INC.

            
	 	 
	 	By

            	 
	 	 	 
	 	 	
              Name:

            
	 	 	
              Title:

            

      

      

      	 	
              GRANTOR

            
	 	 
	 	By

            	 
	 	 	 
	 	 	
              Name:

            
	 	 	
              Title:

            

       

      

       

      

       

      

      

      
        
          

      

      EXHIBIT A

      

      

      Form of Other First-Priority Secured Party Consent

      

      

      OTHER FIRST-PRIORITY SECURED PARTY CONSENT

      

      

      [Name of Authorized Representative]

      [Address of Authorized Representative]

      

      

      [Date]

      

      

      [Name of Collateral Agent]

      [Address of Collateral Agent]

      

      

      The undersigned parties are the Authorized Representative and Collateral Agent for persons wishing to become First-Priority Secured Parties (the “New Secured Parties”) under the First Lien/First Lien Intercreditor Agreement, , dated as of [●], 2020, among Alter Domus Products Corp., as Collateral Agent, Alter Domus Products Corp., as Authorized Representative for the Credit
        Agreement Secured Parties and U.S. Bank National Association, as Initial Other Authorized Representative (as the same may be amended, restated, supplemented, waived, or otherwise modified from time to time, the “Intercreditor Agreement”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Intercreditor Agreement. In consideration of the foregoing, each of the undersigned hereby:

      

      

      (i)          represents that it has been duly authorized by the New Secured Parties to become a party to the Intercreditor Agreement on behalf of the New Secured Parties under that certain
        [DESCRIBE OPERATIVE AGREEMENT] (the “New Agreement” and the obligations under the New Agreement, the “New Secured Obligations”)
        and to act as the Authorized Representative or the Collateral Agent, as applicable, for the New Secured Parties;

      

      

      (ii)         acknowledges that it has received a copy of the Intercreditor Agreement; and

      

      

      (iii)       accepts and acknowledges the terms of the Intercreditor Agreement and agrees to serve as Authorized Representative or as Collateral Agent, as applicable, for the New Secured Parties
        with respect to the New Secured Obligations and agrees on its own behalf and on behalf of the New Secured Parties to be bound by the terms thereof applicable to holders of Other First-Priority Obligations, with all the rights and obligations of a
        First-Priority Secured Party thereunder and bound by all the provisions thereof as fully as if it had been a First-Priority Secured Party on the date of the Intercreditor Agreements and agrees that its address for receiving notices pursuant to the
        Intercreditor Agreements shall be as follows:

      

      

      
        
          

      

      [Address].

      

      

      THIS OTHER FIRST-PRIORITY SECURED PARTY CONSENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK,
        WITHOUT REGARD TO ANY PRINCIPLE OF CONFLICTS OF LAW THAT COULD REQUIRE THE APPLICATION OF ANY OTHER LAW.

      

      

      This Other First-Priority Secured Party Consent may be executed in counterparts, each of which shall constitute an original but all of which when taken together shall
          constitute a single contract. Delivery of an executed signature page to this Other First-Priority Secured Party Consent by facsimile transmission or via electronic mail shall be as effective as delivery of a
          manually signed counterpart of this Other First-Priority Secured Party Consent.

      

      

      [Signature pages follow]

      

      

      
        
          

      

      IN WITNESS WHEREOF, the undersigned has caused this Other First-Priority Secured Party Consent to be duly executed by its authorized officer as of the date first set forth above.

      

      

      	

            	
              [NAME OF AUTHORIZED REPRESENTATIVE]

            	 
	 	 	 	 
	 	By:	
              

              

            	 
	 	 	
              Name:

            	 
	 	 	
              Title:

            	 
	 	 	 	 
	

            	
              [NAME OF COLLATERAL AGENT]

            	 
	 	 	 	 
	 	By:	
              

              

            	 
	 	 	
              Name:

            	 
	 	 	
              Title:

            	 

      

      

      
        
          

      

      	

            	
              Acknowledged and Agreed:

            	 
	 	 	 	 
	

            	
              __________, as Applicable Authorized Representative

            	 
	 	 	 	 
	 	By:	
              

              

            	 
	 	 	
              Name:

            	 
	 	 	
              Title:

