Document:

Exhibit 10.1 

 

 

AMENDMENT
NO. 3 AND WAIVER

TO CREDIT AGREEMENT

 

AMENDMENT
NO. 3 AND WAIVER, dated as of October 19, 2016 (this “Amendment”), to the Credit Agreement, dated as of
September 28, 2011 (as amended by Amendment No. 1 to Credit Agreement, dated as of August 15, 2013 and by Amendment No. 2
to Credit Agreement dated as of December 19, 2014, and as further amended, amended and restated, supplemented or otherwise modified
prior to the date hereof, the “Existing Credit Agreement”), among INGRAM MICRO INC., a Delaware corporation
(“Micro”) and INGRAM MICRO LUXEMBOURG S.à r.l., a private limited liability company organized and existing
under the laws of the Grand-Duchy of Luxembourg (“Ingram Lux”, and together with Micro, the “Borrowers”),
the various financial institutions parties thereto (the “Lenders”), The Bank of Nova Scotia, as the Administrative
Agent for the Lenders, and certain other financial institutions party thereto and hereto.

 

W
I T N E S S E T H :

 

WHEREAS,
pursuant to an Agreement and Plan of Merger dated February 17, 2016 (the “Merger Agreement”) between Micro
and Tianjin Tianhai Investment Company, Ltd. (“Tianjin Tianhai”) Micro has agreed to be acquired by Tianjin
Tianhai to consummate a merger (the “Merger”) with a wholly-owned subsidiary of Tianjin Tianhai in which Micro
will be the surviving corporation;

 

WHEREAS,
the consummation of the Merger will trigger a Change in Control (as defined in the Existing Credit Agreement), and the Borrowers
have asked the Lenders (i) to waive their right under Section 4.1.2 of the Existing Credit Agreement to prepayment of their Loans
and (ii) to continue as Lenders thereunder; and

 

WHEREAS,
the Borrowers have also requested that certain terms of the Existing Credit Agreement be amended as set forth below (the Existing
Credit Agreement, after giving effect to the terms of this Amendment, being referred to as the “Credit Agreement”);
and

 

WHEREAS,
the Lenders party hereto have agreed to waive their rights under Section 4.1.2 of the Existing Credit Agreement and the Borrower,
the Administrative Agent and the Lenders party hereto (constituting the Required Lenders under the Existing Credit Agreement)
have agreed to amend the Existing Credit Agreement as set forth herein;

 

NOW,
THEREFORE, in consideration of the agreements herein contained, and for other valuable consideration the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows.

 

PART
I

DEFINITIONS

 

SUBPART
1.1. Definitions. Unless defined herein or the context otherwise requires, terms used in this Amendment, including the
preamble and recitals, have the meanings ascribed thereto in the Existing Credit Agreement.

 

     

     

    

 

PART
II

WAIVER

 

SUBPART
2.1. Effective on (and subject to the occurrence of) the Third Amendment Effective Date (as defined below):

 

(a)       each
Lender party hereto hereby (i) waives its right under Section 4.1.2 of the Existing Credit Agreement to require prepayment of
its Loans as a result of the Change in Control triggered by the Merger and (ii) agrees to continue as a Lender under the Credit
Agreement with a continuing Commitment as set forth on Schedule IA hereto;

 

(b)       each
Lender that is not a party hereto shall preserve all of its rights under Section 4.1.2 of the Existing Credit Agreement including,
for the avoidance of doubt, its right to receive a Change in Control Notice and the cancellation of its Commitments pursuant to
the terms of Section 4.1.2 of the Existing Credit Agreement; and

 

(c)       the
Borrower shall repay all outstanding Loans of each Lender that is not a party hereto and, thereupon, such Lender shall cease to
be a Lender under the Existing Credit Agreement for all purposes.

 

PART
III

AMENDMENTS TO EXISTING CREDIT AGREEMENT

 

SUBPART
3.1. Effective on (and subject to the occurrence of) the Third Amendment Effective Date, the Existing Credit Agreement is 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 Existing Credit Agreement attached
as Exhibit A hereto.

 

SUBPART
3.2. Effective on (and subject to the occurrence of) the Third Amendment Effective Date, the Existing Credit Agreement is hereby
amended by adding thereto a new Schedule IA in the form of Schedule IA attached hereto, and upon and after the Third Amendment
Effective Date, each reference in the Existing Credit Agreement to “Schedule IA” shall mean and be a reference to
the Schedule IA attached hereto.

 

SUBPART
3.3. Effective on (and subject to the occurrence of) the Third Amendment Effective Date, the Existing Credit Agreement is hereby
amended by adding thereto a new Schedule III in the form of Schedule III attached hereto.

 

PART
IV

CONDITIONS TO EFFECTIVENESS

 

SUBPART
4.1. Closing Date. This Amendment (but for the avoidance of doubt, not the waiver set forth in Subpart 2.1 hereof and the
amendments to the Existing Credit Agreement pursuant to Subpart 3.1 hereof) shall become effective on the date (the “Third
Amendment

 

     

     

    

 

Closing
Date”) when the Administrative Agent shall have received counterparts of this Amendment, duly executed and delivered
on behalf of the Borrowers, the Required Lenders under the Existing Credit Agreement and itself, or such condition shall have
been waived.

 

SUBPART
4.2. Effective Date. The waiver set forth in Subpart 2.1 hereof and the amendments to the Existing Credit Agreement pursuant
to Subpart 3.1 hereof shall become effective on the date (the “Third Amendment Effective Date”) when: (i) the
Third Amendment Closing Date shall have occurred and (ii) the Administrative Agent shall have received the following unless, in
each case, such condition shall have been waived by the Administrative Agent (and, solely with respect to clause (d) below, the
Borrowers):

 

(a)
written consents in form satisfactory to the Administrative Agent duly executed and delivered by each of the Guarantors, reaffirming
the Guaranties;

 

(b)
such certificates and resolutions of each Initial Borrower and each Additional Guarantor evidencing such Initial Borrower’s
and such Additional Guarantor’s, as applicable, approval of or consent to this Amendment (or, in the case of the Additional
Guarantors party to the Credit Agreement prior to the date hereof, a certificate certifying that there have been no changes to
such documents since the previous versions delivered), in each case as the Administrative Agent may reasonably require;

 

(c)
a certificate of a responsible officer of Micro stating that both before and after giving effect to the terms hereof, the following
statements shall be true and correct: (A) the representations and warranties contained in Article VII of the Credit Agreement
(excluding, however, those contained in Section 7.8) and in the other Loan Documents shall be true and correct with the same effect
as if made on and as of the Third Amendment Effective Date, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they shall be true and correct as of such earlier date, (B) except as disclosed in Item
7.8 (Litigation) of the Disclosure Schedule: (i) no labor controversy, litigation, arbitration or governmental investigation
or proceeding shall be pending or, to the knowledge of any Obligor, threatened against any Obligor, or any of its Consolidated
Subsidiaries in respect of which there exists a reasonable possibility of an outcome that would result in a Material Adverse Effect
or that would affect the legality, validity or enforceability of the Credit Agreement or any other Loan Document; and (ii) no
development shall have occurred in any labor controversy, litigation, arbitration or governmental investigation or proceeding
so disclosed in respect of which there exists a reasonable possibility of an outcome that would result in a Material Adverse Effect;
(C) no Default shall have occurred and be continuing, and no Obligor, nor any of its Subsidiaries, shall be in violation of any
law or governmental regulation or court order or decree which, singly or in the aggregate, results in, or would reasonably be
expected to result in, a Material Adverse Effect; and (D) no Change in Control shall have occurred (except as a result of the
Merger referenced in the recitals above);

 

     

     

    

 

(d)
certified copies of a certificate of merger or other confirmation satisfactory to the Administrative Agent and the Borrowers of
the consummation of the Merger from the Secretary of State of the State of Delaware;

 

(e)
an agreement from GCL Investment Holdings, Inc. not to encumber the Equity Interests of Micro in form satisfactory to the Administrative
Agent;

 

(f)
opinions of counsel consistent with the opinions delivered on the Effective Date, the First Amendment Effective Date and the Second
Amendment Effective Date, dated as of the Third Amendment Effective Date and addressed to the Administrative Agent and the Lenders,
from:

 

		i.	Augusto
                                         Aragone, Vice President & Associate General Counsel – Corporate, Finance and
                                         M&A of Micro;

 

		ii.	Davis
                                         Polk & Wardwell LLP, special New York counsel to Micro; and

 

		iii.	Baker
                                         & McKenzie LLP, special Luxembourg counsel to Ingram Lux;

 

(g)
all fees required to be paid to the Administrative Agent and all consent fees payable to the Lenders and all expenses, including
all reasonable fees and expenses of Mayer Brown LLP, counsel to the Administrative Agent, for which reasonably detailed invoices
have been presented on or before the Third Amendment Effective Date; and

 

(h)
to the extent reasonably requested by the Administrative Agent in writing at least 10 Business Days prior to the Third Amendment
Effective Date, documentation and other information that are required by regulatory authorities under applicable “know-your-customer”
rules and regulations, including the Act.

 

In
the event that the Third Amendment Effective Date does not occur on or before 11:59 p.m., New York City time, on February
12, 2017, then this Agreement shall automatically terminate unless the Administrative Agent shall, upon the instruction of the
Required Lenders, agree to an extension.

 

SUBPART
4.2.2. Satisfactory Legal Form. All documents executed or submitted pursuant hereto shall be satisfactory in form and substance
to the Administrative Agent and its counsel. The Administrative Agent and its counsel shall have received all information and
such counterpart originals or such certified or other copies of such materials, as the Administrative Agent or its counsel may
reasonably request.

 

The
Administrative Agent shall promptly notify the Borrowers and the Lenders when the foregoing conditions have been satisfied and
when each of the Third Amendment Closing Date and the Third Amendment Effective Date, as applicable, has occurred, and such notice
shall be conclusive and binding on all parties to the Credit Agreement.

 

     

     

    

 

PART
V

MISCELLANEOUS PROVISIONS

 

SUBPART
5.1. Loan Document pursuant to Existing Credit Agreement. This Amendment is a Loan Document pursuant to the Existing Credit
Agreement and shall be construed, administered and applied in accordance with all of the terms and provisions of the Existing
Credit Agreement. Upon and after the Third Amendment Effective Date, each reference in the Existing Credit Agreement to “this
Agreement”, “hereunder”, “hereof” or words of like import referring to the Existing Credit Agreement
shall mean and be a reference to the Existing Credit Agreement as modified by this Amendment.

 

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

 

SUBPART
5.3. Limited Waiver and Amendments. The foregoing waiver and amendments shall be limited precisely as written and in no
event shall be deemed to constitute a waiver to, or an amendment of any other term, provision or condition of the Existing Credit
Agreement or any other Loan Document or prejudice any right or remedy that the Administrative Agent or any Lender may now have
or may have in the future under or in connection with the Credit Agreement or any other Loan Document. In furtherance of the foregoing,
except as expressly waived or amended hereby, all of the representations, warranties, terms, covenants, conditions and other provisions
of the Existing Credit Agreement and each other Loan Document is hereby ratified and confirmed, shall remain unchanged and shall
continue to be in full force and effect in accordance with their respective terms.

 

SUBPART
5.4. Governing Law; Entire Agreement. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE
STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. This Amendment constitutes the entire understanding among
the parties hereto with respect to the subject matter hereof and supersedes any prior agreements, written or oral, with respect
thereto.

 

SUBPART
5.5. Execution in Counterparts. This Amendment may be executed in any number of counterparts by the parties hereto, each
of which counterparts when so executed shall be an original, but all of which counterparts shall together constitute one and the
same agreement. Delivery of an executed counterpart of a signature page to this Amendment by facsimile shall be effective as delivery
of a manually executed counterpart of this Amendment.

 

SUBPART
5.6. Headings. The various headings of this Amendment are inserted for convenience only and shall not affect the meaning
or interpretation of this Amendment or any provision hereunder.

 

SUBPART
5.7. Lender Joinder. By their execution hereof, each of the parties hereto acknowledges and agrees that (a) any Lender
under the Existing Credit Agreement that is not a party to this Amendment as of the Third Amendment Closing Date may become a
party to this

 

     

     

    

 

Amendment
as if it were a party hereto as of the Third Amendment Closing Date upon the delivery, prior to the Third Amendment Effective
Date, of a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent, duly executed on behalf
of such Lender, the Borrowers and the Administrative Agent and (b) the Administrative Agent may revise Schedule 1A to reflect
such Lenders’ Commitments, in each case without the consent of any Lender party hereto.

 

 

 

     

     

    

 

EXECUTED
as of the date first stated in this Amendment to Credit Agreement.

 

	 	INGRAM MICRO INC., as a Borrower
    and a Guarantor
	 	 
	 	 
	 	By: 	/s/ William D. Humes  
	 	 	Name: William D. Humes
Title: Chief Financial Officer

 

	 	 	Address:

3351 Michelson Drive, Suite 100

Irvine,
CA 92612-0697

  

Facsimile
No.: 714.566.7873

 

Attention:
Erik Smolders

     

     

    

 

	 	INGRAM
MICRO LUXEMBOURG S.À R.L., as a Borrower
	 	 
	 	 
	 	By: 	/s/ Erik Smolders
	 	 	Name: Erik Smolders
Title: Manager

 

	 	 	Address:

 

20, rue Eugène Ruppert

L-2453
Luxembourg

  

Facsimile
No.: 

 

Attention:

     

     

    

 

	 	THE
BANK OF NOVA SCOTIA., as the Administrative Agent and a Lender
	 	 
	 	 
	 	By: 	/s/ Winston Lua   
	 	 	Name: Winston Lua  
Title: Director

 

 

 

 

     

     

    

 

	 	Bank of America, N.A., as
    a Lender
	 	 
	 	 
	 	By: 	/s/ Jeannette Lu
	 	 	Name: Jeannette Lu
Title: Director.

 

	 	BNP Paribas, as a Lender
	 	 
	 	 
	 	By: 	/s/ Gregory Paul
	 	 	Name: Gregory Paul
Title: Managing Director

	 	
	 	 
	 	 
	 	By: 	/s/ Liz Cheng
	 	 	Name: Liz Cheng
Title: Vice President

 

	 	THE BANK OF TOKYO-MITSUBISHI
    UFJ, LTD.,     as a     Lender
	 	 
	 	 
	 	By: 	/s/ Lillian Kim
	 	 	Name: Lillian Kim
Title: Director

 

	 	HSBC BANK USA, NATIONAL ASSOCIATION,
    as a Lender
	 	 
	 	 
	 	By: 	/s/ David Wagstoff
	 	 	Name: David Wagstoff
Title: Managing Director

 

	 	DEUTSCHE BANK AG NEW YORK BRANCH,
    as a     Lender
	 	 
	 	 
	 	By: 	/s/ Ming K. Chu
	 	 	Name: Ming K. Chu
Title: Director

	 	By: 	/s/ Virginia Cosenza
	 	 	Name: Virginia Cosenza
Title: Vice President

 

	 	MORGAN STANLEY BANK, N.A., as a
    Lender
	 	 
	 	 
	 	By: 	/s/ Jonathan Kerner
	 	 	Name: Jonathan Kerner
Title: Authorized Signatory

 

	 	PNC BANK, NATIONAL ASSOCIATION,
    as a Lender
	 	 
	 	 
	 	By: 	/s/ Philip K. Liebscher
	 	 	Name: Philip K. Liebscher
Title: Senior Vice President

 

	 	U.S. BANK NATIONAL ASSOCIATION, as a
    Lender
	 	 
	 	 
	 	By: 	/s/ Matt S. Scullin
	 	 	Name: Matt S. Scullin
Title: Vice President

 

	 	WESTPAC BANKING CORPORATION,
    as a Lender
	 	 
	 	 
	 	By: 	/s/ Richard Yarnold
	 	 	Name: Richard Yarnold
Title: Director

 

     

     

    

 

	 	BANCO BILBAO VIZCAYA ARGENTARIA,
    S.A. NEW YORK BRANCH, as a Lender
	 	 
	 	 
	 	By: 	/s/ Brian Crowley
	 	 	Name: Brian Crowley
Title: Managing Director

	 	By: 	/s/ Cara Younger
	 	 	Name: Cara Younger
Title: Director

 

	 	ING BANK N.V.- DUBLIN BRANCH,
    as a Lender
	 	 
	 	 
	 	By: 	/s/ Sean Hassett
	 	 	Name: Sean Hassett
Title: Director

	 	By: 	/s/ Pádraig Matthews
	 	 	Name: Pádraig Matthews
Title: Vice President

 

	 	SUNTRUST BANK, as a
    Lender
	 	 
	 	 
	 	By: 	/s/ Lisa Garling
	 	 	Name: Lisa Garling
Title: Director

 

     

     

    

 

SCHEDULE
IA

 

Lender
Commitment Schedule

 

	Lender	Initial Commitment Amount	Percentage
	The Bank of Nova Scotia	$100,000,000	9.523809%
	Bank of America, N.A.	$100,000,000	9.523809%
	BNP Paribas	$100,000,000	9.523809%
	The Bank of Tokyo-Mitsubishi	 	 
	UFJ, Ltd.	$100,000,000	9.523809%
	HSBC Bank USA, National	 	 
	Association	$100,000,000	9.523809%
	Deutsche Bank AG New York	 	 
	Branch	$100,000,000	9.523809%
	Morgan Stanley Bank, N.A.	$67,500,000	6.428571%
	PNC Bank, National Association	$67,500,000	6.428571%
	U.S. Bank National Association	$67,500,000	6.428571%
	Westpac Banking Corporation	$67,500,000	6.428571%
	Banco Bilbao Vizcaya Argentaria, 

S.A. New York Branch	$60,000,000	5.714286%
	ING Bank N.V. – Dublin Branch	$60,000,000	5.714286%
	SunTrust Bank	$60,000,000	5.714286%
	 	$1,050,000,000	100.000000%

 

     

     

    

 

SCHEDULE
III

 

EMPLOYEE-RETENTION
BONUS PAYMENT

 

Tianjin
Tianhai Investment Company, Ltd. shall set up a retention pool with an aggregate cash payment amount of up to $150,000,000 to
be paid to certain employees in installments. Installment payments shall be in accordance with the following schedule (subject
to any adjustment made in connection with an extension of the End Date (as defined in the Merger Agreement) pursuant to Section
10.01(b) of the Merger Agreement, to February 11, 2017, due to (a) there being a CFIUS Investigation (as defined in the Merger
Agreement) on November 13, 2016 and/or (b) any or all of the conditions to the Closing (as defined in the Merger Agreement) set
forth in Section 9.01(c) or Section 9.01(d) of the Merger Agreement not having been satisfied (with all other conditions to Closing
set forth in Article 9 of the Merger Agreement having been satisfied or waived by the party entitled to waive such condition (or
in the case of conditions that by their terms are to be satisfied at the Closing, being capable of being satisfied)) on November
13, 2016): 25% between the Closing Date (as defined in the Merger Agreement) and December 31, 2016; 25% on December 31, 2016;
25% on June 30, 2017 and 25% on December 31, 2017.

 

 

 

 

     

     

    

 

Execution
Version

 

 

 

 

 

US $1,500,000,000

 

CREDIT
AGREEMENT1

 

dated
as of September 28, 2011,

 

among

 

INGRAM
MICRO INC.,

as an Initial Borrower and Guarantor,

 

INGRAM
MICRO LUXEMBOURG S.à r.l.,

 

as
an Initial Borrower,

 

CERTAIN
FINANCIAL INSTITUTIONS,

as the Lenders,

 

BANK
OF AMERICA, N.A.,

BNP PARIBAS,

THE ROYAL BANK OF SCOTLAND PLC, 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., and

HSBC
BANK USA, NATIONAL ASSOCIATION and

DEUTSCHE BANK SECURITIES INC.,

as the Co-Syndication Agents for the Lenders

 

and

 

THE
BANK OF NOVA SCOTIA,

as the Administrative Agent for the Lenders

 

 

As
arranged by

 

THE
BANK OF NOVA SCOTIA,

BNP PARIBAS SECURITIES CORP.,

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

RBS SECURITIES INC., 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

HSBC
SECURITIES (USA) INC. and

HSBCDEUTSCHE
BANK SECURITIES (USA) INC.

as the Joint Lead Arrangers and

Co-Bookrunners

 

 

 

1
As amended by Amendment No. 1 dated as of August 15, 2013
and2013, Amendment No. 2 dated as of December
19, 2014.2014 and
Amendment No. 3 dated as of October 19, 2016.

 

 

 

Ingram
Micro/Credit Agreement 

     

     

    

 

 

TABLE
OF CONTENTS

 

Page

 

	ARTICLE I	DEFINITIONS AND ACCOUNTING TERMS

 

	 	SECTION 1.1	Defined Terms	2
	 	SECTION 1.2	Use of Defined Terms	32
	 	SECTION 1.3	Cross-References	32
	 	SECTION 1.4	Accounting and Financial Determinations	32
	 	SECTION 1.5	Calculations	33
	 	SECTION 1.6	Round Amounts	33

 

	ARTICLE II	COMMITMENTS, ETC

 

	 	SECTION 2.1	Commitments	33
	 	SECTION 2.2	Reductions of the Commitment Amounts	34
	 	SECTION 2.3	Ineligible Currencies	35
	 	SECTION 2.4	Designated Additional Loans	35

 

	ARTICLE III	PROCEDURES FOR CREDIT EXTENSIONS

 

	 	SECTION 3.1	Borrowing Procedures	36
	 	SECTION 3.2	Letter of Credit Issuance Procedures	38
	 	SECTION 3.3	Amendment and Extension	42

 

	ARTICLE IV	PRINCIPAL, INTEREST, AND FEE PAYMENTS

 

	 	SECTION 4.1	Loan Accounts, Notes, Payments, and Prepayments	43
	 	SECTION 4.2	Interest Provisions	45
	 	SECTION 4.3	Fees	47
	 	SECTION 4.4	Rate and Fee Determinations	49

 

	ARTICLE V	CERTAIN PAYMENT PROVISIONS

 

	 	SECTION 5.1	Illegality; Currency Restrictions	50
	 	SECTION 5.2	Deposits Unavailable	50
	 	SECTION 5.3	Increased Credit Extension Costs, etc	51
	 	SECTION 5.4	Funding Losses	52
	 	SECTION 5.5	Increased Capital Costs	52
	 	SECTION 5.6	Discretion of Lenders as to Manner of Funding	53
	 	SECTION 5.7	Taxes	53
	 	SECTION 5.8	Payments	57
	 	SECTION 5.9	Sharing of Payments	57
	 	SECTION 5.10	Right of Set-off	58
	 	SECTION 5.11	Judgments, Currencies, etc	59
	 	SECTION 5.12	Replacement of Lenders	59
	 	SECTION 5.13	Change of Lending Office	59
	 	SECTION 5.14	European Monetary Union	60
	 	SECTION 5.15	Defaulting Lenders	60
	 	SECTION 5.16	Cash Collateral	63

 

 

    i 

     

    

 

	 	SECTION 5.17	Termination of Defaulting Lender	64

 

	ARTICLE VI	CONDITIONS TO MAKING CREDIT EXTENSIONS AND ACCESSION OF ACCEDING BORROWERS AND WITHDRAWAL OF BORROWERS

 

	 	SECTION 6.1	Initial Credit Extension	64
	 	SECTION 6.2	All Credit Extensions	66
	 	SECTION 6.3	Acceding Borrowers	67
	 	SECTION 6.4	Withdrawing Borrowers	69

 

	ARTICLE VII	REPRESENTATIONS AND WARRANTIES

 

	 	SECTION 7.1	Organization, etc	69
	 	SECTION 7.2	Due Authorization, Non-Contravention, etc	70
	 	SECTION 7.3	No Default	70
	 	SECTION 7.4	Government Approval, Regulation, etc	70
	 	SECTION 7.5	Validity, etc	70
	 	SECTION 7.6	Financial Information	71
	 	SECTION 7.7	No Material Adverse Effect	71
	 	SECTION 7.8	Litigation, Labor Controversies, etc	71
	 	SECTION 7.9	Subsidiaries	71
	 	SECTION 7.10	Ownership of Properties	71
	 	SECTION 7.11	Taxes	71
	 	SECTION 7.12	Pension and Welfare Plans	72
	 	SECTION 7.13	Environmental Warranties	72
	 	SECTION 7.14	Accuracy of Information	73
	 	SECTION 7.15	Patents, Trademarks, etc	73
	 	SECTION 7.16	Margin Stock	73
	 	SECTION 7.17	Sanctions Laws and Regulations	74

 

	ARTICLE VIII	COVENANTS

 

	 	SECTION 8.1	Affirmative Covenants	74
	 	SECTION 8.2	Negative Covenants	79

 

	ARTICLE IX	EVENTS OF DEFAULT

 

	 	SECTION 9.1	Listing of Events of Default	85
	 	SECTION 9.2	Action if Bankruptcy	88
	 	SECTION 9.3	Action if Other Event of Default	88
	 	SECTION 9.4	Cash Collateral	88

 

	ARTICLE X	AGENTS

 

	 	SECTION 10.1	Authorization and Actions	88
	 	SECTION 10.2	Funding Reliance, etc	89

 

 

    ii 

     

    

 

	 	SECTION 10.3	Exculpation	89
	 	SECTION 10.4	Successor	89
	 	SECTION 10.5	Credit Extensions by an Agent	90
	 	SECTION 10.6	Credit Decisions	90
	 	SECTION 10.7	Copies, etc	91
	 	SECTION 10.8	Joint Lead Arrangers and other Agents	91

 

	ARTICLE XI	MISCELLANEOUS PROVISIONS

 

	 	SECTION 11.1	Waivers, Amendments, etc	91
	 	SECTION 11.2	Notices	92
	 	SECTION 11.3	Payment of Costs and Expenses	92
	 	SECTION 11.4	Indemnification	92
	 	SECTION 11.5	Survival	93
	 	SECTION 11.6	Severability	94
	 	SECTION 11.7	Headings	94
	 	SECTION 11.8	Execution in Counterparts, Effectiveness; Entire Agreement	94
	 	SECTION 11.9	Jurisdiction	94
	 	SECTION 11.10	Successors and Assigns	96
	 	SECTION 11.11	Assignments and Transfers of Interests	96
	 	SECTION 11.12	Other Transactions	99
	 	SECTION 11.13	Further Assurances	99
	 	SECTION 11.14	Waiver of Jury Trial	99
	 	SECTION 11.15	Confidentiality	100
	 	SECTION 11.16	Release of Subsidiary Guarantors and Acceding Borrowers	100
	 	SECTION 11.17	Collateral	101
	 	SECTION 11.18	USA PATRIOT Act Notice	101
	 	SECTION 11.19	No Advisory or Fiduciary Responsibility	101

 

 

 

    iii 

     

    

SCHEDULES
AND EXHIBITS

 

 

	Schedule IA	-	Lender Commitment Schedule
	Schedule I	-	Disclosure Schedule
	 	-	Item 7.8
	 	-	Item 7.9
	 	-	Item 7.11
	 	-	Item 7.12
	 	-	Item 8.2.1(a)(ii)
	 	-	Item 8.2.2(a)
	Schedule II	-	Existing Letters of Credit
	Schedule III	 	Employee-Retention Bonus Payments
	 	 	 
	Exhibit A-1	-	Revolving Note
	Exhibit A-2	-	Swing Line Note
	Exhibit B	-	Borrowing Request
	Exhibit C	-	Issuance Request
	Exhibit D	-	Continuation Notice
	Exhibit E	-	Compliance Certificate
	Exhibit F	-	Effective Date Certificate
	Exhibit G	-	Intra-Group Agreement
	Exhibit H	-	Micro Guaranty
	Exhibit I	-	Additional Guaranty
	Exhibit J	-	Lender Assignment Agreement
	Exhibit K	-	Opinion of the Senior Corporate Counsel of Micro
	Exhibit L	-	Opinion of Special New York counsel to Micro
	Exhibit M	-	Opinion of Special Belgian counsel to Coordination Center
	Exhibit N	-	Accession Request and Acknowledgment

 

 

  

	 	 iv	 
	 	 	 
	 	Ingram Micro/Credit Agreement 	 

  

     

     

    

CREDIT
AGREEMENT

 

THIS CREDIT
AGREEMENT is among:

 

		·	INGRAM
                                         MICRO INC., a corporation organized and existing under the laws of the State of Delaware,
                                         United States of America (“Micro”);

 

		·	INGRAM
                                         MICRO LUXEMBOURG S.à r.l.,
                                         a private limited liability company organized and existing under the laws of the Grand-Duchy
                                         of Luxembourg (“Ingram Lux”, and together with Micro, the “Initial
                                         Borrowers”);

 

		·	THE
                                         BANK OF NOVA SCOTIA (“Scotiabank”), BANK OF AMERICA, N.A. (“BOA”),
                                         BNP PARIBAS (“BNP”), THE ROYAL BANK
                                         OF SCOTLAND plc (“RBS”), THE BANK
                                         OF TOKYO-MITSUBISHI UFJ, LTD. (“BTMU”), HSBC Bank USA, National Association
                                         (“HSBC”), Deutsche
                                         Bank AG, New York Branch (“DB”) and all other financial institutions
                                         party hereto (together with their respective successors and permitted assigns and any
                                         branch or affiliate of a financial institution funding a Revolving Loan as permitted
                                         by Section 5.6 as a signatory or otherwise, collectively, the “Lenders”);
                                         and

 

		·	SCOTIABANK,
                                         as administrative agent for the Lenders (in such capacity, the “Administrative
                                         Agent”) and BOA, BNP, RBS, BTMU,
                                         HSBC, and HSBCDeutsche
                                         Bank Securities Inc. (“DBSI”), as co-syndication agents for the
                                         Lenders (in such capacity, the “Syndication Agents” and, collectively
                                         with the Administrative Agent, the “Agents”).

 

WHEREAS,
Micro and its Subsidiaries (such capitalized term and all other capitalized terms used herein having the meanings provided
in Section 1.1) are engaged primarily in the business of the wholesale distribution of microcomputer software and hardware
products, multimedia products, customer financing, assembly and configuration and other related wholesaling, distribution and
service activities; and

 

WHEREAS,
Micro wishes to obtain for itself and Ingram Lux, as Initial Borrowers, Commitments from all the Lenders for Credit Extensions
to be made prior to the Commitment Termination Date in an aggregate amount in any Available Currency, not to exceed the Total
Commitment Amount at any one time outstanding, such Credit Extensions being available in accordance with the term of this Agreement
as Revolving Loans, Swing Line Loans and Letters of Credit; and

 

WHEREAS,
Micro is willing to guarantee all Obligations of each other Obligor; and

 

WHEREAS,
each Initial Additional Guarantor is, as of the Effective Date, a Material Subsidiary and, consistent with Section 8.1.8(b),
is required to, and is willing to, guarantee all Obligations of each other Obligor; and

 

WHEREAS,
the Lenders are willing, pursuant to and in accordance with the terms of this Agreement, to extend severally Commitments to
make, from time to time prior to the Commitment Termination Date, Credit Extensions in an aggregate amount at any time outstanding
not to exceed the excess of the Total Commitment Amount over the then Outstanding Credit Extensions; and

 

 

Ingram Micro/Credit Agreement 

     

     

    

WHEREAS,
the proceeds of the Credit Extensions will be used to refinance Indebtedness outstanding under the Predecessor Credit Agreements
and for general corporate purposes (including, working capital and, so long as the relevant Borrower has complied with Section
8.2.7, Acquisitions) of each Borrower and its Subsidiaries;

 

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

 

ARTICLE
I

DEFINITIONS AND ACCOUNTING TERMS

 

SECTION
1.1 Defined Terms. The following terms when used in this Agreement, including its preamble and recitals, shall, except where
the context otherwise requires, have the following meanings (such meanings to be equally applicable to the singular and plural
forms thereof):

 

“Acceding
Borrower” is defined in Section 6.3.

 

“Acceding
Borrower Effective Date” is defined in Section 6.3.

 

“Acceding
Borrower Sub-Facility” is defined in Section 6.3.

 

“Acceding
Borrower Sub-Facility Reallocation” is defined in Section 6.3.

 

“Accession
Request and Acknowledgment” means a request for accession duly completed and executed by an Authorized Person of the
applicable Acceding Borrower and acknowledged by an Authorized Person of each Guarantor, substantially in the form of Exhibit
N attached hereto.

 

“Acquired
Existing Debt and Liens” means, for a period of 180 days following the acquisition or merger of a Person by or into
Micro or any of its Subsidiaries or the acquisition of a business unit of a Person or the assets of a Person or business unit
of a Person by Micro or any of its Subsidiaries, the Indebtedness and Liens of that Person or business unit that (a) were not
incurred in connection with that acquisition or merger and do not constitute any refinancing of Indebtedness so incurred and (b)
were in existence at the time of that acquisition or merger.

 

“Acquisition”
means any transaction, or any series of related transactions, by which Micro and/or any of its Subsidiaries directly or indirectly
(a) acquires any ongoing business or all or substantially all of the assets of any Person or division thereof, whether through
purchase of assets, merger or otherwise, (b) acquires (in one transaction or as the most recent transaction in a series of transactions)
control of at least a majority in ordinary voting power of the securities of a Person which have ordinary voting power for the
election of directors of such Person or (c) otherwise acquires control of a more than 50% ownership interest in any Person.

 

“Act”
is defined in Section 11.18.

 

“Additional
Commitment Date” is defined in Section 2.4.

 

 

    2
 
Ingram Micro/Credit Agreement 

     

    

“Additional
Commitment Lender” is defined in Section 2.4.

 

“Additional
Guarantor” means each Initial Additional Guarantor and each other Subsidiary of Micro as shall from time to time become
a Guarantor in accordance with Section 8.1.8.

 

“Additional
Guaranty” means a guaranty, substantially in the form of the Exhibit I attached hereto, duly executed and delivered
by an Authorized Person of each Additional Guarantor, as amended, supplemented, restated, or otherwise modified from time to time.

 

“Additional
Permitted Liens” means, as of any date (a) Liens securing Indebtedness and not described in clauses (a) through
(m) of Section 8.2.2, but only to the extent that (i) the sum of the Amount of Additional Liens on that date plus
the amount of cash and cash equivalents or investments subject to Liens permitted by clause (c) of this definition on that
date does not exceed 105%
of Consolidated Tangible Assets on that date and, (ii) the Borrowers are otherwise in compliance with Section 8.2.1(b)(i),
(b) Liens constituting Acquired Existing Debt and Liens on that date and (c) Liens on cash and cash equivalents or investments
(and the deposit or other accounts to which such cash and cash equivalents and investments are credited) securing obligations
under any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other
interest rate, currency exchange rate or commodity price hedging agreement but only to the extent that the sum of the Amount of
Additional Liens on that date plus the amount of such cash and cash equivalents or investments on that date does not exceed 105%
of Consolidated Tangible Assets on that date.

 

“Administrative
Agent” is defined in the preamble and includes each other Person as shall have subsequently been appointed as the successor
Administrative Agent pursuant to Section 10.4.

 

“Affiliate”
of any Person means any other Person which, directly or indirectly, controls, is controlled by or is under common control with
such Person (excluding any trustee under, or any committee with responsibility for administering, any Plan). A Person shall be
deemed to be “controlled”
by any other Person if such other Person possesses, directly or indirectly, power (a) to vote, in the case of any Lender
Party, 10% or more or, in the case of any other Person, 35% or more, of the securities (on a fully diluted basis) having ordinary
voting power for the election of directors or managing general partners, or (b) in the case of any Lender Party or any other Person,
to direct or cause the direction of the management andor
policies of such Person whether by contract or otherwise.

 

“Affiliate
Transaction” is defined in Section 8.2.6.

 

“Agents”
is defined in the preamble.

 

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

 

“Alternate
Base Rate” means, on any date, a fluctuating rate of interest per annum (rounded upward, if necessary, to the next highest
1/16 of 1%) equal to (i) in the case of Loans denominated in Dollars, the highest of: (a) the Base Rate in effect on such day;
(b) the Federal 

 

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Ingram Micro/Credit Agreement 

     

    

Funds
Rate in effect on such day plus 1⁄2 of 1%; and (c) the one-month LIBO Rate; (ii) in the case of Loans denominated in
Sterling, the Sterling Base Rate; (iii) in the case of Loans denominated in Euro, the Euro Base Rate; and (iv) in the case of
Loans denominated in a currency other than Dollars, Sterling or Euro, the comparable rate for such currency, as reasonably
determined by the Administrative Agent; provided that if the
Alternative Base Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this
Agreement.

 

Changes in
the rate of interest on that portion of any Loans maintained as Base Rate Loans will take effect simultaneously with each change
in the Alternate Base Rate. The Administrative Agent will give notice promptly to the Borrower and the Lenders of changes in the
Alternate Base Rate; provided that, the failure to give such notice shall not affect the Alternate Base Rate in effect
after such change.

 

“Amount
of Additional Liens” means, at any date, the aggregate principal amount of Indebtedness secured by Additional Permitted
Liens on such date.

 

“Anti-Corruption
Laws” means the United States Foreign Corrupt Practices Act of 1977, as amended, and the United Kingdom Bribery Act
2010, as amended.

 

“Applicable
Margin” means, for any Loan or Letter of Credit, the rate per annum determined in accordance with the following procedure;
provided that for any day during the period from and including the Second Amendment Effective Date, through and including the
six month anniversary of the Second Amendment Effective Date, the Applicable Margin shall be not lower than Pricing Level III:

 

(1)       If
the Pricing Level set forth opposite the Leverage Ratio is the same as the Pricing Level set forth opposite the applicable Credit
Rating, then the Applicable Margin for that Pricing Level shall be the Applicable Margin.

 

(2)       If
the Pricing Level set forth opposite the Leverage Ratio differs by one Pricing Level from the Pricing Level set forth opposite
the applicable Credit Rating, then the Applicable Margin for the lower numbered Pricing Level of the two shall be the Applicable
Margin.

 

(3)       If
the Pricing Level set forth opposite the Leverage Ratio differs by more than one Pricing Level from the Pricing Level set forth
opposite the applicable Credit Rating, then the Applicable Margin shall be determined by reference to the Pricing Level that is
numerically one Pricing Level below the higher numbered of the two applicable Pricing Levels.

 

    4
 
Ingram Micro/Credit Agreement 

     

    

	Pricing
    Level	Credit
    Rating	Leverage
    Ratio	Applicable
    Margin for

    Libo Rate Loans	Applicable
    Margin for

    Base Rate Loans
	Level
    I	Higher than or equal
    to BBB+ or Baa1	Less than .50	1.125%	0.125%
	Level
    II	BBB or Baa2	Greater than or equal
    to .50, but less than 1.00	1.25%	0.25%
	Level
    III	BBB- or Baa3	Greater than or equal
    to 1.00, but less than 2.00	1.50%	0.50%
	Level
    IV 	BB+ or Ba1 	Greater than or equal
    to 2.00, but less than 3.00	1.6251.75%	0.6250.75%
	Level
    V	Lower than or equal
    to BB or Ba2	Greater than or equal
    to 3.00	2.002.25%	1.001.25%

 

Any change in the Applicable
Margin as a result in a change in the Credit Rating assigned by either S&P or Moody’s will be effective as of the day
subsequent to the date on which S&P or Moody’s, as the case may be, releases the applicable change in its Credit Rating.

 

If the Credit Ratings assigned
by S&P and Moody’s fall into different Pricing Levels, then the applicable Pricing Level shall be determined by reference
to the lower of the two Credit Ratings.

 

Subject to Section 4.4,
the applicable Leverage Ratio shall be the Leverage Ratio for the Fiscal Period most recently ended prior to such day for which
financial statements and reports have been received by the Administrative Agent pursuant to Section 8.1.1(a) or (b),
as set forth in (and effective upon delivery by Micro to the Administrative Agent of) the related new Compliance Certificate pursuant
to Section 8.1.1(d).

 

Notwithstanding the foregoing,
(i) for so long as an Event of Default has occurred and is continuing the applicable Pricing Level shall be Level V and (ii) if
Micro shall fail to deliver a Compliance Certificate required to be delivered pursuant to Section 8.1.1(d) within 60 days
after the end of any of its fiscal quarters (or within 90 days, in the case of the last fiscal quarter of its Fiscal Year), the
applicable Pricing Level from and including the 61st (or 91st, as the case may be) day after the end of such fiscal quarter (or
Fiscal Year, as the case may be) to but not including the date Micro delivers to the Administrative Agent a quarterly Compliance
Certificate shall be Level V.

 

“Applicable
Time” means, except as provided in clause (ii), (i) New York City time and (ii) in the case of notices, payments,
requests or other actions relating to any Loan or Letter of Credit denominated in any Available Currency other than Dollars, the
local time in the Principal Financial Center of the Available Currency in which such Loan or Letter of Credit is denominated.

 

“Authorized
Person” means those officers or employees of each Obligor whose signatures and incumbency shall have been certified
to the Administrative Agent pursuant to Section 6.1.1 or 6.3.1.

 

    5
 
Ingram Micro/Credit Agreement 

     

    

“Available
Credit Commitment” means, for any Lender and at any time, the amount (not less than zero) equal to the remainder of
(a) its Credit Commitment Amount at that time minus (b) its Outstanding Credit Extensions at that time.

 

“Available
Currency” means Dollars, Sterling and Euro, and any other currency approved in writing by all of the Lenders.

 

“Available
Distribution Amount” means, on any date, (i) an amount, not less than zero in the aggregate, equal to 50% of Consolidated
Adjusted Net Income for the period (taken as one accounting period) from the first day of the Fiscal Period during which the Change
in Control Date occurs to the end of the Fiscal Period most recently ended (it being understood and agreed that solely for purposes
of this clause (i) the Consolidated Adjusted Net Income for such initial Fiscal Period shall be equal to (x) 50% of the Consolidated
Adjusted Net Income for such Fiscal Period multiplied by (y) a fraction (A) the numerator of which is the number of days
from and after the Change in Control Date to and including the last day of such Fiscal Period and (B) the denominator of which
is the total number of days in such Fiscal Period) minus (ii) the aggregate amount of all Restricted Payments made pursuant
to Section 8.2.4 after the Change in Control Date and prior to such date of calculation.

 

“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.

 

“Base
Rate” means, at any time, the rate of interest then most recently established by the Administrative Agent in New York
as its base rate for Dollars loaned in the United States. The Base Rate is not necessarily intended to be the lowest rate of interest
determined by the Administrative Agent in connection with extensions of credit.

 

“Base
Rate Loan” means a Loan bearing interest at a fluctuating rate determined by reference to the Alternate Base Rate.

 

“BNP”
is defined in the preamble.

 

“BOA”
is defined in the preamble.

 

“Board
Representation Agreement” means the Board Representation Agreement dated as of November 6, 1996 and amended
as of June 1, 2001, March 12, 2002 and May 30, 2002, among Micro and the “Family Stockholders”
(as defined therein) listed on the signature pages thereof, as it was in effect on May 30, 2002 (it being understood that such
Agreement is no longer in effect and is being identified solely for purposes of identifying those Persons who constitute the “Family
Stockholders” for purposes of the definition of “Change in Control”).

 

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Ingram Micro/Credit Agreement 

     

    

“Borrowers”
means, collectively, the Initial Borrowers and the Acceding Borrowers party to this Agreement from time to time, together with
their respective successors and assigns; provided that, upon the effectiveness of the withdrawal of a Borrower in accordance with
Section 6.4, such Person shall cease to be a Borrower.

 

“Borrowing”
means the Loans having the same Interest Period, made by all Lenders on the same Business Day, and made pursuant to the same Borrowing
Request in accordance with Section 3.1.

 

“Borrowing
Request” means a Loan and certificate duly completed and executed by an Authorized Person of the relevant Borrower,
substantially in the form of Exhibit B attached hereto.

 

“BTMU”
is defined in the preamble.

 

“Brazilian/ISS
Judgment” means the commercial service tax assessed by the Sao Paulo municipal tax authorities against Ingram Micro
Brazil Ltda. in December 2007 in an initial amount of 55.1 million Brazilian real, as such assessment was upheld by the Sao Paulo
municipal taxpayer council May 26, 2009.

 

“Business
Day” means

 

(a)       any
day which (i) is neither a Saturday or Sunday nor a legal holiday on which banks are authorized or required to be closed in London
or in Brussels and (ii) relative to the making, continuing, prepaying of Loans denominated in an Available Currency, is also a
day on which dealings in such Available Currency are carried on in the interbank eurodollar market in London or New York City;
and

 

(b)       relative
to the making of any payment in respect of any Credit Extension denominated in an Available Currency other than Sterling, any
day on which dealings in such Available Currency are carried on in the London interbank eurodollar market and in the relevant
local money market.

 

“Capitalized
Lease Liabilities” of any Person means, at any time, any obligation of such Person at such time to pay rent or other
amounts under a lease of (or other agreement conveying the right to use) real and/or personal property, which obligation is, or
in accordance with GAAP (including FASB Statement 13) is required to be, classified and accounted for as a capital lease on a
balance sheet of such Person at the time incurred; and for purposes of this Agreement the amount of such obligation shall be the
capitalized amount thereof determined in accordance with such FASB Statement 13.

 

“Cash
Collateralize” means, to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more
of the Issuers or the Lenders, as collateral for Letter of Credit Outstandings or obligations of Lenders to fund participations
in respect of Letter of Credit Outstandings, cash or deposit account balances or, if the Administrative Agent and each applicable
Issuer shall agree in their reasonable discretion, other credit support, in each case pursuant to documentation in form and substance
reasonably satisfactory to the Administrative Agent and

 

    7
 
Ingram Micro/Credit Agreement 

     

    

each
applicable Issuer. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the
proceeds of such cash collateral and other credit support.

 

“Change
in Control” means the occurrence of either (a) prior
to a Qualified IPO, HNA Group shall cease (i) to directly or indirectly be the largest holder of the capital stock of Micro having
ordinary voting power or (ii) to be able to exercise effective control (as defined in clause (b) of the second sentence of the
definition of the term “Affiliate”) over Micro; (b) following a Qualified IPO, any Person or two or more
Persons (excluding the Family Stockholders (as defined in the Board Representation Agreement)HNA
Group) acting in concert shall have acquired beneficial ownership (within the meaning of Rule 13d-3 of the Securities
and Exchange Commission under the Securities Exchange Act of 1934, as amended (or any successor regulation)) of capital stock
of Micro having more than 30% of the ordinary voting power of all capital stock of Micro then outstanding;
or (b) unless HNA Group shall directly or indirectly
own capital stock of Micro representing a greater percentage of the ordinary voting power of all capital stock of Micro stock
then outstanding; or (c) following a Qualified IPO, at any time during any period of 25 consecutive calendar months
commencing on or after the date of this AgreementThird
Amendment Effective Date, a majority of Board of Directors of Micro shall no longer be composed of individuals (i)
who were members of such Board of Directors on the first day of such period, (ii) whose election or nomination to such Board of
Directors was approved by individuals referred to in clause (bc)(i)
above constituting at the time of such election or nomination at least a majority of such Board of Directors,
or (iii) whose election or nomination to such Board of Directors was approved by individuals referred to in clause
(bc)(i) or (bc)(ii)
above constituting at the time of such election or nomination at least a majority of such Board of Directors.

 

“Change
in Control Notice” is defined in Section 4.1.2.

 

“Change
of Control Date” means the date that the Merger has been consummated.

 

“Change
of Control Triggering Event” means the occurrence of a Change of Control Triggering Event as defined in the Senior Note
Indentures.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended and as in effect from time to time, and any rules and regulations promulgated
thereunder.

 

“Commitment”
means, (a) relative to each Lender, its obligation under Section 2.1(a) to make Revolving Loans, under Section 3.1.2(b)
to make Refunded Swing Line Loans and under Section 3.2 to participate in Letters of Credit and drawings thereunder,
and (b) relative to the Swing Line Lender, its obligation under Section 2.1(b) to make Swing Line Loans.

 

“Commitment
Fee” is defined in Section 4.3.2.

 

“Commitment
Termination Date” means January 5, 2020, or the earlier date of termination in whole of the Commitments pursuant to
Section 2.2, 9.2 or 9.3.

 

 

    8
 
Ingram Micro/Credit Agreement 

     

    

“Compliance
Certificate” means a report duly completed, with substantially the same information as set forth in Exhibit E
attached hereto, as such Exhibit E may be amended, supplemented, restated or otherwise modified from time to time.

 

“consolidated”
and any derivative thereof each means, with reference to the accounts or financial reports of any Person, the consolidated accounts
or financial reports of such Person and each Subsidiary of such Person determined in accordance with GAAP, including principles
of consolidation consistent with those applied in the preparation of the consolidated financial statements of Micro referred to
in Section 7.6.

 

“Consolidated
Adjusted Net Income” means for any period, Consolidated Net Income for such period, adjusted, to the extent material and
included in calculating Consolidated Net Income, by excluding from the calculation thereof, without duplication,

 

(1)       any
impairment charge or asset write-off pursuant to Accounting Standards Codification (“ASC”) Topic 350 and ASC Topic
360 and the amortization of intangibles arising pursuant to ASC Topic 350,

 

(2)       the
cumulative effect of a change in accounting principles,

 

(3)       any
non-cash compensation charge arising from the grant of or issuance of stock, stock options or other equity based awards,

 

(4)       any
gain or loss, net of taxes, attributable to disposed, abandoned, transferred or closed assets or operations and any gain or loss,
net of taxes, on disposal of disposed, abandoned, transferred or closed assets or operations (including, without limitation, assets
or operations disposed of during such period), and

 

(5)       net
earnings (or losses) of a Subsidiary that is accounted for by the equity method of accounting except to the extent dividends/distributions
are received in cash.

 

For
the sake of clarity, (x) any material amounts restated for discontinued operations in Micro’s consolidated financial statements
shall not be recalculated under this definition and (y) any material gain or loss, net of taxes, attributable to discontinued
operations and any material gain or loss, net of taxes, on disposal of discontinued operations (including, without limitation,
operations disposed of during such period) shall be excluded from the calculation of Consolidated Adjusted Net Income.

 

“Consolidated
Assets” means, at any date, the total assets of Micro and its Consolidated Subsidiaries that would be reflected on a
consolidated balance sheet of Micro and its Consolidated Subsidiaries as at such date in accordance with GAAP.

 

“Consolidated
EBITDA” means, for any period, Consolidated Income (or Loss) from Operations for such period adjusted by adding thereto
(a) the amount of all amortization of intangibles, depreciation and any other non-cash charges that were deducted in arriving
at Consolidated Income (or Loss) from Operations for such period and (b) without duplication, (i)
up to an aggregate $50,000,000 of expenses related to the Transaction, (ii) up to an aggregate

 

    9
 
Ingram Micro/Credit Agreement 

     

    

 

$150,000,000
of extraordinary cash expenses as set forth on Schedule III hereto related to employee-retention bonus payments in
connection with the Transaction, (iii) the amount of all cash payments made pursuant to the terms of the Merger Agreement
with respect to unvested stock awards and (iv) the amount of Restructuring Charges
recorded in accordance with GAAP during any such
period; provided that the amount of Restructuring Charges added pursuant to clause (b)(iv)
may not exceed $50,000,000 in any four consecutive Fiscal Periods.

 

“Consolidated
Funded Debt” means, as at any date, the total of all Funded Debt of Micro and its Consolidated Subsidiaries outstanding
on such date, after eliminating all offsetting debits and credits between Micro and its Consolidated Subsidiaries and all other
items required to be eliminated in the course of the preparation of consolidated financial statements of Micro and its Consolidated
Subsidiaries in accordance with GAAP.

 

“Consolidated
Income (or Loss) from Operations” means, for any period, the amount of “income or loss from operations”
(or any substituted or replacement line item) reflected on a consolidated statement of income of Micro and its Consolidated Subsidiaries
for such period in accordance with GAAP.

 

“Consolidated
Interest Charges” means, for any period, the sum (without duplication) of the following (in each case, eliminating all
offsetting debits and credits between Micro and its Consolidated Subsidiaries and all other items required to be eliminated in
the course of the preparation of consolidated financial statements of Micro and its Consolidated Subsidiaries in accordance with
GAAP):

 

(a)       aggregate
Net Interest Expense for such period plus, to the extent not deducted in determining Consolidated Net Income for such period,
the amount of all interest previously capitalized or deferred that was amortized during such period; plus

 

(b)       all
debt discount and expense amortized or required to be amortized in the determination of Consolidated Net Income for such period;
plus

 

(c)       all
attributable interest, fees in lieu of interest and “losses on sales of receivables” (or any substituted or replacement
line item) reflected on a consolidated statement of income of Micro and its Consolidated Subsidiaries for such period, in each
case associated with any securitization program by Micro or any of its Consolidated Subsidiaries.

 

“Consolidated
Liabilities” means, at any date, the sum of all obligations of Micro and its Consolidated Subsidiaries that would be
reflected on a consolidated balance sheet of Micro and its Consolidated Subsidiaries as at such date in accordance with GAAP.

 

“Consolidated
Net Income” means, for any period, the consolidated net income of Micro and its Consolidated Subsidiaries as reflected
on a consolidated statement of income of Micro and its Consolidated Subsidiaries for such period in accordance with GAAP.

 

    10
 
Ingram Micro/Credit Agreement 

     

    

 

“Consolidated
Stockholders’ Equity” means, at any date, the remainder of (a) Consolidated Assets as at such date, minus (b)
Consolidated Liabilities as at such date.

 

“Consolidated
Subsidiary” means any Subsidiary whose financial statements are required in accordance with GAAP to be consolidated
with the consolidated financial statements delivered by Micro from time to time in accordance with Section 8.1.1.

 

“Consolidated
Tangible Assets” means, at any date, the remainder of (a) the Consolidated Assets as at the end of the most recently
ended Fiscal Period for which financial statements have been delivered pursuant to Section 8.1.1, minus (b) the Intangible
Assets of Micro and its Consolidated Subsidiaries as of such last day.

 

“Consolidated
Tangible Net Worth” means, at any date, the remainder of (a) Consolidated Stockholders’ Equity as at the end of
the most recently ended Fiscal Period for which financial statements have been delivered pursuant to Section 8.1.1 plus
the accumulated after-tax amount of non-cash charges and adjustments to income and Consolidated Stockholders’ Equity attributable
to employee stock options and stock purchases through the last day of such Fiscal Period, minus (b) goodwill and other Intangible
Assets of Micro and its Consolidated Subsidiaries as at such last day.

 

“Contingent
Liability” means any agreement, undertaking or arrangement (including any partnership, joint venture or similar arrangement)
by which any Person guarantees, endorses or otherwise becomes or is contingently liable (by direct or indirect agreement, contingent
or otherwise) to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or obligation or any other
liability of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment
of dividends or other distributions upon the shares of any other person, if the primary purpose or intent thereof by the Person
incurring the Contingent Liability is to provide assurance to the obligee of such obligation of another Person that such obligation
of such other Person will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders
of such obligation will be protected (in whole or in part) against loss in respect thereof. The amount of any Person’s obligation
under any Contingent Liability shall be deemed to be the lower of (a) the outstanding principal or face amount of the debt, obligation
or other liability guaranteed thereby and (b) the maximum amount for which such Person may be liable pursuant to the terms of
the instrument embodying such Contingent Liability, unless such obligation and the maximum amount for which such Person may be
liable are not stated or determinable, in which case the amount of such Contingent Liability shall be such Person’s maximum
reasonably anticipated liability in respect thereof as determined by Micro in good faith.

 

“Continuation
Notice” means a notice of continuation and certificate duly completed and executed by an Authorized Person of the relevant
Borrower, substantially in the form of Exhibit D attached hereto.

 

“Controlled
Group” means all members of a controlled group of corporations and all members of a controlled group of trades or businesses
(whether or not incorporated) under

 

    11
 
Ingram Micro/Credit Agreement 

     

    

 

common
control which, together with Micro, are treated as a single employer under Section 414(b) or 414(c) of the Code or Section 4001
of ERISA.

 

“Coordination
Center” means Ingram Micro Coordination Center BVBA, a company organized and existing under the laws of The Kingdom
of Belgium.

 

“Cost
of Funds” means, for the Administrative Agent or any Lender, as the case may be, its cost, from whatever source it
reasonably selects, of funds in respect of any expenditure or funding by it or in respect of maintaining any Loan, as the
case may be; provided that if the Cost of Funds shall be less than
zero, such cost of funds shall be deemed to be zero for purposes of this Agreement.

 

“Cost
of Funds Rate Loan” means, for any Lender, any Loan bearing interest at an annual rate equal to the sum of (a) the Applicable
Margin for that Loan plus (b) such Lender’s Cost of Funds.

 

“Credit
Commitment Amount” means, relative to any Lender at any time, such Lender’s Percentage multiplied by the then
Total Commitment Amount as in effect at such time.

 

“Credit
Extension” means, collectively, (a) the making of Loans by the Lenders and (b) the issuance by any Issuer of a Letter
of Credit.

 

“Credit
Extension Request” means, as the context may require, a Borrowing Request, a Continuation Notice or an Issuance Request.

 

“Credit
Rating” means a statistical rating assigned by S&P and Moody’s to Micro’s long-term senior unsecured
debt and either published or otherwise evidenced in writing by the applicable rating agency and made available to the Administrative
Agent, including both “express” and “indicative” or “implied” (or equivalent) ratings.

 

“DB”
is defined in the preamble.

 

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

 

“Default”
means any Event of Default or any condition, occurrence or event which, after notice or lapse of time or both, would constitute
an Event of Default.

 

“Defaulting
Lender” means, subject to Section 5.15(b), any Lender that (a) has failed to (i) fund all or any portion of
its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies
the Administrative Agent and the Borrowers in writing that such failure is the result of such Lender’s determination
that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default,
shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any
Issuer, the Swing Line Lender or any other Lender any other amount

 

    12
 
Ingram Micro/Credit Agreement 

     

    

required
to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within two Business
Days of the date when due, (b) has notified the Borrowers, the Administrative Agent or any Issuer or the Swing Line Lender in
writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect
(unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such
position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together
with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has
failed, within three Business Days after written request by the Administrative Agent or the Borrowers, to confirm in writing to
the Administrative Agent and the Borrowers that it will comply with its prospective funding obligations hereunder (provided
that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation
by the Administrative Agent and the Borrowers), or (d) has, or has a direct or indirect parent company that has, (i) become the
subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for
it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged
with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other
state or federal regulatory authority acting in such a capacity or
(iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely
by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof
by a governmental authority so long as such ownership interest does not result in or provide such Lender with immunity from the
jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit
such Lender (or such governmental authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with
such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses
(a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be
a Defaulting Lender (subject to Section 5.15(b)) upon delivery of written notice of such determination to the Borrowers,
each Issuer, the Swing Line Lender and each Lender.

 

“Designated
Additional Commitments” is defined in Section 2.4.

 

“Designated
Person” means a person or entity: (a) listed in the annex to, or otherwise the subject of the provisions of, any applicable
Executive Order (as defined in the definition of Sanctions Laws and Regulations); (b) named as a “Specially Designated National
and Blocked Person” (“SDN”) on the most current list published by the U.S. Department of the Treasury
Office of Foreign Assets Control (“OFAC”)
at its official website or any replacement website or other replacement
official publication of such list; (c) is otherwise the subject of any applicable Sanctions Laws and Regulations; or (d) in which
an entity or person on the SDN list has 50% or greater ownership interest or that is otherwise controlled by an SDN.
 

“Disbursement
Date” is defined in Section 3.2.2.

 

“Disclosure
Schedule” means the Disclosure Schedule attached hereto as Schedule I, as the same may be amended, supplemented
or otherwise modified from time to time by Micro with the consent of the Administrative Agent and the Required Lenders.

 

“Dollar”
and the sign “$” each means the lawful currency of the United States.

 

    13
 
Ingram Micro/Credit Agreement 

     

    

 

“Dollar
Amount” at any date, means (a) with respect to an amount denominated in Dollars, such amount as at such date, and (b)
with respect to an amount denominated in any other Available Currency, the amount of Dollars into which such Available Currency
is convertible into Dollars as at such date and on the terms herein provided.

 

“Domestic
Subsidiary” means any Subsidiary of Micro that is not a Foreign Subsidiary.

 

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

 

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

 

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

 

“Effective
Date” means September 28, 2011.

 

“Effective
Date Certificate” means a certificate duly completed and executed by an Authorized Person of Micro, substantially in
the form of Exhibit F attached hereto.

 

“Eligible
Assignee” means any Person that, on the date that it is to become a Lender under this Agreement, is (i) a Lender or
(ii) any one of the following (in each case, with the prior written consent of the Administrative Agent, the Issuer and (so long
as no Event of Default exists at that time) Micro, in each case such consent not to be unreasonably withheld or delayed (it being
understood that (1) if an assignment or transfer to a Person described below results in a reduced rate of return to the Issuer
or requires the Issuer to set aside capital in an amount greater than that which is required to be set aside for other Lenders
participating in the Letter of Credit or the Issuer has a reasonable concern about the creditworthiness or reputation of the proposed
assignee, then the failure to consent to such transfer by the Issuer shall be deemed reasonable and (2) in the case of an assignment
or transfer to a bank or financial institution pursuant to clause (a) below to which Micro must consent, Micro may take
into account, among other things, the creditworthiness of that bank or financial institution and the holding company, if any,
by which it is owned):

 

(a)       a
bank or financial institution that at that time has (or is owned by a holding company that on a consolidated basis has) combined
capital and surplus (as established in its most recent report of condition to its primary regulator) of not less than $250,000,000
(or its equivalent in foreign currency);

 

(b)       a
commercial bank that at that time (i) is organized under the laws of the United States or any State thereof, (ii) has outstanding
unsecured indebtedness that is rated

 

    14
 
Ingram Micro/Credit Agreement 

     

    

 

A-
or better by S&P or A3 or better by Moody’s (or an equivalent rating by another nationally recognized statistical rating
agency of similar standing if such corporations are no longer in the business of rating unsecured indebtedness of entities engaged
in such businesses) and (iii) has combined capital and surplus (as established in its most recent report of condition to its primary
regulator) of not less than $250,000,000 (or its equivalent in foreign currency);

 

(c)       a
commercial bank that at that time (i) is organized under the laws of (A) any other country that is a member of the Organization
for Economic Cooperation and Development or has concluded special lending arrangements with the International Monetary Fund associated
with its General Arrangements to Borrow or any country that is a member of the European Community, or (B) political subdivision
of any such country, (ii) has (unless Micro otherwise agrees) outstanding unsecured indebtedness that is rated A- or better by
S&P or A3 or better by Moody’s (or an equivalent rating by another nationally recognized statistical rating agency of
similar standing if such corporations are no longer in the business of rating unsecured indebtedness of entities engaged in such
businesses) and (iii) has combined capital and surplus (as established in its most recent report of condition to its primary regulator)
of not less than $250,000,000 (or its equivalent in foreign currency);

 

(d)       the
central bank of any country that at that time (i) is a member of the Organization for Economic Cooperation and Development, (ii)
has (unless Micro otherwise agrees) outstanding unsecured indebtedness that is rated A- or better by S&P or A3 or better by
Moody’s (or an equivalent rating by another nationally recognized statistical rating agency of similar standing if such
corporations are no longer in the business of rating unsecured indebtedness of entities engaged in such businesses) and (iii)
has combined capital and surplus (as established in its most recent report of condition to its primary regulator) of not less
than $250,000,000 (or its equivalent in foreign currency); or

 

(e)       solely
during the occurrence and continuance of an Event of Default, a finance company, insurance company, or other financial institution
or fund (whether a corporation, partnership, or other entity) that at that time is engaged generally in making, purchasing, and
otherwise investing in commercial loans in the ordinary course of its business;

 

so long as, in the case of any
Person described in clauses (a) through (e) above, it must also at that time be (A) in respect of payments by Micro,
entitled to receive payments hereunder free and clear of and without deduction for or on account of any United States federal
income taxes, and (B) in respect of payments by Ingram Lux, (I) credit institutions established in countries within the European
Economic Area or with which Luxembourg has entered into a treaty for the avoidance of double taxation and (II) entitled to receive
payments hereunder free and clear of and without any deduction for or on account of any income taxes imposed by the Grand-Duchy
of Luxembourg.

 

“EMU”
means economic and monetary union as contemplated in the Treaty on European Union.

 

    15
 
Ingram Micro/Credit Agreement 

     

    

 

“EMU
Legislation” means legislative measures of the European Council for the introduction of, changeover to, or operation
of, a single or unified European currency (whether known as the euro or otherwise), being in part the implementation of the third
stage of EMU.

 

“Environmental
Laws” means any and all applicable statutes, laws, ordinances, codes, rules, regulations and binding and enforceable
guidelines (including consent decrees and administrative orders binding on any Obligor or any of their respective Subsidiaries),
in each case

 

as now or
hereafter in effect, relating to human health and safety, or the regulation or protection of the environment, or to emissions,
discharges, releases or threatened releases of pollutants, contaminants, chemicals or toxic or hazardous substances or wastes
into the indoor or outdoor environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage,
disposal, transport or handling of pollutants, contaminants, chemicals or toxic or hazardous substances or wastes issued (presently
or in the future) by any national, federal, state, provincial, territorial, or local authority in any jurisdiction in which any
Obligor or any of their respective Subsidiaries is conducting its business.

 

“Equity
Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial
interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the
holder thereof to purchase or acquire any such equity interest.

 

“Equity
Issuance” means (a) any issuance or sale by Micro or any of its Consolidated Subsidiaries after the Effective Date of
(i) any of its capital stock, (ii) any warrants or options exercisable in respect of its capital stock (other than any warrants
or options issued to directors, officers or employees of Micro or any of its Consolidated Subsidiaries pursuant to employee benefit
plans established in the ordinary course of business and any capital stock of Micro issued upon the exercise of such warrants
or options) or (iii) any other security or instrument representing an equity interest (or the right to obtain any equity interest)
in Micro or any of its Subsidiaries or (b) the receipt by Micro any of its Subsidiaries after the Effective Date of any capital
contribution; provided that Equity Issuance shall not include (x) any such issuance or sale by any Subsidiary of Micro
to Micro or any wholly owned Subsidiary of Micro or (y) any capital contribution by Micro or any wholly owned Subsidiary of Micro
to any Subsidiary of Micro.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute of similar import, together with
the rules and regulations promulgated thereunder, in each case as in effect from time to time. References to sections of ERISA
also refer to any successor sections.

 

“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.

 

“Eurocurrency
Liabilities” has the meaning assigned to that term in Regulation D of the F.R.S. Board, as in effect from time to time.

 

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

 

    16
 
Ingram Micro/Credit Agreement 

     

    

 

“Euro
Base Rate” means, for any day, a rate per annum equal to the main refinancing rate as set by the European Central Bank
plus 1⁄2 of 1%.

 

“Euro
Unit” means a currency unit of the Euro.

 

“Event
of Default” is defined in Section 9.1.

 

“Executive
Order” is defined in the definition of Sanctions Laws and Regulations. 

 

“Existing
Letters of Credit” means each of the Letters of Credit set forth on Schedule II hereto.

 

“Extension”
is defined in Section 3.3.

 

“Extension
Offer” is defined in Section 3.3.

 

“FASB”
means the Financial Accounting Standards Board.

 

“FATCA”
means Sections 1471 through 1474 of the Code and any regulations or official interpretations thereof.

 

“Federal
Funds Rate” means, for any day, the weighted average of the rates on overnight federal funds transactions with members of
the Federal Reserve System arranged by federal funds brokers on such day (or, if such day is not a Business Day, the immediately
preceding Business Day), 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 that is a Business Day, the average of the quotations for such day for such transactions
received by the Administrative Agent from three federal funds brokers of recognized standing selected by it.

 

“Fee
Letters” means (a) prior to the First Amendment Effective Date, the letter agreements dated on or about September 6,
2011, between Micro and certain of its affiliates, on the one hand, and each of Scotiabank, BOA and Merrill Lynch, Pierce, Fenner
& Smith Incorporated, BNP and BNP Paribas Securities Corp., RBS and RBS Securities Inc., and Union Bank, N.A., on the other,
relating to certain fees to be paid in connection with this Agreement, (b) on and after the First Amendment Effective Date, the
letter agreement dated as of July 24, 2013, between Micro and Scotiabank relating to certain fees to be paid in connection with
the First Amendment and (c) on and after the Second Amendment Effective Date, the letter agreements dated as of December 5, 2014,
between Micro and each of the Joint Lead Arrangers relating to certain fees to be paid in connection with the Second Amendment.

 

“First
Amendment” means Amendment No. 1 to Credit Agreement, dated as of August 15, 2013, among the Borrowers, the other Obligors
party thereto, Scotiabank, as administrative agent, and the other Lenders party thereto.

  

“First
Amendment Effective Date” means the date on which the First Amendment becomes effective in accordance with its terms.

 

    17
 
Ingram Micro/Credit Agreement 

     

    

 

“Fiscal
Period” means a fiscal period of Micro or any of its Subsidiaries, which shall be either a calendar quarter or an aggregate
period comprised of three consecutive periods of four weeks and five weeks (or, on occasion, six weeks instead of five), currently
commencing on or about each January 1, April 1, July 1 or October 1.

 

“Fiscal
Year” means, with respect to any Person, the fiscal year of such Person. The term Fiscal Year, when used without reference
to any Person, shall mean a Fiscal Year of Micro, which currently ends on the Saturday nearest December 31.

 

“Floor
Plan Obligation” means, with respect to any Person, an obligation owed by such Person arising out of arrangements whereby
a third party makes payments for the account of such Person directly or indirectly to a trade creditor of such Person in respect
of Trade Payables of such Person.

 

“Floor
Plan Support Obligation” means any obligation, contingent or otherwise, of any Person (the “Obligor”)
in favor of another Person in respect of Floor Plan Obligations held by the other Person that arise in connection with sales of
goods or services by the Obligor or its Affiliates.

 

“Foreign
Borrowers” means, collectively, (a) Ingram Lux and (b) any Acceding Borrower that is not domiciled in the United States.

 

“Foreign
Excluded Subsidiary” is defined in Section 8.1.8.

 

“Foreign
Subsidiary” means any Subsidiary of Micro that is not domiciled in the United States.

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, (a) with respect to any Issuer, an amount equal to such Defaulting
Lender’s Percentage of the outstanding Letter of Credit Outstandings with respect to Letters of Credit issued by such Issuer
other than Letter of Credit Outstandings as to which such Defaulting Lender’s participation obligation has been reallocated
to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swing Line Lender, an
amount equal to such Defaulting Lender’s Percentage of outstanding Swing Line Loans made by the Swing Line Lender other
than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders.

 

“F.R.S.
Board” is defined in Section 7.17.

 

“Funded
Debt” means, with respect to any Person, the sum (without duplication) of (i) all Indebtedness of such Person, (ii)
the Securitization Financing Amount and (iii) the aggregate amount of Total Reimbursement Obligations that are more than 3 days
past due; provided that, for purposes of determining the “Applicable Margin” and the amount of the Commitment
Fee pursuant to Section 4.3.2, the definition of Funded Debt used to determine the Leverage Ratio shall include, in lieu
of clause (iii) above, all Letter of Credit Outstandings.

 

“GAAP”
is defined in Section 1.4.

 

    18
 
Ingram Micro/Credit Agreement 

     

    

 

“Guaranties”
means, collectively, (a) the Micro Guaranty and (b) each Additional Guaranty.

 

“Guarantors”
means, collectively, Micro and each Additional Guarantor.

 

“Hazardous
Material” means (a) any pollutant or contaminant or hazardous, dangerous or toxic chemical, material or substance
that is presently or hereafter becomes defined as or included in the definition of “hazardous substances,”
“hazardous wastes,” “hazardous materials,” “extremely hazardous wastes,”
“restricted hazardous wastes,” “toxic substances,” “toxic pollutants,”
“contaminants,” “pollutants,” or terms of similar import within the meaning of any Environmental Law,
or (b) any other chemical or other material or substance, exposure to which is presently or hereafter prohibited, limited or
regulated under any Environmental Law.

 

“herein,”
“hereof,” “hereto,” “hereunder” and similar terms contained in this Agreement
or any other Loan Document refer to this Agreement or such other Loan Document, as the case may be, as a whole and not to any
particular Article, Section, clause, paragraph or provision of this Agreement or such other Loan Document.

 

“HNA
Group” means the collective reference to (i) HNA Group Co., Ltd, together with its direct and indirect Subsidiaries and
Affiliates including Tianjin Tianhai Investment Company, Ltd. and its direct and indirect Subsidiaries and Affiliates, (ii) any
group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act as in effect on the Closing Date) of which
the Persons described in clause (i) are members; provided that, without giving effect to the existence of such group or any other
group, the Persons described in clauses (i) beneficially own Equity Interests representing more than 50% of the total voting power
of the Equity Interests held by such group and (iii) any Person acting in the capacity of an underwriter (solely to the extent
that and for so long as such Person is acting in such capacity) in connection with a public or private offering of capital stock
of any Relevant Parent Entity or Micro but only to the extent of the shares of capital stock that the HNA Group is required to
purchase from such underwriter in connection with such offering of capital stock.

 

“HSBC”
is defined in the preamble.

 

“Impermissible
Qualifications” means, relative to the opinion of certification of any independent public accountant engaged by Micro
as to any financial statement of Micro and its Consolidated Subsidiaries, any qualification or exception to such opinion or certification:

 

(a)       which
is of a “going concern” or similar nature;

 

(b)       which
relates to the limited scope of examination of matters relevant to such financial statement; or

 

(c)       which
relates to the treatment or classification of any item in such financial statement and which, as a condition to its removal, would
require an adjustment to such item the effect of which would be to cause Micro to be in default of any of its obligations under
Section 8.2.3 or 8.2.8;

 

    19
 
Ingram Micro/Credit Agreement 

     

    

 

provided that (i) qualifications
relating to pre-acquisition balance sheet accounts of Person(s) acquired by Micro or any of its Subsidiaries and (ii) statements
of reliance in the auditor’s opinion on another accounting firm (so long as such other accounting firm has a national reputation
in the applicable country and such reliance does not pertain to any Borrower) shall not be deemed an Impermissible Qualification.

 

“including”
and “include” mean including without limiting the generality of any description preceding such term.

 

“Indebtedness”
of any Person means and includes the sum of the following (without duplication):

 

(a)       all
obligations of such Person for borrowed money, all obligations evidenced by bonds, debentures, notes, investment repurchase agreements
or other similar instruments, and all securities issued by such Person providing for mandatory payments of money, whether or not
contingent;

 

(b)       all
obligations of such Person pursuant to revolving credit agreements or similar arrangements to the extent then outstanding;

 

(c)       all
obligations of such Person to pay the deferred purchase price of property or services, except (i) trade accounts payable arising
in the ordinary course of business, (ii) other accounts payable arising in the ordinary course of business in respect of such
obligations the payment of which has been deferred for a period of 270 days or less, (iii) other accounts payable arising in the
ordinary course of business none of which shall be, individually, in excess of $200,000, and (iv) a lessee’s obligations
under leases of real or personal property not required to be capitalized under FASB Statement 13;

 

(d)       all
obligations of such Person as lessee under Capitalized Lease Liabilities or Synthetic Leases;

 

(e)       all
obligations of such Person to purchase securities (or other property) which arise out of or in connection with the sale of the
same or substantially similar securities or property excluding any such sales or exchanges for a period of less than 45 days;

 

(f)       all
obligations, contingent or otherwise, with respect to the stated amount of letters of credit, whether or not drawn, issued for
the account of such Person to support the Indebtedness of any Person other than Micro or a Subsidiary of Micro, and bankers’
acceptances issued for the account of such Person;

 

(g)       all
Indebtedness of others secured by a Lien of any kind on any asset of such Person, whether or not such Indebtedness is assumed
by such Person; provided that the amount of any Indebtedness attributed to any Person pursuant to this clause (g) shall be limited,
in each case, to the lesser of (i) the fair market value of the assets of such Person

 

    20
 
Ingram Micro/Credit Agreement 

     

    

 

subject
to such Lien and (ii) the amount of the other Person’s Indebtedness secured by such Lien; and

 

(h)       all
guarantees, endorsements and other Contingent Liabilities of such Person in respect of any of the foregoing;

 

provided that it is understood
and agreed that the following are not “Indebtedness”:

 

(i)       obligations
to pay the deferred purchase price for the acquisition of any business (whether by way of merger, sale of stock or assets or
otherwise), to the extent that such obligations are contingent upon attaining performance criteria such as earnings and such
criteria shall not have been achieved;

 

(ii)       obligations
to repurchase securities issued to employees pursuant to any Plan or other contract or arrangement relating to employment upon
the termination of their employment or other events;

 

(iii)       obligations
to match contributions of employees under any Plan;

 

(iv)       guarantees
of any Obligor or any of their respective Subsidiaries that are guarantees of performance, reclamation or similar bonds or, in
lieu of such bonds, letters of credit used for such purposes issued in the ordinary course of business for the benefit of any
Subsidiary of Micro, which would not be included on the consolidated financial statements of any Obligor; and

 

(v)       Trade
Payables.

 

“Indemnified
Liabilities” is defined in Section 11.4.

 

“Indemnified
Parties” is defined in Section 11.4.

 

“Ineligible
Currency” means, with respect to any Available Currency (other than Dollars), a determination by the Administrative
Agent that such currency has ceased to be (a) freely convertible into Dollars or (b) a currency for which there is an active foreign
exchange and deposit market in London or New York City.

 

“Ingram
Lux” is defined in the preamble.

 

“Initial
Additional Guarantors” means Ingram Micro Management Company, a California corporation, Ingram Micro Asia Holdings Inc.
(now known as Ingram Micro Americas Inc.), a California corporation, and Ingram Micro SB Inc., a California corporation, each
of which shall execute and deliver an Additional Guaranty on or prior to the Effective Date as required by Section 6.1.3.

 

“Initial
Borrowers” is defined in the preamble.

 

    21
 
Ingram Micro/Credit Agreement 

     

    

 

“Intangible
Assets” means, with respect to any Person, that portion of the book value of the assets of such Person which would be
treated as intangibles under GAAP, including all items such as goodwill, trademarks, trade names, brands, trade secrets, customer
lists, copyrights, patents, licenses, franchise conversion rights and rights with respect to any of the foregoing and all unamortized
debt or equity discount and expenses.

 

“Intercompany
Transfer” means the purchase or acquisition by Micro or any Subsidiary of Micro of property or assets of Micro or any
Subsidiary of Micro, provided that (i) such purchase or acquisition satisfies the requirements of Section 8.2.6
and (ii) no Event of Default has occurred and is continuing at the time of such purchase or acquisition or would occur after giving
effect thereto.

 

“Interest
Period” means, for any LIBO Rate Loan, the period beginning on (and including) the date on which such Loan is made,
continued or converted and ending on (but excluding) the last day of the period selected by the relevant Borrower pursuant to
the provisions below. The duration of each such Interest Period shall be one week (it being understood that such one-week Interest
Period may not be selected by the Borrowers collectively more than five times in any calendar month) or one, three, or six months
from (and including) the date of such Loan, ending on (but excluding), in the case of a one-week Interest Period, the corresponding
day of the following week and, in each other case, the day which numerically corresponds to such date (or, if such month has no
numerically corresponding day on the last Business Day of such month), as the relevant Borrower may select in its relevant notice
pursuant to Section 3.1 or 4.2.3; provided that:

 

(a)       the
Borrowers shall not be permitted to select Interest Periods for Loans to be in effect at any one time which have expiration dates
occurring on more than 10 different dates in the aggregate;

 

(b)       Interest
Periods commencing on the same date for Loans comprising part of the same Borrowing shall be of the same duration;

 

(c)       if
such Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the next following
Business Day (unless (except in the case of a one-week Interest Period), if such Interest Period applies to a Loan, such next
following Business Day is the first Business Day of a calendar month, in which case such Interest Period shall end on the Business
Day next preceding such numerically corresponding day); and

 

(d)       no
Interest Period for any Loan may end later than the Commitment Termination Date.

 

“Intra-Group
Agreement” means, collectively, any Intra-Group Agreement, substantially in the form of Exhibit G attached hereto
(i) duly executed and delivered on or prior to the Effective Date by Authorized Persons of each Borrower and each Initial Additional
Guarantor and (ii) executed and delivered if and when required by Section 8.1.9, in each case as amended, supplemented,
restated or otherwise modified from time to time.

 

    22
 
Ingram Micro/Credit Agreement 

     

    

 

“Issuance
Request” means an issuance request for Letters of Credit duly completed and executed by an Authorized Person of the
relevant Borrower, substantially in the form of Exhibit C attached hereto.

 

“Issuer”
means Scotiabank, in its capacity as issuer of the Letters of Credit. At the request of the Agents, another Lender or an Affiliate
of Scotiabank may (but is not otherwise obligated to) issue one or more Letters of Credit hereunder.

 

“Joint
Lead Arrangers” means Scotiabank, BNP Paribas Securities Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated,
RBS Securities Inc., BTMU and (or any other registered
broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s
or any of its Subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following
the date of this Agreement), BTMU, HSBC Securities (USA) Inc. and Deutsche Bank Securities Inc.

 

“Lenders”
is defined in the preamble and also includes Additional Commitment Lenders pursuant to Section 2.4.

 

“Lender
Assignment Agreement” means a Lender Assignment Agreement substantially in the form of Exhibit J attached hereto.

 

“Lender
Party” means any of the Lenders, the Agents, the Issuers, and (for purposes only of Section 11.4) the Joint Lead
Arrangers.

 

“Lending
Office” means, for any Lender (a) for Loans to Micro, its Lending Office for Loans to Micro designated beside its signature
below, designated in a Lender Assignment Agreement to which it is a party, or designated in a notice to the Administrative Agent
and Micro from time to time and at any time and (b) for other Loans, its Lending Office for “Other Loans” designated
beside its signature below, designated in a Lender Assignment Agreement to which it is a party, or designated in a notice to the
Administrative Agent and Micro from time to time and at any time.

 

“Letter
of Credit Commitment” means, with respect to any Issuer of Letters of Credit, such Issuer’s obligations to issue
Letters of Credit pursuant to Section 3.2 and, with respect to each of the other Lenders, the obligations of each such
Lender to participate in Letters of Credit pursuant to such Section 3.2.

 

“Letter
of Credit Fees” is defined in Section 4.3.3.

 

“Letter
of Credit Limit” means, on any date, a maximum amount (as such amount may be reduced from time to time pursuant to Section
2.2) equal to $275,000,000. The Letter of Credit Limit is part of, and not in addition to, the Commitments.

 

“Letter
of Credit Outstandings” means, on any date, the sum (without duplication) of the Dollar Amounts of (a) the then aggregate
amount which is undrawn and available under all Letters of Credit issued and outstanding (assuming that all conditions for drawing
have been satisfied), plus (b) the then aggregate amount of all unpaid and outstanding Reimbursement Obligations.

 

    23
 
Ingram Micro/Credit Agreement 

     

    

 

“Letters
of Credit” means all letters of credit issued and outstanding under this Agreement.

 

“Leverage
Ratio” means the ratio of (a) Consolidated Funded Debt on the last day of any Fiscal Period to (b) Consolidated EBITDA
for the period of four Fiscal Periods ending on the last day of such Fiscal Period.

 

“LIBO
Rate” means, for any Interest Period for a Borrowing, an annual interest rate (rounded upward to four decimal places)
determined by the Administrative Agent to be either:

 

(a)       the
London interbank offered rate for deposits, in the currency in which that Borrowing is denominated under this Agreement, at
approximately 11:00 a.m., London time, two Business Days before the first day (or, solely in the case of Borrowings
denominated in Sterling, on the first day) of that Interest Period for a term comparable to that Interest Period, determined
by the ICE Benchmark Administration (or the successor thereto) as the London Interbank Offered Rate for deposits in the
currency in which the Borrowing is denominated under this Agreement and published at Reuters Screen LIBOR01 Page or any
successor publication, agreed upon by the parties hereto, that reports interest rates determined by the ICE Benchmark
Administration (or the successor thereto); or

 

(b)       if
no such display rate is then available, the average of the rates at which deposits of the currency of the relevant Borrowing in
immediately available funds are offered to each Reference Lender’s principal office in the London interbank market at or
about 11:00 a.m., London time, two Business Days prior to (or the Business Day that, for Borrowings denominated in Sterling, is)
the beginning of such Interest Period for delivery on the first day of such Interest Period, and in an amount approximately equal
to the amount of each such Reference Lender’s Loan that is part of that Borrowing and for a period approximately equal to
such Interest Period;

 

provided
that if the LIBO Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“LIBO
Rate Loan” means a Loan bearing interest at a rate determined by reference to the LIBO Rate.

 

“LIBOR
Reserve Percentage” means, for any Lender, relative to any Interest Period for Loans, the reserve percentage (expressed
as a decimal) equal to the maximum aggregate reserve requirements (including all basic, emergency, supplement, marginal and other
reserves and taking into account any transitional adjustments or other scheduled changes in reserve requirements) specified under
regulations issued from time to time by the F.R.S. Board and then applicable to assets or liabilities consisting of and including
Eurocurrency Liabilities having a term approximately equal or comparable to such Interest Period.

 

“Lien”
means any security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
otherwise), charge against, valid claim on or interest in property to secure payment of a debt or performance of an obligation
or other priority or

 

    24
 
Ingram Micro/Credit Agreement 

     

    

 

preferential
arrangement of any kind or nature whatsoever (including, without limitation, (a) the lien or retained security title of a conditional
vendor and (b) under any agreement for the sale of Trade Accounts Receivable (or an undivided interest in a specified amount of
such Trade Accounts Receivable), the interest of the purchaser (or any assignee of such purchaser which has financed the relevant
purchase) in a percentage of receivables of the seller not so sold, held by the purchaser (or such assignee) as a reserve for
(i) interest rate protection in the event of a liquidation of the receivables sold, (ii) expenses that would be incurred upon
a liquidation of the receivables sold, (iii) losses that might be incurred in the event the amount actually collected from the
receivables sold is less than the amount represented in the relevant receivables purchase agreement as collectible, or (iv) any
similar purpose (but excluding the interest of a trust in such receivables to the extent that the beneficiary of such trust is
Micro or a Subsidiary of Micro).

 

“Liquidity”
means, with respect to any Person at any date, the sum of (i) the aggregate amount available to be drawn on such date by such
Person under committed credit, receivables and other financing facilities and (ii) unrestricted cash, cash equivalents and other
marketable securities on such date.

 

“Loan
Document” means this Agreement, each Note (if any), each Credit Extension Request, each Letter of Credit, the Intra-Group
Agreement, each Guaranty, the First Amendment, the Second Amendment, the
Third Amendment, the most recently delivered Compliance Certificate (specifically excluding any other Compliance Certificate
previously delivered), any Accession Request and Acknowledgment, and any other agreement, document, or instrument (excluding any
documents delivered solely for the purpose of satisfaction disclosure requirements or requests for information) required in connection
with this Agreement or the making or maintaining of any Credit Extension and delivered by an Authorized Person.

 

“Loan
Parties” means, collectively, Micro and its Subsidiaries.

 

“Loans”
means, as the context may require, (i) either a Revolving Loan or a Swing Line Loan or (ii) a Base Rate Loan or a LIBO Rate Loan
of any type.

 

“Margin
Stock” means “margin stock,” as such term is defined and used in Regulation U.

 

“Material
Adverse Effect” means a material adverse effect on the ability (whether financial, legal or otherwise) of the Obligors
to comply with their obligations (future or otherwise) under this Agreement.

 

“Material
Asset Acquisition” (a) means the purchase or other acquisition (in one transaction or a series of related transactions)
from any Person of property or assets, the aggregate purchase price of which (calculated in Dollars) paid in cash or property
(other than property consisting of equity shares or interests or other equivalents of corporate stock of, or partnership or other
ownership interests in, any Obligor), equals or exceeds 25% of the sum (calculated without giving effect to such purchase or acquisition)
of (i) Consolidated Funded Debt (determined as at the end of the then most recently ended Fiscal Period), plus (ii) Consolidated
Stockholders’ Equity (determined as at the end of the then most recently ended Fiscal Period), plus (iii) any increase thereof
attributable to any equity offerings or issuances of capital stock occurring subsequent to

 

    25
 
Ingram Micro/Credit Agreement 

     

    

 

the
end of such Fiscal Period and before any such purchase or acquisition, but (b) does not mean an Intercompany Transfer.

 

“Material
Subsidiary” means:

 

(a)       with
respect to any Subsidiary of Micro (other than any Foreign Excluded Subsidiary) as of the date of this Agreement, a Subsidiary
of Micro that, as of any date of determination, either (i) on an average over the three most recently preceding Fiscal Years contributed
at least 5% to Consolidated Net Income or (ii) on an average at the end of the three most recently preceding Fiscal Years owned
assets constituting at least 5% of Consolidated Assets; and

 

(b)       with
respect to any Subsidiary of Micro (other than any Foreign Excluded Subsidiary) organized or acquired subsequent to the date of
this Agreement, a Subsidiary of Micro that as of:

 

(i)       the
date it becomes a Subsidiary of Micro, would have owned (on a pro forma basis if such Subsidiary had been a Subsidiary of Micro
at the end of the preceding Fiscal Year) assets constituting at least 5% of Consolidated Assets at the end of the Fiscal Year
immediately prior to the Fiscal Year in which it is organized or acquired; or

 

(ii)       any
date of determination thereafter, either (A) on an average over the three most recently preceding Fiscal Years (or, if less, since
the date such Person became a Subsidiary of Micro) contributed at least 5% to Consolidated Net Income or (B) on an average at
the end of the three (or, if less, such number of Fiscal Year-ends as have occurred since such Person became a Subsidiary of Micro)
most recently preceding Fiscal Years owned assets constituting at least 5% of Consolidated Assets;

 

provided that Ingram Funding
Inc. and any other special purpose financing vehicle shall not be Material Subsidiaries.

 

“Maturity”
of any of the Obligations means the earliest to occur of:

 

(a)       the
date on which such Obligations expressly become due and payable pursuant hereto or any other Loan Document but in no event beyond
the Commitment Termination Date (or, with respect to any Swing Line Loan, if earlier, 30 days after the making thereof); and

 

(b)       the
date on which such Obligations become due and payable pursuant to Section 9.2, 9.3, or 9.4.

 

“Maximum
Brazilian/ISS Judgment Amount” means the lesser of (i) $200,000,000 or (ii) 250,000,000 Brazilian real.

 

“Merger”
is defined in the Recitals of the Third Amendment.

 

    26
 
Ingram Micro/Credit Agreement 

     

    

 

“Merger
Agreement” is defined in the Recitals of the Third Amendment.

 

“Micro”
is defined in the preamble.

 

“Micro
Guaranty” means a guaranty, substantially in the form of Exhibit H attached hereto, duly executed and delivered
by an Authorized Person of Micro, as amended, supplemented, restated or otherwise modified from time to time.

 

“Minimum
Collateral Amount” means, at any time, with respect to Cash Collateral consisting of cash or deposit account
balances, an amount equal to the aggregate Percentages of any Defaulting Lenders at such time times the Fronting Exposure of
all Issuers with respect to Letters of Credit issued and outstanding at such time.

 

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

 

“National
Currency Unit” means a unit of currency (other than a Euro Unit) of a Participating Member State.

 

“Net
Interest Expense” means, for any applicable period, the aggregate interest expense of Micro and its Consolidated Subsidiaries
(including imputed interest on Capitalized Lease Liabilities) deducted in determining Consolidated Net Income for such period,
net of interest income of Micro and its Consolidated Subsidiaries included in determining Consolidated Net Income for such applicable
period.

 

“Non-Compliance
Period” is defined in Section 8.2.4(b).

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all
Lenders or all affected Lenders, as applicable, in accordance with the terms of Section 11.1 and (b) has been approved
by the Required Lenders or a majority of affected Lenders, as applicable.

 

“Non-Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Non-Exempt
U.S. Person” means any Lender Party who is a “United States person” within the meaning of Section 7701(a)(30)
of the Code other than a Lender Party who is an exempt recipient (including a corporation or a financial institution) as determined
under the provisions of Treas. Reg. § 1.6049-4(c)(1)(ii) unless the communications with such Lender Party are mailed by Micro
or the Administrative Agent to an address in a foreign country.

 

“Non-Recourse
Financing Transaction” means any transaction that constitutes a sale or transfer of Trade Accounts Receivable by Micro
or any of its Subsidiaries to a Person other than Micro or a Subsidiary of Micro so long as pursuant to the terms of such transaction,
such Person does not have recourse to Micro or its Consolidated Subsidiaries with respect to the uncollectibility of such Trade
Accounts Receivable (it being understood that such transactions may include customary seller’s obligations to repurchase
receivables arising as a result of a breach of representations, warranties, covenants or indemnities).

 

    27
 
Ingram Micro/Credit Agreement 

     

    

 

“Note”
means, as the context may require, a Revolving Note or a Swing Line Note.

 

“Obligations”
means, individually and collectively (a) the Revolving Loans, (b) Swing Line Loans, (c) all Letter of Credit Outstandings, and
(d) all other indebtedness, liabilities, obligations, covenants and duties of any Borrower owing to the Agents or the Lenders
of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents including, without
limitation, any fees, whether direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated
or unliquidated, and whether or not evidenced by any note.

 

“Obligors”
means, collectively, the Borrowers and the Guarantors.

 

“OFAC”
is defined in the definition of Designated Person.

 

“Organic
Documents” means, relative to any Obligor, any governmental filing or proclamation pursuant to which such Person shall
have been created and shall continue in existence (including a charter or certificate or articles of incorporation or organization)
and its by-laws (or, if applicable, partnership or operating agreement) and all material shareholder agreements, voting trusts
and similar arrangements to which such Obligor is a party that are applicable to the voting of any of its authorized shares of
capital stock (or, if applicable, other ownership interests therein).

 

“Outstanding
Credit Extensions” means, relative to any Lender at any date and without duplication, the sum of the Dollar Amounts
of (a) the aggregate principal amount of all outstanding Loans of such Lender at such date, plus (b) such Lender’s Percentage
of the Letter of Credit Outstandings.

 

“Parent”
means GCL Investment Holdings, Inc., a Delaware corporation.

 

“Participant”
is defined in Section 11.11.2.

 

“Participant
Register” is defined in Section 11.11.2.

 

“Participating
Member State” means each such state so described in any EMU Legislation.

 

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

 

“Pension
Plan” means a “pension plan,” as such term is defined in Section 3(2) of ERISA, which is subject to Title
IV of ERISA (other than a multiemployer plan as defined in Section 4001(3) of ERISA), and to which any Obligor or any corporation,
trade or business that is, along with Obligor, a member of a Controlled Group, may have liability, including any liability by
reason of having been a substantial employer within the meaning of Section 4063 of ERISA at any time during the preceding five
years, or by reason of being deemed to be a contributing sponsor within the meaning of Section 4069 of ERISA.

 

    28
 
Ingram Micro/Credit Agreement 

     

    

 

“Percentage”
of any Lender means in the case of (a) each Lender which is a signatory to the Second Amendment, the percentage set forth opposite
such Lender’s name on Schedule IA attached hereto under the caption “Percentage,” subject to any
modification necessary to give effect to (i) any sale, assignment or transfer made pursuant to Section 11.11.1 or (ii)
any Designated Additional Commitments made pursuant to Section 2.4 which take the form of an increase to the then-existing
Commitments or (b) any Transferee Lender, effective upon the occurrence of the relevant purchase by, or assignment to, such Transferee
Lender, the portion of the Percentage of the selling, assigning or transferring Lender allocated to such Transferee Lender.

 

“Person”
means any natural person, company, partnership, firm, limited liability company or partnership, association, trust, government,
government agency or any other entity, whether acting in an individual, fiduciary or other capacity.

 

“Plan”
means any Pension Plan or Welfare Plan.

 

“Pooling
Arrangement” means any cash pooling arrangement in connection with any cash management system entered into by Micro
or any Consolidated Subsidiaries in the ordinary course of business.

 

“Predecessor
Credit Agreements” means, collectively, the Predecessor Revolving Credit Agreement and the Predecessor Term Credit Agreement.

 

“Predecessor
Revolving Credit Agreement” means the certain Credit Agreement dated as of August 23, 2007 by and among, inter alia,
Scotiabank, as administrative agent, Micro, Coordination Center, Ingram Micro Europe Treasury LLC and the financial institutions
party thereto, as amended by Amendment No. 1 dated as of July 17, 2008.

 

“Predecessor
Term Credit Agreement” means the certain Credit Agreement dated as of July 17, 2008 by and among, inter alia, Scotiabank,
as administrative agent, Micro, Coordination Center, Ingram Micro Europe Treasury LLC and the financial institutions party thereto.

 

“Principal
Financial Center” means, in the case of any Available Currency, the principal financial center where such Available
Currency is cleared and settled, as determined by the Administrative Agent.

 

“Qualified
IPO” means the issuance by Micro or any Relevant Parent Entity of its common Equity Interests in an underwritten primary
public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration
statement filed with the Securities and Exchange Commission in accordance with the Securities Act (whether alone or in connection
with a secondary public offering) and from which Micro or such Relevant Parent Entity shall have realized gross proceeds of at
least $100,000,000 and such Equity Interests are listed on a nationally-recognized stock exchange in the United States.

 

“Quarterly
Payment Date” means the last day of March, June, September and December of each calendar year or, if any such day is
not a Business Day, the next succeeding Business Day.

 

“RBS”
is defined in the preamble. means
The Royal Bank of Scotland plc. 

 

    29
 
Ingram Micro/Credit Agreement 

     

    

 

“Reference
Lenders” means Scotiabank and one or more other Lenders as agreed to by the Administrative Agent, any such Lender and
Micro to serve in such capacity.

 

“Reference
Rate” means, at any time, an annual interest rate equal to the sum of (a) the Applicable Margin for Loans at that time
(unless already included in the rate determined under clause (b) following) plus (b) the rate determined by the Administrative
Agent to be the higher of either:

 

(i)       the
rate on the relevant base amount or overdue amount (before the date due, if principal), as the case may be and to the extent applicable
(the “relevant amount”); or

 

(ii)       the
rate that would have been payable if the relevant amount constituted a Loan in the currency of the relevant amount for successive
interest periods of such duration as the Administrative Agent may determine (each a “designated interest period”).

 

Such rate in clause (b) above
shall be determined on each Business Day or the first day of, or two Business Days before the first day of, the designated interest
period, as appropriate, and otherwise determined in accordance with the definition of LIBO Rate or, if not available, determined
by reference to the cost of funds to the Administrative Agent from whatever source it reasonably selects.

 

“Refunded
Swing Line Loans” is defined in clause (b) of Section 3.1.2.

 

“Regulation
U” is defined in Section 7.17.

 

“Regulation
X” is defined in Section 7.17.

 

“Regulatory
Change” means any change after the Effective Date in any (or the promulgation after the Effective Date of any new):

 

(a)       law
applicable to any class of banks (of which any Lender Party is a member) issued by (i) any competent authority in any country
or jurisdiction, or (ii) any competent international or supra-national authority; or

 

(b)       regulation,
interpretation, directive or request (whether or not having the force of law) applicable to any class of banks (of which any Lender
Party is a member) of any court, central bank or governmental authority or agency charged with the interpretation or administration
of any law referred to in clause (a) of this definition or of any fiscal, monetary or other authority having jurisdiction
over any Lender Party;

 

provided that notwithstanding
anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines
or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by
the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or
the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a
“Regulatory Change”, regardless of the date enacted, adopted or issued; and provided further that a “Regulatory
Change” shall not include

 

    30
 
Ingram Micro/Credit Agreement 

     

    

 

any change in, or any promulgation of, any law, regulation, interpretation, directive or request
with respect to taxes.

 

“Reimbursement
Obligation” is defined in Section 3.2.3.

 

“Release”
means a “release,” as such term is defined in the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, as amended and as in effect from time to time (42 United States Code § 9601 et seq.), and any rules and regulations
promulgated thereunder.

 

“Relevant
Parent Entity” means any Person of which Micro becomes a Subsidiary.

 

“Required
Currency” is defined in Section 5.8.1(a).

 

“Required
Lenders” means (a) at any time when the Commitments of the Lenders have expired or been terminated, those Lenders holding
more than 50% of the total Outstanding Credit Extensions of all of the Lenders at that time, and (b) at any other time, those
Lenders holding more than 50% of the sum of the Credit Commitment Amounts. The Credit Commitment Amount of any Defaulting Lender
shall be disregarded in determining Required Lenders at any time.

 

“Restructuring
Charges” means, for any period, the aggregate non-recurring restructuring charges recorded in accordance with GAAP by
Micro and its Consolidated Subsidiaries during such period with respect to either Acquisitions or restructurings.

 

“Revolving
Credit Exposure” means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding
Revolving Loans and such Lender’s participation in Letter of Credit Outstandings and Swing Line Loans at such time.

 

“Restricted
Payment” is defined in Section 8.2.4(a).

 

“Revolving
Loans” is defined in clause (a) of Section 2.1.

 

“Revolving
Note” means a promissory note of a Borrower, payable to a Lender that has requested it under Section 4.1, substantially
in the form of Exhibit A-1 attached hereto (as such promissory note may be amended, endorsed, or otherwise modified from
time to time), evidencing the aggregate Indebtedness of that Borrower to such Lender resulting from outstanding Revolving Loans,
together with all other promissory notes accepted from time to time in substitution therefor or renewal thereof.

 

“S&P”
means Standard & Poor’s Financial Services LLC, a subsidiary of McGraw-Hill Financial Inc., and any successor thereto.

 

“Sanctions
Laws and Regulations” means (a) each
of the foreign assets control regulations and any sanctions, prohibitions or requirements imposed by any executive order (an “Executive
Order”) by any sanctions program administered by OFAC, (b) the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, (c) the Trading with the Enemy Act,
as amended, and (d) any other sanctions measures imposed byany
sanctions administered or enforced by the U.S. Department of

 

    31
 
Ingram Micro/Credit Agreement 

     

    

 

the
Treasury’s Office of Foreign Assets
Control (“OFAC”), the U.S.
Department of State, the United Nations Security Council, the European Union or
the United Kingdom. , Her Majesty’s Treasury,
or French governmental authorities.

 

“Scotiabank”
is defined in the preamble.

 

“SDN”
is defined in the definition of Designated Person.

 

“Second
Amendment” means Amendment No. 2 to Credit Agreement, dated as of December 19, 2014, among the Borrowers, the other
Obligors party thereto, Scotiabank, as administrative agent, and the other Lenders party thereto.

 

“Second
Amendment Effective Date” is defined in the Second Amendment.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder.

 

“Securitization
Default” is defined in Section 9.1.10.

 

“Securitization
Financing Amount” means (i) in respect of any Securitization Default, the principal equivalent of the outstanding amount
of financing being provided to Micro and its Consolidated Subsidiaries under the related Trade Accounts Receivable Financing Program,
determined in accordance with generally accepted financial practices, and (ii) for the purpose of determining the amount of Funded
Debt, the principal equivalent of the outstanding amount of financing being provided to Micro and its Consolidated Subsidiaries
under all Trade Accounts Receivable Financing Programs, determined in accordance with generally accepted financial practices.

 

“Senior
Note Indentures” means, collectively, that certain Indenture dated as of August 19, 2010 between Micro and Deutsche Bank
Trust Company Americas and that certain Indenture dated as of August 10, 2012 between Micro and Deutsche Bank Trust Company Americas,
in each case as in effect on the Third Amendment Effective Date.

 

“Senior
Notes” means the notes of Micro issued and outstanding under the Senior Note Indentures.

 

“Settlement
Date” is defined in Section 4.1.2.

 

“Specified
Acceding Borrower” is defined in Section 6.3.

 

“Specified
Lender” is defined in Section 6.3.

 

“Stated
Amount” for any Letter of Credit on any day means the amount which is undrawn and available under such Letter of Credit
on such day (after giving effect to any drawings thereon on such day).

 

“Stated
Expiry Date” is defined in Section 3.2.

 

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Ingram Micro/Credit Agreement 

     

    

 

“Sterling”
means the lawful currency of the United Kingdom.

 

“Sterling
Base Rate” means, for any day, the rate per annum equal to the base rate as set by the Monetary Policy Committee of
the Bank of England plus 1⁄2 of 1%.

 

“Subject
Lender” is defined in Section 5.12.

 

“Subsidiary”
means, with respect to any Person, any corporation, company, partnership or other entity of which more than 50% of the outstanding
shares or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors
of, or other persons performing similar functions for, such corporation, company, partnership or other entity (irrespective of
whether at the time shares or other ownership interests of any other class or classes of such corporation, company, partnership
or other entity shall or might have voting power upon the occurrence of any contingency) is at the time directly or indirectly
owned by such Person, by such Person and one or more other Subsidiaries of such Person, or by one or more other Subsidiaries of
such Person.

 

“Swing
Line Lender” means, subject to the terms of this Agreement, Scotiabank.

 

“Swing
Line Loan” is defined in clause (b) of Section 2.1.

 

“Swing
Line Loan Commitment” means the Swing Line Lender’s obligation (if any) to make Swing Line Loans pursuant to clause
(b) of Section 2.1.

 

“Swing
Line Loan Commitment Amount” means, on any date, the Dollar Amount of $150,000,000, as such amount may be reduced from
time to time pursuant to Section 2.2. The Swing Line Loan Commitment Amount is part of, and not in addition to, the Commitments.

 

“Swing
Line Note” means a promissory note of a Borrower payable to the Swing Line Lender (if requested by the Swing Line Lender
under Section 4.1), in the form of Exhibit A-2 hereto (as such promissory note may be amended, endorsed or otherwise
modified form time to time), evidencing the aggregate Indebtedness of the Borrower to the Swing Line Lender resulting from outstanding
Swing Line Loans, and also means all other promissory notes accepted from time to time in substitution therefor or renewal thereof.

 

“Syndication
Agents” is defined in the preamble and includes each other Person as shall have subsequently been appointed as a successor
Syndication Agent pursuant to Section 10.4.

 

“Synthetic
Lease” means, as applied to any Person, any lease (including leases that may be terminated by the lessee at any time)
of any property (whether real, personal or mixed) (a) that is not a capital lease in accordance with GAAP and (b) in respect of
which the lessee retains or obtains ownership of the property so leased for federal income tax purposes, other than any such lease
under which that Person is the lessor.

 

“Tax
Payment” is defined in Section 5.7.

 

“Tax
Refund” is defined in Section 5.7.

 

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“Taxes”
is defined in Section 5.7.

 

“Term
Loans” means any term loans made pursuant to the Designated Additional Commitments described in Section 2.4.

 

“Third
Amendment” means that certain Amendment No. 3 to Credit Agreement dated as of October 19, 2016 among, inter alia, the Borrowers,
various Lenders and the Administrative Agent.

 

“Third
Amendment Effective Date” has the meaning ascribed thereto in the Third Amendment.

 

“Total
Commitment Amount” means, at any time, the Dollar Amount of $1,500,000,000, as such amount may be reduced from time
to time pursuant to Section 2.2 or increased from time to time pursuant to Section 2.4.

 

“Total
Indebtedness of Subsidiaries” means, at any date, the aggregate of all Indebtedness on such date of all the Subsidiaries
of Micro, without duplication and after eliminating all offsetting debits and credits between each of such Subsidiaries or between
such a Subsidiary and Micro and all other items required to be eliminated in accordance with GAAP, excluding (a) all Indebtedness
of any Consolidated Subsidiary of Micro outstanding on July 2, 2011, or incurred pursuant to any commitment or line of credit
in its favor in effect on July 2, 2011, and any renewals or replacements thereof, so long as such renewals or replacements do
not increase the amount of such Indebtedness or such commitments or lines of credit and (b) any Indebtedness of Ingram Funding
Inc. or any other special purpose financing vehicle incurred in connection with their purchase, directly or indirectly, from Micro
or any of Micro’s other Consolidated Subsidiaries, of Trade Accounts Receivable or interests therein.

 

“Total
Reimbursement Obligations” means, at any date, the sum of (a) all Reimbursement Obligations of each Borrower and (b)
any other obligations of Micro or any of its Subsidiaries to reimburse any issuer with respect to a disbursement under a letter
of credit issued on behalf of Micro or any such Subsidiary, in each case that have ceased to be contingent upon a drawing under
the related letter of credit.

 

“Trade
Accounts Receivable” means, with respect to any Person, all rights of such Person to the payment of money directly or
indirectly arising out of any sale, lease or other disposition of goods or rendition of services by such Person.

 

“Trade
Accounts Receivable Financing Program” means any accounts receivable financing program pursuant to which Micro and/or
its Subsidiaries may sell, convey or otherwise transfer, directly or indirectly, Trade Accounts Receivable to a Person other than
Micro or its Subsidiaries (whether through the direct sale of such Trade Accounts Receivable, the sale of an undivided interest
in a specified pool of such Trade Accounts Receivable, or the grant of a security interest in such Trade Accounts Receivable to
such other Person); provided that “Trade Accounts Receivable Financing Program” shall not include any Non-Recourse
Financing Transaction.

 

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“Trade
Payables” means, with respect to any Person, (a) any accounts payable or any other indebtedness or monetary obligation
to trade creditors created, assumed or guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of
business in connection with the acquisition of goods or services or (b) such Person’s Floor Plan Obligations and Floor Plan
Support Obligations.

 

“Transaction”
means, collectively, (a) the execution and delivery of the Third Amendment, (b) the consummation of the Merger and the other transactions
related thereto and (c) the payment of the fees and expenses incurred in connection with the consummation of the foregoing.

 

“Transferee
Lender” is defined in Section 11.11.1.

 

“United
Kingdom” means The United Kingdom of Great Britain and Northern Ireland.

 

“United
States” or “U.S.” means the United States of America, its fifty States, and the District of Columbia.

 

“Voting
Stock” means, (a) with respect to a corporation, the stock of such corporation the holders of which are ordinarily,
in the absence of contingencies, entitled to elect members of the board of directors (or other governing body) of such corporation,
(b) with respect to any partnership, the partnership interests in such partnership the owners of which are entitled to manage
the affairs of the partnership or vote in connection with the management of the affairs of the partnership or the designation
of another Person as the Person entitled to manage the affairs of the partnership, and (c) with respect to any limited liability
company, the membership interests in such limited liability company the owners of which are entitled to manage the affairs of
such limited liability company or entitled to elect managers of such limited liability company (it being understood that, in the
case of any partnership or limited liability company, “shares” of Voting Stock shall refer to the partnership
interests or membership interests therein, as the case may be).

 

“Welfare
Plan” means a “welfare plan,” as such term is defined in Section 3(l) of ERISA.

 

“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
1.2 Use of Defined Terms. Unless otherwise defined or the context otherwise requires, terms for which meanings are provided
in this Agreement shall have such meaning as when used in the Disclosure Schedule and in each Credit Extension Request, each other
Loan Document, and each notice and other communication delivered from time to time in connection with this Agreement or any other
Loan Document.

 

SECTION
1.3 Cross-References. Unless otherwise specified, references in this Agreement and in each other Loan Document to any Article,
Section, clause or definition are references to such clause or definition of this Agreement or such other Loan Document, as the
case

 

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Ingram Micro/Credit Agreement 

     

    

 

may
be, and, unless otherwise specified, references in any Article, Section, clause or definition to any section are references to
such section of such Article, Section, clause or definition.

 

SECTION
1.4 Accounting and Financial Determinations.

 

(a)                Unless
otherwise specified, all accounting terms used herein or in any other Loan Document shall be interpreted, and all accounting
determinations and computations hereunder or thereunder (including under Section 8.2.3) shall be made, in
accordance with those U.S. generally accepted accounting principles (“GAAP”) as applied in the preparation
of the financial statements of Micro and its Consolidated Subsidiaries included in its annual report on Form 10-K for the
Fiscal Year ended January 1, 2011; provided, that the financial statements required to be delivered pursuant to clauses
(a) and (b) of Section 8.1.1 shall be prepared in accordance with GAAP as in effect from time to time and
the quarterly financial statements required to be delivered pursuant to clause (b) of Section 8.1.1 are not
required to contain footnote disclosures required by GAAP and shall be subject to ordinary year-end adjustments.

 

(b)              
If, after the Effective Date, there shall be any change to Micro’s Fiscal Year, or any modification in GAAP used
in the preparation of the 2010 financial statements (whether such modification is adopted or imposed by FASB, the American Institute
of Certified Public Accountants or any other regulatory or professional body) which changes result in a change in the method of
calculation of financial covenants, standards or terms found in this Agreement, the parties hereto agree promptly to enter into
negotiations in order to amend such financial covenants, standards or terms so as to reflect equitably such changes, with the
desired result that the evaluations of Micro’s financial condition shall be the same after such changes as if such changes
had not been made; provided that until the parties hereto have reached a definitive agreement on such amendments, Micro’s
financial condition and such financial covenants, standards and terms shall continue to be evaluated on the same principles as
those used in the preparation of the 2010 financial statements.

 

SECTION
1.5 Calculations. All calculations made for purposes of this Agreement, each other Loan Document, and the transactions contemplated
by them shall be made to two decimal places except as otherwise specifically stated in this Agreement or any other Loan Document.

 

SECTION
1.6 Round Amounts. Unless otherwise specifically stated in this Agreement or any other Loan Document, each requirement that
Credit Extensions, repayments, and reductions in Commitments be in certain Dollar minimums and integral multiples shall, in respect
of dealings in another Available Currency, be deemed to be rounded amounts in that other Available Currency that approximate those
Dollar minimums and multiples.

 

ARTICLE
II

COMMITMENTS, ETC.

 

SECTION
2.1 Commitments. On the terms and subject to the conditions of this Agreement (including Article VI), each Lender severally
(or in the case of Swing Line Loans, the

 

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Ingram Micro/Credit Agreement 

     

    

 

Swing
Line Lender) agrees that it will, from time to time on any Business Day occurring after the Effective Date and prior to the Commitment
Termination Date:

 

(a)               
make revolving loans (other than Swing Line Loans) in Available Currencies (“Revolving Loans”) to any
Borrower equal to such Lender’s Percentage of the aggregate amount of the Borrowing to be made on such Business Day, all
in accordance with Section 3.1; provided that no Lender shall be required to make any Revolving Loan if, after giving
effect thereto:

 

(i)                
such Lender’s Outstanding Credit Extensions would exceed its Credit Commitment Amount; or

 

(ii)              
the aggregate Outstanding Credit Extensions of all the Lenders would exceed the then Total Commitment Amount;

 

(b)              
the Swing Line Lender agrees that it will make loans in Available Currencies (its “Swing Line Loans”)
to any Borrower equal to the principal amount of the Swing Line Loan requested by such Borrower; provided that the Swing
Line Lender shall not be required to make any Swing Line Loan if, after giving effect thereto, the aggregate outstanding Dollar
Amount of the principal amount of all Swing Line Loans would exceed the then existing Swing Line Loan Commitment Amount; and

 

(c)               
purchase participation interests in Available Currencies equal to its Percentage in each Letter of Credit issued upon the
application of any Borrower pursuant to Section 3.2; provided that no Issuer shall issue a Letter of Credit if,
after giving effect thereto:

 

(i)                
the aggregate Letter of Credit Outstandings would exceed the then Letter of Credit Limit; or

 

(ii)              
the aggregate Outstanding Credit Extensions of all the Lenders would exceed the then Total Commitment Amount.

 

On and subject to the conditions
hereof, the Borrowers may from time to time borrow, prepay and reborrow Loans and may apply for, extinguish or reimburse drawings
made under and re-apply for Letters of Credit. For purposes of this Section 2.1, the Dollar Amount on any date of any Credit
Extension denominated in an Available Currency (other than Dollars) shall be calculated based upon the spot rate at which Dollars
are offered on such day for such Available Currency which appears on the Reuters Screen LIBOR01 Page at approximately 11:00 a.m.,
London time, (and if such spot rate is not available on the Reuters Screen LIBOR01 Page as of such time, such spot rate as quoted
by Scotiabank, in London at approximately 11:00 a.m., London time).

 

SECTION
2.2 Reductions of the Commitment Amounts.

 

(a)               
Micro may, from time to time on any Business Day, voluntarily reduce the Total Commitment Amount; provided that:

 

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Ingram Micro/Credit Agreement 

     

    

 

(i)                
All such reductions shall require at least three and not more than five Business Days’ prior notice to the Administrative
Agent and shall be permanent, and any partial reduction thereof shall be in a minimum amount of $5,000,000 and in an integral
multiple of $1,000,000 (or, if less, in an amount equal to the Total Commitment Amount at such time);

 

(ii)              
Micro shall not voluntarily reduce the Total Commitment Amount pursuant to this section to an amount which, on the date
of proposed reduction, is less than the aggregate Outstanding Credit Extensions of all the Lenders;

 

(iii)            
Any such reduction shall be allocated to each Lender pro rata according to such Lender’s Percentage of the Total
Commitment Amount; and

 

(iv)            
Once so reduced, the Total Commitment Amount may not be increased.

 

(b)              
Micro may, from time to time on any Business Day, voluntarily reduce the Swing Line Loan Commitment Amount; provided
that:

 

(i)                
All such reductions shall require at least three and not more than five Business Days’ prior notice to the Administrative
Agent and shall be permanent, and any partial reduction thereof shall be in a minimum amount of $5,000,000 and in an integral
multiple of $1,000,000 (or, if less, in an amount equal to the Swing Line Loan Commitment Amount at such time);

 

(ii)              
Micro shall not voluntarily reduce the Swing Line Loan Commitment Amount pursuant to this section to an amount which, on
the date of proposed reduction, is less than the aggregate principal amount of all outstanding Swing Line Loans of the Swing Line
Lender; and

 

(iii)            
Once so reduced, the Swing Line Loan Commitment Amount may not be increased.

 

SECTION
2.3 Ineligible Currencies. Notwithstanding any other provision in this Agreement, if, at any time before the Commitment Termination
Date, the Administrative Agent determines that an Available Currency has become an Ineligible Currency, then (a) the Administrative
Agent may (in its sole discretion) at any time so notify the relevant Borrower of any Borrowing denominated in that Ineligible
Currency, and (b) the Commitments of the Lenders to make Loans in that Available Currency shall be suspended unless and until
the Administrative Agent determines that such Available Currency is no longer an Ineligible Currency. Promptly after receiving
that notice and, in any event, within five Business Days of receiving the same, that Borrower will notify the Administrative Agent
and the Lenders as to what Available Currency it desires that Borrowing to be converted into and promptly thereafter the relevant
Lenders shall so convert that Borrowing on the last day of its Interest Period. If the relevant Borrower fails to select another
Available Currency as provided in the preceding sentence, then that other Available Currency shall be selected by the Administrative
Agent. The conversion shall be effected at the

 

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Ingram Micro/Credit Agreement 

     

    

 

relevant
spot rate at which the Ineligible Currency is offered on that last day for the selected Available Currency that appears on the
Reuters Screen LIBOR01 Page at approximately 11:00 a.m., London time, (and if such spot rate is not available on the Reuters Screen
LIBOR01 Page as of that time, the spot rate as quoted by Scotiabank in London at approximately 11:00 a.m., London time) or, if
that spot rate shall not exist, such other rate of exchange as the Administrative Agent shall reasonably determine.

 

SECTION
2.4 Designated Additional Loans. From time to time, so long as no Default has occurred and is continuing, the Borrowers
may notify the Administrative Agent that the Borrowers wish, on the terms and subject to the conditions contained in this
Agreement, to increase the Total Commitment Amount by additional Commitments from the Lenders and/or other Persons (each of
which must be an Eligible Assignee) not then a party to this Agreement (“Designated Additional
Commitments”), provided that the cumulative amount of the Designated Additional Commitments may not exceed
$350,000,000. Such Designated Additional Commitments may, at the Borrowers’ election, take the form of an increase to
the then-existing Commitments or new Term Loans and, to the extent that such increase shall take the form of Term Loans, this
Agreement shall be amended, in form and substance reasonably satisfactory to the Administrative Agent, to include such terms
as are customary for a term loan tranche. Such notice shall specify (A) the date (each, an “Additional Commitment
Date”) on which the Borrowers propose that the Designated Additional Commitments shall be effective (it being
understood that the Borrowers and the Agents will use commercially reasonable efforts to avoid the prepayment or assignment
of any LIBO Rate Loan on a day other than the last day of the Interest Period applicable thereto), (B) the identity of each
Lender or Eligible Assignee that has agreed to provide a Designated Additional Commitment and become a party to this
Agreement, together with the amount of its Designated Additional Commitment (each, an “Additional Commitment
Lender”) and (C) whether the Designated Additional Commitments shall take the form of an increase to
the then-existing Commitments or new Term Loans. Nothing contained in this Section 2.4 or otherwise in this Agreement
is intended to commit any Lender or any Agent to provide any Designated Additional Commitment, but otherwise no consent from
any Lender or Agent shall be required, whether pursuant to Section 11.1 or otherwise, for any increase in the Total
Commitment Amount pursuant to this Section 2.4. On the Additional Commitment Date (i) the Total Commitment Amount
shall be increased by the amount of the additional Commitments agreed to be so provided, (ii) subject to compliance with the
terms of Section 6.2, Loans requested by the Borrowers will be made in accordance with this Agreement, (iii) the
Percentages of the respective Lenders and Additional Commitment Lenders shall be appropriately adjusted, (iv) the Lenders and
the Additional Commitment Lenders shall assign and assume outstanding Credit Extensions including participations in
outstanding Letters of Credit so as to cause the amounts of such Loans and participations in Letters of Credit held by each
Lender and each Additional Commitment Lender to conform to the respective Percentages of the Commitments of the Lenders and
the Additional Commitment Lenders and (v) the Borrowers and any Additional Commitment Lender that is not already a Lender
shall execute and deliver any additional Notes or other amendments or modifications to this Agreement or any other Loan
Document as the Administrative Agent may reasonably request. Any fees payable in respect of any commitment provided for in
this Section 2.4 shall be as agreed to by the Borrowers and the Administrative Agent. Any Designated Additional
Commitment pursuant to this Section 2.4 (i) shall be irrevocable as of the Additional

 

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Ingram Micro/Credit Agreement 

     

    

 

Commitment Date, (ii) shall reduce the amount of commitments that may be requested under this Section 2.4 pro tanto
and (iii) shall be in a minimum principal amount of $25,000,000 and integral multiples of $1,000,000.

 

ARTICLE
III

PROCEDURES FOR CREDIT EXTENSIONS

 

SECTION
3.1 Borrowing Procedures. Revolving Loans shall be made by the Lenders in accordance with Section 3.1.1, and
Swing Line Loans shall be made by the Swing Line Lender in accordance with Section 3.1.2. Unless otherwise expressly
provided, all Revolving Loans shall be LIBO Rate Loans.

 

SECTION
3.1.1 Borrowing Procedure for Revolving Loans.

 

(a)               
In the case of Revolving Loans, on any Business Day occurring after the Effective Date and on or prior to the Commitment
Termination Date, any Borrower may from time to time irrevocably request, by delivering on or prior to 1:00 p.m., Applicable Time,
on such Business Day a Borrowing Request to the Administrative Agent not less than three nor more than five Business Days before
the date of the proposed Borrowing, that a Borrowing be made in a minimum amount of $5,000,000 and an integral multiple of $1,000,000,
or if less, in the unused amount of the Total Commitment Amount. Upon the receipt of each Borrowing Request, the Administrative
Agent shall give prompt notice thereof to each Lender on the same day such Borrowing Request is received. On the terms and subject
to the conditions of this Agreement, each Borrowing shall be made on the Business Day specified in such Borrowing Request. On
or before 2:30 p.m., Applicable Time, on such Business Day, each Lender shall deposit with the Administrative Agent (to an account
specified by the Administrative Agent to each Lender from time to time) same day funds in an amount equal to such Lender’s
Percentage of the requested Borrowing.

 

(b)              
To the extent funds are received from the Lenders (except as otherwise provided in Section 10.2), the Administrative
Agent shall make such funds available to the relevant Borrower by wire transfer of same day funds to the accounts such Borrower
shall have specified in its Borrowing Request. No Lender’s obligation to make any Revolving Loan shall be affected by any
other Lender’s failure to make any Revolving Loan.

 

SECTION
3.1.2 Borrowing Procedure for Swing Line Loans.

 

(a)                In
the case of Swing Line Loans, on any Business Day occurring after the Effective Date and on or prior to the
Commitment Termination Date, any Borrower may from time to time irrevocably request, by delivering on or prior to 1:00 p.m.,
Applicable Time, on such Business Day a Borrowing Request to the Administrative Agent not less than one nor more than five
Business Days before the date of the proposed Borrowing that a Swing Line Loan be made to such Borrower. Alternatively, by
telephonic notice to the Swing Line Lender on or before 12:00 noon, Applicable Time, on a Business Day (followed within one
Business Day by the delivery of a confirming Borrowing Request),

 

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Ingram Micro/Credit Agreement 

     

    

 

any
Borrower may from time to time irrevocably request that Swing Line Loans be made by the Swing Line Lender. In either case, Swing
Line Loans shall be in an aggregate minimum principal amount of $500,000 and an integral multiple of $100,000. All Swing Line
Loans shall be made as Base Rate Loans and shall not be entitled to be converted into LIBO Rate Loans. The proceeds of each Swing
Line Loan requested by telephonic notice shall be made available by the Swing Line Lender to the relevant Borrower by wire transfer
to the account such Borrower shall have specified in its notice therefor (i) for requests in U.S. Dollars, by 2:00 p.m., Applicable
Time, on the Business Day telephonic notice is received by the Swing Line Lender (so long as such request is received at or before
12:00 noon (Applicable Time)), (ii) for requests of Loans to be made in Euros, by the close of business on the Business Day telephonic
notice is received by the Swing Line Lender (so long as such request is received at or before 11:00 a.m., London time) and (iii)
for requests of Loans to be made in Sterling, by the close of business on the Business Day telephonic notice is received by the
Swing Line Lender (so long as such request is received at or before 12:00 noon, London time). Proceeds of Swing Line Loans in
respect of telephonic notices received by the Swing Line Lender after the time set forth in the preceding sentence shall be made
available to the applicable Borrower by 10:00 a.m. (Applicable Time) on the next succeeding Business Day. Swing Line Loans shall
be made available to the applicable Borrower no later than 9:30 a.m. (Applicable Time) on the date requested, in the case of a
Swing Line Loan requested pursuant to a Borrowing Request. Upon the making of each Swing Line Loan, and without further action
on the part of the Swing Line Lender or any other Person, each Lender (other than the Swing Line Lender) shall be deemed to have
irrevocably purchased, to the extent of its Percentage, a participation interest in such Swing Line Loan, and such Lender shall,
to the extent of its Percentage, be responsible for reimbursing the Swing Line Lender for Swing Line Loans which have not been
repaid by the relevant Borrower in accordance with the terms of this Agreement. The Swing Line Lender shall provide to Micro a
confirmation of Swing Line Loan borrowings by facsimile or electronic mail, as requested by Micro.

 

(b)               If
(i) any Default shall occur and be continuing, or (ii) at any time, and in the Swing Line Lender’s sole and
absolute discretion, then each Lender (other than the Swing Line Lender) irrevocably agrees that it will, at the request of
the Swing Line Lender, make a Revolving Loan (which shall initially be funded as a Base Rate Loan) in an amount equal to such
Lender’s Percentage of the aggregate principal amount of all such Swing Line Loans then outstanding and in the same
currency in which such Loans were made (such outstanding Swing Line Loans hereinafter referred to as the “Refunded
Swing Line Loans”). On or before 11:00 a.m., Applicable Time, on the third Business Day following receipt by each
Revolving Loan Lender of a request to make Revolving Loans as provided in the preceding sentence, each Lender shall deposit
in an account specified by the Swing Line Lender the amount so requested in same day funds and such funds shall be applied by
the Swing Line Lender to repay the Refunded Swing Line Loans. At the time the Lenders make the above referenced Revolving
Loans the Swing Line Lender shall be deemed to have made, in consideration of the making of the Refunded Swing Line Loans,
Revolving Loans in an amount equal to the Swing Line Lender’s Percentage of the aggregate principal amount of the
Refunded Swing Line Loans. Upon the making (or deemed making, in the

 

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Ingram Micro/Credit Agreement 

     

    

 

case
of the Swing Line Lender) of any Revolving Loans pursuant to this clause, the amount so funded shall become an outstanding Revolving
Loan and shall no longer be owed as a Swing Line Loan. All interest payable with respect to any Revolving Loans made (or deemed
made, in the case of the Swing Line Lender) pursuant to this clause shall be appropriately adjusted to reflect the period of time
during which the Swing Line Lender had outstanding Swing Line Loans in respect of which such Revolving Loans were made. Each Lender’s
obligation to make the Revolving Loans referred to in this clause shall be absolute and unconditional and shall not be affected
by any circumstance, including (i) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against
the Swing Line Lender, any Obligor or any Person for any reason whatsoever; (ii) the occurrence or continuance of any Default;
(iii) any adverse change in the condition (financial or otherwise) of any Obligor; (iv) the acceleration or maturity of any Obligations
or the termination of any Commitment after the making of any Swing Line Loan; (v) any breach of any Loan Document by any Person;
or (vi) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

 

SECTION
3.2 Letter of Credit Issuance Procedures. By delivering to the Administrative Agent an Issuance Request on or before 1:00
p.m., Applicable Time, on any Business Day occurring prior to the Commitment Termination Date, any Borrower may from time to time
request that an Issuer issue a Letter of Credit. Each such request shall be made on not less than two Business Days’ notice
(or such shorter period as may be agreed to by the Administrative Agent), and not less than 30 days prior to the Commitment Termination
Date. Upon receipt of an Issuance Request, the Administrative Agent shall promptly on the same day notify the applicable Issuer
(if other than Scotiabank) and each Lender thereof. Each Letter of Credit shall by its terms be denominated in an Available Currency
and be stated to expire (whether originally or after giving effect to any extension) on the earlier of (its “Stated Expiry
Date”) (i) (unless otherwise agreed to by the Issuer) one year from the date of issuance thereof or (ii) the Commitment
Termination Date. The relevant Borrower and the relevant Issuer may amend or modify any issued Letter of Credit upon written notice
to the Administrative Agent only; provided that (A) any amendment constituting an extension of such Letter of Credit’s
Stated Expiry Date shall comply with the provisions of the immediately preceding sentence and may be made only if the Commitment
Termination Date has not occurred and (B) any amendment constituting an increase in the Stated Amount of such Letter of Credit
shall be deemed a request for the issuance of a new Letter of Credit and shall comply with the foregoing provisions of this paragraph.
Upon satisfaction of the terms and conditions hereunder, the relevant Issuer will issue each Letter of Credit to be issued by
it and will make available to the beneficiary thereof the original of such Letter of Credit.

 

SECTION
3.2.1 Other Lenders’ Participation. Automatically, and without further action, upon the issuance of each Letter of Credit,
each Lender (other than the Issuer of such Letter of Credit) shall be deemed to have irrevocably purchased from the relevant Issuer,
to the extent of such Lender’s Percentage, a participation interest in such Letter of Credit (including any Reimbursement
Obligation and any other Contingent Liability with respect thereto), and such Lender shall, to the extent of its Percentage, be
responsible for reimbursing promptly (and in any event within one Business Day after receipt of demand for payment from the Issuer,
together with

 

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accrued
interest from the day of such demand) the relevant Issuer for any Reimbursement Obligation which has not been reimbursed in accordance
with Section 3.2.3. In addition, such Lender shall, to the extent of its Percentage, be entitled to receive a ratable portion
of the Letter of Credit participation fee payable pursuant to clause (a) of Section 4.3.3 with respect to each Letter
of Credit and a ratable portion of any interest payable pursuant to Sections 3.2.2 and 4.2.

 

SECTION
3.2.2 Disbursements. Subject to the terms and provisions of each Letter of Credit and this Agreement, upon presentment
under any Letter of Credit to the Issuer thereof for payment, such Issuer shall make such payment to the beneficiary (or its
designee) of such Letter of Credit on the date designated for such payment (the “Disbursement Date”). Such
Issuer will promptly notify the relevant Borrower and each of the Lenders of the presentment for payment of any such Letter
of Credit, together with notice of the Disbursement Date thereof. Prior to 12:00 noon, Applicable Time, on the next Business
Day following the Disbursement Date, the relevant Borrower will reimburse the Administrative Agent, for the account of such
Issuer, for all amounts disbursed under such Letter of Credit, together with all interest accrued thereon since the
Disbursement Date. To the extent the Administrative Agent does not receive payment in full, on behalf of the relevant Issuer
on the Disbursement Date, the relevant Borrower’s Reimbursement Obligation shall accrue interest, payable on demand, at
an annual rate equal to the Reference Rate through the first Business Day following the Disbursement Date and equal to the
sum of the Reference Rate plus 0.50% thereafter. In the event the relevant Borrower fails to notify the Administrative Agent
and the relevant Issuer prior to 1:00 p.m., Applicable Time, on the Disbursement Date that the relevant Borrower intends to
pay the Administrative Agent, for the account of such Issuer, for the amount of such drawing with funds other than proceeds
of Loans, or the Administrative Agent does not receive such reimbursement payment from the relevant Borrower prior to 1:00
p.m., Applicable Time, on the Disbursement Date (or if the relevant Issuer must for any reason return or disgorge such
reimbursement), the Administrative Agent shall promptly notify the Lenders, and the relevant Borrower shall be deemed to have
given a timely Borrowing Request as of the Disbursement Date for Loans in an aggregate principal amount equal to such
Reimbursement Obligation and the Lenders (other than the relevant Issuer) shall, on the terms and subject to the conditions
of this Agreement (including, without limitation, Sections 6.1 and 6.2), make Loans in the amount of such
Reimbursement Obligation as provided in Section 3.1; provided that for the purpose of determining the
availability of any unused Total Commitment Amount immediately prior to giving effect to the application of the proceeds of
such Loans, such Reimbursement Obligation shall be deemed not to be outstanding at such time. In the event that the
conditions precedent to any Loans deemed requested by the relevant Borrower as provided in the preceding sentence shall not
be satisfied at the time of such deemed request, each Lender (including the relevant Issuer) shall pay to the Administrative
Agent, as funding of its participation interest pursuant to Section 3.2.1 in the related Letter of Credit, its
Percentage of the related Reimbursement Obligation, and the Administrative Agent shall promptly pay to the relevant Issuer
the amounts so received by it from the Lenders. If a Lender makes a payment pursuant to this subsection to reimburse an
Issuer in respect of any Reimbursement Obligation (other than by funding Loans as contemplated above), (i) such payment will
not constitute a Loan and will not relieve the relevant Borrower of its Reimbursement Obligation and (ii) such Lender will be
subrogated to its pro rata share of the relevant Issuer’s claim against such Borrower for payment of such Reimbursement
Obligation.

 

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SECTION
3.2.3 Reimbursement. The obligation (the “Reimbursement Obligation”) of the relevant Borrower under Section
3.2.2 to reimburse the relevant Issuer with respect to each disbursement under a Letter of Credit (including interest
thereon), and, upon the failure of the relevant Borrower to reimburse such Issuer, the obligation of each Lender to reimburse
such Issuer, shall be absolute and unconditional under any and all circumstances and irrespective of any set-off,
counterclaim or defense to payment which the relevant Borrower or such Lender, as the case may be, may have or have had
against the relevant Issuer or any Lender, including any defense based upon the failure of any disbursement under a Letter of
Credit to conform to the terms of the applicable Letter of Credit (if, in the relevant Issuer’s good faith opinion,
such disbursement is determined to be appropriate) or any non-application or misapplication by the beneficiary of the
proceeds of such Letter of Credit; provided that nothing herein shall require the relevant Borrower or such Lender, as
the case may be, to reimburse an Issuer for any wrongful disbursement made by such Issuer under a Letter of Credit as a
result of acts or omissions finally determined by a court of competent jurisdiction to constitute gross negligence or willful
misconduct on the part of such Issuer.

 

SECTION
3.2.4 Deemed Disbursements. Upon the occurrence and during the continuation of any Event of Default of the type described
in Section 9.1.8 or, with notice from the Administrative Agent given at the direction of the Required Lenders, upon the
occurrence and during the continuation of any other Event of Default, an amount equal to the then aggregate amount of all Letters
of Credit which are undrawn and available under all issued and outstanding Letters of Credit shall, without demand upon or notice
to any Borrower, be deemed to have been paid or disbursed by the Issuer under such Letters of Credit (notwithstanding that such
amount may not in fact have been so paid or disbursed) and the Borrowers shall be immediately obligated to pay to the Issuer of
each Letter of Credit an amount equal to such amount. Any amounts so payable by the relevant Borrower pursuant to Section 3.2.4
shall be deposited in cash with the Administrative Agent and held in trust (for the sole benefit of the relevant Issuer and
the Lenders) for payment of the Obligations arising in connection with such Letters of Credit. If such Event of Default shall
have been cured or waived (provided that no other Default has occurred and is continuing and the Obligations have not been
accelerated pursuant to Section 9.2 or 9.3), the Administrative Agent shall promptly return to the relevant Borrower
all amounts deposited by it with the Administrative Agent pursuant to this Section 3.2.4 (together with accrued interest
thereon at the Administrative Agent’s Cost of Funds or such other interest rate based upon a cash equivalent investment
(in the form of obligations issued by or guaranteed by the U.S. government, commercial paper of a domestic corporation rated A-1
by S&P or a comparable rating from another nationally recognized rating agency or certificates of deposit of a U.S. or Canadian
bank with (x) a credit rating of Aa or better by S&P or a comparable rating from another nationally recognized rating agency
and (y) a combined capital and surplus greater than $250,000,000) which is agreed to between the relevant Issuer and the relevant
Borrower), net of any amount (which may include accrued interest) applied to the payment of any Obligations with respect to the
Letters of Credit.

 

SECTION
3.2.5 Nature of Reimbursement Obligations. Each Borrower and, to the extent set forth in Section 3.2.1, each Lender
shall assume all risks of the acts, omission or misuse of any Letter of Credit by the beneficiary thereof. No Issuer or any Lender
(except to the extent of

 

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Ingram Micro/Credit Agreement 

     

    

 

its
own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction) shall be responsible for:

 

(a)               
the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection
with the application for an issuance of a Letter of Credit, even if it should in fact prove to be in any or all respects invalid,
insufficient, inaccurate, fraudulent or forged;

 

(b)              
the form, validity, sufficiency, accuracy, genuineness or legal effect of any instrument transferring or assigning or purporting
to transfer or assign a Letter of Credit or the rights or benefits thereunder or the proceeds thereof in whole or in part, which
may prove to be invalid or ineffective for any reason;

 

(c)               
failure of the beneficiary to comply fully with conditions required in order to demand payment under a Letter of Credit;
provided that if a payment is made pursuant to such Letter of Credit when a beneficiary has failed to comply with the conditions
therefor and such failure to comply is manifest on the face of such Letter of Credit or the documents submitted by the beneficiary
in connection therewith, the relevant Borrower shall be required to indemnify the Issuer in connection therewith only if, and
to the extent, the relevant Borrower or any of its Subsidiaries has received the benefit of such payment on such Letter of Credit
by one or more of their obligations being satisfied, either in whole or in part;

 

(d)              
errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, telecopy or otherwise;
or

 

(e)               
any loss or delay in the transmission or otherwise of any document or draft required in order to make a disbursement under
a Letter of Credit.

 

None of the foregoing shall affect,
impair or prevent the vesting of any of the rights or powers granted to any Issuer or any Lender hereunder. In furtherance and
extension and not in limitation or derogation of any of the foregoing (but subject to the limitations set forth in clause (c)
above), any action taken or omitted to be taken by an Issuer in good faith (and not constituting gross negligence or willful
misconduct as finally determined by a court of competent jurisdiction) shall be binding upon the relevant Borrower and each Lender,
and shall not put such Issuer under any resulting liability to any Borrower or any Lender.

 

SECTION
3.2.6 Ineligible Currencies. Notwithstanding any other provision contained in this Agreement, if, at any time prior to the
Commitment Termination Date, the Administrative Agent determines that the Available Currency in which a Letter of Credit has been
issued is an Ineligible Currency, then the Administrative Agent may (in its sole discretion) at any time notify the relevant Borrower
of the same, and the Administrative Agent shall then promptly notify each other Lender. Such relevant Borrower shall use reasonable
efforts to cause the beneficiary of such Letter of Credit to accept a substitution for such Letter of Credit with another Letter
of Credit in an Available Currency acceptable to such Borrower and the relevant Issuer.

 

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Ingram Micro/Credit Agreement 

     

    

 

SECTION
3.2.7 Existing Letters of Credit. On the Effective Date, the Existing Letters of Credit shall automatically and without any
action on the part of any Person, become Letters of Credit hereunder issued, in each case, for the account of the relevant Borrower
identified on Schedule II.

 

SECTION
3.3 Amendment and Extension. (a) The Borrowers may, by written notice to the Administrative Agent from time to time,
request an extension (each, an “Extension”) of the maturity or termination date of Commitments and/or Term
Loans (if any) to the extended maturity or termination date specified in such notice. Such notice shall (i) set forth the
amount of the applicable Commitments and/or Term Loans to be extended (ii) set forth the date on which such Extension is
requested to become effective and (iii) identify the relevant Commitments and/or Term Loans to which the Extension request
relates. Each applicable Lender shall be offered (an “Extension Offer”) an opportunity to participate in
such Extension on a pro rata basis and on the same terms and conditions as each other Lender of the same class pursuant to
procedures established by, or reasonably acceptable to, the Administrative Agent. Each Lender may elect to participate in any
Extension in its sole and absolute discretion, provided that any Lender that does not respond to an Extension Offer
shall be deemed to have declined its participation in such Extension. If the aggregate principal amount of Commitments or
Term Loans (calculated on the face amount thereof) in respect of which Lenders shall have accepted the relevant Extension
Offer shall exceed the maximum aggregate principal amount of Commitments or Term Loans, as applicable, offered to be extended
by the Borrowers pursuant to such Extension Offer, then the Commitments or Term Loans, as applicable, of Lenders of the
applicable class shall be extended ratably up to such maximum amount based on the respective principal amounts with respect
to which such Lenders have accepted such Extension Offer (but in no event to exceed the Commitments or Term Loans held by
such Lender).

 

(b)               
It shall be a condition precedent to the effectiveness of any Extension that (i) clauses (a) and (c) of Section
6.2.1 shall be satisfied immediately prior to and immediately after giving effect to such Extension, (ii) the Issuer and the
Swing Line Lender shall have consented to any Extension of the Commitments, to the extent that such extension provides for the
issuance of Letters of Credit or the making of Swing Line Loans at any time during the extended period and (iii) the terms of
such extended Commitments and/or extended Term Loans shall comply with Section 3.3(c).

 

(c)              
The terms of each Extension shall be determined by the Borrowers and the applicable extending Lender; provided that
(i) the final maturity date of any extended Commitment or extended Term Loan shall be no earlier than the maturity or termination
date of the Commitments or Term Loans being extended, (ii)(A) there shall be no scheduled amortization of the extended Commitments
and (B) the weighted average life to maturity of the extended Term Loans shall be no shorter than the remaining weighted average
life to maturity of the Term Loans being extended, (iii) the extended Revolving Loans and the extended Term Loans will rank pari
passu in right of payment with the existing Revolving Loans and none of the obligors or guarantors with respect thereto shall
be a Person that is not an Obligor, (iv) the interest rate margin, rate floors, fees, original issue discounts and premiums applicable
to any extended Term Loans or extended Commitments (and the extended Revolving Loans thereunder) shall be determined by the Borrowers
and the Lenders providing such extended Term Loans or extended Commitments, as

 

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Ingram Micro/Credit Agreement 

     

    

 

applicable and (v) to the extent the terms of the extended Term Loans or the extended Commitments are inconsistent with any other
terms set forth in this Agreement (for the avoidance of doubt, except as set forth in clauses (i) through (iv) above),
such terms shall be reasonably satisfactory to the Borrowers, the Administrative Agent and such applicable extending Lender.

 

ARTICLE
IV

PRINCIPAL, INTEREST, AND FEE PAYMENTS

 

SECTION
4.1 Loan Accounts, Notes, Payments, and Prepayments. The Outstanding Credit Extensions shall be evidenced by one or more
loan accounts or records maintained by the Administrative Agent which loan accounts or records shall be conclusive evidence,
absent manifest error, of the amount of those Outstanding Credit Extensions and the interest and principal payments thereon.
Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the Obligations of the
relevant Borrower under the Loan Documents to pay any amount owing with respect to the Obligations. Upon the request of any
Lender made at any time through the Administrative Agent, the relevant Borrower shall promptly execute and deliver to that
Lender a Note to evidence Loans made by that Lender to the relevant Borrower.

 

SECTION
4.1.1 Repayments and Prepayments of Loans. The relevant Borrower shall make all payments and prepayments of each Loan made
to it in the Available Currency in which it was originally denominated and shall repay in full the unpaid principal amount of
each Loan outstanding to it at the Maturity thereof. Before that Maturity:

 

(a)               
the relevant Borrower may, from time to time on any Business Day, make a voluntary prepayment, in whole or in part, of
the outstanding principal amount of any Revolving Loan; provided that:

 

(i)                
any such prepayment of any Revolving Loan shall be allocated to each Lender pro rata according to such Lender’s Percentage
of the Revolving Loans so prepaid;

 

(ii)              
any such prepayment of any Revolving Loan made on any day other than the last day of the Interest Period then applicable
to such Revolving Loan shall be subject to Section 5.4;

 

(iii)            
all such voluntary prepayments shall require prior notice to the Administrative Agent of at least three but no more than
five Business Days; and

 

(iv)            
all such voluntary prepayments shall, if other than a prepayment in whole, be in an aggregate minimum amount of $5,000,000
and an integral multiple of $1,000,000;

 

(b)              
the relevant Borrower may, from time to time on any Business Day, make a voluntary prepayment, in whole or in part, of
the outstanding principal amount of any Swing Line Loan; provided that:

 

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(i)                
all such voluntary prepayments shall require telephonic notice to the Swing Line Lender on or before 1:00 p.m., Applicable
Time, on the day of such prepayment (such notice to be confirmed in writing on or prior to the next Business Day thereafter);
and

 

(ii)              
all such voluntary partial prepayments shall be in an aggregate minimum amount of $500,000 (or the then outstanding principal
amount of Swing Line Loans, if less) and an integral multiple of $100,000 (or the then outstanding principal amount of Swing Line
Loans, if less).

 

(c)                The
Administrative Agent shall determine if the aggregate Outstanding Credit Extensions of all the Lenders exceed the
Total Commitment Amount (i) at the end of each Fiscal Period and (ii) on the date of each request for a Credit Extension
(excluding any request submitted in respect of any continuation of any Borrowing previously made hereunder), and promptly
thereafter and in any event, in respect of any determination made pursuant to clause (ii) above, prior to the proposed
date of such requested Credit Extension, Micro shall (or shall cause the other Borrowers to) make a mandatory prepayment of
the outstanding principal amount of such Revolving Loans or Swing Line Loans (or both) as Micro may select in an amount equal
to such excess, such prepayment to be allocated to the Lenders in the manner set forth in clause (a)(i) above);
and

 

(d)              
Micro shall (and shall cause the other relevant Borrowers to), on each date when any reduction or termination in the Total
Commitment Amount shall become effective, including pursuant to Section 2.2, make a mandatory prepayment of all Revolving
Loans equal to the excess, if any, of the then aggregate Outstanding Credit Extensions of all the Lenders over the Total Commitment
Amount as so reduced, such prepayment to be allocated to the Lenders in the manner set forth in clause (a)(i) above.

 

SECTION
4.1.2 Change in Control. Promptly, and in any event within two Business Days, following a Change in Control or, in the case
of a “Change in Control” of the type described in clause (a) of such definition, within two Business
Days following the date on which Micro or any other Obligor is provided with the relevant Schedule 13D or Schedule 13G filing,
Micro shall provide notice (a “Change in Control Notice”) thereof to the Administrative Agent (which the Administrative
Agent shall promptly distribute to the Lenders) which notice shall (i) describe such event in reasonable detail and (ii) offer
to prepay all outstanding Loans of each Lender and cash collateralize all outstanding Letters of Credit of each Issuer, which
prepayment or cash collateralization shall occur (referred to as the “Settlement Date”) on or before the 30th
Business Day following such Change in Control Notice. In such Change in Control Notice, Micro may request that the Lenders waive
such right to prepayment (or, in the case of any Issuers, such right of cash collateralization) and continue as a Lender (or Issuer,
as the case may be) hereunder. Any Lenders or Issuers which, in their sole and absolute discretion, determine to continue in such
capacities hereunder (by notice to Micro no later than the 10th Business Day before such Settlement Date) shall continue to provide
loans and letters of credit in an amount equal to their respective Commitment and Letter of Credit Commitment, as in effect immediately
prior to such Change in Control. Lenders or Issuers that do not consent to continue as Lenders or Issuers, as the case may be,
hereunder shall have all their respective commitments cancelled, regardless of the

 

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Ingram Micro/Credit Agreement 

     

    

 

percentage
of consenting Lenders and all such Lenders’ outstanding
Loans shall be repaid, and all their respective Letter of Credit Obligations shall be cash collateralized no later than the Settlement
Date. On or promptly following the Settlement Date, the Administrative Agent shall distribute to the Borrowers and the Lenders
a schedule of the Percentages after giving effect to the foregoing. The resulting Commitments of any Lenders agreeing to waive
its right of prepayment following a Change in Control shall be binding on such Lender, notwithstanding that the previously existing
Total Commitment Amount may have been reduced as a result of the foregoing terms.

 

SECTION
4.2 Interest Provisions. Each Loan shall bear interest from and including the day when made until (but not including) the
day such Loan shall be paid in full, and such interest shall accrue and be payable in accordance with this Section 4.2.

 

SECTION
4.2.1 Rates. Subject to Sections 4.2.2 and 5.1, each Revolving Loan shall bear an annual rate of interest, during
each Interest Period applicable thereto, equal to the sum of (i) the LIBO Rate for such Interest Period, plus (ii) the Applicable
Margin; provided that, Swing Line Loans shall accrue interest at an annual rate equal to the sum of (a) the greater of
(x) the Swing Line Lender’s Cost of Funds and (y) the one-month LIBO Rate, plus (b) in the case of either clause (x)
or (y), the then effective Applicable Margin for LIBO Rate Loans.

 

SECTION
4.2.2 Post-Maturity Rates. After the date any principal amount of any Loan is due and payable (whether at Maturity, upon acceleration
or otherwise), or after any other monetary Obligation of Micro or any other Borrower shall have become due and payable, Micro
or each such other Borrower shall pay, but only to the extent permitted by law, interest (after as well as before judgment) on
such amounts at an annual rate equal to the Reference Rate plus 2%.

 

SECTION
4.2.3 Continuation Elections. The relevant Borrower may from time to time by delivering a Continuation Notice to the Administrative
Agent on or before 1:00 p.m., Applicable Time, on a Business Day, irrevocably elect, on not less than three nor more than five
Business Days’ notice, that all, or any portion in an aggregate minimum amount of $5,000,000 and an integral multiple of
$1,000,000 of the LIBO Rate Loans, be continued for one or more new Interest Periods; provided that:

 

(a)               
in the absence of delivery of a Continuation Notice with respect to any Loan, at least three Business Days (but not more
than five Business Days) before the last day of the then current Interest Period with respect thereto, that Loan shall, on such
last day, automatically continue for a new Interest Period having a duration equal to the original duration of the then expiring
Interest Period; and

 

(b)              
no portion of the outstanding principal amount of any Loans may be continued with an Interest Period longer than one month
while any Default has occurred and is continuing.

 

SECTION
4.2.4 Payment Dates. Interest accrued on each Loan shall be payable, without duplication, in the Available Currency in which
it is denominated:

 

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Ingram Micro/Credit Agreement 

     

    

 

(a)               
on the Commitment Termination Date;

 

(b)              
on the date of any payment or prepayment, in whole or in part, of principal outstanding on such Loan (but only on the principal
amount so paid or prepaid);

 

(c)               
in the case of LIBO Rate Loans, on the last day of each applicable Interest Period (and, if such Interest Period shall
exceed three months, on each three month anniversary of the date of the commencement of such Interest Period); and

 

(d)              
on that portion of any Loans which is accelerated pursuant to Section 9.2 or 9.3, immediately upon such acceleration.

 

Interest accrued
on Loans or other monetary Obligations arising under this Agreement or any other Loan Document after the date such Loans or
other Obligations are due and payable (whether on the Commitment Termination Date, upon acceleration or otherwise) shall be
payable upon demand.

 

SECTION
4.2.5 Interest Rate Determination. The Administrative Agent and, if and when applicable, the Reference Lenders shall, in accordance
with each of their customary practices, attempt to determine the relevant interest rates applicable to each Loan requested to
be made pursuant to each Borrowing Request duly completed and delivered by a Borrower, and, if and when applicable, each Reference
Lender agrees to furnish the Administrative Agent timely information for the purpose of determining the LIBO Rate. If any Reference
Lender fails, if and when applicable, to timely furnish such information to the Administrative Agent for any such interest rate,
the Administrative Agent shall determine such interest rate on the basis of the information shared by the other Reference Lender(s).

 

SECTION
4.2.6 Additional Interest on Loans. For so long as the cost to a Lender of making or maintaining its LIBO Rate Loans is increased
as a result of any imposition or modification after the date of this Agreement of any reserve required to be maintained by such
Lender against Eurocurrency Liabilities (or any other category of liabilities which includes deposits by reference to which the
interest rate on Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United
States office of such Lender to United States residents), then such Lender may require the relevant Borrower to pay, contemporaneously
with each payment of interest on any of its LIBO Rate Loans, additional interest on such Loan of such Lender at a rate per annum
up to but not exceeding the excess of (i) (A) the applicable LIBO Rate divided by (B) one minus the LIBOR Reserve Percentage over
(ii) the applicable LIBO Rate. Any Lender wishing to require payment of such additional interest shall so notify Micro and the
Administrative Agent (which notice shall set forth the amount (as determined by such Lender) to which such Lender is then entitled
under this Section 4.2.6 (which amount shall be consistent with such Lender’s good faith estimate of the level at
which the related reserves are maintained by it and which determination shall be conclusive and binding for all purposes, absent
demonstrable error) and shall be accompanied by such information as to the computation set forth therein as Micro may reasonably
request), in which case such additional interest on the LIBO Rate Loans of such Lender shall be payable on the last day of each
Interest Period thereafter (commencing with the Interest Period beginning at least three Business Days

 

    50
 
Ingram Micro/Credit Agreement 

     

    

 

after
the giving of such notice) to such Lender at the place indicated in such notice. Each Lender that receives any payment in respect
of increased costs pursuant to this Section 4.2.6 shall promptly notify Micro of any change with respect to such costs
which affects the amount of additional interest payable pursuant to this section in respect thereof.

 

SECTION
4.3 Fees. Each Borrower agrees to pay the fees applicable to it set forth in this Section 4.3. All such fees shall
be nonrefundable and shall be paid in Dollars to the Administrative Agent, each Lender or the relevant Issuer, as the case may
be, at its office specified for such purpose on the signature pages hereof.

 

SECTION
4.3.1 Administration Fees. Ingram Lux and Micro, jointly and severally, agree to pay directly to the Administrative Agent,
for its own account, an annual administration fee in the amounts and on the dates set forth in the Fee Letter.

 

SECTION
4.3.2 Commitment Fees. The Initial Borrowers, jointly and severally, agree to pay to the Administrative Agent for the account
of each Lender (including, any portion thereof when the Lenders may not extend any Credit Extensions by reason of the inability
of the Borrowers to satisfy any condition of Section 6.1 or 6.2), for each day during the period commencing on the
Second Amendment Effective Date until but excluding the Commitment Termination Date, a commitment fee (the “Commitment
Fee”) to each Lender on the unused portion of its Credit Commitment Amount on such day at the rate per annum determined
in accordance with the following procedure; provided that for each day during the period commencing on the Second Amendment
Effective Date and continuing through and including the six month anniversary of the Second Amendment Effective Date, the Commitment
Fee shall be not lower than the rate set forth in Pricing Level III; provided further that, the making of Swing Line Loans
shall not constitute usage of the Commitment for purposes of calculating Commitment Fees to be paid by the Borrowers to the Lenders:

 

(1)              
If the Pricing Level set forth opposite the Leverage Ratio is the same as the Pricing Level set forth opposite the applicable
Credit Rating, then the Commitment Fee for that Pricing Level shall be the Commitment Fee.

 

(2)              
If the Pricing Level set forth opposite the Leverage Ratio differs by one Pricing Level from the Pricing Level set forth
opposite the applicable Credit Rating, then the Commitment Fee for the lower numbered Pricing Level of the two shall be the Commitment
Fee.

 

(3)              
If the Pricing Level set forth opposite the Leverage Ratio differs by more than one Pricing Level from the Pricing Level
set forth opposite the applicable Credit Rating, then the Commitment Fee shall be determined by reference to the Pricing Level
that is numerically one Pricing Level below the higher numbered of the two applicable Pricing Levels.