            	 
	 	 	 	 
	

            	
              Acknowledged and Agreed:

            	 
	 	 	 	 
	

            	
              __________, as Applicable Collateral Agent

            	 
	 	 	 	 
	 	By: 

            	
              

              

            	 
	 	 	
              Name:

            	 
	 	 	
              Title:

            	 

      

      

      
        
          

      

      	

            	
              Acknowledged and Agreed:

            	 
	 	 	 	 
	

            	
              GANNETT HOLDINGS LLC, for itself and on behalf of the other Grantors

            	 
	 	 	 	 
	 	By:	
              

              

            	 
	 	 	
              Name:

            	 
	 	 	
              Title:

            	 

      

      

       

      

    
      
        

    

    EXHIBIT C

    

    

    FORM OF EXCHANGE AGREEMENT

        

      

    [See attached].Exhibit 10.1

 

Date: August 11, 2020

 

	The Customer’s Name:	 	ITAMAR MEDICAL LTD (the “Borrower” or the “Company”)
	 	 	 
	Address:	 	Halamish 9, Caesarea 3088900
	 	 	 
	Account No:	 	250888 in Orot Shopping Mall Branch (the “Account”)

 

To: BANK MIZRAHI TEFAHOT LTD (the
 “Bank”)

 

Dear Sir/Madam

 

Re: CREDIT AGREEMENT

 

We are putting in writing what has been
agreed between us regarding the credit facilities and loans that you will be making available to the Borrower from time to time
pursuant to this Agreement and pursuant to any specific credit agreement and/or specific loan agreement that is submitted to you
in the future, from time to time. In addition to what is provided in this Agreement, the terms and conditions of the credit facilities
and of all the loans to be made to the Company pursuant to each of the facilities (the “Credit”) will be in
accordance with and subject to a “Request for the Opening of an Account” and/or “Changes in the Account”
and the “Maintaining an Account Brochure” and “Credit for a Business Customer Brochure” including all the
Appendices and Amendments which we have contracted with the Bank pursuant thereto, and further, subject to any specific and/or
other Credit/Loan Agreement between the Company and the Bank (the “Credit Documents”), and all the contents
of the Credit Documents, and all the terms and conditions thereof shall apply and be binding in relation to the Credit that you
will be providing to the Company.

 

This Credit Agreement replaces the Credit
Agreement dated February 9, 2020 (the “Previous Agreement”). It is clarified that the provisions of this
Agreement shall apply to the Credit provided in the framework of the facilities under the Previous Agreement, as the case may be.

 

		1.	The Credit Facilities

 

A long-term loans facility -
$13,000,000;

A short-term credit facility
- $7,000,000;

 

The credit facilities and the
Credit will be provided and may be utilized by the Company commencing from the date upon which all the preliminary and general
conditions have ben satisfied as detailed in Section 5 below (the “preliminary conditions”) and subject
to the Bank’s signature of this Agreement, and up to the expiration of validity of the facility, as such is defined
below.

 

All the Credit must be repaid
in full by: (a) a specific date if prescribed in the Credit Documents; or (b) by June 19, 2021.

 

    1

     

    

 

It is agreed that if by June 19,
2021, no event has occurred as detailed in Section 11 below and further, on June 19, 2021 the cash deposits in the Account
is not less than $10,000,000, the validity of the facility will be extended until June 19, 2022 (the “expiration
of validity of the facility”).

 

The
Credit facilities will enable the Borrower to receive from the Bank, in the Account, Credit of the categories detailed in Section 2
below (including Credit of the categories detailed below and which have already been provided and/or allocated to the Borrower
in the Account but which have not yet been fully repaid and/or in respect of which their validity has not yet expired).

 

		2.	The Credit Categories:

 

		2.1	A long-term loans’
facility-

 

		2.1.1	The Bank will provide a long-term loans’ facility (the “Loans Facility”)
amounting to an aggregate sum of $13,000,000.

 

The amount of each long-term loan
shall be no less than $2,000,000.

 

It is agreed that the Borrower
can elect to use the Loans Facility also for the provision of short-term loans.