 

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	Pricing
    Level	Credit
    Rating	Leverage
    Ratio	Commitment
    Fee
	Level
    I	Higher than or equal
    to BBB+ or Baa1	Less than .50	0.125%
	Level
    II	BBB or Baa2	Greater than or equal
    to .50, but less than 1.00	0.150%
	Level
    III	BBB- or Baa3	Greater than or equal
    to 1.00, but less than 2.00	0.200%
	Level
    IV	BB+ or Ba1	Greater than or equal
    to 2.00, but less than 3.00	0.250%
	Level
    V	Lower than or equal
    to BB or Ba2	Greater than or equal
    to 3.00	0.350%

 

Such Commitment Fee shall be
determined from time to time by the Administrative Agent and shall be payable by the Initial Borrowers in arrears on each Quarterly
Payment Date and on the Commitment Termination Date. If the Credit Ratings assigned by S&P and Moody’s fall into different
Pricing Levels, then the applicable Pricing Level shall be determined by reference to the lower of the two Credit Ratings.

 

Subject to Section 4.4,
the applicable Leverage Ratio shall be the Leverage Ratio for the Fiscal Period most recently ended prior to such day for which
financial statements and reports have been received by the Administrative Agent pursuant to Section 8.1.1(a) or (b),
as set forth in (and effective upon delivery by Micro to the Administrative Agent of) the related new Compliance Certificate pursuant
to Section 8.1.1(d).

 

Notwithstanding the foregoing,
(a) for so long as an Event of Default has occurred and is continuing the applicable Pricing Level shall be Level V and (b) if
Micro shall fail to deliver a Compliance Certificate required to be delivered pursuant to Section 8.1.1(d) within 60 days
after the end of any of its fiscal quarters (or within 90 days, in the case of the last fiscal quarter of its Fiscal Year), the
applicable Pricing Level from and including the 61st (or 91st, as the case may be) day after the end of such fiscal quarter (or
Fiscal Year, as the case may be) to but not including the date Micro delivers to the Administrative Agent a quarterly Compliance
Certificate shall be Level V.

 

SECTION
4.3.3 Letter of Credit Fees.

 

(a)               
The applicable Borrower agrees to pay to the Administrative Agent for the account of each Lender (including the relevant
Issuer) a Letter of Credit participation fee (the “Letter of Credit Fee”) equal to each Lender’s Percentage
of the average daily Stated Amount of each Letter of Credit during the applicable period multiplied by the Applicable Margin then
in effect for LIBO Rate Loans. Such participation fee shall accrue from the date of issuance of any Letter of Credit until the
date such Letter of Credit is drawn in full or terminated, and shall be payable in arrears on each Quarterly Payment Date and
on the date that the Commitments terminate in their entirety.

 

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(b)              
The applicable Borrower agrees to pay to the Administrative Agent for the account of the Issuer of each Letter of Credit
a Letter of Credit fronting fee at the rate set forth in the Fee Letter (or, in the case of an Issuer other than Scotiabank, as
separately agreed between Micro and such Issuer) during the applicable period, such fee to be payable for the account of the relevant
Issuer in quarterly installments in arrears on each Quarterly Payment Date and on the date that the Commitments terminate in their
entirety. Micro agrees to reimburse each Issuer, on demand, for all usual out-of-pocket costs and expenses incurred in connection
with the issuance or maintenance of any Letter of Credit issued by such Issuer.

 

(c)               
The Administrative Agent shall pay to each Lender and each Issuer fees paid for its account under clause (a) or
(b) above promptly after receipt by the Administrative Agent.

 

SECTION
4.4 Rate and Fee Determinations. Interest on each Loan shall be computed on the basis of a year consisting of 360 days (or
365 or 366, as the case may be, for Loans denominated in Sterling) and fees shall be computed on the basis of a year consisting
of 365 or 366 days, as the case may be, in each case paid for the actual number of days elapsed, calculated as to each period
from and including the first day thereof to but excluding the last day thereof. All determinations by the Administrative Agent
of the rate of interest payable with respect to any Loan shall be conclusive and binding in the absence of demonstrable error.
The Borrowers acknowledge that the Lenders have agreed to the amount of the Applicable Margin and Commitment and Letter of Credit
fees payable under the Loan Documents based upon, among other things, the delivery by the Obligors pursuant to Section 8.1.1
of accurate and actual reporting of results of operation, and that the financial covenant ratios set forth in a Compliance
Certificate shall only be treated by the Lenders as presumptive evidence of such actual results. If the actual Leverage Ratio
for any period is higher than that set forth in a Compliance Certificate for such period, then the amount of interest and Commitment
and Letter of Credit fees owing for such period shall be established by reference to the actual Leverage Ratio , and not the ratio
set forth in the Compliance Certificate. Promptly, and in any event within thirty days, following the earlier of (i) any Borrower’s
receipt of a notice from the Administrative Agent pursuant to this clause or (ii) any Borrower’s knowledge that the Leverage
Ratio for a particular period was higher than that reported in the Compliance Certificate for such period, the Borrowers shall
pay to the Administrative Agent all unpaid interest and Commitment and Letter of Credit fees for such period based upon the actual
Leverage Ratio. In no event shall the Lenders be required to rebate interest or Commitment and Letter of Credit fees paid by any
Borrower, and the payment of incremental interest and fees pursuant to this clause shall not impair (and is without limitation
of) the other rights and remedies of the Lenders under the Loan Documents.

 

 

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ARTICLE
V

CERTAIN PAYMENT PROVISIONS

 

SECTION
5.1 Illegality; Currency Restrictions.

 

(a)                If,
as the result of any Regulatory Change, any Lender shall determine (which determination shall, in the absence of
demonstrable error, be conclusive and binding on each Borrower), that it is unlawful for such Lender to make any Loan, issue
any Letter of Credit, or continue any Loan previously made by it hereunder in respect of the LIBO Rate, as the case may be,
the obligations of such Lender to make any such Loan, issue any such Letter of Credit, or continue any such Loan in respect
of the LIBO Rate, as the case may be, shall, upon the giving of notice thereof to the Administrative Agent, Micro, and any
other applicable Borrower, forthwith be suspended and each applicable Borrower shall, if requested by such Lender and if
required by such Regulatory Change, on such date as shall be specified in such notice, prepay to such Lender in full all of
such Loans or convert all of such Loans into a Cost of Funds Rate Loan that is not unlawful, in each case on the last day of
the Interest Period applicable thereto (unless otherwise required by applicable law) and without any penalty whatsoever (but
subject to Section 5.4); provided that such Lender shall make as Cost of Funds Loans all Loans that such Lender
would otherwise be obligated to make Loans at the LIBO Rate and convert into or continue as Cost of Funds Loans all Loans
that such Lender would otherwise be required to convert into or continue as Loans at the LIBO Rate, in each case during the
period any such suspension is effective. Such suspension shall continue to be effective until such Lender shall notify the
Administrative Agent and Micro that the circumstances causing such suspension no longer exist, at which time the obligations
of such Lender to make any such Loan, issue any Letter of Credit, or continue any Loan, as the case may be, shall be
reinstated.

 

(b)              
If any central bank or other governmental authorization in the country of the proposed Available Currency of any proposed
Loan is required to permit the use of such Available Currency by a Lender (through its Lending Office) for such Loan and such
authorization has not been obtained (provided that such Lender has used reasonable endeavors to obtain such authorization)
or is not in full force and effect, the obligation of such Lender to provide such Loans shall be suspended so long as such authorization
is required and has not been obtained by such Lender.

 

SECTION
5.2 Deposits Unavailable.

 

(a)               
If, before the date on which all or any portion of any Revolving Loan bearing interest in respect of the LIBO Rate is to
be made, maintained, or continued the Administrative Agent shall have determined (which determination shall be conclusive and
binding), with respect to that Loan that:

 

(i)                
deposits in the relevant amount and the relevant Available Currency and for the relevant Interest Period are available,
if and when applicable, to none of the Reference Lenders in the relevant market, or

 

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(ii)              
by reason of circumstances affecting the London interbank market adequate means do not exist for ascertaining the interest
rate applicable under this Agreement in respect of the relevant LIBO Rate,

 

then, upon notice from the Administrative
Agent to Micro and the Lenders, the obligations of the Lenders to make or continue any Loan bearing interest in respect of the
LIBO Rate in such Available Currency under Sections 3.1 and 4.2.3 shall forthwith be suspended until the Administrative
Agent shall notify Micro and the Lenders that the circumstances causing such suspension no longer exist.

 

(b)              
If a notification under this Section 5.2 applies to a Loan which is outstanding and that is not going to be converted
at the end of its Interest Period to another Available Currency for which the LIBO Rate is available, then, notwithstanding any
other provision of this Agreement:

 

(i)                
within five Business Days of receipt of the notification, the Borrowers and the Administrative Agent shall enter into negotiations
for a period of not more than 30 days with a view to agreeing an alternative basis for determining the rate of interest and/or
funding applicable to that Loan at the end of its applicable Interest Period;

 

(ii)              
any alternative basis agreed under clause (i) above shall be, with the prior consent of all the Lenders, binding
on all of the Obligors and Lender Parties;

 

(iii)            
if no alternative basis is agreed, each Lender shall (through the Administrative Agent) certify on or before the last day
of the Interest Period to which the notification relates an alternative basis for maintaining its participation in that Loan;

 

(iv)            
any such alternative basis may include an alternative method of fixing the interest rate, alternative Interest Periods
or alternative currencies but it must reflect the cost to the Lender of funding its participation in the Loan from whatever sources
it may select plus the Applicable Margin; and

 

(v)              
each alternative basis so certified shall be binding on the Obligors and the certifying Lender and treated as part of this
Agreement.

 

SECTION
5.3 Increased Credit Extension Costs, etc. Each Borrower agrees to reimburse each Lender within 30 days after any demand for
any increase in the cost to such Lender of, or any reduction in the amount of any sum receivable by such Lender in respect of,
making, maintaining, participating, issuing or extending (or of its obligation to make, maintain, participate, issue or extend)
any Credit Extension to the extent such increased cost or reduced amount is due to a Regulatory Change. Such Lender shall provide
to the Administrative Agent and the relevant Borrower a certificate stating, in reasonable detail, the reasons for such increased
cost or reduced amount and the additional amount required fully to compensate such Lender for such increased cost or reduced amount.
Such additional amounts shall be payable by the relevant Borrower

 

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directly
to such Lender upon its receipt of such notice, and such notice shall be rebuttable, presumptive evidence of the additional amounts
so owing. In determining such amount, such Lender shall act reasonably and in good faith and may use any method of averaging and
attribution that it customarily uses for its other borrowers with a similar credit rating as Micro. Such Lender may demand reimbursement
for such increased cost or reduced amount only for the 360-day period immediately preceding the date of such written notice, and
such Borrower shall have liability only for such period; provided that if such Regulatory Change giving rise to such increased
cost is retroactive, then the 360-day period referred to in the previous clause shall be extended to include the period of retroactive
effect thereof, but in any case, not prior to the date such Lender became a party to this Agreement.

 

SECTION
5.4 Funding Losses. If any Lender shall incur any loss or expense (including any loss or expense incurred by reason of the
liquidation or reemployment of deposits or other funds acquired by such Lender to make, continue, or extend any portion of the
principal amount of any LIBO Rate Loan) as a result of:

 

(a)               
any repayment or prepayment of the principal amount of any LIBO Rate Loan on a date other than the scheduled last day of
the Interest Period whether pursuant to Section 4.1.1 or otherwise;

 

(b)              
any conversion of the currency of any LIBO Rate Loan on a date other than the scheduled last day of the Interest Period;
or

 

(c)               
any LIBO Rate Loan not being made, continued, or converted in accordance with the Credit Extension Request therefor in
the case of any Credit Extension Request as a consequence of any action taken, or failed to be taken, by any Obligor,

 

then, upon the written notice
of such Lender to the relevant Borrower (with a copy to the Administrative Agent), such Borrower shall, within five days of its
receipt thereof, pay directly to such Lender such amount as will (in the reasonable determination of such Lender) reimburse such
Lender for such loss or expense. Such written notice (which shall include calculations in reasonable detail) shall be rebuttable
presumptive evidence of the amount of any such loss or expense that has been so incurred.

 

SECTION
5.5 Increased Capital Costs. If any Regulatory Change affects or would affect the amount of capital or liquidity required
or expected to be maintained by any Lender or any Person controlling such Lender, and such Lender determines (in its sole and
absolute discretion) that the rate of return on its or such controlling Person’s capital as a consequence of its participation
in this Agreement or the making, continuing, converting, participating in or extending of any Credit Extension is reduced to a
level below that which such Lender or such controlling Person could have achieved but for the occurrence of any such circumstance,
then, in any such case, upon the relevant Borrower’s receipt of written notice thereof from such Lender (with a copy to
the Administrative Agent), such Borrower shall pay directly to such Lender additional amounts sufficient to compensate such Lender
or such controlling Person for such reduction in rate of return. A statement of such Lender as to any such additional amounts
(including calculations thereof in reasonable detail) shall be rebuttable, presumptive evidence of

 

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the
additional amounts so owing. In determining such amount, such Lender may use any method of averaging and attribution that it shall
deem applicable. Such Lender may demand payment for such additional amounts that have accrued only during the 360-day period immediately
preceding the date of such written notice and such Borrower shall have liability only for such period; provided that, if
such Regulatory Change giving rise to such reduced rate of return is retroactive, then the 360-day period referred to in the previous
clause shall be extended to include the period of retroactive effect thereof, but in any case, not prior to the date such Lender
became a party to this Agreement.

 

SECTION
5.6 Discretion of Lenders as to Manner of Funding. Notwithstanding any provision of this Agreement to the contrary, the
Lenders shall be entitled to fund and maintain their funding of all or any part of their Loans and other Credit Extensions in
any manner they elect, it being understood, however, that for the purposes of this Agreement all determinations hereunder
with respect to a Loan shall be made as if each Lender had actually funded and maintained each Loan through its Lending
Office and through the purchase of deposits having a maturity corresponding to the maturity of such Loan. Any Lender may, if
it so elects, fulfill any commitment or obligation to make or maintain Loans or other Credit Extensions by causing a branch
or affiliate to make or maintain such Loans or other Credit Extensions; provided that, in such event, such Loans or
other Credit Extensions shall be deemed for the purposes of this Agreement to have been made by such Lender through its
applicable Lending Office, and the obligation of a Borrower to repay such Loans shall nevertheless be to such Lender at its
Lending Office and shall be deemed held by such Lender through its applicable Lending Office, to the extent of such Loan, for
the account of such branch or affiliate. Notwithstanding the foregoing or the fact that different Affiliates for a Lender
under this Agreement may have executed this Agreement or the Lender Assignment Agreement by which it has become a Lender
under this Agreement, all of those Lending Offices and signatories shall be treated under the Loan Documents as but one
Lender for purposes of calculations of Percentage, Commitment, Required Lenders, and modifications, amendments, waivers,
consents, and approvals under Section 11.1 and other provisions of the Loan Documents.

 

SECTION
5.7 Taxes.

 

(a)               
All payments by any Obligor of principal of, and interest and fees on, any Credit Extension and all other amounts payable
hereunder or under any other Loan Document shall be made free and clear of and without deduction for any present or future income,
excise, stamp or franchise taxes, and other taxes, fees, duties, withholdings, or other charges of any nature whatsoever imposed
by any taxing authority with respect to such payments, but excluding (i) franchise taxes and taxes imposed on or measured by any
Lender Party’s gross or net income, profits, or receipts, in each case imposed (A) by any taxing authority under the laws
of which such Lender Party is organized or in which it maintains its applicable Lending Office or (B) by reason of a present or
former connection between the jurisdiction imposing such tax and such Lender Party or one of its applicable lending offices other
than a connection arising solely from such Lender Party having executed, delivered or performed its obligations under, or received
payment under or enforced, this Agreement or any of the other Loan Documents; (ii) taxes imposed under FATCA and (iii) in the
case of a Lender Party, U.S. federal withholding taxes imposed on

 

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amounts
payable to or for the account of such Lender Party with respect to an applicable interest in the Credit Extension pursuant to
a law in effect on the date on which (i) such Lender Party acquires such interest in the Credit Extension or (ii) such Lender
Party changes its applicable Lending Office, except in each case to the extent that, pursuant to this Section 5.7, amounts
with respect to such taxes were payable either to such Lender Party’s assignor immediately before such Lender Party became
a party hereto or to such Lender Party immediately before it changed its applicable Lending Office (such non-excluded items being
called “Taxes”) except to the extent required by law. In the event that any withholding or deduction from any
payment to be made by any Obligor hereunder is required in respect of any Taxes pursuant to any applicable law, rule, or regulation,
then such Obligor will:

 

(i)                
pay directly to the relevant authority the full amount required to be so withheld or deducted;

 

(ii)              
promptly forward to the relevant Lender Party an official receipt or other documentation satisfactory to such Lender Party
evidencing such payment to such authority; and

 

(iii)            
pay directly to the relevant Lender Party for its own account such additional amount or amounts as is or are necessary
to ensure that the net amount actually received by such Lender Party will equal the full amount such Lender Party would have received
had no such withholding or deduction been required.

 

(b)              
Moreover, if any Taxes are directly asserted against any Lender Party with respect to any payment received by such Lender
Party hereunder, such Lender Party may pay such Taxes and the relevant Obligor will promptly pay such additional amounts (including
any penalties, interest or expenses) as is necessary in order that the net amount received by such Lender Party after the payment
of such Taxes (including any Taxes on such additional amount) shall equal the amount such Lender Party would have received had
not such Taxes been asserted.

 

(c)               
If the relevant Obligor fails to pay any Taxes when due to the appropriate taxing authority or fails to remit to the relevant
Lender Parties entitled thereto the required receipt or other required documentary evidence, such Obligor shall indemnify such
Lender Parties for any incremental Taxes, interest or penalties that may become payable by any Lender Party as a result of any
such failure.

 

(d)              
The following provisions govern exceptions to the tax indemnification provisions of this Section 5.7 and related
matters.

 

(i)                 In
respect of its Credit Extensions to Micro, (A) each Lender Party that is not a “United States person” within the
meaning of Section 7701(a)(30) of the Code -- on or before the date of its execution and delivery of this Agreement (if
an original signatory to this Agreement) or the date on which it otherwise becomes a Lender Party, on or before the date of
any change in its Lending Office, and from

 

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time
to time thereafter if requested in writing by Micro (but only so long as and to the extent that Lender Party remains lawfully
able to do so) -- shall provide Micro and the Administrative Agent with one of the following: (I) two duly completed originals
of either (1) Internal Revenue Service Form W-8BEN or W-8BEN-E claiming eligibility of such Lender Party for the benefit of an
exemption from United States withholding tax under an income tax treaty to which the United States is a party or (2) Internal
Revenue Service Form W-8ECI, or in either case an applicable successor form; (II) in the case of a Lender Party who is not legally
entitled to deliver either form listed in clause (i)(A) but is the beneficial owner of the Credit Extension, (1) a certificate
to the effect that such Lender Party is not (x) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (y)
a “10 percent shareholder” of the Obligor within the meaning of Section 881(c)(3)(B) of the Code or (z) a controlled
foreign corporation receiving interest from a related person within the meaning of Section 881(c)(3)(A) of the Code (such certificate
an “Exemption Certificate”) and (2) two duly completed originals of Internal Revenue Service Form W-8BEN or
W-8BEN-E or applicable successor form; and (III) in the case of a Lender Party who is not the beneficial owner, two duly completed
originals of Internal Revenue Service Form W-8IMY, accompanied by Internal Revenue Service Form W-8ECI, Internal Revenue Service
Form W-8BEN or W-8BEN-E, an Exemption Certificate, Internal Revenue Service Form W-9, and/or other certification documents from
each beneficial owner, as applicable and (B) each Lender Party who is a Non-Exempt U.S. Person, on or before the date of its execution
and delivery of this Agreement (if an original signatory to this Agreement) or the date on which it becomes a Lender Party, on
or before the date of any change in its Lending Office, and from time to time thereafter if requested in writing by Micro (but
only so long as that Lender Party remains lawfully able to do so), shall provide Micro and the Administrative Agent with two duly
completed copies of Internal Revenue Service Form W-9.

 

(ii)              
A Lender Party is not entitled to indemnification under this Section 5.7 with respect to the applicable Taxes for
any period during which the Lender Party has failed to provide Micro and the Administrative Agent with the applicable U.S. Internal
Revenue Service form if required under clause (i) above or is unable, as a matter of law, to provide such a form (unless
that failure or inability is due to a change in treaty, law, or regulation occurring after the date on which the applicable form
originally was required to be provided or a redesignation of the Lender Party’s Lending Office at the request of the relevant
Obligor) in respect of U.S. withholding taxes.

 

(iii)            
Notwithstanding clause (ii) above to the contrary, if a Lender Party that is otherwise exempt from or subject to
a reduced rate of withholding tax becomes subject to United States withholding tax because of its failure to deliver an Internal
Revenue Service form required hereunder, then Micro shall take such steps as that Lender Party shall reasonably request to assist
that Lender Party to recover the applicable withholding tax.

 

 

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(e)               
Any Lender Party that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under
any Loan Document shall deliver to Micro and the Administrative Agent, at the time or times reasonably requested by Micro or the
Administrative Agent, such properly completed and executed documentation reasonably requested by Micro as will permit such payments
to be made without withholding or at a reduced rate of withholding. Notwithstanding anything to the contrary in the preceding
sentence, the completion, execution and submission of such documentation (other than such documentation set forth in Section
5.7(d) above) shall not be required if in the Lender Party’s reasonable judgment such completion, execution or submission
would subject such Lender Party to any material unreimbursed cost or expense or would materially prejudice the legal or commercial
position of such Lender Party.

 

(f)                If
a payment made to a Lender Party under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender Party were to fail to comply with the applicable reporting requirements of FATCA (including those contained in
Section 1471(b) or 1472(b) of the Code, as applicable), such Lender Party shall deliver to Micro and the Administrative
Agent at the time or times prescribed by law and at such time or times reasonably requested by Micro or the Administrative
Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and
such additional documentation reasonably requested by Micro or the Administrative Agent as may be necessary for Micro and the
Administrative Agent to comply with their obligations under FATCA and to determine that such Lender Party has complied with
such Lender Party’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. For
purposes of determining withholding Taxes imposed under FATCA, from and after the Second Amendment Effective Date, Micro and
the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Loans under the
Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section
1.1471-2(b)(2)(i).

 

(g)              
Each Lender Party 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 Obligor and the Administrative Agent in writing
of its legal inability to do so.

 

(h)              
If any Obligor pays any additional amount under this Section 5.7 (a “Tax Payment”) and any Lender
Party or Affiliate thereof effectively obtains a refund of Tax by reason of the Tax Payment (a “Tax Refund”)
and such Tax Refund is, in the reasonable judgment of such Lender Party or Affiliate, attributable to the Tax Payment, then such
Lender Party, after receipt of such Tax Refund, shall promptly reimburse such Obligor for such amount as such Lender Party shall
reasonably determine to be the proportion of the Tax Refund as will leave such Lender Party (after that reimbursement) in no better
or worse position than it would have been in if the Tax Payment had not been required; provided that no Lender Party shall
be required to make any such reimbursement if it reasonably believes the making of such reimbursement would cause it to lose the
benefit of the Tax Refund or would adversely affect in any other respect its tax position. Subject to

 

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the
other terms hereof, any claim by a Lender Party for a Tax Refund shall be made in a manner, order and amount as such Lender Party
determines in its sole and absolute discretion. No Lender Party shall be obligated to disclose information regarding its tax affairs
or computations to any Obligor, it being understood and agreed that in no event shall any Lender Party be required to disclose
information regarding its tax position that it deems to be confidential (other than with respect to the Tax Refund).

 

SECTION
5.8 Payments. All payments by an Obligor pursuant to this Agreement or any other Loan Document, whether in respect of principal,
interest, fees or otherwise, shall be made as set forth in this Section 5.8.

 

SECTION
5.8.1 Credit Extensions.

 

(a)                All
payments by an Obligor (whether in respect of principal, interest, fees or otherwise) pursuant to this Agreement or any other
Loan Document with respect to Credit Extensions or any other amount payable hereunder shall be made by the relevant Borrower
in the Available Currency in which the Obligation was denominated (the “Required Currency”). All
such payments (other than fees payable pursuant to Section 4.3, which fees shall be paid by the relevant Borrower to
the Administrative Agent for the account of the relevant payee, Article V, Section 11.3 or 11.4) shall
be made by the relevant Borrower to the Administrative Agent for the account of each Lender based upon its Percentage. All
such payments required to be made to the Administrative Agent shall be made, without set-off, deduction or counterclaim, not
later than 1:00 p.m., Applicable Time, on the date when due, in same day or immediately available funds, to such account as
the Administrative Agent shall specify from time to time by notice to the relevant Borrower. Funds received after that time
shall be deemed to have been received by the Administrative Agent on the next succeeding Business Day. The Administrative
Agent shall promptly remit in same day funds to each Lender its share, if any, of such payments received by the
Administrative Agent for the account of such Lender. Whenever any payment hereunder shall be stated to be due on a day other
than a Business Day, such payment shall, except as otherwise required pursuant to clause (d) of the definition of
Interest Period, be made on the next succeeding Business Day, and such extension of time shall in such case be included in
the computation of payment of interest or fees, as the case may be.

 

(b)              
In the case of any payment made pursuant to the preceding clause (a) by a Borrower to the Administrative Agent,
unless the Administrative Agent will have received notice from that Borrower prior to the date on which any such payment is due
hereunder that such Borrower will not make such payment in full, the Administrative Agent may assume that such Borrower has made
such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption,
cause to be distributed to each Lender on such due date an amount equal to the amount then due to such Lender. If that Borrower
shall not have so made such payment in full to the Administrative Agent, each Lender shall repay to the Administrative Agent forthwith
on demand any such amount distributed to the Lender to the extent that such amount was not paid by that Borrower to the Administrative
Agent together with interest thereon, for each day from the

 

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date
such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent, at an annual
rate equal to the Administrative Agent’s Cost of Funds.

 

SECTION
5.9 Sharing of Payments.

 

(a)                If
any Lender Party shall obtain any payment or other recovery (whether voluntary, involuntary, by application of setoff or
otherwise) on account of any Credit Extension or Reimbursement Obligation (other than pursuant to the terms of Sections
3.3, 5.3, 5.4, 5.5, 5.7 or 6.3) in excess of its pro rata share of payments obtained
by all Lender Parties, such Lender Party shall purchase from the other Lender Parties such participations in Credit
Extensions made by them as shall be necessary to cause such purchasing Lender Party to share the excess payment or other
recovery ratably (to the extent such other Lender Parties were entitled to receive a portion of such payment or recovery)
with each of them; provided, however, that if all or any portion of the excess payment or other recovery is thereafter
recovered from such purchasing Lender Party, the purchase shall be rescinded and each Lender Party which has sold a
participation to the purchasing Lender Party shall repay to the purchasing Lender Party the purchase price to the ratable
extent of such recovery together with an amount equal to such selling Lender Party’s ratable share (according to the
proportion of (a) the amount of such selling Lender Party’s required repayment to the purchasing Lender Party to (b)
total amount so recovered from the purchasing Lender Party) of any interest or other amount paid or payable by the purchasing
Lender Party in respect of the total amount so recovered.

 

(b)              
The Borrowers agree that any Lender Party purchasing a participation from another Lender Party pursuant to this Section
5.9 may, to the fullest extent permitted by law, exercise all its rights of payment (including pursuant to Section 5.10)
with respect to such participation as fully as if such Lender Party were the direct creditor of the relevant Borrower in the amount
of such participation. If under any applicable bankruptcy, insolvency or other similar law any Lender Party receives a secured
claim in lieu of a setoff to which this Section 5.9 applies, such Lender Party shall, to the extent practicable, exercise
its rights in respect of such secured claim in a manner consistent with the rights of the Lender Parties entitled under this Section
5.9 to share in the benefits of any recovery on such secured claim.

 

SECTION
5.10 Right of Set-off. Upon the occurrence and during the continuance of any Event of Default, each Lender Party is hereby
authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all balances,
credits, accounts, moneys or deposits (general or special, time or demand, provisional or final but excluding, for the avoidance
of doubt, any payment received pursuant to this Agreement by the Administrative Agent in its capacity qua Administrative Agent
on behalf of the Lenders) at any time held and other indebtedness at any time due and owing by such Lender Party (in any currency
and at any branch or office) to or for the credit or the account of any Obligor against any and all of the Obligations of such
Obligor now or hereafter existing under this Agreement or any other Loan Document that are at such time due and owing, irrespective
of whether or not such Lender Party shall have made any demand under this Agreement or such other Loan Document (other than any

 

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notice
expressly required hereby); provided that in the event that any Defaulting Lender shall exercise any such right of setoff,
(x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with
the provisions of Section 5.15 and, pending such payment, shall be segregated by such Defaulting Lender from its other
funds and deemed held in trust for the benefit of the Administrative Agent, the Issuers, and the Lenders, and (y) the Defaulting
Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to
such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender Party under this Section 5.10
are in addition to other rights and remedies (including other rights of set-off) which such Lender Party may have.

 

SECTION
5.11 Judgments, Currencies, etc. The obligation of each Obligor to make payment of all Obligations in the Required
Currency shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment, which is expressed in
or converted into any currency other than the Required Currency, except to the extent such tender or recovery shall result in
the actual receipt by the recipient at the office required hereunder of the full amount of the Required Currency expressed to
be payable under this Agreement or any other Loan Document. Without limiting the generality of the foregoing, each Obligor
authorizes the Administrative Agent on any tender or recovery in a currency other than the Required Currency to purchase in
accordance with normal banking procedures the Required Currency with the amount of such other currency so tendered or
recovered. The obligation of each Obligor to make payments in the Required Currency shall be enforceable as an alternative or
additional cause of action for the purpose of recovery in the Required Currency of the amount (if any) by which such actual
receipt shall fall short of the full amount of the Required Currency expressed to be payable under this Agreement or any
other Loan Document, and shall not be affected by judgment being obtained for any other sums due under this Agreement or such
other Loan Document.

 

SECTION
5.12 Replacement of Lenders. Each Lender hereby severally agrees that if such Lender (a “Subject Lender”)
makes demand upon any Borrower for (or if any Borrower is otherwise required to pay) amounts pursuant to Section 4.2.6,
5.3, 5.5, or 5.7, if the obligation of such Lender to make Loans is suspended pursuant to Section 5.1(a)
or if such Lender is a Defaulting Lender or a Non-Consenting Lender, any Borrower may, so long as no Event of Default shall
have occurred and be continuing, replace such Subject Lender with an Eligible Assignee pursuant to an assignment in accordance
with Section 11.11.1 (and the Administrative Agent agrees to waive any applicable assignment fee in connection therewith);
provided that (i) such Eligible Assignee shall be subject to the approval of the Administrative Agent and the Issuer as
required by the definition of “Eligible Assignee”, (ii) the purchase price paid by such designated financial
institution shall be in the amount of such Subject Lender’s Loans and its applicable Percentage of outstanding Reimbursement
Obligations, together with all accrued and unpaid interest and fees in respect thereof, plus all other amounts (including the
amounts demanded and unreimbursed under Sections 4.2.6, 5.3, 5.5, and 5.7), owing to such Subject
Lender hereunder and (iii) in the case of any replacement of a Non-Consenting Lender, such Eligible Assignee shall have consented
to the applicable consent, waiver or amendment. Upon the effective date of such assignment, such designated financial institution
shall become a Lender for all purposes under this Agreement and the other Loan Documents.

 

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SECTION
5.13 Change of Lending Office. If Micro or any other Obligor is required to pay additional amounts to or for the account of
any Lender Party pursuant to Section 4.2.6, 5.3, 5.5, or 5.7, or if the obligation of any Lender to
make or continue Loans is suspended pursuant to Section 5.1(a), then such Lender Party will change the jurisdiction of
its Lending Office if, in the judgment of such Lender Party, such change (a) will eliminate or reduce any such additional payment
which may thereafter accrue or will avoid such suspension and (b) is not otherwise disadvantageous to such Lender Party.

 

SECTION
5.14 European Monetary Union. If and to the extent that any provision of this Section 5.14 relates to any state (or
the currency of such state) that is not a Participating Member State on the Effective Date, such provision shall become effective
in relation to such state (and the currency of such state) at and from the date on which such state becomes a Participating Member
State.

 

(a)                An
amount denominated in the National Currency Unit of a Participating Member State shall be redenominated into Euro
in accordance with EMU Legislation and paid by the debtor either in the Euro Unit or in that National Currency Unit and an
amount denominated in the Euro Unit shall be paid by the debtor in the Euro Unit unless EMU Legislation provides otherwise;
provided, that if and to the extent that any EMU Legislation provides that an amount denominated either in the Euro or in the
National Currency Unit of a Participating Member State and payable within the Participating Member State by crediting an
account of the creditor can be paid by the debtor either in the Euro Unit or in that National Currency Unit, any party to
this Agreement shall be entitled to pay or repay any such amount either in the Euro Unit or in such National Currency
Unit.

 

(b)              
If the basis of accrual of interest or fees expressed in this Agreement with respect to the currency of any state that
is or becomes a Participating Member State shall be inconsistent with any convention or practice in the London, England interbank
market for the basis of accrual of interest or fees in respect of the Euro, such convention or practice shall replace such expressed
basis effective as of and from the date on which such state becomes a Participating Member State.

 

(c)               
Without prejudice to the respective liabilities of each Borrower to the Lenders, the Issuer and the Administrative Agent
under or pursuant to this Agreement, except as expressly provided in this clause (c), each provision of this Agreement
shall be subject to such reasonable changes of construction as the Administrative Agent in consultation with Micro may from time
to time specify to be necessary or appropriate to reflect the introduction of or changeover to the Euro in Participating Member
States.

 

SECTION
5.15 Defaulting Lenders.

 

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

 

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

 

(ii)               Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the
account of such Defaulting Lender hereunder (whether voluntary or mandatory, at maturity, pursuant to Article IX or
otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 5.10 shall be applied
at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of
any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro
rata basis of any amounts owing by such Defaulting Lender to any Issuer or the Swing Line Lender hereunder; third, to
Cash Collateralize the Issuers’ Fronting Exposure with respect to such Defaulting Lender in accordance with Section
5.16; fourth, as the Borrowers may request (so long as no Default or Event of Default exists), to the funding of
any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement; fifth,
if so determined by the Administrative Agent and the Borrowers, to be held in a deposit account and released pro rata in
order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this
Agreement and (y) Cash Collateralize the Issuers’ future Fronting Exposure with respect to such Defaulting Lender with
respect to future Letters of Credit issued under this Agreement, in accordance with Section 5.16; sixth, to the
payment of any amounts owing to the Lenders, the Issuers or the Swing Line Lender as a result of any judgment of a court of
competent jurisdiction obtained by any Lender, the Issuers or the Swing Line Lender against such Defaulting Lender as a
result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no
Default or Event of Default exists, to the payment of any amounts owing to any Borrower as a result of any judgment of a
court of competent jurisdiction obtained by such Borrower against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise
directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount
of any Loans or Reimbursement Obligations in respect of which such Defaulting Lender has not fully funded its appropriate
share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section
6.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and Reimbursement Obligations
owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or
Reimbursement Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations
in Letter of Credit Outstandings and Swing Line Loans are held by the Lenders pro rata in accordance with the
Commitments without giving effect to Section 5.15(a)(iv). Any payments, prepayments or other amounts paid or payable
to a Defaulting

 

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Lender
that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 5.15(a)(ii)
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

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

 

(B)       Each
Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender
only to the extent allocable to its Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral
pursuant to Section 5.16.

 

(C)       With
respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (B) above,
the relevant Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such
Defaulting Lender with respect to such Defaulting Lender’s participation in Letter of Credit Outstandings that has been
reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each Issuer the amount of any such fee
otherwise payable to such Defaulting Lender to the extent allocable to such Issuer’s Fronting Exposure to such
Defaulting Lender, with respect to such Letters of Credit, and (z) not be required to pay the remaining amount of any such
fee.

 

(iv)            
Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation
in Letter of Credit Outstandings and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with
their respective Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that
(x) no Event of Default shall have occurred and be continuing, and (y) such reallocation does not cause the aggregate Revolving
Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. NoSubject
to Section 11.20, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder
against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting
Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(v)              
Cash Collateral, Repayment of Swing Line Loans. If the reallocation described in clause (iv) above cannot,
or can only partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder or
under law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lender’s Fronting Exposure to such Defaulting
Lender and (y) second, Cash Collateralize the Issuers’ Fronting Exposure to such Defaulting Lender in accordance with the
procedures set forth in Section 5.16.

 

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(b)              
Defaulting Lender Cure. If the Borrowers, the Administrative Agent, the Swing Line Lender and Issuer agree in writing
that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the
effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect
to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the
other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded
and unfunded participations in Letters of Credit and Swing Line Loans to be held pro rata by the Lenders in accordance with the
Commitments (without giving effect to Section 5.15(a)(iv), whereupon such Lender will cease to be a Defaulting Lender;
provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of
the Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly
agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any
claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

(c)                New
Swing Line Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be
required to fund any Swing Line Loans unless it will have no Fronting Exposure to such Defaulting Lender after giving
effect to such Swing Line Loan and the reallocation set forth in Section 5.15(a)(iv) and (ii) no Issuer shall be
required to issue, extend, renew or increase any Letter of Credit unless it will have no Fronting Exposure to such Defaulting
Lender after giving effect thereto and the reallocation set forth in Section 5.15(a)(iv).

 

SECTION
5.16 Cash Collateral.

 

At any time
that there shall exist a Defaulting Lender, within one Business Day following the written request of the Administrative Agent
or any Issuer (with a copy to the Administrative Agent) the applicable Borrower shall Cash Collateralize the Issuers’ Fronting
Exposure with respect to such Defaulting Lender (determined after giving effect to Section 5.15(a)(iv) and any Cash Collateral
provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

 

(a)               
Grant of Security Interest. The Borrowers, and to the extent provided by any Defaulting Lender, such Defaulting
Lender, hereby grant to the Administrative Agent, for the benefit of the Issuers, and agrees to maintain, a first priority security
interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect
of Letter of Credit Outstandings, to be applied pursuant to clause (b) below. If at any time the Administrative Agent determines
that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the Issuers as herein
provided (other than non-consensual junior liens permitted by Section 8.2.2) or that the total amount of such Cash Collateral
is less than the Minimum Collateral Amount, the applicable Borrower will, promptly upon demand by the Administrative Agent, pay
or provide to the Administrative Agent additional Cash Collateral in an amount

 

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sufficient
to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).

 

(b)              
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under
this Section 5.16 or Section 5.15 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting
Lender’s obligation to fund participations in respect of Letter of Credit Outstandings (including, as to Cash Collateral
provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior
to any other application of such property as may otherwise be provided for herein.

 

(c)               
Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce any Issuer’s
Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 5.16 following (i)
the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable
Lender), or (ii) the determination by the Administrative Agent and each Issuer that there exists excess Cash Collateral; provided
that, subject to Section 5.15 the Person providing Cash Collateral and each Issuer may agree that Cash Collateral shall
be held to support future anticipated Fronting Exposure or other obligations.

 

SECTION
5.17 Termination of Defaulting Lender. The Borrowers may terminate the unused amount of the Commitment of any Lender that
is a Defaulting Lender upon not less than five Business Days’ prior notice to the Administrative Agent (which shall promptly
notify the Lenders thereof), provided that (i) no Event of Default shall have occurred and be continuing, and (ii) such
termination shall not be deemed to be a waiver or release of any claim the Borrowers, the Administrative Agent, any Issuer, the
Swing Line Lender or any Lender may have against such Defaulting Lender.

 

ARTICLE
VI

CONDITIONS TO MAKING CREDIT EXTENSIONS,

ACCESSION OF ACCEDING BORROWERS AND WITHDRAWAL OF BORROWERS

 

SECTION
6.1 Initial Credit Extension. The obligation of each Lender and, if applicable, any Issuer to make the initial Credit Extension
shall be subject to the prior or concurrent satisfaction of each of the conditions precedent set forth in this Section 6.1.

 

SECTION
6.1.1 Resolutions, etc. The Administrative Agent will have received from each Obligor a certificate, dated the Effective Date
and with counterparts for each Lender, duly executed and delivered by the Secretary, Assistant Secretary, or other authorized
representative of such Obligor as to:

 

(a)               
resolutions of its Board of Directors or its Executive Committee (or its equivalent), as the case may be, then in full
force and effect authorizing the execution, delivery and performance of this Agreement and each other Loan Document to be executed
by it;

 

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(b)              
the incumbency and signatures of those of its officers authorized to act as Authorized Persons for it with respect to this
Agreement and each other Loan Document to be executed by it; and

 

(c)               
the Organic Documents of such Obligor;

 

upon which certificate each Lender
may conclusively rely until the Administrative Agent shall have received a further certificate of the Secretary of the relevant
Obligor canceling or amending such prior certificate. In addition, each Obligor shall, where applicable, have delivered to the
Administrative Agent a good standing certificate from the relevant governmental regulatory institution of its jurisdiction of
incorporation, each such certificate to be dated a date reasonably near (but prior to) the Effective Date.

 

SECTION
6.1.2 Effective Date Certificate. The Administrative Agent shall have received, with counterparts for each Lender, the Effective
Date Certificate, dated the Effective Date and duly executed and delivered by the chief executive officer, an Authorized Person
or the Treasurer of Micro.

 

SECTION
6.1.3 Guaranties; Intra-Group Agreement. The Administrative Agent shall have received, with counterparts for each Lender,
the Micro Guaranty and an Additional 

Guaranty
from each Initial Additional Guarantor, each in effect as of the Effective Date, dated the Effective Date, duly executed and delivered
by an Authorized Person of the relevant Guarantor. The Administrative Agent shall have also received, with counterparts for each
Lender, the Intra-Group Agreement, in effect on the Effective Date, dated the Effective Date, duly executed and delivered by an
Authorized Person of each Borrower and each Initial Additional Guarantor.

 

SECTION
6.1.4 Consents, etc. The Administrative Agent shall have received evidence satisfactory to it as to the receipt by each Obligor
of any necessary consents or waivers under any agreement applicable to such Obligor in order to enable such Obligor to enter into
this Agreement and any other Loan Document, to perform its obligations hereunder and thereunder and, in the case of each Borrower,
to obtain Credit Extensions hereunder.

 

SECTION
6.1.5 Closing Fees, Expenses, etc. The Administrative Agent, its counsel, and each Joint Lead Arranger shall have received
payment in full of all fees, costs, and expenses under Sections 4.3 and 11.3 to the extent (a) then due and payable
and (b) unless an amount is otherwise provided by the Loan Documents or the Fee Letters and without waiving the right for subsequent
reimbursement in accordance with the Loan Documents, to the extent that a reasonably detailed invoice is presented to Micro no
later than two Business Days prior to the Effective Date.

 

SECTION
6.1.6 Opinions of Counsel. The Administrative Agent shall have received opinions of counsel, dated the Effective Date and
addressed to the Administrative Agent and all the Lenders, from:

 

(a)               
Lily Arevalo, Senior Corporate Counsel of Micro, covering the matters set forth in Exhibit K attached hereto;

 

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(b)              
Davis Polk & Wardwell, special New York counsel to Micro, covering the matters set forth in Exhibit L attached
hereto; and

 

(c)               
Baker & McKenzie, special Belgian counsel to Coordination Center, covering the matters set forth in Exhibit M
attached hereto.

 

SECTION
6.1.7 Satisfactory Legal Form. All documents executed or submitted pursuant to this Article VI by or on behalf of each
Obligor shall be satisfactory in form and substance to the Administrative Agent (who may rely upon the advice of its legal counsel
with respect to legal matters in making such determination), and the Administrative Agent shall have received such additional
information, approvals, opinions, documents, or instruments as the Administrative Agent or the Required Lenders may reasonably
request.

 

SECTION
6.1.8 Termination of Predecessor Credit Agreements. The Administrative Agent shall have received evidence that the Predecessor
Credit Agreements have been, or will be, concurrently with the Effective Date, terminated in accordance with their respective
terms.

 

SECTION
6.2 All Credit Extensions. The obligation of each Lender to make any Credit Extension (including the initial Credit Extension)
shall be subject to the satisfaction of each of the additional conditions precedent set forth in this Section 6.2.

 

SECTION
6.2.1 Compliance with Warranties, No Default, etc. Both before and after giving effect to such Credit Extension other than
any continuation or conversion (except as otherwise set forth in the initial proviso to this section) of a Borrowing (but, if
any Default of the nature referred to in Section 9.1.5 shall have occurred with respect to any other Indebtedness, without
giving effect to the application, directly or indirectly, of the proceeds of such Credit Extension to such other Indebtedness),
the following statements shall be true and correct:

 

(a)               
the representations and warranties of each Obligor set forth in Article VII (excluding, however, those contained
in Section 7.8) and in any other Loan Document shall be true and correct with the same effect as if then made (unless stated
to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier
date); provided that if any of the financial statements delivered pursuant to clause (b) of Section 8.1.1
do not present fairly the consolidated financial condition of the Persons covered thereby as of the dates thereof and the results
of their operations for the periods then ended and Micro subsequently delivers one or more financial statements pursuant to clause
(a) or (b) of Section 8.1.1 which, in the opinion of the Required Lenders, effectively cures any omission or
misstatement contained in such prior delivered financial statement, then the representation and warranty contained in Section
7.6 as it relates to such prior delivered financial statement shall be deemed satisfied for purposes hereof (it being understood
and agreed that such subsequent delivered financial statements shall be deemed to have cured such earlier delivered inaccurate
financial statements unless the Required Lenders raise an objection with respect thereto);

 

(b)              
except as disclosed in Item 7.8 (Litigation) of the Disclosure Schedule:

 

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(i)                
no labor controversy, litigation, arbitration or governmental investigation or proceeding shall be pending or, to the knowledge
of any Obligor, threatened against any Obligor, or any of their respective Consolidated Subsidiaries in respect of which there
exists a reasonable possibility of an outcome that would result in a Material Adverse Effect or that would affect the legality,
validity or enforceability of this Agreement or any other Loan Document; and

 

(ii)              
no development shall have occurred in any labor controversy, litigation, arbitration or governmental investigation or proceeding
so disclosed in respect of which there exists a reasonable possibility of an outcome that would result in a Material Adverse Effect;

 

(c)               
no Default shall have occurred and be continuing, and no Obligor, nor any of their respective Subsidiaries, shall be in
violation of any law or governmental regulation or court order or decree which, singly or in the aggregate, results in, or would
reasonably be expected to result in, a Material Adverse Effect;

 

(d)              
no Change in Control shall have occurred; and

 

(e)               
the Outstanding Credit Extensions of all the Lenders do not exceed the Total Commitment Amount (as such amount may be reduced
from time to time pursuant to Section 2.2);

 

provided that in the case
of any continuation or conversion of a Borrowing, no Event of Default shall have occurred and be continuing.

 

SECTION
6.2.2 Credit Extension Request. In the case of any Credit Extension the Administrative Agent shall have received the relevant
Credit Extension Request in a timely manner as herein provided for such Credit Extension. Delivery of a Credit Extension Request
and the acceptance by Micro or any other Borrower of the proceeds of any Credit Extension shall constitute a representation and
warranty by each Obligor that, on the date of making such Credit Extension (both immediately before and after giving effect to
the making of such Credit Extension and the application of the proceeds thereof), the statements made in Section 6.2.1
are true and correct.

 

SECTION
6.3 Acceding Borrowers. Subject to the prior or concurrent satisfaction of the conditions precedent set forth in this Section
6.3, any Subsidiary of Micro may become a party hereto and a Borrower and an Obligor hereunder subsequent to the Effective
Date (each such Subsidiary of Micro, an “Acceding Borrower”), entitled to all the rights and subject to all
the obligations incident thereto; provided that, if (x) any law, regulation or existing internal “know-your-customer”
policy of any Lender would prohibit such Lender from making Credit Extensions to any Acceding Borrower or (y) committing or extending
credit to such Acceding Borrower could reasonably be expected to result in any materially adverse regulatory or legal consequence
for any Lender (any Lender described in clause (x) or (y), a “Specified Lender”, and any Acceding Borrower
described in clause (x) or (y), a “Specified Acceding Borrower”), the other Lenders shall be required to provide
Credit Extensions to such Specified Acceding Borrower

 

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through
a carve-out sub-facility (an “Acceding Borrower Sub-Facility”) under this Agreement. The Administrative Agent
shall give notice to all Lenders of the creation of an Acceding Borrower Sub-Facility. Credit Extensions under the Acceding Borrower
Sub-Facility shall be on identical terms and conditions as all other Credit Extensions under this Agreement except that (i) such
Specified Lender shall not be a Lender thereunder, (ii) such Specified Acceding Borrower shall be the sole Borrower thereunder
and (iii) the Available Credit Commitments of each Lender (other than each Specified Lender) shall be reduced on a dollar for
dollar basis by the aggregate amount of the Revolving Credit Exposure of such Lender under such Acceding Borrower Sub-Facility;
provided that upon the occurrence of any Event of Default, the Administrative Agent shall re-allocate the outstanding Credit
Extensions of all Lenders to ensure that each Lender holds its Percentage of the aggregate Credit Extensions (“Acceding
Borrower Sub-Facility Reallocation”). Upon the creation of any Acceding Borrower Sub-Facility, the Administrative Agent
and Micro shall enter into any amendments to this Agreement that the Administrative Agent and Micro believe are necessary or appropriate
to effectuate such Acceding Borrower Sub-Facility and Acceding Borrower Sub-Facility Reallocation. For the avoidance of doubt,
it is acknowledged that each Specified Acceding Borrower shall be an Acceding Borrower for purposes of the Micro Guaranty.

 

SECTION
6.3.1 Resolutions, etc. The Administrative Agent shall have received from such Acceding Borrower a certificate, dated the
date such Acceding Borrower is accepted by the Administrative Agent as a Borrower hereunder (such date, the “Acceding
Borrower Effective Date”) and with counterparts for each Lender, duly executed and delivered by the Secretary, Assistant
Secretary or other authorized representative of such Acceding Borrower as to:

 

(a)               
resolutions of its Board of Directors or its Executive Committee, as the case may be, then in full force and effect authorizing
the execution, delivery and performance of this Agreement and the Additional Guaranty (if any) and each other Loan Document to
be executed by it and, in respect of an Acceding Borrower incorporated under the laws of Belgium under the form of NV/SA, a resolution
of its General Shareholders Meeting specifically approving, for the purposes of article 556 of the Belgian Company Code, Section
8.1.9, Sections 9.1.4 and 9.3 (to the extent they apply to Section 8.1.9) and, insofar as required, the
terms of Section 4.1.2, and (ii) evidence of the filing of such resolution with the clerk office at the commercial court
where its registered office is located;

 

(b)              
the incumbency and signatures of those of its officers authorized to act with respect to this Agreement and the Additional
Guaranty (if any) and each other Loan Document to be executed by it; and

 

(c)               
the Organic Documents of such Acceding Borrower,

 

upon which certificate each Lender
may conclusively rely until the Administrative Agent shall have received a further certificate of the Secretary of such Acceding
Borrower canceling or amending such prior certificate. In addition, each Acceding Borrower shall have delivered to the Administrative
Agent: (i) a good standing certificate from the relevant governmental regulatory institution of its jurisdiction of organization,
each such certificate to be dated a date reasonably near (but prior to) the date such Acceding Borrower becomes a Borrower hereunder
and (ii) at least

 

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five Business Days prior to the applicable Acceding Borrower Effective Date, such documentation and other information
that are required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules
and regulations, including the Act, to the extent requested by the Administrative Agent (including on behalf of any Lender) at
least ten Business Days prior to the applicable Acceding Borrower Effective Date.

 

SECTION
6.3.2 Delivery of Accession Request and Acknowledgment. The Administrative Agent shall have received (a) an original Accession
Request and Acknowledgment duly completed and executed and delivered by such Acceding Borrower and (b) originals of any other
instruments evidencing accession of such Acceding Borrower hereunder as the Administrative Agent may reasonably request, in each
case effective as of the applicable Acceding Borrower Effective Date.

 

SECTION
6.3.3 Guaranties, etc. If such Acceding Borrower has not previously delivered an Additional Guaranty, whether pursuant
to Section 8.1.8 or otherwise, and such Acceding Borrower is a Material Subsidiary, then the Administrative Agent
shall have received, with counterparts for each Lender (a) an Additional Guaranty executed by such Acceding Borrower, in
effect as of the applicable Acceding Borrower Effective Date, duly executed and delivered by an Authorized Person of such
Acceding Borrower; provided that if such Acceding Borrower is a Foreign Excluded Subsidiary, such Acceding Borrower
shall not be required to deliver such Additional Guaranty and (b) such documents as are required by Section 8.1.9, in
each case effective with respect to such Acceding Borrower as of the applicable Acceding Borrower Effective Date.

 

SECTION
6.3.4 Compliance Certificate. The Administrative Agent shall have received with counterparts for each Lender, a Compliance
Certificate from Micro, dated the applicable Acceding Borrower Effective Date.

 

SECTION
6.3.5 Consents, etc. The Administrative Agent shall have received evidence satisfactory to it as to the receipt by such Acceding
Borrower of any necessary consents or waivers under any agreement applicable to such Acceding Borrower in order to enable such
Acceding Borrower to enter into this Agreement and any other Loan Document, to perform its obligations hereunder and thereunder
and to obtain Credit Extensions hereunder.

 

SECTION
6.3.6 Opinions of Counsel. The Administrative Agent shall have received an opinion of counsel, dated the date such Acceding
Borrower becomes a Borrower hereunder and addressed to the Agents and all the Lenders, from the Senior Corporate Counsel of Micro,
or such other counsel as shall be reasonably satisfactory to the Administrative Agent, covering the matters set forth in Exhibit
K attached hereto as to such Acceding Borrower.

 

SECTION
6.4 Withdrawing Borrowers. Micro may, upon prior written notice to the Administrative Agent, specify that any Borrower (other
than Micro) shall be withdrawn as a Borrower under and for all purposes of this Credit Agreement; provided that such notice
and the withdrawal of such Borrower shall be effective only upon the repayment in full of all Loans and the Cash Collateralization
of all Letters of Credit made to such Borrower.

 

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ARTICLE
VII

REPRESENTATIONS AND WARRANTIES

 

In order
to induce the Lender Parties to enter into this Agreement and to make Credit Extensions hereunder, each Borrower represents and
warrants unto the Administrative Agent and each Lender with respect to itself and the other Obligors as set forth in this Article
VII.

 

SECTION
7.1 Organization, etc. Each of the Obligors and each of the respective Subsidiaries is a company or corporation, as the
case may be, validly organized and existing and in good standing under the laws of the jurisdiction of its incorporation or
organization, is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction where
the nature of its business requires such qualification and where the failure to so qualify and to maintain such good
standing, singularly or in the aggregate, has resulted in, or would reasonably be expected to result in, a Material Adverse
Effect, and has full power and authority and holds all requisite governmental licenses, permits, authorizations and other
approvals to enter into and perform its Obligations under this Agreement and each other Loan Document to which it is a party
and to own and hold under lease its property and to conduct its business substantially as currently conducted by it,
excluding any such governmental licenses, permits or other approvals in respect of which the failure to so obtain, hold or
maintain has not caused, and would not reasonably be expected to result in, a Material Adverse Effect.

 

SECTION
7.2 Due Authorization, Non-Contravention, etc. The execution, delivery and performance by each Obligor of this Agreement and
each other Loan Document executed or to be executed by it are within such Obligor’s corporate powers, have been duly authorized
by all necessary corporate action, and do not:

 

(a)               
contravene such Obligor’s Organic Documents;

 

(b)              
contravene any law or governmental regulation or court decree or order binding or affecting such Obligor; or

 

(c)               
result in, or require the creation or imposition of, any Lien on any of such Obligor’s properties.

 

Micro and each of its Subsidiaries
is, and after giving effect to any Borrowing or issuance of any Letter of Credit under this Agreement will be, in compliance with
the limits described in the resolutions of Micro’s board of directors delivered pursuant to Section 6.1.1.

 

SECTION
7.3 No Default. None of the Obligors, nor any of their respective Subsidiaries, is in default in the performance of any obligation,
agreement or condition contained in any bond, debenture, note, or in any indenture, loan agreement, or other agreement, in connection
with or as a result of which default there exists a reasonable possibility that a Material Adverse Effect could arise. The execution,
delivery and performance by each Obligor of this Agreement and each other Loan Document executed or to be executed by such Obligor
will not conflict with, or constitute a breach of, or a default under, any such bond, debenture, note, indenture, loan agreement
or other

 

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agreement
to which any Obligor or any of their respective Subsidiaries is a party or by which it is bound, in connection with, or as a result
of which, conflict, breach or default, there exists a reasonable possibility that a Material Adverse Effect could arise.

 

SECTION
7.4 Government Approval, Regulation, etc. No action by, and no notice to or filing with, any governmental authority or regulatory
body or other Person and no payment of any stamp or similar tax, is required for the due execution, delivery, or performance by
any Obligor of this Agreement or any other Loan Document to which it is a party. No Obligor (nor any of its Subsidiaries) is (i)
an “investment company” within the meaning of the Investment Company Act of 1940, as amended,
or (ii) an EEA Financial Institution.

 

SECTION
7.5 Validity, etc. This Agreement constitutes, and each other Loan Document executed by any Obligor will, on the due execution
and delivery thereof, constitute, the legal, valid and binding obligations of each Obligor party thereto, enforceable against
such Obligor in accordance with their respective terms, except as such enforcement may be limited by applicable bankruptcy, insolvency,
reorganization or other similar laws relating to or limiting creditors’ rights generally or by general principles of equity.

 

SECTION
7.6 Financial Information. The financial statements of Micro and its Consolidated Subsidiaries for the Fiscal Year ended January
1, 2011 and those financial statements filed for Fiscal Quarters ending April 2, 2011 and July 2, 2011 have been prepared in accordance
with GAAP and present fairly (subject, in the case of such financial statements for Fiscal Quarters ending April 2, 2011 and July
2, 2011 (which financial statements, in accordance with Section 1.4(a), are not required to contain certain footnote disclosures
required by GAAP), to ordinary year end adjustments) the consolidated financial condition of the Persons covered thereby as at
the dates thereof and the results of their operations for the periods then ended. All the financial statements delivered pursuant
to clauses (a) and (b) of Section 8.1.1 have been and will be prepared in accordance with GAAP consistently
applied, and do or will present fairly (subject, in the case of such financial statements delivered pursuant to clause (b)
thereof (which financial statements, in accordance with Section 1.4(a), are not required to contain certain footnote
disclosures required by GAAP), to ordinary year-end adjustments) the consolidated financial condition of the Persons covered thereby
as of the dates thereof and the results of their operations for the periods then ended.

 

SECTION
7.7 No Material Adverse Effect. Since January 1, 2011, there has been no event or events which, singly or in the aggregate,
has or have resulted, or is or are reasonably likely to result, in a Material Adverse Effect.

 

SECTION
7.8 Litigation, Labor Controversies, etc. Except as disclosed in Item 7.8 (Litigation) of the Disclosure Schedule,
there is no pending or, to the knowledge of any Obligor, threatened litigation, action, proceeding or labor controversy affecting
any Obligor, or any of their respective Subsidiaries, or any of their respective properties, businesses, assets or revenues, in
respect of which there exists a reasonable possibility of an outcome that would result in a Material Adverse Effect or that would
affect the legality, validity or enforceability of this Agreement or any other Loan Document.

 

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SECTION
7.9 Subsidiaries. As of the Effective Date, Micro has no Subsidiaries, except those Subsidiaries which are identified in Item
7.9 (Existing Subsidiaries) of the Disclosure Schedule and certain other Subsidiaries that are shell corporations that do
not conduct any business and do not in the aggregate have a net worth exceeding $1,000,000.

 

SECTION
7.10 Ownership of Properties. Each Obligor and each of their respective Subsidiaries owns good and marketable title (or their
respective equivalents in any applicable jurisdiction) to all of its properties and assets, real and personal, tangible and intangible,
of any nature whatsoever, free and clear of all Liens, charges or claims except as permitted pursuant to Section 8.2.2,
except where such failure or failures to own, singly or in the aggregate, has not resulted in, or would not reasonably be expected
to result in, a Material Adverse Effect.

 

SECTION
7.11 Taxes. Each Obligor and each of their respective Subsidiaries has filed all material tax returns and reports it
reasonably believes are required by law to have been filed by it and has paid all taxes and governmental charges thereby
shown to be owing, except as disclosed in Item 7.11 (Taxes) of the Disclosure Schedule and except for any such taxes
or charges which are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in
accordance with GAAP shall have been set aside on its books; provided that, with respect to any Subsidiary that is not
a Material Subsidiary, this representation and warranty shall be satisfied if the tax returns or reports not so filed or the
taxes or governmental charges owing by each such Subsidiary are not with respect to any income, sales or use tax and the
amount so owing (or which would be so owing if such tax returns or reports were duly filed) with respect to all such
Subsidiaries, does not exceed in the aggregate $1,000,000 at any time and with respect to which no Material Subsidiary may be
liable for payment of such amount.

 

SECTION
7.12 Pension and Welfare Plans. Except to the extent that any such termination, liability, penalty or fine would not (either
individually or in the aggregate) reasonably be expected to have a Material Adverse Effect (a) during the twelve-consecutive-month
period prior to the Effective Date and prior to the date of any Credit Extension hereunder, except as disclosed in Item 7.12
(Employee Benefit Plans) of the Disclosure Schedule, no steps have been taken to terminate any Pension Plan, and no contribution
failure has occurred with respect to any Pension Plan sufficient to give rise to a Lien under Section 302(f) of ERISA, (b) no
condition exists or event or transaction has occurred with respect to any Pension Plan which might result in the incurrence by
any Obligor or any member of the related Controlled Group of any material liability with respect to any contribution thereto,
fine or penalty, and (c) except as disclosed in Item 7.12 (Employee Benefit Plans) of the Disclosure Schedule, neither
any Obligor nor any member of the related Controlled Group has any material contingent liability with respect to any post-retirement
benefit under a Welfare Plan, other than liability for continuation coverage described in Part 6 of Title I of ERISA.

 

SECTION
7.13 Environmental Warranties.

 

(a)               
Each Obligor and each of their respective Subsidiaries has obtained all environmental, health and safety permits, licenses
and other authorizations required under all Environmental Laws to carry on its business as now being or as proposed to be conducted,
except to the extent failure to have any such permit, license or authorization 

 

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would
not (either individually or in the aggregate) reasonably be expected to have a Material Adverse Effect. Each of such permits,
licenses and authorizations is in full force and effect and each Obligor and each of their respective Subsidiaries is in compliance
with the terms and conditions thereof, and is also in compliance with all other limitations, restrictions, conditions, standards,
prohibitions, requirements, obligations, schedules and timetables contained in any applicable Environmental Law or in any plan,
judgment, injunction, notice or demand letter issued, entered or approved thereunder, except to the extent failure to comply therewith
would not (either individually or in the aggregate) reasonably be expected to have a Material Adverse Effect.

 

(b)               No
notice, notification, demand, request for information, citation, summons or order has been issued, no complaint has been
filed, no penalty has been assessed and no investigation or review is pending or, to the knowledge of any Obligor,
threatened by any governmental or other entity with respect to any alleged failure by any Obligor or any of their respective
Subsidiaries to have any environmental, health or safety permit, license or other authorization required under any
Environmental Law in connection with the conduct of the business of any Obligor or any of their respective Subsidiaries or
with respect to any generation, treatment, storage, recycling, transportation, discharge or disposal, or any Release of any
Hazardous Materials generated by any Obligor or any of their respective Subsidiaries, except to the extent failure to have
any such permit, license or authorization would not (either individually or in the aggregate) reasonably be expected to have
a Material Adverse Effect.

 

SECTION
7.14 Accuracy of Information.

 

(a)               
Except as provided in clause (b) below, all factual information furnished by or on behalf of any Obligor to any
Lender Party for purposes of or in connection with this Agreement or any other Loan Document or any transaction contemplated hereby
or thereby is, when taken as a whole, to the best of the knowledge of each Borrower, and all other factual information hereafter
furnished by or on behalf of any Obligor to any Lender Party will be, when taken as a whole, to the best of the knowledge of each
Borrower, true and accurate in all material respects on the date as of which such information is dated or certified and (in the
case of any such information furnished prior to the Effective Date) as of the Effective Date (unless such information relates
to an earlier date, in which case such information, when taken as a whole, shall be true and accurate in all material respects
as of such earlier date), and is not, or shall not be, as the case may be, when taken as a whole, incomplete by omitting to state
any material fact necessary to make such information not misleading.

 

(b)              
The information (i) in any financial projections furnished under this Agreement is and will be based upon assumptions and
information believed by Micro to be reasonable and (ii) furnished with express written disclaimers with regard to the accuracy
of that information, is and shall be subject to those disclaimers.

 

SECTION
7.15 Patents, Trademarks, etc. Each Obligor and each of their respective Subsidiaries owns and possesses, or has a valid and
existing license of, or other sufficient interest

 

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in,
all such patents, patent rights, trademarks, trademark rights, trade names, trade name rights, service marks, service mark rights
and copyrights as is necessary for the conduct of the business of each such Obligor or its Subsidiaries as now conducted, without,
to the best of the knowledge of each such Obligor, any infringement upon rights of other Persons, which infringement results in
or would reasonably be expected to result in a Material Adverse Effect, and there is no license or other interest or right, the
loss of which results in, or would reasonably be expected to result in, a Material Adverse Effect.

 

SECTION
7.16 Margin Stock. No part of the proceeds of any Credit Extension shall be used at any time by any Obligor or any of
their respective Subsidiaries for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock
(within the meaning of Regulation U (as amended, modified, supplemented or replaced and in effect from time to time,
“Regulation U”) or Regulation X (as amended, modified, supplemented or replaced and in effect from time to
time, “Regulation X”) promulgated by the F.R.S. Board of Governors of the Federal Reserve System (together
with any successor thereto, the “F.R.S. Board”) or to extend credit to others for the purpose of
purchasing or carrying any Margin Stock if any such use or extension of credit described in this Section 7.16 would
cause any of the Lender Parties to violate the provisions of Regulation U or Regulation X. Neither any Obligor nor any of
their respective Subsidiaries is engaged principally, or as one of its important activities, in the business of extending
credit for the purposes of purchasing or carrying any such Margin Stock within the meaning of Regulation U or Regulation X.
Not more than 25% of the value of the assets of any Obligor or any Subsidiary of any Obligor is, as of the Effective Date,
represented by Margin Stock. No part of the proceeds of any Credit Extension will be used by any Obligor or any of their
respective Subsidiaries for any purpose which violates, or which is inconsistent with, any regulations promulgated by the
F.R.S. Board, including Regulation U or Regulation X.

 

SECTION
7.17 Sanctions Laws and Regulations. Sanctions.
None of Micro, any of its Subsidiaries or, to the knowledge of Micro, any director, officer, employee or agent of Micro or any
of its Subsidiaries is a Person that is, or is owned or controlled by Persons that are: (i) the target of any Sanctions, or (ii)
located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions, currently,
Crimea, Cuba, Iran, North Korea, Sudan and Syria.

 

SECTION
7.18(a)No
Loan Party, and to Micro’s knowledge, no director, officer or employee of any Loan Party acting or benefiting in any capacity
in connection with the Loan Documents is a Designated Person. Anti-Bribery,
Anti-Corruption and Anti-Money Laundering. Micro and its Subsidiaries, and to Micro’s knowledge, Micro’s
directors, officers, agents, and employees, are in compliance with all applicable anti-bribery, anti-corruption and anti-money
laundering laws, regulations and rules in any applicable jurisdiction, in all material respects, and Micro has instituted and
maintains risk-based policies and procedures designed to prevent violation of such laws, regulations and rules.

 

(b)       Each
Loan Party is in compliance with all applicable Sanctions Laws and Regulations and Anti-Corruption Laws the noncompliance with
which would result in, or would reasonably be expected to result in, a Material Adverse Effect. None of the proceeds of any Loan
will knowingly be used for the purpose of financing the activities of any

 

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Designated
Person. None of the funds or assets of any Obligor (including without limitation the proceeds of any Loan) that are used to pay
any amount due pursuant to the Loan Documents are funds knowingly obtained from transactions with or relating to Designated Persons
or countries which are the subject of territorial sanctions under any applicable Sanctions Laws and Regulations.

 

ARTICLE
VIII

COVENANTS

 

SECTION
8.1 Affirmative Covenants. Each Borrower agrees with the Agents and each Lender that, until all the Commitments have terminated
and all Obligations have been paid and performed in full, each Borrower will perform its respective obligations set forth in this
Section 8.1.

 

SECTION
8.1.1 Financial Information, Reports, Notices, etc. Micro will furnish, or will cause to be furnished, to each Lender
Party (1) promptly after filing, copies of each Form 10-K, Form 10-Q, and Form 8-K (or any respective successor forms) filed
with the Securities and Exchange Commission (or any successor authority) or any national securities exchange (including, in
each case, any exhibits thereto requested by any Lender Party), and (2) to the extent not disclosed in such Forms 10-K, Forms
10-Q, and Forms 8-K (or respective successor forms) for the applicable period, copies of the following financial statements,
reports, notices and information:

 

(a)               
as soon as available and in any event within 90 days after the end of each Fiscal Year of Micro, a copy of the annual audit
report for such Fiscal Year for Micro and its Consolidated Subsidiaries, including therein consolidated balance sheets of Micro
and its Consolidated Subsidiaries as of the end of such Fiscal Year and consolidated statements of income, stockholders’
equity and cash flow of Micro and its Consolidated Subsidiaries for such Fiscal Year, setting forth in each case, in comparative
form, the figures for the preceding Fiscal Year, in each case certified (without any Impermissible Qualification, except that
(i) qualifications relating to pre-acquisition balance sheet accounts of Person(s) acquired by Micro or any of its Subsidiaries
and (ii) statements of reliance in the auditor’s opinion on another accounting firm shall not be deemed an Impermissible
Qualification) in a manner satisfactory to the Securities and Exchange Commission (under applicable United States securities law)
by PricewaterhouseCoopers, LLP or its successors or other independent public accountants of national reputation;

 

(b)              
as soon as available and in any event within 60 days after the end of each of the first three Fiscal Periods occurring
during any Fiscal Year of Micro, a copy of the unaudited consolidated financial statements of Micro and its Consolidated Subsidiaries,
consisting of (i) a balance sheet as of the close of such Fiscal Period and (ii) related statements of income and cash flows for
such Fiscal Period and from the beginning of such Fiscal Year to the end of such Fiscal Period, in each case certified by an officer
who is an Authorized Person of Micro as to (A) being a complete and correct copy of such financial statements which have been
prepared in accordance with GAAP consistently applied as

 

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provided
in Section 1.4, and (B) presenting fairly the financial position of Micro and its Consolidated Subsidiaries;

 

(c)               
at the time of delivery of each financial statement required by clause (a) or (b) above (or Form 10-Q or
10-K in lieu thereof), a certificate signed by an Authorized Person of Micro stating that no Default has occurred and is continuing
(or if a Default has occurred and is continuing, and without prejudice to any rights or remedies of any Lender Party hereunder
in connection therewith, a statement of the nature thereof and the action which Micro has taken or proposes to take with respect
thereto);

 

(d)              
at the time of delivery of each financial statement required by clause (a) or (b) above (or Form 10-Q or 10-K in lieu thereof),
a Compliance Certificate showing compliance with the financial covenants set forth in Section 8.2.3;

 

(e)               
notice of, as soon as possible after (i) the occurrence of any material adverse development with respect to any litigation,
action, proceeding, or labor controversy disclosed in Item 7.8 (Litigation) of the Disclosure Schedule, or (ii) the commencement
of any labor controversy, litigation, action, or proceeding of the type described in Section 7.8;

 

(f)               
promptly after the filing thereof, copies of any registration statements (other than the exhibits thereto and excluding
any registration statement on Form S-8 and any other registration statement relating exclusively to stock, bonus, option, 401(k)
and other similar plans for officers, directors, and employees of Micro or any of its Subsidiaries);

 

(g)              
immediately upon becoming aware of the institution of any steps by any Obligor or any other Person to terminate any Pension
Plan other than pursuant to Section 4041(b) of ERISA, or the failure to make a required contribution to any Pension Plan if such
failure is sufficient to give rise to a Lien under Section 302(t) of ERISA, or the taking of any action with respect to a Pension
Plan which could result in the requirement that any Obligor furnish a bond or other security to the PBGC or such Pension Plan,
or the occurrence of any other event with respect to any Pension Plan which, in any such case, results in, or would reasonably
be expected to result in, a Material Adverse Effect, notice thereof and copies of all documentation relating thereto;

 

(h)              
as soon as possible, and in any event within three Business Days after becoming aware of the occurrence of a Default or
any inaccuracy in the financial statements delivered pursuant to clause (a) or (b) above if the result thereof is
not to present fairly the consolidated financial condition of the Persons covered thereby as of the dates thereof and the results
of their operations for the periods then ended, a statement of an Authorized Person of Micro setting forth the details of such
Default or inaccuracy and the action which Micro has taken or proposes to take with respect thereto;

 

(i)                
in the case of each Borrower, promptly following the consummation of any transaction described in Section 8.2.5,
a description in reasonable detail regarding the same; and

 

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(j)                
such other information respecting the condition or operations, financial or otherwise, of each Borrower, or any of their
respective Subsidiaries as any Lender through the Administrative Agent may from time to time reasonably request.

 

SECTION
8.1.2 Compliance with Laws, etc. Each Borrower will (and each Borrower will cause each of its Subsidiaries to) comply in all
respects with all applicable laws, rules, regulations and orders the noncompliance with which results in, or would reasonably
be expected to result in, a Material Adverse Effect, such compliance to include (without limitation):

 

(a)               
except as may be otherwise permitted pursuant to Section 8.2.5, the maintenance and preservation of its corporate
existence in accordance with the laws of the jurisdiction of its incorporation and qualification as a foreign corporation (subject
to the materiality standard referred to above); and

 

(b)               the
payment, before the same become delinquent, of all taxes, assessments and governmental charges imposed upon it or upon its
property except to the extent being diligently contested in good faith by appropriate proceedings and for which adequate
reserves in accordance with GAAP shall have been set aside on its books; provided that with respect to any Subsidiary
that is not a Material Subsidiary this covenant shall be satisfied if the taxes, assessments or other governmental charges
owing by each such Subsidiary (i) is not with respect to any income, sales or use tax and (ii) the amount so owing with
respect to all such Subsidiaries does not exceed in the aggregate $1,000,000 at any time.

 

SECTION
8.1.3 Maintenance of Properties. Each Borrower will (and each Borrower will cause each of its Subsidiaries to) maintain, preserve,
protect and keep its material properties in good repair, working order and condition, and make necessary and proper repairs, renewals
and replacements so that its business carried on in connection therewith may be properly conducted at all times, unless such Borrower
or such Subsidiary determines in good faith that the continued maintenance of any of its properties is no longer economically
desirable.

 

SECTION
8.1.4 Insurance. Each Borrower will (and each Borrower will cause each of its Subsidiaries to) maintain, or cause to be maintained
with responsible insurance companies or through such Borrower’s own program of self-insurance, insurance with respect to
its properties and business against such casualties and contingencies and of such types and in such amounts as is customary in
the case of similar businesses and will, upon request of the Administrative Agent, furnish to each Lender at reasonable intervals
a certificate of an Authorized Person of such Borrower setting forth the nature and extent of all insurance maintained by such
Borrower and each of its Subsidiaries in accordance with this Section 8.1.4.

 

SECTION
8.1.5 Books and Records. Each Borrower will (and each Borrower will cause each of its Subsidiaries to) keep books and records
which accurately reflect all of its business affairs and transactions and permit the Administrative Agent and each Lender, or
any of their respective representatives, at reasonable times and intervals and upon reasonable advance notice, to visit all of
its offices, to discuss its financial matters with its officers and independent public accountants (and each Borrower hereby authorizes
such independent public accountants to discuss

 

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the
financial matters of such Borrower and its Subsidiaries with the Administrative Agent and each Lender or its representatives whether
or not any representative of such Borrower is present; provided that an officer of such Borrower is afforded a reasonable
opportunity to be present at any such discussion) and to examine any of its relevant books or other corporate records. Micro will
pay all expenses associated with the exercise of any Lender Party’s rights pursuant to this Section 8.1.5 at any
time during the occurrence and continuance of any Event of Default.

 

SECTION
8.1.6 Environmental Covenant. Each Borrower will (and each Borrower will cause each of its Subsidiaries to):

 

(a)               
use and operate all of its facilities and properties in compliance with all Environmental Laws which, by their terms, apply
to such use and operation, keep all necessary permits, approvals, certificates, licenses and other authorizations relating to
environmental matters in effect and remain in compliance therewith, and handle all Hazardous Materials in compliance with all
Environmental Laws which, by their terms, apply to such Hazardous Materials, in each case so that the non-compliance with any
of the foregoing does not result in, or would not reasonably be expected to result in, either singly or in the aggregate, a Material
Adverse Effect;

 

(b)              
immediately notify the Administrative Agent and provide copies upon receipt of all written claims, complaints, notices
or inquiries relating to the condition of its facilities and properties or compliance with Environmental Laws which, singly or
in the aggregate, result in, or would reasonably be expected to result in, a Material Adverse Effect, and shall promptly cure
and have dismissed with prejudice any actions and proceedings relating to compliance with Environmental Laws where the failure
to so cure or have dismissed, singularly or in the aggregate, results in, or would reasonably be expected to result in, a Material
Adverse Effect (it being understood that this clause (b) shall not be construed to restrict any Borrower or any of its
Subsidiaries from challenging or defending any such action or proceeding which it, in its sole discretion, deems advisable or
necessary); and

 

(c)               
provide such information and certifications which the Administrative Agent may reasonably request from time to time to
evidence compliance with this Section 8.1.6.

 

SECTION
8.1.7 Pari Passu. Each Borrower shall ensure that such Borrower’s Obligations rank at least pari passu with all other
senior unsecured Indebtedness of such Borrower.

 

SECTION
8.1.8 Additional Guaranty.

 

(a)               
Micro may cause any of its Subsidiaries to execute and deliver from time to time in favor of the Lender Parties an Additional
Guaranty for the repayment of the Obligations.

 

(b)              
Concurrently when or promptly after any of its Subsidiaries (other than any Foreign Subsidiary if and to the extent Micro,
in consultation with the Administrative Agent, reasonably determines that adverse tax consequences would result therefrom (each

 

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a
“Foreign Excluded Subsidiary”)) either guarantees any Indebtedness of Micro or any other Obligor or satisfies
(at any time) the requirements hereunder which describe a Material Subsidiary, Micro shall cause that Subsidiary (other than Ingram
Lux) to (i) execute and deliver in favor of the Lender Parties an Additional Guaranty for the repayment of the Obligations which
Additional Guaranty (including, without limitation, any Additional Guaranty executed and delivered by an Acceding Borrower pursuant
to Section 6.3.3) shall be in substantially the form of Exhibit I attached hereto, shall be governed by the laws
of the State of New York, and shall contain such other terms and provisions as the Administrative Agent determines to be necessary
or appropriate (after consulting with legal counsel) in order that such Additional Guaranty complies with local laws, rules, and
regulations and is fully enforceable (at least to the extent of the form of Additional Guaranty attached as Exhibit I)
against such Additional Guarantor.

 

SECTION
8.1.9 Intra-Group Agreement, etc. In the event any Subsidiary of Micro enters into an Additional Guaranty pursuant to Section
6.3.3 or 8.1.8, an Authorized Person of such Subsidiary shall (a) in the event such Subsidiary is the first
Subsidiary of Micro to enter into an Additional Guaranty, together with an Authorized Person of Micro, execute and deliver to
the Administrative Agent (with counterparts for each Lender) the Intra-Group Agreement or (b) in the event the Intra-Group
Agreement has previously been so executed and delivered and is then in effect, execute and deliver to the Administrative
Agent (with counterparts for each Lender) such instruments and documents evidencing accession of such Subsidiary under the
Intra-Group Agreement then in effect as the Administrative Agent may reasonably request. Except to add additional
Subsidiaries of Micro as parties thereto, the terms of the Intra-Group Agreement shall not be amended or otherwise modified
without the prior consent of the Administrative Agent on behalf of and as directed by the Required Lenders, such consent not
to be unreasonably withheld. In addition, no Person a party to the Intra-Group Agreement shall assign any of its rights or
obligations thereunder without the prior consent of the Administrative Agent, such consent not to be unreasonably
withheld.

 

SECTION
8.1.10 Ownership of Borrowers. Micro shall at all times, directly or indirectly, hold 100% of the equity (or similar) interests
of each Borrower (other than itself).

 

SECTION
8.2 Negative Covenants. Each Borrower agrees with the Agents and each Lender that, until all the Commitments have terminated
and all Obligations have been paid and performed in full, each Borrower will perform its respective obligations set forth in this
Section 8.2.

 

SECTION
8.2.1 Restriction on Incurrence of Indebtedness.

 

(a)               
No Borrower will (and no Borrower will permit any of its Subsidiaries to) create, incur, assume or suffer to exist or otherwise
become or be liable in respect of any Indebtedness, other than the following:

 

(i)                
Any Indebtedness arising in respect of the Credit Extensions;

 

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(ii)              
Indebtedness existing as of July 2, 2011, or incurred pursuant to commitments or lines of credit in effect as of July 2,
2011, (or any renewal or replacement thereof, so long as such renewals or replacements do not increase the amount of such Indebtedness
or such commitments or lines of credit), in any case identified in Item 8.2.1(a)(ii) (Ongoing Indebtedness) of the Disclosure
Schedule; and

 

(iii)            
additional Indebtedness if after giving effect to the incurrence thereof the Borrowers are in compliance with Section
8.2.3, calculated as of the date of the incurrence of such additional Indebtedness, on a pro forma basis.

 

(b)              
Micro will not at the end of any Fiscal Period permit (i) Total Indebtedness of Subsidiaries (other than Indebtedness of
any Guarantor under any Loan Document and Indebtedness constituting Acquired Existing Debt and Liens) to exceed 10% of Consolidated
Tangible Assets, or (ii) Section 8.2.2(m) to be violated.

 

(c)               
Any Indebtedness of Micro or any other Loan Party owing to the Parent or any direct or indirect shareholders of the
Parent or any other Relevant Parent Entity shall be subordinated in right of payment to the payment in full of all of the Obligations
and the termination of the Commitments hereunder on customary terms and conditions, or such other terms and conditions acceptable
to Administrative Agent.

 

SECTION
8.2.2 Restriction on Incurrence of Liens. No Borrower will (and no Borrower will permit any of its Subsidiaries to) create,
incur, assume or suffer to exist any Lien upon any of its property, revenues or assets, whether now owned or hereafter acquired,
except:

 

(a)               
Liens existing as of July 2, 2011, and identified in Item 8.2.2(a) (Existing Liens) of the Disclosure Schedule and
Liens resulting from the extension, renewal or replacement of any such Liens in respect of the same property theretofore subject
to such Lien; provided that (i) no property shall become subject to such extended, renewed or replacement Lien that was
not subject to the Lien extended, renewed or replaced, (ii) the aggregate principal amount of Indebtedness secured by any such
extended, renewed or replacement Lien shall not be increased by such extension, renewal or replacement, (iii) the Indebtedness
secured by such Lien shall be incurred in compliance with the applicable terms hereof, including Section 8.2.3, and (iv)
both immediately before and after giving effect thereto, no Default shall exist;

 

(b)              
Liens for taxes, assessments or other governmental charges or levies not at the time delinquent or thereafter payable without
penalty or being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with
GAAP shall have been set aside on its books;

 

(c)               
Liens of carriers, warehousemen, mechanics, materialmen and landlords incurred in the ordinary course of business for sums
not overdue or being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance
with GAAP shall have been set aside on its books;

 

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(d)              
Liens incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance
or other forms of governmental insurance or benefits, or to secure performance of statutory obligations, leases and contracts
(other than for borrowed money) entered into in the ordinary course of business or to secure obligations on surety or appeal bonds;

 

(e)               
(i) Judgment Liens of an amount not exceeding at any time either 7.25% of Consolidated Tangible Net Worth at the end of
the most recently ended Fiscal Period or $100,000,000, whichever is less, in the aggregate or (ii) Liens related to the Brazilian/ISS
Judgment in an amount not to exceed the Maximum Brazilian/ISS Judgment Amount, or, in each case, with respect to which execution
has been stayed or the payment of which is covered in full (subject to a customary deductible) by insurance maintained with responsible
insurance companies and for which, within 30 days of such judgment, the insurance carrier has acknowledged coverage in writing;

 

(f)                Liens
on property purchased or constructed after the Effective Date securing Indebtedness used to purchase or construct such
property; provided that (i) no such Lien shall be created in or attach to any other asset at the time owned by
Micro or any of its Subsidiaries if the aggregate principal amount of the Indebtedness secured by such property would exceed
the fair market value of such property and assets, taken as a whole, (ii) the aggregate outstanding principal amount of
Indebtedness secured by all such Liens shall not at any time exceed 100% of the fair market value of such property at the
time of the purchase or construction thereof, and (iii) each such Lien shall have been incurred within 270 days of the
purchase or completion of construction of such property;

 

(g)              
Liens resulting from utility easements, building restrictions and such other encumbrances or charges against real property
as are of a nature generally existing with respect to properties of a similar character and which do not in any material mayway
affect the marketability of the same or interfere with the use thereof in the business of any Borrower or any of its
Subsidiaries;

 

(h)              
Liens incurred in the normal course of business in connection with bankers’ acceptance financing or used in the ordinary
course of trade practices, statutory lessor and vendor privilege liens and liens in connection with ad valorem taxes not yet due,
good faith bids, tenders and deposits;

 

(i)                
Liens in favor of any bank on property or assets held in the ordinary course of business in accounts maintained with such
bank in connection with treasury, depositary and cash management services, Pooling Arrangements or automated clearing house transfers
of funds;

 

(j)                
Liens on all goods held for sale on consignment;

 

(k)              
Liens granted by any Subsidiary of Micro in favor of Micro or in favor of another Subsidiary of Micro that is the parent
of such Subsidiary granting the Lien, other than Liens granted by a Guarantor to a Subsidiary of Micro that is not a Guarantor;

 

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provided
that no Person that is not a Subsidiary of Micro shall be secured by or benefit from any such Lien;

 

(l)                
Liens of the nature referred to in clause (b) of the definition of the term “Lien” and granted
to a purchaser or any assignee of such purchaser which has financed the relevant purchase of Trade Accounts Receivable of any
Borrower or any of their respective Subsidiaries and Liens on any related property that would ordinarily be subject to a Lien
in connection therewith such as proceeds and records;

 

(m)            
Liens on Trade Accounts Receivable or interests therein of Micro or any of its Subsidiaries with respect to any accounts
receivable securitization program (including any accounts receivable securitization program structured as such that remains on
the consolidated balance sheet of Micro and its Consolidated Subsidiaries) and on any related property that would ordinarily be
subject to a Lien in connection therewith such as proceeds and records;
provided that so long as (i) the Credit Rating from S&P shall be less than BBB- or S&P shall not provide a Credit
Rating and (ii) the Credit Rating from Moody’s shall be less than Baa3 or Moody’s shall not provide a Credit Rating,
Micro will not permit the Securitization Financing Amount under its Trade Accounts Receivable Financing Programs to exceed 35%
of the aggregate Trade Accounts Receivable of Micro and its Consolidated Subsidiaries; and

 

(n)              
Additional Permitted Liens.

 

SECTION
8.2.3 Financial Condition. Micro will not permit any of the following:

 

(a)               
the ratio of (i) Consolidated EBITDA for any period of four consecutive Fiscal Periods to (ii) Consolidated Interest Charges
for such period to be less than 2.754.00
to 1.0;

 

(b)              
the Leverage Ratio to exceed 4.003.80
to 1.0;

 

(c)               
the ratio of Consolidated Liabilities to Consolidated Assets on the last
day of any Fiscal Period to be greater than or equal to 0.8;

 

(d)              
Consolidated Stockholders’ Equity on the last day of any Fiscal Period
to be less than $2,000,000,000; and

 

(e)               
on any date from and after the Change of Control Date until the earlier of
(x) if a Change of Control Triggering Event shall have occurred, the Change of Control Payment Date under (and as defined in)
the Senior Note Indentures and (y) if no Change of Control Triggering Event shall have occurred, the 61st day following the Change
of Control Date (i) the Liquidity of Micro and its Domestic Subsidiaries available to be borrowed in the U.S. on such date to
be less than $1,100,000,000 (minus the aggregate principal amount of any Senior Notes that have been purchased or redeemed from
and after the Change of Control Date and on or prior to such date) or (ii) the Liquidity of Micro and its Subsidiaries on such
date to be less than $1,800,000,000 (minus the aggregate principal

 

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amount
of any Senior Notes that have been purchased or redeemed from and after the Change of Control Date and on or prior to such date);

 

provided
that, for purposes of calculating the preceding ratios the contribution of any Subsidiary of Micro acquired (to the extent the
acquisition is treated for accounting purposes as a purchase) during those four Fiscal Periods to Consolidated EBITDA shall be
calculated on a pro forma basis as if it had been a Subsidiary of Micro during all of those four Fiscal Periods.

 

SECTION
8.2.4 Dividends.

 

(a)               
Except as permitted by Section 8.2.4(b), Micro will not (i)
declare or pay any dividends (in cash, property, or obligations) or any other payments or distributions on account
of, or set apart money for a sinking or analogous fund for, or purchase, redeem, retire or otherwise acquire for value, any shares
of its capital stock now or hereafter outstanding immediately
following the consummation of the Merger or thereafter or any warrants, options or other rights to acquire the same;
return any capital to its stockholders as such; or make any distribution of assets to its stockholders as such or
(ii) make any interest payment in respect of any subordinated Indebtedness permitted by Section 8.2.1(c) (each a “Restricted
Payment”).

 

(b)               Micro
shall be permitted to (i) redeem, purchase or acquire any of its Indebtedness that is convertible into its capital stock and
(ii) make other Restricted Payments; provided that (x) no Restricted Payment shall be permitted to be made under
this Section 8.2.4 if any Default shall have occurred and be continuing or would occur after giving effect thereto on
the date such Restricted Payment is made and (y) solely in the case of any Restricted Payments pursuant to clause (ii)
above, (A) if the Leverage Ratio for either of the two
Fiscal Periods immediately last ended before the date that such Restricted Payment is made equals
or exceeds 3.002.00 to
1.00 (the first such Fiscal Period in which the Leverage Ratio equaled or exceeded 3.002.00
to 1.00 being the “Non-Compliance Period”), no Restricted Payment may be made in any period
of four consecutive Fiscal PeriodsPeriod commencing
on or following the Non-Compliance Period if, together with all other Restricted Payments made or declared during such period
of fourFiscal Period and the three
consecutive Fiscal Periods immediately preceding such Fiscal
Period, such Restricted Payment would exceed $200,000,000the
lesser of (I) $150,000,000 and (II) the Available Distribution Amount, until the Leverage Ratio has been less
than 3.00or equal
to 2.00 to 1.00 for two consecutive Fiscal Periods and
(B) if the Leverage Ratio for both of the two Fiscal Periods immediately last ended before the date that such Restricted
Payment is made is less than or equal to 2.00 to 1.00 (the second such Fiscal Period in which the Leverage Ratio is less than
or equal to 2.00 to 1.00 being the “Compliance Period”), no Restricted Payment may be made in any Fiscal Period
following the Compliance Period if, together with all other Restricted Payments made or declared during such Fiscal Period
and the three consecutive Fiscal Periods immediately preceding such Fiscal Period, such Restricted Payment would exceed the
Available Distribution Amount, and provided further that in the case of any Restricted Payment constituting a
dividend, the applicable date of determination under clauses (x) and (y) above shall be the date such dividend
is

 

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declared
rather than the date it is paid, it being understood that any dividend declared in compliance with this Section 8.2.4(b)
may be paid without contravention of this Section 8.2.4 even if, as of the date of its payment, it would not be permitted
under clause (x) or (y) above (and, for purposes of calculations pursuant to clause (y), such dividend shall
be included solely in the Fiscal Period in which it was declared).

 

SECTION
8.2.5 Mergers, Consolidations, Substantial Asset Sales, and Dissolutions. No Borrower may merge or consolidate with another
Person, or sell, lease, transfer, or otherwise dispose of assets constituting all or substantially all of the assets of Micro
and its Consolidated Subsidiaries (taken as a whole) to another Person, or liquidate or dissolve, except for the following so
long as, in each case, no Event of Default exists or would exist after giving effect to the following:

 

(a)               
An Acceding Borrower may liquidate or dissolve, or merge or consolidate with another Person, or sell, lease, transfer,
or otherwise dispose of all or substantially all of its assets to another Obligor, so long as, in each case (i) an Obligor is
the surviving entity of any such liquidation, dissolution, merger, or consolidation or the transferee of such assets, and (ii)
Micro is the surviving entity if involved in such a merger or consolidation.

 

(b)              
Ingram Lux may merge or consolidate with another Person if either (i) Ingram Lux is the surviving entity or (ii) the surviving
Person (A) is organized and in good standing under the laws of Luxembourg and (B) expressly assumes the Obligations of Ingram
Lux in a written agreement satisfactory in form and substance to the Required Lenders.

 

(c)               
Micro may merge or consolidate with another Person if:

 

(i)                
either Micro is the surviving entity or the surviving Person (A) is organized and in good standing under the laws of a
State of the United States and (B) expressly assumes Micro’s Obligations in a written agreement satisfactory in form and
substance to the Required Lenders; and

 

(ii)              
unless Micro is the surviving entity in a merger or consolidation that does not constitute a Material Asset Acquisition,
Micro delivers to the Administrative Agent, before the merger or consolidation becomes effective, a certificate of Micro’s
chief executive officer, chief financial officer, or Treasurer stating and demonstrating in reasonable detail that (assuming such
proposed transaction had been consummated on the first day of the most recently ended period of four Fiscal Periods for which
financial statements have been or are required to have been delivered pursuant to Section 8.1.1) Micro (or the other surviving
Person) would have been, on a pro forma basis, in compliance with each of the covenants set forth in Section 8.2.3 as of
the last day of such period.

 

SECTION
8.2.6 Transactions with Affiliates. Except in the ordinary course of business, no Borrower will (and no Borrower will permit
any of its Subsidiaries to), directly or indirectly, pay any funds to or for the account of, make any investment (whether by acquisition
of stock or

 

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Indebtedness,
by loan, advance, transfer of property, guarantee or other agreement to pay, purchase or service, directly or indirectly, any
Indebtedness, or otherwise, an “Investment”)
in, lease, sell, transfer, or otherwise dispose of any assets, tangible or intangible, to, or participate in, or effect, any transaction
with, any Affiliate (any such payment, investment, lease, sale, transfer, other disposition or transaction, an “Affiliate
Transaction”) except on an arms-length basis on terms at least as favorable to such Borrower (or such Subsidiary) as
terms that could have been obtained from a third party who was not an Affiliate; provided that:

 

(a)               
the foregoing provisions of this Section 8.2.6 do not prohibit (i) agreements with or for the benefit of employees
of such Borrower or any Subsidiaries regarding bridge home loans and other loans necessitated by the relocation of such Borrower’s
or such Subsidiary’s business or employees, or regarding short-term hardship advances, (ii) loans to officers or employees
of such Borrower or any of its Subsidiaries in connection with the exercise of rights under such Borrower’s stock option
or stock purchase plan, (iii) any such Person from declaring or paying any lawful dividend or other payment ratably in respect
of all of its capital stock of the relevant class so long as, in the case of Micro, after giving effect thereto, no Default shall
have occurred and be continuing, (iv) any Affiliate Transaction between Micro and any of its Subsidiaries or between any Subsidiaries
of Micro, or (v) any Affiliate Transaction (other than any Affiliate Transaction described in clauses (i) through (iv)
above) in which the amount involved does not exceed $50,000; and

 

(b)               the
Borrowers shall not, nor shall they permit any of their respective Subsidiaries to, participate in effect any
Affiliate Transactions otherwise permitted pursuant to this Section 8.2.6 which either individually or in the
aggregate may involve obligations that are reasonably likely to have a Material Adverse Effect. The approval by the
independent directors of the Board of Directors of the relevant Borrower (or the relevant Subsidiary thereof) of any
Affiliate Transaction to which such Borrower (or the relevant Subsidiary thereof) is a party shall create a rebuttable
presumption that such Affiliate Transaction is on an arms-length basis on terms at least as favorable to such Borrower (or
the relevant Subsidiary thereof) as terms that could have been obtained from a third party who was not an Affiliate;
and

 

(c)               
in no event shall any Loan Party make any Investments in the Parent, any
direct or indirect shareholders of the Parent or any Relevant Parent Entity.

 

SECTION
8.2.7 Limitations on Acquisitions.

 

(a)               
No Borrower may make any Material Asset Acquisition unless no Event of Default exists or would exist after giving effect
to the proposed Material Asset Acquisition.

 

(b)              
Without first providing the notice to the Administrative Agent and the Lenders required by this Section 8.2.7(b),
the Borrowers shall not (and shall not permit their respective Subsidiaries to) acquire any outstanding stock of any U.S. or non-U.S.
corporation, limited company or similar entity of which the shares constitute Margin Stock if after giving effect to such acquisition,
Micro and its Affiliates shall hold, in the aggregate, more than 5% of the total outstanding stock of the issuer of such Margin
Stock, which

 

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notice
shall include the name and jurisdiction of organization of such relevant issuer, the market on which such stock is traded, the
total percentage of such relevant issuer’s stock currently held, and the purpose for which the acquisition is being made.

 

(c)               
Notwithstanding any contrary provision in this Section 8.2.7, the Borrowers shall not (and shall not permit their
respective Subsidiaries to) (i) directly or indirectly use the proceeds of any Credit Extension to make any Acquisition unless,
if the board of directors of the Person to be acquired has notified Micro or any of its Subsidiaries that it opposes the offer
by the proposed purchaser to acquire that Person, then that opposition has been withdrawn, or (ii) make any Acquisition unless,
if the proposed Acquisition is structured as a merger or consolidation, it will be consummated in compliance with Section 8.2.5.

 

(d)              
Execution and delivery of each Continuation Notice shall constitute the relevant Borrower’s representation and warranty
that the Borrowers are not then in violation of Section 8.2.7(c)(i).

 

SECTION
8.2.8 Limitation on Businesses. Micro and its Subsidiaries, considered as a whole, will not engage principally in businesses
other than those conducted by Micro and its Subsidiaries on the Effective Date, as described in the preamble of this Agreement.

 

SECTION
8.2.9 Sanctions. Micro will not, directly or indirectly, use the proceeds of
the Loans, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person,
(i) to fund any activities or business of or with any Person, or in any country or territory that, at the time of such funding,
is, or whose government is, the subject of Sanctions, except to the extent permissible for a Person required to comply with Sanctions,
or (ii) in any other manner that would result in a violation of Sanctions or Anti-Corruption
Laws by any Person (including any Person participating in the Loans, whether as underwriter, advisor, investor, or otherwise).

 

ARTICLE
IX

EVENTS OF DEFAULT

 

SECTION
9.1 Listing of Events of Default. Any of the following events or occurrences described in this Section 9.1 shall constitute
an “Event of Default”.

 

SECTION
9.1.1 Non-Payment of Obligations. A default shall occur in the payment or prepayment when due (a) by any Borrower of any principal
of any Loan, (b) by any Borrower of any interest on any Loan, (c) by any Borrower of any Reimbursement Obligation or any deposit
of cash for collateral purposes pursuant to Section 3.2.2 or 3.2.4 or (d) by any Guarantor of any Guaranteed Obligation
(as defined in such Guarantor’s Guaranty), and, in the case of clauses (b) or (d), such default shall continue unremedied
for a period of five Business Days.

 

SECTION
9.1.2 Breach of Warranty. Any representation or warranty of any Obligor made or deemed to be made hereunder or in any other
Loan Document executed by it or in any

 

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other
writing or certificate furnished by or on behalf of any Obligor to the Administrative Agent or any Lender for the purposes of
or in connection with this Agreement or any such other Loan Document (including any certificates delivered pursuant to Article
VI) is or shall be incorrect when made in any material respect.

 

SECTION
9.1.3 Non-Performance of Certain Covenants and Obligations. Any Obligor shall default in the due performance and observation
of any of its obligations under Section 8.2.2 (excluding the involuntary incurrence of Liens involving individually or
collectively amounts in controversy or encumbered assets or both having a value of less than $100,000,000 at any time, which involuntary
incurrences are subject to Section 9.1.4), Section 8.2.3, Section 8.2.4, Section
8.2.5, or Section 8.2.5.8.2.9.

 

SECTION
9.1.4 Non-Performance of Other Covenants and Obligations. Any Obligor shall default in the payment when due of any fee or
any other Obligation not subject to Section 9.1.1, or the due performance and observance of any other covenant, agreement
or obligation contained herein or in any other Loan Document, and such default shall continue unremedied for a period of 30 days
after Micro obtains actual knowledge thereof or notice thereof shall have been given to Micro by the Administrative Agent or any
Lender.

 

SECTION
9.1.5 Default on Indebtedness. A default shall occur in the payment when due (subject to any applicable grace period),
whether by acceleration or otherwise, of any Indebtedness of any Obligor or any of its Subsidiaries (other than Indebtedness
described in Section 9.1.1 or Indebtedness which is non-recourse to any Obligor, or any Subsidiary of any Obligor)
having an outstanding aggregate principal amount, for Micro and its Subsidiaries as a group, in excess of the lesser of (a)
(i) 5% of Consolidated Tangible Net Worth for the then most recently ended Fiscal Period, individually, or (ii) 10% of
Consolidated Tangible Net Worth for the then most recently ended Fiscal Period, when taken together with (A) all other
Indebtedness under which a default (payment or otherwise) has occurred and is then continuing and (B) the Securitization
Financing Amount of all Securitization Defaults described in Section 9.1.10 that have occurred and are then continuing
and (b) $100,000,000 (or the equivalent thereof in any other currency), or a default shall occur in the performance or
observance of any obligation or condition with respect to such Indebtedness if the effect of such default is to cause, or
(without the giving of further notice or lapse of additional time) to permit the holder or holders of such Indebtedness, or
any trustee or agent for such holders to cause, the maturity of any such Indebtedness to be accelerated or such Indebtedness
to be prepaid, redeemed, purchased, defeased or otherwise to become due and payable prior to its expressed
maturity.

 

SECTION
9.1.6 Judgments. (x) Any judgment or order for the payment of money in excess of (individually or in the aggregate), for Micro
and its Subsidiaries as a group, an amount equal at any time to either 7.25% of Consolidated Tangible Net Worth at the end of
the most recently ended Fiscal Period or $100,000,000, whichever is less (or, in either case, the equivalent thereof in any other
currency), shall be rendered against any Obligor or any of their respective Subsidiaries or (y) the Brazilian/ISS Judgment shall
be rendered in an amount in excess of the Maximum Brazilian/ISS Judgment Amount, and, in each case, either:

 

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(a)               
enforcement proceedings shall have been commenced and be continuing by any creditor upon such judgment or order for any
period of 30 consecutive days; or

 

(b)              
there shall be any period during which a stay of enforcement of such judgment or order, by reason of a pending appeal or
otherwise, shall not be in effect.

 

SECTION
9.1.7 Pension Plans. Any of the following events shall occur with respect to any Pension Plan:

 

(a)               
the institution of any steps by any Obligor, any member of its Controlled Group or any other Person to terminate a Pension
Plan if, as a result of such termination, any such Obligor or any such member could be required to make a contribution in excess
of $100,000,000 (or the equivalent thereof in any other currency), to such Pension Plan, or could reasonably expect to incur a
liability or obligation in excess of $100,000,000 (or the equivalent thereof in any other currency), to such Pension Plan; or

 

(b)              
a contribution failure occurs with respect to any Pension Plan sufficient to give rise to a Lien under Section 302(f) of
ERISA.

 

SECTION
9.1.8 Bankruptcy, Insolvency, etc. Any Obligor or any Material Subsidiary shall:

 

(a)               
become insolvent or generally fail to pay, or admit in writing its inability to pay, debts as they become due;

 

(b)              
apply for, consent to, or acquiesce in, the appointment of a trustee, receiver, administrative receiver, sequestrator,
liquidator or other custodian for it, its property, or make a general assignment for the benefit of creditors;

 

(c)               
in the absence of such application, consent or acquiescence, permit or suffer to exist the appointment of a trustee, administrative
receiver, receiver, sequestrator, liquidator or other custodian for it or for a substantial part of its property, and such trustee,
receiver, sequestrator, liquidator or other custodian shall not be discharged within 60 days; provided that each Obligor
and each Material Subsidiary hereby expressly authorizes each Lender Party to appear in any court conducting any relevant proceedings
during such 60-day period to preserve, protect and defend its rights under this Agreement and the other Loan Documents;

 

(d)              
permit or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding
under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of any Obligor or
any Material Subsidiary thereof, as the case may be, and, if any such case or proceeding is not commenced by such Person, such
case or proceeding shall be consented to or acquiesced in by such Obligor or Material Subsidiary, as the case may be, or shall
result in the entry of an order for relief or shall remain for 60 days unstayed or undismissed; provided that each Obligor
and each Material Subsidiary hereby expressly authorizes each Lender Party to appear in any court

 

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conducting
any such case or proceeding during such 60-day period to preserve, protect and defend its rights under this Agreement and the
other Loan Documents; or

 

(e)               
take any action authorizing, or in furtherance of, any of the foregoing.

 

SECTION
9.1.9 Guaranties. Any of the Guaranties or any provisions thereof shall be found or held invalid or unenforceable by a court
of competent jurisdiction or shall have ceased to be effective because of the merger, dissolution or liquidation of a Guarantor
(other than as may result from a transaction permitted pursuant to Section 8.2.5 or by reason of a merger of Guarantor
under one Guaranty into the Guarantor under another Guaranty) or any Guarantor shall have repudiated its obligations under a Guaranty.

 

SECTION
9.1.10 Default Under Trade Accounts Receivable Financing Programs. Any early liquidation, termination or similar event shall
have occurred and be continuing under any outstanding Trade Accounts Receivable Financing Program of Micro or any of its Consolidated
Subsidiaries on account of the failure by Micro or any of its Subsidiaries to comply with any applicable provision in the agreements
governing said program or to satisfy any condition required to be met by it thereunder (each a “Securitization Default”),
the Securitization Financing Amount of which is in excess of the lesser of (a) (i) 5% of Consolidated Tangible Net Worth for the
then most recently ended Fiscal Period, individually, or (ii) 10% of Consolidated Tangible Net Worth for the then most recently
ended Fiscal Period, when taken together with (A) the Securitization Financing Amount of all other Securitization Defaults that
have occurred and are then continuing and (B) all Indebtedness under which a default described in Section 9.1.5 has occurred
and is then continuing and (b) $100,000,000 (or the equivalent thereof in any other currency).

 

SECTION
9.2 Action if Bankruptcy. If any Event of Default described in Section 9.1.8 shall occur, the Commitments (if not theretofore
terminated) shall automatically terminate and the outstanding principal amount of all outstanding Loans and all other Obligations
shall automatically be and become immediately due and payable, without notice or demand.

 

SECTION
9.3 Action if Other Event of Default. If any Event of Default (other than any Event of Default described in Section 9.1.8)
shall occur for any reason, whether voluntary or involuntary, and be continuing, the Administrative Agent, upon the direction
of the Required Lenders, shall by notice to Micro declare all or any portion of the outstanding principal amount of the Loans
and all other Obligations to be due and payable and/or the Commitments to be terminated, whereupon the full unpaid amount of the
Loans and all other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without
further notice, demand or presentment, and/or, as the case may be, the Commitments shall terminate. Notwithstanding anything to
the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under
the other Loan Documents shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement
shall be instituted and maintained exclusively by, the Administrative Agent in accordance with this Section and at the instruction
of the Required Lenders for the benefit of all the Lenders and the Issuer; provided, however, that the foregoing shall not prohibit
(i) the Issuer or the Swing Line Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity
as

 

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Issuer
or Swing Line Lender, as the case may be) hereunder and under the other Loan Documents, or (ii) any Lender from exercising setoff
rights in accordance with the terms of this Agreement.

 

SECTION
9.4 Cash Collateral. If any Event of Default shall occur for any reason, whether voluntary or involuntary, and shall not have
been cured or waived and shall be continuing and the Obligations are or have been declared due and payable under Section 9.2
or 9.3, the Administrative Agent may apply any cash collateral held by the Administrative Agent pursuant of Section
3.2.4 to the payment of the Obligations in any order in which the Required Lenders may elect.

 

ARTICLE
X

AGENTS

 

SECTION
10.1 Authorization and Actions. Each Lender hereby appoints Scotiabank as the Administrative Agent and BOA, BNP, RBS, BTMU,
HSBC and HSBCDBSI as
the co-Syndication Agents under, and for the purposes set forth in, this Agreement and each other Loan Document. Each Lender
authorizes each Agent to act on behalf of such Lender under this Agreement and each other Loan Document and in the absence of
other written instructions from the Required Lenders received from time to time by the Agents (with respect to which each
Agent agrees that it will comply, except as otherwise provided in this Section 10.1 or as otherwise advised by
counsel), to exercise such powers hereunder and thereunder as are specifically delegated to or required of the Agents by the
terms hereof and thereof, together with such powers as may be reasonably incidental thereto. Each Lender hereby indemnifies
(which indemnity shall survive any termination of this Agreement) each Agent pro rata according to such Lender’s
Percentage, from and against any and all liabilities, obligations, losses, damages, claims, costs or expenses of any kind or
nature whatsoever which at any time may be imposed on, incurred by, or asserted against, each Agent in any way relating to or
arising out of this Agreement or any other Loan Document, including reasonable attorneys’ fees, and as to which any
Agent is not reimbursed by Micro or the other Obligors (and without limiting any of their obligation to do so); provided
that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, claims,
costs or expenses which are determined by a court of competent jurisdiction in a final proceeding to have resulted solely
from such Agent’s gross negligence or willful misconduct. No Agent shall be required to take any action hereunder or
under any other Loan Document, or to prosecute or defend any suit in respect of this Agreement or any other Loan Document,
unless it is indemnified hereunder to its satisfaction. If any indemnity in favor of any Agent shall be or become, in such
Agent’s determination, inadequate, the Administrative Agent may call additional indemnification from the Lenders and
cease to do the acts indemnified against hereunder until such additional indemnity is given.

 

SECTION
10.2 Funding Reliance, etc. Unless the Administrative Agent shall have been notified by telephone, confirmed in writing, by
any Lender by 5:00 p.m., Applicable Time, on the Business Day prior to the making of a Loan that such Lender will not make available
an amount which would constitute its Percentage of such requested Loan on the date specified therefor, the Administrative Agent
may assume that such Lender has made such amount available to the Administrative Agent and, in reliance upon such assumption,
make available to the relevant

 

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Borrower
a corresponding amount. If and to the extent that such Lender shall not have made such amount available to the Administrative
Agent, such Lender and the relevant Borrower severally agree, to pay the Administrative Agent forthwith on demand such corresponding
amount together with interest thereon, for each day from the date the Administrative Agent made such amount available to the relevant
Borrower to the date such amount is repaid to the Administrative Agent at an annual interest rate equal to the Administrative
Agent’s Cost of Funds for the first day that the Administrative Agent made such amounts available and thereafter at a rate
of interest equal to the interest rate applicable at the time to the requested Loan.

 

SECTION
10.3 Exculpation. No Agent nor any of their respective directors, officers, employees or agents shall be liable to any Lender
for any action taken or omitted to be taken by it under this Agreement or any other Loan Document, or in connection herewith or
therewith, except for its own willful misconduct or gross negligence, nor be responsible for any recitals or warranties herein
or therein, nor for the effectiveness, enforceability, validity or due execution of this Agreement or any other Loan Document,
nor to make any inquiry respecting the performance by any Obligor of its obligations hereunder or under any other Loan Document
(except that the Administrative Agent shall confirm receipt of the items required to be delivered to it pursuant to Section
6.1). Any such inquiry which may be made by any Agent shall not obligate it to make any further inquiry to take any action.
Each Agent shall be entitled to rely upon advice of counsel concerning legal matters and upon any notice, consent, certificate,
statement or writing which each such Agent believes to be genuine and to have been presented by a proper Person.

 

SECTION
10.4 Successor. Any Agent may resign as such at any time upon at least 30 days’ prior notice to Micro and all the
Lenders. If an Agent shall at any time resign, the Required Lenders, after consultations with Micro, may appoint another
Lender as a successor Administrative Agent or Syndication Agent, as the case may be, whereupon such Lender shall become the
Administrative Agent or a Syndication Agent hereunder, as the case may be. If no successor Administrative Agent or
Syndication Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30
days after the retiring Administrative Agent’s or Syndication Agent’s giving notice of resignation, then the
retiring Administrative Agent or Syndication Agent may, on behalf of the Lenders, after consultations with Micro, appoint a
successor Administrative Agent or Syndication Agent, as the case may be, which shall be one of the Lenders or a commercial
banking institution that is organized under the laws of the United States or any State thereof (or a branch or agency of
either) and that has a combined capital and surplus of at least $500,000,000. Upon acceptance of any appointment as
Administrative Agent or Syndication Agent hereunder, as the case may be, by a successor Administrative Agent or Syndication
Agent, as the case may be, such successor Administrative Agent or Syndication Agent shall be entitled to receive from the
retiring Administrative Agent or Syndication Agent such documents of transfer and assignment as such successor Administrative
Agent or Syndication Agent, as the case may be, may reasonably request, and shall thereupon succeed to and become vested with
all rights, powers, privileges and duties of the retiring Administrative Agent or Syndication Agent, as the case may be, and
the retiring Administrative Agent or Syndication Agent shall be discharged from its duties and obligations under this
Agreement. After any retiring Administrative Agent’s or Syndication Agent’s resignation

 

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hereunder
as the Administrative Agent or a Syndication Agent, as the case may be, the provisions of:

 

(a)               
this Article X shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the
Administrative Agent or a Syndication Agent under this Agreement; and

 

(b)              
Sections 11.3 and 11.4 shall continue to inure to its benefit.

 

SECTION
10.5 Credit Extensions by an Agent. Each Agent shall have the same rights and powers with respect to the Credit Extensions
made by it or any of its Affiliates in its capacity as a Lender and may exercise the same as if it were not an Agent hereunder.
Each Agent and its respective Affiliates may accept deposits from, lend money to, and generally engage in any kind of business
with any Obligor or Subsidiary of any thereof as if it were not an Agent hereunder.

 

SECTION
10.6 Credit Decisions. Each Lender acknowledges that it has, independently of the Agents and each other Lender, and based
on such Lender’s review of the financial information of each Obligor, this Agreement, the other Loan Documents (the terms
and provisions which being satisfactory to such Lender) and such other documents, information and investigations as such Lender
has deemed appropriate, made its own credit decision to make available its Commitment. Each Lender also acknowledges that it will,
independently of the Agents and each other Lender, and based on such other documents, information and investigations as it shall
deem appropriate at any time, continue to make its own credit decisions as to exercising or not exercising from time to time any
rights and privileges available to it under this Agreement or any other Loan Document.

 

SECTION
10.7 Copies, etc. The Administrative Agent shall give prompt notice to each Lender of each notice or request required or
permitted to be given to the Administrative Agent by any Obligor pursuant to the terms of this Agreement or any other Loan
Document (unless concurrently delivered to the Lenders by such Obligor). The Administrative Agent will distribute to each
Lender each document or instrument received for its account, and copies of all other communications received by the
Administrative Agent from any Obligor, for distribution to the Lenders by the Administrative Agent in accordance with the
terms of this Agreement or any other Loan Document.

 

SECTION
10.8 Joint Lead Arrangers and other Agents. Anything herein to the contrary notwithstanding, the Joint Lead Arrangers, the
co-Bookrunners and the co-Syndication Agents listed on the cover page hereof shall not have any duties or responsibilities under
this Agreement, except in their capacity, if any, as Administrative Agent or Lender.

 

ARTICLE
XI

MISCELLANEOUS PROVISIONS

 

SECTION
11.1 Waivers, Amendments, etc. Except as expressly provided in Sections 3.3 and 6.3, the provisions of this Agreement
and of each other Loan Document may from time to

 

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time
be amended, modified or waived, if such amendment, modification or waiver is in writing and consented to by each Borrower and
the Required Lenders; provided that no such amendment, modification or waiver which would:

 

(a)               
modify any requirement hereunder that any particular action be taken by all the Lenders or by the Required Lenders shall
be effective unless consented to by each Lender;

 

(b)              
modify Section 5.9, this Section 11.1, change the definitions of “Percentage,” or “Required
Lenders,” increase the Total Commitment Amount or the Credit Commitment Amount or Percentage of any Lender, extend the
Commitment Termination Date, or, subject to Section 8.2.5, release (i) the Guaranty of Micro or (ii) all or substantially
all of the value of the GuaranteesGuaranties
of the Additional Guarantors, shall be made without the consent of each Lender;

 

(c)               
extend the due date for, or reduce the amount of, any scheduled repayment or prepayment of principal of or interest on
any Credit Extension or the amount of any fee payable under Section 4.3 shall be made without the consent of each Lender
directly and adversely affected thereby; or

 

(d)              
affect adversely the interests, rights or obligations of the Administrative Agent, the Swing Line Lender or the Issuer
shall be made without the consent of the Administrative Agent, the Swing Line Lender or the Issuer, as the case may be.

 

No failure or delay on the part
of any Lender Party in exercising any power or right under this Agreement or any other Loan Document shall operate as a waiver
thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or
the exercise of any other power or right. No notice to or demand on any Obligor in any case shall entitle it to any notice or
demand in similar or other circumstances. No waiver or approval by any Lender Party under this Agreement or any other Loan Document
shall, except as may be otherwise stated in such waiver or approval, be applicable to subsequent transactions. No waiver approval
hereunder shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder.

 

SECTION
11.2 Notices. Unless otherwise specified to the contrary, all notices and other communications provided to any party hereto
under this Agreement or any other Loan Document shall be in writing or by facsimile and addressed, delivered or transmitted to
such party at its address or facsimile number set forth below its signature hereto or at such other address or facsimile number
as may be designated by such party in a notice to the other parties. All notices, if mailed and properly addressed with postage
prepaid or if properly addressed and sent by paid courier service, shall be deemed given when received by the recipient during
normal business hours; all notices if transmitted by facsimile shall be deemed given when transmitted and the appropriate receipt
for transmission received by the sender thereof during the recipient’s normal business hours.

 

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SECTION
11.3 Payment of Costs and Expenses. The Borrowers, jointly and severally, agree to pay on demand all reasonable expenses (inclusive
of value added tax or any other similar tax imposed thereon) of the Agents (including the reasonable fees and out-of-pocket expenses
of the single counsel to the Agents and of local counsel, if any, who may be retained by such counsel to the Agents) in connection
with the negotiation, preparation, execution, and delivery of this Agreement and of each other Loan Document (including schedules,
exhibits, and forms of any document or instrument relevant to this Agreement or any other Loan Document), and any amendments,
waivers, consents, supplements, or other modifications to this Agreement or any other Loan Document as from time to time may hereafter
be required, whether or not the transactions contemplated hereby are consummated.

 

The Borrowers,
jointly and severally, further agree to pay, and to save the Lender Parties harmless from all liability for, stamp or other similar
taxes (including, without limitation, any registration duty imposed by Belgian law) which may be payable in connection with the
execution, delivery or enforcement of this Agreement or any other Loan Document, and in connection with the making of any Credit
Extensions and the issuing of any Letters of Credit hereunder. The Borrowers, jointly and severally, also agree to reimburse each
Lender Party upon demand for all out-of-pocket expenses (inclusive of value added tax or other similar tax imposed thereon and
including attorneys’ fees and legal expenses (including actual cost to such Lender Party of its in-house counsel) on a full
indemnity basis) incurred by each such Lender Party in connection with (x) the negotiation of any restructuring or “work-out,”
whether or not consummated, of any Obligations and (y) the enforcement of any obligations, provided that the Borrowers,
jointly and severally, shall reimburse each Lender Party for the fees and legal expenses of only one counsel for such Lender Party.

 

SECTION
11.4 Indemnification. In consideration of the execution and delivery of this Agreement and each other Loan Document by
each Lender Party and the extension of the Commitments, the Obligors hereby jointly and severally indemnify, exonerate and
hold each Lender Party and each of their respective officers, directors, employees and agents and, solely with respect to clauses
(a) and (b) below, each of their respective Affiliates and the officers, directors, employees and agents of such
Affiliates (collectively, the “Indemnified Parties”) free and harmless from and against any and all
actions, claims, causes of action, suits, losses, costs, liabilities and damages, and expenses incurred in connection
therewith (irrespective of whether any such Indemnified Party is a party to the action for which indemnification hereunder is
sought), including reasonable attorneys’ fees and disbursements, which shall include the actual cost to such
Indemnified Party of its in-house counsel but shall not include the fees and expenses of more than one counsel to such
Indemnified Party (collectively, the “Indemnified Liabilities”), incurred by Indemnified Parties or any of
them as a result of, or arising out of, or relating to:

 

(a)               
any transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of any Credit
Extension;

 

(b)              
the entering into and performance of this Agreement and any other Loan Document by any of the Indemnified Parties (excluding,
however, any action successfully brought by or on behalf of Micro or any other Borrower with respect to any determination by any
Lender not to fund any Credit Extension or not to comply with Section 11.15 or any

 

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action
by the Required Lenders to terminate or reduce the Commitments or accelerate the Loans in violation of the terms of this Agreement);

 

(c)               
any investigation, litigation or proceeding related to any acquisition or proposed acquisition by any Obligor, or any of
their respective Subsidiaries of all or any portion of the stock or assets of any Person, whether or not any Indemnified Party
is party thereto;

 

(d)              
any investigation, litigation, or proceeding related to any environmental cleanup, audit, compliance, or other matter relating
to the protection of the environment or the Release by any Obligor (or any of their respective Subsidiaries) of any Hazardous
Material; or

 

(e)               
the presence on or under, or the escape, seepage, leakage, spillage, discharge, emission, discharging, or releases from,
any real property owned or operated by any Obligor (or any of their respective Subsidiaries) of any Hazardous Material (including
any losses, liabilities, damages, injuries, costs, expenses, or claims asserted or arising under any Environmental Law), regardless
of whether caused by, or within the control of, such Person;

 

except for any such Indemnified
Liabilities arising for the account of a particular Indemnified Party by reason of the relevant Indemnified Party’s gross
negligence or willful misconduct as finally determined in a non-appealable judgment by a court of competent jurisdiction. If and
to the extent that the foregoing undertaking may be unenforceable for any reason, the Obligors hereby jointly and severally agree
to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under
applicable law. This Section 11.4 shall not apply with respect to taxes other than any taxes that represent losses, claims,
damages, etc. arising from any non-tax claim.

 

SECTION
11.5 Survival. The obligations of Micro and each other Obligor under Sections 5.3, 5.4, 5.5, 5.7,
11.3, and 11.4, and the obligations of the Lenders under Sections 10.1 and 11.15, shall in each case
survive any termination of this Agreement, the payment in full of Obligations, and the termination of the Commitments. The representations
and warranties made by Micro and each other Obligor in this Agreement and in each other Loan Document shall survive the execution
and delivery of this Agreement and each such other Loan Document.

 

SECTION
11.6 Severability. Any provision of this Agreement or any other Loan Document which is prohibited or unenforceable in any
jurisdiction shall, as to such provision and such Jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions of this Agreement or such Loan Document or affecting the validity or enforceability
of such provision in any other jurisdictions.

 

SECTION
11.7 Headings. The various headings of this Agreement and of each other Loan Document are inserted for convenience only and
shall not affect the meaning or interpretation of this Agreement or such other Loan Document or any provisions hereof or thereof.

 

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SECTION
11.8 Execution in Counterparts, Effectiveness; Entire Agreement. This Agreement may be executed by the parties hereto in several
counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same
Agreement. This Agreement shall become effective on the date when the Administrative Agent has (a) received (i) counterparts hereof
executed on behalf of each Initial Borrower, the Agents, and each Lender or (ii) facsimile, telegraphic, or other written confirmation
(in form and substance satisfactory to the Administrative Agent, who may rely upon the advice of its special counsel in making
that determination) of such execution and (b) so notified the Borrowers and the Lenders; provided that no Lender shall
have any obligation to make the initial Credit Extension until the Effective Date. This Agreement and the other Loan Documents
constitute the entire understanding among the parties hereto with respect to the subject matter hereof and supersede any prior
agreements, written or oral, with respect thereto. Each Lender that is a party to a Predecessor Credit Agreement, by its execution
hereof, waives any requirement of prior notice of termination of the “Commitments” (as defined in the applicable
Predecessor Credit Agreement) pursuant to Section 2.2 thereof and of prepayment of Loans thereunder to the extent necessary
to give effect to Section 6.1.8.

 

SECTION
11.9 Jurisdiction.

 

SECTION
11.9.1 Submission; Service of Process; Immunity; etc. TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, ANY LITIGATION
BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF ANY AGENT, THE LENDERS, THE ISSUER OR ANY BORROWER MAY BE
BROUGHT AND MAINTAINED IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY OR IN THE UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK. EACH BORROWER HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS
OF THE STATE OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT
RENDERED THEREBY IN CONNECTION WITH SUCH LITIGATION. EACH FOREIGN BORROWER HEREBY IRREVOCABLY APPOINTS MICRO (IN SUCH CAPACITY,
THE “PROCESS AGENT”), WITH AN OFFICE ON THE EFFECTIVE DATE AT 1600 E. ST. ANDREW PLACE, SANTA ANA, CA 92705
UNITED STATES, AS ITS AGENT TO RECEIVE, ON SUCH FOREIGN BORROWER’S BEHALF AND ON BEHALF OF SUCH FOREIGN BORROWER’S
PROPERTY, SERVICE OF COPIES OF THE SUMMONS AND COMPLAINT AND ANY OTHER PROCESS WHICH MAY BE SERVED IN ANY SUCH ACTION OR PROCEEDING.
SUCH SERVICE MAY BE MADE BY MAILING OR DELIVERING A COPY OF SUCH PROCESS TO SUCH FOREIGN BORROWER IN CARE OF THE PROCESS AGENT
AT THE PROCESS AGENT’S ABOVE ADDRESS, AND SUCH FOREIGN BORROWER IRREVOCABLY AUTHORIZES AND DIRECTS THE PROCESS AGENT TO
ACCEPT SUCH SERVICE ON ITS BEHALF. AS AN ALTERNATIVE METHOD OF SERVICE, EACH BORROWER FURTHER

 

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IRREVOCABLY
CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF
NEW YORK. EACH BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT
MAY HAVE OR HEREAFTER MAY HAVE TO THE 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. TO THE EXTENT THAT ANY BORROWER HAS OR HEREAFTER MAY
ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OF FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR
TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, TO THE FULLEST EXTENT PERMITTED
UNDER APPLICABLE LAW, EACH SUCH BORROWER HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT
AND THE OTHER LOAN DOCUMENTS.

 

SECTION
11.9.2 Non-exclusivity. Nothing in this Section 11.9 limits the right of a Lender Party to bring proceedings against
an Obligor in connection with any Loan Document in any other court of competent jurisdiction, or concurrently in more than one
jurisdiction.

 

SECTION
11.9.3 Governing Law. EACH LOAN DOCUMENT (OTHER THAN THE LETTERS OF CREDIT, TO THE EXTENT SPECIFIED BELOW AND EXCEPT AS OTHERWISE
EXPRESSLY SET FORTH IN A LOAN DOCUMENT) WILL EACH BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY AND ITS PROVISIONS CONSTRUED
UNDER THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5 1401 AND 5 1402 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK). EACH LETTER OF CREDIT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OR RULES
DESIGNATED IN SUCH LETTER OF CREDIT, OR IF NO LAWS OR RULES ARE DESIGNATED, THE INTERNATIONAL STANDBY PRACTICES (ISP98 INTERNATIONAL
CHAMBER OF COMMERCE PUBLICATION NUMBER 590 (THE “ISP RULES”)) AND, AS TO MATTERS NOT GOVERNED BY THE ISP RULES,
THE INTERNAL LAWS OF THE STATE OF NEW YORK.

 

SECTION
11.10 Successors and Assigns. This Agreement and each other Loan Document shall be binding upon and shall inure to the benefit
of the parties hereto and thereto and their respective successors and assigns; provided that:

 

(a)               
no Obligor may assign or transfer its rights or obligations hereunder or under any other Loan Document without the prior
written consent of all the Lender Parties;

 

(b)              
the rights of sale, assignment and transfer of the Lenders are subject to Section 11.11; and

 

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(c)               
the rights of the Administrative Agent with respect to resignation or removal are subject to Section 10.4.

 

SECTION
11.11 Assignments and Transfers of Interests. No Lender may assign or sell participation interests in its Commitment or any
of its Credit Extensions or any portion thereof to any Persons except in accordance with this Section 11.11.

 

SECTION
11.11.1 Assignments. Any attempted assignment or transfer by a Lender of its Credit Extensions and Commitment not made in
accordance with this Section 11.11.1 shall be null and void.

 

(a)               
Any Lender may at any time assign or transfer to (i) one or more Eligible Assignees, to any of its Affiliates or to any
other Lender, in each case (so long as no Event of Default exists at the time) with the consent of the Administrative Agent and
Micro (such consent not to be unreasonably withheld or delayed; provided that, it shall not be unreasonable for Micro to
withhold consent if such assignment will result in any Borrower becoming liable to make greater or additional payments (whether
under Section 5.7 or otherwise); provided that, such consent by Micro need not be obtained to effect an assignment
(A) from any Lender to its own affiliate, or (B) if any Event of Default has occurred and is continuing, to any bank or financial
institution or trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing
or investing in loans, securities or other financial assets, or (ii) any Federal Reserve Bank (each Person described in any of
the foregoing clauses as being the Person to whom such assignment or transfer is available to be made, being hereinafter referred
to as a “Transferee Lender”) all or any part of such Lender’s total Credit Extensions and Commitment
(which assignment or transfer shall be of a constant, and not a varying, percentage of all the assigning Lender’s Credit
Extensions and Commitment) in a minimum aggregate amount equal to the lesser of (i) the entire amount of such Lender’s total
Credit Extensions and Commitment or (ii) $5,000,000; provided, however, in no event may any such assignment or transfer be made
to a Defaulting Lender or any of its Subsidiaries.

 

(b)               Notwithstanding clause
(a) above, each Obligor and Agent shall be entitled to continue to deal solely directly with such Lender in connection
with the interests so assigned or transferred to a Transferee Lender unless and until (i) notice of such assignment or
transfer (which notice shall be satisfied by the delivery of a Lender Assignment Agreement), together with
payment instructions, addresses, and related information with respect to such Transferee Lender, shall have been given to
Micro and each Agent by such Lender and such Transferee Lender, (ii) such Transferee Lender shall have executed and delivered
to Micro and each Agent, a Lender Assignment Agreement, and (iii) the Lender or the Transferee Lender shall have paid a
$3,500 processing fee to the Administrative Agent.

 

(c)               
From and after the effective date of such Lender Assignment Agreement, subject to the recording thereof by the Administrative
Agent pursuant to paragraph (f) hereof (i) the Transferee Lender thereunder shall be deemed automatically to have become

 

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a
party to this Agreement and (to the extent rights and obligations under this Agreement have been assigned and transferred to such
Transferee Lender in connection with such Lender Assignment Agreement) shall have the rights and obligations of a Lender under
this Agreement and the other Loan Documents, and (ii) the assignor Lender (to the extent that rights and obligations under this
Agreement have been assigned and transferred by it in connection with such Lender Assignment Agreement) shall be released from
its obligations under this Agreement and the other Loan Documents (provided that, such assignor Lender shall continue to
retain indemnification rights under Section 11.4 which survive termination of this Agreement to the extent any indemnity
claim thereunder arises prior to the effective date of such Lender Assignment Agreement); provided, that except to the extent
otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of
any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

(d)              
Accrued interest and accrued fees shall be paid in respect of assigned and retained Credit Extensions and Commitments at
the same time or times provided in this Agreement, notwithstanding any such assignments or transfers.

 

(e)               
In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall
be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall
make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate
(which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions,
including funding, with the consent of the Borrowers and the Administrative Agent, the applicable pro rata share of Loans previously
requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent),
to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, each Issuer,
the Swingline Lender and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate)
its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Percentage.
Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall
become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest
shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

(f)               
The Administrative Agent, acting solely for this purpose as an agent of the Obligor, shall maintain at one of its offices
in Toronto, Canada a copy of each Lender Assignment Agreement delivered to it and a register for the recordation of the names
and addresses of the Lender Parties, and the Commitments of, and principal amounts (and stated interest) of the Credit Extensions
owing to, each Lender Party pursuant to the terms hereof from time to time (the “Register”). The entries in
the Register shall be conclusive absent manifest error, and the Obligor, the Administrative Agent and the Lender Parties shall
treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender Party hereunder for all purposes
of this Agreement. The Register shall be 

 

    103
 
Ingram Micro/Credit Agreement 

     

    

 

available
for inspection by the Obligor and any Lender Party (and may be provided to any applicable taxing authority), at any reasonable
time and from time to time upon reasonable prior notice.

 

(g)              
Any Lender may at any time pledge a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge to secure obligations to a Federal Reserve Bank or other central bank having
jurisdiction over such Lender; provided that no such pledge shall release such Lender from any of its obligations hereunder
or substitute such pledgee for such Lender as a party hereto.

 

SECTION
11.11.2 Participations. Any Lender may at any time sell to one or more commercial banks or other Persons (each of such commercial
banks and other Persons being herein called a “Participant”) participating interests in any of its Credit Extensions
and Commitments hereunder; provided that:

 

(a)               
no participation contemplated in this Section 11.11.2 shall relieve such Lender from its Commitments or its other
obligations hereunder or under any other Loan Document;

 

(b)              
such Lender shall remain solely responsible for the performance of its Commitments and such other obligations;

 

(c)               
each Borrower and each other Obligor and the Agents shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement and each other Loan Document;

 

(d)              
no Participant, unless such Participant is an Affiliate of such Lender or is itself a Lender, shall be entitled to require
such Lender to take or refrain from taking any action hereunder or under any other Loan Document, except that such Lender may
agree with any Participant that such Lender will not, without such Participant’s consent, take any actions of the type described
in clause (a), (b) or clause (c) of Section 11.1; and

 

(e)               
no Borrower shall be required to pay any amount under this Agreement that is greater than the amount which it would have
been required to pay had no participating interest been sold.

 

The Borrower acknowledges and
agrees that each Participant, for purposes of Sections 5.3, 5.4, 5.5, 5.7, 5.9, 5.10,
11.3, and 11.4, shall be considered a Lender (subject to the requirements and limitations therein); provided
that such Participant (A) agrees to be subject to the provisions of Sections 5.12 and 5.13 as if it were a Lender
Party; and (B) shall not be entitled to receive any greater payment under Section 5.7, with respect to any participation,
than its participating Lender Party would have been entitled to receive, except to the extent such entitlement to receive a greater
payment results from a change in law that occurs after the Participant acquired the applicable participation. Each Lender Party
that sells a participation agrees, at the Obligor’s request and

 

    104
 
Ingram Micro/Credit Agreement 

     

    

 

expense, to use reasonable efforts to cooperate with the
Obligor to effectuate the provisions of Section 5.12 with respect to any Participant.

 

Each Lender Party that sells
a participation shall, acting solely for this purpose as a non-fiduciary agent of the Obligor, maintain a register on which it
enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest
in the Credit Extensions or other obligations under the Loan Documents (the “Participant Register”); provided
that no Lender Party shall have any obligation to disclose all or any portion of the Participant Register (including the identity
of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit
or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United
States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender
Party shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity
as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

SECTION
11.12 Other Transactions. Nothing contained herein shall preclude any Lender Party from engaging in any transaction, in addition
to those contemplated by this Agreement or any other Loan Document, with any Obligor or any of its Affiliates in which such Obligor
or such Affiliate is not restricted hereby from engaging with any other Person.

 

SECTION
11.13 Further Assurances. Each Obligor agrees to do such further acts and things and to execute and deliver to each Lender
Party such additional assignments, agreements, powers, and instruments, as such Lender Party may reasonably require or deem advisable
to carry into effect the purposes of this Agreement or any other Loan Document or to better assure and confirm unto such Lender
Party its rights, powers and remedies hereunder and thereunder.

 

SECTION
11.14 Waiver of Jury Trial. THE AGENTS, THE LENDERS, MICRO, AND EACH OTHER OBLIGOR HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, ANY
COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE LENDER PARTIES, THE AGENTS OR
MICRO OR ANY OTHER OBLIGOR. MICRO AND EACH OTHER OBLIGOR AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR
THIS PROVISION (AND EACH OTHER PROVISION OF THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS
PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER PARTIES ENTERING INTO THIS AGREEMENT AND EACH SUCH OTHER LOAN DOCUMENT TO
WHICH IS A PARTY.

 

    105
 
Ingram Micro/Credit Agreement 

     

    

 

SECTION
11.15 Confidentiality. Each of the Lender Parties hereby severally agrees with each Borrower that it will keep confidential
all information delivered to such Lender Party or on behalf of each Borrower or any of their respective Subsidiaries which information
is known by such Lender Party to be proprietary in nature, concerns the terms and conditions of this Agreement or any other Loan
Document, or is clearly marked or labeled or otherwise adequately identified when received by such Lender Party as being confidential
information (all such information, collectively for purposes of this Section, “confidential information”);
provided that each Lender Party shall be permitted to deliver or disclose “confidential information”: (a) to
directors, officers, employees and affiliates; (b) to authorized agents, attorneys, auditors and other professional advisors retained
by such Lender Party that have been apprised of such Lender Party’s obligation under this Section 11.15 and have
agreed to hold confidential the foregoing information substantially in accordance with the terms of this Section 11.15;
(c) subject to such Person’s written confidentiality agreement in favor of the Borrowers with provisions substantially the
same as in this Section 11.15, to (i) any Transferee Lender or Participant or prospective Transferee Lender or Participant
with respect to such Lender Party’s rights or obligations under this Agreement or (ii) any actual or prospective counterparty
(or its advisors) to any swap, derivative or securitization transaction relating to the Borrowers and their obligations under
this Agreement; (d) to any federal or state regulatory authority having jurisdiction over such Lender Party; (e) to any other
Person to which such delivery or disclosure may be necessary or appropriate (i) to effect compliance with any law, rule, regulation
or order applicable to such Lender Party, (ii) in response to any subpoena or other legal process (provided that the relevant
Borrower shall be given notice of any such subpoena or other legal process as soon as possible in any event prior to production
(unless provision of any such notice would result in a violation of any such subpoena or other legal process), and the Lender
Party receiving such subpoena or other legal process shall cooperate with such Borrower, at such Borrower’s expense, seeking
a protective order to prevent or limit such disclosure), or (iii) in connection with any litigation to which such Lender Party
is a party; (f) to any other Person with the consent of the Borrowers; or (g) to the other parties to this Agreement.

 

For purposes hereof, the term
“confidential information” does not include any information that: (A) was publicly known or otherwise known
by any Lender Party on a non-confidential basis from a source other than the relevant Borrower prior to the time such information
is delivered or disclosed to such Lender Party by the relevant Borrower; (B) subsequently becomes publicly known through no act
or omission by any Lender Party or any Person acting on behalf of any Lender Party; (C) otherwise becomes known to a Lender Party
other than through disclosure by the relevant Borrower (or any Subsidiary thereof) or through someone subject, to such Lender
Party’s knowledge, to a duty of confidentiality to the relevant Borrower; or (D) constitutes financial statements that are
otherwise publicly available.

 

SECTION
11.16 Release of Subsidiary Guarantors and Acceding Borrowers.

 

(a)               
If (i) the Agents receive a certificate from the chief executive officer, the chief financial officer, or Treasurer of
Micro certifying as of the date of that certificate that, (x) after the consummation of the transaction or series of transactions
described in such certificate (which certification shall also state that such transactions, individually and in the aggregate,
will be in compliance with the terms and conditions of this Agreement, including, to the extent applicable, the covenants contained
in Sections 8.2.5 and 8.2.6, and

 

    106
 
Ingram Micro/Credit Agreement 

     

    

 

that
no Default existed, exists, or will exist, as the case may be, immediately before, as a result of, or after giving effect to such
transaction or transactions and the release or termination, as the case may be, described below), the Guarantor or Acceding Borrower,
as the case may be, identified in such certificate will no longer be a Subsidiary of Micro, or (y) a Guarantor identified in such
certificate has ceased to constitute a Material Subsidiary, and (ii) in the case of an Acceding Borrower, the appropriate Lender
Parties have received payment in full of all principal of, interest on, reimbursement obligation in respect of, and fees related
to any Outstanding Credit Extensions made by any of them in favor of such Acceding Borrower, then such Guarantor’s Guaranty
shall automatically terminate or such Acceding Borrower shall automatically cease to be a party to this Agreement and the other
Loan Documents.

 

(b)              
No such termination or cessation shall release, reduce, or otherwise adversely affect the obligations of any other Obligor
under this Agreement, any other Guaranty, or any other Loan Document, all of which obligations continue to remain in full force
and effect.

 

(c)               
Each Lender Party shall, at Micro’s expense, execute such documents as Micro may reasonably request to evidence such
termination or cessation, as the case may be.

 

SECTION
11.17 Collateral. Each of the Lenders represents to the Administrative Agent and each of the other Lenders that it in good
faith is not relying upon any Margin Stock as collateral in the extension or maintenance of the credit provided for in this Agreement.

 

SECTION
11.18 USA PATRIOT Act Notice. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby
notifies the Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the
Borrowers, which information includes the name and address of the Borrowers and other information that will allow such Lender
or the Administrative Agent, as applicable, to identify the Borrowers in accordance with the Act.

 

SECTION
11.19 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the
Borrowers acknowledge and agree that the Administrative Agent, each Joint Lead Arranger and each Lender is and has been
acting solely as a principal and except as expressly agreed in writing by the relevant parties, has not been, is not, and
will not be acting as an advisor, agent or fiduciary for the Borrowers or any of their respective Affiliates or any other
Person.

 

SECTION
11.20 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

 

    107
 
Ingram Micro/Credit Agreement 

     

    

 

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.

 

REMAINDER
OF PAGE INTENTIONALLY BLANK.

THIS PAGE IS FOLLOWED BY SIGNATURE PAGES FOR THE BORROWERS AS OF THE DATE OF THIS AGREEMENT,

FOLLOWED BY SEPARATE SIGNATURE PAGES

FOR THE AGENTS AND THE LENDERS

 

 

 

    108
 
Ingram Micro/Credit Agreement 

     

    

 

EXECUTED
as of the date first stated in this Credit Agreement.

 

	NGRAM MICRO INC., as an Initial Borrower and a Guarantor	 	INGRAM MICRO LUXEMBOURG S.À R.L., as an Initial Borrower
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	By:	 
	 	Name:  	 	 	Name:  
	 	Title:  	 	 	Title:  
	 	 	 	 	 
	By:	 	 	 	 
	 	Name:	 	 	 
	 	Title:	 	 	 

 

	Address:	1600 E. St. Andrew Place  3351 Michelson Drive		Address:	20, rue Eugène Ruppert
	 	Suite 100	 	 	L-2453 Luxembourg
	 	Santa Ana 92705Irvine,
    CA 92612-0697	 	 	 
	 	 	 	 	 
	 		 	Facsimile No.:	 
	Facsimile No.:	714-566-7873	 		 
	 	 	 	Attention:	 
	Attention:	Erik Smolders	 	 	 

 

 

 

One of Several
Signature Pages to

Credit Agreement

 

    
Ingram Micro/Credit Agreement 

     

    

EXECUTED
as of the date first stated in this Credit Agreement.

 

	 	THE BANK OF NOVA SCOTIA, as the Administrative Agent
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:  
	 	 
	 	Address for Notices and Payment of Fees:

    WBO Loan Operations

    720 King Street West, 2nd FL

    Toronto, Ontario

    M5V 2T3

    

    Facsimile No.: (416) 350-5159

    

    Attention: John Hall
	 	 
	 	 	 

 

 

 

One of Several
Signature Pages to

Credit Agreement

    
Ingram Micro/Credit Agreement 

     

    

 

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

	 	BANK
OF AMERICA, N.A., as a Co-Syndication Agent

	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

	 	 
	 	 
	 	 
	 	By:	 
	 	 	Name:

 

 

 

 

One
of Several Signature Pages to

Credit Agreement 

Ingram
Micro/Credit Agreement 

 

    

     

    

 

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

	 	BNP
    PARIBAS, as a Co-Syndication Agent
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

	 	 
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

One
of Several Signature Pages to

Credit Agreement 

Ingram
Micro/Credit Agreement 

 

     

     

    

 

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

	 	DEUTSCHE
BANK SECURITIES INC., as a Co-Syndication Agent
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

	 	 
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

One
of Several Signature Pages to

Credit Agreement 

Ingram
Micro/Credit Agreement 

 

     

     

    

 

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

	 	THE
    BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Co-Syndication Agent
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

	 	 
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

One
of Several Signature Pages to

Credit Agreement 

Ingram
Micro/Credit Agreement 

 

     

     

    

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

	 	HSBC
    BANK USA, NATIONAL ASSOCIATION, as a Co-Syndication Agent
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

 

 

 

 

     

     

    

 

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

	 	THE
    BANK OF NOVA SCOTIA, as a Lender
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

 

 

	Lending Office for Other Loans:

Scotia House

33 Finsbury Square

London EC2A1BB England

Facsimile No.:  (011) 44-207 826 5666

Attention:  Loan Agency Services, Savi Rampat	Address for Payment of Fees and Notices:

WBO Loan Operations

720 King Street West, 2nd FL

Toronto, Ontario

M5V 2T3

Facsimile No.:  (416) 350-5159

Attention:  John Hall
	Lending Office for Loans to Micro:

650 West Georgia, Suite 1800

Vancouver, BC, Canada

V6B-4N7

Facsimile No.:  (604)               

Attention:  Liz Hanson	 

 

 

     

     

    

 

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

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

	 	 	Title:

 

 

	Lending Office for Other
    Loans:

    100 Federal Street

    Boston, MA 02110

    Facsimile No.:  (617) 434-0719

    Telephone No.:  (617) 434-2815

    Attention:  Deb Delvecchio

    Email:  debra.e.delvecchio@baml.com	Address for Payment of
    Fees and Notices:

    100 Federal Street

    Boston, MA 02110

    Facsimile No.:  (617) 434-0719

    Telephone No.:  (617) 434-2815

    Attention:  Deb Delvecchio

    Email: debra.e.delvecchio@baml.com
	 	 
	Lending Office for Loans to Micro:

    Federal Street

    Boston, MA 02110

    Facsimile No.:  (617) 434-0719

    Telephone No.:  (617) 434-2815

    Attention:  Deb Delvecchio

    Email:  debra.e.delvecchio@baml.com	Address for Payment of Fees:

    Federal Street

    Boston, MA 02110

    Facsimile No.:  (617) 434-0719

    Telephone No.:  (617) 434-2815

    Attention:  Deb Delvecchio

    Email:  debra.e.delvecchio@baml.com

 

     

     

    

 

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

	 	BNP
    PARIBAS, as a Lender
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

 

 

	Lending Office for Other
    Loans:

    One Front Street, 23rd Floor

    San Francisco, CA  94111	Address for Notices:

    c/o BNP Paribas RCC, Inc.

    Washington Blvd.

    Jersey City, NJ  07310
	Facsimile No.:  (415)
    296-8954

    Telephone No.:  (415)772-1335

    Attention:  William Davidson

    Email:  bill.davidson@us.bnpparibas.com	Facsimile No.:  (201)
    850-4059

    Telephone No.:  (201)285-6042

    Attention:  Loan Servicing, 8th Floor
	 	 
	Lending Office for Loans to Micro:

    One Front Street, 23rd Floor

    San Francisco, CA  94111	Address for Payment of Fees:

    c/o BNP Paribas RCC, Inc.

    Washington Blvd.

    Jersey City, NJ  07310
	Facsimile No.:  (415)
    296-8954

    Telephone No.:  (415)772-1335

    Attention:  William Davidson	Facsimile No.:  (201)
    850-4059

    Telephone No.:  (201)285-6042

    Attention:  Loan Servicing, 8th Floor

 

     

     

    

EXECUTED
as of the date first stated in this Credit Agreement.

 

	 	THE
    BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

 

 

	Lending
Office: 

        1251
Avenue of the Americas  

        New
        York, NY 10020-1104 

         
	Address
for Notices:  

        BTMU
Operations Office for the Americas 

        The
Bank of Tokyo-Mitsubishi UFJ, Ltd. 

        1251
Avenue of the Americas, 12th Floor 

        New
York, NY 10020-1104 

        Facsimile
No.: (201)-521-2304 or (201)-521-2305 

        Telephone
No.: (201) 413-8838 

        Attention:
        Ligia Castro

         

	Facsimile
No.: (415)-773-2594 

        Telephone
No.: (415-773-2592 

        Attention:
Aileen Supeña Throne 

        Email:
        athrone@us.mufg.jp

         
	 
	 	Address
for Payment of Fees:

BTMU Operations Office for the 

        Americas 

        The
Bank of Tokyo-Mitsubishi UFJ, Ltd. 

        1251
Avenue of the Americas, 12th Floor 

        New
York, NY 10020-1104 

        Facsimile
No.: (201)-521-2304 or (201)-521-2305 

        Telephone
No.: (201) 413-8838  

        Attention:
        Ligia Castro

         

     

     

    

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

	 	HSBC
    BANK USA, NATIONAL ASSOCIATION, as a Lender
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

 

 

	Lending Office for Other
    Loans:

    452 Fifth Avenue T-8

    New York, NY  10018

    Facsimile No.:  (212) 642-1879

    Telephone No.:  (212) 525-2495 

    Attention:  David Wagstaff

    Email:  david.wagstaff@us.hsbc.com	Address for Payment
    of Fees and Notices:

    One HSBC Center, 26/F

    Buffalo, NY  14203

    Telephone No.:  (716) 841-1930

    Facsimile No.:   (917) 229-0975

    Attention:  Shilpa Nelson
	 	 
	Lending Office for Loans to Micro:
 452 Fifth Avenue T-8
 New York, NY  10018
 Facsimile No.:  (212) 642-1879
 Telephone No.:  (212) 525-2495 
 Attention:  David Wagstaff
 Email:  david.wagstaff@us.hsbc.com

         
	 

     

     

    

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

	 	DEUTSCHE
    BANK AG NEW YORK BRANCH, as a Lender
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

 

 

 

	Lending Office for Other
    Loans:

    in care of 5022 Gate Parkway, Suite 100

    Jacksonville, FL  32256

    Facsimile No.:  (866) 240 3622

    Telephone No.:  (904) 520 5449

    Attention:  Raghavendra Nagendra

    Email:  Loan.admin-Ny@db.com

    
	Address for Payment
    of Fees and Notices:

    in care of 5022 Gate Parkway, Suite 100

    Jacksonville, FL  32256

    Facsimile No.:  (866) 240 3622

    Telephone No.:  (904) 520 5449

    Attention:  Raghavendra Nagendra

    Email:  Loan.admin-Ny@db.com
	Lending Office for Loans to Micro:
 in care of 5022 Gate Parkway, Suite 100
 Jacksonville, FL  32256
 Facsimile No.:  (866) 240 3622
 Telephone No.:  (904) 520 5449
 Attention:  Raghavendra Nagendra
 Email:  Loan.admin-Ny@db.com

         
	 

     

     

    

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

	 	WESTPAC
    BANKING CORPORATION, as a Lender
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

 

  

	Lending Office for Other
    Loans:

    575 5th Avenue, 39th Floor

    New York, NY  10017

    Facsimile No.:  (212) 551-2765

    Telephone No.:  (212) 551-1905

    Attention:  Kevin Bolz

    Email:  kevinbolz@westpac.com.au	Address for Payment
    of Fees and Notices:

    12, 55 Market St.

    Sydney NSW 2000

    Facsimile No.:  +44 207 621 7608 

    Telephone No.:  +61 2 8254 8424

    Attention:  Luke Varty

    Email:  lukevarty@westpac.com.au
	 	 
	Lending Office for Loans to Micro:
 575 5th Avenue, 39th Floor
 New York, NY  10017
 Facsimile No.:  (212) 551-2765
 Telephone No.:  (212) 551-1905
 Attention:  Kevin Bolz
 Email:  kevinbolz@westpac.com.au

         
	 

     

     

    

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

	 	U.S.
    BANK NATIONAL ASSOCIATION, as a Lender
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

 

 

	Lending
        Office for Other Loans:

        Suite 500, Mailcode SF-CA-SJCB, 

         

        San
        Jose, California 95113 

        Facsimile No.: 408-918-4210

        Telephone No.: 408-282-2012

        Attention: Matthew S. Scullin

        Email: matthew.scullin@usbank.com

         
	Address
        for Payment of Fees and Notices:

        Suite 500, Mailcode SF-CA-SJCB, 

         

        San
        Jose, California 95113 

        Facsimile No.: 408-918-4210

        Telephone No.: 408-282-2012

        Attention: Matthew S. Scullin

        Email: matthew.scullin@usbank.com

         

	Lending
Office for Loans to Micro:

Suite 500, Mailcode SF-CA-SJCB,  

        San
        Jose, California 95113 

        Facsimile No.: 408-918-4210

        Telephone No.: 408-282-2012

        Attention: Matthew S. Scullin

        Email: matthew.scullin@usbank.com

         
	 

     

     

    

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

	 	PNC
    BANK, NATIONAL ASSOCIATION, as a Lender
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

 

 

	Lending Office for Other
    Loans:

    

    Facsimile No.:  

    Telephone No.:  

    Attention:  

    Email:  	Address for Payment
    of Fees and Notices:

    

    Facsimile No.:  

    Telephone No.:  

    Attention:  

    Email:  
	 	 
	Lending Office for Loans to Micro:

    

    Facsimile No.:  

    Telephone No.:  

    Attention:  

    Email:  	 

     

     

    

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

	 	MORGAN
    STANLEY BANK, N.A., as a Lender
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

 

 

	Lending Office for Other
    Loans:

    One Utah Center

    201 South Main Street, 5th Floor

    Salt Lake City, Utah 84111

    Facsimile No.:  (718) 233-0967

    Telephone No.:  (801) 236-3655

    Attention:  Carrie D Johnson

    Email:  docs4loans@morganstanley.com	Address for Payment
    of Notices:

    1 Pierrepont Plaza

    300 Cadman Plaza West

    Brooklyn, NY 11201

    Facsimile No.:  (718) 233-2132

    Telephone No.:  (718) 754-2610

    Attention:  Daniel McKenna

    Email:  primarydocs@morganstanley.com
	 	 
	Lending Office for Loans to Micro:

    One Utah Center

    201 South Main Street, 5th Floor

    Salt Lake City, Utah 84111

    Facsimile No.:  (718) 233-0967

    Telephone No.:  (801) 236-3655

    Attention:  Carrie D Johnson

    Email:  docs4loans@morganstanley.com	Address for Payment of Fees:

    1 Pierrepont Plaza

    300 Cadman Plaza West

    Brooklyn, NY 11201

    Facsimile No.:  (718) 233-2132

    Telephone No.:  (718) 754-2610

    Attention:  Daniel McKenna

    Email:  primarydocs@morganstanley.com

     

     

    

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

	 	BANCO
    BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH,
    as a Lender
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

 

  

	Lending Office for Other
    Loans:

    1345 Avenue of the Americas 44th Fl   NY,
    NY 10105

    Facsimile No.:  212-333-2926 

Telephone
    No.:    212-728-2382

    Attention:  Alberto Sauras

    Email:  cibny@bbva.com / ccny@bbva.com	Address
for Payment of Fees Notices:

1345 Avenue of the Americas 44th Fl  

        NY,
NY 10105

Facsimile No.: 212-333-2926  

        Telephone
        No.: 212-728-2382

        Attention: Alberto Sauras

        Email: cibny@bbva.com / ccny@bbva.com

         

	Lending Office for Loans to Micro:

    1345 Avenue of the Americas 44th Fl   NY,
    NY 10105

    Facsimile No.:  212-333-2926 

Telephone
    No.:    212-728-2382

    Attention:  Alberto Sauras

    Email:  cibny@bbva.com / ccny@bbva.com	 

     

     

    

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

	 	ING
    BANK N.V.–  DUBLIN RANCH,
    as a Lender
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

 

 

 

	Lending
Office for Other Loans:

ING Commerical Banking 

        Block
4 

        Dundrum
Town Centre, 

        Sandyford
Road, Dundrum 

        Dublin
        16, Ireland

        Facsimile No.: +353 1 638 4008

        Telephone No.: +353 1 638 4072 

        Attention: Alan Maher

        Email: alan.maher@ie.ing.commailto:matias.cruces@bbva.com

         
	Address
for Payment of Fees Notices:

ING Commerical Banking 

        Block
4 

        Dundrum
Town Centre, 

        Sandyford
Road, Dundrum 

        Dublin
        16, Ireland

        Facsimile No.: +353 1 638 4008

        Telephone No.: +353 1 638 4072 

        Attention: Alan Maher

        Email: alan.maher@ie.ing.commailto:matias.cruces@bbva.com

         

	Lending
Office for Loans to Micro: 

        ING
Commerical Banking 

        Block
4 

        Dundrum
Town Centre, 

        Sandyford
Road, Dundrum 

        Dublin
        16, Ireland

        Facsimile No.: +353 1 638 4008

        Telephone No.: +353 1 638 4072 

        Attention: Alan Maher

        Email: alan.maher@ie.ing.commailto:matias.cruces@bbva.com

         
	 

     

     

    

EXECUTED
as of the date first stated in this Credit Agreement.