 

		2.1.2	Interest Rate -

 

The annual interest rate in respect
of any loan drawn under the Loans Facility, when the amount utilized, as defined below, is up to $10,000,000 - Quarterly LIBOR
+ 5.3%

 

The annual interest rate in respect
of any loan drawn under the Loans Facility for the amount exceeding $10,000,000 – Quarterly LIBOR + 6.8%.

 

The interest rate will be determined,
as aforesaid, according to the balance of the Loans that have been drawn at the time out of the Loans Facility (the “Utilized
Amount”) (a reduction or increase in the Utilized Amount will not change the interest rate in respect of the Loan that
has been drawn).

 

		2.1.3	Repayment -

 

The long-term loan principal amount
and the interest in respect of it will be repaid in 12 consecutive quarterly payments, commencing from the expiration of three
months from the date of the draw of each long-term loan, all as will be set out in detail in the amortization table which will
be furnished to the Borrower when the Loan is drawn.

 

    2

     

    

 

The manner of repayment of the
short-term loans will be agreed by the Parties in writing prior to the drawof the short-term loans.

 

		2.1.4	execution fee for the drawof any Loan - will be paid on the date upon which such Loan is drawm
with a discount of 50% ofthe Bank’s tariff at that time.

 

For
the avoidance of doubt, it is hereby clarified that all the aforesaid Loans are part of the Credit, as such is defined
in this Agreement and all provisions of the Framework Agreement in connection with the Credit are also applicable in relation thereto.

 

		2.2	The Short-term Credit Facility (the “ST Credit Facility”).

 

		2.2.1	The ST Credit Facility will enable the Borrower to receive Credit from the Bank of the categories
detailed below:

 

		·	Loans in NIS or in Foreign Currency, repayable within 90 days (the “ST Loans”).

 

		·	Current Loan Account Facilities in New Israeli Shekels (“NIS”) or in foreign
currency.

 

		·	Daily Credit repayable on call in NIS (“on call”).

 

		·	Bank Guarantees

 

		·	Documentary Credit.

 

		·	Credit Cards Facility

 

		·	An exposure facility for “forward and derivatives transactions” as such terms are defined
in the Facility Agreement Documents for undertaking forward and derivates transactions and the other documents which have been
signed or will in the future be signed by the Company in favor of the Bank in respect of and in connection with such aforesaid
forward and derivates transactions, as amended from time to time, including any exposure in respect of such activity as shall be
regarded as customary in the Bank and in accordance with the Agreements signed or that will in the future be signed between the
Bank and the Borrower.

 

		2.2.2	At the time of signing this Agreement
a total facility will be allocated from the following different categories.

 

	Credit Category	Amount of the Facility
	ST Loans	7 million US Dollars

 

The Borrower may from time to time
ask the Bank to vary the amounts allocated to each Facility so that the total of all the Credit Facilities constituting the ST
Facility shall not exceed $7,000,000, and the provisions of this Agreement shall be binding in respect of all categories of the
Credit.

 

		2.2.3	The Borrower may utilize the Credit from the ST Credit Facility to the effect that the Credit utilized
from such Facility shall always be in the following ratio:

 

    3

     

    

 

The Ratio between trade receivables
and the Credit outstanding under this Facility shall not be less than 125%.

 

Within 12 days from the end of
every calendar quarter, the Borrower will furnish the Bank with the trade receivables balance as of the date of the Report (after
deduction of doubtful debt). The Bank may require details and explanations regarding the trade receivables and may disqualify certain
trade receivables, at its discretion.

 

In case that ST Credit does not
meet the aforesaid ratio, the Bank may call for the immediate repayment of ST Credit until such ratio is met.

 

		2.2.4	It is clarified that the amount of the
Credit Facility has been determined for reasons of convenience, in U.S. dollars. The Borrower will be entitled to utilize the Credit
Facility, in whole or in part, also in NIS and/or in foreign currency in so far as shall be approved from time to time by and subject
to the discretion of the Bank. If the Credit is provided to the Borrower in NIS, for the purpose of calculating the amount of the
Credit Facility (including for the purpose of calculating from time to time the amount of non-utilization commission and/or of
amounts remaining available for utilization on account of the Credit Facility, and/or for the purpose of any other calculation
with this Agreement, all as the case may be), the amount drawn in NIS shall be converted into U.S. dollars, using the relevant
representative exchange rate.