 

 

	 	SUNTRUST
    BANK,
    as a Lender
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

 

 

 

	Lending
Office for Other Loans:

211 Perimeter Center Pkwy  

        Atlanta
        GA 30346

        Facsimile No.: 404-588-4453

        Telephone No.: 770-352-5140 

        Attention: Denise Shines

        Email: denise.shines@suntrust.com mailto:matias.cruces@bbva.com

         
	Address
for Payment of Fees Notices:

211 Perimeter Center Pkwy  

        Atlanta
        GA 30346

        Facsimile No.: 404-588-4453

        Telephone No.: 770-352-5140 

        Attention: Denise Shines

        Email: denise.shines@suntrust.com mailto:matias.cruces@bbva.com

         

	Lending
Office for Loans to Micro: 

        211
Perimeter Center Pkwy  

        Atlanta
        GA 30346

        Facsimile No.: 404-588-4453

        Telephone No.: 770-352-5140 

        Attention: Denise Shines

        Email: denise.shines@suntrust.com mailto:matias.cruces@bbva.comEXHIBIT 10.2

 

 

OMNIBUS
AMENDMENT NO. 4

 

This
OMNIBUS AMENDMENT NO. 4, dated as of October 21, 2016 (this “Amendment”), is entered into among INGRAM FUNDING
INC., a Delaware corporation, as seller (the “Seller”), INGRAM MICRO INC., a Delaware corporation, as initial
servicer (in such capacity, the “Servicer”) and as originator (in such capacity, the “Originator”),
The Bank of Nova Scotia (“BNS”), as administrative agent (in
such capacity, the “Administrative Agent”), as a Purchaser Agent (in such capacity, the “Liberty Street
Purchaser Agent”) and as a Purchaser, THE OTHER PURCHASERS LISTED ON THE SIGNATURE PAGES HERETO (together with BNS,
the “Purchasers”) and THE OTHER PURCHASER AGENTS LISTED ON THE SIGNATURE PAGES HERETO (together with the Liberty
Street Purchaser Agent, the “Purchaser Agents”).

 

BACKGROUND

 

The
parties to this Amendment are also parties to a Receivables Purchase Agreement, dated as of April 26, 2010 (as amended by that
certain Amendment No. 1 to Receivables Purchase Agreement, dated as of June 24, 2010, that certain Omnibus Amendment No. 1, dated
as of April 28, 2011, that certain Amendment No. 2 to Receivables Purchase Agreement, dated as of December 16, 2011, that certain
Omnibus Amendment No. 2, dated as of November 1, 2012, that certain Amendment No. 4 to Receivables Purchase Agreement, dated as
of November 1, 2013, and that certain Omnibus Amendment No. 3, dated as of April 15, 2015, and as otherwise amended, supplemented
or otherwise modified prior to the date hereof, the “Existing Receivables Purchase Agreement”). The Originator
and the Seller are also parties to a Receivables Sale Agreement, dated as of April 26, 2010 (as amended by that certain Omnibus
Amendment No. 1, dated as of April 28, 2011, that certain Omnibus Amendment No. 2, dated as of November 1, 2012, and that certain
Omnibus Amendment No. 3, dated as of April 15, 2015, and as otherwise amended, supplemented or otherwise modified prior to the
date hereof, the “Existing Receivables Sale Agreement”). The parties are entering into this Amendment to amend
or otherwise modify the Existing Receivables Purchase Agreement and the Existing Receivables Sale Agreement (as amended, the “Receivables
Purchase Agreement” and the “Receivables Sale Agreement”, respectively, and collectively, the “Agreements”).

 

Reference
is made to that certain Amendment No. 3 and Waiver to Credit Agreement, dated on or around the date hereof, by and among Ingram
Micro Inc., Ingram Micro Luxembourg S.a r.l., the lenders party thereto, The Bank of Nova Scotia, as the administrative agent
for the lenders party thereto, and certain other financial institutions party thereto (the “Revolver Amendment”).

 

AGREEMENT

 

1.       Definitions.
Capitalized terms are used in this Amendment as defined in Exhibit I of the Receivables Purchase Agreement.

 

2.       Waiver.
At the request of the Seller and the Servicer, the Majority Purchasers party hereto hereby waive any Termination Event which may
exist prior to the Effective Date

 

    	 

    	 

    

under
clause (m) of Exhibit V to the Existing Receivables Purchase Agreement, solely as a result of the Merger (as defined in the Revolver
Amendment).

 

3.       Amendments
to Receivables Purchase Agreement. The Seller, the Servicer, the Majority Purchasers party hereto and the Administrative Agent
agree that effective on (and subject to the occurrence of) the Effective Date (as defined below), the Existing Receivables Purchase
Agreement (including the Exhibits, Schedules and Annexes attached thereto) is hereby amended in its entirety in the form of Exhibit
A attached hereto.

 

4.       Amendments
to Receivables Sale Agreement. The Originator, the Company (as defined in the Receivables Sale Agreement), the Majority Purchasers
party hereto and the Administrative Agent agree that effective on (and subject to the occurrence of) the Effective Date, the Existing
Receivables Sale Agreement is hereby amended as follows:

 

(a)       Section
1.1 of the Existing Receivables Sale Agreement is hereby amended by adding the following definitions in alphabetical order:

 

““Anti-Corruption
Laws” means the United States Foreign Corrupt Practices Act of 1977, as amended, and the United Kingdom Bribery Act
2010, as amended.

 

“Sanctions”
means any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”),
the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or French
governmental authorities.”.

 

(b)       Clause
(v) of Section 4.1 of the Receivables Sale Agreement is hereby amended and restated in its entirety to read as follows:

 

“(v)It
is not (i) an “investment company,” or a company “controlled” by an “investment company,”
within the meaning of the Investment Company Act of 1940 or (ii) an EEA Financial Institution.”.

 

(c)       Clause
(y) of Section 4.1 of the Receivables Sale Agreement is hereby amended and restated in its entirety to read as follows:

 

“(y)
Sanctions and Anti-Bribery, Anti-Corruption and Anti-Money Laundering.

 

(i)
No Originator, any of its Subsidiaries or, to the knowledge of such Originator, any director, officer, employee or agent of such
Originator or any of its Subsidiaries is a Person that is, or is owned or controlled by Persons that are: (x) the target of any
Sanctions, or (y) located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions,
currently, Crimea, Cuba, Iran, North Korea, Sudan and Syria.

 

(ii)       Each
Originator and its Subsidiaries, and to such Originator’s knowledge, such Originator’s directors, officers, agents
and employees, are in

 

    	2

    	 

    

compliance
with all applicable anti-bribery, anti-corruption or anti-money laundering laws, regulations and rules in any applicable jurisdiction,
in all material respects, and such Originator has instituted and maintains risk-based policies and procedures designed to prevent
violation of such laws, regulations and rules.”.

 

(d)       Section
5.1 of the Receivables Sale Agreement is hereby amended by inserting a new clause (u) at the end thereof to read as follows:

 

“(u)Sanctions.
It will not, directly or indirectly, use the proceeds of any Purchase, or lend, contribute or otherwise make available such proceeds
to any subsidiary, joint venture partner or other Person, (i) to fund any activities or business of or with any Person, or in
any country or territory that, at the time of such purchase, is, or whose government is, the subject of Sanctions, except to the
extent permissible for a Person required to comply with Sanctions, or (ii) in any other manner that would result in a violation
of Sanctions or Anti-Corruption Laws by any Person (including any Person participating in any Purchase, whether as underwriter,
advisor, investor or otherwise).”.

 

(e)       Section
6.1(c)(i) is hereby amended and restated in its entirety to read as follows:

 

“(i)Any
Originator shall fail to perform or observe any other term, covenant or agreement contained in clauses (a), (b),
(d), (e), (g)(i), (i), (m)(iii) and (u) of Section 5.1;”.

 

5.       Representations
and Warranties of the Seller, the Servicer and the Originator. Each of the Seller, the Servicer and the Originator hereby
represents and warrants, as to itself, (x) in the case of the Seller and the Servicer, to the Administrative Agent, each Purchaser
and each Purchaser Agent, and (y) in the case of the Originator, to the Seller, as follows:

 

(a)       Representations
and Warranties. Immediately after giving effect to this Amendment, the representations and warranties made by such Person
in the Transaction Documents to which it is a party are true and correct as of the date hereof (unless stated to relate solely
to an earlier date, in which case such representations or warranties were true and correct as of such earlier date).

 

(b)       Enforceability.
This Amendment and each other Transaction Document to which it is a party, as amended hereby, constitute the legal, valid and
binding obligation of such Person enforceable against such Person in accordance with its respective terms, except as such enforceability
may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights
generally and by general principles of equity, regardless of whether enforceability is considered in a proceeding in equity or
at law.

 

(c)       No
Termination Event. After giving effect to the waiver set forth in Section 2, no event has occurred and is continuing,
or would result from the transactions contemplated hereby, that constitutes a Termination Event or an Unmatured Termination Event.

 

    	3

    	 

    

6.       Conditions.

 

(a)       This
Amendment (but for the avoidance of doubt, not the waiver set forth in Section 2, the amendments to the Existing Receivables
Purchase Agreement pursuant to Section 3 and the amendments to the Existing Receivables Sale Agreement pursuant to Section
4) shall become effective on the date (the “Closing Date”) when the Administrative Agent shall have received
counterparts hereto duly executed by the Seller, the Servicer, the Originator, the Majority Purchasers party hereto and itself,
or such condition shall have been waived.

 

(b)       The
waiver set forth in Section 2, the amendments to the Existing Receivables Purchase Agreement pursuant to Section 3
and the amendments to the Existing Receivables Sale Agreement pursuant to Section 4 shall become effective on the date
(the “Effective Date”) when (i) the Closing Date shall have occurred, (ii) the Servicer (on behalf of the Seller)
shall have paid to the Administrative Agent, for the benefit of and distribution to each Purchaser Agent, for itself and each
Purchaser in its Purchaser Group, an amendment fee in an amount equal to the product of (A) 2.5 basis points (0.025%) times
(B) the Group Maximum Purchase Amount for such Purchaser Group, and (iii) the “Third Amendment Effective Date”
shall have occurred (as defined in the Revolver Amendment) unless, in each case, such condition shall have been waived by the
Administrative Agent acting at the direction of the Majority Purchasers (and, solely with respect to clause (iii), the
Servicer);

 

provided
that, in the event the Third Amendment Effective Date does not occur on or before 11:59 p.m., New York City time, on February
12, 2017, then this Amendment shall automatically terminate unless the Administrative Agent shall, upon the instruction of the
Majority Purchasers, agree to an extension. The Administrative Agent shall promptly notify the Seller, the Servicer, the Originator
and each Purchaser Agent when the foregoing conditions have been satisfied and when the Closing Date and Effective Date has occurred,
and such notice shall be conclusive and binding on all parties to the Agreements.

 

7.       Ratification.
This Amendment constitutes an amendment to the Agreements. Upon and after the Effective Date, all references to the Agreements
in any document shall be deemed to refer to the Agreements as amended by this Amendment, unless the context otherwise requires.
Except as amended above, the Agreements are hereby ratified in all respects. Except as set forth above, the execution, delivery
and effectiveness of this Amendment shall not operate as an amendment or waiver of any right, power or remedy of the parties hereto
under the Agreements, nor constitute an amendment or waiver of any provision of the Agreements. This Amendment shall not constitute
a course of dealing among the parties hereto at variance with the Agreements such as to require further notice by any of the Administrative
Agent, the Purchaser Agents or the Purchasers to require strict compliance with the terms of the Agreements in the future, as
amended by this Amendment, except as expressly set forth herein. Each of the Seller, the Servicer and the Originator hereby acknowledges
and expressly agrees that each of the Administrative Agent, the Purchaser Agents and the Purchasers reserves the right to, and
does in fact, require strict compliance with all terms and provisions of the Agreements, as amended herein.

 

    	4

    	 

    

8.       No
Proceedings. Each of the parties hereto agrees, for the benefit of the holders of the privately or publicly placed indebtedness
for borrowed money of (i) any Conduit Purchaser (other than the Regency Conduit Purchaser), not, prior to the date which is one
(1) year and one (1) day after the payment in full of all privately or publicly placed indebtedness for borrowed money of any
such Conduit Purchaser outstanding, to acquiesce, petition or otherwise, directly or indirectly, invoke, or cause any Conduit
Purchaser to invoke an Insolvency Proceeding by or against any such Conduit Purchaser and (ii) the Regency Conduit Purchaser,
not, prior to the date which is two (2) years and one (1) day after the payment in full of all privately or publicly placed indebtedness
for borrowed money of the Regency Conduit Purchaser outstanding, to (x) acquiesce, petition or otherwise, directly or indirectly,
invoke, or cause any Conduit Purchaser to invoke an Insolvency Proceeding by or against the Regency Conduit Purchaser or (y) have
any right to take any steps for the purpose of obtaining payments of any amounts payable to it under the Receivables Purchase
Agreement by the Regency Conduit Purchaser. The provisions of this Section 8 shall survive the termination of the Receivables
Purchase Agreement.

 

9.       Severability.
Each provision of this Amendment shall be severable from every other provision of this Amendment for the purpose of determining
the legal enforceability of any provision hereof, and the unenforceability of any provision hereof, and the unenforceability of
one or more provisions of this Amendment in one jurisdiction shall not have the effect of rendering such provision or provisions
unenforceable in any other jurisdiction.

 

10.       Miscellaneous.
This Amendment may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall
be an original, but all such counterparts shall together constitute but one and the same instrument. THIS AMENDMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

    	5

    	 

    

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

 

	 	INGRAM FUNDING INC.,
	 	as Seller
	 	 
	 	By: 	/s/ Erik Smolders
	 	 	Name: Erik Smolders
Title: Corporate Treasurer

 

	 	INGRAM MICRO INC.,
	 	as Servicer and Originator
	 	 
	 	By: 	/s/ William D. Humes
	 	 	Name: William D. Humes
Title: Chief Financial
Officer

 

	 

 

    
Omnibus Amendment No. 4
 

     

    

 

	 	THE PURCHASER GROUPS:

 

	 	THE
BANK OF NOVA SCOTIA,
	 	as Purchaser Agent for the

Liberty Street Purchaser Group
	 	 
	 	By: 	/s/ Diane Emanuel
	 	 	Name: Diane Emanuel
Title: Managing Director

 

	 	THE
BANK OF NOVA SCOTIA,

	 	as related Alternate Purchaser
	 	 
	 	By: 	/s/ Diane Emanuel
	 	 	Name: Diane Emanuel
Title: Managing Director

 

	 	LIBERTY STREET FUNDING LLC,
	 	as a Conduit Purchaser
	 	 
	 	By: 	/s/ Jill A. Russo
	 	 	Name: Jill A. Russo
Title: Vice President

 

 

 

    
Omnibus Amendment No. 4
 

     

    

 

	 	THE BANK OF TOKYO-MITSUBISHI
UFJ, LTD., NEW YORK BRANCH,
	 	as Purchaser Agent for
the Victory Purchaser Group
	 	 
	 	By: 	/s/ Richard Gregory
Hurst
	 	 	Name: Richard Gregory
Hurst
Title: Managing Director

 

	 	THE BANK OF TOKYO-MITSUBISHI
UFJ, LTD., NEW YORK BRANCH,
	 	as Alternate Purchaser
	 	 
	 	By: 	/s/ Richard Gregory
Hurst
	 	 	Name: Richard Gregory
Hurst
Title: Managing Director

 

	 	VICTORY RECEIVABLES
CORPORATION,
	 	as a Conduit Purchaser
	 	 
	 	By: 	/s/ David V. DeAngelis
	 	 	Name: David V. DeAngelis
Title: Vice President

 

	 

 

 

    
Omnibus Amendment No. 4
 

     

    

 

	 	HSBC SECURITIES (USA),
INC.,
	 	as Purchaser Agent for
the Regency Purchaser Group
	 	 
	 	By: 	/s/ Laurie Lawler
	 	 	Name: Laurie Lawler
Title: Manager

 

	 	HSBC BANK USA, N.A.,
	 	as an Alternate Purchaser
	 	 
	 	By: 	/s/ Jonathan Yip
	 	 	Name: Jonathan Yip
Title: Vice President

 

	 	REGENCY ASSETS LIMITED,
	 	as a Conduit Purchaser
	 	 
	 	By: 	/s/ Michael Carroll
	 	 	Name: Michael Carroll
Title: Director

  

	 

 

    
Omnibus Amendment No. 4
 

     

    

 

	 	THE BANK OF NOVA SCOTIA,
	 	as Administrative Agent
	 	 
	 	By: 	/s/ Diane Emanuel
	 	 	Name: Diane Emanuel
Title: Managing Director

 

 

	 

 

 

    
Omnibus Amendment No. 4
 

     

    

EXHIBIT
A

 

 

RECEIVABLES PURCHASE AGREEMENT1

among

INGRAM FUNDING INC.,

as Seller

INGRAM MICRO INC.,

as Servicer

THE VARIOUS PURCHASER GROUPS FROM TIME TO TIME PARTY HERETO

 

and

THE BANK OF NOVA SCOTIA,

 

as Administrative Agent

Dated as of April 26, 2010

 

 

 

 

 

 

 

_____________________________

1 As
amended by Amendment No. 1 to Receivables Purchase Agreement, dated as of June 24, 2010, Omnibus Amendment No. 1, dated as of
April 28, 2011, Amendment No. 2 to Receivables Purchase Agreement, dated as of December 16, 2011, Omnibus Amendment No. 2, dated
as of November 1, 2012, Amendment No. 4 to Receivables Purchase Agreement, dated as of November 1, 2013, Omnibus Amendment No.
3, dated as of April 15, 2015, and Omnibus Amendment No. 4, dated as of October 21, 2016.

 

    	 

    	 

    

 

	Table
    of Contents
	

                                                     

	Page

 

	ARTICLE
    I	AMOUNTS
    AND TERMS OF THE PURCHASES

	Section 1.1.	Purchase Facility	1
	Section 1.2.	Making Purchases	2
	Section 1.3.	Receivables Interest Computation	3
	Section 1.4.	Settlement Procedures	4
	Section 1.5.	Fees	8
	Section 1.6.	Payments and Computations, Etc	8
	Section 1.7.	Increased Costs	9
	Section 1.8.	 Requirements of Law	10
	Section 1.9.	Taxes	10
	Section 1.10.	Inability to Determine Eurodollar Rate or LMIR	14

	ARTICLE
    II	REPRESENTATIONS
    AND WARRANTIES; COVENANTS; TERMINATION EVENTS

	Section 2.1.	Representations and Warranties; Covenants	15
	Section 2.2.	Termination Events	15

 

	ARTICLE
    III	INDEMNIFICATION	 

	Section 3.1.	Indemnities by the Seller	18
	Section 3.2.	Indemnification by the Servicer	21
	 	 	 

	ARTICLE
    IV	ADMINISTRATION
    AND COLLECTIONS

	Section 4.1.	Appointment of Servicer	21
	Section 4.2.	Duties of Servicer	22
	Section 4.3.	Blocked Account Arrangements	24
	Section 4.4.	Enforcement Rights	24
	Section 4.5.	Responsibilities of the Originator; Assignment of Rights Under Receivables Sale Agreement	25
	Section 4.6.	Servicing Fee	26
	 	 	 

	ARTICLE
    V	THE AGENTS	 

	Section 5.1.	Appointment and Authorization	26
	Section 5.2.	Delegation of Duties	28
	Section 5.3.	Exculpatory Provisions	28

 

    	-i-

    	 

    

	Table
    of Contents
	(continued)
	Page

 

	Section 5.4.	Reliance by Agents	28
	Section 5.5.	Notice of Termination Events	29
	Section 5.6.	Non-Reliance on Administrative Agent, Purchaser Agents and Other Purchasers	29
	Section 5.7.	Administrative Agent and Affiliates	30
	Section 5.8.	Indemnification	30
	Section 5.9.	Successor Administrative Agent	30

 

	ARTICLE
    VI	MISCELLANEOUS	 

	Section 6.1.	Amendments, Etc	31
	Section 6.2.	Notices, Etc	31
	Section 6.3.	Successors and Assigns; Participations; Assignments	31
	Section 6.4.	Costs, Expenses and Taxes	34
	Section 6.5.	No Proceedings; Limitation on Payments	35
	Section 6.6.	Confidentiality	35
	Section 6.7.	GOVERNING LAW AND JURISDICTION	36
	Section 6.8.	Execution in Counterparts	37
	Section 6.9.	Termination; Survival of Termination	37
	Section 6.10.	WAIVER OF JURY TRIAL	37
	Section 6.11.	Sharing of Recoveries	37
	Section 6.12.	Right of Setoff	38
	Section 6.13.	Entire Agreement	38
	Section 6.14.	Headings	38
	Section 6.15.	Conduit Purchaser’s Liabilities	38
	Section 6.16.	Purchaser Groups’ Liabilities	38

 

    	-ii-

    	 

    

 

	EXHIBIT I	–	DEFINITIONS	I-1
	EXHIBIT II	–	CONDITIONS OF PURCHASES	II-1
	EXHIBIT III	–	REPRESENTATIONS AND WARRANTIES	III-1
	EXHIBIT IV	–	COVENANTS	IV-1
	EXHIBIT V	–	TERMINATION EVENTS	V-1
	EXHIBIT VI	–	SUPPLEMENTAL PERFECTION REPRESENTATIONS,	 
	 	 	WARRANTIES AND COVENANTS	VI-1
	 	 	 	 
	 	 	 	 
	SCHEDULE I	–	CREDIT AND COLLECTION POLICY	 
	SCHEDULE II	–	BLOCKED ACCOUNT BANKS AND BLOCKED ACCOUNTS	 
	SCHEDULE III	–	TRADE NAMES	 
	SCHEDULE IV	–	SPECIAL CONCENTRATION PERCENTAGES	 
	SCHEDULE V	–	OFFICES OF ORIGINATOR	 
	SCHEDULE VI	–	PURCHASER’S ACCOUNTS	 
	SCHEDULE VII	–	SELLER’S ACCOUNTS	 
	SCHEDULE VIII	–	[INTENTIONALLY OMITTED]	 
	SCHEDULE IX	–	INGRAM COMPETITORS	 
	SCHEDULE X	–	FISCAL MONTHS	 
	 	 	 	 
	ANNEX A	–	FORM OF PURCHASE NOTICE	 
	ANNEX B	–	FORM OF PAYDOWN NOTICE	 
	ANNEX C	–	FORM OF BLOCKED ACCOUNT AGREEMENT	 
	ANNEX D-1	–	FORM OF MONTHLY RECEIVABLES REPORT	 
	ANNEX D-2	–	FORM OF INTERIM RECEIVABLES REPORT	 
	ANNEX E	–	FORM OF GENERAL CORPORATE OPINION	 
	ANNEX F	–	FORM OF ENFORCEABILITY AND CHOICE OF LAW OPINION	 
	ANNEX G	–	FORM OF TRUE SALE OPINION AND NONCONSOLIDATION OPINION	 
	ANNEX H	–	FORM OF PERFECTION AND PRIORITY OPINION	 
	ANNEX I	–	FORM OF ASSUMPTION AGREEMENT	 
	ANNEX J	–	FORM OF TRANSFER SUPPLEMENT	 
	ANNEX K	–	CREDIT AGREEMENT	 

 

 

    	-i-

    	 

    

RECEIVABLES
PURCHASE AGREEMENT

 

This
RECEIVABLES PURCHASE AGREEMENT (this “Agreement”) is entered into as of April 26, 2010 among INGRAM FUNDING
INC., a Delaware corporation, as seller (the “Seller”), INGRAM MICRO INC., a Delaware corporation, as initial
servicer (in such capacity, together with its successors and permitted assigns in such capacity, the “Servicer”),
THE VARIOUS PURCHASERS AND PURCHASER AGENTS FROM TIME TO TIME PARTY HERETO, and THE BANK OF NOVA SCOTIA, a bank organized under
the laws of France, acting through its New York Branch, as program administrator (in such capacity, together with its successors
and assigns in such capacity, the “Administrative Agent”) for each Purchaser Group.

 

PRELIMINARY
STATEMENTS.

 

Certain
terms that are capitalized and used throughout this Agreement are defined in Exhibit I.

 

The
Seller desires to sell, transfer and assign an undivided variable percentage interest in a pool of receivables, and the Purchasers
desire, from time to time in their sole discretion, to acquire such undivided variable percentage interest through the Administrative
Agent, as such percentage interest shall be adjusted as hereinafter set forth.

 

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

 

ARTICLE
I

AMOUNTS AND TERMS OF THE PURCHASES

 

Section
1.1.Purchase Facility. i) On the terms and subject to the conditions hereof, the Seller may, from time to time before
the Termination Date, request that the Administrative Agent on behalf of each of the Conduit Purchasers, based on its Purchaser
Group’s Ratable Share, or, only if a Conduit Purchaser denies such request or is unable to fund or otherwise fails to comply
with such request, ratably require that the Administrative Agent, on behalf of the related Alternate Purchasers based on their
respective Percentages, make such purchases (each, a “Purchase”) of undivided percentage ownership interests
with regard to the Receivables Interest from the Seller from time to time from the date hereof. If a Conduit Purchaser denies
such a request or is unable to fund, such Conduit Purchaser shall provide notice thereof to the Seller, the Administrative Agent
and the applicable Purchaser Agent. Each Alternate Purchaser shall, on the terms and subject to the conditions hereof, upon the
Seller’s request and related Conduit Purchaser’s denial or other failure to make a Purchase, fund Purchases before
the Termination Date, based on its Purchaser Group’s Ratable Share of each Purchase requested under Section 1.2(a)
(and, in the case of each Alternate Purchaser in a Purchaser Group, its respective Percentage). Furthermore, on each Business
Day that is not a Termination Day, the Seller may make Reinvestments out of collections as contemplated by Section 1.4(b)(ii).
Under no circumstances shall any Purchaser fund any Purchase or shall the Seller make any Reinvestment hereunder if, after giving
effect to such Purchase or Reinvestment (i) such Purchaser’s Capital

 

    	 

    	 

    

would
exceed its Maximum Purchase Amount, (ii) the Aggregate Capital would (after giving effect to all Purchases and Reinvestments
on such date) exceed the Program Limit or (iii) the Receivables Interest would exceed 100%. Nothing in this Agreement shall
be deemed to be or construed as a commitment by any Conduit Purchaser to purchase or reinvest in the Pool Assets or the Receivables
Interest.

 

(b)       The
Seller may, upon at least ten (10) Business Days’ notice to the Administrative Agent, terminate the purchase facility provided
in this Section 1.1 in whole or, from time to time, irrevocably reduce in part the unused portion of the Program Limit
(but not below $100,000,000 (unless the Program Limit is reduced to $0) or the amount which would cause the Group Capital of any
Purchaser Group to exceed its Group Maximum Purchase Amount (after giving effect to such reduction)); provided that each
partial reduction shall (except for a reduction to $0) be in the amount of at least $5,000,000 or an integral multiple of $5,000,000
in excess thereof. Such reduction shall, unless otherwise agreed to in writing by the Seller, the Administrative Agent and each
Purchaser Agent be applied ratably to reduce the Group Maximum Purchase Amount of each Purchaser Group.

 

Section
1.2.Making Purchases. ii) Each Purchase hereunder may be made on any Business Day upon the Seller’s irrevocable
written notice in the form of Annex A (each, a “Purchase Notice”) delivered to the Administrative Agent
and each Purchaser Agent in accordance with Section 6.2 (which notice must be received by the Administrative Agent and
each Purchaser Agent before 4:00 p.m., New York City time) at least one (1) Business Day prior to the requested Purchase Date,
which notice shall specify: (A) the amount of Capital requested to be paid to the Seller (which amount shall not be less than
$250,000), (B) the requested Purchase Date and (C) the pro forma calculation of the Receivables Interest after giving
effect to the increase in the Aggregate Capital.

 

(b)       On
the date of each Purchase hereunder, each applicable Purchaser shall, upon satisfaction of the applicable conditions set forth
in Exhibit II, make available to the Seller in same day funds, an amount equal to the Capital then being funded by
such Purchaser at the account set forth on Schedule VII or such other account as may be designated in writing by the Seller from
time to time.

 

(c)       [Reserved].

 

(d)       To
secure all of the Seller’s obligations (monetary or otherwise) to the Secured Parties under this Agreement and the other
Transaction Documents to which it is a party, whether now or hereafter existing or arising, due or to become due, direct or indirect,
absolute or contingent, the Seller hereby grants to the Administrative Agent, for the benefit of itself and each of the other
Secured Parties, a security interest in all of the Seller’s right, title and interest (including any undivided interest
of the Seller) in, to and under all of its Property, whether now or hereafter owned, existing or arising, including the following:
(i) all Pool Receivables, (ii) all Related Security with respect to such Pool Receivables, (iii) all Records, (iv) all of
the Seller’s right, title and interest in each post office box and related post office box address and Blocked Account to
which Collections are sent, all amounts on deposit therein, all certificates and instruments, if any, from time to time evidencing
such Blocked Accounts and amounts on deposit therein, and all related agreements between the Seller and the Blocked Account Banks,

 

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(v)
all Collections with respect to the foregoing, and (vi) all proceeds of, and all amounts received or receivable under any or all
of, the foregoing (collectively, the “Pool Assets”). The Administrative Agent, for the benefit of itself, the
Purchaser Agents and the Purchasers, shall have, with respect to the Pool Assets, and in addition to all the other rights and
remedies available to the Administrative Agent and the Purchasers hereunder, all the rights and remedies of a secured party under
any applicable UCC. Notwithstanding anything to the contrary contained herein or in any other Transaction Document, the Seller’s
interest in the foregoing is expressly subordinated in all respects to the payment of the Capital, the Yield on the Aggregate
Capital and all fees and all other amounts payable by the Seller hereunder and under the other Transaction Documents to the Purchasers,
the Administrative Agent, the Affected Persons and all Indemnified Parties. In connection with the grant of the transfer of ownership
of the Pool Assets set forth in Section 1.2(c) or the security interest in the Pool Assets set forth in this Section
1.2(d) by signing this Agreement in the space provided, the Seller hereby authorizes the filing of, as applicable, UCC financing
statements in all necessary jurisdictions. Upon termination of this Agreement in accordance with Section 6.9, and so long
as no suits, actions, proceedings or claims are pending or threatened against any Indemnified Party asserting any damages, losses
or liabilities covered under Section 3.1 or Section 3.2, (i) the security interest in the Pool Assets granted to
the Administrative Agent pursuant to this Section 1.2(d) shall be automatically released in full and (ii) the Administrative
Agent shall take (at the Seller’s expense) such actions as are reasonably requested by the Seller to terminate and release
all of its right, title and interest (including any security interest) in the Pool Assets.

 

(e)       The
Seller may (i) with the written consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed),
add additional Persons as Purchasers (either to an existing Purchaser Group or by creating new Purchaser Groups) or (ii) permit
an existing Purchaser to increase its Maximum Purchase Amount in connection with a corresponding increase in the Program Limit
(up to a maximum Program Limit of $925,000,000); provided, however, that the Maximum Purchase Amount of any Purchaser may
only be increased with the prior written consent of such Purchaser. Each new Purchaser (or Purchaser Group) shall become a party
hereto, by executing and delivering to the Administrative Agent and the Seller, an Assumption Agreement in the form of Annex I
(which Assumption Agreement shall, in the case of any new Purchaser or Purchasers, be executed by each Person in such new Purchaser’s
Purchaser Group).

 

Section
1.3.Receivables Interest Computation. The Receivables Interest shall be initially computed on the date of the initial
Purchase hereunder. Thereafter until the Final Payout Date, the Receivables Interest shall be automatically recomputed (or deemed
to be recomputed) on each Business Day other than a Termination Day, it being understood that the Servicer shall not be required
to provide evidence of such automatic recomputation except as provided in Section 2(a) of Exhibit II. On any day
that is a Termination Day, the Receivables Interest shall (until the event(s) giving rise to such Termination Day are satisfied
or waived by the Administrative Agent with the consent of the Majority Purchasers) be deemed to be 100%. With respect to each
calculation of the Receivables Interest and the Required Reserve used in such calculation shall be measured using the information
reported in the most recent Monthly Receivables Report or Interim Receivables Report. The Receivables Interest shall become zero
when the Aggregate Capital and Aggregate Yield thereon shall have been paid in full, all the amounts owed by the Seller hereunder
to each Purchaser, the Administrative Agent, and any

 

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other
Indemnified Party or Affected Person, are paid in full and the Servicer shall have received all accrued and unpaid Servicing Fees.

 

Section
1.4.Settlement Procedures. iii) The collection of the Pool Receivables shall be administered by the Servicer in accordance
with the terms of this Agreement. All Collections of Pool Receivables shall be remitted on a daily basis to the Blocked Accounts.
The Servicer shall promptly, and in any event within one (1) Business Day, identify and remove from each Blocked Account (and
remit to the Originator) any amounts deposited therein which are not Collections of Pool Receivables.

 

(b)       The
Servicer shall, on each day on which Collections of Pool Receivables are received (or deemed received) by the Seller or the Servicer:

 

(i)       set
aside and hold in trust (in a Blocked Account or other account reasonably acceptable to the Administrative Agent and subject to
a Blocked Account Agreement) for each Purchaser and the Administrative Agent, as applicable, an amount equal to (A) first,
the Aggregate Yield accrued and unpaid through such day for each Portion of Capital and not previously set aside; (B) second,
to the extent funds are available therefor an amount equal to the Administrative Agent Fee accrued and unpaid through such day
and not previously set aside; (C) third, to the extent funds are available therefor an amount equal to the Program Fees
and other Fees accrued and unpaid through such day and not previously set aside; (D) fourth, to the extent funds are available
therefor the Servicing Fee accrued and unpaid through such day and not previously set aside; and (E) fifth, all other amounts
(other than Capital) payable hereunder or under the other Transaction Documents to each of the Secured Parties and any other Person;

 

(ii)       subject
to Section 1.4(f), if such day is not a Termination Day, remit to the Seller, on behalf of each Purchaser Group, the remainder
of such Collections that were not set aside pursuant to clause (i) above. Such remainder shall be automatically reinvested
in Pool Assets (a “Reinvestment”), ratably according to each Purchaser’s Capital, and the Receivables
Interest shall be automatically recomputed pursuant to Section 1.3;

 

(iii)       if
such day is a Termination Day, set aside, segregate and hold in trust (in a Blocked Account or other account reasonably acceptable
to the Administrative Agent and subject to a Blocked Account Agreement) for the benefit of the Purchasers after setting aside
the amounts required pursuant to clause (i) above, the entire remainder of Collections in respect of the Aggregate Capital;
provided, however, that if such day is a Termination Day because the Receivables Interest would exceed 100%, then
Collections required to be so set aside pursuant to this clause (iii) shall be limited to the amount equal to the amount
necessary to reduce the Receivables Interest to 100%, which amount shall be deposited to the Administrative Agent’s Distribution
Account with respect to each Purchaser’s Portion(s) of Capital on the next Business Day for ratable application to such
Capital; provided, further, that if amounts are set aside and held in trust on any Termination Day of the type described
in clause (i) of the definition of “Termination Day” and on such day or thereafter (so long as such funds are
not theretofore applied in accordance with the immediately preceding proviso), the conditions set forth in Section 2

 

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of
Exhibit II are satisfied or waived by the Administrative Agent with the consent of the Majority Purchasers, such previously
set-aside amounts shall be reinvested in accordance with Section 1.4(b)(ii) on the day of such subsequent satisfaction
or waiver; and

 

(iv)       release
to the Seller (subject to Section 1.4(f)) for its own account any Collections in excess of: the sum of (x) amounts reinvested
in accordance with Section 1.4(b)(ii) or the second proviso to Section 1.4(b)(iii) plus (y) the amounts that are
required to be set aside pursuant to Section 1.4(b)(i) and Section 1.4(b)(iii) plus (z) all reasonable and appropriate
out-of-pocket costs and expenses of the Servicer for servicing, collecting and administering the Pool Receivables.

 

(c)       The
Servicer shall, in accordance with the priorities set forth in Section 1.4(d), below, deposit (i) (A) into each applicable
Purchaser’s account as set forth in Schedule VI (or such other account designated in writing by such applicable Purchaser
or its Purchaser Agent), on each Settlement Date Collections held for each Purchaser with respect to such Purchaser’s Portion(s)
of Capital pursuant to Section 1.4(b)(i)(A) and (C) and (B) into the Administrative Agent’s Distribution Account
on each Settlement Date (or in the case of funds to be applied pursuant to the first proviso to Section 1.4(b)(iii),
on the next Business Day), Collections held for each Purchaser with respect to such Purchaser’s Portion(s) of Capital pursuant
to Section 1.4(b)(i)(E) and Section 1.4(b)(iii), (ii) into an account designated by the Servicer, on each Settlement
Date, the portion of the Collections set aside pursuant to Section 1.4(b)(i)(D); provided, that so long as Ingram
is the Servicer and such day is not a Termination Day, the Servicer may retain the portion of the Collections set aside pursuant
to Section 1.4(b)(i)(D) in respect of Servicing Fees and (iii) in the Administrative Agent’s account as set
forth in Schedule VI (or such other account designated in writing by the Administrative Agent, on each Settlement Date),
Collections held for the Administrative Agent pursuant to Section 1.4(b)(i)(B).

 

(d)       The
Servicer and the Administrative Agent shall distribute the amounts described (and at the times set forth) in Section 1.4(c)(i),
as applicable, in each case, as follows:

 

(i)       if
such distribution occurs on a day that is not a Termination Day, first, by the Servicer to each Purchaser Agent (for the
benefit of the relevant Purchasers within such Purchaser Agent’s Purchaser Group) ratably according to the Yield accrued
during the preceding Settlement Period, all accrued Yield with respect to each Portion of Capital maintained by such Purchasers
during the preceding Settlement Period (it being understood that each Purchaser Agent shall distribute such amounts to the Purchasers
within its Purchaser Group ratably according to the amount of Yield owing to each Purchaser); second, by the Administrative
Agent to its own account, all Administrative Agent Fees due to the Administrative Agent, third, by the Servicer to each
Purchaser Agent (for the benefit of the relevant Purchasers within such Purchaser Agent’s Purchaser Group) ratably according
to the Capital maintained by the Purchasers in the related Purchaser Group, all Program Fees and other Fees due to the Purchasers
or the Purchaser Agents, fourth, if the Servicer has set aside amounts in respect of the Servicing Fee pursuant to Section
1.4(b)(i)(D) and has not retained such amounts pursuant to Section 1.4(c), by the Servicer to the Servicer’s
own account (payable in arrears on each Settlement Date) in payment in full of the aggregate of the Servicing Fees so set aside,

 

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and
fifth, by the Administrative Agent all other amounts (other than Capital) payable to each Secured Party and any other Person;
and

 

(ii)       if
such distribution occurs on a Termination Day, first, by the Servicer to each Purchaser Agent ratably (based on the aggregate
accrued and unpaid Yield payable to all Purchasers at such time) (for the benefit of the Purchasers within such Purchaser Agent’s
Purchaser Group), all accrued Yield with respect to each Portion of Capital funded or maintained by the Purchasers within such
Purchaser Agent’s Purchaser Group, second, by the Servicer to the Administrative Agent for its own account all Administrative
Agent Fees due to the Administrative Agent, third, by the Servicer to each Purchaser Agent (for the benefit of the relevant
Purchasers within such Purchaser Agent’s Purchaser Group) ratably according to the Capital maintained by such Purchasers,
all Program Fees and other Fees due to the Purchasers or the Purchaser Agents, it being understood that each Purchaser Agent shall
distribute the amounts described in the first and third clauses of this Section 1.4(d)(ii) to the Purchasers within its
Purchaser Group ratably according to the Yield and Capital of such Purchasers, respectively, fourth, if Ingram is not the
Servicer, by the Servicer to the Servicer’s own account in payment in full of the Servicing Fees, fifth, by the Administrative
Agent to each Purchaser Agent ratably according to the aggregate of the Capital of each Purchaser in each such Purchaser Agent’s
Purchaser Group (for the benefit of the relevant Purchasers within such Purchaser Agent’s Purchaser Group) in payment in
full of each Purchaser’s Capital (or in the case of amounts set aside pursuant to the first proviso to Section 1.4(b)(iii),
the amount necessary to reduce the Receivables Interest to 100%); sixth, if the Aggregate Capital and accrued Aggregate
Yield have been reduced to zero, all Program Fees and all other Fees due to the Purchasers, the Purchaser Agents and the Administrative
Agent, have been reduced to zero, and the Servicing Fees payable to the Servicer (if other than Ingram) have been paid in full,
by the Administrative Agent on behalf of (a) each Purchaser Group ratably, based on the amounts payable to each Purchaser Group
(for the benefit of the Purchasers within such Purchaser Group), (b) itself and (c) any other Indemnified Party or Affected Person,
in payment in full of any other amounts owed thereto by the Seller or the Servicer hereunder or under the other Transaction Documents,
including, amounts payable pursuant to Section 6.4, and, seventh, by the Servicer to the Servicer’s own account
(if the Servicer is Ingram) in payment in full of the unpaid amount of all accrued Servicing Fees. 

 

After
the Aggregate Capital, Aggregate Yield, all Program Fees and other Fees, Servicing Fees and any other amounts payable by the Seller
and the Servicer to each Purchaser Group, the Administrative Agent or any other Indemnified Party or Affected Person hereunder,
have been paid in full, all additional or remaining Collections with respect to the Pool Receivables shall be paid to the Seller
for its own account.

 

(e)       For
the purposes of this Section 1.4:

 

(i)       if
on any day the Outstanding Balance of any Receivable is reduced or adjusted as a result of any defective, rejected, returned,
repossessed or foreclosed goods or services, or any revision, cancellation, allowance, discount or other adjustment made by the
Seller or any Affiliate of the Seller, or the Servicer or any Affiliate of the Servicer,

 

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or
any setoff or dispute between the Seller or any Affiliate of the Seller, or the Servicer or any Affiliate of the Servicer and
an Obligor, the Seller shall be deemed to have received on such day a Collection of such Receivable in the amount of such reduction
or adjustment for application pursuant to Section 1.4(b);

 

(ii)       if
on any day any of the representations or warranties of the Seller in Section 1(g) or (o) of Exhibit III
or Sections 2, 3 or 4 of Exhibit VI or of the Servicer in Section 2(l) of Exhibit III
is not true with respect to any Pool Receivable, the Seller shall be deemed to have received on such day a Collection of such
Pool Receivable for application pursuant to Section 1.4(b) (Collections deemed to have been received pursuant to clause
(i) or (ii) of this clause (e) are hereinafter sometimes referred to as “Deemed Collections”);

 

(iii)       except
as provided in clause (i) or (ii) of this Section 1.4(e), or as otherwise required by applicable
Law or the relevant Contract, all Collections received from an Obligor with respect to any Pool Receivable shall be applied to
the Pool Receivables of such Obligor in the order of the age of such Pool Receivables, starting with the oldest such Pool Receivable,
unless such Obligor designates its payment for application to specific Pool Receivables; and

 

(iv)       if
and to the extent the Administrative Agent, any Purchaser Agent or any Purchaser shall be required for any reason to pay over
to an Obligor (or any trustee, receiver, custodian or similar official in any Insolvency Proceeding) any amount received by it
hereunder, such amount shall be deemed not to have been so received by such Person such that the Capital of such Person shall
be increased, without duplication of any increase in Capital pursuant to the proviso to the definition thereof, by the amount
of such paid over amount. The Administrative Agent or such Purchaser or Purchaser Agent shall promptly notify the Servicer of
any amounts covered by this clause (iv).

 

(f)       If
at any time the Seller shall wish to cause the reduction of Aggregate Capital, the Seller may do so as follows:

 

(i)       the
Seller shall give the Administrative Agent and each Purchaser Agent at least one (1) Business Day’s prior written notice
thereof (which notice must be received by the Administrative Agent and each Purchaser Agent before 4:00 p.m., New York City time
on the day of such notice or otherwise shall be deemed to be received on the following Business Day) in substantially the form
of Annex B (including the amount of such proposed reduction and the proposed date on which such reduction will commence
or occur),

 

(ii)       if
the Seller elects that such reduction be effected through the application of Collections, then

 

(A)       on
the proposed date of commencement of such reduction and on each day thereafter, the Servicer shall cause Collections not to be
reinvested until the amount thereof not so reinvested shall equal the desired amount of reduction, and

 

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(B)       the
Servicer shall hold such Collections in trust for the benefit of each Purchaser ratably according to its Capital, for payment
to each such Purchaser (or its related Purchaser Agent for the benefit of such Purchaser) by depositing such Collections in the
Administrative Agent’s Distribution Account on the date on which the desired reduction amount is reached pursuant to clause
(ii) above and the Administrative Agent shall distribute such amounts to each Purchaser ratably according to its Capital,
and the Aggregate Capital shall be reduced by the aggregate amount to be paid and the Capital of each Purchaser shall be reduced
in the amount to be paid to such Purchaser (or its related Purchaser Agent for the benefit of such Purchaser) only when, in each
case so paid; provided that, with respect to any Portion of Capital, the Seller shall choose a reduction amount, and the
date of commencement thereof, so that such reduction shall commence and conclude in the same Collection Period.

 

(iii)       Unless
a Termination Event or Unmatured Termination Event then exists, if the Seller elects that such reduction be effected by a one-time
payment of cash (and not through the application of Collections), then on the proposed date of such reduction, the Seller shall
deposit in the Administrative Agent’s Distribution Account, the amount of such reduction and the Administrative Agent shall
distribute such amounts ratably according to each Purchaser’s Capital in immediately available funds for payment to each
Purchaser (or its related Purchaser Agent for the benefit of such Purchaser). Upon payment of such funds, the Aggregate Capital
shall be reduced by the aggregate amount paid and the Capital of each Purchaser shall be reduced in the amount paid to such Purchaser
(or its related Purchaser Agent for the benefit of such Purchaser) when, in each case, so paid.

 

Section
1.5.Fees.The Seller shall pay to each Purchaser Agent for the benefit of the Purchasers in the related Purchaser Group,
in accordance with the provisions set forth in Section 1.4(d), certain fees (the “Fees”) in the amounts
and on the dates set forth in the applicable fee letter agreement for such Purchaser Group dated as of November 1, 2012,
among the Originator, the Seller and the applicable Purchaser Agent (each a “Fee Letter”).

 

Section
1.6.Payments and Computations, Etc. iv) All amounts to be paid or deposited by the Seller or the Servicer hereunder
shall be made without reduction for offset or counterclaim and shall be paid or deposited no later than 3:00 p.m. (New York City
time) on the day when due in the same day funds to the account of such Purchaser maintained by the applicable Purchaser Agent
(or such other account as may be designated from time to time by such Purchaser Agent to the Seller and the Servicer), the Administrative
Agent’s Distribution Account or to the account of the Administrative Agent, as applicable. All amounts received after 4:00
p.m. (New York City time) will be deemed to have been received on the immediately succeeding Business Day.

 

(b)       The
Seller or the Servicer, as the case may be, shall, to the extent permitted by Law, pay interest on any amount not paid or deposited
by the Seller or the Servicer, as the case may be, when due hereunder, at an interest rate equal to the Default Rate, payable
on demand.

 

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(c)       All
computations of interest under clause (b) above and all computations of Yield, Program Fees and other amounts hereunder
shall be made on the basis of a year of 360 (or 365 or 366, as applicable, with respect to Yield or other amounts calculated by
reference to the Alternate Base Rate) days for the actual number of days elapsed. Whenever any payment or deposit to be made hereunder
shall be due on a day other than a Business Day, such payment or deposit shall be made on the next succeeding Business Day and
such extension of time shall be included in the computation of such payment or deposit.

 

Section
1.7.Increased Costs. v) If the Administrative Agent, any Purchaser, Alternate Purchaser or other Program Support Provider
or any of their respective Affiliates (each an "Affected Person") determines that any Regulatory Change (other
than any Regulatory Change relating to taxes) affects or would affect the amount of capital or liquidity required or expected
to be maintained by such Affected Person, and such Affected Person determines that such Regulatory Change has or would have the
effect of reducing the rate of return on capital of such Affected Person (or its parent) as a consequence of such Affected Person's
obligations hereunder or with respect hereto to a level below that which such Affected Person (or its parent) could have achieved
but for such Regulatory Change (an "Increased Cost") (taking into consideration its policies with respect to
capital adequacy or liquidity requirements), then, upon demand by such Affected Person (with a copy to the Administrative Agent),
the Seller shall promptly (and in any event within five (5) Business Days) pay to the Administrative Agent for the account of
such Affected Person, from time to time as specified by such Affected Person, additional amounts sufficient to compensate such
Affected Person in the light of such circumstances, to the extent that such Affected Person determines such reduction in rate
of return to be allocable to the existence of such Affected Person’s obligations hereunder or with respect hereto. Each
Affected Person shall notify the Seller upon becoming aware of any event which is reasonably likely to result in a Regulatory
Change; provided, however, that failure to so notify the Seller of any such event shall not affect such Affected
Person's right to compensation under this Section 1.7 or any other provision of this Agreement. A certificate (with supporting
documentation if available and applicable) as to such amounts submitted to the Seller and the Administrative Agent by such Affected
Person shall be rebuttable, presumptive evidence of such amounts so owing. The term "Regulatory Change" means
(i) the adoption after the date hereof of any Law (including any applicable Law regarding capital adequacy) or any change therein
or in the interpretation or application thereof, in each case adopted, issued or occurring after the date hereof, (ii) any request,
guideline or directive from Financial Accounting Standards Board ("FASB") (including for the avoidance of doubt
FASB's Interpretation No. 46(R), as amended by Statement of Financial Accounting Standards No. 167, effective as of November 15,
2009 (or any future statement or interpretation issued by the FASB or any successor thereto)), or any central bank or other Governmental
Authority (whether or not having the force of law) in each case issued or occurring after the date of this Agreement or (iii)
the compliance, commenced after the date hereof, by any Program Support Provider or Purchaser with the final rule titled Risk-Based
Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to Generally
Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs; and Other Related Issues, adopted by
the United States bank regulatory agencies on December 15, 2009, or any rules or regulations promulgated in connection therewith
by any such agency; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith, and (y) all requests,

 

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rules,
guidelines and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or
any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III,
shall in each case be deemed a "Regulatory Change", regardless of the date enacted, adopted or issued.

 

(b)       If,
due to any Regulatory Change (other than any change (x) referred to in Section 1.8 or (y) with respect to taxes),
there shall be any increase in the cost to any Affected Person of agreeing to purchase or purchasing, or maintaining the ownership
of the Receivables Interest (or its portion thereof) in respect of which Yield is computed by reference to the Eurodollar Rate
or LMIR, then, without duplication of amounts payable pursuant to clause (a) above, upon demand by such Affected Person,
the Seller shall promptly (and in any event within five (5) Business Days of the Seller’s receipt of such demand) pay to
such Affected Person, from time to time as specified by such Affected Person, additional amounts sufficient to compensate such
Affected Person for such increased costs; provided; however, that such Affected Person shall use commercially reasonable
efforts to mitigate any and all such increased costs. A certificate with supporting documentation, if available and applicable
as to such amounts submitted to the Seller and the Administrative Agent by such Affected Person shall be rebuttable, presumptive
evidence of such amounts so owing.

 

Section
1.8. Requirements of Law. In the event that any Affected Person determines that any Regulatory Change (other than a
Regulatory Change relating to taxes):

 

(i)       [Reserved];

 

(ii)       does
or shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets
held by, or deposits or other liabilities in or for the account of, purchases, advances or loans by, or other credit extended
by, or any other acquisition of funds by, any office of such Affected Person that are not otherwise included in the determination
of the Eurodollar Rate, LMIR or the Alternate Base Rate hereunder; or

 

(iii)       does
or shall impose on such Affected Person any other condition;

 

and,
the result of any of the foregoing is (x) to increase the cost to such Affected Person of acting as Administrative Agent, or of
agreeing to purchase or purchasing or maintaining the ownership of undivided percentage ownership interests with regard to the
Pool Assets (or interests therein) or any Portion of Capital in respect of which Yield is computed by reference to the Eurodollar
Rate, LMIR or the Alternate Base Rate or (y) to reduce any amount receivable hereunder (whether directly or indirectly) funded
or maintained by reference to the Eurodollar Rate, LMIR or the Alternate Base Rate, then, in any such case, upon demand by such
Affected Person and without duplication of amounts payable under Section 1.7, the Seller shall promptly (and in any event
within five (5) Business Days of the Seller’s receipt of such demand) pay to such Affected Person any additional amounts
necessary to compensate such Affected Person for such additional cost or reduced amount receivable; provided; however, that such
Affected Person shall use commercially reasonable efforts to mitigate any and all such increased costs or reduced amount receivable.
All such amounts shall be payable as incurred. A

 

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certificate
from such Affected Person to the Seller certifying, in reasonably specific detail, the basis for, calculation of, and amount of
such additional costs or reduced amount receivable shall be rebuttable, presumptive evidence of such amounts so owing; provided,
however, that no Affected Person shall be required to disclose any confidential or tax planning information in any such certificate.

 

Section
1.9.Taxes. (a) The Seller agrees that any and all payments by the Seller under this Agreement shall be made free and
clear of and without deduction for any and all current or future taxes, stamp or other taxes, levies, imposts, deductions, charges
or withholdings, and all liabilities with respect thereto, excluding (i) income or franchise taxes, in either case, imposed on
the Affected Person receiving such payment by the Seller hereunder by the jurisdiction (or any political subdivision thereof)
under whose law such Affected Person is organized or a jurisdiction (or any political subdivision thereof) in which such Affected
Person is treated as a resident for tax purposes, (ii) income, franchise or branch profits taxes imposed on the Affected Person
by reason of a present or former connection between the jurisdiction imposing such tax and such Affected Person other than a connection
arising solely from such Affected Person entering into, enforcing or receiving payment under the Transaction Documents or conducting
a transaction or transactions thereunder, and (iii) U.S. federal withholding taxes imposed under FATCA (all such nonexcluded taxes,
levies, imposts, deductions, charges, withholdings and liabilities being hereinafter referred to as "Nonexcluded Taxes").
If the Seller shall be required by Law to deduct any Nonexcluded Taxes from or in respect of any sum payable hereunder to any
Purchaser or any Program Support Provider or the Administrative Agent, then the sum payable shall be increased by the amount necessary
to yield to such Affected Person (after payment of all Nonexcluded Taxes) an amount equal to the sum it would have received had
no such deductions been made.

 

(b)       In
addition, the Seller shall pay any and all stamp, documentary or similar taxes, or any other excise or property taxes or similar
levies that arise on account of any payment being, or being required to be, made hereunder or from the execution, delivery, registration,
recording or enforcement of the Agreement (hereinafter referred to as “Other Taxes”) to the relevant Governmental
Authority imposing such Other Taxes in accordance with applicable Law.

 

(c)       Subject
to Section 1.9(h), the Seller shall indemnify the Administrative Agent, each Purchaser and each Program Support Provider
for any Nonexcluded Taxes and Other Taxes levied, imposed or assessed on (and whether or not paid directly by) the Administrative
Agent, a Purchaser or a Program Support Provider (and whether or not such Nonexcluded Taxes or Other Taxes are correctly or legally
asserted by the relevant Governmental Authority). Promptly upon having knowledge that any such Nonexcluded Taxes or Other Taxes
have been levied, imposed or assessed, and promptly upon notice thereof by the Administrative Agent, any Purchaser or any Program
Support Provider, the Seller shall pay such Nonexcluded Taxes or Other Taxes directly to the relevant Governmental Authority (provided,
however, that neither the Administrative Agent, nor any Purchaser or any Program Support Provider shall be under any obligation
to provide any such notice to the Seller).

 

(d)       Each
Purchaser agrees that, prior to the date on which the first payment hereunder is due thereto, it will deliver, in accordance with
applicable procedures under United States

 

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Treasury
Regulations or other authoritative guidance, to its Purchaser Agent, the Administrative Agent and the Servicer either:

 

(i)       two
(2) duly completed copies of (x) the United States Internal Revenue Service Form W-9 or successor form, (y) the United States
Internal Revenue Service Form W-8ECI or successor form or (z) the United States Internal Revenue Service Form W-8BEN
or W-8BEN-E, as applicable, claiming eligibility of the Purchaser for benefits of an income tax treaty to which the United States
is a party or successor form, as applicable, in each case together with all required attachments, certifications, documentation
and other information required to establish a complete exemption from United States federal backup withholding and withholding
tax for payments by the Seller or the Servicer to such Purchaser; or

 

(ii)       in
the case of a Purchaser that is not legally entitled to deliver any of the forms listed in Section 1.9(d)(i) above, (x)
a certificate to the effect that such Purchaser is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of
the Code, (B) a “10 percent shareholder” of the Seller within the meaning of Section 881(c)(3)(B) of the Code or (C)
a controlled foreign corporation receiving interest from a related person within the meaning of Section 881(c)(3)(C) of the Code
and (y) two (2) duly completed copies of United States Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable, or applicable
successor form, in each case together with all required attachments, certifications, documentation and other information required
to establish a complete exemption from United States federal backup withholding and withholding tax for payments by the Seller
or the Servicer to such Purchaser.

 

Each
such Purchaser also agrees to deliver to its Purchaser Agent, the Administrative Agent and the Servicer two (2) further copies
of such forms, attachments, certifications, documentation and other information required to establish such exemption, on or before
the date that any such form, attachment, certification, documentation or other information expires or becomes obsolete, promptly
after the occurrence of any event requiring a change in the most recent form, attachment, certification, documentation or other
information previously delivered by it and promptly following reasonable request by the Servicer, unless in any such case a change
in Law or the official interpretation thereof has occurred prior to the date on which any such delivery would otherwise be required
which would prevent such Purchaser from duly completing and delivering any such form, attachment, certification, documentation
or other information with respect to it and such Purchaser so advises the Servicer, its Purchaser Agent and the Administrative
Agent.

 

(e)       For
any period with respect to which a Purchaser has failed to provide its Purchaser Agent, the Administrative Agent and the Servicer
with the appropriate form, attachment, certification, documentation or other information described above (other than if such failure
is due to a change in Law occurring after the date on which such form, attachment, certification, documentation or other information
was originally required to be provided under this Section), such Purchaser shall not be entitled to indemnification or
additional amount, with respect to any Nonexcluded Taxes imposed on payments of interest until such forms, attachments, certifications,
documentation or other information are so provided and then only for periods for which the Seller and Servicer may rely on such
forms or certificates to reduce or

 

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eliminate
United States federal backup withholding and withholding on payments to such Purchaser. Where, as a result of a change in Law
occurring after the date on which a form, attachment, certification, documentation or other information is originally required
to be provided under this Section, a Purchaser has failed to provide its Purchaser Agent, the Administrative Agent and
the Servicer with the appropriate form, attachment, certification, documentation or other information described in Section
1.9(d), such Purchaser shall be required to provide, in accordance with applicable procedures under United States Treasury
Regulations or other authoritative guidance, such forms, attachments, certifications, documentation and other information as it
is legally entitled to provide consistent with such change in Law to obtain a reduced rate of withholding, if any, that are reasonably
requested by its Purchaser Agent, the Administrative Agent or the Servicer and will not be entitled to additional amounts or indemnification
with respect to taxes imposed as a result of a breach of its obligations, if any, to provide such forms, attachments, certifications,
documentation and other information.

 

(f)       Any
Affected Person who makes a demand for payment of any amounts pursuant to this Section 1.9 shall promptly deliver to the
Seller and the Servicer a certificate setting forth in reasonable detail the computation of such amounts and specifying the basis
therefor.

 

(g)       If
the Seller fails to pay any Nonexcluded Taxes when due or fails to remit to the Administrative Agent any requested receipts or
other required documentary evidence of payment of Nonexcluded Taxes or Other Taxes, the Seller shall indemnify the Administrative
Agent or any other Affected Person, as applicable, for the full amount of any incremental taxes, interest or penalties arising
therefrom or with respect thereto other than any penalties, interest or expense to the extent arising from the failure of the
Affected Person to pay such Nonexcluded Taxes or other taxes on a timely basis; provided, that if (i) written demand therefor
has not been made by such Affected Person reasonably promptly from the date, if any, on which such Affected Person had actual
knowledge of the imposition of such Nonexcluded Taxes by the relevant Governmental Authority, or (ii) such incremental taxes,
interest or penalties have accrued after the Seller has fully indemnified or paid all of the additional amounts pursuant to this
Section, then such penalties, interest and other liabilities shall be excluded from indemnification under this Section 1.9.

 

(h)       If
an Affected Person shall become aware that it is entitled to receive a refund from a relevant taxing or governmental authority
for taxes which it has been indemnified by the Seller pursuant to this Section, or for which the Seller has paid additional
amounts pursuant to this Section, it shall promptly notify the Seller of the availability of such refund and shall, within
thirty (30) days after receipt of a request by the Seller (whether as a result of notification that it has made to the Seller
or otherwise), make a claim to such taxing or governmental authority for such refund at the Seller’s expense. If an Affected
Person receives a refund for any taxes as to which it has been indemnified by the Seller pursuant to this Section, or for
which the Seller has paid additional amounts pursuant to this Section, it shall promptly notify such Seller of such refund
and shall within thirty (30) days from the date of receipt of such refund pay over the amount of such refund without interest
(other than interest paid or credited by the relevant taxing or governmental authority with respect to such refund) to the Seller
(but only to the extent of indemnity payments made, or additional amounts paid, by the Seller under this Section with respect
to the taxes giving rise to such refund), net of all out-of-pocket expenses of such Affected Person; provided, however, that the
Seller, upon the request of such Affected Person agrees to

 

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repay
the amount paid over to the Seller (plus penalties, interest or other charges due to the appropriate authorities in connection
therewith) to such Affected Person in the event such Affected Person is required to repay such refund to such relevant authority.

 

(i)       Each
Purchaser agrees that, upon the occurrence of any event giving rise to the operation of Section 1.9 with respect to such
Purchaser, it will, if requested by the Seller, use reasonable best efforts to designate another office for receiving payments
with respect to the Receivables Interests with the object of avoiding the consequences of such event; provided, that such
designation is made on terms that, in the reasonable judgment of such Purchaser, do not cause such Purchaser to suffer any legal,
regulatory or economic disadvantage, and provided, further, that nothing in this Section shall affect or
postpone any of the obligations of the Seller or the rights of any Purchaser pursuant to Section 1.9.

 

(j)       The
parties hereto agree that the Purchases and Reinvestments hereunder are intended to be treated for federal income tax purposes
(and conforming state tax purposes) as one or more loans and each party hereto agrees that it will so treat, and will cause any
consolidated, combined, unitary or similar tax group of which it is a member to so treat, the Purchases and Reinvestments for
federal income tax purposes (and conforming state tax purposes) as one or more loans. Each Purchaser that sells a participating
interest in the interests of such Purchaser hereunder shall obtain, for the benefit of the Seller and its Affiliates, an agreement
from the Participant that it will treat the Purchases and Reinvestments hereunder in the manner described in this Section 1.9(j).

 

(k)       If
a payment made to a Purchaser under this Agreement would be subject to U.S. federal withholding tax imposed by FATCA if such Purchaser
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Purchaser shall deliver to its Purchaser Agent, the Administrative Agent and the Servicer at
the time or times prescribed by law and at such time or times reasonably requested by the Servicer, the Administrative Agent or
the Purchaser Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the
Code) and such additional documentation reasonably requested by the Servicer, the Administrative Agent or the Purchaser Agent
as may be necessary for the Servicer, the Administrative Agent or the Purchaser Agent to comply with their obligations under FATCA
and to determine that such Purchaser has complied with such Purchaser's obligations under FATCA or to determine the amount to
deduct and withhold from such payment. For purposes of this Section 1.9, the term “Law” includes FATCA.

 

Section
1.10.Inability to Determine Eurodollar Rate or LMIR. In the event that any Purchaser Agent shall have determined prior
to the first day of any Settlement Period (or solely with respect to LMIR, on any day) (which determination shall be conclusive
and binding upon the parties hereto) by reason of circumstances, affecting the interbank Eurodollar market, either (a) dollar
deposits in the relevant amounts and for the relevant Settlement Period are not available, (b) adequate and reasonable means do
not exist for ascertaining the Eurodollar Rate or LMIR for such Settlement Period (or portion thereof) or (c) the Eurodollar Rate
determined pursuant hereto does not accurately reflect the cost to any Purchaser (as conclusively determined by the related Purchaser)
of maintaining any Portion of Capital during such Settlement Period (or portion thereof), such Purchaser Agent shall promptly
give telephonic notice of such

 

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determination,
confirmed in writing, to the Seller prior to the first day of such Settlement Period (or solely with respect to LMIR, promptly
after such determination). Upon delivery of such notice (a) no Portion of Capital shall be funded by the Purchasers in the related
Purchaser Group thereafter at the Alternate Rate determined by reference to the Eurodollar Rate or LMIR, unless and until such
Purchaser Agent shall have given notice to the Seller that the circumstances giving rise to such determination no longer exist
(which notice such Purchaser Agent shall give to the Seller promptly after such circumstances no longer exist) and (b) with respect
to any outstanding Portions of Capital then funded at the Alternate Rate determined by reference to the Eurodollar Rate, such
Alternate Rate shall automatically be converted to the Alternate Rate determined by reference to the Alternate Base Rate at the
respective last days of the then current Settlement Periods relating to such Portions of Capital (or solely with respect to LMIR,
immediately).

 

If,
on or before the first day of any Settlement Period (or solely with respect to LMIR, on any day), the Administrative Agent shall
have been notified by any Purchaser, Purchaser Agent or Alternate Purchaser that, such Person has determined (which determination
shall be final and conclusive absent manifest error) that, any enactment, promulgation or adoption of or any change in any applicable
Law or any change in the interpretation or administration thereof by a Governmental Authority, central bank or comparable agency
charged with the interpretation or administration thereof, or compliance by such Person with any guideline, request or directive
(whether or not having the force of law) of any such authority, central bank or comparable agency shall make it unlawful or impossible
for such Person to fund or maintain any Portion of Capital at the Alternate Rate and based upon the Eurodollar Rate or LMIR, the
Administrative Agent shall notify the Seller thereof. Upon receipt of such notice, until the Administrative Agent notifies the
Seller that the circumstances giving rise to such determination no longer apply (which notice the Administrative Agent shall give
to the Seller promptly after the Administrative Agent has received notice from the Purchaser Agents that such circumstances no
longer exist), (a) no Portion of Capital shall be funded at the Alternate Rate determined by reference to the Eurodollar Rate
or LMIR and (b) the Yield for any outstanding Portions of Capital then funded at the Alternate Rate determined by reference to
the Eurodollar Rate or LMIR shall be converted to the Alternate Rate determined by reference to the Alternate Base Rate either
(i) on the last day of the then current Settlement Period (or solely with respect to LMIR, immediately) if such Person may lawfully
continue to maintain such Portion of Capital at the Alternate Rate determined by reference to the Eurodollar Rate or LMIR to such
day, or (ii) immediately, if such Person may not lawfully continue to maintain such Portion of Capital at the Alternate Rate determined
by reference to the Eurodollar Rate or LMIR to such day.

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES; COVENANTS;

TERMINATION EVENTS

 

Section
2.1.Representations and Warranties; Covenants. The Seller and the Servicer each hereby makes the representations and
warranties applicable to it, and hereby agrees to perform and observe the covenants applicable to it, set forth in Exhibits III,
IV and VI.

 

Section
2.2.Termination Events. (a) If any of the Termination Events set forth in Exhibit V exists, the Administrative
Agent may (and at the direction of the Required Purchasers,

 

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shall),
by notice to the Seller, declare the Termination Date to have occurred (in which case the Termination Date shall be deemed to
have occurred); provided that, automatically upon the occurrence of any event (without any requirement for the passage
of time or the giving of notice) described in clause (g) of Exhibit V, the Termination Date shall occur;
provided, however, no such Termination Event shall be waived without the consent of the Administrative Agent and
the Majority Purchasers.

 

(b)       Remedies. 
(i) Upon, or at any time after, the declaration or automatic occurrence of the Termination Date pursuant to Section 2.2(a),
no Purchases or Reinvestments will be made (unless waived in writing by the Administrative Agent and the Majority Purchasers),
and the Administrative Agent, on behalf of each Purchaser and each Purchaser Agent shall have, in addition to all other rights
and remedies under this Agreement, any other Transaction Document or otherwise, (A) all other rights and remedies provided under
the UCC of each applicable jurisdiction and other applicable Laws (including all the rights and remedies of a secured party upon
default under the UCC (including the right to sell any or all of the Pool Receivables subject hereto)) and (B) all rights and
remedies with respect to the Pool Receivables granted pursuant to Section 1.2(d), all of which rights shall be cumulative.

 

(ii)       Specific
Remedies.  (A) Without limiting clause (i) above or any other provision herein or in any other Transaction Document,
the parties hereto agree that the terms of this Section 2.2(b)(ii) are agreed upon in accordance with Section 9-603 of
the New York UCC, that they do not believe the terms of this Section 2.2 to be “manifestly unreasonable” for
purposes of Section 9-603 of the New York UCC, and that they believe that compliance therewith shall constitute a “commercially
reasonable” disposition under Section 9-610 of the New York UCC, and further agree as follows:

 

(B)       On
and following the Termination Date, the Administrative Agent shall have all rights, remedies and recourse granted in any Transaction
Document and any other instrument executed to provide security for or in connection with the payment and performance of the Transaction
Documents or existing at common law or equity (including specifically those granted by the New York UCC and the UCC of any other
state which governs the creation or perfection (and the effect thereof) of any security interest in the Pool Receivables), and
such rights and remedies: (A) shall be cumulative and concurrent; (B) may be pursued separately, successively or concurrently
against the Seller and any other party obligated under the Transaction Documents, or any of such Pool Receivables at the sole
discretion of the Administrative Agent; (C) may be exercised as often as occasion therefor shall arise, it being agreed by
each of the Seller, Originator and Servicer that the exercise or failure to exercise any of the same shall in no event be construed
as a waiver or release thereof or of any other right, remedy or recourse; and (D) are intended to be and shall be, non-exclusive. 
For the avoidance of doubt, with respect to any disposition of the Pool Receivables or any part thereof (including any purchase
by the Administrative Agent or any Affiliate) in accordance with the terms of this Section 2.2(b)(ii) for consideration
which is insufficient, after payment of all related costs and expenses of every kind, to pay in full all Aggregate Capital, Aggregate
Yield thereon, Program Fees and all other amounts owed to the Secured Parties under the Transaction Documents, (1) such

 

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disposition
shall not act as, and shall not be deemed to be, a waiver of any rights by the Administrative Agent and the Administrative Agent
shall have a claim for such deficiency and (2) the Administrative Agent shall not be liable or responsible for any such deficiency.

 

Upon
the declaration or automatic occurrence of the Termination Date pursuant to Section 2.2(a), the Administrative Agent
shall have the right, in accordance with this Section 2.2(b)(ii) to dispose of the Pool Receivables or any part thereof
upon giving at least ten (10) days’ prior notice to the Seller and the Servicer of the time and place of disposition, for
cash or upon credit or for future delivery, with each of the Seller, Originator and Servicer hereby waiving all rights, if any,
to require the Administrative Agent or any other Person to marshal the Pool Receivables, and the Administrative Agent may, at
its option and in its complete discretion:

 

(i)       dispose
of the Pool Receivables or any part thereof at a public disposition;

 

(ii)       dispose
of the Pool Receivables or any part thereof at a private disposition, in which event such notice shall also contain the terms
of the proposed disposition, and the Seller shall have until the time of such proposed disposition during which to redeem the
Pool Receivables or to procure a Person willing, ready and able to acquire the Pool Receivables on terms at least as favorable
to the Seller, and if such an acquirer is so procured, then the Administrative Agent shall dispose of the Pool Receivables to
the acquirer so procured;

 

(iii)       dispose
of the Pool Receivables or any part thereof in bulk or parcels;

 

(iv)       dispose
of the Pool Receivables or any part thereof to any Affiliate thereof at a public disposition;

 

(v)       bid
for and acquire, unless prohibited by applicable Law, free from any redemption right, the Pool Receivables or any part thereof. 
The Administrative Agent upon so acquiring the Pool Receivables or any part thereof shall be entitled to hold or otherwise deal
with or dispose of the same in any manner not prohibited by applicable law; or

 

(vi)       enforce
any other remedy available to the Administrative Agent at law or in equity.

 

From
time to time the Administrative Agent may, but shall not be obligated to, postpone the time and change the place of any proposed
disposition of any of the Pool Receivables for which notice has been given as provided above and may retain the Pool Receivables
until such time as the proposed disposition occurs if, in the sole discretion of the Administrative Agent, such postponement or
change is necessary or appropriate in order that the provisions of this Agreement applicable to such disposition may be fulfilled
or in order to obtain more favorable conditions under which such disposition may take

 

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place. 
Each of the Seller, Originator and Servicer acknowledges and agrees that private dispositions may be made at prices and upon other
terms less favorable than might have been attained if the Pool Receivables were disposed of at public disposition. For the avoidance
of doubt, to the extent permitted by law, the Administrative Agent shall not be obligated to make any disposition of the Pool
Receivables or any part thereof notwithstanding any prior notice of a proposed disposition. No demand, advertisement or notice,
all of which are hereby expressly waived by each of the Seller, Originator and Servicer, to the extent permitted by Law, shall
be required in connection with any disposition of the Pool Receivables or any part thereof, except for the notices described in
this clause (ii). 

 

In
case of any disposition by the Administrative Agent of any of the Pool Receivables on credit extended by the Administrative Agent
to the purchaser thereof, which may be elected at the option and in the complete discretion of the Administrative Agent, the Pool
Receivables so disposed may be retained by the Administrative Agent until the disposition price is paid by the purchaser, but
the Administrative Agent shall not incur any liability in case of failure of the purchaser to pay for the Pool Receivables so
disposed.  In case of any such failure, such Pool Receivables so disposed may be again disposed.

 

After
deducting all costs or expenses of every kind (including Attorney Costs incurred by the Administrative Agent) relating to the
disposition of the Pool Receivables, the Administrative Agent shall apply the residue of the proceeds of any such disposition
or dispositions, if any, to pay the Aggregate Capital, Aggregate Yield thereon, all Program Fees and all other amounts owed to
the Secured Parties under the Transaction Documents in such order and manner as the Administrative Agent in its discretion may
deem advisable and as permissible and required under the Transaction Documents.  The excess, if any, shall be paid to the
Seller in accordance with the Transaction Documents.  The Administrative Agent shall not incur any liability to any Person
party to any of the Transaction Documents as a result of the dispositions of the Receivables at any private or public disposition
that complies with the provisions of this Section 2.2(b)(ii).

 

Notwithstanding
a foreclosure upon any of the Pool Receivables or exercise of any other remedy by the Administrative Agent in connection with
any Termination Date, none of the Seller, Originator or Servicer shall be subrogated, if any such right then exists, thereby to
any rights of the Administrative Agent against the Pool Receivables, or the Seller, Originator or Servicer or any property of
the Seller, Originator or Servicer, nor shall the Seller, Originator or Servicer be deemed to be the owner of any interest in
any Receivable, nor shall the Seller, Originator or Servicer exercise any rights or remedies with respect to the Seller, Originator
or Servicer or the Pool Receivables until the Aggregate Capital, Aggregate Yield, all Program Fees and other Fees and any other
amounts payable by the Seller, the Originator and the Servicer to the Secured Parties, have been paid in full and fully and indefeasibly
performed and discharged.

 

The
Administrative Agent shall have no duty to prepare or process the Pool Receivables for disposition.

 

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ARTICLE
III

INDEMNIFICATION

 

Section
3.1.Indemnities by the Seller. Without limiting any other rights that the Administrative Agent, each Purchaser Agent,
each Program Support Provider and each Purchaser and their respective Affiliates, employees, agents, successors, transferees or
assigns (each, an “Indemnified Party”) may have hereunder or under applicable Law, the Seller hereby agrees
to indemnify each Indemnified Party from and against any and all claims, damages, losses, liabilities, penalties, reasonable and
documented costs and expenses (including Attorney Costs) (all of the foregoing being collectively referred to as “Indemnified
Amounts”) arising out of or resulting from this Agreement or any other Transaction Document (whether directly or indirectly),
the transactions contemplated thereby or the use of proceeds of Purchases or Reinvestments or the ownership or acquisition of
any portion of the Receivables Interest, or any interest therein, or any action taken or omitted by any of the Indemnified Parties
in connection therewith (including any action taken by the Administrative Agent as attorney-in-fact for the Seller or the Servicer
hereunder or under any other Transaction Document), whether arising by reason of the acts to be performed by the Seller hereunder
or otherwise, or arising in respect of any Pool Receivable or any Contract, excluding, however, (a) Indemnified Amounts to the
extent finally determined by a court of competent jurisdiction to have resulted from gross negligence or willful misconduct on
the part of such Indemnified Party and (b) Indemnified Amounts in respect of taxes, which shall be governed exclusively by Section
1.9; provided, however, that nothing contained in this sentence shall limit the liability of the Seller or the
Servicer or limit the recourse of any Indemnified Party to the Seller or the Servicer for any amounts otherwise specifically provided
to be paid by the Seller or the Servicer hereunder. Any Indemnified Amounts shall be paid by the Seller to the applicable Indemnified
Party within five (5) Business Days following such Indemnified Party’s written demand therefor, setting forth, in reasonable
detail, the calculation of such amount and the basis of such demand. Without limiting the foregoing, and subject to the exclusions
and timing set forth in the preceding sentences, the Seller shall pay each Indemnified Party any and all amounts necessary to
indemnify such Indemnified Party from and against any and all Indemnified Amounts relating to or resulting from any of the following:

 

(i)       the
failure of any Pool Receivable included in the calculation of the Net Receivables Balance as an Eligible Receivable to be an Eligible
Receivable, the failure of any information contained in a Monthly Receivables Report or Interim Receivables Report to be true
and correct, or the failure of any other information provided to a Purchaser or the Administrative Agent with respect to Pool
Receivables or this Agreement to be true and correct;

 

(ii)       the
failure of any representation or warranty or statement (i) made in writing, or (ii) deemed made in connection with the daily Reinvestment
of Collections pursuant to Section 1.4 by Ingram, as Servicer or otherwise, under or in connection with this Agreement,
the Receivables Sale Agreement or any other Transaction Document to have been true and correct in all respects when made;

 

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(iii)       the
failure by the Seller or the Servicer to comply with any covenant set forth in Exhibit IV or Exhibit VI or
the failure by the Originator to comply with any covenant set forth in the Receivables Sale Agreement;

 

(iv)       the
failure by the Seller or Ingram, as Servicer or otherwise, to comply with any applicable Law with respect to any Pool Receivable
or the related Contract; or the failure of any Pool Receivable or the related Contract to conform to any such applicable Law;

 

(v)       the
failure to vest in the Administrative Agent, for the benefit of the Secured Parties, a valid and enforceable (A) perfected security
interest in the Pool Receivables and the Related Security and Collections with respect thereto and (B) first priority perfected
security interest in the Pool Assets, in each case, free and clear of any Adverse Claim;

 

(vi)       the
failure to have filed, or any delay in filing, financing statements or other similar instruments or documents under the UCC of
any applicable jurisdiction or other applicable Laws with respect to (i) any Pool Receivables and the Related Security and Collections
in respect thereof, or (ii) the Pool Assets, whether at the time of any Purchase or Reinvestment or at any subsequent time;

 

(vii)       any
dispute, claim, offset or defense of the Obligor to the payment of any Pool Receivable (including, a defense based on such Pool
Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance
with its terms), or any other claim resulting from the sale or lease of the goods or the rendering of services related to such
Pool Receivable or the furnishing or failure to furnish any such goods or services or relating to collection activities with respect
to such Pool Receivable (if such collection activities were performed by the Seller or any of its Affiliates acting as Servicer
or by any agent or independent contractor retained by the Seller or any of its Affiliates);

 

(viii)       any
failure of the Seller or Ingram, as Originator, Servicer or otherwise or any other Originator, to perform its duties or obligations
in accordance with the provisions hereof or any other Transaction Document to which it is a party or to perform its duties or
obligations under the Contracts;

 

(ix)       any
products liability claim, environmental liability claim, personal injury claim, property damage suit or other claim, investigation,
litigation or proceeding arising out of or in connection with (a) merchandise, insurance or services which are the subject of
any Contract, (b) any Transaction Document or (c) a Pool Receivable or the related Contract;

 

(x)       the
commingling of Collections of Pool Receivables at any time with other funds of the Seller or any Ingram Entity;

 

(xi)       any
investigation, litigation or proceeding related to this Agreement or any other Transaction Document or the use of proceeds of
Purchases or Reinvestments or the

 

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ownership
of the Receivables Interest or in respect of any Pool Asset, Pool Receivable, Related Security or Contract;

 

(xii)       any
reduction in Capital as a result of the distribution of Collections pursuant to Section 1.4(d), in the event that
all or a portion of such distributions shall thereafter be rescinded or otherwise must be returned for any reason;

 

(xiii)       the
Seller’s or the Originator’s failure to pay when due any taxes (including sales, excise or personal property taxes)
payable in connection with the Pool Receivables;

 

(xiv)       the
failure to vest in the Seller all right, title and interest in the Pool Receivables purchased by the Seller from the Originator
pursuant to the Receivables Sale Agreement, free and clear of any Adverse Claim;

 

(xv)       any
failure of the Seller to give reasonably equivalent value to the Originator in consideration of the transfer by the Originator
to the Seller of any Receivables, or any attempt by any Person to void any such transfer under statutory provisions or common
law or equitable action, including any provision of the Bankruptcy Code;

 

(xvi)       any
failure of a Blocked Account Bank to comply with the terms of the applicable Blocked Account Agreement which results from any
act or failure to act on the part of the Seller or the Servicer; or

 

(xvii)       any
rebate or discount granted to the Obligor of any Pool Receivable to the extent such rebate or discount gives rise to a Deemed
Collection and a payment with respect to such Deemed Collection was not timely received as otherwise required hereunder.

 

Section
3.2.Indemnification by the Servicer. Without limiting any other rights that any Indemnified Party may have hereunder
or under applicable Law, the Servicer hereby agrees to indemnify each Indemnified Party from and against any and all Indemnified
Amounts subject to the limitations set forth in clauses (a) and (b) of the first sentence of Section 3.1
that arise out of or relate to (whether directly or indirectly): (a) the failure of any information contained in any Monthly Receivables
Report or Interim Receivables Report to be true and correct at the time delivered, or the failure of any other information provided
to such Indemnified Party by, or on behalf of, the Servicer to be true and correct at the time delivered, (b) the failure of any
representation, warranty or statement made or deemed made by the Servicer (or any of its officers) under or in connection with
this Agreement or any other Transaction Document to which it is a party to have been true and correct as of the date made or deemed
made in all respects when made, (c) the failure by the Servicer to comply with any applicable Law with respect to any Pool Receivable
or the related Contract, (d) any dispute, claim, offset or defense of the Obligor to the payment of any Pool Receivable in, or
purporting to be in, the Receivables Pool resulting from or related to the collection activities with respect to such Pool Receivable
or (e) the Servicer’s performance of, or failure to perform, any of its duties or obligations under or in connection with
(whether directly or indirectly) the provisions hereof or any other Transaction

 

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Document
to which it is a party. Any Indemnified Amounts shall be paid by the Servicer to the applicable Indemnified Party within five
(5) Business Days following such Indemnified Party’s written demand therefor, setting forth, in reasonable detail, the calculation
of such amount and the basis of such demand. The agreements of the Servicer contained in this Section 3.2 shall survive
the replacement or termination of any Person acting as Servicer hereunder with respect to any Indemnified Amounts arising in connection
with such Person’s acting as Servicer.

 

ARTICLE
IV

ADMINISTRATION AND COLLECTIONS

 

Section
4.1.Appointment of Servicer. (a) The servicing, administering and collection of the Pool Receivables shall be conducted
by the Person designated from time to time as Servicer in accordance with this Section 4.1. Until the Administrative
Agent gives notice to Ingram (in accordance with this Section 4.1) of the designation of a new Servicer as provided
in the following sentence or until the Servicer resigns in accordance with this Section 4.1, Ingram is hereby designated
as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof. The Seller hereby acknowledges
and agrees to such designation. During the existence of a Termination Event, the Administrative Agent may (or at the direction
of the Required Purchasers shall) designate as Servicer any Person (including itself) to succeed Ingram or any successor Servicer,
on the condition in each case that any such Person so designated shall agree to perform the duties and obligations of the Servicer
pursuant to the terms hereof.

 

(b)       Upon
the designation of a successor Servicer as set forth in Section 4.1(a), Ingram agrees that it will terminate its activities
as Servicer hereunder in a manner that the Administrative Agent reasonably determines will facilitate the transition of the performance
of such activities to the new Servicer, and Ingram shall (at its own expense) cooperate with and assist such new Servicer in effecting
such transition. Such cooperation shall include access to and transfer of records and use by the new Servicer of all licenses,
hardware or software reasonably necessary to collect the Pool Receivables and the Related Security.

 

(c)       Ingram
acknowledges that the Administrative Agent and each member in each Purchaser Group have relied on Ingram’s agreement to
act as initial Servicer hereunder in making their decision to execute and deliver this Agreement. Accordingly, Ingram agrees that
it will not resign as Servicer until thirty (30) days prior written notice of the occurrence of a “Servicer Resignation
Event” (as defined below) has been delivered to the Administrative Agent and each Purchaser Agent. As used herein a
“Servicer Resignation Event” shall mean Ingram’s determination that by reason of a change in legal requirements
the performance of its duties as Servicer under this Agreement would cause it to be in violation of such legal requirements and
(i) the Administrative Agent, with the consent of the Majority Purchasers, does not elect to waive the obligations of the Servicer
to perform the duties which such change in legal requirements renders Ingram legally unable to perform and (ii) Ingram is unable
to delegate those duties to a Sub-Servicer.

 

(d)       The
Servicer may delegate all or any portion of its duties and obligations hereunder to any subservicer (each, a “Sub-Servicer”);
provided that, in each such delegation, (i)

 

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such
Sub-Servicer shall agree in writing to perform the duties and obligations of the Servicer so delegated pursuant to the terms hereof,
(ii) the Servicer shall remain primarily liable to each Purchaser, the Administrative Agent and each Purchaser Agent for the performance
of the duties and obligations so delegated, (iii) the Seller, the Administrative Agent and each member of each Purchaser Group
shall have the right to look solely to the Servicer for performance of such duties and obligations, (iv) the terms of any agreement
with any Sub-Servicer shall provide that the Administrative Agent may terminate such agreement upon the termination of the Servicer
hereunder by giving notice of its desire to terminate such agreement to the Servicer (and the Servicer shall provide appropriate
notice to such Sub-Servicer) and (v) if any such delegation is to any Person other than an Affiliate of Ingram, the Administrative
Agent and the Majority Purchasers shall have consented in writing in advance to such delegation.

 

Section
4.2.Duties of Servicer. (a) The Servicer shall take or cause to be taken all such action as may be necessary or advisable
to administer and collect each Pool Receivable from time to time, all in accordance with this Agreement, all applicable Laws and
the Credit and Collection Policy, with reasonable care and diligence and, in any event, with no less care and diligence than it
uses in the administering and collecting of its own assets and shall be responsible for compliance with the reporting requirements
applicable to it set forth in this Agreement. The Servicer shall set aside for the accounts of the Seller and the Purchasers the
amount of the Collections to which each is entitled in accordance with Article I but when no Termination Event exists,
shall not be required to segregate the respective allocable shares of Purchasers, prior to the remittance thereof in accordance
with said Article. The Servicer may, in accordance with the Credit and Collection Policy, alter, amend, or otherwise modify
the terms of any Pool Receivable; provided, however, that in the case of any such alteration, amendment, or modification
which would cause such Pool Receivable to no longer be an Eligible Receivable, and as a result thereof, cause the Receivables
Interest to exceed 100%, the Servicer shall be deemed to have received a Collection of such Receivable from the Seller in an amount
equal to the lesser of (x) the Outstanding Balance of such Pool Receivable and (y) the amount necessary to reduce such Receivables
Interest to 100%; and provided, further, that if a Termination Event or Unmatured Termination Event exists and Ingram is
still serving as Servicer, Ingram may make such alteration, amendment or modification only in accordance with its customary procedures
and consistent with past practices and only if the Servicer believes in good faith that such alteration, amendment or modification
would maximize Collections (and, if a Termination Event then exists, with the prior written approval of the Administrative Agent
and the Majority Purchasers). The Servicer shall hold for the benefit of the Seller and the Administrative Agent (for the benefit
of the Purchasers and individually) in accordance with their respective interests, all records and documents (including, computer
tapes or disks) with respect to each Pool Receivable. Notwithstanding anything to the contrary contained herein, during the existence
of a Termination Event, the Administrative Agent may direct the Servicer (whether the Servicer is Ingram or any other Person)
to commence or settle any legal action to enforce collection of any Pool Receivable or to foreclose upon or repossess any Related
Security.

 

(b)       The
Servicer shall within one (1) Business Day following actual receipt of collected funds turn over to the Originator the collections
of any Excluded Receivable or indebtedness that is not a Pool Receivable, less all reasonable and appropriate out-of-pocket costs
and expenses of such Servicer of servicing, collecting and administering such collections; provided, however, the
Servicer shall not be under any obligation to remit any such funds to the

 

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Originator
unless and until the Servicer has received from the Originator supporting documentation, which may consist of a ledger entry showing
the invoice amount matching the applicable collected payment amount, showing that the Originator is entitled to such funds hereunder
and under applicable Law. The Servicer shall as soon as practicable upon demand, deliver to the Originator all records in its
possession that evidence or relate to any Excluded Receivable or indebtedness that is not a Pool Receivable, and copies of records
in its possession that evidence or relate to any Excluded Receivable or indebtedness that is not a Pool Receivable.

 

(c)       Notwithstanding
anything to the contrary contained in this Article IV, the Servicer shall have no obligation to collect, enforce or
take any other action described in this Article IV with respect to any Excluded Receivable or indebtedness that is
not a Pool Receivable other than to deliver to the Originator the collections and records with respect to any such Excluded Receivable
or indebtedness as described in Section 4.2(b). It is expressly understood and agreed by the parties that such Servicer’s
duties in respect of any Excluded Receivable or indebtedness that is not a Pool Receivable are set forth in this Section 4.2
in their entirety. Upon delivery by such Servicer of all collections and records relating to any Excluded Receivable or indebtedness
that is not a Pool Receivable to the Originator, such Servicer shall have discharged in full all of its responsibilities to make
any such delivery.

 

(d)       The
Servicer’s obligations hereunder shall terminate on the Final Payout Date (or, if earlier, the date on which a successor
Servicer is designated by the Administrative Agent or the effectiveness of a Servicer resignation pursuant to Section 4.1(a)).

 

After
such termination the Servicer shall promptly deliver to the Seller all books, records and related materials that the Seller previously
provided to the Servicer in connection with this Agreement.

 

Section
4.3.Blocked Account Arrangements. Prior to the initial Purchase hereunder, in accordance with Section 1
of Exhibit II, the Originator and the Seller shall have entered into Blocked Account Agreements, with each Blocked
Account Bank, and delivered original counterparts of each such agreement to the Administrative Agent. Solely during the existence
of a Termination Event or Unmatured Termination Event, or if at any time the Debt Ratings of Ingram are less than “BB”
by S&P or “Ba2” by Moody’s, the Administrative Agent may, or at the direction of the Required Purchasers
shall, at any time give notice to each Blocked Account Bank that the Administrative Agent is exercising its rights under the Blocked
Account Agreements to do any or all of the following: (i) to have the exclusive control of the Blocked Accounts transferred to
the Administrative Agent (on behalf of itself, the Purchaser Agents and the Purchasers) and to exercise exclusive control over
the funds deposited therein, (ii) to have the proceeds (including Collections) of Pool Assets that are sent to the respective
Blocked Accounts be redirected pursuant to the Administrative Agent’s instructions rather than deposited in the applicable
Blocked Account, and (iii) to take any or all other actions permitted under the applicable Blocked Account Agreement; provided,
that the amounts described in clause (ii) above shall continue to be applied in accordance with Section 1.4
(other than as a Reinvestment pursuant to Section 1.4(b)(ii) unless such redirection is solely the result of Ingram’s
Debt Ratings being less than “BB” by S&P or “Ba2” by Moody’s). The Seller hereby agrees that
if the Administrative Agent, at any time, takes any action set forth in the preceding sentence, the Administrative Agent shall
have exclusive control (on behalf of itself, the Purchaser Agents and

 

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the
Purchasers) of the proceeds (including Collections) of all Pool Receivables and the Seller hereby further agrees to take any other
action that the Administrative Agent may reasonably request to transfer such control (for the avoidance of doubt, such actions
may not include contacting Obligors or similar actions except as otherwise permitted hereunder during the existence of a Termination
Event, including pursuant to Section 4.4 below). Any proceeds of Pool Receivables received by the Seller or the Servicer
thereafter shall be sent promptly (but in any event within one (1) Business Day) to the Administrative Agent. The parties hereto
hereby acknowledge that if at any time the Administrative Agent takes control of any Blocked Account, the Administrative Agent
shall, in the case of collections other than of a Pool Receivable, distribute or cause to be distributed such funds in accordance
with Section 4.2(b) (including the proviso thereto) and Article I (in each case as if such funds were
held by the Servicer thereunder). Upon termination of this Agreement in accordance with Section 6.9, the Administrative
Agent shall take such actions as are reasonably requested by the Seller to terminate and release all of its right, title and interest
in and control of the Blocked Accounts.

 

Section
4.4.Enforcement Rights. x) At any time during the existence of a Termination Event:

 

(i)       the
Administrative Agent may, or at the direction of the Required Purchasers shall, instruct the Seller or the Servicer to give notice
of the Purchaser Groups’ interest in Pool Receivables to each Obligor, which notice shall direct that payment of all amounts
payable under such Pool Receivables be made directly to the Administrative Agent or its designee (on behalf of such Purchaser
Groups), and upon such instruction from the Administrative Agent, the Seller or the Servicer, as the case may be, shall give such
notice at the expense of the Seller; provided, that if the Seller or the Servicer, as the case may be, fails to so notify
and direct each Obligor, the Administrative Agent (at the Seller’s expense) may so notify and direct the Obligors; and

 

(ii)       the
Administrative Agent may request the Seller and the Servicer to, and upon such request the Seller and the Servicer shall (A) assemble
all of the records reasonably necessary or desirable to collect the Pool Receivables and the Related Security, and make the same
available to the Administrative Agent or its designee (on behalf of itself, the Purchaser Agents and the Purchasers) at a place
selected by the Administrative Agent, (B) obtain consent to assign the license for the use of, to the new Servicer, all software
reasonably necessary to collect the Pool Receivables and the Related Security, and deliver such software to the Administrative
Agent or its designee (on behalf of itself, the Purchaser Agents and the Purchasers) and (C) segregate all cash, checks and other
instruments received by it from time to time constituting Collections with respect to the Pool Receivables in a manner acceptable
to the Administrative Agent and, promptly upon receipt, remit all such cash, checks and instruments duly endorsed or with duly
executed instruments of transfer, to the Administrative Agent or its designee.

 

(b)       Each
of the Seller and the Servicer hereby authorizes the Administrative Agent (on behalf of each Purchaser Group), and irrevocably
appoints the Administrative Agent as its attorney-in-fact with full power of substitution and with full authority in the place
and stead of the Seller and the Servicer, which appointment is coupled with an interest and which may be exercised by the Administrative
Agent only during the existence of a Termination Event, to take

 

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any
and all steps in the name of the Seller and the Servicer and on behalf of the Seller and the Servicer necessary or desirable,
in the determination of the Administrative Agent, to collect any and all amounts or portions thereof due under any and all Pool
Assets, Pool Receivables or Related Security, including, endorsing the name of the Seller or the Servicer on checks and other
instruments representing Collections and enforcing such Pool Assets, Pool Receivables, Related Security and the related Contracts.
Notwithstanding anything to the contrary contained in this clause (b), none of the powers conferred upon such attorney-in-fact
pursuant to the immediately preceding sentence shall subject such attorney-in-fact to any liability if any action taken by it
shall prove to be inadequate or invalid, nor shall they confer any obligations upon such attorney-in-fact in any manner whatsoever,
except to the extent finally determined by a court of competent jurisdiction to have arisen from its own gross negligence or willful
misconduct.

 

Section
4.5.Responsibilities of the Originator; Assignment of Rights Under Receivables Sale Agreement. (a) Anything herein
to the contrary notwithstanding, the Seller shall cause the Originator (pursuant to the Receivables Sale Agreement) to (i) perform
all of its obligations, if any, under the Contracts related to the Pool Receivables to the same extent as if interests in such
Pool Receivables had not been transferred to the Seller or the Administrative Agent on behalf of the Purchasers, and the exercise
by the Administrative Agent, the Purchaser Agents or the Purchasers of their respective rights hereunder shall not relieve the
Originator from such obligations, and (ii) pay when due any taxes, including, any sales taxes payable in connection with the Pool
Receivables and their creation and satisfaction of the Pool Receivables without duplication of any such amounts paid pursuant
to Section 1.9. None of the Administrative Agent, the Purchaser Agents, or any of the Purchasers shall have any obligation
or liability with respect to any Pool Assets or any related Contract, nor shall any of them be obligated to perform any of the
obligations of the Seller or the Originator under any of the foregoing.

 

(b)       The
Seller shall cause the Originator (pursuant to the Receivables Sale Agreement) to hold in trust and promptly turn over to the
Servicer (if the Servicer is not Ingram) any Collections received by the Originator on the Seller’s behalf.

 

(c)       The
Seller hereby assigns to the Purchasers, consistent with the Receivables Sale Agreement, all rights of the Seller against the
Originator under the Receivables Sale Agreement and hereby agrees that (i) the Administrative Agent and the Purchasers shall be
third-party beneficiaries of the Seller’s rights under the Receivables Sale Agreement, (ii) the Seller will enforce its
rights under the Receivables Sale Agreement at the direction, and not without the consent, of the Administrative Agent and the
Majority Purchasers and (iii) the Administrative Agent shall be entitled to enforce such rights against the Originator as if the
Administrative Agent had been party to the Receivables Sale Agreement.

 

(d)       Ingram
hereby irrevocably agrees that if at any time it shall cease to be the Servicer hereunder, it shall act (if the then current Servicer
so requests) as the data-processing agent of the Servicer and, in such capacity, Ingram shall conduct the data-processing functions
of the administration of the Pool Receivables and the Collections thereon in substantially the same way that Ingram conducted
such data-processing functions while it acted as the Servicer.

 

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(e)       The
Seller hereby agrees that during the period that this Agreement is in effect, the prior consent of the Administrative Agent shall
be required in order for the Seller to grant any consent, authorization or approval under the Receivables Sale Agreement.

 

Section
4.6.Servicing Fee. (a) The Servicer shall be paid monthly in arrears on each Settlement Date a monthly fee equal
to the product of (i) the Servicing Fee Rate, (ii) the average outstanding Pool Receivables for the applicable month ending
most recently prior to such Settlement Date, (iii) the number of days in immediately preceding Settlement Period and (iv)
1/365. The Servicing Fee shall be paid through the distributions contemplated by Section 1.4(d) or as otherwise
contemplated by Section 1.4(c).

 

(b)       If
the Servicer ceases to be Ingram or an Affiliate thereof, the servicing fee shall be the greater of: (i) the amount calculated
pursuant to clause (a), and (ii) an alternative amount determined upon the agreement of the successor Servicer and the
Administrative Agent.

 

ARTICLE
V

THE AGENTS

 

Section
5.1.Appointment and Authorization. (a) Each Purchaser and Purchaser Agent hereby irrevocably designates and appoints
The Bank of Nova Scotia, as the “Administrative Agent” hereunder and authorizes the Administrative Agent to take such
actions and to exercise such powers as are delegated to the Administrative Agent hereby and to exercise such other powers as are
reasonably incidental thereto. The Administrative Agent shall hold, in its name, for the benefit of each Purchaser, ratably, the
Receivables Interest. The Administrative Agent shall not have any duties other than those expressly set forth herein or any fiduciary
relationship with any Purchaser or Purchaser Agent, and no implied obligations or liabilities shall be read into this Agreement,
or otherwise exist, against the Administrative Agent. The Administrative Agent does not assume, nor shall it be deemed to have
assumed, any obligation to, or relationship of trust or agency with, the Seller or the Servicer. Notwithstanding any provision
of this Agreement or any other Transaction Document to the contrary, in no event shall the Administrative Agent ever be required
to take any action which exposes the Administrative Agent to personal liability or which is contrary to the provision of any Transaction
Document or applicable Law.

 

(b)       Each
Purchaser hereby irrevocably designates and appoints the respective institution identified as the Purchaser Agent for such Purchaser’s
Purchaser Group on the signature pages hereto or in the Assumption Agreement or Transfer Supplement pursuant to which such Purchaser
becomes a party hereto, and each authorizes such Purchaser Agent to take such action on its behalf under the provisions of this
Agreement and to exercise such powers and perform such duties as are expressly delegated to such Purchaser Agent by the terms
of this Agreement, if any, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision
to the contrary elsewhere in this Agreement, no Purchaser Agent shall have any duties or responsibilities, except those expressly
set forth herein, or any fiduciary relationship with any Purchaser or other Purchaser Agent or the Administrative Agent, and no
implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of such

 

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Purchaser
Agent shall be read into this Agreement or otherwise exist against such Purchaser Agent.

 

(c)       Except
as otherwise specifically provided in this Agreement (and except for the consent rights specified in Section 5.9), the
provisions of this Article V are solely for the benefit of the Purchaser Agents, the Administrative Agent and the
Purchasers, and neither the Seller nor Servicer shall have any rights as a third-party beneficiary or otherwise under any of the
provisions of this Article V, except that this Article V shall not affect any obligations, if any, which any
Purchaser Agent, the Administrative Agent or any Purchaser may have to the Seller or the Servicer under the other provisions of
this Agreement. Furthermore, no Purchaser shall have any rights as a third-party beneficiary or otherwise under any of the provisions
hereof in respect of a Purchaser Agent which is not the Purchaser Agent for such Purchaser.

 

(d)       In
performing its functions and duties hereunder, the Administrative Agent shall act solely as the agent of the Purchasers and the
Purchaser Agents and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with
or for the Seller or the Servicer or any of their successors and assigns. In performing its functions and duties hereunder, each
Purchaser Agent shall act solely as the agent of its respective Purchaser and does not assume nor shall be deemed to have assumed
any obligation or relationship of trust or agency with or for the Seller, the Servicer, any other Purchaser, any other Purchaser
Agent or the Administrative Agent, or any of their respective successors and assigns.

 

Section
5.2.Delegation of Duties. The Administrative Agent may execute any of its duties through agents or attorneys-in-fact
and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not
be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

 

Section
5.3.Exculpatory Provisions. None of the Purchaser Agents, the Administrative Agent or any of their respective directors,
officers, agents or employees shall be liable for any action taken or omitted (i) with the consent or at the direction of
the Majority Purchasers or Required Purchasers, as applicable (or in the case of any Purchaser Agent, the Purchasers within its
Purchaser Group that have a majority of the aggregate Maximum Purchase Amount of such Purchaser Group), or (ii) in the absence
of such Person’s gross negligence or willful misconduct. The Administrative Agent shall not be responsible to any Purchaser,
Purchaser Agent or other Person for (i) any recitals, representations, warranties or other statements made by the Seller,
the Servicer, the Originator or any of their Affiliates, (ii) the value, validity, effectiveness, genuineness, enforceability
or sufficiency of any Transaction Document, (iii) any failure of the Seller, the Servicer, the Originator or any of their
Affiliates to perform any obligation hereunder or under the other Transaction Documents to which it is a party (or under any Contract),
or (iv) the satisfaction of any condition specified in Exhibit II. The Administrative Agent shall not have any
obligation to any Purchaser or Purchaser Agent to ascertain or inquire about the observance or performance of any agreement contained
in any Transaction Document or to inspect the properties, books or records of the Seller, the Servicer, the Originator or any
of their respective Affiliates.

 

Section
5.4.Reliance by Agents. (a) Each Purchaser Agent and the Administrative Agent shall in all cases be entitled to rely,
and shall be fully protected in relying, upon any

 

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document
or other writing or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper
Person and upon advice and statements of legal counsel (including counsel to the Seller), independent accountants and other experts
selected by the Administrative Agent. Each Purchaser Agent and the Administrative Agent shall in all cases be fully justified
in failing or refusing to take any action under any Transaction Document unless it shall first receive such advice or concurrence
of the Majority Purchasers (or in the case of any Purchaser Agent, the Purchasers within its Purchaser Group that have a majority
of the aggregate Maximum Purchase Amount of such Purchaser Group), and assurance of its indemnification, as it deems appropriate.

 

(b)       The
Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance
with a request of the Majority Purchasers, the Required Purchasers or all the Purchaser Agents, as applicable, and such request
and any action taken or failure to act pursuant thereto shall be binding upon all Purchasers, the Administrative Agent and Purchaser
Agents.

 

(c)       The
Purchasers within each Purchaser Group with a majority of the Maximum Purchase Amount of such Purchaser Group shall be entitled
to request or direct the related Purchaser Agent to take action, or refrain from taking action, under this Agreement on behalf
of such Purchasers. Such Purchaser Agent shall in all cases be fully protected in acting, or in refraining from acting, under
this Agreement in accordance with a request of such majority Purchasers, and such request and any action taken or failure to act
pursuant thereto shall be binding upon all of such Purchasers within such Purchaser Agent’s Purchaser Group.

 

(d)       Unless
otherwise advised in writing by a Purchaser Agent or by any Purchaser on whose behalf such Purchaser Agent is purportedly acting,
each party to this Agreement may assume that (i) such Purchaser Agent is acting for the benefit of each of the Purchasers
in respect of which such Purchaser Agent is identified as being the “Purchaser Agent” in the definition of “Purchaser
Agent” hereto, as well as for the benefit of each assignee or other transferee from any such Person, and (ii) each
action taken by such Purchaser Agent has been duly authorized and approved by all necessary action on the part of the Purchasers
on whose behalf it is purportedly acting. Each Purchaser Agent and its Purchaser(s) shall agree amongst themselves as to the circumstances
and procedures for removal, resignation and replacement of such Purchaser Agent.

 

Section
5.5.Notice of Termination Events. Neither any Purchaser Agent nor the Administrative Agent shall be deemed to have
knowledge or notice of the existence of any Termination Event or Unmatured Termination Event unless such Administrative Agent
has received notice from any Purchaser, Purchaser Agent, the Servicer or the Seller stating that a Termination Event or an Unmatured
Termination Event has occurred hereunder and describing such Termination Event or Unmatured Termination Event. In the event that
the Administrative Agent receives such a notice, it shall promptly give notice thereof to each Purchaser Agent whereupon each
such Purchaser Agent shall promptly give notice thereof to its related Purchasers. In the event that a Purchaser Agent receives
such a notice (other than from the Administrative Agent), it shall promptly give notice thereof to the Administrative Agent. The
Administrative Agent shall take such action concerning a Termination Event or an Unmatured Termination Event as may be directed
by the Required Purchasers (unless such action otherwise

 

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requires
the consent of all Purchasers), but until the Administrative Agent receives such directions, the Administrative Agent may (but
shall not be obligated to) take such action, or refrain from taking such action, as the Administrative Agent deems advisable and
in the best interests of the Purchasers and the Purchaser Agents.

 

Section
5.6.Non-Reliance on Administrative Agent, Purchaser Agents and Other Purchasers. Each Purchaser expressly acknowledges
that none of the Administrative Agent, the Purchaser Agents nor any of their respective officers, directors, employees, agents,
attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent,
or any Purchaser Agent hereafter taken, including any review of the affairs of the Seller, Ingram, the Servicer or the Originator,
shall be deemed to constitute any representation or warranty by the Administrative Agent or such Purchaser Agent, as applicable.
Each Purchaser represents and warrants to the Administrative Agent and the Purchaser Agents that, independently and without reliance
upon the Administrative Agent, Purchaser Agents or any other Purchaser and based on such documents and information as it has deemed
appropriate, it has made and will continue to make its own appraisal of and investigation into the business, operations, property,
prospects, financial and other conditions and creditworthiness of the Seller, Ingram, the Servicer or the Originator, and the
Receivables and its own decision to enter into this Agreement and to take, or omit, action under any Transaction Document. Except
for items specifically required to be delivered hereunder, the Administrative Agent shall not have any duty or responsibility
to provide any Purchaser Agent with any information concerning the Seller, Ingram, the Servicer or the Originator or any of their
Affiliates that comes into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact
or Affiliates.

 

Section
5.7.Administrative Agent and Affiliates. Each of the Purchasers, each of the Purchaser Agents and the Administrative
Agent and any of their respective Affiliates may extend credit to, accept deposits from and generally engage in any kind of banking,
trust, debt, entity or other business with the Seller, Ingram, the Servicer or the Originator or any of their Affiliates. With
respect to the acquisition of the Receivables Interest pursuant to this Agreement, each of the Purchaser Agents and the Administrative
Agent shall have the same rights and powers under this Agreement as any Purchaser and may exercise the same as though it were
not such an agent, and the terms “Purchaser” and “Purchasers” shall include, to the extent applicable,
each of the Purchaser Agents and the Administrative Agent in their individual capacities.

 

Section
5.8.Indemnification. Each Alternate Purchaser shall indemnify and hold harmless the Administrative Agent (but solely
in its capacity as Administrative Agent) and its officers, directors, employees, representatives and agents (to the extent not
reimbursed by the Seller, the Servicer or the Originator and without limiting the obligation of the Seller, the Servicer, or the
Originator to do so), ratably (based on its Maximum Purchase Amount) from and against any and all liabilities, obligations, losses,
damages, penalties, judgments, settlements, costs, expenses and disbursements of any kind whatsoever (including in connection
with any investigative or threatened proceeding, whether or not the Administrative Agent or such Person shall be designated a
party thereto) that may at any time be imposed on, incurred by or asserted against the Administrative Agent or such Person as
a result of, or related to, any of the transactions contemplated by the Transaction Documents or the execution, delivery or performance
of the Transaction Documents or any other document furnished in connection

 

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therewith
(but excluding any such liabilities, obligations, losses, damages, penalties, judgments, settlements, costs, expenses or disbursements
resulting solely from the gross negligence or willful misconduct of the Administrative Agent or such Person as finally determined
by a court of competent jurisdiction).

 

Section
5.9.Successor Administrative Agent. The Administrative Agent may, upon at least ten (10) days’ notice to the
Seller, each Purchaser and Purchaser Agent, resign as Administrative Agent. Such resignation shall not become effective until
a successor Administrative Agent is appointed by the remaining Purchasers, and, if no Termination Event then exists, with the
consent of the Seller (such consent not to be unreasonably withheld or delayed) if such appointment is to a Person other than
an existing Purchaser or Purchaser Agent, and has accepted such appointment. Upon such acceptance of its appointment as Administrative
Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall succeed to and become vested with
all the rights and duties of the resigning Administrative Agent, and the resigning Administrative Agent shall be discharged from
its duties and obligations under the Transaction Documents, if any. After any resigning Administrative Agent’s resignation
hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to
any actions taken or omitted to be taken by it while it was the Administrative Agent.

 

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ARTICLE
VI

MISCELLANEOUS

 

Section
6.1.Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Transaction Document, or
consent to any departure by the Seller or the Servicer therefrom, shall be effective unless in a writing signed by the Administrative
Agent and the Majority Purchasers and, in the case of any amendment, by the other parties thereto and then such amendment, waiver
or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however,
that no such material amendment or waiver shall be effective until the Rating Agency Condition shall have been satisfied with
respect thereto; provided, further, that no such amendment or waiver shall, unless signed by each Purchaser directly
affected thereby, (i) increase the Maximum Purchaser Amount of an Alternate Purchaser, (ii) reduce the Capital or rate of Yield
to accrue thereon or any Fees or other amounts payable hereunder, (iii) postpone any date fixed for the payment of any scheduled
distribution in respect of the Capital or Yield with respect thereto or any Fees or other amounts payable hereunder, (iv) change
the definitions of “Required Purchasers” or “Majority Purchasers”, (v) change the number of Purchasers
or Alternate Purchasers which shall be required to take any action under this Section 6.1 or any other provision of this
Agreement, (vi) release all or substantially all of the property with respect to which a security or ownership interest therein
has been granted hereunder to the Administrative Agent or the Purchasers, (vii) extend or permit the extension of the Termination
Date (it being understood that a waiver of a Termination Event shall not constitute an extension of the Termination Date) or (viii)
change the definition of “Eligible Receivable”, “Aggregate Capital”, “Net Receivables Balance”
or “Required Reserve" or amend or modify any defined term (or any defined term used directly or indirectly in such
defined term) used in such definitions in a manner that would change the computation of the Receivables Interest; and provided,
finally, that immaterial amendments to the amount payable by or services provided to the Seller under the Wilmington Trust
Service Agreement may be made without the consent of the Administrative Agent or any Purchaser, but with notice to the Administrative
Agent. No failure on the part of the Purchasers, the Purchaser Agents or the Administrative Agent to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder
preclude any other or further exercise thereof or the exercise of any other right.

 

Section
6.2.Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein,
be in writing (which shall include facsimile communication) and sent or delivered, to each party hereto, at its address set forth
under its name on the signature pages hereof or at such other address as shall be designated by such party in a written notice
to the other parties hereto. Notices and communications by facsimile shall be effective when received (and shall be followed by
hard copy sent by first class mail), and notices and communications sent by other means shall be effective when received.

 

Section
6.3.Successors and Assigns; Participations; Assignments.

 

(a)       Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns. Except as otherwise provided in Section 4.1(d), neither the Seller nor the Servicer may assign or transfer
any of its

 

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rights
or delegate any of its duties hereunder or under any Transaction Document without the prior written consent of the Administrative
Agent and each Purchaser Agent.

 

(b)       Participations.
Except as otherwise specifically provided herein, any Purchaser may sell to one or more Persons (each a “Participant”)
participating interests in the interests of such Purchaser hereunder; provided that (i) the Purchaser shall have given
prior written notice of such Participant to the Seller and the Servicer and (ii) such Participant is not a competitor of Ingram
listed on Schedule IX. Such Purchaser shall remain solely responsible for performing its obligations hereunder, and the
Seller, each Purchaser Agent and the Administrative Agent shall continue to deal solely and directly with such Purchaser in connection
with such Purchaser’s rights and obligations hereunder. A Purchaser shall not agree with a Participant to restrict such
Purchaser’s right to agree to any amendment or consent hereto, except those that require the consent of all Purchasers.
Each Purchaser that sells a participating interest in the interests of such Purchaser hereunder to a Participant shall, as agent
of the Seller solely for the purpose of this Section 6.3(b), record in book entries maintained by such Purchaser the name
and the amount of the participating interest of each Participant entitled to receive payments in respect of such participating
interests.

 

(c)       Assignments
by Certain Alternate Purchasers. Any Alternate Purchaser may assign to one or more Persons (each a “Purchasing Alternate
Purchaser”), acceptable to the related Purchaser Agent in its sole discretion, and, if no Termination Event then exists,
with the consent of the Seller (such consent not to be unreasonably withheld or delayed), any portion of its Maximum Purchase
Amount pursuant to a supplement hereto, substantially in the form of Annex J with any changes as have been approved by
the parties thereto (each, a “Transfer Supplement”), executed by each such Purchasing Alternate Purchaser,
such selling Alternate Purchaser, such related Purchaser Agent and the Administrative Agent and, if applicable, Seller. Upon (i)
the execution of the Transfer Supplement, (ii) delivery of an executed copy thereof to the Seller, such Purchaser Agent and the
Administrative Agent and (iii) payment by the Purchasing Alternate Purchaser to the selling Alternate Purchaser of the agreed
purchase price, if any, such selling Alternate Purchaser shall be released from its obligations hereunder to the extent of such
assignment and such Purchasing Alternate Purchaser shall for all purposes be an Alternate Purchaser party hereto and shall have
all the rights and obligations of an Alternate Purchaser hereunder to the same extent as if it were an original party hereto.
The amount of the Maximum Purchase Amount of the selling Alternate Purchaser allocable to such Purchasing Alternate Purchaser
shall be equal to the amount of the Maximum Purchase Amount of the selling Alternate Purchaser transferred regardless of the purchase
price, if any, paid therefor. The Transfer Supplement shall be an amendment hereof only to the extent necessary to reflect the
addition of such Purchasing Alternate Purchaser as an “Alternate Purchaser” and any resulting adjustment of the selling
Alternate Purchaser’s Maximum Purchase Amount.

 

(d)       Assignments
to Alternate Purchasers and other Program Support Providers. Any Conduit Purchaser may at any time assign any portion of the
Receivables Interest or grant participating interests in its portion of the Receivables Interest to one or more of its related
Alternate Purchasers or other Program Support Providers (subject to the consent of the Seller if the short term unsecured debt
of such Alternate Purchaser or Program Support Provider at the time of such assignment is not rated at least “A-1”
by S&P or “P-1” by Moody’s or if such assignment would increase the amount of withholding tax payable by
the Seller). In the event of

 

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any
such assignment or grant by such Conduit Purchaser to a related Alternate Purchaser or other Program Support Provider, such assigning
or granting Conduit Purchaser shall be released from its obligations hereunder to the extent of such assignment and such Alternate
Purchaser or Program Support Provider shall for all purposes have all the rights and obligations of such assigning or granting
Conduit Purchaser hereunder to the same extent as if it were the original Conduit Purchaser. The Seller agrees that each related
Alternate Purchaser and Program Support Provider of any Conduit Purchaser hereunder shall be entitled to the benefits of Section
1.7 and Section 1.8.

 

(e)       [Reserved]

 

(f)       Enforcement
through Agents. Without limiting any other rights that may be available under applicable Law, the rights of the Purchasers
may be enforced through it or by its agents, including the related Purchaser Agent and the Administrative Agent.

 

(g)       Other
Assignment by Conduit Purchasers. Each party hereto agrees and consents (i) to any Conduit Purchaser’s assignment, participation,
grant of security interests in or other transfers of any portion of, or any of its beneficial interest in, the Receivables Interest
(or portion thereof), including to any collateral agent in connection with its commercial paper program and (ii) to the complete
assignment by any Conduit Purchaser of all of its rights and obligations hereunder to any other Person, and upon such assignment
such Conduit Purchaser shall be released from all obligations and duties, if any, hereunder; provided, however,
that such Conduit Purchaser may not, without the prior consent of its related Alternate Purchasers, make any such transfer of
its rights hereunder unless the assignee (i) is principally engaged in the purchase of assets similar to the assets being purchased
hereunder, (ii) has as its Purchaser Agent the Purchaser Agent of the assigning Conduit Purchaser and (iii) issues commercial
paper or other notes with credit ratings substantially comparable to the ratings of the assigning Conduit Purchaser; provided,
further, that such Conduit Purchaser may not, if no Termination Event exists, make any such assignment without the consent
of the Seller if such assignment is to an assignee other than (i) an assignee administered by a Purchaser Agent which issues commercial
paper or other notes with credit ratings the same as or higher than the ratings of the assigning Conduit Purchaser (so long as
such assignment does not increase the amount of withholding tax payable by the Seller) or (ii) any other Conduit Purchaser party
to this Agreement. Any assigning Conduit Purchaser shall deliver to any assignee a Transfer Supplement with any changes as have
been approved by the parties thereto, duly executed by such Conduit Purchaser, assigning any portion of its interest in the Receivables
Interest to its assignee. Such assigning Conduit Purchaser shall promptly (i) notify each of the other parties hereto of such
assignment and (ii) take all further action that the assignee reasonably requests in order to evidence the assignee’s right,
title and interest in such interest in the Receivables Interest and to enable the assignee to exercise or enforce any rights of
such Conduit Purchaser hereunder. Upon the assignment of any portion of its interest in the Receivables Interest, the assignee
shall have all of the rights hereunder with respect to such interest.

 

(h)       Federal
Reserve Assignments. Any Purchaser Group may at any time assign all or any portion of its rights under this Agreement to any
Federal Reserve Bank, as collateral to secure any obligation of such Purchaser Group to such Federal Reserve Bank. Such assignment
may be made at any time without notice or other obligation with respect to the assignment.

 

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(i)       Opinions
of Counsel. If required by the Administrative Agent or the applicable Purchaser Agent or to maintain the ratings of the Notes
of any Conduit Purchaser, each Transfer Supplement must be accompanied by an opinion of counsel of the assignee as to such matters
as the Administrative Agent or such Purchaser Agent may reasonably request.

 

(j)       The
Register.  The Administrative Agent shall maintain, in its name at its office, a copy of each Transfer Supplement delivered
to and accepted by it and a register (the “Register”) for the recordation of the names and addresses of the
Purchasers and the Maximum Purchase Amount of, and the Capital of, each Purchaser from time to time, which Register shall be available
for inspection by the Seller or any Purchaser (but, in the case of any Purchaser, only with respect to the entries in the Register
applicable to such Purchaser and the names of any other Purchasers) at any reasonable time upon reasonable prior notice. 
The entries in the Register shall be conclusive and binding for all purposes, absent manifest error (which manifest error shall
include, for the avoidance of doubt, any error that is obvious from the face of a calculation and any clearly demonstrable error
in failing to update the Register with an increase in the Capital of a Purchaser attributable to additional Purchases hereunder),
and the parties hereto shall treat each Person whose name is recorded in the Register as a Purchaser hereunder for all purposes
of this Agreement.  No Transfer Supplement shall be effective until it is entered in the Register.

 

Section
6.4.Costs, Expenses and Taxes. In addition to the rights of indemnification granted under Section 3.1,
Seller shall pay to the Administrative Agent, each Purchaser, each Purchaser Agent and any Program Support Provider, on demand
all reasonable and documented out-of-pocket costs and expenses in connection with the preparation, execution, delivery of this
Agreement and the other Transaction Documents. In addition to the rights of indemnification granted under Section 3.1,
the Seller shall pay to the Administrative Agent, each Purchaser, each Purchaser Agent and any Program Support Provider, on demand
all reasonable and documented out-of-pocket costs and expenses in connection with (i) the administration (including amendments
or waivers of any provision) of this Agreement or the other Transaction Documents, (ii) the sale of the Receivables Interest (or
any portion thereof), by the Seller to the Administrative Agent on behalf of such parties, (iii) the perfection (and continuation)
of the Administrative Agent’s rights in the Pool Receivables, Collections and other Pool Assets, and (iv) the enforcement
by the Administrative Agent, and each Purchaser Agent on behalf of itself or any member of the Purchaser Group for which such
Purchaser Agent acts as the Purchaser Agent, of the obligations of the Seller, the Servicer or the Originator under the Transaction
Documents or of any Obligor under a Pool Receivable, including reasonable Attorney Costs for the Administrative Agent, each Purchaser,
each Purchaser Agent and any Program Support Provider, relating to any of the foregoing or to advising the Administrative Agent,
any Purchaser Agent, any Purchaser and any Program Support Provider about its rights and remedies under any Transaction Document
or any related Program Support Agreement and all reasonable costs and expenses (including Attorney Costs) of the Administrative
Agent, each Purchaser, each Purchaser Agent and any Program Support Provider in connection with the enforcement or administration
of the Transaction Documents or any Program Support Agreement. The Seller and Servicer shall, subject to the provisos set forth
in Section 1(h) and Section 2(f) of Exhibit IV, reimburse the Administrative Agent, each Purchaser, each
Purchaser Agent and any Program Support Provider, for the cost of such Person’s auditors (which may be employees of such
Person) auditing the books, records and procedures of the Seller or the Servicer. The Seller shall

 

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reimburse
each Conduit Purchaser for all reasonable and documented costs and expenses (other than taxes) incurred by such Conduit Purchaser
in connection with the Transaction Documents or the transactions contemplated thereby, including costs related to the Rating Agencies
and Attorney Costs of the Administrative Agent and each Purchaser Agent on behalf of itself and each member of the Purchaser Group
for which such Purchaser Agent acts as the Purchaser Agent. The Administrative Agent, each Purchaser Agent, and each Purchaser
agree, however, that unless a Termination Event or Unmatured Termination Event exists all of such entities will be represented
by a single law firm. Any amounts payable under this Section 6.4 shall be paid by the Seller to the applicable Person within
five (5) Business Days following written demand therefor, setting forth, in reasonable detail, the calculation of such amount
and the basis of such demand.

 

Section
6.5.No Proceedings; Limitation on Payments. (a) Each of the parties hereto agrees, for the benefit of the holders of
the privately or publicly placed indebtedness for borrowed money of (i) any Conduit Purchaser (other than the Regency Conduit
Purchaser), not, prior to the date that is one (1) year and one (1) day after the payment in full of all privately or publicly
placed indebtedness for borrowed money of any such Conduit Purchaser outstanding, to acquiesce, petition or otherwise, directly
or indirectly, invoke, or cause any Conduit Purchaser to invoke an Insolvency Proceeding by or against any such Conduit Purchaser
and (ii) the Regency Conduit Purchaser, not, prior to the date which is two (2) years and one (1) day after the payment in full
of all privately or publicly placed indebtedness for borrowed money of the Regency Conduit Purchaser outstanding, to (x) acquiesce,
petition or otherwise, directly or indirectly, invoke, or cause any Conduit Purchaser to invoke an Insolvency Proceeding by or
against the Regency Conduit Purchaser or (y) have any right to take any steps for the purpose of obtaining payments of any amounts
payable to it under this Agreement by the Regency Conduit Purchaser. The provisions of this clause (a) shall survive the
termination of this Agreement.

 

(b)       Notwithstanding
any provisions contained in this Agreement to the contrary, no Conduit Purchaser shall or shall be obligated to, pay any amount,
if any, payable by it pursuant to this Agreement or any other Transaction Document unless (i) such Conduit Purchaser has received
funds which may be used to make such payment and which funds are not required to repay its Notes when due and (ii) after giving
effect to such payment, either (x) such Conduit Purchaser could issue Notes to refinance all outstanding Notes and Discretionary
Advances (assuming such outstanding Notes and Discretionary Advances matured at such time) in accordance with the program documents
governing such Conduit Purchaser’s securitization program or (y) all Notes and Discretionary Advances are paid in full.
Any amount which such Conduit Purchaser does not pay pursuant to the operation of the preceding sentence shall not constitute
a claim under § 101 of the Bankruptcy Code or under any similar laws in other jurisdictions against or obligation of such
Conduit Purchaser for any such insufficiency unless and until such Conduit Purchaser satisfies the provisions of clauses (i) and (ii) above. The provisions of this clause (b) shall survive any termination of this Agreement.

 

Section
6.6.Confidentiality. (a) Each of the Seller and Servicer agrees to maintain the confidentiality of this Agreement
and the other Transaction Documents (and all drafts thereof) (other than the Ancillary Documents) in communications with third
parties and otherwise; provided that this Agreement may be disclosed (i) to third parties to the extent such disclosure
is made pursuant to a written agreement of confidentiality in form and substance

 

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reasonably
satisfactory to the Administrative Agent, (ii) pursuant to the order of any court or administrative agency or in any pending legal
or administrative proceeding (provided that to the extent permitted by applicable Law, notice of the same shall be provided to
the Administrative Agent and the Administrative Agent shall have an opportunity to challenge such disclosure), (iii) upon the
request or demand of any regulatory authority having jurisdiction over the Seller or Servicer or as otherwise required by applicable
Law (including disclosure reasonably determined by the Seller or the Servicer to be necessary or desirable to comply with federal
or state securities laws), (iv) to the extent that such information becomes publicly available other than by reason of disclosure
by the Seller or Servicer in breach of this Section 6.6(a) or (v) to directors, officers, employees, legal counsel, independent
auditors, Affiliates, Rating Agencies and other experts or agents of the Seller or Servicer who need to know such information,
provided that the Seller or Servicer, as applicable, shall be responsible for assuring that each such Person maintains the confidentiality
of such nonpublic information in accordance with the terms of this Section 6.6.

 

(b)       Each
of the Administrative Agent, the Purchaser Agents and the Purchasers agrees to maintain the confidentiality of any information
regarding the Seller, the Originator or the Pool Receivables obtained in accordance with the terms of this Agreement but the Administrative
Agent and each Purchaser Agent may reveal such information (i) to Rating Agencies (or posted on a website solely available to
NRSROs as contemplated by SEC rules), loss notes investors in Purchasers, purchasers or prospective purchasers of the securities
issued in connection with, or to lenders or prospective lenders or other investors (including the Purchasers or any prospective
Purchasers) providing financing for, the transactions pursuant to the Transaction Documents, provided that each such Person maintains
the confidentiality of such nonpublic information, (ii) pursuant to the order of any court or administrative agency or in any
pending legal or administrative proceeding (provided that to the extent permitted by applicable Law notice of the same shall be
provided to the Seller and the Servicer and the Seller or the Servicer shall have an opportunity to challenge such disclosure),
(iii) upon the request or demand of any regulatory authority having jurisdiction over the Administrative Agent, a Purchaser Agent
or a Purchaser or any of their Affiliates or as otherwise required by applicable Law, (iv) to the extent that such information
becomes publicly available other than by reason of disclosure by the Administrative Agent, the Purchaser Agents or the Purchasers
in breach of this Section 6.6(b) or (v) to employees, legal counsel, independent auditors, Affiliates and other experts
or agents of the Administrative Agent, the Purchaser Agents and the Purchasers, as applicable, shall be responsible for assuring
that each such Person maintains the confidentiality of such nonpublic information in accordance with the terms of this Section
6.6.

 

(c)       Notwithstanding
any provisions herein or in any other Transaction Document, to the extent not inconsistent with applicable securities Law, each
of the parties hereto (and each party’s employees, representatives or other agents) may disclose to any and all persons,
without limitation of any kind, the tax treatment and tax structure (as such terms are defined in Section 1.6011-4 of the Treasury
Regulations) contemplated by the Transaction Documents and all materials of any kind (including opinions or other tax analyses)
that are provided to such parties relating to such tax treatment and tax structure.

 

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Section
6.7.GOVERNING LAW AND JURISDICTION. (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK.

 

(b)       ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED
STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO CONSENTS,
FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY
WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
GROUNDS OF FORUM NON CONVENIENS, THAT IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION
IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. EACH OF THE PARTIES HERETO WAIVES PERSONAL SERVICE OF ANY SUMMONS,
COMPLAINT OR OTHER PROCESS, WHICH SERVICE MAY BE MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK LAW.

 

Section
6.8.Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.

 

Section
6.9.Termination; Survival of Termination. This Agreement shall terminate on the Final Payout Date. The provisions of
Sections 1.7, 1.8, 1.9, 3.1, 3.2, 6.4, 6.5, 6.6, 6.7, 6.10,
6.15 and 6.16 shall survive any termination of this Agreement.

 

Section
6.10.WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION,
PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR PARTIES, WHETHER WITH RESPECT
TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH OF THE PARTIES HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL
BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, EACH OF THE PARTIES HERETO FURTHER AGREES THAT ITS RESPECTIVE
RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH
SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER
SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

 

Section
6.11.Sharing of Recoveries. Each Purchaser agrees that if it receives any recovery, through set-off, judicial action
or otherwise, on any amount payable or recoverable hereunder in a greater proportion than should have been received hereunder
or otherwise

 

    -38-

     

    

inconsistent
with the provisions hereof, then the recipient of such recovery shall purchase for cash an interest in amounts owing to the other
Purchasers (as return of Capital or otherwise), without representation or warranty except for the representation and warranty
that such interest is being sold by each such other Purchaser free and clear of any Adverse Claim created or granted by such other
Purchaser, in the amount necessary to create proportional participation by the Purchaser in such recovery. If all or any portion
of such amount is thereafter recovered from the recipient, such purchase shall be rescinded and the purchase price restored to
the extent of such recovery, but without interest.

 

Section
6.12.Right of Setoff. During the existence of a Termination Event or Unmatured Termination Event, each Purchaser is
hereby authorized (in addition to any other rights it may have) to setoff, appropriate and apply (without presentment, demand,
protest or other notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by such Purchaser
(including by any branches or agencies of such Purchaser) to, or for the account of, the Seller against amounts owing by the Seller
hereunder (even if contingent or unmatured); provided that such Purchaser (or the related Purchaser Agent) shall notify
Seller concurrently with such setoff.

 

Section
6.13.Entire Agreement. This Agreement and the other Transaction Documents required to be delivered hereunder embody
the entire agreement and understanding between the parties hereto, and supersede all prior or contemporaneous agreements and understandings
of such Persons, verbal or written, relating to the subject matter hereof and thereof.

 

Section
6.14.Headings. The captions and headings of this Agreement and in any Exhibit, Schedule or Annex are for convenience
of reference only and shall not affect the interpretation hereof or thereof.

 

Section
6.15.Conduit Purchaser’s Liabilities. The obligations of the Conduit Purchasers under this Agreement are solely
the corporate obligations of such Conduit Purchaser. No recourse shall be had for any obligation or claim arising out of or based
upon this Agreement against any stockholder, employee, officer, member, manager, director, agent or incorporator of any Conduit
Purchaser and any and all such personal liability against such Persons for breaches by the related Conduit Purchaser of its obligations,
covenants or agreements is hereby expressly waived as a condition of and in consideration for the execution of this Agreement;
provided, however, that this Section 6.15 shall not relieve any such Person of any liability it might otherwise
have for its own gross negligence, willful misconduct or unlawful conduct. The agreements provided in this Section 6.15
shall survive termination of this Agreement.

 

Section
6.16.Purchaser Groups’ Liabilities. The obligations of each Purchaser Agent, the Administrative Agent and each
Purchaser under the Transaction Documents are solely the corporate obligations of such Person. Except with respect to any claim
arising out of the willful misconduct or gross negligence of the Administrative Agent, any Purchaser Agent or any Purchaser, no
claim may be made by the Seller or the Servicer or any other Person against the Administrative Agent, any Purchaser Agent or any
Purchaser or their respective Affiliates, directors, officers, employees, attorneys or agents for any special, indirect, consequential
or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related
to the transactions contemplated by this Agreement or any other

 

    -39-

     

    

Transaction
Document, or any act, omission or event occurring in connection therewith; and each of Seller or Servicer hereby waives, releases,
and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist
in its favor.

 

Section
6.17.Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary
in any Transaction 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 Transaction 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 Transaction 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.

 

    -40-

     

    

IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized,
as of the date first above written.

 

	 	 	 	INGRAM FUNDING INC., 	 
	 	 	 	as Seller	 
	 	 	 	 	 	 	 
	 	 	 	By:	
    	 
	 	 	 	 	Name:	Alain Monie	 
	 	 	 	 	Title:	President	 
	 	 	 	 	 	 	 

	c/o Ingram Micro Inc.
	3351 Michelson Drive, Suite 100
	Irvine, CA 92612-0697
	Attention:  Corporate Treasurer
	 
	With a copy to:
	3351 Michelson Drive, Suite 100
	Irvine, CA 92612-0697
	Attention:  General Counsel
	 

	 	 	 	INGRAM MICRO INC.,	 
	 	 	 	 	as Servicer	 
	 	 	 	 	 	 	 
	 	 	 	By:	    	 
	 	 	 	 	Name:	Alain Monie	 
	 	 	 	 	Title:	President and Chief Operating Officer	 
	 	 	 	 	 	 	 

	 	 	 	By:	
    	 
	 	 	 	 	Name:	William D. Humes	 
	 	 	 	 	Title:	Senior Executive Vice President and Chief Financial Officer	 
	 	 	 	 	 	 	 

	3351 Michelson Drive, Suite 100
	Irvine, CA 92612-0697
	Attention: Corporate Treasurer
	 
	With a copy to:
	3351 Michelson Drive,
Suite 100
	Irvine, CA 92612-0697
	Attention: General Counsel

 

	 

 

    S-1

     

    

 

	 	 	 	THE PURCHASER GROUPS:	 
	 	 	 	 	 
	 	 	 	THE BANK OF NOVA SCOTIA, as Purchaser
    Agent for the Liberty Street Purchaser Group	 
	 	 	 	 	 	 	 
	 	 	 	By:	
    	 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 

 

	250 Vesey Street, 23rd Floor

                            

                            

                            

                            

	New York, New York 10281
	Attention: Peter Gartland
	Telephone No.: (212) 225-5115
	Facsimile No.: (212) 225-5274
	 
	 

 

 

 

	 	 	 	 	 
	 	 	 	THE BANK OF NOVA SCOTIA, as related
    Alternate Purchaser	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	    	 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 

 

	 

 

    S-2

     

    

 

	 	 	 	LIBERTY STREET FUNDING LLC,	 
	 	 	 	as Conduit Purchaser
	 	 	 	 	 	 	 
	 	 	 	By:	
    	 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 

 

 

	c/o Global Securitization
Services, LLC

                            

                            

                            

                            

	114 West 47th Street, Suite 2310
	New York, New York 10036
	Attention: Andrew L. Stidd
	Telephone No.: (212) 302-5151
	Facsimile No.: (212) 302-8767
	 
	With a copy to:
	 
	The Bank of Nova Scotia
	250 Vesey Street, 23rd Floor
	New York, New York
10281
	Attention: Peter Gartland
	Telephone No.: (212) 225-5115
	Facsimile No.: (212) 225-5274

 

	 

 

 

    S-3

     

    
 

	 	 	 	THE BANK OF NOVA SCOTIA,	 
	 	 	 	as Administrative Agent
	 	 	 	 	 	 	 
	 	 	 	By:	
    	 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 

 

	The Bank of Nova Scotia

                            

                            

                            

                            

	250 Vesey Street, 23rd Floor
	New York, New York 10281
	Attention: Peter Gartland
	Telephone No.: (212) 225-5115
	Facsimile No.: (212) 225-5274

 

	 

 

 

    S-4

     

    

 

	 	 	 	THE BANK OF TOKYO-MITSUBISHI UFJ,
    LTD., NEW YORK BRANCH,	 
	 	 	 	as Purchaser Agent for the Victory
    Purchaser Group	 
	 	 	 	 	 	 	 
	 	 	 	By:		 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 

 

	 	 	 	THE BANK OF TOKYO-MITSUBISHI UFJ,
    LTD., NEW YORK BRANCH,	 
	 	 	 	as Alternate Purchaser	 
	 	 	 	 	 	 	 
	 	 	 	By:		 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

 
 

	 	 	 	VICTORY RECEIVABLES CORPORATION,	 
	 	 	 	as a Conduit Purchaser	 
	 	 	 	 	 	 	 
	 	 	 	By:	
    	 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

 

	 

 

 

    S-5

     

    

 

	 	 	 	HSBC SECURITIES (USA), INC.,	 
	 	 	 	as Purchaser Agent for the Regency
    Purchaser Group	 
	 	 	 	 	 	 	 
	 	 	 	By:		 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 

 

	 	 	 	HSBC BANK USA, N.A.	 
	 	 	 	as an Alternate Purchaser	 
	 	 	 	 	 	 	 
	 	 	 	By:		 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 

 

	 	 	 	REGENCY ASSETS LIMITED	 
	 	 	 	as a Conduit Purchaser	 
	 	 	 	 	 	 	 
	 	 	 	By:	
    	 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 

 

	 

 

 

    S-6

     

    

 

	 	 	 	MIZUHO CORPORATE BANK, LTD.,	 
	 	 	 	as Purchaser Agent for the Working
    Capital Group	 
	 	 	 	 	 	 	 
	 	 	 	By:		 
	 	 	 	 	Name:	Bertram
    H. Tang	 
	 	 	 	 	Title:	Authorized
    Signatory	 
	 	 	 	 	 	 	 

 

 

	 	 	 	MIZUHO CORPORATE BANK, LTD.,	 
	 	 	 	as an Alternate Purchaser	 
	 	 	 	 	 	 	 
	 	 	 	By:		 
	 	 	 	 	Name:	Bertram
    H. Tang	 
	 	 	 	 	Title:	Authorized
    Signatory	 
	 	 	 	 	 	 	 

 

 

	 	 	 	WORKING CAPITAL MANAGEMENT CO.,
    LP,	 
	 	 	 	as a Conduit Purchaser	 
	 	 	 	 	 	 	 
	 	 	 	By:		 
	 	 	 	 	Name:	Shinichi
    Nochiide	 
	 	 	 	 	Title:	Attorney-in-fact	 
	 	 	 	 	 	 	 

 

	 

 

 

    S-7

     

    

EXHIBIT I

DEFINITIONS

 

1.       Defined
Terms. As used in the Agreement (including the Exhibits, Schedules and Annexes), the following terms shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined).

 

“Administrative
Agent” has the meaning set forth in the preamble to this Agreement.

 

“Administrative
Agent Fee” has the meaning set forth in the Fee Letter for the Liberty Street Purchaser Group.

 

“Adverse
Claim” means a lien, security interest or other charge or encumbrance, or any other type of preferential arrangement,
it being understood that a lien, security interest or other charge or encumbrance, or any other type of preferential arrangement,
in favor of the Administrative Agent (on behalf of itself, the Purchaser Agents and the Purchasers) shall not constitute an Adverse
Claim.

 

“Affected
Person” has the meaning set forth in Section 1.7.

 

“Affiliate”
means, as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by or is under common
control with such Person or is a director or officer of such Person; except that in the case of each Conduit Purchaser, “Affiliate”
shall mean the holder of its voting securities or membership interest, as the case may be. A Person shall be deemed to be “controlled”
by any other Person if such other Person possesses, directly or indirectly, the power to direct or cause the direction of the
management or policies of such Person whether by contract or otherwise.

 

“Aggregate
Capital” means, at any time, the aggregate amount of Capital of all Purchasers outstanding at such time.

 

“Aggregate
Yield” at any time, means the sum of the aggregate for each Purchaser of the accrued and unpaid Yield with respect to
each such Purchaser’s Capital at such time.

 

“Agreement”
has the meaning set forth in the preamble hereto.

 

“Agreed
Upon Procedures Report” means, the Agreed Upon Procedures Report, which report shall cover the sample testing of procedures,
data reports and calculations for two (2) Fiscal Months and be in a form and substance reasonably acceptable to the Administrative
Agent (with the consent of the Purchaser Agents).

 

“Alternate
Base Rate” means, with respect to any Purchaser, for any day, a fluctuating interest rate per annum as shall be in effect
from time to time, which rate shall be at all times equal to the higher of:

 

    I-1

     

    

(a)       the
rate of interest in effect for such day as publicly announced by the related Purchaser Agent as its “reference rate.”
Such “reference rate” is set by the applicable Purchaser Agent based upon various factors including the applicable
Purchaser Agent’s costs and desired return, general economic conditions and other factors, and is used as a reference point
for pricing some loans, which may be priced at, above, or below such announced rate; and

 

(b)       0.50%
per annum above the latest Federal Funds Rate.

 

If
the calculation of the Alternate Base Rate results in an Alternate Base Rate of less than zero (0), the Alternate Base Rate shall
be deemed to be zero (0) for all purposes hereunder.

 

“Alternate
Purchaser” means each Person listed as such for a Conduit Purchaser (or as the sole Purchaser if the related Purchaser
Group has no Conduit Purchaser), as set forth on the signature pages of this Agreement or in any Assumption Agreement or Transfer
Supplement.

 

“Alternate
Rate” for any Settlement Period for any Capital (or portion thereof) funded by any Purchaser other than through the
issuance of Notes, means an interest rate per annum equal to: (I) solely with respect to the Regency Conduit Purchaser and the
Regency Alternate Purchaser, either (a) the LMIR rate in effect on each day of such Settlement Period or (b) if any of the circumstances
described in Section 1.10 exists, the Alternate Base Rate in effect on each such day of such Settlement Period and (II)
for any other Purchaser Group, either (a) the Eurodollar Rate for such Settlement Period or (b) if:

 

(i)       any
of the circumstances described in Section 1.10 exists, or

 

(ii)       a
Settlement Period in which Yield is calculated at the CP Rate is terminated as described in the definition of “Yield”,

 

then
the Alternate Base Rate in effect (x) in the case of clause (i), on each day of such Settlement Period or (y) in the case
of clause (ii), following such termination.

 

“Ancillary
Documents” means the Wilmington Trust Service Agreement, the Services and Indemnity Agreement and the Delaware Affiliated
Finance Company License.

 

"Anti-Corruption
Laws" means the United States Foreign Corrupt Practices Act of 1977, as amended, and the United Kingdom Bribery Act 2010,
as amended.

 

“Assumption
Agreement” means an agreement substantially in the form set forth in Annex I.

 

“Attorney
Costs” means and includes all reasonable fees and disbursements of any law firm or other external counsel.

 

“Average
Payment Term” means, for any Collection Period, the number of days computed as of the last day of such Collection Period,
as the weighted average payment term for

 

    I-2

     

    

the
Pool Receivables (other than Foreign Obligor Receivables on and after the Foreign Obligor Receivable Inclusion Date but prior
to the Foreign Obligor Receivable Eligibility Date) by the Servicer in accordance with its customary practices and included in
each Monthly Receivables Report.

 

“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 the United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.)

 

“Blocked
Account” means a deposit account in the name of the Seller listed on Schedule II and maintained at a bank or
other financial institution acting as a Blocked Account Bank pursuant to a Blocked Account Agreement for the purpose of receiving
Collections.

 

“Blocked
Account Agreement” means an agreement, in substantially the form of Annex C, between the Originator, the Seller,
the Administrative Agent and a Blocked Account Bank governing the terms of the related Blocked Accounts.

 

“Blocked
Account Bank” means, at any time, any of the banks holding a Blocked Account.

 

“Brazilian/ISS
Judgment” means the commercial service tax assessed by the Sao Paulo municipal tax authorities against Ingram Micro
Brazil Ltda. in December 2007 in an initial amount of 55.1 million Brazilian real, as such assessment was upheld by the Sao Paulo
municipal taxpayer council May 26, 2009.

 

“Business
Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City, New York
or in the State of California are authorized or required by law to remain closed; provided that, when used in connection
with the Eurodollar Rate or LMIR, the term “Business Day” shall also exclude any day on which banks are not open for
dealings in dollar deposits in the London interbank market.

 

“Capital”
means with respect to any Purchaser, the amount paid to the Seller in respect of the Receivables Interest by such Purchaser pursuant
to Section 1.2, as reduced from time to time by Collections distributed and applied on account of such Capital pursuant
to Section 1.4(d) and 1.4(f); provided, that if such Capital shall have been reduced by any distribution
and thereafter all or a portion of such distribution is rescinded or must otherwise be returned for any reason, such Capital shall
be increased by the amount of such rescinded or returned distribution, as though it had not been made.

 

    I-3

     

    

“Capitalized
Lease Liabilities” of any Person means, at any time, any obligation of such Person at such time to pay rent or other
amounts under a lease of (or other agreement conveying the right to use) real and/or personal property, which obligation is, or
in accordance with GAAP (including Financial Accounting Standard Board (“FASB”) Statement 13) is required to be, classified
and accounted for as a capital lease on a balance sheet of such Person at the time incurred; and for purposes of this Agreement
the amount of such obligation shall be the capitalized amount thereof determined in accordance with such FASB Statement 13.

 

“Change
in Control” means (a) prior to a Qualified IPO, HNA Group shall cease (i) to directly or indirectly be the largest holder
of the capital stock of Ingram having ordinary voting power or (ii) to be able to exercise effective control (as defined in the
second sentence of the definition of “Affiliate”) over Ingram; (b) following a Qualified IPO, any Person or two or
more Persons (excluding HNA Group) acting in concert shall have acquired beneficial ownership (within the meaning of Rule 13d-3
of the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (or any successor regulation))
of capital stock of Ingram having more than 30% of the ordinary voting power of all capital stock of Ingram then outstanding unless
HNA Group shall directly or indirectly own capital stock of Ingram representing a greater percentage of the ordinary voting power
of all capital stock of Ingram stock then outstanding; or (c) following a Qualified IPO, at any time during any period of 25 consecutive
calendar months commencing on or after the Effective Date, a majority of Board of Directors of Ingram shall no longer be composed
of individuals (i) who were members of such Board of Directors on the first day of such period, (ii) whose election or nomination
to such Board of Directors was approved by individuals referred to in clause (c)(i) above constituting at the time of such
election or nomination at least a majority of such Board of Directors, or (iii) whose election or nomination to such Board of
Directors was approved by individuals referred to in clause (c)(i) or (c)(ii) above constituting at the time of
such election or nomination at least a majority of such Board of Directors.

 

“Closing
Date” means April 26, 2010.

 

"Code"
means the U.S. Internal Revenue Code of 1986, as amended and as in effect from time to time, and any rules and regulations promulgated
thereunder.

 

“Collection
Period” means a Fiscal Month.

 

“Collections”
means, with respect to any Pool Receivable, (a) all funds which are received by the Originator, the Seller or the Servicer in
payment of any amounts owed in respect of such Pool Receivable (including purchase price, finance charges, interest and all other
charges), or applied to amounts owed in respect of such Pool Receivable (including insurance payments and net proceeds of the
sale or other disposition of repossessed goods or other collateral or property of the related Obligor or any other Person directly
or indirectly liable for the payment of such Pool Receivable and available to be applied thereon), (b) all Deemed Collections
thereof and (c) all other proceeds of such Pool Receivable.

 

“Conduit
Purchaser” means each special purpose entity that is a party to this Agreement, as a Purchaser, or that becomes a party
to this Agreement, as a Purchaser pursuant to an Assumption Agreement, Transfer Supplement or otherwise.

 

    I-4

     

    

“Consolidated
Subsidiary” means any Subsidiary whose financial statements are required in accordance with GAAP to be consolidated
with the consolidated financial statements delivered by Ingram from time to time in accordance with Section 2(k) of
Exhibit IV.

 

“Contingent
Liability” means any agreement, undertaking or arrangement (including any partnership, joint venture or similar arrangement)
by which any Person guarantees, endorses or otherwise becomes or is contingently liable (by direct or indirect agreement, contingent
or otherwise) to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or obligation or any other
liability of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment
of dividends or other distributions upon the shares of any other person, if the primary purpose or intent thereof by the Person
incurring the Contingent Liability is to provide assurance to the obligee of such obligation of another Person that such obligation
of such other Person will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders
of such obligation will be protected (in whole or in part) against loss in respect thereof. The amount of any Person’s obligation
under any Contingent Liability shall be deemed to be the lower of (a) the outstanding principal or face amount of the debt, obligation
or other liability guaranteed thereby and (b) the maximum amount for which such Person may be liable pursuant to the terms of
the instrument embodying such Contingent Liability, unless such obligation and the maximum amount for which such Person may be
liable are not stated or determinable, in which case the amount of such Contingent Liability shall be such Person’s maximum
reasonably anticipated liability in respect thereof as determined by Ingram in good faith.

 

“Contra
Account” means the Outstanding Balance of a Pool Receivable that is offset by a corresponding account payable due from
the Originator to the related Obligor.

 

“Contract”
means, with respect to any Pool Receivable, any and all contracts, instruments, agreements, leases, invoices, notes or other writings
pursuant to which such Pool Receivable arises or that evidence such Pool Receivable or under which an Obligor becomes or is obligated
to make payment in respect of such Pool Receivable.

 

“Contractual
Dilution” means any change in the Outstanding Balance of a Receivable resulting from, arising out of or in connection
with any volume, early-payment or other special or other discount, rebate or other similar program specified in the applicable
Contract.

 

“CP
Rate” means, for any Conduit Purchaser and for any Settlement Period for any Portion of Capital (a) the per annum
rate equivalent to the weighted average cost as determined by the applicable Purchaser Agent and which shall include commissions
and fees of placement agents and dealers, incremental carrying costs incurred with respect to Notes of such Conduit Purchaser
maturing on dates other than those on which corresponding funds are received by such Conduit Purchaser, other borrowings by such
Conduit Purchaser (other than under any Program Support Agreement) and any other costs associated with the issuance of Notes)
of or related to the issuance of Notes that are allocated, in whole or in part, by the applicable Purchaser Agent to fund or maintain
such Portion of Capital (and which may be also allocated in part to the funding of other assets of such Conduit Purchaser); provided,
however, that if any component of such rate is a discount rate, in calculating the “CP Rate” for such
Portion of

 

    I-5

     

    

Capital
for such Settlement Period, the applicable Purchaser Agent shall for such component use the rate resulting from converting such
discount rate to an interest bearing equivalent rate per annum; provided, further, that notwithstanding anything
in this Agreement or the other Transaction Documents to the contrary, the Seller agrees that any amounts payable to a Conduit
Purchaser in respect of Yield for any Settlement Period with respect to any Portion of Capital funded by such Conduit Purchaser
at the CP Rate shall include an amount equal to the portion of the face amount of the outstanding Notes issued to fund or maintain
such Portion of Capital that corresponds to the portion of the proceeds of such Notes that was used to pay the interest component
of maturing Notes issued to fund or maintain such Portion of Capital, to the extent that such Conduit Purchaser had not received
payments of interest in respect of such interest component on or prior to the maturity date of such maturing Notes (for purposes
of the foregoing, the “interest component” of Notes equals the excess of the face amount thereof over the net proceeds
received by such Conduit Purchaser from the issuance of Notes, except that if such Notes are issued on an interest-bearing basis
its “interest component” will equal the amount of interest accruing on such Notes through maturity) or (b) the rate
designated as the “CP Rate” for such Conduit Purchaser in an Assumption Agreement or Transfer Supplement pursuant
to which such Person becomes a party as a Conduit Purchaser to this Agreement. If the calculation of the CP Rate results in a
CP Rate of less than zero (0), the CP Rate shall be deemed to be zero (0) for all purposes hereunder.

 

“Credit
Agreement” means the Credit Agreement, dated as of September 28, 2011 among Ingram, Ingram Micro Coordination Center
BVBA, certain financial institutions, Bank of America, N.A., BNP Paribas, The Royal Bank of Scotland plc and Union Bank, N.A.,
as the co-syndication agents for the lenders, and The Bank of Nova Scotia, as the administrative agent for the lenders.

 

“Credit
and Collection Policy” means those receivables credit and collection policies and practices of the Originator in effect
on the date of this Agreement and previously furnished to the Purchaser Agents and the Administrative Agent and described in Schedule I,
as modified in compliance with the Receivables Sale Agreement and this Agreement.

 

“Days
Sales Outstanding” means, for any Collection Period, the number of days calculated as of the last day of such Collection
Period equal to the product of (a) 30.5 and (b) if the aggregate Outstanding Balance of Pool Receivables (other than Foreign
Obligor Receivables on and after the Foreign Obligor Receivable Inclusion Date but prior to the Foreign Obligor Receivable Eligibility
Date) originated during such Collection Period is greater than the aggregate Outstanding Balance of Pool Receivables (other than
Foreign Obligor Receivables on and after the Foreign Obligor Receivable Inclusion Date but prior to the Foreign Obligor Receivable
Eligibility Date) as of the last day of such Collection Period, the amount obtained by dividing (i) the aggregate Outstanding
Balance of Pool Receivables (other than Foreign Obligor Receivables on and after the Foreign Obligor Receivable Inclusion Date
but prior to the Foreign Obligor Receivable Eligibility Date) as of the last day of such Collection Period by (ii) the
aggregate Outstanding Balance of Pool Receivables (other than Foreign Obligor Receivables on and after the Foreign Obligor Receivable
Inclusion Date but prior to the Foreign Obligor Receivable Eligibility Date) originated during such Collection Period, otherwise
the sum of (i) one (1) plus (ii) the amount obtained by dividing (A)(1) the aggregate Outstanding Balance of Pool
Receivables (other than Foreign Obligor Receivables on and after the Foreign Obligor

 

    I-6

     

    

Receivable
Inclusion Date but prior to the Foreign Obligor Receivable Eligibility Date) as of the last day of such Collection Period minus
(2) the aggregate Outstanding Balance of Pool Receivables (other than Foreign Obligor Receivables on and after the Foreign
Obligor Receivable Inclusion Date but prior to the Foreign Obligor Receivable Eligibility Date) originated during such Collection
Period by (B) the aggregate Outstanding Balance of Pool Receivables (other than Foreign Obligor Receivables on and after
the Foreign Obligor Receivable Inclusion Date but prior to the Foreign Obligor Receivable Eligibility Date) originated during
the immediately preceding Collection Period.