 

The term “the representative
exchange rate” for the purposes of this Agreement means the representative exchange rate of the relevant foreign currency,
last published by the Bank of Israel prior to the date upon which the relevant calculation is to be made, or, if the representative
exchange rate of the relevant foreign currency is not published by the Bank of Israel on its usual date, another exchange rate
of such foreign currency as shall be last published by a competent authority prior to the date upon which the relevant calculation
is to be made, and which shall be stipulated by the Bank as the representative exchange rate for such foreign currency for all
the Bank’s customers.

 

		2.2.5	Interest in respect of ST Loans, as they are defined above - in respect of every ST Loan
out of the Facility, the Company will pay the Bank annual interest at Quarterly LIBOR Rate + 4%.

 

		2.2.6	Other terms and conditions of the Credit not detailed in this Agreement, will be agreed upon between
the Borrower and the Bank prior to any draw.

 

		2.3	It is agreed that in respect of every
Loan at variable interest rate out of the Credit Facility, in NIS and in foreign currency, the interest shall be in accordance
with what is provided in sub-section 2.2.1 above, provided that for the avoidance of doubt, the interest shall actually
be determined relative to the “prime rate” or to “LIBOR” (as the case may be) as it shall be on the date
of draw of any such Credit. Thereafter, the interest shall vary whenever a change occurs in “prime rate” as stated
in a notice that the Bank shall publish or a change in the “LIBOR” on the date of payment of the interest.

 

    4

     

    

 

		2.4	The Borrower shall notify the Bank in writing of its intention to drawdown a loan from any Facility
no later than two (2) business days prior to the date of the draw of the Loan and shall include the requested date for the
draw and the amount thereof. The Bank shall prepare the relevant Loan Agreement for the Borrower’s signature containing all
the Loan details and of the relevant interest, and the Bank’s other usual documents.

 

		2.5	Commissions

 

		2.5.1	The account shall be charged in respect of the aforesaid Credit Facilities, a Credit allocation
commission at a rate of 0.75% per annum, on the whole amount of the Credit as such is defined above, commencing from the date of
the signature of this Agreement. The Credit Allocation Commission will be calculated on a daily basis and will be collected once
quarterly, at the beginning of each calendar quarter in respect of the preceding quarter.

 

On that part of the Facility which
has actually been utilized by the Borrower, the Borrower will receive a full reduction of the Credit Allocation Commission specified
above. The calculation will be made in relation to any Credit that has been provided from the date of its actual provision, on
the unutilized balance.

 

The foregoing Credit Allocation
Commission does not constitute a substitute for the Bank’s normal customary commissions.

 

		2.6	All the additional terms and conditions in connection with the Credit that is to be provided to
the Borrower, if not prescribed in this Agreement, and including interest rates, repayment dates, commissions and other payments,
shall be as agreed upon and/or as shall be agreed in the future in writing between the Bank and the Borrower.

 

		3.	Preliminary and General Conditions

 

Any provision of any Credit
and/or continuation of its provision, shall be subject to satisfaction of all of the following conditions:

 

		3.1	The Borrower has opened Account No. 250888 in Orot Shopping Mall Branch (438) of the Bank
(the “Account”).

 

The aforesaid borrower has signed
the Bank’s customary Credit Documents and such relevant documents as are required for activity and/or for the required credit,
and all the Minutes and Attorney’s Certificates as customary in the Bank have been duly furnished.

 

		3.2	The borrower has provided the Bank with all the following securities, has signed for such purpose,
a debenture or Mortgage Deed in the Bank’s usual form and has furnished all such documents, minutes and Attorney’s
Certificates as are customary in the Bank:

 

    5

     

    

 

		3.2.1	A first ranking floating charge, unlimited in amount, over all the assets, cash, rights and assets
of any kind of the Borrower and a first ranking fixed charge unlimited in amount over the intellectual property of the Borrower,
over the goodwill, negotiable instruments and documents, over its Bank Account and over its holdings in the U.S. subsidiary and
in the Dutch subsidiary, all as detailed in a Debenture dated May 28, 2017, registered on June 13, 2017 as Charge No. 13
with the Registrar of Companies.