 

“Debt”
of any Person means and includes the sum of the following (without duplication):

 

(a)       all
obligations of such Person for borrowed money, all obligations evidenced by bonds, debentures, notes, investment repurchase agreements
or other similar instruments, and all securities issued by such Person providing for mandatory payments of money, whether or not
contingent;

 

(b)       all
obligations of such Person pursuant to revolving credit agreements or similar arrangements to the extent then outstanding;

 

(c)       all
obligations of such Person to pay the deferred purchase price of property or services, except (i) trade accounts payable arising
in the ordinary course of business, (ii) other accounts payable arising in the ordinary course of business in respect of such
obligations the payment of which has been deferred for a period of 270 days or less, (iii) other accounts payable arising in the
ordinary course of business none of which shall be, individually, in excess of $200,000 (in the case of Ingram or any Subsidiary
of Ingram other than the Seller) or $0 (in the case of the Seller), and (iv) a lessee’s obligations under leases of
real or personal property not required to be capitalized under FASB Statement 13;

 

(d)       all
obligations of such Person as lessee under leases which shall have been or should be, in accordance with GAAP, recorded as Capitalized
Lease Liabilities or Synthetic Leases;

 

(e)       all
obligations of such Person to purchase securities (or other property) which arise out of or in connection with the sale of the
same or substantially similar securities or property excluding any such sales or exchanges for a period of less than forty-five
(45) days;

 

(f)       all
obligations, contingent or otherwise, with respect to the stated amount of letters of credit, whether or not drawn, issued for
the account of such Person to support the Debt of any Person other than Ingram or a Subsidiary of Ingram, and bankers’ acceptances
issued for the account of such Person;

 

(g)       all
Debt of others secured by a lien or encumbrance of any kind on any asset of such Person, whether or not such Debt is assumed by
such Person; provided that the amount of any Debt attributed to any Person pursuant to this clause (g) shall
be limited, in each case, to the lesser of (i) the fair market value of the assets of such

 

    I-7

     

    

Person
subject to such lien or encumbrance and (ii) the amount of the other Person’s Debt secured by such lien or encumbrance;
and

 

(h)       all
guarantees, endorsements and other Contingent Liabilities of such Person in respect of any of the foregoing;

 

provided
that it is understood and agreed that, with respect to Ingram, the following are not “Debt”:

 

(i)       obligations
to pay the deferred purchase price for the acquisition of any business (whether by way of merger, sale of stock or assets or otherwise),
to the extent that such obligations are contingent upon attaining performance criteria such as earnings and such criteria shall
not have been achieved;

 

(ii)       obligations
to repurchase securities issued to employees pursuant to any Pension Plan or other contract or arrangement relating to employment
upon the termination of their employment or other events;

 

(iii)       obligations
to match contributions of employees under any Pension Plan;

 

(iv)       guarantees
of any Obligor or any of their respective Subsidiaries that are guarantees of performance, reclamation or similar bonds or, in
lieu of such bonds, letters of credit used for such purposes issued in the ordinary course of business for the benefit of any
Subsidiary of Ingram, which would not be included on the consolidated financial statements of any Obligor; and

 

(v)       Trade
Payables.

 

“Debt
Rating” means, for any Person, the S&P long-term issuer credit rating or the Moody’s corporate family rating,
as applicable, for such Person.

 

“Deemed
Collections” is defined in Section 1.4(e).

 

“Default
Rate” means for any date of determination, an interest rate per annum equal to (i) 5.0% plus (ii) the Alternate Base
Rate as in effect on such date.

 

“Default
Ratio” means, for any Collection Period, the ratio (expressed as a percentage and rounded upwards to the nearest 1/100
of 1%) calculated as of the last day of such Collection Period equal to (i) the aggregate Outstanding Balance of Pool Receivables
(other than Foreign Obligor Receivables on and after the Foreign Obligor Receivable Inclusion Date but prior to the Foreign Obligor
Receivable Eligibility Date) which have been written-off before becoming sixty-one (61) days past due and Pool Receivables (other
than Foreign Obligor Receivables on and after the Foreign Obligor Receivable Inclusion Date but prior to the Foreign Obligor Receivable
Eligibility Date) which are sixty-one (61) to ninety (90) days past due divided by (ii) the Outstanding Balance of Pool
Receivables (other than Foreign Obligor Receivables on and after the Foreign Obligor Receivable Inclusion Date but prior to the
Foreign Obligor Receivable Eligibility Date) originated in the Collection Period ended four (4)

 

    I-8

     

    

Collection
Periods prior to the last day of the most recently ended Collection Period if the Average Payment Term is less than sixty-one
(61) days, otherwise in the Collection Period ended five (5) Collection Periods prior to such day.

 

“Defaulted
Receivable” means a Pool Receivable (other than Foreign Obligor Receivables on and after the Foreign Obligor Receivable
Inclusion Date but prior to the Foreign Obligor Receivable Eligibility Date) as to which (a) any payment, or part thereof remains
unpaid for more than sixty (60) days after the original due date for such payment, (b) the Obligor is subject to a bankruptcy
or insolvency proceeding, or (c) in accordance with the Credit and Collection Policy, has been or should be written-off as uncollectible.

 

“Delaware
Affiliated Finance Company License” means the license granted by the State of Delaware to the Seller to conduct business
in the State of Delaware as an Affiliated Finance Company.

 

“Delinquency
Ratio” means the ratio (expressed as a percentage and rounded upwards to the nearest l/100 of 1%) computed as of the
last day of such Collection Period by dividing (i) the aggregate Outstanding Balance of all Pool Receivables (other than Foreign
Obligor Receivables on and after the Foreign Obligor Receivable Inclusion Date but prior to the Foreign Obligor Receivable Eligibility
Date) that were Delinquent Receivables as of such day by (ii) the aggregate Outstanding Balance of all Eligible Receivables as
of such day.

 

“Delinquent
Receivable” means a Pool Receivable (other than Foreign Obligor Receivables on and after the Foreign Obligor Receivable
Inclusion Date but prior to the Foreign Obligor Receivable Eligibility Date) as to which any payment, or part thereof, remains
unpaid for at least thirty (30) days from the original due date for such payment and which is not a Defaulted Receivable.

 

“Dilution”
means, for any Collection Period, an amount equal to the aggregate reductions in the Outstanding Balance of Eligible Receivables
as a result of any Dilution Factors during such Collection Period.

 

“Dilution
Factors” means (i) the failure by the Originator to deliver any merchandise or provide any services or otherwise to
perform under the underlying Contract or bill of lading, (ii) any change in the terms of, or cancellation of, a Contract or invoice
or any other adjustment (including as a result of the application of any special or other discounts or any reconciliations or
as a result of the return of any defective goods) by the Servicer which reduces the amount payable by the Obligor on the related
Pool Receivable, (iii) any setoff by an Obligor in respect of any claim by such Obligor as to the amounts owed by it on the related
Pool Receivable, and (iv) any specific dispute (with respect to which a credit is issued or the Obligor has asserted a specified
reduction of the related Pool Receivable) counterclaim or defense asserted by the Obligor of the related Pool Receivable (except
the discharge in bankruptcy of such Obligor), in each case, other than any such factor which results in a change in the Outstanding
Balance of a Receivable constituting Contractual Dilution” at the end of such definition.

 

    I-9

     

    

“Dilution
Horizon Ratio” means, for any Collection Period, a ratio (expressed as a percentage and rounded upwards to the nearest
1/100th of 1%) computed as of the last day of such Collection Period by dividing (i) the aggregate Outstanding Balance of all
Pool Receivables (other than Foreign Obligor Receivables on and after the Foreign Obligor Receivable Inclusion Date but prior
to the Foreign Obligor Receivable Eligibility Date) originated during such Collection Period by (ii) the Net Receivables Balance
as of such day.

 

“Dilution
Ratio” means, for any Collection Period, the ratio (expressed as a percentage and rounded upwards to the nearest 1/100th
of 1%) computed as of the last day of such Collection Period by dividing (i) the Dilution as of the last day of the most recently
ended Collection Period by (ii) the aggregate Outstanding Balance of all Pool Receivables (other than Foreign Obligor Receivables
on and after the Foreign Obligor Receivable Inclusion Date but prior to the Foreign Obligor Receivable Eligibility Date) originated
during the previous Collection Period.

 

“Dilution
Spike” means, as of the last day of any Collection Period, the highest Dilution Ratio during the immediately preceding
twelve Collection Periods ending on such day.

 

“Discretionary
Advance” means an unsecured discretionary advance made to a Conduit Purchaser to repay maturing Notes.

 

“Distribution
Account” means an account in the name of the Administrative Agent the details of which are set forth below (or such
other account designated in writing by the Administrative Agent to the Seller and the Servicer):

 

	Bank:	The Bank of Nova Scotia
	ABA #:	026-002532
	A/C #:	03487-16
	Beneficiary:	BNS as Admin Agent for Ingram Funding
	Ref:	Ingram Funding

 

“Dynamic
Dilution Reserve Percentage” means, for any Collection Period, the following calculated as of the last day of such Collection
Period:

 

[(SF
x ED) + ((DS - ED) x DS/ED)] x DHR + ECDP

 

where:

 

SF
= the Stress Factor;

 

ED
= the Expected Dilutions;

 

DS
= the Dilution Spike;

 

DHR
= the Dilution Horizon Ratio;

 

ECDP
= the Expected Contractual Dilutions Percentage.

 

    I-10

     

    

“Dynamic
Loss Reserve Percentage” means, for any Collection Period, the product calculated as of the last day of such Collection
Period of (i) the highest Sales-Based Default Ratio for the preceding twelve (12) Collection Periods ending on such day, (ii)
the Loss Horizon Ratio and (iii) the Stress Factor.

 

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

 

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

 

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

 

“Effective
Date” has the meaning ascribed thereto in the Fourth Omnibus Amendment.

 

"Eligible
Foreign Jurisdiction" means any jurisdiction of organization of an Obligor of a Foreign Obligor Receivable with a sovereign
debt rating equal to or greater than "BBB" by S&P and equal to or greater than "Baa2" by Moody's.

 

"Eligible
Foreign Obligor Receivable" means, at any time, a Foreign Obligor Receivable whose Obligor is organized under the laws
of an Eligible Foreign Jurisdiction.

 

“Eligible
Receivable” means, at any time, a Pool Receivable:

 

(i)       the
Obligor of which (A) prior to the Foreign Obligor Receivable Eligibility Date, is a resident of one of the 50 states of the United
States, (B) is not an Affiliate of the Seller or the Originator, (C) is not a Governmental Authority and (D) is not subject to
any action of the type described in clause (g) of Exhibit V;

 

(ii)       which
is denominated and payable only in U.S. dollars in the United States;

 

(iii)       which
has a stated maturity and which stated maturity is not more than ninety (90) days after the date on which such Receivable was
originated;

 

(iv)       which
arises in the ordinary course of the Originator’s business;

 

(v)       which
arises under a Contract which is in full force and effect and which is a legal, valid and binding obligation of the related Obligor,
enforceable against such Obligor in accordance with its terms;

 

    I-11

     

    

(vi)       which
conforms with all applicable Laws in effect;

 

(vii)       which
is not the subject of any asserted dispute, offset, counterclaim, hold back, defense, Adverse Claim or other claim and which does
not arise from the sale of inventory by the Originator which is subject to any Adverse Claim which has not been released;

 

(viii)       which
complies with the requirements of the Credit and Collection Policy and the payment and other terms of the Contract related to
the Receivable are consistent with customary terms for the Originator’s industry and type of Pool Receivables;

 

(ix)       which
arises from the completion of the sale and shipment of goods (and such goods are not subject to a bill and hold arrangement) or
from the provision of services and for which an invoice for such goods or services has been issued to the related Obligor;

 

(x)       (A)
which is not subject to any contingent performance requirements of the Originator and (B) which does not arise under a Contract
that provides for any obligations of the Originator after the creation of such Pool Receivable; provided, however,
that Receivables having an aggregate Outstanding Balance at any time of up to 1% of the aggregate Outstanding Balance of all Pool
Receivables at such time and which are generated in the ordinary course of the Originator’s “Logistics” business
may qualify as Eligible Receivables notwithstanding their failure to satisfy clause (B) hereof;

 

(xi)       which
has not been modified or restructured since its creation, except as permitted pursuant to Section 1.4(e) or Section 4.2(a);

 

(xii)       in
which, immediately prior to the transfer thereof to the Seller, the Originator owned, and immediately following the transfer thereof
to the Seller, the Seller owns good and marketable title, free and clear of any Adverse Claim, and which is freely transferable
and assignable by the Seller without the consent of the Obligor;

 

(xiii)       for
which the Administrative Agent (on behalf of itself and each of the other Secured Parties) shall have a valid and enforceable
first priority perfected security interest therein and in the Related Security and Collections with respect thereto, and in the
other related Pool Assets, in each case free and clear of any Adverse Claim;

 

(xiv)       which
constitutes an account as defined in the UCC, and which is not evidenced by an instrument or chattel paper;

 

(xv)       the
Obligor of which is not the Obligor of Defaulted Receivables having an aggregate Outstanding Balance which exceeds 25% of all
such Obligor’s Pool Receivables;

 

    I-12

     

    

(xvi)       the
Obligor of which is not a resident of a country subject to a sanctions program identified on the list maintained by the U.S. Department
of the Treasury’s Office of Foreign Assets Control and available at: http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx,
or as otherwise published from time to time.

 

(xvii)       solely
for the purposes of this Agreement, which is an account receivable representing all or part of the sales price of merchandise,
insurance or services within the meaning of Section 3(c)(5)(A) of the Investment Company Act of 1940;

 

(xviii)       which
is not a Defaulted Receivable;

 

(xix)       all
right, title and interest to and in which has been validly transferred by the Originator directly to the Seller under and in accordance
with the Receivables Sale Agreement;

 

(xx)       the
sale of an undivided interest in which does not contravene or conflict with any Law; and

 

(xxi)       which
arises under a Contract that contains an obligation to pay a sum certain of money.

 

Notwithstanding
the foregoing, to the extent any portion of the Outstanding Balance of a Pool Receivable exceeds the sum of any Dilution thereto
and any Contractual Dilution, such excess portion of the Outstanding Balance shall be considered an Eligible Receivable subject
to the satisfaction of the other eligibility criteria described in clauses (i) through (xxi) above.

 

“Engagement
Letter” means that certain letter agreement between Ingram and the Administrative Agent dated March 8, 2010.

 

“Equity
Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling
the holder thereof to purchase or acquire any such equity interest.

 

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

 

“ERISA Affiliate”
means: (a) any corporation that is a member of the same controlled group of corporations (within the meaning of Section 414(b)
of the Internal Revenue Code) as the Seller or Ingram, (b) a trade or business (whether or not incorporated) under common
control (within the meaning of Section 414(c) of the Internal Revenue Code) with the Seller or Ingram, or (c) a member of
the same affiliated service group (within the meaning of

 

    I-13

     

    

Section
414(m) of the Internal Revenue Code) as the Seller or Ingram, any corporation described in clause (a) or any trade
or business described in clause (b).

 

“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.

 

“Eurodollar
Rate” means, for any Settlement Period, an interest rate per annum (rounded upward to the nearest 1/100th
of 1%) determined pursuant to the following formula:

  

	Eurodollar
    Rate =	LIBO RATE	 
	1.00 - Eurodollar Reserve
    Percentage.	 

 

“Eurodollar
Reserve Percentage” means, for any Settlement Period, the maximum reserve percentage (expressed as a decimal, rounded
upward to the nearest 1/100th of 1%) in effect on the date the LIBO Rate for such Settlement Period is determined under
regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement (including any
emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as
“Eurocurrency liabilities”) having a term comparable to such Settlement Period.

 

“Excluded
Obligor” means, with respect to any Excluded Receivable, the Person obligated to make payments in respect of such Excluded
Receivable.

 

“Excluded
Receivable” shall mean, as of any date of determination, any indebtedness and payment obligations of any Person to the
Originator arising from a sale of merchandise or services by the Originator that has the attributes listed on Schedule I to the
Excluded Receivables Letter or is owing by a Person (i) listed as an “Obligor” on Schedule I to the Excluded Receivables
Letter, (ii) that is not a resident of one of the 50 states of the United States, (iii) that is an Affiliate of the Seller or
the Originator, (iv) that is a Governmental Authority or (v) requested from time to time by the Seller and subject to (x) the
prior written approval of the Administrative Agent and the Majority Purchasers (such approval not to be unreasonably withheld
or delayed) and (y) the Rating Agency Condition. For the avoidance of doubt, any Obligor or Receivable (other than an Obligor
listed on Schedule I to the Excluded Receivables Letter as a “Specified Excluded Receivable Obligor” or any Receivables
for which such Specified Excluded Receivable Obligor is the Obligor thereunder) marked in the Records with a securitization customer
manager code shall be considered a Pool Receivable for all purposes hereunder whether or not otherwise satisfying the conditions
of this definition.

 

“Excluded
Receivables Letter” means the letter agreement, dated as of November 1, 2012 among the Seller, the Servicer, the
Originator, the Administrative Agent and the Purchaser Agents setting forth attributes of certain Excluded Receivables.

 

“Expected
Contractual Dilutions Percentage” means, for any Collection Period, the percentage equivalent of a fraction (a) the
numerator of which is the average, over the three consecutive Collection Periods ending at the end of such Collection Period,
of the aggregate amount of Contractual Dilution arising in the Pool Receivables (other than Foreign Obligor Receivables on and
after the Foreign Obligor Receivable Inclusion Date but prior to the Foreign

 

    I-14

     

    

Obligor
Receivable Eligibility Date) during each such Collection Period (whether or not such Pool Receivables are then outstanding) and
(b) the denominator of which is the Net Receivables Balance.

 

“Expected
Dilutions” means, as of the last day of any Collection Period, the rolling average of the Dilution Ratios for the preceding
twelve (12) Collection Periods ending on such day.

 

“Family
Stockholders” has the same meaning as in the Board Representation Agreement dated as of November 6, 1996 between Ingram
Micro Inc., and each Person listed on the signature pages thereof.

 

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

 

“Federal
Funds Rate” means, for each Purchaser Group, for any day, the weighted average of the rates on overnight federal funds
transactions with members of the Federal Reserve System arranged by federal funds brokers on such day (or, if such day is not
a Business Day, the immediately preceding Business Day), 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 that is a Business Day, the average of the quotations for such
day for such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected
by it.

 

“Federal
Reserve Board” means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its principal
functions.

 

“Fees”
has the meaning set forth in Section 1.5.

 

“Fee
Letter” has the meaning set forth in Section 1.5.

 

“Final
Payout Date” means the date after the Termination Date on which no Capital, Yield, Program Fees or other Fees in respect
of the Receivables Interest shall be outstanding and all amounts owed by the Seller to any Purchaser, the Administrative Agent,
any Purchaser Agent and any other Indemnified Party or Affected Person shall have been paid in full in cash.

 

“Fiscal
Month” means the relevant period as listed in Schedule X.

 

“Floor
Plan Obligation” means, with respect to any Person, an obligation owed by such Person arising out of arrangements whereby
a third party makes payments for the account of such Person directly or indirectly to a trade creditor of such Person in respect
of Trade Payables of such Person.

 

    I-15

     

    

“Floor
Plan Support Obligation” means any obligation, contingent or otherwise, of any Person (the “Obligated Person”)
in favor of another Person in respect of Floor Plan Obligations held by the other Person that arise in connection with sales of
goods or services by the Obligated Person or its Affiliates.

 

“Foreign
Obligor Receivable” means any indebtedness and payment obligations of any Person to the Originator arising from the
sale of merchandise or services by the Originator, the Obligor of which is not a resident of (or, if applicable, organized
under the laws of) one of the fifty states of the United States.

 

“Foreign
Obligor Receivable Eligibility Date” means the date, following the Foreign Obligor Receivable Inclusion Date, on which
the Seller and the Servicer notify the Administrative Agent that Foreign Obligor Receivables shall constitute Eligible Receivables.

 

“Foreign
Obligor Receivable Inclusion Date” means the date, following the written request of the Seller and Servicer therefor,
on which the Administrative Agent and the Purchaser Agents notify the Seller and the Servicer in writing that Foreign Obligor
Receivables shall cease to be Excluded Receivables.

 

“Foreign
Obligor Receivables Percentage” means (a) at all times the Debt Ratings of Ingram are lower than BB- by S&P and
Ba3 by Moody’s, 0% and (b) at all other times, 6.00%.

 

“Fourth
Omnibus Amendment” means that certain Omnibus Amendment No. 4, dated as of October 21, 2016, among, inter alia,
the Seller, the Servicer, the Administrative Agent and the various Purchaser Groups party thereto.

 

“GAAP”
means at any time generally accepted accounting principles of the United States as in effect at such time.

 

“GE
Receivables Funding Agreement” means the Receivables Funding Agreement, dated as of July 29, 2004, among the Seller,
Ingram and General Electric Capital Corporation.

 

“GE
Sale Agreement” means the Receivables Sale Agreement, dated as of July 29, 2004, among each of the entities party thereto
from time to time as originators, Ingram and the Seller.

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof, any central bank (or similar
monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government, including, any court, and any Person owned or controlled, through stock or capital ownership
or otherwise, by any of the foregoing.

 

“Group
Maximum Purchase Amount” means with respect to any Purchaser Group the aggregate of the Maximum Purchase Amounts of
the Alternate Purchasers within such Purchaser Group.

 

    I-16

     

    

“Group
Capital” means with respect to any Purchaser Group, the aggregate of all Capital of the Purchasers within such Purchaser
Group.

 

“HNA
Group” means the collective reference to (i) HNA Group Co., Ltd, together with its direct and indirect Subsidiaries
and Affiliates including Tianjin Tianhai Investment Company, Ltd. and its direct and indirect Subsidiaries and Affiliates, (ii)
any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934 as in effect on the
Effective Date) of which the Persons described in clause (i) are members; provided that, without giving effect to the existence
of such group or any other group, the Persons described in clause (i) beneficially own Equity Interests representing more
than 50% of the total voting power of the Equity Interests held by such group and (iii) any Person acting in the capacity of an
underwriter (solely to the extent that and for so long as such Person is acting in such capacity) in connection with a public
or private offering of capital stock of any Relevant Parent Entity or Ingram but only to the extent of the shares of capital stock
that the HNA Group is required to purchase from such underwriter in connection with such offering of capital stock.

 

“Increased
Cost” has the meaning set forth in Section 1.7.

 

“Indemnified
Amounts” has the meaning set forth in Section 3.1.

 

“Indemnified
Party” has the meaning set forth in Section 3.1.

 

“Independent
Director” means a natural person who, for the five-year period prior to his or her appointment as Independent Director
has not been, and during the continuation of his or her service as Independent Director is not: (i) a direct, indirect or beneficial
stockholder, employee, director, member, manager, partner, officer, affiliate or associate of the Originator, the Servicer, the
Seller or any of their respective Affiliates (other than his or her service as an Independent Director of any such Person); (ii)
a customer (other than as a consumer) or supplier of the Originator, the Servicer, the Seller or any of their respective Affiliates
(other than his or her service as an Independent Director of any such Person); or (iii) any member of the immediate family of
a Person described in (i) or (ii).

 

“Ingram”
means Ingram Micro Inc., a Delaware corporation.

 

“Ingram
Entity” has the meaning set forth in clause (l) of the covenants of the Seller set forth in Exhibit IV.

 

“Insolvency
Proceeding” means, with respect to any Person, (i) any case, action or proceeding before any court or other Governmental
Authority seeking to declare it bankrupt or insolvent, or seeking liquidation, winding up, reorganization, examinership, arrangement,
adjustment, protection, relief or composition of it or its debts, (ii) seeking the entry of an order for relief or the appointment
of a receiver, trustee, examiner, custodian or other similar official for it or for any substantial part of its property, or (iii)
any general assignment for the benefit of creditors, composition, marshalling of assets for creditors, or other, similar arrangement
in respect of its creditors generally or any substantial portion of its creditors; in each case, undertaken under any Law relating
to bankruptcy, insolvency or reorganization or relief of debtors (including the Bankruptcy Code).

 

    I-17

     

    

“Interim
Receivables Report” means a report described in Section 2(a) of Exhibit II.

 

“Law”
means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree,
judgment, award or similar item of or by a Governmental Authority.

 

“Legal
Final Maturity Date” means the date which is 1 year after the Termination Date.

 

“Liberty
Street Alternate Purchaser” means the Alternate Purchaser in the Liberty Street Purchaser Group as set forth on the
signature pages to this Agreement or the applicable Assumption Agreement or Transfer Supplement.

 

“Liberty
Street Conduit Purchaser” means the Conduit Purchaser for the Liberty Street Purchaser Group as set forth on the signature
pages to this Agreement or the applicable Assumption Agreement or Transfer Supplement.

 

“Liberty
Street Purchaser Agent” means the Purchaser Agent for the Liberty Street Purchaser Group as set forth on the signature
pages to this Agreement or the applicable Assumption Agreement or Transfer Supplement.

 

“Liberty
Street Purchaser Group” means the Liberty Street Conduit Purchaser, the Liberty Street Alternate Purchaser and the Liberty
Street Purchaser Agent.

 

“Liberty
Street Purchasers” means the Liberty Street Conduit Purchaser and the Liberty Street Alternate Purchaser.

 

“LIBO
Rate” means, with respect to any Purchaser Group and Settlement Period, the rate per annum determined on the
basis of the offered rate for deposits in Dollars of amounts equal or comparable to the applicable Portion of Capital offered
for a term comparable to such Settlement Period, which rates appear on page LIBOR01 on the Reuters Screen or any successor page
effective as of 11:00 a.m., London time, two (2) LIBO Rate Business Days before the first day of such Settlement Period, provided
that if no such offered rates appear on such page, the LIBO Rate for such Settlement Period will be the arithmetic average
(rounded upwards, if necessary, to the next higher 1/100th of 1%) of rates quoted by not less than two (2) major banks in New
York City, selected by the applicable Purchaser Agent, at approximately 10:00 a.m., New York City time, two (2) LIBO Rate Business
Days prior to the first day of such Settlement Period, for deposits in Dollars offered by leading European banks for a period
comparable to such Settlement Period in an amount comparable to the applicable Portion of Capital. If the calculation of the LIBO
Rate results in a LIBO Rate of less than zero (0), the LIBO Rate shall be deemed to be zero (0) for all purposes hereunder.

 

“LIBO
Rate Business Day” means any day on which dealings in Dollar deposits are carried on in the London interbank market.

 

“Liquidity
Agreement” means any agreement entered into in connection with this Agreement pursuant to which a Liquidity Provider
agrees to make purchases or advances to, or

 

    I-18

     

    

purchase
assets from, a Conduit Purchaser in order to provide liquidity for such Conduit Purchaser.

 

“Liquidity
Provider” means each bank or other financial institution that provides liquidity support to a Conduit Purchaser pursuant
to the terms of a Liquidity Agreement; provided that such bank or financial institution has a short term debt rating of at least
“A-1” by S&P or “P-1” by Moody’s at the time it becomes a Liquidity Provider hereunder, it being
understood that an Alternate Purchaser may also be a Liquidity Provider.

 

“Litigation”
shall mean, with respect to any Person, any action, claim, lawsuit, demand, investigation or proceeding pending or threatened
against such Person before any court, board, commission, agency or instrumentality of any federal, state, local or foreign government
or of any agency or subdivision thereof or before any arbitrator or panel of arbitrators.

 

“LMIR”
means for any day during any Settlement Period, the one-month Eurodollar rate for U.S. dollar deposits as reported on the Reuters
Screen LIBOR01 Page or any other page that may replace such page from time to time for the purpose of displaying offered rates
of leading banks for London interbank deposits in United States dollars, as of 11:00 a.m. (London time) on such day, or if such
day is not a Business Day, then the immediately preceding Business Day (or if not so reported, then as determined by the Administrative
Agent from another recognized source for interbank quotation), in each case, changing when and as such rate changes. If the calculation
of LMIR results in LMIR of less than zero (0), LMIR shall be deemed to be zero (0) for all purposes hereunder.

 

“Loss
Horizon Ratio” means, for any Collection Period, a ratio (expressed as a percentage rounded upwards to the nearest 1/100
of 1%) computed as of the last day of such Collection Period by dividing (i) the aggregate Outstanding Balance of all Pool Receivables
(other than Foreign Obligor Receivables on and after the Foreign Obligor Receivable Inclusion Date but prior to the Foreign Obligor
Receivable Eligibility Date) originated during the preceding five (5) Collection Periods ending on such day if the Average Payment
Term is less than sixty-one (61) days, otherwise the preceding six (6) Collection Periods ending on such day by (ii) the Net Receivables
Balance as of such day.

 

“Loss-to-Liquidation
Ratio” means, for any Collection Period, the ratio (expressed as a percentage and rounded upward to the nearest 1/100th
of 1%) computed as of the last day of such Collection Period by dividing (i) the aggregate Outstanding Balance of all Pool
Receivables (other than Foreign Obligor Receivables on and after the Foreign Obligor Receivable Inclusion Date but prior to the
Foreign Obligor Receivable Eligibility Date) which in accordance with the Credit and Collection Policy were written off by the
Servicer as uncollectible during the Collection Period ending on such day by (ii) the aggregate amount of Collections of Pool
Receivables (other than Foreign Obligor Receivables on and after the Foreign Obligor Receivable Inclusion Date but prior to the
Foreign Obligor Receivable Eligibility Date) actually received during such period.

 

“Majority
Purchasers” means, at any time, the Alternate Purchasers whose Maximum Purchase Amounts aggregate to more than 50% of
the aggregate of the Maximum Purchase Amounts of all Alternate Purchasers; provided, however, that so long as there
are two

 

    I-19

     

    

(2)
or fewer Alternate Purchasers, then “Majority Purchasers” shall mean all Alternate Purchasers.

 

“Material
Adverse Effect” means, with respect to any event or circumstance, a material adverse effect on:

 

(i)       the
ability of the Servicer, Originator or the Seller to perform its obligations under this Agreement or any other Transaction Document
(other than the Ancillary Documents); or

 

(ii)       (A)
the validity or enforceability of any Transaction Document (other than the Ancillary Documents) or (B) the validity, enforceability
or collectibility of the Pool Assets, taken as a whole or any significant portion thereof;

 

“Maximum
Brazilian/ISS Judgment Amount” means the lesser of (i) $200,000,000 or (ii) 250,000,000 Brazilian real.

 

“Maximum
Purchase Amount” means, with respect to each Alternate Purchaser, the maximum amount which such Purchaser is required
to fund hereunder on account of any Purchase, as set forth below its signature to this Agreement or in the Assumption Agreement
or other agreement pursuant to which it became a Purchaser, as such amount may be modified in connection with any subsequent assignment
pursuant to Section 6.3(c) or in connection with a change in the Program Limit pursuant to Section 1.1(b) or Section 1.2(e).

 

“Minimum
Dilution Reserve Percentage” means, for any Collection Period, the greater of (i) 5% and (ii) the product of (x) the
average, over the twelve (12) consecutive Collection Periods ending at the end of such Collection Period, of the Dilution Ratio
during each Collection Period times (y) the Dilution Horizon Ratio.

 

“Minimum
Loss Reserve Percentage” means 10%.

 

“Monthly
Receivables Report” means a report, in substantially the form of Annex D-1, furnished by the Servicer to
the Administrative Agent and each Purchaser Agent pursuant to Section 2(k)(iii)(B) of the covenants of the Servicer set
forth in Exhibit IV.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Net
Receivables Balance” means at any time the aggregate Outstanding Balance of Eligible Receivables reduced by the sum
of (i) the aggregate amount by which the Outstanding Balance of Eligible Receivables of each Obligor exceeds the product of (A)
the Normal Concentration Percentage for such Obligor and (B) the Outstanding Balance of the Eligible Receivables; (ii) the aggregate
amount by which the Outstanding Balance of the Eligible Foreign Obligor Receivables exceeds the product of (A) the Foreign Obligor
Receivables Percentage and (B) the Outstanding Balance of the Eligible Receivables; (iii) the aggregate amount by which the Outstanding
Balance of Eligible Foreign Obligor Receivables of each individual Eligible Foreign Jurisdiction exceeds the product of (A) 2%
and (B) the Outstanding Balance of the Eligible Receivables; and (iv) the Other Deductions at such time.

 

    I-20

     

    

“Normal
Concentration Percentage” means, (i) with respect to Obligors which have senior unsecured debt ratings of “AA-”
or higher by S&P or “Aa3” or higher by Moody’s, 10%; (ii) with respect to Obligors not described in clause
(i) above and which have senior unsecured debt ratings of “A-1” or “A-” or higher by S&P or “P-1”
or “A3” or higher by Moody’s, 5%; (iii) with respect to Obligors not described in clause (i) or (ii)
and which have a senior unsecured debt rating of “A-2” or “BBB-“ or higher by S&P and “P-2”
or “Baa3” or higher by Moody’s, 3.5%; and (iv) with respect to all other Obligors, 2%; provided that, in
all cases, if an Obligor’s payment obligation under a Contract is guaranteed by such Obligor’s parent, the parent’s
senior unsecured debt ratings (to the extent higher than the senior unsecured debt ratings of the Obligor) shall be used. If an
Obligor has a senior unsecured credit rating from both S&P and Moody’s, the lower rating will be used for the purposes
of this definition; provided that if an Obligor has a senior unsecured credit rating from only one of the agencies (either
S&P or Moody’s), such credit rating shall be used subject to the satisfaction of the Rating Agency Condition with respect
to the rating agency from which such Obligor does not have a senior unsecured credit rating. With respect to any Special Obligor,
the Normal Concentration Percentage may be such other higher percentage as agreed by the Administrative Agent in writing; provided
such higher percentage shall only be effective upon satisfaction of the Rating Agency Condition with respect to S&P; provided,
further, that the Administrative Agent may for credit reasons reduce or cancel any other higher percentage for any Special
Obligor upon three (3) Business Days’ notice to the Servicer.

 

“Notes”
means short-term promissory notes issued or to be issued by any Conduit Purchaser to fund its investments in accounts receivable
or other financial assets.

 

“NRSRO”
means any rating agency designated as a Nationally Recognized Statistical Rating Organization by the SEC.

 

“Obligor”
means, with respect to any Pool Receivable, the Person obligated to make payments pursuant to the Contract relating to such Pool
Receivable.

 

“Originator”
means Ingram and each Subsidiary of Ingram which becomes a party to the Receivables Sale Agreement as an Originator with the prior
written consent of the Administrative Agent and the Majority Purchasers (it being understood that as of the Closing Date Ingram
shall be the only Originator and references herein to “the Originator” mean “all Originators”, “each
Originator” or “any Originator” as the context may require).

 

“Other
Deductions” means the aggregate amount of all liabilities owed by the Originator or any of its Affiliates to any Obligors,
including security deposits, Contra Accounts, unallocated credit memos, accrued rebates and other similar items.

 

“Outstanding
Balance” of any Pool Receivable at any time means the then outstanding principal balance thereof, excluding any late
payment charges, delinquency charges or extension or collection fees.

 

“Participant”
has the meaning set forth in Section 6.3(b).

 

“Pension
Plan” means a “pension plan” as such term is defined in section 3(2) of ERISA, which is subject to Title
IV of ERISA (other than any “multiemployer plan” in section

 

    I-21

     

    

4001(a)(3)
of ERISA), and to which the Originator or any ERISA Affiliate may have any liability, including any liability by reason of having
been a substantial employer within the meaning of 4063 of ERISA at any time during the preceding five years, or by reason of being
deemed to be a contracting sponsor under section 4069 of ERISA.

 

“Percentage”
means, for each Alternate Purchaser in a Purchaser Group, such Alternate Purchaser’s Maximum Purchase Amount divided by
the total of all Maximum Purchase Amounts of all Alternate Purchasers in such Purchaser Group.

 

“Person”
means an individual, partnership, corporation (including a business trust), joint stock company, trust, unincorporated association,
joint venture, limited liability company or other entity, or a government or any political subdivision or agency thereof.

 

“Pool
Assets” has the meaning set forth in Section 1.2(d).

 

“Pool
Receivable” means a Receivable in the Receivables Pool.

 

“Portion
of Capital” means, with respect to any Purchaser and its related Capital, the portion of such Capital being funded or
maintained by such Purchaser by reference to a particular interest rate basis.

 

“Program
Fee” with respect to each Purchaser Group, has the meaning set forth in the applicable Fee Letter.

 

“Program
Limit” means $675,000,000 as such amount may be (i) reduced pursuant to Section 1.1(b) or (ii) increased
pursuant to Section 1.2(e). References to the unused portion of the Program Limit shall mean, at any time, the Program
Limit minus the then outstanding Aggregate Capital.

 

“Program
Support Agreement” means and includes any Liquidity Agreement and any other agreement entered into by any Program Support
Provider providing for (a) the issuance of one or more letters of credit for the account of any Conduit Purchaser, (b) the issuance
of one or more surety bonds for which any Conduit Purchaser is obligated to reimburse the applicable Program Support Provider
for any drawings thereunder, (c) the sale by any Conduit Purchaser to any Program Support Provider of the Receivables Interest
(or portions thereof) maintained by such Conduit Purchaser or (d) the making of loans or other extensions of credit to any Conduit
Purchaser in connection with such Conduit Purchaser’s securitization program together with any letter of credit, surety
bond or other instrument issued thereunder but excluding any discretionary advance facility provided by the applicable Purchaser
Agent.

 

“Program
Support Provider” means and includes with respect to each Conduit Purchaser, any Alternate Purchaser, any Liquidity
Provider and any other Person (other than any customer of such Conduit Purchaser) now or hereafter extending credit or having
a commitment to extend credit to or for the account of, or to make purchases from, such Conduit Purchaser pursuant to any Program
Support Agreement.

 

    I-22

     

    

“Property”
means (i) any property or asset of any kind, real, personal or mixed, tangible or intangible, wherever situated and (ii) any right,
title or interest in or to any such property or asset.

 

“Protiviti”
means Protiviti Inc.

 

“Purchase”
has the meaning set forth in Section 1.1(a).

 

“Purchase
Date” means the date on which a Purchase or a Reinvestment is made pursuant to this Agreement.

 

“Purchase
Notice” has the meaning set forth in Section 1.2(a).

 

“Purchase
Price” has the meaning set forth in Section 2.2 of the Receivables Sale Agreement.

 

“Purchase
Termination Event” has the meaning set forth in Section 6.1 of the Receivables Sale Agreement.

 

“Purchaser”
means each Conduit Purchaser and/or each Alternate Purchaser, as applicable.

 

“Purchaser
Agent” means each Person acting as agent on behalf of a Purchaser Group and designated as a Purchaser Agent for such
Purchaser Group on the signature pages to this Agreement or any other Person who becomes a party to this Agreement as a Purchaser
Agent pursuant to an Assumption Agreement or a Transfer Supplement.

 

“Purchaser
Group” means for each Conduit Purchaser, such Conduit Purchaser, its related Alternate Purchasers, its related Purchaser
Agent and its related Liquidity Providers.

 

“Purchasing
Alternate Purchaser” has the meaning set forth in Section 6.3(c).

 

“Qualified
IPO” means the issuance by Ingram or any Relevant Parent Entity of its common Equity Interests in an underwritten primary
public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration
statement filed with the SEC in accordance with the Securities Act (whether alone or in connection with a secondary public offering)
and from which Ingram or such Relevant Parent Entity shall have realized gross proceeds of at least $100,000,000 and such Equity
Interests are listed on a nationally-recognized stock exchange in the United States.

 

“Ratable
Share” means, for each Purchaser Group, the percentage equivalent of a fraction, the numerator of which equals the sum
of the Maximum Purchase Amounts of the Alternate Purchasers which are members of such Purchaser Group and the denominator of which
equals the sum of the Maximum Purchase Amounts of all Alternate Purchasers in all Purchaser Groups at such time.

 

“Rating
Agency” means, with respect to any Purchaser Group, any or all of S&P and/or Moody’s which rates the Notes
issued by the Conduit Purchaser in such Purchaser Group.

 

    I-23

     

    

“Rating
Agency Condition” means, with respect to any event or occurrence, the applicable Purchaser Agent shall have provided
prior written notice thereof to each Rating Agency and each such Rating Agency shall not have downgraded or withdrawn the then-current
rating on the Notes of the related Conduit Purchaser.

 

“Ratings-Based
Percentage” means, for any Collection Period, the following:

 

(i)       0%
if the Debt Ratings of Ingram are then “BB” or “Ba2” or above;

 

(ii)       5%
if the Debt Ratings of Ingram are then “BB-” or “Ba3”;

 

(iii)       15%
if the Debt Ratings of Ingram are then “B+” or “B1”; or

 

(iv)       25%
if the Debt Ratings of Ingram are then “B” or “B2” or less or unrated;

 

provided,
however, that (i) if Ingram has a split rating, the applicable rating will be the lower of the two and (ii) if Ingram is rated
by either S&P or Moody’s (but not both), the applicable rating shall be the rating of the remaining rating agency and
(iii) if Ingram is not rated by either S&P or Moody’s, the applicable percentage shall be the one set forth in clause
(iv) above.

 

“Receivable”
means any indebtedness and other obligations (whether or not earned by performance) (other than an Excluded Receivable) owed to
the Originator or the Seller, as assignee of the Originator, or any right of the Seller or the Originator to payment from or on
behalf of an Obligor whether constituting an account, chattel paper or general intangible, arising in connection with merchandise
that have been or are to be sold or otherwise disposed of, or services rendered or to be rendered by the Originator, and includes
the obligation to pay any finance charges, fees and other charges with respect thereto. Indebtedness and other obligations arising
from any one transaction, including indebtedness and other obligations represented by an individual invoice or agreement, shall
constitute a Receivable separate from a Receivable consisting of the indebtedness and other obligations arising from any other
transaction.

 

“Receivables
Interest” means, at any time, the undivided percentage ownership interest in (i) each and every Pool Receivable now
existing or hereafter arising, other than any Pool Receivable that arises on or after the Final Payout Date, (ii) all Related
Security with respect to such Pool Receivables, and (iii) all Collections with respect to, and other proceeds of, such Pool Receivables
and Related Security. Such undivided percentage interest shall be computed as

 

AC+ RR

NRB

 

    I-24

     

    

where:

 

	AC	=	the Aggregate Capital at the time of computation.
	RR	=	the Required Reserve at the time of computation.
	NRB	=	the Net Receivables Balance at the time of computation.

 

The Receivables
Interest shall be determined from time to time pursuant to the provisions of Section 1.3.

 

“Receivables
Pool” means, at any time, all of the then outstanding Receivables contributed to the capital of, or purchased or otherwise
acquired by the Seller pursuant to the Receivables Sale Agreement or the GE Sale Agreement on or prior to the Final Payout Date.

 

“Receivables
Sale Agreement” means that certain Receivables Sale Agreement dated as of April 26, 2010 between the Seller and the
Originator.

 

“Records”
means, all Contracts and other documents, books, records and other information (including computer programs, tapes, disks, punch
cards, data processing software and related property and rights) relating to the Pool Receivables, any Related Security therefor
and (to the extent related to the Pool Assets) the related Obligors.

 

“Regency
Alternate Purchaser” means the Alternate Purchaser in the Regency Purchaser Group as set forth on the signature pages
to this Agreement or the applicable Assumption Agreement or Transfer Supplement.

 

“Regency
Conduit Purchaser” means the Conduit Purchaser for the Regency Purchaser Group as set forth on the signature pages to
this Agreement or the applicable Assumption Agreement or Transfer Supplement.

 

“Regency
Purchaser Agent” means the Purchaser Agent for the Regency Purchaser Group as set forth on the signature pages to this
Agreement or the applicable Assumption Agreement or Transfer Supplement.

 

“Regency
Purchaser Group” means the Regency Conduit Purchaser, the Regency Alternate Purchaser and the Regency Purchaser Agent.

 

“Register”
has the meaning set forth in Section 6.3(j).

 

“Regulatory
Change” has the meaning set forth in Section 1.7.

 

“Reinvestment”
has the meaning set forth in Section 1.4(b)(ii).

 

“Related
Security” means with respect to any Pool Receivable:

 

(i)       all
of the Seller’s and the Originator’s interest in any goods (including returned goods), and documentation or title
evidencing the shipment or

 

    I-25

     

    

storage
of any goods (including returned goods), relating to any sale giving rise to such Pool Receivable;

 

(ii)       all
security interests or liens and property subject thereto from time to time purporting to secure payment of such Pool Receivable,
whether pursuant to the Contract related to such Pool Receivable or otherwise, together with all UCC financing statements or similar
filings relating thereto;

 

(iii)       all
of the Seller’s and the Originator’s rights, interests and claims under the Contracts relating to such Pool Receivable,
and all guaranties, letters of credit, indemnities, insurance and other agreements (including the related Contract) or arrangements
of whatever character from time to time supporting or securing payment of such Pool Receivable or otherwise relating to such Pool
Receivable, whether pursuant to the Contract related to such Pool Receivable or otherwise; and

 

(iv)       all
of the Seller’s rights, interests and claims (but none of its obligations) under the Receivables Sale Agreement and the
other Transaction Documents.

 

“Relevant
Parent Entity” means any Person of which Ingram becomes a Subsidiary.

 

“Required
Capital Amount” means, as of any date of determination, an amount equal to the greater of (i) $10,000 and (ii) 3% of
the Program Limit as of such date.

 

“Required
Purchasers” means, at any time, any Alternate Purchaser if there are two (2) or fewer Purchaser Groups or the Majority
Purchasers if there are three or more Purchaser Groups.

 

"Required
Reserve" means, for any Collection Period, an amount equal to (a) the Net Receivables Balance as of the last day of such
Collection Period multiplied by (b) the greater of (i) the sum of (w) the Minimum Loss Reserve Percentage and (x) the Minimum
Dilution Reserve Percentage and (y) the Yield and Fee Percentage and (z) the Ratings-Based Percentage and (ii) the sum of (w)
the Dynamic Loss Reserve Percentage and (x) the Dynamic Dilution Reserve Percentage and (y) the Yield and Fee Percentage and (z)
the Ratings-Based Percentage.

 

“Sales-Based
Default Ratio” means, as of the last day of each Collection Period, the three (3) month rolling average of the Default
Ratio.

 

“Sanctions”
means any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control,
the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or French
governmental authorities.

 

“SEC”
means the Securities and Exchange Commission.

 

    I-26

     

    

“Secured
Parties” means each of the Purchasers, Purchaser Agents, Affected Persons, Indemnified Parties and the Administrative
Agent.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder.

 

“Seller”
has the meaning set forth in the preamble to the Agreement.

 

“Servicer”
has the meaning set forth in the preamble to the Agreement.

 

“Services
and Indemnity Agreement” means the Services and Indemnity Agreement dated as of July 22, 2004 between Frank B. Bilotta,
Global Securitization Services, LLC, Ingram Funding Inc. and Ingram Micro Inc.

 

“Servicing
Fee” means the fee referred to in Section 4.6.

 

“Servicing
Fee Rate” means 1.00% per annum.

 

“Settlement
Date” means the 15th day of every calendar month, or if such day is not a Business Day, the next succeeding Business
Day.

 

“Settlement
Period” means each period from and including a Settlement Date to but not including the following Settlement Date.

 

“S&P”
means Standard & Poor’s, a division of The McGraw-Hill Companies.

 

“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
greater than the total amount of liabilities, including contingent 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 Debts as they become absolute and matured; (c) such Person does not intend to, and does not believe that it will, incur Debts
beyond such Person’s ability to pay as such Debts mature, taking into account the timing of and amounts of cash to be reserved
by it and the timing of and amounts of cash payable in respect of such Debts; and (d) such Person is not engaged in a business
or transaction, and is not about to engage in a business or transaction, for which such Person’s property would constitute
an unreasonably small capital. For purposes of this definition, the amount of contingent liabilities (such as Litigation, guaranties
and pension plan liabilities) at any time shall be computed as the amount that, in light of all the facts and circumstances existing
at the time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

“Special
Obligor” means an Obligor designated in the letter agreement, dated as of November 1, 2012, among the Seller, the
Servicer, the Originator, the Administrative Agent and each Purchaser, as may be amended or supplemented from time to time as
set forth therein as a “Special Obligor.

 

    I-27

     

    

“Specified
Excluded Receivables” means any Excluded Receivable which is owing by a Person listed on Schedule I to the Excluded
Receivables Letter as a “Specified Excluded Receivable Obligor”.

 

“Stress
Factor” means 2.25.

 

“Sub-Servicer”
has the meaning set forth in Section 4.1(d).

 

“Subordinated
Note” means the subordinated note in substantially the form attached to the Receivables Sale Agreement as Annex A executed
and delivered by the Seller in favor of the Originator in connection with the Receivables Sale Agreement.

 

“Subsidiary”
means, with respect to any Person, any corporation, company, partnership or other entity of which more than fifty percent (50%)
of the outstanding shares or other ownership interests having by the terms thereof ordinary voting power to elect a majority of
the board of directors of, or other persons performing similar functions for, such corporation, company, partnership or other
entity (irrespective of whether at the time shares or other ownership interests of any other class or classes of such corporation,
company, partnership or other entity shall or might have voting power upon the occurrence of any contingency) is at the time directly
or indirectly owned by such Person, by such Person and one or more Subsidiaries of such Person, or by one or more Subsidiaries
of such Person.

 

“Synthetic
Lease” means, as applied to any Person, any lease (including leases that may be terminated by the lessee at any time)
of any property (whether real, personal or mixed) (a) that is not a capital lease in accordance with GAAP and (b) in respect of
which the lessee retains or obtains ownership of the property so leased for federal income tax purposes, other than any such lease
under which that Person is the lessor.

 

“Termination
Date” means the earliest of (i) the Business Day which the Seller so designates by notice to the Administrative Agent
at least ten (10) Business Days in advance, (ii) April 13, 2018, (iii) the date declared by the Administrative Agent or which
automatically occurs pursuant to Section 2.2 and (iv) the date the Program Limit reduces to zero pursuant to Section 1.1(b).

 

“Termination
Day” means with respect to this Agreement (i) each day on which the conditions set forth in Section 2 of
Exhibit II are not satisfied and (ii) each day which occurs on or after the Termination Date.

 

“Termination
Event” has the meaning specified in Exhibit V.

 

“Termination
Fee” means, for each Purchaser and any Settlement Period during which a Termination Day occurs, the amount, if any,
by which (i) the additional Yield (calculated without taking into account any Termination Fee) which would have accrued during
such Settlement Period on the reductions of Capital relating to such Purchaser and such Settlement Period had such reductions
remained as Capital, exceeds (ii) the income, if any, received by such Purchaser from such Purchaser’s investing the
proceeds of such reductions of Capital, as determined by the Purchaser Agent for each Purchaser Group, which determination shall
be binding and conclusive for all purposes, absent manifest error.

 

    I-28

     

    

“Trade
Payables” means, with respect to any Person, (a) any accounts payable or any other indebtedness or monetary obligation
to trade creditors created, assumed or guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of
business in connection with the acquisition of goods or services or (b) such Person's Floor Plan Obligations and Floor Plan Support
Obligations.

 

“Transaction
Documents” means this Agreement, the Blocked Account Agreements, the Wilmington Trust Service Agreement, the Services
and Indemnity Agreement, the Delaware Affiliated Finance Company License, the Liquidity Agreements, the Fee Letters, the Receivables
Sale Agreement, the Subordinated Note and all other certificates, instruments, UCC financing statements, reports, notices, agreements
and documents executed or delivered under or in connection with the Agreement.

 

“Transfer
Supplement” has the meaning set forth in Section 6.3(c).

 

“UCC”
means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.

 

“Unmatured
Termination Event” means an event which but for the lapse of time or the giving of notice, or both, would constitute
a Termination Event.

 

"Volcker
Rule" means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations
thereunder.

 

“Wilmington
Trust Service Agreement” means the agreement dated as of February 16, 1993 between Delaware Corporate Management, Inc.
and Ingram Funding Inc.

 

“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.

 

“Yield”
means with respect to any Purchaser:

 

(i)       for
the Portion of Capital for any Settlement Period with respect to such Purchaser to the extent such Portion of Capital is funded
through the issuance of Notes,

 

CPR x
C x ED + TF

360

 

(ii)       for
the Portion of Capital of the Receivables Interest for any Settlement Period with respect to such Purchaser to the extent such
Portion of Capital is not funded through the issuance of Notes,

 

AR x C
x ED + TF

Year

 

    I-29

     

    

where:

 

		AR	=the
                                         Alternate Rate for such Portion of Capital for such Settlement Period with respect to
                                         such Purchaser

 

		C	=the
                                         Capital with respect to such Portion of Capital for such Settlement Period with respect
                                         to such Purchaser

 

		CPR	=with
                                         respect to any Purchaser (other than the Purchasers of the Regency Purchaser Group) the
                                         CP Rate for the Portion of Capital for such Settlement Period with respect to such Purchaser,
                                         and with respect to the Purchasers of the Regency Purchaser Group, the Alternate Rate
                                         for the Portion of Capital for such Settlement Period with respect to such Purchaser

 

		ED	=the
                                         actual number of days during such Settlement Period

 

		TF	=the
                                         Termination Fee, if any, for the Portion of Capital for such Settlement Period with respect
                                         to such Purchaser;

 

		Year	=if
                                         such Portion of Capital is funded based on the Alternate Base Rate, 365 or 366 days,
                                         as applicable, and otherwise 360 days

 

provided
that no provision of this Agreement shall require the payment or permit the collection of Yield in excess of the maximum permitted
by applicable Law; and provided, further, that Yield for the Portion of Capital shall not be considered paid by
any distribution to the extent that at any time all or a portion of such distribution is rescinded or must otherwise be returned
for any reason. Any Settlement Period in respect of which the Yield is computed by reference to the CP Rate may be terminated
at the election of, and upon notice thereof to the Seller by, the Purchaser Agent for the related Conduit Purchaser at any time,
in which case the Portion of Capital allocated to such terminated Settlement Period shall be allocated to a new Settlement Period
commencing on (and including) the date of such termination and ending on (but excluding) the next following Settlement Date, and
shall accrue Yield at the Alternate Rate. During the existence of a Termination Event or if the Termination Date is declared by
the Administrative Agent or automatically occurs pursuant to Section 2.2, the “Yield” for all Settlement
Periods and all Portions of Capital shall be determined by substituting the Default Rate for the Alternate Rate and the CP Rate,
as applicable.

 

“Yield
and Fee Percentage” means, for any Collection Period, the percentage equal to the product of (a) a fraction (i) the
numerator of which is the sum of (A) the Default Rate and (B) the Servicing Fee Rate and (ii) the denominator of which is 365,
(b) the highest Days Sales Outstanding (in days) for the three most recent Collection Periods ending on such day and (c) the Stress
Factor.

 

2.       Other
Terms. For purposes of this Agreement and the Transaction Documents (other than the Ancillary Documents), unless the context
otherwise requires:

 

    I-30

     

    

(a)       accounting
terms not otherwise defined herein, and accounting terms partly defined herein to the extent not defined, shall have the respective
meanings given to them under, and shall be construed in accordance with, GAAP, and the calculation of financial covenants and
other accounting ratios pursuant to clause (j) and (k) of Exhibit V shall be performed in accordance with
GAAP in a manner consistent with the requirements of the Credit Agreement as attached hereto as Annex K or as the same
may be amended from time to time with the consent of the Administrative Agent and the Majority Purchasers;

 

(b)       terms
used in Article 9 of the UCC as in effect in the State of New York, and not specifically defined herein, are used herein as defined
in such Article 9;

 

(c)       references
to any amount as on deposit or outstanding on any particular date means such amount at the close of business on such day;

 

(d)       the
words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement
(or the certificate or other document in which they are used) as a whole and not to any particular provision of this Agreement
(or such certificate or document);

 

(e)       references
to any Section, Annex, Schedule or Exhibit are references to Sections, Annexes, Schedules and Exhibits in or to this Agreement
(or the certificate or other document in which the reference is made) and references to any paragraph, subsection, clause or other
subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section
or definition;

 

(f)       the
term “including” means “including without limitation”;

 

(g)       references
to any Law refer to that Law as amended from time to time and include any successor Law;

 

(h)       references
to any agreement refer to that agreement as from time to time amended or supplemented or as the terms of such agreement are waived
or modified in accordance with its terms;

 

(i)       references
to any Person include that Person’s successors and permitted assigns; and

 

(j)       references
to any time when a Termination Event or Unmatured Termination Event “exists” or to the “existence” of
a Termination Event or Unmatured Termination Event means any time when a Termination Event or Unmatured Termination Event exists
or to the existence of a Termination Event or Unmatured Termination Event unless waived by the Administrative Agent and the Majority
Purchasers.

 

    I-31

     

    

EXHIBIT II

 

CONDITIONS
OF PURCHASES

 

1.       Conditions
Precedent to Initial Purchase. The initial Purchase after effectiveness of this Agreement is subject to the following conditions
precedent that the Administrative Agent and each Purchaser Agent shall have received on or before the date of such Purchase, each
in form and substance (including the date thereof) satisfactory to the Administrative Agent and each Purchaser Agent:

 

(a)       A
counterpart of this Agreement and the other Transaction Documents duly executed and delivered by the parties thereto.

 

(b)       Certified
copies of (i) the resolutions of the board of directors of the Seller authorizing the execution, delivery, and performance by
the Seller of this Agreement and the other Transaction Documents (other than the Ancillary Documents) to which it will be a party,
(ii) all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Agreement
and the other Transaction Documents (other than the Ancillary Documents) to which it will be a party and (iii) the certificate
of incorporation and by-laws of the Seller.

 

(c)       A
certificate of the Secretary or Assistant Secretary of the Seller certifying the names and true signatures of the officers of
the Seller authorized to sign this Agreement and the other Transaction Documents (other than the Ancillary Documents) to which
it will be a party. Until the Administrative Agent receives a subsequent incumbency certificate from the Seller in form and substance
satisfactory to the Administrative Agent, the Administrative Agent shall be entitled to rely on the last such certificate delivered
to it by the Seller.

 

(d)       Certified
copies of (i) the resolutions of the board of directors (or its designated committee) of the Seller and Servicer authorizing the
execution, delivery, and performance by the Seller and Servicer of this Agreement and the other Transaction Documents (other than
the Ancillary Documents) to which it will be a party, (ii) all documents evidencing other necessary corporate and shareholder
action and governmental approvals, if any, with respect to this Agreement and the other Transaction Documents (other than the
Ancillary Documents) to which it will be a party and (iii) the certificate of incorporation and by-laws of the Seller and Originator.

 

(e)       A
certificate of the Secretary or Assistant Secretary of the Originator certifying the names and true signatures of the officers
of the Originator authorized to sign this Agreement and the other Transaction Documents (other than the Ancillary Documents) to
which it will be a party. Until the Administrative Agent receives a subsequent incumbency certificate from the Originator in form
and substance satisfactory to the Administrative Agent, the Administrative Agent shall be entitled to rely on the last such certificate
delivered to it by the Originator.

 

    	II-1

    	 

    

(f)       Acknowledgment
copies, or time stamped receipt copies of proper financing statements, duly filed on or before the date of such initial Purchase
under the UCC of all jurisdictions that the Administrative Agent and each Purchaser Agent may deem necessary or desirable in order
to perfect (with a first priority) the interests of the Administrative Agent (on behalf of itself, the Purchaser Agents and the
Purchasers) contemplated by the Agreement and to perfect (with a first priority) the interests of the Seller as contemplated by
the Receivables Sale Agreement.

 

(g)       Acknowledgment
copies, or time stamped receipt copies of proper terminations of financing statements, if any, necessary to release all security
interests and other rights of any Person (other than the Seller and the Administrative Agent) in the Pool Receivables, Contracts
or Related Security previously granted by the Originator or the Seller.

 

(h)       Completed
UCC search reports, dated on or shortly before the date of such initial Purchase, listing all effective financing statements filed
in the jurisdiction referred to in clause (f) above that name the Seller or the Originator as debtor, together with
copies of such financing statements, and similar search reports with respect to judgment liens, federal tax liens and liens of
the Pension Benefit Guaranty Corporation in such jurisdictions as the Administrative Agent or any Purchaser Agent may request,
showing no such liens on any of the Pool Assets, Pool Receivables, Contracts or Related Security.

 

(i)       Copies
of executed Blocked Account Agreements with the Blocked Account Banks.

 

(j)       A
favorable opinion of Lily Yan Arevalo, corporate counsel for the Originator and the Seller, addressed to the Administrative Agent,
each Purchaser, each Purchaser Agent and each Alternate Purchaser substantially in the form of Annex E and as to such other
matters as the Administrative Agent may reasonably request.

 

(k)       A
favorable opinion of Davis Polk & Wardwell, counsel for the Originator and the Seller, addressed to the Administrative Agent,
each Purchaser, each Purchaser Agent and each Alternate Purchaser substantially in the form of Annex F and as to such other
matters as the Administrative Agent may reasonably request.

 

(l)       A
favorable opinion of Davis Polk & Wardwell, counsel for the Seller and the Originator, addressed to the Administrative Agent,
each Purchaser, each Purchaser Agent and each Alternate Purchaser substantially in the form of Annex G and as to such other
matters as the Administrative Agent may reasonably request.

 

(m)       A
favorable opinion of Morris, Nichols, Arsht & Tunnell, special Delaware counsel for the Originator and the Seller, addressed
to the Administrative Agent, each Purchaser, each Purchaser Agent and each Alternate Purchaser

 

    	II-2

    	 

    

substantially
in the form of Annex H and as to such other matters as the Administrative Agent may reasonably request.

 

(n)       Satisfactory
results of a review by the Purchasers of the Seller’s and the Originator’s collection, operating and reporting systems,
Credit and Collection Policy, historical receivables data and accounts, including satisfactory results of a review of the Seller’s
and the Originator’s operating locations and satisfactory review of the Eligible Receivables in existence on the date of
the initial Purchase under this Agreement.

 

(o)       Monthly
Receivables Report representing the performance of the portfolio of Pool Receivables for the month prior to the initial Purchase.

 

(p)       Evidence
of payment by the Seller of all accrued and unpaid fees (including those contemplated by the Fee Letter), costs and expenses to
the extent then due and payable on the date thereof, together with Attorney Costs of the Administrative Agent to the extent invoiced
prior to or on such date, plus such additional amounts of Attorney Costs as shall constitute the Administrative Agent’s
reasonable estimate of Attorney Costs incurred or to be incurred by it through the closing proceedings (provided that such estimate
shall not thereafter preclude final settling of accounts between the Seller and the Administrative Agent); including any such
costs, fees and expenses arising under or referenced in Section 6.4, the Fee Letter and the Engagement Letter.

 

(q)       Good
standing certificates with respect to the Seller issued by the Secretaries of the States of Delaware and California.

 

(r)       Good
standing certificates with respect to the Originator issued by the Secretaries of the States of Delaware and California.

 

(s)       An
executed Receivables Sale Agreement.

 

(t)       Letters
from each of the rating agencies then rating the Notes of each Conduit Purchaser confirming the rating of its Notes after giving
effect to the transactions contemplated by this Agreement.

 

(u)       Receipt
and satisfactory review of the final Protiviti audit report.

 

(v)       Evidence
that the “Liens” created (and as defined) under the GE Receivables Funding Agreement have been released in full, all
outstanding “Advances” (as defined in the GE Receivables Funding Agreement) have been paid in full and all obligations
of the Seller and the Servicer thereunder have been terminated.

 

2.       Conditions
Precedent to All Purchases and Reinvestments. Each Purchase (including the initial Purchase after effectiveness of this Agreement)
and each Reinvestment shall be subject to the further conditions precedent that:

 

    	II-3

    	 

    

(a)       in
the case of each Purchase, the Servicer shall have delivered to the Administrative Agent and each Purchaser Agent on or prior
to such Purchase, in form and substance satisfactory to the Administrative Agent, a completed Interim Receivables Report as of
the Business Day immediately preceding the date of such Purchase.

 

(b)       on
the date of such Purchase or Reinvestment the following statements shall be true (and acceptance of the proceeds of such Purchase
or Reinvestment shall be deemed a representation and warranty by the Seller that such statements are then true):

 

(i)       the
representations and warranties contained in Exhibit III are true and correct on and as of the date of such Purchase
or Reinvestment as though made on and as of such date (unless such representations and warranties speak only as of a prior date
in which case such representations and warranties shall be true and correct as of such prior date);

 

(ii)       the
representations and warranties of the Originator in the Receivables Sale Agreement are true and correct on and as of the date
of such Purchase or Reinvestment as though made on and as of such date (unless such representations and warranties speak only
as of a prior date in which case such representations and warranties shall be true and correct as of such prior date);

 

(iii)       no
event has occurred and is continuing, or would result from such Purchase or Reinvestment, that constitutes a Termination Event
or an Unmatured Termination Event;

 

(iv)       the
Aggregate Capital, after giving effect to any such Purchase or Reinvestment shall not be greater than the Program Limit, and the
Receivables Interest shall not exceed 100%; and

 

(v)       the
Termination Date has not occurred.

 

(c)       the
Receivables Sale Agreement is in full force and effect and the Originator has not designated the “Termination Date”
under the Receivables Sale Agreement by notice to the Seller.

 

    	II-4

    	 

    

EXHIBIT III

 

REPRESENTATIONS
AND WARRANTIES

 

1.       Representations
and Warranties of Seller. The Seller represents and warrants, as of the Closing Date and as of each date on which a Purchase
or a Reinvestment is made (unless such representations and warranties speak only as of a prior date in which case such representations
and warranties shall be true and correct as of such prior date), to the Administrative Agent, each Purchaser Agent and each Purchaser
as follows:

 

(a)       Organization
and Good Standing. The Seller is a corporation duly incorporated, validly existing and in good standing under the Laws of
the State of Delaware, its organizational number is 2322236, and is duly qualified to do business, and is in good standing, as
a foreign corporation in every jurisdiction where the nature of its business requires it to be so qualified except where the failure
to so qualify could not reasonably be expected to result in a Material Adverse Effect.

 

(b)       Power
and Authority; Due Authorization; Contravention. The execution, delivery and performance by the Seller of this Agreement and
each other Transaction Document to which it is a party, including the Seller’s use of the proceeds of Purchases and Reinvestments
and the creation and perfection of all security interests provided for herein and therein, (i) are within the Seller’s corporate
powers, (ii) have been duly authorized by all necessary corporate and shareholder action, (iii) do not contravene or result in
a default under or conflict with (1) the Seller’s certificate of incorporation or by-laws, (2) any Law applicable to the
Seller, (3) any contractual restriction binding on or affecting the Seller or its property or (4) any order, writ, judgment, award,
injunction or decree binding on or affecting the Seller or its property, and (iv) do not result in or require the creation of
any Adverse Claim upon or with respect to any of its properties. This Agreement and the other Transaction Documents to which it
is a party have been duly executed and delivered by the Seller.

 

(c)       Governmental
Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is
required for the due execution, delivery and performance by the Seller of this Agreement or any other Transaction Document to
which it is a party, or for the perfection of the Administrative Agent’s (on behalf of the Purchasers) interests under the
Transaction Documents or for the perfection of the Seller’s interests under the Receivables Sale Agreement, except for (i)
the filing of the financing statements referred to in Section 1(f) of Exhibit II and (ii) those that have
been made or obtained and are in full force and effect.

 

(d)       Binding
Obligations. Each of this Agreement and each other Transaction Document to which it is a party constitutes the legal, valid
and binding obligation of the Seller enforceable against the Seller in accordance with its terms, subject to (i) applicable bankruptcy,
insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors’ rights generally from
time to time

 

    III-1

     

    

in
effect and (ii) general principles of equity (whether enforcement is sought by a proceeding in equity or at law).

 

(e)       No
Proceedings. There is no pending or, to the knowledge of the Seller, threatened action or proceeding affecting the Seller
or any of its Subsidiaries before any Governmental Authority or arbitrator which, if adversely determined, could reasonably be
expected to have a Material Adverse Effect or seeks to prevent the transfer, sale, pledge or contribution of any Pool Receivable
or the consummation of the transactions contemplated by the Transaction Documents.

 

(f)       Securities
Act. No proceeds of any Purchase or Reinvestment will be used to acquire any equity security of a class which is registered
pursuant to Section 12 of the Securities Exchange Act of 1934.

 

(g)       Quality
of Title. The Seller is the legal and beneficial owner of the Pool Receivables, the Related Security and related Collections
free and clear of any Adverse Claim; upon each Purchase or Reinvestment, the Administrative Agent (on behalf of the Purchasers)
shall acquire a valid and enforceable perfected security interest in each Pool Receivable then existing or thereafter arising
and in the Related Security (to the extent such interest may be perfected by the filing of the financing statements referred to
in Section 1(f) of Exhibit II), Collections, Blocked Accounts and amounts on deposit therein and other
proceeds, with respect thereto, free and clear of any Adverse Claim; the Agreement creates a security interest in favor of the
Administrative Agent (on behalf of itself and the other Secured Parties) in the items described in Section 1.2(d),
and the Administrative Agent (on behalf of itself and the other Secured Parties) has a first priority perfected security interest
in such items, free and clear of any Adverse Claims. No effective financing statement or other instrument similar in effect naming
the Seller or the Originator as debtor covering any Contract or any Pool Receivable or the Related Security or Collections with
respect thereto or any Blocked Account is on file in any recording office, except those filed in favor of the Administrative Agent
or the Seller relating to this Agreement or the Receivables Sale Agreement.

 

(h)       Accurate
Reports. (i) Except as provided in clause (ii) below, each Interim Receivables Report and each Monthly Receivables
Report (if prepared by the Seller or one of its Affiliates, or to the extent that information contained therein is supplied by
the Seller or an Affiliate), and any information, exhibit, financial statement, document, book, data, record or report furnished
or to be furnished at any time by or on behalf of the Seller to the Administrative Agent in connection with this Agreement is
or will be, when taken as a whole, accurate in all material respects as of its date or (except as otherwise disclosed to the Administrative
Agent at such time) as of the date so furnished, and of any time of determination, all such information theretofore furnished
by or on behalf of the Seller to the Administrative Agent in connection with this Agreement when taken as a whole does not then
contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained
therein, in the light of the circumstances under which they were made, not misleading

 

    III-2

     

    

(ii)       
(A) no representation is made as to any financial projections or other forward-looking information other than that it is and will
be based upon assumptions and information believed by the Seller to be reasonable and (B) information furnished with express written
disclaimers with regard to the accuracy of that information, is and shall be subject to those disclaimers.

 

(i)       Offices
of Seller. Except as permitted by Section 1(b) of Exhibit IV, the principal place of business and chief executive
office (as such terms are used in the UCC) of the Seller and the office where the Seller keeps its records concerning the Pool
Receivables are located at the address referred to in Section 1(b) set forth in Exhibit IV and such address
has not changed within the past five years. The jurisdiction of organization of the Seller is the State referred to in such Section
1(b) and Seller is organized only in a single jurisdiction.

 

(j)       Offices
of Originator. Except as permitted by Section 1(b) of Exhibit IV, the principal place of business and chief
executive office (as such terms are used in the UCC) of the Originator are located at the address set forth on Schedule V.

 

(k)       Blocked
Accounts. Except as provided in Section1(i) of Exhibit IV, Schedule II lists all banks and other
financial institutions at which the Seller maintains any Blocked Accounts, and such schedule correctly identifies the name, address
and telephone number of each depository, the name in which each Blocked Account is held, and the complete account number therefor.
The Seller (or the Servicer on its behalf) has delivered to the Administrative Agent a fully executed agreement pursuant to which
each Blocked Account Bank (with respect to each Blocked Account) has agreed to comply with all instructions originated by the
Administrative Agent directing the disposition of funds in such Blocked Account without further consent by the Seller, the Servicer
or the Originator. No Blocked Account is in the name of any Person other than the Seller or the Administrative Agent, and the
Seller has not consented to any Blocked Account Bank following the instructions of any Person other than the Administrative Agent
or the Seller.

 

(l)       No
Violation. The Seller is not in violation of any order of any court, arbitrator or Governmental Authority.

 

(m)       No
Interest in Purchasers. The Seller has no direct or indirect ownership or other financial interest in any of the Purchasers.

 

(n)       Margin
Regulations. The Seller is not engaged principally, or as one of its important activities, in the business of extending credit
for the purpose of “purchasing” or “carrying” any “margin security,” as such terms are defined
in Regulation U of the Federal Reserve Board as now and from time to time hereafter in effect. No part of the proceeds of the
Purchases or Reinvestments made hereunder will be used, whether directly or indirectly, and whether immediately, incidentally
or ultimately, for any purpose that entails a violation of, or that is inconsistent with, the

 

    III-3

     

    

provisions
of the Regulations of the Federal Reserve Board, including Regulation U or Regulation X.

 

(o)       Eligible
Receivable. Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Balance, is an Eligible
Receivable at the time so included.

 

(p)       No
Termination Event or Unmatured Termination Event. No event has occurred and is continuing which constitutes a Termination
Event or Unmatured Termination Event unless waived in writing by the Administrative Agent and the Majority Purchasers.

 

(q)       [Reserved]

 

(r)       Credit
and Collection Policy. The Originator has complied in all material respects with the Credit and Collection Policy with regard
to each Pool Receivable and such policies have not changed since the Closing Date, unless (i) such change would not and could
not reasonably be expected to, individually or in the aggregate, materially adversely affect the validity, enforceability or collectibility
of any portion of the Pool Receivables or materially adversely affect the interests, rights or remedies of any Secured Party under
this Agreement or any other Transaction Document or with respect to any portion of the Pool Receivables or (ii) the Administrative
Agent consented to such change in accordance with clause (g) of Section 1 of Exhibit IV.

 

(s)       [Reserved]

 

(t)       Names.
The Seller’s complete company name is set forth in the preamble to the Agreement, and the Seller does not use and has not
during the last six years used any other company name, corporate name, trade name, doing business name or fictitious name, except
as set forth on Schedule III and except for names first used after the date of this Agreement and set forth in a notice
delivered to the Administrative Agent pursuant to clause (r)(ii) of Section 1 of Exhibit IV.

 

(u)       Receivables
Transfer. Prior to a transfer pursuant to the Receivables Sale Agreement, the Originator shall be the legal and beneficial
owner of the Pool Receivables, the Related Security and related Collections sold by the Originator to the Seller pursuant to the
Receivables Sale Agreement free and clear of any Adverse Claim (it being understood that inventory included in the Related Security
which is sold by the Originator may have been subject to an Adverse Claim prior to the time of its release upon the sale of such
inventory by the Originator) and the Receivables Sale Agreement is effective to, and shall, transfer to the Seller (and the Seller
shall acquire) from the Originator all right, title and interest of the Originator in each such Pool Receivable, Related Security
and Collections with respect thereto free and clear of any Adverse Claim.

 

(v)       Payments
to Applicable Originators. The Originator is not entering into the Receivables Sale Agreement with the intent (whether constructive
or actual)

 

    III-4

     

    

to
hinder, delay or defraud its present creditors and with respect to each Pool Receivable sold by the Originator to the Seller,
the Seller shall have paid or promised to pay to the Originator at the time of such sale reasonably equivalent value in consideration
of the transfer of such Pool Receivable and such transfer was not made for or on account of an antecedent debt. No transfer by
the Originator under the Receivables Sale Agreement is or may be voidable under any section of the Bankruptcy Code.

 

(w)       Ownership
of the Seller. The Originator, directly or indirectly, owns 100% of the outstanding voting securities of the Seller.

 

(x)       Tangible
Net Worth of Seller. As of the date hereof, the Seller has a tangible net worth, as determined in accordance with GAAP, of
at least the Required Capital Amount, and after giving effect to the Purchases or Reinvestments to be made on such date and to
the application of the proceeds therefrom, the Seller is and will be Solvent.

 

(y)       Investment
Company. The Seller is not (i) a "covered fund" under the Volcker Rule, (ii) an "investment company,"
or a company "controlled" by an "investment company," within the meaning of the Investment Company Act of
1940 or (iii) an EEA Financial Institution. In determining that the Seller is not an investment company, the Seller is relying
on the exemption from the definition of "investment company" set forth in Section 3(b)(3) of the Investment Company
Act of 1940.

 

(z)       No
Material Adverse Effect. No event has occurred and is continuing which, individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect.

 

(aa)Legal
Opinions. The factual assumptions relating to the Seller set forth in the opinion(s) rendered by Davis, Polk & Wardwell
LLP on the Closing Date, pursuant to Section 1(l) of Exhibit II and relating to true sale and non-consolidation
matters, and in the officer’s certificates referred to in such opinion(s), are true and correct in all material respects.

 

(bb)Receivables
Interest. The Receivables Interest does not exceed 100%.

 

(cc)No
Prior Business Activity. The Seller has not engaged in any business activity before the date hereof (other than pursuant to
the GE Receivables Funding Agreement and predecessor receivables funding or sale agreements).

 

(dd)Ventures
and Subsidiaries; Outstanding Debt. The Seller has no Subsidiaries, and is not engaged in any joint venture or partnership
with any other Person. After giving effect to (i) the execution and delivery of this Agreement and the other Transaction Documents
and (ii) termination and payment in full of the obligations under GE Receivables Funding Agreement, the Seller has no Debt other
than as permitted by Section 1(p) of Exhibit IV. Other than the restrictions created by

 

    III-5

     

    

the
Transaction Documents, the Seller is not subject to any corporate restriction that could reasonably be expected to have a Material
Adverse Effect.

 

(ee)Taxes.
The Seller has filed or caused to be filed all tax returns and reports (Federal, state or local) required by Law to be filed by
it and has paid or caused to be paid or made adequate provision for all taxes and governmental charges due and owing and all assessments
received by it except to the extent that any failure to file or nonpayment (i) is being contested in good faith or (ii) could
not reasonably be expected to result in a Material Adverse Effect.

 

(ff)Assignment
of Interest in Transaction Documents. The Seller’s interests in, to and under the Receivables Sale Agreement and the
other Transaction Documents have been collaterally assigned by the Seller to the Administrative Agent.

 

(gg)Sanctions
and Anti-Bribery, Anti-Corruption and Anti-Money Laundering. (i) None of the Seller or, to the knowledge of the Seller, any
director, officer, employee or agent of the Seller is a Person that is, or is owned or controlled by Persons that are: (x) the
target of any Sanctions, or (y) located, organized or resident in a country or territory that is, or whose government is, the
subject of Sanctions, currently, Crimea, Cuba, Iran, North Korea, Sudan and Syria.

 

(ii)       The
Seller, and to the Seller’s knowledge, the Seller’s directors, officers, agents and employees, are in compliance with
all applicable anti-bribery, anti-corruption and anti-money laundering laws, regulations and rules in any applicable jurisdiction,
in all material respects, and the Seller has instituted and maintains risk-based policies and procedures designed to prevent violation
of such laws, regulations and rules.

 

2.       Representations
and Warranties of the Servicer. The Servicer represents and warrants, as of the Closing Date and as of each date on which
a Purchase or a Reinvestment is made (unless such representations and warranties speak only as of a prior date in which case such
representations and warranties shall be true and correct as of such prior date), to the Administrative Agent, each Purchaser Agent
and each Purchaser as follows:

 

(a)       Organization
and Good Standing. The Servicer is a corporation duly incorporated, validly existing and in good standing under the Laws of
the State of Delaware, and is duly qualified to do business, and is in good standing, as a foreign corporation in every jurisdiction
where the nature of its business requires it to be so qualified except where the failure to qualify could not reasonably be expected
to result in a Material Adverse Effect.

 

(b)       Power
and Authority; Due Authorization; Contravention. The execution, delivery and performance by the Servicer of this Agreement
and the other Transaction Documents to which it is a party (i) are within the Servicer’s corporate powers, (ii) have been
duly authorized by all necessary corporate and shareholder action, (iii) do not contravene or result in a default under or conflict
with (1) the Servicer’s charter or by-laws, (2) any Law applicable to the Servicer, (3) any

 

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contractual
restriction binding on or affecting the Servicer or its property or (4) any order, writ, judgment, award, injunction or decree
binding on or affecting the Servicer or its property, and (iv) do not result in or require the creation of any Adverse Claim upon
or with respect to any of its properties. This Agreement and the other Transaction Documents to which it is a party have been
duly executed and delivered by the Servicer.

 

(c)       Governmental
Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is
required for the due execution, delivery and performance by the Servicer of this Agreement or any other Transaction Document to
which it is a party except those that have been obtained and are in full force and effect.

 

(d)       Binding
Obligations. Each of this Agreement and the other Transaction Documents to which it is a party constitutes the legal, valid
and binding obligation of the Servicer enforceable against the Servicer in accordance with its terms, subject (i) to applicable
bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors’ rights
generally from time to time in effect and (ii) to general principles of equity (whether enforcement is sought by a proceeding
in equity or at law).

 

(e)       Financial
Statements. The consolidated balance sheets of the Servicer as of January 2, 2010, and the related statements of income and
retained earnings of the Servicer for the fiscal year then ended, copies of which have been furnished to the Administrative Agent
and each Purchaser Agent, fairly present the financial condition of the Servicer and its Subsidiaries as at such date and the
results of the operations of the Servicer and its Subsidiaries for the period ended on such date, all in accordance with GAAP
consistently applied (except as otherwise noted therein).

 

(f)       No
Proceedings. There is no pending or, to the knowledge of the Servicer, threatened action or proceeding affecting the Servicer
or any of its Subsidiaries before any Governmental Authority or arbitrator which could reasonably be expected to have a Material
Adverse Effect.

 

(g)       Accurate
Reports. (i) Except as provided in clause (ii) below, each Interim Receivables Report and each Monthly Receivables
Report (if prepared by the Servicer or one of its Affiliates, or to the extent that information contained therein is supplied
by the Servicer or an Affiliate), and any information, exhibit, financial statement, document, book, data, record or report furnished
or to be furnished at any time by or on behalf of the Servicer to the Administrative Agent in connection with this Agreement is
or will be, when taken as a whole, accurate in all material respects as of its date or (except as otherwise disclosed to the Administrative
Agent at such time) as of the date so furnished, and no such item, when taken as a whole, contains or will contain any untrue
statement of a material fact or omits or will omit to state a material fact necessary in order to make the statements contained
therein, in the light of the circumstances under which they were made, not misleading.

 

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(ii)       (A)
no representation is made as to any financial projections or other forward-looking information other than that it is and will
be based upon assumptions and information believed by the Servicer to be reasonable and (B) information furnished with express
written disclaimers with regard to the accuracy of that information, is and shall be subject to those disclaimers.

 

(h)       No
Violation. The Servicer is not in violation of any order of any court, arbitrator or Governmental Authority where such violation
could reasonably be expected to result in a Material Adverse Effect.

 

(i)       [Reserved]

 

(j)       Credit
and Collection Policy. The Servicer has complied in all material respects with the Credit and Collection Policy with regard
to each Pool Receivable and such Credit and Collection Policy has not changed since the Closing Date, unless (i) such change would
not and could not reasonably be expected to, individually or in the aggregate, materially adversely effect the validity, enforceability
or collectibility of any portion of the Pool Receivables, or materially adversely affect the interests, rights or remedies of
any Secured Party under this Agreement or any other Transaction Document or with respect to any portion of the Pool Receivables
or (ii) the Administrative Agent consented to such change in accordance with Section 2(m) of Exhibit IV.

 

(k)       [Reserved]

 

(l)       Eligible
Receivable. Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Balance, is an Eligible
Receivable at the time so included.

 

(m)       No
Termination Event or Unmatured Termination Event. No event has occurred and is continuing which constitutes a Termination
Event or Unmatured Termination Event, unless waived in writing by the Administrative Agent and the Majority Purchasers.

 

(n)       Investment
Company. The Servicer is not (i) an “investment company,” or a company “controlled” by an “investment
company,” within the meaning of the Investment Company Act of 1940 or (ii) an EEA Financial Institution.

 

(o)       Legal
Opinions. The factual assumptions relating to the Servicer set forth in the opinion(s) rendered by Davis, Polk & Wardwell
LLP on the Closing Date, pursuant to Section 1(l) of Exhibit II and relating to true sale and non-consolidation
matters, and in the officer’s certificates referred to in such opinion(s), are true and correct in all material respects.

 

(p)       Records.
The Servicer has access to all Records necessary to service the Pool Receivables.

 

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(q)       Sanctions
and Anti-Bribery, Anti-Corruption and Anti-Money Laundering. (i) None of the Servicer, any of its Subsidiaries or, to the
knowledge of the Servicer, any director, officer, employee or agent of the Servicer or any of its Subsidiaries is a Person that
is, or is owned or controlled by Persons that are: (x) the target of any Sanctions, or (y) located, organized or resident in a
country or territory that is, or whose government is, the subject of Sanctions, currently, Crimea, Cuba, Iran, North Korea, Sudan
and Syria.

 

(ii)       The
Servicer and its Subsidiaries, and to the Servicer’s knowledge, the Servicer’s directors, officers, agents and employees,
are in compliance with all applicable anti-bribery, anti-corruption and anti-money laundering laws, regulations and rules in any
applicable jurisdiction, in all material respects, and the Servicer has instituted and maintains risk-based policies and procedures
designed to prevent violation of such laws, regulations and rules.

 

    III-9

     

    

EXHIBIT IV

 

COVENANTS

 

1.       Covenants
of the Seller. Until the Final Payout Date:

 

(a)       Compliance
with Laws, Etc. The Seller shall comply in all respects with all Laws applicable to it and the Pool Receivables, and preserve
and maintain its organizational existence, rights, franchises, qualifications, and privileges except to the extent that the failure
so to comply with such Laws or the failure so to preserve and maintain such existence, rights, franchises, qualifications, and
privileges would not and could not reasonably be expected to have a Material Adverse Effect.

 

(b)       Offices,
Records and Books of Account; Etc. The Seller (i) shall keep its principal place of business and chief executive office (as
such terms are used in the UCC) and keep its state of organization at the State set forth in Section 1(a) of Exhibit
III or, upon at least thirty (30) days’ prior written notice of a proposed change to the Administrative Agent, at any
other locations in jurisdictions where all actions reasonably requested by the Administrative Agent to protect and perfect the
interest of the Administrative Agent (on behalf of itself, the Purchaser Agents and the Purchasers) in the Pool Receivables and
the other Pool Assets have been taken and completed and (ii) shall provide the Administrative Agent with at least thirty (30)
days’ written notice prior to making any change in the Seller’s name or making any other change in the Seller’s
identity or corporate structure (including through a merger) which could render any UCC financing statement filed in connection
with this Agreement “seriously misleading” as such term is used in the UCC; each notice to the Administrative Agent
pursuant to this sentence shall set forth the applicable change and the effective date thereof. The Seller will also file and
maintain in effect all filings, and take all such other actions, as may be necessary to protect the validity and perfection of
its ownership interest in the Pool Receivables. The Seller also will maintain and implement or will cause to be maintained and
implemented administrative and operating procedures (including an ability to recreate records evidencing Pool Receivables and
related Contracts in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records,
computer tapes and disks and other information reasonably necessary or advisable for the collection of all Pool Receivables (including,
records adequate to permit the daily identification of each Pool Receivable and all Collections of and adjustments to each existing
Pool Receivable).

 

(c)       Performance
and Compliance with Contracts and Credit and Collection Policy. The Seller shall, at its expense, timely and fully perform
and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the
Contracts related to the Pool Receivables, and timely and fully comply in all material respects with the Credit and Collection
Policy with regard to each Pool Receivable and the related Contract.

 

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(d)       Security
Interest, Etc. The Seller shall, at its expense, take all action necessary or reasonably requested by the Administrative Agent
to establish and maintain, in favor of the Administrative Agent (on behalf of itself and the other Secured Parties), a first priority
perfected security interest in the Pool Assets, in each case free and clear of any Adverse Claim including, taking such action
to perfect, protect or more fully evidence the interest of the Administrative Agent (on behalf of itself, the Purchaser Agents
and the Purchasers) under the Agreement as the Administrative Agent may reasonably request.

 

(e)       Sales,
Liens, Etc. The Seller shall not sell, transfer, convey, assign (by operation of law or otherwise) or otherwise dispose of,
or assign any right to receive income in respect of, any Pool Receivable or Related Security except as otherwise expressly permitted
by this Agreement or any other Transaction Document or create or suffer to exist (i) any Adverse Claim upon or with respect to,
any or all of its right, title or interest in, to or under, any Pool Asset, or assign any right to receive income in respect of
any items contemplated by this clause (e) or (ii) any Adverse Claim on or with respect to its other properties or
assets (whether now owned or hereafter acquired). Notwithstanding the foregoing, the Seller may, with the prior written consent
of the Administrative Agent, sell all (but not less than all) of the Pool Receivables of any Obligor, free and clear of any Adverse
Claims of the Administrative Agent and the Purchasers therein, to any Person to the extent that (i) the purchase price therefor
is at least equal to the lesser of (x) the Outstanding Balance thereof and (y) the purchase price at which the Seller purchased
such Pool Receivables and (ii) before and after giving effect to such sale, the Receivables Interest does not exceed 100%. Upon
a sale contemplated by this clause (e), the Administrative Agent shall (at the Seller’s expense) execute or authorize
the filing of termination or release documents reasonably requested by the Seller with respect to such sold Pool Receivables.

 

(f)       Extension
or Amendment of Pool Receivables. Except with respect to actions by the Servicer that are permitted as provided in Section 4.2,
the Seller shall not approve any action by the Servicer which would extend the maturity or adjust the Outstanding Balance or otherwise
modify the terms of any Pool Receivable, or amend, modify or waive any term or condition of any related Contract.

 

(g)       Change
in Business or Credit and Collection Policy. The Seller shall not (i) make any change in the character of its business or
(ii) make any change in the Credit and Collection Policy, unless (x) such change would not and could not reasonably be expected
to, individually or in the aggregate, materially adversely effect the validity, enforceability or collectibility of any portion
of the Pool Assets or otherwise, individually or in the aggregate, materially adversely affect the interests, rights or remedies
of any Secured Party under this Agreement or any other Transaction Document or with respect to any portion of the Pool Assets
or (y) the Administrative Agent consented to such change in writing (such consent not to be unreasonably withheld).

 

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(h)       Audits.
(i) The Seller shall, from time to time during its regular business hours as reasonably requested by the Administrative Agent,
permit the Administrative Agent, or its agents or representatives (at the Seller’s expense once each year or if a Termination
Event or an Unmatured Termination Event exists), (A) to examine and make copies of and abstracts from all books, records
and documents (including computer tapes and disks) in the possession or under the control of the Seller relating to Pool Receivables
and the Related Security, including the related Contracts, and (B) to visit the offices and properties of the Seller for
the purpose of examining such materials described in clause (i)(A) above, and to discuss matters relating to Pool
Receivables and the Related Security or the Seller’s performance hereunder or under the Contracts with any of the officers
of the Seller or the Servicer, employees of the Servicer having senior servicing positions, or agents or contractors of the Seller
(other than the Servicer) having knowledge of such matters; and (ii) without limiting the provisions of clause (i) above,
from time to time during regular business hours as reasonably requested by the Administrative Agent, permit certified public accountants
or other auditors acceptable to the Administrative Agent to conduct (at the Seller’s expense (not to exceed $200,000 per
year when added to expenses incurred or reimbursed by the Servicer pursuant to Section 2(f) of this Exhibit IV and
Section 5.1(h) of the Receivables Sale Agreement so long as no Termination Event or Unmatured Termination Event exists,
otherwise such expenses shall not be so limited) once each year or if required when a Termination Event or Unmatured Termination
Event exists) a review of its books and records with respect to the Pool Receivables. Subject to the limitations specified in
the immediately preceding sentences, the Administrative Agent, or its agents and representatives, may (and the Administrative
Agent (or such other Person who may be designated from time to time by the Required Purchasers) shall, upon the request of the
Required Purchasers) conduct a review of the type described hereinabove whenever the Required Purchasers or the Administrative
Agent, as the case may be, in its and their reasonable judgment, deem such review appropriate.

 

(i)       Change
in Blocked Account Banks, Blocked Accounts and Payment Instructions to Obligors. The Seller shall not add or terminate any
bank as a Blocked Account Bank or any account as a Blocked Account (or any related post office box) from those listed in Schedule II
to the Agreement, or make any change in its instructions to Obligors regarding payments to be made to the Seller or the Originator
or payments to be made to any Blocked Account (or related post office box), unless the Administrative Agent shall have consented
prior thereto in writing and the Administrative Agent shall have received copies of all agreements and documents (including Blocked
Account Agreements) that it may request in connection therewith. Notwithstanding the foregoing, the Seller may from time to time
add Blocked Accounts at a domestic office of any commercial bank that has a short term debt rating of at least “A-1”
by S&P or “P-1” by Moody’s and is reasonably acceptable to the Administrative Agent and the Servicer (such
consent not to be unreasonably withheld) so long as in connection therewith the Seller (or the Servicer on its behalf) delivers
to the Administrative Agent a fully executed Blocked Account Agreement with such commercial bank.

 

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(j)       Deposits
to Blocked Accounts. The Seller shall (i) instruct or cause to be instructed all Obligors (other than Excluded Obligors) to
make payments of all Pool Receivables to one or more Blocked Accounts directly or to post office boxes or lock-boxes to which
only Blocked Account Banks have access (and shall instruct the Blocked Account Banks to cause all items and amounts relating to
such Pool Receivables received in such post office boxes or lock-boxes to be removed and deposited into a Blocked Account on a
daily basis), (ii) deposit, or cause to be deposited, any Collections of Pool Receivables received by it into a Blocked Account
not later than one (1) Business Day after receipt thereof, (iii) instruct or cause to be instructed all Excluded Obligors to make
payments to accounts other than to a Blocked Account and (iv) remove or cause to be removed any funds other than Collections of
Pool Receivables deposited in a Blocked Account no later than one (1) Business Day after deposit therein (except in the case of
Collections of Specified Excluded Receivables and for the period of ninety (90) days after the Closing Date, in which case no
later than five (5) Business Days after deposit therein). Each Blocked Account shall at all times be subject to a Blocked Account
Agreement.

 

(k)       Marking
of Records. At its expense, the Seller shall mark or cause the Servicer to mark the master data processing records with a
systems message relating to Pool Receivables and related Contracts, including with a legend, as mutually agreed upon, evidencing
the security interest of the Administrative Agent (on behalf of itself and the other Secured Parties) with regard to such Pool
Receivables and related Contracts and directing all inquiries to the Originator’s treasurer or manager of general credit
for further details.

 

(l)       Separateness.
The Seller hereby acknowledges that the Purchasers are entering into the transactions contemplated by the Agreement in reliance
upon the Seller’s identity as a separate legal entity from the Originator or any Ingram Entity (as defined below). Therefore,
from and after the date of execution and delivery of this Agreement, the Seller shall take all reasonable steps including all
steps that the Administrative Agent or a Purchaser Agent may from time to time reasonably request to maintain the Seller’s
identity as a separate legal entity and to make it manifest to third parties that the Seller is an entity with assets and liabilities
distinct from those of the Originator, its Affiliates (other than the Seller) (each of the Originator, its Affiliates (other than
the Seller) shall be referred to herein as a “Ingram Entity”), and not just a division of any Ingram Entity.
Without limiting the generality of the foregoing and in addition to and consistent with the covenant set forth in clause (a) above, the Seller shall:

 

(i)       compensate
all consultants and agents directly or indirectly through reimbursement by Ingram, from the Seller’s bank accounts, for
services provided to the Seller by such consultants and agents and, to the extent any consultant or agent of the Seller is also
a consultant or agent of any Ingram Entity, allocate the compensation of such employee, consultant or agent between the Seller
and such Ingram Entity on a basis which reflects the services rendered to the Seller and such Ingram Entity;

 

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(ii)       maintain
office space separate and apart from the offices of the Originator or any other Ingram Entity through which the Seller’s
business will be conducted;

 

(iii)       allocate
all overhead expenses (including telephone and other utility charges) which are not reflected in the Servicing Fee for items shared
between the Seller and any Ingram Entity on the basis of actual use to the extent practicable and, to the extent such allocation
is not practicable, on a basis reasonably related to actual use or the value of services rendered;

 

(iv)       (A)
at least one member of the board of directors of the Seller shall at all times be an Independent Director reasonably acceptable
to the Administrative Agent (such acceptability of any Independent Director appointed after the date hereof must be evidenced
in writing signed by the Administrative Agent; provided that any Independent Director that is employed by Global Securitization
Services, LLC for the purpose of providing director services to special purpose entities and that meets the other requirements
of an Independent Director set forth herein shall be deemed acceptable to the Administrative Agent) and (B) none of the Seller,
the Servicer, the Originator, any of the Seller’s directors or officers or any of their respective Affiliates shall remove
any Independent Director or replace any Independent Director (other than a replacement by an individual employed by Global Securitization
Services, LLC for the purpose of providing director services to special purpose entities and who otherwise meets the other requirements
of an Independent Director set forth herein), in each case without the prior written consent of the Administrative Agent and the
Majority Purchasers (not to be unreasonably withheld);

 

(v)       ensure
that all corporate actions are duly authorized;

 

(vi)       maintain
the Seller’s books and records separate from those of any Ingram Entity;

 

(vii)       prepare
its financial statements separately from those of other Ingram Entities, not make statements or disclosures, prepare any financial
statements or in any other respect account for or treat the transactions contemplated by the Receivables Sale Agreement (including
for accounting and reporting purposes) in any manner other than (i) with respect to each Purchase of each Pool Receivable and
other Related Security effected pursuant to the Receivables Sale Agreement, as a true sale and absolute assignment of the title
to and sole record and beneficial ownership interest of the Pool Receivables and other Related Security by the Originators to
the Seller and (ii) with respect to each contribution of Pool Receivables and other Related Security thereunder, as an increase
in the stated capital of the Seller; provided, however, that this clause (vii) shall not apply for any tax
or tax accounting purposes.;

 

(viii)       except
as herein specifically otherwise provided, not commingle funds or other assets of the Seller with those of any Ingram Entity and
not

 

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maintain
bank accounts or other depository accounts to which any Ingram Entity is an account party, into which any Ingram Entity makes
deposits or from which any Ingram Entity has the power to make withdrawals;

 

(ix)       not
permit any Ingram Entity to pay any of the Seller’s administrative costs and` expenses (except pursuant to allocation arrangements
that comply with the requirements of subclause (i) and (iii) of this clause (l));

 

(x)       [Reserved];

 

(xi)       comply
in all material respects with the factual assumptions relating to the Seller set forth in the opinion(s) rendered by Davis, Polk
& Wardwell LLP on the Closing Date, pursuant to Section 1(l) of Exhibit II relating to true sale and non-consolidation
matters;

 

(xii)       compensate
its Independent Director in accordance with the Services and Indemnity Agreement;

 

(xiii)       not
amend its certificate of incorporation or by-laws without the prior written consent of the Administrative Agent such consent not
to be unreasonably withheld or delayed;

 

(xiv)       ensure
that no Independent Director shall at any time serve as a trustee in bankruptcy for the Seller, the Servicer, the Originator or
any of their respective Affiliates; and

 

(xv)       provide
in its certificate of incorporation or by-laws that the directors of the Seller shall not approve, or take any other action to
cause the filing of, a voluntary bankruptcy petition with respect to the Seller unless each Independent Director shall approve
the taking of such action in writing prior to the taking of such action.

 

(m)       Net
Worth. At all times, the Seller will have a tangible net worth of at least the Required Capital Amount as determined in accordance
with GAAP.

 

(n)       Consideration.
With respect to each Receivable sold by the Originator to the Seller, the Seller will pay to the Originator reasonably equivalent
value in consideration of the transfer of such Receivable.

 

(o)       Other
Agreements. The Seller will not (i) enter into or be a party to any agreement or instrument other than this Agreement, the
Receivables Sale Agreement, the Wilmington Trust Service Agreement, the Services and Indemnity Agreement, the Delaware Affiliated
Finance Company License and other documents or instruments contemplated thereby or (ii) amend, modify or waive any provision in
any thereof, or give any approval or consent or permission provided for in any thereof (other than as permitted in Section
6.1).

 

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(p)       No
Other Business, Merger or Debt. The Seller will not (i) engage in any business or enterprise or enter into any transaction
other than as contemplated by the Transaction Documents, (ii) consolidate or merge with or into, or sell, lease or transfer all
or substantially all of its assets to, any other Person or (iii) form or create any Subsidiary. Except as required by law or as
a result of operation of law, the Seller shall not create, incur, assume or permit to exist any Debt, other than (A) Debt of the
Borrower to any Affected Party, Indemnified Person, the Servicer or any other Person under or expressly permitted by the Transaction
Documents, (B) Debt arising under the Subordinated Note, (C) Debt arising under the Wilmington Trust Service Agreement, the Services
and Indemnity Agreement or the Delaware Affiliated Finance Company License, (D) endorser liability in connection with the endorsement
of negotiable instruments for deposit or collection in the ordinary course of business, and (E) liabilities or obligations for
services supplied or furnished to the Seller in an amount not to exceed $100,000 at any time outstanding.

 

(q)       Certificate
of Incorporation and By-Laws. The Seller will not amend its certificate of incorporation or by-laws other than in compliance
with the terms hereof.

 

(r)       Reporting
Requirements. The Seller will provide to the Administrative Agent and each Purchaser Agent the following:

 

(i)       as
soon as possible and in any event within two (2) Business Days after becoming aware of the occurrence of each Termination Event
or Unmatured Termination Event, a statement of a financial officer of the Seller setting forth details of such Termination Event
or Unmatured Termination Event and the action that the Seller has taken and proposes to take with respect thereto;

 

(ii)       at
least thirty (30) days prior to any change in the Seller’s name or any other change requiring the amendment of UCC financing
statements, a notice setting forth such changes and the effective date thereof;

 

(iii)       for
the first three (3) quarters of each fiscal year of the Seller, unaudited quarterly within sixty (60) days of the end of the related
quarter and audited annual financial statements of the Seller within ninety (90) days of the end of the Seller’s fiscal
year; provided that the requirement to provide audited annual financial statements will be waived if (A) the Seller provides
the Administrative Agent and the Purchaser Agents with its unaudited non-consolidated financial statements, prepared in conformity
with GAAP (subject to the absence of footnotes and year-end adjustments), which financial statements shall include, at a minimum,
the non-consolidated balance sheet and a statement of income of the Seller and (B) the Seller is included in the consolidated
financial statements of Ingram required to be delivered pursuant to Section 2(k) of this Exhibit IV;

 

    IV-7

     

    

(iv)       promptly
after the Seller obtains knowledge thereof, notice of any Litigation which may exist at any time between the Seller and any Governmental
Authority or relating to any Transaction Document;

 

(v)       promptly
and in any event within five (5) Business Days after the occurrence thereof, notice of any event which is reasonably likely to
have a Material Adverse Effect; and

 

(vi)       promptly
after receipt thereof, any notices the Seller receives from the Originator or the Servicer under the Receivables Sale Agreement.

 

(s)       Payment,
Performance and Discharge of Obligations.

 

(i)       Subject
to clause (ii) below, the Seller shall pay, perform and discharge or cause to be paid, performed and discharged promptly
all charges and claims payable by it before any thereof shall become past due.

 

(ii)       The
Seller may in good faith contest, by appropriate proceedings, the validity or amount of any charges or claims described in clause
(i) above; provided, that adequate reserves with respect to such contest are maintained on the books of the Seller, in accordance
with GAAP.

 

(t)       Limited
Payments. The Seller will not make any cash payment to or otherwise transfer any funds to any of its Affiliates except for
(i) payments of the purchase price under the Receivables Sale Agreement, (ii) repayments of amounts owed under the Subordinated
Note in accordance with the terms thereof, (iii) distributions, which are declared by the Seller’s board of directors in
accordance with all Laws relating to corporate formalities, (iv) the Servicing Fee or (v) the return of funds other than Collections
of Pool Receivables deposited in Blocked Accounts; provided that the Seller shall not make any such payment under this
subsection (t) at any time with the funds which are required to be set aside for the benefit of, or otherwise to be distributed
to, a Purchaser, a Purchaser Agent, the Administrative Agent or any other Indemnified Party or Affected Person pursuant to Section
1.4(b) or Section 1.4(d); provided further, that the Seller shall not make any payment under this subsection
(t) (other than the Servicing Fee) if after giving effect to such payment a Termination Event or Unmatured Termination Event
would exist or otherwise result therefrom.

 

(u)       [Reserved]

 

(v)       Negative
Pledge of Subordinated Notes. Create, or permit to be created, any Adverse Claims with respect to the Subordinated Note (including
any payment or distribution in connection therewith), unless the holder(s) of such Adverse Claim(s) shall have entered into an
intercreditor agreement with the Administrative Agent, each Purchaser Agent and each Purchaser in form and substance satisfactory
to the Administrative Agent, and each Purchaser Agent.

 

    IV-8

     

    

(w)       Sanctions.
The Seller will not, directly or indirectly, use the proceeds of Purchases or Reinvestments, or lend, contribute or otherwise
make available such proceeds to any subsidiary, joint venture partner or other Person, (i) to fund any activities or business
of or with any Person, or in any country or territory that, at the time of such funding, is, or whose government is, the subject
of Sanctions, except to the extent permissible for a Person required to comply with Sanctions, or (ii) in any other manner that
would result in a violation of Sanctions or Anti-Corruption Laws by any Person (including any Person participating in the Purchases
or Reinvestments, whether as underwriter, advisor, investor or otherwise).

 

2.       Covenants
of the Servicer. Until the Final Payout Date:

 

(a)       Compliance
with Laws, Etc. The Servicer shall comply in all respects with all applicable Laws, and preserve and maintain its corporate
existence, rights, franchises, qualifications, and privileges except to the extent that the failure so to comply with such Laws
or the failure so to preserve and maintain such existence, rights, franchises, qualifications, and privileges could not reasonably
be expected to have a Material Adverse Effect.

 

(b)       Records.
The Servicer will maintain and implement administrative and operating procedures (including an ability to recreate records evidencing
Pool Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and maintain all Records
necessary or advisable for the collection of all Pool Receivables (including records adequate to permit the daily identification
of each Pool Receivable and all Collections of and adjustments to each existing Pool Receivable).

 

(c)       Performance
and Compliance with Contracts and Credit and Collection Policy. The Servicer shall, at its expense, timely and fully perform
and comply in all material respects with all provisions, covenants and other promises required to be observed by the Servicer
under the Contracts related to the Pool Receivables, and timely and fully comply in all material respects with the Credit and
Collection Policy with regard to each Pool Receivable and the related Contract.

 

(d)       Security
Interest, Etc. The Servicer shall, at its expense, take all action necessary or reasonably requested by the Administrative
Agent to establish and maintain a first priority perfected security interest in the Pool Assets, in each case free and clear of
any Adverse Claim, in favor of the Administrative Agent (on behalf of itself and the other Secured Parties), including taking
such action to perfect, protect or more fully evidence the interest of the Administrative Agent (on behalf of itself and the other
Secured Parties) under this Agreement as a Purchaser Agent or the Administrative Agent, may reasonably request.

 

(e)       Extension
or Amendment of Pool Receivables. Except as provided in Section 4.2, the Servicer shall not extend the maturity
or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable, or amend, modify or waive any term or
condition of any related Contract.

 

    IV-9

     

    

(f)       Audits.
(i) The Servicer shall, from time to time during its regular business hours as reasonably requested by the Administrative Agent,
permit the Administrative Agent, or its agents or representatives, (at the Servicer’s expense once each year and at any
time when a Termination Event or Unmatured Termination Event exists) (A) to examine and make copies of and abstracts from all
books, records and documents (including, computer tapes and disks) in the possession or under the control of the Servicer relating
to Pool Receivables and the Related Security, including, the related Contracts, and (B) to visit the offices and properties of
the Servicer for the purpose of examining such materials described in clause (i)(A) above, and to discuss matters
relating to Pool Receivables and the Related Security or the Servicer’s performance hereunder or under the Contracts with
any of the officers of the Seller or the Servicer, employees of the Servicer having senior servicing positions, or agents or contractors
of the Servicer having knowledge of such matters; and (ii) without limiting the provisions of clause (i) above, from time
to time during regular business hours as reasonably requested by the Administrative Agent, permit certified public accountants
or other auditors acceptable to the Administrative Agent to conduct (at the Servicer’s expense (not to exceed $200,000 per
year when added to expenses incurred or reimbursed by the Seller pursuant to Section 1(h) of this Exhibit IV
and Section 5.1(h) of the Receivables Sale Agreement so long as no Termination Event or Unmatured Termination Event exists,
otherwise such expenses shall not be so limited) once each year or if a Termination Event or Unmatured Termination Event has occurred)
a review of its books and records with respect to the Pool Receivables. Subject to the limitations specified in the immediately
preceding sentences, the Administrative Agent, or its agents and representatives, may (and the Administrative Agent (or such other
Person who may be designated from time to time by the Required Purchasers) shall, upon the request of the Required Purchasers)
conduct a review of the type described hereinabove whenever the Required Purchasers or the Administrative Agent, as the case may
be, in its and their reasonable judgment, deem such review appropriate.

 

(g)       Change
in Blocked Account Banks, Blocked Accounts and Payment Instructions to Obligors. The Servicer shall not add or terminate any
bank as a Blocked Account Bank or any account as a Blocked Account (or any related post office box) from those listed in Schedule II
to the Agreement, or make any change in its instructions to Obligors regarding payments to be made to the Servicer or the
Originator or payments to be made to any Blocked Account (or related post office box), unless the Administrative Agent shall have
consented prior thereto in writing and the Administrative Agent shall have received copies of all agreements and documents (including
Blocked Account Agreements) that it may request in connection therewith. Notwithstanding the foregoing, the Servicer may from
time to time add Blocked Accounts at a domestic office of any commercial bank that has a short term debt rating of at least “A-1”
by S&P or “P-1” by Moody’s and is reasonably acceptable to the Administrative Agent and the Seller (such
consent not to be unreasonably withheld) so long as in connection therewith the Servicer delivers to the Administrative Agent
a fully executed Blocked Account Agreement with such commercial bank.

 

    IV-10

     

    

(h)       Deposits
to Blocked Accounts. The Servicer shall (i) instruct all Obligors (other than Excluded Obligors) to make payments of all Pool
Receivables to one or more Blocked Accounts or to post office boxes or lock-boxes to which only Blocked Account Banks have access
(and shall instruct the Blocked Account Banks to cause all items and amounts relating to such Pool Receivables received in such
post office boxes or lock-boxes to be removed and deposited into a Blocked Account on a daily basis), (ii) deposit, or cause to
be deposited, any Collections of Pool Receivables received by it into Blocked Accounts not later than one (1) Business Day after
receipt thereof. Each Blocked Account shall at all times be subject to a Blocked Account Agreement, (iii) instruct or cause to
be instructed all Excluded Obligors to make payments other than to a Blocked Account and (iv) remove or cause to be removed any
funds other than Collections of Pool Receivables deposited in a Blocked Account no later than one (1) Business Day after deposit
therein (except in the case of Collections of Specified Excluded Receivables and for the period of ninety (90) days after the
Closing Date, in which case no later than five (5) Business Days after deposit therein). Each Blocked Account shall at all times
be subject to a Blocked Account Agreement.

 

(i)       Marking
of Records. At its expense, the Servicer shall mark the master data processing records with a systems message relating to
Pool Receivables and related Contracts, including with a legend, as mutually agreed upon, evidencing the security interest of
the Administrative Agent (on behalf of itself and the other Secured Parties) with regard to such Pool Receivables and related
Contracts in accordance with this Agreement.

 

(j)       Merger,
Sale of Assets. The Servicer shall not:

 

(i)       be
a party to any merger or consolidation, except that, so long as no Termination Event has occurred or would occur immediately after
giving effect thereto or would result therefrom, the Servicer may merge with any other Person, provided that the Servicer
is the survivor of such merger; or

 

(ii)       sell,
lease, transfer or otherwise dispose of assets constituting all or substantially all of the assets of such Originator and its
consolidated Subsidiaries (taken as a whole) other than the assignments and transfers contemplated by the Transaction Documents,
to another Person, or liquidate or dissolve.

 

(k)       Reporting
Requirements. The Servicer will provide to the Administrative Agent and each Purchaser Agent (in multiple copies, if requested
by the Administrative Agent or such Purchaser Agent) the following:

 

(i)       promptly
after filing, copies of each Form 10-K, Form 10-Q, and Form 8-K (or any respective successor forms) filed with the SEC (or any
successor authority) or any national securities exchange and to the extent not disclosed in such Forms 10-K, Forms 10-Q,
and Forms 8-K (or respective successor forms) for the applicable period, copies of the following financial statements, reports,
notices and information: (A) within ninety (90) days after the

 

    IV-11

     

    

end
of Ingram’s fiscal year, a copy of the annual audit report of Ingram and its Consolidated Subsidiaries and (B) within sixty
(60) days after the end of each of the first three fiscal periods, a copy of the unaudited consolidated financial statements of
Ingram and its Consolidated Subsidiaries; provided that Ingram shall be deemed to have provided all such forms, financial
statements or reports on the date on which such forms, financial statements or reports are posted (or a link thereto is provided)
on Ingram’s website on the Internet at http://www.ingrammicro.com/ or the SEC’s website on the Internet at www.sec.gov/edgar/searchedgar/webusers.htm;

 

(ii)       promptly
after the filing thereof, copies of any registration statements (other than the exhibits thereto and excluding any registration
statement on Form S-8 and any other registration statement relating exclusively to stock, bonus, option, 401(k) and other similar
plans for officers, directors, and employees of Ingram or any of its Subsidiaries); provided that Ingram shall be deemed
to have provided all such registration statements on the date on which such registration statements are posted (or a link thereto
is provided) on Ingram’s website on the Internet at http://www.ingrammicro.com/ or the SEC’s website on the Internet
at www.sec.gov/edgar/searchedgar/webusers.htm;

 

(iii)       (A)
on the Business Day immediately preceding each Purchase Date (other than in connection with a Reinvestment) or in any event on
the second Business Day of every calendar week if Ingram’s Debt Rating falls to or below “BB+” by S&P or
“Ba2” by Moody’s, an Interim Receivables Report for the period from and excluding the last reporting day of
the most recent Interim Receivables Report or Monthly Receivables Report through but including the Business Day immediately preceding
the date of such Interim Receivables Report, (B) on the 10th of every month (or the next succeeding Business Day if such day is
not a Business Day), a Monthly Receivables Report for the immediately preceding Collection Period, and (C) on every Business Day,
if a Termination Event has occurred or if Ingram’s Debt Rating falls to or below “BB-” by S&P or “Ba3”
by Moody’s, an Interim Receivables Report unless the Aggregate Capital, Aggregate Yield, all Program Fees and other Fees
and any other amounts then due and payable by the Seller and the Servicer to each Purchaser Group, the Administrative Agent or
any other Indemnified Party or Affected Person hereunder, have been paid in full. Each delivery of a Monthly Receivables Report
and Interim Receivables Report shall be deemed a certification by the Servicer and the Seller that at the time of such delivery
no event has occurred or is continuing which constitutes a Termination Event or an Unmatured Termination Event (other than an
Unmatured Termination Event which is described as such in such report or a prior written notice delivered to the Administrative
Agent);

 

(iv)       as
soon as possible and in any event within two (2) Business Days after becoming aware of the occurrence of a Termination Event or
an Unmatured Termination Event, a statement of a financial officer or the general counsel of the Servicer setting forth details
of such Termination Event or Unmatured

 

    IV-12

     

    

Termination
Event and the action that the Servicer has taken and proposes to take with respect thereto;

 

(v)       promptly
(and in any case within two (2) Business Days) upon becoming aware of the institution of any steps by the Servicer or any other
Person to terminate any Pension Plan other than pursuant to Section 4041(b) of ERISA, or the failure to make a required contribution
to any Pension Plan if such failure is sufficient to give rise to a lien under Section 430(k) of the Code or Section 303(k)
of ERISA, or the taking of any action with respect to a Pension Plan which could result in the requirement that the Servicer or
any ERISA Affiliate furnish a bond or other security to the Pension Benefit Guaranty Corporation or such Pension Plan, or the
occurrence of any other event with respect to any Pension Plan which, in any such case, results in, or would reasonably be expected
to result in, a Material Adverse Effect, notice thereof and copies of all documentation relating thereto;

 

(vi)       such
other information respecting the Pool Receivables or the condition or operations, financial or otherwise, of the Servicer or any
of its Affiliates as the Administrative Agent or a Purchaser Agent may from time to time reasonably request with respect to the
transactions contemplated under the Transaction Documents, the Pool Receivables or the condition, operations, financial or otherwise
of the Servicer, the Sub-Servicer, the Seller, Ingram or any other Originator;

 

(vii)       from
time to time as reasonably requested by the Purchasers, and at the sole expense of the Servicer, an Agreed Upon Procedures Report
performed by Protiviti or such other accountant to which the Administrative Agent (with the consent of the Purchasers, such consent
not be unreasonably withheld) has provided its prior written consent;

 

(viii)       promptly
after the occurrence thereof, notice of any event which is reasonably likely to have a Material Adverse Effect; and

 

(ix)       contemporaneously
with the Seller’s delivery of its financial statements pursuant to clause (r)(iii) of Exhibit IV, a compliance
certificate signed by the Servicer’s chief financial officer, treasurer or other financial officer showing a calculation
of the financial covenants described in clause (j) of Exhibit V and such other information respecting the Pool Receivables
or the condition or operations, financial or otherwise, of the Seller, the Servicer, any Sub-Servicer or the Originator as the
Administrative Agent or a Purchaser Agent may from time to time reasonably request.

 

(l)       Separateness.
The Servicer shall comply in all material respects with the factual assumptions relating to the Servicer set forth in the in the
opinion(s) rendered by Davis, Polk & Wardwell LLP on the Closing Date, pursuant to Section 1(l) of Exhibit
II relating to true sale and non-consolidation matters.

 

    IV-13

     

    

(m)       Change
in Business or Credit and Collection Policy. The Servicer shall not (i) make any material change in the character of its business
or (ii) make any change in the Credit and Collection Policy, unless (x) such change would not and could not reasonably be expected
to, individually or in the aggregate, materially adversely affect the validity, enforceability or collectibility of any portion
of the Pool Receivables or materially adversely affect the interests, rights or remedies of any Secured Party under this Agreement
or any other Transaction Document or with respect to any portion of the Pool Receivables or (y) the Administrative Agent consented
to such change in writing (such consent not to be unreasonably withheld).

 

(n)       Inventory
Repurchase and Floorplan Agreements. The Servicer hereby agrees that it shall deliver or cause to be delivered to the Administrative
Agent, no later than 90 days after the date hereof (or such later date as may be agreed by the Administrative Agent) a certified
copy of each material inventory repurchase or floorplan agreement to which the Servicer is a party or is bound by.

 

    IV-14

     

    

EXHIBIT V

TERMINATION EVENTS

 

Each
of the following shall be a “Termination Event”:

 

(a)       The
Seller, the Servicer or the Originator shall fail to remit when required any payment of Capital (which for the Originator means
amounts payable in connection with Deemed Collections under the Receivables Sale Agreement) required under this Agreement or any
other Transaction Document and such failure to make such payment shall continue for one (1) Business Day; or

 

(b)       The
Seller, the Servicer or the Originator shall fail to remit when required any payment of Yield, Fees or any other payment (other
than payment of Capital) required under this Agreement or any other Transaction Document and such failure to make such payment
shall continue for five (5) Business Days; or

 

(c)       (i)
Any representation or warranty made or deemed made by the Originator, the Seller or the Servicer pursuant to clauses (a),
(g), (k), (u), (v), (x) and (aa) of Section 1 of Exhibit III or clause
(o) of Section 2 of Exhibit III shall prove to have been incorrect or untrue in any respect when made or deemed
made; (ii) any representation or warranty made or deemed made by the Originator, the Seller or the Servicer (or any of their respective
officers) pursuant to clauses (h) and (o) of Section 1 of Exhibit III or clauses (g) and (l)
of Section 2 of Exhibit III or any information or report delivered by the Seller or the Servicer pursuant to
this Agreement shall prove to have been incorrect or untrue in any material respect when made or deemed made or delivered (or
to the extent such representation and warranty shall be qualified by materiality or by reference to a “material adverse
effect” standard, such representation or warranty shall be untrue in any respect), unless such representation or warranty
is capable of being remedied and the Originator, the Seller or the Servicer, as applicable, shall have remedied such incorrect
or untrue representation and warranty within one (1) Business Day after becoming aware of such failure; or (iii) any other representation
or warranty made or deemed made by the Originator, the Seller or the Servicer under or in connection with this Agreement or a
Transaction Document to which they are a party shall prove to have been incorrect or untrue in any material respect when made
or deemed made (or to the extent such representation and warranty shall be qualified by materiality or by reference to a “material
adverse effect” standard, such representation or warranty shall be untrue in any respect), unless such representation or
warranty is capable of being remedied and the Originator, the Seller or the Servicer, as applicable, shall have remedied such
incorrect or untrue representation and warranty within five (5) Business Days; provided that a Termination Event shall
not occur in connection with a breach of any of the representations referred to in Section 1.4(e)(ii) and Sections 1(h)
and 2(g) of Exhibit III (solely to the extent any such breach would also give rise to a Deemed Collection pursuant
to Section 1.4(e)(ii)) if either (i) the aggregate of the Receivables Interest does not exceed 100% after a recalculation
of the Receivables Interests excluding the related Receivable or Receivables from the Net Receivables Balance or

 

    V-1

     

    

(ii)
the aggregate of the Receivables Interest does not exceed 100% after recalculation of the Receivables Interest excluding such
Receivable or Receivables from the Net Receivable Balance and the payments required to be made hereunder in connection with such
exclusion have been made; or

 

(d)       (i)
The Servicer or the Seller shall fail to perform or observe any other term, covenant or agreement contained in clauses (a),
(b), (d), (e), (g)(i), (i), (o)(ii), (p), (q), (r)(i), (t)
or (w) of Section 1 of Exhibit IV and clauses (a), (d), (g) or (k)(iv) of Section 2
of Exhibit IV; (ii) the Servicer or the Seller shall fail to perform or observe any term, covenant or agreement contained
in clause (j)(i) of Section 1 of Exhibit IV and clause (h)(i) of Section 2 of Exhibit IV,
unless the aggregate Outstanding Balance of Pool Receivables (other than Foreign Obligor Receivables on and after the Foreign
Obligor Receivable Inclusion Date but prior to the Foreign Obligor Receivable Eligibility Date) of the affected Obligor is less
than $5,000,000 and the Servicer or the Seller, as applicable, shall remedy such failure within two (2) Business Days after becoming
aware of such failure; (iii) the Servicer or the Seller shall fail to perform or observe any term, covenant or agreement contained
in clause (j)(ii) of Section 1 of Exhibit IV and clause (h)(ii) of Section 2 of Exhibit
IV, unless the aggregate amount of Collections not deposited in accordance therewith is less than $5,000,000 and the Servicer
or the Seller, as applicable, shall remedy such failure within two (2) Business Days after becoming aware of such failure; (iv)
the Servicer or the Seller shall fail to perform or observe any term, covenant or agreement contained in the last sentence of
Section 1.4(a), Section 4.2(b), clause (j)(iv) of Section 1 of Exhibit IV and clause (h)(iv)
of Section 2 of Exhibit IV, unless the Servicer or the Seller shall remedy such failure within the earlier of
(A) two (2) Business Days after becoming aware of such failure and (B) five (5) Business Days after such failure has occurred;
(v) the Servicer shall fail to deliver an Interim Receivables Report when due daily pursuant to clause (k)(iii)(C) of Section
2 of Exhibit IV and such failure shall remain unremedied for one (1) Business Day (limited to one such failure per
Collection Period); (vi) the Servicer shall fail to deliver any report pursuant to clause (k)(iii)(A) or (k)(iii)(B)
of Section 2 of Exhibit IV and such failure shall remain unremedied for one (1) Business Day; (vii) the Servicer
or the Seller shall fail to perform or observe any other term, covenant or agreement contained in clause (c) of Section
1 of Exhibit IV and clause (c) of Section 2 of Exhibit IV and such failure shall remain unremedied
for three (3) Business Days; and (viii) the Servicer or the Seller shall fail to perform or observe any other term, covenant or
agreement contained in this Agreement or any other Transaction Document to which it is a party on its part to be performed or
observed and any such failure shall remain unremedied for ten (10) days after receiving notice or becoming aware of such failure;
or

 

(e)       A
default shall occur in respect of any Debt of the Servicer or Originator in excess of $100,000,000, and such Debt shall be declared
to be (or shall automatically become) due and payable, or required to be prepaid, redeemed, purchased or defeased, or an offer
to repay, redeem, purchase or defease such Debt shall be required to be made, in each case before the stated maturity thereof;
or

 

    V-2

     

    

(f)       This
Agreement or any Purchase or any Reinvestment pursuant to this Agreement shall for any reason (other than pursuant to the terms
hereof) cease to create, or the Receivables Interest shall for any reason cease to be a valid and perfected first priority security
interest in favor of the Administrative Agent (on behalf of itself and the other Secured Parties) to the extent of the Receivables
Interest, or security interest, in any portion of the Pool Assets, free and clear of any Adverse Claim (other than as a result
of the filing by the Administrative Agent, any Purchaser Agent or any Purchaser of UCC-3 termination statement with respect to
the Pool Assets); or

 

(g)       The
Seller, the Servicer or the Originator or any of their Subsidiaries shall generally not pay its debts as such debts become due,
or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors;
or any Insolvency Proceeding shall be instituted by or against the Seller, the Servicer or the Originator or any of their Subsidiaries
and, in the case of an involuntary Insolvency Proceeding with respect to the Servicer or the Originator, such event shall not
be dismissed, bonded or discharged for sixty (60) days; or

 

(h)       At
any time (i) the average of the Default Ratios of the three most recently ended Collection Periods shall exceed 2.00% or (ii)
the average of the Dilution Ratios of the three most recently ended Collection Periods shall exceed 7.50% or (iii) the average
of the Delinquency Ratios of the three most recently ended Collection Periods shall exceed 3.00% or (iv) the average of the Loss-to-Liquidation
Ratios of the three most recently ended Collection Periods shall exceed 0.75%; or

 

(i)       The
Receivables Interest shall exceed l00% and such circumstance shall not have been remedied within one (1) Business Day; or

 

(j)       Any
of the following shall occur;

 

(i)       The
ratio of (A) “Consolidated EBITDA” for any period of four consecutive “Fiscal Periods” to (B) “Consolidated
Interest Charges” for such period shall be less than 4.0 to 1.0 (in each case as defined in the Credit Agreement as attached
hereto as Annex K or as the same may be amended from time to time with the consent of the Administrative Agent and the
Majority Purchasers);

 

(ii)       The
“Leverage Ratio” (as defined in the Credit Agreement as attached hereto as Annex K or as the same may be amended
from time to time with the consent of the Administrative Agent and the Majority Purchasers) shall exceed 3.80 to 1.0;

 

(iii)       The
ratio of “Consolidated Liabilities” to “Consolidated Assets” of Ingram on the last day of any “Fiscal
Period” shall be greater than or equal to 0.8 (in each case as defined in the Credit Agreement as attached hereto as Annex
K or as the same may be amended from time to time with the consent of the Administrative Agent and the Majority Purchasers);
and

 

    V-3

     

    

(iv)       The
“Consolidated Stockholders’ Equity” of Ingram on the last day of any “Fiscal Period” (in each case
as defined in the Credit Agreement as attached hereto as Annex K or as the same may be amended from time to time with the
consent of the Administrative Agent and the Majority Purchasers) shall be less than $2,000,000,000;

 

provided,
that for purposes of calculating the preceding ratios the contribution of any Subsidiary of Ingram acquired (to the extent the
acquisition is treated for accounting purposes as a purchase) during those four Fiscal Periods to Consolidated EBITDA shall be
calculated on a pro forma basis as if it had been a Subsidiary of Ingram during all of those four Fiscal Periods; or

 

(k)       (i)
A final judgment or order for the payment of money (other than the Brazilian/ISS Judgment) (to the extent not bonded or covered
by insurance to the reasonable satisfaction of the Administrative Agent) in an aggregate amount greater than the lesser of (A)
7.25% of the “Consolidated Tangible Net Worth” (as defined in the Credit Agreement as attached hereto as Annex
K and as the same may be amended from time to time with the consent of the Administrative Agent and the Majority Purchasers)
of Ingram at the end of the most recently ended fiscal quarter and (B) $100,000,000, shall be rendered against Ingram and/or any
of its Subsidiaries as a group or (ii) the Brazilian/ISS Judgment shall be rendered in an amount in excess of the Maximum Brazilian/ISS
Judgment Amount, and, in each case, either (x) the same shall remain undischarged for a period of thirty (30) consecutive days
during which execution shall not be effectively stayed (including by reason of pending appeal or otherwise) or (y) any action
shall be legally taken by a judgment creditor to levy upon assets or properties of Ingram and/or any of its Subsidiaries as a
group to enforce any such judgment and no stay of enforcement (including by reason of pending appeal or otherwise) shall be in
effect; or

 

(l)       At
any time, there shall be an occurrence of a Servicer Resignation Event as defined in Section 4.1(c); or

 

(m)       A
Change in Control shall occur; or

 

(n)       The
Seller shall at any time cease to be a direct or indirect wholly-owned Subsidiary of the Originator; or

 

(o)       A
federal tax notice of a lien shall have been filed against the Seller or attaching to any of the Pool Assets or any portion thereof
unless there shall have been delivered to the Administrative Agent proof of release of such lien; or

 

(p)       (i)
Institution of any steps by the Originator or any other Person to terminate a Pension Plan if, as a result of such termination,
the Originator or any ERISA Affiliate could be required to make a contribution in excess of $100,000,000 (or the equivalent thereof
in any other currency), to such Pension Plan; or could reasonably expect to incur a liability or obligation in excess of $100,000,000
(or the equivalent thereof in any other currency), to such Pension Plan; or

 

    V-4

     

    

(ii)
A contribution failure occurs with respect to any Pension Plan sufficient to give rise to a lien under Section 430(k) of the Code
or 303(k) of ERISA.

 

(q)       The
average Days Sales Outstanding for the three most recently ended Collection Periods shall exceed sixty-five (65) days; or

 

(r)       A
default shall occur in respect of any Debt of the Seller in excess of $100,000; or

 

(s)       A
final judgment or order for the payment of money (to the extent not bonded or covered by insurance to the reasonable satisfaction
of the Administrative Agent) shall be rendered against the Seller in an aggregate amount greater than $100,000; or

 

(t)       The
amount of Capital and Yield owed by Seller in respect of the Receivables Interest shall not have been paid in full by the Legal
Final Maturity Date; or

 

(u)       A
Purchase Termination Event shall have occurred and be continuing.

 

    V-5

     

    

EXHIBIT VI

SUPPLEMENTAL PERFECTION REPRESENTATIONS,

WARRANTIES AND COVENANTS

 

In
addition to the representations, warranties and covenants contained in Exhibit III and Exhibit IV hereof, the Seller
and the Servicer, as applicable, hereby makes the following additional representations, warranties and covenants:

 

1.       Pool
Receivables; Blocked Accounts.

 

(a)       The
Pool Receivables constitute “accounts” within the meaning of the UCC.

 

(b)       Each
Blocked Account constitutes a “deposit account” within the meaning of the UCC.

 

2.       Creation
of Security Interest. The Seller owns and has good and marketable title to the Pool Receivables and Blocked Accounts (and
the related post office boxes or lock-boxes), free and clear of any Adverse Claim. The Agreement creates a valid and continuing
security interest (as defined in the UCC) in the Pool Receivables and the Blocked Accounts (and the related post office boxes
or lock-boxes) in favor of the Administrative Agent (on behalf of itself and the other Secured Parties), which security interest
is prior to all other Adverse Claims and is enforceable as such as against any creditors of and purchasers from the Seller.

 

3.       Perfection.

 

(a)       The
Seller has caused the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions
under applicable Law and entered into Blocked Account Agreements in order to perfect the sale of the Pool Receivables from the
Originator to the Seller pursuant to the Receivables Sale Agreement and the security interest granted by the Seller to the Administrative
Agent (on behalf of itself and the other Secured Parties) in the Pool Receivables hereunder.

 

(b)       With
respect to all Blocked Accounts (and all related post office boxes or lock-boxes), the Seller has delivered to the Administrative
Agent (on behalf of itself, the Purchaser Agents and the Purchasers), a fully executed Blocked Account Agreement pursuant to which
the applicable Blocked Account Bank has agreed, following the occurrence of certain events specified therein, to comply with all
instructions given by the Administrative Agent with respect to all funds on deposit in such Blocked Account (and all funds sent
to the respective post office box), without further consent by the Seller or the Servicer.

 

4.       Priority.

 

(a)       Other
than the transfer of the Pool Receivables by the Originator to the Seller pursuant to the Receivables Sale Agreement and the grant
of security interest by the Seller to the Administrative Agent (on behalf of itself and the other Secured

 

    VI-1

     

    

Parties)
in the Pool Receivables and Blocked Accounts (and the related post office box) hereunder, neither the Seller nor the Originator
has pledged, assigned, sold, conveyed, or otherwise granted a security interest in any of the Pool Receivables, Related Security,
Collections or Blocked Accounts (and the related post office box) to any other Person.

 

(b)       Neither
the Seller nor the Originator has authorized, or is aware of, any filing of any financing statement against the Seller or the
Originator that include a description of collateral covering the Pool Receivables, Related Security, Collections or all other
collateral pledged to the Administrative Agent (on behalf of the Purchasers) pursuant to the Transaction Documents, other than
any financing statement filed pursuant to the Receivables Sale Agreement and this Agreement or financing statements that have
been validly terminated prior to the date hereof.

 

(c)       The
Seller is not aware of any judgment, ERISA or tax lien filings against the Seller or against the Originator which could attach
to the Receivables of the Originator.

 

(d)       None
of the Blocked Accounts (and the related post office boxes or lock-boxes) are in the name of any Person other than the Seller
or the Administrative Agent. Neither the Seller, the Servicer or the Originator has consented to any Blocked Account Bank’s
complying with instructions of any person other than the Administrative Agent.

 

5.       Survival
of Supplemental Representations. Notwithstanding any other provision of this Agreement or any other Transaction Document,
the representations contained in this Exhibit VI shall be continuing, and remain in full force and effect until such time
as the Aggregate Capital, Aggregate Yield, all Program Fees and other Fees and any other amounts payable by the Seller, the Originator
and the Servicer to each Secured Party under the Transaction Documents, have been paid in full and all other obligations of the
Seller under this Agreement or any other Transaction Documents (other than the Ancillary Documents) have been fully performed.

 

6.       No
Waiver. The parties to this Agreement: (i) shall not, without obtaining a written confirmation of the then-current rating
of the Notes of each Conduit Purchaser by the Rating Agencies, waive any of the representations set forth in this Exhibit VI;
(ii) shall provide the Rating Agencies with prompt written notice of any breach of any representations set forth in this Exhibit
VI, and (iii) shall not, without obtaining a written confirmation of the then-current rating of the Notes of each Conduit
Purchaser by the Rating Agencies (as determined after any adjustment or withdrawal of the ratings following notice of such breach)
waive a breach of any of the representations set forth in this Exhibit VI.

 

7.       Seller
or Servicer to Maintain Perfection and Priority. The Seller or the Servicer shall, from time to time take such action, or
execute and deliver such instruments (other than filing financing statements) as may be necessary or such actions as are reasonably
requested by the Administrative Agent or a Purchaser Agent) to maintain and perfect, as a first-priority interest, the Administrative
Agent’s (on behalf of itself and the other Secured Parties) security

 

    VI-2

     

    

interest
in the Pool Receivables, Related Security and Collections and all other collateral pledged to the Administrative Agent (on behalf
of itself and the other Secured Parties) pursuant to the Transaction Documents. The Seller or the Servicer shall, from time to
time and within the time limits established by Law, prepare and present to the Administrative Agent for the Administrative Agent’s
authorization and approval all financing statements, amendments, continuations or initial financing statements in lieu of a continuation
statement, or other filings necessary to continue, maintain and perfect the Administrative Agent’s (on behalf of itself
and the other Secured Parties) security interest in the Pool Receivables, Related Security and Collections, and all other collateral
pledged to the Administrative Agent (on behalf of itself and the other Secured Parties) pursuant to the Transaction Documents
as a first-priority interest. The Administrative Agent’s approval of such filings shall authorize the Seller or the Servicer
to file such financing statements under the UCC without the signature of the Seller, the Originator or the Administrative Agent
where allowed by applicable Law. Notwithstanding anything else in the Transaction Documents to the contrary, none of the Seller,
the Servicer or the Originator, shall have any authority to file a termination, partial termination, release, partial release
or any amendment that deletes the name of a debtor or excludes collateral of any such financing statements, without the prior
written consent of the Administrative Agent and the Majority Purchaser.

 

8.       Reaffirmation
of Representations and Warranties. On the date of each Purchase or Reinvestment hereunder, the Seller and the Servicer, by
accepting the proceeds of such Purchase or Reinvestment, shall be deemed to have certified that all representations and warranties
of the Seller and the Servicer, as applicable, described in this Exhibit VI, as from time to time amended in accordance
with the terms hereof, are correct on and as of such day as though made on and as of such day, except for representations and
warranties which apply as to an earlier date (in which case such representations and warranties shall be true and correct as of
such date).

 

    VI-3

     

    

SCHEDULE
I

 

CREDIT
AND COLLECTION POLICY

 

As delivered to the Administrative
Agent on April 26, 2010.

 

    	 

    	 

    

SCHEDULE
II

BLOCKED ACCOUNT BANKS AND BLOCKED ACCOUNTS

 

Blocked Account Bank

 

Bank of America, N.A.

Blocked Account Support

Building D

Mail Code: CA4-704-06-37

Concord, CA 94520-2425

 

Blocked Account

 

Account Number: 9429282435

 

Lockboxes

 

	Blocked Account
    Number	Blocked
    Account Name	Blocked
    Account Address
	415034	Ingram Funding Inc.	P.O. Box 415034

        

        Boston, MA 02241-5034

        

	403590	Ingram
    Funding Inc.	P.O. Box 403590

        

        Atlanta, GA 30384-3590

        

	90341	Ingram
    Funding Inc.	90341 Collection Center
        Drive

        

        Chicago, IL 60693

        

	90350	Ingram
    Funding Inc.	90350 Collection Center
        Drive

        

        Chicago, IL 60693

        

	70087	Ingram
    Funding Inc.	File # 70087

        

        Los Angeles, CA 90074-0087 

        

 

    	 

    	 

    

SCHEDULE
III

TRADE NAMES

 

Ingram Funding Inc.

 

    	 

    	 

    

SCHEDULE
IV

SPECIAL CONCENTRATION PERCENTAGES

 

None.

 

    	 

    	 

    

SCHEDULE
V

OFFICES OF ORIGINATOR

 

3351 Michelson Drive, Suite 100

Irvine, CA 92612-0697

 

    	 

    	 

    

SCHEDULE
VI

 

PURCHASER’S
ACCOUNTS

 

LIBERTY STREET FUNDING LLC

 

	Bank:	The Bank of Nova Scotia - New York Agency
	ABA #:	026 – 002532
	A/C#:	2158 – 13
	Beneficiary:	Liberty Street Funding LLC
	Ref:	Ingram Funding

 

Victory
Receivables Corporation

 

	Bank:	Bank of Tokyo-Mitsubishi UFJ, NY Branch
	ABA #:	026-009-632
	A/C#:	310-051-428
	Account Name:	VRC
	Ref:	Ingram Micro

 

REGENCY ASSETS LIMITED

 

	Bank:	HSBC Bank USA, New York
	SWIFT:	MRMDUS33
	ABA #:	021001088
	Account Name:	NY Loan Agency
	A/C#:	713011777
	Ref:	Ingram Funding Inc.

 

WORKING CAPITAL MANAGEMENT
CO., LP

 

	Bank: 	Mizuho Bank, Ltd. / Mizuho Bank (USA)
	ABA #:	026004307
	Account Name:	Working Capital Management Co., L.P.
	Account Number:	H10-740-403018
	Attn:	David Krafchik
	Telephone Number:	212-282-4998

 

    	 

    	 

    

SCHEDULE
VII

 

SELLER’S
ACCOUNTS

 

	Name of Destination Bank:	 	Citizens Bank	 	 	 
	ABA Number of Destination Bank:	 	031-101-143	 	 	 
	Account Name for Wire Transfers:	 	Ingram Funding Inc.	 	 	 
	Account Number for Wire:	 	8202534451	 	 	 
	Other Instructions:	 	N/A	 	 	 
	Reference:	 	Ingram	 	 	 
	Attention:	 	Nicole Brown	 	 	 
	 	 	 	 	 	 

 

    	 

    	 

    

SCHEDULE
VIII

 

[Intentionally
Omitted]

 

.

 

    	 

    	 

    

SCHEDULE
IX

 

INGRAM
COMPETITORS

 

Tech Data Corporation

Synnex Corporation

Avnet, Inc.

Arrow Electronics, Inc.

Bell Microproducts Inc.

Westcon Group, Inc.

D&H Distributing Co.

ADI Electronics Inc.

Archbrook Laguna LLC

Petra Electronic Manufacturing,
Inc.

ScanSource, Inc.

BlueStar Inc.

Digital China Holdings Limited

Redington Limited

Express Data Systems Inc

Intcomex Inc.

Esprinet S.p.A.

ALSO

Actebis

 

 

in each case, including its Subsidiaries
and Affiliates

 

    	 

    	 

    

SCHEDULE
X

 

FISCAL
MONTHS

 

Fiscal
Month-End Dates for Yrs. 2015, 2016, 2017 and 2018

 

 

    	Schedule
                                         X-1

    	 

    

ANNEX
A

to Receivables Purchase Agreement

 

FORM
OF PURCHASE NOTICE

 

Dated as
of [________ __, 201_]

 

The Bank of Nova Scotia, as Administrative
Agent

250 Vesey Street, 23rd
Floor

New York, New York 10281

 

[Each Purchaser Agent]

Ladies and
Gentlemen:

 

Reference
is hereby made to the Receivables Purchase Agreement, dated as of April 26,
2010 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Receivables Purchase Agreement”),
among Ingram Funding Inc. (“Seller”), Ingram Micro Inc., as Servicer, the various Purchasers and Purchaser
Agents from time to time party thereto, and The Bank of Nova Scotia, as Administrative Agent for each Purchaser Group (in such
capacity, the “Administrative Agent”). Capitalized terms used in this Purchase Notice and not otherwise defined
herein shall have the meanings assigned thereto in the Receivables Purchase Agreement.

 

This
letter constitutes a Purchase Notice pursuant to Section 1.2(a) of the Receivables Purchase Agreement. Seller desires to
sell an undivided percentage ownership interest in a pool of receivables on ___________, [201_], for a purchase price of $____________.2
Subsequent to this Purchase, and after giving effect to the increase in the Aggregate Capital, the Receivables Interest
will be ___________%.

 

Seller
hereby represents and warrants as of the date hereof, and as of the date of Purchase, as follows:

 

(i)
the representations and warranties contained in Exhibit III of the Receivables Purchase Agreement are true and correct
on and as the date of such Purchase as though made on and of such date (except for representations and warranties which apply
as to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date);

 

(ii)
no event has occurred and is continuing, or would result from such Purchase, that constitutes a Termination Event or an Unmatured
Termination Event;

 

(iii)
the Aggregate Capital, after giving effect to such Purchase shall not be greater than the Program Limit, and the Receivables Interest
shall not exceed 100%; and

 

_______________ 

2
Such amount shall not be less than $250,000. 

 

Annex
A-1

    

     

    

 

(iv)
the Termination Date has not occurred.

 

 

 

Annex
A-2

    	 

    	 

    

IN
WITNESS WHEREOF, the undersigned has caused this Purchase Notice to be executed by its duly authorized officer as of the date
first above written.

 

	 	 	 	INGRAM FUNDING INC.	 
	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	
    	 
	 	 	 	 	Name Printed:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 

 

 

 

 

 

Annex
A-3

    	 

    	 

    

ANNEX
B

 

to Receivables
Purchase Agreement

 

FORM
OF PAYDOWN NOTICE

 

Dated as
of [_____________ __, 201_]

 

Ingram Micro Inc.

3351 Michelson Drive, Suite 100

Irvine, CA 92612-0697

 

The Bank of Nova Scotia, as Administrative
Agent

250 Vesey Street, 23rd
Floor

New York, New York 10281

 

[Each other Purchaser Agent]

 

Ladies and Gentlemen:

 

Reference
is hereby made to the Receivables Purchase Agreement, dated as of April 26, 2010 (as amended, restated, supplemented or otherwise
modified through the date hereof, the “Receivables Purchase Agreement”), among Ingram Funding Inc., as Seller,
Ingram Micro Inc., as Servicer, the various Purchasers and Purchaser Agents from time to time party thereto, and The Bank of Nova
Scotia, as Administrative Agent for each Purchaser Group. Capitalized terms used in this paydown notice and not otherwise defined
herein shall have the meanings assigned thereto in the Receivables Purchase Agreement.

 

This
letter constitutes a paydown notice pursuant to Section 1.4(f)(i) of the Receivables Purchase Agreement. The Seller desires
to reduce the Aggregate Capital [commencing on ____________, 201_3 by the application of $___________ of Collections]4
[on ____________, 201__ by payment of $___________ in cash]5.

 

 

_______________

3
Notice must be given at least one (1) Business Day prior to the date of such reduction for any reduction of the Aggregate
Capital.

4
Use for a reduction through application of Collections pursuant to Section 1.4(f)(ii) of the Receivables Purchase Agreement.

5
Use for a reduction by a one-time payment of cash pursuant to Section 1.4(f)(iii) of the Receivables Purchase Agreement. 

 

 

 

Annex
B-1

    	 

    	 

    

IN
WITNESS WHEREOF, the undersigned has caused this paydown notice to be executed by its duly authorized officer as of the date first
above written.

 

	 	 	 	INGRAM FUNDING INC.	 
	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	
    	 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 

 

 

Annex
B-2

    	 

    	 

    

ANNEX
C

 

FORM
OF BLOCKED ACCOUNT AGREEMENT

 

Attached

 

 

 

 

Annex
C-1

    	 

    	 

    

ANNEX
D-1

to Receivables Purchase Agreement

 

FORM OF
MONTHLY RECEIVABLES REPORT

 

Attached

 

 

 

 

 

Annex
D-1-1

    	 

    	 

    

ANNEX
D-2

to Receivables Purchase Agreement

 

FORM OF
INTERIM RECEIVABLES REPORT

 

Attached

 

 

 

 

Annex
D-2-1 

    	 

    	 

    

ANNEX
E

to Receivables Purchase Agreement

 

FORM OF
GENERAL CORPORATE OPINION

 

[See the
opinion delivered on April 26, 2010]

 

 

 

 

 

 

Annex
E-1

    	 

    	 

    

ANNEX
F

to Receivables Purchase Agreement

 

FORM OF
ENFORCEABILITY AND CHOICE OF LAW OPINION

 

[See the
opinion delivered on April 26, 2010]

 

 

 

 

 

 

 

Annex F-1 

    	 

    	 

    

ANNEX
G

to Receivables Purchase Agreement

 

FORM OF
TRUE SALE OPINION 

 

AND

 

NONCONSOLIDATION
OPINION

 

[See the
opinion delivered on April 26, 2010]

 

 

 

 

 

 

Annex
G-1

    	 

    	 

    

ANNEX
H

to Receivables Purchase Agreement

 

FORM OF
PERFECTION AND PRIORITY OPINION

 

[See the
opinion delivered on April 26, 2010]

 

 

 

 

 

Annex
H-1

    	 

    	 

    

ANNEX
I

Receivables Purchase Agreement

 

FORM OF
ASSUMPTION AGREEMENT

 

Dated as
of [__________ __, 201[_]

 

THIS
ASSUMPTION AGREEMENT (this “AGREEMENT”), dated as of [______ __, 201[_], is among Ingram Funding Inc. (the
“Seller”), [________], as purchaser (the “[_____] Conduit Purchaser”), [________], as the related Alternate
Purchaser (the “[______] Alternate Purchaser” and together with the Conduit Purchaser, the “[_____] Purchasers”),
and [________], as agent for the [_____] Purchasers (the “[______] Purchaser Agent” and together with the [_____]
Purchasers, the “[_______] Purchaser Group”).

 

BACKGROUND

 

The
Seller and various others are parties to that certain Receivables Purchase Agreement dated as of April 26, 2010 (as amended,
restated, supplemented or otherwise modified through the date hereof, the “Receivables Purchase Agreement”).
Capitalized terms used and not otherwise defined herein have the respective meaning assigned to such terms in the Receivables
Purchase Agreement.

 

NOW,
THEREFORE, the parties hereto hereby agree as follows:

 

SECTION
1. This letter constitutes an Assumption Agreement pursuant to Section 1.2(e) of the Receivables Purchase Agreement. The
Seller desires [the [_____] Purchasers] [the [______] Alternate Purchaser] to [become Purchasers under] [increase its existing
Maximum Purchase Amount under] the Receivables Purchase Agreement and upon the terms and subject to the conditions set forth in
the Receivables Purchase Agreement, [the [________] Purchasers] [the [________] Alternate Purchaser] agree[s] to [become Purchasers
thereunder] [increase its Maximum Purchase Amount to an amount equal to the amount set forth as the “Maximum Purchase Amount”
under its signature of such [______] Alternate Purchaser hereto].

 

Seller
hereby represents and warrants to the [________] Purchasers as of the date hereof, as follows:

 

(i)
the representations and warranties of the Seller contained in Exhibit III of the Receivables Purchase Agreement are true
and correct on and as of the date of the date hereof as though made on and as of such date (except for representations and warranties
which apply as to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier
date);

 

(ii)
no event has occurred and is continuing that constitutes a Termination Event or an Unmatured Termination Event;

 

(iii)
the Aggregate Capital, is not greater than the Program Limit, and the Receivables Interest does not exceed 100%; and

 

 

 

 

Annex
I-1

    	 

    	 

    

(iv)
the Termination Date has not occurred.

 

SECTION
2. Upon execution and delivery of this Agreement by the Seller and [each member of the [______] Purchaser Group], satisfaction
of the other conditions specified in Section 1.2(e) of the Receivables Purchase Agreement (including the written consent
of the Administrative Agent) and receipt by the Administrative Agent and the Seller of counterparts of this Agreement (whether
by facsimile or otherwise) executed by each of the parties hereto, [the [_____] Purchasers shall become a party to, and have the
rights and obligations of Purchasers under, the Receivables Purchase Agreement with a Maximum Purchase Amount in an amount equal
to the amount set forth as the “Maximum Purchase Amount” under the signature of the [_______] Alternate Purchaser
hereto] [the [_____] Alternate Purchaser shall increase its Maximum Purchase Amount to the amount set forth as the “Maximum
Purchase Amount” under its signature hereto].

 

SECTION
3. Each of the parties hereto agrees, for the benefit of the holders of the privately or publicly placed indebtedness for borrowed
money of (i) any Conduit Purchaser (other than the Regency Conduit Purchaser), not, prior to the date that is one (1) year and
one (1) day after the payment in full of all privately or publicly placed indebtedness for borrowed money of any such Conduit
Purchaser outstanding, to acquiesce, petition or otherwise, directly or indirectly, invoke, or cause any Conduit Purchaser to
invoke an Insolvency Proceeding by or against any such Conduit Purchaser and (ii) the Regency Conduit Purchaser, not, prior to
the date which is two (2) years and one (1) day after the payment in full of all privately or publicly placed indebtedness for
borrowed money of the Regency Conduit Purchaser outstanding, to (x) acquiesce, petition or otherwise, directly or indirectly,
invoke, or cause any Conduit Purchaser to invoke an Insolvency Proceeding by or against the Regency Conduit Purchaser or (y) have
any right to take any steps for the purpose of obtaining payments of any amounts payable to it under the Receivables Purchase
Agreement by the Regency Conduit Purchaser. The provisions of this Section 3 shall survive the termination of the Receivables
Purchase Agreement.

 

SECTION
4. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT
THAT THE VALIDITY OR PERFECTION OF A SECURITY INTEREST OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED
BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.

 

SECTION
5.This Agreement may not be amended, supplemented or waived except pursuant to a writing signed by the party to be charged.
This Agreement may be executed in counterparts, and by the different parties on different counterparts, each of which when so
executed shall constitute an original, but all together shall constitute one and the same agreement.

 

SECTION
6.The provisions of Section 6.5(b) and 6.15 of the Receivables Purchase Agreement shall apply to this Agreement as if set
out in full herein.

 

(continued
on following page)

 

 

 

 

 

Annex
I-2

    	 

    	 

    

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement by their duly authorized officers as of the date first above
written.

 

	 	 	 	_______], as a Conduit Purchaser	 
	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:		 
	 	 	 	 	Name Printed:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 
	 	 	 	 	[Address]	 
	 	 	 	 	 	 

 

	 	 	 	[___________], as an Alternate Purchaser	 
	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:		 
	 	 	 	 	Name Printed:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 
	 	 	 	 	[Address] 	 
	 	 	 	 	[Maximum Purchase Amount]	 

 

	 	 	 	[_____________], as Purchaser Agent
    for [_________]	 
	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:		 
	 	 	 	 	Name Printed:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 
	 	 	 	 	[Address]	 	 
	 	 	 	 	 	 	 

 

 

 

 

 

 

	Annex I-3	Receivables
                                         Purchase Agreement

                                              Form
                                         of Assumption Agreement

 

    	 

    	 

    

INGRAM FUNDING INC., as Seller

 

By:____________________________

Name Printed:____________________

Title:___________________________

 

Consented and Agreed:

 

THE BANK OF NOVA SCOTIA, as Administrative
Agent

 

By:____________________________

Name Printed:___________________

Title:___________________________

 

By:____________________________

Name Printed:___________________

Title:___________________________

 

	Address:	The Bank
    of Nova Scotia, as Administrative Agent
	250 Vesey Street, 23rd
    Floor 
	New York, New York 10281

 

 

 

 

 

 

 

 

 

	Annex I-4	Receivables
                                         Purchase Agreement

                                              Form
                                         of Assumption Agreement

    	 

    	 

    

ANNEX
J

to Receivables Purchase Agreement

 

FORM
OF TRANSFER SUPPLEMENT

 

Dated
as of [_______ __, 20__]

 

Section 1.

 

	Maximum Purchase Amount assigned:	$_________
	Assignor’s remaining Maximum Purchase Amount:	$_________
	Capital allocable to Maximum Purchase Amount assigned:	$_________
	Assignor’s remaining Capital:	$_________
	Yield (if any) allocable to	 
	Capital assigned:	$_________
	Yield(if any) allocable to Assignor’s	 
	remaining Capital:	$_________

 

Section 2.

 

Effective
Date of this Transfer Supplement: [__________]

 

Upon
execution and delivery of this Transfer Supplement by the Assignor and Assignee specified below and the satisfaction of the other
conditions to assignment specified in Section 6.3(c) of the Receivables Purchase Agreement (as defined below), from
and after the effective date specified above, the Assignee shall become a party to, and have the rights and obligations of an
Alternate Purchaser under, the Receivables Purchase Agreement, dated as of April 26, 2010 (as amended, restated, supplemented
or otherwise modified through the date hereof, the “Receivables Purchase Agreement”), among Ingram Funding
Inc., as Seller, Ingram Micro Inc., as initial Servicer, the various Purchasers and Purchaser Agents from time to time party thereto,
and The Bank of Nova Scotia, as Administrative Agent for each Purchaser Group with a Maximum Purchase Amount in an amount equal
to the amount set forth opposite “Maximum Purchase Amount assigned” above.

 

 

 

 

 

	Annex J-1	Form of Transfer Supplement

    	 

    	 

    

	 	 	 	ASSIGNOR: [_________], as a
    Selling Alternate Purchaser	 
	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:		 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 

	 	 	 	ASSIGNEE: [________], as a Purchasing
    Alternate Purchaser	 
	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:		 
	 	 	 	 	Name Printed:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 
	 	 	 	 	[Address:]	 	 
	 	 	 	 	 	 	 
	 	 	 	 	[Account Information:]	 

 

 

Accepted
as of date first above written:

 

[___________], as related Purchaser
Agent

 

 

		By:	______________________________

		 	Name:_________________________

		 	Title:__________________________

 

 

THE BANK
OF NOVA SCOTIA,

as Administrative Agent

	By:	______________________________

		 	Name:_________________________

		 	Title:__________________________

 

 

 

 

	Annex J-2	Form of Transfer Supplement

    	 

    	 

    

 

	By:	______________________________

		 	Name:_________________________

		 	Title:__________________________

 

250 Vesey Street, 23rd
Floor

New York, New York 10281

 

 

[Accepted
as of the date first above written]1

 

INGRAM
FUNDING INC.

 

	By:	______________________________

		 	Name:_________________________

		 	Title:__________________________

 

 

 

 

 

 

 

_______________

 1
Consent only required prior to the occurrence of a Termination Event (such consent not to be unreasonably withheld).

 

 

 

 

 

	Annex J-3	Form of Transfer Supplement

    	 

    	 

    

ANNEX
K

to Receivables Purchase Agreement

 

CREDIT
AGREEMENT

 

[Attached]

 

 

 

 

	Annex K-1	Form of Transfer Supplement

    	 

    	 

    

SCHEDULE
A

 

 

	Purchaser
    Group	Maximum
    Purchase Amount
	Liberty
    Street	$300,000,000
	PNC	$125,000,000
	Victory	$125,000,000
	Working
    Capital	$125,000,000

 

 

 

 

 

	Schedule A-1	Form of Transfer Supplement

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