 

A first ranking fixed change unlimited
in amount, over all the rights to the receipt of moneys from the Borrower’s customers which will be set out in detail in
a schedule that is to be attached to the debenture.

 

		3.2.2	A first ranking charge in favor of the
Bank, unlimited in amount, over all the assets and cash of the U.S. subsidiary (including trade receivables) registered
in UCC on March 12, 2019. The Borrower and the U.S. subsidiary will take action to update the registered charge to the effect
that it shall remain in force and effect until full and final settlement of the Borrowers liabilities and obligations to the Bank.

 

		3.2.3	On May 29, 2017. the Dutch subsidiary signed a “negative encumbrance” document.

 

		3.2.4	Lists of the intellectual property and
customers of the Borrower and the U.S. subsidiary as detailed above, containing the intellectual property of the companies,
and lists of their customers on the date of signature of the aforesaid charge documents. The Company undertakes to update the lists
once every half year, to furnish the updated lists to the Bank, and to update the charge documents accordingly.

 

On the date of signature of this
Agreement, the Borrower will furnish the bank with up to date lists of equipment, intellectual property and trade receivables and
will sign a deed of amendment to the debenture, in the form attached hereto as Appendix 5.2.4.

 

		3.3	The Borrower and the U.S. subsidiary will sign and provide the Bank with any document that may
be required by the competent authorities, for the performance of their obligation pursuant to the provisions of this Section.

 

		3.4	The Borrower will deposit moneys in the Account as specified in Section 6 below.

 

		3.5	On July 9, 2017, the Borrower signed a letter of undertaking in relation to various changes
in the Borrower, including in its capital.

 

		3.6	On May 14, 2017, March 12, 2019, February 9, 2020, the Borrower issued warrants
to the Bank (as amended from time to time).

 

    6

     

    

 

		4.	The Borrower and the U.S. subsidiary hereby assign to the Bank, all their rights, existing and
future, to the receipt of moneys from their existing and future customers. In addition, the Borrower undertakes to proceed to the
effect that all payments of its direct customers and payments due to it from the subsidiaries will be made solely into its Bank
Account as detailed in Section 3.1 above, and details of that Account shall be stated on all the invoices issued by it.

 

		5.	The subsidiaries undertake to transfer moneys to the Borrower’s account, upon the Bank’s
first demand, to cover the Credit provided in the ST Credit Facility.

 

The Borrower undertakes to exercise
its means of control in the subsidiaries to affect a transfer of the moneys into its said account.

 

		6.	The Borrower undertakes that, commencing from the date of drawdown of the whole or any part of
the Credit (from any facility) the cash balance in its account in the Bank will at no tine be less than what is detailed below:

 

	Amount of Utilized Credit in 

U.S. Dollars	Total Amount of Cash in the 

Account
	Up to 10,000,000 	30% of the actual utilized credit
	Above 10,000,000	40% of the actual utilized credit

 

It is agreed that a temporary
decrease of up to 10% of the amount necessary for deposit, shall not constitute a ground for calling for immediate repayment of
the Credit, subject to satisfaction of the following conditions: (1) the temporary decrease has been prearranged with the
Bank and in writing, and (2) the Borrower, within 30 days, has deposited the required amount in its account to the effect
that the Borrower’s cash balance in the account is not less than the amount required to be deposited in it.

 

		7.	The Borrower undertakes to ensure that no encumbrances shall be created over the assets of the
subsidiaries (other than as detailed in this Agreement), other than with the Bank’s previous and written consent. The Borrower
further undertakes that it will not change the pricing of transactions between it and the subsidiaries, as it stands on the date
of signature of this Agreement, without first obtaining the Banks previous and written consent, save where such a change in pricing
is required by law.

 

		8.	Without derogating from the obligations of the Borrower to furnish information and documents as
has been agreed between the Bank and the Borrower, the Borrower undertakes to provide the Bank, every quarter, with the consolidated
financial statements of the Company and its subsidiaries, audited (in relation the Annual Statements) and reviewed (in relation
to the quarterly reports), as the case may be, by an Independent Auditor, as well as any business and financial information at
the Bank’s request. It should be emphasized that a report by Magna, and/or EDGAR (if the Company’s securities are listed
for trading in the U.S.) of the annual or quarterly financial statements will be regarded as information that has been furnished
to the Bank. If the Company’s securities are listed for trading in the U.S., “Earnings Release” will be regarded
as a quarterly financial report.

 

    7

     

    

 

		9.	It is hereby explicitly clarified that the actual draw of loans and/or credit available pursuant
to this Agreement is conditional upon fulfillment of all the terms and conditions detailed above in this Agreement and that such
loans and/or credit will be provided in accordance with what has been agreed upon in the terms and conditions of the credit documents,
subject to the provisions of this Agreement. Making the Credit available is also conditional upon there being no legal impediment
thereto and to it not being in contravention of the provisions of the law and/or contrary to the Instructions of the Supervisor
of Banks (including Proper Banking Management Instruction No. 311 “Minimum Capital Ratio” and Instruction No. 313
 “Limitations on Liabilities of a Borrower and Group of Borrowers” and/or any other instruction replacing them in the
future), provided that granting the Credit shall not give rise to any deviation from the liabilities limitations of a borrower/group
of borrowers. As of the date of signature of this Agreement, the Bank is unaware of any other such prohibition or limitation.

 

		10.	A breach of any of the obligations detailed in this document shall be deemed a ground for calling
for the immediate repayment of all the Credit, and further, the provision of loans out of the Credit Facility for financing customers’
debt and/or the provision of long-term loans, as the case may be, will not be permitted. For the avoidance of doubt this said provision
is in addition to the ground for calling for the immediate repayment of the Credit as detailed in the other documents which the
Borrower has signed and/or will be signing in the future.

 

		11.	The Bank will be entitled at all times and from time to time, in any case in which the Bank is
liable to be at risk of inability to recover the Credit and/or if any deterioration occurs in the Borrower’s repayment ability
and/or a material adverse change in its financial position or its business and/or if a ground arises for calling for the immediate
repayment of the Credit and/or if any of the other conditions arise resulting in changes in the law in its interpretation which
necessitates so doing, to immediately reduce and/or cancel and/or withhold the unutilized Credit and/or defer the provision of
the whole or part of and/or withhold any loan.

 

		12.	For the avoidance of doubt, the foregoing is not intended to confer rights on any third party,
and nothing by virtue thereof shall be construed as a representation upon which any third party may rely.

 

		13.	All the Appendices to this Agreement constitute an integral part of it and all the contents of
the Appendices are supplementary to and in addition to what is stated in this Agreement. In any case of conflict between the provisions
of this Agreement and provisions of the Credit Documents or Appendices, the provisions of this Agreement shall prevail unless explicitly
agreed otherwise in any of the Appendices or the Credit Documents. In any other case the provisions of this Agreement and the Credit
Documents and the Appendices shall be regarded as complementing each other.

 

    8

     

    

 

		14.	Upon the occasion of signature of this Agreement, the Borrower will pay the Bank $6,000 for preparation
of the documents. This commission is in addition to the usual commissions in respect of the Account.

 

Yours Truly

 

(-)

 

Itamar Medical Ltd.

 

    9

     

    

 

I
the undersigned, Advocate Yael Calderon Uliel, the Lawyer acting for Itamar Medical Ltd., Company No. 512434218 (the
“Company”) hereby certify to Bank Mizrahi Tefahot Ltd., (the “Bank”) that the aforesaid Agreement
was signed on behalf of the Company by Messrs Gilad Glick and Shy Basson who are duly authorized by their signatures to
bind the Company vis a vis the Bank, this in accordance with resolutions of the Company’s duly empowered organs and which
were duly adopted, and further, pursuant to the Company’s documents of incorporation, its Memorandum and Articles of Association,
and that there is no restriction and/or impediment under any law and/or contract to the creation of and/or signature and/or issue
of the said Agreement and/or to the performance of all the contents contained in the said document to the credit and benefit of
the Bank, all as detailed and provided in the aforesaid Agreement, to the effect that the said Agreement binds the Company, is
enforceable against it by the Bank and valid vis a vis the Bank in all respects.

 

Date: August 20, 2020

 

(-)

 

Yael Calderon Uliel, Advocate

License No. 63979

 

    10

     

    

 

To:

Bank Mizrahi Tefahot Ltd.

 

Dear Sir/Madam

 

We certify that we have read the above
document, we agree to its contents and undertake to act in accordance with it.

 

Itamar Medical, Inc.

 

I.M.E. 2016 B.V.

 

(-)                       (-)

 

We confirm the above

 

(-)

_________________________________________

Bank Mizrahi Tefahot Ltd.

 

    11

     

    

 

[INFORMAL ENGLISH TRANSLATION] 

 

Mizrahi Tefahot Bank Ltd.

 

Deed of Pledge Legal Amendment

 

	Company Number
	512434218

 

Pledge number 13

 

Name of the Company/borrower – Itamar Medical
Ltd.

 

Amendment Code: 40

Replacement of Appendix A, A2 and B of the attached appendixes
to the amending Deed.

 

	List of codes:

01 Assignment of rights to another

02 Change in the loan agreement

03 Decrease of the secured amount

04 Change in special terms

05 Change in the degree of the pledge

11 Addition of collateral

12 Changes in collateral

13 Release of a collateral

14 Addition of identification for a collateral (include vehicle
license number)

21 Partial repayment

40 Other Changes

 

	September 24, 2020	/s/Gilad Glick /s/ Shy Basson	 	 	 
	Date	signature of the Borrower	 	Signature of the Bank 	 

 

    12

     

    

 

Date: September 24, 2020

 

Amendment to Deed of Debenture dated
28.5.2017

 

	Whereas:	on 28.5.17 Itamar Medical Ltd. company number 512434218 (hereinafter, the "Company") signed a debenture in favor of Mizrahi Tefahot Bank Ltd. (hereinafter, the "Bank"), pursuant to which it pledged by floating charge of a first degree its manufacturing facility and all the reminder of assets and rights of any kind what so ever, in its possession now or in the future and by fixed pledge of a first degree its reputation, its fixed assets as detailed in Appendix A of the debenture, the intellectual property as detailed in Appendixes A1 and A2, of the debenture, the Company's rights to receive funds as detailed in Appendix B of the debenture, all the Company's holdings in Itamar Medical Inc, and I.M.E B.V (2016), its bills of lading and certificates, securities, documents and deeds as well as the Company's account with the Bank, all as detailed in the debenture; the said debenture was registered by the Companies Registrar on 13.6.17 as certificate number 13;

 

	Whereas:	the Company and the Bank agreed that the debenture shall be amended as detailed in this amending deed and that the reminder of the provisions of the debenture shall remain unchanged, all as detailed hereunder;

 

Now therefore
it is hereby agreed by the parties as follows;

 

	 	1.	It is hereby agreed that:
	 	-	Appendix A (list of the fixed assets) shall be replaced with Appendix A attached to this amending deed.
	 	-	Appendix A2 (list of intellectual property rights) shall be replaced with Appendix A2 attached to this amending deed.
	 	-	
        Appendix B (list of customers) shall be replaced with
Appendix B attached to this amending deed.

	 	2.	The reminder of the provisions of the debenture shall remain unchanged.
	 	3.	The respectable registrar is hereby requested to register in his records the amendment of the debenture as set forth above.

 

In witness thereof the parties have thereunto
signed today September 24, 2020

 

	/s/ Gilad Glick /s/ Shy Basson	 	 	 
	signature of the Borrower	 	Signature of the Bank 	 

 

    13

     

    

 

Appendix
A

to the Secured Debenture

 

[Omitted. The registrant agrees to furnish
supplementally a copy of such omitted appendix to the U.S. Securities and Exchange Commission upon request.]

 

 

    14

     

    

 

Appendix A1

to the Secured Debenture

 

[Omitted. The registrant agrees to furnish
supplementally a copy of such omitted appendix to the U.S. Securities and Exchange Commission upon request.]

 

 

    15

     

    

 

Appendix
A2

to the
Secured Debenture

 

[Omitted. The registrant
agrees to furnish supplementally a copy of such omitted appendix to the U.S. Securities and Exchange Commission upon request.]

 

 

    16

     

    

 

Appendix
B

to the
Secured Debenture

 

[Omitted. The registrant
agrees to furnish supplementally a copy of such omitted appendix to the U.S. Securities and Exchange Commission upon request.]

 

 

    17

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